Research in International Business and Finance最新文献

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Social dishonesty and local public firm’s loan spreads: A Chinese bank loan analysis 社会不诚实与地方上市公司贷款息差:中国银行贷款分析
IF 6.9 2区 经济学
Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103083
Minghui Li , Yiran Song , Yuejiao Duan
{"title":"Social dishonesty and local public firm’s loan spreads: A Chinese bank loan analysis","authors":"Minghui Li ,&nbsp;Yiran Song ,&nbsp;Yuejiao Duan","doi":"10.1016/j.ribaf.2025.103083","DOIUrl":"10.1016/j.ribaf.2025.103083","url":null,"abstract":"<div><div>Using loan data from Chinese commercial bank to local listed firms, we investigate how social dishonesty affects bank loan spreads. The results indicate that in high-dishonesty regions, local listed firms obtain bank loans at lower interest spreads, particularly those with stronger political connections, higher information disclosure quality and operations in highly competitive banking markets. Moreover, we further study the external spillover effects. The commercial credit supplied by local listed firms are significantly increasing in high-dishonesty regions. We provide novel evidence that social dishonesty may reduce public firms’ financing costs.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"79 ","pages":"Article 103083"},"PeriodicalIF":6.9,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144864313","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 fintech revolution: Exploring the potential of fintech finance in reducing corporate credit constraints 金融科技革命:探索金融科技金融在减少企业信贷约束方面的潜力
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103033
Habib Hussain Khan, Mohammad Rais Ahmad
{"title":"The fintech revolution: Exploring the potential of fintech finance in reducing corporate credit constraints","authors":"Habib Hussain Khan,&nbsp;Mohammad Rais Ahmad","doi":"10.1016/j.ribaf.2025.103033","DOIUrl":"10.1016/j.ribaf.2025.103033","url":null,"abstract":"<div><div>This study investigates the role of fintech financing in alleviating firms' credit constraints across 66 developing and developed countries from 2013 to 2020. In this framework, we also examine various firm and country-level factors, including size, age, industry, ownership structure, financial development, bank competition, and the legal and institutional environment. Our findings indicate that fintech financing reduces investment-to-cash flow sensitivity, suggesting a decrease in financing constraints for firms. This effect is consistent across subcomponents of fintech financing, such as fintech lending and fintech capital raising. Furthermore, small, young, and private firms exhibit greater sensitivity of investment to cash flows. The impact of fintech financing is more pronounced for these entities. Additionally, financial development and a robust legal and institutional environment enhance the positive effects of fintech financing in mitigating firms' financing constraints. Moreover, firms in less competitive banking environments face more significant financing constraints, where fintech financing flourishes and exerts a more considerable impact. While fintech financing generally reduces firms' financing constraints, its effect is more prominent in developing countries. The results remain consistent when utilizing a direct measure of financial constraints and excluding countries with extreme fintech values. The analysis of transmission channels reveals that fintech lessens firms' credit constraints by reducing information asymmetry. The study discusses the implications of these findings for regulators, fintech firms, and small businesses.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"79 ","pages":"Article 103033"},"PeriodicalIF":6.3,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144548451","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 climate-related financial risks measurement methodologies: Advances, challenges, and frontiers 气候相关金融风险测量方法:进展、挑战和前沿
IF 6.9 2区 经济学
Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103054
Annarita Trotta , Fabio Piluso , Eugenia Strano , Danilo Ceraso
{"title":"The climate-related financial risks measurement methodologies: Advances, challenges, and frontiers","authors":"Annarita Trotta ,&nbsp;Fabio Piluso ,&nbsp;Eugenia Strano ,&nbsp;Danilo Ceraso","doi":"10.1016/j.ribaf.2025.103054","DOIUrl":"10.1016/j.ribaf.2025.103054","url":null,"abstract":"<div><div>In recent years, the academic and policy community has been paying more attention to climate-related financial risks as a result of the recognition of climate change as a major source of risk for the financial system. Nevertheless, the measurement methodologies of climate-related financial risks still have significant gaps. This article provides an overview of the methods and approaches currently available for measuring climate-related financial risks, with the aim of pointing out their advantages and disadvantages as well as the progress made in the field. Furthermore, the study results shed new light on existing knowledge, contributing to the emerging literature on the measurement of climate-related financial risks, with implications for scholars, practitioners, policy-makers, and standard setters.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"79 ","pages":"Article 103054"},"PeriodicalIF":6.9,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144842648","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 effect of issuers’ digital transformation on bond rating quality: Evidence from China’s bond market 发行人数字化转型对债券评级质量的影响:来自中国债券市场的证据
IF 6.9 2区 经济学
Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103098
Weihong Wu, Hui Zhou, Zheng Huo
{"title":"The effect of issuers’ digital transformation on bond rating quality: Evidence from China’s bond market","authors":"Weihong Wu,&nbsp;Hui Zhou,&nbsp;Zheng Huo","doi":"10.1016/j.ribaf.2025.103098","DOIUrl":"10.1016/j.ribaf.2025.103098","url":null,"abstract":"<div><div>Improving the quality of bond ratings has become an urgent issue for credit rating agencies, and the digital transformation of issuers presents a new opportunity to address this challenge. This study selects the bonds issued by Chinese A-share listed companies from 2014 to 2023, to explore the impact of issuers’ digital transformation on the quality of bond ratings and the underlying mechanisms. The results suggest that issuers’ digital transformation can enhance the quality of bond ratings. After conducting the robustness check, the results still demonstrate significance. Heterogeneity analysis reveals that the effect is more pronounced in samples with relatively severe financing constraints, those traded in the interbank market, and those located in regions with less favorable legal environments. Furthermore, mechanism tests show that issuers’ digital transformation can improve bond rating quality through enhancing information transparency and reducing issuer risk. This paper contributes to the research perspective on the economic consequences of digital transformation from the viewpoint of bond rating quality.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"79 ","pages":"Article 103098"},"PeriodicalIF":6.9,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144861163","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
Artificial intelligence and corporate green innovation: Evidence from China 人工智能与企业绿色创新:来自中国的证据
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103039
Lihong Guo , Huacheng Pei , Yizi Liu
{"title":"Artificial intelligence and corporate green innovation: Evidence from China","authors":"Lihong Guo ,&nbsp;Huacheng Pei ,&nbsp;Yizi Liu","doi":"10.1016/j.ribaf.2025.103039","DOIUrl":"10.1016/j.ribaf.2025.103039","url":null,"abstract":"<div><div>The rapid development of disruptive technologies, such as artificial intelligence (AI), provides new opportunities for corporate green transformation. Based on panel data of Chinese A-share listed firms from 2010 to 2023, this study has found that: (1) An increase in corporate AI intensity significantly boosts the quantity of corporate green innovation. (2) AI primarily promotes substantive green innovation, but has little influence on strategic green innovation, that is, AI enhances the quality of corporate green innovation. (3) AI stimulates green innovation by improving data-driven decision-making, facilitating human-AI collaboration, and reducing information asymmetry. (4) The impact of AI on green innovation varies significantly across firms with different ownership properties, industries and regions. (5) AI ultimately increases corporate value by promoting green innovation. These findings offer valuable insights into the economic implications of corporate AI investments and the factors driving green transformation.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"79 ","pages":"Article 103039"},"PeriodicalIF":6.3,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144589267","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
Emission trading policy and firm-level carbon disclosure in China: Unveiling the potential of market-based environmental regulation 中国排放交易政策与企业碳信息披露:揭示市场环境监管的潜力
IF 6.9 2区 经济学
Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103082
Wei Li , Yuanyuan Man , Jianing Liu , Yongda He , Yang Hu
{"title":"Emission trading policy and firm-level carbon disclosure in China: Unveiling the potential of market-based environmental regulation","authors":"Wei Li ,&nbsp;Yuanyuan Man ,&nbsp;Jianing Liu ,&nbsp;Yongda He ,&nbsp;Yang Hu","doi":"10.1016/j.ribaf.2025.103082","DOIUrl":"10.1016/j.ribaf.2025.103082","url":null,"abstract":"<div><div>Corporate compliance with environmental obligations and the cultivation of reputations are intricately tied to the effectiveness of carbon disclosure. The emission trading policy, as a market-based environmental regulatory tool, has the potential to influence the micro-level environmental behavior of businesses. Focusing on China's heavily polluting industries, we employ the double machine learning (DML) method to investigate the impact and mechanisms of market-based environmental regulations on firm-level carbon disclosure in this study. The results demonstrate a significant positive effect of market environmental regulations on voluntary carbon information disclosure, particularly in the realm of low-carbon strategic disclosure. This effect is notably strengthened with increased levels of corporate green innovation and enhanced market competitiveness. Furthermore, the findings from the analysis of heterogeneity highlight the significance of accounting for differences in environmental governance pressure, industry structure, and executive environmental awareness when formulating targeted policy implications.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"79 ","pages":"Article 103082"},"PeriodicalIF":6.9,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144858202","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
Customer concentration and corporate greenwashing 客户集中和企业洗绿
IF 6.9 2区 经济学
Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103090
Yufen Wei , Jinghua Tang , Hongbo He , Chanjun Wu , Muyangzi Lin , Haonan Xie
{"title":"Customer concentration and corporate greenwashing","authors":"Yufen Wei ,&nbsp;Jinghua Tang ,&nbsp;Hongbo He ,&nbsp;Chanjun Wu ,&nbsp;Muyangzi Lin ,&nbsp;Haonan Xie","doi":"10.1016/j.ribaf.2025.103090","DOIUrl":"10.1016/j.ribaf.2025.103090","url":null,"abstract":"<div><div>This study investigates the effect of customer concentration on corporate greenwashing. Our empirical analysis reveals a positive correlation between customer concentration and greenwashing, driven by reduced corporate transparency and higher agency costs. This effect is stronger in non-state-owned firms, those facing intense market competition, and those in less polluting industries. By contrast, the relationship is weaker for firms with government or state-owned clients, which may demand greater environmental and social accountability. Additionally, firms with concentrated customers are more likely to engage in greenwashing under negative media pressure. However, this correlation weakens in the post-COVID-19 period. Moreover, pressure-sensitive institutional investors encourage such firms to engage in greenwashing, whereas pressure-resistant investors curb this behavior. Lastly, effective internal controls mitigate greenwashing associated with concentrated customers. This research enhances our understanding of factors driving corporate greenwashing behavior and underscores the importance of transparency and stakeholder pressure in curbing it.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"79 ","pages":"Article 103090"},"PeriodicalIF":6.9,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144858298","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 effect of ESG performance on value creation of strategic alliances ESG绩效对战略联盟价值创造的影响
IF 6.9 2区 经济学
Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103093
Xi Wang , Huobao Xie , Jingyuan Li , Xiaolong Liu
{"title":"The effect of ESG performance on value creation of strategic alliances","authors":"Xi Wang ,&nbsp;Huobao Xie ,&nbsp;Jingyuan Li ,&nbsp;Xiaolong Liu","doi":"10.1016/j.ribaf.2025.103093","DOIUrl":"10.1016/j.ribaf.2025.103093","url":null,"abstract":"<div><div>Using a sample of strategic alliances involving listed companies in China, we investigate whether a firm’s Environmental, Social, and Governance (ESG) performance enhances shareholder value. Our findings indicate that firms with superior ESG performance achieve higher strategic alliance announcement returns. This positive effect is particularly pronounced when the alliance partner is another firm or a research institution, and when the governance structure of the alliance is contractual in nature. Furthermore, we demonstrate that poorer accounting quality and lower external attention both strengthen the impact of ESG performance, suggesting that information and signaling effects are key mechanisms through which ESG performance influences alliance announcement returns. Additionally, our analysis reveals that the effect of ESG performance is especially significant for non-state-owned enterprises and firms operating in heavily polluting industries, indicating that investors place greater importance on ESG practices within these specific contexts. Finally, our extended analysis shows that ESG performance also promotes the long-term value creation of strategic alliances, thereby contributing to sustained shareholder value. Collectively, these results underscore that corporate ESG performance is a critical determinant of strategic alliance value creation. Our study supports the stakeholder value maximization perspective and enriches the existing literature by elucidating the nuanced relationship between ESG practices and shareholder value.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"79 ","pages":"Article 103093"},"PeriodicalIF":6.9,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144864325","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 determinants and consequences of tax avoidance: A psychological contract perspective 避税的决定因素和后果:心理契约视角
IF 6.9 2区 经济学
Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103077
Puspita Ghaniy Anggraini , Mahfud Sholihin , Musa Mangena , Singgih Wijayana , Fu’ad Rakhman
{"title":"The determinants and consequences of tax avoidance: A psychological contract perspective","authors":"Puspita Ghaniy Anggraini ,&nbsp;Mahfud Sholihin ,&nbsp;Musa Mangena ,&nbsp;Singgih Wijayana ,&nbsp;Fu’ad Rakhman","doi":"10.1016/j.ribaf.2025.103077","DOIUrl":"10.1016/j.ribaf.2025.103077","url":null,"abstract":"<div><div>This study examines the determinants and consequences of tax avoidance from the psychological contract perspective in tax relationships. The perspective relies on a reciprocal relationship between parties in predicting taxpayer behavior after evaluating how well the government manages taxes. Using data for a sample of 60 countries over 2009–2019, the results support the notion that taxpayers' willingness to pay taxes relies on how a government manages tax funds. Specifically, good government tax policies, namely better-quality regulations, less complicated bureaucracy, and more appropriate use of taxes, are associated with lower tax avoidance. Further, the results indicate that public participation and transparency should be implemented cautiously since they can motivate taxpayers to avoid tax payments. In addition to good tax policies, lower tax avoidance is observed in countries with a low tax burden, close government-citizens relations, and developed economy. Understanding the determinants of tax avoidance is important for government policy given that tax avoidance undermines national development across economic, social, and environmental dimensions.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"79 ","pages":"Article 103077"},"PeriodicalIF":6.9,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144826366","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
National culture’s influence on firm performance in bad times: Evidence from the COVID-19 crisis and GFC 不景气时期民族文化对企业绩效的影响:来自COVID-19危机和全球金融危机的证据
IF 6.9 2区 经济学
Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103070
Zhimin Wang , Xiaodi Zhu , Ruixin Ding
{"title":"National culture’s influence on firm performance in bad times: Evidence from the COVID-19 crisis and GFC","authors":"Zhimin Wang ,&nbsp;Xiaodi Zhu ,&nbsp;Ruixin Ding","doi":"10.1016/j.ribaf.2025.103070","DOIUrl":"10.1016/j.ribaf.2025.103070","url":null,"abstract":"<div><div>Both the COVID-19 economic crisis (COVID-19 crisis) and 2007–2009 global financial crisis (GFC) were worldwide events that posed significant challenges for firms. In this study, using Hofstede’s cultural dimension framework to analyze the cross-country, firm-level data from 55 countries, we demonstrate the consistent role of national culture for firms in the COVID-19 crisis and GFC: Firms from countries possessing the cultural attributes of long-term orientation, strong uncertainty avoidance, low individualism, or large power distance are less affected by both crises on downside risk and profitability than their counterparts. We also conduct subsample analyses by firm size, economy development level, and industry. The results show that national culture’s relationship with firm downside risk and profitability during crises is more consistent for advanced economies and firms in the manufacturing industry. The channel analysis shows that capital expenditure is an important mediator, especially during the GFC. We conclude that national culture plays an important role in the ability of firms to endure an economic crisis, and this role remains stable across the two most recent major economic downturns.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"79 ","pages":"Article 103070"},"PeriodicalIF":6.9,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144829543","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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