International Review of Financial Analysis最新文献

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Artificial intelligence and corporate ESG performance 人工智能与企业环境、社会和治理绩效

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.2025.104036

Junjun Li , Tong Wu , Boqiang Hu , Dongliang Pan , Yaqiong Zhou

This study examined how artificial intelligence (AI) capabilities strengthen corporate environmental, social, and governance (ESG) performance while focusing on the mediating role of green resilience and the moderating effect of organizational resilience. AI has transformative potential for ESG performance; however, its role in emerging markets remains underexplored. While AI can optimize resource use, improve workplace safety, and enhance governance through transparency, challenges such as data limitations, infrastructure gaps, and ethical issues may hinder its impact. Bridging this gap requires focused research on how AI capabilities drive sustainable outcomes in these markets, identifying practical tools, and fostering supportive policies. We employed robust statistical techniques to establish reliable findings from a comprehensive dataset of Chinese-listed companies from 2011 to 2022. The findings indicate that AI capabilities significantly strengthen ESG performance. The relationship was facilitated through green innovation initiatives. Organizational resilience enhances AI's positive impact on ESG performance, especially in technology-intensive industries. However, the influence varies significantly by context, with stronger effects observed in nonhigh-polluting sectors and state-owned enterprises, highlighting the need for tailored approaches to maximize sustainable outcomes. Our findings augment the theoretical understanding of technology-driven sustainability by elucidating how AI capabilities strengthen ESG performance through innovation pathways. We identified key organizational factors, such as resilience and innovation capacity, as well as contextual factors, including industry type, regulatory frameworks, and ownership structures, that influence the relationship between AI and ESG performance. These findings provide valuable insights for organizations in emerging markets aiming to leverage AI for enhanced sustainability.

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引用次数: 0

Macro leverage ratio of government departments and the dynamic adjustment of corporate capital structure 政府部门的宏观杠杆率与企业资本结构的动态调整

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.2025.104029

Ping Wang, Rui Zhao

Previous theoretical and empirical research has suggested that the government's expansion of economic activities, such as financing and investment, can lead to a lower level of corporate capital structure. Thus, this study is to examine the impact of the government's macro leverage on the dynamic adjustment of corporate capital structure (both short- and long-term) in the context of China. Using a compound one-step regression equation in a capital structure dynamic adjustment model, we found that the macro leverage ratio of Chinese government departments increases the dynamic adjustment speed of corporate capital structure, with a stronger influence on over-indebted firms compared to under-indebted firms. Specifically, when the macro leverage ratio of Chinese government departments increases, the over-indebted firms adjust at a faster rate toward their target long-term capital structure than the under-indebted firms. Conversely, the under-indebted firms adjust at a faster rate toward their target short-term capital structure than the over-indebted firms. These results are robust to alternative measures of capital structure and to endogeneity concerns.

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引用次数: 0

The effect of environmental credit rating on enterprise green development

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.2025.104038

Yebin Wang , Ran Cui , Xiaodan Mao , Xiaoxiao Lu , Yinchang Li , Yue Huang

As a new environmental regulatory tool, can the environmental credit rating system help enterprises achieve green development goals through credit mechanisms? Based on the implementation of China's environmental credit rating policy, this study examines the system's impact on enterprise green development (EGD) and its mechanism using a staggered difference-in-differences method. The results show that the environmental credit rating significantly promotes green development in enterprises, with multidimensional robustness further confirming this conclusion. Additionally, we identify two primary mechanisms driving this enhancement: internal and external forces. Internal driving mechanisms include increasing environmental investment, enhancing green innovation, and reducing energy consumption, while external driving mechanisms include government incentives, investor attention, and public attention. In addition, the study finds that the environmental credit evaluation system has a more significant incentive effect on mature enterprises, enterprises facing strong environmental regulations, those with high financing constraints, a high level of green awareness, and those located in the more economically developed eastern regions. This study provides a theoretical basis for optimizing environmental policy design and implementation to promote higher-quality green transformation in enterprises.

{"title":"The effect of environmental credit rating on enterprise green development","authors":"Yebin Wang , Ran Cui , Xiaodan Mao , Xiaoxiao Lu , Yinchang Li , Yue Huang","doi":"10.1016/j.irfa.2025.104038","DOIUrl":"10.1016/j.irfa.2025.104038","url":null,"abstract":"<div><div>As a new environmental regulatory tool, can the environmental credit rating system help enterprises achieve green development goals through credit mechanisms? Based on the implementation of China's environmental credit rating policy, this study examines the system's impact on enterprise green development (EGD) and its mechanism using a staggered difference-in-differences method. The results show that the environmental credit rating significantly promotes green development in enterprises, with multidimensional robustness further confirming this conclusion. Additionally, we identify two primary mechanisms driving this enhancement: internal and external forces. Internal driving mechanisms include increasing environmental investment, enhancing green innovation, and reducing energy consumption, while external driving mechanisms include government incentives, investor attention, and public attention. In addition, the study finds that the environmental credit evaluation system has a more significant incentive effect on mature enterprises, enterprises facing strong environmental regulations, those with high financing constraints, a high level of green awareness, and those located in the more economically developed eastern regions. This study provides a theoretical basis for optimizing environmental policy design and implementation to promote higher-quality green transformation in enterprises.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"101 ","pages":"Article 104038"},"PeriodicalIF":7.5,"publicationDate":"2025-02-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143508897","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

Balancing acts: Bank market deregulation and the dynamics of earnings management

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.2025.104040

Biao Mi , Luqiao Zhang , Liang Han

This study examines the impact of bank market deregulation in U.S. since 1994 on corporate earnings management decision makings. We show that bank market deregulation has led to a trade-off between accrual-based earnings management and real earnings management. The trade-off is driven by the improved monitoring of banks since deregulation where banks pay more diligence to monitor accruals which are reverse in a short-term and more relevant to the default risk banks expose to. To respond, firms engage in more real earnings management which has a long-term impact on corporate performance but is less relevant to current default risk.

引用次数: 0

Volatility spillover dynamics between fintech and traditional financial industries and their rich determinants: New evidence from Chinese listed institutions

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.2025.104034

Chengcheng Liu , Meng Tian , Bai Huang

This study investigates the dynamics and determinants of volatility spillovers between Chinese financial technology (fintech) and traditional financial industries. We use stock prices of listed institutions and the elastic net vector autoregression (VAR) network approach to assess institution-, industry-, and system-level volatility spillovers in normal states between 2015 and 2023. Subsequently, we analyze 50 variables in terms of global environment, economic fundamentals, capital market, industry development, and other shocks and examine their impact on system- and industry-level volatility spillovers through variable selection and regression analysis. Furthermore, heterogeneous and asymmetric effects in extreme states are explored under a quantile-based framework. The empirical results show that (i) at the institutional level, volatility spillovers surge in the post-COVID-19 era, and large-cap institutions play vital roles in emitting volatility shocks. (ii) At the industry level, the fintech, securities, and diversified financial industries are net volatility transmitters, while the banking, insurance, and real estate industries are net receivers. Fundamental economic determinants prevail in explaining the net spillover index. (iii) At the system level, the total spillover index demonstrates a W-shape curve throughout the period. All determinants together explain over 85 % of the total spillover index. (iv) In extremely low and high volatility states, spillover effects are more obvious than in normal states. Industry development and capital market determinants fail to explain the respective total spillover indices. These findings offer valuable insights into how to foster effective risk management.

{"title":"Volatility spillover dynamics between fintech and traditional financial industries and their rich determinants: New evidence from Chinese listed institutions","authors":"Chengcheng Liu , Meng Tian , Bai Huang","doi":"10.1016/j.irfa.2025.104034","DOIUrl":"10.1016/j.irfa.2025.104034","url":null,"abstract":"<div><div>This study investigates the dynamics and determinants of volatility spillovers between Chinese financial technology (fintech) and traditional financial industries. We use stock prices of listed institutions and the elastic net vector autoregression (VAR) network approach to assess institution-, industry-, and system-level volatility spillovers in normal states between 2015 and 2023. Subsequently, we analyze 50 variables in terms of global environment, economic fundamentals, capital market, industry development, and other shocks and examine their impact on system- and industry-level volatility spillovers through variable selection and regression analysis. Furthermore, heterogeneous and asymmetric effects in extreme states are explored under a quantile-based framework. The empirical results show that (i) at the institutional level, volatility spillovers surge in the post-COVID-19 era, and large-cap institutions play vital roles in emitting volatility shocks. (ii) At the industry level, the fintech, securities, and diversified financial industries are net volatility transmitters, while the banking, insurance, and real estate industries are net receivers. Fundamental economic determinants prevail in explaining the net spillover index. (iii) At the system level, the total spillover index demonstrates a W-shape curve throughout the period. All determinants together explain over 85 % of the total spillover index. (iv) In extremely low and high volatility states, spillover effects are more obvious than in normal states. Industry development and capital market determinants fail to explain the respective total spillover indices. These findings offer valuable insights into how to foster effective risk management.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"101 ","pages":"Article 104034"},"PeriodicalIF":7.5,"publicationDate":"2025-02-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143508898","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

Can ESG ratings influence relationship-based transactions: Empirical evidence from Chinese listed companies

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-02-21 DOI: 10.1016/j.irfa.2025.104028

Jiawei Zhang , Ruzhou Wang , Yi Ding , Fangzhi Liang

This study examines the impact of environmental, social, and governance (ESG) ratings on relationship-based transactions, using data from Chinese listed companies from 2009 to 2021 as the research sample. A two-way fixed effects model is employed to investigate the mechanisms and economic consequences of ESG ratings on relationship-based transactions.The results reveal that higher ESG ratings significantly reduce the frequency of relationship-based transactions by improving the quality of accounting information and alleviating financing constraints. The conclusions remain unchanged after robustness tests and endogeneity analyses, including the instrumental variable approach, alternative measures of key variables and the exclusion of special years. Furthermore, external analysts'attention enhances the inhibitory effect of ESG ratings on relationship-based transactions, and internal independent director governance partially replaces the inhibitory effect of ESG ratings in this area. Further analysis demonstrates that ESG ratings are more effective in reducing relationship-based transactions in industries with higher asset specificity such as high-tech companies. Additionally, our study indicates that ESG ratings can significantly lower such transactions, demonstrating a notable improvement in reducing abnormal relationship-based transactions. Finally, economic consequence tests reveal that ESG ratings can significantly improve operating performance and investment efficiency by reducing relationship-based transactions.The findings offer significant empirical evidence and valuable insights for the development of ESG rating systems and the strategies to reduce relationship-based transactions in emerging market countries.

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引用次数: 0

Nonlinear influence of digital finance on green economic efficiency

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-02-21 DOI: 10.1016/j.irfa.2025.104031

Guibao Liang, Qiao Xia, Lijie Zhang

Digital finance (DF) significantly improves green economic efficiency (GEE) by promoting technological innovation and the flow of factors with environmental friendliness. Using panel data from 30 provinces in China from 2011 to 2020, this study uses the super-efficiency Slack-Based Measure(SBM) model with undesirable outputs to measure provincial GEE. This study tests the nonlinear impact of DF on GEE and conducts a heterogeneity analysis. The findings show that (1) a significant, positive U-shaped nonlinear relationship exists between DF and GEE, validated by a robustness test and the instrumental variable model. (2) The U-shaped relationship between DF and GEE is significant in undeveloped regions. Meanwhile, the findings show a linear promoting effect in developed areas. (3) Mechanism research demonstrates that the regional technological innovation level is an effective mechanism of the U-shaped relationship. (4) The moderating effects test finds that environmental regulation can positively moderate the nonlinear relationship between DF and GEE. Therefore, the government should fully leverage the functions of DF to improve GEE.

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引用次数: 0

Fear of fairness in courts: The impact of liberal judge ideology on corporate carbon emissions

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-02-21 DOI: 10.1016/j.irfa.2025.104022

Ashrafee Hossain , Abdullah-Al Masum , Hatem Rjiba

We document that firms under the jurisdiction of circuit courts with predominantly liberal judges significantly reduce their carbon footprints. This is likely due to liberal judges' stricter enforcement of environmental regulations and their propensity to impose hefty penalties for violations. Interestingly, firms committed to corporate social responsibility and those with high institutional ownership are less deterred by liberal courts, viewing stricter oversight as consistent with their values. Conversely, firms in environmental-litigation-prone industries are particularly cautious, further cutting emissions to avoid potential financial and reputational damage. These findings highlight the profound impact of judicial ideology on corporate environmental behavior and hold important implications for both policymakers and businesses.

引用次数: 0

Can digital inclusive finance promote the Internet business model? Empirical evidence from Chinese listed firms

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-02-21 DOI: 10.1016/j.irfa.2025.104023

Li Zhang , Xikai Chen , Jiao Peng , Tongtong Guo

In the era of the digital economy, the transition of traditional enterprises towards an internet-based business model represents a pivotal strategy for fostering high-quality development within the real economy. In this study, we use data of Chinese A-share listed companies from 2011 to 2020. From the perspective of financial services to the real economy, we empirically examine the impact of digital finance on the transformation of enterprise Internet business models and the underlying mechanisms. We find that the regional digital inclusive finance promotes the transformation of traditional enterprises to Internet business model. We also find the positive effect is more pronounced for enterprises that face higher financing constraints, have greater financialization and intangibility, and are more suitable for implementing the Internet business model. Additionally, this effect is notable for enterprises in regions with less developed traditional financial systems and lower urban resource endowment. Further test shows that the breadth and depth of digital finance can significantly promote the transformation of Internet business model and have a promoting effect on the transformation of elements of business model. In addition, our analysis of the economic consequences of digital inclusive finance demonstrates that it can improve the financial performance of enterprises by promoting the transformation of enterprises' Internet business model. These results indicate that digital finance primarily promotes the transformation of Internet business models through three major channels: alleviating financing constraints, reducing information asymmetry, and generating spillover effects on traditional financial service. Our findings not only verify the promoting effect of regional digital financial development on the transformation of enterprise Internet business models but also provide empirical evidence and policy implications for further innovation in financial models and more effective guidance of financial services to the real economy.

{"title":"Can digital inclusive finance promote the Internet business model? Empirical evidence from Chinese listed firms","authors":"Li Zhang , Xikai Chen , Jiao Peng , Tongtong Guo","doi":"10.1016/j.irfa.2025.104023","DOIUrl":"10.1016/j.irfa.2025.104023","url":null,"abstract":"<div><div>In the era of the digital economy, the transition of traditional enterprises towards an internet-based business model represents a pivotal strategy for fostering high-quality development within the real economy. In this study, we use data of Chinese A-share listed companies from 2011 to 2020. From the perspective of financial services to the real economy, we empirically examine the impact of digital finance on the transformation of enterprise Internet business models and the underlying mechanisms. We find that the regional digital inclusive finance promotes the transformation of traditional enterprises to Internet business model. We also find the positive effect is more pronounced for enterprises that face higher financing constraints, have greater financialization and intangibility, and are more suitable for implementing the Internet business model. Additionally, this effect is notable for enterprises in regions with less developed traditional financial systems and lower urban resource endowment. Further test shows that the breadth and depth of digital finance can significantly promote the transformation of Internet business model and have a promoting effect on the transformation of elements of business model. In addition, our analysis of the economic consequences of digital inclusive finance demonstrates that it can improve the financial performance of enterprises by promoting the transformation of enterprises' Internet business model. These results indicate that digital finance primarily promotes the transformation of Internet business models through three major channels: alleviating financing constraints, reducing information asymmetry, and generating spillover effects on traditional financial service. Our findings not only verify the promoting effect of regional digital financial development on the transformation of enterprise Internet business models but also provide empirical evidence and policy implications for further innovation in financial models and more effective guidance of financial services to the real economy.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104023"},"PeriodicalIF":7.5,"publicationDate":"2025-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143534665","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

The impact of climate change on credit portfolios and banking resilience: Preliminary evidence from a developing economy

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-02-21 DOI: 10.1016/j.irfa.2025.104021

Muhammad Umar , Nawazish Mirza , Monica Violeta Achim , Samuel Ribeiro-Navarrete

This study investigates the impact of climate change on credit portfolios and banking resilience in Pakistan, a developing economy with significant exposure to environmental risks. We employ a stress-testing methodology to evaluate the effects of various climate change scenarios on banking firms, ranging from low to high emissions. Specifically, using data from 2011 to 2022, we assess the credit exposure of key sectors by linking macroeconomic variables such as GDP growth and temperature changes to credit infections and the probability of default. Our findings reveal that rising temperatures significantly increase financial vulnerabilities, leading to a notable degradation of asset quality and an increase in default likelihood. Due to its reliance on water-intensive processes, the textile sector is particularly prone to climate-induced disruptions, resulting in higher default risks. These results highlight the importance of integrating climate risk assessments into banking practices, focusing on sector-specific strategies to enhance financial stability.

{"title":"The impact of climate change on credit portfolios and banking resilience: Preliminary evidence from a developing economy","authors":"Muhammad Umar , Nawazish Mirza , Monica Violeta Achim , Samuel Ribeiro-Navarrete","doi":"10.1016/j.irfa.2025.104021","DOIUrl":"10.1016/j.irfa.2025.104021","url":null,"abstract":"<div><div>This study investigates the impact of climate change on credit portfolios and banking resilience in Pakistan, a developing economy with significant exposure to environmental risks. We employ a stress-testing methodology to evaluate the effects of various climate change scenarios on banking firms, ranging from low to high emissions. Specifically, using data from 2011 to 2022, we assess the credit exposure of key sectors by linking macroeconomic variables such as GDP growth and temperature changes to credit infections and the probability of default. Our findings reveal that rising temperatures significantly increase financial vulnerabilities, leading to a notable degradation of asset quality and an increase in default likelihood. Due to its reliance on water-intensive processes, the textile sector is particularly prone to climate-induced disruptions, resulting in higher default risks. These results highlight the importance of integrating climate risk assessments into banking practices, focusing on sector-specific strategies to enhance financial stability.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104021"},"PeriodicalIF":7.5,"publicationDate":"2025-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143552102","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

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International Review of Financial Analysis

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