Pub Date : 2025-03-04DOI: 10.1016/j.frl.2025.107138
Yu Xiao , Junxian Wu , Yongqian Tu
This study analyzes Chinese listed companies from 2010 to 2022, examining the relationship between environmental regulation intensity, digital and physical realm integration, and corporate green development level. Findings show that increased environmental regulatory stringency increases corporate green development levels in a non-linear, inverted “U”-shaped pattern. Notably, the integration of digital and physical realms exerts a negative moderating effect on this relationship. This effect is particularly pronounced in high-tech industries and non-heavily polluting enterprises, where the moderating impact of digital and physical realms is more accentuated than in other enterprise categories.
{"title":"Intensity of environmental regulation, integration of digital and physical realms, and level of corporate green development","authors":"Yu Xiao , Junxian Wu , Yongqian Tu","doi":"10.1016/j.frl.2025.107138","DOIUrl":"10.1016/j.frl.2025.107138","url":null,"abstract":"<div><div>This study analyzes Chinese listed companies from 2010 to 2022, examining the relationship between environmental regulation intensity, digital and physical realm integration, and corporate green development level. Findings show that increased environmental regulatory stringency increases corporate green development levels in a non-linear, inverted “U”-shaped pattern. Notably, the integration of digital and physical realms exerts a negative moderating effect on this relationship. This effect is particularly pronounced in high-tech industries and non-heavily polluting enterprises, where the moderating impact of digital and physical realms is more accentuated than in other enterprise categories.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107138"},"PeriodicalIF":7.4,"publicationDate":"2025-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143579279","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 : 2025-03-04DOI: 10.1016/j.frl.2025.107139
Yiqi He , Yuxuan Hou , Xinyi Song , Xi Chen
In the context of the rapid development of the digital economy, exploring the link between local government debt and climate change is vital. Using data on China's provincial carbon emissions and local debt from 2012 to 2021, this study empirically explored the influence and mechanism between the two. The findings suggest that China must continue minimizing local government debt and mitigating climate change by avoiding the pollution caused by the use of digital finance and increasing the level of green innovation.
{"title":"Local government debt, digital finance and climate change: Study from the perspective of green innovation","authors":"Yiqi He , Yuxuan Hou , Xinyi Song , Xi Chen","doi":"10.1016/j.frl.2025.107139","DOIUrl":"10.1016/j.frl.2025.107139","url":null,"abstract":"<div><div>In the context of the rapid development of the digital economy, exploring the link between local government debt and climate change is vital. Using data on China's provincial carbon emissions and local debt from 2012 to 2021, this study empirically explored the influence and mechanism between the two. The findings suggest that China must continue minimizing local government debt and mitigating climate change by avoiding the pollution caused by the use of digital finance and increasing the level of green innovation.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107139"},"PeriodicalIF":7.4,"publicationDate":"2025-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143593857","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 : 2025-03-04DOI: 10.1016/j.frl.2025.107143
R. Carè , R. Fatima , M. Cerciello , S. Taddeo
This study explores green crowdfunding as a promising alternative financing mechanism for environmental initiatives, especially given the challenges in securing traditional funding due to perceived risks. Crowdfunding enables green entrepreneurs to attract support from backers motivated by more than financial returns, particularly for renewable energy projects that have gained traction in regions like Europe. Key elements such as effective communication strategies, message framing, and an emphasis on environmental benefits significantly influence crowdfunding success. This trend has grown notably post-COVID-19, as interest in sustainable, ESG-aligned projects has increased. To analyze this evolving field, we employ bibliometric techniques, including performance analysis and science mapping, to map the intellectual structure of green crowdfunding research and identify emerging trends. Results reveal a surge in interest since 2020, highlighting green crowdfunding's rising importance as a tool for financing sustainable projects. Co-citation and co-word analyses emphasize the roles of "renewable energy," "environmental, social, and governance (ESG)," and "social entrepreneurship," while identifying research gaps in areas such as regulatory frameworks, equity crowdfunding's social impact, and green crowdfunding's role in financial inclusion, particularly in developing economies. This study offers a comprehensive overview of past achievements and outlines future research pathways within the green crowdfunding landscape, underscoring its significance for environmental sustainability.
{"title":"Exploring the landscape of green crowdfunding: Trends, themes, and insights from a bibliometric review","authors":"R. Carè , R. Fatima , M. Cerciello , S. Taddeo","doi":"10.1016/j.frl.2025.107143","DOIUrl":"10.1016/j.frl.2025.107143","url":null,"abstract":"<div><div>This study explores green crowdfunding as a promising alternative financing mechanism for environmental initiatives, especially given the challenges in securing traditional funding due to perceived risks. Crowdfunding enables green entrepreneurs to attract support from backers motivated by more than financial returns, particularly for renewable energy projects that have gained traction in regions like Europe. Key elements such as effective communication strategies, message framing, and an emphasis on environmental benefits significantly influence crowdfunding success. This trend has grown notably post-COVID-19, as interest in sustainable, ESG-aligned projects has increased. To analyze this evolving field, we employ bibliometric techniques, including performance analysis and science mapping, to map the intellectual structure of green crowdfunding research and identify emerging trends. Results reveal a surge in interest since 2020, highlighting green crowdfunding's rising importance as a tool for financing sustainable projects. Co-citation and co-word analyses emphasize the roles of \"renewable energy,\" \"environmental, social, and governance (ESG),\" and \"social entrepreneurship,\" while identifying research gaps in areas such as regulatory frameworks, equity crowdfunding's social impact, and green crowdfunding's role in financial inclusion, particularly in developing economies. This study offers a comprehensive overview of past achievements and outlines future research pathways within the green crowdfunding landscape, underscoring its significance for environmental sustainability.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"77 ","pages":"Article 107143"},"PeriodicalIF":7.4,"publicationDate":"2025-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143580048","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 : 2025-03-04DOI: 10.1016/j.frl.2025.107140
Zeyu Li , Yanyan Jiang
As a vital component of economic globalization, service trade plays a pivotal role in enhancing a nation's risk management capacity. This study explores how the development of service trade contributes to strengthening export resilience. The findings demonstrate that the advancement of service trade significantly bolsters export resilience by promoting high-quality economic development. Furthermore, technological innovation amplifies the positive role of service trade in improving export resilience. The study also uncovers regional disparities in the influence of service trade on export resilience. Specifically, the positive effect of service trade development on export resilience is more pronounced in regions with a well-developed service sector and lower levels of population aging.
{"title":"Strengthening resilience through trade: Development of service trade and enhancing export resilience","authors":"Zeyu Li , Yanyan Jiang","doi":"10.1016/j.frl.2025.107140","DOIUrl":"10.1016/j.frl.2025.107140","url":null,"abstract":"<div><div>As a vital component of economic globalization, service trade plays a pivotal role in enhancing a nation's risk management capacity. This study explores how the development of service trade contributes to strengthening export resilience. The findings demonstrate that the advancement of service trade significantly bolsters export resilience by promoting high-quality economic development. Furthermore, technological innovation amplifies the positive role of service trade in improving export resilience. The study also uncovers regional disparities in the influence of service trade on export resilience. Specifically, the positive effect of service trade development on export resilience is more pronounced in regions with a well-developed service sector and lower levels of population aging.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107140"},"PeriodicalIF":7.4,"publicationDate":"2025-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143600746","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 : 2025-03-04DOI: 10.1016/j.frl.2025.107150
Shen Tang , Chuan Qin , Feng Qi
This study examines how judicial quality enhancements, such as the establishment of circuit courts, affect analysts’ profits projection quality for Chinese A-share listed companies (2010–2021). A staggered difference-in-differences model shows that circuit courts significantly reduce forecast errors and dispersion, improving corporate disclosure transparency and reducing information asymmetry. Heterogeneity analysis reveals that these effects are particularly prominent in large and high-leverage firms. Moreover, the moderating role of internal control, management expenses, and disclosure quality emphasizes the importance of circuit courts in promoting financial transparency. Findings provide guidance for optimizing judicial systems, strengthening governance, and improving disclosure standards.
{"title":"Circuit courts and capital market transparency: Evidence from analysts’ earnings forecasts","authors":"Shen Tang , Chuan Qin , Feng Qi","doi":"10.1016/j.frl.2025.107150","DOIUrl":"10.1016/j.frl.2025.107150","url":null,"abstract":"<div><div>This study examines how judicial quality enhancements, such as the establishment of circuit courts, affect analysts’ profits projection quality for Chinese A-share listed companies (2010–2021). A staggered difference-in-differences model shows that circuit courts significantly reduce forecast errors and dispersion, improving corporate disclosure transparency and reducing information asymmetry. Heterogeneity analysis reveals that these effects are particularly prominent in large and high-leverage firms. Moreover, the moderating role of internal control, management expenses, and disclosure quality emphasizes the importance of circuit courts in promoting financial transparency. Findings provide guidance for optimizing judicial systems, strengthening governance, and improving disclosure standards.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"77 ","pages":"Article 107150"},"PeriodicalIF":7.4,"publicationDate":"2025-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143580052","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 : 2025-03-04DOI: 10.1016/j.frl.2025.107156
Minji Kim , Hye-Kyung Yu , Tohyun Kim
This study explores how foreign ownership shapes ESG performance under varying financial performance feedback, drawing on the behavioral theory of the firm. Among Korean manufacturing firms (2011–2023), we found that foreign ownership enhances ESG performance due to heightened standards and monitoring capabilities. However, under negative financial feedback, firms with higher foreign ownership reduce ESG engagement, reflecting investor prioritization of short-term financial returns. Positive feedback does not significantly amplify ESG initiatives, highlighting limits to foreign investor responsiveness during financial surpluses. These results underscore the dual role of foreign ownership, promoting sustainability in stable periods but retrenching under performance pressures.
{"title":"The contingent effects of foreign ownership on ESG performance under financial performance feedback","authors":"Minji Kim , Hye-Kyung Yu , Tohyun Kim","doi":"10.1016/j.frl.2025.107156","DOIUrl":"10.1016/j.frl.2025.107156","url":null,"abstract":"<div><div>This study explores how foreign ownership shapes ESG performance under varying financial performance feedback, drawing on the behavioral theory of the firm. Among Korean manufacturing firms (2011–2023), we found that foreign ownership enhances ESG performance due to heightened standards and monitoring capabilities. However, under negative financial feedback, firms with higher foreign ownership reduce ESG engagement, reflecting investor prioritization of short-term financial returns. Positive feedback does not significantly amplify ESG initiatives, highlighting limits to foreign investor responsiveness during financial surpluses. These results underscore the dual role of foreign ownership, promoting sustainability in stable periods but retrenching under performance pressures.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107156"},"PeriodicalIF":7.4,"publicationDate":"2025-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143579367","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 : 2025-03-04DOI: 10.1016/j.frl.2025.107146
Huasheng Song , Dianer Ding , Jianjun Zhou
This study examines the impact firms’ global value chain (GVC) participation on their dual-chain (industrial and innovation) integration using a sample of Chinese listed companies. The findings indicate that GVC participation has a negative effect firms’ dual-chain integration. Heterogeneity analysis shows that the inhibitory effect is stronger for firms in the eastern region and high-technology industries, state-owned firms, and large firms. Furthermore, we identify three potential effects: competition, capture, and dependence. This study offers new perspectives on how firms can escape the lock-in trap within the GVC.
{"title":"Escaping the GVC trap: How does global value chain (GVC) participation impact the integration of the industrial and innovation chains?","authors":"Huasheng Song , Dianer Ding , Jianjun Zhou","doi":"10.1016/j.frl.2025.107146","DOIUrl":"10.1016/j.frl.2025.107146","url":null,"abstract":"<div><div>This study examines the impact firms’ global value chain (GVC) participation on their dual-chain (industrial and innovation) integration using a sample of Chinese listed companies. The findings indicate that GVC participation has a negative effect firms’ dual-chain integration. Heterogeneity analysis shows that the inhibitory effect is stronger for firms in the eastern region and high-technology industries, state-owned firms, and large firms. Furthermore, we identify three potential effects: competition, capture, and dependence. This study offers new perspectives on how firms can escape the lock-in trap within the GVC.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107146"},"PeriodicalIF":7.4,"publicationDate":"2025-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143579280","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 : 2025-03-04DOI: 10.1016/j.frl.2025.107151
Ashrafee T. Hossain , Najah Attig , Greg Hebb , Mostafa Hasan
Using Kim and Skinner's (2012) framework, we document a positive association between firm-level litigation risk and CEOs’ equity incentives. This relationship remains robust when using an entropy-balanced sample, alternative regression specifications, a Granger causality test, and a difference-in-differences analysis leveraging Obama's election as an exogenous shock. Our results are also consistent across various restricted samples and alternative proxies for litigation risk and CEO pay. Additional tests indicate that this association is stronger (weaker) in firms with weaker (stronger) corporate governance. Furthermore, we find that the market responds more (less) favorably to risk-to-pay incentives in firms with strong (weak) governance. These findings suggest that regulators should strengthen corporate governance frameworks.
{"title":"Firm-level litigation risk and CEO equity incentives","authors":"Ashrafee T. Hossain , Najah Attig , Greg Hebb , Mostafa Hasan","doi":"10.1016/j.frl.2025.107151","DOIUrl":"10.1016/j.frl.2025.107151","url":null,"abstract":"<div><div>Using Kim and Skinner's (2012) framework, we document a positive association between firm-level litigation risk and CEOs’ equity incentives. This relationship remains robust when using an entropy-balanced sample, alternative regression specifications, a Granger causality test, and a difference-in-differences analysis leveraging Obama's election as an exogenous shock. Our results are also consistent across various restricted samples and alternative proxies for litigation risk and CEO pay. Additional tests indicate that this association is stronger (weaker) in firms with weaker (stronger) corporate governance. Furthermore, we find that the market responds more (less) favorably to risk-to-pay incentives in firms with strong (weak) governance. These findings suggest that regulators should strengthen corporate governance frameworks.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107151"},"PeriodicalIF":7.4,"publicationDate":"2025-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143579282","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}
Using a sample of 15,696 US firms from 1985 to 2023, this paper provides first evidence of a negative relationship between geopolitical risk and corporate investment efficiency, confirming that geopolitical risk acts as friction impeding optimal investment decisions. Delving into geopolitical risk, geopolitical threats pose greater harm to corporate investment efficiency than geopolitical acts. While heightened geopolitical risk reduces corporate overinvestment, it intensifies underinvestment. The results are consistent with the notion that heightened geopolitical risk, linked to a deteriorating macroeconomic environment, fewer investment opportunities, and higher financing costs, prompts firms to adopt conservative financial policies and forgo potential investments.
{"title":"Geopolitical risk and corporate investment efficiency","authors":"Xuan Thang Nguyen , Thanh Cong Nguyen , Huy Viet Hoang","doi":"10.1016/j.frl.2025.107112","DOIUrl":"10.1016/j.frl.2025.107112","url":null,"abstract":"<div><div>Using a sample of 15,696 US firms from 1985 to 2023, this paper provides first evidence of a negative relationship between geopolitical risk and corporate investment efficiency, confirming that geopolitical risk acts as friction impeding optimal investment decisions. Delving into geopolitical risk, geopolitical threats pose greater harm to corporate investment efficiency than geopolitical acts. While heightened geopolitical risk reduces corporate overinvestment, it intensifies underinvestment. The results are consistent with the notion that heightened geopolitical risk, linked to a deteriorating macroeconomic environment, fewer investment opportunities, and higher financing costs, prompts firms to adopt conservative financial policies and forgo potential investments.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107112"},"PeriodicalIF":7.4,"publicationDate":"2025-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143579368","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 : 2025-03-03DOI: 10.1016/j.frl.2025.107137
Yao Chen , Chaoqun Li , Yifan Ding , Shiyong Wang
This study quantifies the impact of Confucian culture on firm digital transformation using literature and web crawling techniques. It finds that Confucian culture promotes digital transformation by enhancing risk awareness, curbing opportunistic behavior, and increasing technological capital. While it compensates for weaknesses in formal institutions, the influence of foreign cultures may diminish its effects. This research deepens our understanding of Confucian culture's role in decision-making and its economic implications for firms.
{"title":"Confucian traditional culture and corporate digital transformation in China","authors":"Yao Chen , Chaoqun Li , Yifan Ding , Shiyong Wang","doi":"10.1016/j.frl.2025.107137","DOIUrl":"10.1016/j.frl.2025.107137","url":null,"abstract":"<div><div>This study quantifies the impact of Confucian culture on firm digital transformation using literature and web crawling techniques. It finds that Confucian culture promotes digital transformation by enhancing risk awareness, curbing opportunistic behavior, and increasing technological capital. While it compensates for weaknesses in formal institutions, the influence of foreign cultures may diminish its effects. This research deepens our understanding of Confucian culture's role in decision-making and its economic implications for firms.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107137"},"PeriodicalIF":7.4,"publicationDate":"2025-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143600742","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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