International Review of Financial Analysis最新文献

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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.

{"title":"Can tax reduction incentive policy promote corporate digital and intelligent transformation?","authors":"Qiaoying Ding , Wensheng He , Yanfang Deng","doi":"10.1016/j.irfa.2025.103932","DOIUrl":"10.1016/j.irfa.2025.103932","url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"99 ","pages":"Article 103932"},"PeriodicalIF":7.5,"publicationDate":"2025-01-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143077772","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

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.

{"title":"Tax-related information regulatory capacity and accounting information quality","authors":"Guanzheng Wu , Yang Li","doi":"10.1016/j.irfa.2025.103929","DOIUrl":"10.1016/j.irfa.2025.103929","url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"99 ","pages":"Article 103929"},"PeriodicalIF":7.5,"publicationDate":"2025-01-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143096420","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

Commercial credit supply in the digital economy era: Impact mechanisms and differences in property rights

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-01-15 DOI: 10.1016/j.irfa.2025.103931

Ling Zhou, Yang Li

Utilizing panel data from China's A-share listed companies spanning from 2017 to 2022, this paper explores the dynamics of commercial credit supply in the digital economy era. The research outcomes reveal that the advancement of the digital economy has a notable stimulatory effect on the provision of commercial credit. Concurrently, the business environment acts as a partial mediator in this process, exerting a favorable influence on commercial credit supply. Additionally, internal control also functions as a partial mediator in the digital economy's enhancement of commercial credit provision. It is worth mentioning that the development of the digital economy demonstrates a significant stimulatory effect on the commercial credit provision of enterprises regardless of their property rights, albeit with varying degrees of influence contingent upon the nature of corporate ownership.

引用次数: 0

Internal business process governance and external regulation: How does AI technology empower financial performance?

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-01-13 DOI: 10.1016/j.irfa.2025.103927

Xuanmei Cheng , Anna Min Du , Chengnuo Yan , John W. Goodell

We examine the impact of artificial intelligence (AI) technology on the financial performance of financial firms, focusing on the transmission role of business process governance from the perspective of corporate governance. We examine whether there is heterogeneity in the effects of different institutional environments, conducting an empirical analysis of the sample data of 152 Chinese financial firms from 2011 to 2022. AI technology improves financial enterprises' operational quality through risk management, internal governance, and internal control. Moreover, AI provides technical support to enhance service derivative capability by enhancing the number of businesses across cross-regional operations, resource competition, and customer excavation. We also identify that the enabling effect of digital technology on business process governance is affected by imitation pressure from peer firms. In contrast, the impact of government regulatory pressure is not significant.

引用次数: 0

The impact of digital finance on farmers' consumption decisions: An analysis based on the moderating effect of risk preference

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-01-13 DOI: 10.1016/j.irfa.2025.103928

Shujun Zhang , Qian Zhou

This study uses data from the 2015, 2017 and 2019 China Household Finance Survey as a sample to analyze the intrinsic relationship between digital finance and rural household consumption in China based on the moderating effect of risk preference. The empirical results show that the development of digital finance can promote rural household consumption. Further research finds that financial literacy mediates between the two, while risk preference moderates. In addition, the impact of digital finance on rural household consumption in different regions is significantly different. There are also significant differences in the impact of digital finance on rural residents who use the Internet and those who do not. These findings provide an essential basis for understanding how digital finance affects the consumption behavior of rural residents and are of practical significance for formulating targeted rural financial policies and promoting rural consumption growth.

引用次数: 0

Impact and moderating mechanism of corporate tax avoidance on firm value from the perspective of corporate governance

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-01-13 DOI: 10.1016/j.irfa.2025.103926

Wendai Lv , Qiuchi Meng , Yuanyuan Cao , Jiajia Liu

Drawing upon data from Shanghai and Shenzhen A-share listed companies from 2012 to 2022, this study investigates the impact of corporate tax avoidance on firm value in various settings. The findings reveal that tax avoidance can reduce firm value. Nonetheless, high-quality internal control mechanisms reduce the negative impact of tax avoidance on firm value. Furthermore, increasing the proportion of independent directors effectively mitigates the detrimental effects of tax avoidance on firm value. Notably, the negative impact of tax avoidance on firm value is more pronounced when institutional investors' shareholding ratios are lower, emphasizing the importance of diverse governance structures in risk management. The study provides important insights for policymakers, corporate managers, and investors, suggesting that improving corporate governance and internal control systems is critical for promoting long-term firm value and mitigating the negative effects of tax avoidance.

引用次数: 0

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