International Review of Financial Analysis

1992 - 2025

Current editor(s): B.M. Lucey

From Elsevier
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Volume 103, issue C, 2025

The silent cost of biodiversity loss: Unveiling its impact on institutional ownership

Yueyang Wang

Heterogeneous housing bubbles and monetary policy

Kun Duan, Liya Zhang, Shuyun Chen and Andrew Urquhart

A flight-to-safety from Bitcoin to stock markets: Evidence from cyber attacks

Yang Fang, Cathy Yi-Hsuan Chen and Chunxia Jiang

Return connectedness between energy commodities and stock markets: New evidence from 31 energy sector companies in Europe

Małgorzata Just, Agata Kliber and Krzysztof Echaust

Unveiling themes in 10-K disclosures: A new topic modeling perspective

Matthias R. Fengler and Tri Minh Phan

Owners vs. agents: A global examination of the behavior of owner operators

Steven Wood

Can business-financial integration mitigate agency problems? Evidence from China's listed firms

Liyang Jin, Kaidong Yu and Xuan Zhang

Is climate policy uncertainty an angel or a devil? Empirical evidence from corporate digital transformation

Liwei Fan, Yuan Sun and Tung-Ju Wu

Stakeholders and regulatory pressure on ESG disclosure

Enrica Bolognesi, Alberto Burchi, John W. Goodell and Andrea Paltrinieri

Green investment and quality of economic development: Evidence from China

Yan Wu, Hongmin Sun, Lixia Zhang and Can Cui

External audit quality and green innovation: Does environmental information disclosure matter?

Junhua Yang, Ying Li, Yu Zheng, Mengqi Zhu, Yasir Shahab and Chengang Ye

Digital economy, human capital accumulation, and corporate green total factor productivity: Based on strategic emerging industries

Hong Chen, Zuwei Yu and Shangui Hu

Tax incentives, business environment, and entrepreneurial and innovation outcome

Liming Sun, Feixiang Lu, Haoyuan Guan, Xiang Lu, Jun Zhai and Junchao Liu

Experience and cautious decision-making: Executive green background, environmental investment, and informal institutions

Xuanmei Cheng, Fangfei Teng, Brian M. Lucey, Anna Min Du and Chengnan Li

Global mutual fund flows

Marta Vidal, Javier Vidal-García, Stelios Bekiros and Juan E. Trinidad-Segovia

Bond default of super-large real estate company and government debt risk

Junyi Jia, Jingwei Chen and Yao Yang

A closed-form formula for pricing exchange options with regime switching stochastic volatility and stochastic liquidity

Xin-Jiang He, Wenting Wei and Sha Lin

Disrupting political ties, enhancing transparency: China's anti-corruption campaign and corporate R&D disclosure

Mengshu Hao, Jieying Hong and Yining Zhang

Decoding market reactions: Analysis of divergent signals of ESG ratings

Felix Bachner

Green credit policy and heavily polluting enterprises' green transition

Huaixin Lu, Yong Pan, Rujie Fan and Wei Guan

Can intellectual property protection policy enhance enterprise innovation capability? Quasi-natural experimental study

Qiuhan Zhao, Wei Wu, Yuanqin Ge and Jing Xu

Assessing the impact of government environmental attention on corporate ESG performance: Empirical insights from A-share listed firms in China

Xiaoling Ouyang, Xin Yao and Ru Fan

Does external labour market activeness affect agency problem?

Yuyun Claudie Huang, Jamie Yixing Tong and Joey W. Yang

The digitalisation of the real estate market: New evidence from the most prominent crypto hacker attacks

Viktor Manahov and Mingnan Li

Climate risk impact on Treasury securities pricing: A global perspective of short-term and long-term period

Dan Gabriel Anghel, Iustina Alina Boitan and Kamilla Marchewka-Bartkowiak

Green bonds & clean energy in sustainable finance: Evidence from DCC-GARCH connectedness

Konstantinos N. Konstantakis, Pavlos Koulmas, Panayotis G. Michaelides, Thomas Porcher and Arsenios-Georgios N. Prelorentzos

Artificial intelligence and climate risk: A double machine learning approach

Hua Yin, Xieyu Yin and Fenghua Wen

Modeling optimal strategies in CDS markets: The role of creditor-issuer dynamics

Suman Banerjee and Mingyuan Kong

Silence is gold: Narrative conservatism of SOE managers

Junyi Wang, Qigui Liu, Wei Huang and Tingting Ying

How active is your (nominally) actively managed quantitative fund?

António F. Miguel and Yihao Chen

What determines Bitcoin's price over the past decade?

Muying Chen, Xinyu Zhang, Yunjie Wei and Shouyang Wang

Heterogeneous information transmission between climate policy uncertainty and Chinese new energy markets: A quantile-on-quantile transfer entropy method

Yinhong Yao, Zhuoqi Feng and Xueyong Liu

Financial development for energy access: Evidence from credit rationing and carbon emission in MENA region

Wajid Ali, Devi Prasad Dash, Vishal Dagar, Muneza Kagzi and Khaled Elmawazini

Corporate culture and trade credit

G M Wali Ullah, Isma Khan and Mohammad Abdullah

Multiple large shareholders and cash holdings: Evidence from China

Yinghui Chen, Miao Chen and Yong Huang

How mayors’ promotion incentives shape corporate green innovation disclosure? Evidence from China’s New Environmental Protection Law

Jiaqi Li, Rui Sun and Mingduo Zhao

Navigating digital frontiers: The impact of China's cybersecurity law on corporate digital innovation

Hongze Chen, Conggang Li, Jiatao Liu and Rong Xu

Physical climate risk, fund holdings, and idiosyncratic risk

Lei Zhang and Shanghong Sun

Driving enterprise new quality productivity: The role of big data tax collection

Zhaoyang Sun, Meng Rao, Baoshuai Yao, Huifang Ci, Zongrun Li and Chao Feng

How does the cybersecurity law affect corporate investment

Yao Xu, Feng Zhao and Qi Zhang

The dynamics of peer influence in corporate ESG practices

Yang Gao, Siqiang Liu and Lu Yang

Geopolitical risk and energy markets in China

Xiaomei Su, Ummara Razi, Shangmei Zhao, Wei Li, Xiao Gu and Jiale Yan

Specialization in Bank lending and firm deleveraging: Evidence from China

Zijia Ding, Qian Liu and Dexin Che

ESG performance and seasoned equity offering discount – Evidence from investor share subscriptions in China

Qingbin Meng, Yujia Wang and Solomon Wang

Through the looking glass: Unveiling geopolitical risks and sovereign bond spillovers in the eurozone

Yong Jiang, Tony Klein, Yi-Shuai Ren and Jia-Hang Dai

Perceived corporate individualism culture and corporate bond issuing costs

Yu Su

How does ESG affect systemic tail risk?

Xiaoxing Liu, Yizhong Wu and Xuemei Li

Climate change exposure and short-termism: Evidence from net trade credit

Hari P. Adhikari, Deepak G. More and Nilesh B. Sah

CEO age and stock price synchronicity

Calorine Twongirwe and Martin Bakundana

Enterprise digitalization and bank-enterprise ESG consistency: Evidence from China

Guoying Deng, Xu Fu, Jin Zou and Jingzhou Yan

Facial masculinity, risk preferences, and corporate hedging

Massimiliano Barbi and Valentina Febo

Regret in global equity markets

Yigit Atilgan, K. Ozgur Demirtas, A. Doruk Gunaydin and Aynur Dilan Tosun

Foreign investment policy, market entry and corporate ESG performance

Xinge Li, Zheren Chang and Jiangyi Qi

Tax neutrality and digital transformation of private enterprises: From the perspective of human capital structure adjustment

Jiezheng Zhou, Xuexin Liu and Zhe Wang

Business environment trustworthiness and employee income share

Min Bai, Yue Li and Yu, Chia-Feng (Jeffrey)

The disciplinary impact of capital market internationalization on corporate ESG greenwashing: A study of A-shares' inclusion in the MSCI index

Lulu Tian, Xinyang Song, Meng Du and Baochang Xu

Economic policy uncertainty, information production, and transparency

Binsheng Qian, Yusen Tan, Gabriel Power and Anandadeep Mandal

What drives institutional investors' site visit decisions: The role of local business environment in China

Xiaofang Xu, Qi Wan, Jingru Ma and Qilin Peng

Digital transformation in banking: Curbing procyclical leverage to strengthen financial stability

Li Wang, Zeyu Huang, Yanan Wang and Yining Yang

Asymmetric impacts of energy market-related uncertainty on clean energy stock volatility: The role of extreme shocks

Yanchen Liu, Siyu Yi, Sitong Li and Gengxuan Chen

The impact of interest rate liberalization on loan pricing efficiency: Theory and evidence

Wen Chen, Guangzi Li and Jianxiong Liu

Does local government debt replacement affect macroeconomics? Evidence from China

Yan Wang, Xiao Wang and Xinyi Zheng

How does Fintech drive corporate climate information risk disclosure? New evidence from China's A-share listed companies

Wenfeng Ge, Xu Yang, Xiaodong Yang, Xu Pan and Qiying Ran

Diabetes burden and firm value: The role of labor

Siying Quan, Peng Cheng and Jia Zhai

How does regional judicial quality improvement enhance enterprises' capital allocation efficiency: Evidence from the establishment of circuit court

Lei Liu

Enhancing corporate total factor productivity: The dual drivers of inclusive finance and technological progress

Xueqin Dong, Dongdong Dong and Lilong Huang

Strategic alliances and corporate financialization

Xin Zhao, Meiju Feng and Jinmei Sun

Robust Bayesian portfolio optimization

Carlos Andres Zapata Quimbayo, Diego Felipe Carmona Espejo and Jhonatan Gamboa Hidalgo

Economic and financial development as determinants of crypto adoption

Cosimo Magazzino, Tulia Gattone and Florian Horky

Stock market volatility and oil shocks: A study of G7 economies

Javier Patricio Cadena-Silva, José Ángel Sanz Lara and José Miguel Rodríguez Fernández

Impact of artificial intelligence innovation on food company performance

Yongqin Wang and Fuxing Liu

Heterogeneous shareholder participation and corporate maturity mismatch: Evidence from China

Gaoya Song and Yu Wang

Tax burden and enterprises' ESG performance

Xintong Fu and Xiangwei Zhang

Greening the chain: How digital transformation of supply chains drives corporate innovation in China's A-share market

Tianze Zhang, Xueqi Zhao and Yue Xi

The role of uncertainty in return spillovers among digital, green, and traditional financial assets: New insights from the shock of unprecedented events

Yang Zhou, Chi Xie, Gang-Jin Wang and You Zhu

Cyber risk and corporate share repurchases

Chien-Chiang Lee, Chih-Wei Wang, Weizheng Lin and En-Jia Chen

Firm-level economic policy uncertainty and M&A: Evidence from MD&A textual analysis

Wan Zhang, Yue Liu, Yicheng Sun and Qizhi Tao

Optimal share repurchase decision model for retailers under supply chain collaboration

Xin Li, Zihan Xu, Dexiang Mei and Yu Wang

How does social media shape stock liquidity? The role of investor online communication networks

Jie Cao, Zhongyang Zou, Xin Yang and Xiong Xiong

How family control affects the sustainable development of enterprises: An analysis of the actual controllers' characteristics

Wentao Gu and Wanting Mo

Can market competition enhance the utilization of data elements? Analysis from the dual perspectives of managerial incentives and entrepreneurial orientation

Ji Liu, Zheng Xu, Jing Zhang and Kun Zhou

Impact of Fintech on supply chain resilience

Fang Liu, Linling Xie and Wei Liu

Incentive or catering effect of environmental subsidies? Evidence from ESG reports on greenwashing

Guangrui Liu, Ying Fang, Hao Qian, Zhigang Ding, Alex Zhang and Songlin Zhang

What shapes export competitiveness of home country firms? Host country environmental regulations or labor standards

Qin Wang and Ying Wang

Can industry-specific information disclosure regulation mitigate the bullwhip effect in supply chain? Evidence from Chinese listed companies

Jing Zheng and Mengqi Zou

Impact of local government attention on basic research

Dong Zhiyuan, Zhang Zenglian and Chen Mingqin

How does political relationship building affect market efficiency? Evidence from China's anti-corruption campaign

Yihong Gao, Xingyu Pan, Na Yuan and Xinwei Zheng

How does climate change exposure affects green innovation in China: A framework for categorizing innovation

Chao Yang and Di Song

Can the integration of digital and real economies stimulate residents' consumption?

Fan Zhao, Ruirui Li, Ziyin Wu and Xue Ru

Concentration of supply chain, internal control, and corporate risk-taking

Yu Li, Tianpeng Bai, Ya Sha and Zitong Xu

Corrigendum to “ESG performance and private enterprise resilience: Evidence from Chinese financial markets” [International Review of Financial Analysis, 98(2025)103884]

Shaorong Jin, Ruoyu Xiong, Huan Peng and Shiyu Tang