International Review of Financial Analysis最新文献

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Do emission trading schemes induce green FDI? Evidence from China

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-02-20 DOI: 10.1016/j.irfa.2025.104020

Feng Liu , Meina Zheng , Meichang Wang , Yanqi Jin

For air pollution and climate change mitigation, many countries introduced the carbon emission trading scheme (ETS) to make carbon emissions costly. As a result, foreign enterprises must adapt to these policies, which means the existing foreign companies from carbon-intensive sectors may devest and new foreign direct investments (FDI) are likely to be greener. Using a firm-level dataset that identifies “green” FDI and incorporates socioeconomic control variables at the county level, this research employs China's carbon emission trading pilot policy as a quasi-natural experiment. Utilizing a difference-in-difference (DID) methodology, the analysis reveals that the implementation of this policy substantially enhances inflows of green FDI. Further analysis reveals heterogeneity across regions and sectors. The association between ETS and green FDI inflows is particularly strong in counties outside the Yangtze River Economic Belt regions and in areas with lower industrial agglomeration. However, in carbon-intensive sectors, the impact can be insignificant or even negative, except for green FDI types like “resource saving, waste management, and recycling”. The mechanism analysis highlights that the effect of ETS on attracting green foreign enterprises is positively moderated by counties' green innovation, local governments' environmental protection awareness, and regional marketization levels. Additionally, a deeper examination of the environmental implications of green FDI indicates that ETS may contribute to air quality improvement through attracting larger green FDI inflows. This study provides another lens for China's ETS-related economic and environmental analysis and offer evidence with policy relevance.

为了缓解空气污染和气候变化，许多国家引入了碳排放交易计划（ETS），使碳排放变得昂贵。因此，外国企业必须适应这些政策，这意味着来自碳密集型行业的现有外国公司可能会倒闭，而新的外国直接投资（FDI）可能会更加绿色。本研究利用企业层面的数据集识别 "绿色 "外国直接投资，并在县级层面纳入社会经济控制变量，将中国的碳排放权交易试点政策作为准自然实验。利用差分法（DID）进行的分析表明，该政策的实施大大促进了绿色外国直接投资的流入。进一步的分析显示了不同地区和部门之间的异质性。在长江经济带以外的地区和产业集聚度较低的地区，排放交易计划与绿色外国直接投资流入之间的联系尤为紧密。然而，在碳密集型行业，除了 "资源节约、废物管理和循环利用 "等绿色外国直接投资类型外，其他类型的影响可能并不显著，甚至是负面的。机理分析显示，ETS 对吸引绿色外资企业的影响受到县域绿色创新、地方政府环保意识和区域市场化水平的正向调节。此外，对绿色外国直接投资的环境影响的深入研究表明，排放交易计划可能会通过吸引更多的绿色外国直接投资流入来促进空气质量的改善。本研究为中国与 ETS 相关的经济和环境分析提供了另一个视角，并提供了具有政策相关性的证据。

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引用次数: 0

Unraveling the ‘green-default paradox’: Assessing the influence of gender-diverse boards and socially responsible ratings

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-02-20 DOI: 10.1016/j.irfa.2025.104011

Vu Quang Trinh , Nga Nguyen , Phuong Le , Thao Ngoc Nguyen

We investigate the ‘green-default paradox’ and its connection to gender-diverse boards and socially responsible ratings in influencing the relationship between corporate climate change exposure and distance-to-default. Our analysis uses data from 2004 to 2021 across 42 countries, yielding several significant findings. First, our research challenges the ‘green-default paradox’ by demonstrating that companies with higher climate exposure exhibit a greater distance to default, indicating reduced default risk. Second, our findings suggest that the effectiveness of internal governance factors and external ESG assessments plays a crucial role in moderating this relationship. Specifically, our primary results are more pronounced in firms with greater gender diversity on their boards and higher ESG ratings. Gender-diverse boards signify a company's increased commitment to addressing climate issues, reduced information asymmetry, and improved internal oversight. ESG ratings, serving as an external assessment, reflect a company's exposure to social capital, trust, and a culture focused on stakeholders, all of which suggest enhanced climate risk management. Third, our study reveals a non-linear relationship between climate exposure and distance to default, indicating diminishing benefits beyond a certain exposure threshold.

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引用次数: 0

Do investors pay attention to the long-term sustainable company development? 投资者是否关注公司的长期可持续发展？

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-02-20 DOI: 10.1016/j.irfa.2025.104025

Jinjuan Yang , Kaihao Qian , Yiyao Sun

This study investigates whether the green concerns expressed by retail investors on online platforms affect the environmental, social, and governance (ESG) performance of companies in China's A-share market. The implementation of China's dual carbon targets has received significant public support. Investors in the capital market are increasingly emphasizing the green initiatives of the companies they invest in. This creates external pressure on publicly listed firms. Results indicate that retail investors' attention to environmental sustainability significantly enhances companies' ESG performance, primarily by boosting their market reputation. The effect is more pronounced in companies from regions with lower marketization levels, those that are private enterprises, and those in the manufacturing sector.

引用次数: 0

Inhibition or inducement? The impact of carbon emissions trading scheme (ETS) on corporate earnings management from the perspective of public pressure

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-02-19 DOI: 10.1016/j.irfa.2025.104019

Shanglei Chai , Qianqian Zhou , Qiang Ji , Zuankuo Liu , Changyu Liu , Wenjun Chu

As the burden of corporate environmental governance increases following the implementation of the carbon emissions trading scheme (ETS), companies may engage in earnings management to disguise their actual financial condition. The diminished authenticity of earnings information may damage the interests of other market participants. Utilizing the time-varying difference-in-differences (DID) method, this study examines the impact and mechanisms of ETS on corporate earnings management based on the data of China's listed companies. The findings reveal several key points. Firstly, ETS is positively correlated with corporate earnings management, indicating that ETS has an inducement effect on corporate earnings management, rather than an inhibition effect. Secondly, the relationship between ETS and corporate earnings management is negatively moderated by public pressure, including government environmental attention and media attention. After further distinguishing the media sentiment, this paper finds that more positive media sentiment can weaken the tendency of ETS to induce earnings management. Thirdly, heterogeneity analysis shows that the inducement effect is more significant in high competition industries and low analyst coverage companies. Finally, the mechanism tests show that ETS induces corporate earnings management through channels of corporate financial risk and debt financing cost. The study's findings provide policy recommendations for improving and monitoring the quality of corporate earnings information in the carbon trading market.

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引用次数: 0

Is green revenue vanity or sanity? Evidence from corporate cash holdings

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-02-19 DOI: 10.1016/j.irfa.2025.104018

Chenhao Guo , Rui Zhong

We construct a novel corporate green revenue dataset in China to investigate the effect of green revenue on corporate cash holdings. We find that firms with a higher percentage of green revenues tend to hold less cash. Economically, a one-standard-deviation increase in green revenue scaled by total revenue leads to a 3.56 % decline in cash holdings scaled by total assets. This negative relationship is more pronounced in firms with high precautionary motive. Additionally, firms with green revenues tend to exercise real options to invest in response to climate change risks, with the necessary cash primarily sourced from external financing activities rather than operating activities. Our findings shed light on the sane effects of green revenue on corporate behaviour.

引用次数: 0

The effect of exploratory trademark strategy on corporate cash holdings

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-02-19 DOI: 10.1016/j.irfa.2025.104013

Ying Zou , Jianxin Li , Shufang Lai , Min Li

The theoretical and empirical focus of this study is the relationship between exploratory trademark strategy and corporate cash holdings, which is rarely explored in the literature. Using data from Chinese listed firms over the 2005–2021 period, we find a positive correlation between firms' exploratory trademark strategies and their cash holdings. Our cross-sectional analyses reveal that this effect is particularly strong in firms facing greater environmental uncertainty, higher financial constraints, and weaker corporate governance. We also find that exploratory trademark strategies drive increased investment in brand capital and R&D, with firms prioritizing strategic investments over cash dividends. These findings highlight the dual role of trademarks as both market assets and key elements of financial management, which prompt firms to maintain higher cash reserves to support their long-term strategic objectives.

引用次数: 0

Unveiling the asymmetric dynamic spillovers in industry bond credit risk: Is the energy industry the prime mover?

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-02-19 DOI: 10.1016/j.irfa.2025.104014

Yi-Shuai Ren , Tony Klein , Yong Jiang

This study employs a novel asymmetric time-varying parameter vector autoregressive (TVP-VAR) based connectedness approach to examine the dynamic return connectedness between industry bond credit spreads in China. This study specifically focuses on identifying the factors that contribute to connectedness. The empirical findings suggest that (1) the average total connectedness index (TCI) remains consistently high throughout the period, with particularly noteworthy surges during crises such as the COVID-19 epidemic and the Russia-Ukraine war. (2) The TCI for positive returns is greater than that for negative returns for the industry bond credit spread. This confirms that the strength of inter-industry connections grows when there is an increase in credit risk in the bond market. (3) The power and coal industries are net transmitters of credit risk, while the gas and new energy industries are net receivers. This tendency is particularly noticeable in the overall returns and the positive returns spillover systems. (4) The spillover of credit risk in the industry bond market can be attributed to the connections within the supply chain among different industries. Core industries, including transportation, real estate, and non-bank financial industries, typically play a major role as net transmitters, whereas non-core industries usually as receivers. (5) The TCI is heavily influenced by global shocks, such as international oil volatility, global climate transition risk, U.S. economic policy uncertainty, and global geopolitical risks.

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引用次数: 0

Evaluating the impact of report readability on ESG scores: A generative AI approach

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-02-19 DOI: 10.1016/j.irfa.2025.104027

Takuya Shimamura , Yoshitaka Tanaka , Shunsuke Managi

This study explores the relationship between the readability of sustainability reports and ESG scores for U.S. companies using GPT-4, a generative AI tool. The findings reveal a positive correlation between context-dependent readability scores and the average of multiple ESG scores, whereas their standard deviations exhibit a negative correlation. Conversely, existing text-dependent readability scores reflecting word features show no correlation with ESG scores. Moreover, we observe a correlation between readability and ESG scores among companies with lower social visibility, where transparent disclosure is essential for accurate ESG evaluation. These results point to the usefulness of context-dependent readability in ESG evaluations. In particular, it suggests that the stability of ESG evaluations is related to the high level of readability that takes context into account.

引用次数: 0

University shareholding and corporate innovation: Evidence from China

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-02-19 DOI: 10.1016/j.irfa.2025.104017

Huili Zhang , Yibo Huang , Lei Xu , Xuegang Cui , Zhonghui Hu

This study examines the impact of university shareholding on corporate innovation. We find that university shareholding significantly promotes corporate innovation performance. University–firm connections improve corporate innovation through attracting more highly educated talent and promoting university–firm cooperation. Additional tests suggest that the positive effect is more pronounced for firms in high-tech industries or those facing more-intense labor market competition. Moreover, the combined effects of university shareholding and corporate innovation significantly enhance firm value. Our findings provide insights for understanding the role of universities in firms' innovation practices in emerging markets.

引用次数: 0

Catalytic effect of the Shanghai–Hong Kong Stock Connect policy on corporate ESG performance

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis

Pub Date : 2025-02-18 DOI: 10.1016/j.irfa.2025.104016

Cen Cai , Qianyi Yang , Da Tu , Grace Li Tian , Yongqian Tu

Using the difference-in-differences method and Shanghai Stock Exchange–listed company data from 2007 to 2022, this study investigates the impact of the Shanghai–Hong Kong Stock Connect policy and capital market liberalization on corporate environmental, social, and governance (ESG) performance. Results show a significant improvement in ESG performance following the implementation of the Shanghai–Hong Kong Stock Connect policy. Analyst focus serves as a key intermediary in this process. Furthermore, capital market liberalization enhances corporate information disclosure standards and expedites ESG performance improvements. Following the implementation of the policy, state-owned enterprises demonstrate a particularly substantial increase in ESG performance.

引用次数: 0

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