Pub Date : 2025-12-05DOI: 10.1016/j.irfa.2025.104893
Haiyan Zeng , Zhichao Zhang , Xiaoyun Ma
Based on panel data from Belt and Road Initiative (BRI) countries spanning 2001 to 2023, this paper systematically analyzes the impact of cultural distance on infrastructure investment and examines the moderating roles of digital finance and foreign direct investment (FDI) in this relationship. The research findings indicate that, first, cultural distance significantly inhibits the level of infrastructure investment; second, digital finance plays a moderating role between cultural distance and infrastructure investment; third, FDI also functions as a moderator in the relationship between cultural distance and infrastructure investment; and fourth, the inhibitory effect of cultural distance on infrastructure investment exhibits heterogeneity across countries with different geopolitical risks and varying per capita Gross National Income (GNI). The conclusions of this paper not only enrich the body of research on the relationships among cultural distance, digital finance, and infrastructure investment, but also provide insights for policymakers in BRI countries formulating relevant policies.
{"title":"Can digital finance mitigate the inhibitory effect of cultural distance on infrastructure investment? An empirical analysis based on countries along the belt and road initiative","authors":"Haiyan Zeng , Zhichao Zhang , Xiaoyun Ma","doi":"10.1016/j.irfa.2025.104893","DOIUrl":"10.1016/j.irfa.2025.104893","url":null,"abstract":"<div><div>Based on panel data from Belt and Road Initiative (BRI) countries spanning 2001 to 2023, this paper systematically analyzes the impact of cultural distance on infrastructure investment and examines the moderating roles of digital finance and foreign direct investment (FDI) in this relationship. The research findings indicate that, first, cultural distance significantly inhibits the level of infrastructure investment; second, digital finance plays a moderating role between cultural distance and infrastructure investment; third, FDI also functions as a moderator in the relationship between cultural distance and infrastructure investment; and fourth, the inhibitory effect of cultural distance on infrastructure investment exhibits heterogeneity across countries with different geopolitical risks and varying per capita Gross National Income (GNI). The conclusions of this paper not only enrich the body of research on the relationships among cultural distance, digital finance, and infrastructure investment, but also provide insights for policymakers in BRI countries formulating relevant policies.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"110 ","pages":"Article 104893"},"PeriodicalIF":9.8,"publicationDate":"2025-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145689481","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 : 2025-12-05DOI: 10.1016/j.irfa.2025.104855
Zhe Wang , Jinlong Zhang , Yanwen Gao
The deep integration of culture and tourism has become an important engine to promote high-quality economic development. Based on the panel data of 300 cities from 2014 to 2023, we take the pilot policy of “Green Finance Reform and Innovation Pilot Area” and “National Cultural and Tourism Consumption Demonstration City” as quasi-natural experiments, and constructs a difference-in-difference model to comprehensively evaluate the impact of green finance and cultural tourism consumption on the sustainable development of tourism economy. The results show that the coordinated implementation of green finance, cultural tourism consumption and “dual pilot” policies has significantly promoted the sustainable development of tourism economy, and this conclusion is still valid after a series of robustness tests. Further analysis shows that cultural tourism consumption only has a significant positive impact on the economic dimension of sustainable development of tourism economy, while green finance has a negative impact on both economic and ecological dimensions, while the “dual pilot” policies can effectively make up for the limitations of a single policy and has a significant positive impact on both dimensions. Mechanism analysis shows that urban innovation is the key intermediary channel for green finance, cultural tourism consumption and “dual pilot” policies to affect the sustainable development of tourism economy. Heterogeneity analysis shows that in the higher level of digital government construction and the developed eastern regions, the promotion effect of green finance, cultural tourism consumption and “dual pilot” policies on the sustainable development of tourism economy is more significant. The research conclusions provide an empirical basis for accurately promoting the sustainable development of tourism economy, and have important guiding significance for promoting the coordinated symbiosis of economic growth and ecological protection in the tourism field.
{"title":"Green finance, cultural and tourism consumption, and sustainable development of tourism economy: A quasi-natural experiment based on the “dual pilot” policies","authors":"Zhe Wang , Jinlong Zhang , Yanwen Gao","doi":"10.1016/j.irfa.2025.104855","DOIUrl":"10.1016/j.irfa.2025.104855","url":null,"abstract":"<div><div>The deep integration of culture and tourism has become an important engine to promote high-quality economic development. Based on the panel data of 300 cities from 2014 to 2023, we take the pilot policy of “Green Finance Reform and Innovation Pilot Area” and “National Cultural and Tourism Consumption Demonstration City” as quasi-natural experiments, and constructs a difference-in-difference model to comprehensively evaluate the impact of green finance and cultural tourism consumption on the sustainable development of tourism economy. The results show that the coordinated implementation of green finance, cultural tourism consumption and “dual pilot” policies has significantly promoted the sustainable development of tourism economy, and this conclusion is still valid after a series of robustness tests. Further analysis shows that cultural tourism consumption only has a significant positive impact on the economic dimension of sustainable development of tourism economy, while green finance has a negative impact on both economic and ecological dimensions, while the “dual pilot” policies can effectively make up for the limitations of a single policy and has a significant positive impact on both dimensions. Mechanism analysis shows that urban innovation is the key intermediary channel for green finance, cultural tourism consumption and “dual pilot” policies to affect the sustainable development of tourism economy. Heterogeneity analysis shows that in the higher level of digital government construction and the developed eastern regions, the promotion effect of green finance, cultural tourism consumption and “dual pilot” policies on the sustainable development of tourism economy is more significant. The research conclusions provide an empirical basis for accurately promoting the sustainable development of tourism economy, and have important guiding significance for promoting the coordinated symbiosis of economic growth and ecological protection in the tourism field.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"110 ","pages":"Article 104855"},"PeriodicalIF":9.8,"publicationDate":"2025-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145704979","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 : 2025-12-05DOI: 10.1016/j.irfa.2025.104844
Jinyu Yang, Chao Liang, Lihua Shen
10-K reports transcend mere biodiversity risk disclosure, reflecting companies' proactive approaches to risk management. According to risk and reputation theories, this positive attitude towards risk management and the potential good reputation that it may bring about have won companies a greater number of financing opportunities, thereby increasing the possibility of risk-taking. By examining data from U.S. listed companies, we obtain findings that indicate that firm-level biodiversity risk significantly positively affects corporate risk-taking. Mechanism analysis reveals that biodiversity risk exposure alleviates financing constraints, fostering risk-taking. In addition, the empirical results of the moderating effect analysis reveal that the effects of firm-level biodiversity risk on risk-taking are more pronounced for firms with nonfemale executives, a shorter executive tenure, and a lower level of ownership concentration than for other firms. Our findings offer new insights for policy makers, managers, and investors to focus on the relationship between a firm's biodiversity risk exposure and its risk-taking behaviour.
{"title":"Biodiversity risk exposure and corporate risk-taking","authors":"Jinyu Yang, Chao Liang, Lihua Shen","doi":"10.1016/j.irfa.2025.104844","DOIUrl":"10.1016/j.irfa.2025.104844","url":null,"abstract":"<div><div>10-K reports transcend mere biodiversity risk disclosure, reflecting companies' proactive approaches to risk management. According to risk and reputation theories, this positive attitude towards risk management and the potential good reputation that it may bring about have won companies a greater number of financing opportunities, thereby increasing the possibility of risk-taking. By examining data from U.S. listed companies, we obtain findings that indicate that firm-level biodiversity risk significantly positively affects corporate risk-taking. Mechanism analysis reveals that biodiversity risk exposure alleviates financing constraints, fostering risk-taking. In addition, the empirical results of the moderating effect analysis reveal that the effects of firm-level biodiversity risk on risk-taking are more pronounced for firms with nonfemale executives, a shorter executive tenure, and a lower level of ownership concentration than for other firms. Our findings offer new insights for policy makers, managers, and investors to focus on the relationship between a firm's biodiversity risk exposure and its risk-taking behaviour.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"110 ","pages":"Article 104844"},"PeriodicalIF":9.8,"publicationDate":"2025-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145689448","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 : 2025-12-05DOI: 10.1016/j.irfa.2025.104895
Jun Zheng , Xiao Luo , Feng Zhu
This study explores the impact of blockchain technology advancements and supply chain transparency on corporate financing costs, with a focus on the moderating role of supply chain transparency. Using data from Chinese A-share listed companies (2001−2023), the study finds that both blockchain improvements and supply chain transparency significantly reduce financing costs. Additionally, supply chain transparency plays a crucial moderating role in the relationship between blockchain technology and financing costs. Heterogeneity analysis shows that state-owned enterprises experience a stronger moderating effect compared to non-state-owned enterprises. These findings suggest that policymakers should tailor technology adoption strategies based on ownership structure. The results provide theoretical support for enhancing information transparency in digital transformation and offer policy insights for promoting technology adoption and transparency in the global digital economy.
{"title":"Exploring the impact of blockchain technology on supply chain transparency and corporate financing costs","authors":"Jun Zheng , Xiao Luo , Feng Zhu","doi":"10.1016/j.irfa.2025.104895","DOIUrl":"10.1016/j.irfa.2025.104895","url":null,"abstract":"<div><div>This study explores the impact of blockchain technology advancements and supply chain transparency on corporate financing costs, with a focus on the moderating role of supply chain transparency. Using data from Chinese A-share listed companies (2001−2023), the study finds that both blockchain improvements and supply chain transparency significantly reduce financing costs. Additionally, supply chain transparency plays a crucial moderating role in the relationship between blockchain technology and financing costs. Heterogeneity analysis shows that state-owned enterprises experience a stronger moderating effect compared to non-state-owned enterprises. These findings suggest that policymakers should tailor technology adoption strategies based on ownership structure. The results provide theoretical support for enhancing information transparency in digital transformation and offer policy insights for promoting technology adoption and transparency in the global digital economy.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"110 ","pages":"Article 104895"},"PeriodicalIF":9.8,"publicationDate":"2025-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145689478","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 : 2025-12-05DOI: 10.1016/j.irfa.2025.104926
Zhuoran Wang
Based on panel data from 31 provincial-level administrative regions in China (excluding Hong Kong, Macao, and Taiwan) from 2011 to 2023, this paper employs a fixed-effects model to examine the relationships among financial regulation, industrial chain resilience, and the coordinated development of regional economies (CDRE). The empirical results confirm that: financial regulation significantly promotes CDRE; industrial chain resilience significantly promotes CDRE; financial regulation can promote CDRE by strengthening industrial chain resilience; the impact of financial regulation on CDRE exhibits heterogeneity between the eastern and the central–western regions; the impact of financial regulation on CDRE exhibits heterogeneity across regions with different levels of income disparity; and the impact of industrial chain resilience on CDRE exhibits heterogeneity between the eastern and the central–western regions.
{"title":"Financial regulation, industrial chain resilience, and coordinated development of regional economies","authors":"Zhuoran Wang","doi":"10.1016/j.irfa.2025.104926","DOIUrl":"10.1016/j.irfa.2025.104926","url":null,"abstract":"<div><div>Based on panel data from 31 provincial-level administrative regions in China (excluding Hong Kong, Macao, and Taiwan) from 2011 to 2023, this paper employs a fixed-effects model to examine the relationships among financial regulation, industrial chain resilience, and the coordinated development of regional economies (CDRE). The empirical results confirm that: financial regulation significantly promotes CDRE; industrial chain resilience significantly promotes CDRE; financial regulation can promote CDRE by strengthening industrial chain resilience; the impact of financial regulation on CDRE exhibits heterogeneity between the eastern and the central–western regions; the impact of financial regulation on CDRE exhibits heterogeneity across regions with different levels of income disparity; and the impact of industrial chain resilience on CDRE exhibits heterogeneity between the eastern and the central–western regions.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"110 ","pages":"Article 104926"},"PeriodicalIF":9.8,"publicationDate":"2025-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145791004","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 : 2025-12-05DOI: 10.1016/j.irfa.2025.104880
Han Jiang, Xuexi Huo
{"title":"Media sentiment and the risk of stock price crashes: An empirical analysis based on text mining","authors":"Han Jiang, Xuexi Huo","doi":"10.1016/j.irfa.2025.104880","DOIUrl":"https://doi.org/10.1016/j.irfa.2025.104880","url":null,"abstract":"","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"28 1","pages":""},"PeriodicalIF":8.2,"publicationDate":"2025-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145689476","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 : 2025-12-05DOI: 10.1016/j.irfa.2025.104883
Jin Sheng , Yubin Gao , Boyu Wang
Based on data from listed companies between 2010 and 2023, this study thoroughly investigates the relationship between supply chain information disclosure and credit accessibility, as well as its underlying mechanisms. The results indicate that supply chain information disclosure significantly enhances firms' credit accessibility. However, this effect does not occur in isolation but is embedded within the firm's governance and market ecosystem. When a firm is located in a resource-rich and developed region and maintains high sensitivity to customer needs, the disclosed information can be rapidly amplified within broader decision-making circles, translating into significant and sustained credit premiums. Mechanism analysis further reveals that the network centrality of independent directors and a firm's market position can amplify the marginal effect of supply chain information disclosure.
{"title":"Can supply chain information disclosure break financing barriers? What an independent directors' network centrality shapes credit access","authors":"Jin Sheng , Yubin Gao , Boyu Wang","doi":"10.1016/j.irfa.2025.104883","DOIUrl":"10.1016/j.irfa.2025.104883","url":null,"abstract":"<div><div>Based on data from listed companies between 2010 and 2023, this study thoroughly investigates the relationship between supply chain information disclosure and credit accessibility, as well as its underlying mechanisms. The results indicate that supply chain information disclosure significantly enhances firms' credit accessibility. However, this effect does not occur in isolation but is embedded within the firm's governance and market ecosystem. When a firm is located in a resource-rich and developed region and maintains high sensitivity to customer needs, the disclosed information can be rapidly amplified within broader decision-making circles, translating into significant and sustained credit premiums. Mechanism analysis further reveals that the network centrality of independent directors and a firm's market position can amplify the marginal effect of supply chain information disclosure.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"110 ","pages":"Article 104883"},"PeriodicalIF":9.8,"publicationDate":"2025-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145689482","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 : 2025-12-05DOI: 10.1016/j.irfa.2025.104927
Zhongfu Ren , Haiyang Zhou , Yiqi He
This study examines the impact of local government debt risk on corporate risk-taking behavior and its boundary conditions using data from Chinese listed companies during 2011–2023. The findings reveal that local government debt risk significantly suppresses corporate risk-taking, with this negative effect being particularly pronounced in non-labor-intensive firms, those with lower female executive representation, and enterprises with weaker market power. Mechanism analysis demonstrates that local government debt risk indirectly affects corporate risk-taking by reducing credit availability, with credit availability playing a partial mediating role. Further investigation indicates that both external policy environment and internal governance structure serve as important moderators: trade policy uncertainty amplifies the inhibitory effect of debt risk, while labor income share effectively mitigates this negative impact. The research uncovers multiple transmission channels through which local government debt risk influences corporate decision-making, providing a theoretical foundation for improving debt risk governance policies.
{"title":"Local government debt risk and corporate risk-taking: The dual mechanisms of credit crowding-out and policy uncertainty","authors":"Zhongfu Ren , Haiyang Zhou , Yiqi He","doi":"10.1016/j.irfa.2025.104927","DOIUrl":"10.1016/j.irfa.2025.104927","url":null,"abstract":"<div><div>This study examines the impact of local government debt risk on corporate risk-taking behavior and its boundary conditions using data from Chinese listed companies during 2011–2023. The findings reveal that local government debt risk significantly suppresses corporate risk-taking, with this negative effect being particularly pronounced in non-labor-intensive firms, those with lower female executive representation, and enterprises with weaker market power. Mechanism analysis demonstrates that local government debt risk indirectly affects corporate risk-taking by reducing credit availability, with credit availability playing a partial mediating role. Further investigation indicates that both external policy environment and internal governance structure serve as important moderators: trade policy uncertainty amplifies the inhibitory effect of debt risk, while labor income share effectively mitigates this negative impact. The research uncovers multiple transmission channels through which local government debt risk influences corporate decision-making, providing a theoretical foundation for improving debt risk governance policies.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"110 ","pages":"Article 104927"},"PeriodicalIF":9.8,"publicationDate":"2025-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145738302","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 : 2025-12-05DOI: 10.1016/j.irfa.2025.104856
Zhanyang Luo , Hong Jin
This study aims to explore the income-increasing effect of e-commerce in rural areas (ECIR) on farmers' income and the mediating role of the popularity of inclusive loans. It constructs a panel dataset covering 31 provincial-level regions in China (excluding Hong Kong, Macau, and Taiwan) from 2009 to 2023. The research finds that ECIR significantly promotes the growth of farmers' income, and its positive effect is more pronounced in areas with a higher level of rural informatization, showing clear regional heterogeneity. The popularity of inclusive loans plays a crucial mediating role in the process of ECIR influencing farmers' income, with this role being particularly prominent in areas of high financial agglomeration. This study provides new empirical evidence for understanding the poverty alleviation and income-increasing mechanisms of e-commerce in rural areas and offers policy implications for deepening digital inclusive finance and supporting rural revitalization.
{"title":"Will E-commerce in rural areas increase farmers' income? The intermediary mechanism based on the popularity of inclusive loans","authors":"Zhanyang Luo , Hong Jin","doi":"10.1016/j.irfa.2025.104856","DOIUrl":"10.1016/j.irfa.2025.104856","url":null,"abstract":"<div><div>This study aims to explore the income-increasing effect of e-commerce in rural areas (ECIR) on farmers' income and the mediating role of the popularity of inclusive loans. It constructs a panel dataset covering 31 provincial-level regions in China (excluding Hong Kong, Macau, and Taiwan) from 2009 to 2023. The research finds that ECIR significantly promotes the growth of farmers' income, and its positive effect is more pronounced in areas with a higher level of rural informatization, showing clear regional heterogeneity. The popularity of inclusive loans plays a crucial mediating role in the process of ECIR influencing farmers' income, with this role being particularly prominent in areas of high financial agglomeration. This study provides new empirical evidence for understanding the poverty alleviation and income-increasing mechanisms of e-commerce in rural areas and offers policy implications for deepening digital inclusive finance and supporting rural revitalization.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"110 ","pages":"Article 104856"},"PeriodicalIF":9.8,"publicationDate":"2025-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145689479","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 : 2025-12-05DOI: 10.1016/j.irfa.2025.104865
Lingkang Wang , Yiqu Yang
This paper, based on Chinese listed companies from 2011 to 2023 as the research object, systematically examines the relationship among digital intelligence transformation, financial innovation, and the effectiveness of enterprise risk management. Empirical evidence demonstrates that digital intelligence transformation significantly enhances the effectiveness of enterprise risk management, while financial innovation also exerts a notable positive effect on it. Further analysis indicates a synergistic effect between digital intelligence transformation and financial innovation, collectively promoting the improvement of enterprise risk management effectiveness. Heterogeneity analysis shows that the impact of financial innovation and digital intelligence transformation on the effectiveness of enterprise risk management significantly differs between firms with high information transparency and those with low information transparency. Mechanism tests reveal that financial innovation plays a partial mediating role in the process through which digital intelligence transformation affects the effectiveness of enterprise risk management, and this mediating effect exhibits significant heterogeneity between firms with high and low asset-liability ratios.
{"title":"Digital intelligence transformation, financial innovation, and the effectiveness of enterprise risk management","authors":"Lingkang Wang , Yiqu Yang","doi":"10.1016/j.irfa.2025.104865","DOIUrl":"10.1016/j.irfa.2025.104865","url":null,"abstract":"<div><div>This paper, based on Chinese listed companies from 2011 to 2023 as the research object, systematically examines the relationship among digital intelligence transformation, financial innovation, and the effectiveness of enterprise risk management. Empirical evidence demonstrates that digital intelligence transformation significantly enhances the effectiveness of enterprise risk management, while financial innovation also exerts a notable positive effect on it. Further analysis indicates a synergistic effect between digital intelligence transformation and financial innovation, collectively promoting the improvement of enterprise risk management effectiveness. Heterogeneity analysis shows that the impact of financial innovation and digital intelligence transformation on the effectiveness of enterprise risk management significantly differs between firms with high information transparency and those with low information transparency. Mechanism tests reveal that financial innovation plays a partial mediating role in the process through which digital intelligence transformation affects the effectiveness of enterprise risk management, and this mediating effect exhibits significant heterogeneity between firms with high and low asset-liability ratios.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"110 ","pages":"Article 104865"},"PeriodicalIF":9.8,"publicationDate":"2025-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145738194","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}
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