Pub Date : 2024-10-24DOI: 10.1016/j.frl.2024.106345
Luca Farè , Michele Meoli , Silvio Vismara
Crowdfunding platforms are increasingly sensitive to sustainable practices. However, the connections between these platforms and sustainability remain under-researched. This study examines how the sustainability orientation of equity crowdfunding platforms influences their performance. Conducting a longitudinal analysis based on 573 platforms in 37 OECD countries over the 2008–2023 period, we document that social-oriented platforms outperform their counterparts. Platforms operating in countries with a more individualist and masculine culture gain less from their social orientation. We contribute to research and inform practitioners by showing that crowdfunding platforms benefit from engaging with sustainability issues and that cultural contexts matter for promoting sustainable crowdfunding.
{"title":"Sustainable crowdfunding and cultural contexts: Evidence from a longitudinal multi-country analysis","authors":"Luca Farè , Michele Meoli , Silvio Vismara","doi":"10.1016/j.frl.2024.106345","DOIUrl":"10.1016/j.frl.2024.106345","url":null,"abstract":"<div><div>Crowdfunding platforms are increasingly sensitive to sustainable practices. However, the connections between these platforms and sustainability remain under-researched. This study examines how the sustainability orientation of equity crowdfunding platforms influences their performance. Conducting a longitudinal analysis based on 573 platforms in 37 OECD countries over the 2008–2023 period, we document that social-oriented platforms outperform their counterparts. Platforms operating in countries with a more individualist and masculine culture gain less from their social orientation. We contribute to research and inform practitioners by showing that crowdfunding platforms benefit from engaging with sustainability issues and that cultural contexts matter for promoting sustainable crowdfunding.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"70 ","pages":"Article 106345"},"PeriodicalIF":7.4,"publicationDate":"2024-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142530234","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 : 2024-10-24DOI: 10.1016/j.frl.2024.106353
Philipe Balan , Lars Norden
Financial constraints are a major impediment to economic growth. However, virtually all measures are calibrated with U.S. data and it is therefore not clear whether they work in other jurisdictions. Using data from Brazil during 1996–2022, we test how informative the KZ and SA indices are. We estimate panel regression models of corporate asset growth, market-to-book ratio, payout ratio and ROA on these indices. We find both indices exhibit the expected signs and are significantly related to these corporate outcomes. Finally, our models exhibit a better fit when we use data from the post-IFRS adoption period of Brazilian firms.
金融限制是经济增长的主要障碍。然而，几乎所有的衡量标准都是根据美国数据校准的，因此尚不清楚它们是否适用于其他司法管辖区。我们利用巴西 1996-2022 年的数据，检验了 KZ 和 SA 指数的信息量有多大。我们根据这些指数估计了企业资产增长、市账率、派息率和投资回报率的面板回归模型。我们发现这两个指数都表现出了预期的符号，并且与这些企业结果有显著的相关性。最后，当我们使用巴西企业采用《国际财务报告准则》后的数据时，我们的模型表现出更好的拟合效果。
{"title":"Are measures of corporate financial constraints universal? Evidence from Brazil","authors":"Philipe Balan , Lars Norden","doi":"10.1016/j.frl.2024.106353","DOIUrl":"10.1016/j.frl.2024.106353","url":null,"abstract":"<div><div>Financial constraints are a major impediment to economic growth. However, virtually all measures are calibrated with U.S. data and it is therefore not clear whether they work in other jurisdictions. Using data from Brazil during 1996–2022, we test how informative the KZ and SA indices are. We estimate panel regression models of corporate asset growth, market-to-book ratio, payout ratio and ROA on these indices. We find both indices exhibit the expected signs and are significantly related to these corporate outcomes. Finally, our models exhibit a better fit when we use data from the post-IFRS adoption period of Brazilian firms.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"70 ","pages":"Article 106353"},"PeriodicalIF":7.4,"publicationDate":"2024-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142554933","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 : 2024-10-24DOI: 10.1016/j.frl.2024.106346
Yu Ren, Xiongfei Liu, Yi Zhu
Marketization reforms are essential for ensuring long-term development. This paper examines the effect and mechanisms of marketization reforms on venture capital strategy adjustments using panel data from 31 provinces in China from 2010 to 2022. The study finds that marketization reforms have increased the level of venture capital primarily by enhancing industrial chain innovation and reducing tax burdens. Based on the findings, recommendations are proposed to deepen marketization reforms and advance venture capital strategy adjustments in China.
{"title":"Incremental marketization reforms and venture capital strategy adjustments: Based on industrial chain innovation development","authors":"Yu Ren, Xiongfei Liu, Yi Zhu","doi":"10.1016/j.frl.2024.106346","DOIUrl":"10.1016/j.frl.2024.106346","url":null,"abstract":"<div><div>Marketization reforms are essential for ensuring long-term development. This paper examines the effect and mechanisms of marketization reforms on venture capital strategy adjustments using panel data from 31 provinces in China from 2010 to 2022. The study finds that marketization reforms have increased the level of venture capital primarily by enhancing industrial chain innovation and reducing tax burdens. Based on the findings, recommendations are proposed to deepen marketization reforms and advance venture capital strategy adjustments in China.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"70 ","pages":"Article 106346"},"PeriodicalIF":7.4,"publicationDate":"2024-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142572612","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 : 2024-10-24DOI: 10.1016/j.frl.2024.106349
Gadzinski Gregory, Liuzzi Vito
Does the paradigm shift brought by Large Language Models (LLMs) hold the promise of revolutionizing financial analysis? Our article tackles this question by exploring fraud detection in cryptocurrency exchanges, with a focus on FTX. We study the abilities of generative artificial intelligence tools like ChatGPT to serve as early-warning systems of fraud and identify red flags in the particular and difficult case where no financial information is available. We recognize several challenges to provide insights beyond human knowledge. To achieve a higher degree of scrutiny, we highlight the role of sequential interactions between the AI Chatbot and the researcher as well as the inclusion of external contents, a technique known as Retrieval Augmented Generation (RAG). Therefore, this article serves as a cautionary tale on the necessary conditions to achieve augmented intelligence.
{"title":"ChatGPT: A canary in the coal mine or a parrot in the echo chamber? Detecting fraud with LLM: The case of FTX","authors":"Gadzinski Gregory, Liuzzi Vito","doi":"10.1016/j.frl.2024.106349","DOIUrl":"10.1016/j.frl.2024.106349","url":null,"abstract":"<div><div>Does the paradigm shift brought by Large Language Models (LLMs) hold the promise of revolutionizing financial analysis? Our article tackles this question by exploring fraud detection in cryptocurrency exchanges, with a focus on FTX. We study the abilities of generative artificial intelligence tools like ChatGPT to serve as early-warning systems of fraud and identify red flags in the particular and difficult case where no financial information is available. We recognize several challenges to provide insights beyond human knowledge. To achieve a higher degree of scrutiny, we highlight the role of sequential interactions between the AI Chatbot and the researcher as well as the inclusion of external contents, a technique known as Retrieval Augmented Generation (RAG). Therefore, this article serves as a cautionary tale on the necessary conditions to achieve augmented intelligence.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"70 ","pages":"Article 106349"},"PeriodicalIF":7.4,"publicationDate":"2024-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142530236","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 : 2024-10-24DOI: 10.1016/j.frl.2024.106350
Qi Lin , Xiaoyang Zhao , Weihang Hong
This study examines the association between government data accessibility and venture capital (VC)'s cross-regional investments. Exploiting the staggered establishment of government data open platforms (GDOPs) across different cities in China as a positive shock to government data accessibility, we find that this policy significantly increases cross-regional VC investments in treatment cities relative to others. Furthermore, the positive impact is achieved through the reduction of information asymmetry, as the establishment of GDOPs attracts VC investments from greater geographical distances. Additionally, we find a more pronounced positive effect of GDOPs on promoting cross-regional VC investments in regions with higher terrain ruggedness and lower fiscal transparency. Overall, this study demonstrates that the government's informatization and transparency initiatives can positively influence financial markets by enhancing the cross-regional flow of financial capital.
{"title":"The impact of government data accessibility on cross-regional venture capital investments","authors":"Qi Lin , Xiaoyang Zhao , Weihang Hong","doi":"10.1016/j.frl.2024.106350","DOIUrl":"10.1016/j.frl.2024.106350","url":null,"abstract":"<div><div>This study examines the association between government data accessibility and venture capital (VC)'s cross-regional investments. Exploiting the staggered establishment of government data open platforms (GDOPs) across different cities in China as a positive shock to government data accessibility, we find that this policy significantly increases cross-regional VC investments in treatment cities relative to others. Furthermore, the positive impact is achieved through the reduction of information asymmetry, as the establishment of GDOPs attracts VC investments from greater geographical distances. Additionally, we find a more pronounced positive effect of GDOPs on promoting cross-regional VC investments in regions with higher terrain ruggedness and lower fiscal transparency. Overall, this study demonstrates that the government's informatization and transparency initiatives can positively influence financial markets by enhancing the cross-regional flow of financial capital.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106350"},"PeriodicalIF":7.4,"publicationDate":"2024-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660562","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 : 2024-10-24DOI: 10.1016/j.frl.2024.106348
Kun Wang , Yunfan Yang , Jingfei Ren , Yingkai Tang
This study examines the profound influence of familism on the philanthropic behaviours of family businesses (FBs) in China, utilising data from A-share listed FBs from 2012 to 2020. Familism, a core cultural ethos in China, not only shapes family dynamics but significantly impacts broader socio-economic activities, including corporate philanthropy. Our findings reveal that the intensity of familism within FBs correlates positively with their philanthropic donations. This relationship suggests that FBs embed familial values deeply within their corporate strategies, thus enhancing their social reputation and contributing to societal welfare. Importantly, this study enriches the literature in the field of culture and corporate finance by illustrating how familism transcends internal business practices to influence community-oriented activities, broadening the understanding of how cultural values shape corporate philanthropy globally.
本研究利用 2012 年至 2020 年 A 股上市家族企业的数据，探讨了家族主义对中国家族企业慈善行为的深远影响。家族主义是中国的核心文化精神，它不仅塑造了家族的活力，还对包括企业慈善事业在内的更广泛的社会经济活动产生了重大影响。我们的研究结果表明，外商投资企业的家庭主义强度与其慈善捐赠呈正相关。这种关系表明，外商投资企业将家庭主义价值观深深植入其企业战略中，从而提高了企业的社会声誉，为社会福利做出了贡献。重要的是，这项研究丰富了文化与企业财务领域的文献，说明了家族主义如何超越内部商业实践，影响以社区为导向的活动，拓宽了对文化价值观如何塑造全球企业慈善事业的理解。
{"title":"Roots and rewards: Exploring the symbiotic relationship between familism and Chinese family business philanthropy","authors":"Kun Wang , Yunfan Yang , Jingfei Ren , Yingkai Tang","doi":"10.1016/j.frl.2024.106348","DOIUrl":"10.1016/j.frl.2024.106348","url":null,"abstract":"<div><div>This study examines the profound influence of familism on the philanthropic behaviours of family businesses (FBs) in China, utilising data from A-share listed FBs from 2012 to 2020. Familism, a core cultural ethos in China, not only shapes family dynamics but significantly impacts broader socio-economic activities, including corporate philanthropy. Our findings reveal that the intensity of familism within FBs correlates positively with their philanthropic donations. This relationship suggests that FBs embed familial values deeply within their corporate strategies, thus enhancing their social reputation and contributing to societal welfare. Importantly, this study enriches the literature in the field of culture and corporate finance by illustrating how familism transcends internal business practices to influence community-oriented activities, broadening the understanding of how cultural values shape corporate philanthropy globally.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"70 ","pages":"Article 106348"},"PeriodicalIF":7.4,"publicationDate":"2024-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142554929","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 : 2024-10-23DOI: 10.1016/j.frl.2024.106235
Yajie Han , Liyan Han , Chengkun Liu , Qisong Wang
Based on the theory of New Structural Economics, this study investigates the non-linear relationship between government R&D subsidies (RDS) and enterprises’ viability (VIA) in China, utilizing data from A-share listed advanced manufacturing enterprises. The findings reveal an inverted U-shaped relationship, where VIA initially increases and subsequently decreases as RDS intensifies. Furthermore, we examine the impact of technological convergence between the digital and real economy industries (TCG) on this relationship and find that TCG strengthens the curvilinear relationship. This study provides valuable insights for formulating advanced manufacturing policies that address structural needs, thereby fostering high-quality development of the real economy.
基于新结构经济学的理论，本研究利用 A 股上市先进制造业企业的数据，研究了中国政府研发补贴（RDS）与企业生存能力（VIA）之间的非线性关系。研究结果表明，两者之间存在倒 U 型关系，即随着研发补贴的增加，企业生存能力（VIA）最初会增加，随后会降低。此外，我们还研究了数字经济产业与实体经济产业之间的技术融合（TCG）对这一关系的影响，发现 TCG 强化了曲线关系。这项研究为制定满足结构性需求的先进制造业政策，从而促进实体经济的高质量发展提供了有价值的见解。
{"title":"How does government R&D subsidies affect enterprises’ viability? An investigation on inverted U-shaped relationship","authors":"Yajie Han , Liyan Han , Chengkun Liu , Qisong Wang","doi":"10.1016/j.frl.2024.106235","DOIUrl":"10.1016/j.frl.2024.106235","url":null,"abstract":"<div><div>Based on the theory of New Structural Economics, this study investigates the non-linear relationship between government R&D subsidies (RDS) and enterprises’ viability (VIA) in China, utilizing data from A-share listed advanced manufacturing enterprises. The findings reveal an inverted U-shaped relationship, where VIA initially increases and subsequently decreases as RDS intensifies. Furthermore, we examine the impact of technological convergence between the digital and real economy industries (TCG) on this relationship and find that TCG strengthens the curvilinear relationship. This study provides valuable insights for formulating advanced manufacturing policies that address structural needs, thereby fostering high-quality development of the real economy.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"70 ","pages":"Article 106235"},"PeriodicalIF":7.4,"publicationDate":"2024-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142530232","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}
This research provides an extensive characterization of the contagion between electricity, energy commodities, financial assets and economic indicators across several maturities. Despite the widespread importance of electricity futures, this has been an under-researched topic. The evolution of connectedness is investigated between 2006 and 2023. With a special focus on electricity forward base and peak contracts, results show that the contagion effects are moderate but evolve through time, with greater impacts observed during the crisis years. We confirm that electricity forward prices are more sensitive to operators’ future expectations on fundamental market conditions than to financial and economic shocks.
{"title":"The connectedness features of German electricity futures over short and long maturities","authors":"Angelica Gianfreda , Giacomo Scandolo , Derek Bunn","doi":"10.1016/j.frl.2024.106315","DOIUrl":"10.1016/j.frl.2024.106315","url":null,"abstract":"<div><div>This research provides an extensive characterization of the contagion between electricity, energy commodities, financial assets and economic indicators across several maturities. Despite the widespread importance of electricity futures, this has been an under-researched topic. The evolution of connectedness is investigated between 2006 and 2023. With a special focus on electricity forward base and peak contracts, results show that the contagion effects are moderate but evolve through time, with greater impacts observed during the crisis years. We confirm that electricity forward prices are more sensitive to operators’ future expectations on fundamental market conditions than to financial and economic shocks.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"70 ","pages":"Article 106315"},"PeriodicalIF":7.4,"publicationDate":"2024-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142530227","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 : 2024-10-22DOI: 10.1016/j.frl.2024.106338
Zheyu Dai , Jian Liu
This study selects corporate bonds publicly issued in China's exchange market from 2012 to 2022 as the core analysis objects, aiming to deeply dissect the mechanism of how the regional ecological legal system affects corporate bond credit spreads. The research findings indicate that the establishment of intermediate environmental courts has effectively reduced investors' risk premiums for enterprises. Meanwhile, in the context of the establishment of these courts, environmental regulations have become a key factor in lowering corporate risk premiums, exerting a significant mediating effect.
{"title":"Exploring the mechanism of regional ecological legal governance's impact on corporate bond credit spreads","authors":"Zheyu Dai , Jian Liu","doi":"10.1016/j.frl.2024.106338","DOIUrl":"10.1016/j.frl.2024.106338","url":null,"abstract":"<div><div>This study selects corporate bonds publicly issued in China's exchange market from 2012 to 2022 as the core analysis objects, aiming to deeply dissect the mechanism of how the regional ecological legal system affects corporate bond credit spreads. The research findings indicate that the establishment of intermediate environmental courts has effectively reduced investors' risk premiums for enterprises. Meanwhile, in the context of the establishment of these courts, environmental regulations have become a key factor in lowering corporate risk premiums, exerting a significant mediating effect.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"70 ","pages":"Article 106338"},"PeriodicalIF":7.4,"publicationDate":"2024-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142530229","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 : 2024-10-22DOI: 10.1016/j.frl.2024.106301
Cheng Zhang , Xiaohong Ling , Xiyan Weng
A good ecological environment is foundational to the survival and health of society. This study utilized data from the China Family Panel Studies to empirically examine the impact of implementing low-carbon cities on residents’ health. The results revealed that low-carbon cities enhanced residents’ health. Mechanism analysis revealed that the construction of low-carbon cities fosters residents’ health by improving air quality, expanding urban green spaces, encouraging residents to engage in physical exercise, and enhancing residents’ mental well-being. This research offers policy insights to guide governments in pursuing a sustainable development path that prioritizes both natural environments and residents’ health.
{"title":"Effect of low carbon policy on residents’ health: Evidence from China","authors":"Cheng Zhang , Xiaohong Ling , Xiyan Weng","doi":"10.1016/j.frl.2024.106301","DOIUrl":"10.1016/j.frl.2024.106301","url":null,"abstract":"<div><div>A good ecological environment is foundational to the survival and health of society. This study utilized data from the China Family Panel Studies to empirically examine the impact of implementing low-carbon cities on residents’ health. The results revealed that low-carbon cities enhanced residents’ health. Mechanism analysis revealed that the construction of low-carbon cities fosters residents’ health by improving air quality, expanding urban green spaces, encouraging residents to engage in physical exercise, and enhancing residents’ mental well-being. This research offers policy insights to guide governments in pursuing a sustainable development path that prioritizes both natural environments and residents’ health.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"70 ","pages":"Article 106301"},"PeriodicalIF":7.4,"publicationDate":"2024-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142554930","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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