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Article
Environmental Sciences
Farzan Yahya et al.
Summary: This study examines the impact of agricultural production on carbon dioxide, nitrous oxide, and methane emissions using panel data from 90 countries. The findings indicate that agricultural practices can reduce CO2 emissions, particularly among lower carbon emitters. However, they also increase N2O and methane emissions across all levels. Agricultural trade, specifically exports, contributes to a decrease in CO2 emissions but an increase in N2O and methane emissions. Agricultural imports are associated with higher levels of greenhouse gas emissions. The study suggests a shift towards sustainable agriculture and green trade policies to achieve climate neutrality.
JOURNAL OF ENVIRONMENTAL MANAGEMENT
(2023)
Article
Business, Finance
Chien -Chiang Lee et al.
Summary: Using data from the Fixed Income Securities Database bond issuance, this study examines the signaling effect of firms' cash holding adjustment prior to corporate bond issuance and its impact on firms' capital policy. Analyzing U.S. bond samples from 1981 to 2018, the findings show that bond issuers tend to increase their cash holdings before issuance compared to non-issuer firms. After controlling for various factors, it is found that firms with higher cash holdings adjustment attract investors' attention and result in lower bond spreads. The results also differ in subsamples based on accrued and real earnings management, financial constraints, and corporate opacity.
INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS
(2023)
Article
Business, Finance
Chien-Chiang Lee et al.
Summary: This paper examines the impact of central bank digital currency volatility on a firm's implied volatility. The sample consists of 2853 listed companies in the United States from 2014 to 2018. The results show that the variation of central bank digital currency has a positive effect on a firm's implied volatility. Additionally, the healthier the firm's conditions, the weaker the relationship between central bank digital currency variation and a firm's implied volatility. Moreover, the positive relationship between central bank digital currency and firm's implied volatility holds true for investment-grade, speculative-grade, and unrated firms. Finally, the use of simultaneous equation models (SEM) confirms the robustness of the results even after excluding endogenous concerns. This research serves as a reminder for corporate managers and provides new implications for policymakers.
RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE
(2023)
Article
Business, Finance
Chih-Wei Wang et al.
Summary: This study examines the association between cash flow uncertainty and stock price crash risk. By analyzing a large sample of firms from 22 countries, it is found that higher cash flow uncertainty is positively related to crash risk for firms. Moreover, the positive relationship between cash flow uncertainty and crash risk holds true for most regions, industries, and other subsamples. Additionally, the impact of cash flow uncertainty on crash risk is more significant for firms operating in highly competitive industries and countries with greater economic policy uncertainty. Endogenous concerns are addressed using simultaneous equation and two-stage least squares regression methods. Overall, the findings have important implications for investors, firms, and regulators.
PACIFIC-BASIN FINANCE JOURNAL
(2023)
Article
Economics
Min Liu et al.
Summary: Given contradictory findings on the relationship between trading volume and volatility forecasting, this research introduces a new approach to test the sequential information arrival hypothesis. By decomposing and reconstructing trading activity into short-term and long-term components, this study offers fresh insights into the volume-volatility nexus. The results show that the reconstructed components significantly improve out-of-sample realized volatility (RV) forecasts, thus filling the gap in the literature and providing valuable information on the role of trading volume in RV forecasting.
JOURNAL OF FORECASTING
(2023)
Article
Green & Sustainable Science & Technology
Chengchao Lv et al.
Summary: The green credit policy significantly improves the green productivity of heavy polluting enterprises, particularly smaller-scale enterprises with lower capital use efficiency, state-owned enterprises, and enterprises in the central and western regions. The impact on green production efficiency is achieved through the financing scale effect and financing cost effect of the green credit policy.
JOURNAL OF CLEANER PRODUCTION
(2023)
Article
Business
Beat Reber et al.
Summary: The study found that voluntary ESG disclosure can reduce idiosyncratic volatility and downside risk, and higher ESG ratings are associated with lower firm-specific volatility and downside risk during the first year of trading after IPOs. Companies striving for ESG performance and communicating their efforts signal their compliance with sustainability-related norms, thus acquiring and upholding a societal license to operate.
JOURNAL OF BUSINESS ETHICS
(2022)
Article
Business, Finance
Chien-Chiang Lee et al.
Summary: This study examines whether aid flows targeted to the financial sector can improve financial inclusion of a recipient country. The results show that financial aid is an important determinant for a firm's and country's financial inclusion. High aid flows have a stronger and significant impact on financial inclusion, especially in countries with low-risk uncertainty.
PACIFIC-BASIN FINANCE JOURNAL
(2022)
Article
Business, Finance
Chih-Wei Wang et al.
Summary: This study empirically investigates the effects of economic policy uncertainty (EPU) and country governance on bank liquidity creation in various countries. The results show that EPU has different effects on asset-side and liability-side liquidity creation, and country governance mitigates the negative impact of EPU on bank liquidity creation.
PACIFIC-BASIN FINANCE JOURNAL
(2022)
Article
Economics
Chih-Wei Wang et al.
Summary: This paper examines the effect of green bond issuance on firms' climate risk concerns from 2011 to 2020. The study proposes four ratios of climate risk concerns and finds that firms' attention to climate risks increases after the issuance of green bonds.
Article
Business
Chien-Chiang Lee et al.
Summary: This study investigates the effects of Hofstede's four cultural indices on bank liquidity creation and finds that national culture plays an important role in determining bank liquidity creation.
EMERGING MARKETS FINANCE AND TRADE
(2022)
Article
Economics
Chien-Chiang Lee et al.
Summary: This research found that national culture has a significant impact on the green economy, with individualism, uncertainty avoidance, and long-term orientation positively influencing it, while power distance, masculinity, and indulgence have a negative impact. Additionally, the level of economic and financial development also affects the relationship between national culture and the green economy.
ECONOMIC ANALYSIS AND POLICY
(2022)
Article
Economics
Chien-Chiang Lee et al.
Summary: This research examines the linkage between renewable energy technology (RET) innovation and energy poverty (EP) and finds that RET innovation can alleviate EP. The study also reveals that climate risk has a moderating effect and threshold effect on the relationship between RET innovation and EP.
Article
Economics
Chien-Chiang Lee et al.
Summary: The rapid growth in global energy demand has raised concerns about energy security and climate change. Based on statistical data from 30 provinces in China from 2000 to 2018, this paper systematically verifies the influence of the relationship between financial development, technological innovation, and their interaction term on energy security. The findings highlight that China's energy security is enhanced by financial development and technological innovation, with financial development improving energy security through technological innovation. In addition, there is a nonlinear threshold effect between financial development and energy security due to differences in technological innovation between regions.
Article
Business, Finance
Chien-Chiang Lee et al.
Summary: This study examines the impact of climate risk on bank liquidity creation and finds that climate sensitivity and exposure have negative impacts, while climate adaptation has a positive effect on liquidity creation. These effects are more pronounced for larger banks with lower capital, banks located in lower-GDP and developing countries, and those in Asia.
INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS
(2022)
Article
Business
Chen Zhu et al.
Summary: Based on a balanced panel dataset of 278 Chinese cities, this study employs a spatial difference-in-differences approach to examine the impact of low-carbon pilot policy on technological innovation. The results demonstrate that implementing low-carbon pilot policy has a positive effect on technological innovation in both pilot cities and neighbouring cities. Various mechanisms and heterogeneity factors are also explored.
TECHNOLOGICAL FORECASTING AND SOCIAL CHANGE
(2022)
Article
Business, Finance
En-Ze Wang et al.
Summary: This research explores the heterogeneous nexus between ICT and energy demand by incorporating a finite mixture model into an extended energy demand model. The estimated results indicate that ICT can both positively and negatively impact energy demand. Additionally, financial development, government expenditure, and human capital can assist ICT in reducing energy demand, while foreign direct investment has the opposite effect.
INTERNATIONAL REVIEW OF ECONOMICS & FINANCE
(2022)
Article
Business, Finance
Tie-Ying Liu et al.
Summary: This research uses the rolling-window method to study the non-linear relationship between interest rates and exchange rates for China and the United States. It also investigates uncovered interest rate parity (UIP) and the capital market theory to reconsider various economic connections between the two countries. The results suggest that the effect of the US interest rate adjustment on China/US exchange rate volatility is stronger than that of China's interest rate adjustment. Moreover, changes in the China/US exchange rate have a slightly stronger effect on the US interest rate than on China's interest rate. The findings reveal that the interest rate parity theory does not hold for the entire sample period but may hold in subperiods. These results provide a reference for the steady implementation of RMB internationalization.
INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS
(2022)
Article
Economics
Linh Pham
Summary: This study investigates the frequency connectedness and cross-quantile dependence between green bond and green equity markets, finding that their dependence varies across different investment horizons. While the connection between green bond and green equity is relatively small under normal market conditions, they are more interconnected during extreme market movements, with short-lived spillover effects across all market conditions.
Review
Green & Sustainable Science & Technology
S. MacAskill et al.
Summary: The green bond market is seen as an impactful financing mechanism in climate change mitigation efforts. Studies investigating this market have revealed the concept of a 'green premium' or 'greenium' in green bond pricing, although methodological variations have resulted in ambiguity over its consensus. However, research findings suggest a consensus on the existence of a green premium under specific conditions.
JOURNAL OF CLEANER PRODUCTION
(2021)
Article
Business, Finance
Caroline Flammer
Summary: The study found that investors respond positively to the issuance of corporate green bonds, especially for first-time issuers and bonds certified by third parties. Post-issuance, issuers improve their environmental performance and attract long-term and green investors. This supports the argument that companies can signal their commitment to the environment by issuing green bonds.
JOURNAL OF FINANCIAL ECONOMICS
(2021)
Article
Economics
Yang Chen et al.
Summary: The establishment of China's city commercial banks has significantly reduced regional pollution in China by improving innovation capacity, attracting more foreign direct investment, and upgrading industrial structure. The pollution reduction effect of these regional banks is stronger in cities with higher economic strength and marketization levels.
Article
Business, Finance
Ariadna Dumitrescu et al.
Summary: This study demonstrates the differential impacts of corporate social responsibility initiatives on stock price crash risk, with a particular emphasis on the role of social CSR dimension in mitigating risk and creating shareholder value. The results suggest that social CSR initiatives targeting specific stakeholder groups are more effective in mitigating future crashes, while environmental initiatives and governance characteristics have minimal effects. It also indicates a causal relationship between social CSR dimension and crash risk mitigation.
JOURNAL OF CORPORATE FINANCE
(2021)
Article
Business, Finance
Anthony C. Ng et al.
JOURNAL OF CORPORATE FINANCE
(2020)
Article
Business
Zhiyong Li et al.
EMERGING MARKETS FINANCE AND TRADE
(2020)
Article
Business, Finance
Dragon Yongjun Tang et al.
JOURNAL OF CORPORATE FINANCE
(2020)
Article
Business, Finance
Jiazhen Wang et al.
PACIFIC-BASIN FINANCE JOURNAL
(2020)
Article
Economics
Chia-Ming Wu et al.
Article
Green & Sustainable Science & Technology
Gianfranco Gianfrate et al.
JOURNAL OF CLEANER PRODUCTION
(2019)
Article
Business, Finance
Vishaal Baulkaran
JOURNAL OF ASSET MANAGEMENT
(2019)
Article
Business, Finance
Rajiv Nair et al.
PACIFIC-BASIN FINANCE JOURNAL
(2019)
Article
Business
Xue Wang et al.
JOURNAL OF BUSINESS ETHICS
(2018)
Article
Business, Finance
Yi-Chun Chen et al.
JOURNAL OF ACCOUNTING & ECONOMICS
(2018)
Article
Business
Jinhua Cui et al.
JOURNAL OF BUSINESS ETHICS
(2018)
Article
Business, Finance
Hyun A. Hong et al.
JOURNAL OF ACCOUNTING RESEARCH
(2017)
Article
Business, Finance
Jeong-Bon Kim et al.
CONTEMPORARY ACCOUNTING RESEARCH
(2016)
Article
Business, Finance
Mark L. DeFond et al.
Article
Business, Finance
Yongtae Kim et al.
JOURNAL OF BANKING & FINANCE
(2014)
Article
Business
Elisabeth Albertini
JOURNAL OF BUSINESS ETHICS
(2014)
Article
Business, Finance
Bin N. Srinidhi et al.
Article
Business, Finance
Seong Y. Cho et al.
JOURNAL OF ACCOUNTING AND PUBLIC POLICY
(2013)
Article
Business, Finance
Yongtae Kim et al.
Article
Business, Finance
Sadok El Ghoul et al.
JOURNAL OF BANKING & FINANCE
(2011)
Article
Business
Mei-Ling Yang
FAMILY BUSINESS REVIEW
(2010)
Article
Business, Finance
Amy P. Hutton et al.
JOURNAL OF FINANCIAL ECONOMICS
(2009)
Article
Business
Diego Prior et al.
CORPORATE GOVERNANCE-AN INTERNATIONAL REVIEW
(2008)
Article
Business, Finance
L Jin et al.
JOURNAL OF FINANCIAL ECONOMICS
(2006)
Article
Business
DS Gelb et al.
JOURNAL OF BUSINESS ETHICS
(2001)
