International Review of Financial Analysis最新文献

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Strong financial regulation, shadow banking, and enterprise innovation inputs: A quasi-natural experiment based on the introduction of the “new regulation on asset management”

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-01-21 DOI: 10.1016/j.irfa.2025.103949

Hong Yin , Jingyi Wang , Chuangneng Cai , Zenglian Zhang , Huina Dong

To prevent systemic financial risk and curb the disorderly expansion of shadow banking and other informal financial businesses, several departments in China jointly issued the new regulation on asset management (NRAM) in 2018. This study considers the financial regulation as a quasi-natural experiment. Using China's A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2013 to 2022 as the research sample, this study examines the impact and mechanisms of financial regulation on enterprise innovation input by constructing a difference-in-differences model. The findings indicate that NRAM's implementation significantly increased innovation input in enterprises with a high scale of shadow banking. Mechanism analysis suggests that NRAM encourages innovation input by reducing the scale of shadow banking. Further analysis reveals that the effect of NRAM on innovation input is more pronounced in firms with financial directors and supervisors and in companies located in the central and western regions of China. This study explores the role of financial regulation in guiding enterprise innovation, which has specific theoretical value and practical significance.

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引用次数: 0

Predicting mergers & acquisitions: A machine learning-based approach

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-01-20 DOI: 10.1016/j.irfa.2025.103933

Yuchen Zhao, Xiaogang Bi, Qing-Ping Ma

We provide empirical evidence on the predictability of Chinese merger and acquisition (M&A) activities by applying the machine learning approach in corporate finance studies to predict enterprises' M&A activities. We build a comprehensive set of 60 explanatory variables from the literature, employ a variety of widely used machine learning models to predict the occurrence of corporate acquisitions, and compare their predictive power with that of the traditional econometric method represented by the logit model. We show that machine learning has significant out-of-sample forecasting performance for takeovers compared to the logit model. In addition, we rank the importance of the variables and find that these important factors have a noticeable impact on the actual results of M&A prediction. Our findings indicate that utilising machine learning techniques to predict corporate takeover activities is effective and economically meaningful.

引用次数: 0

Local fiscal pressure and new firm entry

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-01-19 DOI: 10.1016/j.irfa.2025.103937

Haiqiang Chen , Zhe Lin

Local governments typically implement various policies to attract new enterprises to their jurisdictions. However, under fiscal constraints, some of their behavioral changes may impact the willingness of new businesses to establish themselves locally and could even lead to counterproductive outcomes. This study, utilizing data from prefecture-level cities in China, identifies a negative correlation between local government fiscal pressure and the entry of new enterprises. This conclusion withstands a series of robustness tests. After eliminating potential competing mechanisms, it is found that during periods of fiscal difficulty, local governments channel more financial resources towards large local enterprises to achieve their objectives. Such biased guidance diminishes credit availability for small and medium-sized enterprises, consequently inhibiting the formation of new enterprises. Heterogeneity analysis reveals that this suppressive effect is less pronounced in regions with higher levels of inclusive financial development or lower degrees of government intervention, and when considering only the entry of non-state-owned enterprises. Spatial econometric analysis demonstrates an “expulsion effect,” where regions with higher fiscal pressure drive newly established enterprises to areas with lower fiscal pressure. Our research provides empirical evidence for the theory of the governmental “interventionist hand” and reveals the corresponding consequences. It thereby offers insights and reflections for governments on how to effectively facilitate local entrepreneurship, as well as ensuring proactive and viable policies amid fiscal constraints.

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引用次数: 0

Does the efficiency of capital allocation have spatial carbon emission spillover effects?

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-01-19 DOI: 10.1016/j.irfa.2025.103938

Ruifeng Zhang , Shuhong Song , Weiya Xiu

This study investigates the spatial spillover effects of capital allocative efficiency on carbon emissions across 29 Chinese regions from 2000 to 2017 using a spatial Durbin model. The findings indicate a significant positive spatial spillover effect of capital allocative efficiency on carbon emissions, with notable regional variations. Specifically, a significant positive correlation exists in the eastern region, no correlation exists in the central region, and a significant negative correlation exists in the western region. Notably, in 2000, the efficiency of capital allocation in Guangdong and Zhejiang negatively influenced carbon emissions, whereas no significant effects were observed in 2009 and 2017. Conversely, Chongqing demonstrated consistent negative spillover effects across all examined years. This study provides policy recommendations for enhancing capital allocative efficiency and advancing China's low-carbon economic development.

引用次数: 0

The risk management effect of bank fintech: Evidence from stock price crash risk

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-01-19 DOI: 10.1016/j.irfa.2025.103939

Zhuang Liu , Rongnan Li , Jinlan Zhou , Yue Liu

This research explores the risk management effect of bank fintech, specifically its role in mitigating stock price crash risk, by using data from Chinese banks and companies between 2011 and 2022. While numerous studies have examined the economic implications of bank fintech, few have explored its impact on stock price crash risk. This study addresses this gap by introducing a novel quantitative method for assessing bank fintech and analyzing its effect on stock price crash risk. Our findings indicate that the adoption of bank fintech is associated with a decrease in the likelihood of stock price crash risk. Further analysis reveals that this reduction is achieved by alleviating financial constraints and avoiding the long-term use of short-term debt. The heterogeneity tests confirm that different types of bank fintech have heterogeneous effects on stock price crash risk. The results highlight that the impact is most pronounced for companies that receive less analyst coverage, have lower quality, and are privately-owned. To ensure the reliability of our findings, we address potential endogeneity concerns and conduct a series of robustness checks. This study offers valuable insights into the significance of bank fintech in managing stock price crash risk.

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引用次数: 0

Can digital transformation of commercial banks reduce green credit risks?

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-01-19 DOI: 10.1016/j.irfa.2025.103934

Yujin Zhang , Shujun Ye , Jie Liu , Lulu Zhang , Jiayi Li

This paper empirically examines the impact of commercial banks' digital transformation on green credit risk using a sample of 120 commercial banks in China from 2013 to 2021. The study reveals that the digital transformation of commercial banks can mitigate green credit risks, with strategic digitalization, business digitalization, and management digitalization all contributing positively to this effect. Among these dimensions, management digitalization plays the most significant role. The digital transformation of commercial banks can enhance digital risk control capabilities, thereby reducing green credit risk through improved risk oversight. Digital transformation can decrease information asymmetry within banks, thereby lowering green credit risk. The more adequate the talent reserve, the stronger the role of commercial banks' digital transformation in mitigating green credit risk. National commercial banks, compared to regional ones, play a more significant role in reducing green credit risk through digital initiatives.

引用次数: 0

Impact of environmental information uncertainty and market competition on corporate ESG performance

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-01-18 DOI: 10.1016/j.irfa.2025.103935

Dinghao Shi , Haoyu Tan , Yixin Ling , Yunuo Liu , Bo Liu , Yongqian Tu

Using sample data from China's A-share non-financial listed companies covering the period from 2011 to 2022, this study empirically finds that environmental information uncertainty hinders corporate environmental, social, and governance (ESG) performance. The impact of environmental information uncertainty on ESG performance differs between state-owned enterprises (SOEs) and non-SOEs, with a more pronounced effect on non-SOEs. Moreover, the influence of environmental information on ESG performance varies across firms in different life cycles. Specifically, environmental information uncertainty has a significantly negative (positive) impact on the ESG performance of growth-stage (mature) firms, suggesting that mature firms adopt positive measures to address environmental information uncertainty and thus leading to better ESG performance. Uncertainty regarding environmental information significantly and negatively affects the ESG performance of firms in the decline period, and this effect is more pronounced than that experienced by growth-stage firms. Furthermore, market competition positively affects the firms' ESG performance, with varying effects across firms in different life cycles. Market competition enhances the ESG performance of growth- and mature-stage enterprises. However, it significantly and negatively influences the ESG performance of enterprises in the decline period.

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引用次数: 0

Can banking concentration improve regional FinTech development?

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-01-17 DOI: 10.1016/j.irfa.2025.103936

Chengzhi Qiao

Rising competition, expanding service goals, and integrating business channels and banks through innovative digital technologies all contribute to regional FinTech development in the banking sector. This study uses the two-way fixed effects approach and prefectural-level data from 2011 to 2020 to examine the relationship between banking concentration and regional FinTech development. Findings reveal that higher concentration in the banking industry can promote the development of regional FinTech and show an inverted U-shaped connection, implying that reasonable competition in banking produces more positive results. Furthermore, the benefits come from improving the industry's structure and fostering technological innovation. Moreover, the effects of mediation vary from legal governance to urban market development (hereafter marketization). Specifically, more marketized cities show a more favorable market environment when examining the variations in degrees of marketization. Furthermore, the reduction in banking concentration has a significant positive impact on these cities. Conversely, communities with a low degree of marketization show a slower rate of development and a lower ability to adapt to changes in banking concentration. The heterogeneity test in the rule of law environment reveals that cities with a high rule of law environment have more market order than those with a low rule of law environment. Furthermore, a decline in banking concentration is likely to significantly influence FinTech.

{"title":"Can banking concentration improve regional FinTech development?","authors":"Chengzhi Qiao","doi":"10.1016/j.irfa.2025.103936","DOIUrl":"10.1016/j.irfa.2025.103936","url":null,"abstract":"<div><div>Rising competition, expanding service goals, and integrating business channels and banks through innovative digital technologies all contribute to regional FinTech development in the banking sector. This study uses the two-way fixed effects approach and prefectural-level data from 2011 to 2020 to examine the relationship between banking concentration and regional FinTech development. Findings reveal that higher concentration in the banking industry can promote the development of regional FinTech and show an inverted U-shaped connection, implying that reasonable competition in banking produces more positive results. Furthermore, the benefits come from improving the industry's structure and fostering technological innovation. Moreover, the effects of mediation vary from legal governance to urban market development (hereafter marketization). Specifically, more marketized cities show a more favorable market environment when examining the variations in degrees of marketization. Furthermore, the reduction in banking concentration has a significant positive impact on these cities. Conversely, communities with a low degree of marketization show a slower rate of development and a lower ability to adapt to changes in banking concentration. The heterogeneity test in the rule of law environment reveals that cities with a high rule of law environment have more market order than those with a low rule of law environment. Furthermore, a decline in banking concentration is likely to significantly influence FinTech.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"99 ","pages":"Article 103936"},"PeriodicalIF":7.5,"publicationDate":"2025-01-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143077770","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 tax reduction incentive policy promote corporate digital and intelligent transformation?

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-01-17 DOI: 10.1016/j.irfa.2025.103932

Qiaoying Ding , Wensheng He , Yanfang Deng

Digital intelligence has provided companies a great opportunity to develop a distinct and differentiating competitive advantage. Using the difference-in-differences approach, this study investigated the relationship between implementing tax reduction incentives policies and the digitalization and intelligence of A-share listed companies from 2016 to 2022. Results show that implementing a tax reduction incentive strategy can significantly improve the degree of digitalization and intelligence that companies display. Furthermore, financial flow systems and resource complementarity are expected to contribute to positive results. By encouraging human resource development and providing financial support through resource expansion, tax reduction incentives have assisted businesses in digital transformation. Concurrently, the tax reduction incentive policy helps enterprises in stabilizing their expected cash flow, reducing their financing challenges, and providing critical assurance for the acceptance and development of digital technology. This helps the company transition to digital intelligence. Moreover, the degree of urban digital infrastructure, the type of industry, and companies' reliance on external financing exhibit different mediating effects. The study results have practical relevance for companies' digital and intelligent transformation.

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引用次数: 0

Tax-related information regulatory capacity and accounting information quality

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-01-16 DOI: 10.1016/j.irfa.2025.103929

Guanzheng Wu , Yang Li

Accounting information communicates businesses' financial position, operational outcomes, and cash flow. It plays a crucial role in aligning the interests of various stakeholders, is a vital tool for financial and accounting oversight, and contributes to improving corporate and national governance. This study examines a sample of Chinese A-share listed companies from 2011 to 2023 and explores the relationship between tax-related information regulatory capacity, represented by the Golden Tax III System, and enterprise accounting information quality. The findings highlight that introducing the Golden Tax III System can improve enterprise accounting information quality. Furthermore, the positive impacts of introducing the Golden Tax III System on enterprise accounting information quality are attained through improving internal control and external governance. Heterogeneous analysis confirms that firms` ownership and external audit lead to heterogeneous policy effects. Specifically, the impacts have a multiplier effect in non-state-owned enterprises and firms with Big Four auditors. The findings demonstrate how digitized tax collection can enhance information transparency and the importance of accounting information governance, support the government's role in external oversight and corporate governance, and contribute to further tax collection and accounting information research.

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