Research in International Business and Finance最新文献

Will fintech enhance financial regulation? 金融科技会加强金融监管吗？

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-06-01 DOI: 10.1016/j.ribaf.2025.103005

Yuliang Zhao, Furong Ma

引用次数: 0

Intrafirm inventor network integration and cross-sectional stock returns 企业内部发明家网络整合与横断面股票收益

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-05-26 DOI: 10.1016/j.ribaf.2025.103004

Jaewan Bae , Donggyu Kim , Kyung Yoon Kwon

{"title":"Intrafirm inventor network integration and cross-sectional stock returns","authors":"Jaewan Bae , Donggyu Kim , Kyung Yoon Kwon","doi":"10.1016/j.ribaf.2025.103004","DOIUrl":"10.1016/j.ribaf.2025.103004","url":null,"abstract":"<div><div>This paper examines how intrafirm inventor network integration (IINI) influences future stock returns. We define IINI as the degree to which inventors within a firm are interconnected through collaborative ties. Firms with higher IINI can foster more effective knowledge sharing and produce more original innovations, enhancing long-term firm value. Extracting the inventor collaboration information from the US patent data, we find that firms with higher IINI achieve higher returns even after controlling for traditional asset pricing factors or existing organizational capital factors. IINI enhances innovation, particularly by improving innovative originality, and increases exposure to key talent risk, which partly accounts for its return predictability. However, IINI also contains unique information that drives long-term stock performance beyond key talent risk. We find that IINI-based return predictability persists up to five years, consistent with the market’s underappreciation of intangible assets due to limited investor attention and complexity. Our findings highlight the critical role of inventor networks in fostering organizational capital and innovation, underscoring their importance in asset pricing and firm valuation.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"78 ","pages":"Article 103004"},"PeriodicalIF":6.3,"publicationDate":"2025-05-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144170432","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The impact of inclusive finance and lifelong learning on carbon neutrality: Evidence from African countries 普惠金融和终身学习对碳中和的影响：来自非洲国家的证据

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-05-24 DOI: 10.1016/j.ribaf.2025.102996

Muhammad Shahbaz , Abdulkadir Barut , Hind Alofaysan , Serhat Çamkaya

{"title":"The impact of inclusive finance and lifelong learning on carbon neutrality: Evidence from African countries","authors":"Muhammad Shahbaz , Abdulkadir Barut , Hind Alofaysan , Serhat Çamkaya","doi":"10.1016/j.ribaf.2025.102996","DOIUrl":"10.1016/j.ribaf.2025.102996","url":null,"abstract":"<div><div>This paper explores the role of inclusive finance in achieving carbon neutrality, with a particular emphasis on the impact of lifelong learning in this context. The study covers 16 African countries and examines data from 2000 to 2020. The MMQR estimator is applied for the empirical analysis, while the Driscoll-Kraay estimator was used to test the robustness of the findings. Our empirical results indicate that both inclusive finance and lifelong learning positively contribute to carbon neutrality. Additionally, renewable energy consumption and urban population growth also support the goal of carbon neutrality, while economic growth does not exhibit a similar effect. These findings offer valuable insights for policymakers by highlighting the importance of inclusive finance when integrating it into sustainability strategies. Recommendations include creating policies that increase financial inclusion, encouraging renewable energy investments, and aligning economic development goals with carbon neutrality goals to support sustainable growth in Africa.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"78 ","pages":"Article 102996"},"PeriodicalIF":6.3,"publicationDate":"2025-05-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144170430","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Green finance and agricultural climate resilience: Evidence from China 绿色金融与农业气候适应能力：来自中国的证据

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-05-24 DOI: 10.1016/j.ribaf.2025.102995

Jinhua Zhang , Jiaqi Yu , Shixuan Ma , Jun Li , Zhe Zhu

引用次数: 0

The dynamics and drivers of global market integration: Regional and cultural factors matter 全球市场整合的动力和驱动因素：区域和文化因素很重要

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-05-23 DOI: 10.1016/j.ribaf.2025.102975

XueTing Xiang, Kian-Ping Lim, Sheue-Li Ong

引用次数: 0

Systemic risk among China’s financial sectors: Novel evidence from trivariate CoVaR based on vine copulas 中国金融部门的系统性风险：来自基于vine copula的三变量CoVaR的新证据

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-05-23 DOI: 10.1016/j.ribaf.2025.102968

Xiaozhen Hao , Qingnan Zhou , Junjie Liu , Zhenlong Chen

{"title":"Systemic risk among China’s financial sectors: Novel evidence from trivariate CoVaR based on vine copulas","authors":"Xiaozhen Hao , Qingnan Zhou , Junjie Liu , Zhenlong Chen","doi":"10.1016/j.ribaf.2025.102968","DOIUrl":"10.1016/j.ribaf.2025.102968","url":null,"abstract":"<div><div>The purpose of this paper is to extend the measure of systemic risk by introducing a trivariate CoVaR that accounts for tail dependence and one-to-many risk spillovers. Unlike the traditional bivariate CoVaR, which captures only one-to-one systemic risk, the proposed measure distinguishes between trivariate upside and downside CoVaRs, integrating risk measurement, tail dependence, and spillover effects within a unified framework. First, we derive the analytical expressions for the trivariate CoVaR using vine copulas, demonstrating that it generalizes the bivariate CoVaR. We further show that ignoring tail dependence leads to overestimating systemic risk in traditional bivariate CoVaR. We construct a vine copula-based trivariate CoVaR model and perform numerical simulations, which confirm its effectiveness in capturing one-to-many risk spillovers while enhancing out-of-sample stability. Finally, we conduct an empirical analysis of systemic risk in China’s banking, securities, and insurance sectors, covering the period from January 2007 to December 2024. Our findings indicate that (1) the trivariate CoVaRs of the insurance sector to the banking and securities sectors exceed its own VaRs but remain lower than the bivariate CoVaRs, emphasizing the importance of cross-sector risk spillovers and (2) the trivariate CoVaRs of the insurance sector remain stable across financial cycles, reflecting the risk-sharing, and return-sharing characteristics of China’s financial system. These findings underscore the necessity for financial institutions and regulators to consider cross-sector dependencies when assessing systemic risk.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"78 ","pages":"Article 102968"},"PeriodicalIF":6.3,"publicationDate":"2025-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144170431","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Competition or cooperation? Disentangling the Bank-FinTech interaction through a hybrid literature review 竞争还是合作？通过混合文献综述分析银行与金融科技的相互作用

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-05-22 DOI: 10.1016/j.ribaf.2025.102993

Davide Costa, Francesca Querci, Rosalia Santulli

引用次数: 0

Supply chain ESG and green innovation at midstream firms: An integrated approach with both supplier and buyer sides 中游企业的供应链ESG和绿色创新：供应商和买方的整合方法

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-05-19 DOI: 10.1016/j.ribaf.2025.102986

Zhongxin Gan, Nurmukhammad Yusupov

{"title":"Supply chain ESG and green innovation at midstream firms: An integrated approach with both supplier and buyer sides","authors":"Zhongxin Gan, Nurmukhammad Yusupov","doi":"10.1016/j.ribaf.2025.102986","DOIUrl":"10.1016/j.ribaf.2025.102986","url":null,"abstract":"<div><div>We conducted an empirical analysis of the impact of supply chain ESG on corporate green innovation, adopting an integrated approach that considers the ESG scores of both suppliers and buyers. Using firm-level data from China for the period 2009–2022, our results indicate that higher supply chain ESG scores significantly promote green innovation in midstream companies. Disaggregating the ESG performance shows that both suppliers’ and customers’ ESG performance have a significant impact. Mechanism analysis shows that better ESG helps to alleviate financing constraints, improve supply chain efficiency, and stabilize supply-demand relationships. Heterogeneity analysis indicates that high supply chain concentration and shorter distances enhance the positive impact. Furthermore, the environmental and social pillars have a stronger influence on green innovation than the governance pillar, and better ESG performance increases joint green innovation. These findings highlight the importance of considering both sides of the supply chain and adopting a holistic ESG management approach to maximize the potential for green innovation.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"78 ","pages":"Article 102986"},"PeriodicalIF":6.3,"publicationDate":"2025-05-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144170433","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The effects of regulatory mechanism on enterprise carbon reduction policies 监管机制对企业碳减排政策的影响

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-05-15 DOI: 10.1016/j.ribaf.2025.102956

Xi Zhang , Qingyuan Zhu , Petr Hajek , Brian Lucey , Mohammad Zoynul Abedin

{"title":"The effects of regulatory mechanism on enterprise carbon reduction policies","authors":"Xi Zhang , Qingyuan Zhu , Petr Hajek , Brian Lucey , Mohammad Zoynul Abedin","doi":"10.1016/j.ribaf.2025.102956","DOIUrl":"10.1016/j.ribaf.2025.102956","url":null,"abstract":"<div><div>This paper aims to explore the influencing factors for the optimization of regulatory mechanisms in stimulating enterprises’ implementation of carbon reduction policies, by establishing an evolutionary game model involving government, enterprises, independent regulators (IR) and the public. Results show that: (1) six equilibrium points exist satisfying stability criteria, including one ideal state where enterprises implement carbon reduction policies under IR supervision with the complementary force from the public, without government subsidizing. (2) Enterprises’ positive policy implementation correlates closely with reduced supervision costs and increased economic costs caused by reputational losses, and the reduction in public participation costs can promote enterprises and IR to choose the positive strategy. (3) Enhanced government financial incentives and penalties can facilitate enterprises’ carbon reduction implementation. This study evaluates multi-player cost-benefit trade-offs, providing evidenced references for the policy making to optimize the regulatory mechanism in China.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"78 ","pages":"Article 102956"},"PeriodicalIF":6.3,"publicationDate":"2025-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144170434","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Digital tax administration and enterprise innovation: Evidence from the Golden Tax Project III in China 数字化税收征管与企业创新：来自中国金税工程三期的证据

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-05-01 DOI: 10.1016/j.ribaf.2025.102829

Chao Xu , Tianlei Bai , Cai Zhou , Shuai Huang

{"title":"Digital tax administration and enterprise innovation: Evidence from the Golden Tax Project III in China","authors":"Chao Xu , Tianlei Bai , Cai Zhou , Shuai Huang","doi":"10.1016/j.ribaf.2025.102829","DOIUrl":"10.1016/j.ribaf.2025.102829","url":null,"abstract":"<div><div>As the advancement of digital tax administration can generate both “governance effect” and “taxation effect” for enterprises, its impact on enterprise innovation is not clear. Relying on the implementation of “The Golden Tax Project III” in China, this paper investigates the causal relationship between digital tax administration and enterprise innovation through a staggered difference-in-differences method. It can be found that digital tax administration increases patent applications, patent authorizations, and research and development (R&D) investment of enterprises, demonstrating an obvious innovation incentive effect. Relaxing financing constraints on enterprise innovation by reducing enterprise management costs and improving enterprise credit capacity, is an important mechanism in digital tax administration incentivizing enterprise innovation. Further analysis reveals that digital tax administration can promote independent innovation and high-quality innovation, but its impact on collaborative innovation and low-quality innovation is minimal or insignificant. Compared to state-owned enterprises, digital tax administration has a more pronounced innovation incentive effect on non-state-owned enterprises. This paper provides evidence from the field of tax administration for the innovation effect driven by big data.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"77 ","pages":"Article 102829"},"PeriodicalIF":6.3,"publicationDate":"2025-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144069863","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0