International Review of Financial Analysis最新文献

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Cost pressure or innovation-driven? Social insurance and firm exporting

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.2025.104086

Xiaoxia Zhao , Chi Jia , Haoru Li

The intensifying competition in the international market has led some developing countries to reduce their labor protection standards in an effort to mitigate corporate cost pressures and enhance export performance. However, does labor protection genuinely impede export performance? In this context, this study investigates the relationship between labor protection and exports through the lens of social insurance, utilizing panel data from Chinese listed companies spanning 2012 to 2018. The empirical findings reveal the following: (1) Regarding the transmission mechanisms, enhanced social insurance standards can influence exports via two opposing channels. On one hand, higher social insurance standards may increase labor costs, thereby reducing export volume; on the other hand, they may encourage firms and employees to “positively reciprocate” through increased R&D efforts, ultimately boosting exports. (2) The empirical evidence demonstrates that the overall effect of social insurance on exports is positive, indicating that the benefits derived from heightened R&D activities in Chinese firms outweigh the negative impact of increased costs on export performance. This positive correlation is particularly evident in capital-intensive industries and general trade.

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引用次数: 0

Undiversified shareholders, socioemotional wealth, and corporate hedging: Evidence from family firms

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.2025.104092

Amal P. Abeysekera , Paul Brockman , Chitru S. Fernando , Jesus M. Salas

Family firms have undiversified founding family owners who care deeply about their legacy and reputation due to their financial and socioemotional investment in the firm, suggesting that family firms should hedge more than non-family firms. However, empirical evidence on this prediction is inconclusive at best; indeed, the extant literature suggests that, on balance, family firms are more risk-seeking than non-family firms. We examine this question by comparing the hedging behavior of family and non-family firms using hand-collected data from the oil and gas industry. On average, family firms are 22 % more likely to hedge than non-family firms, and an additional family member on the board of directors is associated with a 10 % higher likelihood that the firm is a hedger. Founder CEOs, who likely have the highest wealth in the firm among all investors, are especially more likely to engage in hedging. Our findings are robust to controlling for the unusually high oil price volatility in 2008, differences in CEO compensation incentives, and differences in institutional ownership. To our knowledge, these findings provide the first empirical evidence that family firms are significantly more likely to hedge their commodity price risk exposure than non-family firms.

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引用次数: 0

Retailers' risk attitudes and the value of cooperation in supply chain finance under investment-loan linkage financing

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.2025.104085

Xin Li , Yanhua Zhou , Dexiang Mei , Hui Yu

Investment-loan linkage financing significantly reduces financial risks in supply chain finance through information collaboration between equity investment institutions and commercial banks. In the digital transformation era, this financing model provides integrated solutions for high-growth enterprises, such as retail technology firms (JD Daojia) and platform-based e-commerce companies (Pinduoduo). This paper develops a retailer investment-loan linkage financing model to capture banks' risk aversion and retailers' risk appetite while examining how information sharing alleviates information asymmetry in retailer financing. The findings suggest that sharing risk information improves Pareto efficiency across the supply chain, enhancing returns for equity investment institutions and commercial banks. Compared to the non-cooperative model, this information-sharing framework effectively reduces retailers' adverse selection behavior and enhances the accuracy of banks' financing decisions. This study offers a theoretical foundation for commercial banks' credit rating and pricing mechanisms and guides financial regulators to promote investment-loan linkage policies. Additionally, the results offer insights for government decision-making regarding targeted loan interest subsidies and guarantees, thereby optimizing retailers' financing environments and improving supply chain finance efficiency.

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引用次数: 0

The new environmental protection law, political connections and corporate ESG performance 新环保法、政治关系和企业 ESG 表现

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.2025.104110

Ni Zhang, Hongjun Han

Using a difference-in-difference approach based on micro-level environmental, social, and governance (ESG) performance data from Chinese companies, this study explores the impact of the New Environmental Protection (NEP) Law implementation on their ESG performance. Findings show that implementing the NEP Law significantly and positively improves the ESG performance of heavily polluting enterprises. Furthermore, political relationships among senior executives have a significant positive moderating effect on the relationship between the NEP Law implementation and corporate ESG performance. Heterogeneity tests, the NEP Law has a more pronounced effect on enhancing the ESG performance of state-owned enterprises. The NEP Law significantly improves the ESG performance capabilities of firms in eastern regions, whereas its incentive effect on enterprises in central and western regions is not significant.

引用次数: 0

The impact of ESG rating divergence on stock price crash risk

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.2025.104081

Guanglin Sun , Zian Yan , Zejun Gong , Mengding Li

This paper mainly examines the impact of ESG rating divergence on stock price crash risk using data from authoritative ESG rating agencies and Chinese A-share listed companies. The results suggest that ESG rating divergence increases the company's stock price crash risk. It is also found that the positive effect of ESG rating divergence on stock price crash risk is mainly realized through the paths of information asymmetry and agency costs. Additionally, the heterogeneity research indicates that the impact of ESG rating divergence on stock price crash risk is more pronounced in companies with better ESG performance and larger sizes. This paper not only enriches the existing literature on the economic consequences of ESG rating divergence but also provides new insights for addressing ESG rating divergence.

引用次数: 0

The role of executive incentives and corporate social responsibility in driving corporate innovation

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.2025.104109

Ying Li , Lina Jin , Peilin Chen

This study used a sample dataset comprising Chinese A-share listed companies from 2012 to 2022 to examine the mechanisms and pathways through which executive incentives impact corporate innovation. It explores the mediating role of corporate social responsibility (CSR) within this context. Findings suggest that CEO compensation, honor, and power incentives significantly positively affect corporate innovation. Executive incentives have a positive impact on CSR, influencing corporate innovation indirectly through this intermediary variable. Additional analyses show that CEO compensation and honor incentives significantly and positively affect internal corporate responsibilities, comprising shareholder and employee obligations; power incentives do not demonstrate a significant impact in this regard. Concerning external corporate responsibilities, which encompass various stakeholders (suppliers, customers, consumers, the environment, and government), the positive effect of compensation incentives was not significant; however, honor incentives exhibit a significant and positive impact. This study provides theoretical and practical insights for companies in developing executive incentive policies and refine CSR fulfillment strategies while promoting innovation.

本研究使用了 2012 年至 2022 年中国 A 股上市公司的样本数据集，以研究高管激励影响企业创新的机制和途径。研究还探讨了企业社会责任（CSR）在其中的中介作用。研究结果表明，CEO 薪酬、荣誉和权力激励对企业创新有显著的正向影响。高管激励对企业社会责任有积极影响，通过这一中介变量间接影响企业创新。其他分析表明，首席执行官薪酬和荣誉激励对企业内部责任（包括股东和员工义务）有显著的正向影响；权力激励在这方面没有显著影响。在企业外部责任方面，包括各种利益相关者（供应商、客户、消费者、环境和政府），薪酬激励的积极影响并不显著；然而，荣誉激励则表现出显著的积极影响。本研究为企业制定高管激励政策、完善企业社会责任履行战略以及促进创新提供了理论和实践启示。

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引用次数: 0

The impact of digital inclusive finance on household carbon emissions: Empirical 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.2025.104088

Yanchao Feng , Tong Yan , Shilei Hu , Zhenhua Zhang

The rapid development of digital inclusive finance provides both opportunities and challenges for reducing household carbon emissions and achieving China's “carbon neutrality” goal as scheduled. Against this backdrop, this study utilized a sample data from 2957 households across various provinces in China to explore the influence of digital inclusive finance (DIF) on household carbon emissions (HCEs). The empirical results indicate that DIF has a significant positive impact on HCEs. Heterogeneity analysis further reveals the heterogeneity across different sub-samples, including carbon emission types, consumption types, regions, income levels, education levels, and marital status. In addition, mechanism analysis results reveal that consumption scale fully mediates the impact of DIF on HCEs, whereas consumption structure serves as a partial mediator. Our findings shed light on critical policy implications for encouraging the advancement and continuous upgrading of DIF, and raising residents' awareness of green consumption.

引用次数: 0

The impact of digital financial inclusion on the high-quality development of small- and medium-sized enterprises—Evidence from China

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-03-06 DOI: 10.1016/j.irfa.2025.104074

Yingying Zhang , Xin Jin , Hongtao Li

The high-quality development of small- and medium-sized enterprises (SMEs) is a crucial component of a country's high-quality economic development. In China, digital inclusive finance is used as a scientific strategy for promoting SMEs' high-quality development.This study utilized panel data from SMEs listed on the Small and Medium Enterprise Board in Shenzhen, China, from 2011 to 2022, to analyze and test the mechanism of DFI and its impact on the high-quality development of SMEs. The results of the study reveal that DFI can empower SMEs' high-quality development. Internally, corporate social responsibility (CSR) and green technological innovation play positive intermediary roles in the process of DFI to enable SMEs' high-quality development. Externally, the efficiency of financial resource allocation (EFR) and upgrading of the industrial structure (IS) mediate the process. However, these internal and external mechanisms exhibit heterogeneity across different industries and regions. Therefore, strengthening the empowering role of DFI to promote high-quality development of SMEs, encouraging SMEs to actively fulfill their social responsibilities, increasing investment in green technological innovation, enhancing the EFR, and facilitating IS upgrading remain vital. Simultaneously, to optimize the market environment for DFI and facilitate its development, regionally differentiated policies should be formulated.

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引用次数: 0

Digital inclusive finance and local government debt: Examining the mechanism of impact on high-quality rural development from a macroeconomic perspective

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-03-05 DOI: 10.1016/j.irfa.2025.104073

Sufang Zheng , Siming Huang , Xu Deng

Using panel data from 282 cities covering 2012 to 2022, this study deeply explores the impact of digital inclusive finance on high-quality rural development and the mediating mechanism of local government debt in this relationship. The results of our systematic empirical analysis reveal that digital inclusive finance has a significantly positive influence on promoting high-quality rural development, which provides strong support for sustainable rural economic growth. Furthermore, we determine that local government debt functions as a complete intermediary between digital inclusive finance and high-quality rural development, emphasizing the significant influence of local governments as mediators between finance and economic development. This finding has important implications for government departments, indicating that governments should proactively leverage digital inclusive finance policies to promote high-quality rural development and enhance financial services' efficiency, promoting the optimization of the entire rural economic structure and advancing sustainable growth.

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引用次数: 0

The impact of bank digital transformation on enterprises digital technology innovation in China

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-03-04 DOI: 10.1016/j.irfa.2025.104068

Xiaodong Wang , Yunfeng Deng , Xiaomeng Mao

As digital technology and finance converge in the era of the digital economy, the digital transformation of banks can significantly contribute to economic development. This study investigates the impact of bank digital transformation on corporate digital technology innovation. By analyzing data from Chinese A-share listed firms and their lending banks from 2011 to 2021, our findings indicate that bank digital transformation facilitates corporate digital technology innovation primarily by reducing information asymmetry, alleviating financing constraints, and fostering innovation initiatives. These conclusions remain robust after conducting a series of robustness tests, including instrumental variable analysis and sensitivity assessments. Furthermore, this positive effect is more pronounced in high investment needs and high financial misallocation enterprises and is further amplified by the external financial and technological environment. Overall, our research provides valuable insights and implications for optimizing the digital transformation of banks, promoting corporate digital technology innovation, and enhancing policy frameworks.

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