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From corporate responsibility to corporate sustainability: A study of how ESG mitigates corporate default risk using serial mediation analysis 从企业责任到企业可持续性:ESG如何缓解企业违约风险的序列中介分析
IF 5.5 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-11-26 DOI: 10.1016/j.gfj.2025.101225
Naresh Chandra Sahu, Abhisek Mahanta, Nihar Ranjan Jena
This study investigates how Environmental, Social, and Governance (ESG) performance is linked to the corporate default risk. Using listed Indian firms from 2016 to 2024, this study finds that ESG performance and its individual dimensions are negatively related to default risk via improved Altman Z-score. The advanced serial mediation analysis using the PROCESS model 6 suggests that ESG information is transmitted to lower default risk via enhanced corporate efficiency (CEF), improved financial performance indicated by return on assets (ROA), and lowered the cost of borrowing indicated by the cost of debt (COD). Applying the Propensity Score Matching (PSM) and Difference-in-Difference (DID) technique, this study also documents that firms that are part of the NIFTY100ESG index have significantly better financial resilience than companies not part of the index after the COVID-19 crisis. Through ex-post analysis in the case of defaulted firms, this study finds that ESG performance can predict corporate default events if combined with other parameters effectively. The findings supported by the legitimacy theory indicate that firms can increase corporate sustainability and legitimacy not only through improvements in corporate efficiency and profitability but also through external perceptions, responsibility, and ethical practices, which function as an ‘insurance effect’. Thus, policymakers should encourage lenders to integrate ESG factors into business models and promote sustainable business practices to reduce financial risks. This will accelerate the firms' adoption of cleaner technologies, enhance governance standards, and strengthen overall financial stability and corporate sustainability.
本研究探讨了环境、社会和治理(ESG)绩效与企业违约风险之间的关系。本文以2016 - 2024年的印度上市公司为研究对象,通过提高Altman Z-score,发现ESG绩效及其个体维度与违约风险呈负相关。使用PROCESS模型6的高级序列中介分析表明,ESG信息通过提高企业效率(CEF)、改善资产收益率(ROA)和降低债务成本(COD)来传递,从而降低违约风险。运用倾向得分匹配(PSM)和差分法(DID)技术,本研究还证明,在2019冠状病毒病危机后,纳入NIFTY100ESG指数的公司的财务弹性明显优于未纳入该指数的公司。通过对违约企业的事后分析,本研究发现,如果与其他参数相结合,ESG绩效可以有效地预测企业违约事件。合法性理论支持的研究结果表明,企业不仅可以通过提高企业效率和盈利能力来提高企业的可持续性和合法性,还可以通过外部感知、责任和道德实践来提高企业的可持续性和合法性,这些都起到了“保险效应”的作用。因此,政策制定者应鼓励贷款机构将ESG因素纳入商业模式,促进可持续的商业实践,以降低金融风险。这将加速企业采用更清洁的技术,提高治理标准,并加强整体财务稳定性和企业可持续性。
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引用次数: 0
Prolonged Neobroker usage: Analyzing investment behavior and its impact on trading specific financial products 长期使用新经纪商:分析投资行为及其对特定金融产品交易的影响
IF 5.5 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-11-24 DOI: 10.1016/j.gfj.2025.101222
Jonas Freibauer , Silja Grawert
We study the impact of prolonged trading app usage on the investment behavior of Neobroker users. Therefore, we use representative data for German Neobroker users and general investors from a panel survey conducted three times over a period of 14 months. We show that the financial literacy of Neobroker users increases with the prolonged trading app use but still remains rather low. The annual (non-risk adjusted) return of Neobroker users is generally positively affected by owning derivatives and frequent trading. In addition, we investigate which determinants impact Neobroker users to trade special ETFs, cryptocurrencies, derivatives, and ETCs. We found an impact of risk tolerance, risk assessment of respective financial products, and trading frequency on Neobroker users to hold specific financial products. Surprisingly, the investment information source also influences Neobroker users regarding the trading of all four products.
我们研究了长时间使用交易应用程序对Neobroker用户投资行为的影响。因此,我们使用了德国nebrobroker用户和一般投资者的代表性数据,这些数据来自一项为期14个月的三次小组调查。我们发现,随着交易应用程序使用时间的延长,Neobroker用户的金融知识水平会提高,但仍然相当低。Neobroker用户的年度(非风险调整)回报通常受到拥有衍生品和频繁交易的积极影响。此外,我们还调查了哪些决定因素会影响Neobroker用户交易特殊etf、加密货币、衍生品和etf。我们发现风险承受能力、各自金融产品的风险评估和交易频率对Neobroker用户持有特定金融产品的影响。令人惊讶的是,投资信息源也会影响Neobroker用户对所有四种产品的交易。
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引用次数: 0
Predicting serial credit rating downgrades 预测连续信用评级下调
IF 5.5 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-11-24 DOI: 10.1016/j.gfj.2025.101221
Lance Malone, Lee A. Smales, Zhangxin (Frank) Liu (Frank)
This paper examines the predictability and implications of sequential credit rating downgrades under the through-the-cycle rating methodology. Using 28,847 firm-year observations for North American corporates, we show that firms partway through downgrade sequences exhibit weaker fundamentals than non-downgraded peers with the same rating, implying interim ratings misstate credit risk. Predictive models of future downgrades achieve up to 75 % accuracy, with out-of-sample tests and feature-importance measures confirming robustness. A simple portfolio exercise illustrates economic significance. Our findings extend the literature on rating inertia and highlight the usefulness of credit-quality signals for anticipating rating actions.
本文研究了在全周期评级方法下,连续信用评级下调的可预测性和影响。通过对28,847家北美公司的年度观察,我们发现,处于降级序列中间的公司比具有相同评级的未降级同行表现出更弱的基本面,这意味着中期评级错误地反映了信用风险。未来降级的预测模型达到75%的准确率,样本外测试和特征重要性测量证实了稳健性。一个简单的投资组合练习说明了其经济意义。我们的研究结果扩展了关于评级惯性的文献,并强调了信用质量信号对预测评级行动的有用性。
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引用次数: 0
Institutional openness and the labor income share of enterprises - A decade and a half of empirical evidence from China's free trade zones 制度开放与企业劳动收入占比——来自中国自贸区15年的经验证据
IF 5.5 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-11-10 DOI: 10.1016/j.gfj.2025.101210
Tianchen Wang , Xuesong Wu , Qun Mi
This study uses data from publicly listed companies from 2008 to 2023 and treats the establishment of Free Trade Zones (FTZs) as a quasinatural experiment to examine how institutional openness affects the labor income share of enterprises. The results show that FTZs establishment significantly increases the labor income share of firms within these regions. Further analysis reveals two promotion channels: improvements in regional human capital structure and acceleration of technological innovation within enterprises. However, the rise in digitalization within FTZs can offset part of this positive effect. Heterogeneity analysis indicates that the impact is stronger for labor-intensive and nonstate-owned enterprises with higher levels of digitalization, higher wages in digital firms, and more advanced human capital structures.
本研究采用2008 - 2023年上市公司数据,以自贸区设立为准自然实验,考察制度开放对企业劳动收入占比的影响。结果表明,自贸区的建立显著提高了区内企业劳动收入占比。进一步分析发现,区域人力资本结构的改善和企业内部技术创新的加速是促进企业发展的两大途径。然而,自贸区内数字化的兴起可能会部分抵消这种积极影响。异质性分析表明,数字化水平越高、数字化企业的工资水平越高、人力资本结构越先进的劳动密集型企业和非国有企业的影响越强。
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引用次数: 0
How does green industrial policy influence institutional investor ownership? Evidence from a quasi-natural experiment 绿色产业政策如何影响机构投资者所有权?来自准自然实验的证据
IF 5.5 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-11-02 DOI: 10.1016/j.gfj.2025.101209
William Mbanyele , Ying Liu , Xinwei Qu , Hongyun Huang
This paper investigates whether institutional investors respond to green industrial policies. Although previous research has largely emphasized the adverse effects of climate risks on investor behavior, little evidence exists on how supportive policy shocks shape capital allocation. Using data from 3554 Chinese listed firms between 2013 and 2023, we assess whether institutional investors increase holdings in policy-endorsed firms. Results show that institutional investors substantially raise ownership in green factory firms, with stronger effects among both green-focused and general investors. Two mechanisms (i.e., signaling and strategic resource advantages) appear to drive this response. Moreover, policy-endorsed firms later exhibit higher firm value, better environmental disclosure quality, and greater environmental protection investment. These findings demonstrate that green industrial policies can redirect capital by influencing investor demand, providing timely evidence on the link between finance and sustainability.
本文考察了机构投资者对绿色产业政策的响应。尽管以往的研究主要强调气候风险对投资者行为的不利影响,但关于支持性政策冲击如何影响资本配置的证据很少。利用2013年至2023年3554家中国上市公司的数据,我们评估了机构投资者是否增持了政策支持公司的股份。结果表明,机构投资者大幅提高了绿色工厂企业的所有权,对绿色重点投资者和普通投资者的影响都更强。两种机制(即信号和战略资源优势)似乎推动了这种反应。政策支持型企业在后期表现出更高的企业价值、更好的环境信息披露质量和更大的环保投资。这些发现表明,绿色产业政策可以通过影响投资者需求来转移资本,为金融与可持续性之间的联系提供了及时的证据。
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引用次数: 0
The spillover effect of core enterprises' ESG performance on node enterprises' debt financing costs 核心企业ESG绩效对节点企业债务融资成本的溢出效应
IF 5.5 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-10-31 DOI: 10.1016/j.gfj.2025.101208
Qifa Xu , Changyu Ruan , Cuixia Jiang , Li Li
Despite growing attention to the impact of ESG performance on corporate finance, particularly debt financing costs at the firm level, spillover effects at the supply chain level remain underexplored. Using data from Chinese A-share listed companies over the 2012–2023 period, we build supply chain networks to examine the spillover effects of core enterprises' ESG performance to node enterprises. The empirical results confirm that core enterprises' good ESG performance can significantly reduce node enterprises' debt financing costs even after a series of robustness tests. This reduction effect is achieved through increasing the supply chain liquidity or reducing supply chain disruption risk. Heterogeneity analyses demonstrate that the reduction effect is more prominent when core and node enterprises share consistent characteristics and are located in different provinces. Overall, our findings advance the understanding of ESG spillover effects within supply chain networks and highlight supply chain ESG management's important role in corporate finance.
尽管越来越多的人关注ESG绩效对公司融资的影响,特别是公司层面的债务融资成本,但供应链层面的溢出效应仍未得到充分探讨。利用2012-2023年中国a股上市公司数据,构建供应链网络,考察核心企业ESG绩效对节点企业的溢出效应。经过一系列稳健性检验,实证结果证实,核心企业良好的ESG绩效能够显著降低节点企业的债务融资成本。这种减少效果是通过增加供应链流动性或降低供应链中断风险来实现的。异质性分析表明,当核心企业和节点企业具有相同的特征,且位于不同的省份时,减少效应更为突出。总体而言,我们的研究结果促进了对供应链网络中ESG溢出效应的理解,并突出了供应链ESG管理在企业融资中的重要作用。
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引用次数: 0
Friendly press, fading greens: The effect of media connection on firm greenwashing 友好的媒体,褪色的绿色:媒体联系对公司绿色洗白的影响
IF 5.5 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-10-27 DOI: 10.1016/j.gfj.2025.101179
Hao Dong , Chengcheng Li , Xiaoqiong Wang
This paper examines the relationship between top executives’ social ties with the media and firm greenwashing activities. We find that firms with media connections are more likely to engage in greenwashing practices. Although these ties enhance environmental, social, and governance (ESG) disclosures, they do not significantly improve actual ESG performance. Media connections improve a firm’s ESG disclosure by enhancing its ability to package ESG reports and disseminate “soft” and favorable information about the firm. The effect of media connections on greenwashing is more pronounced among firms in polluting industries, those subject to mandatory ESG disclosure requirements, and firms attracting high investor attention. Our findings support the strategic media management hypothesis.
本文考察了企业高管与媒体的社会关系与企业“漂绿”行为之间的关系。我们发现,与媒体有联系的公司更有可能从事“漂绿”行为。虽然这些联系加强了环境、社会和治理(ESG)的披露,但它们并没有显著改善实际的ESG绩效。媒体关系通过增强公司打包ESG报告和传播有关公司的“软”和有利信息的能力,改善了公司的ESG披露。媒体关系对“漂绿”的影响在污染行业的公司、受到强制性ESG披露要求的公司和吸引投资者高度关注的公司中更为明显。我们的研究结果支持战略媒体管理假说。
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引用次数: 0
How resilient are PE/VC returns to real shocks? PE/VC回报对实际冲击的弹性如何?
IF 5.5 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-10-27 DOI: 10.1016/j.gfj.2025.101206
Michelle Xuan Mi, Rumi Masih
This paper examines the resilience of private equity (PE) and venture capital (VC) returns to economic and market shocks, exploring their role as alternative asset classes within diversified institutional portfolios. Despite the increasing allocation to these illiquid and untransparent assets, little is understood about their shock resilience, econometric exogeneity, and diversification properties when combined with liquid assets such as equities, bonds, and commodities. We use a Vector Autoregression (VAR) framework to analyze PE and VC performance over thirty years, assessing their reactivity and adaptability to fluctuations in traditional asset classes and macroeconomic indicators. Our findings show that while PE and VC are sensitive to immediate market changes, they demonstrate substantial long-term resilience, regaining equilibrium aftershocks. This reveals that PE/VC is an ideal asset class for diversification within institutional portfolios as a buffer against market volatility without sacrificing returns.
本文考察了私募股权(PE)和风险资本(VC)回报对经济和市场冲击的弹性,探讨了它们在多元化机构投资组合中作为替代资产类别的作用。尽管对这些非流动性和不透明资产的配置越来越多,但当与股票、债券和大宗商品等流动性资产结合在一起时,人们对它们的抗冲击能力、计量经济外生性和多样化特性知之甚少。我们使用向量自回归(VAR)框架来分析30年来PE和VC的表现,评估它们对传统资产类别和宏观经济指标波动的反应性和适应性。我们的研究结果表明,虽然PE和VC对即时市场变化敏感,但它们表现出实质性的长期弹性,恢复平衡余震。这表明PE/VC是机构投资组合多元化的理想资产类别,可以在不牺牲回报的情况下缓冲市场波动。
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引用次数: 0
Director networks and misconduct 董事网络和不当行为
IF 5.5 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-10-25 DOI: 10.1016/j.gfj.2025.101204
Matías Braun , Santiago Truffa , Ercos Valdivieso
Using a large sample of U.S. public firms, our study introduces a measure of misconduct exposure, based on the interconnected professional experiences of board members with directors from firms previously engaged in misconduct. We document that a firm's inclination towards corporate misbehavior is positively associated with its proximity, particularly through past professional board connections, to firms with similar misconduct histories. These peer effects are more pronounced when the connection involves influential board members, when the misconduct is less detectable, and when the misconducting neighboring firms receive lenient penalties. Our findings are robust to controlling for varying enforcement levels and are not fully explained by the endogenous nature of firm-director relationships. Moreover, these professional network effects are distinct from the influences of local and industry norms, interlocking directorates, and geographic proximity, for which we also provide evidence.
我们的研究使用了美国上市公司的大量样本,基于董事会成员与以前从事不当行为的公司董事的相互关联的专业经验,引入了一种不当行为暴露的衡量标准。我们的研究表明,一家公司对企业不当行为的倾向与它与有类似不当行为历史的公司的接近程度呈正相关,特别是通过过去的专业董事会关系。当这种关系涉及有影响力的董事会成员时,当不当行为不易被发现时,当行为不当的相邻公司受到较轻的惩罚时,这些同伴效应就更加明显。我们的研究结果对于控制不同的执行水平是稳健的,并且不能完全用公司-董事关系的内生性质来解释。此外,这些专业网络效应不同于地方和行业规范、连锁董事和地理邻近的影响,我们也为此提供了证据。
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引用次数: 0
ESG news spillover and corporate investment efficiency ESG新闻溢出与企业投资效率
IF 5.5 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-10-24 DOI: 10.1016/j.gfj.2025.101207
Yehwan Lee, Seung Hun Han
This study investigates how negative environmental, social, and governance (ESG) news about peer firms affects the investment efficiency of focal firms. Analyzing a panel of U.S. public firms from 2007 to 2020, we find that such news enhances investment efficiency, primarily by reducing underinvestment. Peer controversies appear to signal the focal firm's superior quality to capital providers, easing financing constraints and enabling projects previously delayed by lack of funding. The effect is stronger in highly competitive industries. In response, firms reallocate capital toward research and development and capital expenditures while cutting back on acquisitions. We propose a novel information-based mechanism, termed the “relative quality signal,” through which peer ESG failures highlight the focal firm's stronger governance and risk management. Unlike traditional learning or contagion effects that spread information or sentiment uniformly across firms, this signaling channel highlights heterogeneous investor responses: peer crises enhance the relative reputation of unaffected firms, offering a new perspective on intraindustry information transmission. Robustness tests using dynamic panel GMM and instrumental variable estimations confirm that the results are not driven by endogeneity. Our findings suggest that negative ESG events generate positive externalities for unaffected firms by alleviating information asymmetry and improving capital allocation. The results underscore that ESG news serves as a valuable market signal for investors and regulators, enhancing overall investment efficiency across industries.
本研究探讨了关于同行企业的环境、社会和治理(ESG)负面新闻如何影响焦点企业的投资效率。通过对2007年至2020年美国上市公司的一组分析,我们发现此类消息主要通过减少投资不足来提高投资效率。同行的争议似乎表明,焦点公司的质量优于资本提供者,缓解了融资限制,并使以前因缺乏资金而推迟的项目得以实现。这种效应在竞争激烈的行业中更为明显。作为回应,企业将资本重新分配给研发和资本支出,同时减少收购。我们提出了一种新的基于信息的机制,称为“相对质量信号”,通过这种机制,同行ESG失败突出了焦点公司更强大的治理和风险管理。与传统的学习或传染效应不同,信息或情绪在公司间均匀传播,这种信号渠道突出了投资者的异质反应:同行危机提高了未受影响公司的相对声誉,为行业内信息传递提供了新的视角。使用动态面板GMM和工具变量估计的稳健性检验证实,结果不是由内生性驱动的。我们的研究结果表明,负面ESG事件通过缓解信息不对称和改善资本配置,为未受影响的公司产生正外部性。研究结果强调,ESG新闻对投资者和监管机构来说是一个有价值的市场信号,可以提高各行业的整体投资效率。
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引用次数: 0
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Global Finance Journal
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