Pub Date : 2026-01-23DOI: 10.1016/j.frl.2026.109572
Mei Yang, Haolun Sun
Drawing on 2011 2023 panel data from multiple Chinese provinces, this study empirically tests the impact of digital inclusive finance (DIF) on the urban-rural income gap (URIG) through the lens of agricultural productive services (APS). The findings indicate that DIF well reduces URIG, though such effect varies across regions and DIF dimensions. Further analysis reveals that DIF narrows income gaps primarily by expanding rural credit access and improving agricultural productivity. Moreover, DIF exhibits notable spatial spillover effects, reducing income inequality within local areas alongside promoting positive externalities in neighboring regions. Consequently, it is essential to boost the localized implementation of high-quality DIF initiatives, leverage spatial spillover effects to foster coordinated regional development, actively bridge the urban-rural digital divide, and further integrate DIF into rural economic revitalization strategies.
{"title":"The impact of digital inclusive finance on urban-rural income gap","authors":"Mei Yang, Haolun Sun","doi":"10.1016/j.frl.2026.109572","DOIUrl":"10.1016/j.frl.2026.109572","url":null,"abstract":"<div><div>Drawing on 2011 2023 panel data from multiple Chinese provinces, this study empirically tests the impact of digital inclusive finance (DIF) on the urban-rural income gap (URIG) through the lens of agricultural productive services (APS). The findings indicate that DIF well reduces URIG, though such effect varies across regions and DIF dimensions. Further analysis reveals that DIF narrows income gaps primarily by expanding rural credit access and improving agricultural productivity. Moreover, DIF exhibits notable spatial spillover effects, reducing income inequality within local areas alongside promoting positive externalities in neighboring regions. Consequently, it is essential to boost the localized implementation of high-quality DIF initiatives, leverage spatial spillover effects to foster coordinated regional development, actively bridge the urban-rural digital divide, and further integrate DIF into rural economic revitalization strategies.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109572"},"PeriodicalIF":6.9,"publicationDate":"2026-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146032765","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 : 2026-01-23DOI: 10.1016/j.frl.2026.109529
Hakan Yilmazkuday
This paper investigates the spillover effects of country-specific geopolitical risks on the economic growth of other countries. Our primary empirical contribution is the identification and quantification of these international risk transmission pathways, distinguishing between advanced and emerging economies as both sources and destinations of shocks. We employ the local projections method at the country-pair level to estimate the cumulative impulse responses of GDP growth to geopolitical risk shocks. Using quarterly data for 23 advanced and 25 emerging economies from 1985 to 2023, our findings reveal a striking asymmetry in global risk transmission. While advanced economies consistently experience significant and persistent economic contractions following geopolitical shocks, emerging markets display a degree of short-term resilience, often registering positive growth responses likely driven by substitution effects. Robustness checks indicate that these transmission channels have intensified in the post-pandemic era. The results underscore the necessity for differentiated policy responses, emphasizing supply chain diversification for advanced economies and the maintenance of robust financial buffers for emerging markets.
{"title":"International spillover effects of geopolitical risks on economic growth","authors":"Hakan Yilmazkuday","doi":"10.1016/j.frl.2026.109529","DOIUrl":"10.1016/j.frl.2026.109529","url":null,"abstract":"<div><div>This paper investigates the spillover effects of country-specific geopolitical risks on the economic growth of other countries. Our primary empirical contribution is the identification and quantification of these international risk transmission pathways, distinguishing between advanced and emerging economies as both sources and destinations of shocks. We employ the local projections method at the country-pair level to estimate the cumulative impulse responses of GDP growth to geopolitical risk shocks. Using quarterly data for 23 advanced and 25 emerging economies from 1985 to 2023, our findings reveal a striking asymmetry in global risk transmission. While advanced economies consistently experience significant and persistent economic contractions following geopolitical shocks, emerging markets display a degree of short-term resilience, often registering positive growth responses likely driven by substitution effects. Robustness checks indicate that these transmission channels have intensified in the post-pandemic era. The results underscore the necessity for differentiated policy responses, emphasizing supply chain diversification for advanced economies and the maintenance of robust financial buffers for emerging markets.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109529"},"PeriodicalIF":6.9,"publicationDate":"2026-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146032763","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 : 2026-01-23DOI: 10.1016/j.frl.2026.109568
Yong Wang
Using a panel dataset of Chinese A-share listed firms from 2016 to 2023, this study systematically examines the effect of data asset disclosure on corporate financing costs. The empirical results indicate that higher-quality data asset disclosure significantly reduces firms’ financing costs. Mechanism analyses reveal that this effect operates primarily through two channels: mitigating corporate default risk and enhancing corporate transparency. Heterogeneity analyses further show that the cost-reducing effect of data asset disclosure is more pronounced among non-state-owned enterprises, firms with higher governance quality, and firms located in regions with more advanced informatization levels. Moreover, a moderating effect analysis demonstrates that digital financial development amplifies the negative relationship between data asset disclosure and financing costs. This study extends the literature on corporate information disclosure and financing costs and provides new insights into the role of data assets in corporate financial management.
{"title":"Does data asset disclosure reduce corporate financing costs? Evidence from China","authors":"Yong Wang","doi":"10.1016/j.frl.2026.109568","DOIUrl":"10.1016/j.frl.2026.109568","url":null,"abstract":"<div><div>Using a panel dataset of Chinese A-share listed firms from 2016 to 2023, this study systematically examines the effect of data asset disclosure on corporate financing costs. The empirical results indicate that higher-quality data asset disclosure significantly reduces firms’ financing costs. Mechanism analyses reveal that this effect operates primarily through two channels: mitigating corporate default risk and enhancing corporate transparency. Heterogeneity analyses further show that the cost-reducing effect of data asset disclosure is more pronounced among non-state-owned enterprises, firms with higher governance quality, and firms located in regions with more advanced informatization levels. Moreover, a moderating effect analysis demonstrates that digital financial development amplifies the negative relationship between data asset disclosure and financing costs. This study extends the literature on corporate information disclosure and financing costs and provides new insights into the role of data assets in corporate financial management.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109568"},"PeriodicalIF":6.9,"publicationDate":"2026-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146185492","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 : 2026-01-23DOI: 10.1016/j.frl.2026.109573
Ling Bai, Dengfeng Cui
This paper delves into the impact of artificial intelligence investment and data factor accumulation on enterprise digital transformation performance. Drawing on a comprehensive dataset of listed enterprises from 2010 to 2024, we generate robust evidence that AI investment largely enhances firms’ digital transformation performance. The mechanism analysis reveals that data factor accumulation serves as a crucial economic channel. Furthermore, the positive role of AI investment is larger among enterprises with higher technological absorptive capacity and in industries characterized by intensive digital competition. These conclusions contribute to the emerging literature on the digital economy and offer important policy implications.
{"title":"Artificial intelligence investment, data factor accumulation, and enterprise digital transformation performance","authors":"Ling Bai, Dengfeng Cui","doi":"10.1016/j.frl.2026.109573","DOIUrl":"10.1016/j.frl.2026.109573","url":null,"abstract":"<div><div>This paper delves into the impact of artificial intelligence investment and data factor accumulation on enterprise digital transformation performance. Drawing on a comprehensive dataset of listed enterprises from 2010 to 2024, we generate robust evidence that AI investment largely enhances firms’ digital transformation performance. The mechanism analysis reveals that data factor accumulation serves as a crucial economic channel. Furthermore, the positive role of AI investment is larger among enterprises with higher technological absorptive capacity and in industries characterized by intensive digital competition. These conclusions contribute to the emerging literature on the digital economy and offer important policy implications.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109573"},"PeriodicalIF":6.9,"publicationDate":"2026-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146048648","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 : 2026-01-22DOI: 10.1016/j.frl.2026.109563
Daoju Peng , Siyu Du , Jing Li , Jianfu Shen
We examine the pricing effect of climate policy uncertainty on green bonds in a transitional economy with rapidly developing green financing market. We find a significant relationship between green premium and climate policy uncertainty in China. When climate policy uncertainty is high, the yield difference between green bonds and their conventional “twin” bonds (green premium) increases, suggesting that investors in China demand higher compensation during these periods rather than perceiving green bonds as a valid hedge against policy uncertainty. This effect is more pronounced for green bonds issued in climate sensitive regions (northern regions), with higher green credibility (certified by third party), and higher exposure to climate policy (issued in large sizes), suggesting a weaker signaling of certification and high risk of green projects during periods with heightened climate policy uncertainty. Our results are robust across alternative model specifications, macroeconomic factors and various fixed effects. Two channels, financial market development and green commitment, are identified through which local conditions buffer the impact of CPU on green bond premium.
{"title":"Climate policy uncertainty and green premium: Evidence from China","authors":"Daoju Peng , Siyu Du , Jing Li , Jianfu Shen","doi":"10.1016/j.frl.2026.109563","DOIUrl":"10.1016/j.frl.2026.109563","url":null,"abstract":"<div><div>We examine the pricing effect of climate policy uncertainty on green bonds in a transitional economy with rapidly developing green financing market. We find a significant relationship between green premium and climate policy uncertainty in China. When climate policy uncertainty is high, the yield difference between green bonds and their conventional “twin” bonds (green premium) increases, suggesting that investors in China demand higher compensation during these periods rather than perceiving green bonds as a valid hedge against policy uncertainty. This effect is more pronounced for green bonds issued in climate sensitive regions (northern regions), with higher green credibility (certified by third party), and higher exposure to climate policy (issued in large sizes), suggesting a weaker signaling of certification and high risk of green projects during periods with heightened climate policy uncertainty. Our results are robust across alternative model specifications, macroeconomic factors and various fixed effects. Two channels, financial market development and green commitment, are identified through which local conditions buffer the impact of CPU on green bond premium.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109563"},"PeriodicalIF":6.9,"publicationDate":"2026-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146075703","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 : 2026-01-22DOI: 10.1016/j.frl.2026.109542
Boyu He, Zimeng Li, Gongyu Ke, Yuhan Zhang
{"title":"Financial Technology Innovation, Data Transparency, and the Quality of Corporate Financing: An Empirical Inquiry Based on Financial Economic Data","authors":"Boyu He, Zimeng Li, Gongyu Ke, Yuhan Zhang","doi":"10.1016/j.frl.2026.109542","DOIUrl":"https://doi.org/10.1016/j.frl.2026.109542","url":null,"abstract":"","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"268 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2026-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146032770","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 : 2026-01-22DOI: 10.1016/j.frl.2026.109567
Xiuqin Zhang , Siyu Zhou
With the continuous deepening of green finance and ecological protection concepts, researching the institutional driving mechanisms behind green credit issuance has become increasingly important. This paper explores the relationships and heterogeneity among watershed compensation policy, environmental law enforcement intensity, and green credit issuance. The study finds a positive correlation between watershed compensation policy and green credit issuance. Moderating effect analysis indicates that environmental law enforcement intensity plays a regulatory role in the relationship between watershed compensation policy and green credit issuance. Heterogeneity analysis reveals that the promotional effect of watershed compensation policy on green credit issuance varies between regions with high and low environmental regulatory intensity. Furthermore, the regulatory role of environmental law enforcement intensity in the relationship between watershed compensation policy and green credit issuance also exhibits heterogeneity between regions of high and low ecological environmental quality. This research provides theoretical basis and empirical support for improving green finance policy design and enhancing ecological environmental governance.
{"title":"Investigation of the guiding effect of watershed compensation policy on green credit issuance: Evidence from environmental law enforcement","authors":"Xiuqin Zhang , Siyu Zhou","doi":"10.1016/j.frl.2026.109567","DOIUrl":"10.1016/j.frl.2026.109567","url":null,"abstract":"<div><div>With the continuous deepening of green finance and ecological protection concepts, researching the institutional driving mechanisms behind green credit issuance has become increasingly important. This paper explores the relationships and heterogeneity among watershed compensation policy, environmental law enforcement intensity, and green credit issuance. The study finds a positive correlation between watershed compensation policy and green credit issuance. Moderating effect analysis indicates that environmental law enforcement intensity plays a regulatory role in the relationship between watershed compensation policy and green credit issuance. Heterogeneity analysis reveals that the promotional effect of watershed compensation policy on green credit issuance varies between regions with high and low environmental regulatory intensity. Furthermore, the regulatory role of environmental law enforcement intensity in the relationship between watershed compensation policy and green credit issuance also exhibits heterogeneity between regions of high and low ecological environmental quality. This research provides theoretical basis and empirical support for improving green finance policy design and enhancing ecological environmental governance.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109567"},"PeriodicalIF":6.9,"publicationDate":"2026-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146032766","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 : 2026-01-22DOI: 10.1016/j.frl.2026.109557
Zhaoyong Liu , Jingfang Zhao
The rapid expansion of the digital economy has reshaped industries worldwide; however, its influence on the sports industry remains underexplored. This study investigates how digital economy development drives sports industry growth, focusing on the mediating roles of data factorization and tourism upgrading. Using provincial panel data from 31 Chinese regions spanning 2010–2023, we test four hypotheses using fixed-effects regression models with stepwise mediation analysis. Empirical results confirm that digital economy development significantly and positively affects sports industry expansion. This relationship operates through two channels: data factorization, whereby data resources are leveraged as productive economic assets and tourism upgrading, which enhances service quality and cross-sector integration. We also identify an interaction effect—regions improving both data utilization and tourism upgrading see greater sports industry gains than those experiencing separate advances. Heterogeneity analysis reveals pronounced regional disparities: the Eastern provinces demonstrate the strongest digital–sports linkage, followed by the Central provinces. In contrast, Western provinces exhibit comparatively weaker effects attributable to infrastructure deficits and resource constraints. Robustness checks using alternative dependent variables and estimation methods validate these findings. The study contributes to understanding the mechanisms underlying digital-driven industrial transformation, with implications for policymakers seeking to develop regional sports industries through strategies that combine digital infrastructure investment, data-driven innovation and tourism enhancement.
{"title":"Digital economy-driven sports industry: The synergistic effects of data factorization and tourism upgrading","authors":"Zhaoyong Liu , Jingfang Zhao","doi":"10.1016/j.frl.2026.109557","DOIUrl":"10.1016/j.frl.2026.109557","url":null,"abstract":"<div><div>The rapid expansion of the digital economy has reshaped industries worldwide; however, its influence on the sports industry remains underexplored. This study investigates how digital economy development drives sports industry growth, focusing on the mediating roles of data factorization and tourism upgrading. Using provincial panel data from 31 Chinese regions spanning 2010–2023, we test four hypotheses using fixed-effects regression models with stepwise mediation analysis. Empirical results confirm that digital economy development significantly and positively affects sports industry expansion. This relationship operates through two channels: data factorization, whereby data resources are leveraged as productive economic assets and tourism upgrading, which enhances service quality and cross-sector integration. We also identify an interaction effect—regions improving both data utilization and tourism upgrading see greater sports industry gains than those experiencing separate advances. Heterogeneity analysis reveals pronounced regional disparities: the Eastern provinces demonstrate the strongest digital–sports linkage, followed by the Central provinces. In contrast, Western provinces exhibit comparatively weaker effects attributable to infrastructure deficits and resource constraints. Robustness checks using alternative dependent variables and estimation methods validate these findings. The study contributes to understanding the mechanisms underlying digital-driven industrial transformation, with implications for policymakers seeking to develop regional sports industries through strategies that combine digital infrastructure investment, data-driven innovation and tourism enhancement.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109557"},"PeriodicalIF":6.9,"publicationDate":"2026-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146032777","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 : 2026-01-22DOI: 10.1016/j.frl.2026.109555
Chang Wang
{"title":"Resourceful and Resilient: Linking Human Resource Quality and Organizational Resilience","authors":"Chang Wang","doi":"10.1016/j.frl.2026.109555","DOIUrl":"https://doi.org/10.1016/j.frl.2026.109555","url":null,"abstract":"","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"31 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2026-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146033954","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}