Finance Research Letters最新文献

Herein, we investigate the impact of FinTech on enterprises’ ambidextrous innovation capability from an organizational resilience standpoint, using panel data from Chinese A–share listed companies from 2008 to 2022. Our findings indicate that a one-unit increase in FinTech development results in a 2.9 % and 10.1 % increase in exploratory and exploitative innovation capability, respectively. Furthermore, organizational resilience amplifies these effects by 2.4 % and 2.5 %, respectively. Robustness checks and heterogeneity analysis confirm the results’ reliability and highlight FinTech's differential impact on state-owned enterprises (SOEs) and non-SOEs. The study contributes to the literature by integrating the resource-based view, dynamic capabilities framework, and institutional theory to explain the relation between FinTech, organizational resilience, and ambidextrous innovation capability. The findings have important implications for managers and policymakers, emphasizing the importance of actively embracing FinTech development, nurturing organizational resilience, and considering the differential impact of FinTech on SOEs and non-SOEs when developing policies to promote innovation and resilience in the face of technological change.

This study investigates how bond market access affects corporate financing decisions. Employing a difference-in-differences approach based on a reform in China and a sample of listed firms from 2010 to 2020, we find significant increases in bond issuance and bond financing for firms with high ex-ante equity costs. The effect is stronger for firms not audited by Big 4 auditors, having more negative news coverage, and exhibiting less conservative accounting practices. While increasing bond financing, firms decrease bank loans and leave debt ratios unchanged. Our findings indicate that firms hop among financing sources based on market accessibility and capital costs.

This study explores the extent to which correlated multiple stage funding explains variation in the speed of venture exit. I cast venture capital matches in a multivariate survival setting. I construct a panel of nascent entrepreneurs using SDC Platinum-VentureXpert (1990–2000) and use it to estimate the model. I find significant correlation across funding stages. Market effects is the most important factor in explaining the systematic variation in venture exits, while eliminating unobserved heterogeneity explains about a third of the variation. Conventional estimates that assume venture capital exits being driven by static exposure or by observable factors alone are upward biased.

This paper selects the survey data of CHFS in 2017, 2019, and 2021 as a sample to explore the relationship between digital financial inclusion, educational attainment, and household consumption and finds that the development of digital financial inclusion promotes residents' consumption; the educational attainment of residents is positively correlated with household consumption; the leverage of household residents plays a mediating role in the relationship between digital financial inclusion and household consumption; and there is a difference in the impact of digital financial inclusion on household consumption differs between urban and rural residents.

This study investigates the effects of the issuer's environmental, social, and governance (ESG) performance on both the issue-specific yield and its spread vis-à-vis a sovereign comparable. A sample of 3,960 green, social, and sustainable (GSS) bonds issued in global capital markets was used for this purpose. The findings indicate a negative association between ESG performance and bond spreads, implying that a greater commitment to sustainable transition today is an effective strategy for a company to reduce the cost of debt for future projects. The study includes a two-stage procedure. First, the effect of “fundamentals” (e.g., credit rating) on issue pricing is determined; second, the residuals are regressed against the ESG performance. While the latter's risk-reducing power does not appear to differ based on the divide between advanced economies and emerging markets, we find that the real enabler of curbing the unexplained portion of risk is detailed disclosure of the use of proceeds. This is likely to minimize the likelihood of greenwashing.

This paper empirically examines the impact of the level of fiscal expenditure in the micro-family's region on the fertility desire of rural families in China. The empirical results of this paper indicate that fiscal expenditure can significantly enhance the fertility desire of rural families. After a series of robustness tests, the baseline regression results still hold. Further heterogeneity analysis indicates that the positive promotion effect of fiscal expenditure on the fertility desire of rural families is more pronounced for families in areas with lower degrees of marketization and for samples with lower family income levels.

In this study, we will focus on examining how migrant remittances promote agricultural investment and increase household wealth accumulation. We find that migrant remittances have a positive effect on agricultural investment and household wealth accumulation. At the same time, we find that education levels have a moderating effect on migrant remittances, enhancing their impact on agricultural investment and household wealth. We also find that remittances can help, especially when the household situation is worse. On this basis, policymakers should simplify the procedures for migrants to send money, increase the channels for remittances, and make it more convenient. At the same time, education levels, especially financial literacy, should be improved, which will facilitate increased investment in agriculture and household wealth accumulation..

Selecting the data of prefecture-level cities from 2012 to 2022, this study investigates the impact of financial technology on urban economic resilience, and explores the possible moderating effect of the degree of regional financial agglomeration. The conclusions show that financial technology promotes the establishment and improvement of urban economic resilience; the higher the degree of regional financial agglomeration, the more financial technology promotes urban economic resilience. Based on the conclusions, it is suggested to make use of the spillover effect of financial information agglomeration, and accelerate the formation of regional financial agglomeration.

In addition to traditional venture capital (VC), governmental VC and social impact VC investors have emerged as alternatives to fund entrepreneurial ventures, especially start-ups that incorporate social and/or environmental objectives into commercial operations. Using a sample of 15,510 VC-backed start-ups, we show that impact-oriented ventures are more likely to receive funding from alternative VCs. Both social and environmental orientations increase the chances that a start-up secures funding from impact VCs while social orientation drives results for government VCs. Importantly, we also show that impact-oriented ventures are more likely to secure investment from traditional VCs when impact and governmental VCs co-invest.

We empirically test the relationship between credit mismatch and corporate investment efficiency. The study analyzes the heterogeneity of mismatch direction, corporate nature, and corporate life cycle. Results reveal that corporate credit mismatch has a significant negative impact on corporate investment efficiency; corporate financial leverage fully mediates this impact, indicating that corporations may increase their financial leverage to bridge financing gaps in cases of credit mismatch. This practice, however, may bring about greater financial risk and affect corporate investment efficiency. This study provides an important reference for enterprises and financial institutions for optimizing the financing environment, ensuring the effective allocation of financing resources, promoting the sustainable development of enterprises, thereby enhancing overall economic efficiency. This study also provides new ideas and future directions for studying corporate financing and investment behavior.