Research in International Business and Finance最新文献

This study explores how the firms’ perception of global uncertainty (FGU) affects R&D investment of listed firms in China. Our analysis is rooted in the understanding and measurement of FGU. Consistent with the theory of strategic growth, we find a significantly positive correlation between FGU and R&D investment. We further elucidate the mechanism underlining this correlation. When FGU increases, financing and labour resources are shifted towards R&D activities, promoting R&D investment. We also examine and explain how this correlation is magnified for firms in less competitive industries, those with higher tangible asset ratios, those related to states, and those with lower deleveraging levels. Finally, we divide FGU into five categories and investigate which subcomponent of FGU has the relatively greatest impact on R&D investment. FGU related to criminal and political events has a greater influence on R&D investment than other types of FGU.

This study empirically examines the effectiveness of impact investing of private firms in Slovenia. We use a sample of 7671 distinct private firms during the 2005–2020 period applying for and eventually receiving various government grants. This allows us to identify firms with the intent to impact-invest. We employ the staggered difference-in-difference (SDiD) approach recently proposed by Baker et al. (2022) and Athey and Imbens (2022) to assess the outcomes of these investments over time and across firms. SDiD allows for firms switching back and forth between receiving and not receiving grants and thus being a treated observation or a potential control observation respectively. Our results show that firms receiving an impact investing grant, on average, increase the number of employees in the subsequent period, generate higher cash flows from operations, increase value added per employee, make higher capital investments, have higher levels of exports, but grants hinder firm productivity in the short-run. PSM, the time-varying average treatment effects, and Heckman’s two-stage approach robustness analyses further support the conclusions that the impact investing grants successfully foster firm performance.

This paper explores the impact of Confucian culture on the environmental management practices of firms, utilizing data from A-share listed companies in China from 2009 to 2022. The study reveals several significant findings: (1) Firms in regions with a stronger presence of Confucian culture are more likely to adopt environmentally responsible management practices; (2) Confucian culture enhances firms' environmental management through three channels: promoting innovation, easing financing constraints, and reducing managerial myopia, with a particular emphasis on alleviating financing constraints; (3) Regional environmental regulations mitigate the positive influence of Confucian culture on firms' environmental management practices. This study contributes to the literature by elucidating the determinants of corporate environmental management and emphasizing the critical role of cultural factors, particularly in overcoming financial barriers, in corporate decision-making.

This study introduces a finetuned hybrid forecasting model combining both Discrete Wavelet Transform (DWT) and Long Short-Term Memory network (LSTM) to predict dirty and clean cryptocurrency returns (Bitcoin and Ripple). The findings show that the proposed DWT-LSTM model outperforms a large set of benchmark models in terms of forecasting accuracy. We investigate a broader set of predictors involving financial markets (other cryptocurrencies and commodities) and external variables (blockchain information, Twitter economic uncertainty, and CO2 emissions). Our findings underline the comparable performance of the considered predictors, with the Twitter Economic Uncertainty index being the best predictor of Bitcoin returns and S&P GSCI Energy being the best predictor of Ripple returns. We also highlight the superior performance of the trading strategies based on our forecasting results.

This study examined the influence of environmental, social, and governance (ESG) information disclosure on firm value and the mediation effect of financing constraints using a panel of Chinese A-listed firms from 2013 to 2020. Based on linear regressions, we found that the relationship between ESG disclosure scores and firm value was significantly positive, and the results remained after robustness checks and endogenous tests. Furthermore, the mediation effect analysis indicates that the relationship is achieved by alleviating financing constraints. The subsample analyses showed that ESG disclosure scores positively affect firm value in non-state-owned, nonheavy polluting, and high-transparency firms. The results of each dimension’s relationship to firm value indicate that environmental and social dimensions significantly affected firm value in the panel data, whereas governance did not. Therefore, this paper determines the influence of ESG information disclosure and firm value in China and reveals the mediation effect of financing constraints, supplementing the influence mechanism of information disclosure and extending the previous studies bsed on the developed stock markets.

Green finance plays a pivotal role in driving sustainable development. While its effectiveness in promoting green development is well-established, the impact of regional heterogeneity on its outcomes warrants further investigation. By introducing the Spatial Durbin Model (SDM) model, we analyze the causal relationship between provincial carbon emissions and green finance development in China, accounting for spatial spillovers across provinces. A geographic mismatch between regions of green finance development and carbon emission concentration is revealed. Central and Western areas exhibit higher carbon emissions, indicating a greater need for targeted green finance initiatives to promote sustainable development. However, green finance growth in these areas remains sluggish. Moreover, carbon emissions hinder local green finance development and negatively impact neighboring regions. We present new insights into the influence of carbon emissions on green finance, highlighting the importance of inter-regional collaboration and the potential applicability to other countries facing similar challenges.

Vietnam is actively pursuing sustainable economic development while transitioning to a greener economy, facing challenges in balancing economic growth with environmental sustainability. The evaluation of current sustainable development efforts and the identification of effective green financial tools are critical for Vietnam's progress. This study introduces the Sustainable Economic Development (SED) Index, a comprehensive measure of sustainable economic development quality across Vietnam's 63 provinces from 2015 to 2022. Using a range of analytical techniques, we explore the relationships between green credit, environmental pollution, and sustainable economic development during this period. Our findings indicate rapid growth in sustainable economic development until 2019, followed by a deceleration due to the COVID-19 pandemic and the Ukraine war. Green credit emerges as a pivotal factor in supporting sustainable economic growth, managing climate risks, and mitigating environmental pollution, particularly during times of uncertainty. Additionally, we observe spatial spillover effects, where the benefits of green credit and the challenges of environmental pollution transcend provincial boundaries. The study recommends promoting green credit policies, fostering regional cooperation, and enhancing local competitiveness, digital transformation, and social equality to advance Vietnam's journey toward sustainable economic development.