Pub Date : 2025-11-07DOI: 10.1016/j.ribaf.2025.103196
Jikong Hu , Haiming Liu , Yao-Min Chiang
In developed countries and many transitional economies, common ownership between banks and firms (COBF) constitutes a significant channel of bank-firm linkage. Drawing on the Chinese context, this paper investigates how COBF affects corporate leverage adjustment speed. The findings indicate that COBF can accelerate corporate leverage adjustment, and this effect applies to both over-leveraged and under-leveraged firms. Moreover, the impact of COBF on leverage adjustment is more pronounced for firms facing severe financial constraints, high agency costs, and those operating in regions with weaker formal institutions. Specifically, this effect is driven by the reduction of financial constraints and agency issues. Finally, by facilitating faster leverage adjustments, COBF enhances firm performance. Our study contributes to the existing literature on common ownership as well as capital structure theory.
{"title":"Common ownership between banks and firms and corporate leverage adjustment speed: Evidence from China","authors":"Jikong Hu , Haiming Liu , Yao-Min Chiang","doi":"10.1016/j.ribaf.2025.103196","DOIUrl":"10.1016/j.ribaf.2025.103196","url":null,"abstract":"<div><div>In developed countries and many transitional economies, common ownership between banks and firms (COBF) constitutes a significant channel of bank-firm linkage. Drawing on the Chinese context, this paper investigates how COBF affects corporate leverage adjustment speed. The findings indicate that COBF can accelerate corporate leverage adjustment, and this effect applies to both over-leveraged and under-leveraged firms. Moreover, the impact of COBF on leverage adjustment is more pronounced for firms facing severe financial constraints, high agency costs, and those operating in regions with weaker formal institutions. Specifically, this effect is driven by the reduction of financial constraints and agency issues. Finally, by facilitating faster leverage adjustments, COBF enhances firm performance. Our study contributes to the existing literature on common ownership as well as capital structure theory.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"81 ","pages":"Article 103196"},"PeriodicalIF":6.9,"publicationDate":"2025-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145520562","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}
This study investigates the impact of concentrated ownership on payout policy in the absence of controlling families. Controlling corporate ownership is a dominant form of concentrated ownership among Japan’s listed firms. Unlike institutional investors, controlling corporations prefer within-group retention of earnings over cash distribution with greater opposition to repurchases than to dividends. Controlling corporations fend off the pressure from institutional investors for higher payouts, but there is no indication that controlling corporate ownership is detrimental to shareholder value. Our results suggest that, absent family control, concentrated ownership yields friction between the relationship-based and shareholder-oriented governance.
{"title":"Left to their own devices: Ownership concentration and payout policy","authors":"Heejung Choi , Jong-Hoon Kim , Jungwon Suh , Konari Uchida","doi":"10.1016/j.ribaf.2025.103193","DOIUrl":"10.1016/j.ribaf.2025.103193","url":null,"abstract":"<div><div>This study investigates the impact of concentrated ownership on payout policy in the absence of controlling families. Controlling corporate ownership is a dominant form of concentrated ownership among Japan’s listed firms. Unlike institutional investors, controlling corporations prefer within-group retention of earnings over cash distribution with greater opposition to repurchases than to dividends. Controlling corporations fend off the pressure from institutional investors for higher payouts, but there is no indication that controlling corporate ownership is detrimental to shareholder value. Our results suggest that, absent family control, concentrated ownership yields friction between the relationship-based and shareholder-oriented governance.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"81 ","pages":"Article 103193"},"PeriodicalIF":6.9,"publicationDate":"2025-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145520569","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}
Pub Date : 2025-11-05DOI: 10.1016/j.ribaf.2025.103188
Annarita Trotta , Carmen Gallucci , Francesco Rania , Eugenia Strano , Riccardo Tipaldi
In recent years, scholars have highlighted the pivotal role of digital finance in promoting financial inclusion among underserved populations, alleviating urban poverty, supporting individuals and households, and fostering green economies. However, despite these benefits, digital finance also presents challenges and limitations, including the risk of triggering financial crises. Additionally, its antecedents, dynamics, and global impacts remain underexplored. This article addresses this gap using an umbrella review methodology—a “review of reviews”—which consolidates insights from existing literature to provide a comprehensive perspective. To achieve this, 47 systematic and bibliometric reviews published in Chartered Association of Business Schools (ABS)-ranked journals were analyzed. The analysis identifies five key barriers to financial inclusion via digital finance: accessibility, technological and ethical, and economic and structural challenges, as well as regulatory and policy barriers, and social and behavioral factors. This review introduces the concept of a digital finance “black box”, highlighting the uncertainty surrounding the outputs of financial inclusion initiatives resulting from policy interventions. It concludes by suggesting future research directions and offering recommendations for policymakers and practitioners.
近年来，学者们强调了数字金融在促进服务不足人群的普惠金融、减轻城市贫困、支持个人和家庭以及培育绿色经济方面的关键作用。然而，尽管有这些好处，数字金融也存在挑战和局限性，包括引发金融危机的风险。此外，其成因、动态和全球影响仍未得到充分探讨。本文使用一种总括性的综述方法——“综述的综述”——来解决这一差距，该方法整合了现有文献的见解，提供了一个全面的视角。为了实现这一目标，我们分析了47篇发表在英国特许商学院协会（Chartered Association of Business Schools， ABS）排名期刊上的系统性文献计量评论。该分析确定了通过数字金融实现普惠金融的五大障碍：可及性、技术和道德、经济和结构性挑战、监管和政策障碍，以及社会和行为因素。本文介绍了数字金融“黑箱”的概念，强调了政策干预导致的普惠金融举措产出的不确定性。最后提出未来的研究方向，并为政策制定者和实践者提供建议。
{"title":"The “black box” of digital finance: An umbrella review of the challenges and drawbacks in advancing financial inclusion","authors":"Annarita Trotta , Carmen Gallucci , Francesco Rania , Eugenia Strano , Riccardo Tipaldi","doi":"10.1016/j.ribaf.2025.103188","DOIUrl":"10.1016/j.ribaf.2025.103188","url":null,"abstract":"<div><div>In recent years, scholars have highlighted the pivotal role of digital finance in promoting financial inclusion among underserved populations, alleviating urban poverty, supporting individuals and households, and fostering green economies. However, despite these benefits, digital finance also presents challenges and limitations, including the risk of triggering financial crises. Additionally, its antecedents, dynamics, and global impacts remain underexplored. This article addresses this gap using an umbrella review methodology—a “review of reviews”—which consolidates insights from existing literature to provide a comprehensive perspective. To achieve this, 47 systematic and bibliometric reviews published in Chartered Association of Business Schools (ABS)-ranked journals were analyzed. The analysis identifies five key barriers to financial inclusion via digital finance: accessibility, technological and ethical, and economic and structural challenges, as well as regulatory and policy barriers, and social and behavioral factors. This review introduces the concept of a digital finance “black box”, highlighting the uncertainty surrounding the outputs of financial inclusion initiatives resulting from policy interventions. It concludes by suggesting future research directions and offering recommendations for policymakers and practitioners.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"81 ","pages":"Article 103188"},"PeriodicalIF":6.9,"publicationDate":"2025-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145466846","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}
Pub Date : 2025-11-05DOI: 10.1016/j.ribaf.2025.103189
Hichem Saidi , Ilhan Ozturk , Abdelaziz Hakimi , Sana Ullah
Investing in green initiatives has become critical not only for improving environmental quality but also for providing clean and green energy sources. The central bank’s policy rate and energy inflation are critical in determining the level of green investment within the economy. Therefore, the primary motive of the analysis is to investigate the influence of central bank independence and energy inflation on green investment using 35 global economies from 1993 to 2023. In order to empirically investigate the connection between the variables, we employ the MMQR. The outcomes of the MMQR highlight that central bank independence fosters green investment at its medium and highest levels. In addition, energy inflation proves vital in enhancing the green investment from the 10th to the 70th quantiles. We have also controlled several factors, such as CO2e, political stability, and the internet, which play a vital role in promoting green investment at all levels. In contrast, economic growth has an adverse influence on green investment at all levels.
{"title":"Central bank independence–green investment nexus: Is energy inflation a barrier or stimulator?","authors":"Hichem Saidi , Ilhan Ozturk , Abdelaziz Hakimi , Sana Ullah","doi":"10.1016/j.ribaf.2025.103189","DOIUrl":"10.1016/j.ribaf.2025.103189","url":null,"abstract":"<div><div>Investing in green initiatives has become critical not only for improving environmental quality but also for providing clean and green energy sources. The central bank’s policy rate and energy inflation are critical in determining the level of green investment within the economy. Therefore, the primary motive of the analysis is to investigate the influence of central bank independence and energy inflation on green investment using 35 global economies from 1993 to 2023. In order to empirically investigate the connection between the variables, we employ the MMQR. The outcomes of the MMQR highlight that central bank independence fosters green investment at its medium and highest levels. In addition, energy inflation proves vital in enhancing the green investment from the 10th to the 70th quantiles. We have also controlled several factors, such as CO2e, political stability, and the internet, which play a vital role in promoting green investment at all levels. In contrast, economic growth has an adverse influence on green investment at all levels.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"81 ","pages":"Article 103189"},"PeriodicalIF":6.9,"publicationDate":"2025-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145520499","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}
Pub Date : 2025-11-05DOI: 10.1016/j.ribaf.2025.103187
Yitian Feng
This study examines how investors perceive a company’s adherence to its commitments. While existing research largely focuses on investors’ reactions to single reputation-related events, a deeper insight into investors’ perceptions of corporate credibility can be achieved by observing their responses to recurring events. The Chinese A-share market provides an ideal setting for this research, as major shareholders and executives of listed companies frequently announce stake-raising commitments (i.e., commitments to purchase additional shares), allowing for an analysis of investor reactions to repeated occurrences. Using a sample of stake-raising plans announced by A-share listed companies from July 2015 to 2022, this study finds that companies with stronger historical credibility receive more favorable evaluations and improved investor sentiment when issuing new stake-raising plans. However, investors’ actual trading behavior becomes more conservative, as many adopt a wait-and-see approach, revealing a discrepancy between their words and actions. The impact of historical credibility differs by state ownership, company size, and market performance. Furthermore, companies with higher historical credibility are more likely to fulfill new commitments as they value their reputation. They emphasize investors’ actions (“voting with their feet”) over verbal feedback.
{"title":"Do investors reward corporate integrity? Evidence from stake-raising commitments in China’s A-share market","authors":"Yitian Feng","doi":"10.1016/j.ribaf.2025.103187","DOIUrl":"10.1016/j.ribaf.2025.103187","url":null,"abstract":"<div><div>This study examines how investors perceive a company’s adherence to its commitments. While existing research largely focuses on investors’ reactions to single reputation-related events, a deeper insight into investors’ perceptions of corporate credibility can be achieved by observing their responses to recurring events. The Chinese A-share market provides an ideal setting for this research, as major shareholders and executives of listed companies frequently announce stake-raising commitments (i.e., commitments to purchase additional shares), allowing for an analysis of investor reactions to repeated occurrences. Using a sample of stake-raising plans announced by A-share listed companies from July 2015 to 2022, this study finds that companies with stronger historical credibility receive more favorable evaluations and improved investor sentiment when issuing new stake-raising plans. However, investors’ actual trading behavior becomes more conservative, as many adopt a wait-and-see approach, revealing a discrepancy between their words and actions. The impact of historical credibility differs by state ownership, company size, and market performance. Furthermore, companies with higher historical credibility are more likely to fulfill new commitments as they value their reputation. They emphasize investors’ actions (“voting with their feet”) over verbal feedback.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"81 ","pages":"Article 103187"},"PeriodicalIF":6.9,"publicationDate":"2025-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145520566","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}
Pub Date : 2025-11-04DOI: 10.1016/j.ribaf.2025.103190
Ruirui Wu
Shipping markets are experiencing heightened uncertainty and volatility as climate risk and geopolitical risk increase. This work uncovers the effects of climate and geopolitical risks on front, middle and end shipping markets. To this end, this work comprehensively uses time-varying parameter vector autoregression (TVP-VAR) connectedness and cross-quantilogram methods. The results of the TVP-VAR connectedness method show that geopolitical risk has a greater impact on shipping markets than climate risk. Climate risk transmits more information to middle shipping markets, whereas geopolitical risk transmits more information to front and end shipping markets. Further, the results of the cross-quantilogram method indicate that the information transmission from climate and geopolitical risks to shipping markets occurs mainly in the short term. An abnormally high climate risk has a significant and positive impact on most shipping markets under normal market conditions. Greater geopolitical risk has a significant positive impact on the front shipping market but a negative impact on middle shipping markets. These insights provide important implications for policymakers, shipping company managers and investors.
{"title":"How do climate risk and geopolitical risk impact shipping markets?","authors":"Ruirui Wu","doi":"10.1016/j.ribaf.2025.103190","DOIUrl":"10.1016/j.ribaf.2025.103190","url":null,"abstract":"<div><div>Shipping markets are experiencing heightened uncertainty and volatility as climate risk and geopolitical risk increase. This work uncovers the effects of climate and geopolitical risks on front, middle and end shipping markets. To this end, this work comprehensively uses time-varying parameter vector autoregression (TVP-VAR) connectedness and cross-quantilogram methods. The results of the TVP-VAR connectedness method show that geopolitical risk has a greater impact on shipping markets than climate risk. Climate risk transmits more information to middle shipping markets, whereas geopolitical risk transmits more information to front and end shipping markets. Further, the results of the cross-quantilogram method indicate that the information transmission from climate and geopolitical risks to shipping markets occurs mainly in the short term. An abnormally high climate risk has a significant and positive impact on most shipping markets under normal market conditions. Greater geopolitical risk has a significant positive impact on the front shipping market but a negative impact on middle shipping markets. These insights provide important implications for policymakers, shipping company managers and investors.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"81 ","pages":"Article 103190"},"PeriodicalIF":6.9,"publicationDate":"2025-11-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145466695","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}
Pub Date : 2025-11-03DOI: 10.1016/j.ribaf.2025.103159
Kai Wu , Yue Zhang , Donghui Li
In emerging markets characterized by significant information asymmetry, mitigating firm-level risk is paramount for market stability. While the governance role of institutional investors is known, the impact of their direct, on-the-ground engagement remains underexplored. This study’s objective is to investigate how institutional investor site visits, a crucial hands-on governance mechanism, affect stock return volatility. Using a sample of Chinese-listed A-share firms from 2012 to 2022, we find that frequent site visits significantly reduce firm-level stock return volatility. This risk-reduction effect is more pronounced for firms with greater agency problems, poorer ESG performance, and higher expropriation risk. Our analysis, robust to endogeneity concerns, indicates this effect is driven by improved external oversight. We conclude that direct institutional engagement is a vital channel for reducing information asymmetry, enhancing corporate governance, and ultimately promoting market stability by lowering investment risk.
{"title":"Onsite oversight: Institutional site visits and stock return volatility","authors":"Kai Wu , Yue Zhang , Donghui Li","doi":"10.1016/j.ribaf.2025.103159","DOIUrl":"10.1016/j.ribaf.2025.103159","url":null,"abstract":"<div><div>In emerging markets characterized by significant information asymmetry, mitigating firm-level risk is paramount for market stability. While the governance role of institutional investors is known, the impact of their direct, on-the-ground engagement remains underexplored. This study’s objective is to investigate how institutional investor site visits, a crucial hands-on governance mechanism, affect stock return volatility. Using a sample of Chinese-listed A-share firms from 2012 to 2022, we find that frequent site visits significantly reduce firm-level stock return volatility. This risk-reduction effect is more pronounced for firms with greater agency problems, poorer ESG performance, and higher expropriation risk. Our analysis, robust to endogeneity concerns, indicates this effect is driven by improved external oversight. We conclude that direct institutional engagement is a vital channel for reducing information asymmetry, enhancing corporate governance, and ultimately promoting market stability by lowering investment risk.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"81 ","pages":"Article 103159"},"PeriodicalIF":6.9,"publicationDate":"2025-11-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145466849","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}
Pub Date : 2025-10-30DOI: 10.1016/j.ribaf.2025.103186
Jinhwan Kim , Hoon Cho , Sangik Seok
We analyze the impact of the underlying market’s minimum trading unit (MTU) on the corresponding exchange-traded fund (ETF) market. We provide novel evidence, based on unique hand-collected information, that establishes a correlation between market accessibility and the ETF market. MTUs represent the minimum number of shares required for a transaction and act as trading barriers for investors. Our findings indicate that institutional investors exhibit decreased involvement in ETFs when the underlying markets are less accessible. The accessibility of underlying markets is positively correlated with arbitrage activity, tracking ability, and the probability of informed trading in ETFs. Following a decrease in the underlying markets’ MTUs, institutional trading activity in ETFs gradually increases. In addition, we observe significant changes in arbitrage activity, tracking ability, and the probability of informed trading in ETFs.
{"title":"How trading barriers in underlying markets impact ETF trading and characteristics","authors":"Jinhwan Kim , Hoon Cho , Sangik Seok","doi":"10.1016/j.ribaf.2025.103186","DOIUrl":"10.1016/j.ribaf.2025.103186","url":null,"abstract":"<div><div>We analyze the impact of the underlying market’s minimum trading unit (MTU) on the corresponding exchange-traded fund (ETF) market. We provide novel evidence, based on unique hand-collected information, that establishes a correlation between market accessibility and the ETF market. MTUs represent the minimum number of shares required for a transaction and act as trading barriers for investors. Our findings indicate that institutional investors exhibit decreased involvement in ETFs when the underlying markets are less accessible. The accessibility of underlying markets is positively correlated with arbitrage activity, tracking ability, and the probability of informed trading in ETFs. Following a decrease in the underlying markets’ MTUs, institutional trading activity in ETFs gradually increases. In addition, we observe significant changes in arbitrage activity, tracking ability, and the probability of informed trading in ETFs.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"81 ","pages":"Article 103186"},"PeriodicalIF":6.9,"publicationDate":"2025-10-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145466694","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}
Pub Date : 2025-10-27DOI: 10.1016/j.ribaf.2025.103183
Shiyao Min , Bin Dai , Qiqi Wu
The construction of capital market systems is a key path to enhancing market functions; however, there is no consensus on the actual effects of their international development. This study employs Chinese A-share listed companies from 2010 to 2023 as a sample. Leveraging the quasi-natural experiment of A-shares' inclusion in the MSCI index, we construct a difference-in-differences model to empirically examine the impact of capital market internationalization on corporate R&D manipulation. The results demonstrate that capital market internationalization significantly inhibits corporate R&D manipulation, a finding that remains robust to a battery of robustness tests. Further mechanism analysis reveals that this international governance effect operates primarily through three channels: alleviating managerial myopia, reducing financing constraints, and improving internal control quality. The effect is more pronounced in non-state-owned enterprises, firms without directors' and officers' liability insurance, those with higher media attention, those with stronger market competitive positions, and non-high-tech enterprises. Economic consequence tests indicate that the MSCI inclusion enhances corporate resilience by curbing R&D manipulation and promotes a more positive tone in management disclosures. This study suggests that capital market internationalization, by exerting institutional isomorphism pressure, prompts enterprises to shift from strategic innovation arbitrage to substantive innovation activities. Our findings not only challenge the conventional wisdom that 'innovation incentives inevitably improve innovation quality' but also provide a novel theoretical lens for understanding the divergence between innovation quantity and quality in emerging markets.
{"title":"When global standards meet local firms: Capital market internationalization and the decline of R&D manipulation","authors":"Shiyao Min , Bin Dai , Qiqi Wu","doi":"10.1016/j.ribaf.2025.103183","DOIUrl":"10.1016/j.ribaf.2025.103183","url":null,"abstract":"<div><div>The construction of capital market systems is a key path to enhancing market functions; however, there is no consensus on the actual effects of their international development. This study employs Chinese A-share listed companies from 2010 to 2023 as a sample. Leveraging the quasi-natural experiment of A-shares' inclusion in the MSCI index, we construct a difference-in-differences model to empirically examine the impact of capital market internationalization on corporate R&D manipulation. The results demonstrate that capital market internationalization significantly inhibits corporate R&D manipulation, a finding that remains robust to a battery of robustness tests. Further mechanism analysis reveals that this international governance effect operates primarily through three channels: alleviating managerial myopia, reducing financing constraints, and improving internal control quality. The effect is more pronounced in non-state-owned enterprises, firms without directors' and officers' liability insurance, those with higher media attention, those with stronger market competitive positions, and non-high-tech enterprises. Economic consequence tests indicate that the MSCI inclusion enhances corporate resilience by curbing R&D manipulation and promotes a more positive tone in management disclosures. This study suggests that capital market internationalization, by exerting institutional isomorphism pressure, prompts enterprises to shift from strategic innovation arbitrage to substantive innovation activities. Our findings not only challenge the conventional wisdom that 'innovation incentives inevitably improve innovation quality' but also provide a novel theoretical lens for understanding the divergence between innovation quantity and quality in emerging markets.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"81 ","pages":"Article 103183"},"PeriodicalIF":6.9,"publicationDate":"2025-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145466848","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}
Pub Date : 2025-10-25DOI: 10.1016/j.ribaf.2025.103182
Priya Malhotra , Sanjeev Kumar , Mariya Gubareva , José Zorro Mendes
Given the rising demand for clean energy, we investigate the dynamic linkages between clean energy metals (lithium, nickel), fossil fuels (oil, gas), precious metals (gold, silver) and major equity markets. We employ the extended joint connectedness approach to study spillovers via daily data from January 2017 to September 2024. A comparative analysis of risk transmission during the pandemic-driven crisis and ongoing geopolitical tensions reveals that connectedness increases during stress episodes. We document that silver, Canadian and Indian stocks are persistent receivers of volatility, whereas nickel, gold, and gas are persistent transmitters. Severe shocks cause lithium and French stocks to shift from receiver to transmitter, whereas the inverse holds for the U.S., China and oil. We report that during periods of crisis the minimum connectedness portfolio outperforms the minimum correlation portfolio and minimum variance portfolio. The optimal hedge ratio results provide important portfolio rebalancing insights.
{"title":"Dynamic nexus of clean energy metals, energy commodities and traditional assets: Multidimensional techniques and portfolio analysis","authors":"Priya Malhotra , Sanjeev Kumar , Mariya Gubareva , José Zorro Mendes","doi":"10.1016/j.ribaf.2025.103182","DOIUrl":"10.1016/j.ribaf.2025.103182","url":null,"abstract":"<div><div>Given the rising demand for clean energy, we investigate the dynamic linkages between clean energy metals (lithium, nickel), fossil fuels (oil, gas), precious metals (gold, silver) and major equity markets. We employ the extended joint connectedness approach to study spillovers via daily data from January 2017 to September 2024. A comparative analysis of risk transmission during the pandemic-driven crisis and ongoing geopolitical tensions reveals that connectedness increases during stress episodes. We document that silver, Canadian and Indian stocks are persistent receivers of volatility, whereas nickel, gold, and gas are persistent transmitters. Severe shocks cause lithium and French stocks to shift from receiver to transmitter, whereas the inverse holds for the U.S., China and oil. We report that during periods of crisis the minimum connectedness portfolio outperforms the minimum correlation portfolio and minimum variance portfolio. The optimal hedge ratio results provide important portfolio rebalancing insights.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"81 ","pages":"Article 103182"},"PeriodicalIF":6.9,"publicationDate":"2025-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145466693","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}
扫码关注我们
求助内容：
应助结果提醒方式：
京公网安备 11010802042870号