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CEO overconfidence, ESG, and corporate financial performance: Evidence from an emerging country CEO过度自信、ESG与企业财务绩效：来自一个新兴国家的证据
IF 10.4 2区 经济学 Q1 BUSINESS, FINANCE
Finance Research Letters
Pub Date : 2026-02-05 DOI: 10.1016/j.frl.2026.109616
Anh Ngoc Mai, Lien Phuong Thi Vu, Cuong Nguyen Le, Thanh Minh Nguyen, Luong Ngo Van, Ngo Anh Cuong
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引用次数: 0
How does rural e-commerce affect innovation and entrepreneurship 农村电子商务如何影响创新创业
IF 6.9 2区 经济学 Q1 BUSINESS, FINANCE
Finance Research Letters
Pub Date : 2026-02-05 DOI: 10.1016/j.frl.2026.109606
Hanyue Li, Ruihan Liu, Jiayun Zheng, Shuaigang Dong
With the deep integration of rural industry and digital economy, rural e-commerce has developed as an effective way which transforming the mode of agriculture and increasing farmers’ income. Because of the comprehensive promotion of the digital technology and agriculture project, the rural network retail sale in China has reached 2.8 trillion yuan in 2024. Rural e-commerce provided a core driving force for rural industrial upgrading and rural innovation and entrepreneurship development. This study uses the two-way fixed effect model with the panel data of 26 provinces in China from 2014 to 2022 to examine the relationship of rural e-commerce and innovation and entrepreneurship. Results show that: (1) Rural e-commerce has a positive effect on rural innovation and entrepreneurship, and the conclusion is robust; (2) Rural e-commerce positively promotes rural innovation and entrepreneurship through capital-sinking effect and resource-integrated effect; (3) According to regional characteristics, the rural e-commerce boosts the innovation and entrepreneurship in different ways. The following suggestions are put forward: (1) Optimize the top-level design layout and continuously release the potential of rural e-commerce; (2) Increase the inclusiveness of digital finance and extend the agro-industry chain to attract innovative and entrepreneurial talents; (3) Increase R&D funding to stimulate entrepreneurial activity in rural areas; (4) Strengthen basic social security and employment support.
随着农村工业与数字经济的深度融合，农村电子商务作为转变农业生产方式、增加农民收入的有效途径得到了发展。由于数字技术和农业工程的全面推进，2024年中国农村网络零售额达到2.8万亿元。农村电子商务为农村产业升级和农村创新创业发展提供了核心动力。本文利用2014 - 2022年中国26个省份的面板数据，采用双向固定效应模型检验农村电子商务与创新创业的关系。结果表明：(1)农村电子商务对农村创新创业具有正向影响，且结论具有稳健性；(2)农村电子商务通过资本下沉效应和资源整合效应积极促进农村创新创业；(3)根据区域特点，农村电子商务促进创新创业的方式不同。提出以下建议：(1)优化顶层设计布局，不断释放农村电子商务潜力；(2)增加数字金融的包容性，延伸农产品产业链，吸引创新创业人才；(3)增加研发资金，以刺激农村地区的创业活动；（四）加强基本社会保障和就业支持。
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引用次数: 0
Spatial impact of green finance reform and innovation pilot zones on industrial structure upgrading in China 中国绿色金融改革创新试验区对产业结构升级的空间影响
IF 6.9 2区 经济学 Q1 BUSINESS, FINANCE
Finance Research Letters
Pub Date : 2026-02-05 DOI: 10.1016/j.frl.2026.109607
Xingyan Zhang, Yu He
This study applies a multiperiod spatial difference-in-differences approach to explore the Green Finance Reform and Innovation (GFRI) pilot zones’ effect on industrial structure upgrading (ISU) with a provincial level panel data during 2012-2022. The Dagum Gini coefficient reveals the spatiotemporal pattern of ISU. Benchmark analysis demonstrates that the GFRI directly and indirectly promotes pilot and nonpilot zones’ ISU. Besides, additional tests reveal that: a) the GFRI promotes ISU through technological innovation; b) regional financial development has a pronounced moderating effect on how the GFRI affects ISU; c) establishing pilot zones in different regions has heterogeneous effects on ISU.
本文以2012-2022年省级面板数据为样本，采用多时期空间差异中差异方法，探讨绿色金融改革创新试验区对产业结构升级的影响。Dagum Gini系数揭示了ISU的时空格局。基准分析表明，GFRI直接和间接地促进了试验区和非试验区的自主创新能力。此外，额外的测试表明：a) GFRI通过技术创新促进ISU；(2)区域金融发展对GFRI对ISU的影响具有显著的调节作用；c)不同地区建立试验区对ISU的影响存在异质性。
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引用次数: 0
Facilitating or crowding out? The role of local government debt in green bond issuance 促进还是排挤？地方政府债务在绿色债券发行中的作用
IF 6.9 2区 经济学 Q1 BUSINESS, FINANCE
Finance Research Letters
Pub Date : 2026-02-04 DOI: 10.1016/j.frl.2026.109605
Sidra Zia , Lin Song , Radwan Alkebsee , Adeeb Alhebri
Using a sample of 35,790 year-firm observations from China from 2015 to 2023, we examine the dual impact of local government debt (LGD) on the issuance of corporate green bonds. The literature documents that LGD crowds out private financial credit, negating both impacts. Drawing on signaling and crowding-out theory, our analyses of panel data reveal that LGD promotes green financing in the short run by signaling policy support and improving credit conditions, but excessive LGD over time crowds out private green investment in the long run. We also identify capital expenditure as a key transmission channel for LGD’s dual roles. The main results remain consistent in several endogeneity tests. These findings highlight the importance of aligning debt management with sustainability goals.
本文利用2015 - 2023年中国35790年的企业观察样本，研究了地方政府债务对企业绿色债券发行的双重影响。文献证明LGD排挤了私人金融信贷，否定了这两种影响。利用信号和挤出理论，我们对面板数据的分析表明，LGD在短期内通过政策支持信号和改善信贷条件来促进绿色融资，但长期来看，LGD过高会挤出私人绿色投资。我们还认为，资本支出是LGD发挥双重作用的关键传导渠道。几次内生性试验的主要结果是一致的。这些发现突出了使债务管理与可持续性目标保持一致的重要性。
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引用次数: 0
Digital media information and household stock market participation: Evidence from China 数字媒体信息与家庭股票市场参与：来自中国的证据
IF 6.9 2区 经济学 Q1 BUSINESS, FINANCE
Finance Research Letters
Pub Date : 2026-02-04 DOI: 10.1016/j.frl.2026.109604
Jing Hao , Ran Sun , Ziqiao Wang
This study examines the effect of digital media information on household stock market participation. Using data from the China Household Finance Survey (CHFS) project, we find that households exposed to more digital media information of local listed firms are more likely to participate in the stock market. Further analysis reveals that this effect is primarily driven by positive digital media information. Moreover, the effect is more pronounced among households with greater risk tolerance, higher education levels, stronger social security protections, and more developed local legal institutions. These findings enrich the existing literature on the role of digital information in household asset allocation decisions.
本研究探讨数位媒体资讯对家庭股票市场参与的影响。利用中国家庭金融调查（CHFS）项目的数据，我们发现接触更多本地上市公司数字媒体信息的家庭更有可能参与股票市场。进一步的分析表明，这种影响主要是由积极的数字媒体信息驱动的。此外，风险承受能力强、受教育程度高、社会保障能力强、地方法律制度发达的家庭，这种效应更为明显。这些发现丰富了关于数字信息在家庭资产配置决策中的作用的现有文献。
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引用次数: 0
Indirect Import, Intermediate Trade Liberalization and Corporate Innovation 间接进口、中间贸易自由化与企业创新
IF 10.4 2区 经济学 Q1 BUSINESS, FINANCE
Finance Research Letters
Pub Date : 2026-02-03 DOI: 10.1016/j.frl.2026.109587
Guanhong Jiang, Zixiao Yan
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引用次数: 0
Predicting cryptocurrency volatility: Climate policy uncertainty versus environmental attention 预测加密货币波动：气候政策不确定性与环境关注
IF 6.9 2区 经济学 Q1 BUSINESS, FINANCE
Finance Research Letters
Pub Date : 2026-02-03 DOI: 10.1016/j.frl.2026.109554
Skander Slim , Mohamed Osman , Yosra Koubaa
In this paper, we examine the differential effects of Climate Policy Uncertainty (CPU) and Cryptocurrency Environmental Attention (ICEA) on monthly realized volatility of cryptocurrencies. Considering the rising concerns about the environmental sustainability of this emerging asset class, we distinguish between dirty and clean cryptocurrencies based on their energy consumption levels. Results reveal that CPU exerts a significant nonlinear impact on cryptocurrency volatility, the relevance of which is supported by its superior predictive ability over alternative specifications incorporating ICEA, under statistical and economic evaluation metrics. By incorporating climate-related variables into volatility modeling, this study contributes to the growing literature on sustainable finance and offers novel insights into the interplay between environmental factors and cryptocurrency market dynamics.
在本文中，我们研究了气候政策不确定性（CPU）和加密货币环境关注（ICEA）对加密货币每月实现波动率的差异影响。考虑到人们对这一新兴资产类别的环境可持续性日益增长的担忧，我们根据其能源消耗水平区分了肮脏和清洁的加密货币。结果表明，CPU对加密货币波动产生了显著的非线性影响，其相关性得到了其在统计和经济评估指标下优于包含ICEA的替代规格的预测能力的支持。通过将气候相关变量纳入波动性模型，本研究为可持续金融的文献增长做出了贡献，并为环境因素与加密货币市场动态之间的相互作用提供了新的见解。
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引用次数: 0
On survivor cryptocurrency momentum 关于幸存者加密货币的势头
IF 6.9 2区 经济学 Q1 BUSINESS, FINANCE
Finance Research Letters
Pub Date : 2026-02-02 DOI: 10.1016/j.frl.2026.109602
Klaus Grobys , Davide Sandretto , Janne Äijö
Motivated by the significant illiquidity observed in the cryptocurrency market—exemplified by phenomena such as "defaulted coins"—this study is the first to investigate a cryptocurrency-specific analog of currency momentum, as implemented among G10 currencies. We analyze nine free-floating cryptocurrencies that remained within the top 100 altcoins by market capitalization during the sample period, spanning January 2017 to August 2024. Using weekly data, we evaluate two cryptocurrency momentum strategies: one focused solely on survivor coins and another utilizing the largest 30 coins for a given year (referred to as "plain cryptocurrency momentum"). Our main findings are as follows: (a) Cryptocurrency momentum is not evident when applied to survivor coins; (b) plain cryptocurrency momentum is profitable only after the dataset is trimmed; (c) the profitability of trimmed plain cryptocurrency momentum does not result from leveraging survivor coin-based cryptocurrency momentum; (d) even after trimming, the profitability of plain cryptocurrency momentum is highly sample-dependent.
由于在加密货币市场中观察到的严重的非流动性，例如“默认硬币”等现象，这项研究是第一个研究加密货币特定的货币动量模拟，在G10货币中实施。我们分析了9种自由浮动的加密货币，这些货币在2017年1月至2024年8月的样本期内，按市值计算仍在前100名的山寨币之列。使用每周数据，我们评估了两种加密货币动量策略：一种只关注幸存者硬币，另一种利用给定年份最大的30种硬币（称为“纯加密货币动量”）。我们的主要发现如下：(a)当应用于幸存者硬币时，加密货币的势头并不明显；(b)纯加密货币势头只有在数据集被削减后才有利可图；(c)削减普通加密货币势头的盈利能力并非来自利用幸存者基于硬币的加密货币势头；(d)即使经过调整，纯加密货币势头的盈利能力也高度依赖于样本。
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引用次数: 0
Does Exercise Keep Your Wallet Healthy? An Empirical Study between Physical Activity and Household Financial Vulnerability 运动能让你的钱包健康吗？体育活动与家庭财务脆弱性的实证研究
IF 10.4 2区 经济学 Q1 BUSINESS, FINANCE
Finance Research Letters
Pub Date : 2026-02-02 DOI: 10.1016/j.frl.2026.109601
Daqian Huang, Kwo Ping Tam, Bo Chen
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引用次数: 0
Climate vulnerability and market volatility: Evidence from European firms 气候脆弱性和市场波动：来自欧洲公司的证据
IF 6.9 2区 经济学 Q1 BUSINESS, FINANCE
Finance Research Letters
Pub Date : 2026-02-02 DOI: 10.1016/j.frl.2026.109598
Sarela Enriquez-Perales , Conrado Diego García-Gómez , José María Díez-Esteban
This study examines the association between country-level climate vulnerability and firm-level stock return volatility in Europe. Using panel data on 490 listed firms across 17 European countries from 2013 to 2022, we find that firms located in more climate-vulnerable countries exhibit significantly higher market volatility. The results are robust across alternative measures, fixed-effects specifications, and endogeneity checks. We further show that this relationship is amplified for financially constrained firms when constraints are measured using the Kaplan–Zingales index. Overall, the findings suggest that climate vulnerability primarily manifests as heightened market uncertainty and that financial frictions play a key role in transmitting macro-level climate risk to firm-level market volatility.
本研究考察了欧洲国家层面的气候脆弱性与公司层面的股票回报波动之间的关系。利用2013年至2022年欧洲17个国家490家上市公司的面板数据，我们发现，位于气候更脆弱国家的公司表现出更高的市场波动性。结果是稳健的跨替代措施，固定效应规范，和内生性检查。我们进一步表明，当使用Kaplan-Zingales指数衡量约束时，这种关系在财务受限的公司中被放大。总体而言，研究结果表明，气候脆弱性主要表现为市场不确定性的加剧，金融摩擦在将宏观层面的气候风险传递给企业层面的市场波动方面发挥了关键作用。
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