Pub Date : 2025-01-08DOI: 10.1016/j.frl.2025.106762
Pin Peng, Yuanzhi Kang, Wanli Huang
This study leverages the “National Economic Industry Classification (2017)” input–output table to construct a spatial weight matrix. It employs a fixed-effects spatial panel Durbin model to analyze the transmission effects of monetary policy through production networks to the real economy. The analysis reveals that production networks serve as a significant channel for monetary policy transmission. However, economic policy uncertainty index (EPU) weakens the transmission effects of production networks and dampens real economic growth. Nonetheless, it remains uncertain whether production networks amplify the suppressive effects of economic policy uncertainty (EPU) on economic growth.
{"title":"Analyzing the transmission effects of monetary policy in production networks under economic policy uncertainty","authors":"Pin Peng, Yuanzhi Kang, Wanli Huang","doi":"10.1016/j.frl.2025.106762","DOIUrl":"https://doi.org/10.1016/j.frl.2025.106762","url":null,"abstract":"This study leverages the “National Economic Industry Classification (2017)” input–output table to construct a spatial weight matrix. It employs a fixed-effects spatial panel Durbin model to analyze the transmission effects of monetary policy through production networks to the real economy. The analysis reveals that production networks serve as a significant channel for monetary policy transmission. However, economic policy uncertainty index (<ce:italic>EPU)</ce:italic> weakens the transmission effects of production networks and dampens real economic growth. Nonetheless, it remains uncertain whether production networks amplify the suppressive effects of economic policy uncertainty (<ce:italic>EPU)</ce:italic> on economic growth.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"26 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2025-01-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142986109","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}
Pub Date : 2025-01-08DOI: 10.1016/j.frl.2025.106768
Francesca Michelino, Vincenzo Varriale, Francesco Appio, Mauro Caputo
Sustainable crowdfunding practices (SCPs) are presented to analyse how and to what extent crowdfunding is able to promote sustainable development, when applied both stand-alone and in combination with other crowd and open-based technologies.
{"title":"Crowdfunding for sustainable development: Comparing stand-alone and combined applications","authors":"Francesca Michelino, Vincenzo Varriale, Francesco Appio, Mauro Caputo","doi":"10.1016/j.frl.2025.106768","DOIUrl":"https://doi.org/10.1016/j.frl.2025.106768","url":null,"abstract":"Sustainable crowdfunding practices (SCPs) are presented to analyse how and to what extent crowdfunding is able to promote sustainable development, when applied both stand-alone and in combination with other crowd and open-based technologies.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"2 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2025-01-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142986086","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}
Pub Date : 2025-01-08DOI: 10.1016/j.frl.2025.106780
Mirza Muhammad Naseer, Yongsheng Guo, Xiaoxian Zhu
This study examines the relationship between firms’ exposure to climate risk and their market value using global data from 2002 to 2022. A significant negative relationship between climate risk and firm value is identified, with geographic variation in impact severity. Asia faces the highest risk, followed by Europe, North America, and others. Policy events like the Stern Review and the Paris Agreement influence this relationship. Financial constraints exacerbate the negative effects of climate risk, while financial flexibility and R&D mitigate them. Firms in environmentally sensitive sectors and outside the United States are more vulnerable, and non-G20/non-OECD countries face greater climate challenges.
{"title":"When climate risk hits corporate value: The moderating role of financial constraints, flexibility, and innovation","authors":"Mirza Muhammad Naseer, Yongsheng Guo, Xiaoxian Zhu","doi":"10.1016/j.frl.2025.106780","DOIUrl":"https://doi.org/10.1016/j.frl.2025.106780","url":null,"abstract":"This study examines the relationship between firms’ exposure to climate risk and their market value using global data from 2002 to 2022. A significant negative relationship between climate risk and firm value is identified, with geographic variation in impact severity. Asia faces the highest risk, followed by Europe, North America, and others. Policy events like the Stern Review and the Paris Agreement influence this relationship. Financial constraints exacerbate the negative effects of climate risk, while financial flexibility and R&D mitigate them. Firms in environmentally sensitive sectors and outside the United States are more vulnerable, and non-G20/non-OECD countries face greater climate challenges.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"53 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2025-01-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142986087","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}
Climate change presents an urgent global challenge, increasing the frequency of extreme weather events. This paper contributes to sustainability research by examining the impact of floods on local equity crowdfunding activity in Italy from 2014 to 2023. Our findings reveal that floods significantly increase the probability of launching crowdfunding campaigns focused on climate mitigation initiatives in affected areas. These campaigns raise higher amounts of capital compared to those in unaffected regions. CEM matching confirms the validity of these findings. Overall, this study highlights how localized climate-related shocks influence entrepreneurial and investor behavior, shedding light on the potential of equity crowdfunding to support sustainability and climate resilience efforts.
{"title":"Rising tides, rising funds: Floods and climate mitigation campaigns in equity crowdfunding","authors":"Monica Billio, Vincenzo Butticè, Francesca Di Pietro, Francesca Tenca, Silvio Vismara","doi":"10.1016/j.frl.2025.106747","DOIUrl":"https://doi.org/10.1016/j.frl.2025.106747","url":null,"abstract":"Climate change presents an urgent global challenge, increasing the frequency of extreme weather events. This paper contributes to sustainability research by examining the impact of floods on local equity crowdfunding activity in Italy from 2014 to 2023. Our findings reveal that floods significantly increase the probability of launching crowdfunding campaigns focused on climate mitigation initiatives in affected areas. These campaigns raise higher amounts of capital compared to those in unaffected regions. CEM matching confirms the validity of these findings. Overall, this study highlights how localized climate-related shocks influence entrepreneurial and investor behavior, shedding light on the potential of equity crowdfunding to support sustainability and climate resilience efforts.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"74 2 Pt 1 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2025-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142986108","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}
Pub Date : 2025-01-07DOI: 10.1016/j.frl.2025.106748
Christian Hopp, Pascal Dey, Maria Riniker, Matthias Rüdiger
Understanding how the descriptions of crowdfunding campaigns, and particularly the information on risks, affect the campaign success of sustainable enterprises remains a critical gap in the literature on entrepreneurial crowdfunding. This study analyzes how campaign information and risk disclosure affect the campaign success of sustainable enterprises. Using a dataset comprising 98,528 crowdfunding campaigns on Kickstarter, which introduced a dedicated section on ‘risks and challenges’ in 2012, we find that the crowdfunding campaigns of sustainable entrepreneurs are generally less successful than those of conventional ventures, and that they particularly struggle to grow the number of backers. Moreover, our results indicate that the success rates of sustainable and conventional campaigns are differentially influenced by the comprehensiveness of campaign information and risk disclosure. Our post-hoc explanations suggest that the positive, trust-building effects of sustainable entrepreneurs’ risk disclosure outweigh the negative, dissuasive effects.
{"title":"Financing sustainable entrepreneurship: Unpacking the role of campaign information and risk disclosure in reward-based crowdfunding","authors":"Christian Hopp, Pascal Dey, Maria Riniker, Matthias Rüdiger","doi":"10.1016/j.frl.2025.106748","DOIUrl":"https://doi.org/10.1016/j.frl.2025.106748","url":null,"abstract":"Understanding how the descriptions of crowdfunding campaigns, and particularly the information on risks, affect the campaign success of sustainable enterprises remains a critical gap in the literature on entrepreneurial crowdfunding. This study analyzes how campaign information and risk disclosure affect the campaign success of sustainable enterprises. Using a dataset comprising 98,528 crowdfunding campaigns on Kickstarter, which introduced a dedicated section on ‘risks and challenges’ in 2012, we find that the crowdfunding campaigns of sustainable entrepreneurs are generally less successful than those of conventional ventures, and that they particularly struggle to grow the number of backers. Moreover, our results indicate that the success rates of sustainable and conventional campaigns are differentially influenced by the comprehensiveness of campaign information and risk disclosure. Our post-hoc explanations suggest that the positive, trust-building effects of sustainable entrepreneurs’ risk disclosure outweigh the negative, dissuasive effects.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"24 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2025-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142986118","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}
Pub Date : 2025-01-07DOI: 10.1016/j.frl.2024.106710
Manuel C. Kathan, Sebastian Utz, Gregor Dorfleitner, Jens Eckberg, Lea Chmel
This paper shows that ESG scores capture a company’s greenwashing behavior. Greenwashing accusations are most prevalent among large companies with high ESG scores. We empirically employ a novel theoretical model that distinguishes between the communication of a company’s environmental efforts (apparent environmental performance) and its actual environmental impact (real environmental performance). The correlation of the apparent (real) environmental performance with ESG scores is significantly positive (negative). Therefore, ESG scores are unsuitable for measuring real environmental impact. Thus, investors focusing on high ESG-rated companies may unknowingly increase their greenwashing risk exposure, and academics may use misleading information to assess greenwashing risk.
{"title":"What you see is not what you get: ESG scores and greenwashing risk","authors":"Manuel C. Kathan, Sebastian Utz, Gregor Dorfleitner, Jens Eckberg, Lea Chmel","doi":"10.1016/j.frl.2024.106710","DOIUrl":"https://doi.org/10.1016/j.frl.2024.106710","url":null,"abstract":"This paper shows that ESG scores capture a company’s greenwashing behavior. Greenwashing accusations are most prevalent among large companies with high ESG scores. We empirically employ a novel theoretical model that distinguishes between the communication of a company’s environmental efforts (apparent environmental performance) and its actual environmental impact (real environmental performance). The correlation of the apparent (real) environmental performance with ESG scores is significantly positive (negative). Therefore, ESG scores are unsuitable for measuring real environmental impact. Thus, investors focusing on high ESG-rated companies may unknowingly increase their greenwashing risk exposure, and academics may use misleading information to assess greenwashing risk.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"23 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2025-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142986315","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}
Pub Date : 2025-01-06DOI: 10.1016/j.frl.2025.106765
Amine Mounir
This article develops a measure of portfolio return, variance, and ESG trade-offs, using the concept of curvature in differential geometry. This measure assesses the return reduction or risk expansion when seeking higher ESG scores for a given optimal portfolio. The application of curvature across four global markets indicates that (1) investors in the global minimum variance and the maximum Sharpe ratio portfolios can improve their ESG performance without a reduction in return or an expansion in risk; and (2) that investors with lower risk aversion have better opportunities to improve their portfolio's ESG score without considerable reductions in return compared to those with higher risk aversion.
{"title":"Curvature and the mean-variance-ESG frontier: A new measure of risk-return-ESG trade-offs","authors":"Amine Mounir","doi":"10.1016/j.frl.2025.106765","DOIUrl":"https://doi.org/10.1016/j.frl.2025.106765","url":null,"abstract":"This article develops a measure of portfolio return, variance, and ESG trade-offs, using the concept of curvature in differential geometry. This measure assesses the return reduction or risk expansion when seeking higher ESG scores for a given optimal portfolio. The application of curvature across four global markets indicates that (1) investors in the global minimum variance and the maximum Sharpe ratio portfolios can improve their ESG performance without a reduction in return or an expansion in risk; and (2) that investors with lower risk aversion have better opportunities to improve their portfolio's ESG score without considerable reductions in return compared to those with higher risk aversion.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"9 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2025-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142936192","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}
Pub Date : 2025-01-06DOI: 10.1016/j.frl.2025.106749
Claudia Curi, Paolo Mancuso, Alessandro Scarpa
This paper presents a comprehensive bibliometric analysis of research on state-owned enterprises (SOEs) from 1994 to 2024. Using data from top-tier journals, we identify four major research themes: determinants of SOEs’ performance, corporate finance, corporate governance, and globalization. We identify key trends, research gaps, and emerging areas of interest, such as the intersection of sustainability and SOE governance. Our findings highlight that, while performance and corporate finance remain central topics, sustainability-related research is still nascent. The analysis suggests that future research should explore the integration of sustainability into SOE governance frameworks and financial strategies.
{"title":"State-owned enterprises: A bibliometric review and research agenda","authors":"Claudia Curi, Paolo Mancuso, Alessandro Scarpa","doi":"10.1016/j.frl.2025.106749","DOIUrl":"https://doi.org/10.1016/j.frl.2025.106749","url":null,"abstract":"This paper presents a comprehensive bibliometric analysis of research on state-owned enterprises (SOEs) from 1994 to 2024. Using data from top-tier journals, we identify four major research themes: determinants of SOEs’ performance, corporate finance, corporate governance, and globalization. We identify key trends, research gaps, and emerging areas of interest, such as the intersection of sustainability and SOE governance. Our findings highlight that, while performance and corporate finance remain central topics, sustainability-related research is still nascent. The analysis suggests that future research should explore the integration of sustainability into SOE governance frameworks and financial strategies.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"83 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2025-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142986110","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}
Pub Date : 2025-01-05DOI: 10.1016/j.frl.2025.106759
Jingjian Si, Xiangyun Gao, Jinsheng Zhou
The risk spillover of the energy stock market has become a research hot spot in the field of energy finance. Investors and regulators can avoid systemic risks through the risk spillover relationship among listed companies. Therefore, predicting the risk spillover of the energy stock market is necessary. This study proposes a new forecasting framework to predict the risk spillover among different listed energy companies by leveraging the common concerns of investors for such companies. Results show that the deep neural network with targeted loss function constructed in this study demonstrates higher prediction accuracy.
{"title":"Using deep learning to predict energy stock risk spillover based on co-investor attention","authors":"Jingjian Si, Xiangyun Gao, Jinsheng Zhou","doi":"10.1016/j.frl.2025.106759","DOIUrl":"https://doi.org/10.1016/j.frl.2025.106759","url":null,"abstract":"The risk spillover of the energy stock market has become a research hot spot in the field of energy finance. Investors and regulators can avoid systemic risks through the risk spillover relationship among listed companies. Therefore, predicting the risk spillover of the energy stock market is necessary. This study proposes a new forecasting framework to predict the risk spillover among different listed energy companies by leveraging the common concerns of investors for such companies. Results show that the deep neural network with targeted loss function constructed in this study demonstrates higher prediction accuracy.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"30 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2025-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142936147","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}
Pub Date : 2025-01-05DOI: 10.1016/j.frl.2025.106763
Jieru Wan, Liyan Han, You Wu
This study examines volatility spillovers between central bank digital currency (CBDC) uncertainty and cryptocurrencies in the time and frequency domains. Findings show that CBDC uncertainty transmits risk to cryptocurrencies, mainly in the short term. This risk contagion intensifies as countries advance their CBDC development. Moreover, good volatility from CBDC uncertainty to cryptocurrencies exceeds bad volatility, indicating an optimistic response of cryptocurrencies to CBDC uncertainty. These findings underscore the growing connection between CBDCs and cryptocurrencies, offering valuable insights for policy implementation and cryptocurrency investment.
{"title":"Time-frequency volatility spillovers between CBDC uncertainty and cryptocurrencies","authors":"Jieru Wan, Liyan Han, You Wu","doi":"10.1016/j.frl.2025.106763","DOIUrl":"https://doi.org/10.1016/j.frl.2025.106763","url":null,"abstract":"This study examines volatility spillovers between central bank digital currency (CBDC) uncertainty and cryptocurrencies in the time and frequency domains. Findings show that CBDC uncertainty transmits risk to cryptocurrencies, mainly in the short term. This risk contagion intensifies as countries advance their CBDC development. Moreover, good volatility from CBDC uncertainty to cryptocurrencies exceeds bad volatility, indicating an optimistic response of cryptocurrencies to CBDC uncertainty. These findings underscore the growing connection between CBDCs and cryptocurrencies, offering valuable insights for policy implementation and cryptocurrency investment.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"77 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2025-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142936098","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}
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