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

Influence of social sustainable development goals sentiment on listed companies 社会可持续发展目标情绪对上市公司的影响

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-08-01 DOI: 10.1016/j.ribaf.2025.103068

Tuong Bao Diep , Stéphane Goutte , Hoang-Viet Le , Fei Liu , Huong Giang Nguyen , Hans-Jörg von Mettenheim

{"title":"Influence of social sustainable development goals sentiment on listed companies","authors":"Tuong Bao Diep , Stéphane Goutte , Hoang-Viet Le , Fei Liu , Huong Giang Nguyen , Hans-Jörg von Mettenheim","doi":"10.1016/j.ribaf.2025.103068","DOIUrl":"10.1016/j.ribaf.2025.103068","url":null,"abstract":"<div><div>This study contributes to forecasting financial time series, focusing on the social Sustainable Development Goals (SDGs) to enhance investment strategies. By analyzing stock portfolios across the United States, Europe, and Vietnam, we explore whether companies with strong social commitments are rewarded in the stock market. Our conservative approach, which involves systematic portfolio rebalancing, ensures a thorough examination of the relationship between social responsibility and financial performance, contributing valuable insights to sustainable finance. Our findings reveal that long portfolios, particularly those based on social SDGs, consistently outperform traditional benchmarks. This outperformance is especially pronounced in the European and Vietnamese markets. In contrast, the U.S. market shows less pronounced gain. A standout result is observed in the Vietnamese market, where portfolios focused on the ’Gender Equality’ SDG exhibit notably low drawdowns, suggesting greater stability and resilience. Additionally, market-neutral portfolios, which balance long positions against index benchmarks, perform exceptionally well in Vietnam, reflecting the unique dynamics of this market and its growing emphasis on social responsibility. These results highlight the dual benefits of social SDG-based portfolio management in achieving both financial outperformance and positive social impact.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"80 ","pages":"Article 103068"},"PeriodicalIF":6.9,"publicationDate":"2025-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145049457","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

Text readability of regulatory policies and bank profit efficiency 监管政策的文本可读性与银行利润效率

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-08-01 DOI: 10.1016/j.ribaf.2025.103096

Yuejiao Duan , Xiaoyun Fan , Zijun Wang

引用次数: 0

International relations as a driver of equity investments: Evidence from shareholders’ reaction to geopolitical shocks 国际关系是股票投资的驱动因素：来自股东对地缘政治冲击反应的证据

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-08-01 DOI: 10.1016/j.ribaf.2025.103111

Luca Bellardini , Oliviero Roggi , Kateryna Tkach

{"title":"International relations as a driver of equity investments: Evidence from shareholders’ reaction to geopolitical shocks","authors":"Luca Bellardini , Oliviero Roggi , Kateryna Tkach","doi":"10.1016/j.ribaf.2025.103111","DOIUrl":"10.1016/j.ribaf.2025.103111","url":null,"abstract":"<div><div>This paper explores how international relations influence equity investments, focusing on shareholder reactions to six major geopolitical shocks between 2020 and 2023: namely, the Covid-19 outbreak, the UK-EU Brexit Trade Agreement, the US withdrawal from Afghanistan, the Russian full-scale invasion of Ukraine, the Taiwan Strait crisis, and the Hamas-led attack on Israel. The study examines the changes in investors’ portfolio exposures (PE) in response to these shocks, by adopting the shareholder-level perspective and considering factors such as geopolitical alliances, voting alignment at the United Nations General Assembly, and cross-country differences in the Index of Economic Freedom and the Human Development Index. The results show that bloc-level relations play a significant role in driving PE changes, with foreign investors generally reducing their exposure during shocks. The findings underscore the importance of geopolitical factors in investment decisions, revealing how the perceived strength of alliances and differences in institutional quality can shape investor behaviour.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"80 ","pages":"Article 103111"},"PeriodicalIF":6.9,"publicationDate":"2025-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144916974","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

Multiscale information network among fossil energy, renewable energy and ESG investment under the Russo-Ukrainian conflict 俄乌冲突下化石能源、可再生能源与ESG投资的多尺度信息网络

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-08-01 DOI: 10.1016/j.ribaf.2025.103154

Liya Hau , Wenxin Xue , Qigui Liu

{"title":"Multiscale information network among fossil energy, renewable energy and ESG investment under the Russo-Ukrainian conflict","authors":"Liya Hau , Wenxin Xue , Qigui Liu","doi":"10.1016/j.ribaf.2025.103154","DOIUrl":"10.1016/j.ribaf.2025.103154","url":null,"abstract":"<div><div>Geopolitical conflicts exert profound and far-reaching impacts on energy markets and their linkages with the broader financial system. Our study explores the influence of the Russo-Ukrainian conflict on information interactions among fossil energy, renewable energy and ESG investment through a multiscale-quantile perspective. A CEEMDAN-based quantile transfer entropy network has been constructed to provide more detailed information across different timescales and quantiles. The results reveal that the Russo-Ukrainian conflict has amplified information interactions among fossil energy, renewable energy and ESG investment. During the conflict, fossil energy and renewable energy markets exhibited opposing trends. Specifically, fossil energy dominates short-term information interactions, while renewable energy exerts greater influence in the medium-to-long term. Moreover, ESG investment served as a pivotal hub within the interaction network, shifting from being a short-term information recipient to a transmitter in the medium-to-long term. Finally, the multiscale information interactions exhibit quantile-dependent heterogeneity. These findings offer valuable insights for policymakers and investors, particularly in managing risk contagion related to extreme events like the Russo-Ukrainian conflict.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"80 ","pages":"Article 103154"},"PeriodicalIF":6.9,"publicationDate":"2025-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145220786","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

Stranded asset risk and corporate capital structure: Evidence from China’s low-carbon transition 搁浅资产风险与企业资本结构：来自中国低碳转型的证据

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-08-01 DOI: 10.1016/j.ribaf.2025.103144

Hengzhen Lu, Xinran Wang

{"title":"Stranded asset risk and corporate capital structure: Evidence from China’s low-carbon transition","authors":"Hengzhen Lu, Xinran Wang","doi":"10.1016/j.ribaf.2025.103144","DOIUrl":"10.1016/j.ribaf.2025.103144","url":null,"abstract":"<div><div>The global transition toward a low-carbon economy intensifies financial pressures on fossil energy firms through the creation of stranded asset risk (SAR). This study examines the firm-level consequences of SAR on capital structure decisions in China, a key participant in the global energy transition. We develop a novel SAR index using a BERT-based model trained on corporate disclosures, and leverage it to analyze capital structure decisions. Empirical results show that SAR significantly reduces corporate leverage. This effect is particularly pronounced for non-state-owned, highly leveraged, and fossil-energy-dependent firms. Mechanism tests reveal a dual pathway. On the demand side, deleveraging is driven by firms’ cash shortfalls and their long-term financing needs. On the supply side, the effect is reinforced by tighter bank lending, wider bond spreads, and restricted credit access. Furthermore, strong ESG performance partially offsets the negative impact of SAR. These findings provide new evidence on how climate transition risks shape capital structure and underscore the role of ESG in mitigating their financial consequences.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"80 ","pages":"Article 103144"},"PeriodicalIF":6.9,"publicationDate":"2025-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145220794","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

Predicting financial cycles with dynamic ensemble selection frameworks using leading, coincident and lagging indicators 预测金融周期与动态集成选择框架使用领先，一致和滞后指标

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-08-01 DOI: 10.1016/j.ribaf.2025.103114

Indranil Ghosh , Tamal Datta Chaudhuri , Layal Isskandarani , Mohammad Zoynul Abedin

{"title":"Predicting financial cycles with dynamic ensemble selection frameworks using leading, coincident and lagging indicators","authors":"Indranil Ghosh , Tamal Datta Chaudhuri , Layal Isskandarani , Mohammad Zoynul Abedin","doi":"10.1016/j.ribaf.2025.103114","DOIUrl":"10.1016/j.ribaf.2025.103114","url":null,"abstract":"<div><div>This paper develops a model for predicting financial cycles in India, and defines leading, coincident, and lagging indicators to achieve the research objective. The dependent variable is binary, and Synthetic Minority Oversampling Technique (SMOTE) is used for correcting imbalances in the dataset. The study utilizes six distinct Dynamic Ensemble Selection (DES) models, and five different pools of classifiers. Explainable Artificial Intelligence (XAI) is used to identify feature importance. The predictive framework is applied to different time periods with distinct characteristics, and all the DES frameworks yield efficient forecasts. The importance and role of the indicators, however, differ among phases. Our results show, that while during CYCLE phases, exchange rate fluctuations play a significant role in explaining financial cycles, in an UPWARD expansionary phase, expansion in bank credit, capital formation, and realty growth are significant factors. During a DOWNWARD phase and a bearish environment, VIX and oil prices emerge significant.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"80 ","pages":"Article 103114"},"PeriodicalIF":6.9,"publicationDate":"2025-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144893165","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

Digital finance and household retirement planning: Evidence from China 数字金融与家庭退休计划：来自中国的证据

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-08-01 DOI: 10.1016/j.ribaf.2025.103116

Xuefeng Pan , Yuhao Tian , Weixing Wu

引用次数: 0

Monetary policy uncertainty and ambiguity premium from news 货币政策的不确定性和模糊性从新闻中溢价

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-08-01 DOI: 10.1016/j.ribaf.2025.103117

Lei Lin , Jing Tan

引用次数: 0

Steering the energy transition: Governance and renewable energy in global banking 引导能源转型：全球银行业的治理和可再生能源

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-08-01 DOI: 10.1016/j.ribaf.2025.103107

Ilenia Fraccalvieri, Nicola Raimo, Filippo Vitolla, Candida Bussoli

{"title":"Steering the energy transition: Governance and renewable energy in global banking","authors":"Ilenia Fraccalvieri, Nicola Raimo, Filippo Vitolla, Candida Bussoli","doi":"10.1016/j.ribaf.2025.103107","DOIUrl":"10.1016/j.ribaf.2025.103107","url":null,"abstract":"<div><div>In response to the growing urgency of climate change, renewable energy adoption has become a central component of corporate environmental strategies. While academic literature has examined this issue across various sectors, limited attention has been paid to service industries such as banking, particularly with regard to their own operational energy practices. This study addresses this gap by investigating the role of corporate governance in influencing renewable energy adoption in the banking sector. Grounded in the resource dependence theory, the analysis focuses on four board attributes: board size, board independence, board gender diversity, and the presence of a CSR committee. Using a panel dataset of 3601 observations from 665 listed global banks over the period 2016–2023, and employing a fixed-effects regression model, this study explores how these internal governance mechanisms affect the extent to which banks integrate renewable sources into their energy mix. The results reveal that board gender diversity and the presence of a CSR committee are positively associated with renewable energy adoption, whereas board size is negatively related. Board independence does not show a statistically significant effect. This study adds to the body of research on renewable energy adoption by focusing on the underexplored context of banking, extends the debate on the governance-sustainability nexus by addressing energy transition strategies, and broadens the application of resource dependence theory to the domain of environmental management within financial institutions.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"80 ","pages":"Article 103107"},"PeriodicalIF":6.9,"publicationDate":"2025-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144890247","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

Digital inclusive finance and the innovation-driven effect of technology business incubators: Based on a negative binomial model 数字普惠金融与科技企业孵化器的创新驱动效应：基于负二项模型

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-08-01 DOI: 10.1016/j.ribaf.2025.103091

Jinyu Feng, Chaoqun Ma, Hanlin Ma, Yishu Zhang

{"title":"Digital inclusive finance and the innovation-driven effect of technology business incubators: Based on a negative binomial model","authors":"Jinyu Feng, Chaoqun Ma, Hanlin Ma, Yishu Zhang","doi":"10.1016/j.ribaf.2025.103091","DOIUrl":"10.1016/j.ribaf.2025.103091","url":null,"abstract":"<div><div>This study explores the impact of digital inclusive finance (DIF) on the innovation development of technology business incubators (TBIs) in China, offering insights for global innovation-driven development strategies. Using an unbalanced panel dataset of 1332 national-level TBIs from 2011 to 2021, the study employs a negative binomial regression model to evaluate the effect of DIF on the innovation-driven capacity of incubators. The findings reveal that DIF significantly enhances the innovation output of incubated firms by alleviating their financial constraints as a mediating mechanism. Meanwhile, the enterprise innovation network negatively moderates this effect, indicating that the promoting role of DIF is more pronounced when the innovation network is weak. Furthermore, heterogeneity analysis shows that the innovation effect of DIF is context-dependent, being particularly notable in incubators located in the central region and within high-tech zones. These results highlight the crucial role of DIF in optimizing resource allocation and empowering innovation actors, providing empirical evidence and policy guidance for improving science and technology innovation policies and promoting regional coordinated development.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"80 ","pages":"Article 103091"},"PeriodicalIF":6.9,"publicationDate":"2025-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144887097","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