Research in International Business and Finance最新文献

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Nomen est omen? - Executive names and information release 女人是女人吗？-高管姓名和信息发布

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2026-01-12 DOI: 10.1016/j.ribaf.2026.103303

Zhao Duan, Xiuping Zhai, Binglong Xia, Qiuyang Tu

This study investigates how culture shapes organizational behavior through individual-level internalization, focusing on the pathway from executive enculturation to firms’ external communication strategies. Using a novel proxy based on the semantic similarity between executives’ given names and a traditional virtue lexicon, we measure cultural enculturation at the individual level through natural language processing techniques. Analyzing data from Chinese A-share listed firms between 2010 and 2023, we find that executives with higher levels of cultural enculturation tend to guide their firms toward more restrained and pragmatic tones in financial disclosures. This effect is amplified in regions with stronger Confucian cultural presence and in firms with lower separation between ownership and control. Additional analyses show that enculturated executives are also associated with reduced spending on paid media and fewer instances of promotional news manipulation. By linking micro-level cultural traits to firm-level strategic communication, our findings contribute to cross-disciplinary research on culture and corporate behavior, and offer a scalable method for capturing deep-seated cultural orientation in international business settings.

本研究探讨了文化如何通过个人层面的内化来塑造组织行为，重点关注从高管文化适应到企业外部沟通策略的途径。本文采用一种基于高管姓名与传统美德词汇之间语义相似性的新代理，通过自然语言处理技术在个体层面上衡量文化适应程度。通过对2010年至2023年中国a股上市公司数据的分析，我们发现文化适应程度较高的高管往往会引导公司在财务披露方面采取更为克制和务实的态度。这种效应在儒家文化存在更强的地区和所有权与控制权分离程度较低的企业中被放大。其他分析表明，适应文化的高管还与付费媒体支出减少和宣传新闻操纵减少有关。通过将微观层面的文化特征与企业层面的战略沟通联系起来，我们的研究结果有助于文化和企业行为的跨学科研究，并为在国际商业环境中捕捉深层次的文化取向提供了一种可扩展的方法。

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引用次数: 0

Operational performance and disclosure tone 经营业绩和披露基调

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2026-01-11 DOI: 10.1016/j.ribaf.2026.103304

Cristina Grande-Herrera , Encarna Guillamon-Saorin , Magdalena Kapelko

Our paper examines whether operational performance, as measured by technical efficiency, is reflected in corporate disclosure tone. In addition, we analyze which dimensions of operational performance most concern managers and whether they are reflected in the tone of corporate reports. In particular, we investigate whether balances/imbalances in levels of efficiency are reflected in the tone of corporate reports. Using disclosure narratives of the annual reports of 4348 US companies for the period 1993–2021, we find that better operational performance is generally related to larger levels of positive tone (generated by including less negativity), less uncertainty, and less hesitancy in disclosure tone. We also find that balances in efficiency reflect operational performance, while imbalances are not related to narrative tone in the way one would expect, which seems to indicate a more strategic managerial disclosure approach.

本文考察了以技术效率衡量的经营绩效是否反映在公司披露基调中。此外，我们还分析了管理者最关心的运营绩效维度，以及这些维度是否反映在公司报告的基调中。特别是，我们调查了效率水平的平衡/不平衡是否反映在公司报告的基调中。利用4348家美国公司1993-2021年年度报告的披露叙述，我们发现，更好的经营绩效通常与更大水平的积极基调（通过包含更少的消极因素产生）、更少的不确定性和更少的披露基调犹豫有关。我们还发现，效率的平衡反映了运营绩效，而不平衡与人们所期望的叙述基调无关，这似乎表明了一种更具战略性的管理披露方法。

引用次数: 0

Following the crowd: peer effects in corporate annual report tone 随波逐流：企业年报基调中的同伴效应

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2026-01-10 DOI: 10.1016/j.ribaf.2026.103301

Chao Liu , Xue J. Liu , Robert Faff

Employing a sample of A-share companies in Shanghai and Shenzhen Stock Exchange from 2007 to 2024, we conduct an empirical study to examine whether and to what extent there is a peer effect in annual report tone. We document a significant positive peer effect of this type and it is more pronounced when the focal annual reports are delayed. In addition, peers have a more amplified effect on the focal firm’s tone for stocks with low institutional and private ownership stocks. Further analysis of the potential motivations shows that market competition, media coverage pressure, and culture all have a role to play. Additionally, we find that the peer effect of annual report tone weakens information efficiency, manifested in heightened stock price synchronicity. Our empirical results remain strong under a battery of robustness checks.

本文以2007 - 2024年沪深两市a股公司为样本，对年报基调是否存在同行效应以及在多大程度上存在同行效应进行了实证研究。我们记录了这种类型的显著的积极同伴效应，当重点年度报告被推迟时，这种效应更为明显。此外，对于低机构和私人持股的股票，同行对焦点公司的语气有更大的影响。对潜在动机的进一步分析表明，市场竞争、媒体报道压力和文化都发挥了作用。此外，我们发现年报语气的同伴效应削弱了信息效率，表现为股价同步性增强。我们的实证结果在一系列稳健性检查下仍然很强。

引用次数: 0

Benford’s law and intraday microstructure anomalies: Forecasting market movements with high-frequency data 本福德定律和日内微观结构异常：用高频数据预测市场走势

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2026-01-09 DOI: 10.1016/j.ribaf.2026.103302

Amal Ben Hamida , Christian de Peretti , Lotfi Belkacem

Benford’s Law has been widely used to detect data irregularities across various domains, including finance. While prior work (Hamida et al., 2024) demonstrated its predictive relevance for daily stock returns, this study extends that framework to high-frequency intraday data, offering a new perspective on short-term market dynamics. Specifically, we apply Benford’s Law to the first-digit distributions of intraday stock returns, trading volume, and trade durations, two microstructural variables never explored in Benford-based financial research. Using data from twenty Euronext Paris-listed companies, we uncover significant deviations from Benford’s distribution that are particularly pronounced during anomalous market periods. These deviations are then incorporated into both linear and switching regime models to assess their predictive impact. Our findings reveal that Benford-derived indicators are conditionally informative, showing predictive value primarily during anomalous market periods, whether driven by intentional manipulation or by significant, non-fraudulent irregularities. These indicators function as effective early-warning signals for abnormal intraday dynamics. The study advances both forecasting and forensic finance by integrating a diagnostic tool into real-time predictive modeling in high-frequency trading environments.

本福德定律已被广泛用于检测包括金融在内的各个领域的数据违规行为。虽然之前的工作（Hamida et al., 2024）证明了其对每日股票回报的预测相关性，但本研究将该框架扩展到高频日内数据，为短期市场动态提供了新的视角。具体来说，我们将本福德定律应用于日内股票收益、交易量和交易持续时间的第一位数分布，这两个微观结构变量在本福德金融研究中从未被探索过。利用20家巴黎泛欧交易所上市公司的数据，我们发现了Benford分布的显著偏差，这种偏差在异常市场时期尤为明显。然后将这些偏差合并到线性和切换状态模型中，以评估其预测影响。我们的研究结果表明，本福德衍生的指标是有条件的信息，主要在异常市场时期显示预测价值，无论是由故意操纵还是由重大的非欺诈性违规行为驱动。这些指标是异常盘中动态的有效预警信号。该研究通过将诊断工具集成到高频交易环境中的实时预测建模中，推进了预测和司法金融的发展。

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引用次数: 0

ESG rating adjustment disagreement and stock price synchronicity: Evidence from China ESG评级调整分歧与股价同步性：来自中国的证据

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2026-01-09 DOI: 10.1016/j.ribaf.2025.103261

Pengfei Yin , Sicheng Li , Gabriel XG Yue

This study investigates the impact of ESG rating adjustment disagreement (ADJDIS) on firms' stock price synchronicity (SPS) using data from Chinese listed firms from 2018 to 2023. Our findings reveal that ADJDIS significantly exacerbates stock price synchronicity. This effect is primarily transmitted through two channels: increased information costs and intensified irrational trading. In the information cost mechanism, we find that ADJDIS's negative impact mainly stems from raising investors' information search costs. When the firm effectively mitigates the search friction through comprehensive ESG disclosure, the impact of ADJDIS is weakened, while the linguistic complexity of the report has no moderating effect. In the irrational trading mechanism, ADJDIS not only has a direct positive effect on stock mispricing but its exacerbating impact on SPS is concentrated in periods of high market investor sentiment and in firms with a higher proportion of retail investors. Furthermore, we find that the adverse effect of ADJDIS on SPS is bounded by ESG investment strategies, concentrating only in firms at the extreme ends of the ESG performance spectrum, and is mitigated by ESG core fund ownership. This study highlights the distinct economic significance of adjustment disagreement and underscores the crucial role of optimizing the information environment in reducing its negative impact.

本文利用2018 - 2023年中国上市公司的数据，研究ESG评级调整分歧（ADJDIS）对公司股价同同性（SPS）的影响。我们的研究发现，addis显著加剧了股价同步性。这种影响主要通过信息成本增加和非理性交易加剧两种渠道传导。在信息成本机制中，我们发现addis的负面影响主要来自于提高投资者的信息搜索成本。当公司通过全面的ESG披露有效地缓解了搜索摩擦时，ADJDIS的影响被削弱，而报告的语言复杂性没有调节作用。在非理性交易机制中，ADJDIS不仅对股票错定价有直接的正向影响，而且其对SPS的加剧影响主要集中在市场投资者情绪高涨时期和散户投资者比例较高的公司。此外，我们发现ADJDIS对SPS的不利影响受到ESG投资策略的限制，仅集中在ESG绩效谱的极端末端的公司，并且被ESG核心基金所有权所缓解。本研究强调了调整分歧的显著经济意义，并强调了优化信息环境对减少其负面影响的关键作用。

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引用次数: 0

A test of through-the-cycle ratings: Moody’s response to COVID-19 周期评级的测试：穆迪对COVID-19的反应

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2026-01-08 DOI: 10.1016/j.ribaf.2026.103297

Lance Malone, Lee A. Smales, Zhangxin (Frank) Liu

We study the performance of through-the-cycle (TTC) credit ratings during the COVID-19 shock using sentiment analysis of 24,178 Moody’s rating reports issued 2012–2024. We document three findings. First, report sentiment collapsed in March 2020 while average rating levels remained essentially unchanged. Second, sentiment Granger-causes subsequent downgrades, leading formal rating actions by 1–2 months in normal periods and by 3–4 months during the pandemic. Third, credit spreads closely tracked sentiment rather than the sticky TTC ratings, with sentiment’s explanatory power for spread variation rising from approximately 10 % in “normal” years to 58 % in 2020–2021. These patterns show that, when shock permanence is uncertain, TTC methodology delays rating adjustments and shifts timely credit-risk information into narrative commentary. The evidence suggests value in hybrid rating systems that preserve TTC ratings for regulatory capital purposes while disclosing supplementary point-in-time indicators to reduce information frictions.

我们通过对2012-2024年发布的24178份穆迪评级报告的情绪分析，研究了COVID-19冲击期间全周期（TTC）信用评级的表现。我们记录了三个发现。首先，报告情绪在2020年3月崩溃，而平均评级水平基本保持不变。其次，情绪格兰杰导致随后的评级下调，导致正式评级行动在正常时期提前1-2个月，在大流行期间提前3-4个月。第三，信用利差密切跟踪情绪，而不是粘性TTC评级，情绪对利差变化的解释能力从“正常”年份的约10% %上升到2020-2021年的58% %。这些模式表明，当冲击持久性不确定时，TTC方法会延迟评级调整，并将及时的信用风险信息转换为叙述性评论。证据表明，混合评级系统的价值在于保留TTC评级以用于监管资本目的，同时披露补充的时间点指标以减少信息摩擦。

引用次数: 0

The motivations and influencing factors of share pledging: An analysis of pledging and trading strategies 股权质押的动因及影响因素：质押与交易策略分析

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2026-01-08 DOI: 10.1016/j.ribaf.2025.103265

Mingfeng He , Dengshi Huang , Xianping Hou , Yong Li

This paper develops a model to investigate the motivations behind controlling shareholders’ share pledges and their determinants. The results show that these motivations hinge on the trade-off between the marginal private gain from pledging and the marginal control benefit from ownership. When pledge funds are reinjected into firms, although aggregate welfare increases, a higher incremental firm profit per pledged share unexpectedly reduces the incentive to pledge shares because of the free-rider problem. When funds are used for personal projects, pledge intensity increases with investment opportunities, financing needs, and loan-to-value ratios; decreases with risk aversion and firm monitoring costs; and is invariant to ownership endowment. Moreover, controlling shareholders may maintain pledges even when social losses exceed private gains, which can lead to socially wasteful outcomes, and sufficiently large private benefits per pledged share can even trigger full pledging. To address these issues, authorities, firms and shareholders should effectively disclose the use of pledge funds, restrict the voting rights of pledged shares, and restructure the benefit-distribution and risk-sharing mechanisms associated with reinvesting pledge funds into firms.

本文建立了一个模型来考察控股股东股权质押背后的动机及其决定因素。结果表明，这些动机取决于质押的边际私人收益和所有权的边际控制收益之间的权衡。当质押资金重新注入企业时，虽然总福利增加了，但由于搭便车问题，企业每股质押利润的增加意外地降低了质押股票的动机。当资金用于个人项目时，质押强度随投资机会、融资需求和贷款价值比的增加而增加；随着风险规避和企业监控成本的增加而减小；对所有权禀赋不变。此外，即使社会损失超过私人收益，控股股东也可能维持质押，这可能导致社会浪费的结果，每一股质押的私人收益足够大，甚至可能引发全额质押。为了解决这些问题，当局、公司和股东应该有效地披露质押资金的使用情况，限制质押股票的投票权，并重组与质押资金再投资公司相关的利益分配和风险分担机制。

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引用次数: 0

Regime-switching in bitcoin volatility under global uncertainty: Markov-switching GARCH and hidden Markov Copula approaches 全球不确定性下比特币波动的制度切换：马尔可夫切换GARCH和隐马尔可夫Copula方法

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2026-01-07 DOI: 10.1016/j.ribaf.2026.103295

Amin Shakourloo, Asil Azimli

This study analyzes the regime-switching behavior of Bitcoin volatility and its dependence on macroeconomic factors in global macro-financial uncertainty periods. Using the Markov-Switching GARCH (MS-GARCH) model and the Hidden Markov Copula framework, we capture the nonlinear, tail dependence in the co-movement of Bitcoin volatility and various foreign exchange pairs. The results indicate that Bitcoin's behavior deviates substantially from a haven asset in crisis periods, supporting the importance of regime-aware risk assessment and asset pricing models. This paper adds to the literature by replacing static breakpoint assumptions with stochastic regime-switching and augmenting volatility modeling with macro-triggers. Practical implications are drawn for institutional investors to adopt regime-sensitive risk models to manage tail risks, while regulators can implement early-warning systems based on regime shifts.

本文分析了全球宏观金融不确定时期比特币波动的制度转换行为及其对宏观经济因素的依赖。使用马尔可夫切换GARCH （MS-GARCH）模型和隐马尔可夫Copula框架，我们捕获了比特币波动率和各种外汇对共同运动中的非线性尾部依赖。结果表明，在危机时期，比特币的行为大大偏离了避险资产，支持了制度感知风险评估和资产定价模型的重要性。本文通过用随机状态切换代替静态断点假设和用宏观触发器增加波动率模型来补充文献。本文为机构投资者采用制度敏感风险模型来管理尾部风险提供了实际意义，而监管机构可以实施基于制度变化的预警系统。

引用次数: 0

Advancing energy justice through ESG: The role of confucian culture and digital finance 通过ESG推进能源正义：儒家文化和数字金融的作用

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2026-01-07 DOI: 10.1016/j.ribaf.2026.103296

Baogui Xin , Yuanrui Wang , Wei Peng , Hui Tan , Jiwon Kwon

Amid escalating climate risks and resource depletion, effective ESG practices are emerging as vital drivers for achieving energy justice. This study employs panel data from 30 Chinese provinces (2009–2022) and a SYS-GMM estimation framework to examine the direct impact of ESG performance on energy justice, while also revealing green technological innovation as an essential mediating pathway. We further explore the pivotal moderating roles of Confucian cultural values, which promote ethical corporate behavior and curb greenwashing, and of digital finance, which enhances information transparency and alleviates financing constraints. Our findings indicate that the integration of robust ESG practices with cultural ethics and advanced digital financial systems not only improves energy efficiency and environmental quality but also fosters a more equitable distribution of energy resources. Overall, this research provides empirically grounded insights for policymakers and industry leaders aiming to craft sustainable strategies for a just energy transition.

在气候风险不断升级和资源枯竭的背景下，有效的ESG实践正成为实现能源正义的重要推动力。本研究采用中国30个省（2009-2022）的面板数据和SYS-GMM估计框架，考察了ESG绩效对能源公平的直接影响，同时也揭示了绿色技术创新是一个重要的中介途径。我们进一步探讨了儒家文化价值观和数字金融的关键调节作用，儒家文化价值观促进了企业道德行为，抑制了“漂绿”，而数字金融则提高了信息透明度，缓解了融资约束。我们的研究结果表明，将稳健的ESG实践与文化伦理和先进的数字金融系统相结合，不仅可以提高能源效率和环境质量，还可以促进能源资源的更公平分配。总的来说，这项研究为决策者和行业领导者提供了基于经验的见解，旨在制定可持续的能源转型战略。

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引用次数: 0

Taming crypto anomalies: A Lasso-type factor model 驯服加密货币异常：lasso型因子模型

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2026-01-07 DOI: 10.1016/j.ribaf.2026.103298

Jinchuan Li, Yifeng Zhu

In this paper, we examine the performance of 49 cryptocurrency market anomalies in terms of their in-sample, out-of-sample, and full sample performance following the work of Liu et al. (2022). We find that, despite the similarities in anomaly performance between the in-sample and overall sample periods, there are noticeable changes in the behavior of out-of-sample anomalies. This includes the disappearance of size effect and the appearance of left-tail risk effect. Consequently, by using the Iterative Double Selection Lasso method, we construct a new three-factor model — DS3, which consists of the market factor (MKT), the two-week momentum factor (MOM2), and the residual momentum factor (RMOM). In comparison to CPT3 (Liu et al., 2022) and IPCA3 (Bianchi and Babiak, 2025), our DS3 model exhibits a certain advantage in explaining anomalies.

在本文中，我们在刘等人（2022）的工作之后，从样本内、样本外和全样本性能方面检查了49个加密货币市场异常的表现。我们发现，尽管样本内和整体样本周期之间的异常表现相似，但样本外异常的行为却有明显的变化。这包括规模效应的消失和左尾风险效应的出现。因此，我们利用迭代双重选择套索方法构建了一个新的三因素模型——DS3，该模型由市场因素（MKT）、两周动量因素（MOM2）和剩余动量因素（RMOM）组成。与CPT3 （Liu et ., 2022）和IPCA3 （Bianchi and Babiak, 2025）相比，我们的DS3模型在解释异常方面具有一定的优势。

引用次数: 0

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