Research in International Business and Finance最新文献_第5页

The hybrid monetary policy rule in China’s transition period

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-02-27 DOI: 10.1016/j.ribaf.2025.102846

Hongjin Li , Naifang Su , Xiangyu Liu

{"title":"The hybrid monetary policy rule in China’s transition period","authors":"Hongjin Li , Naifang Su , Xiangyu Liu","doi":"10.1016/j.ribaf.2025.102846","DOIUrl":"10.1016/j.ribaf.2025.102846","url":null,"abstract":"<div><div>This paper conducts a comprehensive analysis of China's monetary policy rule during its transition period. We theoretically demonstrate the equivalence between quantity-based and price-based monetary policy rules. On this basis, we propose a novel quantity-price-hybrid monetary policy rule that aligns with China’s monetary policy practices, offering significant theoretical and practical contributions to understand the monetary policy operations in China’s transition period. Our theoretical framework yields two pivotal insights: First, when interest rate was below the equilibrium level under China's historical interest-rate control circumstances, the existence of the quantity-price-hybrid monetary policy rule explains how excess money supply coexisted with price stability without hyperinflation. Second, we derive a modified Taylor principle, demonstrating that monetary authorities can achieve price stability through interest rate adjustments smaller than inflation fluctuations. Empirical analysis for China strongly supports these theoretical propositions. Now, as the interest-rate liberalization have been largely promoted and the liquidity landscape has been reversed, our findings underscore the growing necessity for China to transition towards price-based monetary policy management. This research provides critical analytical tools and policy implications for economies navigating similar transitional challenges.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"77 ","pages":"Article 102846"},"PeriodicalIF":6.3,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143682485","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

Bridging social responsibility and grassroots finance: Evaluating the impact of firms’ targeted pairing assistance on county digital financial inclusion

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-02-24 DOI: 10.1016/j.ribaf.2025.102839

Zixun Zhou , Xinyu Zhou , Hao Zhong , Xuezhi Zhang

{"title":"Bridging social responsibility and grassroots finance: Evaluating the impact of firms’ targeted pairing assistance on county digital financial inclusion","authors":"Zixun Zhou , Xinyu Zhou , Hao Zhong , Xuezhi Zhang","doi":"10.1016/j.ribaf.2025.102839","DOIUrl":"10.1016/j.ribaf.2025.102839","url":null,"abstract":"<div><div>This study exploits the unique setting of China’s 2016 mandate requiring firms to disclose their involvement in targeted pairing assistance (TPA) to explore the impact of corporate social responsibility (CSR) practices on digital financial inclusion (DFI) at the recipient county level. Using manually collected data, we employ a staggered difference-in-differences approach to examine how firms’ targeted pairing assistance with counties affects DFI. Our results show that firms’ pairing assistance, an innovative CSR practice, can significantly improve DFI in recipient counties. This remains robust after considering two-way fixed effects (TWFE) potential bias, endogeneity issues and robustness checks. Mechanism analysis shows that firms can leverage their financial expertise and CSR experience to broaden DFI coverage, while those with digitalization capabilities further advance the digitalization process. We also uncover pairing firms’ alignment—through industry synergy and regional complementarity—which improves the impact of TPA on DFI. Overall, this paper provides new insights into the social benefits of CSR, shifting the research focus from the focal firm to its impact on beneficiaries.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102839"},"PeriodicalIF":6.3,"publicationDate":"2025-02-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143528656","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

ESG reactions to fintech: The role of cross-border capital flows

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-02-24 DOI: 10.1016/j.ribaf.2025.102834

Xukang Liu , Chao-Qun Ma , Yi-Shuai Ren

{"title":"ESG reactions to fintech: The role of cross-border capital flows","authors":"Xukang Liu , Chao-Qun Ma , Yi-Shuai Ren","doi":"10.1016/j.ribaf.2025.102834","DOIUrl":"10.1016/j.ribaf.2025.102834","url":null,"abstract":"<div><div>The use of scientific and technological means to promote the development of green and low-carbon financial products and services is conducive to the green transformation and low-carbon sustainable development of the real economy. This study investigates the impact of Fintech on the ESG of Chinese A-share listed firms from 2015 to 2022. The findings suggest that FinTech can significantly enhance firms' ESG performance. Meanwhile, the conclusions remain robust after considering regional industry and firm characteristics, adopting GMM model to account for potential endogeneity. Moreover, cross-border capital flows strengthen the positive relationship between fintech and ESG performance. Further, the main mechanisms through which FinTech affects firms' ESG performance are R&D innovation, attention by research reports, and fund ownership. Finally, our findings provide strong evidence for the positive impact of FinTech on corporate ESG, confirm the importance of cross-border capital flows, and provide more confidence and justification to better promote FinTech development in cross-border innovation environments.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102834"},"PeriodicalIF":6.3,"publicationDate":"2025-02-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143528655","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

Navigating the intersection of competition and performance in the banking sector: A hybrid review

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-02-24 DOI: 10.1016/j.ribaf.2025.102840

Sikandar Hayyat Malik , Irum Saba

引用次数: 0

The effect of climate policy uncertainty and induced risks on US aggregate and sectoral stock returns

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-02-22 DOI: 10.1016/j.ribaf.2025.102797

Thomas C. Chiang

引用次数: 0

Sustainable portfolio optimization: A multi-class framework for eco-friendly stocks 可持续投资组合优化：生态友好型股票的多类别框架

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-02-22 DOI: 10.1016/j.ribaf.2025.102841

Abdul Wahid , Oskar Kowalewski

引用次数: 0

How robust are financial connectedness networks? A network attack assessment

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-02-22 DOI: 10.1016/j.ribaf.2025.102808

Yufei Cao , Yueming Zou

引用次数: 0

Unveiling the impact of the digital economy on the interplay of energy transition, environmental transformation, and renewable energy adoption

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-02-21 DOI: 10.1016/j.ribaf.2025.102837

Buhari Doğan , Rabeh Khalfaoui , Brahim Bergougui , Sudeshna Ghosh

{"title":"Unveiling the impact of the digital economy on the interplay of energy transition, environmental transformation, and renewable energy adoption","authors":"Buhari Doğan , Rabeh Khalfaoui , Brahim Bergougui , Sudeshna Ghosh","doi":"10.1016/j.ribaf.2025.102837","DOIUrl":"10.1016/j.ribaf.2025.102837","url":null,"abstract":"<div><div>Energy transition (ET) is considered a key strategy to combat climate change and environmental degradation, making it a critical imperative for all countries. A transition to clean energy is essential for achieving decarbonization goals. Considering the significant role of the digital economy (DE), this study explores the relationship between ET and renewable energy (RE) innovation in Belt and Road Initiative (BRI) countries from 2002 to 2019. The study focuses on four categories of International Patent Classification (IPC) related to solar, wind, biomass, and geothermal energy technologies. Panel quantile-based analysis is employed to assess the impact of ET in the presence of DE on RE innovation. The main findings indicate that (i) innovation in all categories of energy technologies studied plays a pivotal role in assessing ET in BRI economies, (ii) the DE substantially contributes to enhancing ET, and (iii) BRI countries should prioritize increasing innovation in RE, (iv) the study discusses various policy implications tailored for BRI countries accordingly.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102837"},"PeriodicalIF":6.3,"publicationDate":"2025-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143510175","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

ESG relevance in credit risk of development banks

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-02-21 DOI: 10.1016/j.ribaf.2025.102831

Jan Porenta, Vasja Rant

引用次数: 0

Unveiling how efficiently sustainability transforms into intangible assets of financial institutions

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-02-21 DOI: 10.1016/j.ribaf.2025.102835

Indrė Lapinskaitė , Viktorija Stasytytė , Viktorija Skvarciany

{"title":"Unveiling how efficiently sustainability transforms into intangible assets of financial institutions","authors":"Indrė Lapinskaitė , Viktorija Stasytytė , Viktorija Skvarciany","doi":"10.1016/j.ribaf.2025.102835","DOIUrl":"10.1016/j.ribaf.2025.102835","url":null,"abstract":"<div><div>This research delves into the relationship between environmental, social, and governance (ESG) factors and the financial value of intangible assets within financial institutions, building upon prior research that focuses on sustainable development aspects and their impact on P/E ratios. While the earlier study revealed that there is no effective transformation of E, S, and G scores into P/E ratio, this research shifts the focus to the intangible value of financial institutions. The rationale is rooted in recognising that sustainable practices contribute not only to tangible assets and profitability but also to the increasingly crucial intangible value for long-term stakeholder appreciation. The study aims to assess the efficiency of translating sustainable development outcomes, measured through ESG scores, into the valuation of intangible assets using Data Envelopment Analysis (DEA). The paper emphasises the strategic importance of intangibles and the need to understand how ESG practices influence their financial value. After applying three different evaluation models, the results found effective transformation of the selected variables in 7 of 53 financial institutions.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102835"},"PeriodicalIF":6.3,"publicationDate":"2025-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143474181","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