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

Does shadow banking regulation constrain the idiosyncratic risk of firms? evidence from a quasi-natural experiment in China 影子银行监管是否限制了公司的特殊风险？证据来自中国的一项准自然实验

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-05-01 DOI: 10.1016/j.ribaf.2025.102926

Zhenming Fang , Ruijiang Li , David Smith , Jing Liao

引用次数: 0

Green credit policy and its friction: Evidence from corporate asset structure adjustments 绿色信贷政策及其摩擦：来自企业资产结构调整的证据

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-05-01 DOI: 10.1016/j.ribaf.2025.102936

Yaxin Bai , Zehao Wang , Xiaowei Sun

{"title":"Green credit policy and its friction: Evidence from corporate asset structure adjustments","authors":"Yaxin Bai , Zehao Wang , Xiaowei Sun","doi":"10.1016/j.ribaf.2025.102936","DOIUrl":"10.1016/j.ribaf.2025.102936","url":null,"abstract":"<div><div>This study investigates the challenges influencing the effectiveness of green credit policy, with a focus on corporate asset structure adjustments. Our findings reveal that the green credit policy significantly decelerates the adjustment speed of asset structure in heavily polluting firms, which indicates a substantial inhibitory effect of green credit policy on the asset allocation efficiency. Furthermore, the green credit policy does lead to a reduction in pollution emissions, while the sluggish adjustment speed of corporate asset structure hampers its effectiveness in emission reduction. Mechanism analysis suggests that the inhibitory effect of green credit policy on the dynamic adjustment of corporate asset structure is primarily attributed to both the lack of adjustment opportunity and adjustment motivation. Additionally, heterogeneity analysis indicates that this inhibitory effect is more prominent in state-owned enterprises, firms located in regions with higher financial development levels and more stringent environmental regulations. This study advances the green finance and asset allocation efficiency literature by examining the impact of green credit policy on the dynamic adjustment of corporate asset structure. It highlights the policy’s unintended friction in heavily polluting firms, demonstrating that while green credit policies reduce pollution, they hinder the efficiency of asset structure adjustments. Overall, this study offers practical implications for policymakers seeking to design balanced strategies that harmonize environmental objectives with corporate financial sustainability.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"77 ","pages":"Article 102936"},"PeriodicalIF":6.3,"publicationDate":"2025-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144107378","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

New paths of the time-varying Granger-causality test under extreme shocks: An analysis of geopolitical risk and crude oil markets 极端冲击下时变格兰杰因果检验的新路径：地缘政治风险与原油市场分析

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-05-01 DOI: 10.1016/j.ribaf.2025.102994

Yanran Hong , Xiaozhu Guo , Chunlan Zhao

{"title":"New paths of the time-varying Granger-causality test under extreme shocks: An analysis of geopolitical risk and crude oil markets","authors":"Yanran Hong , Xiaozhu Guo , Chunlan Zhao","doi":"10.1016/j.ribaf.2025.102994","DOIUrl":"10.1016/j.ribaf.2025.102994","url":null,"abstract":"<div><div>Motivated by the significant market disruptions caused by recent geopolitical crises and natural disasters, we develop an extreme time-varying Granger-causality test. This approach integrates the recursive evolution window algorithm into the Granger-causality test framework under a data-driven environment, which enables us to uncover dynamic causal differences between extreme and nonextreme financial conditions. Specifically, we apply this novel method to comprehensively investigate the dynamic impact of geopolitical risk on the crude oil market. The empirical analysis not only reveals that extreme geopolitical risk shocks drive the price of the crude oil market in a dynamic manner but also reveals the asymmetric and nonlinear characteristics of these impacts. The degrees and durations of such impacts vary significantly across different periods of geopolitical risk. To ensure the reliability of our findings, we conduct a series of robustness tests, and all the considerations verify the stability of the novel method. Thus, our work contributes to a better understanding of the real-time impact of geopolitical risk on the crude oil market, especially under extreme shock scenarios. The insights provided herein may offer valuable reference for decision-makers to formulate energy-related policies, devise business strategies and make investment decisions.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"77 ","pages":"Article 102994"},"PeriodicalIF":6.3,"publicationDate":"2025-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144123561","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 market power of ESG index providers: The effects of rebalancing ESG-themed indices ESG指数提供商的市场力量：再平衡ESG主题指数的影响

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-05-01 DOI: 10.1016/j.ribaf.2025.102902

Roberto Barontini, Luigi Gioja

{"title":"The market power of ESG index providers: The effects of rebalancing ESG-themed indices","authors":"Roberto Barontini, Luigi Gioja","doi":"10.1016/j.ribaf.2025.102902","DOIUrl":"10.1016/j.ribaf.2025.102902","url":null,"abstract":"<div><div>This paper examines market reactions to changes in the composition of 11 MSCI ESG indices over the period 2011–2021. The results highlight the market power of ESG index providers. In summary, revisions to an index typically induce abnormal returns and abnormal trading volume, which are generally related to significant ownership changes. Abnormal trading volume is detected on the day of the effective change in the composition of the index. This is consistent with strong portfolio rebalancing. However, statistically significant abnormal returns can still be found after 30 days, especially for excluded firms. This demonstrates that composition changes can have a permanent impact on market value. Additionally, the impact is stronger in emerging markets and for heavy-polluting firms and has been more pronounced since the signing of the Paris Agreement in 2016. Both long-term and short-term institutional investors increase (reduce) their ownership in admitted (excluded) firms after the change, while strategic investors will look to reduce their equity stakes before the exclusion and then increase them once the index has been rebalanced.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"77 ","pages":"Article 102902"},"PeriodicalIF":6.3,"publicationDate":"2025-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143917604","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

Shadow banking, macroprudential policy and banks’ systemic risk 影子银行、宏观审慎政策与银行系统性风险

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-05-01 DOI: 10.1016/j.ribaf.2025.102950

Min Huang , Hai Jiang

{"title":"Shadow banking, macroprudential policy and banks’ systemic risk","authors":"Min Huang , Hai Jiang","doi":"10.1016/j.ribaf.2025.102950","DOIUrl":"10.1016/j.ribaf.2025.102950","url":null,"abstract":"<div><div>This paper examines the influence of shadow banking on systemic risk using quarterly data on 34 Chinese listed banks from 2009 to 2022. We find that banks involved in shadow banking increase bank-specific tail risk and systemic linkage, thereby amplifying systemic risk. Heterogeneity test results show that national banks involved in shadow banking significantly increase bank-specific tail risk, systemic linkage and systemic risk, while regional banks decrease bank-specific tail risk and systemic risk. Policy effect analysis suggests that implementation of macroprudential policies reduce bank-specific tail risk and systemic risk caused by shadow banking, while macroprudential policies targeting borrowers would enhance systemic linkage. Despite contractionary monetary policies strengthening systemic linkage, tight quantity-based monetary policies could mitigate the impact of shadow banking on systemic risk, whereas tight price-based monetary policies have the opposite effect. Furthermore, market competition and the New Asset Management Regulations (NAMR) might influence the relationship between shadow banking and systemic risk.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"77 ","pages":"Article 102950"},"PeriodicalIF":6.3,"publicationDate":"2025-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143950452","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 green innovation: Investigating the effects of executive pay and firm age 人工智能和绿色创新：调查高管薪酬和公司年龄的影响

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-05-01 DOI: 10.1016/j.ribaf.2025.102953

Jinfei Zhang

{"title":"Artificial intelligence and green innovation: Investigating the effects of executive pay and firm age","authors":"Jinfei Zhang","doi":"10.1016/j.ribaf.2025.102953","DOIUrl":"10.1016/j.ribaf.2025.102953","url":null,"abstract":"<div><div>In the era of global sustainability, corporate green innovation is pivotal to achieving long-term competitiveness. This study explores how artificial intelligence (AI) applications influence firms' green innovation, emphasizing the moderating roles of executive annual salary and firm age. Using panel data from Chinese listed companies (2012–2023), this research uncovers three key findings: (1) AI applications significantly enhance green innovation, demonstrating sustained effects over time; (2) executive incentives, reflected in annual salary, amplify AI's positive impact through strategic decision-making; and (3) firm age moderates AI's effect linearly, with older firms displaying heightened adaptability in leveraging AI for green innovation. This research bridges critical gaps by integrating micro-governance factors and firm lifecycle attributes into the AI–green innovation framework. The findings offer actionable insights for optimizing AI strategies, designing effective executive compensation systems, and tailoring firm-specific innovation policies. This study contributes to the intersection of AI, corporate governance, and sustainable development, offering fresh empirical evidence and practical implications for policymakers and business leaders aiming to foster green innovation in the digital economy.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"77 ","pages":"Article 102953"},"PeriodicalIF":6.3,"publicationDate":"2025-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144069315","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 common ownership affect stock price synchronicity? 普通股是否影响股价同步性？

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-05-01 DOI: 10.1016/j.ribaf.2025.102945

Wenhua Liu , Bohong Sun , Lili Zhao , Pingheng Zhu

引用次数: 0

How investors’ ChatGPT attention influence stock market? A liquidity perspective 投资者的ChatGPT关注如何影响股市？流动性视角

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-05-01 DOI: 10.1016/j.ribaf.2025.102939

Xiaoyu Li , Shuyang Jia , Fujing Xue , Nan Hu

引用次数: 0

Hierarchical clustering-based early warning model for predicting bank failures: Insights from Ghana's financial sector reforms (2017–2019) 基于层次聚类的银行倒闭预警模型：来自加纳金融部门改革的启示（2017-2019）

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-05-01 DOI: 10.1016/j.ribaf.2025.102944

Natalia Owoo, Jones Odei-Mensah

引用次数: 0

Does ESG rating divergence decrease enterprise productivity? Evidence from China ESG评级差异是否会降低企业生产率？来自中国的证据

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-05-01 DOI: 10.1016/j.ribaf.2025.102967

Qiang Tu , Limei Zuo , Anran Liang , Ye Yao , Diyi Liu

引用次数: 0