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

Enhanced judicial independence and bond credit spreads: Evidence from the establishment of circuit courts 加强司法独立和债券信用息差：来自设立巡回法院的证据

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103064

Dayong Lv , Qi Ye , Yan Jiang , Xiaokun Wei

引用次数: 0

Harnessing FinTech for green growth: financial innovations and energy efficiency in OECD nations 利用金融科技促进绿色增长：经合组织国家的金融创新和能源效率

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103062

Abu Bakkar Siddik , Md. Saheb Ali Mondal , Myne Uddin , Li Yong

{"title":"Harnessing FinTech for green growth: financial innovations and energy efficiency in OECD nations","authors":"Abu Bakkar Siddik , Md. Saheb Ali Mondal , Myne Uddin , Li Yong","doi":"10.1016/j.ribaf.2025.103062","DOIUrl":"10.1016/j.ribaf.2025.103062","url":null,"abstract":"<div><div>We investigate the influence of FinTech startup financing on energy efficiency in 32 OECD countries from 2010 to 2022, considering the roles of financial development, financial institutions, and financial markets. Using a comprehensive dataset, we apply Data Envelopment Analysis (DEA) with a Super Slack-Based Measure (Super-SBM) to calculate energy efficiency scores, along with econometric techniques to ensure robustness and explore non-linear effects. Our findings demonstrate that FinTech financing significantly enhances energy efficiency, particularly in countries with more advanced financial systems. Additionally, financial development through well-established institutions and markets plays a crucial role in promoting energy efficiency, with the effects being stronger in highly developed countries. The quantile analysis further reveals that these impacts are asymmetric, with stronger effects observed in countries that already have higher levels of energy efficiency. These results suggest that while FinTech and financial development contribute positively to energy efficiency, their influence varies across different country contexts. Policymakers should focus on strengthening financial systems in less-developed nations to fully capitalize on FinTech innovations for improving sustainability.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"79 ","pages":"Article 103062"},"PeriodicalIF":6.9,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144723751","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

Is the climate-linked CAT bond market efficiently priced? A risk–return analysis 与气候相关的CAT债券市场定价有效吗？风险收益分析

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103080

Antonella Cappiello, Emanuele Vannucci

引用次数: 0

Voluntary environmental regulation policies and the cost of equity capital: Evidence from China's “Green Factory” policy 自愿环境监管政策与股权资本成本：来自中国“绿色工厂”政策的证据

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103092

Pu Zhao , Haoyu Wang , Zhenyu Liu , Zile Yu

{"title":"Voluntary environmental regulation policies and the cost of equity capital: Evidence from China's “Green Factory” policy","authors":"Pu Zhao , Haoyu Wang , Zhenyu Liu , Zile Yu","doi":"10.1016/j.ribaf.2025.103092","DOIUrl":"10.1016/j.ribaf.2025.103092","url":null,"abstract":"<div><div>Government-led voluntary environmental regulations are vital instruments for enhancing modern environmental governance systems and promoting green industrial transformation. In this paper, we investigate the impact of voluntary environmental regulations on corporate cost of equity capital based on a quasi-natural experiment involving China’s “Green Factory” certification policy. The findings reveal that firms listed as “Green Factories” experience a significant reduction in investor risk expectations, reflected in a decrease in the cost of equity capital. Mechanism analysis suggests that “Green Factory” certification primarily impacts equity capital costs through two channels: reducing information and governance risks. Cross-sectional tests indicate that, considering internal governance mechanisms, the effect of “Green Factory” certification on equity capital cost is more pronounced among firms with stronger internal controls; considering external oversight mechanisms, the effect is mainly concentrated in firms with higher levels of media and investor attention. Overall, this study provides important empirical evidence for evaluating the effectiveness of voluntary environmental regulation, advancing green manufacturing, and building modern environmental governance frameworks.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"79 ","pages":"Article 103092"},"PeriodicalIF":6.9,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144842646","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 inclusion and energy access in sub-Saharan Africa 撒哈拉以南非洲的金融包容性和能源获取

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103032

Nidhaleddine Ben Cheikh , Younes Ben Zaied , Duc Khuong Nguyen

引用次数: 0

Supervisory independence and bank risk: Evidence from China 监管独立与银行风险：来自中国的证据

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103040

Pin Guo , Zhao Zhang , Ling Ling , Zhongyu Cao

引用次数: 0

Do environmental controversies lead to lower dividend payouts? The role of environmental performance and board gender diversity 环境争议会导致派息减少吗？环境绩效和董事会性别多样性的作用

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103037

Redhwan Al-Dhamari , Saeed Rabea Baatwah , María Consuelo Pucheta-Martínez , Omar Ikbal Tawfik

{"title":"Do environmental controversies lead to lower dividend payouts? The role of environmental performance and board gender diversity","authors":"Redhwan Al-Dhamari , Saeed Rabea Baatwah , María Consuelo Pucheta-Martínez , Omar Ikbal Tawfik","doi":"10.1016/j.ribaf.2025.103037","DOIUrl":"10.1016/j.ribaf.2025.103037","url":null,"abstract":"<div><div>This study examines the intricate relationship between environmental controversies and corporate dividend policy, while simultaneously investigating the effect of environmental performance and board gender diversity on this relationship. Existing studies identify several factors as determinants of corporate dividend policy; however, how environmental controversies affect dividend payouts remains underexplored. Using 5225 observations of publicly listed firms in European Union countries between 2016 and 2023, we find that firms involved in environmental controversies are less likely to distribute cash dividends. Moreover, we find that environmental performance significantly impacts the relationship between environmental controversies and dividend payouts. However, this effect exacerbates the detrimental impact of environmental controversies, while board gender diversity does not significantly affect this relationship. Further analyses show that the adverse effects of environmental controversies on dividend payouts are heterogeneous across various industry characteristics and levels of environmental disclosure maturity. We also find that earnings and risk are critical channels through which environmental controversies reduce dividend payouts. Finally, we find that environmental controversies predict future dividend policies. Overall, our findings offer valuable insights to numerous stakeholders regarding the influence of corporate environmental practices on financial decision-making.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"79 ","pages":"Article 103037"},"PeriodicalIF":6.3,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144589296","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

Climate risk performance and tail risk contagion in energy stock markets: Evidence from China 能源股票市场的气候风险表现和尾部风险传染：来自中国的证据

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103035

Xiaoyun Xing , Zihan Xu , Xiuya Wang , Kun Guo

{"title":"Climate risk performance and tail risk contagion in energy stock markets: Evidence from China","authors":"Xiaoyun Xing , Zihan Xu , Xiuya Wang , Kun Guo","doi":"10.1016/j.ribaf.2025.103035","DOIUrl":"10.1016/j.ribaf.2025.103035","url":null,"abstract":"<div><div>Climate change has resulted in unexpected changes to the energy market. This paper constructs a GARCH-MIDAS model to examine the impact of climate risk performance on the risk contagion within and across China’s energy markets, from both perspectives of tail risk spillovers and firm-level systemic importance. Moreover, Granger causality test is employed to capture the heterogeneity with respect to region and enterprise characteristics. The results show that climate policy significantly intensifies the risk contagion effect in China’s energy markets, in which the clean energy sectors are the most susceptible. It is further found that climate concern tends to affect the spillovers ”from” and ”to” those clean energies that are currently in high demands for funding, while climate physical risk only renders significant effects on the cross-sector connectedness related to coal industry. In addition, the results of heterogeneity analysis indicate enterprises in south China are easily affected by investors’ concern about climate change, while those in east and southwest provinces are susceptible to physical risk. Also, we find that the systemic importance of state-owned enterprises are easily altered by physical risk and climate policy, while that of private firms is vulnerable to investors’ climate concern.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"79 ","pages":"Article 103035"},"PeriodicalIF":6.3,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144655648","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

Investment efficiency under financial constraints: The role of CEO power 财务约束下的投资效率：CEO权力的作用

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103059

Muhammad Ansar Majeed , Irfan Ullah , Tanveer Ahsan , Bakr Al-Gamrh

{"title":"Investment efficiency under financial constraints: The role of CEO power","authors":"Muhammad Ansar Majeed , Irfan Ullah , Tanveer Ahsan , Bakr Al-Gamrh","doi":"10.1016/j.ribaf.2025.103059","DOIUrl":"10.1016/j.ribaf.2025.103059","url":null,"abstract":"<div><div>Financial limitations can influence how effectively corporations invest, with influential CEOs playing a key role in making investment choices. This study investigates the link between CEO power and investment effectiveness in the context of financial limitations, using a dataset of Chinese firms listed from 2005 to 2022. We observe a negative association between CEO power and investment efficiency. Nonetheless, powerful CEOs facing financial pressures can notably enhance investment efficiency through adept strategic choices. Our findings remain robust across a range of alternative measures of investment efficiency and financial constraints, as well as various econometric specifications. Further examination shows that the investment inefficiencies associated with powerful CEOs mainly arise from overinvestment, while external governance factors, such as analyst coverage and media attention, as well as CEO gender, significantly impact the relationship between CEO power and investment efficiency. This research contributes to the existing body of knowledge on CEO power by integrating agency theory and strategic choice frameworks to clarify the relationship between CEO power and investment efficiency in financially constrained situations.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"79 ","pages":"Article 103059"},"PeriodicalIF":6.9,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144749531","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

Market-oriented environmental regulation and ESG rating divergence 市场化环境监管与ESG评级分化

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103074

Jinlong Zhang , Fengyu Qi , Mingyue Wu

{"title":"Market-oriented environmental regulation and ESG rating divergence","authors":"Jinlong Zhang , Fengyu Qi , Mingyue Wu","doi":"10.1016/j.ribaf.2025.103074","DOIUrl":"10.1016/j.ribaf.2025.103074","url":null,"abstract":"<div><div>In the context of sustainable development and low-carbon transformation, the divergence of environmental, social, and governance (ESG) ratings heightens investors' perception of market risk and hinders the growth of socially responsible investment. Through a quasi-natural experiment of the carbon market, we empirically investigate the impact of market-based environmental regulations on ESG rating divergence. We find that firms covered by the carbon market reduced their ESG rating divergence by about 3.7 % relative to a control group of other firms, and the dynamic effect of the policy exhibits an inverted U-shape. We reason that media and analyst attention amplifies the signal transmission and external supervision channels, thereby reducing ESG rating divergence. We also find carbon markets mitigate ESG rating divergence among corporations in regions with higher levels of marketization, while administrative order-type environmental regulations are ineffective. Additionally, the carbon market reduces ESG rating divergence for state-owned enterprises, corporations with high political connections, and corporations with high audit quality.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"79 ","pages":"Article 103074"},"PeriodicalIF":6.9,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144829542","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