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Multiscale cross-sector tail credit risk spillovers in China: Evidence from EEMD-based VAR quantile analysis 中国多尺度跨行业尾部信用风险溢出效应：基于EEMD的VAR量化分析的证据
IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE
Research in International Business and Finance
Pub Date : 2024-09-25 DOI: 10.1016/j.ribaf.2024.102602
This paper employs EEMD-based VAR for VaR methodology to explore the spillovers of credit risk across sectors in China, focusing on multiple time scales and tail effects. Analysis of daily sectoral CDS spreads reveals that the extent and direction of cross-sector tail risk spillovers vary across sectors and time horizons, showing more pronounced effects in the medium to long term. Notably, the most substantial upside tail credit risk spillovers have been found from the Government sector to others. Moreover, asymmetric spillovers are verified at all time scales, and the extent of these spillovers varies depending on the conditioning quantiles. Finally, the results of the multiscale pseudo quantile impulse response analysis show that sectoral tail credit risk is more sensitive to negative shocks from other sectors than to positive ones, with responses decaying at a slower rate for negative shocks. These findings provide valuable insights for investors and regulators.
本文采用基于 EEMD 的 VAR for VaR 方法探讨中国跨行业信用风险的溢出效应，重点关注多时间尺度和尾部效应。对每日行业 CDS 利差的分析表明，跨行业尾部风险溢出的程度和方向因行业和时间跨度而异，在中长期的影响更为明显。值得注意的是，从政府部门到其他部门的上行尾部信用风险溢出效应最为显著。此外，非对称溢出效应在所有时间尺度上都得到了验证，而且这些溢出效应的程度因条件量化而异。最后，多尺度伪量子脉冲响应分析的结果表明，部门尾部信贷风险对来自其他部门的负面冲击比对正面冲击更敏感，负面冲击的响应衰减速度更慢。这些研究结果为投资者和监管者提供了宝贵的启示。
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引用次数: 0
Uncovering patterns of fintech behavior in Italian banks: A multidimensional statistical analysis 揭示意大利银行的金融科技行为模式：多维统计分析
IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE
Research in International Business and Finance
Pub Date : 2024-09-25 DOI: 10.1016/j.ribaf.2024.102598
Fintech is changing the financial system and increasing the possibility of access to financial services. Considering the centrality of the banking world in providing financial services, this study aims to offer an analysis of banks' adoption of Fintech. Exploiting a sample of Italian listed banks, this study investigates their adoption of Fintech. Multiple correspondence analysis and hierarchical clustering classification are used to study Fintech factors in Italian banks, starting from significant variables highlighted by the literature: disclosure, financial investments, and collaborations in Sandboxes. Results show that different bank subgroups have specific Fintech features based on various structural characteristics. The implications are both academic and practical. On the one hand, we highlight how these measures make it possible to have homogeneous clusters. On the other hand, we have indications of policies and best practices.
金融科技正在改变金融体系，提高人们获得金融服务的可能性。考虑到银行业在提供金融服务方面的核心地位，本研究旨在对银行采用金融科技的情况进行分析。本研究以意大利上市银行为样本，对其采用金融科技的情况进行了调查。本研究采用多重对应分析和分层聚类分类法，从文献强调的重要变量（信息披露、金融投资和沙盒合作）入手，研究意大利银行采用金融科技的因素。结果表明，不同的银行子群具有基于各种结构特征的特定金融科技特征。这既有学术意义，也有现实意义。一方面，我们强调了这些措施如何使同质分组成为可能。另一方面，我们还指出了政策和最佳做法。
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引用次数: 0
The impact of digital transformation on the servitization transformation of manufacturing firms 数字化转型对制造业企业服务化转型的影响
IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE
Research in International Business and Finance
Pub Date : 2024-09-21 DOI: 10.1016/j.ribaf.2024.102588
In the burgeoning digital economy, the deep integration of the digital and real economies, along with industrial digitalization and service-oriented manufacturing, represent future development trends. Investigating the impact of digital transformation on servitization transformation is paramount for promoting the servitization transformation of manufacturing firms. This paper empirically examines data from listed Chinese manufacturing firms between 2007 and 2021, identifying several key findings. First, digital transformation significantly promotes the servitization transformation of manufacturing firms, a conclusion that remains robust through a series of tests. Second, digital transformation can drive the servitization transformation of manufacturing firms through two channels: enhancing total factor productivity and optimizing human capital. Third, the promotive effect of digital transformation on servitization transformation varies across firms with different ownership structures, technological levels, and scales. This study provides empirical evidence for promoting the high-quality development of manufacturing firms and accelerating their servitization transformation in the digital context.
在蓬勃发展的数字经济时代，数字经济与实体经济的深度融合，以及工业数字化和制造业服务化是未来的发展趋势。研究数字化转型对服务化转型的影响，对于推动制造业企业的服务化转型至关重要。本文通过对 2007 年至 2021 年中国制造业上市公司数据的实证研究，得出了几个重要结论。首先，数字化转型极大地促进了制造业企业的服务化转型。第二，数字化转型可以通过提高全要素生产率和优化人力资本两个渠道推动制造业企业的服务化转型。第三，数字化转型对不同所有制结构、技术水平和规模的企业服务化转型的促进作用各不相同。本研究为在数字化背景下促进制造业企业高质量发展、加快其服务化转型提供了经验证据。
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引用次数: 0
Do oil price shocks drive systematic risk premia in stock markets? A novel investment application 油价冲击会推动股票市场的系统性风险溢价吗？一种新颖的投资应用
IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE
Research in International Business and Finance
Pub Date : 2024-09-19 DOI: 10.1016/j.ribaf.2024.102591
This paper examines the effect of oil price shocks on factor returns in a set of 62 stock markets. Oil price shocks capture significant predictive information regarding the size and direction of factor returns in global markets, depending on the market classification and nature of oil shock. Oil supply and precautionary demand shocks possess the greatest predictive power over risk premia, particularly for value and momentum. We argue that time varying investor sentiment and the flexibility of firms to respond to economic shocks drive the responses of factors to oil shocks. More importantly, a conditional global factor investing strategy wherein the investment positions are tilted towards factor-based portfolios, conditional on the size and direction of the oil price shock, yields significant improvements in returns. Our findings show that smart beta strategies can be significantly improved by conditioning factor positions based on the size and direction of oil market shocks.
本文研究了石油价格冲击对 62 个股票市场要素回报的影响。根据市场分类和石油冲击的性质，石油价格冲击对全球市场要素回报的规模和方向具有重要的预测作用。石油供应和预防性需求冲击对风险溢价的预测能力最强，尤其是对价值和动量的预测能力。我们认为，随时间变化的投资者情绪和企业应对经济冲击的灵活性推动了要素对石油冲击的反应。更重要的是，有条件的全球因子投资策略，即投资头寸向基于因子的投资组合倾斜，以油价冲击的规模和方向为条件，能显著提高收益。我们的研究结果表明，根据石油市场冲击的规模和方向调整因子仓位，可以显著改善智能贝塔策略。
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引用次数: 0
Signaling vs. agency theory: What drives dividends of promoter-owned firms during a crisis? 信号理论与代理理论：是什么在危机期间推动了发起人所有企业的分红？
IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE
Research in International Business and Finance
Pub Date : 2024-09-18 DOI: 10.1016/j.ribaf.2024.102590
This paper analyses the effect of the COVID-19 pandemic on the relationship between promoter ownership and dividends. Using a sample of listed firms between 2015 and 2021, we find that promoter control positively relates to dividends during normal (pre-crisis) times. This is attributed to the desire to communicate information about the firm’s prospects, supporting the signaling theory. The positive relationship is inversed during the crisis owing to agency motives of withholding resources. To the best of our knowledge, this is the first-ever India-based study examining ownership structure's impacts on the dividend policy during the COVID-19 crisis.
本文分析了 COVID-19 大流行对发起人所有权与股息之间关系的影响。以 2015 年至 2021 年期间的上市公司为样本，我们发现在正常时期（危机前），发起人控制权与股息呈正相关。这归因于公司希望传达有关公司前景的信息，支持信号传递理论。而在危机期间，这种正相关关系则被逆转，原因是代理动机是扣留资源。据我们所知，这是印度首次研究所有权结构对 COVID-19 危机期间股利政策的影响。
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引用次数: 0
Contingent cash crunch: How do performance commitments affect acquirer liquidity? 或有现金紧缩：业绩承诺如何影响收购方的流动性？
IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE
Research in International Business and Finance
Pub Date : 2024-09-18 DOI: 10.1016/j.ribaf.2024.102592
This paper investigates how performance commitment clauses in mergers and acquisitions (M&As) influence the corporate liquidity of acquiring firms. Using a comprehensive dataset of Chinese domestic M&A deals from 2008 to 2021, we find that acquisitions involving performance commitments correspond to lower corporate liquidity for acquirers in subsequent years. Difference-in-differences analysis, instrumental variables, and propensity score matching support a causal relationship. Furthermore, cross-sectional tests reveal that this negative association is amplified for nonstate ownership, weak governance, poor reporting quality, and low financial constraints. We find that performance commitments increase management optimism, providing insights into the mechanisms linking contingent deal structures with suboptimal liquidity policies and heightened financial distress. Our study suggests that the contingent contract structures in M&A deals drain corporate liquidity, leaving firms financially vulnerable.
本文研究了并购（M&As）中的业绩承诺条款如何影响并购企业的企业流动性。利用 2008 年至 2021 年中国国内并购交易的综合数据集，我们发现涉及业绩承诺的并购会导致并购方随后几年的企业流动性降低。差异分析、工具变量和倾向得分匹配都支持这种因果关系。此外，横截面测试表明，在非国有所有权、治理薄弱、报告质量差和财务约束低的情况下，这种负相关关系会被放大。我们发现，业绩承诺会增加管理层的乐观情绪，这为我们揭示或有交易结构与次优流动性政策和财务困境加剧之间的关联机制提供了启示。我们的研究表明，并购交易中的或有合同结构会消耗企业的流动性，使企业在财务上处于弱势。
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引用次数: 0
Debt distribution and ESG performance: Evidence from Chinese listed companies 债务分布与环境、社会和公司治理绩效：来自中国上市公司的证据
IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE
Research in International Business and Finance
Pub Date : 2024-09-16 DOI: 10.1016/j.ribaf.2024.102589

Utilizing consolidated and parent company financial statement data from Chinese A-share listed companies from 2008 to 2022, this study empirically examines the impact of group debt distribution on ESG performance. The study reveals that as the proportion of debt financing assumed by the parent company increases, the ESG performance of the corporate group improves. After conducting endogeneity tests and other robustness checks, the research findings remain consistent. Further analysis shows that concentrated liabilities can improve the environmental, social, and governance performance of the group. Cross-sectional analysis demonstrates that the influence of concentrated liabilities on ESG performance is more pronounced in non-state-owned enterprises, during periods of high economic policy uncertainty, non-heavy pollution industry companies, when subsidiaries are geographically dispersed, and when there are more subsidiaries in various industries. This study provides empirical support for the positive externality of internal capital markets and offers valuable insights for ESG practices among listed companies.

本研究利用 2008 年至 2022 年中国 A 股上市公司的合并财务报表和母公司财务报表数据，实证检验了集团债务分布对环境、社会和公司治理绩效的影响。研究发现，随着母公司承担的债务融资比例增加，企业集团的环境、社会和公司治理绩效也会提高。在进行了内生性检验和其他稳健性检验后，研究结果保持一致。进一步分析表明，集中负债可以改善集团的环境、社会和治理绩效。横截面分析表明，集中负债对环境、社会和治理绩效的影响在非国有企业、经济政策不确定性高的时期、非重污染行业企业、子公司地理位置分散、各行业子公司较多的情况下更为明显。本研究为内部资本市场的正外部性提供了实证支持，并为上市公司的环境、社会和治理实践提供了有价值的启示。
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引用次数: 0
Blockchain adoption and analyst forecast accuracy 区块链的采用与分析师预测的准确性
IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE
Research in International Business and Finance
Pub Date : 2024-09-16 DOI: 10.1016/j.ribaf.2024.102593
We examine the relationship between corporate blockchain adoption and analyst forecast accuracy. We manually collect the blockchain usage data of public firms from the Factiva news database. Using a staggered Difference-in-Differences method, we find that analyst forecast accuracy significantly improves after firms adopt blockchain technology. In addition, the change in analyst coverage could be the potential explanation for this result.
我们研究了企业区块链应用与分析师预测准确性之间的关系。我们从 Factiva 新闻数据库中手动收集上市公司的区块链使用数据。利用交错差分法，我们发现企业采用区块链技术后，分析师的预测准确性显著提高。此外，分析师覆盖率的变化可能是这一结果的潜在解释。
{"title":"Blockchain adoption and analyst forecast accuracy","authors":"","doi":"10.1016/j.ribaf.2024.102593","DOIUrl":"10.1016/j.ribaf.2024.102593","url":null,"abstract":"<div><div>We examine the relationship between corporate blockchain adoption and analyst forecast accuracy. We manually collect the blockchain usage data of public firms from the Factiva news database. Using a staggered Difference-in-Differences method, we find that analyst forecast accuracy significantly improves after firms adopt blockchain technology. In addition, the change in analyst coverage could be the potential explanation for this result.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":null,"pages":null},"PeriodicalIF":6.3,"publicationDate":"2024-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142311831","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 effect of corporate executives’ academic experience on firm financialization — Evidence from listed manufacturing firms in China 企业高管的学术经历对企业金融化的影响--来自中国制造业上市公司的证据
IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE
Research in International Business and Finance
Pub Date : 2024-09-16 DOI: 10.1016/j.ribaf.2024.102587
This paper studies the impact of corporate executives’ early academic experience on corporate financialization using the data from 2010 to 2019 of A-share listed manufacturing firms on the Shanghai and Shenzhen stock exchanges. The results show that the personal characteristics developed in early academic career experience significantly inhibit their decision-making on corporate financialization. This inhibitory effect is more obvious among the non-state-owned firms and those firms in the regions with a high level of marketization. Meanwhile, this inhibitory effect enhances with the implementation of equity incentive policies for corporate executives, but not with the employee stock ownership plan (ESOPs). The results reveal the value of early academic career experiences of executives in corporate governance.
本文利用沪深证券交易所 A 股制造业上市公司 2010 年至 2019 年的数据，研究了企业高管早期学术经历对企业金融化的影响。结果表明，早期学术生涯经历中形成的个人特征会显著抑制其企业金融化决策。这种抑制作用在非国有企业和市场化程度较高地区的企业中更为明显。同时，这种抑制作用会随着企业高管股权激励政策的实施而增强，但不会随着员工持股计划（ESOPs）的实施而增强。研究结果揭示了高管早期学术生涯经历在公司治理中的价值。
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引用次数: 0
Navigating sustainable finance: Examining the impact of sustainable credit policy on energy consumption intensity 驾驭可持续金融：考察可持续信贷政策对能源消耗强度的影响
IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE
Research in International Business and Finance
Pub Date : 2024-09-16 DOI: 10.1016/j.ribaf.2024.102594
By using microeconomic database, this paper aims to examine the impact of sustainable credit policy (SCP) on energy consumption intensity (ECI) with difference-in-differences (DID). According to the overall result, SCP significantly inhibits ECI of high-polluting industrial companies. Based on the result of mechanism analysis, SCP influences ECI through factor substitution and energy technology innovation. Furthermore, compared with factor substitution, energy technology innovation plays a more remarkable role in reducing ECI. As distinguished from the available literature, we discover that energy technology innovation has a greater impact on the decline of ECI only within enterprise samples in the mature stage of technology, while factor substitution is more obvious among the resource-intensive enterprises. Theoretical and empirical support for the effective formulation of policies is provided herein to accelerate energy transition and sustainable industrial growth.
本文利用微观经济数据库，采用差分法（DID）研究了可持续信贷政策（SCP）对能源消耗强度（ECI）的影响。总体结果表明，可持续信贷政策显著抑制了高污染工业企业的能源消耗强度（ECI）。根据机理分析结果，SCP 通过要素替代和能源技术创新对 ECI 产生影响。此外，与要素替代相比，能源技术创新在降低 ECI 方面的作用更为显著。区别于现有文献，我们发现只有在技术成熟阶段的企业样本中，能源技术创新对 ECI 下降的影响更大，而要素替代在资源密集型企业中更为明显。本文为有效制定政策，加快能源转型和工业可持续增长提供了理论和实证支持。
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