Pub Date : 2025-03-19DOI: 10.1016/j.frl.2025.107211
Yu Wang , Gaoya Song , Yiming Lu
Based on a unique dataset of the equity relations between Chinese listed companies and the banks that provide them with loans, this paper empirically examines the impact and mechanisms of firm-bank common ownership on corporate earnings management. We find that firm-bank common ownership significantly reduces corporate earnings management behavior. Next, we use instrumental variable regression, the PSM method, along with a series of supplementary analyses to validate the robustness of the results. In terms of the mechanism, we find that firm-bank common ownership significantly improves firms' loan accessibility, and thus suppresses the incentive for earnings management. Our research broadens existing studies on the impact of firm-bank common ownership and provides new insights into the determinants of corporate earnings management.
{"title":"Firm-bank common ownership and earnings management: Evidence from China","authors":"Yu Wang , Gaoya Song , Yiming Lu","doi":"10.1016/j.frl.2025.107211","DOIUrl":"10.1016/j.frl.2025.107211","url":null,"abstract":"<div><div>Based on a unique dataset of the equity relations between Chinese listed companies and the banks that provide them with loans, this paper empirically examines the impact and mechanisms of firm-bank common ownership on corporate earnings management. We find that firm-bank common ownership significantly reduces corporate earnings management behavior. Next, we use instrumental variable regression, the PSM method, along with a series of supplementary analyses to validate the robustness of the results. In terms of the mechanism, we find that firm-bank common ownership significantly improves firms' loan accessibility, and thus suppresses the incentive for earnings management. Our research broadens existing studies on the impact of firm-bank common ownership and provides new insights into the determinants of corporate earnings management.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107211"},"PeriodicalIF":7.4,"publicationDate":"2025-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143644850","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 : 2025-03-18DOI: 10.1016/j.frl.2025.107245
Yan Ding, Changzheng Li, Sisi Ye
Using data from the Shanghai Stock Exchange, Shenzhen Stock Exchange, Interbank Dealers Association, and National Development and Reform Commission spanning 2014–2022 as well as the difference-in-difference technique, this study examines the transmission effect of real estate risk events on municipal bond spreads. Findings reveal that municipal investment bond spreads in risk-sensitive areas increase significantly after a real estate risk event. However, this impact is mitigated by strengthening the government's guarantee ability. Furthermore, this study highlights that real estate risk events have a greater impact on low-credit-rated municipal investment bonds than on high-credit-rated ones, with potential implications for financial market stability and government credit.
{"title":"Transmission effects of real estate risk on municipal bond spreads","authors":"Yan Ding, Changzheng Li, Sisi Ye","doi":"10.1016/j.frl.2025.107245","DOIUrl":"https://doi.org/10.1016/j.frl.2025.107245","url":null,"abstract":"Using data from the Shanghai Stock Exchange, Shenzhen Stock Exchange, Interbank Dealers Association, and National Development and Reform Commission spanning 2014–2022 as well as the difference-in-difference technique, this study examines the transmission effect of real estate risk events on municipal bond spreads. Findings reveal that municipal investment bond spreads in risk-sensitive areas increase significantly after a real estate risk event. However, this impact is mitigated by strengthening the government's guarantee ability. Furthermore, this study highlights that real estate risk events have a greater impact on low-credit-rated municipal investment bonds than on high-credit-rated ones, with potential implications for financial market stability and government credit.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"3 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2025-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143666319","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 : 2025-03-17DOI: 10.1016/j.frl.2025.107194
Sami Ben Jabeur , Zouhaier Dhifaoui , Yassine Bakkar , Houssein Ballouk
This study provides evidence on the role of the quality of political signals in predicting six major cryptocurrency asset classes. Including communications from the U.S. presidential election in 2024, we find that political news affects cryptocurrency returns in the short-term (from 2 to 4 months). For most cryptoassets, text sentiment measures demonstrate superior predictive performance compared to historical cryptocurrency time series in out-of-sample forecasts.
{"title":"‘Crypto president’: Do narrative political signals drive cryptocurrency returns?","authors":"Sami Ben Jabeur , Zouhaier Dhifaoui , Yassine Bakkar , Houssein Ballouk","doi":"10.1016/j.frl.2025.107194","DOIUrl":"10.1016/j.frl.2025.107194","url":null,"abstract":"<div><div>This study provides evidence on the role of the quality of political signals in predicting six major cryptocurrency asset classes. Including communications from the U.S. presidential election in 2024, we find that political news affects cryptocurrency returns in the short-term (from <span><math><mo>∼</mo></math></span>2 to <span><math><mo>∼</mo></math></span>4 months). For most cryptoassets, text sentiment measures demonstrate superior predictive performance compared to historical cryptocurrency time series in out-of-sample forecasts.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107194"},"PeriodicalIF":7.4,"publicationDate":"2025-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143637795","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}
Pub Date : 2025-03-17DOI: 10.1016/j.frl.2025.107231
Jinyu Yuan, Chuangxia Huang
While there is widespread agreement that liquidity plays a crucial role in financial contagion, the analysis of liquidity spillovers between individual stocks remains underexplored. This study examines liquidity spillover effects among individual stocks within a multilayer network framework. Using data from S&P 500 constituent stocks between 2006 and 2021, we construct annual multilayer liquidity spillover networks, incorporating both linear and nonlinear layers. The results show that, compared to single-layer networks, multilayer networks more accurately and comprehensively capture liquidity spillovers and identify crisis periods. Moreover, liquidity spillovers are significantly heightened during crises. Based on multilayer liquidity spillover network, we identify the main connectors, receivers, and senders of liquidity spillovers, offering valuable insights for pinpointing sources of market volatility and mitigating systemic liquidity risks.
{"title":"Liquidity spillovers in US stock market based on multilayer networks","authors":"Jinyu Yuan, Chuangxia Huang","doi":"10.1016/j.frl.2025.107231","DOIUrl":"https://doi.org/10.1016/j.frl.2025.107231","url":null,"abstract":"While there is widespread agreement that liquidity plays a crucial role in financial contagion, the analysis of liquidity spillovers between individual stocks remains underexplored. This study examines liquidity spillover effects among individual stocks within a multilayer network framework. Using data from S&P 500 constituent stocks between 2006 and 2021, we construct annual multilayer liquidity spillover networks, incorporating both linear and nonlinear layers. The results show that, compared to single-layer networks, multilayer networks more accurately and comprehensively capture liquidity spillovers and identify crisis periods. Moreover, liquidity spillovers are significantly heightened during crises. Based on multilayer liquidity spillover network, we identify the main connectors, receivers, and senders of liquidity spillovers, offering valuable insights for pinpointing sources of market volatility and mitigating systemic liquidity risks.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"27 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2025-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143666321","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 : 2025-03-16DOI: 10.1016/j.frl.2025.107175
Philipp Struthmann
This paper examines the relationship between financial development and macroeconomic growth volatility. Using data from 104 countries over the period 1980–2023 and employing endogeneity-robust estimation techniques, we find that financial intermediation, along with access, depth, and efficiency of financial institutions and markets, generally reduces growth volatility in the long run. However, this effect is non-monotonic, implying that too much finance might actually exacerbate growth volatility. Furthermore, we show that the relationship between financial development and growth volatility has weakened over time and that there is no significant association between finance and growth volatility in the short run.
{"title":"Financial development and growth volatility revisited","authors":"Philipp Struthmann","doi":"10.1016/j.frl.2025.107175","DOIUrl":"10.1016/j.frl.2025.107175","url":null,"abstract":"<div><div>This paper examines the relationship between financial development and macroeconomic growth volatility. Using data from 104 countries over the period 1980–2023 and employing endogeneity-robust estimation techniques, we find that financial intermediation, along with access, depth, and efficiency of financial institutions and markets, generally reduces growth volatility in the long run. However, this effect is non-monotonic, implying that too much finance might actually exacerbate growth volatility. Furthermore, we show that the relationship between financial development and growth volatility has weakened over time and that there is no significant association between finance and growth volatility in the short run.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107175"},"PeriodicalIF":7.4,"publicationDate":"2025-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143637691","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}
Pub Date : 2025-03-15DOI: 10.1016/j.frl.2025.107220
Rosella Carè, Rabia Fatima, Paolo Agnese
This study employs bibliometric analysis to explore the evolving role of crowdfunding in financing sustainable development goals (SDGs). Analyzing 148 peer-reviewed articles (2014–2024), it identifies key trends, influential contributors, and thematic clusters in academic discourse. Findings reveal a surge in research post-2020, with a focus on entrepreneurial finance, environmental sustainability, and financial innovation. Equity crowdfunding and FinTech emerge as pivotal in bridging sustainability-related funding gaps. Cluster analysis highlights four major research areas: financial innovation's role in sustainability, crowdfunding's contribution to SDGs (especially post-COVID-19), microfinancing and financial inclusion for SMEs, and ESG integration in entrepreneurial finance. Despite these advances, significant research gaps remain, particularly the need for longitudinal studies to assess the long-term impacts of crowdfunding on sustainability, as well as a deeper understanding of the ethical implications surrounding governance and backer protection on crowdfunding platforms. This study contributes to the growing body of literature on sustainability-oriented crowdfunding by offering a detailed roadmap for future research and practical implications for scholars and practitioners alike.
{"title":"Crowdfunding and sustainable development: A systematic review","authors":"Rosella Carè, Rabia Fatima, Paolo Agnese","doi":"10.1016/j.frl.2025.107220","DOIUrl":"https://doi.org/10.1016/j.frl.2025.107220","url":null,"abstract":"This study employs bibliometric analysis to explore the evolving role of crowdfunding in financing sustainable development goals (SDGs). Analyzing 148 peer-reviewed articles (2014–2024), it identifies key trends, influential contributors, and thematic clusters in academic discourse. Findings reveal a surge in research post-2020, with a focus on entrepreneurial finance, environmental sustainability, and financial innovation. Equity crowdfunding and FinTech emerge as pivotal in bridging sustainability-related funding gaps. Cluster analysis highlights four major research areas: financial innovation's role in sustainability, crowdfunding's contribution to SDGs (especially post-COVID-19), microfinancing and financial inclusion for SMEs, and ESG integration in entrepreneurial finance. Despite these advances, significant research gaps remain, particularly the need for longitudinal studies to assess the long-term impacts of crowdfunding on sustainability, as well as a deeper understanding of the ethical implications surrounding governance and backer protection on crowdfunding platforms. This study contributes to the growing body of literature on sustainability-oriented crowdfunding by offering a detailed roadmap for future research and practical implications for scholars and practitioners alike.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"15 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2025-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143666325","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 : 2025-03-15DOI: 10.1016/j.frl.2025.107223
Rim Ben Abdesslem, Imed Chkir, Lamia Chourou, Hatem Rjiba
This study explores the relationship between Economic Policy Uncertainty (EPU) and corporate carbon emissions around the world. We find a significant negative association, where a 1 % increase in EPU is associated with a reduction in carbon emissions ranging from 0.14 % to 0.30 %. The results suggest that firms reduce emissions during uncertain periods, potentially to enhance their reputational capital, anticipate regulatory changes, and improve efficiency. Compared to firms without CSR committees or CSR reporting, those with such governance structures exhibit a smaller reduction in emissions during periods of uncertainty, underscoring the moderating role of corporate governance mechanisms in shaping environmental behavior.
{"title":"Economic policy uncertainty and carbon emissions: Do CSR committee and CSR reporting matter?","authors":"Rim Ben Abdesslem, Imed Chkir, Lamia Chourou, Hatem Rjiba","doi":"10.1016/j.frl.2025.107223","DOIUrl":"https://doi.org/10.1016/j.frl.2025.107223","url":null,"abstract":"This study explores the relationship between Economic Policy Uncertainty (EPU) and corporate carbon emissions around the world. We find a significant negative association, where a 1 % increase in EPU is associated with a reduction in carbon emissions ranging from 0.14 % to 0.30 %. The results suggest that firms reduce emissions during uncertain periods, potentially to enhance their reputational capital, anticipate regulatory changes, and improve efficiency. Compared to firms without CSR committees or CSR reporting, those with such governance structures exhibit a smaller reduction in emissions during periods of uncertainty, underscoring the moderating role of corporate governance mechanisms in shaping environmental behavior.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"183 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2025-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143666322","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 : 2025-03-15DOI: 10.1016/j.frl.2025.107226
Rui Gu, Junmei Liu, Yitian Tang
This study focuses on the relationship between board internationalization (BI) and corporate legal risk and finds that introducing foreign directors strengthens the legal risk prevention and control by optimizing the supervisory board structure. For firms with different property rights, non-state-owned enterprises have higher sensitivity to BI relative to state-owned enterprises, reducing corporate legal risks. Findings offer crucial theoretical underpinnings and practical insights for improving corporate governance and formulating effective policies.
{"title":"Board internationalization, supervisory board structure, and corporate legal risks","authors":"Rui Gu, Junmei Liu, Yitian Tang","doi":"10.1016/j.frl.2025.107226","DOIUrl":"https://doi.org/10.1016/j.frl.2025.107226","url":null,"abstract":"This study focuses on the relationship between board internationalization (BI) and corporate legal risk and finds that introducing foreign directors strengthens the legal risk prevention and control by optimizing the supervisory board structure. For firms with different property rights, non-state-owned enterprises have higher sensitivity to BI relative to state-owned enterprises, reducing corporate legal risks. Findings offer crucial theoretical underpinnings and practical insights for improving corporate governance and formulating effective policies.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"70 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2025-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143666320","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 : 2025-03-14DOI: 10.1016/j.frl.2025.107215
Zhongyu Sun , Jun Li
This paper uses the text analysis method to construct the provincial level economic policy uncertainty index in China, and matches the index with China's micro household data to empirically test the impact and mechanism of economic policy uncertainty on the effectiveness of household portfolios. We find that economic policy uncertainty significantly reduces the effectiveness of household portfolios, and reducing risk preference and increasing income risk are important mechanisms. Finally, we also conduct moderating effect analysis and find that marketization, financial development and financial literacy can effectively moderate the impact of economic policy uncertainty on household portfolios.
{"title":"The impact of economic policy uncertainty on household portfolios effectiveness: Evidence from China","authors":"Zhongyu Sun , Jun Li","doi":"10.1016/j.frl.2025.107215","DOIUrl":"10.1016/j.frl.2025.107215","url":null,"abstract":"<div><div>This paper uses the text analysis method to construct the provincial level economic policy uncertainty index in China, and matches the index with China's micro household data to empirically test the impact and mechanism of economic policy uncertainty on the effectiveness of household portfolios. We find that economic policy uncertainty significantly reduces the effectiveness of household portfolios, and reducing risk preference and increasing income risk are important mechanisms. Finally, we also conduct moderating effect analysis and find that marketization, financial development and financial literacy can effectively moderate the impact of economic policy uncertainty on household portfolios.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107215"},"PeriodicalIF":7.4,"publicationDate":"2025-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143644884","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 : 2025-03-14DOI: 10.1016/j.frl.2025.107213
Ishwar Khatri
The energy sector faces growing pressure for a green transition, yet its capital-intensive nature requires significant investment. The role of women directors, known for their ethical yet risk-averse approach, in driving such investment remains unclear. This study examines data from 567 global energy firms (2002–2022) from the LSEG database to explore the link between women directors and investment expenditure. The regression results indicate that while the women directors do not significantly impact overall investment, they do positively influence sustainable investment, i.e. investment in renewable energy firms. These findings remain robust across alternative measures and estimation methods, including IV-2SLS and GMM. Additionally, this study confirms that a critical mass of at least 30 % women directors is essential to influence sustainable investment expenditure. Overall, the study provides valuable insights into gender socialization and also suggests that increasing women's representation on boards is key to promoting sustainable corporate investment.
{"title":"From risk aversion to sustainability: How women directors influence investment in the energy firms?","authors":"Ishwar Khatri","doi":"10.1016/j.frl.2025.107213","DOIUrl":"https://doi.org/10.1016/j.frl.2025.107213","url":null,"abstract":"The energy sector faces growing pressure for a green transition, yet its capital-intensive nature requires significant investment. The role of women directors, known for their ethical yet risk-averse approach, in driving such investment remains unclear. This study examines data from 567 global energy firms (2002–2022) from the LSEG database to explore the link between women directors and investment expenditure. The regression results indicate that while the women directors do not significantly impact overall investment, they do positively influence sustainable investment, i.e. investment in renewable energy firms. These findings remain robust across alternative measures and estimation methods, including IV-2SLS and GMM. Additionally, this study confirms that a critical mass of at least 30 % women directors is essential to influence sustainable investment expenditure. Overall, the study provides valuable insights into gender socialization and also suggests that increasing women's representation on boards is key to promoting sustainable corporate investment.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2025-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143666324","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}
扫码关注我们
求助内容：
应助结果提醒方式：
京公网安备 11010802042870号