Finance Research Letters

2004 - 2025

Current editor(s): R. Gençay

From Elsevier
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Volume 76, issue C, 2025

An empirical investigation into the driving effects of green transformation policies and media governance on high-quality development in tourism enterprises

Shuhong Zhao, Feixiang Lu and Liming Sun

Insider trading: The role of internal governance and legal regulation

Yu Wang and Shan Zhang

Labor protection and enterprise diversification: Insights from a natural experiment based on the 'Social Insurance Law'

Fengling Ma, Yong Xiang and Yao Wei

Choosing between quality and quantity in environmental innovation under institutional complexity

Heng Yin

Geopolitical risk, bank regulation, and systemic risk: A cross-country analysis

Yu Wang, Gaoya Song and Yiming Lu

Connectedness between traditional finance, cryptocurrencies and DeFi in the post COVID period

Luz Parrondo and Carlo Sala

Common institutional ownership and abnormal stock trading halts

Zhibo Xu, Siyu Yan and Zhongxin Gan

Impact of COVID-19 pandemic on diversification: Evidence from microfinance

Ki C Han, Sukhun Lee, David Y Suk and Hyun Mo Sung

Financial market reaction to the end of the right-wing populist government: The case of Poland

Selahattin Tolga Er and Jaroslaw Kantorowicz

Interconnected dynamics of sustainable cryptocurrencies: Insights from transfer entropy analysis

Seungju Lee, Jaewook Lee and Woojin Lee

Climate awareness in management and deviation from target leverage: Evidence from China

Rufei Ma, Xinxin Fu, Qiang Ji and Pengxiang Zhai

US sectoral stock market volatility and geopolitical risk categories

Ioannis Chatziantoniou, David Gabauer and Alexis Stenfors

Financial flexibility, organizational resilience and corporate green innovation

Linjing Wang, Chunyan Zhao, Yufei Gan and Xiaoxiao Ni

Sentiment tendency of ESG coverage, public concern, and corporate environmental performance

Nan Yan, Yuhang Xue, Menghan Xu, Yige Sun and Yun Yang

Inclusive finance and urban household consumption: Evidence from a Quasi-natural Experiment in China

Rongjun Zhou and Qian Fu

Patent quality, R&D investment, and the profitability of technology-based firms

Hanjun Chen, Long Qian, Haohao Gu, Qianqian Chen, Ke Zheng, Yong Zhang and Sha Dong

Technology-based boards and bank operational efficiency: Mediating effects of risk-taking

Yuchun Li, Tianhao Zhang, Yangzi Tao and Ling Wu

Including A-shares in the MSCI index and enterprises’ Total factor productivity—impact on China's micro-enterprises

Yunxiang Yang, Xiaoyang Hu, Daode Li and Wenhao Cai

Takeover threats and environmental, social, and governance performance: Evidence from Korea

Boxian Wang, Hyunhan Shin and Jiyoon Lee

The signaling effect of tone: The influence of key audit matters’ tone on bank lending decisions

Mingli Duan

Markov regime-switching in pricing equity-linked securities: An empirical study for losses in HSCEI-linked products

Hongjoong Kim, Sungwon Park and Kyoung-Sook Moon

Can biodiversity risk improve firm ESG performance? Empirical evidence from China

Tianlei Pi, Linke Jiao, Yuhan Zhou and Jin Shi

Influence of cultural heritage protection on high-quality economic development

Luxin Zhang

Manual task intensity and male-female wage gap: Evidence from China

Da Xie, Min Zhang and Pijing Bing

The impact of corporate financialization on ESG performance: A perspective based on executive incentives

Yafei Xing, Junwei Wang, Zheng Liu and Daibo Xiao

Crowding out or Lock-in? Patent thickets and latecomers’ Innovation policies

Hongli Gao, Peijie Wang, Hongyu Yi and Chen Lv

Digital transformation and corporate environmental performance

Wei Wang, QiangYuan Cao, Zhouyang Li and JinYing Zhu

Fiscal reform and green innovation: Evidence from China's local debt management reform

Tian Li and Feng Qi

Diversity and inclusion in the workplace and corporate innovation

Thomas Covington, Thanh Dat Le and Julie Ngo

Digital transformation and customer enterprise innovation - From the perspective of supply chain spillover effects

Yucong Yan, Yufei Lei, Yingdong Wang, Dexin Lv, Fanyi Lu and YuYue Yao

How is merchant gang culture conducive to increasing enterprises’ common prosperity?

Shengsheng Yu, Hang Jin, Chunhua Jin, Jian Huang, Jianliang Li and Bin Wang

Analyst attention, green credit policies, and corporate environmental responsibility fulfillment

Jing Li, Lei Huang and Yiyang Qin

Can market-based environmental regulation promote corporate intelligent transformation: Evidence from the carbon emission trading system

Songyi Chen and Qianqian Fan

Risk assessment from space: Integrating satellite-derived insights for ESG financial decisions

Adriano Barasal Morales, Márcio Poletti Laurini and Anton Vrieling

A profitable currency portfolio strategy: Learning from connectedness

Wenhao Wang, Feifei Cai, Ziyi Hong, Ruiqi Liu and Qingyi Zhang

In the shadow of banks: Entrusted wealth management and capital allocation efficiency

Shuangli Yu

Does corporate social responsibility facilitate credit ratings: Evidence from Rule 144A bonds

Kelly Cai, Steven X. Zhu and Hui Zhu

Sacrificing money for health: Shifts in mental accounts caused by zodiac year beliefs

Yuhao Dai, Qican Wu and Menghan Wang

The value of diversification: ESG and investment in controversial industries

Cansu Iskenderoglu

The impact of institutional investors’ ESG concerns on corporate ESG disclosure: Evidence from site visits

Jun Huang, Feifei Han and Yun Li

Navigating crowdfunding for sustainability: Practical implications mapped

Giuseppe Bongiorno, Ernesto Cardamone and Mariacarmela Passarelli

The legal right protection of lenders and corporate employment: Evidence from specialized bankruptcy courts

Jiacai Xiong, Chen Peng and Zelin Yang

Does gambling culture affect corporate internal control? Evidence from China

Lin Pan, Zhanbo Zhuang, Chuanlu Ge and Qiyue Cui

The effect of CEO extraversion on private debt

Zongjun Wang, Peng Wang, Yao Du and Chih-Yung Lin

Firm-specific versus systematic momentum

Frank Graef, Daniel Hoechle and Markus Schmid

Cost uniqueness and corporate credit rating

S M Zahid, Mohammad Nazrul Islam and Ling Zhou

Inferring jump dynamics from weekly options: A non-parametric method

Junyu Zhang and Xinfeng Ruan

Corporate social anti-activism and firm stock price: Evidence from DEI program elimination

Robert D. Evans and Leiza Nochebuena-Evans

Management integrity and stock liquidity

Jiawei Cao, Haibo Li and Juandan Zhong

Data elements and corporate innovation: A discussion of corporate innovation strategy

Dengyun Gao, Chang Liu and Zhanwei Sun

Modeling GDP with a continuous-time finance approach

Zhenya Liu, Rongyu You and Yaosong Zhan

Hometown CEOs and corporate financialization✰

Cuiliang Lin and Yue'e Long

Tourism law, enterprise agglomeration, and labor income

Yun Li, Jibing Qian, Huisha Zhao and Mingxin Zhu

The impact of start-up's market orientation and dynamic capabilities on their performance

Qing Sun, Lina Song and Juan Wu

The role of acquaintances' characteristics in shaping digital payment technology

Kingstone Nyakurukwa, Yudhvir Seetharam and Chimwemwe Chipeta

Government accounting supervision and supply chain environmental investment

Aimeng Wang, Conghui Bi and Yiyuan Zhang

Audit risk and green innovation in SMEs

Daoxiang Yang, Xuyang Jiao and Wenjiu Liao

Environmental regulation, green investment and corporate green governance: Evidence from China's New Environmental Protection Law

Kailong Mei and Zihao Zhang

Can reverse mixed reform promote green innovation in Chinese private enterprises?

Qian Mao and Xiaofeng Quan

Are brown stocks valuable to green stocks? Evidence from China

Sha Zhu, Hai Fu, Yu Wei, Yue Shang and Xiaodan Chen

Corporate ESG performance and bankruptcy risk

Hong Lin, Xinyu Gu and Xianjun Bao

Does capital-oriented reform encourage financialization? Evidence from state enterprises in China

Yan Dong and Ran Ge

Do convertible bond issuances increase the firm value in China? – Evidence from domestic and offshore issuances

Vipul Kumar Garg and Sowmya Subramaniam

Strengthening provincial export resilience through the digital economy: Analysis of impacts, global value chain integration, and regional disparities in China

Haibo Li and Biyun Xiao

Credit availability, overinvestment, and corporate innovation capability

Fengzhan Zhu and Liang Chen

Female executives’ influence on competitive strategies in tourism enterprises: A study on the moderating role of managerial shortsightedness

Zuwu Hu and Ling Liu

Impact mechanism of digital transformation on supply chain resilience

Juan Zhang, Xiaoming Miao and Tiantian Shang

Board of directors’ internationalization, internal control quality, and corporate litigation risk

Chuyun Wang, Lingxing Meng, Lei Li and Ziyun Zhao

Controlling shareholder equity pledging, financing constraints, and corporate social responsibility

Jing Xu and Qianfang Luo

Management equity incentives, market dynamics, and corporate R&D investment

Chun Hu, Haoyang He, Fei Wang and Yeon-Soo Shin

Pledge of controlling shareholder's equity, digital transformation, and green innovation

Fan Li

Improvement of transportation infrastructure, payment digitalization, and tourism consumption expenditure: Analysis based on CHFS data

Weixia Chen and Meng Huang

Research on the impact of cut taxes and administrative fees on green total factor productivity in China

Hongyan Ge, Xuan Yang, Yixuan Guo, Junyi Zhu and Jian Wang

Influence of natural disasters on stock prices in the aviation, hospitality, and tourism industries: Perspective based on crash risk and investor sentiment

Zuwu Hu and Ling Liu

Transmission of guarantor risk and its influence on bond credit spreads

Shenbao Liang and Zhimin Li

The impact of environmental regulations and foreign direct investment on industrial structure upgrading

Yuanping Zhao, Chunfeng Shen and Cheng Han

Financial efficiency, green innovation and green total factor productivity

Biyun Xiao and Haibo Li

Dynamic estimation and analysis of the currency-asset portfolio of global foreign exchange reserves: A novel approach

Xi Wang and Yongjun Ma

Economic policy uncertainty, related-party transactions and corporate liquidity

Lei Wang, Xinyi Qu, Yunquan Wang, Jun Lu and Qi Wang

Exploration of the relationship between equity financing dependence, financing constraints, and corporate innovation performance

Saijun Wu, Changzheng Li, Fei Huang and Qing Yu

Corporate social responsibility, board independence, and corporate litigation

Duo An, Yinglong Zheng and Baomin Wang

New media supervision, digital transformation, and corporate green investment

Qixin Zhang, Zhiqiang Xiang and Zhiguo Xiang

Impact of financial literacy and awareness of children's pension responsibilities on the willingness to purchase pension insurance: Evidence based on survey data (CLASS)

Baohua Han, Chao Liu and Wenhao Ling

The impact of ESG performance on corporate debt costs: A signaling perspective

Yuhao Cheng, Chuqian He and Can Tang

Vocational education investment and middle-income group expansion in China

Qi Chen and Xinghai Li

Impact of pollution control intensity on green innovation of manufacturing enterprises: The role of green finance

Ying Liu and Lei Zheng

Social networks, financial knowledge, and urban–rural family entrepreneurship

Xiaofei Jia, Naiqian Zhang, Tong Tong, Yongna Li and Ruixue Han

Breakthrough technological innovation, market competition, and corporate competitive advantage

Hongqi Wang, Linfeng Zhang and Dandan Xu

Enhancing ESG performance through public fund shareholding

Meijie Yao and Wei Chen

Digital finance, internal control, and audit quality

Yuanyuan Liu, Qianqian Liu and Yanqiu Wei

Digital transformation and corporate green technology transfer: The moderating effect of executive green cognition

Xiang Zhu, Hongtao Chen, Erwei Xiang and Yingjin Qi

Connectivity of green financial assets under geopolitical risks and market-implied volatility

Ujkan Q. Bajra, Florin Aliu and Vlora Prenaj

Green credit guidelines and corporate financialization: Evidence from heavily polluting enterprises in China

Zhihui Song, Qinmin Jia and Zexiu He

Does cybersecurity regulation promote digital transformation? Evidence from the Cyber Security Law in China

Xianglan Jin, Huizhu Cui, Fengwei Liu, Ziqiang Hu and Yonghao Cai

Environmental tax reform and green inventors: Evidence from Chinese listed companies

Geng Chen and Yikai Han