Research in International Business and Finance最新文献

英文中文

How do extreme climate risks affect banking active risk-taking? Empirical evidence from 107 countries 极端气候风险如何影响银行业主动承担风险？来自107个国家的经验证据

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2026-02-01 Epub Date: 2025-12-06 DOI: 10.1016/j.ribaf.2025.103247

Qirui Tang , Yi Fang

Leveraging banking data from 107 countries between 2001 and 2020, this study explores the influence of extreme natural disasters on the banking industry's active risk-taking. The results reveal that the occurrence of extreme natural disasters leads to a reduction in active risk-taking and the magnitude of impacts caused by different types of disasters varies. Mechanism analysis shows that disasters reduce banks' active risk-taking levels by affecting the profitability of the demand side of funds. Heterogeneity analysis demonstrates that the impact of natural disasters on banking sectors' active risk-taking varies with national industrial structure. Banks in net energy-importing countries are more susceptible to the effects of natural disasters on active risk-taking. Furthermore, using machine learning methods, we demonstrate that natural disaster indicators are important predictors of financial crises and should be incorporated into early warning systems.

本研究利用2001年至2020年107个国家的银行数据，探讨了极端自然灾害对银行业主动承担风险的影响。结果表明，极端自然灾害的发生会导致主动冒险行为的减少，不同类型灾害造成的影响程度不同。机制分析表明，灾害通过影响资金需求方的盈利能力来降低银行的主动风险承担水平。异质性分析表明，自然灾害对银行业主动风险承担的影响随国家产业结构的不同而不同。能源净进口国的银行更容易受到自然灾害对积极冒险行为的影响。此外，使用机器学习方法，我们证明了自然灾害指标是金融危机的重要预测指标，应该纳入预警系统。

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 : 2026-02-01 Epub 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。

引用次数: 0

Flexible fintech regulation and corporate digital innovation: Evidence from a quasi-natural experiment 灵活的金融科技监管与企业数字创新：来自准自然实验的证据

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2026-02-01 Epub Date: 2025-12-24 DOI: 10.1016/j.ribaf.2025.103262

Haomin Wu , Yuting Yang , Jiani Wang

The rapid proliferation of fintech has disrupted the traditional balance between financial efficiency and stability, prompting regulators worldwide to adopt more adaptive oversight approaches. Adopting a flexible-regulation perspective, this study exploits the Pilot Project of Regulation on Fintech Innovation (PPRFI) as a quasi-natural experiment to examine how flexible fintech regulation affects corporate digital innovation. Based on a sample of Chinese A-share listed firms from 2018 to 2023, we find that PPRFI significantly increases both the quantity and quality of corporate digital innovation. Mechanism analysis further reveals that PPRFI primarily improves corporate digital innovation by facilitating corporate financing and enhancing information transparency. Cross-sectional analysis indicates that the positive effects of this flexible regulation are more pronounced in firms subject to severe financing constraints and high agency costs, and in those operating in high-technology, highly competitive industries. Moreover, we find that the impact of PPRFI is more prominent in regions with a better fintech environment and more advanced digital finance. Overall, our study sheds light on the positive role of flexible fintech regulation in promoting digital innovation.

金融科技的迅速发展打破了金融效率与稳定之间的传统平衡，促使全球监管机构采取更具适应性的监管方法。本研究采用灵活监管视角，利用金融科技创新监管试点项目（PPRFI）作为准自然实验，考察灵活的金融科技监管对企业数字创新的影响。基于2018 - 2023年中国a股上市公司样本，我们发现PPRFI显著提高了企业数字化创新的数量和质量。机制分析进一步表明，PPRFI主要通过促进企业融资和提高信息透明度来促进企业数字创新。横断面分析表明，这种灵活管制的积极影响在受到严重融资限制和代理成本高的公司以及在高技术、高度竞争行业经营的公司中更为明显。此外，我们发现，在金融科技环境较好、数字金融较发达的地区，PPRFI的影响更为突出。总体而言，我们的研究揭示了灵活的金融科技监管在促进数字创新方面的积极作用。

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引用次数: 0

The impact of financial inclusion on sustainable development: Evidence from BICS economies 普惠金融对可持续发展的影响：来自金砖国家经济体的证据

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2026-02-01 Epub Date: 2025-11-20 DOI: 10.1016/j.ribaf.2025.103224

Chi Chen , Shreya Pal , Mantu Kumar Mahalik , Giray Gozgor

This study examines the impact of financial inclusion on sustainable development in the BICS (Brazil, India, China, and South Africa) economies, using balanced panel data from 2004 to 2023. This study also employs the System Generalised Method of Moments, Driscoll–Kraay standard errors, and Feasible Generalised Least Squares regression techniques for the empirical analysis. The findings indicate that financial inclusion is a significant driver of sustainable development. Gross fixed capital formation and urbanisation also make positive contributions, underscoring the importance of sustainable infrastructure and well-planned urban growth. By contrast, economic globalisation and ineffective government policies are found to hinder progress towards sustainability. Taken together, these results highlight the need for BICS countries to expand financial access, increase investment in fixed capital, and promote resilient urban development.

本研究利用2004年至2023年的均衡面板数据，考察了金融普惠对金砖国家（巴西、印度、中国和南非）经济体可持续发展的影响。本研究还采用了系统广义矩量法、Driscoll-Kraay标准误差和可行广义最小二乘回归技术进行实证分析。研究结果表明，普惠金融是可持续发展的重要驱动力。固定资本形成总额和城市化也做出了积极贡献，突出了可持续基础设施和规划良好的城市增长的重要性。相比之下，经济全球化和无效的政府政策阻碍了可持续发展的进程。综上所述，这些结果凸显了金砖国家扩大融资渠道、增加固定资本投资和促进韧性城市发展的必要性。

引用次数: 0

Disruptive innovation or systemic resilience? Investigating the impact of artificial intelligence on banking stability 颠覆性创新还是系统弹性？调查人工智能对银行业稳定性的影响

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2026-02-01 Epub Date: 2025-12-01 DOI: 10.1016/j.ribaf.2025.103245

Abu Bakkar Siddik , Noor ul Amin

This study examines the impact of artificial intelligence (AI) on banking stability in 37 OECD countries from 2010 to 2022, guided by Neo-Schumpeterian innovation theory which frames AI as both a stabilizing and disruptive force. AI is operationalized using annual venture capital funding directed toward AI-focused startups, covering domains such as machine learning, generative AI, natural language processing, and predictive analytics—data sourced from Crunchbase. We further validate this using an alternative proxy: the number of AI startups. Banking stability is measured by the Z-score, capturing the risk of insolvency. Using Panel-Corrected Standard Errors (PCSE) for baseline estimation, and two-step System Generalized Method of Moments (GMM) as the core identification strategy to address endogeneity, along with Heckman selection models to correct sample selection bias, the findings reveal that increased AI funding significantly enhances banking stability—particularly in technologically advanced and well-regulated OECD economies. Furthermore, mechanism analysis confirms the partial role of financial development in this relationship, while government effectiveness shows no significant mediation. Cross-country heterogeneity analysis reveals stronger effects in Western Europe and countries with advanced financial infrastructure. By integrating AI investment dynamics with institutional and technological contexts, this study provides actionable insights for designing responsible AI strategies that promote banking resilience while managing systemic risks.

本研究在新熊彼特创新理论的指导下，考察了2010年至2022年37个经合组织国家人工智能（AI）对银行业稳定性的影响，该理论将人工智能视为稳定和破坏力量。人工智能的运营使用年度风险投资资金，这些资金直接投向以人工智能为重点的初创公司，涵盖机器学习、生成式人工智能、自然语言处理和预测分析等领域——数据来自Crunchbase。我们使用另一个代理来进一步验证这一点：人工智能初创公司的数量。银行稳定性是通过Z-score来衡量的，它捕捉到了破产的风险。使用面板校正标准误差（PCSE）进行基线估计，使用两步系统广义矩量法（GMM）作为解决内质性的核心识别策略，以及Heckman选择模型来纠正样本选择偏差，研究结果表明，人工智能资金的增加显著提高了银行业的稳定性，特别是在技术先进且监管良好的经合组织经济体中。此外，机制分析证实了金融发展在这一关系中的部分作用，而政府有效性在这一关系中没有显著的中介作用。跨国异质性分析显示，西欧和金融基础设施发达的国家的影响更大。通过将人工智能投资动态与制度和技术背景相结合，本研究为设计负责任的人工智能战略提供了可行的见解，从而在管理系统性风险的同时提高银行业的抵御能力。

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引用次数: 0

Artificial intelligence innovation and financial information quality: Evidence from firm patent data 人工智能创新与财务信息质量：来自企业专利数据的证据

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2026-02-01 Epub Date: 2025-11-21 DOI: 10.1016/j.ribaf.2025.103225

Zheng Li , Haitong Li , Pengyi Dai

The rapid development of artificial intelligence (AI) is reshaping corporate practices, making its unintended implications for firms’ governance a topic worth exploring. This study examines the association between AI innovation and financial information quality from a governance perspective. Based on patent-level textual data, we construct an AI keyword dictionary using machine learning and measure firm-level AI innovation using text analysis method. Our empirical results indicate that AI innovation is positively associated with firm’s financial information quality. The mechanisms include improvements in internal control and increased external market attention. In cross-sectional analyses, our main finding is more pronounced in firms with poor corporate governance, high-tech certifications, and strong government digital initiatives. We further find the dual role of AI innovation in enhancing governance by reducing two types of agency costs. Our study provides new insights into the role of AI innovation in improving corporate governance and financial information quality.

人工智能（AI）的快速发展正在重塑企业实践，使其对公司治理的意外影响成为一个值得探讨的话题。本研究从治理的角度考察了人工智能创新与财务信息质量之间的关系。基于专利级文本数据，我们利用机器学习构建了人工智能关键字字典，并利用文本分析方法衡量企业级人工智能创新。实证结果表明，人工智能创新与企业财务信息质量呈正相关。这些机制包括改善内部控制和增加外部市场关注。在横断面分析中，我们的主要发现在公司治理较差、高科技认证和强有力的政府数字化计划的公司中更为明显。我们进一步发现人工智能创新在通过降低两种类型的代理成本来加强治理方面的双重作用。我们的研究为人工智能创新在改善公司治理和财务信息质量方面的作用提供了新的见解。

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引用次数: 0

Optimal carbon capture and storage investments under global warming 全球变暖下的最佳碳捕集与封存投资

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2026-02-01 Epub Date: 2025-11-24 DOI: 10.1016/j.ribaf.2025.103229

Renzhong Li , Chen Fei , Xiaodong Ding , Weiyin Fei

This paper constructs a dynamic stochastic equilibrium model for climate policies. We allow for three types of economic damages from climate warming. On one hand, rising temperatures damage output and capital stock of both green sector and brown sector. On the other hand, rising temperatures will damage the carbon storage of natural carbon sinks. Given damages, this paper compares two climate policies to mitigate economic damages from climate change. One is the Nordhaus carbon abatement policy which is from the perspective of carbon sources, and we derive the optimal carbon price path under dynamic carbon sinks. The other is the CCS (Carbon Capture and Storage) artificial carbon sink policy, and we address the problem of the optimal CCS investment path in the future. We recommend that future investment in CCS should follow a trend that first increases and then decreases over time. Green investment is projected to overtake brown investment around 2050 and completely substitute it by 2100 driven by the implementation of climate policies. Moreover, we reveal that there is a reverse optimal relationship between the two climate policies and the implementation of carbon sink policies contributes to the stability of the carbon pricing market. In addition, scenario analysis shows that high CCS investment crowds out green investment and leads to partial economic losses compared to lower or no CCS investment.

本文构建了气候政策的动态随机均衡模型。我们考虑到气候变暖造成的三种经济损失。一方面，气温上升损害了绿色部门和棕色部门的产出和资本存量。另一方面，气温上升将破坏天然碳汇的碳储存。在给定损失的情况下，本文比较了两种减轻气候变化经济损失的气候政策。一种是从碳源角度出发的诺德豪斯碳减排政策，推导出动态碳汇下的最优碳价路径；二是碳捕集与封存（CCS）人工碳汇政策，探讨未来碳捕集与封存投资的最佳路径问题。我们建议未来对CCS的投资应遵循先增加后减少的趋势。在气候政策实施的推动下，绿色投资预计将在2050年左右超过棕色投资，并在2100年完全取代棕色投资。此外，我们还发现两种气候政策之间存在反向最优关系，碳汇政策的实施有助于碳定价市场的稳定。此外，情景分析表明，与低CCS投资或不投资相比，高CCS投资挤占了绿色投资，并导致部分经济损失。

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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 : 2026-02-01 Epub 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

Interdependence and portfolio scheme of emerging industry of Metaverse 元汇新兴产业的相互依赖与投资组合方案

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance

Pub Date : 2026-02-01 Epub Date: 2025-12-03 DOI: 10.1016/j.ribaf.2025.103222

Liukai Wang , Yuqing Li , Larisa Yarovaya

The Metaverse industry has attracted global attention and holds significant potential for investment, yet its investment environment and portfolio strategies remain underexplored, particularly in China. This study analyzes the industry’s structure and interdependencies using returns from 110 listed Metaverse firms. Employing a Kendall-based network, we identify leaders and peripheral enterprises within the industry. From a micro-perspective, we propose a hybrid Kendall-based investment scheme, showing that portfolios of peripheral firms consistently outperform those of leaders and the overall market. The scheme also proves robust across different network scales, investor preferences, and market conditions. Overall, this research advances understanding of the Metaverse industry by combining a macro view of its industrial environment with a micro focus on portfolio design, offering practical insights for regulators, managers, and investors.

Metaverse行业吸引了全球的关注，具有巨大的投资潜力，但其投资环境和投资组合策略仍未得到充分开发，尤其是在中国。本研究利用110家Metaverse上市公司的收益分析了该行业的结构和相互依赖性。利用kendall为基础的网络，我们确定行业内的领导者和外围企业。从微观角度来看，我们提出了一个基于肯德尔的混合投资方案，表明外围公司的投资组合始终优于领导者和整体市场的投资组合。该方案还证明了在不同网络规模、投资者偏好和市场条件下的稳健性。总体而言，本研究通过将宏观的产业环境与微观的投资组合设计相结合，推进了对虚拟现实行业的理解，为监管者、管理者和投资者提供了实用的见解。

引用次数: 0

Corporate digitalization and ESG rating divergence: Evidence from China 企业数字化与ESG评级差异：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 : 2026-02-01 Epub Date: 2025-12-24 DOI: 10.1016/j.ribaf.2025.103264

Jingpeng Chen , Haiying Lin

Different ESG rating agencies often produce significantly divergent assessments for the same firm, posing a substantial challenge for both stakeholders and firms. This divergence can mislead stakeholders, creating confusion and eroding trust in ESG assessments. Previous studies have primarily attributed ESG rating divergence to the lack of universal criteria among rating agencies. However, a more significant yet understudied factor is the information asymmetry between firms and rating agencies. Using a panel dataset of 22,314 firm-year observations from 4102 listed companies in China, we find support that explains how digitalization reduces ESG rating divergence. Drawing on signaling theory, we investigate the effect of firms' digitalization on ESG rating divergence. We argue that digitalization enables firms to reduce information asymmetry with rating agencies, thereby reducing ESG rating divergences. This effect is more pronounced for firms with greater media and analyst coverage. This study contributes to the literature on ESG reporting and information asymmetry, offering insights for practitioners to leverage digitalization to enhance ESG reporting transparency.

不同的ESG评级机构通常会对同一家公司做出截然不同的评估，这对利益相关者和公司都构成了重大挑战。这种分歧可能误导利益相关者，造成混乱，侵蚀对ESG评估的信任。以往的研究主要将ESG评级差异归因于评级机构之间缺乏通用标准。然而，一个更重要但尚未得到充分研究的因素是公司和评级机构之间的信息不对称。利用中国4102家上市公司的22,314家公司年观察数据的面板数据集，我们找到了解释数字化如何减少ESG评级差异的支持。运用信号理论，研究了企业数字化对ESG评级差异的影响。我们认为，数字化使公司能够减少与评级机构的信息不对称，从而减少ESG评级分歧。对于媒体和分析师报道较多的公司，这种影响更为明显。本研究对ESG报告和信息不对称的文献研究做出了贡献，为从业者利用数字化提高ESG报告透明度提供了见解。

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