Pub Date : 2024-10-12DOI: 10.1016/j.frl.2024.106288
This paper develops a multidimensional framework composed of resistance ability, recovery ability and transition ability to measure the resilience of households involved in financial markets, and then discusses the impact of digital inclusive finance. Taking Chinese households holding financial assets as the research sample, we unveil that the majority of households display low financial resilience and there are great differences among them. We also discover that the development of digital inclusive finance has positive influence on household financial resilience, and the use of online financial services has a mediating effect.
{"title":"Digital inclusive finance and the resilience of households involved in financial markets","authors":"","doi":"10.1016/j.frl.2024.106288","DOIUrl":"10.1016/j.frl.2024.106288","url":null,"abstract":"<div><div>This paper develops a multidimensional framework composed of resistance ability, recovery ability and transition ability to measure the resilience of households involved in financial markets, and then discusses the impact of digital inclusive finance. Taking Chinese households holding financial assets as the research sample, we unveil that the majority of households display low financial resilience and there are great differences among them. We also discover that the development of digital inclusive finance has positive influence on household financial resilience, and the use of online financial services has a mediating effect.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":null,"pages":null},"PeriodicalIF":7.4,"publicationDate":"2024-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142433974","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 : 2024-10-12DOI: 10.1016/j.frl.2024.106305
We examine the impact of margin levels on market quality in the China Shanghai–Shenzhen 300 (CSI 300) Stock Index Futures market. Utilizing microstructure theory and the OPOK model, we specifically focus on volatility, liquidity, and effectiveness. Our findings reveal that lowering the margin level for stock index futures reduces capital constraints for both informational and non-informational traders. Furthermore, we show that a reduction in margin levels enhances market liquidity and effectiveness. Improvements in liquidity and effectiveness subsequently reduce market volatility, indicating that a decrease in margin levels does not necessarily increase market risk. Based on these results, we recommend setting margins for stock index futures with comprehensive consideration of their combined effects on volatility, liquidity, and effectiveness.
{"title":"The impact of stock index futures margin levels on market quality","authors":"","doi":"10.1016/j.frl.2024.106305","DOIUrl":"10.1016/j.frl.2024.106305","url":null,"abstract":"<div><div>We examine the impact of margin levels on market quality in the China Shanghai–Shenzhen 300 (CSI 300) Stock Index Futures market. Utilizing microstructure theory and the OPOK model, we specifically focus on volatility, liquidity, and effectiveness. Our findings reveal that lowering the margin level for stock index futures reduces capital constraints for both informational and non-informational traders. Furthermore, we show that a reduction in margin levels enhances market liquidity and effectiveness. Improvements in liquidity and effectiveness subsequently reduce market volatility, indicating that a decrease in margin levels does not necessarily increase market risk. Based on these results, we recommend setting margins for stock index futures with comprehensive consideration of their combined effects on volatility, liquidity, and effectiveness.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":null,"pages":null},"PeriodicalIF":7.4,"publicationDate":"2024-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142529824","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 : 2024-10-12DOI: 10.1016/j.frl.2024.106277
We analyse domestic, foreign, and central banks holdings of public debt for 31 countries for the period of 1989–2022, applying panel regressions and quantile analysis. We conclude that contrarily to what we observe before 2010, we found that after 2010 an increase in sovereign risk raises the share of domestic banks’ portfolio of public debt and reduces the percentage holdings in the case of central banks. Better sovereign rations also increase (decrease) the share of commercial (central) banks holdings. Furthermore, the effects of an increment in the risk for domestic investors have increased since the 2010 financial crisis.1
{"title":"Banks’ portfolio of government debt and sovereign risk: From safe havens to stormy seas","authors":"","doi":"10.1016/j.frl.2024.106277","DOIUrl":"10.1016/j.frl.2024.106277","url":null,"abstract":"<div><div>We analyse domestic, foreign, and central banks holdings of public debt for 31 countries for the period of 1989–2022, applying panel regressions and quantile analysis. We conclude that contrarily to what we observe before 2010, we found that after 2010 an increase in sovereign risk raises the share of domestic banks’ portfolio of public debt and reduces the percentage holdings in the case of central banks. Better sovereign rations also increase (decrease) the share of commercial (central) banks holdings. Furthermore, the effects of an increment in the risk for domestic investors have increased since the 2010 financial crisis.<span><span><sup>1</sup></span></span></div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":null,"pages":null},"PeriodicalIF":7.4,"publicationDate":"2024-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142530359","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 : 2024-10-11DOI: 10.1016/j.frl.2024.106255
Integration of technology and finance presents significant challenges for financial regulators, necessitating formulation of policies for mitigating financial security risks and related concerns. This study examines the impact of the Pilot Project of Regulation on Fintech Innovation (PPRFI) on financial regulation in China from 2013 to 2022. Findings demonstrate that PPRFI significantly strengthens financial regulation, with financial technology mediating the relationship between PPRFI and regulatory effectiveness. Heterogeneity analysis reveals that the policy's positive effects are more pronounced in provinces with lower levels of human capital and in the western regions of China.
{"title":"How does the financial technology innovation regulatory pilot influence financial regulation?","authors":"","doi":"10.1016/j.frl.2024.106255","DOIUrl":"10.1016/j.frl.2024.106255","url":null,"abstract":"<div><div>Integration of technology and finance presents significant challenges for financial regulators, necessitating formulation of policies for mitigating financial security risks and related concerns. This study examines the impact of the Pilot Project of Regulation on Fintech Innovation (PPRFI) on financial regulation in China from 2013 to 2022. Findings demonstrate that PPRFI significantly strengthens financial regulation, with financial technology mediating the relationship between PPRFI and regulatory effectiveness. Heterogeneity analysis reveals that the policy's positive effects are more pronounced in provinces with lower levels of human capital and in the western regions of China.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":null,"pages":null},"PeriodicalIF":7.4,"publicationDate":"2024-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142433975","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 : 2024-10-11DOI: 10.1016/j.frl.2024.106273
This paper conducts a comprehensive analysis of Chinese enterprises' cross-border mergers and acquisitions (M&A) events from 2012 to 2022, investigating the influence of corporate social responsibility (CSR) levels on cross-border M&A within the Chinese context. The research reveals that enterprises with higher CSR scores tend to experience lower success rates in cross-border M&A. Both internal and external CSR dimensions exhibit negative impacts on cross-border M&A, with external CSR demonstrating a more pronounced adverse effect. Notably, a history of successful cross-border M&A outcomes significantly enhances the likelihood of smoothly completed future transactions..
{"title":"The influence of CSR on cross-border mergers and acquisitions","authors":"","doi":"10.1016/j.frl.2024.106273","DOIUrl":"10.1016/j.frl.2024.106273","url":null,"abstract":"<div><div>This paper conducts a comprehensive analysis of Chinese enterprises' cross-border mergers and acquisitions (M&A) events from 2012 to 2022, investigating the influence of corporate social responsibility (CSR) levels on cross-border M&A within the Chinese context. The research reveals that enterprises with higher CSR scores tend to experience lower success rates in cross-border M&A. Both internal and external CSR dimensions exhibit negative impacts on cross-border M&A, with external CSR demonstrating a more pronounced adverse effect. Notably, a history of successful cross-border M&A outcomes significantly enhances the likelihood of smoothly completed future transactions..</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":null,"pages":null},"PeriodicalIF":7.4,"publicationDate":"2024-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142530340","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 : 2024-10-11DOI: 10.1016/j.frl.2024.106261
Small coins, large coins, and ingots circulated in parallel in the metallic currency system, and they were sorted by different mechanisms based on the transaction value of each form. This is the first attempt to model their boundaries. We construct a model of the market mechanism of the mint which derives two models to achieve our goal. The first model derived is a supply-demand model of small coins that determines the demarcation between small coins and large coins, and the second is a game model whose equilibrium solution determines the dividing line between large coins and ingots.
{"title":"Modeling analysis framework for metallic currency system","authors":"","doi":"10.1016/j.frl.2024.106261","DOIUrl":"10.1016/j.frl.2024.106261","url":null,"abstract":"<div><div>Small coins, large coins, and ingots circulated in parallel in the metallic currency system, and they were sorted by different mechanisms based on the transaction value of each form. This is the first attempt to model their boundaries. We construct a model of the market mechanism of the mint which derives two models to achieve our goal. The first model derived is a supply-demand model of small coins that determines the demarcation between small coins and large coins, and the second is a game model whose equilibrium solution determines the dividing line between large coins and ingots.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":null,"pages":null},"PeriodicalIF":7.4,"publicationDate":"2024-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142442006","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 : 2024-10-11DOI: 10.1016/j.frl.2024.106274
This study utilizes a sample of A-share manufacturing companies listed in China from 2012 to 2022 to explore the intricate interplay between systemic risk, financial performance, and ESG (Environmental, Social, and Governance) performance. The findings reveal that a decrease in systemic risk positively influences corporate ESG performance with a notable lag of 1–2 periods, with financial performance serving as a pivotal mediator in this dynamic. However, within the heavy pollution industry, the enhancement of ESG performance through systemic risk reduction is observed to be comparatively muted.
本研究以 2012 年至 2022 年在中国上市的 A 股制造业公司为样本，探讨系统性风险、财务绩效和 ESG（环境、社会和治理）绩效之间错综复杂的相互作用。研究结果表明，系统性风险的下降会对企业的环境、社会和治理绩效产生正向影响，但明显滞后 1-2 个时期，而财务绩效在这一动态变化中起着关键的中介作用。然而，在重污染行业，通过降低系统性风险提高环境、社会和治理绩效的作用相对较弱。
{"title":"Risk management and corporate ESG performance: The mediating effect of financial performance","authors":"","doi":"10.1016/j.frl.2024.106274","DOIUrl":"10.1016/j.frl.2024.106274","url":null,"abstract":"<div><div>This study utilizes a sample of A-share manufacturing companies listed in China from 2012 to 2022 to explore the intricate interplay between systemic risk, financial performance, and ESG (Environmental, Social, and Governance) performance. The findings reveal that a decrease in systemic risk positively influences corporate ESG performance with a notable lag of 1–2 periods, with financial performance serving as a pivotal mediator in this dynamic. However, within the heavy pollution industry, the enhancement of ESG performance through systemic risk reduction is observed to be comparatively muted.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":null,"pages":null},"PeriodicalIF":7.4,"publicationDate":"2024-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142441894","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 : 2024-10-11DOI: 10.1016/j.frl.2024.106256
This study uses Chinese A-share listed companies in Shanghai and Shenzhen from 2007 to 2022 as samples to explore the joint impact of digital transformation (DT) and supply chain finance (SCF) on corporate innovation. Results reveal that DT can significantly improve enterprise innovation while promoting the improvement of innovation quantity and quality, with research and development investment acting as a mediating factor. This study's analysis of the impact of SCF reveals that SCF can also promote enterprise innovation by improving synergies and serving as a substitute for DT.
{"title":"Digital transformation, supply chain finance, and enterprise innovation","authors":"","doi":"10.1016/j.frl.2024.106256","DOIUrl":"10.1016/j.frl.2024.106256","url":null,"abstract":"<div><div>This study uses Chinese A-share listed companies in Shanghai and Shenzhen from 2007 to 2022 as samples to explore the joint impact of digital transformation (DT) and supply chain finance (SCF) on corporate innovation. Results reveal that DT can significantly improve enterprise innovation while promoting the improvement of innovation quantity and quality, with research and development investment acting as a mediating factor. This study's analysis of the impact of SCF reveals that SCF can also promote enterprise innovation by improving synergies and serving as a substitute for DT.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":null,"pages":null},"PeriodicalIF":7.4,"publicationDate":"2024-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142572672","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 : 2024-10-11DOI: 10.1016/j.frl.2024.106269
Studies on the impact of digital transformation (DT) on bank performance are typically restricted to single countries and present mixed findings. Using data on 279 EU-27 banks from 2017 to 2022 and employing a novel DT index, we demonstrate that DT is associated with higher bank profitability, and that IT and network efficiency are key drivers. Furthermore, Covid-19 and the level of country IT positively moderate this relationship. Interestingly, additional analyses also reveal nonlinear relationships, which suggest that profitability gains from DT investments can take time to materialize and that there are diminishing marginal returns to some DT investments.
{"title":"Is digital transformation profitable for banks? Evidence from Europe","authors":"","doi":"10.1016/j.frl.2024.106269","DOIUrl":"10.1016/j.frl.2024.106269","url":null,"abstract":"<div><div>Studies on the impact of digital transformation (DT) on bank performance are typically restricted to single countries and present mixed findings. Using data on 279 EU-27 banks from 2017 to 2022 and employing a novel DT index, we demonstrate that DT is associated with higher bank profitability, and that IT and network efficiency are key drivers. Furthermore, Covid-19 and the level of country IT positively moderate this relationship. Interestingly, additional analyses also reveal nonlinear relationships, which suggest that profitability gains from DT investments can take time to materialize and that there are diminishing marginal returns to some DT investments.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":null,"pages":null},"PeriodicalIF":7.4,"publicationDate":"2024-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142530336","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 : 2024-10-11DOI: 10.1016/j.frl.2024.106267
Based on China's Market Access Prohibition List, this paper explores the impact of market access reforms on firm productivity, employing data from Chinese listed companies from 2010 to 2019. To identify causality, we conduct a staggered DID estimation and find that provinces implementing the Market Access Prohibition List exhibit higher growth in productivity than those that do not. Moreover, this positive effect is more pronounced for non-SOEs and firms in less marketed regions. Reducing rent-seeking costs and promoting corporate innovation serve as mechanisms to facilitate firm productivity. This research sheds light on the economic consequences of liberalizing market access restrictions.
本文以中国的《市场准入禁止目录》为基础，利用2010年至2019年的中国上市公司数据，探讨了市场准入改革对企业生产率的影响。为了识别因果关系，我们进行了交错的 DID 估计，发现实施《市场准入禁止目录》的省份比未实施《市场准入禁止目录》的省份表现出更高的生产率增长。此外，这种积极影响对于非国有企业和市场化程度较低地区的企业更为明显。降低寻租成本和促进企业创新是提高企业生产率的机制。这项研究揭示了放开市场准入限制的经济后果。
{"title":"Market access and firm productivity: Evidence from a natural experiment","authors":"","doi":"10.1016/j.frl.2024.106267","DOIUrl":"10.1016/j.frl.2024.106267","url":null,"abstract":"<div><div>Based on China's Market Access Prohibition List, this paper explores the impact of market access reforms on firm productivity, employing data from Chinese listed companies from 2010 to 2019. To identify causality, we conduct a staggered DID estimation and find that provinces implementing the Market Access Prohibition List exhibit higher growth in productivity than those that do not. Moreover, this positive effect is more pronounced for non-SOEs and firms in less marketed regions. Reducing rent-seeking costs and promoting corporate innovation serve as mechanisms to facilitate firm productivity. This research sheds light on the economic consequences of liberalizing market access restrictions.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":null,"pages":null},"PeriodicalIF":7.4,"publicationDate":"2024-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142529820","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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