Research in International Business and Finance最新文献

Climate policy and corporate green transformation: Empirical evidence from carbon emission trading

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2024-11-28 DOI: 10.1016/j.ribaf.2024.102675

Lin Liu , Liqun Liu , Kai Liu , Ana Isabel Jiménez-Zarco

{"title":"Climate policy and corporate green transformation: Empirical evidence from carbon emission trading","authors":"Lin Liu , Liqun Liu , Kai Liu , Ana Isabel Jiménez-Zarco","doi":"10.1016/j.ribaf.2024.102675","DOIUrl":"10.1016/j.ribaf.2024.102675","url":null,"abstract":"<div><div>The implementation of climate policies in the financial sector is a global consensus among countries committed to sustainable development. Therefore, the impact of carbon trading policy (CTP) on firms’ green transformation (GT) is examined by manually compiling a directory of emission control enterprises in China’s carbon market from 2008 to 2022, using a difference-in-differences model. This topic must be urgently explored through theoretical and empirical studies. This study found that CTP can promote corporate green transformation; however has no industry and regional spillover effects. Mechanism analyses indicate that CTP can promote a firm’s green transformation by enhancing green innovation and environmental, social, and governance (ESG) performance. Heterogeneity analysis reveals that the effect of CTP on GT is effective when firms have higher “greenwash” scores, lower financialization, weaker product market competition, and higher levels of environmental regulation. This study reveals the microeconomic effects of CTP, and the findings provide empirical evidence that China can realize Porter’s hypothesis.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102675"},"PeriodicalIF":6.3,"publicationDate":"2024-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142759740","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

Board gender diversity, CEO power and LGBTQ-supportive corporate policies

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2024-11-27 DOI: 10.1016/j.ribaf.2024.102664

Sanjukta Brahma , Agyenim Boateng

引用次数: 0

Registration reform and stock mispricing: Causal inference based on double machine learning 注册制改革与股票错误定价：基于双重机器学习的因果推理

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2024-11-26 DOI: 10.1016/j.ribaf.2024.102668

Yewen Wang , Jiaxuan Tang , Cheng Li

{"title":"Registration reform and stock mispricing: Causal inference based on double machine learning","authors":"Yewen Wang , Jiaxuan Tang , Cheng Li","doi":"10.1016/j.ribaf.2024.102668","DOIUrl":"10.1016/j.ribaf.2024.102668","url":null,"abstract":"<div><div>The reform of the capital market registration system will affect not only the pricing of issuance in the primary market but also the pricing of circulation in the secondary market. This article evaluates the effects of fundamental institutional reforms in the capital market from the perspective of stock mispricing in the secondary market. The study finds that the registration system reform reduces stock mispricing in the secondary market, producing significant spillover effects. Mechanism analysis indicates that the registration system reform, centered on information, reduces stock mispricing by mitigating two types of agency problems and suppressing investor sentiment. This effect of rational pricing is more pronounced in companies with good internal governance and high external attention. Further analysis shows that the registration system reform primarily corrects the mispricing of undervalued stocks. These findings clarify that the registration system reform can enhance the market-based pricing mechanism, providing essential insights for China and other countries that have implemented or are about to implement capital market registration system reforms.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"73 ","pages":"Article 102668"},"PeriodicalIF":6.3,"publicationDate":"2024-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142722103","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

Determinants of credit spreads and cash flow-related lending in commercial real estate

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2024-11-26 DOI: 10.1016/j.ribaf.2024.102669

Ricarda Haffki , Kerstin Hennig

引用次数: 0

Decentralized autonomous organizations: The new global digital venture capital

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2024-11-26 DOI: 10.1016/j.ribaf.2024.102671

Ilan Alon , Andreas Sauge Berthelsen , Espen Bjellerås , Bernardo Silva-Rêgo

{"title":"Decentralized autonomous organizations: The new global digital venture capital","authors":"Ilan Alon , Andreas Sauge Berthelsen , Espen Bjellerås , Bernardo Silva-Rêgo","doi":"10.1016/j.ribaf.2024.102671","DOIUrl":"10.1016/j.ribaf.2024.102671","url":null,"abstract":"<div><div>What makes a decentralized autonomous organization (DAO)-based venture capital (VC) whitepaper trustworthy? We conducted a content analysis of 10 prominent DAO VC whitepapers to identify the relevant components that promote investors’ trust. Our findings show that there are 10 key components that can do so: registration, permissioned access, token-based voting, staking, separation of strategic and operational votes, duration of dynamic voting, adaptive quorum systems, \"rage quit\" mechanisms, organizational support structures, and comprehensive whitepaper sections. Our findings make two contributions to VC studies. First, we illuminate how blockchain technology fosters trust within the investment ecosystem, potentially mitigating the information asymmetries and opportunistic behavior prevalent in traditional VC settings. Second, we highlight the potential of blockchain-based DAO VCs to democratize access to capital and address resource imbalances. Hence, the availability of a clear, informative whitepaper plays an important role in improving the DAO VCs’ transparency, increasing access to the resources needed for informed decision-making, and improving the trust of prospective investors in this new investment vehicle.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102671"},"PeriodicalIF":6.3,"publicationDate":"2024-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142745667","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 investments and their effect on ESG ratings: An empirical analysis of Chinese publicly traded companies

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2024-11-24 DOI: 10.1016/j.ribaf.2024.102670

Bo Hou , Wenhui Huang , Xiji Wang , Jizhou Wang

{"title":"Green investments and their effect on ESG ratings: An empirical analysis of Chinese publicly traded companies","authors":"Bo Hou , Wenhui Huang , Xiji Wang , Jizhou Wang","doi":"10.1016/j.ribaf.2024.102670","DOIUrl":"10.1016/j.ribaf.2024.102670","url":null,"abstract":"<div><div>The effect of green investments on the Environmental, Social, and Governance (ESG) ratings of Chinese publicly listed corporations is investigated in this research. We investigate the differences in ESG performance between state-owned companies (SOEs) and non-state-owned enterprises (NSOEs) using data covering 2009–2023 using a Linear mixed-effect model. Our results reveal that, especially in NSOEs, green investments greatly improve the environmental and social elements of ESG ratings; SOEs exhibit better governance ratings as a result of these investments. The study also emphasizes how diverse the ownership structure affects ESG ratings, thereby reflecting distinct strategic goals and regulatory effects. The findings imply that adopting green investments not only raises ESG ratings but also helps to lower environmental risks and enhance stakeholder interactions, thereby supporting the dual benefits of sustainability practices. Policymakers should take into account using incentives that promote long-term sustainability objectives, including tax exemptions or subsidies for businesses embracing environmentally friendly practices, thereby improving the effect of green investments.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102670"},"PeriodicalIF":6.3,"publicationDate":"2024-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142745669","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

Energy transition, institutional quality, and financial development in Africa

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2024-11-24 DOI: 10.1016/j.ribaf.2024.102666

Nidhaleddine Ben Cheikh , Younes Ben Zaied , Faisal Mahmoud

{"title":"Energy transition, institutional quality, and financial development in Africa","authors":"Nidhaleddine Ben Cheikh , Younes Ben Zaied , Faisal Mahmoud","doi":"10.1016/j.ribaf.2024.102666","DOIUrl":"10.1016/j.ribaf.2024.102666","url":null,"abstract":"<div><div>This study examines the influence of institutional quality and financial sector size on driving renewable energy (RE) development using a sample of 31 African countries. We first employ a nonparametric trending panel data model that allows us to capture the gradual process of RE transition. The estimated common trend function reveals a steady increase in the share of RE from 2002 to 2019. Although fossil fuels dominate the energy structure in some African countries, a shift toward low-carbon sources is emerging, becoming increasingly significant in the energy mix. In the next step, we apply recent panel quantile regression techniques to model the heterogeneous and asymmetric relationships between RE and its main determinants. We find that institutional quality has a prominent influence on advancing the low-carbon transition, with significant positive effects across almost all conditional quantiles of the RE distribution. However, financial sector size seems to be important only for countries with a lower share of RE. Our results also confirm the asymmetric impact of income growth, which is negative in the lower quantiles but positive in the upper tail of the conditional distribution. From a policy perspective, governance factors, including the quality of policy formulation and implementation, have a critical role in promoting clean energy initiatives in Africa.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102666"},"PeriodicalIF":6.3,"publicationDate":"2024-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142745670","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 role of green bonds on industrial sustainability for achieving carbon neutrality: Evidence from the artificial neural network method 绿色债券对实现碳中和的工业可持续性的作用：来自人工神经网络方法的证据

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2024-11-23 DOI: 10.1016/j.ribaf.2024.102659

Chi Keung Lau , Hemachandra Padhan , Amit Kumar Das , Aviral Kumar Tiwari , Giray Gozgor , Preksha Jain

引用次数: 0

Climate risk perception and oil financialization in China: Evidence from a time-varying Granger model

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2024-11-23 DOI: 10.1016/j.ribaf.2024.102662

Xiaohang Ren , Chenjia Fu , Yi Jin

引用次数: 0

In the name of the law: How does legal distance affect US international mutual funds’ financial performance?

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2024-11-23 DOI: 10.1016/j.ribaf.2024.102661

Jorge Fleta-Asín , Fernando Muñoz

引用次数: 0