Research in International Business and Finance最新文献

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Marketing tokens and marketing stocks: Tail risk connections with portfolio implications

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2025-01-28 DOI: 10.1016/j.ribaf.2025.102784

Emmanuel Joel Aikins Abakah , Raphael Odoom , Mohammad Abdullah , Chi-Chuan Lee , Mohd Ziaur Rehman

This research investigates the spillover of tail risk between marketing tokens and top marketing firm stocks, providing insights into their interconnectedness and implications for portfolio diversification. Our analysis utilizes the Conditional Autoregressive Value at Risk (CAViaR) and time-varying parameter-vector autoregression (TVP-VAR) based dynamic connectedness measures to explore the transmission of shocks over time and the degree of dependency among these assets. Our findings reveal that marketing tokens and stocks demonstrate a lower level of interconnectedness, suggesting possible avenues for enhancing portfolio diversification. Moreover, the results highlight the event-dependent nature of tail risk transmission, with notable peaks observed during periods of market stress, such as the COVID-19 pandemic and geopolitical conflicts. We further examine portfolio weights and hedge ratios, shedding light on optimal allocation strategies and risk management techniques for these assets. These insights offer valuable guidance for investors in managing tail risk and promoting the stability and resilience of financial markets.

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引用次数: 0

CSR decoupling and financial fraud: Unveiling the hidden nexus in US-listed firms

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2025-01-28 DOI: 10.1016/j.ribaf.2025.102791

Asif Saeed , Samreen Hamid , Riadh Manita , Phassawan Suntraruk

In an era marked by heightened transparency and growing social consciousness, many companies opt for symbolic Corporate Social Responsibility (CSR) communication rather than substantive action, giving rise to skepticism and a phenomenon known as 'CSR decoupling.' Moreover, revelations of financial fraud within ostensibly socially responsible firms exacerbate ethical concerns, raising doubts about their sincerity and regulatory oversight mechanisms. This study delves into US-listed firms to explore the nexus between CSR decoupling and financial fraud. Utilizing propensity score matching (PSM), the sample is meticulously drawn from 15,993 firm-year observations from US-listed firms. The research uncovers that firms engaged in CSR decoupling face elevated risks of financial misconduct. Additionally, deficient governance, subpar audit quality, and concentrated ownership structures amplify the likelihood of financial fraud. Our findings underscore the imperative for stakeholders and regulatory bodies to exercise discernment in scrutinizing CSR performance and disclosures, as managerial self-interests can skew CSR initiatives, misleading stakeholders.

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引用次数: 0

Measuring multi-scale risk contagion between crude oil, clean energy, and stock market: A MODWT-Vine-copula method

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2025-01-28 DOI: 10.1016/j.ribaf.2025.102790

Yaling Chen , Huiming Zhu , Yinpeng Liu

This paper combines the MODWT method with the vine-copula model to explore the dependence and contagion of extreme risk between WTI crude oil, clean energy, and US stock market. The results indicate that in the original return, the impact of US stocks reinforces the dependence between WTI crude oil and clean energy. After removing the risk effect of covariates, the risk contagion from WTI crude oil to clean energy and US stocks is smaller than their extreme risk contagion to WTI crude oil. Furthermore, different investment time scales have different risk contagion profiles. For example, the contagion of risk between WTI crude oil, clean energy and the US stock market is significantly tighter on the medium-run time scale, while on the short-run time scale, there is no significant risk contagion from WTI crude oil to either clean energy or US stocks. Finally, asymmetric effects are very common on the downside and upside risk-contagious surface, with WTI crude oil being more vulnerable to risk contagion from US stocks than clean energy.

引用次数: 0

The co-effects of technology innovation and digital infrastructure on central bank digital currency: A DSGE analysis

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2025-01-28 DOI: 10.1016/j.ribaf.2025.102783

Wei Peng , Baogui Xin , Hui Tan , Jiwon Kwon

The Central Bank Digital Currency (CBDC) stands at the forefront of financial innovation, intertwining with the coevolution of technology innovation and digital infrastructure. Despite their significance, the co-effects of technology innovation and digital infrastructure on the evolution and efficacy of CBDCs remain underexplored. This study introduces a dynamic stochastic general equilibrium (DSGE) model that encapsulates various economic agents, including households, firms in different stages, financial institutions, and policy authorities, to simulate real-world interactions and policy implications. We uncover a non-linear relationship between CBDCs and traditional banking deposits, challenging and reconciling disparate views in the existing literature. The study reveals that while CBDCs can potentially enhance macroeconomic stability and efficiency in the short term, their long-term impact is contingent upon sustained technology innovation and robust digital infrastructure. These findings offer nuanced insights into the co-evolutionary process of financial mechanisms and technological progress, providing a theoretical foundation for policymakers to navigate the complex dynamics of introducing CBDCs within the digital economy. This research not only bridges a critical gap in financial innovation literature but also charts a course for future empirical investigations into the broader economic ramifications of CBDC implementation.

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引用次数: 0

Promoting corporate social responsibility through green finance legislation

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2025-01-27 DOI: 10.1016/j.ribaf.2025.102778

Meng Zhao , Yuan Feng , Shuai Niu

Green finance offers a pivotal mechanism to support Corporate Social Responsibility (CSR) by aligning financial systems with environmental sustainability goals. This study investigates the role of green finance in promoting CSR among high-polluting companies in China by utilizing a quasi-natural experiment. Our findings reveal green finance significantly improves CSR performance. Firms with higher financial vulnerability are more likely to undertake CSR activities to secure green financing; firms under more intensive media pressure receive higher benefits from green financing on CSR through enhanced accountability and disclosure. These findings suggest that policymakers tighten financing regulations and strengthen media oversight to encourage transparency and socially responsible business practices.

引用次数: 0

Day-night anomaly returns in China: The role of institutions

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2025-01-27 DOI: 10.1016/j.ribaf.2025.102776

Jiayan Qiu , Wei Huang , Ying Jiang

This paper examines the overnight and intraday anomalous return pattern based on an analysis of intraday trading data of the Chinese stock market from 2009 to 2021. A decomposition of the abnormal returns of seven trading strategies reveals that the anomalous profits mainly exist at the opening and closing of the market (i.e., U-shape), especially when the market is just open. Our evidence indicates that this pattern could be explained by the fact that institutions trade actively during these two periods for mispricing profits induced by the unique T + 1 rule in China.

引用次数: 0

Media hostility and international portfolio allocation: Evidence from global funds

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2025-01-27 DOI: 10.1016/j.ribaf.2025.102782

Xiao Li , Wenjing Xie , Wenjuan Dong , Runyi Zhou

This paper employs data from 1397 global funds invested in 40 countries to examine the influence of media sentiment on the global fund asset allocation. The findings indicate that media hostility negatively predicts funds' global portfolio allocation. Moreover, the negative effect is diminished when there is greater cultural integration between countries, whereas cultural distance between countries can have the opposite effect. In addition, media hostility is less effective in predicting the asset allocation of global funds that are less risk averse, while it is more susceptible for funds that are more discretionary.

引用次数: 0

The Impact of environmental protection tax on corporate ESG performance and corporate green behavior

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2025-01-22 DOI: 10.1016/j.ribaf.2025.102772

Youwei Huang , Chaoyang Liu , Li Wang , Yuzhu Qi

This study examines the impact of environmental protection tax reform on corporate green behavior and ESG performance. Our empirical analysis reveals that the enactment of environmental protection tax significantly enhances corporate ESG performance. Furthermore, we document that this tax reform influences corporate green behavior through multiple channels: it increases environmental investment, accelerates green technological innovation, and improves financial conditions through tax-related financial incentives. The effect of improved ESG performance is more evident in state-owned enterprises, enterprises in regions with increased tax rates, and small enterprises. The findings of this study have implications for governments and policymakers considering using tax laws to affect corporate ESG performance and corporate green behavior.

引用次数: 0

Digital payments and GDP growth: A behavioural quantitative analysis

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2025-01-20 DOI: 10.1016/j.ribaf.2025.102768

Andrea Birigozzi , Cristina De Silva , Prabesh Luitel

This study examines the relationship between the provision of digital payment and GDP growth by uniquely integrating behavioural attitudes, shaped by the status quo, individual behavioural bias and financial literacy. We employ a panel data analysis across multiple countries which differentiates from studies focusing on aggregation transaction metrics within single-country context. We demonstrate a positive association between behavioural adoption of digital payments and GDP growth. We provide evidence that each percentage increase in the adoption of digital payments contributes to an increase in GDP growth, boosting it between 6% and 8% of its current growth rate. Digital payments reduce transaction costs, expand financial access and reshape financial behaviours. Our findings highlight the critical need to incorporate behavioural insights into policy design for sustainable economic growth.

引用次数: 0

State-owned enterprises dividend policy and subsidiary internationalization: A study based on the secondary agency problem

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2025-01-17 DOI: 10.1016/j.ribaf.2025.102767

Pan Tong , Xiao Chen , Jun Su

Drawing upon agency theory, we delve into the relationship between the dividend distribution of parent state-owned enterprises (SOEs) and the internationalization of their subsidiaries. Taking the promulgation of China’s mandatory dividend policy as an exogenous shock to the dividend growth of parent SOEs, our research reveals an adverse impact of this policy on the international expansion of subsidiaries. This adverse effect intensifies as the dividend ratio of parent firms escalates. Mechanism analysis highlights that the transfer of resources from subsidiaries, facilitated by controlling shareholders through related-party transactions and intercorporate loans, constitutes a crucial channel through which the mandatory dividend policy impacts the internationalization of subsidiaries. Further research shows that when the degree of separation between control and ownership rights of controlling shareholders is greater, the internal and external governance environment of the firm is poor, and the level of industry competition is lower, the adverse effect of the policy on the internationalization of subsidiaries is more significant. Overall, our analysis sheds light on how the economic conduct of parent SOEs shapes the internationalization strategies of their subsidiaries, thereby advancing the understanding of internationalization theories in emerging market economies.

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引用次数: 0

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