Research in International Business and Finance最新文献

{"title":"Do economic policy uncertainties matter for economic growth? Evidence from MIDAS approaches","authors":"Zhuo Wang ,&nbsp;Yu Wei ,&nbsp;Yue Shang ,&nbsp;Qian Wang ,&nbsp;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}

{"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,&nbsp;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}

{"title":"Does ESG performance affect trade credit financing? Evidence from China","authors":"Yonghui Lian ,&nbsp;Zixin Yang ,&nbsp;Hong Cao","doi":"10.1016/j.ribaf.2024.102715","DOIUrl":"10.1016/j.ribaf.2024.102715","url":null,"abstract":"<div><div>This paper explores the impact of corporate environmental, social, and governance (ESG) performance on companies’ trade credit financing via a sample of publicly traded Chinese companies from 2009 to 2021. The results indicate that ESG performance has a positive effect on companies’ trade credit financing. Mechanism analysis reveals that reducing corporate risk, enhancing product market competitiveness, and improving information disclosure quality are the primary channels through which ESG performance improves trade credit financing. Heterogeneity analysis reveals that the positive impact of ESG performance on trade credit financing is more significant for companies with lower levels of supplier concentration and customer concentration, as well as for companies facing higher levels of financing constraints. Further analysis shows that ESG performance helps companies obtain trade credit from both their suppliers and their customers. In addition, this paper provides evidence that ESG performance helps reduce the cost of trade credit financing.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102715"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100960","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}

{"title":"Controlling shareholder equity pledging and tone management: Evidence from China","authors":"Manman Li ,&nbsp;Luguang Qi","doi":"10.1016/j.ribaf.2024.102709","DOIUrl":"10.1016/j.ribaf.2024.102709","url":null,"abstract":"<div><div>This study explores the market value management motives of controlling shareholders with equity pledges focusing on non-financial information. Our findings reveal that controlling shareholder equity pledging (CSEP) positively affects the tone management of corporate annual reports. We establish causality using a range of techniques, including a difference-in-differences method based on a regulatory change. Mechanism analyses suggest that this relationship is primarily the result of controlling shareholders’ incentives to mitigate the risk of control transfer and their ability to manipulate the tone of annual reports. The effect of CSEP is more significant in firms with shorter CEO tenures, distracted institutional investors, and higher analyst attention. While tone management may temporarily enhance market value, it diminishes the accuracy of analysts’ forecasts. Finally, we document a timing effect in the annual report disclosures of these firms. Our study reveals that tone management is a strategic tool for listed firms with CSEP to reduce pledge risk, which provides valuable insights for information users and regulators.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102709"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100963","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}

{"title":"Public services and vulnerability to poverty","authors":"Junhong Shi ,&nbsp;Jia Chen ,&nbsp;Zhe Xian ,&nbsp;Lijuan Zhao","doi":"10.1016/j.ribaf.2025.102775","DOIUrl":"10.1016/j.ribaf.2025.102775","url":null,"abstract":"<div><div>Based on the micro-data of 934 relocated farmers from large resettlement communities in three provinces of China, this paper constructs a 'vulnerability to multidimensional relative poverty' index and empirically tests the impact of basic public services on this measure. Results show that the supply of basic public services substantially reduces vulnerability to poverty, with this reduction achieved by optimizing livelihood strategies.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"75 ","pages":"Article 102775"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143164369","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}

{"title":"Harnessing digital finance for sustainability: An integrative review and research agenda","authors":"Sanchita Bansal ,&nbsp;Satish Kumar ,&nbsp;Searat Ali ,&nbsp;Shifali Singh ,&nbsp;Priya Nangia ,&nbsp;Umesh Bamel","doi":"10.1016/j.ribaf.2024.102682","DOIUrl":"10.1016/j.ribaf.2024.102682","url":null,"abstract":"<div><div>The digital technologies are transforming the financial markets and may prove to be a game-changer in terms of attaining SDG objectives over time. As a result, UN agencies have begun to prioritize the utilization of the digital revolution to advance SDGs. There is a growing body of literature on the use of digital money to achieve sustainability objectives. As businesses commit to protecting the environment, natural systems, and society, consumer eco-awareness has elevated the importance of the issue in the field of sustainable digital finance. The rationale behind this study is to unify the fragmented literature on digital money and to present a clear conceptual framework for sustainable digital finance in order to advance sustainability goals. Specifically, the study aims to investigate the evolution of sustainable digital finance through analyzing publication and citation trends, developing an author-country-keyword framework, and exploring the significant themes and subjects emerging from the field of sustainable digital finance. Additionally, the study examines ongoing shifts in the digital finance sector and the digital sustainable revolution, which can help us harness technology for social good (Grand Challenge: social work) and move closer to achieving sustainable development goals. We employ a two-tiered analytic strategy, comprising of bibliometric analysis and an integrated literature evaluation of 168 publications from the Web of Science database. In addition to descriptive and thematic analysis, the findings provide us with seven relevant themes (financial involvement and participation, sustainable financial development, green finance, digital venture capital, fintech, financial performance, and digital strategy) and four prominent aggregate dimensions (digital financial inclusion, digital sustainable revolution, digital financial transformation, and harness technology for social good), which will be included in the conceptual framework for future research endeavors. The paper concludes with the policy implications of the findings.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102682"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100867","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}

{"title":"Multi-media textual information, COVID-19 sentiment and bond spread","authors":"Funing Liu ,&nbsp;Xiaolin Zhang","doi":"10.1016/j.ribaf.2024.102657","DOIUrl":"10.1016/j.ribaf.2024.102657","url":null,"abstract":"<div><div>Few studies examine how sentiment across multi-media platforms affects corporate bond prices. Using eight million pieces of textual information from multi-media platforms, including official news media, the Sina Weibo blog, and WeChat, we compute COVID-19 sentiment indices. We find that an increase in negative sentiment significantly raises corporate bond spread, which cannot be explained by changes in fundamentals. Moreover, we highlight the role of consistency of sentiment across platforms. An increase in consistency of sentiment reduces corporate bond credit spreads but amplifies the impact of COVID-19 sentiment on bond spreads.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102657"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100872","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}

{"title":"The clout of happiness and uncertainty in the environmental transition: Insights from CO2 and clean energy dynamic spillovers","authors":"Ilyes Abid ,&nbsp;Houda BenMabrouk ,&nbsp;Khaled Guesmi ,&nbsp;Abir Mansour","doi":"10.1016/j.ribaf.2024.102699","DOIUrl":"10.1016/j.ribaf.2024.102699","url":null,"abstract":"<div><div>This study explores the interconnection between clean energy, CO2 emissions, uncertainty in economic news, and happiness sentiment in the context of environmental transition. Our dataset includes daily returns from Twitter sentiment indices for happiness and uncertainty, as well as the clean energy and carbon emission indexes for the period that spans from June 2nd, 2011, to April 21st, 2023. We investigate the dynamic spillover effects across bear, normal, and bull markets using a quantile vector autoregression (QVAR) model. Furthermore, we investigate, via Augmented E-GARCH and GJR-GARCH models, the effects of investors’ emotion on the volatility of clean energy and CO2 emissions. Several important findings come from our analysis: First, during tranquil periods, there is a low spillover effect among the system. However, we find strong dynamic connections, especially at the extreme upper and lower quantiles, illustrating heightened sensitivity under volatile market conditions. Further, our findings indicate that clean energy and CO2 emissions serve as net spillover transmitters in both bear and normal markets. Finally, we observe that the clean energy volatility exhibits greater sensitivity to extreme shifts in happiness and uncertainty than CO2 emissions, highlighting the vulnerability of clean energy investments to investors sentiment fluctuations within the environmental transition. Our findings offer insightful advice for investors and regulators seeking to navigate the challenges of environmental shifts.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102699"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100911","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}

{"title":"Event-driven changes in connectedness among commodities and commodity currencies: A quantile, network and probabilistic analysis","authors":"Peter Albrecht ,&nbsp;Evžen Kočenda ,&nbsp;Alexandre Silva de Oliveira ,&nbsp;Paulo Sergio Ceretta ,&nbsp;Michal Drábek","doi":"10.1016/j.ribaf.2025.102781","DOIUrl":"10.1016/j.ribaf.2025.102781","url":null,"abstract":"<div><div>We comprehensively analyze return connectedness among commodity currencies and commodities from 2010 to 2023. Our findings reveal iron, coal, and the Australian dollar as return transmitters to other currencies and commodities, particularly during economic downturns. By employing quantile analysis, we identify commodity currencies as net spillover receivers during periods of extreme economic turbulence. Additionally, we employ a novel testing bootstrap-after-bootstrap procedure and present the first statistically grounded evidence that endogenously identified specific shocks are behind increases in connectedness and correspond to systematic events in commodity markets. We find twelve endogenously chosen events corresponding to an escalation in return connectedness within a maximum of one business month following the event's occurrence. We also show that connectedness is linked to measures of uncertainty and liquidity that produce distinct impacts. Importantly, our results remain robust across various measures and carry significant implications for portfolio construction and risk management strategies.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"75 ","pages":"Article 102781"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143164384","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}

{"title":"Extreme risk connection among the European Tourism, energy and carbon emission markets","authors":"Hongjun Zeng ,&nbsp;Mohammad Zoynul Abedin ,&nbsp;Abdullahi D. Ahmed ,&nbsp;Qingcheng Huang","doi":"10.1016/j.ribaf.2024.102693","DOIUrl":"10.1016/j.ribaf.2024.102693","url":null,"abstract":"<div><div>This article presents a novel examination of the risk connectedness patterns and causality relationships between European Tourism and the Energy and Carbon Emissions Market. The findings indicate that the risk connectedness between European Tourism and the Energy and Carbon Emissions Market exhibits asymmetric characteristics, displaying weaker connectedness in median and high states compared to normal market conditions. Notably, connectedness is more pronounced in extreme tail cases. Additionally, the European Tourism Sector Index is less susceptible to risks in the European Energy and Carbon Emissions market during bear markets. Furthermore, Rotterdam Coal Futures and Dutch TTF Natural Gas Futures contribute significantly to the volatility connectedness of the European Tourism Sector Index. The findings of the quantile Granger causality test confirmed the existence of causality between the European Tourism Index and the European Energy and Carbon Markets across all market states.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102693"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100869","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}