International Review of Financial Analysis最新文献

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The role of digital financial inclusion in promoting common prosperity: Evidence from Inner Mongolia

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-02-17 DOI: 10.1016/j.irfa.2025.103996

Wuyunzhaola Borjigin, Sarula He, Huixian Xu

Inner Mongolia is a multiethnic border region in China that faces challenges in achieving common social prosperity due to regional developmental imbalances and cultural differences. Digital financial inclusion, which leverages digital technology to break down regional barriers, offers a feasible method of addressing these issues, but little-to-no research has been produced in this area. Hence, this study uses digital financial inclusion index data from 12 cities, spanning 2013–2022, to construct a regional common prosperity index. Then, spatial econometric methods are applied to systematically analyze the impact of digital financial inclusion and its subdimensions on common prosperity. The findings indicate that a significant positive impact is provided, along with positive spatial spillover effects. Heterogeneity analysis reveals that the impact varies across dimensions and regions, which allows for strategy recommendations for strengthening cross-regional integration and sharing digital financial services. Thus, practical insights and policy recommendations are provided.

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引用次数: 0

Capital regulation, regulatory avoidance, and bank systemic risk

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-02-13 DOI: 10.1016/j.irfa.2025.104002

Wenlong Miao, Yuxian Ma, Haoran Xu

Capital regulation is a core measure of modern financial regulation, but banks' regulatory avoidance behavior may affect the control effect of capital regulation on systemic risk. This study evaluates the control effect of capital regulation on bank systemic risk from the perspective of regulatory avoidance. We employ sample data from 42 Chinese listed banks from 2013 to 2023. The results reveal that as capital regulatory standards are improved, the impact of capital regulation on bank systemic risk changes from a suppressive effect to an exacerbating effect, and there is a ‘U-shaped’ relationship between the two. This impact is related to regulatory evasion behavior. The higher the capital regulatory standards, the greater the degree of bank regulatory evasion, and the weaker the control effect of capital regulation on bank systemic risk. Furthermore, this study investigates the mechanism by which capital regulation affects bank systemic risk. The results reveal that the cost compensation effect, risk correlation effect, and loss aggravation effect will all positively regulate the impact of capital supervision on bank systemic risk.

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引用次数: 0

Greening the future: How green manufacturing shapes corporate environmental and ESG success

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-02-11 DOI: 10.1016/j.irfa.2025.103994

Yulan Zheng , Yifan Wu , Yaoli Zhang , Xiaoyu Meng , Pengdong Zhang

This paper examines whether and how green manufacturing enhances corporate environmental performances. We find that the green manufacturing policy significantly improves firm environmental performance. Mechanisms analysis show that green manufacturing will affect corporate environmental performances through fostering corporate green innovation, relieving financing constraints, and promoting environmental information disclosure. The impacts of green manufacturing on corporate environmental performances are more pronounced in non-state-owned firms, firms with lower environmentally regulated level, heavily polluting firms, and large-scale companies. Finally, we find that the green manufacturing policy can also improve firm overall ESG performance. This paper contributes to the growing literature on firm environmental behavior and proposes tailored policy implications for the government to address the challenges of green development.

引用次数: 0

Common factors behind companies’ Environmental ratings

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-02-08 DOI: 10.1016/j.irfa.2025.103961

Gianluca Gucciardi , Elisa Ossola , Lucia Parisio , Matteo Pelagatti

The increasing interest in sustainability within economics and finance has led to the widespread adoption of Environmental, Social, and Governance (ESG) metrics, expressed as ratings or indices, to assess the sustainable performance of companies. However, inconsistencies among data providers stem not only from definitional differences but also from disagreements on how to measure ESG factors. This paper proposes a novel approach by conversely focusing on ESG factors common to data providers. Through three empirical approaches – correlation analysis, principal component analysis, and panel data regressions – we aim to understand the shared components shaping common ESG metrics, particularly in the Environmental Pillar. Our findings emphasize a limited number of indicators that act as common factors across three providers, primarily concerning managing natural resources. This commonality emerges despite the different perspectives adopted by the rating agencies — such as risk management, corporate impact management, and integration into corporate strategy. This analysis offers valuable insights for companies, financial institutions, practitioners, scholars, and policymakers, enabling more concise information for analyses and decision-making in their respective fields.

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引用次数: 0

The impact of customer risk on Enterprises' strategic change: Evidence from China

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-02-07 DOI: 10.1016/j.irfa.2025.103981

Xiaohong Dong , Yan Cheng , Chiao-Ming Cheng , Hung-Chun Liu

In an era marked by continuous advancements in the supply chain, the symbiotic nature of the relationship between customers and suppliers has become increasingly pronounced. Motivated by the research on the contagion effects of supply chain, we use Chinese A-share listed companies from 2010 to 2021 to investigate the impact of customer risk on enterprises' strategic adaptation and further elucidate the underlying mechanisms. Our results show that customer risk promotes enterprise’ strategic change by increasing the level of business risk and financing constraints. Further analyses show that customer risk can have different effects on different dimensions of firm strategic change. Meanwhile, certain environmental variables, including overconfident managers, a higher proportion of female executives, non-state-owned firms, smaller firm size, lower profitability, and a highly competitive market position, highlight the role of customer risk in driving enterprises' strategic change. Economic consequence test suggests that enterprises' implementation of strategic change enhances firm value. These conclusions offer a novel perspective on enterprise strategy dynamics and provide a theoretical framework for optimizing resource allocation, promoting healthy, and sustainable enterprise growth.

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引用次数: 0

An asymmetric volatility analysis of the negative oil price during the first COVID-19 wave

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-02-07 DOI: 10.1016/j.irfa.2025.103959

Carolin Birnstengel , Bernd Süssmuth

For the first time ever, oil futures were negatively priced on April 20, 2020. We modify an investment model to fit the financial markets context of information processing and arrival. It is able to explain a negative price dip. Its joint interpretation with estimates from GARCH models captures some central institutional setups of the market. We show not only storage uncertainty, in particular, due to the pandemic, but especially noise induced by non-cash settlement in combination with financialization to lie at the heart of the threshold-like leverage effect. To avoid negative pricing and collusive behavior, freeriding on this leverage effect, either the possibility of cash settlement or the abolition of hedging trade-at-settlement contracts can be considered by regulators.

引用次数: 0

Wage risk and portfolio choice: The role of correlated returns

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-02-06 DOI: 10.1016/j.irfa.2025.103985

Johannes König , Maximilian Longmuir

From standard portfolio-choice theory, it is well-understood that background risk, primarily due to wage risk, is one of the central determinants of individuals’ portfolio composition: higher background risk reduces risky investments. However, if background risk is negatively correlated with financial market risk, higher background risk implies a more risky investment. We quantify the influence of wage risk on German investors’ financial portfolio shares and find that an increase of the residual variance of wages by one standard deviation implies a reduction of the financial portfolio share by 3 percentage points. We find no significant effect of the correlation between wage risk and financial market risk on portfolio choice, providing evidence that this may be attributed to a lack of salience. Furthermore, our subgroup analysis reveals heterogeneity in responses, with higher-educated and risk-averse individuals showing a stronger reaction to wage risk while responses to correlation mildly vary by risk attitude.

引用次数: 0

Assessing Firm ESG Performance Through Corporate Survival: The Moderating Role of Firm Size

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-02-05 DOI: 10.1016/j.irfa.2025.103973

Massimo Postiglione, Cristian Carini, Alberto Falini

This study explores the relationship between Corporate Survival (CS), measured through both an accounting-based model (Altman Z-Score) and a market-based model (Merton Distance to Default), and ESG performance, measured through Refinitiv ESG ratings. Based on an IQR-normalized sample of data from non-financial companies listed on the STOXX 600 European index, the study conducted a fixed-effects regression analysis on data collected from 2015 to 2023, using both an overall sample and a regional classification methodology (Northern, Central, and Southern Europe). The initial findings indicated an overall negative and significant relationship between Z-Score and ESG performance, and a positive but non-significant relationship between the latter and Merton DD. However, incorporating the natural logarithm of total assets as a firm size measure within the fixed-effect regression analysis drastically changed these relationships, resulting in an overall positive and significant effect for both models, suggesting that higher CS levels involve superior ESG performance. Moreover, the moderating effect of firm size enabled a combined approach, as both CS measures were capable of being incorporated within the same regression model. However, even if this condition applies for all European regions, the Southern one showed some peculiarities that offsets the results obtained on both Northern and Central companies. Based on these findings, we conducted a Principal Component Analysis (PCA) to explore how this effect could serve as a valuable tool for better understanding ESG performance. This approach provided evidence that both accounting-based and market-based default risk prediction models can be used together for a better understanding of the relationship between ESG performance and CS if the moderating effect of firm size is controlled for.

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引用次数: 0

Uncertainty, macroeconomic activity and commodity price: A global analysis

IF 8.2 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-02-04 DOI: 10.1016/j.irfa.2025.103962

Yifan Shen, Jia He, Xunpeng Shi, Ting Zeng

We adopt a rich global dataset to extend the conventional forecast-error-based uncertainty measure to the international context and construct a proxy of global macroeconomic uncertainty. Our proxy displays significant independent variations from popular regional or country-specific uncertainty measures, and can serve as an alternative to the global economic policy uncertainty (EPU) index among others when one needs to identify uncertainty shocks at the aggregate global level. We revisit the dynamic effects of uncertainty shocks on macroeconomic variables in a global perspective, and provide two applications of our global uncertainty proxy by linking it to the price formation mechanism of oil and by identifying international uncertainty spillover effects. We show that the well-documented relation between uncertainty and real activities is not only a regional or country-specific issue, but also a global phenomenon. Global macroeconomic uncertainty, which works as aggregate demand shocks, also plays a key role in determining oil prices, as well as driving business cycle fluctuations in a particular economy.

引用次数: 0

In the shadows of opacity: Firm information quality and latent factor model performance

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-02-04 DOI: 10.1016/j.irfa.2025.103970

Chuyu Wang, Guanglong Zhang

Little is known about how the performance of latent factor models is affected by the quality of firm-disclosed data. Using Chinese data, we demonstrate the superiority of conditional latent factor models (exemplified by the instrumented principal component analysis, IPCA) over unconditional latent factor models (risk-premium principal component analysis, RP-PCA; cross-sectional and time-series principal component analysis, XS-TS-Target-PCA). IPCA’s outperformance is generally more pronounced in explaining trading-based firm characteristics than accounting-based ones. However, in emerging markets such as China, IPCA’s performance is attenuated by the lower quality of firm-disclosed information and poorer stock liquidity. We make the first attempt to investigate how IPCA’s performance is affected by more opaque information environments in emerging markets.

引用次数: 0

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