International Review of Financial Analysis最新文献

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The impact of green finance on debt financing costs from the perspective of strategic corporate signaling behavior—Evidence from 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.2025.104024

Shuangyan Li, Zehua Chen, Yu Diao, Zeming Chen

Green finance is a crucial driver of economic and societal advances. Using an unbalanced panel dataset of Chinese listed companies from 2011 to 2022, this study explores the complex relationship between green finance and debt financing costs. The results reveal a U-shaped relationship, in which green finance initially leads to an increase in corporate financing costs, followed by a decrease. Green finance has heterogeneous effects on financing costs, such that heavily polluting and neutral firms experience minimal effects; in contrast, the strongest effect is observed in regions with a moderate level of green finance development. The narrowest range of financing cost reduction is found in high-development regions, whereas low-development regions experience a minimal nonlinear effect and the widest range of financing cost reduction. Additionally, green finance influences debt financing costs through corporate signaling strategies related to social and environmental responsibility and environmental information disclosure. The direct and indirect effects of various aspects of green finance on debt financing costs are analyzed, and heterogeneity is explored in two dimensions: the level of pollution and the stage of green finance development. This study contributes to the field of green finance by comprehensively analyzing its effect on debt financing costs, with a focus on strategic corporate signaling behavior.

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引用次数: 0

Biodiversity conservation and corporate environmental information disclosure: Evidence from a quasi-natural experiment 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.2025.104069

Yinying Chen , Liang Yin , Shiyang Hu , Xiang Li

This study examines the causal relationship between biodiversity conservation and corporate environmental information disclosure (EID) by leveraging the exogenous shock to neighboring urban firms in China brought about by the National Park Pilot (NPP) policy. Using a staggered difference-in-differences model, our findings demonstrate a significant causal increase in the EID levels of firms affected by the NPP policy. Further analysis reveals that the positive impact of this policy on corporate EID level is more pronounced among firms without green investors, having lower levels of retail investor interaction, and operating in non-heavily polluting industries. Overall, our study suggests that the implementation of the NPP policy enhances the market value of affected firms substantially.

引用次数: 0

Shadow banking risk exposure and green new quality productivity forces resilience: Pathways to development for Chinese firms

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-03-02 DOI: 10.1016/j.irfa.2025.104057

Wenke Yang , Zhen Che

This study investigates how shadow banking risk exposure influences Chinese listed firms' green new quality productivity forces resilience (GNQPFR), emphasizing regional, ownership, and life cycle stage heterogeneity. Our findings demonstrate the positive impact of shadow banking risk exposure on GNQPFR, with significant regional variations. The western region benefited more from shadow banking during extreme periods due to underdeveloped financial markets, while in nonextreme periods, the central region exhibited stronger effects, reflecting its transitional financial environment. Enterprise ownership also impacts this relationship, revealing that shadow banking risk exposure has a more pronounced positive effect on the GNQPFR of local state-owned enterprises (SOEs) compared with non-SOEs during extreme periods. Firms in the decline phase leverage shadow banking more effectively under extreme conditions than those in the Growth Phase, driven by heightened financial pressures and resilience needs. Firm-level factors such as profitability, intangible assets, and age further moderate the effects, indicating the nuanced interplay between internal resources and external financing. Robustness tests controlling for financial crises, policy shifts, and the COVID-19 pandemic validate the findings. This study provides valuable insights into the influence of shadow banking on sustainable development and advancing the GNQPFR in transitioning economies.

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引用次数: 0

Corporate environmental, social, and governance performance, investor attention, and corporate development capability—An empirical examination based on moderating and threshold effects

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-03-01 DOI: 10.1016/j.irfa.2025.104001

Siyun Xu , Xiaodong Bai , Xia Chen

This study utilizes data from a sample of listed Chinese companies spanning 2012–2022 to investigate the interplay among corporate environmental, social, and governance (ESG) performance, investor attention, and corporate development capacity. The findings indicate that corporate ESG performance can hinder a company's development capability while investor attention can amplify its growth potential and act as a mediator between its ESG achievements and development capacity. The impact of ESG performance on a company's growth capacity differs depending on whether it is state-owned or private enterprises. Furthermore, how corporate ESG performance impacts its development capacity depends on a scale-related threshold effect.

引用次数: 0

The impact of ESG performances on analyst report readability: Evidence from China

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-02-27 DOI: 10.1016/j.irfa.2025.104056

Jing Xu , Wei Wu , Xuan Feng

It has been widely recognized that firms' environmental, social, and governance (ESG) performances are crucial for shaping their information environments. Nonetheless, the impact of ESG performances on important analyst report attributes still remains clear. Our study reveals that superior firm. ESG performances significantly enhance the analyst report readability. The mechanism analysis demonstrates that this effect is primarily driven by increased information accessibility (the information acquisition channel) and greater analysts' research efforts (the analyst effort channel). As expected, this effect is more pronounced in firms operating in highly polluted industries, firms with opaque financial infomration and state-owned enterprises (SOEs). Finally, our findings reveal that the release of analyst reports triggers higher market reactions for firms with superior ESG performances. In overall, our study highlights the criticial role of firm ESG performances in boosting financial analysts' information production process.

引用次数: 0

Climate transition and the speed of leverage adjustment

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-02-27 DOI: 10.1016/j.irfa.2025.104026

Maurizio Dallocchio , Francesco D’Ercole , Domenico Frascati , Massimo Mariani

This study examines the entanglement between firms’ climate change exposure and corporate capital structure decisions. In a sample of publicly listed firms on the S&P 1200 Global from 2010 to 2022, the results indicate that companies at the forefront of the transition to a low-carbon economy experience a higher speed of leverage adjustment. Notably, the analysis reveals an asymmetric speed of leverage adjustment when comparing the effect of climate change exposure on over-leveraged and under-leveraged firms. The results underscore the significance of equity capital in fostering the transition to a low-carbon economy and the pivotal role of regulatory bodies in facilitating corporate access to finance climate-friendly investments.

引用次数: 0

The “Solow paradox mystery” of information security standardization construction and labor investment efficiency: Empirical evidence based on ISO27001 certification

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-02-27 DOI: 10.1016/j.irfa.2025.104012

Hongyan Huang , Yeming Sang , Rui Huang

The “Solow Paradox” describes the paradox of rapid expansion of IT investment and slow growth of productivity, which largely arises from ineffective IT investment management. As an important practice of IT management, can information security standardization overcome the “Solow Paradox”? Based on the unique data collected manually on ISO 270001 information security certification, we find that information security standardization construction significantly improves firms' labor investment efficiency, both for underinvestment and overinvestment. Promoting the upgrading of human capital structure, enhancing the stability of supply chain, and improving the quality of internal control are proven to be three crucial mechanisms. Further research finds that the effect is more significant for knowledge-intensive firms and firms with lower labor adjustment costs. We provide a theoretical basis for promoting information security standardization from a human capital perspective.

引用次数: 0

The impact of climate policy uncertainty on the correlations between green bond and green stock markets 气候政策不确定性对绿色债券和绿色股票市场相关性的影响

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-02-27 DOI: 10.1016/j.irfa.2025.104046

Yaling Chen , Qinnan Jiang , Zhifeng Dai , Yinpeng Liu

The correlations among financial assets, portfolio construction, and risk management are inseparable. This paper utilizes the DCC-MIDAS model and quantile-on-quantile (QQ) approach to investigate dynamic relationships between green bond and various green stock markets, as well as the influencing factors. Furthermore, we also consider the portfolio diversification and the hedging potential of green bond for green stocks. The results indicate that, firstly, correlations between them are relatively weak and exhibit time-varying characteristics across different time scales. Secondly, incorporating a certain proportion of green bond assets when investing in green stocks can significantly reduce overall risk. However, we observe that in the face of extreme CPU shocks, the green bond does not appear to function as a strong safe-haven asset for green stocks. Finally, CPU exhibits an asymmetric, nonlinear positive impact on their long-term correlations. The findings help provide decision-making support for investors to adjust asset allocations, and assist regulatory agencies in enhancing their ability to identify risks in the green financial market.

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引用次数: 0

Performance hurdles in venture capital fund compensation

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-02-27 DOI: 10.1016/j.irfa.2025.104015

Jianwei Dong , Yuan-Teng Hsu , Guoping Shi , Siyuan Tan

The existing research provides limited insights into the compensation incentives of limited partnerships, particularly regarding performance hurdles. This study investigates how performance hurdles affect the appointment of venture capital (VC) directors to portfolio company boards. Utilizing mandatory disclosure data from Chinese listed companies acting as limited partners in VC funds, we construct a unique dataset of managerial incentive schemes covering 104 VC funds. Our findings reveal that higher performance hurdles significantly increase the likelihood of VC firms appointing directors to portfolio companies. This effect is more pronounced when VC funds invest in geographically proximate portfolio companies and when the company's CEO concurrently serves as a board chair (CEO duality). Moreover, by appointing VC directors, higher performance hurdles foster innovation and enhance the likelihood of successful initial public offerings for portfolio companies. These results highlight the pivotal role of performance hurdles in driving portfolio company growth by incentivizing greater engagement from VC fund managers.

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引用次数: 0

Modeling climate policy uncertainty into cryptocurrency volatilities

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-02-27 DOI: 10.1016/j.irfa.2025.104030

Shusheng Ding , Xiangling Wu , Tianxiang Cui , John W. Goodell , Anna Min Du

Climate change is a highly controversial topic within the socioeconomic context. Climate Policy Uncertainty (CPU) arises from the process of climate policies formulation and implementation. This uncertainty impacts financial market volatilities, including cryptocurrency markets. In this paper, we demonstrate the substantial role of CPU in forecasting volatilities in cryptocurrency markets using Genetic Programming (GP). Our study shows that different cryptocurrency markets respond differently to CPU across time scales. Our paper contributes to the literature by illustrating the impact of CPU on cryptocurrency market volatilities and analyzes it across different time horizons. Second, we build three volatility forecasting models for different cryptocurrency markets by incorporating CPU, which outperform traditional models. Our models can thereby illuminate portfolio construction and hedging strategies, providing valuable insights for investors and policymakers.

引用次数: 0

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