Pub Date : 2025-02-27DOI: 10.1016/j.frl.2025.107098
Yassine Boutouar , Maurizio La Rocca , Tiziana La Rocca , Augusto D'Amico
Equity crowdfunding (ECF) has emerged as an essential funding tool for sustainability-oriented ventures (SOVs). This study examines the relationship between sustainability orientation, high-tech sector affiliation such as information technology, pharmaceuticals, electronics, and telecommunications, and ECF campaign success in the Italian market. We analyze 140 ECF projects from 2017 to 2023, employing artificial intelligence techniques to classify campaign sustainability orientation. We examine the impact of SOVs on various ECF success metrics, including total funds raised, success ratio, and normalized success. Moreover, we explore the potential moderating role of high-tech sectors on the effect of sustainability orientation on campaign performance. Results reveal that SOVs have a significant positive impact on ECF success across multiple metrics, with the positive contribution of high-tech sector affiliation amplifying this effect.
{"title":"The role of sustainability and high-tech sector affiliation in shaping equity crowdfunding success: An AI perspective","authors":"Yassine Boutouar , Maurizio La Rocca , Tiziana La Rocca , Augusto D'Amico","doi":"10.1016/j.frl.2025.107098","DOIUrl":"10.1016/j.frl.2025.107098","url":null,"abstract":"<div><div>Equity crowdfunding (ECF) has emerged as an essential funding tool for sustainability-oriented ventures (SOVs). This study examines the relationship between sustainability orientation, high-tech sector affiliation such as information technology, pharmaceuticals, electronics, and telecommunications, and ECF campaign success in the Italian market. We analyze 140 ECF projects from 2017 to 2023, employing artificial intelligence techniques to classify campaign sustainability orientation. We examine the impact of SOVs on various ECF success metrics, including total funds raised, success ratio, and normalized success. Moreover, we explore the potential moderating role of high-tech sectors on the effect of sustainability orientation on campaign performance. Results reveal that SOVs have a significant positive impact on ECF success across multiple metrics, with the positive contribution of high-tech sector affiliation amplifying this effect.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"77 ","pages":"Article 107098"},"PeriodicalIF":7.4,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143518914","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 : 2025-02-27DOI: 10.1016/j.frl.2025.107105
Min Liu , Jiurui He , Nana Liu
This study utilizes a sample comprising data from Chinese listed enterprises spanning from 2015 to 2022 to investigate the influence of monetary policy on enterprise growth and R&D investment. Our findings reveal that enterprise growth adversely impacts R&D investment; however, during periods of loose monetary policy, such adverse effects are mitigated. Conversely, in times of tight monetary policy, non-state-owned enterprises confront more severe financing constraints. Notably, during these tight periods, the impact of monetary policy on R&D investment, stemming from the attenuation of enterprise growth, is comparable between state-owned and non-state-owned enterprises.
{"title":"Exploration of the relationship between firm growth and R&D investment under monetary policy adjustment","authors":"Min Liu , Jiurui He , Nana Liu","doi":"10.1016/j.frl.2025.107105","DOIUrl":"10.1016/j.frl.2025.107105","url":null,"abstract":"<div><div>This study utilizes a sample comprising data from Chinese listed enterprises spanning from 2015 to 2022 to investigate the influence of monetary policy on enterprise growth and R&D investment. Our findings reveal that enterprise growth adversely impacts R&D investment; however, during periods of loose monetary policy, such adverse effects are mitigated. Conversely, in times of tight monetary policy, non-state-owned enterprises confront more severe financing constraints. Notably, during these tight periods, the impact of monetary policy on R&D investment, stemming from the attenuation of enterprise growth, is comparable between state-owned and non-state-owned enterprises.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107105"},"PeriodicalIF":7.4,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143644848","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 : 2025-02-27DOI: 10.1016/j.frl.2025.107103
Liang Pan, Yong Yang
This study investigates the effect of information disclosure on the investment efficiency of China's A-share listed companies over the period 2018–2022. Our results demonstrate that enhancing the quality of information disclosure leads to a substantial improvement in investment efficiency. By reducing information asymmetry and acting as a signaling mechanism, adequate information disclosure encourages greater investor propensity and investment scale, ultimately promoting investment efficiency. Additionally, we find that improving information disclosure quality mitigates the cost of financing constraints, thereby alleviating financial pressures associated with underinvestment.
{"title":"Enhancing investment efficiency through improved information disclosure","authors":"Liang Pan, Yong Yang","doi":"10.1016/j.frl.2025.107103","DOIUrl":"10.1016/j.frl.2025.107103","url":null,"abstract":"<div><div>This study investigates the effect of information disclosure on the investment efficiency of China's A-share listed companies over the period 2018–2022. Our results demonstrate that enhancing the quality of information disclosure leads to a substantial improvement in investment efficiency. By reducing information asymmetry and acting as a signaling mechanism, adequate information disclosure encourages greater investor propensity and investment scale, ultimately promoting investment efficiency. Additionally, we find that improving information disclosure quality mitigates the cost of financing constraints, thereby alleviating financial pressures associated with underinvestment.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"77 ","pages":"Article 107103"},"PeriodicalIF":7.4,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143518907","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 : 2025-02-27DOI: 10.1016/j.frl.2025.107107
Ying Liu, Lei Zheng
This study delves into the impact of intelligent manufacturing (IM) capabilities on corporate investment efficiency using data from China's A-share listed companies from 2012 to 2022. Findings reveal that enhancements in IM capabilities significantly improve corporate investment efficiency; operational performance plays a positive moderating role in increasing investment efficiency through IM; operating costs exert a negative moderating influence; and the promotional effect of IM capabilities on investment efficiency is more pronounced in private enterprises.
{"title":"Intelligent manufacturing level and corporate investment efficiency","authors":"Ying Liu, Lei Zheng","doi":"10.1016/j.frl.2025.107107","DOIUrl":"10.1016/j.frl.2025.107107","url":null,"abstract":"<div><div>This study delves into the impact of intelligent manufacturing (IM) capabilities on corporate investment efficiency using data from China's A-share listed companies from 2012 to 2022. Findings reveal that enhancements in IM capabilities significantly improve corporate investment efficiency; operational performance plays a positive moderating role in increasing investment efficiency through IM; operating costs exert a negative moderating influence; and the promotional effect of IM capabilities on investment efficiency is more pronounced in private enterprises.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"77 ","pages":"Article 107107"},"PeriodicalIF":7.4,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143549980","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 : 2025-02-27DOI: 10.1016/j.frl.2025.107094
Yangli Guo , Pei Peng , Ling Zhou , Yusui Tang
This study introduces a climate change concern index to quantify climate risk and assess its impact on commodity futures volatility, addressing a key gap in the literature. Compared to established risk measures, the index significantly improves volatility forecasts. Models using the index also outperform traditional ones in economic value, offering insights for investors and policymakers in managing climate-related financial risks. These findings underscore the importance of climate risk in financial markets, enhancing forecasts and guiding economic decisions.
{"title":"Forecasting volatility in commodity markets with climate risk","authors":"Yangli Guo , Pei Peng , Ling Zhou , Yusui Tang","doi":"10.1016/j.frl.2025.107094","DOIUrl":"10.1016/j.frl.2025.107094","url":null,"abstract":"<div><div>This study introduces a climate change concern index to quantify climate risk and assess its impact on commodity futures volatility, addressing a key gap in the literature. Compared to established risk measures, the index significantly improves volatility forecasts. Models using the index also outperform traditional ones in economic value, offering insights for investors and policymakers in managing climate-related financial risks. These findings underscore the importance of climate risk in financial markets, enhancing forecasts and guiding economic decisions.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107094"},"PeriodicalIF":7.4,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143611431","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 study examines, from the perspectives of executive and R&D personnel, whether equity incentives influence the financialization of enterprises, and investigates the underlying mechanism through which this influence operates. Findings reveal that equity incentives for corporate executives contribute to reducing corporate financialization. Furthermore, equity incentives decrease excess cash holdings in enterprises, which subsequently mitigates the degree of corporate financialization. Notably, compared to state-owned enterprises (SOEs), equity incentives for executives in non-SOEs yields a more significant reduction in corporate financialization.
{"title":"Investigation into the effects of equity incentives for executives and R&D personnel on corporate financialization","authors":"Sichong Chen , Shan Liang , Meng Chen , Didi Zhang","doi":"10.1016/j.frl.2025.107102","DOIUrl":"10.1016/j.frl.2025.107102","url":null,"abstract":"<div><div>This study examines, from the perspectives of executive and R&D personnel, whether equity incentives influence the financialization of enterprises, and investigates the underlying mechanism through which this influence operates. Findings reveal that equity incentives for corporate executives contribute to reducing corporate financialization. Furthermore, equity incentives decrease excess cash holdings in enterprises, which subsequently mitigates the degree of corporate financialization. Notably, compared to state-owned enterprises (SOEs), equity incentives for executives in non-SOEs yields a more significant reduction in corporate financialization.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"77 ","pages":"Article 107102"},"PeriodicalIF":7.4,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143534241","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}
The aim of the paper is to analyze the literature that investigates the connection between fintech, crowdfunding, entrepreneurs, academic spinoffs, startups, SMEs, and sustainability to provide insights into how this relationship is influencing researchers. Crowdfunding serves as a crucial element of the fintech ecosystem, promoting financial inclusion and empowering businesses that use these technologies. The Latent Dirichlet Allocation (LDA) method was used to carefully analyze the literature in the field. The findings highlight how crowdfunding facilitates creative enterprises (academic spinoffs, startups, and SMEs) and corresponds with the increasing need for sustainable business practices, offering a foundation for future research in this multidisciplinary field.
{"title":"The link between crowdfunding and sustainability: A literature review in the field of entrepreneurs and academic spinoffs","authors":"Giovanni Baldissarro , Elisa Farinelli , Gianpaolo Iazzolino , Riccardo Maiolini , Donato Morea","doi":"10.1016/j.frl.2025.107097","DOIUrl":"10.1016/j.frl.2025.107097","url":null,"abstract":"<div><div>The aim of the paper is to analyze the literature that investigates the connection between fintech, crowdfunding, entrepreneurs, academic spinoffs, startups, SMEs, and sustainability to provide insights into how this relationship is influencing researchers. Crowdfunding serves as a crucial element of the fintech ecosystem, promoting financial inclusion and empowering businesses that use these technologies. The Latent Dirichlet Allocation (LDA) method was used to carefully analyze the literature in the field. The findings highlight how crowdfunding facilitates creative enterprises (academic spinoffs, startups, and SMEs) and corresponds with the increasing need for sustainable business practices, offering a foundation for future research in this multidisciplinary field.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"77 ","pages":"Article 107097"},"PeriodicalIF":7.4,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143518915","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 : 2025-02-27DOI: 10.1016/j.frl.2025.107100
Sheng Wang , Haifeng Meng , Zhisheng Chen
This paper examines the relationship between bank competition and corporate financialization using annual data from non-financial firms listed on the Chinese A-share market from 2012 to 2022. The results indicate that heightened bank competition significantly promotes corporate financialization, with a positive correlation observed: the greater the intensity of competition, the higher the level of corporate financialization. The study further reveals that financing constraints partially mediate this relationship, suggesting that bank competition alleviates financing constraints, leading firms to allocate more funds to financial assets. Moreover, economic policy uncertainty is found to have a dual effect: it directly propels corporate financialization while indirectly dampening the responsiveness of corporate financialization to bank competition.
{"title":"Exploring the links between bank competition, economic policy uncertainty, and corporate financialization","authors":"Sheng Wang , Haifeng Meng , Zhisheng Chen","doi":"10.1016/j.frl.2025.107100","DOIUrl":"10.1016/j.frl.2025.107100","url":null,"abstract":"<div><div>This paper examines the relationship between bank competition and corporate financialization using annual data from non-financial firms listed on the Chinese A-share market from 2012 to 2022. The results indicate that heightened bank competition significantly promotes corporate financialization, with a positive correlation observed: the greater the intensity of competition, the higher the level of corporate financialization. The study further reveals that financing constraints partially mediate this relationship, suggesting that bank competition alleviates financing constraints, leading firms to allocate more funds to financial assets. Moreover, economic policy uncertainty is found to have a dual effect: it directly propels corporate financialization while indirectly dampening the responsiveness of corporate financialization to bank competition.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107100"},"PeriodicalIF":7.4,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143579371","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 : 2025-02-27DOI: 10.1016/j.frl.2025.107108
Xixi Guo , Kewen Luo , Jun Fang
This study uses data from the 2015, 2017, 2019, and 2021 Comprehensive Survey of Social Conditions in China to examine how household financial asset structure(HAS) affects resident consumption, focusing on pension security's mediating role. Findings indicate the negative correlation between HAS and residents’ consumption. Moreover, pension security acts as a mediator in the linkage between HAS and residents’ consumption, whereas Internet usage moderates this association, with this moderating effect exhibiting urban–rural heterogeneity and marital heterogeneity.
{"title":"Household asset structure, pension security, and consumer spending","authors":"Xixi Guo , Kewen Luo , Jun Fang","doi":"10.1016/j.frl.2025.107108","DOIUrl":"10.1016/j.frl.2025.107108","url":null,"abstract":"<div><div>This study uses data from the 2015, 2017, 2019, and 2021 Comprehensive Survey of Social Conditions in China to examine how household financial asset structure(<em>HAS</em>) affects resident consumption, focusing on pension security's mediating role. Findings indicate the negative correlation between HAS and residents’ consumption. Moreover, pension security acts as a mediator in the linkage between HAS and residents’ consumption, whereas Internet usage moderates this association, with this moderating effect exhibiting urban–rural heterogeneity and marital heterogeneity.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"77 ","pages":"Article 107108"},"PeriodicalIF":7.4,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143549983","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 : 2025-02-27DOI: 10.1016/j.frl.2025.107110
Yuan Jiang , Xiaomei Wang , Wenting Wang
Utilizing data spanning 2012–2022, this study investigated the impact of financial technology on regional carbon emissions, the role of its internal and external mechanisms, and the role of fintech in reducing carbon emission. The conclusions show that the higher the fintech index and the number of regional fintech companies, the lower the carbon emission. Green technological innovation plays a significant mediating role. Fintech achieves sustainable development through innovative financial tools and services and helps firms formulate personalized emission reduction strategies to respond to risks in better ways.
{"title":"Financial technology and regional carbon emission reduction: Mediating effect of green technology innovation","authors":"Yuan Jiang , Xiaomei Wang , Wenting Wang","doi":"10.1016/j.frl.2025.107110","DOIUrl":"10.1016/j.frl.2025.107110","url":null,"abstract":"<div><div>Utilizing data spanning 2012–2022, this study investigated the impact of financial technology on regional carbon emissions, the role of its internal and external mechanisms, and the role of fintech in reducing carbon emission. The conclusions show that the higher the fintech index and the number of regional fintech companies, the lower the carbon emission. Green technological innovation plays a significant mediating role. Fintech achieves sustainable development through innovative financial tools and services and helps firms formulate personalized emission reduction strategies to respond to risks in better ways.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"77 ","pages":"Article 107110"},"PeriodicalIF":7.4,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143518909","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}