Research in International Business and Finance最新文献

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Expand or avoid: Microfinance credit risk and climate vulnerability 扩大或避免：小额信贷信贷风险和气候脆弱性

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2025-12-24 DOI: 10.1016/j.ribaf.2025.103268

Iftekhar Ahmed , Ivan Diaz-Rainey , Dung Thuy Thi Nguyen , Helen Roberts

This study investigates the association between climate vulnerability, geographic expansion, and credit risk in microfinance institutions (MFIs) loan portfolios. It is motivated by inconclusive evidence concerning the climate vulnerability-bank risk nexus and the geographic expansion-bank risk nexus. Applying system generalized method of moments (GMM) to a sample of global MFIs over the period 1999–2019, we report evidence that climate vulnerability and geographic expansion increase MFI credit risk. Our results indicate that MFIs operating in climate-vulnerable countries or undergoing geographical expansion tend to maintain higher financial buffers to absorb potential losses. Furthermore, we also report evidence of increased institutional credit risk for MFIs with wider geographical expansion and larger loan portfolios. The risk is more pronounced for non-shareholder-owned MFIs compared to shareholder-owned MFIs. This suggests MFI expansion into climate prone regions is curtailed in the case of shareholder-owned MFIs to minimize credit risk, overshadowing the microfinance mission to provide banking services to the poorest and the most vulnerable. In addition, we report evidence that climate vulnerability moderates the consequences of geographic diversification in the microfinance industry.

本研究探讨了气候脆弱性、地理扩张和小额信贷机构贷款组合中信贷风险之间的关系。它的动机是关于气候脆弱性-银行风险关系和地理扩张-银行风险关系的不确定证据。我们将系统广义矩量法（GMM）应用于1999-2019年全球小额信贷机构样本，报告了气候脆弱性和地理扩张增加小额信贷机构信贷风险的证据。我们的研究结果表明，在气候脆弱国家或正在进行地理扩张的小额信贷机构倾向于维持较高的资金缓冲，以吸收潜在的损失。此外，我们还报告了小额信贷机构在更广泛的地域扩张和更大的贷款组合中机构信贷风险增加的证据。与股东所有的小额信贷机构相比，非股东所有的小额信贷机构的风险更为明显。这表明，小额信贷机构向气候易发地区的扩张受到了限制，在股东所有的小额信贷机构中，这是为了最大限度地降低信贷风险，使小额信贷机构向最贫困和最弱势群体提供银行服务的使命蒙上了阴影。此外，我们报告了气候脆弱性缓和小额信贷行业地理多样化后果的证据。

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引用次数: 0

Environmental sectoral classification and ESG signals: Evidence on the cost of debt from the EU Taxonomy 环境部门分类和ESG信号：来自欧盟分类的债务成本证据

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2025-12-24 DOI: 10.1016/j.ribaf.2025.103267

Simone Boccaletti , Gianluca Gucciardi , Massimo Ruberti

This study examines how sector-level environmental classifications and firm-level ESG performance jointly influence firms’ financing conditions. While ESG scores capture the sustainability profile of individual firms, the EU Taxonomy provides a credible framework to classify the environmental sustainability of entire economic sectors. Using a sample of 770 European companies between 2007 and 2022, we document that companies operating in environmentally sustainable sectors according to the EU Taxonomy enjoy lower debt costs regardless of their individual environmental performance, proxied by ESG scores. Conversely, firms in the other sectors experience lower debt cost only when they achieve higher environmental scores. These findings highlight the complementary roles of sectoral classification and firm-level signals in influencing creditors’ assessment of environmental risk, and underscore the importance for firms in less sustainable sectors to credibly signal their environmental commitment to improve access to debt finance.

本研究考察了行业层面的环境分类和企业层面的ESG绩效如何共同影响企业的融资状况。虽然ESG得分反映的是单个企业的可持续性，但欧盟分类法提供了一个可靠的框架，对整个经济部门的环境可持续性进行分类。利用2007年至2022年间770家欧洲公司的样本，我们证明，根据欧盟分类，在环境可持续行业运营的公司享有较低的债务成本，无论其个人环境绩效如何（由ESG分数代表）。相反，其他行业的企业只有在环境得分较高时才会经历较低的债务成本。这些调查结果突出了部门分类和公司一级信号在影响债权人评估环境风险方面的互补作用，并强调了可持续性较差部门的公司可靠地表明其环境承诺以改善获得债务融资的机会的重要性。

引用次数: 0

The nonlinear impacts of energy price shocks on bank diversification: Evidence from G7 economies 能源价格冲击对银行多元化的非线性影响：来自G7经济体的证据

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2025-12-24 DOI: 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.

本研究利用1992年至2021年间13225家银行的数据，考察了能源价格冲击对七国集团（G7）国家银行多元化的影响。应用两步系统动态广义矩估计方法，结果表明能源价格波动显著降低了收益和资产多元化。这种影响在较高的价格水平上更为明显，表明了强烈的非线性和不对称动态：积极的冲击降低了多样化，而消极的冲击则增加了多样化。考虑到宏观经济因素、重大危机（2008年金融危机和2019冠状病毒病）以及能源价格冲击的替代措施，结果依然强劲。子样本分析显示，由于资源有限和财务利润率较低，较小的银行更容易受到能源价格波动的影响。这些发现凸显了银行对能源市场的重要敞口，并强调了政策制定者需要采取量身定制的监管措施，如反周期资本缓冲和强化风险管理框架，以增强金融抵御能源价格冲击的能力。

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引用次数: 0

Can green finance promote green-biased technological progress? 绿色金融能促进偏向绿色的技术进步吗？

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2025-12-23 DOI: 10.1016/j.ribaf.2025.103260

Peilin Fu , Xuan Liu , Shuhong Wang

Green innovation (GI) is a critical pathway to sustainable development. However, the growth of GI remains sluggish and falls short of meeting the pressing demands of environmental protection and carbon mitigation. While extant literature predominantly emphasizes GI quantity, this study uncovers the structural roots of GI stagnation through the aspect of biased technological progress. Using a comprehensive panel dataset of Chinese A-share listed firms from 2010 to 2021 and employing fixed-effects and instrumental variable regression models, we find that traditional finance (TF) tends to favor non-green innovation (NGI) due to its short-term profit orientation, thus widening the gap between GI and NGI. In contrast, green finance (GF) significantly promotes the green-biased technological progress (GBTP), particularly among private enterprises (PEs), by alleviating financing constraints and information asymmetries. Furthermore, the effectiveness of GF is moderated by different types of environmental regulation and information transparency: subsidy-based environmental regulation amplifies the positive effect of GF in PEs, while cost-based regulation plays a more critical role in state-owned enterprises (SOEs). Our findings contribute to the understanding of financial policy design for promoting sustainable technological transformation and offer actionable insights for optimizing green innovation pathways across different ownership structures.

绿色创新是实现可持续发展的重要途径。然而，全球地理标志增长乏力，不能满足环境保护和碳减排的迫切需求。虽然现有文献主要强调GI数量，但本研究从技术进步偏倚的角度揭示了GI停滞的结构性根源。利用2010 - 2021年中国a股上市公司的综合面板数据集，采用固定效应和工具变量回归模型分析发现，传统金融由于其短期利润取向而倾向于支持非绿色创新，从而拉大了非绿色创新与非绿色创新之间的差距。相比之下，绿色金融通过缓解融资约束和信息不对称，显著促进了绿色偏向技术进步（GBTP），尤其是在民营企业（pe）中。此外，不同类型的环境监管和信息透明度对绿色发展的有效性有调节作用：基于补贴的环境监管放大了绿色发展在民营企业中的积极作用，而基于成本的监管在国有企业中发挥了更为关键的作用。我们的研究结果有助于理解促进可持续技术转型的财务政策设计，并为优化不同股权结构下的绿色创新路径提供可操作的见解。

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引用次数: 0

The impact of blue finance on sustainable development in marine ranching: Exploring multiple pathway 蓝色金融对海洋牧场可持续发展的影响：多路径探索

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2025-12-23 DOI: 10.1016/j.ribaf.2025.103259

Juying Wang, Xuelei Lian

The accelerating growth of the global marine economy has brought the sustainability of marine ranching to the forefront of policy and academic agendas. Positioned as a marine-oriented evolution of green finance, blue finance offers innovative financial instruments that can mobilize both capital and technology to support sustainable marine ranching development. However, existing research mostly focuses on the impact of single dimensions on marine sustainability, with limited systematic analysis addressing how blue finance contributes specifically to the sustainable development of marine ranching. To bridge this gap, this study draws on grounded theory and employs fuzzy-set qualitative comparative analysis (fsQCA), using marine ranching demonstration zones across various regions in China as the empirical context, to explore the core dimensions of blue finance influencing marine ranching sustainability and the configurational pathways formed by the synergistic interaction of these dimensions. The findings indicate that blue finance promotes marine ranching sustainability through three distinct configurations: a policy-led pathway, driven by institutional frameworks and ecological systems; a market-driven pathway, shaped by market conditions and customised financial instruments; and a capability-supported pathway, underpinned by financial service provision and capacity development. The findings demonstrate the multiple pathways through which blue finance supports marine ranching sustainability and provide actionable guidance for marine economic development.

全球海洋经济的加速增长使海洋牧场的可持续性成为政策和学术议程的前沿。蓝色金融定位为绿色金融的海洋演进，提供创新的金融工具，可以调动资本和技术来支持海洋牧场的可持续发展。然而，现有的研究大多集中在单一维度对海洋可持续性的影响上，很少有系统的分析蓝色金融对海洋牧场可持续发展的具体贡献。为了弥补这一空白，本研究借鉴扎根理论，运用模糊集定性比较分析（fsQCA），以中国各区域海洋牧场示范区为实证背景，探索蓝色金融影响海洋牧场可持续性的核心维度，以及这些维度协同互动形成的配置路径。研究结果表明，蓝色金融通过三种不同的配置促进海洋牧场的可持续性：由制度框架和生态系统驱动的政策导向路径；由市场条件和定制金融工具决定的市场驱动路径；以及以金融服务提供和能力发展为基础的能力支持途径。研究结果展示了蓝色金融支持海洋牧场可持续发展的多种途径，并为海洋经济发展提供了可操作的指导。

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引用次数: 0

Green money talks: Does green bond issuance promote corporate green governance? 绿钱说话：绿色债券的发行是否促进了公司的绿色治理？

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2025-12-22 DOI: 10.1016/j.ribaf.2025.103258

Hua Zhang, Zheng Guo

Despite extensive focus on the economic benefits of green bond issuance (GBI), existing research inadequately examines its micro-environmental impact on corporate green governance (CGG). This paper exploits a quasi-natural experiment of GBI in China and builds a staggered difference-in-differences model to explore whether and how GBI affects CGG. Using a dataset of 4,663 Chinese listed companies spanning 2009–2023, we find that GBI contributes to an improvement in CGG among treatment firms relative to control firms. This improvement is attributed to three potential pathways: reduced financial constraints, increased environmental attention, and enhanced green innovation. Moreover, the CGG effect is more pronounced for large, old, high-debt-pressure firms, as well as those situated in eastern, strong-environmental-constraint, and high levels of financial development cities. Our findings carry far-reaching implications for the role of green bonds in fostering substantial sustainability efforts in emerging economies.

尽管人们广泛关注绿色债券发行的经济效益，但现有研究尚未充分考察其对公司绿色治理的微观环境影响。本文利用中国GBI的准自然实验，构建了一个交错差中差模型，探讨GBI是否以及如何影响CGG。利用2009-2023年4663家中国上市公司的数据，我们发现相对于控制公司，GBI有助于改善处理公司的CGG。这种改善可归因于三条潜在途径：减少资金限制、增加对环境的关注和加强绿色创新。此外，CGG效应对于规模大、历史悠久、债务压力大的企业，以及那些位于东部、环境约束强、金融发展水平高的城市的企业更为明显。我们的研究结果对绿色债券在促进新兴经济体可持续发展方面的作用具有深远的意义。

引用次数: 0

Impact of green bond issuance on energy intensity: Evidence from new energy enterprises 绿色债券发行对能源强度的影响：来自新能源企业的证据

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2025-12-20 DOI: 10.1016/j.ribaf.2025.103254

Shenghao Bi , Andrea Appolloni , Wanying Zhang , Zhenjun Yan , Jiang Du

As a green financial instrument supporting green programs in new energy enterprises, green bonds possess the potential to reduce enterprise energy intensity (EEI). However, this potential effect requires empirical verification. According to the data of China's new energy listed enterprises, this paper applies a staggered difference-in-differences method to explore the influence of green bond issuing by new energy enterprise on EEI. The findings indicate that the new energy enterprise's issuance of green bond can remarkably reduce EEI. Mechanism analysis demonstrates that the effect for green bonds in reducing EEI is achieved by fostering green technological innovation and increasing the number of executives with environmental experience. Heterogeneity is analyzed at both the enterprise and regional levels. At the enterprise level, private enterprises, low-tech enterprises, or small to medium enterprises only experience a significant decline in EEI after the issuance of green bonds. Regionally, the EEI reduction effect of green bonds is significant only for new energy enterprises in highly economically developed or highly environmentally aware cities. Additionally, green bond issuance by new energy enterprise also significantly enhances the enterprise sustainable development performance.

绿色债券作为支持新能源企业绿色项目的绿色金融工具，具有降低企业能源强度（EEI）的潜力。然而，这种潜在的影响需要实证验证。本文根据中国新能源上市企业的数据，采用交错差分法探讨新能源企业发行绿色债券对EEI的影响。研究结果表明，新能源企业发行绿色债券可以显著降低环境影响指数。机制分析表明，绿色债券降低环境影响指数的效果是通过促进绿色技术创新和增加具有环境经验的高管数量来实现的。异质性分析在企业和区域两个层面。在企业层面，民营企业、低技术企业或中小企业在发行绿色债券后，其EEI才会出现明显的下降。从区域上看，绿色债券降低EEI的效果仅对经济高度发达或环保意识较强的城市的新能源企业显著。此外，新能源企业发行绿色债券也显著提升了企业的可持续发展绩效。

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引用次数: 0

Has the regulation of high quality liquid asset adequacy ratio improved the risk-taking of small and medium-sized banks?--Empirical evidence from China 优质流动资产充足率监管是否改善了中小银行的风险承担？——来自中国的经验证据

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2025-12-20 DOI: 10.1016/j.ribaf.2025.103255

Hongfeng Peng, Zimin Liang, Zhichao Zhang

This article commences with the unique liquidity regulatory indicators faced by small and medium-sized commercial banks with asset sizes under CNY 200 billion and innovatively examines how their risk-taking behavior is influenced by these regulatory measures. Leveraging the design concepts and internal logic of the High Quality Liquid Asset Adequacy Ratio (HQLAAR), we depict banks' liquidity management behavior in the face of potential regulatory penalties by introducing unpledged securities. By incorporating these factors into the DLM analytical framework, we derive theoretical results on the impact of liquidity regulation on risk-taking for banks of corresponding sizes. Building on this theoretical foundation, we selected panel data from 232 Chinese commercial banks of small and medium, ranging from the fourth quarter of 2017 to the third quarter of 2022. We conducted empirical tests of the theoretical findings by estimating the impact of the indicator's values. The results indicate that the liquidity regulatory indicators for smaller banks initially suppress and then promote their risk-taking. Notably, when the indicator values meet the existing regulatory requirements (no less than 100 %), an increase in these values can significantly reduce risk-taking. Furthermore, compared to the upswing of the economic cycle, the impact of liquidity regulation on risk-taking is attenuated during downturns, necessitating additional regulatory policies during this phase. Lastly, in environments with higher levels of economic and financial development, the implementation of regulatory policies is more effective.

本文从资产规模在2000亿元以下的中小商业银行所面临的独特流动性监管指标入手，创新性地考察了这些监管措施对中小商业银行风险承担行为的影响。利用高质量流动资产充足率（HQLAAR）的设计概念和内部逻辑，我们通过引入无质押证券来描述银行在面临潜在监管处罚时的流动性管理行为。通过将这些因素纳入DLM分析框架，我们得出了流动性监管对相应规模银行风险承担影响的理论结果。在此理论基础上，我们选取了232家中国中小商业银行的面板数据，时间跨度为2017年第四季度至2022年第三季度。我们通过估计指标值的影响对理论结果进行了实证检验。结果表明，流动性监管指标对中小银行的风险承担具有先抑制后促进的作用。值得注意的是，当指标值满足现有监管要求（不低于100 %）时，这些值的增加可以显著降低风险承担。此外，与经济周期的上升期相比，流动性监管对风险承担的影响在经济衰退期间减弱，这一阶段需要额外的监管政策。最后，在经济和金融发展水平较高的环境中，监管政策的实施更为有效。

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引用次数: 0

The governance nexus: The impact of CFO-CEO collusion on controlling shareholders’ equity pledging 治理关系：CFO-CEO合谋对控股股东股权质押的影响

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2025-12-15 DOI: 10.1016/j.ribaf.2025.103253

Ziqi Li , Zhihao Cai , Ho-Chuan Huang

This study examines the impact of CFO-CEO co-option on controlling shareholders’ equity pledging in Chinese A-share listed firms from 2003 to 2022. Findings indicate a significant positive relationship, as co-opted CFOs – those appointed after the CEO’s tenure begins – tend to align with CEO interests, facilitating higher pledge levels to meet short-term liquidity needs. Gender and tenure moderate this effect: female CFOs, despite being risk-averse, exhibit stronger influences due to compliance pressures, while newly appointed CFOs are more susceptible to CEO influence. External governance mechanisms, such as Big Four audits and concentrated market environments, mitigate this impact, whereas high information asymmetry exacerbates it. Additionally, financing constraints serve as a mediating mechanism, as co-opted CFOs heighten financial pressures, leading to increased equity pledging. These findings highlight governance risks associated with CFO co-option and provide policy insights for mitigating financial instability in emerging markets.

本研究考察了2003 - 2022年中国a股上市公司CFO-CEO任选对控股股东股权质押的影响。研究结果表明，增选cfo（在CEO任期开始后任命的cfo）往往与CEO的利益保持一致，从而促进了更高的承诺水平，以满足短期流动性需求，因此两者之间存在显著的正相关关系。性别和任期调节了这种影响：女性首席财务官尽管厌恶风险，但由于合规压力而表现出更大的影响力，而新任命的首席财务官更容易受到CEO的影响。外部治理机制，如四大审计和集中的市场环境，减轻了这种影响，而高度的信息不对称则加剧了这种影响。此外，由于增选首席财务官增加了财务压力，导致股权质押增加，融资限制起到了调解机制的作用。这些发现突出了与首席财务官增选相关的治理风险，并为减轻新兴市场的金融不稳定提供了政策见解。

引用次数: 0

OpenAI's technological announcements: Market reactions and implications OpenAI的技术公告：市场反应和影响

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2025-12-12 DOI: 10.1016/j.ribaf.2025.103252

De-Wai Chou , Chih-Chun Chen , Tung-Lin He

This research examines the impact of OpenAI’s technological announcements on the stock returns of artificial intelligence (AI) concept stocks and their matched firms in Taiwan’s equities market. Using an event study methodology and regression analyses, the findings reveal significant differences in cumulative abnormal returns (CARs) between AI concept stocks and matched firms, as the former consistently outperform their matched counterparts with the performance gap widening over longer event windows. The analysis highlights the crucial roles of product originality and the level of recognition for AI concept stocks by brokers and stock information websites in shaping investor responses, while R&D expenditures show limited long-term effects. These findings offer valuable insights for firms, investors, and policymakers in navigating the dynamics of innovation-driven growth in the burgeoning AI sector.

本研究探讨OpenAI科技公告对台湾股市人工智能概念股及其配对公司股票收益的影响。使用事件研究方法和回归分析，研究结果显示人工智能概念股和匹配公司之间的累积异常回报（CARs）存在显着差异，因为前者的表现始终优于其匹配的同行，并且在更长的事件窗口中表现差距扩大。分析强调了产品原创性和经纪人和股票信息网站对人工智能概念股的认可水平在塑造投资者反应方面的关键作用，而研发支出显示出有限的长期影响。这些发现为企业、投资者和政策制定者提供了宝贵的见解，帮助他们在新兴的人工智能领域驾驭创新驱动的增长动态。

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