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Investor-company interactions and stock price crash risk: Evidence from China
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-21 DOI: 10.1016/j.ribaf.2025.102830
Lei Ruan, Liwen Yang
{"title":"Investor-company interactions and stock price crash risk: Evidence from China","authors":"Lei Ruan,&nbsp;Liwen Yang","doi":"10.1016/j.ribaf.2025.102830","DOIUrl":"10.1016/j.ribaf.2025.102830","url":null,"abstract":"<div><div>Against the backdrop of the current complex and volatile global financial environment, enhancing financial market transparency is crucial for mitigating financial risks. With the continuous advancement of Internet technology, the interactive platforms between investors and enterprises have increasingly become essential channels for information exchange in the capital market. These platforms contribute to improving information transparency, thereby effectively preventing and controlling financial risks. This paper investigates the effect of investor-company interactions on stock price crash risk, using data from Chinese A-share listed companies from 2010 to 2022. The empirical findings demonstrate that investor-company interactions significantly reduce firms' stock price crash risk, and this conclusion remains valid after a series of robustness tests. Mechanism analysis indicates that investor-company interactions alleviate information asymmetry and reduce investor disagreement, which in turn lowers a firm's stock price crash risk. The heterogeneity analysis further reveals that the mitigating effect of investor-company interactions on stock price crash risk is more pronounced for firms with high response quality, weak internal control, dispersed ownership, low media attention, low analyst attention, and poor audit quality.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102830"},"PeriodicalIF":6.3,"publicationDate":"2025-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143480087","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 economic policy uncertainty and digital integration on ESG practices in European companies
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-21 DOI: 10.1016/j.ribaf.2025.102826
Imen Ayadi , Jahmane Abderrahman
{"title":"The impact of economic policy uncertainty and digital integration on ESG practices in European companies","authors":"Imen Ayadi ,&nbsp;Jahmane Abderrahman","doi":"10.1016/j.ribaf.2025.102826","DOIUrl":"10.1016/j.ribaf.2025.102826","url":null,"abstract":"<div><div>This study examines the impact of economic policy uncertainty (EPU) and digital integration on corporate environmental, social, and governance (ESG) practices, a critical issue in today's volatile economic landscape. Using a robust econometric approach, we employ a two-stage GMM estimation system and Powell's IV-QRPD panel model to analyze variations across different levels of corporate sustainability. The findings reveal that EPU has a heterogeneous effect on ESG performance: it negatively impacts firms with lower ESG scores while benefiting those with stronger sustainability commitments. Conversely, digital integration plays a crucial role in enhancing ESG practices and mitigating the adverse effects of EPU, fostering long-term resilience and sustainability. These results highlight the importance of corporate investment in digital transformation as a strategic tool for improving ESG performance, particularly in uncertain economic environments. Policymakers should support digital adoption to strengthen corporate sustainability and reduce vulnerability to economic fluctuations.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102826"},"PeriodicalIF":6.3,"publicationDate":"2025-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143488218","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 leaders and crypto currency market: Asymmetric TVP-VAR connectedness and investment approaches
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-21 DOI: 10.1016/j.ribaf.2025.102833
Rashida Bibi , Saqib Gulzar , Syed Jawad Hussain Shahzad
{"title":"ESG leaders and crypto currency market: Asymmetric TVP-VAR connectedness and investment approaches","authors":"Rashida Bibi ,&nbsp;Saqib Gulzar ,&nbsp;Syed Jawad Hussain Shahzad","doi":"10.1016/j.ribaf.2025.102833","DOIUrl":"10.1016/j.ribaf.2025.102833","url":null,"abstract":"<div><div>This study investigates return spillovers between a global Environmental, Social, and Governance (ESG) leaders index and cryptocurrencies. We employ daily data over the sample period 11 November 2017–30 December 2023 and use asymmetric dynamic connectedness via the time-varying vector autoregression (TVP-VAR) model to examine positive and negative connectedness. We also use dynamic portfolio exercise through common hedging approaches namely minimum variance, minimum correlation, and minimum connectedness portfolio to evaluate the performance of resulting portfolios. Results demonstrate that negative connectedness dominates throughout the sample period. This finding implies that risk-averse investors and profit-maximizing agents are more influenced by negative news. The results are robust to different methodological choices i.e., lag order based on different information criteria and forecast horizons. Further, the minimum correlation and minimum connectedness portfolio approaches depict the asymmetry well and provide a deeper awareness about portfolio management.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102833"},"PeriodicalIF":6.3,"publicationDate":"2025-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143510991","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 cryptocurrencies improve portfolio diversification? Evidence from the prospect risk perspective
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-21 DOI: 10.1016/j.ribaf.2025.102828
Zhan Wang , Xiang Gao , Jiahao Gu
{"title":"Can cryptocurrencies improve portfolio diversification? Evidence from the prospect risk perspective","authors":"Zhan Wang ,&nbsp;Xiang Gao ,&nbsp;Jiahao Gu","doi":"10.1016/j.ribaf.2025.102828","DOIUrl":"10.1016/j.ribaf.2025.102828","url":null,"abstract":"<div><div>This paper develops a quantitative approach to measure the security’ risk that corresponds to investors’ prospect behaviors. From the investor’s utility maximization condition, this paper demonstrates that a prospect investor should minimize his/her exposure to prospect risk by reducing the probability of loss while maximizing loss dispersion if he/she faces loss. Importantly, in token markets, investors exhibit more behavioral bias because they expect significant positive returns while grappling with extreme tail risk, and thus prospect risk management is more useful. The empirical analysis of this paper suggests that cryptocurrencies investors with prospect risk attitudes tend to seek risk when facing a moderate loss probability level, and they would give up at most 150 bps each month to pursue higher volatility. Based on this return predictability, token investors could develop portfolio strategies by ranking token and equity assets according to their probability of loss and loss dispersion and generate superior subsequent returns; appropriate combination of equity and bitcoin could generate Sharpe ratio around 0.4 based on prospect investment strategies, which is much higher than Sharpe ratio of pure market index or pure bitcoin investment.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102828"},"PeriodicalIF":6.3,"publicationDate":"2025-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143480088","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 effects of portfolio rebalancing strategies on the performance of global mutual funds
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-21 DOI: 10.1016/j.ribaf.2025.102836
Barbara Abou Tanos , Sonia Jimenez-Garcès
{"title":"The effects of portfolio rebalancing strategies on the performance of global mutual funds","authors":"Barbara Abou Tanos ,&nbsp;Sonia Jimenez-Garcès","doi":"10.1016/j.ribaf.2025.102836","DOIUrl":"10.1016/j.ribaf.2025.102836","url":null,"abstract":"<div><div>This paper proposes a new measure of active management based on evaluating US global mutual funds’ industrial rebalancing strategies of their foreign holdings and investigates the impact of these strategies on fund performance. We find that US global mutual funds that engage in industrial rotation strategies enhance their performance. Our finding is robust when considering multiple funds’ managerial characteristics, several proxies of active management and different performance benchmark models. We show that active management can be highly beneficial for managers’ international asset allocation when it is industry centered. However, the gains obtained from funds’ industrial rotation strategies appear to be more pronounced for familiar markets.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102836"},"PeriodicalIF":6.3,"publicationDate":"2025-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143474182","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
Heterogeneous effects of public listing on the usage of trade credit: Evidence from Korean chaebol versus non-chaebol firms
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-20 DOI: 10.1016/j.ribaf.2025.102799
Hyun Joong Im, Inji Jung, Jiyeon Kim
{"title":"Heterogeneous effects of public listing on the usage of trade credit: Evidence from Korean chaebol versus non-chaebol firms","authors":"Hyun Joong Im,&nbsp;Inji Jung,&nbsp;Jiyeon Kim","doi":"10.1016/j.ribaf.2025.102799","DOIUrl":"10.1016/j.ribaf.2025.102799","url":null,"abstract":"<div><div>Using a unique dataset of Korean firms, we demonstrate that the effects of public listing on the usage of trade credit are heterogeneous between <em>chaebol</em> and non-<em>chaebol</em> firms. While we find a significant negative relationship between public listing and the usage of trade credit for non-<em>chaebol</em> firms, we do not find any significant relationship for <em>chaebol</em> firms. Consistent with prior literature, public listing allows non-<em>chaebol</em> firms to have greater access to cheaper and less risky sources of external capital, thereby relying less on supplier financing, that is, using less trade credit. The lack of a significant impact for <em>chaebol</em> firms could be attributed to the effectiveness of their internal capital markets, which relax their financial constraints. These findings provide additional evidence supporting well-functioning internal capital markets among Korean <em>chaebol</em> firms.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102799"},"PeriodicalIF":6.3,"publicationDate":"2025-02-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143464947","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
Mitigating financing constraints under economic uncertainty: The role of implicit government guarantees in China
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-20 DOI: 10.1016/j.ribaf.2025.102819
Sifeng Bi , Na Wei , Anna Min Du , Tiran Zhou
{"title":"Mitigating financing constraints under economic uncertainty: The role of implicit government guarantees in China","authors":"Sifeng Bi ,&nbsp;Na Wei ,&nbsp;Anna Min Du ,&nbsp;Tiran Zhou","doi":"10.1016/j.ribaf.2025.102819","DOIUrl":"10.1016/j.ribaf.2025.102819","url":null,"abstract":"<div><div>In the context of economic policy uncertainty (EPU), firms face significant financing constraints, especially in accessing credit. To address this, governments often provide implicit government guarantees (IGG) to alleviate these constraints. This study examines the effects of EPU on firm credit financing activities from an IGG perspective, using a sample of Chinese A-share listed firms from 2010 to 2020. The findings indicate that EPU negatively impacts firm credit financing activities, but the presence of IGG mitigates these effects. The heterogeneous analysis reveals that IGG primarily benefits firms taking more risks or facing severe financial constraints. Regionally, IGG is more effective in provinces with lower marketisation and higher fiscal strength, helping distressed firms secure more bank credit at lower costs. These results have important implications for policymakers, shareholders, and stakeholders regarding the role of IGG in moderating the impact of EPU on firm credit financing activities.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102819"},"PeriodicalIF":6.3,"publicationDate":"2025-02-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143548742","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
Leading or facilitating? —— The appropriate role of governmental venture capital in China 引导还是促进？-- 政府风险投资在中国的适当角色
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-18 DOI: 10.1016/j.ribaf.2025.102807
Zhoubo Xia , Xiuping Hua , Yong Wang , Jiadong Peng
{"title":"Leading or facilitating? —— The appropriate role of governmental venture capital in China","authors":"Zhoubo Xia ,&nbsp;Xiuping Hua ,&nbsp;Yong Wang ,&nbsp;Jiadong Peng","doi":"10.1016/j.ribaf.2025.102807","DOIUrl":"10.1016/j.ribaf.2025.102807","url":null,"abstract":"<div><div>This paper examines the influence of syndicated investments involving governmental venture capital (GVC) and private venture capital firms (PVC) on the success of innovative companies in China. By analysing a comprehensive dataset of small and medium-sized firms in China’s third-tier equity market, the National Equities Exchange and Quotations (NEEQ), we demonstrate that compared to the syndicated investment led by GVC, those GVCs playing a facilitating role have a more significant effect on boosting innovation firms' success in NEEQ. We identify three ways syndications help firms graduate to main stock markets: improving resource allocation, enhancing innovation quality, and lowering agency risk. Further investigation based on a quasi-natural experiment indicates that GVC-facilitating syndication impacts are more pronounced after adopting the Government Investment Regulation in 2018.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102807"},"PeriodicalIF":6.3,"publicationDate":"2025-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143446065","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
Big data in tax enforcement and trade credit: Evidence from China
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-18 DOI: 10.1016/j.ribaf.2025.102812
Gaoya Song , Quan Li
{"title":"Big data in tax enforcement and trade credit: Evidence from China","authors":"Gaoya Song ,&nbsp;Quan Li","doi":"10.1016/j.ribaf.2025.102812","DOIUrl":"10.1016/j.ribaf.2025.102812","url":null,"abstract":"<div><div>This study investigates how big data in tax enforcement (BDTE) affects trade credit. We demonstrate that BDTE not only significantly enhances the trade credit acquisition of enterprises but also boosts the trade credit supply. The path analyses indicate that BDTE increases firms' financing constraints and inhibits corporate earnings management, therefore improving trade credit acquisition and supply. Furthermore, the reinforcing effect of BDTE on corporate trade credit acquisition is more pronounced among low supplier concentration, low quality enterprises and state-owned enterprises (SOEs). The positive relationship between BDTE and trade credit supply is stronger among low supplier concentration, manufacturing enterprises and non-SOEs.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102812"},"PeriodicalIF":6.3,"publicationDate":"2025-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143453867","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 effects of disruptive technologies on accountability in fintech industry: Using bibliometric analysis to develop a research agenda 颠覆性技术对金融科技行业问责制的影响：利用文献计量分析制定研究议程
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-18 DOI: 10.1016/j.ribaf.2025.102816
Silvana Secinaro , Federico Lanzalonga , Michele Oppioli , Elbano de Nuccio
{"title":"The effects of disruptive technologies on accountability in fintech industry: Using bibliometric analysis to develop a research agenda","authors":"Silvana Secinaro ,&nbsp;Federico Lanzalonga ,&nbsp;Michele Oppioli ,&nbsp;Elbano de Nuccio","doi":"10.1016/j.ribaf.2025.102816","DOIUrl":"10.1016/j.ribaf.2025.102816","url":null,"abstract":"<div><div>The fintech industry has fundamentally reshaped the financial landscape, driven by disruptive technologies such as blockchain and artificial intelligence, which have revolutionized big data analysis. These advancements empower users to bypass traditional intermediaries, achieving cost reductions and fostering safer, more efficient information and verification processes. However, the rapid evolution of fintech demands a deeper understanding of how accountability can be integrated into this transformative ecosystem. This research employs bibliometric analysis to synthesize existing knowledge on fintech and accountability-enabling technologies, exploring associated risks and opportunities. The study focuses on critical dimensions such as sustainability, governance, and innovative accounting approaches, illustrating how these technologies foster transparency and trust in financial systems. It also examines the interplay between fintech, ethical finance, and predictive technologies, emphasizing their role in forecasting financial, environmental, and social impacts. The findings highlight the importance of aligning disruptive technologies with global sustainability goals, including the Paris Climate Agreement and the SDGs, while addressing regulatory challenges. This research contributes by advancing theoretical insights into fintech’s accountability and providing practical recommendations for decision-makers and policymakers. By proposing strategies for regulatory frameworks and governance, this study underscores fintech’s transformative potential in enhancing transparency, trust, and accountability across the financial sector and beyond.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102816"},"PeriodicalIF":6.3,"publicationDate":"2025-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143446067","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
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