International Review of Financial Analysis最新文献

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Sustainability indices nexus: Green economy, ESG, environment and clean energy 可持续性指数关系：绿色经济、环境、社会和公司治理、环境和清洁能源

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2024-09-23 DOI: 10.1016/j.irfa.2024.103615

In this article, we examine the spillover effects and connectedness among four prominent sustainability-related indices. We analyze daily data spanning from August 8, 2014, to April 12, 2023, to explore the interrelationships among the Green Economy Index, the World Environmental, Social, and Governance Index, the Global Environment Index and the Global Clean Energy Index. Particularly, we observe a clustering characteristic where both the Green Economy Index and the World Environmental, Social, and Governance Index exhibit a net-contributing behavior, especially during and after the COVID-19 outbreak. Global Environment Index, on the other hand, exhibits a net-receiving role, which became strong during the COVID-19 outbreak. Further, the Global Clean Energy Index demonstrates a neutral role, although it shows a net-receiving trend after the year 2022. Finally, dynamic analysis confirms the evolving nature of these interconnectedness measures, highlighting their sensitivity to events and shifting economic conditions over time.

在本文中，我们研究了四个著名的可持续发展相关指数之间的溢出效应和关联性。我们分析了从 2014 年 8 月 8 日到 2023 年 4 月 12 日的每日数据，探讨了绿色经济指数、世界环境、社会和治理指数、全球环境指数和全球清洁能源指数之间的相互关系。尤其是在 COVID-19 爆发期间和之后，我们观察到绿色经济指数和世界环境、社会和治理指数都表现出净贡献行为的聚类特征。另一方面，全球环境指数则表现出净接受作用，在 COVID-19 爆发期间，这种作用变得更为明显。此外，尽管全球清洁能源指数在 2022 年后呈现净接收趋势，但其作用是中性的。最后，动态分析证实了这些相互关联度指标的演变性质，突出了它们对事件和随时间变化的经济条件的敏感性。

引用次数: 0

Nonlinear impact of climate risks on renewable energy stocks in China: A moderating effects study 气候风险对中国可再生能源存量的非线性影响：调节效应研究

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2024-09-23 DOI: 10.1016/j.irfa.2024.103613

This paper assesses the physical climate risks renewable energy stocks face in China. Employing a functional coefficient model, the study investigates the nonlinear impacts and moderating effects of climate risk on the returns and volatility of these stocks. The key findings are as follows: (1) The physical climate risk levels for renewable energy stocks exhibit a normal distribution pattern. (2) Physical climate risk has a U-shaped nonlinear effect on both stock returns and volatility, where higher levels of risk enhance returns but also increase volatility. (3) Climate transition risk has a U-shaped influence on stock returns and an inverted U-shaped influence on stock volatility. Specifically, high climate transition risk not only elevates returns but also stabilizes the renewable energy stock market. Moreover, heightened climate transition risk amplifies the negative effects of oil price volatility on stock returns and increases overall stock volatility.

本文评估了中国可再生能源股票面临的实际气候风险。研究采用函数系数模型，探讨了气候风险对这些股票收益和波动的非线性影响和调节作用。主要结论如下(1）可再生能源股票的实际气候风险水平呈现正态分布模式。(2）实际气候风险对股票收益率和波动率都有 U 型非线性影响，风险水平越高，收益率越高，但波动率也越高。(3) 气候转换风险对股票收益率呈 U 型影响，对股票波动率呈倒 U 型影响。具体来说，高气候转型风险不仅会提高可再生能源股票市场的回报率，而且会使其趋于稳定。此外，气候转型风险的增加会放大石油价格波动对股票收益率的负面影响，并增加股票的整体波动性。

引用次数: 0

Gender diversity and audit fees: Insights from a principal-principal agency conflict setting 性别多样性与审计费用：从委托人-委托人代理冲突环境中获得的启示

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2024-09-23 DOI: 10.1016/j.irfa.2024.103614

This study delves into how the presence of female directors can impact audit fees, with specific focus on addressing the unique principal-principal agency conflict. Using a sample of Spanish non-financial companies listed on the stock exchange between 2012 and 2022, the study employs winsorization for data normalization and implements various regression techniques to achieve a thorough evaluation. Findings reveal that the inclusion of female directors leads to higher audit fees. This outcome aligns with two potential explanations: firstly, the increasing demands for audit quality driven by female directors' superior monitoring abilities, favoured by controlling owners (demand perspective); and secondly, the possibility that auditors face heightened litigation and reputational risks because of female directors being appointed as tokens or for “window dressing” purposes by controlling owners who engage in expropriation activities. Further analysis indicates that our results are primarily influenced by the demand explanation. The study highlights that the corporate governance role of female directors is more pronounced in firms where substantial disparity exists between the controlling owner's voting rights and cash flow rights, emphasizing their critical role in mitigating Type II agency conflicts. These insights underline the key role of female directors in promoting effective corporate governance through auditing, and they provide useful recommendations for policy makers and business leaders in designing governance and regulatory frameworks, particularly in environments where principal-principal agency conflicts are prominent.

本研究深入探讨了女性董事的存在如何影响审计费用，特别关注解决独特的委托人-委托人代理冲突。本研究以 2012 年至 2022 年期间在证券交易所上市的西班牙非金融公司为样本，采用赢方法对数据进行归一化处理，并采用各种回归技术进行全面评估。研究结果表明，女性董事的加入会导致审计费用的增加。这一结果符合两种潜在的解释：第一，由于女性董事具有卓越的监督能力，受到控制权所有者的青睐（需求视角），因此对审计质量的要求越来越高；第二，由于女性董事被任命为代币，或出于 "装点门面 "的目的被从事征用活动的控制权所有者任命，因此审计师可能面临更高的诉讼和声誉风险。进一步分析表明，我们的结果主要受到需求解释的影响。研究强调，在控股所有者的投票权和现金流权之间存在巨大差距的公司中，女性董事的公司治理作用更加明显，这突出了她们在缓解第二类代理冲突中的关键作用。这些见解强调了女性董事在通过审计促进有效公司治理方面的关键作用，并为政策制定者和企业领导者设计治理和监管框架提供了有益的建议，尤其是在委托人-委托人代理冲突突出的环境中。

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引用次数: 0

Do technology export regulations impact corporate trade credit financing? Evidence from China 技术出口法规影响企业贸易信贷融资吗？来自中国的证据

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2024-09-23 DOI: 10.1016/j.irfa.2024.103597

Based on an exogenous shock—the 2008 revision of the Catalog of Technologies Prohibited and Restricted from Export in China—we use a difference-in-differences (DID) research design to examine the impact of technology export restrictions (TERs) on corporate trade credit financing. We document that TERs limit a firm's access to trade credit. Specifically, TERs reduce corporate trade credit by approximately 44 % compared with that of an average firm in the sample. Moreover, the negative impact is more pronounced for firms with high financial risk or high product risk. Additionally, our tests show that both upstream and downstream firms reduce their provision of trade credit to firms impacted by TERs. The results suggest that TERs add trade barriers between countries, resulting in restricted corporate trade credit financing.

基于外生冲击--2008 年《中国禁止和限制出口的技术目录》修订--我们采用差分法（DID）研究设计，考察了技术出口限制（TER）对企业贸易信贷融资的影响。我们发现，技术出口限制限制了企业获得贸易信贷的机会。具体而言，与样本中的普通企业相比，技术出口限制使企业贸易信贷减少了约 44%。此外，这种负面影响对高财务风险或高产品风险的企业更为明显。此外，我们的测试表明，上游和下游企业都会减少向受贸易关系法影响的企业提供贸易信贷。结果表明，贸易关系法增加了国家间的贸易壁垒，导致企业贸易信贷融资受到限制。

引用次数: 0

Natural disaster and corporate green innovation: Evidence from earthquakes 自然灾害与企业绿色创新：来自地震的证据

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2024-09-23 DOI: 10.1016/j.irfa.2024.103610

This paper investigates whether the occurrence of earthquakes affects firms' green innovation. Using Chinese non-financial listed companies from 2006 to 2020, we find that the occurrence of earthquake has a significant negative effect on corporate green innovation. This finding holds after a series tests to deal with possible endogeneity issues. We further verify that earthquakes inhibit firms' green innovation by reducing firms' sales revenue and increasing firms' agency costs. Heterogeneity analysis further demonstrates that earthquakes have a greater impact on firms with high innovation investment, lower analysts' attention, and those located in more economically developed regions. Overall, our findings suggest that earthquakes influence the behavior of market participants and the economic decisions of firms.

本文研究了地震的发生是否会影响企业的绿色创新。以 2006 年至 2020 年中国非金融类上市公司为研究对象，我们发现地震的发生对企业的绿色创新有显著的负面影响。为了解决可能存在的内生性问题，我们进行了一系列检验。我们进一步验证了地震通过减少企业的销售收入和增加企业的代理成本来抑制企业的绿色创新。异质性分析进一步表明，地震对创新投入高、分析师关注度低以及位于经济发达地区的企业影响更大。总之，我们的研究结果表明，地震会影响市场参与者的行为和企业的经济决策。

引用次数: 0

Market competition and ESG performance-based on the mediating role of board independence 基于董事会独立性中介作用的市场竞争与环境、社会和公司治理绩效

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2024-09-23 DOI: 10.1016/j.irfa.2024.103620

Using data from Chinese A-share listed companies from 2012 to 2022, this paper investigates the relationship between market competition and corporate ESG performance. The findings indicate that market competition positively influences corporate ESG performance, with notable disparities in its impact on state-owned versus non-state-owned enterprises. Additionally, the study reveals that board independence enhances corporate ESG performance and mediates the relationship between market competition and corporate ESG performance.

本文利用2012年至2022年中国A股上市公司的数据，研究了市场竞争与企业ESG绩效之间的关系。研究结果表明，市场竞争对企业环境、社会和治理绩效有积极影响，但对国有企业和非国有企业的影响存在明显差异。此外，研究还发现，董事会的独立性会提高企业的环境、社会和公司治理绩效，并对市场竞争与企业环境、社会和公司治理绩效之间的关系起到中介作用。

引用次数: 0

Climate policy uncertainty and urban green total factor productivity: Evidence from China 气候政策的不确定性与城市绿色全要素生产率：来自中国的证据

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2024-09-22 DOI: 10.1016/j.irfa.2024.103593

Climate change has an impact on the environment and the economy, and green total factor productivity (GTFP here after) is a composite proxy contains both the contents of the environmental protection and the economic development. Serving the climate policy uncertainty index of China (CCPU here after) as the key explanatory variable, we employ the panel regression model to explore the influence of CCPU on GTFP of the 277 Chinese prefecture-level cities. The main findings are as follows: First, CCPU has a negative impact on GTFP; Second, the negative impact of CCPU on GTFP varies in different cities according to the population size, location, and environmental regulation level; Third, our empirical results are stable under the robustness tests; Fourth, the further analysis of this paper indicate that the negative impact of CCPU on GTFP mainly comes from the period after 2016. In addition, the negative impact of CCPU is mainly through the channel of the Technical Efficiency. Finally, the sensitivity of the Technical Efficiency to CCPU may vary according to the public environmental concerns and government science expenditures of different cities. The major findings of this paper not only have practical significance for China and its local governments, but also provide useful references for other countries, especially the developing countries.

气候变化对环境和经济都有影响，而绿色全要素生产率（GTFP）是包含环境保护和经济发展两方面内容的综合代表。以中国气候政策不确定性指数（CCPU）为主要解释变量，运用面板回归模型探讨了中国 277 个地级市气候政策不确定性指数对绿色全要素生产率的影响。主要结论如下：第一，CCPU 对 GTFP 有负向影响；第二，CCPU 对 GTFP 的负向影响在不同城市因人口规模、地理位置和环境规制水平而异；第三，在稳健性检验下，我们的实证结果是稳定的；第四，本文的进一步分析表明，CCPU 对 GTFP 的负向影响主要来自 2016 年以后。此外，CCPU 的负面影响主要是通过技术效率渠道产生的。最后，技术效率对 CCPU 的敏感性可能因不同城市的公众环境关注和政府科学支出而异。本文的主要结论不仅对中国及其地方政府具有现实意义，也为其他国家，尤其是发展中国家提供了有益的参考。

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引用次数: 0

The green promotion back to digitization: Research on air quality, urban green coverage and digital innovation 绿色推广回归数字化：空气质量、城市绿化覆盖率和数字化创新研究

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2024-09-22 DOI: 10.1016/j.irfa.2024.103601

We examine the relationship between air quality, urban green coverage, and the digital innovation of companies in this paper. Using a sample of Chinese A-share listed companies spanning from 2006 to 2016, we discover a positive effect of air quality on companies' digital innovation. Furthermore, urban green coverage enhances this positive relationship through the environmental effect and signaling effect. In mechanism analysis, we find that improved air quality correlates with digital investment attraction, digital human resource immigration, and digital R&D efficiency enhancement channels, subsequently contributing to the advancement of digital innovations among companies. The positive impact of air quality on digital innovation is particularly pronounced in non-state-owned enterprises and under stricter government air policy regulations. Additionally, our study shows that while air quality significantly boosts total innovation by enhancing digital innovation, it has a minimal effect on non-digital innovation. Our findings underscore the importance of paying attention to air quality and promoting green environmental initiatives in the digital era.

本文研究了空气质量、城市绿化覆盖率与企业数字化创新之间的关系。以 2006 年至 2016 年的中国 A 股上市公司为样本，我们发现空气质量对企业的数字化创新有正向影响。此外，城市绿化覆盖率通过环境效应和信号效应增强了这种正向关系。在机理分析中，我们发现空气质量的改善与数字投资吸引、数字人力资源移民和数字研发效率提升渠道相关，进而促进了企业数字创新的进步。空气质量对数字创新的积极影响在非国有企业和政府更严格的空气政策法规下尤为明显。此外，我们的研究还表明，虽然空气质量通过提高数字创新显著促进了总体创新，但它对非数字创新的影响却微乎其微。我们的研究结果凸显了在数字时代关注空气质量和推广绿色环保举措的重要性。

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引用次数: 0

The role of accounting standards in financial inclusion 会计准则在金融普惠中的作用

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2024-09-21 DOI: 10.1016/j.irfa.2024.103594

Studies have shown that the adoption of high-quality accounting standards such as International Financial Reporting Standards (IFRS) induces diverse economic outcomes by enhancing trust, transparency and market discipline. This paper examines the role of accounting standards in enhancing financial inclusion. Using the World Bank Global Findex database and the dataset on IFRS adoption by Song and Trimble (2022), we find that the adoption of IFRS increases the access and use of financial services. Shedding insight into our main findings, we show evidence of two underlying mechanisms through which the adoption of IFRS may foster financial inclusion: (i) enhancing trust and transparency in the financial system and (ii) reducing perceived corruption. Also, the beneficial effect of IFRS adoption on financial inclusion is evident in both developed and developing countries, suggesting that both developed and developing countries can leverage the adoption of IFRS as a tool for promoting greater financial access and usage. Furthermore, the documented increase in financial inclusion is more pronounced in countries with high regulatory and enforcement mechanisms. Robustness tests including instrumental variable approach confirm our findings. By providing evidence of the positive effect of IFRS adoption on financial inclusion, this paper has practical implications for policymakers and standard setters.

研究表明，采用《国际财务报告准则》（IFRS）等高质量的会计准则可以增强信任度、透明度和市场纪律，从而产生不同的经济成果。本文探讨了会计准则在提高金融包容性方面的作用。通过使用世界银行全球 Findex 数据库以及 Song 和 Trimble（2022 年）关于《国际财务报告准则》采用情况的数据集，我们发现《国际财务报告准则》的采用增加了金融服务的获取和使用。为了深入了解我们的主要发现，我们展示了采用《国际财务报告准则》可能促进金融包容性的两个基本机制的证据：（i）增强金融体系的信任和透明度；（ii）减少感知到的腐败。同时，采用《国际财务报告准则》对金融包容性的有利影响在发达国家和发展中国家都很明显，这表明发达国家和发展中国家都可以利用采用《国际财务报告准则》这一工具来促进更多的金融准入和使用。此外，在监管和执行机制完善的国家，金融包容性的提高更为明显。包括工具变量方法在内的稳健性检验证实了我们的结论。本文提供了采用《国际财务报告准则》对金融包容性产生积极影响的证据，对政策制定者和标准制定者具有实际意义。

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Environmental protection tax policy and corporate risk-taking: Evidence from China 环境保护税政策与企业风险承担：来自中国的证据

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2024-09-21 DOI: 10.1016/j.irfa.2024.103591

The fight against pollution problems has sparked a myriad of Environmental Protection Tax (EPT) policies by governments across the globe. However, it remains unclear whether and how EPT affects the level of corporate risk-taking. To narrow the gap, this research selects the EPT policy implemented in 2018 as a quasi-natural experiment to test the effect of EPT on the level of corporate risk-taking by using the sample of Chinese listed firms from 2014 to 2022. The result finds that EPT could dampen the level of corporate risk-taking. Mechanism analysis shows that, the increased market attention, elevated financing costs, and raised investment in end-of-pipe pollution control are the mechanisms by which EPT reduces the level of corporate risk-taking. The “market pressure hypothesis” and “resource dependence hypothesis” of corporate risk-taking can help us better understand these three paths. Moreover, the heterogeneity analysis reveals that the disincentive effect is more pronounced in small enterprises, and those with high financing constraints and low institutional investor ownership. Meanwhile, the disincentive effect is also more pronounced for enterprises located in regions with underdeveloped digital financial inclusion and strong law enforcement. Overall, our findings contribute to a more comprehensive understanding of the impact of EPT on corporate risk-taking at the micro level and provide valuable insights for targeted policy enhancements.

为解决污染问题，世界各国政府纷纷出台环境保护税（EPT）政策。然而，EPT 是否以及如何影响企业的风险承担水平，目前仍不清楚。为缩小这一差距，本研究选取 2018 年实施的 EPT 政策作为准自然实验，以 2014 年至 2022 年的中国上市公司为样本，检验 EPT 对企业风险承担水平的影响。结果发现，EPT 可以抑制企业风险承担水平。机制分析表明，市场关注度提高、融资成本上升、末端污染治理投资增加是 EPT 降低企业风险承担水平的机制。企业风险承担的 "市场压力假说 "和 "资源依赖假说 "可以帮助我们更好地理解这三条路径。此外，异质性分析表明，抑制效应在小企业、融资约束高和机构投资者持股比例低的企业中更为明显。同时，对于位于数字金融普惠性不发达和执法力度较强地区的企业，抑制效应也更为明显。总之，我们的研究结果有助于更全面地了解 EPT 在微观层面上对企业风险承担的影响，并为有针对性的政策改进提供有价值的见解。

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