Research in International Business and Finance最新文献

{"title":"Harnessing digital finance for sustainability: An integrative review and research agenda","authors":"Sanchita Bansal ,&nbsp;Satish Kumar ,&nbsp;Searat Ali ,&nbsp;Shifali Singh ,&nbsp;Priya Nangia ,&nbsp;Umesh Bamel","doi":"10.1016/j.ribaf.2024.102682","DOIUrl":"10.1016/j.ribaf.2024.102682","url":null,"abstract":"<div><div>The digital technologies are transforming the financial markets and may prove to be a game-changer in terms of attaining SDG objectives over time. As a result, UN agencies have begun to prioritize the utilization of the digital revolution to advance SDGs. There is a growing body of literature on the use of digital money to achieve sustainability objectives. As businesses commit to protecting the environment, natural systems, and society, consumer eco-awareness has elevated the importance of the issue in the field of sustainable digital finance. The rationale behind this study is to unify the fragmented literature on digital money and to present a clear conceptual framework for sustainable digital finance in order to advance sustainability goals. Specifically, the study aims to investigate the evolution of sustainable digital finance through analyzing publication and citation trends, developing an author-country-keyword framework, and exploring the significant themes and subjects emerging from the field of sustainable digital finance. Additionally, the study examines ongoing shifts in the digital finance sector and the digital sustainable revolution, which can help us harness technology for social good (Grand Challenge: social work) and move closer to achieving sustainable development goals. We employ a two-tiered analytic strategy, comprising of bibliometric analysis and an integrated literature evaluation of 168 publications from the Web of Science database. In addition to descriptive and thematic analysis, the findings provide us with seven relevant themes (financial involvement and participation, sustainable financial development, green finance, digital venture capital, fintech, financial performance, and digital strategy) and four prominent aggregate dimensions (digital financial inclusion, digital sustainable revolution, digital financial transformation, and harness technology for social good), which will be included in the conceptual framework for future research endeavors. The paper concludes with the policy implications of the findings.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102682"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100867","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Multi-media textual information, COVID-19 sentiment and bond spread","authors":"Funing Liu ,&nbsp;Xiaolin Zhang","doi":"10.1016/j.ribaf.2024.102657","DOIUrl":"10.1016/j.ribaf.2024.102657","url":null,"abstract":"<div><div>Few studies examine how sentiment across multi-media platforms affects corporate bond prices. Using eight million pieces of textual information from multi-media platforms, including official news media, the Sina Weibo blog, and WeChat, we compute COVID-19 sentiment indices. We find that an increase in negative sentiment significantly raises corporate bond spread, which cannot be explained by changes in fundamentals. Moreover, we highlight the role of consistency of sentiment across platforms. An increase in consistency of sentiment reduces corporate bond credit spreads but amplifies the impact of COVID-19 sentiment on bond spreads.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102657"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100872","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}

{"title":"The clout of happiness and uncertainty in the environmental transition: Insights from CO2 and clean energy dynamic spillovers","authors":"Ilyes Abid ,&nbsp;Houda BenMabrouk ,&nbsp;Khaled Guesmi ,&nbsp;Abir Mansour","doi":"10.1016/j.ribaf.2024.102699","DOIUrl":"10.1016/j.ribaf.2024.102699","url":null,"abstract":"<div><div>This study explores the interconnection between clean energy, CO2 emissions, uncertainty in economic news, and happiness sentiment in the context of environmental transition. Our dataset includes daily returns from Twitter sentiment indices for happiness and uncertainty, as well as the clean energy and carbon emission indexes for the period that spans from June 2nd, 2011, to April 21st, 2023. We investigate the dynamic spillover effects across bear, normal, and bull markets using a quantile vector autoregression (QVAR) model. Furthermore, we investigate, via Augmented E-GARCH and GJR-GARCH models, the effects of investors’ emotion on the volatility of clean energy and CO2 emissions. Several important findings come from our analysis: First, during tranquil periods, there is a low spillover effect among the system. However, we find strong dynamic connections, especially at the extreme upper and lower quantiles, illustrating heightened sensitivity under volatile market conditions. Further, our findings indicate that clean energy and CO2 emissions serve as net spillover transmitters in both bear and normal markets. Finally, we observe that the clean energy volatility exhibits greater sensitivity to extreme shifts in happiness and uncertainty than CO2 emissions, highlighting the vulnerability of clean energy investments to investors sentiment fluctuations within the environmental transition. Our findings offer insightful advice for investors and regulators seeking to navigate the challenges of environmental shifts.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102699"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100911","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}

{"title":"Event-driven changes in connectedness among commodities and commodity currencies: A quantile, network and probabilistic analysis","authors":"Peter Albrecht ,&nbsp;Evžen Kočenda ,&nbsp;Alexandre Silva de Oliveira ,&nbsp;Paulo Sergio Ceretta ,&nbsp;Michal Drábek","doi":"10.1016/j.ribaf.2025.102781","DOIUrl":"10.1016/j.ribaf.2025.102781","url":null,"abstract":"<div><div>We comprehensively analyze return connectedness among commodity currencies and commodities from 2010 to 2023. Our findings reveal iron, coal, and the Australian dollar as return transmitters to other currencies and commodities, particularly during economic downturns. By employing quantile analysis, we identify commodity currencies as net spillover receivers during periods of extreme economic turbulence. Additionally, we employ a novel testing bootstrap-after-bootstrap procedure and present the first statistically grounded evidence that endogenously identified specific shocks are behind increases in connectedness and correspond to systematic events in commodity markets. We find twelve endogenously chosen events corresponding to an escalation in return connectedness within a maximum of one business month following the event's occurrence. We also show that connectedness is linked to measures of uncertainty and liquidity that produce distinct impacts. Importantly, our results remain robust across various measures and carry significant implications for portfolio construction and risk management strategies.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"75 ","pages":"Article 102781"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143164384","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}

{"title":"Extreme risk connection among the European Tourism, energy and carbon emission markets","authors":"Hongjun Zeng ,&nbsp;Mohammad Zoynul Abedin ,&nbsp;Abdullahi D. Ahmed ,&nbsp;Qingcheng Huang","doi":"10.1016/j.ribaf.2024.102693","DOIUrl":"10.1016/j.ribaf.2024.102693","url":null,"abstract":"<div><div>This article presents a novel examination of the risk connectedness patterns and causality relationships between European Tourism and the Energy and Carbon Emissions Market. The findings indicate that the risk connectedness between European Tourism and the Energy and Carbon Emissions Market exhibits asymmetric characteristics, displaying weaker connectedness in median and high states compared to normal market conditions. Notably, connectedness is more pronounced in extreme tail cases. Additionally, the European Tourism Sector Index is less susceptible to risks in the European Energy and Carbon Emissions market during bear markets. Furthermore, Rotterdam Coal Futures and Dutch TTF Natural Gas Futures contribute significantly to the volatility connectedness of the European Tourism Sector Index. The findings of the quantile Granger causality test confirmed the existence of causality between the European Tourism Index and the European Energy and Carbon Markets across all market states.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102693"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100869","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Crossroads of volatility spillover: Interactions between Islamic and conventional financial systems","authors":"Abdelhamid Addi ,&nbsp;Matteo Foglia ,&nbsp;Gang-Jin Wang ,&nbsp;Federica Miglietta","doi":"10.1016/j.ribaf.2024.102700","DOIUrl":"10.1016/j.ribaf.2024.102700","url":null,"abstract":"<div><div>This study investigates the volatility spillover in dual financial systems, namely Islamic financial systems (banking and insurance) and conventional financial systems (banking and insurance). Employing an information risk spillover network, we are able to explore information flow between conventional and Islamic banking and insurance systems. We analyze their role in transmitting spillover risk, showing that capturing spillovers of both sectors provides a more comprehensive perspective on financial risk contagion. Our results show that spillovers form as intersectoral clusters affected by their own volatility rather than by the volatility of another financial system. Moreover, we find an asymmetric spillover effect between the conventional and Islamic systems. The conventional sector tends to dominate spillover effects. Our results are important for regulators and investors, helping improve corporate and global risks assessment.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102700"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100873","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}

{"title":"Achieving energy resilience: The joint role of environmental policy stringency and environmental awareness","authors":"Amal Dabbous ,&nbsp;Alexandre Croutzet ,&nbsp;Matthias Horn","doi":"10.1016/j.ribaf.2024.102692","DOIUrl":"10.1016/j.ribaf.2024.102692","url":null,"abstract":"<div><div>This paper examines the critical interplay between environmental policy stringency, public environmental awareness, and energy resilience, leveraging a dataset for 32 OECD countries between 2004 and 2020. Further, it explores the channels through which these variables influence energy resilience. Principal component analysis (pca) is adopted to derive the multi-dimensional index of energy resilience based on three pillars, renewable energy, energy access, and energy efficiency. The findings underscore a significant positive relationship between stringent environmental policies, environmental awareness, and energy resilience. Additionally, environmental awareness and environmental policy stringency are shown to exert a positive effect on renewable energy and enhance energy access. Environmental policy stringency is found to have a significant negative impact on energy intensity, i.e. a positive impact on energy efficiency. The results demonstrate that by increasing public environmental awareness and implementing more stringent environmental policies policymakers can improve energy resilience, energy efficiency, and the share of renewable energy. The latter are considered essential elements for the environmental transition emerging as a prominent solution when addressing climate change challenges.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102692"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100909","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Collaboration and regulation: A dual regulatory game for the sustainable development of green housing","authors":"Qianwen Li ,&nbsp;Tingyu Qian ,&nbsp;Qian Hua ,&nbsp;Jialin Min ,&nbsp;Yizhuo Zhao ,&nbsp;Qingyuan Wang ,&nbsp;Ruyin Long","doi":"10.1016/j.ribaf.2024.102697","DOIUrl":"10.1016/j.ribaf.2024.102697","url":null,"abstract":"<div><div>The promotion of green housing can significantly reduce energy consumption and greenhouse gas emissions in the construction industry, thereby contributing to the achievement of the dual-carbon goal. However, the frequent occurrence of greenwashing, loan defaults, green debt, and other risks has created an urgent need for stronger government supervision of the green housing market, improved bank capital supervision mechanisms, and greater collaboration between property developer and residents to promote the sustainable development of green housing, ensuring its sustainability and compliance. This study constructs a four-party evolutionary game model involving the core stakeholders of green housing—government, bank, property developer, and resident—to clarify the long-term stable choices of each stakeholder under the dual regulation mode of government and bank. The effectiveness of dual regulation is further confirmed through simulation and sensitivity analysis. The study results indicate that: (1) Under the collaboration strategy, increased government regulation raises the likelihood that bank will also regulate, facilitating the formation of a dual regulation mode. Property developer is more likely to engage in compliant green housing development under this mode, and residents will choose to buy green housing. (2) Under the regulatory strategy, both incentive subsidies and mandatory penalties are effective. The stronger these measures, the more likely property developer will choose compliant green housing development. Finally, based on the study's conclusions, recommendations are proposed to promote the sustainable development of green housing.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102697"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100921","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}

{"title":"Detecting, characterizing, and predicting arbitrage opportunities in international rights issues","authors":"Manuel Verdú Henares ,&nbsp;Óscar Carchano Alcina ,&nbsp;Jesús Ruiz Andújar","doi":"10.1016/j.ribaf.2024.102719","DOIUrl":"10.1016/j.ribaf.2024.102719","url":null,"abstract":"<div><div>Capital increases through the issuance of subscription rights are a financing tool employed by many companies as an alternative to debt issuance. In a process with numerous implications for both the company itself and the financial markets, market anomalies, such as arbitrage opportunities, may arise. To examine whether this issue occurs, a sample of 2583 capital increases carried out by companies located in 27 different countries was collected, and a strategy aimed at exploiting potential discrepancies between the prices of newly issued shares and existing ones was applied. The returns obtained will be subjected to various statistical and econometric tests to explain which factors may play a significant role in their formation. The results confirm the presence of these market anomalies and indicate that a higher proportion of new shares relative to existing ones increases the likelihood of these anomalies, whereas their occurrence appears to be weaker or absent when the company is listed on a stock index. These and other minor or control factors (the objective of the process or the economic sector of the firm) enable a high success rate in predicting when such anomalies are likely to form. These findings provide relevant information to all economic agents involved on how to mitigate these market anomalies.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102719"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100961","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"How do Chinese urban investment bonds affect its economic resilience? Evidence from double machine learning","authors":"Yan Fang ,&nbsp;Yinglin Liu ,&nbsp;Yi Yang ,&nbsp;Brian Lucey ,&nbsp;Mohammad Zoynul Abedin","doi":"10.1016/j.ribaf.2024.102728","DOIUrl":"10.1016/j.ribaf.2024.102728","url":null,"abstract":"<div><div>This paper employs the double machine learning model to investigate the impact of urban investment bonds on economic resilience. To deal with a broad set of macroeconomic and industry variables, LASSO is used for model estimation. The sample consists of 239 Chinese cities that issued debt and loan instruments between 2016 and 2021. The results show that 1) urban investment bonds have a positive, inverted U-shaped effect on economic resilience; 2) the ability to recover from an economic shock plays an important role in constructing the Chinese economic resilience index. The heterogeneity analysis reveals that the impact of urban investment bonds on economic resilience varies according to cities’ locations, industrial structure, and financial structure. Furthermore, the mechanism analysis demonstrates that urban investment bonds enhance economic resilience by promoting infrastructure development. These findings provide helpful guidance for China and other developing countries to ensure financing security and maintain robust economic growth.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102728"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100875","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}