International Review of Financial Analysis最新文献

英文中文

The spatial effects of digital inclusive finance and traditional finance on the income of the migrant population: A comparative analysis of 243 cities in China 数字普惠金融与传统金融对流动人口收入的空间效应：中国 243 个城市的比较分析

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-02-26 DOI: 10.1016/j.irfa.2025.104054

Ronghai Yang , Yuqin Li , Yabo Li

This paper uses data from the China Migrants Dynamic Survey (CMDS), covering 243 cities across China from 2011 to 2018, to examine the differential impact of digital inclusive finance and traditional finance on the income of the migrant population. The findings reveal that digital inclusive finance significantly bolsters the income of the migrant population, whereas traditional finance appears less effective in delivering substantial financial support. The study further suggests that a synergistic approach, harnessing both digital and traditional financial services, could yield a markedly positive impact on migrant income, with notable spatial spillover effects. Furthermore, there is significant regional heterogeneity in how digital inclusive finance and traditional finance influence the income of the migrant population. On one hand, the economic impact of digital inclusive finance is more pronounced in southern regions, while the synergistic effect between digital inclusive finance and traditional finance is more robust in northern regions. On the other hand, coastal regions, despite with higher levels of digital inclusive financial services, exhibit less significant spillover effects compared to inland regions. This study provides strong evidence that digital inclusive finance and traditional finance can significantly optimize income distribution and enhance public welfare.

本文利用中国流动人口动态调查（CMDS）的数据，研究了数字普惠金融和传统金融对流动人口收入的不同影响。研究结果表明，数字普惠金融显著提高了流动人口的收入，而传统金融在提供实质性金融支持方面似乎效果不佳。研究进一步表明，利用数字和传统金融服务的协同方法可对流动人口的收入产生明显的积极影响，并具有显著的空间溢出效应。此外，数字普惠金融和传统金融对流动人口收入的影响存在明显的区域异质性。一方面，数字普惠金融对经济的影响在南方地区更为明显，而数字普惠金融与传统金融的协同效应在北方地区更为强劲。另一方面，尽管沿海地区的数字普惠金融服务水平较高，但与内陆地区相比，其溢出效应并不明显。本研究有力地证明了数字普惠金融与传统金融能够显著优化收入分配，提高公共福利。

{"title":"The spatial effects of digital inclusive finance and traditional finance on the income of the migrant population: A comparative analysis of 243 cities in China","authors":"Ronghai Yang , Yuqin Li , Yabo Li","doi":"10.1016/j.irfa.2025.104054","DOIUrl":"10.1016/j.irfa.2025.104054","url":null,"abstract":"<div><div>This paper uses data from the China Migrants Dynamic Survey (CMDS), covering 243 cities across China from 2011 to 2018, to examine the differential impact of digital inclusive finance and traditional finance on the income of the migrant population. The findings reveal that digital inclusive finance significantly bolsters the income of the migrant population, whereas traditional finance appears less effective in delivering substantial financial support. The study further suggests that a synergistic approach, harnessing both digital and traditional financial services, could yield a markedly positive impact on migrant income, with notable spatial spillover effects. Furthermore, there is significant regional heterogeneity in how digital inclusive finance and traditional finance influence the income of the migrant population. On one hand, the economic impact of digital inclusive finance is more pronounced in southern regions, while the synergistic effect between digital inclusive finance and traditional finance is more robust in northern regions. On the other hand, coastal regions, despite with higher levels of digital inclusive financial services, exhibit less significant spillover effects compared to inland regions. This study provides strong evidence that digital inclusive finance and traditional finance can significantly optimize income distribution and enhance public welfare.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104054"},"PeriodicalIF":7.5,"publicationDate":"2025-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143526760","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}

引用次数: 0

Unveiling the impact of irrelevant answers on analyst forecast errors: A topic modeling approach

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-02-25 DOI: 10.1016/j.irfa.2025.104041

Mengshu Hao , Yang Xu , Peiyao Yuan , Kecai Chen

This study explores the influence of irrelevant answers during earnings communication conferences on analyst forecast errors. Utilizing the LDA method to quantify text-based answer irrelevance pertaining to various topics, we uncover that the degree of irrelevant responses concerning product-related issues positively correlates with analyst forecast errors, while those related to the firm's financial performance and corporate governance do not significantly correlate with them. This causal relationship is robustly confirmed by a comprehensive series of endogeneity tests and robustness checks. Additionally, our cross-sectional analysis reveals that our main findings are more pronounced in firms with higher operational complexity and weaker information environments, supporting our hypothesis that analysts encounter greater challenges in identifying and interpreting irrelevant answers regarding product information, thereby leading to reduced forecast accuracy.

引用次数: 0

Fund social network and MD&A disclosure quality

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-02-25 DOI: 10.1016/j.irfa.2025.104047

Hanbin Zhu , Yiyun Ge

We investigate the effects of fund social networks on idiosyncratic information in Management's Discussion and Analysis (MD&A). By creating a fund social network between active mutual fund managers, we find the network improves MD&A disclosure quality. The finding is robust after a series of tests, including variable reconstruction, sample change, and endogeneity checks with matching methods, instrumental variables, and the difference-in-differences method. Our additional research indicates that information transparency and sharing among fund managers are key channels for this effect. Moreover, fund social networks play a more effective governance role in a poor company's internal and external environments. Both alumni and colleague networks improve MD&A idiosyncratic information. We empirically demonstrate that institutional investors' social networks, beyond shareholding connections, are critical for corporate governance and improving MD&A idiosyncratic information. Practically, our findings suggest that fund social networks can improve MD&A disclosure quality by conducting joint on-site visits. Their causality suggests that regulators should raise standards for corporate MD&A textual information disclosure and fund managers' information. Moreover, our findings offer individual investors an additional approach to recognizing company disclosure quality and understanding institutional investor behavior, resulting in more informed investment decisions and increased market efficiency.

{"title":"Fund social network and MD&A disclosure quality","authors":"Hanbin Zhu , Yiyun Ge","doi":"10.1016/j.irfa.2025.104047","DOIUrl":"10.1016/j.irfa.2025.104047","url":null,"abstract":"<div><div>We investigate the effects of fund social networks on idiosyncratic information in Management's Discussion and Analysis (MD&A). By creating a fund social network between active mutual fund managers, we find the network improves MD&A disclosure quality. The finding is robust after a series of tests, including variable reconstruction, sample change, and endogeneity checks with matching methods, instrumental variables, and the difference-in-differences method. Our additional research indicates that information transparency and sharing among fund managers are key channels for this effect. Moreover, fund social networks play a more effective governance role in a poor company's internal and external environments. Both alumni and colleague networks improve MD&A idiosyncratic information. We empirically demonstrate that institutional investors' social networks, beyond shareholding connections, are critical for corporate governance and improving MD&A idiosyncratic information. Practically, our findings suggest that fund social networks can improve MD&A disclosure quality by conducting joint on-site visits. Their causality suggests that regulators should raise standards for corporate MD&A textual information disclosure and fund managers' information. Moreover, our findings offer individual investors an additional approach to recognizing company disclosure quality and understanding institutional investor behavior, resulting in more informed investment decisions and increased market efficiency.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104047"},"PeriodicalIF":7.5,"publicationDate":"2025-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143518923","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}

引用次数: 0

Natural disasters, unnatural earnings: How do climate disasters impact earnings management?

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-02-25 DOI: 10.1016/j.irfa.2025.104043

Sabri Boubaker , Lei Gao , Khanh Hoang , Cuong Nguyen

This study examines whether managers engage in earnings management to manipulate earnings following climate disasters and how they choose different types of earnings management to achieve earnings targets. Using a large sample of climate disasters from 1989 to 2018 obtained from the Spatial Hazards Events and Losses Database for the United States (SHELDUS), we find that managers tend to exhibit opportunistic behaviors by using earnings management to increase earnings after climate disasters. Furthermore, we find that managers prefer using accrual-based earnings management and classification shifting over real earnings management to achieve earnings goals more quickly. Moreover, we document evidence that the relationship between earnings management and climate disasters can be influenced by other factors such as firm size, frequency of climate disasters, and local institutional environment. Specifically, we find that earnings management employed by managers after climate disasters are more prevalent in smaller companies, companies located in states with a lower frequency of climate disasters, and in states with higher corruption levels.

{"title":"Natural disasters, unnatural earnings: How do climate disasters impact earnings management?","authors":"Sabri Boubaker , Lei Gao , Khanh Hoang , Cuong Nguyen","doi":"10.1016/j.irfa.2025.104043","DOIUrl":"10.1016/j.irfa.2025.104043","url":null,"abstract":"<div><div>This study examines whether managers engage in earnings management to manipulate earnings following climate disasters and how they choose different types of earnings management to achieve earnings targets. Using a large sample of climate disasters from 1989 to 2018 obtained from the Spatial Hazards Events and Losses Database for the United States (SHELDUS), we find that managers tend to exhibit opportunistic behaviors by using earnings management to increase earnings after climate disasters. Furthermore, we find that managers prefer using accrual-based earnings management and classification shifting over real earnings management to achieve earnings goals more quickly. Moreover, we document evidence that the relationship between earnings management and climate disasters can be influenced by other factors such as firm size, frequency of climate disasters, and local institutional environment. Specifically, we find that earnings management employed by managers after climate disasters are more prevalent in smaller companies, companies located in states with a lower frequency of climate disasters, and in states with higher corruption levels.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104043"},"PeriodicalIF":7.5,"publicationDate":"2025-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143552103","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}

引用次数: 0

Qualified foreign institutional investors and corporate ESG performance: Evidence from China

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-02-23 DOI: 10.1016/j.irfa.2025.104032

Xiaoteng Wang , Bole Zhou , Xiaoling Li

This study examines the impact of Qualified Foreign Institutional Investors (QFII) on corporate ESG performance to promote sustainable economic growth. An analysis of 11,175 observations from Chinese A-share listed companies in Shanghai and Shenzhen (2008–2022) reveals that QFII shareholding significantly enhances corporate ESG performance through the mechanisms of long-term corporate value realization and external supervision. Stable QFII shareholding and those with superior institutional governance quality are more likely to enhance corporate ESG performance. Furthermore, this positive influence is particularly pronounced in non-SOEs and high-tech enterprises. Finally, we found that QFII shareholding leads to better performance in the environmental, product, and corporate governance aspects of corporate ESG performance, while negatively affecting employee relations. Our findings remain consistent across different ESG performance indicators, sample selections, robust standard error adjustments, and controls for endogeneity.

引用次数: 0

CEO power and firm decarbonisation efforts 首席执行官的权力和坚定的去碳化努力

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-02-23 DOI: 10.1016/j.irfa.2025.104044

Frank Obenpong Kwabi , Gbenga Adamolekun , Anthony Kyiu

Using a global sample of 899 firms from 26 countries for the period 2000 to 2021, this study investigates the effect of CEO power on firms' decarbonisation efforts. We find that firms with higher levels of CEO power are associated with lower carbon emissions. Further analysis indicates that nationally diverse boards and older board members amplify the negative relationship between CEO power and carbon emissions. Similarly, powerful CEOs with high academic qualifications aggressively pursue corporate decarbonisation. The impact of CEO power on decarbonisation is more noticeable in carbon-intensive industries. Lastly, we document that climate legislation can be catalytic for decarbonisation.

引用次数: 0

How does green finance reform affect corporate ESG greenwashing behavior?

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-02-23 DOI: 10.1016/j.irfa.2025.104037

Shi Hu , Peilin Chen , Chunli Zhang

This study empirically analyzes the relationship between corporate environmental, social, and governance (ESG) greenwashing behaviors and green finance reform from 2011 to 2023, focusing on the 2017 Green Finance Reform and Innovation Pilot Zone. Findings suggest that green finance reform can promote corporate ESG greenwashing behaviors by increasing executive myopia and providing adequate financing. Further research indicates that the negative impact of green finance reform can be mitigated by implementing effective internal control management and developing regional digitization. This study alerts the government to the adverse consequences of green finance reform and offers valuable insights.

引用次数: 0

Corporate social responsibility signalling under external transparency demands

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-02-23 DOI: 10.1016/j.irfa.2025.104045

Jamal A. Nazari, Ehsan Poursoleyman

Drawing on the premise that Corporate Social Responsibility (CSR) expenditures may contain valuable private information about future financial outcomes, we explore the conditions necessary to decode this signalling component. Given that monitoring fosters credibility and trust, we posit that increased external pressures for transparency encourage investors and creditors to perceive the private information embedded in CSR reports. Given the heterogeneity of external transparency within and across countries, we employ both a firm-level proxy that minimizes firm-specific incentives as well as country-level proxy based on two exogenous shocks. We resort to the adoption of the International Financial Reporting Standards (IFRS) and the implementation of the EU's mandatory CSR transparency regulation, Directive 2014/95/EU, to capture country-level external transparency. Our findings indicate that the positive signalling effect of CSR expenditures is strongly linked to a reduced likelihood of financial constraints, with external transparency playing the driving role.

引用次数: 0

Social capital and financial fraud among the elderly1

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-02-22 DOI: 10.1016/j.irfa.2025.104035

Wenyun Yao , Minmin Tang , Zihan Liu , Mengjiao Ni

Based on data from the 2018 China Health and Retirement Longitudinal Study, this paper analyzes the effect of social capital on the likelihood of financial fraud among individuals aged 55 and above. The results show that social participation increases the risk of financial fraud, while social support and social security reduce the risk. The moderation effects indicate that an increase in life satisfaction weakens the exacerbating effect of social participation on financial fraud; economic support from children strengthens the mitigating effect of social support on financial fraud; and the decline in activity of daily living among older adults weakens the protective effect of social security against financial fraud.

引用次数: 0

Does ESG rating disagreement affect management tone manipulation?

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-02-22 DOI: 10.1016/j.irfa.2025.104039

Hua Chen, Zhuang Wang

Environmental, Social, and Governance (ESG) ratings play a pivotal role in bridging listed companies with the capital market. However, significant discrepancies exist among rating agencies' assessments of a company's ESG performance, making it challenging for the market to evaluate a firm's sustainable development capabilities accurately. This causes confusion among investors and increases the pressure on corporate management. Based on ratings data for Chinese A-share listed companies from 2015 to 2022, we empirically examine the impact and underlying mechanism of ESG rating disagreement on management tone manipulation. The study finds that: (1) ESG rating disagreement significantly intensifies the degree of management tone manipulation; (2) ESG rating disagreement increases the market pressure on managers, thus motivating them to intensify the degree of tone manipulation, while the noise effect of ESG rating disagreement provides an opportunity for managers to intensify tone manipulation; and (3) under ESG rating disagreement, management tone manipulation significantly increases the risk of stock price crashes for listed companies. The conclusions of this study have significant practical implications for regulators in standardizing ESG rating criteria and information disclosure by listed companies.

{"title":"Does ESG rating disagreement affect management tone manipulation?","authors":"Hua Chen, Zhuang Wang","doi":"10.1016/j.irfa.2025.104039","DOIUrl":"10.1016/j.irfa.2025.104039","url":null,"abstract":"<div><div>Environmental, Social, and Governance (ESG) ratings play a pivotal role in bridging listed companies with the capital market. However, significant discrepancies exist among rating agencies' assessments of a company's ESG performance, making it challenging for the market to evaluate a firm's sustainable development capabilities accurately. This causes confusion among investors and increases the pressure on corporate management. Based on ratings data for Chinese A-share listed companies from 2015 to 2022, we empirically examine the impact and underlying mechanism of ESG rating disagreement on management tone manipulation. The study finds that: (1) ESG rating disagreement significantly intensifies the degree of management tone manipulation; (2) ESG rating disagreement increases the market pressure on managers, thus motivating them to intensify the degree of tone manipulation, while the noise effect of ESG rating disagreement provides an opportunity for managers to intensify tone manipulation; and (3) under ESG rating disagreement, management tone manipulation significantly increases the risk of stock price crashes for listed companies. The conclusions of this study have significant practical implications for regulators in standardizing ESG rating criteria and information disclosure by listed companies.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"101 ","pages":"Article 104039"},"PeriodicalIF":7.5,"publicationDate":"2025-02-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143511872","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}

引用次数: 0

首页上一页

下一页尾页

类型

全部化学•材料生命科学医学物理工程技术环境•农林材料科学地球科学法学管理学化学环境科学与生态学计算机科学教育学经济学农林科学人文科学生物学数学物理与天体物理心理学综合性期刊其他工业工程理学历史学农学文学信息工程

数据库

全部 ACS Publications Elsevier ieeexplore Springer The Royal Society of Chemistry Wiley

期刊

International Review of Financial Analysis

全部 Acc. Chem. Res. ACS Applied Bio Materials ACS Appl. Electron. Mater. ACS Appl. Energy Mater. ACS Appl. Mater. Interfaces ACS Appl. Nano Mater. ACS Appl. Polym. Mater. ACS BIOMATER-SCI ENG ACS Catal. ACS Cent. Sci. ACS Chem. Biol. ACS Chemical Health & Safety ACS Chem. Neurosci. ACS Comb. Sci. ACS Earth Space Chem. ACS Energy Lett. ACS Infect. Dis. ACS Macro Lett. ACS Mater. Lett. ACS Med. Chem. Lett. ACS Nano ACS Omega ACS Photonics ACS Sens. ACS Sustainable Chem. Eng. ACS Synth. Biol. Anal. Chem. BIOCHEMISTRY-US Bioconjugate Chem. BIOMACROMOLECULES Chem. Res. Toxicol. Chem. Rev. Chem. Mater. CRYST GROWTH DES ENERG FUEL Environ. Sci. Technol. Environ. Sci. Technol. Lett. Eur. J. Inorg. Chem. IND ENG CHEM RES Inorg. Chem. J. Agric. Food. Chem. J. Chem. Eng. Data J. Chem. Educ. J. Chem. Inf. Model. J. Chem. Theory Comput. J. Med. Chem. J. Nat. Prod. J PROTEOME RES J. Am. Chem. Soc. LANGMUIR MACROMOLECULES Mol. Pharmaceutics Nano Lett. Org. Lett. ORG PROCESS RES DEV ORGANOMETALLICS J. Org. Chem. J. Phys. Chem. J. Phys. Chem. A J. Phys. Chem. B J. Phys. Chem. C J. Phys. Chem. Lett. Analyst Anal. Methods Biomater. Sci. Catal. Sci. Technol. Chem. Commun. Chem. Soc. Rev. CHEM EDUC RES PRACT CRYSTENGCOMM Dalton Trans. Energy Environ. Sci. ENVIRON SCI-NANO ENVIRON SCI-PROC IMP ENVIRON SCI-WAT RES Faraday Discuss. Food Funct. Green Chem. Inorg. Chem. Front. Integr. Biol. J. Anal. At. Spectrom. J. Mater. Chem. A J. Mater. Chem. B J. Mater. Chem. C Lab Chip Mater. Chem. Front. Mater. Horiz. MEDCHEMCOMM Metallomics Mol. Biosyst. Mol. Syst. Des. Eng. Nanoscale Nanoscale Horiz. Nat. Prod. Rep. New J. Chem. Org. Biomol. Chem. Org. Chem. Front. PHOTOCH PHOTOBIO SCI PCCP Polym. Chem.

﹀