Research in International Business and Finance最新文献_第2页

Higher-order co-moment contagion during Trump’s second presidential term: A trade policy uncertainty perspective 特朗普第二任期的高阶共矩传染：贸易政策不确定性视角

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103028

Elie Bouri , Naji Jalkh , Ender Demir

{"title":"Higher-order co-moment contagion during Trump’s second presidential term: A trade policy uncertainty perspective","authors":"Elie Bouri , Naji Jalkh , Ender Demir","doi":"10.1016/j.ribaf.2025.103028","DOIUrl":"10.1016/j.ribaf.2025.103028","url":null,"abstract":"<div><div>Donald Trump's second presidential term continues to shape economic and trade policies as well as the dynamics of financial markets. In this paper, we examine whether U.S. trade policy uncertainty (TPU) under Trump’s second term triggers financial contagion with asset classes through higher-order moments of asset returns. Our analysis extends recent studies that consider abnormal returns and the dynamics of asset correlations around the tariffs announcements and contributes to the literature that links political transitions and trade policy uncertainty with financial markets beyond the first and second moments by considering higher-order comoment contagion. Using daily data on U.S. equities, U.S. treasury and corporate bonds, U.S. dollar index, gold, crude oil, and Bitcoin, we consider the 2024 U.S. presidential election, 2025 presidential inauguration, and liberation day. Overall, the results show evidence of contagion in co-volatility, co-skewness, and co-kurtosis between US trade policy uncertainty and each of the examined assets following the three events. This highlights the substantial exposure of these assets to Trump's proposed tariffs, which has important implications for the decision-making processes of various economic actors.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"79 ","pages":"Article 103028"},"PeriodicalIF":6.3,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144605269","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 mechanism of green finance in promoting China's new quality productive forces: Technological innovation and data factor 绿色金融促进中国新型优质生产力的机制：技术创新与数据因素

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103038

Zhongwei Zhu , Qian Hua , Shuai Xu , Weiwei Lin

{"title":"The mechanism of green finance in promoting China's new quality productive forces: Technological innovation and data factor","authors":"Zhongwei Zhu , Qian Hua , Shuai Xu , Weiwei Lin","doi":"10.1016/j.ribaf.2025.103038","DOIUrl":"10.1016/j.ribaf.2025.103038","url":null,"abstract":"<div><div>This paper aims to measure the development levels of China's green finance (GF) and new quality productive forces (NQPFs), and explore the mechanism and heterogeneous effects of GF on the development of NQPFs. By employing the data envelopment analysis and the entropy value method, this paper innovatively constructs a new multi-dimensional evaluation system of \"GF-NQPFs\". And the study sheds light on the promotion effect of GF on NQPFs from the perspectives of technological innovation and data factors. The study presents three key findings. Firstly, the development level of China's GF has been steadily rising, with the scale of key indicators such as green investment expanding. Secondly, GF can efficiently drive forward the progress of NQPFs. Thirdly, the mechanism through which GF promotes the development of NQPFs is chiefly manifested in two aspects: technological innovation and data factors. The discovery of the driving mechanism of technological innovation and data factors and the key role of green investment provides a scientific reference for developing China's GF and improving NQPFs.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"79 ","pages":"Article 103038"},"PeriodicalIF":6.3,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144623826","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

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

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

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

ESG greenwashing and retail investor criticisms ESG洗绿和散户投资者的批评

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103034

Ma Zhong , Yunfu Zhu , Ruiqian Li , Zhen-yuan (Ralph) Liu

{"title":"ESG greenwashing and retail investor criticisms","authors":"Ma Zhong , Yunfu Zhu , Ruiqian Li , Zhen-yuan (Ralph) Liu","doi":"10.1016/j.ribaf.2025.103034","DOIUrl":"10.1016/j.ribaf.2025.103034","url":null,"abstract":"<div><div>This study investigates whether and how retail investors influence greenwashing governance mechanisms in the era of social media. Using data from Chinese listed firms between 2009 and 2022, we find that environmental, social, and governance (ESG) greenwashing provokes heightened criticism from retail investors on social media, which can reduce stock returns for these firms. Moreover, stringent sustainability regulations and bad corporate reputation reinforce the positive relationship between ESG greenwashing and retail investors’ criticism, whereas proactive communication strategies mitigate this relationship. Further analysis indicates that ESG greenwashing firms engage in other types of misconduct, which also provoke retail investors’ criticism, and that greenwashing across the environmental, social, and governance pillars prompts adverse reactions from retail investors. This study enhances the understanding of retail investors’ governance role in shaping corporate ESG activities in the era of social media. These findings suggest that governments, particularly those in emerging markets, should recognize the influence of retail investors and encourage their active participation in corporate governance through social media platforms.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"79 ","pages":"Article 103034"},"PeriodicalIF":6.3,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144571669","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

Product market competition and financial default: evidence from Italian private firms 产品市场竞争与金融违约：来自意大利私营企业的证据

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-06-04 DOI: 10.1016/j.ribaf.2025.103009

Velia Gabriella Cenciarelli , Giulio Greco , Marco Maria Mattei

{"title":"Product market competition and financial default: evidence from Italian private firms","authors":"Velia Gabriella Cenciarelli , Giulio Greco , Marco Maria Mattei","doi":"10.1016/j.ribaf.2025.103009","DOIUrl":"10.1016/j.ribaf.2025.103009","url":null,"abstract":"<div><div>This study investigates the relationship between product market competition and financial default in private firms and the moderating role of group affiliation in this relationship. The empirical research uses a sample of Italian firms and a multivariate regression approach. It augments Altman’s default prediction model with three measures of competition: product market fluidity, HHI, and Li’s (2010) measures of competition. It analyzes the in-sample and out-of-sample prediction abilities of models augmented by competition. The findings show that competition has a significant positive association with default, suggesting that the risk-increasing effect of competition prevails over the disciplinary effect. Interaction analysis provides evidence that group affiliation moderates the effect of competition on default. Group-affiliated private firms are less likely to default than non-group-affiliated firms at similar levels of competition, signaling a disciplinary effect channeled by group affiliation. Furthermore, we find that adding product market fluidity to Altman’s model significantly increases its predictive ability. This study contributes to the literature on the financial outcomes of competition with evidence of private firms. This shows that group affiliation moderates the relationship between competition and defaults. This study also contributes to financial default studies with evidence that competition enhances default predictions. This study suggests that competition indicators might be used in financial distress early warning systems for private firms the European Union is recently promoting.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"78 ","pages":"Article 103009"},"PeriodicalIF":6.3,"publicationDate":"2025-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144290695","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 political risk affect corporate culture? 政治风险会影响企业文化吗？

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-06-01 DOI: 10.1016/j.ribaf.2025.102988

Gang Zhao, Shengyan Xu, Li Sun

引用次数: 0

Entrepreneurship in the digital era 数字时代的创业精神

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-06-01 DOI: 10.1016/j.ribaf.2025.102965

Jun Zhou , Xueyi Zhang , Aslihan Gizem Korkmaz , Youwei Li , Pengpeng Yue

引用次数: 0