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Tokens and cryptocurrencies: Evidence from asymmetric frequency connectedness approach
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-04-05 DOI: 10.1016/j.ribaf.2025.102884
Marouene Mbarek , Badreddine Msolli
{"title":"Tokens and cryptocurrencies: Evidence from asymmetric frequency connectedness approach","authors":"Marouene Mbarek ,&nbsp;Badreddine Msolli","doi":"10.1016/j.ribaf.2025.102884","DOIUrl":"10.1016/j.ribaf.2025.102884","url":null,"abstract":"<div><div>This study assesses the asymmetric return spillovers between specific token sectors and conventional cryptocurrencies using a time-varying parameter vector autoregressive-based asymmetric frequency connectedness approach. The results indicate that linkages over positive returns are weaker than those over negative returns, highlighting the asymmetric reactions of crypto investors to both positive and negative news. Furthermore, connectedness is driven by high frequency, providing diversification benefits to portfolio managers who favor long-term investments. Additionally, tokens from the healthcare and transportation sectors are net recipients, while conventional cryptocurrencies are net transmitters of spillovers. AI tokens, MED, and XRP exhibit changes across domain frequency and market situations. Portfolio analysis indicates that tokens serve as the most cost-effective hedging during normal times and market upturns but become expensive during market downturns.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"77 ","pages":"Article 102884"},"PeriodicalIF":6.3,"publicationDate":"2025-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143807906","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
Higher-order moment and cross-moment spillovers among MENA stock markets: Insights from geopolitical risks and global fear
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-04-03 DOI: 10.1016/j.ribaf.2025.102885
Mohamad Husam Helmi , Jinxin Cui , Ahmed H. Elsayed , Mohammad Enamul Hoque
{"title":"Higher-order moment and cross-moment spillovers among MENA stock markets: Insights from geopolitical risks and global fear","authors":"Mohamad Husam Helmi ,&nbsp;Jinxin Cui ,&nbsp;Ahmed H. Elsayed ,&nbsp;Mohammad Enamul Hoque","doi":"10.1016/j.ribaf.2025.102885","DOIUrl":"10.1016/j.ribaf.2025.102885","url":null,"abstract":"<div><div>This study examines higher-order and cross-moment spillovers across MENA stock markets. Our unique framework integrates the ACD model with the TVP-VAR extended joint connectedness approach. We also analyze how geopolitical risks and global fear predict and influence both identical and cross-moment spillovers. Our findings show stronger total volatility spillovers among MENA stock markets compared to skewness and kurtosis spillovers. Cross-moment spillovers are more pronounced than those in the CS and CK measures, with the CV-CK pair showing the strongest effects. VIX and GPR are found to Granger cause total spillovers in both identical and cross-moment measures during specific periods.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"77 ","pages":"Article 102885"},"PeriodicalIF":6.3,"publicationDate":"2025-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143792130","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}
引用次数: 0
The impact of China’s outward FDI on agricultural productivity
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-03-30 DOI: 10.1016/j.ribaf.2025.102886
Runong Xu , Yufeng Chen , Anna Min Du
{"title":"The impact of China’s outward FDI on agricultural productivity","authors":"Runong Xu ,&nbsp;Yufeng Chen ,&nbsp;Anna Min Du","doi":"10.1016/j.ribaf.2025.102886","DOIUrl":"10.1016/j.ribaf.2025.102886","url":null,"abstract":"<div><div>China's outward foreign direct investment (OFDI) has emerged as a critical driver of economic development in Belt and Road (B&amp;R) countries. However, its role in fostering agricultural productivity growth in the region remains underexplored. This study investigates the relationship between China's OFDI and agricultural productivity in 58 B&amp;R countries from 2003 to 2021. Utilizing panel data, we quantitatively assess agricultural productivity while incorporating the influence of Chinese OFDI. Furthermore, the analysis distinguishes between high-income and middle- to low-income countries, offering a nuanced understanding of differential impacts. The results indicate that China's OFDI significantly enhances agricultural productivity across the region, with a particularly pronounced effect in middle- and low-income countries. This suggests that Chinese investments are more impactful in countries with lower income levels, underscoring their critical role in addressing disparities and promoting sustainable agricultural development. The findings provide actionable insights for policymakers in China and B&amp;R countries, emphasizing strategies to deepen investment collaboration and advance agricultural sustainability, food security, and nutrition outcomes.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"77 ","pages":"Article 102886"},"PeriodicalIF":6.3,"publicationDate":"2025-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143768315","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
Domestic value chain, digital finance and the quality of firm's export products
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-03-29 DOI: 10.1016/j.ribaf.2025.102877
Ma Xiaoli , Shi Benye , Lu Hongliang , Ali Raza
{"title":"Domestic value chain, digital finance and the quality of firm's export products","authors":"Ma Xiaoli ,&nbsp;Shi Benye ,&nbsp;Lu Hongliang ,&nbsp;Ali Raza","doi":"10.1016/j.ribaf.2025.102877","DOIUrl":"10.1016/j.ribaf.2025.102877","url":null,"abstract":"<div><div>Chinese firms have strategically positioned themselves within the global value chain by leveraging low-cost labor to achieve substantial growth in exports and economic development. This study presents a theoretical model that offers valuable insights into how embedding in domestic value chains influences the quality of firms' export products. Based on this framework, the paper empirically examines the impact of domestic value chain embedding on export product quality at the micro-firm level. The findings indicate that domestic value chain embedding has a significant positive effect on export product quality. Further analysis reveals that this impact operates through mechanisms through increased efficiency in fixed asset investment and productivity. Heterogeneity tests show that the effects of domestic value chain embedding are more pronounced in eastern regions, labor-intensive industries, firms with fewer financial constraints, and firms with lower initial product quality. Moreover, the results highlight that global and domestic value chains are complementary, rather than substitutive, in promoting export product quality. Finally, the study finds that digital finance positively moderates the relationship between domestic value chain embedding and export product quality.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"77 ","pages":"Article 102877"},"PeriodicalIF":6.3,"publicationDate":"2025-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143792231","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
Access to credit and fintech: A lexicon-based sentiment analysis application on Twitter data
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-03-28 DOI: 10.1016/j.ribaf.2025.102875
Marilena Bredice, Anna Vittoria Formisano, Sara Kullafi, Pasquale Palma
{"title":"Access to credit and fintech: A lexicon-based sentiment analysis application on Twitter data","authors":"Marilena Bredice,&nbsp;Anna Vittoria Formisano,&nbsp;Sara Kullafi,&nbsp;Pasquale Palma","doi":"10.1016/j.ribaf.2025.102875","DOIUrl":"10.1016/j.ribaf.2025.102875","url":null,"abstract":"<div><div>This study examines how the interaction between access to credit and new fintech ventures evolved during and after the COVID-19 pandemic by conducting three different lexicon-based sentiment analyses using NLTK, TextBlob, and Flair Python libraries. We previously gathered data from Twitter (subsequently rebranded as <em>X</em>) by applying different combinations of keywords in our scraper script to better understand the phenomenon and enhance the quality of the final dataset. We defined the most appropriate set of keywords that we subsequently used for analysis. We also empirically estimated whether the results obtained could be generalized to the continents involved. Although the keywords “access to credit” and “fintech” show a slight decrease in tweets at the end of the COVID-19 pandemic, we obtain meaningful insights at the continent level concerning variations in sentiment over the analyzed period. Furthermore, the most recurrent keywords show significant correlations.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"77 ","pages":"Article 102875"},"PeriodicalIF":6.3,"publicationDate":"2025-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143746306","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
Strategic fit of potential M&As between dual banks and conventional banks: Does Islamic banking matter?
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-03-25 DOI: 10.1016/j.ribaf.2025.102876
Daniel Alejandro Bonfil Penella , Felix Rainer Schmitz , Yong Tan , Jorge Antunes , Peter Wanke , S. M Julkar Naeen Abir , Md. Abul Kalam Azad
{"title":"Strategic fit of potential M&As between dual banks and conventional banks: Does Islamic banking matter?","authors":"Daniel Alejandro Bonfil Penella ,&nbsp;Felix Rainer Schmitz ,&nbsp;Yong Tan ,&nbsp;Jorge Antunes ,&nbsp;Peter Wanke ,&nbsp;S. M Julkar Naeen Abir ,&nbsp;Md. Abul Kalam Azad","doi":"10.1016/j.ribaf.2025.102876","DOIUrl":"10.1016/j.ribaf.2025.102876","url":null,"abstract":"<div><div>During the last decades, Islamic banking has become a major influence for worldwide banking, which led to conventional banks using their existing infrastructure and branches to provide Islamic banking services. Despite the growing impact of this new type of bank, referred to as dual bank, including conventional and Islamic banking services, only a few authors have marginally analyzed them, none of them in a merger and acquisition (M&amp;A) context. This study examines a global strategic fit of 375 bank M&amp;As in 39 nations between 2011 and 2020. An input-oriented, two-stage network DEA (Data Envelopment Analysis) approach is used, computing several efficiency scores of the merged banks. Merging in our analysis involves a virtual combination of inputs and outputs of pairs of separate banks to test the efficiencies of this virtually merged entity. The findings reveal that the bank type impacts the virtual efficiency: dual bank M&amp;As show a large advantage over conventional bank M&amp;As.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"77 ","pages":"Article 102876"},"PeriodicalIF":6.3,"publicationDate":"2025-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143746305","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
Employee satisfaction and CEO pay-performance sensitivity
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-03-23 DOI: 10.1016/j.ribaf.2025.102883
Heung-Jae Jeon
{"title":"Employee satisfaction and CEO pay-performance sensitivity","authors":"Heung-Jae Jeon","doi":"10.1016/j.ribaf.2025.102883","DOIUrl":"10.1016/j.ribaf.2025.102883","url":null,"abstract":"<div><div>This paper investigates the impact of employee satisfaction on CEO pay-performance sensitivity within a sample of S&amp;P 1500 firms with an enough number of Glassdoor.com employee ratings. The results indicate that an increase in employee satisfaction is associated with a higher level of CEO pay-performance sensitivity, with this effect being more pronounced when there is a greater likelihood of CEOs being entrenched. These findings align with the notion that heightened employee satisfaction can create uncertainty among shareholders regarding the CEO’s motivations. Consequently, this study contributes to the existing literature on agency problems and the ongoing discourse surrounding employee welfare, supporting optimal contracting theory.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"77 ","pages":"Article 102883"},"PeriodicalIF":6.3,"publicationDate":"2025-03-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143725138","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
Annual report tone and bank risk-taking behavior: Evidence from China
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-03-22 DOI: 10.1016/j.ribaf.2025.102881
Lu Wei , Mingye Wei , Haozhe Jing , Zhongbo Jing
{"title":"Annual report tone and bank risk-taking behavior: Evidence from China","authors":"Lu Wei ,&nbsp;Mingye Wei ,&nbsp;Haozhe Jing ,&nbsp;Zhongbo Jing","doi":"10.1016/j.ribaf.2025.102881","DOIUrl":"10.1016/j.ribaf.2025.102881","url":null,"abstract":"<div><div>This paper explores how the textual tone of annual reports affects banks’ risk-taking. This paper divides tone into normal tone and abnormal tone and examines their influences on the risk-taking of banks’ assets and liabilities, respectively. By collecting 326 samples of 38 Chinese A-share listed banks’ annual reports during 2000–2020, the study finds that a more positive normal tone in annual reports indicates an increase in bank risk-taking behavior in the future. The competitive pressure and the policy shock plays a negative moderating role whereas the profitability has a positive moderating impact. Besides, the impact of the positive tone on increasing bank’s risk-taking behavior is more prominent for state-owned banks than that of non-state-owned banks. However, the abnormal tone can not predict the bank’s future risk-taking behavior. Finally, our findings show that the normal tone can provide forward-looking valuable information and has a significant predictive ability for a bank’s future risk-taking behavior and its insolvency risk.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"77 ","pages":"Article 102881"},"PeriodicalIF":6.3,"publicationDate":"2025-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143706498","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
Long-term correlation between the green and conventional bond markets: The roles of categorical EPU indices and structural changes
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-03-22 DOI: 10.1016/j.ribaf.2025.102882
Hongwei Zhang , Shiyao Wei , Yaoqi Guo
{"title":"Long-term correlation between the green and conventional bond markets: The roles of categorical EPU indices and structural changes","authors":"Hongwei Zhang ,&nbsp;Shiyao Wei ,&nbsp;Yaoqi Guo","doi":"10.1016/j.ribaf.2025.102882","DOIUrl":"10.1016/j.ribaf.2025.102882","url":null,"abstract":"<div><div>This study investigates the dynamic correlation between the green and conventional bond markets affected by different categories of economic policy uncertainty (EPU) using the DCC-MIDAS-X model. The results show that EPU has a significant negative impact on the long-term green-conventional bond correlation and most of the categorical EPU indices exhibit a negative impact on the long-term correlation. Furthermore, the study reveals structural changes during the COVID-19 pandemic and incorporates them into the DCC-MIDAS-X model, uncovering additional negative effect on the impact of some categories of EPU. Finally, the study examines the risk management performance using green and conventional assets. The results demonstrate that the green bond can be regarded as an efficient diversification tool for conventional bond assets and incorporating different categorical indices causes different effects on the efficiency. These findings offer valuable insights for investors and policymakers in mitigating risk across green and conventional bond markets under the period of rising EPU and frequent structural changes.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"77 ","pages":"Article 102882"},"PeriodicalIF":6.3,"publicationDate":"2025-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143759531","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 and CO₂ emissions: Fresh insight from low, middle and high-income countries
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-03-20 DOI: 10.1016/j.ribaf.2025.102880
Parisa Pakrooh , Hela Nammouri , Sami Ben Jabeur
{"title":"Energy transition and CO₂ emissions: Fresh insight from low, middle and high-income countries","authors":"Parisa Pakrooh ,&nbsp;Hela Nammouri ,&nbsp;Sami Ben Jabeur","doi":"10.1016/j.ribaf.2025.102880","DOIUrl":"10.1016/j.ribaf.2025.102880","url":null,"abstract":"<div><div>The energy transition to sustainable systems is critical in mitigating carbon dioxide (CO₂) emissions and achieving energy security. This study systematically analyzes the impact of transitioning from fossil fuels to renewable energy sources across countries of low, middle, and high-income levels, considering complex factors such as social aspects, legislative actions, and economic conditions that influence these transitions. For this aim, the GreenQ index introduced by Lau et al. (2023); a robust econometric model, the Cross-sectionally Augmented Autoregressive Distributed Lag (CS-ARDL) technique by Chudik and Pesaran (2015); and the Dumitrescu and Hurlin (2012) non-Granger causality test are applied to panel data from 1965 to 2021 of 53 countries. Findings highlight that advancements in green energy technologies and stringent legislative frameworks significantly reduce CO₂ emissions, particularly in high-income countries. Additionally, the results show that trade openness is associated with a slight reduction in emissions in low- and middle-income countries, while urbanization and political liberties have varying impacts depending on the income level of the country.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102880"},"PeriodicalIF":6.3,"publicationDate":"2025-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143686505","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
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