Research in International Business and Finance最新文献

英文中文

Gaining a deeper understanding of the impact of ESG performance on stock liquidity: Evidence from China 深入了解ESG绩效对股票流动性的影响：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 : 2026-01-06 DOI: 10.1016/j.ribaf.2026.103291

Cheng Zhao , Yu Wei , Qian Wang , Guang Yan

Our study investigates the relationship between ESG (Environmental, Social, and Governance) performance and the stock liquidity of Chinese listed companies. Using 14,334 observations of A-share listed companies in China from 2018 to 2023, we demonstrate that (1) Improvements in ESG performance contribute to increased stock liquidity, but this relationship is non-linear. The primary reason for this is that the marginal utility of improvement diminishes as ESG performance rises; (2) The impact of performance across the environmental (E), social (S) and governance (G) dimensions differs in terms of liquidity, reflecting investors' varying sensitivity to information across these dimensions; (3) Tests conducted to investigate heterogeneity across the three dimensions (property rights, geography and information disclosure) validate the significance of signaling theory in China's stock market. Our findings provide a theoretical basis for further strengthening ESG development and offer new insights into the market's understanding of ESG information.

本文研究了中国上市公司环境、社会和治理绩效与股票流动性之间的关系。利用2018 - 2023年中国a股上市公司的14334个观察结果，我们证明：(1)ESG绩效的改善有助于股票流动性的增加，但这种关系是非线性的。其主要原因是，改进的边际效用随着ESG绩效的提高而减少；(2)绩效对环境(E)、社会(S)和治理(G)三个维度的影响在流动性方面存在差异，这反映了投资者对这些维度信息的不同敏感性；(3)产权、地理和信息披露三个维度的异质性检验验证了信号理论在中国股票市场的意义。我们的研究结果为进一步加强ESG发展提供了理论基础，并为市场对ESG信息的理解提供了新的见解。

引用次数: 0

How green bonds influence corporate environmental behaviour: A heterogeneous analysis 绿色债券如何影响企业环境行为：异质分析

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2026-01-06 DOI: 10.1016/j.ribaf.2026.103290

Luyao Ma , Xin Lv , Zhiyang Shen , Chang Yu , Qingyi Zhang

Previous studies have primarily focused on the link between Environmental, Social, and Governance (ESG) factors and green bonds. However, ESG metrics fail to comprehensively capture firms’ environmental behaviour. To gain a deeper understanding of how green bond issuance influences firms’ environmental performance, it is essential to examine its impact on Corporate Environmental Responsibility (CER). Despite its importance, this topic remains underexplored in empirical research. This paper constructs a theoretical framework and conducts an empirical analysis to investigate the impact of green bond issuances on CER performance. The results show that issuing green bonds significantly enhances CER scores. This positive effect stems from two key mechanisms: improved corporate financing conditions and increased transparency of environmental information disclosure. Specifically, the “earmarking” of green funds subsidises environmentally friendly projects, while regulatory requirements for green bond information disclosure encourage superior environmental performance. Additionally, the results reveal heterogeneous effects, with green bonds having a stronger impact on heavily polluting firms. Finally, we find that regulatory pressures and competitive market dynamics drive firms to issue green bonds as a strategy to boost their green reputation and gain a competitive advantage.

以往的研究主要集中在环境、社会和治理（ESG）因素与绿色债券之间的联系。然而，ESG指标无法全面捕捉企业的环境行为。为了更深入地了解绿色债券发行对企业环境绩效的影响，有必要考察其对企业环境责任（CER）的影响。尽管它很重要，但这一主题在实证研究中仍未得到充分探讨。本文构建理论框架并进行实证分析，探讨绿色债券发行对企业绩效的影响。结果表明，发行绿色债券显著提高了企业的CER得分。这种积极效应源于两个关键机制：企业融资条件的改善和环境信息披露透明度的提高。具体来说，绿色基金的“专款”补贴了环境友好型项目，而对绿色债券信息披露的监管要求鼓励了环境绩效优异的项目。此外，研究结果还显示出异质性效应，绿色债券对重污染企业的影响更大。最后，我们发现监管压力和竞争的市场动态促使企业发行绿色债券作为提升绿色声誉和获得竞争优势的一种策略。

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引用次数: 0

Beyond green labels: Efficiency frontiers of ESG ETFs 超越绿色标签：ESG etf的效率前沿

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2026-01-05 DOI: 10.1016/j.ribaf.2026.103292

Mohamad H. Shahrour , Ryan Lemand , Mayssa Mhadhbi , Mohamed Arouri

This study evaluates the efficiency of sustainable Exchange-Traded Funds (ETFs) using an output-oriented BCC data envelopment analysis (DEA) framework. Drawing on a sample of ESG-labeled ETFs, it examines how effectively these funds transform risk and operational inputs into financial returns and sustainability outcomes, assessed through both aggregated and disaggregated environmental, social, and governance (ESG) dimensions. By integrating Morningstar Sustainability Ratings and alternative risk measures, the analysis captures the multidimensional nature of fund performance and the heterogeneity of efficiency across specifications. The results show that consistently DEA-efficient ETFs tend to achieve superior risk-adjusted returns, as reflected in the Sharpe and information ratios. The study contributes to the sustainable finance literature by linking financial efficiency with ESG pillar-level performance, offering implications for investors, fund managers, and regulators seeking to enhance transparency and capital allocation efficiency within the sustainable finance ecosystem.

本研究使用产出导向的BCC数据包络分析（DEA）框架来评估可持续交易所交易基金（etf）的效率。本文以ESG标签的etf为样本，考察了这些基金如何有效地将风险和运营投入转化为财务回报和可持续性成果，并通过综合和分类的环境、社会和治理（ESG）维度进行了评估。通过整合晨星可持续性评级（Morningstar Sustainability Ratings）和另类风险指标，该分析捕捉到了基金业绩的多维性，以及不同规格基金效率的异质性。结果表明，持续dea高效的etf倾向于获得更高的风险调整收益，这反映在夏普比率和信息比率上。该研究通过将金融效率与ESG支柱级绩效联系起来，为可持续金融文献做出了贡献，为寻求在可持续金融生态系统中提高透明度和资本配置效率的投资者、基金经理和监管机构提供了启示。

引用次数: 0

Analyzing spillover dynamics between semiconductor and clean energy stocks: A higher-order moment approach 分析半导体和清洁能源股票之间的溢出动态：一个高阶矩方法

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2026-01-05 DOI: 10.1016/j.ribaf.2025.103257

Hongjun Zeng , Mohammad Zoynul Abedin , Petr Hajek

This paper investigates the contemporaneous, lagged, and time–frequency spillover effects between the U.S. Semiconductor Index (SOX) and Clean Energy stocks across lower and higher-order moments. Employing the GARCH-SK model, a novel R2 decomposed connectedness approach, the Wavelet Quantile Correlation (WQC) and Wavelet Local Multiple Correlation (WLMC) methods, we provide a comprehensive analysis of risk transmission. Key findings include: (1) The SOX contributes net return spillovers to Clean Energy stocks in both contemporaneous and lagged periods, while also receiving substantial spillovers. (2) Volatility spillovers between the SOX and Clean Energy stocks are the most significant, highlighting the dominant role of the SOX in higher-order moments. (3) Multiscale time–frequency correlations indicate a strong, positive correlation between SOX and Clean Energy stocks, particularly in medium and long-term frequency domains. And we find that returns and volatility exhibit strong positive correlations over the long term. These insights have significant implications for investors constructing diversified portfolios and regulatory bodies formulating risk management policies.

本文研究了美国半导体指数（SOX）和清洁能源股票在低阶矩和高阶矩之间的同期、滞后和时频溢出效应。采用GARCH-SK模型、一种新颖的R2分解连通性方法、小波分位数相关（WQC）和小波局部多重相关（WLMC）方法，对风险传递进行了全面分析。主要发现包括：(1)在同期和滞后时期，SOX对清洁能源股票的净回报溢出都有贡献，同时也有可观的溢出效应。(2) SOX与清洁能源股之间的波动溢出效应最为显著，在高阶时刻突出了SOX的主导作用。(3)多尺度时频相关表明，SOX与清洁能源股票之间存在较强的正相关关系，特别是在中长期频域。我们发现，长期来看，回报率和波动性表现出很强的正相关关系。这些见解对投资者构建多元化投资组合和监管机构制定风险管理政策具有重要意义。

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引用次数: 0

Regime-dependent causality between Chinese and U.S. equity markets: Evidence from Markov switching models 中国和美国股票市场之间的制度依赖因果关系：来自马尔可夫转换模型的证据

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2026-01-03 DOI: 10.1016/j.ribaf.2026.103285

Abbas Valadkhani , Hazem Marashdeh

This study analyses the dynamic interdependence between Chinese and U.S. equity markets using Markov regime-switching vector autoregressive (MS-VAR) models. We cover monthly data from May 2007 to August 2024 within a single-currency framework on the New York Stock Exchange. Two broad-based Exchange-Traded Funds (ETFs)—SPY for the U.S. and GXC for China—serve as proxies for equity returns. The study identifies two regimes: Regime 1, characterised by periods of crisis, and Regime 2, representing stable market conditions. Causality tests based on the MS-VAR model reveal bidirectional causality between the markets in Regime 2, a relationship not detected by conventional Granger tests. In Regime 1, causality is unidirectional from the U.S. to China, indicating that Chinese investors are more exposed to U.S.-driven shocks during periods of market turbulence. The findings suggest the need for collaborative strategies to reduce market risks, address vulnerabilities, and manage spillovers arising from geopolitical tensions.

本文利用马尔可夫体制转换向量自回归模型分析了中美两国股票市场的动态相互依存关系。我们涵盖了从2007年5月到2024年8月在纽约证券交易所的单一货币框架内的月度数据。两种基础广泛的交易所交易基金（etf）——美国的spy和中国的GXC——是股票回报的代表。该研究确定了两种制度：制度1，以危机时期为特征；制度2，代表稳定的市场条件。基于MS-VAR模型的因果关系检验揭示了制度2中市场之间的双向因果关系，这是传统格兰杰检验无法检测到的关系。在制度1中，从美国到中国的因果关系是单向的，这表明中国投资者在市场动荡期间更容易受到美国驱动的冲击。研究结果表明，需要制定合作战略，以降低市场风险，解决脆弱性问题，并管理地缘政治紧张局势带来的溢出效应。

引用次数: 0

Financial inclusion and bank stability in ASEAN: A non-linear analysis of risk and opportunity 东盟普惠金融与银行稳定性：风险与机遇的非线性分析

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2026-01-03 DOI: 10.1016/j.ribaf.2026.103288

Mahfuzur Rahman , Syed Faisal Shah , Mohamed Albaity

The rapid expansion of financial inclusion (FIC) and fintech (FIN) in ASEAN presents a critical question: do these developments fortify or jeopardize bank stability? This study is the first to integrally examine the non-linear impacts of FIC, FIN, economic freedom (EF), and financial freedom (FF) on bank stability across 584 banks in six ASEAN countries (2008–2022). Moving beyond conventional linear models, we employ quantile regression to uncover threshold-dependent and often opposing effects across the stability distribution. We find that FIC has an inverted U-shaped relationship with stability, affirming the ‘too much finance’ hypothesis. Fintech development enhances stability for mid-tier banks but introduces cybersecurity risks that can destabilize highly robust institutions. While financial freedom supports fragile banks, economic freedom can erode stability for stronger ones by intensifying competition. These effects are heterogeneous, varying significantly by country income level and institutional maturity. A key policy recommendation is that regulators should avoid one-size-fits-all approaches; instead, they must calibrate financial inclusion targets and fintech oversight based on the specific stability profile and institutional capacity of their banking sector.

东盟普惠金融（FIC）和金融科技（FIN）的迅速发展提出了一个关键问题：这些发展是加强还是危及银行的稳定？本研究首次对6个东盟国家584家银行（2008-2022年）的FIC、FIN、经济自由（EF）和财务自由（FF）对银行稳定性的非线性影响进行了综合研究。超越传统的线性模型，我们采用分位数回归来揭示整个稳定性分布的阈值依赖性和通常相反的效应。我们发现FIC与稳定性呈倒u型关系，证实了“过度融资”假说。金融科技的发展增强了中型银行的稳定性，但也带来了网络安全风险，可能会破坏高度稳健的机构的稳定。虽然金融自由支持脆弱的银行，但经济自由会加剧竞争，从而削弱实力较强银行的稳定性。这些影响是异质的，因国家收入水平和制度成熟度而有显著差异。一项关键的政策建议是，监管机构应避免一刀切的做法；相反，它们必须根据本国银行业的具体稳定性状况和机构能力，调整普惠金融目标和金融科技监管。

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引用次数: 0

Social capital, institutions, and financing constraints: International evidence 社会资本、制度和融资约束：国际证据

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2026-01-03 DOI: 10.1016/j.ribaf.2026.103284

Charilaos Mertzanis , Asma Houcine

The study utilizes firm-level data from the World Bank’s Enterprise Surveys to investigate the impact of institutionalized social capital on financing constraints faced by firms across various sizes and sectors in 138 medium- and low-income countries. Financing constraints are assessed through survey-based indicators of firms' decisions regarding external financing. Social capital is measured using a novel composite index that incorporates country-level measures of civic activism, intergroup cohesion, interpersonal trust, membership in clubs and associations, and gender equality. Controls include firm-level characteristics and national economic and institutional factors. Results indicate that higher values of the social capital index correlate with reduced financing constraints across various sectors and regions. These findings remain robust even after accounting for potential endogeneity bias. Firm-specific characteristics emerge as significant predictors that moderate the relationship between social capital and financing constraints. Notably, economic and financial development, governance quality, contractual institutions, and social and religious conditions play significant roles in attenuating the impact of social capital on financing constraints across different countries.

本研究利用来自世界银行《企业调查》的企业层面数据，调查了138个中低收入国家不同规模和行业的企业所面临的融资约束，以及制度化的社会资本的影响。融资约束是通过基于调查的企业外部融资决策指标来评估的。社会资本是用一种新的综合指数来衡量的，该指数结合了国家层面的公民行动主义、群体间凝聚力、人际信任、俱乐部和协会成员资格以及性别平等等指标。控制因素包括企业层面的特征以及国家经济和制度因素。结果表明，社会资本指数越高，各部门和地区的融资约束越少。即使考虑到潜在的内生性偏差，这些发现仍然是强有力的。企业特定特征成为调节社会资本和融资约束之间关系的重要预测因子。值得注意的是，经济和金融发展、治理质量、契约制度以及社会和宗教条件在减轻社会资本对不同国家融资约束的影响方面发挥了重要作用。

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引用次数: 0

Much Ado about global uncertainty: Volatility transmission between US-China tension and African foreign exchange markets 全球不确定性：中美紧张局势与非洲外汇市场波动传导

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2026-01-03 DOI: 10.1016/j.ribaf.2026.103283

Adefemi A. Obalade , Anthanasius Fomum Tita , Joseph J. French , Constantin Gurdgiev

This study examines volatility transmission between the U.S.–China Tension (UCT) index and emerging African foreign exchange markets using the extended time-varying parameter vector autoregression (TVP-VAR) methodology. Monthly data from January 2005 to February 2024 capture evolving transmitter–receiver dynamics across five major African currencies, CNY/USD, global uncertainty indicators—geopolitical risk and trade policy uncertainty — and emerging market FX benchmarks. We provide the first application of the UCT index to African FX markets. Results show that African currencies respond more to volatility originating in other emerging markets than to more global (UCT index, GPR, TPU, or U.S./Chinese currency pair) shocks. ZAR/USD is the most exposed, confirming South Africa’s deeper integration into global trade and capital markets. Persistent net shocks receivers are linked to floating FX regimes. Peaks in spillovers coincide with the GFC, 2017–2018 U.S.–China trade tensions, and COVID-19/Brexit, while exchange rate regime changes in Nigeria and Ghana alter their transmitter–receiver roles. The results broaden our understanding of global financial transmission channels from geopolitical and geoeconomic tensions to African markets.

本研究使用扩展时变参数向量自回归（TVP-VAR）方法检验了美中紧张关系（UCT）指数与新兴非洲外汇市场之间的波动传导。2005年1月至2024年2月的月度数据反映了非洲五种主要货币、人民币/美元、全球不确定性指标（地缘政治风险和贸易政策不确定性）以及新兴市场外汇基准的不断变化的收发动态。我们首次将UCT指数应用于非洲外汇市场。结果表明，非洲货币对其他新兴市场波动的反应比对全球（UCT指数、GPR、TPU或美国/中国货币对）冲击的反应更大。南非兰特/美元是受影响最大的，这证实了南非更深程度地融入全球贸易和资本市场。持续的净冲击接收国与浮动汇率制度挂钩。溢出效应的峰值与全球金融危机重合，2017-2018年 美国中国与中国的贸易紧张局势、新冠肺炎/英国脱欧，而尼日利亚和加纳的汇率制度变化改变了它们的收发方角色。研究结果拓宽了我们对从地缘政治和地缘经济紧张局势到非洲市场的全球金融传导渠道的理解。

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引用次数: 0

Enhancing country-level social-pilar performance through environmental policy: Evidence from ASEAN countries 通过环境政策提高国家层面的社会支柱绩效：来自东盟国家的证据

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2026-01-03 DOI: 10.1016/j.ribaf.2026.103286

Zhenyi Yang , Shuo Ding , Dafeng Ye , Xiaping Cao

How Environment, Society and Governance (ESG) affect economic welfare has been widely studied, however, how each pillar influences each other is under-explored. In this study, from a cross-country perspective, we explore how environmental policy influences the country-level social-pillar performance by focusing on the labor employment in the Association of Southeast Asian Nations (ASEAN). Based on multinational data of the ASEAN countries from 2000 to 2021, we find that the implementation of feed-in tariffs (FIT) policy, a key renewable energy promotion policy, significantly reduce unemployment rate in the ASEAN region. The two primary channels include that the renewable energy policy promotes industrial expansion and lowers the energy price. Further, we find that the FIT policy help decrease unemployment rate in countries with better fundamental infrastructure, stable political environment, lower reliance on traditional energy, and more foreign inflows. Moreover, we find that the economic linkages with China amplify the policy effect. This study shows that the environmental policy can help improve social condition in developing countries, and these countries need to upgrade domestic infrastructure and use foreign support to promote the positive effect.

环境、社会和治理（ESG）如何影响经济福利已被广泛研究，然而，各支柱如何相互影响尚未得到充分探讨。本研究以东南亚国家联盟（ASEAN）劳工就业为研究对象，从跨国视角探讨环境政策对国家层面社会支柱绩效的影响。基于2000年至2021年东盟国家的跨国数据，我们发现，可再生能源推广的关键政策——上网电价政策的实施显著降低了东盟地区的失业率。可再生能源政策促进产业扩张和降低能源价格是两个主要渠道。此外，我们发现，在基础设施较好、政治环境稳定、对传统能源依赖程度较低、外资流入较多的国家，上网电价补贴政策有助于降低失业率。此外，我们发现与中国的经济联系放大了政策效应。研究表明，环境政策有助于改善发展中国家的社会状况，这些国家需要升级国内基础设施并利用国外支持来促进其积极作用。

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引用次数: 0

The role of culture in driving innovation: A quasi-natural experiment from China 文化在推动创新中的作用：来自中国的准自然实验

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2026-01-03 DOI: 10.1016/j.ribaf.2026.103289

Maoyu Gong , Xuan Liu

Culture constitutes the fundamental impetus for innovation. We utilize Chinese county-level data and employ the pilot demonstration-city policy on culture-technology integration as a quasi-natural experiment. We assess the policy’s effects on innovation and clarify its underlying mechanisms using the difference-in-differences model. Our results reveal that: firstly, culture-technology integration significantly spurs innovation, both economically and statistically significantly. Specifically, the average innovation output in the regions where policies were implemented increased by 26 %. Secondly, the policy’s innovation effects are significantly heterogeneous in terms of innovation sources, innovation types, and cultural types. Finally, the primary channels through which the integration policy drives innovation at both the macro and micro levels are increased R&D investment, the emergence of new firms, and reduced operating costs.

文化是创新的根本动力。我们利用中国县级数据，将文化与科技融合的试点示范城市政策作为准自然实验。我们利用差异中的差异模型评估了政策对创新的影响，并阐明了其潜在机制。研究结果表明：第一，文化与技术的融合对创新具有显著的经济和统计意义。具体而言，实施政策的地区平均创新产出增长了26% %。其次，政策创新效应在创新来源、创新类型和文化类型上存在显著异质性。最后，整合政策在宏观和微观层面驱动创新的主要渠道是研发投入的增加、新企业的出现和运营成本的降低。

引用次数: 0

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