发布求助
文献互助 智能选刊 最新文献

Research in International Business and Finance最新文献

筛选
英文 中文
How does liquidity regulation influence the effect of monetary policy transmission? A structural analysis based on the classified assets of chinese commercial banks 流动性调控如何影响货币政策传导效果？基于我国商业银行分类资产的结构分析
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-06-01 DOI: 10.1016/j.ribaf.2025.102978
Hongfeng Peng, Zhichao Zhang , Zimin Liang
{"title":"How does liquidity regulation influence the effect of monetary policy transmission? A structural analysis based on the classified assets of chinese commercial banks","authors":"Hongfeng Peng,&nbsp;Zhichao Zhang ,&nbsp;Zimin Liang","doi":"10.1016/j.ribaf.2025.102978","DOIUrl":"10.1016/j.ribaf.2025.102978","url":null,"abstract":"<div><div>The coordination between liquidity regulation and monetary policy is of great significance for the stability of financial markets. This study subdivides the credit assets of commercial banks, modifies the research framework based on the banks’ balance sheet, and uses theoretical modeling to depict the changes in the effect of monetary policy transmission to various classified assets of banks after introducing the Net Stable Funding Ratio (NSFR) constraint. Subsequently, using semi-annual data samples of Chinese commercial banks from 2015 to 2022, the paper empirically analyzes the impact of liquidity regulation on the asset structure and credit scale of commercial banks and the effect of monetary policy credit transmission. The research results show that: Firstly, liquidity regulation has a strong constraining effect on the expansion of the proportion of classified loans and the scale of credit, and it also affects the effect of monetary policy transmission. This effect gradually weakens and eventually becomes ineffective as the NSFR increases. Secondly, in order to meet liquidity regulation requirements, commercial banks generally adopt the approach of lowering the proportion of high-risk loans and increasing the holdings of securities, which is not only an important channel for regulatory policy to affect the overall effect of monetary policy transmission but also the main reason for the weakening of the aforementioned transmission effect. Finally, the impact of liquidity regulation on the effectiveness of monetary policy transmission is highly heterogeneous across bank ownership types, liquidity levels, and economic environments. When banks can effectively control the risk of certain credit assets, the effect of monetary policy transmission to such loans is enhanced, and liquidity regulation and monetary policy can achieve better coordination at this time.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"78 ","pages":"Article 102978"},"PeriodicalIF":6.3,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144184557","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
Firm-level investor sentiment and corporate announcement Effect: evidence from China 公司层面的投资者情绪和公司公告效应：来自中国的证据
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-06-01 DOI: 10.1016/j.ribaf.2025.103026
Xiao Li, Ming Chen
{"title":"Firm-level investor sentiment and corporate announcement Effect: evidence from China","authors":"Xiao Li,&nbsp;Ming Chen","doi":"10.1016/j.ribaf.2025.103026","DOIUrl":"10.1016/j.ribaf.2025.103026","url":null,"abstract":"<div><div>Existing literature primarily associates corporate announcement effect with market-level investor sentiment, overlooking the cross-sectional variation in investor sentiment. This paper investigates the impact of firm- and market-level investor sentiment on corporate announcement effect in Chinese stock market. We find that firm-level investor sentiment is positively related to corporate announcement returns and turnover. On the other hand, there is a negative relationship between firm-level investor sentiment and the long-run post-announcement returns. We also empirically illustrate that firm-level investor sentiment has marginal explanatory power beyond market-level investor sentiment for corporate announcement effect. Our research offers theoretical guidance for the selection of appropriate investor sentiment metrics in future studies exploring the impact of investor sentiment on firm-level issues.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"78 ","pages":"Article 103026"},"PeriodicalIF":6.3,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144365259","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
Oil price uncertainty shock and Korean sectoral stock market: The role of common factor and asymmetry 油价不确定性冲击与韩国股市：共同因素与不对称的作用
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-06-01 DOI: 10.1016/j.ribaf.2025.102989
Geon Hee Lee, Young Min Kim
{"title":"Oil price uncertainty shock and Korean sectoral stock market: The role of common factor and asymmetry","authors":"Geon Hee Lee,&nbsp;Young Min Kim","doi":"10.1016/j.ribaf.2025.102989","DOIUrl":"10.1016/j.ribaf.2025.102989","url":null,"abstract":"<div><div>This study investigates the roles of common factor in the heterogeneous impact of oil price uncertainty shocks on the Korean sectoral stock market between January 2000 and December 2022. Our results show that, when controlling for the common factor in the sectoral stock returns, sectoral heterogeneity is observed, but without considering the common factor, the impact of oil price uncertainty exhibits similar responses across all sectors. We also examine the asymmetric relationship between oil price uncertainty and the Korean sectoral stock market by using a Markov-switching structural vector autoregression. We confirm the asymmetric effects of shocks arising from the regime of high- and low-oil price uncertainty in most sectors. Our results emphasize the necessity of accounting for the common factor and asymmetry to precisely analyze the relationship between oil price uncertainty and the Korean sectoral stock market.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"78 ","pages":"Article 102989"},"PeriodicalIF":6.3,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144212903","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
Does Confucian culture make firms more generous? 儒家文化会让企业更慷慨吗？
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-06-01 DOI: 10.1016/j.ribaf.2025.103025
Deyu Liu , Kefan Wang
{"title":"Does Confucian culture make firms more generous?","authors":"Deyu Liu ,&nbsp;Kefan Wang","doi":"10.1016/j.ribaf.2025.103025","DOIUrl":"10.1016/j.ribaf.2025.103025","url":null,"abstract":"<div><div>This study examines whether Confucian culture (CC) influences corporate charitable donation (CCD) from an informal institutional framework. Using 11 years of data from 3472 Chinese listed companies, the empirical analyses find that CC promotes CCD while reducing agency costs and alleviating financing constraints, which serve as important intrinsic mechanisms. Further analyses show that CC promotes CCD more significantly in regions with inadequate financial and economic development and that CC and formal institutions have a substitution relationship. In addition, female executives and executives with overseas backgrounds weaken the positive effects of CC, whereas executives with financial and academic backgrounds enhance the promotional effects of CC on CCD. This study provides empirical evidence for promoting traditional culture and offers guidance on how to encourage corporate social responsibility.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"78 ","pages":"Article 103025"},"PeriodicalIF":6.3,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144338721","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 M&A triggers innovation: When the going gets tough, the tough get going 数字化并购引发创新：当形势变得艰难时，艰难的人就会勇往直前
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-06-01 DOI: 10.1016/j.ribaf.2025.102957
Wenting Chen , Wenxin Liu
{"title":"Digital M&A triggers innovation: When the going gets tough, the tough get going","authors":"Wenting Chen ,&nbsp;Wenxin Liu","doi":"10.1016/j.ribaf.2025.102957","DOIUrl":"10.1016/j.ribaf.2025.102957","url":null,"abstract":"<div><div>As an emerging digital investment behavior, digital mergers and acquisitions (M&amp;A) have garnered significant attention. However, research examining the impact of digital M&amp;A on the decision-making and performance of connected enterprises remains limited. This study employs textual analysis to develop indicators of digital M&amp;A, assessing their impact on and mechanisms for fostering innovation among upstream suppliers. The findings reveal that a one standard deviation increase in downstream firms’ digital M&amp;A activity is associated with a 2.16% increase in innovation investment and a 10.45% increase in innovation output among upstream firms. The study highlights that the bargaining power accrued through digital M&amp;A significantly drives upstream innovation, with knowledge and resource transfers being particularly beneficial when suppliers possess high absorptive capacity. However, the positive effects on innovation may be mitigated by the “digital divide” and excessive reliance of upstream firms on the supply chain. Upstream innovation is shown to enhance supply chain resilience and contribute to overall quality and sustainable development. This research provides valuable insights for enterprises within the supply chain to strengthen their sustainable development capabilities, thereby supporting the long-term, high-quality progression of the supply chain ecosystem.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"78 ","pages":"Article 102957"},"PeriodicalIF":6.3,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144184558","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
Tax incentive and stock price crash risk: Evidence from VAT credit refund policy of China 税收激励与股价暴跌风险：来自中国增值税退税政策的证据
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-06-01 DOI: 10.1016/j.ribaf.2025.102974
Li Zhu , Tao Zhou , Yufei Wen
{"title":"Tax incentive and stock price crash risk: Evidence from VAT credit refund policy of China","authors":"Li Zhu ,&nbsp;Tao Zhou ,&nbsp;Yufei Wen","doi":"10.1016/j.ribaf.2025.102974","DOIUrl":"10.1016/j.ribaf.2025.102974","url":null,"abstract":"<div><div>Utilizing a Difference-in-Differences methodology, this study assesses the impact of China's VAT credit refund policy on stock price crash risk (SPCR). The findings demonstrate that the policy substantially lowers the crash risk among pilot enterprises by decreasing tax avoidance and enhancing earnings quality. The proposed influence is more prominent in enterprises led by financially experienced executives, those with weaker corporate governance, and in regions with lower digital and market development. These results highlight that the VAT credit refund policy acts as an external governance mechanism, reducing firm risk and contributing to greater financial market stability.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"78 ","pages":"Article 102974"},"PeriodicalIF":6.3,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144184559","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
Military experience and sustainable development goal disclosure 军事经验与可持续发展目标披露
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-06-01 DOI: 10.1016/j.ribaf.2025.103022
Iman Harymawan , Mohammad Nasih , Fajar Kristanto Gautama Putra , Grantley Taylor , Azlan Amran
{"title":"Military experience and sustainable development goal disclosure","authors":"Iman Harymawan ,&nbsp;Mohammad Nasih ,&nbsp;Fajar Kristanto Gautama Putra ,&nbsp;Grantley Taylor ,&nbsp;Azlan Amran","doi":"10.1016/j.ribaf.2025.103022","DOIUrl":"10.1016/j.ribaf.2025.103022","url":null,"abstract":"<div><div>This study examines the association between the extent of Sustainable Development Goal (SDG) reporting and the military experience of the top management of non-financial firms listed on the Indonesia Stock Exchange (IDX) from 2018 to 2022. We find a significant and positive association between the military experience of managers and the level of corporate SDG disclosure. These results are validated through various robustness tests that include: Propensity Score Matching, Coarsened Exact Matching, Heckman’s two-stage regression analysis, and the Generalized Least Squares method. Underpinned by both upper echelon theory and imprinting theory tenets, this research enhances our understanding of how specific leadership characteristics, such as military experience, influence firms’ propensity to engage in sustainability practices and reporting.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"78 ","pages":"Article 103022"},"PeriodicalIF":6.3,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144321140","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, institutional quality, and air pollution: Evidence from China 数字金融、制度质量和空气污染：来自中国的证据
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-06-01 DOI: 10.1016/j.ribaf.2025.102997
Bo Li , Xuemei Jia , Zhenya Liu , Fengping Ma
{"title":"Digital finance, institutional quality, and air pollution: Evidence from China","authors":"Bo Li ,&nbsp;Xuemei Jia ,&nbsp;Zhenya Liu ,&nbsp;Fengping Ma","doi":"10.1016/j.ribaf.2025.102997","DOIUrl":"10.1016/j.ribaf.2025.102997","url":null,"abstract":"<div><div>Understanding the relationship between digital finance, institutional quality, and air pollution is crucial to crafting effective environmental policies, particularly in the context of China’s significant strides in the digital era. The study examines how institutional quality moderates the spatial effect of digital finance on air pollution in China. Using data from 30 provinces (2011–2021), it reveals that digital finance growth correlates with improving air quality and becomes more geographically concentrated over time. Institutional quality significantly strengthens digital finance’s positive spatial impact on air quality, especially in well-governed areas, with the indirect impact through institutional quality outweighing the direct one. The findings emphasize the importance of strong institutional quality for environmental management via digital finance.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"78 ","pages":"Article 102997"},"PeriodicalIF":6.3,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144253999","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
Credit development and ESG performance: Cross-country evidence 信贷发展与ESG绩效：跨国证据
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-06-01 DOI: 10.1016/j.ribaf.2025.103007
Linda Tinofirei Muchenje, Tom Coupe, Huong Dieu Dang
{"title":"Credit development and ESG performance: Cross-country evidence","authors":"Linda Tinofirei Muchenje,&nbsp;Tom Coupe,&nbsp;Huong Dieu Dang","doi":"10.1016/j.ribaf.2025.103007","DOIUrl":"10.1016/j.ribaf.2025.103007","url":null,"abstract":"<div><div>This study quantifies the effect of a country’s credit development on the environmental, social, and governance (ESG) performance of non-financial firms. Examining 4664 listed firms across 40 countries over the period 2003–2021, we find that firms located in economies with a higher level of credit development exhibit better ESG performance. The association is stronger for financially constrained firms, bank finance-dependent firms, firms in emerging markets, and firms with severe information asymmetry. Furthermore, the relationship with corporate environmental performance, specifically emissions reduction, becomes more pronounced after the signing of the Paris Agreement and is stronger for firms in economies with climate laws/policies in place.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"78 ","pages":"Article 103007"},"PeriodicalIF":6.3,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144213340","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
Risk aversion during adverse economic events 不利经济事件中的风险规避
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-06-01 DOI: 10.1016/j.ribaf.2025.103006
Danish Ahmed , Hu Xuhua , Michael A. Goldstein , Yuantao Xie
{"title":"Risk aversion during adverse economic events","authors":"Danish Ahmed ,&nbsp;Hu Xuhua ,&nbsp;Michael A. Goldstein ,&nbsp;Yuantao Xie","doi":"10.1016/j.ribaf.2025.103006","DOIUrl":"10.1016/j.ribaf.2025.103006","url":null,"abstract":"<div><div>Insurers are trusted to manage clients’ risks, yet this trust can be compromised during adverse economic situations when people are more risk averse. Unlike previous studies that used potentially biased self-reported or proxy measures of risk aversion, we use actual risk-taking behavior by financial market participants in 33 OECD countries to examine the link between risk aversion and demand for non-life insurance during normal and adverse economic conditions. To correct estimation errors, we employ bias corrected bootstrapping techniques to generate efficient regression estimates, and Least Square Dummy Variables (LSDV), Instrumental variable (IV), and Generalized Methods of Moments (GMM) regression techniques. We find that when economy is functioning normally, risk averse individuals/corporations seek non-life insurance to cushion themselves from transactions and bankruptcy costs. Our results also show that in the event of economic impairment, individuals’ confidence in the financial system declines, making them seek private arrangements.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"78 ","pages":"Article 103006"},"PeriodicalIF":6.3,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144213341","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
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：604180095
Book学术官方微信