Pub Date : 2025-03-13DOI: 10.1016/j.irfa.2025.104126
Bofu Deng , Zhenge Peng , Kam C. Chan , Hongce Chen
We empirically examine the association between top management team stability and stock price crash risk. Using a sample of Chinese listed companies for 2007–2021, we find that top management team stability has a negative effect on stock price crash risk. Mechanism tests show that this effect operates through reducing business risk, agency costs and improving information quality. Additional analysis reveals that this relationship is more pronounced in companies audited by non-Big Four firms and those with high executive shareholding. Our study integrates the characteristics of internal human capital teams with capital market information efficiency, offering a novel contribution to the literature on stock price crash risk.
{"title":"Top management team stability and stock price crash risk: Evidence from China","authors":"Bofu Deng , Zhenge Peng , Kam C. Chan , Hongce Chen","doi":"10.1016/j.irfa.2025.104126","DOIUrl":"10.1016/j.irfa.2025.104126","url":null,"abstract":"<div><div>We empirically examine the association between top management team stability and stock price crash risk. Using a sample of Chinese listed companies for 2007–2021, we find that top management team stability has a negative effect on stock price crash risk. Mechanism tests show that this effect operates through reducing business risk, agency costs and improving information quality. Additional analysis reveals that this relationship is more pronounced in companies audited by non-Big Four firms and those with high executive shareholding. Our study integrates the characteristics of internal human capital teams with capital market information efficiency, offering a novel contribution to the literature on stock price crash risk.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104126"},"PeriodicalIF":7.5,"publicationDate":"2025-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143636641","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-03-13DOI: 10.1016/j.irfa.2025.104118
Xiaoliang Wang , Wei Zhao , Ruizhi Liu
Common institutional investors have attracted considerable attention for their potential to collaborate and influence corporate governance, especially in relation to auditor behavior. Based on A-share listed companies from 2016 to 2022, this study examines the impact of common institutional investors on the tone of key audit matters (KAMs). Empirical findings show that these investors tend to push portfolio firms toward collusive fraud, prompting auditors to use a more negative tone in KAM disclosures. Moreover, major shareholders moderate the effect of common institutional investors on the tone of KAMs. Mechanism examinations reveal that common institutional investors increase a company's operational risks and reduce the comparability of its accounting information, prompting auditors to adopt a more negative tone in KAM disclosures. Heterogeneity analysis shows that the collusive fraud effect of common institutional investors is more significant in groups with low external competition, short-term institutional investors, and less developed regional markets. Furthermore, economic consequence analysis demonstrates that a negative KAM tone acts as an external monitoring tool and reduces the impact of common institutional investors on the risk of stock price crashes. This study complements the literature on the factors influencing KAM tone and the economic outcomes of common institutional investors' influence on auditor behavior. Furthermore, it has significant implications for companies to improve corporate governance and standardize market order.
普通机构投资者因其合作和影响公司治理的潜力而备受关注，尤其是在审计师行为方面。本研究以 2016 年至 2022 年的 A 股上市公司为研究对象，考察了普通机构投资者对关键审计事项（KAMs）基调的影响。实证研究结果表明，这些投资者倾向于推动被投资公司进行合谋欺诈，促使审计师在关键审计事项披露中使用更消极的语气。此外，大股东还能缓和普通机构投资者对 KAMs 语气的影响。机制研究表明，普通机构投资者增加了公司的经营风险，降低了公司会计信息的可比性，促使审计师在 KAM 披露中采用更消极的语气。异质性分析表明，普通机构投资者的合谋欺诈效应在外部竞争程度低、短期机构投资者和地区市场欠发达的群体中更为显著。此外，经济后果分析表明，负面的 KAM 语气可作为一种外部监督工具，降低普通机构投资者对股价暴跌风险的影响。本研究补充了有关 KAM 语态影响因素和普通机构投资者影响审计师行为的经济后果的文献。此外，它对企业完善公司治理、规范市场秩序也有重要意义。
{"title":"Common institutional investors and the tone of key audit matters","authors":"Xiaoliang Wang , Wei Zhao , Ruizhi Liu","doi":"10.1016/j.irfa.2025.104118","DOIUrl":"10.1016/j.irfa.2025.104118","url":null,"abstract":"<div><div>Common institutional investors have attracted considerable attention for their potential to collaborate and influence corporate governance, especially in relation to auditor behavior. Based on A-share listed companies from 2016 to 2022, this study examines the impact of common institutional investors on the tone of key audit matters (KAMs). Empirical findings show that these investors tend to push portfolio firms toward collusive fraud, prompting auditors to use a more negative tone in KAM disclosures. Moreover, major shareholders moderate the effect of common institutional investors on the tone of KAMs. Mechanism examinations reveal that common institutional investors increase a company's operational risks and reduce the comparability of its accounting information, prompting auditors to adopt a more negative tone in KAM disclosures. Heterogeneity analysis shows that the collusive fraud effect of common institutional investors is more significant in groups with low external competition, short-term institutional investors, and less developed regional markets. Furthermore, economic consequence analysis demonstrates that a negative KAM tone acts as an external monitoring tool and reduces the impact of common institutional investors on the risk of stock price crashes. This study complements the literature on the factors influencing KAM tone and the economic outcomes of common institutional investors' influence on auditor behavior. Furthermore, it has significant implications for companies to improve corporate governance and standardize market order.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104118"},"PeriodicalIF":7.5,"publicationDate":"2025-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143629585","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-03-13DOI: 10.1016/j.irfa.2025.104130
Mussa Hussaini
Using meta-analytical techniques, this study examines whether and how acquirer board independence affects acquisition performance. It also investigates the moderating effects of country-level formal institutions on this relationship to shed light on the fragmented empirical results reported by prior studies. Using a sample of 85 primary studies representing 646 effect sizes and a total of 1,131,639 observations, the overall results indicate a positive and significant relationship between acquirer board independence and acquisition performance. Moreover, the results of the three-level meta-regression analysis reveal that the country-level formal institutional factor of shareholder rights negatively moderates the focal relationship, while creditor rights have, at best, a minimal impact. This study blends insights from two theoretical perspectives—agency theory and transaction cost economics—and clarifies the strength and direction of the association between acquirer board independence and acquisition performance. Moreover, by incorporating institutional theory to examine the moderating effects of formal institutions, this study sheds light on how broader institutional contexts impact the effectiveness of corporate governance practices and their value implications in acquisition transactions. Accordingly, this study provides novel findings with empirically validated theoretical underpinnings.
{"title":"Acquirer board independence and acquisitions performance: A meta-analysis","authors":"Mussa Hussaini","doi":"10.1016/j.irfa.2025.104130","DOIUrl":"10.1016/j.irfa.2025.104130","url":null,"abstract":"<div><div>Using meta-analytical techniques, this study examines whether and how acquirer board independence affects acquisition performance. It also investigates the moderating effects of country-level formal institutions on this relationship to shed light on the fragmented empirical results reported by prior studies. Using a sample of 85 primary studies representing 646 effect sizes and a total of 1,131,639 observations, the overall results indicate a positive and significant relationship between acquirer board independence and acquisition performance. Moreover, the results of the three-level meta-regression analysis reveal that the country-level formal institutional factor of shareholder rights negatively moderates the focal relationship, while creditor rights have, at best, a minimal impact. This study blends insights from two theoretical perspectives—agency theory and transaction cost economics—and clarifies the strength and direction of the association between acquirer board independence and acquisition performance. Moreover, by incorporating institutional theory to examine the moderating effects of formal institutions, this study sheds light on how broader institutional contexts impact the effectiveness of corporate governance practices and their value implications in acquisition transactions. Accordingly, this study provides novel findings with empirically validated theoretical underpinnings.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104130"},"PeriodicalIF":7.5,"publicationDate":"2025-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143636639","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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 : 2025-03-13DOI: 10.1016/j.irfa.2025.104090
Heeick Choi , Khondkar Karim , Yin Liu
This study examines the effect of promotion-based tournament incentives on firms' propensity to overinvest and its economic consequences. We find that tournament incentives are positively associated with corporate overinvestment. Furthermore, we show that the relation between tournament incentives and overinvestment has a positive effect on top executives' internal promotion but a negative effect on future firm performance. Our results are robust to an alternative measure of overinvestment, two-stage instrumental variable analyses, and change specification tests. Overall, we suggest that promotion-based tournament incentives increase corporate overinvestment, resulting in a high chance of CEO promotion at the expense of future performance.
{"title":"Tournament incentives, corporate overinvestment, and economic consequences","authors":"Heeick Choi , Khondkar Karim , Yin Liu","doi":"10.1016/j.irfa.2025.104090","DOIUrl":"10.1016/j.irfa.2025.104090","url":null,"abstract":"<div><div>This study examines the effect of promotion-based tournament incentives on firms' propensity to overinvest and its economic consequences. We find that tournament incentives are positively associated with corporate overinvestment. Furthermore, we show that the relation between tournament incentives and overinvestment has a positive effect on top executives' internal promotion but a negative effect on future firm performance. Our results are robust to an alternative measure of overinvestment, two-stage instrumental variable analyses, and change specification tests. Overall, we suggest that promotion-based tournament incentives increase corporate overinvestment, resulting in a high chance of CEO promotion at the expense of future performance.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104090"},"PeriodicalIF":7.5,"publicationDate":"2025-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143640969","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-03-13DOI: 10.1016/j.irfa.2025.104089
Bin Xu , Boqiang Lin
Green technology innovation serves as the fundamental driving force behind the growth of renewable energy and plays a crucial role in mitigating climate change. Currently, green credit can provide essential financial resources for technological advancements. In contrast to existing literature, this article employs a semi-parametric model to explore the nonlinear effects and mechanisms through which green credit influences green technology innovation. The main empirical results include the following points. The impact of green credit on green technology innovation exhibits a non-linear relationship, characterized by a positive U-shaped pattern. This suggests that the technological effects of green credit have evolved from being negligible in the initial stages to becoming significant in the later stages. Heterogeneity analysis displays that green credit produces an N-shaped impact on green technology innovation in the eastern and central regions, but generates a positive U-shaped nonlinear effect in the western region. In addition, green credit produces an inverted N-shaped impact in the low- and medium-tech provinces, but has a positive U-shaped impact in the medium-tech provinces. Mechanism analysis indicates that banking market structure generates a positive U-shaped impact on green technology innovation, while enterprises' R&D investment yields an inverted U-shaped impact. In addition, this article also provides the impact of resource endowment, informatization, fiscal decentralization, industrial structure, and foreign direct investment on green technology innovation.
{"title":"How does green credit effectively promote green technology innovation?","authors":"Bin Xu , Boqiang Lin","doi":"10.1016/j.irfa.2025.104089","DOIUrl":"10.1016/j.irfa.2025.104089","url":null,"abstract":"<div><div>Green technology innovation serves as the fundamental driving force behind the growth of renewable energy and plays a crucial role in mitigating climate change. Currently, green credit can provide essential financial resources for technological advancements. In contrast to existing literature, this article employs a semi-parametric model to explore the nonlinear effects and mechanisms through which green credit influences green technology innovation. The main empirical results include the following points. The impact of green credit on green technology innovation exhibits a non-linear relationship, characterized by a positive U-shaped pattern. This suggests that the technological effects of green credit have evolved from being negligible in the initial stages to becoming significant in the later stages. Heterogeneity analysis displays that green credit produces an N-shaped impact on green technology innovation in the eastern and central regions, but generates a positive U-shaped nonlinear effect in the western region. In addition, green credit produces an inverted N-shaped impact in the low- and medium-tech provinces, but has a positive U-shaped impact in the medium-tech provinces. Mechanism analysis indicates that banking market structure generates a positive U-shaped impact on green technology innovation, while enterprises' R&D investment yields an inverted U-shaped impact. In addition, this article also provides the impact of resource endowment, informatization, fiscal decentralization, industrial structure, and foreign direct investment on green technology innovation.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104089"},"PeriodicalIF":7.5,"publicationDate":"2025-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143628656","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The issuance of green bonds, which channel toward green projects, has surged in recent years. However, sustainability and sustainability-linked bonds, which have looser restrictions on the use of funds than green bonds, also allocate funds to support green initiatives. While research on these bonds is expanding, no study has examined whether the issuance of sustainability and sustainability-linked bonds leads to enhancements in environmental performance. To address this gap, our study investigates the relationship between the issuance of sustainability bonds and sustainability-linked bonds and corporate environmental performance using a difference-in-difference approach with an event study methodology. Our findings suggest that the issuance of sustainability and sustainability-linked bonds does not contribute to improving corporate environmental performance. Therefore, implementing strict regulations on the use of proceeds is crucial to ensure the effectiveness of these bonds.
{"title":"Sustainability bond, sustainability-linked bond, and firms' environmental performance","authors":"Takuto Shimauchi , Masaki Fukui , Daiki Yamamoto , Yuto Taura , Keigo Kameda","doi":"10.1016/j.irfa.2025.104127","DOIUrl":"10.1016/j.irfa.2025.104127","url":null,"abstract":"<div><div>The issuance of green bonds, which channel toward green projects, has surged in recent years. However, sustainability and sustainability-linked bonds, which have looser restrictions on the use of funds than green bonds, also allocate funds to support green initiatives. While research on these bonds is expanding, no study has examined whether the issuance of sustainability and sustainability-linked bonds leads to enhancements in environmental performance. To address this gap, our study investigates the relationship between the issuance of sustainability bonds and sustainability-linked bonds and corporate environmental performance using a difference-in-difference approach with an event study methodology. Our findings suggest that the issuance of sustainability and sustainability-linked bonds does not contribute to improving corporate environmental performance. Therefore, implementing strict regulations on the use of proceeds is crucial to ensure the effectiveness of these bonds.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104127"},"PeriodicalIF":7.5,"publicationDate":"2025-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143642147","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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.irfa.2025.104112
Lixia Jiang , Xiaojing Cao , Zeyu Wang , Yun Zhan , Jiali Zhang , Shuai Chen
To ensure the intelligent development and online development of supply chain finance (SCF) business, this study deeply explores the application of intelligent robots in the development of financial intelligence from the perspective of supply chain finance. This study reviews the intelligent robot operating system based on SCF management and analyzes in detail the impact of digital inclusive finance on the innovation mechanism of green financial enterprises. Causal inference methods are introduced to construct one or more “synthetic control” units. These units are weighted averages of multiple control units, aiming to simulate the pre-policy implementation state of the treated unit as closely as possible, thus more accurately estimating policy effects. In the empirical analysis, based on detailed financial data of small and medium-sized enterprises (SMEs) from 2015 to 2022, the relationship between the digital inclusive finance index and corporate green innovation is explored. In the analysis of control variables, enterprises' return on assets (ROA), auditors from the Big Four accounting firms (Big4), Book-to-Market (BM), enterprise size, and institutional investor shareholding ratio all show a positive correlation with green innovation of enterprises. Specifically, regarding the state of development of digital inclusive finance, the average of the Index is 0.213, with the median slightly higher than this value. This reveals that the development level of digital inclusive finance in the cities where most enterprises are located exceeds this average level. Regarding controlling the data results of variables, the enterprise size's mean value is stable at 21.989. The mean values of ROA, Big4, Research and Development (R&D), and BM are 0.044, 0.027, 0.025, and 0.783, respectively. In addition, digital inclusive finance positively impacts corporate green innovation. In small enterprises and the central and western regions, digital inclusive finance has a greater impact on green innovation. Therefore, the intelligent robot operating system has a wide range of application prospects in the digital SCF environment, which can improve the level of enterprise financial intelligence and promote the innovation activities of green financial enterprises.
{"title":"Promoting energy saving and emission reduction benefits in small and medium-sized enterprises supply chains through green finance - Evidence based on artificial intelligence intervention","authors":"Lixia Jiang , Xiaojing Cao , Zeyu Wang , Yun Zhan , Jiali Zhang , Shuai Chen","doi":"10.1016/j.irfa.2025.104112","DOIUrl":"10.1016/j.irfa.2025.104112","url":null,"abstract":"<div><div>To ensure the intelligent development and online development of supply chain finance (SCF) business, this study deeply explores the application of intelligent robots in the development of financial intelligence from the perspective of supply chain finance. This study reviews the intelligent robot operating system based on SCF management and analyzes in detail the impact of digital inclusive finance on the innovation mechanism of green financial enterprises. Causal inference methods are introduced to construct one or more “synthetic control” units. These units are weighted averages of multiple control units, aiming to simulate the pre-policy implementation state of the treated unit as closely as possible, thus more accurately estimating policy effects. In the empirical analysis, based on detailed financial data of small and medium-sized enterprises (SMEs) from 2015 to 2022, the relationship between the digital inclusive finance index and corporate green innovation is explored. In the analysis of control variables, enterprises' return on assets (ROA), auditors from the Big Four accounting firms (Big4), Book-to-Market (BM), enterprise size, and institutional investor shareholding ratio all show a positive correlation with green innovation of enterprises. Specifically, regarding the state of development of digital inclusive finance, the average of the Index is 0.213, with the median slightly higher than this value. This reveals that the development level of digital inclusive finance in the cities where most enterprises are located exceeds this average level. Regarding controlling the data results of variables, the enterprise size's mean value is stable at 21.989. The mean values of ROA, Big4, Research and Development (R&D), and BM are 0.044, 0.027, 0.025, and 0.783, respectively. In addition, digital inclusive finance positively impacts corporate green innovation. In small enterprises and the central and western regions, digital inclusive finance has a greater impact on green innovation. Therefore, the intelligent robot operating system has a wide range of application prospects in the digital SCF environment, which can improve the level of enterprise financial intelligence and promote the innovation activities of green financial enterprises.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104112"},"PeriodicalIF":7.5,"publicationDate":"2025-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143619683","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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.irfa.2025.104107
Chongchong Xu , Boqiang Lin
The deep integration of the digital economy and sustainable development has emerged as a critical theme in the current socio-economic transformation. However, existing research lacks a comprehensive exploration of how enterprise intelligent transformation empowers green innovation. This study employs intelligent manufacturing demonstration projects as a quasi-experiment, utilizing a staggered difference-in-differences model to examine the impact of enterprise intelligent transformation on green innovation. We analyze data from Chinese manufacturing A-share listed companies from 2011 to 2022. The findings reveal that: (1) Intelligent transformation significantly enhances both the quantity and quality of corporate green innovation. (2) This effect is realized through channels such as attracting on-site investigations by institutional investors, increasing media attention, improving internal control quality, and promoting human capital upgrading. (3) Heterogeneity analysis indicates that intelligent transformation exerts a more pronounced influence on green innovation in large-scale firms, high-tech industry firms, and firms located in regions with stringent environmental regulations. Based on these findings, we propose targeted recommendations for refining policies on enterprise intelligent transformation and green innovation.
{"title":"The AI-sustainability Nexus: How does intelligent transformation affect corporate green innovation?","authors":"Chongchong Xu , Boqiang Lin","doi":"10.1016/j.irfa.2025.104107","DOIUrl":"10.1016/j.irfa.2025.104107","url":null,"abstract":"<div><div>The deep integration of the digital economy and sustainable development has emerged as a critical theme in the current socio-economic transformation. However, existing research lacks a comprehensive exploration of how enterprise intelligent transformation empowers green innovation. This study employs intelligent manufacturing demonstration projects as a quasi-experiment, utilizing a staggered difference-in-differences model to examine the impact of enterprise intelligent transformation on green innovation. We analyze data from Chinese manufacturing A-share listed companies from 2011 to 2022. The findings reveal that: (1) Intelligent transformation significantly enhances both the quantity and quality of corporate green innovation. (2) This effect is realized through channels such as attracting on-site investigations by institutional investors, increasing media attention, improving internal control quality, and promoting human capital upgrading. (3) Heterogeneity analysis indicates that intelligent transformation exerts a more pronounced influence on green innovation in large-scale firms, high-tech industry firms, and firms located in regions with stringent environmental regulations. Based on these findings, we propose targeted recommendations for refining policies on enterprise intelligent transformation and green innovation.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104107"},"PeriodicalIF":7.5,"publicationDate":"2025-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143642142","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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.irfa.2025.104114
Shuguang Wang , Guangbin Cheng , Yuanhan Chen
Using data from the China Family Panel Studies (CFPS) conducted by the Institute of Social Science Survey at Peking University, this study explores the impact of household digital competence (DigComp) on tourism consumption expenditure and its underlying transmission mechanisms. By constructing a probit regression model and incorporating mediation and moderation effect analyses, along with heterogeneity analysis, the study draws the following conclusions: First, a significant positive correlation exists between household DigComp and tourism consumption expenditure. Second, the application of digital technology has not only enhanced the tourism consumption environment but also improved residents' quality of life and satisfaction, thereby stimulating greater demand for tourism consumption. Furthermore, the positive influence of household DigComp on tourism consumption expenditure is more pronounced among individuals with higher education (those who had spent more years in education). Finally, heterogeneity analysis reveals that the effect of household DigComp on tourism consumption expenditure is most evident in both developed and less-developed regions, whereas it is relatively weaker in moderately developed areas.
{"title":"Family digital competence, residents' subjective well-being, and tourism consumption levels—A study based on CFPS data","authors":"Shuguang Wang , Guangbin Cheng , Yuanhan Chen","doi":"10.1016/j.irfa.2025.104114","DOIUrl":"10.1016/j.irfa.2025.104114","url":null,"abstract":"<div><div>Using data from the China Family Panel Studies (CFPS) conducted by the Institute of Social Science Survey at Peking University, this study explores the impact of household digital competence (DigComp) on tourism consumption expenditure and its underlying transmission mechanisms. By constructing a probit regression model and incorporating mediation and moderation effect analyses, along with heterogeneity analysis, the study draws the following conclusions: First, a significant positive correlation exists between household DigComp and tourism consumption expenditure. Second, the application of digital technology has not only enhanced the tourism consumption environment but also improved residents' quality of life and satisfaction, thereby stimulating greater demand for tourism consumption. Furthermore, the positive influence of household DigComp on tourism consumption expenditure is more pronounced among individuals with higher education (those who had spent more years in education). Finally, heterogeneity analysis reveals that the effect of household DigComp on tourism consumption expenditure is most evident in both developed and less-developed regions, whereas it is relatively weaker in moderately developed areas.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104114"},"PeriodicalIF":7.5,"publicationDate":"2025-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143629586","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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.irfa.2025.104084
Filippos Ioannidis , Kyriaki Kosmidou , Constantin Zopounidis
This study explores the role of a country's culture and social capital in the performance of European banks concerning Environmental, Social, and Governance (ESG) factors. We applied a random effects model using ESG data of 112 banks from 25 countries for 7 years (2017–2023). Our empirical findings suggest that the dimensions of national culture have a statistically significant impact on the ESG performance of European banks. Specifically, power distance and uncertainty avoidance have a positive association with banking ESG scores. However, empirical findings indicate that individualism, indulgence and social capital have a statistically significant negative impact on the ESG performance of European banks. Our findings related to masculinity and long-term orientation show that those dimensions do not affect the ESG scores of European banks. Finally, we found no significant impact of cultural dimensions and social capital on the performance of the environmental and governance sub-pillars when solely examined.
{"title":"The effect of national culture and social capital on banking ESG performance: Evidence from Europe","authors":"Filippos Ioannidis , Kyriaki Kosmidou , Constantin Zopounidis","doi":"10.1016/j.irfa.2025.104084","DOIUrl":"10.1016/j.irfa.2025.104084","url":null,"abstract":"<div><div>This study explores the role of a country's culture and social capital in the performance of European banks concerning Environmental, Social, and Governance (ESG) factors. We applied a random effects model using ESG data of 112 banks from 25 countries for 7 years (2017–2023). Our empirical findings suggest that the dimensions of national culture have a statistically significant impact on the ESG performance of European banks. Specifically, power distance and uncertainty avoidance have a positive association with banking ESG scores. However, empirical findings indicate that individualism, indulgence and social capital have a statistically significant negative impact on the ESG performance of European banks. Our findings related to masculinity and long-term orientation show that those dimensions do not affect the ESG scores of European banks. Finally, we found no significant impact of cultural dimensions and social capital on the performance of the environmental and governance sub-pillars when solely examined.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104084"},"PeriodicalIF":7.5,"publicationDate":"2025-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143629589","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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