Research in International Business and Finance最新文献_第3页

Exposure of stock sector returns to petroleum price shocks: The case of petroleum exporters and importers

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-03-12 DOI: 10.1016/j.ribaf.2025.102869

Miramir Bagirov , Cesario Mateus

引用次数: 0

Can non-punitive regulation curb corporate greenwashing?Evidence from a word embedding model

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-03-12 DOI: 10.1016/j.ribaf.2025.102861

Jiacai Xiong , Zelin Yang , Qing Sophie Wang

{"title":"Can non-punitive regulation curb corporate greenwashing?Evidence from a word embedding model","authors":"Jiacai Xiong , Zelin Yang , Qing Sophie Wang","doi":"10.1016/j.ribaf.2025.102861","DOIUrl":"10.1016/j.ribaf.2025.102861","url":null,"abstract":"<div><div>This study examines the impact of non-punitive regulations on corporate greenwashing. We employ a word embedding model to quantify greenwashing levels in Chinese A-share listed companies from 2015 to 2021. Using comment letters issued by stock exchanges as a proxy for non-punitive intervention, our finding reveals their effectiveness in deterring greenwashing behavior. The results remain robust after a battery of sensitivity tests. We posit three potential mechanisms underlying this effect: enhanced information transparency, increased media scrutiny, and mitigated agency problems within firms. The impact of comment letters is particularly pronounced in firms with a higher propensity for greenwashing, including private and smaller companies, those with limited analyst coverage, firms operating in polluting or highly competitive industries, and regions with lower environmental transparency or market development. Overall, this study contributes to the understanding of non-punitive regulation's role in shaping corporate environmental practices and provides valuable insights for mitigating greenwashing.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102861"},"PeriodicalIF":6.3,"publicationDate":"2025-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143636281","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

Green innovation under financial and policy uncertainty: Evidence from China

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-03-08 DOI: 10.1016/j.ribaf.2025.102856

Sultan Sikandar Mirza , Ninglu Xu , Shaen Corbet , Frank Scrimgeour

{"title":"Green innovation under financial and policy uncertainty: Evidence from China","authors":"Sultan Sikandar Mirza , Ninglu Xu , Shaen Corbet , Frank Scrimgeour","doi":"10.1016/j.ribaf.2025.102856","DOIUrl":"10.1016/j.ribaf.2025.102856","url":null,"abstract":"<div><div>This study examines the effect of idiosyncratic risk on the green innovation of A-share listed companies in China from 2010 to 2021, using idiosyncratic risk as a proxy for financial risk. Results indicate that idiosyncratic risk adversely affects a firm’s green innovation, which is negatively mod- erated by heightened economic policy uncertainty (EPU), highlighting that firms tend to defer or halt green innovation investments under high EPU, appreciating the ’real option’ value of a deci- sion to ‘wait-and-see’. Further, policy determinant analysis reveals that the negative moderation originates from trade-related policy uncertainties. Heterogeneity analysis reveals that the primary findings are more pronounced in non-SOEs and those companies determined to be larger, older, and more leveraged firms with elevated ESG performance. Findings are found to be robust across several various econometric approaches. This research contributes to the literature on corporate green innovation by analysing the moderating role of EPU and providing insights for managers, investors, and policymakers.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102856"},"PeriodicalIF":6.3,"publicationDate":"2025-03-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143601276","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

Climate risks and corporate supply chain configuration:Evidence from China

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-03-08 DOI: 10.1016/j.ribaf.2025.102852

Zhifang Su , Changzhe Deng , Yufang Feng , Yulu Bai , Zhikai Xu

引用次数: 0

The Impact of commercial banks' ESG performance: Difference between provocative and passive risk-taking – Evidence from China

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-03-08 DOI: 10.1016/j.ribaf.2025.102859

Bohui Wen , Wei You , Ming Yuan

{"title":"The Impact of commercial banks' ESG performance: Difference between provocative and passive risk-taking – Evidence from China","authors":"Bohui Wen , Wei You , Ming Yuan","doi":"10.1016/j.ribaf.2025.102859","DOIUrl":"10.1016/j.ribaf.2025.102859","url":null,"abstract":"<div><div>In recent years, the rise of ESG concepts has gradually had an impact on economic entities, and commercial banks are also facing changes in their risk-taking behavior while practicing ESG concepts. This paper takes data of 42 A-share listed commercial banks in China from 2009Q1 to 2023Q3 to analyze the impact of ESG performance on commercial banks by distinguishing between proactive and passive risk-taking. The findings reveal that strong ESG performance promotes proactive risk-taking while suppressing passive risk-taking, ultimately reducing overall passive risk-taking. This helps improve asset quality, mitigate the risk of asset deterioration, and enhance financing functions of commercial banks. Mechanism tests show that ESG performance fosters proactive risk-taking by accumulating reputational capital, while curbing passive risk-taking through optimizing credit structures and alleviating information asymmetry. Regulatory effect analysis indicates that expanding the MPA (Macroprudential Assessment) to the green sector can moderate the positive impact of ESG performance on proactive risk-taking, preventing excessive risk-taking. This study provides recommendations for the banking industry to balance ESG practices with financial stability under the \"dual carbon\" goals.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102859"},"PeriodicalIF":6.3,"publicationDate":"2025-03-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143609257","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

Board digital expertise and digital innovation: Evidence from commercial banks in China 董事会的数字专长与数字创新：来自中国商业银行的证据

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-03-07 DOI: 10.1016/j.ribaf.2025.102854

Shengjing Yu, Xiaolan Zheng, Martin J. Liu

{"title":"Board digital expertise and digital innovation: Evidence from commercial banks in China","authors":"Shengjing Yu, Xiaolan Zheng, Martin J. Liu","doi":"10.1016/j.ribaf.2025.102854","DOIUrl":"10.1016/j.ribaf.2025.102854","url":null,"abstract":"<div><div>We investigate the effect of board digital expertise (i.e., the presence of board directors with digital expertise) on digital innovation. Using a novel index of digital innovation and a sample of 2,227 bank-year observations for 296 Chinese commercial banks over the period 2008–2018, we find that board digital expertise is positively associated with digital innovation. Our results remain robust when addressing endogeneity concerns, using alternative measures for focal variables, conducting subsample analyses, and adopting alternative estimation techniques. We further find that the positive impact of board digital expertise on digital innovation is more pronounced in banks with greater needs for resource provision. When decomposing board digital expertise, we observe higher levels of digital innovation in banks with digital-savvy directors, who are more effective at channeling resources from external environments. Moreover, we find that digital innovation improves in terms of quantity, quality, scope, openness, iteration, and human agency when more digital experts serve on the board. Finally, we demonstrate that digital innovation is a mechanism that links board digital expertise with better bank performance.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102854"},"PeriodicalIF":6.3,"publicationDate":"2025-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143628966","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

Empowering green households: How does digital finance influence household carbon footprints?

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-03-07 DOI: 10.1016/j.ribaf.2025.102849

Yao Wang , Xuenan Wu , Boqiang Lin

{"title":"Empowering green households: How does digital finance influence household carbon footprints?","authors":"Yao Wang , Xuenan Wu , Boqiang Lin","doi":"10.1016/j.ribaf.2025.102849","DOIUrl":"10.1016/j.ribaf.2025.102849","url":null,"abstract":"<div><div>The rapid development of digital finance is profoundly changing business production and household consumption behaviors, but this transformation may exacerbate the growth of household carbon footprints. Exploring the impact of digital finance on household carbon footprints not only helps reveal its potential negative effects but also provides new insights for empowering green household transitions. The study utilizes data from the China Household Finance Survey (CHFS), employing household carbon footprint (HCF) data from 2015, 2017, and 2019. It employs the generalized difference-in-differences (generalized DID) model to systematically assess the causal effects of digital finance on household carbon footprints. The research findings indicate that: (1) digital finance significantly promotes the increase of household carbon footprints; (2) this effect primarily manifests through two pathways: consumption and labor supply; (3) in the consumption pathway, digital finance not only enhances household consumption willingness but also significantly alters the consumption structure; (4) through heterogeneity analysis, the study finds that local governments can mitigate the negative impact of digital finance on household carbon footprints by implementing carbon-inclusive policies and improving human capital levels. In particular, rural households and low-income households show a more significant increase in carbon footprints due to digital finance.; (5) the impact of digital finance on household carbon footprints has a lag effect, with the effect gradually deepening over time. This study provides empirical evidence for balancing economic growth and low-carbon development in developing countries in the digital era and offers policy recommendations for achieving green household transitions.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102849"},"PeriodicalIF":6.3,"publicationDate":"2025-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143593879","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

Extreme weather and the green transition of energy firms: The moderating effect of digital technology and digital inclusive finance

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-03-07 DOI: 10.1016/j.ribaf.2025.102858

Niu Niu , Junhua Ma , Deyuan Zheng , Yang Lu , Bin Zhang

{"title":"Extreme weather and the green transition of energy firms: The moderating effect of digital technology and digital inclusive finance","authors":"Niu Niu , Junhua Ma , Deyuan Zheng , Yang Lu , Bin Zhang","doi":"10.1016/j.ribaf.2025.102858","DOIUrl":"10.1016/j.ribaf.2025.102858","url":null,"abstract":"<div><div>Amid the increasing frequency of extreme weather events, it is crucial to examine their impact on the green transition of Chinese energy systems and the internal mechanisms of this relationship. Drawing upon data from 277 Chinese energy firms listed from 2016 to 2021, this study investigates how extreme weather affects the green transition of the energy firms and investigates the moderating roles of digital technology and digital inclusive finance. Our analysis reveals a negative association between extreme weather and the green transition endeavors of energy firms, a relationship that withstands a battery of robustness checks. A further heterogeneity analysis shows that state-owned firms exhibit a relatively lower susceptibility to the negative impacts of extreme weather, whereas energy firms situated in metropolitan areas display heightened vulnerability. Intriguingly, our findings suggest that extreme weather may serve as a catalyst for the green transition in firms subjected to rigorous audit standards. Additionally, our results highlight that digital technology and digital inclusive finance play crucial moderating roles, both of which can effectively mitigate the negative effects of extreme weather on the green transition of energy firms. In light of these findings, we offer policy recommendations aimed at enabling the energy firms to navigate the green transition effectively amidst the challenges posed by extreme weather.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102858"},"PeriodicalIF":6.3,"publicationDate":"2025-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143578977","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

Impact of the three digital divides on residents’ commercial insurance purchase behavior: An empirical study based in China 三种数字鸿沟对居民商业保险购买行为的影响：基于中国的实证研究

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-03-05 DOI: 10.1016/j.ribaf.2025.102853

Yifeng Zhu , Qinghai Li

{"title":"Impact of the three digital divides on residents’ commercial insurance purchase behavior: An empirical study based in China","authors":"Yifeng Zhu , Qinghai Li","doi":"10.1016/j.ribaf.2025.102853","DOIUrl":"10.1016/j.ribaf.2025.102853","url":null,"abstract":"<div><div>The rapid development of digital technology has profoundly transformed production, lifestyles, and consumption patterns, but it also highlights the ongoing challenge of the digital divide. This study uses data from the China Family Panel Studies 2020 to systematically explore the impact, heterogeneity, and mechanisms of access, usage, and utility digital divides on Chinese households’ commercial insurance purchasing behavior. By applying a probit model with a two-stage instrumental variable approach and conducting rigorous robustness tests, the study yields three notable results. (1) Overall, all three digital divides have significantly negative impacts on residents’ willingness to purchase commercial insurance. This implies that residents who do not use the internet, use it less frequently, or consider it to be less important are less inclined to purchase commercial insurance. Further investigation reveals that the digital divide negatively affects the amount and proportion of commercial insurance purchases. (2) Heterogeneity analysis shows that the negative impact of the digital divide on commercial insurance purchase behavior varies significantly by household registration, age, and households’ income and net assets. (3) Mechanism analysis reveals that social trust, social interaction, and insurance accessibility can mitigate the negative impact of the digital divide on commercial insurance purchase behavior. These findings contribute to the literature by providing a comprehensive framework for analyzing the multifaceted impact of the three digital divides on financial decision-making, emphasizing the importance of targeted policies to promote digital inclusion and reduce financial disparities.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102853"},"PeriodicalIF":6.3,"publicationDate":"2025-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143628967","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

How do climate risks affect corporate ESG performance? Micro evidence from China

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-03-04 DOI: 10.1016/j.ribaf.2025.102855

Yang Liu , Kangyin Dong , Rabindra Nepal , Hatem Afi

{"title":"How do climate risks affect corporate ESG performance? Micro evidence from China","authors":"Yang Liu , Kangyin Dong , Rabindra Nepal , Hatem Afi","doi":"10.1016/j.ribaf.2025.102855","DOIUrl":"10.1016/j.ribaf.2025.102855","url":null,"abstract":"<div><div>With the increasing exposure of firms to climate-related risks, understanding the relationship between climate risk concerns and corporate Environmental, Social, and Governance (ESG) performance is critical. This study investigates the impact of climate risk concerns on ESG performance, with a particular focus on the mediating roles of green technological innovation and corporate governance, as well as the moderating effect of financial constraints. Using a firm-year fixed effects model and panel data from 2293 A-share listed companies in China from 2010 to 2021, our research indicates that heightened climate risk concerns significantly improve firms’ ESG performance. This effect is more pronounced for state-owned enterprises, firms in highly polluting industries, and companies located in the Midwest region. This study also reveals that green technological innovation and corporate governance act as key transmission channels, while financial constraints amplify the positive impact. These findings highlight the necessity of integrating climate risk considerations into corporate decision-making and suggest that targeted policies, such as financial incentives for green innovation and stricter governance frameworks, could further enhance firms’ ESG outcomes.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102855"},"PeriodicalIF":6.3,"publicationDate":"2025-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143620380","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