International Review of Financial Analysis最新文献

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Supply chain digitalization, corporate governance, and enterprise carbon emissions

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-03-11 DOI: 10.1016/j.irfa.2025.104115

Dan Li

This study explores the impact of supply chain digital transformation on corporate carbon emissions. Utilizing a Propensity Score Matching-Difference in Differences (PSM-DID) approach and a sample of A-share listed companies in China from 2010 to 2021, we assess the effect of supply chain digitalization policies on corporate carbon emissions. The findings reveal that supply chain digital transformation contributes to reducing corporate carbon emissions, a conclusion supported by both baseline regression analysis and robustness checks. Further mechanism tests uncover the internal and external mechanisms through which supply chain digital transformation lowers carbon emissions, highlighting the crucial roles of enhanced corporate governance and support from governments and industry organizations. Additionally, heterogeneity tests indicate that non-state-owned enterprises exhibit more pronounced carbon reduction effects in the process of supply chain digital transformation. In summary, supply chain digital transformation emerges as an effective pathway to reduce corporate carbon emissions. Governments and businesses should strengthen cooperation to promote its in-depth implementation, thereby achieving more environmentally friendly and sustainable development goals.

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引用次数: 0

Reevaluating the carbon premium: Evidence of green outperformance

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-03-11 DOI: 10.1016/j.irfa.2025.104042

Christoph Hambel, Floor van der Sanden

The carbon premium refers to the excess returns of brown firms over their green counterparts. Our findings provide robust evidence supporting a negative carbon premium in the US based on a sample with more than 3,500 publicly listed firms from 2007 to 2023, indicating that green firms tend to outperform brown firms. The key findings carry over to the global sample with more than 10,000 firms across 90 countries. We show how this conclusion is contingent upon several critical factors, including the treatment of unscaled emissions, the inclusion of vendor-estimated emissions, temporal considerations regarding emissions and accounting data, and the empirical framework employed. We demonstrate that those findings are primarily driven by vendor-estimated emissions, and the carbon premium becomes non-significant if we restrict the sample to firms that report their emissions.

引用次数: 0

How does top management team recomposition affect corporate trade credit financing

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-03-11 DOI: 10.1016/j.irfa.2025.104108

Shuai Xu , Suge Zhang , Chen Cheng

We empirically examine the impact of top management team (TMT) recomposition on corporate trade credit financing. Utilizing a sample of A-share listed firms in China from 2009 to 2022, we discover that TMT recomposition exhibits a negative and significant correlation with corporate trade credit financing. Our finding remains robust after addressing endogeneity concerns and conducting rigorous tests for verification. This effect is particularly pronounced among firms with younger management teams and core executive turnover. Mechanism tests reveal that a restructured TMT may erode credit providers' trust by heightening operational risks and diminishing the quality of disclosed information. This underscores the importance of reducing operational risks and enhancing transparency in information as crucial pathways for securing trade credit financing. This study aids in comprehending the significance of a steadfast top management team and its internal mechanisms, offering clear implications for enhancing corporate trade credit financing.

我们实证研究了高层管理团队（TMT）重组对企业贸易信贷融资的影响。利用 2009 年至 2022 年中国 A 股上市公司的样本，我们发现 TMT 重组与企业贸易信贷融资呈现出显著的负相关关系。在解决了内生性问题并进行了严格的验证测试后，我们的发现依然稳健。这种效应在管理团队年轻化和核心高管更替的企业中尤为明显。机制测试表明，重组后的 TMT 可能会提高运营风险并降低披露信息的质量，从而削弱信贷提供者的信任。这强调了降低运营风险和提高信息透明度的重要性，是确保贸易信贷融资的重要途径。本研究有助于理解坚定的高层管理团队及其内部机制的重要性，为加强企业贸易信贷融资提供了明确的启示。

引用次数: 0

Political sentiment and corporate payouts

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-03-10 DOI: 10.1016/j.irfa.2025.104078

Ashrafee Hossain , Ramzi Benkraiem , Chandrasekhar Krishnamurti

We provide empirical evidence of the impact of firm-level political sentiment on dividend policy. Using a sample composed of over 34,000 firm years, we find that a high level of political sentiment is associated with a lower level of dividend payout. The evidence is robust and survives several tests that address potential endogeneity. Our results suggest that managers consider investors' political sentiment in setting dividend policy. When political sentiment is negative, they pay higher dividends to assuage investors' concerns regarding future prospects. Our results are also consistent with the view that firms pay higher dividends to address the agency cost issue that arises from the free cash flow problem during periods of negative political sentiment.

引用次数: 0

Environmental governance shock and industrial intelligence upgrading: Insights from machine-labor substitution

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-03-10 DOI: 10.1016/j.irfa.2025.104102

Yaqi Wan , Zhensheng Li

Industrial intelligent upgrading is an inherent requirement for enterprise development and an urgent need for green economic transformation. From the perspective of machine-labor substitution by Chinese manufacturing enterprises, this study explores the causal relationship between environmental regulation and industrial robot adoption. Utilizing the partially linear functional-coefficient model, this paper further reveals the moderating role of asset size in intelligent upgrading. The findings indicate that with the capital deepening, the effect of environmental regulation on industrial robot investment shifts from insignificant to positively significant. However, the heterogeneous results reveal an unexpected consequence that this impact is more salient for non-polluting enterprises rather than for polluting enterprises which are more targeted by the environmental governance.

引用次数: 0

Natural disaster experiences and household entrepreneurship: Evidence from China

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-03-10 DOI: 10.1016/j.irfa.2025.104080

Yuxin Yao , Biman Yang , Yang Zhou

This paper investigates the impact of natural disaster experiences on household entrepreneurship in China. Drawing on retrospective information about life experiences, we find that households affected by recent natural disasters are 3.2 percentage points less likely to engage in entrepreneurship. Our findings are robust across various methodologies, including an instrumental variable approach, propensity score matching, and a difference-in-differences model. This negative effect is mitigated for households residing in first-tier cities, cities with higher levels of social capital, cities with greater local medical insurance coverage, and households with female heads or higher levels of education. Furthermore, we provide evidence that the impact of disaster experiences is primarily driven by increased risk aversion and tightened financial constraints.

引用次数: 0

Corporate ESG performance and abnormal cash dividends

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-03-09 DOI: 10.1016/j.irfa.2025.104082

Haiyan Yang , Feier Tang , Fang Hu , Daifei Yao

Abnormal dividend distributions can signify financial risk or neglect of investor interests. This study examines the impact of ESG performance on abnormal cash dividend payouts by analyzing a sample of A-share listed companies in China from 2009 to 2022. Our findings indicate that high ESG performance mitigates insufficient dividend distributions (e.g., abnormally low dividend payouts). This effect is driven by mechanisms such as reduced agency costs, improved information transparency, and eased financing constraints. Furthermore, our study reveals heterogeneous effects of ESG performance on abnormal dividends based on ownership structure, industry type, and analyst attention. Companies with dispersed ownership, operating in non-high-tech industries, and those with lower analyst attention exhibit stronger reductions in abnormal dividend payouts under good ESG performance. Additional analyses show that each sub-dimension of ESG significantly reduces abnormal dividend payout behavior. After reducing abnormal payouts, corporate ESG performance effectively lowers corporate risk and significantly improves production efficiency. This study contributes to the understanding of how corporate ESG practices influence financial decision-making.

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引用次数: 0

The impact of green bond issuance on corporate green innovation: A signaling perspective

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-03-09 DOI: 10.1016/j.irfa.2025.104113

Changsong Li , Xiaojing Cao , Zeyu Wang , Jiali Zhang , Huan Liu

Enhancing the green financial system can facilitate green, low-carbon, and high-quality development, with green bond policy playing a pivotal role in fostering corporate green technological innovation. Utilizing data from China's A-share listed firms between 2010 and 2022, this study systematically investigates the impact of green bond policy on corporate green technology innovation. The results indicate that the green bond policy significantly boosts the number of green patent applications by enterprises, particularly green invention patents. Additionally, the policy's effect exhibits heterogeneity: it has a more pronounced impact on promoting green technological innovation in high-pollution industries, and non-state-owned enterprises demonstrate greater green technological innovation capabilities under the policy's influence. Further analysis reveals that green bond issuance enhances the level of green technological innovation by signaling environmental commitment, alleviating corporate financing constraints, and improving corporate environmental information disclosure. These findings offer crucial policy insights for optimizing green bond policies and advancing corporate green technology innovation.

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引用次数: 0

Artificial intelligence, corporate information governance and ESG performance: Quasi-experimental evidence from China

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-03-08 DOI: 10.1016/j.irfa.2025.104087

Xiaoyong Zhou , Gaochao Li , Qunwei Wang , Yangganxuan Li , Dequn Zhou

Artificial intelligence (AI) has emerged as a transformative force in global business, yet its impact on environmental, social, and governance (ESG) remains largely unexplored. This study examines how AI contributes to enhancing corporate ESG outcomes, using China's national AI pilot zones as a quasi-natural experiment. By applying a staggered difference-in-differences approach to panel data from 1418 A-share listed firms in China (2011−2022), we find that AI significantly improves ESG performance. The primary mechanism behind this improvement is better corporate information governance, which includes improved information transparency, enhanced information sharing, and reduced information asymmetry. These improvements, in turn, lead to improved environmental information disclosures, optimized supply chain management, and reduced agency costs. Private firms, as well as firms with lower institutional attention and higher equity concentration, experience a greater positive effect. Our findings shed light on the mechanisms through which AI influences corporate ESG performance, emphasizing the potential of AI to strengthen corporate governance and support sustainability efforts.

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引用次数: 0

Do narrative-related disclosures in the annual report enhance firm value? New evidence from an emerging market

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-03-08 DOI: 10.1016/j.irfa.2025.104077

Thai Hoang Nguyen , Lien Phuong Thi Vu , Anh Ngoc Mai , Tuyen Quang Tran

This study examines the effect of narrative disclosures on firm value, based on a sample of listed companies in Vietnam from 2012 to 2021. In contrast to prior research, which typically focuses on a single facet of narrative disclosures, this study explores multiple dimensions. The results indicate that firms with a more optimistic tone and forward-looking statements tend to achieve higher firm value. However, no significant relationship is observed between the complexity of disclosures and firm value. Various robustness checks validate the explanatory power of narrative disclosures, highlighting their role in enhancing firm value by positively influencing earnings per share and overall financial performance.

引用次数: 0

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