Pub Date : 2024-12-03DOI: 10.1016/j.frl.2024.106573
Priya Choudhary, Chinmoy Ghosh, M Thenmozhi
We investigate the dual influence of fintech and financial inclusion on diverse sustainable development goals, including SDG 2, 3, 4, 8 and 9, based on panel data of 86 countries. A quantile regression analysis shows that fintech has a favorable influence on education at higher quantiles. Additionally, Fintech and financial inclusion positively enhance GDP (SDG 8) and internet (SDG 9) upto 50th quantiles, but their impact decreases at higher percentiles. The findings suggest that fintech and financial inclusion can drive progress towards achieving SDGs by encouraging economic growth, supporting zero hunger, reducing maternal deaths, enhancing quality education, and empowering innovation and infrastructure. Further analysis demonstrates that financial inclusion and SDGs can promote each other, and similarly, fintech and SDGs can mutually reinforce each other.
{"title":"Impact of fintech and financial inclusion on sustainable development goals: Evidence from cross country analysis","authors":"Priya Choudhary, Chinmoy Ghosh, M Thenmozhi","doi":"10.1016/j.frl.2024.106573","DOIUrl":"https://doi.org/10.1016/j.frl.2024.106573","url":null,"abstract":"We investigate the dual influence of fintech and financial inclusion on diverse sustainable development goals, including SDG 2, 3, 4, 8 and 9, based on panel data of 86 countries. A quantile regression analysis shows that fintech has a favorable influence on education at higher quantiles. Additionally, Fintech and financial inclusion positively enhance GDP (SDG 8) and internet (SDG 9) upto 50th quantiles, but their impact decreases at higher percentiles. The findings suggest that fintech and financial inclusion can drive progress towards achieving SDGs by encouraging economic growth, supporting zero hunger, reducing maternal deaths, enhancing quality education, and empowering innovation and infrastructure. Further analysis demonstrates that financial inclusion and SDGs can promote each other, and similarly, fintech and SDGs can mutually reinforce each other.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"81 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2024-12-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142805330","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 : 2024-12-02DOI: 10.1016/j.frl.2024.106572
Mahfuja Malik, Khawaja Mamun, Syed Muhammad Ishraque Osman
This study adopts advanced causal machine learning (ML) techniques to investigate the impact of country-level corruption on the market valuation of firms’ environmental, social, and governance (ESG) performance. By employing double-debiased machine learning (DML) and linear regression analysis, we find that ESG performance positively influences firm value. This positive relationship is more pronounced for firms operating in countries with lower levels of corruption. The use of DML enhances effect identification and yields findings that closely align with those derived from linear regression, thereby providing robust support for the pivotal role of corruption control in enhancing ESG-induced firm value.
{"title":"Does corruption control enhance ESG-induced firm value? Insights from machine learning analysis","authors":"Mahfuja Malik, Khawaja Mamun, Syed Muhammad Ishraque Osman","doi":"10.1016/j.frl.2024.106572","DOIUrl":"https://doi.org/10.1016/j.frl.2024.106572","url":null,"abstract":"This study adopts advanced causal machine learning (ML) techniques to investigate the impact of country-level corruption on the market valuation of firms’ environmental, social, and governance (ESG) performance. By employing double-debiased machine learning (DML) and linear regression analysis, we find that ESG performance positively influences firm value. This positive relationship is more pronounced for firms operating in countries with lower levels of corruption. The use of DML enhances effect identification and yields findings that closely align with those derived from linear regression, thereby providing robust support for the pivotal role of corruption control in enhancing ESG-induced firm value.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"15 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2024-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142805331","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 : 2024-12-01DOI: 10.1016/j.frl.2024.106512
Lulu Chang, Senhui Fang
This study exploits new quantitative data to investigate the reduction effect of the city’s low-carbon policy intensity on corporate carbon emissions, revealing the pivotal role of formal carbon regulations. Potential mechanisms are explored from corporate sustainable transformation strategies, and some heterogeneity is presented.
{"title":"Bringing carbon emission reduction to fruition: Insights from city’s low-carbon policy intensity","authors":"Lulu Chang, Senhui Fang","doi":"10.1016/j.frl.2024.106512","DOIUrl":"https://doi.org/10.1016/j.frl.2024.106512","url":null,"abstract":"This study exploits new quantitative data to investigate the reduction effect of the city’s low-carbon policy intensity on corporate carbon emissions, revealing the pivotal role of formal carbon regulations. Potential mechanisms are explored from corporate sustainable transformation strategies, and some heterogeneity is presented.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"18 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2024-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142763001","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 : 2024-12-01DOI: 10.1016/j.frl.2024.106551
Imran Yousaf, Kamel Si Mohammed, Umair Bin Yousaf, Vanessa Serret
We examine the interlinkages between cryptocurrency prices, the energy consumption of crypto mining, and the resulting CO2 emissions, considering the conditioning impact of geopolitical risk (GPR). Employing multivariate quantile-on-quantile regression (MQQR), we find that cryptocurrency price fluctuations significantly impact both cryptocurrency mining and its attendant environmental impact, particularly at higher quantile levels of crypto prices and GPR. The effect of bitcoin pricing on environmental awareness is seen across several quantiles. We add to the continuing discussion regarding the long-term viability of cryptocurrencies.
{"title":"The effect of crypto price fluctuations on crypto mining, and CO2 emissions amid geopolitical risk","authors":"Imran Yousaf, Kamel Si Mohammed, Umair Bin Yousaf, Vanessa Serret","doi":"10.1016/j.frl.2024.106551","DOIUrl":"https://doi.org/10.1016/j.frl.2024.106551","url":null,"abstract":"We examine the interlinkages between cryptocurrency prices, the energy consumption of crypto mining, and the resulting CO<ce:inf loc=\"post\">2</ce:inf> emissions, considering the conditioning impact of geopolitical risk (GPR). Employing multivariate quantile-on-quantile regression (MQQR), we find that cryptocurrency price fluctuations significantly impact both cryptocurrency mining and its attendant environmental impact, particularly at higher quantile levels of crypto prices and GPR. The effect of bitcoin pricing on environmental awareness is seen across several quantiles. We add to the continuing discussion regarding the long-term viability of cryptocurrencies.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"21 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2024-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142805333","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 : 2024-12-01DOI: 10.1016/j.frl.2024.106558
Gang Lu, Yutian Miao, Siyan Liu, Jing Wang
As global economic integration deepens, the internationalization of enterprises has emerged as a crucial strategy for market expansion and enhanced competitiveness. In this landscape, trade digitization is an emerging trend that is progressively reshaping international trade, with significant implications for the speed of enterprise internationalization. This paper explores the intrinsic relationship between them, demonstrating that trade digitization serves as a powerful catalyst that significantly accelerates the speed of enterprise internationalization. Additionally, the study delves into the role of inward connectivity as a moderator, illustrating how it enhances the relationship between trade digitization and internationalization speed. It also investigates the mediating effect of transaction cost, revealing how these costs influence the speed of enterprise internationalization.
{"title":"Acceleration or deceleration? The impact of trade digitization on the speed of enterprise internationalization","authors":"Gang Lu, Yutian Miao, Siyan Liu, Jing Wang","doi":"10.1016/j.frl.2024.106558","DOIUrl":"https://doi.org/10.1016/j.frl.2024.106558","url":null,"abstract":"As global economic integration deepens, the internationalization of enterprises has emerged as a crucial strategy for market expansion and enhanced competitiveness. In this landscape, trade digitization is an emerging trend that is progressively reshaping international trade, with significant implications for the speed of enterprise internationalization. This paper explores the intrinsic relationship between them, demonstrating that trade digitization serves as a powerful catalyst that significantly accelerates the speed of enterprise internationalization. Additionally, the study delves into the role of inward connectivity as a moderator, illustrating how it enhances the relationship between trade digitization and internationalization speed. It also investigates the mediating effect of transaction cost, revealing how these costs influence the speed of enterprise internationalization.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"28 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2024-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142805332","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 : 2024-11-30DOI: 10.1016/j.frl.2024.106514
Eike Oenschläger, Steffen Möllenhoff
We test a trading strategy based on SEC Form 4 insider trading filings in the post Sarbanes–Oxley Act period. Using intraday data, we analyze whether a prompt reaction to the announcement would earn abnormal returns. We find positive but lower abnormal percentage returns than in previous studies for short holding periods, but they vanish and even become negative when limiting the tradable dollar amount for each trading signal to a reasonable size. Moreover, we find that the returns in our setup are negatively correlated with stock liquidity, almost negating a potentially profitable and scalable trading strategy even before considering transaction costs.
{"title":"Insider filings as trading signals — Does it pay to be fast?","authors":"Eike Oenschläger, Steffen Möllenhoff","doi":"10.1016/j.frl.2024.106514","DOIUrl":"https://doi.org/10.1016/j.frl.2024.106514","url":null,"abstract":"We test a trading strategy based on SEC Form 4 insider trading filings in the post Sarbanes–Oxley Act period. Using intraday data, we analyze whether a prompt reaction to the announcement would earn abnormal returns. We find positive but lower abnormal percentage returns than in previous studies for short holding periods, but they vanish and even become negative when limiting the tradable dollar amount for each trading signal to a reasonable size. Moreover, we find that the returns in our setup are negatively correlated with stock liquidity, almost negating a potentially profitable and scalable trading strategy even before considering transaction costs.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"13 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2024-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142763026","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 : 2024-11-30DOI: 10.1016/j.frl.2024.106545
Siqi Liu, Gongyuan Zhang, Feng Yuan
This paper delves into the correlation between multiple credit ratings and the financing costs associated with asset securitisation, utilising data spanning from 2012 to 2022 pertaining to credit, corporate asset-backed securities, and asset-backed notes. The research reveals that incorporating multiple credit ratings, as opposed to relying solely on a single rating, favourably impacts the accessibility of more favourable financing costs. Furthermore, the employment of both the "issuer pays" and "investor pays" rating models, as compared to utilising just the "issuer pays" model, proves to be more effective in mitigating the financing costs of asset securitisation products.
{"title":"An empirical analysis of the effect of multiple credit ratings on reducing asset securitisation financing costs","authors":"Siqi Liu, Gongyuan Zhang, Feng Yuan","doi":"10.1016/j.frl.2024.106545","DOIUrl":"https://doi.org/10.1016/j.frl.2024.106545","url":null,"abstract":"This paper delves into the correlation between multiple credit ratings and the financing costs associated with asset securitisation, utilising data spanning from 2012 to 2022 pertaining to credit, corporate asset-backed securities, and asset-backed notes. The research reveals that incorporating multiple credit ratings, as opposed to relying solely on a single rating, favourably impacts the accessibility of more favourable financing costs. Furthermore, the employment of both the \"issuer pays\" and \"investor pays\" rating models, as compared to utilising just the \"issuer pays\" model, proves to be more effective in mitigating the financing costs of asset securitisation products.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"21 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2024-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142805345","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 : 2024-11-30DOI: 10.1016/j.frl.2024.106524
Aquiles E.G. Kalatzis, Carlos Martins-Filho, Antônio C.H. Ribeiro Jr.
In this paper, we empirically explore the impact of financial constraints on firms’ efficiency. To this end, we estimate a stochastic production frontier model, addressing input endogeneity and incorporating “environmental” variables that may impact efficiency. Using four distinct financial constraint indexes, we show that firms facing such constraints may be more efficient. This can be attributed to the accumulation of internal funds as a precautionary measure and improved resource allocation. In addition, our findings highlight differential impacts across financial constraint indexes, shedding light on the complex relationship between financial constraints and firms’ efficiency levels.
{"title":"Financial constraints and firm efficiency: Further empirical evidence","authors":"Aquiles E.G. Kalatzis, Carlos Martins-Filho, Antônio C.H. Ribeiro Jr.","doi":"10.1016/j.frl.2024.106524","DOIUrl":"https://doi.org/10.1016/j.frl.2024.106524","url":null,"abstract":"In this paper, we empirically explore the impact of financial constraints on firms’ efficiency. To this end, we estimate a stochastic production frontier model, addressing input endogeneity and incorporating “environmental” variables that may impact efficiency. Using four distinct financial constraint indexes, we show that firms facing such constraints may be more efficient. This can be attributed to the accumulation of internal funds as a precautionary measure and improved resource allocation. In addition, our findings highlight differential impacts across financial constraint indexes, shedding light on the complex relationship between financial constraints and firms’ efficiency levels.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"46 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2024-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142763004","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 : 2024-11-29DOI: 10.1016/j.frl.2024.106541
Yingjie Deng , Jing Kang , Yan Wang , Zhicheng Hu , Wei Gong
The consumption upgrading strategy and the dual circulation model position consumption as a critical driver of China's economic growth. Although the development of inclusive finance has somewhat promoted short-term consumption, challenges such as low financial literacy and rising debt burden threaten the sustainability of consumption. This study utilizes data from the 2013–2019 China Household Finance Survey, employing fixed-effect models to examine the impact of household debt on consumption. We also quantify financial literacy's role in moderating debt's influence on consumer behavior.
{"title":"Effects of debt dynamics and financial literacy on consumer market behavior","authors":"Yingjie Deng , Jing Kang , Yan Wang , Zhicheng Hu , Wei Gong","doi":"10.1016/j.frl.2024.106541","DOIUrl":"10.1016/j.frl.2024.106541","url":null,"abstract":"<div><div>The consumption upgrading strategy and the dual circulation model position consumption as a critical driver of China's economic growth. Although the development of inclusive finance has somewhat promoted short-term consumption, challenges such as low financial literacy and rising debt burden threaten the sustainability of consumption. This study utilizes data from the 2013–2019 China Household Finance Survey, employing fixed-effect models to examine the impact of household debt on consumption. We also quantify financial literacy's role in moderating debt's influence on consumer behavior.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"72 ","pages":"Article 106541"},"PeriodicalIF":7.4,"publicationDate":"2024-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142759783","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 : 2024-11-29DOI: 10.1016/j.frl.2024.106532
Sun-Yong Choi, Elroi Hadad
We study how external economic and market uncertainty factors affect investors’ risk aversion. Utilizing TVP-VAR framework, we examine the impact of economic policy uncertainty (EPU), monetary policy uncertainty (MPU), geopolitical risk (GPR), and investor sentiment (Sent) on the risk aversion index (RAI). Our analysis reveals that (i) EPU and MPU are primary transmitters of shocks, significantly influencing RAI; (ii) GPR has a minimal and temporary effect, while Sent exhibits limited influence; and (iii) the impact on risk aversion has lessened, indicating growing market resilience to policy-related shocks. These findings underscore the psychological impact of economic instability on investors’ risk aversion.
{"title":"The dynamic relationship among economic and monetary policy, geopolitical risk, sentiment, and risk aversion: A TVP-VAR approach","authors":"Sun-Yong Choi, Elroi Hadad","doi":"10.1016/j.frl.2024.106532","DOIUrl":"https://doi.org/10.1016/j.frl.2024.106532","url":null,"abstract":"We study how external economic and market uncertainty factors affect investors’ risk aversion. Utilizing TVP-VAR framework, we examine the impact of economic policy uncertainty (EPU), monetary policy uncertainty (MPU), geopolitical risk (GPR), and investor sentiment (Sent) on the risk aversion index (RAI). Our analysis reveals that (i) EPU and MPU are primary transmitters of shocks, significantly influencing RAI; (ii) GPR has a minimal and temporary effect, while Sent exhibits limited influence; and (iii) the impact on risk aversion has lessened, indicating growing market resilience to policy-related shocks. These findings underscore the psychological impact of economic instability on investors’ risk aversion.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"37 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2024-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142763027","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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