科技公司和可再生能源部门：探索机构所有权对金融连通性的调节作用

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2025-08-01 DOI:10.1016/j.ribaf.2025.103087

Selahattin Murat Sirin , Berna N. Yilmaz

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引用次数: 0

摘要

科技公司可以在推动可持续发展实践方面发挥重要作用，特别是通过它们与可再生能源部门的协同作用。然而，现有文献往往忽略了企业层面的动态，并使用汇总数据来探索科技和可再生能源部门之间的联系。本文通过使用公司层面的数据来检验机构所有权对金融连通性的调节作用，从而为文献做出贡献。我们利用大型语言模型开发了一个关于企业可再生能源战略的新数据集，并利用事件研究和面板数据分析来检验我们的假设。基于2011年至2022年129家科技公司的数据，实证分析表明，机构所有权调节了科技公司与可再生能源行业之间的财务联系；然而，结果表明存在阈值效应。虽然低机构持股的公司对绩效的影响更大，但高机构持股的公司之间的绩效差异不那么明显。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

Tech firms and the renewable energy sector: Exploring the moderating effects of institutional ownership on financial connectedness

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Tech firms and the renewable energy sector: Exploring the moderating effects of institutional ownership on financial connectedness

Tech firms can play a major role in advancing sustainability practices, particularly through their synergy with the renewable energy sector. However, the existing literature often overlooks firm-level dynamics and uses aggregated data to explore the connectedness between the tech and renewable energy sectors. This paper contributes to the literature by examining the moderating effects of institutional ownership on financial connectedness using firm-level data. We develop a novel dataset on firms’ renewable energy strategies with a large language model and utilize event-study and panel-data analyses to test our hypothesis. Based on data from 129 tech firms from 2011 to 2022, empirical analyses reveal that institutional ownership moderates the financial connectedness between tech firms and the renewable energy sector; however, the results indicate a threshold effect. While firms with low institutional ownership experience a higher impact on performance, performance differences among firms with higher institutional ownership are less pronounced.

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来源期刊

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance