Research in International Business and Finance最新文献

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Italian SMEs and access to credit: Does being “green” matter? 意大利中小企业与信贷渠道：“绿色”重要吗？

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2025-11-13 DOI: 10.1016/j.ribaf.2025.103215

Maria Cristina Arcuri , GINO GANDOLFI , RAOUL PISANI

This study explores if Italian MSMEs (Micro, Small, Medium-sized Enterprises) operating in green industries (green MSMEs) are recognized more creditworthy by the banking system than those operating in non-green sectors (non-green MSMEs). In more detail, we explore first if Italian green MSMEs receive more bank credit and have less cost of credit, second if they have a better creditworthiness (in terms of lower probability of default) than non-green ones. We carry out a panel regression with 245,784 observations, of which 7896 refer to green firms and 237,888 to non-green firms over the period 2015–2022. Propensity score matching is also used to check for potential selection bias. Due to the lack of a mandatory green rating, the analysis was not conducted at the level of green enterprises but on “green” industries defined as such based on an assumed particularly high green component. Our results show that Italian green MSMEs pay a higher cost of funding rather than non-green ones and this seems to be, at least partially, justified by a corresponding higher credit risk; differences emerges when the size of enterprises is considered. Public policies should therefore promote the requirement of a green rating based on a rigorous and uniform methodology and provided by an agency that may be promoted by Public Authorities. This would allow for more accurate and objective assessments of the creditworthiness of green companies, improving their access to credit and reducing exposure of banks to credit risk.

本研究探讨了在绿色行业（绿色中小微企业）运营的意大利中小微企业（微型、小型、中型企业）是否比在非绿色行业（非绿色中小微企业）运营的意大利中小微企业（绿色中小微企业）更有信誉。更详细地说，我们首先探讨意大利绿色中小微企业是否获得了更多的银行信贷，信贷成本是否更低，其次，它们是否比非绿色中小微企业具有更好的信誉（就更低的违约概率而言）。我们对2015-2022年期间的245,784个观察值进行了面板回归，其中7896个涉及绿色公司，237,888个涉及非绿色公司。倾向评分匹配也用于检查潜在的选择偏差。由于缺乏强制性的绿色评级，该分析不是在绿色企业层面进行的，而是在假设绿色成分特别高的基础上定义的“绿色”行业。我们的研究结果表明，意大利绿色中小微企业比非绿色中小微企业支付更高的融资成本，这似乎（至少部分地）被相应的更高的信用风险所证明；当考虑到企业规模时，差异就出现了。因此，公共政策应促进绿色评级的要求，绿色评级基于严格和统一的方法，并由公共当局可能推动的机构提供。这将有助于对绿色企业的信誉进行更准确和客观的评估，改善它们获得信贷的渠道，减少银行面临的信贷风险。

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引用次数: 0

Loud voices or reliable voices? Analyst influence on takeover decisions in China 大声说话还是可靠说话？分析师对中国并购决策的影响

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2025-11-13 DOI: 10.1016/j.ribaf.2025.103213

Yugang Chen , Shan Lu , Yasir Shahab , Yuxuan Zhu

This study examines how analyst recommendations influence takeover probability using a sample of Chinese listed companies during 2012–2023, investigating whether “loud voices” (coverage breadth) or “reliable voices” (analytical accuracy) matter more for acquirer decisions in selecting targets. Our key findings are threefold. First, analyst recommendation consensus ratings are positively associated with takeover probability. Second, information complexity in analyst reports significantly attenuates this positive relationship, indicating that transmission barriers affect analyst voice effectiveness. Third, analytical reliability exhibits stronger amplification effects than coverage breadth in enhancing recommendation influence on takeover decisions. These results reveal a “reliability over loudness” information processing pattern in M&A target selection, supporting signal quality over bounded rationality explanations and providing novel theoretical insights into the role of information intermediaries in emerging markets.

本研究以2012-2023年的中国上市公司为样本，考察了分析师建议对收购概率的影响，考察了在选择收购目标时，“响亮的声音”（覆盖广度）还是“可靠的声音”（分析准确性）对收购方决策的影响更大。我们的主要发现有三个方面。首先，分析师建议一致评级与收购概率呈正相关。其次，分析师报告中的信息复杂性显著削弱了这种正相关关系，表明传递障碍影响了分析师的声音有效性。第三，分析信度在提升推荐对收购决策的影响上表现出比覆盖广度更强的放大效应。这些结果揭示了M&； a目标选择中的“可靠性高于响度”信息处理模式，支持信号质量优于有限理性的解释，并为新兴市场中信息中介的作用提供了新的理论见解。

引用次数: 0

Unpacking banks’ response to societal expectations: An NLP analysis of European banks’ discussion of climate change 拆解银行对社会期望的反应：对欧洲银行气候变化讨论的NLP分析

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2025-11-13 DOI: 10.1016/j.ribaf.2025.103207

Åsa Löfgren , Jasmine Elliott , Yinan Yu , Samuel Scheidegger

We employ Natural Language Processing (NLP) to analyze how climate change is discussed in the annual sustainability reports of the 35 largest EU banks (2015–2021), assessing alignment with four societal expectations: decarbonizing financial products and services, addressing climate-related risks, reducing operational emissions, and enhancing transparency. These expectations stem from governments, regulators, and civil society. Analyzing over 1.5 million statements, we find that about 7% of content pertains to climate change. Banks increasingly focus on decarbonizing consumer products and their own operations, but devote less attention to financed emissions, transition risks, and concrete commitments. Our study contributes to the application of NLP in climate finance by qualitatively interpreting how banks, in their own words, engage with societal expectations around the climate transition. This complements quantitative studies by contextualizing disclosure patterns and highlighting reporting gaps and under-emphasized but material issues, offering insights that can inform policymakers in designing disclosure requirements.

我们使用自然语言处理（NLP）来分析欧盟35家最大银行的年度可持续发展报告（2015-2021）中如何讨论气候变化，评估其与四项社会期望的一致性：使金融产品和服务脱碳、应对气候相关风险、减少运营排放和提高透明度。这些期望来自政府、监管机构和公民社会。通过分析150多万条声明，我们发现大约7%的内容与气候变化有关。银行越来越关注消费者产品和自身业务的脱碳，但对融资排放、转型风险和具体承诺的关注较少。我们的研究通过定性地解释银行如何（用他们自己的话来说）参与气候转型的社会期望，为NLP在气候融资中的应用做出了贡献。它通过将披露模式置于背景中，突出报告差距和未得到重视但重要的问题，为定量研究提供补充，为决策者设计披露要求提供参考。

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引用次数: 0

Can the financial scheme of emission trading affect technology development and sustainability? 排放权交易的金融机制会影响技术发展和可持续性吗？

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2025-11-13 DOI: 10.1016/j.ribaf.2025.103211

Yunning Ma , Xuhui Huang , Hyoungsuk Lee , Yongrok Choi , Fu-Sheng Tsai

South Korea launched its national carbon emissions trading scheme (ETS) in 2015, yet its effectiveness in promoting low-carbon transformation and emissions reduction within the electric utility sector remains contentious. Electric utilities dominate energy consumption and carbon emissions, making their policy responses critically important. Specifically, this study utilizes financial, energy consumption, emissions, and R&D data from electric utilities between 2013 and 2022. Employing a difference-in-differences strategy, utilities are divided into treatment and control groups based on pre-policy emission intensity. The analysis focuses on three key indicators: Carbon Total Factor Productivity (CTFP), Morishima Elasticity of Substitution (MES), and Marginal Abatement Cost (MAC). Results indicate that ETS significantly enhanced utilities’ CTFP, primarily through efficiency gains rather than technological frontier expansion. It also increased MAC, signaling rising emission reduction costs, while showing no significant impact on MES, suggesting no fundamental shift in the structural relationship between output and emissions. Given the electric utility sector’s central role in national emission reduction strategies, these findings hold significant implications for understanding ETS’ policy effectiveness and future refinement pathways.

韩国于2015年启动了全国碳排放交易计划（ETS），但其在促进电力行业低碳转型和减排方面的有效性仍存在争议。电力公司主导着能源消耗和碳排放，因此他们的政策反应至关重要。具体来说，本研究利用了2013年至2022年间电力公司的财务、能源消耗、排放和研发数据。采用差异中的差异策略，根据政策前的排放强度将公用事业分为实验组和对照组。分析的重点是三个关键指标：碳全要素生产率（CTFP）、森岛替代弹性（MES）和边际减排成本（MAC）。结果表明，碳排放交易体系显著提高了公用事业公司的CTFP，主要是通过效率提高而不是技术前沿扩张。它还增加了MAC，表明减排成本上升，但对MES没有显著影响，表明产出与排放之间的结构关系没有根本转变。鉴于电力公用事业部门在国家减排战略中的核心作用，这些发现对理解ETS的政策有效性和未来的改进途径具有重要意义。

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引用次数: 0

Religion and the readability of textual financial disclosures 宗教和文本财务披露的可读性

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2025-11-11 DOI: 10.1016/j.ribaf.2025.103209

Manuel Cano-Rodríguez, Alonso Moreno

Previous research shows that religiosity is associated with more ethical business decisions, as well as with more conservative and less risk-prone decisions. Along this line, some research documents a positive relationship between religiosity and higher-quality accounting information, measured using different quantitative characteristics of financial information. Different from previous research, this paper focuses on the narrative sections of financial statements. Specifically, we analyze whether religiosity has any influence on the readability of annual reports. Our results show that firms located in highly religious areas provide annual reports with higher readability, consistent with the positive relationship between religiosity and financial information quality. Additionally, our results reveal that religiosity has both a direct influence on readability, which we attribute to more ethical behavior, and an indirect influence, in terms of higher risk aversion. The direct influence (ethical behavior) is stronger than the indirect one (risk aversion).

先前的研究表明，宗教信仰与更合乎道德的商业决策有关，也与更保守、更不容易冒险的决策有关。沿着这条路线，一些研究记录了宗教信仰与高质量会计信息之间的积极关系，使用财务信息的不同定量特征来衡量。与以往的研究不同，本文的研究重点是财务报表的叙述部分。具体来说，我们分析了宗教信仰是否对年度报告的可读性有影响。我们的研究结果表明，位于高度宗教信仰地区的公司提供的年度报告具有更高的可读性，这与宗教信仰与财务信息质量之间的正相关关系一致。此外，我们的研究结果表明，宗教信仰对可读性有直接影响，我们将其归因于更道德的行为，以及间接影响，就更高的风险厌恶而言。直接影响（道德行为）大于间接影响（风险规避）。

引用次数: 0

The nonlinear fintech-financial stability nexus in Asia-Pacific and the Middle East: When institutional quality and financial efficiency matter 亚太和中东地区的非线性金融技术-金融稳定关系：当制度质量和金融效率至关重要时

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2025-11-11 DOI: 10.1016/j.ribaf.2025.103208

Dung Thi Ngoc Pham

This study examines the nonlinear relationship between fintech development and financial stability, highlighting the moderating roles of institutional quality and financial efficiency. Using data from 15 Asia-Pacific and Middle Eastern countries over 2010–2021, we document a robust cubic (S-shaped) fintech-stability nexus. At low levels of fintech, stability declines due to heightened competition, operational risks, and limited adaptive capacity. Once fintech surpasses the first threshold, stability improves through efficiency gains, diversification, and enhanced risk management. Beyond the second threshold, however, fintech again undermines stability as excessive intensity generates complexity, cyber risks, and regulatory gaps. Institutional quality and financial efficiency amplify both stabilizing and destabilizing phases, acting not only as buffers but also as multipliers of systemic sensitivity. Heterogeneity tests show that the cubic pattern is stronger in developing, low-growth, and less open economies, particularly where financial inclusion is low but financial depth is high. At the bank level, smaller, less diversified, and high-net interest margin banks exhibit sharper nonlinear responses. These findings underscore the need for stage-specific regulation that balances innovation and resilience, especially in emerging markets, and for aligning fintech growth with institutional and financial system strength to sustain stability.

本研究考察了金融科技发展与金融稳定之间的非线性关系，强调了制度质量和金融效率的调节作用。利用2010年至2021年来自15个亚太和中东国家的数据，我们证明了一个强大的立方（s形）金融技术稳定性联系。在金融科技水平较低的情况下，由于竞争加剧、操作风险和适应能力有限，稳定性下降。一旦金融科技超越了第一个门槛，稳定性就会通过提高效率、多样化和加强风险管理而得到改善。然而，超过第二个门槛，金融科技再次破坏稳定，因为过度的强度会产生复杂性、网络风险和监管缺口。制度质量和金融效率放大了稳定和不稳定阶段，不仅起到缓冲作用，而且起到系统敏感性的乘数作用。异质性检验表明，在发展中、低增长和开放程度较低的经济体中，特别是在金融包容性低但金融深度高的经济体中，立方模式更为强大。在银行层面，规模较小、多元化程度较低、净息差较高的银行表现出更明显的非线性响应。这些研究结果强调，有必要实施阶段性监管，平衡创新和韧性，特别是在新兴市场，并将金融科技增长与机构和金融体系实力相结合，以维持稳定。

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引用次数: 0

Does firms’ rhetorical nationalism obscure stock price informativeness? Evidence from Chinese listed firms 公司修辞上的民族主义掩盖了股价的信息量吗？来自中国上市公司的证据

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2025-11-09 DOI: 10.1016/j.ribaf.2025.103205

Tianquan Jin , Jinhai Wang , Yingying Wu

Leveraging information asymmetry theory, this study investigates whether rhetorical nationalism in corporate disclosures diminishes firm-specific price informativeness. Analyzing Chinese A-share data from 2010 to 2022, we develop a text-based index of rhetorical nationalism and find that firms employing stronger rhetoric exhibit greater stock price synchronicity. Forward-looking evidence supports an information environment channel: heightened rhetoric is associated with reduced linguistic specificity, increased analyst earnings forecast bias, and fewer negative media reports in the subsequent year, suggesting greater opacity and weaker firm-specific signals. This effect is amplified under stronger political intervention, higher tax incentives, and vaguer disclosure language. Economic consequence tests reveal that rhetorical nationalism undermines long-term firm value by distorting capital market information efficiency. Overall, our findings provide novel insights into the economic implications of political narratives in stock markets, offering a theoretical basis for regulators to refine guidelines for institutional investors and mitigate noise-driven trading in emerging markets.

利用信息不对称理论，本研究探讨了企业信息披露中的修辞民族主义是否会降低企业特有的价格信息性。通过分析2010年至2022年的中国a股数据，我们建立了基于文本的修辞民族主义指数，发现使用更强修辞的公司表现出更大的股价同步性。前瞻性证据支持一种信息环境渠道：高调的修辞与语言特异性降低、分析师收益预测偏差增加以及随后一年负面媒体报道减少有关，这表明更大的不透明度和更弱的公司特定信号。在更强的政治干预、更高的税收激励和更模糊的披露语言下，这种影响会被放大。经济后果检验表明，修辞民族主义扭曲了资本市场的信息效率，从而破坏了企业的长期价值。总体而言，我们的研究结果为股票市场政治叙事的经济影响提供了新颖的见解，为监管机构完善机构投资者指导方针和减轻新兴市场中噪音驱动的交易提供了理论基础。

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引用次数: 0

Macro risks and their impact on insurer stock prices: Analyzing climate, geopolitical, and cybersecurity risks 宏观风险及其对保险公司股价的影响：分析气候、地缘政治和网络安全风险

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2025-11-08 DOI: 10.1016/j.ribaf.2025.103201

Karolina Puławska , Artur Sikora , Małgorzata Snarska , Wojciech Strzelczyk

The growing intersection of climate, geopolitical, and cyber risks poses challenges for financial markets, particularly the insurance sector, which must balance security imperatives with sustainability goals. While prior research has examined these risks individually, comparative evidence across regions and insurance segments remains limited. This study examines insurers’ stock price sensitivity to extreme macro risks using event study methodology, AR-GARCH models, and impulse response analysis. By analyzing over 2327 daily stock prices from insurers in the European Union, the United Kingdom, and the United States from June 2015 to May 2024, we find that climate risk drives the strongest stock price reactions and is systematically priced into equity risk premia. Geopolitical and cyber risks exhibit weaker direct effects but remain embedded in risk premia. Moreover, insurance stock returns adjust rapidly to extreme events, without lasting market distortions. These results highlight regional and sectoral differences in risk pricing, providing valuable insights for investors and regulators seeking to strike a balance between financial stability, sustainability and security considerations.

气候、地缘政治和网络风险日益交织在一起，给金融市场，尤其是保险业带来了挑战，保险业必须在安全要求与可持续发展目标之间取得平衡。虽然先前的研究已经单独检查了这些风险，但跨地区和保险部门的比较证据仍然有限。本研究运用事件研究方法、AR-GARCH模型及冲击响应分析，检视保险公司股价对极端宏观风险的敏感度。通过分析2015年6月至2024年5月期间欧盟、英国和美国超过2327个保险公司的每日股价，我们发现气候风险驱动了最强烈的股价反应，并被系统地定价为股票风险溢价。地缘政治和网络风险的直接影响较弱，但仍隐含在风险溢价中。此外，保险股的回报会随着极端事件迅速调整，而不会出现持续的市场扭曲。这些结果突出了风险定价的地区和行业差异，为寻求在金融稳定、可持续性和安全考虑之间取得平衡的投资者和监管机构提供了有价值的见解。

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引用次数: 0

Turning perception into impact: ESG risk perception and ESG controversies 将认知转化为影响：ESG风险认知与ESG争议

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2025-11-08 DOI: 10.1016/j.ribaf.2025.103203

Ruiqian Li , Tong Huang , Ramakrishnan Ramanathan

Mitigating corporate environmental, social and governance (ESG) controversies is a topic of profound theoretical and practical relevance. In this study, we use a dataset of Chinese A-share listed firms from 2018 to 2022 as our research sample. We introduce a novel approach to measure the degree of firm-level ESG risk perception and investigate its impact on ESG controversies using the technique of textual analysis. We further examine how stable institutional ownership and financial constraints moderate the relationship between ESG risk perception and ESG controversies. The results show that ESG risk perception has an inhibitory effect on ESG controversies. Moreover, stable institutional ownership can strengthen this inhibitory effect, whereas financial constraints can weaken it. Heterogeneity analyses show that the inhibitory effect of ESG risk perception on ESG controversies is more pronounced for firms located in regions with heightened government environmental attention, firms subject to higher media attention, firms audited by the Big 4 accounting firms, and firms facing higher retail investor attention. Our findings have important implications for reducing ESG controversial behaviors through the actions of both institutional investors and firms themselves.

减轻公司环境、社会和治理（ESG）争议是一个具有深刻理论和实践意义的话题。本研究以2018 - 2022年中国a股上市公司数据集为研究样本。我们引入了一种新的方法来衡量企业层面的ESG风险感知程度，并使用文本分析技术研究其对ESG争议的影响。我们进一步研究了稳定的机构所有权和财务约束如何调节ESG风险感知与ESG争议之间的关系。结果表明，ESG风险认知对ESG争议具有抑制作用。此外，稳定的机构所有权可以增强这种抑制效应，而金融约束则会削弱这种抑制效应。异质性分析表明，在政府环境关注度较高的地区、媒体关注度较高的地区、四大会计师事务所审计的地区以及散户关注度较高的地区，ESG风险认知对ESG争议的抑制作用更为明显。我们的研究结果对于通过机构投资者和企业自身的行动来减少ESG争议行为具有重要意义。

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引用次数: 0

Climate policy uncertainty and corporate greenwashing: Developing a new metric for selective investment practices 气候政策的不确定性和企业的“漂绿”：为选择性投资实践开发一种新的度量标准

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2025-11-08 DOI: 10.1016/j.ribaf.2025.103202

Yuxi Wang , Fangjia Hu , Yunyun Wang

This study introduces a novel quantitative framework to measure selective investment greenwashing, leveraging a dynamic Pearson correlation coefficient applied on a rolling basis. Using empirical data from the Chinese capital market, we explore how climate policy uncertainty impacts corporate greenwashing behavior. Our findings indicate that heightened CPU exacerbates greenwashing, particularly through selective disclosure and selective investment practices. By examining the underlying mechanisms, we observe that CPU leads to stricter environmental regulations and a reduced presence of green investors, both of which heighten firms’ incentives to engage in greenwashing.

本研究引入了一个新的定量框架来衡量选择性投资洗绿，利用动态的皮尔森相关系数应用于滚动基础上。本文利用中国资本市场的实证数据，探讨了气候政策不确定性对企业“漂绿”行为的影响。我们的研究结果表明，CPU的升高加剧了“洗绿”，特别是通过选择性披露和选择性投资行为。通过对潜在机制的研究，我们观察到CPU导致了更严格的环境法规和绿色投资者的减少，这两者都增强了企业从事“漂绿”的动机。

引用次数: 0

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