Pub Date : 2026-01-20DOI: 10.1016/j.frl.2026.109539
Ziwen Chen
How do monetary policy shocks affect the distribution of art-market returns? This paper addresses the question using Artprice hedonic indices for fourteen segments over 1998Q1- 2023Q4. Panel mean local projections show that the average response of realized auction returns to a one-standard-deviation contractionary surprise is modest and briefly positive. Panel quantile local projections, combined with Bauer and Swanson (2023b) orthogonalized surprises, indicate pronounced asymmetry: the same shock lowers the 10th percentile of realized auction returns by 2.9 percentage points while raising the 90th percentile by 4.6 percentage points at the one-quarter horizon. The 90–10 spread thus widens by roughly 7.5 percentage points. Tail widening is concentrated in high-liquidity regimes measured by the Fed balance sheet-to-GDP ratio and financial conditions. The pattern is consistent with selection and within-segment flight to quality, rather than a uniform increase in art valuations. Placebo and randomization exercises provide supporting evidence that the estimated tail responses are unlikely to be generated by chance timing. Overall, art returns display state-dependent tail exposure to monetary shocks.
{"title":"Monetary policy surprises and the distribution of art-market returns: evidence from panel quantile local projections","authors":"Ziwen Chen","doi":"10.1016/j.frl.2026.109539","DOIUrl":"10.1016/j.frl.2026.109539","url":null,"abstract":"<div><div>How do monetary policy shocks affect the distribution of art-market returns? This paper addresses the question using Artprice hedonic indices for fourteen segments over 1998Q1- 2023Q4. Panel mean local projections show that the average response of realized auction returns to a one-standard-deviation contractionary surprise is modest and briefly positive. Panel quantile local projections, combined with Bauer and Swanson (2023b) orthogonalized surprises, indicate pronounced asymmetry: the same shock lowers the 10th percentile of realized auction returns by 2.9 percentage points while raising the 90th percentile by 4.6 percentage points at the one-quarter horizon. The 90–10 spread thus widens by roughly 7.5 percentage points. Tail widening is concentrated in high-liquidity regimes measured by the Fed balance sheet-to-GDP ratio and financial conditions. The pattern is consistent with selection and within-segment flight to quality, rather than a uniform increase in art valuations. Placebo and randomization exercises provide supporting evidence that the estimated tail responses are unlikely to be generated by chance timing. Overall, art returns display state-dependent tail exposure to monetary shocks.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109539"},"PeriodicalIF":6.9,"publicationDate":"2026-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146014264","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 : 2026-01-20DOI: 10.1016/j.frl.2026.109541
Chenhao Wang , Ting Zhang , Shanyi Zhu
Retail investors are often underdiversified, limiting potential gains from broader asset allocation. This paper studies whether big data–driven recommendations can improve portfolio diversification. We exploit a natural experiment in a large Chinese commercial bank, where a data fusion platform provides personalized recommendations in FinTech branches. Using proprietary account-level data and a difference-in-differences design, we find that portfolios in FinTech branches become 7.6% more diversified, with higher investment income and lower overall risk. Clients reduce their share of deposits and increase their holdings of wealth management products. Mechanism analyses show that recommendations alleviate information frictions, and the effects are more pronounced for clients whose portfolios underutilize their risk-bearing capacity. The impact is stronger in central business district branches and those lacking human advisors, as well as among male and non-wealthy clients.
{"title":"Big data recommendations and portfolio diversification: evidence from account-level data","authors":"Chenhao Wang , Ting Zhang , Shanyi Zhu","doi":"10.1016/j.frl.2026.109541","DOIUrl":"10.1016/j.frl.2026.109541","url":null,"abstract":"<div><div>Retail investors are often underdiversified, limiting potential gains from broader asset allocation. This paper studies whether big data–driven recommendations can improve portfolio diversification. We exploit a natural experiment in a large Chinese commercial bank, where a data fusion platform provides personalized recommendations in FinTech branches. Using proprietary account-level data and a difference-in-differences design, we find that portfolios in FinTech branches become 7.6% more diversified, with higher investment income and lower overall risk. Clients reduce their share of deposits and increase their holdings of wealth management products. Mechanism analyses show that recommendations alleviate information frictions, and the effects are more pronounced for clients whose portfolios underutilize their risk-bearing capacity. The impact is stronger in central business district branches and those lacking human advisors, as well as among male and non-wealthy clients.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109541"},"PeriodicalIF":6.9,"publicationDate":"2026-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146014783","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 : 2026-01-19DOI: 10.1016/j.frl.2026.109536
Yueyang Qiu , Xuebao Yin , Nan Hu
This study empirically analyzes data from Chinese A-share listed companies between 2006 and 2023 to explore the relationship between blockchain investment, dual-class share structures, and asset pricing efficiency. The findings indicate that blockchain investment significantly enhances asset pricing efficiency; dual-class share structures play a moderating role between blockchain investment and asset pricing efficiency; the impact of blockchain investment on asset pricing efficiency exhibits heterogeneity between state-owned enterprises and non-state-owned enterprises; and there is also heterogeneity in the effects of blockchain investment on asset pricing efficiency between southern enterprises and non-southern enterprises. Based on these conclusions, this study suggests that policymakers should further promote the adoption and application of blockchain technology, optimize corporate governance structures, and strengthen regional digital infrastructure development to improve the overall market's asset pricing efficiency.
{"title":"Blockchain Investment, dual-class share structure, and asset pricing efficiency","authors":"Yueyang Qiu , Xuebao Yin , Nan Hu","doi":"10.1016/j.frl.2026.109536","DOIUrl":"10.1016/j.frl.2026.109536","url":null,"abstract":"<div><div>This study empirically analyzes data from Chinese A-share listed companies between 2006 and 2023 to explore the relationship between blockchain investment, dual-class share structures, and asset pricing efficiency. The findings indicate that blockchain investment significantly enhances asset pricing efficiency; dual-class share structures play a moderating role between blockchain investment and asset pricing efficiency; the impact of blockchain investment on asset pricing efficiency exhibits heterogeneity between state-owned enterprises and non-state-owned enterprises; and there is also heterogeneity in the effects of blockchain investment on asset pricing efficiency between southern enterprises and non-southern enterprises. Based on these conclusions, this study suggests that policymakers should further promote the adoption and application of blockchain technology, optimize corporate governance structures, and strengthen regional digital infrastructure development to improve the overall market's asset pricing efficiency.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109536"},"PeriodicalIF":6.9,"publicationDate":"2026-01-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146000571","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 : 2026-01-19DOI: 10.1016/j.frl.2026.109523
Eun Young Oh , Georgios Magkonis , Shuonan Zhang
This paper studies how China’s monetary policy has responded to global uncertainty under different policy regimes. Using a time-varying parameter VAR with stochastic volatility (TVP-VAR-SV) and monthly data from 2002–2020, the analysis identifies regime dependence. In the 2000s, uncertainty shocks generated sharp declines in output and inflation and were accompanied by accommodative policy easing. Under the 2010s “new normal”, both real and policy responses became smaller and more stable. Monetary adjustments are more closely related to inflation overshooting than to output deviations, indicating a stronger forward-looking orientation toward inflation stabilization. These results suggest that the evolution of China’s monetary framework has increased its resilience to external uncertainty. The main findings are robust across alternative policy instruments and remain unchanged when the exchange rate is incorporated into the analysis.
{"title":"Dynamics of monetary policy regimes in China under rising global uncertainty: A time-varying approach","authors":"Eun Young Oh , Georgios Magkonis , Shuonan Zhang","doi":"10.1016/j.frl.2026.109523","DOIUrl":"10.1016/j.frl.2026.109523","url":null,"abstract":"<div><div>This paper studies how China’s monetary policy has responded to global uncertainty under different policy regimes. Using a time-varying parameter VAR with stochastic volatility (TVP-VAR-SV) and monthly data from 2002–2020, the analysis identifies regime dependence. In the 2000s, uncertainty shocks generated sharp declines in output and inflation and were accompanied by accommodative policy easing. Under the 2010s “new normal”, both real and policy responses became smaller and more stable. Monetary adjustments are more closely related to inflation overshooting than to output deviations, indicating a stronger forward-looking orientation toward inflation stabilization. These results suggest that the evolution of China’s monetary framework has increased its resilience to external uncertainty. The main findings are robust across alternative policy instruments and remain unchanged when the exchange rate is incorporated into the analysis.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109523"},"PeriodicalIF":6.9,"publicationDate":"2026-01-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146036614","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 the influence of climate risk on the internal pay gap of Chinese A-share listed firms from 2007 to 2022. We find that climate risk increases the average compensation of both employees and executives. More importantly, the pay gap is narrowed by both institutional investors' engagement and participation by controlling shareholders. In non-SOEs and non-heavily polluting firms, climate risks will have larger and more significant impacts on the pay gap. These findings enhance the theoretical framework of corporate governance in the context of climate-related uncertainty and help optimize compensation systems for climate risk.
{"title":"Climate risk and internal pay gap","authors":"Xiaolin Kong , Sabri Boubaker , Yong Jiang , Yi-Shuai Ren","doi":"10.1016/j.frl.2026.109531","DOIUrl":"10.1016/j.frl.2026.109531","url":null,"abstract":"<div><div>This study examines the influence of climate risk on the internal pay gap of Chinese A-share listed firms from 2007 to 2022. We find that climate risk increases the average compensation of both employees and executives. More importantly, the pay gap is narrowed by both institutional investors' engagement and participation by controlling shareholders. In non-SOEs and non-heavily polluting firms, climate risks will have larger and more significant impacts on the pay gap. These findings enhance the theoretical framework of corporate governance in the context of climate-related uncertainty and help optimize compensation systems for climate risk.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109531"},"PeriodicalIF":6.9,"publicationDate":"2026-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145995224","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 : 2026-01-18DOI: 10.1016/j.frl.2026.109504
Shenghan Huang , Huan Hua
As data increasingly functions as a fundamental production factor in the modern economy, understanding its influence on fostering emerging industries has become essential. This study investigates how data factor development influences the low-altitude economy’s (LAE’s) growth in China, an emerging sector encompassing drone services, general aviation, and related commercial activities operating within low-altitude airspace. Using provincial panel data spanning 2012–2023, we apply a two-way fixed effects framework supplemented by instrumental variable estimation, Heckman selection correction, and propensity score matching for addressing potential endogeneity and selection bias. Results demonstrate that data factor development has a statistically significant positive effect on LAE performance, and this finding remains consistent across all estimation approaches. Further, we examine the transmission mechanisms through mediation analysis, revealing that digital infrastructure and research and development intensity are partial mediators linking data development to LAE growth. Digital infrastructure has a stronger mediating effect, underscoring the critical relevance of connectivity and communication networks for supporting low-altitude operations. Heterogeneity analyses indicate that the positive relationship is more evident in provinces with advanced industrial structures and geographically advantaged southern regions. These findings offer valuable guidance for policymakers, demonstrating that promoting LAE requires coordinated effort to strengthen data governance, expand digital infrastructure, and cultivate regional innovation capacity. Regions with less developed industrial bases may require targeted interventions to establish the preconditions for benefiting from data-driven growth in this strategic sector.
{"title":"Impact of data as a production factor on the low-altitude economy","authors":"Shenghan Huang , Huan Hua","doi":"10.1016/j.frl.2026.109504","DOIUrl":"10.1016/j.frl.2026.109504","url":null,"abstract":"<div><div>As data increasingly functions as a fundamental production factor in the modern economy, understanding its influence on fostering emerging industries has become essential. This study investigates how data factor development influences the low-altitude economy’s (LAE’s) growth in China, an emerging sector encompassing drone services, general aviation, and related commercial activities operating within low-altitude airspace. Using provincial panel data spanning 2012–2023, we apply a two-way fixed effects framework supplemented by instrumental variable estimation, Heckman selection correction, and propensity score matching for addressing potential endogeneity and selection bias. Results demonstrate that data factor development has a statistically significant positive effect on LAE performance, and this finding remains consistent across all estimation approaches. Further, we examine the transmission mechanisms through mediation analysis, revealing that digital infrastructure and research and development intensity are partial mediators linking data development to LAE growth. Digital infrastructure has a stronger mediating effect, underscoring the critical relevance of connectivity and communication networks for supporting low-altitude operations. Heterogeneity analyses indicate that the positive relationship is more evident in provinces with advanced industrial structures and geographically advantaged southern regions. These findings offer valuable guidance for policymakers, demonstrating that promoting LAE requires coordinated effort to strengthen data governance, expand digital infrastructure, and cultivate regional innovation capacity. Regions with less developed industrial bases may require targeted interventions to establish the preconditions for benefiting from data-driven growth in this strategic sector.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109504"},"PeriodicalIF":6.9,"publicationDate":"2026-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145995225","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 : 2026-01-18DOI: 10.1016/j.frl.2026.109533
Qianting Ma, Ruonan Xi, Zhenxian An, Yueshu Zhou
Against the backdrop of increasing frequency of extreme weather events and growing urgency of agricultural risk management, an in-depth investigation into their impact on the risk response behaviors of agricultural enterprises holds significant practical and theoretical importance. This study systematically examines the impact of extreme precipitation on the insurance-purchasing behavior of agricultural enterprises using a sample of 304 Chinese listed companies from 2011 to 2022. The study finds that (i) extreme precipitation significantly positively affects agricultural enterprises’ insurance-purchasing behavior. (ii) Extreme precipitation reduces agricultural yields and triggers market panic, jointly influencing agricultural enterprises’ insurance-purchasing behavior through the output loss and the emotional panic pathways. (iii) The effect of extreme precipitation on agricultural enterprises’ insurance-purchasing behavior varies significantly across firms with different ownership structures and industrial attributes, with nonstate-owned and resource-intensive enterprises being more sensitive to such shocks. This study provides empirical evidence for understanding the risk response mechanisms of agricultural enterprises under climate change and offers insights into improving agricultural insurance policies and promoting differentiated risk management strategies.
{"title":"The impact of extreme precipitation on agricultural enterprises’ insurance purchasing behavior","authors":"Qianting Ma, Ruonan Xi, Zhenxian An, Yueshu Zhou","doi":"10.1016/j.frl.2026.109533","DOIUrl":"10.1016/j.frl.2026.109533","url":null,"abstract":"<div><div>Against the backdrop of increasing frequency of extreme weather events and growing urgency of agricultural risk management, an in-depth investigation into their impact on the risk response behaviors of agricultural enterprises holds significant practical and theoretical importance. This study systematically examines the impact of extreme precipitation on the insurance-purchasing behavior of agricultural enterprises using a sample of 304 Chinese listed companies from 2011 to 2022. The study finds that (i) extreme precipitation significantly positively affects agricultural enterprises’ insurance-purchasing behavior. (ii) Extreme precipitation reduces agricultural yields and triggers market panic, jointly influencing agricultural enterprises’ insurance-purchasing behavior through the output loss and the emotional panic pathways. (iii) The effect of extreme precipitation on agricultural enterprises’ insurance-purchasing behavior varies significantly across firms with different ownership structures and industrial attributes, with nonstate-owned and resource-intensive enterprises being more sensitive to such shocks. This study provides empirical evidence for understanding the risk response mechanisms of agricultural enterprises under climate change and offers insights into improving agricultural insurance policies and promoting differentiated risk management strategies.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109533"},"PeriodicalIF":6.9,"publicationDate":"2026-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145995799","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 : 2026-01-17DOI: 10.1016/j.frl.2026.109530
Ke Liu , Linjun Cao , Jian Zhou
Drawing on neoinstitutional theory, this study examines how government environmental attention shapes firms’ heterogeneous environmental strategies using data on Chinese listed companies from 2008 to 2022. The results show that such attention significantly encourages firms to adopt front-end prevention strategies while exerting no meaningful effect on end-of-pipe treatment strategies, underscoring its value for microlevel environmental governance. The facilitating effect is stronger among firms with limited cost-transfer capabilities and in regions with high public environmental demands. Resource compensation and regulatory constraints further operate as core mechanisms through which government environmental attention influences firms’ adoption of front-end prevention strategies.
{"title":"Front-end or end-of-pipe? the impact of the government focus on corporate environmental investment choices","authors":"Ke Liu , Linjun Cao , Jian Zhou","doi":"10.1016/j.frl.2026.109530","DOIUrl":"10.1016/j.frl.2026.109530","url":null,"abstract":"<div><div>Drawing on neoinstitutional theory, this study examines how government environmental attention shapes firms’ heterogeneous environmental strategies using data on Chinese listed companies from 2008 to 2022. The results show that such attention significantly encourages firms to adopt front-end prevention strategies while exerting no meaningful effect on end-of-pipe treatment strategies, underscoring its value for microlevel environmental governance. The facilitating effect is stronger among firms with limited cost-transfer capabilities and in regions with high public environmental demands. Resource compensation and regulatory constraints further operate as core mechanisms through which government environmental attention influences firms’ adoption of front-end prevention strategies.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109530"},"PeriodicalIF":6.9,"publicationDate":"2026-01-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145995223","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 : 2026-01-16DOI: 10.1016/j.frl.2026.109528
Hong Yang , Yuzhen Pan
Digital technologies have substantially reshaped corporate decision-making processes. This research aims to explore how executives’ digital backgrounds influence firms’ investment outcomes. Grounded in a large dataset of listed Chinese companies between 2016 and 2024, we found robust evidence that companies led by executives with digital backgrounds exhibit significantly higher investment efficiency, especially among technology-intensive firms and those surrounded by higher information asymmetry. The positive relation persists after a battery of econometric tests. Further analyses reveal that data-driven decision-making and alternative financing options serve as key mechanisms. Overall, this study advances the burgeoning research on management teams and corporate investment.
{"title":"Executive digital backgrounds and firm investment efficiency","authors":"Hong Yang , Yuzhen Pan","doi":"10.1016/j.frl.2026.109528","DOIUrl":"10.1016/j.frl.2026.109528","url":null,"abstract":"<div><div>Digital technologies have substantially reshaped corporate decision-making processes. This research aims to explore how executives’ digital backgrounds influence firms’ investment outcomes. Grounded in a large dataset of listed Chinese companies between 2016 and 2024, we found robust evidence that companies led by executives with digital backgrounds exhibit significantly higher investment efficiency, especially among technology-intensive firms and those surrounded by higher information asymmetry. The positive relation persists after a battery of econometric tests. Further analyses reveal that data-driven decision-making and alternative financing options serve as key mechanisms. Overall, this study advances the burgeoning research on management teams and corporate investment.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109528"},"PeriodicalIF":6.9,"publicationDate":"2026-01-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145995226","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 : 2026-01-16DOI: 10.1016/j.frl.2026.109527
JiaLiang Guo , Chao Zhang
Using panel data of Chinese A-share listed firms from 2011–2024, this study examines whether media supervision enhances corporate environmental compliance and explores its underlying mechanisms. Results show that media coverage significantly improves firms’ ESG performance by strengthening information transparency and public pressure. Moreover, media supervision promotes compliance indirectly by increasing information transparency and easing financing constraints. The effect is stronger for state-owned enterprises than for private firms, reflecting differences in social responsibility pressure and reputation incentives.
{"title":"Can media supervision enhance corporate environmental compliance? The roles of information transparency and financing constraints","authors":"JiaLiang Guo , Chao Zhang","doi":"10.1016/j.frl.2026.109527","DOIUrl":"10.1016/j.frl.2026.109527","url":null,"abstract":"<div><div>Using panel data of Chinese A-share listed firms from 2011–2024, this study examines whether media supervision enhances corporate environmental compliance and explores its underlying mechanisms. Results show that media coverage significantly improves firms’ ESG performance by strengthening information transparency and public pressure. Moreover, media supervision promotes compliance indirectly by increasing information transparency and easing financing constraints. The effect is stronger for state-owned enterprises than for private firms, reflecting differences in social responsibility pressure and reputation incentives.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109527"},"PeriodicalIF":6.9,"publicationDate":"2026-01-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145995980","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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