Research in International Business and Finance最新文献_第9页

European banks’ interest margins and monetary policy: Evidence of a stickiness phenomenon 欧洲银行的息差和货币政策：粘性现象的证据

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103073

Fabrizio Crespi , Marco Mandas , Milena Migliavacca

引用次数: 0

Does materiality matter in ESG investing? ESG投资的重要性重要吗？

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103105

Salma Ben Amor , Maher Kooli

引用次数: 0

The impact of insider-appointment on the fulfillment of M&A performance commitments: Based on the power-responsibility paradox 内部人任命对并购绩效承诺履行的影响：基于权力-责任悖论

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103086

Shaoni Zhou, Zhitian Zhou, Yijun Yan, Qiyue Du

{"title":"The impact of insider-appointment on the fulfillment of M&A performance commitments: Based on the power-responsibility paradox","authors":"Shaoni Zhou, Zhitian Zhou, Yijun Yan, Qiyue Du","doi":"10.1016/j.ribaf.2025.103086","DOIUrl":"10.1016/j.ribaf.2025.103086","url":null,"abstract":"<div><div>In the context of exacerbating the power-responsibility paradox, this study investigates the impact of the acquirer's appointment of insiders to the target during the performance commitment period on fulfilling performance commitments. Using a hand-collected dataset from 2008 to 2022, we document that a higher proportion of acquirer-appointed insiders significantly enhances the fulfillment of performance commitments. Our result holds after a series of robustness tests. Further analysis reveals that this positive impact is more pronounced in unrelated, cross-regional M&As, cash-only compensation schemes, and when the acquirer exhibits superior internal control quality and stronger Confucian cultural influence. Moreover, the appointment of executives by the acquirer to the target, rather than directors and supervisors, significantly reduces the likelihood of performance deterioration after the commitment period. This finding indirectly suggests that such appointments do not transform performance commitments into a tool for collusion among M&A-related parties. From the perspective of the power-responsibility paradox, our research highlights that the appointment of insiders to the target during the commitment period is a critical factor influencing the fulfillment of performance commitments.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"79 ","pages":"Article 103086"},"PeriodicalIF":6.9,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144864328","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

Corporate climate risk exposure and stock liquidity: New evidence based on heterogeneous environmental regulation 企业气候风险暴露与股票流动性：基于异质环境监管的新证据

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103089

Yixin Qiu , Jinyu Chen , Qian Ding

{"title":"Corporate climate risk exposure and stock liquidity: New evidence based on heterogeneous environmental regulation","authors":"Yixin Qiu , Jinyu Chen , Qian Ding","doi":"10.1016/j.ribaf.2025.103089","DOIUrl":"10.1016/j.ribaf.2025.103089","url":null,"abstract":"<div><div>The increasing climate risk brought by climate change to businesses is becoming a complex and important challenge faced by global firms. This study explores the relationship between corporate climate risk exposure (CCRE) and stock liquidity with a sample of Chinese A-share listed enterprises from 2011 to 2020. The results show that CCRE significantly reduces the stock liquidity. Specifically, compared with climate physical risk exposure (CPRE), climate transition risk exposure (CTRE) has a more pronounced negative impact on the stock liquidity. Moreover, government environmental regulation has a significantly positive moderating effect on the above negative relationship. Public environmental attention significantly positively moderates the relationship between CCRE, CTRE and stock liquidity, but the moderating effect in CPRE and stock liquidity is not significant. Furthermore, the joint moderating effect of heterogeneous environmental regulation positively moderates the negative relationship between CCRE, CPRE and stock liquidity. Additional analysis suggests that the negative effect of CCRE on stock liquidity further reduces firm performance. This paper provides clues for understanding the liquidity of micro entities in the capital market and provides practical suggestions for better coping with corporate climate risk.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"79 ","pages":"Article 103089"},"PeriodicalIF":6.9,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144858300","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 stock market quantiles intervene in the transmission of positive and negative shocks in the commodity futures and forex market returns? 股票市场分位数是否会干预商品期货和外汇市场收益中正负冲击的传导？

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103081

Mosab I. Tabash , Umaid A. Sheikh , David Roubaud , Mamdouh Abdulaziz Saleh Al-Faryan , Oksana Grebinevych

{"title":"Do stock market quantiles intervene in the transmission of positive and negative shocks in the commodity futures and forex market returns?","authors":"Mosab I. Tabash , Umaid A. Sheikh , David Roubaud , Mamdouh Abdulaziz Saleh Al-Faryan , Oksana Grebinevych","doi":"10.1016/j.ribaf.2025.103081","DOIUrl":"10.1016/j.ribaf.2025.103081","url":null,"abstract":"<div><div>This is first study to examine the asymmetric effects of positive and negative innovations in commodity futures (oil and gold) and foreign exchange market returns across the quantiles of stock returns of all of the 22 developed economies, while accounting for different investment horizons (short- and long-term). Methodologically, we used an integrated framework by combining the Nonlinear Autoregressive Distributed Lag (NARDL) model with quantile regression and thereby utilized the Quantile-based NARDL (QNARDL) approach. Further, for the COVID-19 subsample, we augmented the QNARDL model by incorporating control variables such as pandemic-related news sentiment and disaggregated positive and negative returns from the U.S. non-financial sector. Overall, the empirical results indicated that equity market sensitivities to macroeconomic and non-macroeconomic disturbances are conditional upon four critical dimensions: (1) prevailing stock market regimes (bullish, bearish, or neutral); (2) investment horizon (short- vs. long-term); (3) asymmetric transmission mechanisms of negative and positive shocks that originate from forex markets and commodity futures, and (4) temporal segmentation (pre-, during-, and post-COVID-19 periods).</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"79 ","pages":"Article 103081"},"PeriodicalIF":6.9,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144860818","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 return and volatility spillovers among decentralized finance (DeFi) assets 去中心化金融（DeFi）资产的回报和波动性溢出效应

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103071

Sabbor Hussain , Jo-Hui Chen

{"title":"The return and volatility spillovers among decentralized finance (DeFi) assets","authors":"Sabbor Hussain , Jo-Hui Chen","doi":"10.1016/j.ribaf.2025.103071","DOIUrl":"10.1016/j.ribaf.2025.103071","url":null,"abstract":"<div><div>This study investigates the interconnectedness, returns, and volatility spillovers among Non-Fungible Tokens (NFTs), cryptocurrencies, and FinTech Exchange-Traded Funds (ETFs), employing advanced econometric frameworks TVP-VAR, GARCH-ARMA, and EGARCH-ARMA to address gaps in understanding these emerging digital assets. This work integrates these advanced models and obtains new insights into dynamic relationships connected with asymmetric risk and responsive behaviors during the crisis. The findings reveal that NFTs and cryptocurrencies exhibit higher returns and greater volatility than FinTech ETFs, making them high-risk and high-reward investments. Dynamic spillover analysis identifies moderate connectedness, with cryptocurrencies dominating volatility transmission and NFTs driving return spillovers, while FinTech ETFs act as stabilizers. Crucially, the EGARCH–ARMA framework uncovers distinct leverage effects in NFTs and cryptocurrencies, where adverse shocks amplify volatility more than positive ones. During the COVID-19 pandemic, total connectedness underscores their sensitivity to external shocks. This study holistically analyzes these asset classes, offering actionable strategies for portfolio diversification, active risk management, and crisis mitigation in digital financial markets.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"79 ","pages":"Article 103071"},"PeriodicalIF":6.9,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144829539","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 through noise: Media's role in mitigating corruption's impact on bond markets in China 在噪音中航行：媒体在减轻腐败对中国债券市场影响中的作用

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103075

Zuoping Xiao, Jingjing Zai, Qiaoling Su

引用次数: 0

The mechanism of green finance in promoting China's new quality productive forces: Technological innovation and data factor 绿色金融促进中国新型优质生产力的机制：技术创新与数据因素

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103038

Zhongwei Zhu , Qian Hua , Shuai Xu , Weiwei Lin

{"title":"The mechanism of green finance in promoting China's new quality productive forces: Technological innovation and data factor","authors":"Zhongwei Zhu , Qian Hua , Shuai Xu , Weiwei Lin","doi":"10.1016/j.ribaf.2025.103038","DOIUrl":"10.1016/j.ribaf.2025.103038","url":null,"abstract":"<div><div>This paper aims to measure the development levels of China's green finance (GF) and new quality productive forces (NQPFs), and explore the mechanism and heterogeneous effects of GF on the development of NQPFs. By employing the data envelopment analysis and the entropy value method, this paper innovatively constructs a new multi-dimensional evaluation system of \"GF-NQPFs\". And the study sheds light on the promotion effect of GF on NQPFs from the perspectives of technological innovation and data factors. The study presents three key findings. Firstly, the development level of China's GF has been steadily rising, with the scale of key indicators such as green investment expanding. Secondly, GF can efficiently drive forward the progress of NQPFs. Thirdly, the mechanism through which GF promotes the development of NQPFs is chiefly manifested in two aspects: technological innovation and data factors. The discovery of the driving mechanism of technological innovation and data factors and the key role of green investment provides a scientific reference for developing China's GF and improving NQPFs.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"79 ","pages":"Article 103038"},"PeriodicalIF":6.3,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144623826","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

Higher-order co-moment contagion during Trump’s second presidential term: A trade policy uncertainty perspective 特朗普第二任期的高阶共矩传染：贸易政策不确定性视角

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103028

Elie Bouri , Naji Jalkh , Ender Demir

{"title":"Higher-order co-moment contagion during Trump’s second presidential term: A trade policy uncertainty perspective","authors":"Elie Bouri , Naji Jalkh , Ender Demir","doi":"10.1016/j.ribaf.2025.103028","DOIUrl":"10.1016/j.ribaf.2025.103028","url":null,"abstract":"<div><div>Donald Trump's second presidential term continues to shape economic and trade policies as well as the dynamics of financial markets. In this paper, we examine whether U.S. trade policy uncertainty (TPU) under Trump’s second term triggers financial contagion with asset classes through higher-order moments of asset returns. Our analysis extends recent studies that consider abnormal returns and the dynamics of asset correlations around the tariffs announcements and contributes to the literature that links political transitions and trade policy uncertainty with financial markets beyond the first and second moments by considering higher-order comoment contagion. Using daily data on U.S. equities, U.S. treasury and corporate bonds, U.S. dollar index, gold, crude oil, and Bitcoin, we consider the 2024 U.S. presidential election, 2025 presidential inauguration, and liberation day. Overall, the results show evidence of contagion in co-volatility, co-skewness, and co-kurtosis between US trade policy uncertainty and each of the examined assets following the three events. This highlights the substantial exposure of these assets to Trump's proposed tariffs, which has important implications for the decision-making processes of various economic actors.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"79 ","pages":"Article 103028"},"PeriodicalIF":6.3,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144605269","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 government ownership influence the dividend payments of European banks? 政府所有权会影响欧洲银行的股息支付吗？

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103088

José Nuno Sacadura , Sónia R. Bentes

{"title":"Does government ownership influence the dividend payments of European banks?","authors":"José Nuno Sacadura , Sónia R. Bentes","doi":"10.1016/j.ribaf.2025.103088","DOIUrl":"10.1016/j.ribaf.2025.103088","url":null,"abstract":"<div><div>This paper examines the impact of government ownership on the dividend policies of European banks between 2007 and 2021. Drawing on agency theory and using a unique hand-collected dataset of 217 listed banks across 31 countries, we explore how varying degrees of state ownership influence the likelihood and level of dividend distributions. Our empirical results reveal a nuanced relationship: while concentrated government ownership significantly reduces the propensity to pay dividends—consistent with the rent-extraction hypothesis—non-controlling government stakes are associated with a higher likelihood of dividend payouts. This divergence suggests that minority public ownership may mirror institutional investor behavior, driven by reputational concerns and transparency incentives. The findings are robust across all regression models and remain consistent when using the augmented payout ratio as an alternative dependent variable. Furthermore, the influence of government ownership diminishes following the implementation of the European Banking Union in 2015, indicating that supranational oversight through the Single Supervisory Mechanism has curtailed national governments' discretionary influence over bank governance. Our study contributes to the literature by challenging the uniform view of state ownership, highlighting the importance of ownership thresholds and institutional context in shaping dividend policy.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"79 ","pages":"Article 103088"},"PeriodicalIF":6.9,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144829541","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