首页 > 最新文献

Research in International Business and Finance最新文献

英文 中文
Unveiling the impact of the digital economy on the interplay of energy transition, environmental transformation, and renewable energy adoption
IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-02-21 DOI: 10.1016/j.ribaf.2025.102837
Buhari Doğan , Rabeh Khalfaoui , Brahim Bergougui , Sudeshna Ghosh
Energy transition (ET) is considered a key strategy to combat climate change and environmental degradation, making it a critical imperative for all countries. A transition to clean energy is essential for achieving decarbonization goals. Considering the significant role of the digital economy (DE), this study explores the relationship between ET and renewable energy (RE) innovation in Belt and Road Initiative (BRI) countries from 2002 to 2019. The study focuses on four categories of International Patent Classification (IPC) related to solar, wind, biomass, and geothermal energy technologies. Panel quantile-based analysis is employed to assess the impact of ET in the presence of DE on RE innovation. The main findings indicate that (i) innovation in all categories of energy technologies studied plays a pivotal role in assessing ET in BRI economies, (ii) the DE substantially contributes to enhancing ET, and (iii) BRI countries should prioritize increasing innovation in RE, (iv) the study discusses various policy implications tailored for BRI countries accordingly.
{"title":"Unveiling the impact of the digital economy on the interplay of energy transition, environmental transformation, and renewable energy adoption","authors":"Buhari Doğan ,&nbsp;Rabeh Khalfaoui ,&nbsp;Brahim Bergougui ,&nbsp;Sudeshna Ghosh","doi":"10.1016/j.ribaf.2025.102837","DOIUrl":"10.1016/j.ribaf.2025.102837","url":null,"abstract":"<div><div>Energy transition (ET) is considered a key strategy to combat climate change and environmental degradation, making it a critical imperative for all countries. A transition to clean energy is essential for achieving decarbonization goals. Considering the significant role of the digital economy (DE), this study explores the relationship between ET and renewable energy (RE) innovation in Belt and Road Initiative (BRI) countries from 2002 to 2019. The study focuses on four categories of International Patent Classification (IPC) related to solar, wind, biomass, and geothermal energy technologies. Panel quantile-based analysis is employed to assess the impact of ET in the presence of DE on RE innovation. The main findings indicate that (i) innovation in all categories of energy technologies studied plays a pivotal role in assessing ET in BRI economies, (ii) the DE substantially contributes to enhancing ET, and (iii) BRI countries should prioritize increasing innovation in RE, (iv) the study discusses various policy implications tailored for BRI countries accordingly.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102837"},"PeriodicalIF":6.3,"publicationDate":"2025-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143510175","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
ESG relevance in credit risk of development banks
IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-02-21 DOI: 10.1016/j.ribaf.2025.102831
Jan Porenta, Vasja Rant
This paper investigates relevance of Environmental, Social, and Governance (ESG) risks in the context of banks' credit risk. Focusing on a global sample of 567 banks, including 40 development banks, we aim to discern nuances in ESG relevance scores between different bank types. Our findings highlight distinct differences between national and multilateral development banks, with ESG risk significantly influencing credit risk in the latter. Notably, social and governance factors play pivotal roles in shaping credit profiles. Development banks, at the forefront of promoting good ESG practices, face heightened exposure and risks. This paper contributes to the understanding of the evolving dynamics of ESG impact on creditworthiness.
{"title":"ESG relevance in credit risk of development banks","authors":"Jan Porenta,&nbsp;Vasja Rant","doi":"10.1016/j.ribaf.2025.102831","DOIUrl":"10.1016/j.ribaf.2025.102831","url":null,"abstract":"<div><div>This paper investigates relevance of Environmental, Social, and Governance (ESG) risks in the context of banks' credit risk. Focusing on a global sample of 567 banks, including 40 development banks, we aim to discern nuances in ESG relevance scores between different bank types. Our findings highlight distinct differences between national and multilateral development banks, with ESG risk significantly influencing credit risk in the latter. Notably, social and governance factors play pivotal roles in shaping credit profiles. Development banks, at the forefront of promoting good ESG practices, face heightened exposure and risks. This paper contributes to the understanding of the evolving dynamics of ESG impact on creditworthiness.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102831"},"PeriodicalIF":6.3,"publicationDate":"2025-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143480084","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Unveiling how efficiently sustainability transforms into intangible assets of financial institutions
IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-02-21 DOI: 10.1016/j.ribaf.2025.102835
Indrė Lapinskaitė , Viktorija Stasytytė , Viktorija Skvarciany
This research delves into the relationship between environmental, social, and governance (ESG) factors and the financial value of intangible assets within financial institutions, building upon prior research that focuses on sustainable development aspects and their impact on P/E ratios. While the earlier study revealed that there is no effective transformation of E, S, and G scores into P/E ratio, this research shifts the focus to the intangible value of financial institutions. The rationale is rooted in recognising that sustainable practices contribute not only to tangible assets and profitability but also to the increasingly crucial intangible value for long-term stakeholder appreciation. The study aims to assess the efficiency of translating sustainable development outcomes, measured through ESG scores, into the valuation of intangible assets using Data Envelopment Analysis (DEA). The paper emphasises the strategic importance of intangibles and the need to understand how ESG practices influence their financial value. After applying three different evaluation models, the results found effective transformation of the selected variables in 7 of 53 financial institutions.
{"title":"Unveiling how efficiently sustainability transforms into intangible assets of financial institutions","authors":"Indrė Lapinskaitė ,&nbsp;Viktorija Stasytytė ,&nbsp;Viktorija Skvarciany","doi":"10.1016/j.ribaf.2025.102835","DOIUrl":"10.1016/j.ribaf.2025.102835","url":null,"abstract":"<div><div>This research delves into the relationship between environmental, social, and governance (ESG) factors and the financial value of intangible assets within financial institutions, building upon prior research that focuses on sustainable development aspects and their impact on P/E ratios. While the earlier study revealed that there is no effective transformation of E, S, and G scores into P/E ratio, this research shifts the focus to the intangible value of financial institutions. The rationale is rooted in recognising that sustainable practices contribute not only to tangible assets and profitability but also to the increasingly crucial intangible value for long-term stakeholder appreciation. The study aims to assess the efficiency of translating sustainable development outcomes, measured through ESG scores, into the valuation of intangible assets using Data Envelopment Analysis (DEA). The paper emphasises the strategic importance of intangibles and the need to understand how ESG practices influence their financial value. After applying three different evaluation models, the results found effective transformation of the selected variables in 7 of 53 financial institutions.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102835"},"PeriodicalIF":6.3,"publicationDate":"2025-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143474181","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
Investor-company interactions and stock price crash risk: Evidence from China
IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-02-21 DOI: 10.1016/j.ribaf.2025.102830
Lei Ruan, Liwen Yang
Against the backdrop of the current complex and volatile global financial environment, enhancing financial market transparency is crucial for mitigating financial risks. With the continuous advancement of Internet technology, the interactive platforms between investors and enterprises have increasingly become essential channels for information exchange in the capital market. These platforms contribute to improving information transparency, thereby effectively preventing and controlling financial risks. This paper investigates the effect of investor-company interactions on stock price crash risk, using data from Chinese A-share listed companies from 2010 to 2022. The empirical findings demonstrate that investor-company interactions significantly reduce firms' stock price crash risk, and this conclusion remains valid after a series of robustness tests. Mechanism analysis indicates that investor-company interactions alleviate information asymmetry and reduce investor disagreement, which in turn lowers a firm's stock price crash risk. The heterogeneity analysis further reveals that the mitigating effect of investor-company interactions on stock price crash risk is more pronounced for firms with high response quality, weak internal control, dispersed ownership, low media attention, low analyst attention, and poor audit quality.
{"title":"Investor-company interactions and stock price crash risk: Evidence from China","authors":"Lei Ruan,&nbsp;Liwen Yang","doi":"10.1016/j.ribaf.2025.102830","DOIUrl":"10.1016/j.ribaf.2025.102830","url":null,"abstract":"<div><div>Against the backdrop of the current complex and volatile global financial environment, enhancing financial market transparency is crucial for mitigating financial risks. With the continuous advancement of Internet technology, the interactive platforms between investors and enterprises have increasingly become essential channels for information exchange in the capital market. These platforms contribute to improving information transparency, thereby effectively preventing and controlling financial risks. This paper investigates the effect of investor-company interactions on stock price crash risk, using data from Chinese A-share listed companies from 2010 to 2022. The empirical findings demonstrate that investor-company interactions significantly reduce firms' stock price crash risk, and this conclusion remains valid after a series of robustness tests. Mechanism analysis indicates that investor-company interactions alleviate information asymmetry and reduce investor disagreement, which in turn lowers a firm's stock price crash risk. The heterogeneity analysis further reveals that the mitigating effect of investor-company interactions on stock price crash risk is more pronounced for firms with high response quality, weak internal control, dispersed ownership, low media attention, low analyst attention, and poor audit quality.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102830"},"PeriodicalIF":6.3,"publicationDate":"2025-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143480087","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 impact of economic policy uncertainty and digital integration on ESG practices in European companies
IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-02-21 DOI: 10.1016/j.ribaf.2025.102826
Imen Ayadi , Jahmane Abderrahman
This study examines the impact of economic policy uncertainty (EPU) and digital integration on corporate environmental, social, and governance (ESG) practices, a critical issue in today's volatile economic landscape. Using a robust econometric approach, we employ a two-stage GMM estimation system and Powell's IV-QRPD panel model to analyze variations across different levels of corporate sustainability. The findings reveal that EPU has a heterogeneous effect on ESG performance: it negatively impacts firms with lower ESG scores while benefiting those with stronger sustainability commitments. Conversely, digital integration plays a crucial role in enhancing ESG practices and mitigating the adverse effects of EPU, fostering long-term resilience and sustainability. These results highlight the importance of corporate investment in digital transformation as a strategic tool for improving ESG performance, particularly in uncertain economic environments. Policymakers should support digital adoption to strengthen corporate sustainability and reduce vulnerability to economic fluctuations.
{"title":"The impact of economic policy uncertainty and digital integration on ESG practices in European companies","authors":"Imen Ayadi ,&nbsp;Jahmane Abderrahman","doi":"10.1016/j.ribaf.2025.102826","DOIUrl":"10.1016/j.ribaf.2025.102826","url":null,"abstract":"<div><div>This study examines the impact of economic policy uncertainty (EPU) and digital integration on corporate environmental, social, and governance (ESG) practices, a critical issue in today's volatile economic landscape. Using a robust econometric approach, we employ a two-stage GMM estimation system and Powell's IV-QRPD panel model to analyze variations across different levels of corporate sustainability. The findings reveal that EPU has a heterogeneous effect on ESG performance: it negatively impacts firms with lower ESG scores while benefiting those with stronger sustainability commitments. Conversely, digital integration plays a crucial role in enhancing ESG practices and mitigating the adverse effects of EPU, fostering long-term resilience and sustainability. These results highlight the importance of corporate investment in digital transformation as a strategic tool for improving ESG performance, particularly in uncertain economic environments. Policymakers should support digital adoption to strengthen corporate sustainability and reduce vulnerability to economic fluctuations.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102826"},"PeriodicalIF":6.3,"publicationDate":"2025-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143488218","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
ESG leaders and crypto currency market: Asymmetric TVP-VAR connectedness and investment approaches
IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-02-21 DOI: 10.1016/j.ribaf.2025.102833
Rashida Bibi , Saqib Gulzar , Syed Jawad Hussain Shahzad
This study investigates return spillovers between a global Environmental, Social, and Governance (ESG) leaders index and cryptocurrencies. We employ daily data over the sample period 11 November 2017–30 December 2023 and use asymmetric dynamic connectedness via the time-varying vector autoregression (TVP-VAR) model to examine positive and negative connectedness. We also use dynamic portfolio exercise through common hedging approaches namely minimum variance, minimum correlation, and minimum connectedness portfolio to evaluate the performance of resulting portfolios. Results demonstrate that negative connectedness dominates throughout the sample period. This finding implies that risk-averse investors and profit-maximizing agents are more influenced by negative news. The results are robust to different methodological choices i.e., lag order based on different information criteria and forecast horizons. Further, the minimum correlation and minimum connectedness portfolio approaches depict the asymmetry well and provide a deeper awareness about portfolio management.
{"title":"ESG leaders and crypto currency market: Asymmetric TVP-VAR connectedness and investment approaches","authors":"Rashida Bibi ,&nbsp;Saqib Gulzar ,&nbsp;Syed Jawad Hussain Shahzad","doi":"10.1016/j.ribaf.2025.102833","DOIUrl":"10.1016/j.ribaf.2025.102833","url":null,"abstract":"<div><div>This study investigates return spillovers between a global Environmental, Social, and Governance (ESG) leaders index and cryptocurrencies. We employ daily data over the sample period 11 November 2017–30 December 2023 and use asymmetric dynamic connectedness via the time-varying vector autoregression (TVP-VAR) model to examine positive and negative connectedness. We also use dynamic portfolio exercise through common hedging approaches namely minimum variance, minimum correlation, and minimum connectedness portfolio to evaluate the performance of resulting portfolios. Results demonstrate that negative connectedness dominates throughout the sample period. This finding implies that risk-averse investors and profit-maximizing agents are more influenced by negative news. The results are robust to different methodological choices i.e., lag order based on different information criteria and forecast horizons. Further, the minimum correlation and minimum connectedness portfolio approaches depict the asymmetry well and provide a deeper awareness about portfolio management.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102833"},"PeriodicalIF":6.3,"publicationDate":"2025-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143510991","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
Can cryptocurrencies improve portfolio diversification? Evidence from the prospect risk perspective
IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-02-21 DOI: 10.1016/j.ribaf.2025.102828
Zhan Wang , Xiang Gao , Jiahao Gu
This paper develops a quantitative approach to measure the security’ risk that corresponds to investors’ prospect behaviors. From the investor’s utility maximization condition, this paper demonstrates that a prospect investor should minimize his/her exposure to prospect risk by reducing the probability of loss while maximizing loss dispersion if he/she faces loss. Importantly, in token markets, investors exhibit more behavioral bias because they expect significant positive returns while grappling with extreme tail risk, and thus prospect risk management is more useful. The empirical analysis of this paper suggests that cryptocurrencies investors with prospect risk attitudes tend to seek risk when facing a moderate loss probability level, and they would give up at most 150 bps each month to pursue higher volatility. Based on this return predictability, token investors could develop portfolio strategies by ranking token and equity assets according to their probability of loss and loss dispersion and generate superior subsequent returns; appropriate combination of equity and bitcoin could generate Sharpe ratio around 0.4 based on prospect investment strategies, which is much higher than Sharpe ratio of pure market index or pure bitcoin investment.
本文开发了一种与投资者预期行为相对应的量化方法来衡量证券风险。从投资者的效用最大化条件出发,本文论证了前景投资者应通过降低损失概率来最小化其前景风险暴露,同时在面临损失时最大化损失分散度。重要的是,在代币市场中,投资者会表现出更多的行为偏差,因为他们在应对极端尾部风险的同时,还期望获得可观的正收益,因此前景风险管理更为有用。本文的实证分析表明,持有前景风险态度的加密货币投资者在面临中等损失概率水平时倾向于寻求风险,他们每月最多会放弃 150 个基点来追求更高的波动性。基于这种收益可预测性,代币投资者可以根据损失概率和损失分散度对代币和股票资产进行排序,从而制定投资组合策略,并获得优异的后续收益;基于前景投资策略,股票和比特币的适当组合可以产生0.4左右的夏普比率,远高于纯市场指数或纯比特币投资的夏普比率。
{"title":"Can cryptocurrencies improve portfolio diversification? Evidence from the prospect risk perspective","authors":"Zhan Wang ,&nbsp;Xiang Gao ,&nbsp;Jiahao Gu","doi":"10.1016/j.ribaf.2025.102828","DOIUrl":"10.1016/j.ribaf.2025.102828","url":null,"abstract":"<div><div>This paper develops a quantitative approach to measure the security’ risk that corresponds to investors’ prospect behaviors. From the investor’s utility maximization condition, this paper demonstrates that a prospect investor should minimize his/her exposure to prospect risk by reducing the probability of loss while maximizing loss dispersion if he/she faces loss. Importantly, in token markets, investors exhibit more behavioral bias because they expect significant positive returns while grappling with extreme tail risk, and thus prospect risk management is more useful. The empirical analysis of this paper suggests that cryptocurrencies investors with prospect risk attitudes tend to seek risk when facing a moderate loss probability level, and they would give up at most 150 bps each month to pursue higher volatility. Based on this return predictability, token investors could develop portfolio strategies by ranking token and equity assets according to their probability of loss and loss dispersion and generate superior subsequent returns; appropriate combination of equity and bitcoin could generate Sharpe ratio around 0.4 based on prospect investment strategies, which is much higher than Sharpe ratio of pure market index or pure bitcoin investment.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102828"},"PeriodicalIF":6.3,"publicationDate":"2025-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143480088","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 effects of portfolio rebalancing strategies on the performance of global mutual funds
IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-02-21 DOI: 10.1016/j.ribaf.2025.102836
Barbara Abou Tanos , Sonia Jimenez-Garcès
This paper proposes a new measure of active management based on evaluating US global mutual funds’ industrial rebalancing strategies of their foreign holdings and investigates the impact of these strategies on fund performance. We find that US global mutual funds that engage in industrial rotation strategies enhance their performance. Our finding is robust when considering multiple funds’ managerial characteristics, several proxies of active management and different performance benchmark models. We show that active management can be highly beneficial for managers’ international asset allocation when it is industry centered. However, the gains obtained from funds’ industrial rotation strategies appear to be more pronounced for familiar markets.
{"title":"The effects of portfolio rebalancing strategies on the performance of global mutual funds","authors":"Barbara Abou Tanos ,&nbsp;Sonia Jimenez-Garcès","doi":"10.1016/j.ribaf.2025.102836","DOIUrl":"10.1016/j.ribaf.2025.102836","url":null,"abstract":"<div><div>This paper proposes a new measure of active management based on evaluating US global mutual funds’ industrial rebalancing strategies of their foreign holdings and investigates the impact of these strategies on fund performance. We find that US global mutual funds that engage in industrial rotation strategies enhance their performance. Our finding is robust when considering multiple funds’ managerial characteristics, several proxies of active management and different performance benchmark models. We show that active management can be highly beneficial for managers’ international asset allocation when it is industry centered. However, the gains obtained from funds’ industrial rotation strategies appear to be more pronounced for familiar markets.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102836"},"PeriodicalIF":6.3,"publicationDate":"2025-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143474182","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
Heterogeneous effects of public listing on the usage of trade credit: Evidence from Korean chaebol versus non-chaebol firms
IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-02-20 DOI: 10.1016/j.ribaf.2025.102799
Hyun Joong Im, Inji Jung, Jiyeon Kim
Using a unique dataset of Korean firms, we demonstrate that the effects of public listing on the usage of trade credit are heterogeneous between chaebol and non-chaebol firms. While we find a significant negative relationship between public listing and the usage of trade credit for non-chaebol firms, we do not find any significant relationship for chaebol firms. Consistent with prior literature, public listing allows non-chaebol firms to have greater access to cheaper and less risky sources of external capital, thereby relying less on supplier financing, that is, using less trade credit. The lack of a significant impact for chaebol firms could be attributed to the effectiveness of their internal capital markets, which relax their financial constraints. These findings provide additional evidence supporting well-functioning internal capital markets among Korean chaebol firms.
{"title":"Heterogeneous effects of public listing on the usage of trade credit: Evidence from Korean chaebol versus non-chaebol firms","authors":"Hyun Joong Im,&nbsp;Inji Jung,&nbsp;Jiyeon Kim","doi":"10.1016/j.ribaf.2025.102799","DOIUrl":"10.1016/j.ribaf.2025.102799","url":null,"abstract":"<div><div>Using a unique dataset of Korean firms, we demonstrate that the effects of public listing on the usage of trade credit are heterogeneous between <em>chaebol</em> and non-<em>chaebol</em> firms. While we find a significant negative relationship between public listing and the usage of trade credit for non-<em>chaebol</em> firms, we do not find any significant relationship for <em>chaebol</em> firms. Consistent with prior literature, public listing allows non-<em>chaebol</em> firms to have greater access to cheaper and less risky sources of external capital, thereby relying less on supplier financing, that is, using less trade credit. The lack of a significant impact for <em>chaebol</em> firms could be attributed to the effectiveness of their internal capital markets, which relax their financial constraints. These findings provide additional evidence supporting well-functioning internal capital markets among Korean <em>chaebol</em> firms.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102799"},"PeriodicalIF":6.3,"publicationDate":"2025-02-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143464947","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
Mitigating financing constraints under economic uncertainty: The role of implicit government guarantees in China
IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-02-20 DOI: 10.1016/j.ribaf.2025.102819
Sifeng Bi , Na Wei , Anna Min Du , Tiran Zhou
In the context of economic policy uncertainty (EPU), firms face significant financing constraints, especially in accessing credit. To address this, governments often provide implicit government guarantees (IGG) to alleviate these constraints. This study examines the effects of EPU on firm credit financing activities from an IGG perspective, using a sample of Chinese A-share listed firms from 2010 to 2020. The findings indicate that EPU negatively impacts firm credit financing activities, but the presence of IGG mitigates these effects. The heterogeneous analysis reveals that IGG primarily benefits firms taking more risks or facing severe financial constraints. Regionally, IGG is more effective in provinces with lower marketisation and higher fiscal strength, helping distressed firms secure more bank credit at lower costs. These results have important implications for policymakers, shareholders, and stakeholders regarding the role of IGG in moderating the impact of EPU on firm credit financing activities.
{"title":"Mitigating financing constraints under economic uncertainty: The role of implicit government guarantees in China","authors":"Sifeng Bi ,&nbsp;Na Wei ,&nbsp;Anna Min Du ,&nbsp;Tiran Zhou","doi":"10.1016/j.ribaf.2025.102819","DOIUrl":"10.1016/j.ribaf.2025.102819","url":null,"abstract":"<div><div>In the context of economic policy uncertainty (EPU), firms face significant financing constraints, especially in accessing credit. To address this, governments often provide implicit government guarantees (IGG) to alleviate these constraints. This study examines the effects of EPU on firm credit financing activities from an IGG perspective, using a sample of Chinese A-share listed firms from 2010 to 2020. The findings indicate that EPU negatively impacts firm credit financing activities, but the presence of IGG mitigates these effects. The heterogeneous analysis reveals that IGG primarily benefits firms taking more risks or facing severe financial constraints. Regionally, IGG is more effective in provinces with lower marketisation and higher fiscal strength, helping distressed firms secure more bank credit at lower costs. These results have important implications for policymakers, shareholders, and stakeholders regarding the role of IGG in moderating the impact of EPU on firm credit financing activities.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102819"},"PeriodicalIF":6.3,"publicationDate":"2025-02-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143548742","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
期刊
Research in International Business and Finance
全部 Acc. Chem. Res. ACS Applied Bio Materials ACS Appl. Electron. Mater. ACS Appl. Energy Mater. ACS Appl. Mater. Interfaces ACS Appl. Nano Mater. ACS Appl. Polym. Mater. ACS BIOMATER-SCI ENG ACS Catal. ACS Cent. Sci. ACS Chem. Biol. ACS Chemical Health & Safety ACS Chem. Neurosci. ACS Comb. Sci. ACS Earth Space Chem. ACS Energy Lett. ACS Infect. Dis. ACS Macro Lett. ACS Mater. Lett. ACS Med. Chem. Lett. ACS Nano ACS Omega ACS Photonics ACS Sens. ACS Sustainable Chem. Eng. ACS Synth. Biol. Anal. Chem. BIOCHEMISTRY-US Bioconjugate Chem. BIOMACROMOLECULES Chem. Res. Toxicol. Chem. Rev. Chem. Mater. CRYST GROWTH DES ENERG FUEL Environ. Sci. Technol. Environ. Sci. Technol. Lett. Eur. J. Inorg. Chem. IND ENG CHEM RES Inorg. Chem. J. Agric. Food. Chem. J. Chem. Eng. Data J. Chem. Educ. J. Chem. Inf. Model. J. Chem. Theory Comput. J. Med. Chem. J. Nat. Prod. J PROTEOME RES J. Am. Chem. Soc. LANGMUIR MACROMOLECULES Mol. Pharmaceutics Nano Lett. Org. Lett. ORG PROCESS RES DEV ORGANOMETALLICS J. Org. Chem. J. Phys. Chem. J. Phys. Chem. A J. Phys. Chem. B J. Phys. Chem. C J. Phys. Chem. Lett. Analyst Anal. Methods Biomater. Sci. Catal. Sci. Technol. Chem. Commun. Chem. Soc. Rev. CHEM EDUC RES PRACT CRYSTENGCOMM Dalton Trans. Energy Environ. Sci. ENVIRON SCI-NANO ENVIRON SCI-PROC IMP ENVIRON SCI-WAT RES Faraday Discuss. Food Funct. Green Chem. Inorg. Chem. Front. Integr. Biol. J. Anal. At. Spectrom. J. Mater. Chem. A J. Mater. Chem. B J. Mater. Chem. C Lab Chip Mater. Chem. Front. Mater. Horiz. MEDCHEMCOMM Metallomics Mol. Biosyst. Mol. Syst. Des. Eng. Nanoscale Nanoscale Horiz. Nat. Prod. Rep. New J. Chem. Org. Biomol. Chem. Org. Chem. Front. PHOTOCH PHOTOBIO SCI PCCP Polym. Chem.
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1