Research in International Business and Finance最新文献_第10页

Artificial intelligence, information environment, and capital market efficiency 人工智能、信息环境与资本市场效率

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103094

Abdulazeez Y.H. Saif-Alyousfi

{"title":"Artificial intelligence, information environment, and capital market efficiency","authors":"Abdulazeez Y.H. Saif-Alyousfi","doi":"10.1016/j.ribaf.2025.103094","DOIUrl":"10.1016/j.ribaf.2025.103094","url":null,"abstract":"<div><div>This study investigates the impact of Artificial Intelligence (AI) and the information environment on capital market efficiency, using stock price synchronicity as a proxy. Analyzing data from Indian listed firms from 2018 to 2023, we find that AI significantly enhances market efficiency by increasing the uniformity of stock price movements in response to new information. The information environment, characterized by analyst attention, Big4 audits, and investor attention, shows mixed effects. Analyst coverage and Big4 audits reduce synchronization by disseminating firm-specific information and enhancing transparency, respectively. In contrast, investor attention increases synchronization by aligning stock prices with market movements. Furthermore, the interaction between AI and the information environment variables reveals that AI amplifies the effects of high analyst coverage, rigorous audits, and strong investor attention, leading to greater market synchronization. Robustness checks, replacing the dependent variable, endogeneity tests, and analyses based on different property rights, confirm these findings. Notably, state-owned enterprises benefit more from AI and information environment factors compared to non-state-owned enterprises. This study highlights the crucial role of AI and a transparent information environment in enhancing capital market efficiency and provides significant policy implications for regulators, financial institutions, and market participants to foster AI adoption, improve information transparency, and tailor regulations to different ownership structures.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"79 ","pages":"Article 103094"},"PeriodicalIF":6.9,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144852174","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-capital substitution, technological innovation, and monetary policy 能源资本替代、技术创新与货币政策

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103029

Yongda He , Anna Min Du , Boqiang Lin , Frank Scrimgeour

{"title":"Energy-capital substitution, technological innovation, and monetary policy","authors":"Yongda He , Anna Min Du , Boqiang Lin , Frank Scrimgeour","doi":"10.1016/j.ribaf.2025.103029","DOIUrl":"10.1016/j.ribaf.2025.103029","url":null,"abstract":"<div><div>China has been actively implementing a green development strategy focused on peak carbon and carbon neutrality. The challenge is to avoid the economic fluctuations caused by energy price increases, promote effective substitution of capital for energy, stimulate innovation in energy utilization technology, and implement appropriate monetary policies to resist the negative impact of external supply shocks on the macro economy. This study constructs a new energy utilization technology progress equation within the NK-DSGE framework to reveal the mechanism of energy price-induced technological progress and clarify the substitution path between energy and capital. The study finds that: (1) Rising energy prices drive broad supply-side cost hikes, notably harming capital efficiency and diminishing capital's substitutability for energy. This worsens factor allocation efficiency, potentially inducing an overall demand decrease, thus causing sustained adverse effects on the economy and society (2) China's current energy technology partly reduces economic fluctuations from energy price shocks. Rising energy prices can drive firms to enhance their energy technology, easing the adverse effects of energy price fluctuations. The study notes that the extent of energy technology mitigation of price shocks relies on energy-capital substitution efficiency in production. Advanced energy technology fosters better energy-capital substitutability, curbing the duration and severity of economic stagflation triggered by energy cost hikes. (3) a monetary policy that focuses solely on the core inflation target is more effective than one that focuses on \"temporary\" price fluctuations represented by energy prices, implying that central banks need a clear policy target system when formulating monetary policies.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"79 ","pages":"Article 103029"},"PeriodicalIF":6.3,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144570894","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

Regulatory enforcement of minority shareholder rights and corporate cash holdings 少数股东权利和公司现金持有的监管执行

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103042

Haili Li , Wei Huang , Zhe Shen , Qing Xia

引用次数: 0

Corporate philanthropy and corporate governance: The moderating role of CSR committee 企业慈善与公司治理：企业社会责任委员会的调节作用

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103061

Muhammad Ishfaq Ahmad , Enrico Battisti , Ahmed Imran Hunjra , Marina Damilano

引用次数: 0

Non-identical twins: Evidence on greenium in the German treasury bond market 异卵双胞胎：德国国债市场的证据

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103057

Paola De Vincentiis, Danilo Abis

引用次数: 0

The impact of European firms’ emissions reduction effectiveness on financial constraints: Evidence from the quintuple helix model perspective 欧洲企业减排效果对财务约束的影响：基于五螺旋模型的证据

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103069

Emma García-Meca , Jennifer Martínez-Ferrero , Carmelo Reverte

{"title":"The impact of European firms’ emissions reduction effectiveness on financial constraints: Evidence from the quintuple helix model perspective","authors":"Emma García-Meca , Jennifer Martínez-Ferrero , Carmelo Reverte","doi":"10.1016/j.ribaf.2025.103069","DOIUrl":"10.1016/j.ribaf.2025.103069","url":null,"abstract":"<div><div>This study analyzes (i) whether firms that are more committed to reducing emissions benefit from reduced financial constraints and (ii) the moderating effects of the five institutional systems of the Quintuple Helix Model (QHM), i.e., economic, education, culture, governance, and natural environment. Based on a sample of quoted European companies for the 2015–2020 period, we document that firms with greater emissions reduction effectiveness benefit from better access to finance due to fewer financial constraints. We also show that this reduction is more substantial in countries with poorer governance quality, lower GDP growth and economic freedom, less scientific production and public educational expenditure and less natural capital. Moreover, the effect of firms’ emissions reduction effectiveness on reducing financial constraints is amplified in companies situated in countries characterized by more individualism, masculinity, uncertainty avoidance and power distance, and less long-term orientation and indulgence. Overall, our results suggest a substitution effect between the market mechanism and country-level characteristics to incentivize firms to behave responsibly in countries where the QHM institutional dimensions do not favor a commitment to environmental sustainability. This novel finding of our research can be explained in light of the institutional voids theory, which encourages a more dynamic approach for examining how firms strategize – alone or in conjunction with other actors – to compensate or substitute institutional weaknesses.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"79 ","pages":"Article 103069"},"PeriodicalIF":6.9,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144781217","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

Trade credit financing, social trust, and financial distress: Evidence from Chinese listed companies 贸易信用融资、社会信任与财务困境：来自中国上市公司的证据

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103053

Ying Tang , Biliang Wang , Andrea Moro , Jinyu Chen , Maura Sheehan

引用次数: 0

Climate risk and corporate leverage manipulation: Evidence from China 气候风险与企业杠杆操纵：来自中国的证据

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103078

Wenshuai Xu , Jianfei Peng , Yun-Lang Wu , Yahua Yin

引用次数: 0

Supply network structure and firm tail risk 供给网络结构与企业尾部风险

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103095

Rongsheng Zhuo , Zheng Qiao , Ao Li , Bo Sang , Yu Cai

引用次数: 0

Risk spillover effect and portfolio strategy between Chinese commodity futures market and international green finance market 中国商品期货市场与国际绿色金融市场的风险溢出效应及投资组合策略

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103076

Jian Liu , Chaoqiang Chen , Xiaodan Mao

{"title":"Risk spillover effect and portfolio strategy between Chinese commodity futures market and international green finance market","authors":"Jian Liu , Chaoqiang Chen , Xiaodan Mao","doi":"10.1016/j.ribaf.2025.103076","DOIUrl":"10.1016/j.ribaf.2025.103076","url":null,"abstract":"<div><div>This study investigates risk spillover and portfolio optimization between the Chinese commodity futures market and the international green finance market. Using the maximum overlapping discrete wavelet transform (MODWT) and a rolling window vector autoregression-based Diebold–Yılmaz spillover index model, combined with complex network analysis, this study examines risk spillover across different time frequencies and network structures. The findings reveal that risk spillover occurs across multiple time scales, with the international green finance market consistently playing a dominant role, particularly through the green stock market. Although China’s commodity futures market shows a relatively modest overall spillover effect, its significance becomes more pronounced with increasing time scales. The risk spillover network analysis indicates that risk transmission between markets intensifies during extreme events, with the severity of each event directly influencing the complexity of the network. Moreover, the denser connections in the risk spillover network at medium- and long-term scales emphasize the need for investors to prioritize these periods. Portfolio optimization simulations under various investment strategies demonstrate the role of international green finance market in enhancing the performance of China’s commodity futures market by effectively enhancing diversification. These insights may be highly valuable for regulatory bodies aiming to bolster macroprudential regulation and for investors seeking to better manage risks, enhancing the understanding of cross-market risk transmission mechanisms.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"79 ","pages":"Article 103076"},"PeriodicalIF":6.9,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144864327","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