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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 ,&nbsp;Kangyin Dong ,&nbsp;Rabindra Nepal ,&nbsp;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
Relative ESG positions among OECD countries in the presence of international competition for FDI inflow: A gravity model perspective
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-03-03 DOI: 10.1016/j.ribaf.2025.102851
William W. Chow , Michael K. Fung
{"title":"Relative ESG positions among OECD countries in the presence of international competition for FDI inflow: A gravity model perspective","authors":"William W. Chow ,&nbsp;Michael K. Fung","doi":"10.1016/j.ribaf.2025.102851","DOIUrl":"10.1016/j.ribaf.2025.102851","url":null,"abstract":"<div><div>Eliciting from a gravity model framework, this study formulates a country’s attractiveness to FDI inflow as a function of its ESG distance from competing countries. This formulation considers two opposing forces governing how ESG influences a country’s FDI inflow: while the neo-classical cost-based view (NC) posits that ESG regulations raise private costs and lower firms’ productivity, the Porter Hypothesis (PH) posits that ESG regulations induce innovations and improve productivity. Theoretically, a country’s attractiveness to FDI increases (decreases) with its competitive ESG position relative to those of competing countries if the PH (NC) force dominates. This theoretical implication is empirically tested using a sample of 38 OECD countries, plus China, and Singapore from 2013 to 2022. The results suggest that the PH force dominates and that the intensity of FDI competition between countries decreases with the geographic distance between them. Moreover, the evidence for PH is mainly driven by the environmental (E) and social (S) dimensions.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102851"},"PeriodicalIF":6.3,"publicationDate":"2025-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143620382","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
Investigating volatility spillovers: Connectedness between green bonds, conventional bonds, and energy markets
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-03-03 DOI: 10.1016/j.ribaf.2025.102850
Jelena Jovović , Saša Popović
{"title":"Investigating volatility spillovers: Connectedness between green bonds, conventional bonds, and energy markets","authors":"Jelena Jovović ,&nbsp;Saša Popović","doi":"10.1016/j.ribaf.2025.102850","DOIUrl":"10.1016/j.ribaf.2025.102850","url":null,"abstract":"<div><div>This paper provides a comprehensive analysis of the volatility of green bonds compared to conventional bonds and the energy market. Utilizing a dataset comprising daily returns of four S&amp;P indices as proxies for chosen markets from October 2013 to October 2023, the study employs advanced methodologies including DCC-GARCH, Diebold and Yilmaz (2012) and Baruník and Křehlík (2018). The findings reveal significant volatility spillovers between green bonds and both conventional bonds and energy markets, with notable differences in short-term and long-term spillover dynamics. The analysis demonstrates that green bonds act both as a transmitter and receiver of volatility, emphasizing their integration into the broader financial system. The analysis contributes to the growing body of knowledge on green bonds by being one of the first to use a ten-year daily returns dataset and to apply advanced techniques which measure existence, direction and magnitude of volatility spillovers between green bonds and selected markets.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102850"},"PeriodicalIF":6.3,"publicationDate":"2025-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143593880","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
Tokenization in soccer leagues. Is fan engagement for real?
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-03-02 DOI: 10.1016/j.ribaf.2025.102827
Pablo Agnese , Yuqing Xiao
{"title":"Tokenization in soccer leagues. Is fan engagement for real?","authors":"Pablo Agnese ,&nbsp;Yuqing Xiao","doi":"10.1016/j.ribaf.2025.102827","DOIUrl":"10.1016/j.ribaf.2025.102827","url":null,"abstract":"<div><div>Fan tokens grant sports supporters a set of rights that makes for a closer and more engaging association with their clubs. Our study offers a two-pronged strategy to consolidate our understanding of this new and disruptive asset class in the field of soccer. First, our event study shows that abnormal returns are negatively driven by fan sentiment during and around the clubs’ match days, yet the effect becomes positive when considering the national team’s match days. Second, our counterfactual simulations suggest that fan tokens are indeed driven by fan sentiments and not by mere crypto speculation. Our dataset contains data on the fan tokens of four major soccer clubs (Barcelona, Manchester City, Paris Saint-Germain, and Juventus) during 2021–2023, and distinguishes between the teams’ local match days, UEFA Champions match days, and the World Cup’s match days. We believe our intuitions are timely and can be useful both as a guide for portfolio management and for tailoring the soon-to-be legislation of crypto assets in general and fan tokens in particular.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102827"},"PeriodicalIF":6.3,"publicationDate":"2025-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143579858","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 governance, fraud learning cycles, and financial fraud detection: Evidence from Chinese listed firms
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-03-01 DOI: 10.1016/j.ribaf.2025.102832
Jing Li
{"title":"Corporate governance, fraud learning cycles, and financial fraud detection: Evidence from Chinese listed firms","authors":"Jing Li","doi":"10.1016/j.ribaf.2025.102832","DOIUrl":"10.1016/j.ribaf.2025.102832","url":null,"abstract":"<div><div>Corporate governance indicators play an important role in detecting financial fraud. Compared to the multilayer perceptron neural network (MLP NN) model, the extreme gradient boosting (XGBoost) model detects financial fraud more reliably, but suffers from a parameter search problem. An ant colony optimization algorithm can effectively optimize the model and increase its accuracy. Using data from 1660 Chinese listed firms between 2015 and 2021, adding corporate governance indicators considerably increased the XGBoost model's accuracy. Model optimization and empirical evidence show that fraud detection accuracy is higher in the early fraud learning cycle than in the most recent cycle. Moreover, the accuracy of detecting fraud is higher in the short fraud learning cycle than in the long cycle, while two years is the optimal fraud learning cycle. This study also analyzes the mechanisms through which corporate governance indicators affect financial fraud detection.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102832"},"PeriodicalIF":6.3,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143534271","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
Greening IPOs: An investigation of the impact of environmental verification on pollution reduction
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-28 DOI: 10.1016/j.ribaf.2025.102838
Yupeng Yang , Xingxing Chen , Lidan Li , Xianzhong Song
{"title":"Greening IPOs: An investigation of the impact of environmental verification on pollution reduction","authors":"Yupeng Yang ,&nbsp;Xingxing Chen ,&nbsp;Lidan Li ,&nbsp;Xianzhong Song","doi":"10.1016/j.ribaf.2025.102838","DOIUrl":"10.1016/j.ribaf.2025.102838","url":null,"abstract":"<div><div>This study applies organizational imprinting theory to examine the impact of a firm’s pre-IPO environmental verification failures on its post-IPO environmental performance. Our findings indicate that firms that experience multiple pre-IPO environmental verifications leave a lasting imprint of environmental legitimacy, which serves as a catalyst for reducing sulfur dioxide emissions after going public. Mechanism analyses suggest that this effect is primarily achieved through increased investments in environmentally friendly machinery, the generation of more green patents, and improved green total factor productivity. Heterogeneity tests reveal that the impact of the environmental legitimacy imprinting is more pronounced in areas with stricter environmental regulations. Additionally, the influence of the pre-IPO environmental verification failures is more significant for firms with higher IPO financing amounts, longer IPO delays, and younger company ages. Overall, this paper provides evidence of green practices in capital markets and emphasizes the importance of enhancing the environmental responsibility of listed companies and promoting a greener capital market.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102838"},"PeriodicalIF":6.3,"publicationDate":"2025-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143548688","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 impact of debt: International versus local debt in microfinance organizations
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-28 DOI: 10.1016/j.ribaf.2025.102848
Tigist Woldetsadik Sommeno , Roy Mersland , Trond Randøy
{"title":"The impact of debt: International versus local debt in microfinance organizations","authors":"Tigist Woldetsadik Sommeno ,&nbsp;Roy Mersland ,&nbsp;Trond Randøy","doi":"10.1016/j.ribaf.2025.102848","DOIUrl":"10.1016/j.ribaf.2025.102848","url":null,"abstract":"<div><div>Microfinance organizations (MFOs) increasingly access global debt and local debt markets. This study investigates whether such access benefits MFOs’ cost efficiency, using agency theory and capital market liability of foreignness theory. Analyzing data from 655 MFOs observed in 88 countries between 1998 and 2015, this study finds that, on average, MFOs with debt tend to be more cost-efficient than MFOs without debt. The study also finds that, on average, MFOs with only international debt are more cost-efficient than MFOs with only local debt. However, the cost efficiency diminishes for MFOs exposed to foreign debtholders from institutionally distant countries. These results offer salient policy implications for debtholders and debt-seeking MFOs by highlighting the cost efficiency benefit of debt, especially international debt, for MFOs while simultaneously underscoring the detrimental moderating effect of institutional distance.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102848"},"PeriodicalIF":6.3,"publicationDate":"2025-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143534270","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
Quantile connectedness among climate policy uncertainty, news sentiment, oil and renewables in China
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-28 DOI: 10.1016/j.ribaf.2025.102814
Wan-Lin Yan , Adrian (Wai Kong) Cheung
{"title":"Quantile connectedness among climate policy uncertainty, news sentiment, oil and renewables in China","authors":"Wan-Lin Yan ,&nbsp;Adrian (Wai Kong) Cheung","doi":"10.1016/j.ribaf.2025.102814","DOIUrl":"10.1016/j.ribaf.2025.102814","url":null,"abstract":"<div><div>This paper examines the return, volatility, and higher-order connectedness among climate policy uncertainty, news sentiment, the oil market, and the renewable energy market in China. Using the quantile connectedness method, the study analyzes market conditions across stable, bearish, and bullish scenarios for each order moment. The findings show that total connectedness is time-varying and tends to intensify, particularly under extreme market conditions. Climate policy uncertainty is identified as a net shock transmitter during extreme market scenarios but serves as a net shock recipient in stable markets. The renewable energy market acts as a net shock transmitter in bullish markets and as a net shock recipient in stable markets. Similarly, news sentiment functions as a net shock recipient in bearish markets but transitions to a net shock transmitter in stable markets. The Chinese crude oil market consistently acts as a net shock transmitter in return connectedness but serves as a shock recipient in volatility connectedness. However, its role in higher-order moment connectedness varies depending on market conditions. Furthermore, net pairwise connectedness exhibits time-varying characteristics, influenced by market scenarios and order moments. For net return connectedness, news sentiment transmits shocks to the Chinese crude oil market during stable market conditions, while it acts as a shock recipient during extreme market scenarios.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102814"},"PeriodicalIF":6.3,"publicationDate":"2025-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143562788","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 critical role of financial inclusion in green growth: Evidence from BRICS countries
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-27 DOI: 10.1016/j.ribaf.2025.102847
Qiutong Dong , Daniel Balsalobre-Lorente , Qasim Raza Syed
{"title":"The critical role of financial inclusion in green growth: Evidence from BRICS countries","authors":"Qiutong Dong ,&nbsp;Daniel Balsalobre-Lorente ,&nbsp;Qasim Raza Syed","doi":"10.1016/j.ribaf.2025.102847","DOIUrl":"10.1016/j.ribaf.2025.102847","url":null,"abstract":"<div><div>The Sustainable Development Goals (SDGs) of the United Nations emphasize the need for green growth (GG), a concept that balances economic expansion with environmental sustainability. The core principles of GG are mitigating climate change, the transition to renewable energy consumption, and engaging in sustainable consumption. Therefore, this study uses advanced econometric techniques to investigate how financial inclusion influences GG in BRICS countries. The augment mean group (AMG) technique, complemented by the Method of Moment Quantile Regression (MMQR) approach, suggests financial inclusion increases GG in BRICS countries. The MMQR results reveal that financial inclusion fosters GG in the lower and medium quantiles. In line with the findings, financial institutions should focus on producing financial products that support the principles of green finance. This includes green stocks, sustainability funds, credit cards, bonds, and other sustainable financial products.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102847"},"PeriodicalIF":6.3,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143548741","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 ESG enhance the efficacy of emissions trading systems on enterprise productivity: Evidence from China
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-27 DOI: 10.1016/j.ribaf.2025.102845
Qiang Tu , Jianing Wang , Limei Zuo , Ye Yao , Qiang Ji
{"title":"Can ESG enhance the efficacy of emissions trading systems on enterprise productivity: Evidence from China","authors":"Qiang Tu ,&nbsp;Jianing Wang ,&nbsp;Limei Zuo ,&nbsp;Ye Yao ,&nbsp;Qiang Ji","doi":"10.1016/j.ribaf.2025.102845","DOIUrl":"10.1016/j.ribaf.2025.102845","url":null,"abstract":"<div><div>The impact of Emissions Trading System (ETS) on firm-level Total Factor Productivity (TFP) is still controversial. With more firms disclosing their Environmental, Social, and Governance (ESG) performance, a key area of interest is understanding the role of ESG disclosures in strengthening the effectiveness of firm-level TFP in the context of ETS. Can ESG disclosures make ETS more effective for firms? And if so, how does this interaction work to improve firm-level TFP? We address these questions by using a difference-in-difference (DID) model. The results show that ESG disclosure enhances the ETS's impact on TFP by 0.155. The combined use of ETS and ESG significantly improves TFP for state-owned and larger firms, particularly in power generation and iron/steel sectors. The underlying influence mechanisms include financing effect, technological innovation effect, and “financing-innovation” chain mediating effect. The study offers insights into designing effective ETS and ESG strategies for government decision-making.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102845"},"PeriodicalIF":6.3,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143578976","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
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