Research in International Business and Finance最新文献

We analyze the impact of state-level and national-level economic policy uncertainty (EPU) on stock volatility across 17 sectors. Using EPU data from 46 U.S. states, we construct a local uncertainty index through principal component analysis and compare it with national uncertainty using quantile regression. Our findings indicate that banks are influenced by both local and national uncertainty. Consumer-related sectors, such as beverages and transportation, react more to local uncertainty, while healthcare and defense sectors respond to national uncertainty. Sectors like medical, technology, electricity, and chemicals show no significant impact from either source. The effects are more pronounced at the 75th quantile, suggesting greater impact during high volatility periods. Our results provide important evidence that a generalized policy may not be effective as sectors respond differently to various sources of uncertainty. Instead, policymakers should combine national level policies with sector-specific approaches.

As a new economic form, the digital economy (DE) significantly impacts green development. However, the impact of the DE on green total factor productivity (GTFP) remains controversial. A two-way fixed effect model is constructed to explore the impact of DE on green development. It is found that (1) there is a U-shaped relationship rather than a positive relationship between DE and GTFP. (2) Industrial intelligence and e-commerce are essential for DE to affect GTFP. (3) The DE affects GTFP mainly by promoting efficiency progress rather than technological progress. In addition, in regions where government attention to the DE is higher than others, the DE substantially contributes to GTFP. The potential of integrating the DE and the real economy needs to be further tapped. This paper presents pertinent policy suggestions and provides new empirical evidence and valuable reference for promoting green development.

The current climate change is declared as a global boiling point by the UN; businesses are facing increasing costs in maintaining their supply chains and production standards and are being urged to adapt and innovate for environmental transition. With the Industrial Revolution 4.0, FinTech has helped develop households’ and firms’ resilience against climate change. This study explores how businesses use FinTech to increase economic readiness to attract adaptation investments. This study hypothesizes that, at initial levels of businesses, FinTech adoptions are typically targeted to improve profitability while, as businesses mature, their FinTech adoption shows a transition towards sustainability. Following this, the role of institutions in regulating an ecosystem is to promote sustainable financial innovations. This study employs a 114-country panel data analysis to investigate these dynamics empirically. The estimation using Panel Quantile Regression showed that institutional quality can moderate the U-shaped FinTech adoption and business readiness relationship to expedite the transition under Sustainable Development Goal 9. This research sheds light on the impact of institutional quality on improving businesses’ ability to attract adaptation investments via promoting sustainable innovation. Outcomes offer valuable insights for policymakers, firms, and investors seeking to foster a more resilient economy.

This paper examines the impact of the audit committee's IT expertise on corporate cybersecurity risk disclosure against the backdrop of increasing complexity and frequency of cyberattacks. We find that IT expertise of audit committees significantly improves the disclosure of cybersecurity risks. This effect is more pronounced in firms with less transparent financial reporting, firms with weaker governance, and firms with lower information asymmetry. Furthermore, the level of artificial intelligence adoption, the quality of internal controls, and the quality of information disclosure are potential influencing channels.

Amidst increasing interest from investors and scholars in the emerging Metaverse market, this paper marks a pioneering attempt to investigate the volatility connections between the Metaverse stock index and traditional financial markets such as Gold, Crude Oil, the Volatility Index, Bitcoin, and the Nasdaq. Utilizing a novel Quantile Vector Autoregressive (QVAR) model, the study assesses the transmission of shocks between the Metaverse market and its counterparts during bearish, normal, and bullish market conditions. The results highlight a significant increase in connectivity during extreme conditions compared to median levels. Notably, the Nasdaq emerges as a principal volatility transmitter to the Metaverse index, while Bitcoin shows minimal influence, suggesting that technological innovations, rather than cryptocurrencies, predominantly drive the Metaverse market. This investigation provides valuable insights for investors and policymakers, considering the nascent stage of Metaverse-related empirical research.

The processes of digitalization transform the current banking sectors. Digitalization and the increasing role of FinTech are driving the platformization of banking services, affecting the participants involved in their development and operation. This article examines the relationship between capturing value by different banking platforms' participants and the process of their inclusivity and associated vulnerability. The conflict of basic goals is analyzed through the lens of Paradox Theory. Our contribution is a theoretical model that helps understand how the banking platform's inclusiveness leads to value co-creation while introducing vulnerabilities. The governance structure is essential for the context of value co-creation in banking platforms. The model of governance defines the relations between different platform co-creators and their inclusiveness in a particular model. This research refers to the European Union financial market. The motivation for this focus is the regulatory solutions, embracing open banking and open finance. Understanding these dynamics is essential for shaping future policies and ensuring the sustainable development of banking platforms.

This study investigates the moderating influence of institutional quality on the relationship between green finance and sustainable development goals. The study takes data from 46 countries, including 22 developed and 24 developing countries, from 2013 to 2022. We use feasible generalized least square method for analyzing the data. Findings direct that green financing and institutional quality significantly enhance sustainable development goals. Further, regression outcomes also prove the moderating effect of institutional quality in our analysis. The interactive role of institutional quality significantly improves the influence of green finance on sustainable development goals. The strong quality of institutions certifies that investment in green finance is effectively allocated, strengthening their favorable impacts on social and environmental outcomes. Understanding this relationship is vital for policymakers and management to exploit the benefits of green finance investment in attaining sustainable development goals.

Corporate philanthropy plays an important role in enhancing firm reputation and financial performance. Further, board structure has the responsibility to make philanthropic decisions. This study investigates the moderating role of board structure on the relationship between corporate philanthropy and financial performance. We apply fixed effect model for analysing the results, while generalized method of moments (GMM) is employed to check the robustness of the results. We find that corporate philanthropy has a significant positive impact on financial performance. Further, results provide support for the moderating role of board attributes. The findings suggest that the policymakers should take appropriate decisions regarding corporate philanthropy while considering other factors such as board attributes.

This study constructs spillover indices from a volatility spillover network perspective using the Quantile Vector Autoregression (QVAR) model, capturing the RMB exchange rate's tail risk and time-frequency effects across varying shock sizes. Empirical results show that the QVAR-based spillover index more effectively captures the tail risk spillover effects across different quantiles. In the time domain, spillovers between RMB exchange rates are dynamic and particularly sensitive to extreme contingencies. In the frequency domain, RMB exchange rates demonstrate significant spillovers, primarily at low frequencies. During extreme upward events, dynamic observations show high-frequency spillovers surpassing low-frequency ones as dominant drivers in the tail spillovers of the RMB exchange rate. Additionally, the analysis of tail dependence indicators indicates a strong asymmetry in RMB exchange rate correlations, emphasizing market participants' heightened sensitivity to unfavorable shocks. These findings can serve as a reference for policymakers to strengthen risk management of the RMB exchange rate.

In this study, we analyze the performance of mutual fund managers who operate in emerging markets. Emerging stock markets differ from mature markets in significant ways, such as weak prosecution for insider trading, poor corporate governance practices, and a lack of liquidity, which create market inefficiencies that active investment strategies can exploit. We evaluate conditional alphas and multiple measures of liquidity, with a focus on equity funds that invest in emerging markets to achieve abnormal returns. Our analysis shows that smaller funds are significantly impacted by liquidity and that conditioning for public information has a significant effect on the distribution of returns. We find evidence of positive abnormal returns, which suggests that active management in emerging markets can be profitable.