Pub Date : 2025-03-12DOI: 10.1016/j.frl.2025.107152
Tianlin Liu , Bing Zhang
This paper examines the impact of social trust on listed firms’ engagement in supply-chain finance. Using text analysis method to measure supply-chain finance (SCF) engagement extent of firm, we find that social trust can enhance firms’ engagement in SCF. Furthermore, the mitigation of agency cost is an important mechanism. In heterogeneity analysis, we find the enhancement effect of social trust on SCF is more significant in companies with lower quality of law institutions and higher financing constraints.
{"title":"Does social trust enhance firm engagement in supply chain finance?","authors":"Tianlin Liu , Bing Zhang","doi":"10.1016/j.frl.2025.107152","DOIUrl":"10.1016/j.frl.2025.107152","url":null,"abstract":"<div><div>This paper examines the impact of social trust on listed firms’ engagement in supply-chain finance. Using text analysis method to measure supply-chain finance (SCF) engagement extent of firm, we find that social trust can enhance firms’ engagement in SCF. Furthermore, the mitigation of agency cost is an important mechanism. In heterogeneity analysis, we find the enhancement effect of social trust on SCF is more significant in companies with lower quality of law institutions and higher financing constraints.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107152"},"PeriodicalIF":7.4,"publicationDate":"2025-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143637690","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 : 2025-03-12DOI: 10.1016/j.frl.2025.107185
Wenkang Zhang , Jing Wu
Innovations in the Internet of Things (IoT) and Industrial IoT makes the data generation subject no longer limited to consumers, but more from the product life cycle. By integrating demand-driven consumption data and innovation-driven production data, this paper constructs an endogenous growth model with data heterogeneity. It reveals that the synergy of heterogeneous data accelerates output growth, improves innovation and higher welfare. Production data alleviate inefficiencies in data resource allocation, reduce privacy concerns, and mitigate structural unemployment. Consumption data can cause a multiplier effect on production. The model extends the theoretical boundaries of data economics and provide significant policy implications.
{"title":"Endogenous growth and data heterogeneity in data economics","authors":"Wenkang Zhang , Jing Wu","doi":"10.1016/j.frl.2025.107185","DOIUrl":"10.1016/j.frl.2025.107185","url":null,"abstract":"<div><div>Innovations in the Internet of Things (IoT) and Industrial IoT makes the data generation subject no longer limited to consumers, but more from the product life cycle. By integrating demand-driven consumption data and innovation-driven production data, this paper constructs an endogenous growth model with data heterogeneity. It reveals that the synergy of heterogeneous data accelerates output growth, improves innovation and higher welfare. Production data alleviate inefficiencies in data resource allocation, reduce privacy concerns, and mitigate structural unemployment. Consumption data can cause a multiplier effect on production. The model extends the theoretical boundaries of data economics and provide significant policy implications.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107185"},"PeriodicalIF":7.4,"publicationDate":"2025-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143632009","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 : 2025-03-12DOI: 10.1016/j.frl.2025.107198
Changyuan Xia , Yingzi Ye , Haizong Yu
Focusing on the adoption of regulatory technology (RegTech) by Shenzhen Stock Exchange, this study examined how it enhances the accuracy of the regulatory oversight process and found a significant reduction in Type I (false positive) and Type II (false negative) errors. Furthermore, improved information accessibility and reduced resource constraints facilitate these improvements. These findings provide new insights into the role of digital technology in regulatory oversight and offer broad implications for supervisory practices in financial markets.
{"title":"RegTech and regulators’ error detection activities: Evidence from China","authors":"Changyuan Xia , Yingzi Ye , Haizong Yu","doi":"10.1016/j.frl.2025.107198","DOIUrl":"10.1016/j.frl.2025.107198","url":null,"abstract":"<div><div>Focusing on the adoption of regulatory technology (RegTech) by Shenzhen Stock Exchange, this study examined how it enhances the accuracy of the regulatory oversight process and found a significant reduction in Type I (false positive) and Type II (false negative) errors. Furthermore, improved information accessibility and reduced resource constraints facilitate these improvements. These findings provide new insights into the role of digital technology in regulatory oversight and offer broad implications for supervisory practices in financial markets.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107198"},"PeriodicalIF":7.4,"publicationDate":"2025-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143683954","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 : 2025-03-12DOI: 10.1016/j.frl.2025.107200
Wei Bu , Zhongyi Yan , Shuning Yang
This study examines how digital economic development affects corporate sustainability through green innovation and risk-taking. Analyzing 23,603 firm-year observations from listed Chinese companies (2010–2022), we demonstrate that digital economy significantly enhances corporate sustainability through dual pathways of fostering environmental technological advancement and promoting strategic risk-taking. Heterogeneity analyses revealed stronger effects in nonpolluting industries and privately owned enterprises. Findings indicate that, through digital economy development, corporate leaders can implement digital transformation strategies and policymakers can promote sustainable business practices.
{"title":"Digital economy and corporate sustainability: Mediating roles of green innovation and risk-taking","authors":"Wei Bu , Zhongyi Yan , Shuning Yang","doi":"10.1016/j.frl.2025.107200","DOIUrl":"10.1016/j.frl.2025.107200","url":null,"abstract":"<div><div>This study examines how digital economic development affects corporate sustainability through green innovation and risk-taking. Analyzing 23,603 firm-year observations from listed Chinese companies (2010–2022), we demonstrate that digital economy significantly enhances corporate sustainability through dual pathways of fostering environmental technological advancement and promoting strategic risk-taking. Heterogeneity analyses revealed stronger effects in nonpolluting industries and privately owned enterprises. Findings indicate that, through digital economy development, corporate leaders can implement digital transformation strategies and policymakers can promote sustainable business practices.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107200"},"PeriodicalIF":7.4,"publicationDate":"2025-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143637694","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 : 2025-03-11DOI: 10.1016/j.frl.2025.107136
Ernest N. Biktimirov, Moyosore J. Babalola
This study examines the impact of the Russia-Ukraine conflict on oil markets by analyzing the sentiment and intensity of Russia-related discussions in business media. Using topic modeling, we identify 12 distinct topics of articles published in The Wall Street Journal during the 2014–2024 period and compute their sentiment and hype scores. The sentiment and hype of these topics exhibit varying relations with oil returns under different market conditions. Notably, the Global Economy and Oil topics show the strongest positive association with oil returns in both sentiment and hype, particularly during bullish oil markets.
{"title":"From headlines to pipelines: Unpacking the impact of the Russia-Ukraine conflict through sentiment and topics","authors":"Ernest N. Biktimirov, Moyosore J. Babalola","doi":"10.1016/j.frl.2025.107136","DOIUrl":"10.1016/j.frl.2025.107136","url":null,"abstract":"<div><div>This study examines the impact of the Russia-Ukraine conflict on oil markets by analyzing the sentiment and intensity of Russia-related discussions in business media. Using topic modeling, we identify 12 distinct topics of articles published in <em>The Wall Street Journal</em> during the 2014–2024 period and compute their sentiment and hype scores. The sentiment and hype of these topics exhibit varying relations with oil returns under different market conditions. Notably, the <em>Global Economy</em> and <em>Oil</em> topics show the strongest positive association with oil returns in both sentiment and hype, particularly during bullish oil markets.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107136"},"PeriodicalIF":7.4,"publicationDate":"2025-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143593860","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 : 2025-03-11DOI: 10.1016/j.frl.2025.107190
Jinghao Ma , Yujie Shang , Zhenghan Liang
This research focuses on examining the connection between digital transformation (DT) and enterprise innovation performance (EIP). It uncovers that DT plays a crucial role in enhancing EIP, with artificial intelligence (AI) serving as a significant intermediary in this process. When comparing enterprises based on their ownership, it is observed that DT has a more profound effect on the EIP of state-owned enterprises than on non-state-owned ones. The findings of this study offer valuable theoretical foundations and practical guidance for developing digital business strategies, advancing DT, and boosting EIP.
{"title":"Digital transformation, artificial intelligence and enterprise innovation performance","authors":"Jinghao Ma , Yujie Shang , Zhenghan Liang","doi":"10.1016/j.frl.2025.107190","DOIUrl":"10.1016/j.frl.2025.107190","url":null,"abstract":"<div><div>This research focuses on examining the connection between digital transformation (DT) and enterprise innovation performance (EIP). It uncovers that DT plays a crucial role in enhancing EIP, with artificial intelligence (AI) serving as a significant intermediary in this process. When comparing enterprises based on their ownership, it is observed that DT has a more profound effect on the EIP of state-owned enterprises than on non-state-owned ones. The findings of this study offer valuable theoretical foundations and practical guidance for developing digital business strategies, advancing DT, and boosting EIP.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107190"},"PeriodicalIF":7.4,"publicationDate":"2025-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143628486","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 : 2025-03-11DOI: 10.1016/j.frl.2025.107126
Marcelo S. Perlin, Cristian R. Foguesatto, Fernanda M. Müller, Marcelo B. Righi
Using anonymized data from the United States (U.S.) market, we evaluate the performance of Google’s main LLM (Large Language Model) Gemini 1.5 Flash in making investment decisions. Unlike other studies, we query the LLM for different investment horizons (1 to 36 months) and types of financial information (financial data, price data, and a combination of both). Running a total of 30,000 simulations for 1,522 companies over 20 years of data, we find that Gemini does not consistently outperform a naive portfolio and the S&P 500 index in terms of returns and Sharpe ratios. Additionally, our findings indicate a decline in risk adjusted investment performance as the investment horizon extends.
{"title":"Can AI beat a naive portfolio? An experiment with anonymized data","authors":"Marcelo S. Perlin, Cristian R. Foguesatto, Fernanda M. Müller, Marcelo B. Righi","doi":"10.1016/j.frl.2025.107126","DOIUrl":"10.1016/j.frl.2025.107126","url":null,"abstract":"<div><div>Using anonymized data from the United States (U.S.) market, we evaluate the performance of Google’s main LLM (Large Language Model) Gemini 1.5 Flash in making investment decisions. Unlike other studies, we query the LLM for different investment horizons (1 to 36 months) and types of financial information (financial data, price data, and a combination of both). Running a total of 30,000 simulations for 1,522 companies over 20 years of data, we find that Gemini does not consistently outperform a naive portfolio and the S&P 500 index in terms of returns and Sharpe ratios. Additionally, our findings indicate a decline in risk adjusted investment performance as the investment horizon extends.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107126"},"PeriodicalIF":7.4,"publicationDate":"2025-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143620037","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 : 2025-03-11DOI: 10.1016/j.frl.2025.107193
Guohao Zou , Cunbin Fan , Chufeng Yang
Whether public data openness can help realize data elements' value-creation potential, improve urban-rural integration, and reduce urban-rural income inequality requires further investigation. Using panel data from 226 Chinese cities (2010–2021), this study examines whether public data openness reduces income inequality and promotes urban-rural integration. A staggered difference-in-differences model was applied to analyze its impact and mechanisms. Findings reveal that public data openness significantly reduces urban-rural income inequality by lowering institutional transaction costs and enhancing information search matching efficiency.
{"title":"Research on the impact of public data openness on urban-rural income inequality","authors":"Guohao Zou , Cunbin Fan , Chufeng Yang","doi":"10.1016/j.frl.2025.107193","DOIUrl":"10.1016/j.frl.2025.107193","url":null,"abstract":"<div><div>Whether public data openness can help realize data elements' value-creation potential, improve urban-rural integration, and reduce urban-rural income inequality requires further investigation. Using panel data from 226 Chinese cities (2010–2021), this study examines whether public data openness reduces income inequality and promotes urban-rural integration. A staggered difference-in-differences model was applied to analyze its impact and mechanisms. Findings reveal that public data openness significantly reduces urban-rural income inequality by lowering institutional transaction costs and enhancing information search matching efficiency.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"79 ","pages":"Article 107193"},"PeriodicalIF":7.4,"publicationDate":"2025-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143683229","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 : 2025-03-11DOI: 10.1016/j.frl.2025.107144
Qingqing Cao , Raoul Minetti , Nicholas Rowe
We investigate the impact of inflation on banking stability. Using granular U.S. data from 1997 to 2014, we show that higher inflation induces a significant deterioration of banks’ capital position because of the maturity mismatch of banks’ assets and liabilities. Quantitative analysis reveals that the elasticity of banking capital to long-term inflation expectations is high, as a 1% increase to long-term inflation expectations leads to a 15% decrease in banks’ Tier 1 capital. The analysis suggests that the use of inflation to reduce sovereigns’ real debt burden could aggravate the sovereign-bank loop during debt crises.
{"title":"Macro-banking stability, sovereign debt and the inflation channel","authors":"Qingqing Cao , Raoul Minetti , Nicholas Rowe","doi":"10.1016/j.frl.2025.107144","DOIUrl":"10.1016/j.frl.2025.107144","url":null,"abstract":"<div><div>We investigate the impact of inflation on banking stability. Using granular U.S. data from 1997 to 2014, we show that higher inflation induces a significant deterioration of banks’ capital position because of the maturity mismatch of banks’ assets and liabilities. Quantitative analysis reveals that the elasticity of banking capital to long-term inflation expectations is high, as a 1% increase to long-term inflation expectations leads to a 15% decrease in banks’ Tier 1 capital. The analysis suggests that the use of inflation to reduce sovereigns’ real debt burden could aggravate the sovereign-bank loop during debt crises.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107144"},"PeriodicalIF":7.4,"publicationDate":"2025-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143620035","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 : 2025-03-11DOI: 10.1016/j.frl.2025.107187
Chuanpeng Wang , Chunlei Li , Yuanlun Wang
This study reports whether population ageing and unemployment rates have an impact on regional innovation outputs. Based on empirical analyses with relevant data for 2010 and 2020, the study finds that an increase in population ageing leads to an increase in regional innovation output, which is partly mediated by the unemployment rate, population ageing contributes indirectly to an increase in regional innovation output by reducing the unemployment rate. The study also shows the heterogeneity of this effect across regions.
{"title":"Population aging, unemployment rate and regional innovation","authors":"Chuanpeng Wang , Chunlei Li , Yuanlun Wang","doi":"10.1016/j.frl.2025.107187","DOIUrl":"10.1016/j.frl.2025.107187","url":null,"abstract":"<div><div>This study reports whether population ageing and unemployment rates have an impact on regional innovation outputs. Based on empirical analyses with relevant data for 2010 and 2020, the study finds that an increase in population ageing leads to an increase in regional innovation output, which is partly mediated by the unemployment rate, population ageing contributes indirectly to an increase in regional innovation output by reducing the unemployment rate. The study also shows the heterogeneity of this effect across regions.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107187"},"PeriodicalIF":7.4,"publicationDate":"2025-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143644881","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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