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

Can proximity to World Heritage Sites reduce corporate misconduct? Evidence from Chinese listed companies 靠近世界遗产地能减少企业的不当行为吗？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 : 2025-05-01 DOI: 10.1016/j.ribaf.2025.103000

Hongquan Li, Yang Yang

{"title":"Can proximity to World Heritage Sites reduce corporate misconduct? Evidence from Chinese listed companies","authors":"Hongquan Li, Yang Yang","doi":"10.1016/j.ribaf.2025.103000","DOIUrl":"10.1016/j.ribaf.2025.103000","url":null,"abstract":"<div><div>World Heritage Sites are recognized globally for their outstanding value to humanity, embodying landmarks of cultural, historical, or scientific significance, which exert a profound socioeconomic influence on surrounding regions. Although prior studies have explored the influence of broader cultural contexts on corporate behavior, the impact of proximity to World Heritage Sites on firms’ ethical conduct remains largely underexplored. Using firm-level data from China, with its rich World Heritage Sites and ancient civilization, we find a significant negative association between the number of World Heritage Sites near a company and corporate misconduct, indicating that firms closer to these sites are less likely to engage in violations. Through our mechanism analysis, we demonstrate that proximity to World Heritage Sites reduces corporate misconduct by fostering a stronger corporate culture and improving the overall quality of corporate governance, driven by heightened legitimacy pressures. We further find that the influence of proximity to World Heritage Sites is more pronounced in non-state-owned companies and those with lower corporate social responsibility. These findings contribute to the field of cultural finance and offer valuable insights for policymakers and investors.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"77 ","pages":"Article 103000"},"PeriodicalIF":6.3,"publicationDate":"2025-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144123559","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

Natural disaster experiences, resilience resources, and household risky financial market participation: Evidence from China 自然灾害经验、弹性资源与家庭风险金融市场参与：来自中国的证据

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-05-01 DOI: 10.1016/j.ribaf.2025.102942

Jiankun Liu , Chante Jian Ding

{"title":"Natural disaster experiences, resilience resources, and household risky financial market participation: Evidence from China","authors":"Jiankun Liu , Chante Jian Ding","doi":"10.1016/j.ribaf.2025.102942","DOIUrl":"10.1016/j.ribaf.2025.102942","url":null,"abstract":"<div><div>Natural disasters have been demonstrated to cause devastating effects on household livelihood, but little is known about the impact of natural disasters on households’ financial behaviors. Using data from the China Household Finance Survey spanning 2019–2021, this study examined the relationship between natural disaster experiences and household risky financial market participation and investigated the role of resilience resources in moderating the potential adverse impact of natural disasters. The findings demonstrated that natural disaster experiences reduced household risky financial market participation rates as well as risky asset allocation in their financial portfolios. This decline was caused by an income decrease, a shift in risk attitudes toward risk aversion, and an increase in psychological stress. Furthermore, the negative impact of natural disaster experiences on risky financial market participation would be mitigated by individual- and household-level resilience resources, i.e., financial literacy and socio-economic status. Our study explained the limited participation puzzle in the risky financial market in China from the perspective of natural disaster risks and highlighted the significance of the improvement in affected households’ finance behaviors by narrowing gaps in resilience resources between households.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"77 ","pages":"Article 102942"},"PeriodicalIF":6.3,"publicationDate":"2025-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143937635","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

Does passive ownership affect corporate governance? Evidence from the Bank of Japan’s ETF purchasing program 被动所有权是否影响公司治理？来自日本央行ETF购买计划的证据

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-05-01 DOI: 10.1016/j.ribaf.2025.102924

Masumi Sai , Kazuo Yamada

引用次数: 0

Does P2P lending promote the traditional bank-based financial inclusion? Spatial evidence from 34 developing economies P2P网贷是否促进了传统的银行普惠金融？来自34个发展中经济体的空间证据

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-05-01 DOI: 10.1016/j.ribaf.2025.102947

Barbara Koranteng, Kefei You

{"title":"Does P2P lending promote the traditional bank-based financial inclusion? Spatial evidence from 34 developing economies","authors":"Barbara Koranteng, Kefei You","doi":"10.1016/j.ribaf.2025.102947","DOIUrl":"10.1016/j.ribaf.2025.102947","url":null,"abstract":"<div><div>Whilst prior literature often suggests that P2P lending address the credit needs of borrowers unserved and underserved by the formal banking sector, this paper contends that the significance of P2P lending extends beyond merely bridging the credit gap created by banks. By empowering the borrowers (often marginalised entities) with knowledge, skills, confidence and necessary documentations, P2P lending plays a transformative role, facilitating these borrowers towards their eventual acceptance and integration into the traditional banking system. We then formally investigate the impact of P2P lending on the traditional bank-based financial inclusion for a group of 34 developing countries during 2013–2020, considering spatial dependence amongst these nations. We find that, first, there is positive cross-country spatial dependence in the traditional financial inclusion, substantiating the use of spatial analysis. Second, utilising the Spatial Durbin Model which is found to be the most suitable specification, we find that P2P lending enhances the traditional financial inclusion, both domestically and in neighbouring economies. Third, the above holds when the largest P2P lender amongst developing nations (i.e., China) and/or the impact of the Covid pandemic (i.e., year 2020) is excluded. Fourth, removing the Covid-19 effect strengthens the positive influence of P2P lending on traditional financial inclusion, signifying the importance of economic stability and connectivity in fostering this relationship. Finally, the robustness of these findings is confirmed with an alternative weight matrix.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"77 ","pages":"Article 102947"},"PeriodicalIF":6.3,"publicationDate":"2025-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143950450","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

Financial development, international financial integration, and income inequality: An emerging markets perspective 金融发展、国际金融一体化与收入不平等：新兴市场视角

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-05-01 DOI: 10.1016/j.ribaf.2025.102917

Zal Yıldırım , İlkay Şendeniz-Yüncü

引用次数: 0

The impact of environmental protection fee-to-tax reform on differentiated environmental management behavior of firms 环保税费改革对企业差别化环境管理行为的影响

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-05-01 DOI: 10.1016/j.ribaf.2025.102982

Jingjing Zhang , Weiwei Zhang , Chang Su , Paul Kattuman

{"title":"The impact of environmental protection fee-to-tax reform on differentiated environmental management behavior of firms","authors":"Jingjing Zhang , Weiwei Zhang , Chang Su , Paul Kattuman","doi":"10.1016/j.ribaf.2025.102982","DOIUrl":"10.1016/j.ribaf.2025.102982","url":null,"abstract":"<div><div>How does a legal system of imposing environmental protection tax impact the environmental management behavior options available to firms? We examine the issue using data from listed companies in China from 2009 to 2020, utilizing the environmental protection fee-to-tax reform (EFTR) as a quasi-natural experiment. The difference-in-difference estimates indicate that EFTR incentivizes firms to enhance end-of-pipe pollutant treatment and incorporate environmental actions into administration while discouraging the adoption of green production processes, and this finding remains robust across a series of tests. This suggests that corporate environmental management may be more symbolic than substantive. Heterogeneity analysis reveals that local governments' environmental goals and residents' environmental concerns primarily enhance the impact of EFTR on pollutant treatment. In contrast, executives with higher levels of education are better positioned to enhance the effect of EFTR on green production processes. However, financial constraints significantly diminish the environmental advantages of EFTR. Mechanism analysis suggests that EFTR compels firms to disclose more detailed environmental information to bolster their green image, thereby selectively adopting environmental behavior. Overall, this paper sheds light on how firms adapt environmental strategies in response to green tax regulations and offers insights for improving environmental governance policies.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"77 ","pages":"Article 102982"},"PeriodicalIF":6.3,"publicationDate":"2025-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144154871","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

Shadow banking regulation and firm investment efficiency: Evidence from China's new regulation of capital management 影子银行监管与企业投资效率：来自中国资本管理新规的证据

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-05-01 DOI: 10.1016/j.ribaf.2025.102940

Ziqin Yu , Xiang Xiao , Ge Ge

引用次数: 0

Carbon efficiency and green bonds: The institutional investors’ green touch 碳效率与绿色债券：机构投资者的绿色触觉

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-05-01 DOI: 10.1016/j.ribaf.2025.102943

Imen Khanchel , Naima Lassoued , Cyrine Khiari , Sana-Akbar Khan

引用次数: 0

Are institutional investors effective monitors in a country where closely held firms predominate? Insights from agency problem-driven dividend payouts 在一个由少数人持股的公司主导的国家，机构投资者是有效的监督者吗？来自机构问题驱动派息的洞察

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-05-01 DOI: 10.1016/j.ribaf.2025.102976

Michał Kałdoński , Tomasz Jewartowski

{"title":"Are institutional investors effective monitors in a country where closely held firms predominate? Insights from agency problem-driven dividend payouts","authors":"Michał Kałdoński , Tomasz Jewartowski","doi":"10.1016/j.ribaf.2025.102976","DOIUrl":"10.1016/j.ribaf.2025.102976","url":null,"abstract":"<div><div>Our paper provides evidence on the role institutional investors play as minority shareholders in shaping payout policies of their portfolio firms. Using a sample of companies listed on the Warsaw Stock Exchange, where institutional investors typically play the role of non-controlling shareholders, we show that long-term institutional ownership is positively associated with dividend payouts. This positive relation holds mostly for independent long-term institutional investors. Moreover, it is observed only in firms with relatively high needs for monitoring stemming from more severe agency problems, e.g., firms with above-average levels of free cash flow and “majority-controlled” firms (i.e., firms with insiders controlling at least 50 % of voting rights and using control-enhancing mechanisms). At the same time, we provide evidence that institutional ownership mitigates the over-investment problem and increases corporate transparency for the same groups of long-term institutional investors. All in all, our results indicate that long-term institutional investors can act as monitors and thus mitigate agency problems stemming from the conflicts of interest between majority and minority shareholders, which is typical for countries with concentrated ownership of public companies and weak investor protection.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"77 ","pages":"Article 102976"},"PeriodicalIF":6.3,"publicationDate":"2025-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144116027","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

Disentangling the S and the G in the European banking industry: The role of climate risk and opportunity awareness 拆解欧洲银行业的S和G：气候风险和机遇意识的作用

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-05-01 DOI: 10.1016/j.ribaf.2025.102977

Federico Giovanni Rega , Simona Russo , Dario Salerno

{"title":"Disentangling the S and the G in the European banking industry: The role of climate risk and opportunity awareness","authors":"Federico Giovanni Rega , Simona Russo , Dario Salerno","doi":"10.1016/j.ribaf.2025.102977","DOIUrl":"10.1016/j.ribaf.2025.102977","url":null,"abstract":"<div><div>The awareness of climate change risks and opportunities is crucial for the banking industry, as the environmental transition poses social (S) and governance (G) challenges. An extensive literature has examined the drivers and effects of ESG performance – proxied by ESG scores - on banking dimensions, whereas the relationship between climate risks and opportunities management and S and G factors has received little attention. Using a sample of European banks over the 2013–2022 period, we provide empirical evidence on the crucial role of financial institutions' climate awareness in improving S and G strategies and practices. In particular, this link is positive and significant for some social and governance sub-scores related to the green transition, such as <em>product responsibility, community, stakeholder engagement,</em> and <em>management</em>. Moreover, some supervisory and risk governance mechanisms, such as the IRB approach validation for regulatory purposes, seem to strengthen this relationship. Robust to a battery of sensitivity and robustness checks, our results offer a new contribution to the literature, providing useful suggestions for banks, policymakers, and regulatory authorities, supporting the ongoing debate about the interconnectedness between climate risk awareness and the other spheres of sustainable development.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"77 ","pages":"Article 102977"},"PeriodicalIF":6.3,"publicationDate":"2025-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144130816","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