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Return trade-offs between environmental and social pillars of ESG scores
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-04 DOI: 10.1016/j.ribaf.2025.102779
Leyla Yusifzada , Igor Lončarski , Gergely Czupy , Helena Naffa
{"title":"Return trade-offs between environmental and social pillars of ESG scores","authors":"Leyla Yusifzada ,&nbsp;Igor Lončarski ,&nbsp;Gergely Czupy ,&nbsp;Helena Naffa","doi":"10.1016/j.ribaf.2025.102779","DOIUrl":"10.1016/j.ribaf.2025.102779","url":null,"abstract":"<div><div>Our analysis explores the trade-off between environmental and social factors, as we observe that the environmental and social performances of firms are negatively correlated across industries. We find that, from 2013 to 2022, firms with high environmental scores but low social scores outperformed those with low environmental scores but high social scores by an average of 0.39% per month. However, this outperformance diminished when the investment horizon began in 2016. We find that in the period following 2016, public markets began to signal an equal importance for both environmental and social pillars. Therefore, policy frameworks should aim to balance both environmental and social objectives to address the disparities created by regulations that favour one aspect of sustainability over the other.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"75 ","pages":"Article 102779"},"PeriodicalIF":6.3,"publicationDate":"2025-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143372772","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
Towards green trade: Digital economy and export quality of green products
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-04 DOI: 10.1016/j.ribaf.2025.102777
Xiaojing Ou , Weikang Zhao , Zhiqiang Zheng , Muhammad Mohiuddin
{"title":"Towards green trade: Digital economy and export quality of green products","authors":"Xiaojing Ou ,&nbsp;Weikang Zhao ,&nbsp;Zhiqiang Zheng ,&nbsp;Muhammad Mohiuddin","doi":"10.1016/j.ribaf.2025.102777","DOIUrl":"10.1016/j.ribaf.2025.102777","url":null,"abstract":"<div><div>The digital economy not only drives economic growth but also supports green development, creating new opportunities for enterprises to excel in high-quality green exports. Initially, we constructed a theoretical model to assess how the digital economy influences the export quality of green products. Subsequently, we conducted empirical analyses to examine its impact and the mechanisms underlying factor allocation. Our findings underscore that the digital economy significantly aids enterprises in enhancing the export quality of green products. This positive impact primarily arises from the optimized allocation of capital, labor, and technology. Furthermore, through its effects on product entry and exit dynamics, the digital economy effectively identifies and promotes high-quality products while filtering out inferior ones. Consequently, there is an overall improvement in the export quality of green products. This study provides new empirical evidence on how the digital economy fosters the enhancement of green product quality. It contributes to the literature on the influence of digital technologies on green development and offers practical recommendations for advancing green trade.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"75 ","pages":"Article 102777"},"PeriodicalIF":6.3,"publicationDate":"2025-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143377754","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
Private equity and financial distress: A bibliometric literature review
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-01 DOI: 10.1016/j.ribaf.2024.102674
Cristina De Silva , Belinda Laura Del Gaudio , Anna Gervasoni , Michele Lertora
{"title":"Private equity and financial distress: A bibliometric literature review","authors":"Cristina De Silva ,&nbsp;Belinda Laura Del Gaudio ,&nbsp;Anna Gervasoni ,&nbsp;Michele Lertora","doi":"10.1016/j.ribaf.2024.102674","DOIUrl":"10.1016/j.ribaf.2024.102674","url":null,"abstract":"<div><div>This paper presents a bibliometric literature review to examine the impact of private equity (PE) on portfolio companies' financial distress. Due to PE's increasing role in the economy, this topic is of growing interest. Our analysis encompasses 151 publications, exploring co-occurrence networks, co-citation patterns, publication patterns and key research streams. The existing literature shows that PE-backed companies' risk of distress increases following a buyout. However, when controlling for leverage, this does not result in higher bankruptcy rates compared to non-PE-backed companies. Furthermore, PE-backed companies are more likely than non-PE-backed peers to avoid insolvency in the event of financial distress. This ability to manage financial distress effectively is attributed to corporate governance mechanisms based on active and concentrated ownership, availability of financial resources, and reputational concerns. In addition, the study identifies future research avenues and provides valuable insights for academic scholars, industry practitioners, and policymakers alike.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102674"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100868","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
A legal origins perspective on ESG rating disagreement
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-01 DOI: 10.1016/j.ribaf.2024.102702
Barbara Kurbus, Vasja Rant
{"title":"A legal origins perspective on ESG rating disagreement","authors":"Barbara Kurbus,&nbsp;Vasja Rant","doi":"10.1016/j.ribaf.2024.102702","DOIUrl":"10.1016/j.ribaf.2024.102702","url":null,"abstract":"<div><div>Firms’ environmental, social, and governance (ESG) scores vary significantly across rating providers. This article considers the legal origins theory as a potential factor influencing <em>ESG rating disagreement</em>. By comparing ESG scores from five reputable rating providers – Bloomberg, S&amp;P Global, LSEG, MSCI, and Sustainalytics – for a sample of 2392 public firms incorporated across 53 countries, we find that <em>correlation disagreement</em> between rating providers is lower for civil law firms, while <em>dispersion disagreement</em> across rating providers is lower for common law firms. This suggests, firstly, that civil law firms are influenced more by shared factors such as national policies, regulations and industry practices, leading to higher correlations in ESG scores between rating providers, and secondly, that common law firms engage in more independent and firm-specific ESG efforts, resulting in lower ESG dispersion across rating providers.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102702"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100906","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
Investor sentiment and market returns: A multi-horizon analysis
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-01 DOI: 10.1016/j.ribaf.2024.102701
Huan Huu Nguyen , Vu Minh Ngo , Luan Minh Pham , Phuc Van Nguyen
{"title":"Investor sentiment and market returns: A multi-horizon analysis","authors":"Huan Huu Nguyen ,&nbsp;Vu Minh Ngo ,&nbsp;Luan Minh Pham ,&nbsp;Phuc Van Nguyen","doi":"10.1016/j.ribaf.2024.102701","DOIUrl":"10.1016/j.ribaf.2024.102701","url":null,"abstract":"<div><div>This study explores the relationship between investor sentiment and market return in the stock market, spanning both long-term and short-term horizons. Using a decade-long dataset (2013–2023) from Facebook, comprising around 773,000 curated posts from an initial 900,000, the research employs the Vector Error Correction Model (VECM) to illuminate long-run dynamics, revealing an equilibrium-restoring mechanism post-shocks between investors’ sentiment and Vietnamese stock market index (VNIndex). Short-term insights emerge from logistic and quantile regression analyses, categorizing market returns based on sentiment and elucidating relationships across market return distribution quantiles. The study also applies advanced machine learning algorithms—such as Decision Tree Regression (DTR), Support Vector Machine (SVM), Neural Networks (NN), Gradient Boosting Machine (GBM), Random Forest (RF), and Deep Neural Networks (DNN)—to demonstrate the predictive power of sentiment indices in forecasting abnormal returns on the VNIndex. The results emphasize the paramount influence of investors’ sentiment in terms of its predictive power compared to traditional autoregressive models of past trading data. Distinct patterns arise when comparing the low and high quantiles of returns distribution, with sentiment indicators being more influential at the lower quantiles. In summary, the research underscores the significant role of investor sentiment in the Vietnamese stock market dynamics and highlights the confluence of sentiment analysis and modern machine learning as a promising frontier in financial research.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102701"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100922","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
Financial flexibility or financial constraints? Zero-leverage firms during the COVID-19 pandemic
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-01 DOI: 10.1016/j.ribaf.2024.102663
Jiyoon Choi
{"title":"Financial flexibility or financial constraints? Zero-leverage firms during the COVID-19 pandemic","authors":"Jiyoon Choi","doi":"10.1016/j.ribaf.2024.102663","DOIUrl":"10.1016/j.ribaf.2024.102663","url":null,"abstract":"<div><div>Using a large sample of firms across 42 countries, I analyze the investment and debt financing of zero-leverage firms during the COVID-19 crisis to shed light on the zero-leverage puzzle. I find empirical evidence supporting the hypothesis that the motivation behind zero-leverage capital structure is to preserve financial flexibility. Firms that were zero-levered immediately prior to the pandemic showed a smaller decline in investment and increased their leverage more than the levered firms, after controlling for firm-level characteristics. Empirical evidence suggests that zero-leverage firms utilized their excess debt capacity to raise debt financing to finance the cash flow shortfall and maintain the investment rate during the pandemic. The results also highlight the real effects of financial flexibility during crises and its importance in a firm’s capital structure choice.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102663"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100865","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
Do foreign institutional investors curb carbon emissions? Evidence from an emerging economy
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-01 DOI: 10.1016/j.ribaf.2024.102665
Hao Liu , Xue Tang , Jyun-Ying Fu
{"title":"Do foreign institutional investors curb carbon emissions? Evidence from an emerging economy","authors":"Hao Liu ,&nbsp;Xue Tang ,&nbsp;Jyun-Ying Fu","doi":"10.1016/j.ribaf.2024.102665","DOIUrl":"10.1016/j.ribaf.2024.102665","url":null,"abstract":"<div><div>This study examines the effect of foreign institutional investors on corporate carbon emissions of Chinese listed firms from 2010 to 2019. Our findings support the monitoring view of foreign institutional ownership and find that foreign institutional investors have a negative effect on corporate carbon emissions. Our results remain robust to a battery of endogeneity tests, including the instrumental regression model, the Heckman selection model, and the PSM-DID (propensity score matching and difference-in-differences) method. Moreover, we find that foreign institutional investors from regions with strong green innovation exert a more substantial negative impact. Further analyses show that the negative effects are more significant for firms with agency problems and information asymmetry. Our research highlights the critical role that foreign institutional investors play in addressing environmental issues in emerging economies and provides valuable insights into this phenomenon.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102665"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100866","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
Class imbalance Bayesian model averaging for consumer loan default prediction: The role of soft credit information
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-01 DOI: 10.1016/j.ribaf.2024.102722
Futian Weng , Miao Zhu , Mike Buckle , Petr Hajek , Mohammad Zoynul Abedin
{"title":"Class imbalance Bayesian model averaging for consumer loan default prediction: The role of soft credit information","authors":"Futian Weng ,&nbsp;Miao Zhu ,&nbsp;Mike Buckle ,&nbsp;Petr Hajek ,&nbsp;Mohammad Zoynul Abedin","doi":"10.1016/j.ribaf.2024.102722","DOIUrl":"10.1016/j.ribaf.2024.102722","url":null,"abstract":"<div><div>This study investigates the predictive value of soft information for consumer loan defaults. We propose a novel framework to address class imbalance by utilizing the concept of Bayesian model averaging. Specifically, we assign unequal weights to machine learning sub-models that incorporate different combinations of variables, thereby creating an accurate and robust model for predicting consumer loan defaults. Additionally, this framework incorporates the Shapley additive explanations (SHAP) method to estimate individual contributions and employs the Bayesian information criterion to assess the variable contributions of the sub-models. We validate the effectiveness and robustness of our proposed method using authentic loan data and publicly available credit default records from a prominent consumer platform in China. Our empirical research suggests that the characteristics of user online behavior are significantly predictive of loan defaults, demonstrating asymmetry at different stages of default.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102722"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100962","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
Sustainability-linked bonds, corporate commitment and the cost of debt
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-01 DOI: 10.1016/j.ribaf.2024.102658
Massimo Mariani , Francesco D’Ercole , Domenico Frascati , Giuseppe Fraccalvieri
{"title":"Sustainability-linked bonds, corporate commitment and the cost of debt","authors":"Massimo Mariani ,&nbsp;Francesco D’Ercole ,&nbsp;Domenico Frascati ,&nbsp;Giuseppe Fraccalvieri","doi":"10.1016/j.ribaf.2024.102658","DOIUrl":"10.1016/j.ribaf.2024.102658","url":null,"abstract":"<div><div>Sustainability-linked bonds represent one of the newest weapons of choice for firms raising money to reach their sustainability targets. On a sample of 252 corporate sustainability-linked bonds, we employ cross-sectional regressions to inspect the impact of a combination of factors on the cost of debt financing for the issuer, proxied by the yield at issuance. The results unveil that firms with higher step-up clauses in their sustainability-linked bonds do not benefit from reduced debt costs. In contrast, firms exhibit a lower cost of debt when the coupon step-up-related cash flows are paid for a longer period in case of corporate sustainability target failure. On a different note, market actors critically eye the ambitiousness of the targets, with companies experiencing higher yields at issuance when issuing sustainability-linked bonds with outdated sustainability benchmarks and easy-to-reach targets. This study is among the first to underscore the importance of the interplay between financial and qualitative factors in properly designing sustainability-linked bonds with financially material, ambitious, and time-sensitive sustainability targets to reduce the cost of debt financing.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102658"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100907","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
Green finance for achieving environmental sustainability in G7 countries: Effects and transmission channels
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-01 DOI: 10.1016/j.ribaf.2024.102691
Henda Omri , Bilel Jarraya , Montassar Kahia
{"title":"Green finance for achieving environmental sustainability in G7 countries: Effects and transmission channels","authors":"Henda Omri ,&nbsp;Bilel Jarraya ,&nbsp;Montassar Kahia","doi":"10.1016/j.ribaf.2024.102691","DOIUrl":"10.1016/j.ribaf.2024.102691","url":null,"abstract":"<div><div>This study examines the effectiveness of FinTech (Financial Technology), green finance, and environmental policy in achieving environmental sustainability across G7 countries from 2012 to 2022. By implementing the Hayes Process Macro, our findings show that (i) green finance is positively related to environmental sustainability by reducing CO₂ (carbon dioxide) emissions; (ii) environmental innovation mediates the relationship between green finance and environmental sustainability. Green innovation further acts as a crucial transmission mechanism, translating the inputs from green finance into tangible reductions in ecological footprints and CO₂ emissions; (iii) FinTech, as a moderator, enhances the effectiveness of green finance, particularly in fostering environmental innovation and sustainability efforts; (iv) environmental policy moderates the mediating effect of green finance on environmental sustainability via environmental innovation; (v) the synergy between FinTech and environmental policy optimizes the environmental benefits of green finance. The findings of this study have several significant implications for policymakers, financial institutions, and environmental advocates both within the G7 countries and globally.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102691"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100912","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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