Research in International Business and Finance最新文献

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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 : 2026-03-01 Epub 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

Do online judicial auctions matter for bank risk-taking? Evidence of Chinese commercial banks 网上司法拍卖对银行的风险承担有影响吗？中国商业银行的证据

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2026-03-01 Epub Date: 2025-12-31 DOI: 10.1016/j.ribaf.2025.103273

Hai Jiang, Shuangyi Chen, Peng Chen

Our paper examines the impact of online judicial auctions (OJAs) on bank risk-taking by developing a theoretical model and providing empirical evidence from data on China’s commercial banks over the period 2010–2021. Using unique regional OJA data, we find that the implementation of OJAs contributes positively to banks’ stability, with results remaining valid across endogeneity tests and robustness checks. This stabilizing effect is particularly pronounced for local banks and intensifies as auctions progress. Banks burdened by non-performing loans and those with weaker risk mitigation capacity derive greater benefits from OJAs. Our analysis further reveals complementary effects between OJAs and non-performing asset marketization. We document the mechanisms contributing to the positive effect of OJAs, including improving judicial efficiency and strengthening banks’ ability to manage profitability and maintain adequacy.

本文通过建立理论模型并提供2010-2021年中国商业银行数据的实证证据，考察了网络司法拍卖（OJAs）对银行风险承担的影响。利用独特的区域OJA数据，我们发现OJA的实施对银行的稳定性有积极的贡献，其结果在内生性检验和鲁棒性检验中仍然有效。这种稳定效应对当地银行尤为明显，并随着拍卖的进行而加剧。不良贷款负担沉重的银行和缓解风险能力较弱的银行从OJAs获得的好处更大。我们的分析进一步揭示了OJAs与不良资产市场化之间的互补效应。我们记录了有助于OJAs产生积极影响的机制，包括提高司法效率和加强银行管理盈利能力和保持充足性的能力。

引用次数: 0

Biodiversity risk and corporate greenwashing: Evidence from China 生物多样性风险与企业漂绿：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 : 2026-03-01 Epub Date: 2026-01-03 DOI: 10.1016/j.ribaf.2026.103287

Tianlei Pi, Linke Jiao, Yuhan Zhou, Jin Shi

Based on the sample data of Chinese A-share listed companies from 2010 to 2022, this paper explores whether the biodiversity risk faced by enterprises affect their greenwashing behavior. The study shows a significant positive correlation between biodiversity risk and corporate greenwashing. Further analysis reveals that biodiversity risk influences corporate greenwashing primarily by intensifying financing constraints and affecting government subsidies. The heterogeneity test results show that the above positive correlation varies significantly depending on the nature of firm ownership, the level of institutional investors' shareholding, and the degree of pollution of enterprises. This research provides new evidence for understanding the relationship between biodiversity risk and corporate environmental behavior.

本文基于2010 - 2022年中国a股上市公司样本数据，探讨企业所面临的生物多样性风险是否会影响其“漂绿”行为。研究表明，生物多样性风险与企业“漂绿”之间存在显著正相关关系。进一步分析表明，生物多样性风险主要通过强化融资约束和影响政府补贴来影响企业“漂绿”。异质性检验结果表明，上述正相关性在企业所有权性质、机构投资者持股水平和企业污染程度上存在显著差异。本研究为理解生物多样性风险与企业环境行为之间的关系提供了新的证据。

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 : 2026-03-01 Epub 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

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 : 2026-03-01 Epub 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

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 : 2026-03-01 Epub 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

Leveraging digital-green finance synergies to accelerate biodiversity conservation and sustainability 利用数字绿色金融协同效应，加快生物多样性保护和可持续发展

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2026-03-01 Epub Date: 2026-01-03 DOI: 10.1016/j.ribaf.2026.103282

Hongyu Guo , Mbarek Rahmoune , Ahmed Imran Hunjra , Xiaoli Xu

Biodiversity loss represents a critical global challenge that is critically underfunded due to market failures rooted in information frictions. Analyzing a comprehensive dataset of Chinese A-share listed firms from 2011 to 2023, we demonstrate that the synergy between digital and green finance (DGF) significantly enhances corporate biodiversity attention (CBIO). Grounded in information friction theory, we posit that this synergy operates through external pressure and internal response channels. These effects are amplified by strong enforcement, digital infrastructure, and climate risk awareness, and are most pronounced in less-developed and non-traditional industrial regions. Our findings demonstrate that architecting integrated digital-green financial ecosystems, rather than isolated policies, is essential to aligning finance with biodiversity goals. Our findings demonstrate that architecting integrated digital-green financial ecosystems, not isolated policies, is essential to aligning finance with biodiversity goals.

生物多样性丧失是一个严重的全球挑战，由于信息摩擦导致的市场失灵，资金严重不足。通过对2011 - 2023年中国a股上市公司数据的分析，我们发现数字金融与绿色金融的协同效应显著提升了企业生物多样性关注度。基于信息摩擦理论，我们假设这种协同作用通过外部压力和内部反应渠道运作。这些影响被强有力的执法、数字基础设施和气候风险意识放大，在欠发达地区和非传统工业地区最为明显。我们的研究结果表明，构建综合数字绿色金融生态系统，而不是孤立的政策，对于使金融与生物多样性目标保持一致至关重要。我们的研究结果表明，构建综合的数字绿色金融生态系统，而不是孤立的政策，对于使金融与生物多样性目标保持一致至关重要。

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 : 2026-03-01 Epub 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

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 : 2026-03-01 Epub 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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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 : 2026-03-01 Epub 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。

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