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

A legal origins perspective on ESG rating disagreement

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-02-01 DOI: 10.1016/j.ribaf.2024.102702

Barbara Kurbus, Vasja Rant

引用次数: 0

Investor sentiment and market returns: A multi-horizon analysis

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-02-01 DOI: 10.1016/j.ribaf.2024.102701

Huan Huu Nguyen , Vu Minh Ngo , Luan Minh Pham , Phuc Van Nguyen

{"title":"Investor sentiment and market returns: A multi-horizon analysis","authors":"Huan Huu Nguyen , Vu Minh Ngo , Luan Minh Pham , Phuc Van Nguyen","doi":"10.1016/j.ribaf.2024.102701","DOIUrl":"10.1016/j.ribaf.2024.102701","url":null,"abstract":"<div><div>This study explores the relationship between investor sentiment and market return in the stock market, spanning both long-term and short-term horizons. Using a decade-long dataset (2013–2023) from Facebook, comprising around 773,000 curated posts from an initial 900,000, the research employs the Vector Error Correction Model (VECM) to illuminate long-run dynamics, revealing an equilibrium-restoring mechanism post-shocks between investors’ sentiment and Vietnamese stock market index (VNIndex). Short-term insights emerge from logistic and quantile regression analyses, categorizing market returns based on sentiment and elucidating relationships across market return distribution quantiles. The study also applies advanced machine learning algorithms—such as Decision Tree Regression (DTR), Support Vector Machine (SVM), Neural Networks (NN), Gradient Boosting Machine (GBM), Random Forest (RF), and Deep Neural Networks (DNN)—to demonstrate the predictive power of sentiment indices in forecasting abnormal returns on the VNIndex. The results emphasize the paramount influence of investors’ sentiment in terms of its predictive power compared to traditional autoregressive models of past trading data. Distinct patterns arise when comparing the low and high quantiles of returns distribution, with sentiment indicators being more influential at the lower quantiles. In summary, the research underscores the significant role of investor sentiment in the Vietnamese stock market dynamics and highlights the confluence of sentiment analysis and modern machine learning as a promising frontier in financial research.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102701"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100922","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 flexibility or financial constraints? Zero-leverage firms during the COVID-19 pandemic

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-02-01 DOI: 10.1016/j.ribaf.2024.102663

Jiyoon Choi

引用次数: 0

Do foreign institutional investors curb carbon emissions? Evidence from an emerging economy

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-02-01 DOI: 10.1016/j.ribaf.2024.102665

Hao Liu , Xue Tang , Jyun-Ying Fu

引用次数: 0

Class imbalance Bayesian model averaging for consumer loan default prediction: The role of soft credit information

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-02-01 DOI: 10.1016/j.ribaf.2024.102722

Futian Weng , Miao Zhu , Mike Buckle , Petr Hajek , Mohammad Zoynul Abedin

引用次数: 0

Sustainability-linked bonds, corporate commitment and the cost of debt

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-02-01 DOI: 10.1016/j.ribaf.2024.102658

Massimo Mariani , Francesco D’Ercole , Domenico Frascati , Giuseppe Fraccalvieri

{"title":"Sustainability-linked bonds, corporate commitment and the cost of debt","authors":"Massimo Mariani , Francesco D’Ercole , Domenico Frascati , Giuseppe Fraccalvieri","doi":"10.1016/j.ribaf.2024.102658","DOIUrl":"10.1016/j.ribaf.2024.102658","url":null,"abstract":"<div><div>Sustainability-linked bonds represent one of the newest weapons of choice for firms raising money to reach their sustainability targets. On a sample of 252 corporate sustainability-linked bonds, we employ cross-sectional regressions to inspect the impact of a combination of factors on the cost of debt financing for the issuer, proxied by the yield at issuance. The results unveil that firms with higher step-up clauses in their sustainability-linked bonds do not benefit from reduced debt costs. In contrast, firms exhibit a lower cost of debt when the coupon step-up-related cash flows are paid for a longer period in case of corporate sustainability target failure. On a different note, market actors critically eye the ambitiousness of the targets, with companies experiencing higher yields at issuance when issuing sustainability-linked bonds with outdated sustainability benchmarks and easy-to-reach targets. This study is among the first to underscore the importance of the interplay between financial and qualitative factors in properly designing sustainability-linked bonds with financially material, ambitious, and time-sensitive sustainability targets to reduce the cost of debt financing.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102658"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100907","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

Green finance for achieving environmental sustainability in G7 countries: Effects and transmission channels

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-02-01 DOI: 10.1016/j.ribaf.2024.102691

Henda Omri , Bilel Jarraya , Montassar Kahia

{"title":"Green finance for achieving environmental sustainability in G7 countries: Effects and transmission channels","authors":"Henda Omri , Bilel Jarraya , Montassar Kahia","doi":"10.1016/j.ribaf.2024.102691","DOIUrl":"10.1016/j.ribaf.2024.102691","url":null,"abstract":"<div><div>This study examines the effectiveness of FinTech (Financial Technology), green finance, and environmental policy in achieving environmental sustainability across G7 countries from 2012 to 2022. By implementing the Hayes Process Macro, our findings show that (i) green finance is positively related to environmental sustainability by reducing CO₂ (carbon dioxide) emissions; (ii) environmental innovation mediates the relationship between green finance and environmental sustainability. Green innovation further acts as a crucial transmission mechanism, translating the inputs from green finance into tangible reductions in ecological footprints and CO₂ emissions; (iii) FinTech, as a moderator, enhances the effectiveness of green finance, particularly in fostering environmental innovation and sustainability efforts; (iv) environmental policy moderates the mediating effect of green finance on environmental sustainability via environmental innovation; (v) the synergy between FinTech and environmental policy optimizes the environmental benefits of green finance. The findings of this study have several significant implications for policymakers, financial institutions, and environmental advocates both within the G7 countries and globally.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102691"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100912","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 does climate policy uncertainty shape corporate investment behavior?

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-02-01 DOI: 10.1016/j.ribaf.2024.102696

Lili Zhao , Yibing Ma , Na Chen , Fenghua Wen

引用次数: 0

Do economic policy uncertainties matter for economic growth? Evidence from MIDAS approaches

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-02-01 DOI: 10.1016/j.ribaf.2024.102704

Zhuo Wang , Yu Wei , Yue Shang , Qian Wang , Cheng Zhao

{"title":"Do economic policy uncertainties matter for economic growth? Evidence from MIDAS approaches","authors":"Zhuo Wang , Yu Wei , Yue Shang , Qian Wang , Cheng Zhao","doi":"10.1016/j.ribaf.2024.102704","DOIUrl":"10.1016/j.ribaf.2024.102704","url":null,"abstract":"<div><div>Various economic policy uncertainties (EPUs) are closely related to economic growth. This study investigates the relationship between economic policy uncertainties (EPUs) and GDP growth in China over different time periods by using Granger causality test based on Mixed Frequency VAR (MF-VAR) model and Mixed Frequency Data Sampling (MIDAS) quantile regression, which have the advantages over traditional Granger causality test and quantile regression approaches in dealing with the problem of sampling difference in EPUs and GDP. The results show that the impact of EPUs on GDP varies depending on GDP growth rates, both in terms of magnitude and direction. Furthermore, the effects are asymmetric when GDP growth rates fall within extreme quantiles. Specifically, EPUs have a greater impact on GDP during periods of slower GDP growth. Finally, the impacts of COVID-19 and the Global Financial Crisis (GFC) have caused a shift in the magnitude and direction of the responses of GDP to EPUs, resulting in more apparent asymmetric effects. These findings can assist policymakers and investors in evaluating policy measures and investment decisions.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102704"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100924","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

Can the development of e-government make local enterprises more attractive to foreign capital: Empirical evidence from the performance of Chinese local government websites

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-02-01 DOI: 10.1016/j.ribaf.2024.102717

Bofan Liu, Ruifei Guo

{"title":"Can the development of e-government make local enterprises more attractive to foreign capital: Empirical evidence from the performance of Chinese local government websites","authors":"Bofan Liu, Ruifei Guo","doi":"10.1016/j.ribaf.2024.102717","DOIUrl":"10.1016/j.ribaf.2024.102717","url":null,"abstract":"<div><div>Emerging economies globally, including China, place significant emphasis on foreign direct investment (FDI) and foreign-funded enterprises. In the context of a persistent decline in global transnational direct investment flows, stabilizing foreign capital presents a critical challenge for China and other developing nations. E-government, as a facet of government digitization, has the potential not only to enhance governance efficiency but also to improve the business environment, thereby increasing the appeal of local enterprises to foreign capital. Whether the development of e-government can form an institutional advantage at the enterprise level to attract foreign capital urgently needs in-depth discussion through theoretical analysis and empirical testing. To investigate how e-government development affects the attractiveness of enterprises to foreign capital, this study uses the Chinese Industrial Enterprise Database from 2012 to 2015. Based on the study, e-government can significantly increase the attractiveness of local enterprises to foreign investors; that is, it promotes the inflow of foreign capital and curbs the outflow. This paper employs two-dimensional instrumental variables, and a series of robustness and heterogeneity testing methods to verify the empirical results. Through mechanism analysis, it is found that e-government mainly enhances the attractiveness of enterprises to foreign capital by reducing the uncertainty and sales costs faced by enterprises. The research in this paper has significant practical implications for the development of e-government in China and other developing countries, as well as for further optimizing the business environment, promoting high-level opening-up, and more vigorously attracting and utilizing foreign investment.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102717"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100959","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