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Information monitoring or emotional contagion? A mechanism analysis of media attention's impact on stock price crash risk 信息监控还是情绪传染?媒体关注度对股价崩盘风险影响的机制分析
IF 6.9 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-03-01 Epub Date: 2025-12-28 DOI: 10.1016/j.frl.2025.109447
Leqiong Gu , Chaoran Zhou , Ying Xie
Against the backdrop of rising volatility in global capital markets and the growing influence of media, understanding how media attention shapes stock price crash risk is of both theoretical and practical importance. Using data from Chinese A-share listed firms, this study examines the impact of media supervision on stock price crash risk. The results show that greater media attention significantly increases the likelihood of stock price crashes. Mechanism analyses suggest that media coverage amplifies investor pessimism and managerial negative sentiment, leading to the accumulation of bad news and increased information asymmetry, thereby intensifying crash risk. Media pressure also affects firms’ information disclosure quality, constituting an additional transmission channel. Moreover, the study identifies a nonlinear effect: moderate media attention enhances information transparency and reduces the probability of stock price crashes. Overall, this research advances understanding of how media influences extreme downside risk and offers policy implications for promoting more regulated media reporting, improving information transparency, and strengthening investor education.
在全球资本市场波动加剧和媒体影响力日益增强的背景下,了解媒体关注如何塑造股价崩盘风险具有理论和实践意义。本文利用中国a股上市公司的数据,考察了媒体监管对股价崩盘风险的影响。研究结果显示,媒体关注度越高,股价崩盘的可能性就越高。机制分析表明,媒体报道放大了投资者悲观情绪和管理层负面情绪,导致坏消息积累,信息不对称加剧,从而加剧了崩盘风险。媒体压力对企业信息披露质量也有影响,构成了额外的传播渠道。此外,研究还发现了一种非线性效应:适度的媒体关注提高了信息透明度,降低了股价崩溃的概率。总体而言,本研究促进了对媒体如何影响极端下行风险的理解,并为促进更规范的媒体报道、提高信息透明度和加强投资者教育提供了政策启示。
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引用次数: 0
Market anticipation and intraday trading: Evidence from BOJ ETF purchases 市场预期和盘中交易:来自日本央行ETF购买的证据
IF 6.9 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-03-01 Epub Date: 2025-12-29 DOI: 10.1016/j.frl.2025.109421
Seongdeok Ko
We study how financial markets absorb predictable policy interventions when price discovery is temporarily constrained. Using the Bank of Japan’s (BOJ) equity ETF purchase program as a natural experiment, we estimate intervention probabilities from intraday returns and examine their effects on Nikkei 225 futures traded on both the Osaka Exchange (OSE) and the Singapore Exchange (SGX). During the lunch break – when the cash equity market closes but futures remain active – trading volume rises sharply on days with high predicted intervention, even though prices remain stable. No comparable reaction appears in non-targeted futures (TSE Growth Market 250), while the consistent response across OSE and SGX highlights the international transmission of BOJ policy anticipation. These findings indicate that markets internalize expected policy actions through execution timing and liquidity provision rather than price adjustment, revealing a non-price channel of information absorption shaped by market microstructure and trading incentives.
我们研究了当价格发现暂时受限时,金融市场如何吸收可预测的政策干预。利用日本银行(BOJ)的股票ETF购买计划作为自然实验,我们从日内收益中估计干预概率,并检查它们对在大阪交易所(OSE)和新加坡交易所(SGX)交易的日经225指数期货的影响。在午餐休息期间(现货股票市场休市,但期货市场仍然活跃),即使价格保持稳定,交易量也会在预计会进行干预的交易日大幅上升。非目标期货(东京证交所增长市场250)没有出现类似的反应,而东京证交所和新加坡交易所的一致反应突显了日本央行政策预期的国际传导。这些发现表明,市场通过执行时机和流动性提供而非价格调整来内化预期的政策行动,揭示了市场微观结构和交易激励形成的信息吸收非价格渠道。
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引用次数: 0
Recency biases and the idiosyncratic volatility puzzle 近因偏差和特殊波动之谜
IF 6.9 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-03-01 Epub Date: 2026-01-01 DOI: 10.1016/j.frl.2025.109468
Wen-Chi Lo , Kuan-Cheng Ko
In this study, we bring in the role of investors’ excess extrapolation associated with the recency bias as an explanation of the idiosyncratic volatility (IVOL) anomaly. We hypothesize that investors excessively extrapolate past return volatilities of high IVOL stocks if their returns have become more volatile in recent periods compared with earlier periods. Such extrapolation bias accelerates investors’ preference for high IVOL with increased volatilities and further enhances the magnitude of overvaluation. As a result, the underperformance is concentrated among such stocks. Our empirical results confirm this prediction.
在本研究中,我们引入了投资者与近期偏差相关的过度外推的作用,作为对特殊波动率(IVOL)异常的解释。我们假设投资者过度推断高IVOL股票的过去回报波动,如果他们的回报在最近的时期比早期更不稳定。这种外推偏差加速了投资者对波动性增加的高IVOL的偏好,进一步增强了高估的程度。因此,表现不佳的股票集中在这类股票中。我们的实证结果证实了这一预测。
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引用次数: 0
How sci-tech finance empowers china's low-altitude economy: Mechanisms and countermeasures 科技金融如何赋能中国低空经济:机制与对策
IF 6.9 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-03-01 Epub Date: 2025-12-31 DOI: 10.1016/j.frl.2025.109465
Yongdong Chai , Jinpeng Liu , Yuanchao Zhang , Huilei Zhang
This study examines the impact of science and technology finance on China’s low-altitude economy, a sector central to the ongoing Fourth Transportation Revolution. Using a sample of 428 Chinese A-share listed firms in this industry from 2013 to 2023, it constructs a comprehensive evaluation system based on the structure–conduct–performance (SCP) paradigm. Empirical analyses employing fixed effects models and mediation tests reveal that science and technology finance has a significant direct promoting effect on the development of China’s low-altitude economy—a finding that remains robust after multiple robustness tests and endogeneity corrections. Furthermore, it indirectly fosters industry growth by improving credit accessibility. The study also finds that more developed regional financial ecosystems strengthen this promoting effect, and that non-state-owned enterprises utilize resources more efficiently than state-owned enterprises. These results delineate the dual mediation pathways through which science and technology finance supports the low-altitude economy, providing empirical evidence for enhancing financial support policies for China’s strategic emerging industries.
本研究考察了科技金融对中国低空经济的影响,这是正在进行的第四次交通革命的核心领域。以2013 - 2023年428家中国a股金融行业上市公司为样本,构建了基于结构-行为-绩效(SCP)范式的综合评价体系。采用固定效应模型和中介检验的实证分析表明,科技金融对中国低空经济的发展具有显著的直接促进作用,且经过多次稳健性检验和内生性修正后,这一结果仍然是显著的。此外,它通过改善信贷可及性间接促进了行业增长。研究还发现,区域金融生态系统越发达,这种促进作用越强,非国有企业对资源的利用效率高于国有企业。研究结果揭示了科技金融支持低空经济的双重中介路径,为加强中国战略性新兴产业的金融支持政策提供了实证依据。
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引用次数: 0
Can innovation strengthen organizational resilience? Evidence from Chinese firms 创新能增强组织弹性吗?来自中国公司的证据
IF 6.9 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-03-01 Epub Date: 2025-12-24 DOI: 10.1016/j.frl.2025.109430
Xue Wang , Shiqi Nie , Qian Liao , Xiaoyan Peng
This study draws on panel data of Chinese A-share listed firms from 2015 to 2023 to examine whether innovation-driven development enhances organizational resilience. Results show that innovation significantly positively affects resilience, with environmental, social, and governance performance and total factor productivity serving as key transmission channels. Ownership structure moderates this relationship, as state-owned enterprises capture a greater share of the resilience gains from innovation. These findings provide new empirical evidence on the role of innovation in resilience-building and offer policy implications for promoting adaptive capacity and advancing high-quality development amid increasing environmental uncertainty.
本研究利用2015 - 2023年中国a股上市公司面板数据,考察创新驱动发展是否能增强组织弹性。结果表明,创新显著正向影响弹性,环境、社会、治理绩效和全要素生产率是关键的传导渠道。所有权结构调节了这种关系,因为国有企业从创新中获得的弹性收益中获得了更大的份额。这些发现为创新在恢复力建设中的作用提供了新的经验证据,并为在环境不确定性日益增加的情况下提高适应能力和推进高质量发展提供了政策启示。
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引用次数: 0
Supply chain digitalization and disruption risk: The roles of resilience and financing constraints 供应链数字化与中断风险:弹性和融资约束的作用
IF 6.9 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-03-01 Epub Date: 2026-02-07 DOI: 10.1016/j.frl.2026.109623
Jinfei Zhang
This study investigates whether and how strategic supply chain digitalization (SCDigital) mitigates manufacturing enterprises’ disruption risk. Using firm-level panel data from 23,005 firm–year observations from Chinese A-share manufacturing firms spanning 2013–2023, this study constructs a moderated mediation model incorporating supply chain resilience and financing constraints. Results show that SCDigital significantly reduces disruption risk, with resilience acting as a key mediating mechanism and financing constraints weakening this effect. Heterogeneity analysis reveals that the risk-mitigating impact of digitalization is strongest for capital-intensive firms, indicating that industry characteristics can influence the value of digital transformation. The findings highlight the importance of digital transformation in enhancing firms’ operational stability and provide policy insights for improving financial flexibility to support digital resilience.
本研究探讨策略性供应链数位化(SCDigital)是否以及如何减轻制造企业的中断风险。本文利用2013-2023年23005家中国a股制造业企业年度观察数据,构建了一个包含供应链弹性和融资约束的有调节中介模型。结果表明,SCDigital显著降低了中断风险,恢复力是关键的中介机制,而融资约束削弱了这一效应。异质性分析表明,数字化对资本密集型企业的风险缓解作用最强,表明行业特征会影响数字化转型的价值。研究结果强调了数字化转型在提高企业运营稳定性方面的重要性,并为提高财务灵活性以支持数字化复原力提供了政策见解。
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引用次数: 0
Financial accessibility, digital skills, and family entrepreneurship: Evidence from the China family panel studies (CFPS) 金融可及性、数字技能与家庭创业:来自中国家庭小组研究(CFPS)的证据
IF 6.9 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-03-01 Epub Date: 2026-01-09 DOI: 10.1016/j.frl.2026.109486
Shuo Qiao , Haoran Xiong , Xiaohan Wu , Jing Zhang
This paper utilizes micro-family data from the China Family Panel Studies (CFPS) as a research sample to explore the relationship between financial accessibility, digital skills, and family entrepreneurship. The study finds a significant positive correlation between financial accessibility and family entrepreneurship behavior; the positive impact of financial accessibility on family entrepreneurship is particularly pronounced among urban families and those with higher educational attainment. Digital skills play a mediating role in the relationship between financial accessibility and family entrepreneurship, and this mediating effect is notably significant in families headed by young and middle-aged adults, but not in families headed by older adults. This research provides new micro-level evidence to understand how inclusive finance and digital literacy can synergistically enhance family entrepreneurial vitality in the digital economy era.
本文利用中国家庭面板研究(CFPS)的微家庭数据作为研究样本,探讨金融可及性、数字技能与家庭创业之间的关系。研究发现,金融可及性与家庭创业行为显著正相关;经济可及性对家庭创业的积极影响在城市家庭和受教育程度较高的家庭中尤为明显。数字技能在财务可及性与家庭创业之间的关系中起中介作用,这种中介效应在中青年家庭中显著,而在老年人家庭中不显著。本研究为理解数字经济时代普惠金融与数字素养如何协同提升家庭创业活力提供了新的微观证据。
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引用次数: 0
Green goodwill and carbon emission abatement in a monopolistic market: A dynamic game approach 垄断市场中的绿色商誉与碳减排:一个动态博弈方法
IF 6.9 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-03-01 Epub Date: 2026-01-05 DOI: 10.1016/j.frl.2026.109475
Xiaoliang Li , Shuie Sun , Yuhao Cheng , Ally Quan Zhang
This paper examines how carbon taxation, green awareness, and abatement technology jointly affect emissions and market stability in a monopolistic setting. We develop a dynamic model in which a bounded-rational firm builds green goodwill in response to environmentally conscious consumers. The analysis uncovers a counter-intuitive, market-size-dependent effect: awareness and technology reduce total emissions only when the market is sufficiently large, while in smaller markets they may increase emissions by expanding output. Carbon taxation, by contrast, consistently lowers emissions. Welfare analysis shows that awareness and technology enhance surplus, whereas excessive taxation can reduce welfare. The stability analysis further indicates that while a higher carbon tax rate tends to enhance market stability, excessively strong environmental awareness or overly low abatement costs may instead lead to instability. These findings highlight that effective climate policy must balance awareness, taxation, and technology according to market scale.
本文考察了垄断环境下碳税、绿色意识和减排技术如何共同影响排放和市场稳定。我们开发了一个动态模型,在这个模型中,有限理性的企业建立绿色商誉,以响应具有环保意识的消费者。该分析揭示了一种反直觉的、依赖于市场规模的效应:只有当市场足够大时,意识和技术才能减少总排放量,而在较小的市场中,它们可能通过扩大产量来增加排放量。相比之下,碳税却能持续降低排放量。福利分析表明,意识和技术增加了盈余,而过度的税收会降低福利。稳定性分析进一步表明,虽然较高的碳税税率倾向于增强市场稳定性,但过度强烈的环保意识或过低的减排成本反而可能导致不稳定。这些发现突出表明,有效的气候政策必须根据市场规模平衡意识、税收和技术。
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引用次数: 0
Public scrutiny and green spillover in buyer-supplier relationships: Exploring contingent effect of embeddedness 公共监督与绿色外溢:探讨嵌入效应的偶然效应
IF 6.9 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-03-01 Epub Date: 2026-02-11 DOI: 10.1016/j.frl.2026.109630
Zijia Liu , Chenfei Jin , Bao Wu , Tongtong Shen , Qiuyang Gu
This study investigates how public scrutiny of corporate ESG controversies drives sustainable development within buyer-supplier relationships. Drawing on the embeddedness perspective and using panel data of Chinese A-share listed firms, we find that public ESG scrutiny significantly promotes green innovation in focal firms. Notably, such green innovation serves as a crucial mediator, generating positive spillover effects that enhance the green total factor productivity (GTFP) of suppliers. We further explore the contingent roles of relational and technological embeddedness in this spillover process. Our results reveal that both higher relational embeddedness and greater technological embeddedness strengthen the positive impact of focal firms’ green innovation on suppliers’ GTFP.
本研究探讨了公众对企业ESG争议的监督如何推动买方-供应商关系中的可持续发展。利用嵌入性视角和中国a股上市公司的面板数据,我们发现公众ESG监督显著促进了焦点公司的绿色创新。值得注意的是,这种绿色创新作为一个重要的中介,产生积极的溢出效应,提高供应商的绿色全要素生产率(GTFP)。我们进一步探讨了关系嵌入性和技术嵌入性在这一溢出过程中的偶然性作用。研究结果表明,较高的关系嵌入性和技术嵌入性均增强了焦点企业绿色创新对供应商GTFP的正向影响。
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引用次数: 0
Green innovation strategy, sustainable financial inclusion, and the firms’ green transition 绿色创新战略、可持续普惠金融与企业绿色转型
IF 6.9 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-03-01 Epub Date: 2025-11-29 DOI: 10.1016/j.frl.2025.108827
Rui Zhao
This study explores the interconnections between green innovation strategies, sustainable financial inclusion, and the green transition of publicly listed enterprises. Using a sample of 100 publicly listed firms in China from 2015 to 2022, we employ a panel data regression model to quantify the effects of green innovation on firms' sustainable financial practices and their overall green transition. Our empirical results indicate a significant positive relationship between green innovation and the green transition, with green innovation expenditure explaining approximately 31.2 % of the variation in the green transition score. Additionally, sustainable financial inclusion, measured by access to green financial products, contributes 24.6 % to the green transition process, confirming its pivotal role in enabling firms to adopt greener practices. The interaction effect between green innovation and sustainable financial inclusion is also notable, with a synergistic coefficient of 0.187 (p < 0.05), suggesting that the combination of these two factors accelerates the green transition of firms. These findings underscore the importance of integrating financial inclusion strategies with green innovation to drive sustainability in corporate practices. The paper offers policy recommendations to foster greater access to green finance and promote the adoption of green technologies across industries. Future research could expand on these findings by examining the role of government policies and global environmental standards in shaping corporate green strategies.
本研究探讨了绿色创新战略、可持续普惠金融与上市企业绿色转型之间的相互关系。本文以2015 - 2022年中国100家上市公司为样本,采用面板数据回归模型,量化了绿色创新对企业可持续财务实践和整体绿色转型的影响。我们的实证结果表明,绿色创新与绿色转型之间存在显著的正相关关系,绿色创新支出解释了绿色转型得分变化的31.2%。此外,以获得绿色金融产品为衡量标准的可持续普惠金融对绿色转型进程的贡献为24.6%,证实了其在促使企业采取更环保做法方面的关键作用。绿色创新与可持续普惠金融之间的交互效应也很显著,其协同系数为0.187 (p < 0.05),表明两者的结合加速了企业的绿色转型。这些发现强调了将普惠金融战略与绿色创新相结合以推动企业实践可持续性的重要性。本文提出了政策建议,以促进更广泛的绿色融资渠道,并促进各行各业采用绿色技术。未来的研究可以通过研究政府政策和全球环境标准在形成企业绿色战略中的作用来扩展这些发现。
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引用次数: 0
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Finance Research Letters
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