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The impact of China’s outward FDI on agricultural productivity
IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-03-30 DOI: 10.1016/j.ribaf.2025.102886
Runong Xu , Yufeng Chen , Anna Min Du
China's outward foreign direct investment (OFDI) has emerged as a critical driver of economic development in Belt and Road (B&R) countries. However, its role in fostering agricultural productivity growth in the region remains underexplored. This study investigates the relationship between China's OFDI and agricultural productivity in 58 B&R countries from 2003 to 2021. Utilizing panel data, we quantitatively assess agricultural productivity while incorporating the influence of Chinese OFDI. Furthermore, the analysis distinguishes between high-income and middle- to low-income countries, offering a nuanced understanding of differential impacts. The results indicate that China's OFDI significantly enhances agricultural productivity across the region, with a particularly pronounced effect in middle- and low-income countries. This suggests that Chinese investments are more impactful in countries with lower income levels, underscoring their critical role in addressing disparities and promoting sustainable agricultural development. The findings provide actionable insights for policymakers in China and B&R countries, emphasizing strategies to deepen investment collaboration and advance agricultural sustainability, food security, and nutrition outcomes.
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引用次数: 0
Access to credit and fintech: A lexicon-based sentiment analysis application on Twitter data
IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-03-28 DOI: 10.1016/j.ribaf.2025.102875
Marilena Bredice, Anna Vittoria Formisano, Sara Kullafi, Pasquale Palma
This study examines how the interaction between access to credit and new fintech ventures evolved during and after the COVID-19 pandemic by conducting three different lexicon-based sentiment analyses using NLTK, TextBlob, and Flair Python libraries. We previously gathered data from Twitter (subsequently rebranded as X) by applying different combinations of keywords in our scraper script to better understand the phenomenon and enhance the quality of the final dataset. We defined the most appropriate set of keywords that we subsequently used for analysis. We also empirically estimated whether the results obtained could be generalized to the continents involved. Although the keywords “access to credit” and “fintech” show a slight decrease in tweets at the end of the COVID-19 pandemic, we obtain meaningful insights at the continent level concerning variations in sentiment over the analyzed period. Furthermore, the most recurrent keywords show significant correlations.
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引用次数: 0
Strategic fit of potential M&As between dual banks and conventional banks: Does Islamic banking matter?
IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-03-25 DOI: 10.1016/j.ribaf.2025.102876
Daniel Alejandro Bonfil Penella , Felix Rainer Schmitz , Yong Tan , Jorge Antunes , Peter Wanke , S. M Julkar Naeen Abir , Md. Abul Kalam Azad
During the last decades, Islamic banking has become a major influence for worldwide banking, which led to conventional banks using their existing infrastructure and branches to provide Islamic banking services. Despite the growing impact of this new type of bank, referred to as dual bank, including conventional and Islamic banking services, only a few authors have marginally analyzed them, none of them in a merger and acquisition (M&A) context. This study examines a global strategic fit of 375 bank M&As in 39 nations between 2011 and 2020. An input-oriented, two-stage network DEA (Data Envelopment Analysis) approach is used, computing several efficiency scores of the merged banks. Merging in our analysis involves a virtual combination of inputs and outputs of pairs of separate banks to test the efficiencies of this virtually merged entity. The findings reveal that the bank type impacts the virtual efficiency: dual bank M&As show a large advantage over conventional bank M&As.
{"title":"Strategic fit of potential M&As between dual banks and conventional banks: Does Islamic banking matter?","authors":"Daniel Alejandro Bonfil Penella ,&nbsp;Felix Rainer Schmitz ,&nbsp;Yong Tan ,&nbsp;Jorge Antunes ,&nbsp;Peter Wanke ,&nbsp;S. M Julkar Naeen Abir ,&nbsp;Md. Abul Kalam Azad","doi":"10.1016/j.ribaf.2025.102876","DOIUrl":"10.1016/j.ribaf.2025.102876","url":null,"abstract":"<div><div>During the last decades, Islamic banking has become a major influence for worldwide banking, which led to conventional banks using their existing infrastructure and branches to provide Islamic banking services. Despite the growing impact of this new type of bank, referred to as dual bank, including conventional and Islamic banking services, only a few authors have marginally analyzed them, none of them in a merger and acquisition (M&amp;A) context. This study examines a global strategic fit of 375 bank M&amp;As in 39 nations between 2011 and 2020. An input-oriented, two-stage network DEA (Data Envelopment Analysis) approach is used, computing several efficiency scores of the merged banks. Merging in our analysis involves a virtual combination of inputs and outputs of pairs of separate banks to test the efficiencies of this virtually merged entity. The findings reveal that the bank type impacts the virtual efficiency: dual bank M&amp;As show a large advantage over conventional bank M&amp;As.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"77 ","pages":"Article 102876"},"PeriodicalIF":6.3,"publicationDate":"2025-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143746305","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Employee satisfaction and CEO pay-performance sensitivity
IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-03-23 DOI: 10.1016/j.ribaf.2025.102883
Heung-Jae Jeon
This paper investigates the impact of employee satisfaction on CEO pay-performance sensitivity within a sample of S&P 1500 firms with an enough number of Glassdoor.com employee ratings. The results indicate that an increase in employee satisfaction is associated with a higher level of CEO pay-performance sensitivity, with this effect being more pronounced when there is a greater likelihood of CEOs being entrenched. These findings align with the notion that heightened employee satisfaction can create uncertainty among shareholders regarding the CEO’s motivations. Consequently, this study contributes to the existing literature on agency problems and the ongoing discourse surrounding employee welfare, supporting optimal contracting theory.
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引用次数: 0
Annual report tone and bank risk-taking behavior: Evidence from China
IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-03-22 DOI: 10.1016/j.ribaf.2025.102881
Lu Wei , Mingye Wei , Haozhe Jing , Zhongbo Jing
This paper explores how the textual tone of annual reports affects banks’ risk-taking. This paper divides tone into normal tone and abnormal tone and examines their influences on the risk-taking of banks’ assets and liabilities, respectively. By collecting 326 samples of 38 Chinese A-share listed banks’ annual reports during 2000–2020, the study finds that a more positive normal tone in annual reports indicates an increase in bank risk-taking behavior in the future. The competitive pressure and the policy shock plays a negative moderating role whereas the profitability has a positive moderating impact. Besides, the impact of the positive tone on increasing bank’s risk-taking behavior is more prominent for state-owned banks than that of non-state-owned banks. However, the abnormal tone can not predict the bank’s future risk-taking behavior. Finally, our findings show that the normal tone can provide forward-looking valuable information and has a significant predictive ability for a bank’s future risk-taking behavior and its insolvency risk.
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引用次数: 0
Long-term correlation between the green and conventional bond markets: The roles of categorical EPU indices and structural changes
IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-03-22 DOI: 10.1016/j.ribaf.2025.102882
Hongwei Zhang , Shiyao Wei , Yaoqi Guo
This study investigates the dynamic correlation between the green and conventional bond markets affected by different categories of economic policy uncertainty (EPU) using the DCC-MIDAS-X model. The results show that EPU has a significant negative impact on the long-term green-conventional bond correlation and most of the categorical EPU indices exhibit a negative impact on the long-term correlation. Furthermore, the study reveals structural changes during the COVID-19 pandemic and incorporates them into the DCC-MIDAS-X model, uncovering additional negative effect on the impact of some categories of EPU. Finally, the study examines the risk management performance using green and conventional assets. The results demonstrate that the green bond can be regarded as an efficient diversification tool for conventional bond assets and incorporating different categorical indices causes different effects on the efficiency. These findings offer valuable insights for investors and policymakers in mitigating risk across green and conventional bond markets under the period of rising EPU and frequent structural changes.
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引用次数: 0
Energy transition and CO₂ emissions: Fresh insight from low, middle and high-income countries
IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-03-20 DOI: 10.1016/j.ribaf.2025.102880
Parisa Pakrooh , Hela Nammouri , Sami Ben Jabeur
The energy transition to sustainable systems is critical in mitigating carbon dioxide (CO₂) emissions and achieving energy security. This study systematically analyzes the impact of transitioning from fossil fuels to renewable energy sources across countries of low, middle, and high-income levels, considering complex factors such as social aspects, legislative actions, and economic conditions that influence these transitions. For this aim, the GreenQ index introduced by Lau et al. (2023); a robust econometric model, the Cross-sectionally Augmented Autoregressive Distributed Lag (CS-ARDL) technique by Chudik and Pesaran (2015); and the Dumitrescu and Hurlin (2012) non-Granger causality test are applied to panel data from 1965 to 2021 of 53 countries. Findings highlight that advancements in green energy technologies and stringent legislative frameworks significantly reduce CO₂ emissions, particularly in high-income countries. Additionally, the results show that trade openness is associated with a slight reduction in emissions in low- and middle-income countries, while urbanization and political liberties have varying impacts depending on the income level of the country.
{"title":"Energy transition and CO₂ emissions: Fresh insight from low, middle and high-income countries","authors":"Parisa Pakrooh ,&nbsp;Hela Nammouri ,&nbsp;Sami Ben Jabeur","doi":"10.1016/j.ribaf.2025.102880","DOIUrl":"10.1016/j.ribaf.2025.102880","url":null,"abstract":"<div><div>The energy transition to sustainable systems is critical in mitigating carbon dioxide (CO₂) emissions and achieving energy security. This study systematically analyzes the impact of transitioning from fossil fuels to renewable energy sources across countries of low, middle, and high-income levels, considering complex factors such as social aspects, legislative actions, and economic conditions that influence these transitions. For this aim, the GreenQ index introduced by Lau et al. (2023); a robust econometric model, the Cross-sectionally Augmented Autoregressive Distributed Lag (CS-ARDL) technique by Chudik and Pesaran (2015); and the Dumitrescu and Hurlin (2012) non-Granger causality test are applied to panel data from 1965 to 2021 of 53 countries. Findings highlight that advancements in green energy technologies and stringent legislative frameworks significantly reduce CO₂ emissions, particularly in high-income countries. Additionally, the results show that trade openness is associated with a slight reduction in emissions in low- and middle-income countries, while urbanization and political liberties have varying impacts depending on the income level of the country.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102880"},"PeriodicalIF":6.3,"publicationDate":"2025-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143686505","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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 the digital economy on rural industrial revitalization
IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-03-19 DOI: 10.1016/j.ribaf.2025.102878
Shucui Wang , Ting Peng , Anna Min Du , Xiaohui Lin
The digital economy significantly influences the development of rural industries in China, playing a vital role in the country's economic and social progress. This study analyzes panel data from 30 Chinese provinces (2011–2021) to explore the digital economy's impact on rural industrial revitalization from a sustainable development perspective. This study finds that the digital economy positively affects rural industrial revitalization, with scientific and technological innovation acting as a positive intermediary. In addition, the impact varies regionally, following a "central > west > east" pattern, with differing effects based on rural employment levels. Furthermore, as scientific and technological innovation capabilities increase, the digital economy's influence on rural industries grows stronger. The digital economy exerts a spatial spillover effect, benefiting local rural industries but negatively impacting neighboring regions' rural industry development. These findings highlight the critical role of the digital economy in the sustainable development and revitalization of rural industries in China.
{"title":"The impact of the digital economy on rural industrial revitalization","authors":"Shucui Wang ,&nbsp;Ting Peng ,&nbsp;Anna Min Du ,&nbsp;Xiaohui Lin","doi":"10.1016/j.ribaf.2025.102878","DOIUrl":"10.1016/j.ribaf.2025.102878","url":null,"abstract":"<div><div>The digital economy significantly influences the development of rural industries in China, playing a vital role in the country's economic and social progress. This study analyzes panel data from 30 Chinese provinces (2011–2021) to explore the digital economy's impact on rural industrial revitalization from a sustainable development perspective. This study finds that the digital economy positively affects rural industrial revitalization, with scientific and technological innovation acting as a positive intermediary. In addition, the impact varies regionally, following a \"central &gt; west &gt; east\" pattern, with differing effects based on rural employment levels. Furthermore, as scientific and technological innovation capabilities increase, the digital economy's influence on rural industries grows stronger. The digital economy exerts a spatial spillover effect, benefiting local rural industries but negatively impacting neighboring regions' rural industry development. These findings highlight the critical role of the digital economy in the sustainable development and revitalization of rural industries in China.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102878"},"PeriodicalIF":6.3,"publicationDate":"2025-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143686551","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Exploring nonlinear tail dependencies: Cryptocurrencies, stablecoins, and commodity markets amid monetary shifts
IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-03-19 DOI: 10.1016/j.ribaf.2025.102874
Zehra Atik , Murat Guven , Bulent Guloglu , Gulsah Hancerliogullari Koksalmis , Fethi Calisir
This study explores the nonlinear tail dependence and tail risk in major cryptocurrencies, stablecoins, and various commodity markets. To achieve this, we apply a novel measure of nonlinear tail dependence across two distinct periods: the COVID-19-induced monetary expansion from January 3, 2020, to December 31, 2021, and the subsequent monetary contraction from January 1, 2022, to September 14, 2022. Unlike previous studies, this research uniquely considers both the right and left tails and the interactions between stablecoins and major cryptocurrencies. Our findings reveal a significant and persistent upper and lower tail dependence between major cryptocurrencies and commodity markets during both the monetary expansion and contraction periods. We also observe consistent upper and lower tail dependence between most stablecoins and commodity markets throughout these periods. Additionally, our analysis underscores the predictive power of commodity markets concerning cryptocurrency performance. Importantly, our results challenge the prevailing view that stablecoins function as safe-haven assets, offering a fresh perspective that diverges from prior research. These insights are precious for investors who diversify their portfolios across different monetary policy regimes.
{"title":"Exploring nonlinear tail dependencies: Cryptocurrencies, stablecoins, and commodity markets amid monetary shifts","authors":"Zehra Atik ,&nbsp;Murat Guven ,&nbsp;Bulent Guloglu ,&nbsp;Gulsah Hancerliogullari Koksalmis ,&nbsp;Fethi Calisir","doi":"10.1016/j.ribaf.2025.102874","DOIUrl":"10.1016/j.ribaf.2025.102874","url":null,"abstract":"<div><div>This study explores the nonlinear tail dependence and tail risk in major cryptocurrencies, stablecoins, and various commodity markets. To achieve this, we apply a novel measure of nonlinear tail dependence across two distinct periods: the COVID-19-induced monetary expansion from January 3, 2020, to December 31, 2021, and the subsequent monetary contraction from January 1, 2022, to September 14, 2022. Unlike previous studies, this research uniquely considers both the right and left tails and the interactions between stablecoins and major cryptocurrencies. Our findings reveal a significant and persistent upper and lower tail dependence between major cryptocurrencies and commodity markets during both the monetary expansion and contraction periods. We also observe consistent upper and lower tail dependence between most stablecoins and commodity markets throughout these periods. Additionally, our analysis underscores the predictive power of commodity markets concerning cryptocurrency performance. Importantly, our results challenge the prevailing view that stablecoins function as safe-haven assets, offering a fresh perspective that diverges from prior research. These insights are precious for investors who diversify their portfolios across different monetary policy regimes.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102874"},"PeriodicalIF":6.3,"publicationDate":"2025-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143686550","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
How does international capital flows drive green technological innovation in emerging and developed markets?
IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-03-18 DOI: 10.1016/j.ribaf.2025.102873
Obaika M. Ohikhuare , Nasir Khan , Kais Saidi
Green technological innovation is vital for advancing sustainable development, as it reconciles the dual objectives of economic growth and environmental sustainability. This study investigates the roles of institutional quality and international capital flows—both independently and interactively—in driving green technological innovation across emerging and developed economies. Using panel quantile regression on panel data spanning from 1996 to 2021, the study reveals several key findings. First, aggregation bias and the limitations of linear regression models in capturing the heterogeneity of green technological innovation contribute significantly to the lack of scholarly consensus. Second, the influence of international capital flows and capital per worker on green innovation varies across the stage of economic development and the level of green technological progress. Third, institutional quality consistently promotes green innovation, regardless of a country's level of development. Finally, whether institutional quality matters in how international capital flows drive green technological innovation is contingent on the stage of economic development and the level of green technical progress. These findings offer valuable insights for policymakers aiming to enhance green technological innovation through tailored strategies considering development stages and institutional contexts.
{"title":"How does international capital flows drive green technological innovation in emerging and developed markets?","authors":"Obaika M. Ohikhuare ,&nbsp;Nasir Khan ,&nbsp;Kais Saidi","doi":"10.1016/j.ribaf.2025.102873","DOIUrl":"10.1016/j.ribaf.2025.102873","url":null,"abstract":"<div><div>Green technological innovation is vital for advancing sustainable development, as it reconciles the dual objectives of economic growth and environmental sustainability. This study investigates the roles of institutional quality and international capital flows—both independently and interactively—in driving green technological innovation across emerging and developed economies. Using panel quantile regression on panel data spanning from 1996 to 2021, the study reveals several key findings. First, aggregation bias and the limitations of linear regression models in capturing the heterogeneity of green technological innovation contribute significantly to the lack of scholarly consensus. Second, the influence of international capital flows and capital per worker on green innovation varies across the stage of economic development and the level of green technological progress. Third, institutional quality consistently promotes green innovation, regardless of a country's level of development. Finally, whether institutional quality matters in how international capital flows drive green technological innovation is contingent on the stage of economic development and the level of green technical progress. These findings offer valuable insights for policymakers aiming to enhance green technological innovation through tailored strategies considering development stages and institutional contexts.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"77 ","pages":"Article 102873"},"PeriodicalIF":6.3,"publicationDate":"2025-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143738281","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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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Research in International Business and Finance
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