Pub Date : 2026-02-01Epub Date: 2025-11-27DOI: 10.1016/j.ribaf.2025.103241
Qingmei Tan , Yuge Wang , Tianqi Cheng , Zhenhua Li
Drawing on the perspective of socioemotional wealth (SEW), this paper explores the effect of family involvement in the board (FIB) on green innovation of family firms and the moderating role of family-based naming. By analyzing a sample of Chinese A-share listed family firms from 2008 to 2022, this paper finds that increased FIB can significantly inhibit green innovation of family firms, and family-based naming weakens the negative relationship. The channel test shows that increased FIB weakens the risk-taking level, aggravates managerial myopia and type II agency costs, thereby affecting the family firm’s green innovation. The heterogeneity analysis indicates that the negative impact of FIB on green innovation is more pronounced in family firms with higher analyst coverage and facing stronger industrial competition.
{"title":"Family involvement in the board and green innovation of family firms: The moderating effect of family-based naming","authors":"Qingmei Tan , Yuge Wang , Tianqi Cheng , Zhenhua Li","doi":"10.1016/j.ribaf.2025.103241","DOIUrl":"10.1016/j.ribaf.2025.103241","url":null,"abstract":"<div><div>Drawing on the perspective of socioemotional wealth (SEW), this paper explores the effect of family involvement in the board (FIB) on green innovation of family firms and the moderating role of family-based naming. By analyzing a sample of Chinese A-share listed family firms from 2008 to 2022, this paper finds that increased FIB can significantly inhibit green innovation of family firms, and family-based naming weakens the negative relationship. The channel test shows that increased FIB weakens the risk-taking level, aggravates managerial myopia and type II agency costs, thereby affecting the family firm’s green innovation. The heterogeneity analysis indicates that the negative impact of FIB on green innovation is more pronounced in family firms with higher analyst coverage and facing stronger industrial competition.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"82 ","pages":"Article 103241"},"PeriodicalIF":6.9,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145684891","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 : 2026-02-01Epub Date: 2025-11-24DOI: 10.1016/j.ribaf.2025.103228
Nhan Huynh , Hoa Phan , Kyle Paquette , Phuong Thi Thu Vu
This study examines how changes in sovereign credit ratings influence corporate investment decisions, with a particular emphasis on the moderating role of public debt burdens. Using a panel of 2213 rated firms across 52 countries from 1995 to 2021, we document an asymmetric effect: sovereign downgrades lead to a significant 20.5 % reduction in total investment, primarily driven by sharp declines in long-term capital expenditures and a reallocation toward short-term investments. By contrast, rating upgrades have no meaningful effect on investment, highlighting that rating shocks are more disruptive in the downward direction. Our results suggest that rising borrowing costs and heightened financial constraints are key channels through which sovereign risk spills over to firms, with the adverse effects of downgrades further amplified in high-debt countries. Our results are robust across alternative investment proxies, subsample analyses, and endogeneity controls, and are reinforced by additional sectoral and institutional heterogeneity tests, highlighting both the pervasiveness of the downgrade effect and the capacity of strong governance environments to mitigate its impact.
{"title":"Sovereign credit ratings, fiscal burden and corporate investment policies: An international evidence","authors":"Nhan Huynh , Hoa Phan , Kyle Paquette , Phuong Thi Thu Vu","doi":"10.1016/j.ribaf.2025.103228","DOIUrl":"10.1016/j.ribaf.2025.103228","url":null,"abstract":"<div><div>This study examines how changes in sovereign credit ratings influence corporate investment decisions, with a particular emphasis on the moderating role of public debt burdens. Using a panel of 2213 rated firms across 52 countries from 1995 to 2021, we document an asymmetric effect: sovereign downgrades lead to a significant 20.5 % reduction in total investment, primarily driven by sharp declines in long-term capital expenditures and a reallocation toward short-term investments. By contrast, rating upgrades have no meaningful effect on investment, highlighting that rating shocks are more disruptive in the downward direction. Our results suggest that rising borrowing costs and heightened financial constraints are key channels through which sovereign risk spills over to firms, with the adverse effects of downgrades further amplified in high-debt countries. Our results are robust across alternative investment proxies, subsample analyses, and endogeneity controls, and are reinforced by additional sectoral and institutional heterogeneity tests, highlighting both the pervasiveness of the downgrade effect and the capacity of strong governance environments to mitigate its impact.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"82 ","pages":"Article 103228"},"PeriodicalIF":6.9,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145684894","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 : 2026-02-01Epub Date: 2025-12-24DOI: 10.1016/j.ribaf.2025.103256
Abdulazeez Y.H. Saif-Alyousfi
This study examines the impact of energy price shocks on bank diversification in G7 countries using data from 13,225 banks between 1992 and 2021. Applying a two-step system dynamic generalized method of moments estimator, the results show that energy price fluctuations significantly reduce both income and asset diversification. The effect is more pronounced at higher price levels, indicating strong non-linear and asymmetric dynamics: positive shocks decrease diversification, while negative shocks increase it. Results remain robust when accounting for macroeconomic factors, major crises (the 2008 financial crisis and COVID-19), and alternative measures of energy price shocks. Subsample analysis reveals that smaller banks are more vulnerable to energy price volatility due to limited resources and narrower financial margins. These findings highlight the critical exposure of banks to energy markets and underscore the need for policymakers to adopt tailored regulatory measures, such as counter-cyclical capital buffers and enhanced risk management frameworks, to strengthen financial resilience against energy price shocks.
{"title":"The nonlinear impacts of energy price shocks on bank diversification: Evidence from G7 economies","authors":"Abdulazeez Y.H. Saif-Alyousfi","doi":"10.1016/j.ribaf.2025.103256","DOIUrl":"10.1016/j.ribaf.2025.103256","url":null,"abstract":"<div><div>This study examines the impact of energy price shocks on bank diversification in G7 countries using data from 13,225 banks between 1992 and 2021. Applying a two-step system dynamic generalized method of moments estimator, the results show that energy price fluctuations significantly reduce both income and asset diversification. The effect is more pronounced at higher price levels, indicating strong non-linear and asymmetric dynamics: positive shocks decrease diversification, while negative shocks increase it. Results remain robust when accounting for macroeconomic factors, major crises (the 2008 financial crisis and COVID-19), and alternative measures of energy price shocks. Subsample analysis reveals that smaller banks are more vulnerable to energy price volatility due to limited resources and narrower financial margins. These findings highlight the critical exposure of banks to energy markets and underscore the need for policymakers to adopt tailored regulatory measures, such as counter-cyclical capital buffers and enhanced risk management frameworks, to strengthen financial resilience against energy price shocks.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"82 ","pages":"Article 103256"},"PeriodicalIF":6.9,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145883512","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 : 2026-01-01Epub 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":"2026-01-01","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 : 2026-01-01Epub Date: 2025-11-08DOI: 10.1016/j.ribaf.2025.103201
Karolina Puławska , Artur Sikora , Małgorzata Snarska , Wojciech Strzelczyk
The growing intersection of climate, geopolitical, and cyber risks poses challenges for financial markets, particularly the insurance sector, which must balance security imperatives with sustainability goals. While prior research has examined these risks individually, comparative evidence across regions and insurance segments remains limited. This study examines insurers’ stock price sensitivity to extreme macro risks using event study methodology, AR-GARCH models, and impulse response analysis. By analyzing over 2327 daily stock prices from insurers in the European Union, the United Kingdom, and the United States from June 2015 to May 2024, we find that climate risk drives the strongest stock price reactions and is systematically priced into equity risk premia. Geopolitical and cyber risks exhibit weaker direct effects but remain embedded in risk premia. Moreover, insurance stock returns adjust rapidly to extreme events, without lasting market distortions. These results highlight regional and sectoral differences in risk pricing, providing valuable insights for investors and regulators seeking to strike a balance between financial stability, sustainability and security considerations.
{"title":"Macro risks and their impact on insurer stock prices: Analyzing climate, geopolitical, and cybersecurity risks","authors":"Karolina Puławska , Artur Sikora , Małgorzata Snarska , Wojciech Strzelczyk","doi":"10.1016/j.ribaf.2025.103201","DOIUrl":"10.1016/j.ribaf.2025.103201","url":null,"abstract":"<div><div>The growing intersection of climate, geopolitical, and cyber risks poses challenges for financial markets, particularly the insurance sector, which must balance security imperatives with sustainability goals. While prior research has examined these risks individually, comparative evidence across regions and insurance segments remains limited. This study examines insurers’ stock price sensitivity to extreme macro risks using event study methodology, AR-GARCH models, and impulse response analysis. By analyzing over 2327 daily stock prices from insurers in the European Union, the United Kingdom, and the United States from June 2015 to May 2024, we find that climate risk drives the strongest stock price reactions and is systematically priced into equity risk premia. Geopolitical and cyber risks exhibit weaker direct effects but remain embedded in risk premia. Moreover, insurance stock returns adjust rapidly to extreme events, without lasting market distortions. These results highlight regional and sectoral differences in risk pricing, providing valuable insights for investors and regulators seeking to strike a balance between financial stability, sustainability and security considerations.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"81 ","pages":"Article 103201"},"PeriodicalIF":6.9,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145520565","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 : 2026-01-01Epub Date: 2025-11-15DOI: 10.1016/j.ribaf.2025.103212
Long Zhao , Di Fan , Caleb Huanyong Chen
Using firm-level data from the World Bank Enterprise Surveys (2006–2022), this study employs Probit models to examine the relationship between firms’ access to finance and their export decisions. We find strong evidence of an inverted-U relationship: firms facing severe financial constraints are more likely to export with improved financial access. However, once these firms attain sufficient financing, further alleviation of financial constraints does not yield additional incentives for exporting. Further analysis suggests that firm growth and innovation are two plausible channels through which access to finance affects firms’ decisions to export. These findings question the conventional belief that access to finance invariably promotes export activities, highlighting the necessity for policymakers to tailor trade policies according to specific circumstances.
{"title":"Access to finance and firm exporting: An inverted-U relationship","authors":"Long Zhao , Di Fan , Caleb Huanyong Chen","doi":"10.1016/j.ribaf.2025.103212","DOIUrl":"10.1016/j.ribaf.2025.103212","url":null,"abstract":"<div><div>Using firm-level data from the World Bank Enterprise Surveys (2006–2022), this study employs Probit models to examine the relationship between firms’ access to finance and their export decisions. We find strong evidence of an inverted-U relationship: firms facing severe financial constraints are more likely to export with improved financial access. However, once these firms attain sufficient financing, further alleviation of financial constraints does not yield additional incentives for exporting. Further analysis suggests that firm growth and innovation are two plausible channels through which access to finance affects firms’ decisions to export. These findings question the conventional belief that access to finance invariably promotes export activities, highlighting the necessity for policymakers to tailor trade policies according to specific circumstances.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"81 ","pages":"Article 103212"},"PeriodicalIF":6.9,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145571274","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 : 2026-01-01Epub Date: 2025-11-14DOI: 10.1016/j.ribaf.2025.103210
Albert Wijeweera, Michael Alexander Kortt, Namwoon Kim
This study examines whether disaggregated components of Environmental, Social, and Governance (ESG) factors, namely, environmental, social, and governance scores, provide superior explanatory power in understanding share return performance compared to aggregate ESG scores. We analyse the relationship between firm size, ESG factors, and share returns by estimating augmented Capital Asset Pricing Models (CAPM) using data from 426 S&P 500 companies in 2023. Initially, a CAPM model incorporating the aggregate ESG score is estimated, followed by an extended model including disaggregated ESG components and interaction terms between ESG variables and market beta. Our findings suggest that the aggregate ESG score does not have a statistically significant direct effect on share returns. However, when disaggregated, the governance component of ESG exhibits a moderately significant negative association with share returns, implying that strong governance may reduce perceived risk, leading investors to accept lower return premiums. Although the environmental and social scores do not have a direct impact on share returns, all three ESG components exhibit significant interactions with systematic risk. This suggests that the influence of ESG on share returns arises not from the standalone ESG factors themselves, but from how these factors shape or reflect the firm’s risk environment in relation to systematic risk. In particular, environmental and governance performance scores reduce risk premiums in high-beta firms, while social performance may increase them. These results highlight the limitations of traditional asset pricing models that exclude disaggregated ESG scores and their interaction with systematic risk. The study emphasises the importance of incorporating disaggregated ESG components into multifactor investment models to more accurately capture the risk–return profile of listed firms.
{"title":"Dissecting ESG: Do environmental, social, and governance pillars influence share returns differently?","authors":"Albert Wijeweera, Michael Alexander Kortt, Namwoon Kim","doi":"10.1016/j.ribaf.2025.103210","DOIUrl":"10.1016/j.ribaf.2025.103210","url":null,"abstract":"<div><div>This study examines whether disaggregated components of Environmental, Social, and Governance (ESG) factors, namely, environmental, social, and governance scores, provide superior explanatory power in understanding share return performance compared to aggregate ESG scores. We analyse the relationship between firm size, ESG factors, and share returns by estimating augmented Capital Asset Pricing Models (CAPM) using data from 426 S&P 500 companies in 2023. Initially, a CAPM model incorporating the aggregate ESG score is estimated, followed by an extended model including disaggregated ESG components and interaction terms between ESG variables and market beta. Our findings suggest that the aggregate ESG score does not have a statistically significant direct effect on share returns. However, when disaggregated, the governance component of ESG exhibits a moderately significant negative association with share returns, implying that strong governance may reduce perceived risk, leading investors to accept lower return premiums. Although the environmental and social scores do not have a direct impact on share returns, all three ESG components exhibit significant interactions with systematic risk. This suggests that the influence of ESG on share returns arises not from the standalone ESG factors themselves, but from how these factors shape or reflect the firm’s risk environment in relation to systematic risk. In particular, environmental and governance performance scores reduce risk premiums in high-beta firms, while social performance may increase them. These results highlight the limitations of traditional asset pricing models that exclude disaggregated ESG scores and their interaction with systematic risk. The study emphasises the importance of incorporating disaggregated ESG components into multifactor investment models to more accurately capture the risk–return profile of listed firms.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"81 ","pages":"Article 103210"},"PeriodicalIF":6.9,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145571277","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 : 2026-01-01Epub Date: 2025-11-13DOI: 10.1016/j.ribaf.2025.103215
Maria Cristina Arcuri , GINO GANDOLFI , RAOUL PISANI
This study explores if Italian MSMEs (Micro, Small, Medium-sized Enterprises) operating in green industries (green MSMEs) are recognized more creditworthy by the banking system than those operating in non-green sectors (non-green MSMEs). In more detail, we explore first if Italian green MSMEs receive more bank credit and have less cost of credit, second if they have a better creditworthiness (in terms of lower probability of default) than non-green ones. We carry out a panel regression with 245,784 observations, of which 7896 refer to green firms and 237,888 to non-green firms over the period 2015–2022. Propensity score matching is also used to check for potential selection bias. Due to the lack of a mandatory green rating, the analysis was not conducted at the level of green enterprises but on “green” industries defined as such based on an assumed particularly high green component. Our results show that Italian green MSMEs pay a higher cost of funding rather than non-green ones and this seems to be, at least partially, justified by a corresponding higher credit risk; differences emerges when the size of enterprises is considered. Public policies should therefore promote the requirement of a green rating based on a rigorous and uniform methodology and provided by an agency that may be promoted by Public Authorities. This would allow for more accurate and objective assessments of the creditworthiness of green companies, improving their access to credit and reducing exposure of banks to credit risk.
{"title":"Italian SMEs and access to credit: Does being “green” matter?","authors":"Maria Cristina Arcuri , GINO GANDOLFI , RAOUL PISANI","doi":"10.1016/j.ribaf.2025.103215","DOIUrl":"10.1016/j.ribaf.2025.103215","url":null,"abstract":"<div><div>This study explores if Italian MSMEs (Micro, Small, Medium-sized Enterprises) operating in green industries (green MSMEs) are recognized more creditworthy by the banking system than those operating in non-green sectors (non-green MSMEs). In more detail, we explore first if Italian green MSMEs receive more bank credit and have less cost of credit, second if they have a better creditworthiness (in terms of lower probability of default) than non-green ones. We carry out a panel regression with 245,784 observations, of which 7896 refer to green firms and 237,888 to non-green firms over the period 2015–2022. Propensity score matching is also used to check for potential selection bias. Due to the lack of a mandatory green rating, the analysis was not conducted at the level of green enterprises but on “green” industries defined as such based on an assumed particularly high green component. Our results show that Italian green MSMEs pay a higher cost of funding rather than non-green ones and this seems to be, at least partially, justified by a corresponding higher credit risk; differences emerges when the size of enterprises is considered. Public policies should therefore promote the requirement of a green rating based on a rigorous and uniform methodology and provided by an agency that may be promoted by Public Authorities. This would allow for more accurate and objective assessments of the creditworthiness of green companies, improving their access to credit and reducing exposure of banks to credit risk.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"81 ","pages":"Article 103215"},"PeriodicalIF":6.9,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145571269","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 : 2026-01-01Epub 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":"2026-01-01","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}
Pub Date : 2026-01-01Epub Date: 2025-11-07DOI: 10.1016/j.ribaf.2025.103191
Aifan Ling , Huihua Guan , Nannan Zhang
This paper develops an investment-based capital asset pricing model that incorporates brand capital, and conducts both theoretical and empirical investigations into how corporate brand capital influences a firm’s stock risks. The key findings are as follows: First, brand capital can reduce corporate stock risks including market beta risk, idiosyncratic volatility, and total volatility risk. Second, the heterogeneity analysis reveals that the impact of brand capital on stock risks is more pronounced for companies in highly competitive industries, non-high-tech sectors, and those with low financing constraints. Similar effects are also observed during periods of low market risk. Third, the mechanism analysis shows that brand capital investment can lead to an increase in the external oversight and total factor productivity, as well as a decrease in tax avoidance. It is through these channels that brand capital reduces corporate stock risks. Finally, it is found that brand capital investment can also enhance corporate value and performance. This study provides both theoretical and empirical support for companies focusing on brand development, and offers policy recommendations for regulators to strengthen oversight of corporate information disclosure.
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