International Journal of Financial Studies, Volume 13, Issue 4

This study aims to investigate the impact of green finance on corporate sector investments and their associated environmental outcomes. The authors collected cross-sectional survey data with a sample of four hundred firms selected from the five green...

By employing the 2017 reform of China’s financial statement presentation as an exogenous shock, we evaluate how the change shapes the likelihood of stock price crashes. Our analysis indicates that firms affected by the reform exhibit notably hi...

Customer segmentation is essential in financial services for designing targeted interventions, managing dormant portfolios, and supporting marketing re-engagement strategies. Traditional approaches such as Recency–Frequency–Monetary (RFM)...

This study investigates risk contagion and dependence structures between U.S. and Chinese technology-related stock markets, focusing on the electronics and semiconductor sectors. We employ DCC-GARCH models to capture time-varying correlations and cop...

In recent years, the impacts of the new scientific and technological revolution on the industrial system and production modes have begun to emerge. Digital transformation is gradually being integrated into the production behaviors of manufacturing en...

Convertible bond financing has gained significant traction in China’s capital market, yet it poses financial risks, particularly for highly leveraged firms. This study investigates how corporate financial traits influence the decision to issue...

In typical executive compensation structures, higher corporate ranks are associated with greater pay. However, the reform of state-owned enterprises (SOEs) in China introduced strict salary caps for top executives, while lower-tier managers continued...

This paper asks whether debt among affluent consumers reflects rational leverage, comparable to firms, or the influence of cognitive biases. Using survey data on Brazilian bank clients, we combine logistic regressions with a finite-mixture-inspired,...

In recent years, the financial sustainability and survival of microfinance institutions (MFIs) have been seriously threatened by factors such as the reduction in donations, cooperation funds and international aid, and increased competition from comme...

This study provides empirical evidence of tax-induced profit-shifting by multinational corporations (MNCs) operating in Morocco, an underexplored developing country context characterized by notable tax arbitrage potential. Using a micro-level panel d...

Corporate social responsibility (CSR) plays a growing role in fostering transparency, stakeholder trust, and long-term firm sustainability, particularly in emerging markets. Firms that actively engage in CSR are more likely to disclose credible finan...

This study examines the association between Saudi banks’ internal adoption of AI-enabled FinTech-related digital tools and their financial performance, sustainability performance, and financial stability over the period 2015–2024. Using a...

The growing relevance of sustainable finance has positioned green bonds as central instruments in debates on how capital markets can contribute to climate transition while creating value for firms. This article conducts a literature review to examine...

Social trust is a fundamental element in the evolution of digital finance, significantly influencing its development. This study presents an innovative exploration of the role and internal mechanisms of social trust in digital finance, utilizing usin...

Investor sentiment has increasingly been recognized as a behavioural factor influencing asset prices beyond traditional rational asset pricing models, yet evidence from South Africa’s property remains limited. This study investigates the short-...

In light of the growing interest in sustainable finance among investors and academics, in this study, we present an empirical analysis designed to understand whether sustainable investments outperform, underperform, or perform neutrally relative to c...

In the digital economy, data assets have become key drivers of firm competitiveness and market stability. This study examines the association between data asset information disclosure and stock price crash risk. Using annual reports of Chinese A-shar...

Using a time-frequency and quantile connectedness approach, our study examines the complex return spillovers dynamics between BRICS Plus stock markets, the volatility index (VIX), and the global geopolitical risk index (GPRD). By employing advanced m...

This paper proposes a dynamic portfolio allocation framework that integrates deep reinforcement learning (DRL) with classical portfolio optimization to enhance rebalancing strategies and risk–return management. Within a unified reinforcement-le...

This study investigates the influence of banking service quality and customer trust on customer retention behavior, considering the mediating role of customer satisfaction and the moderating role of FinTech. In light of the growing digitalization in...

The study aims to investigate the impact of tax avoidance (TA) on earnings management practices (EM). The current research also investigates the moderating role of board governance characteristics on this relationship in the Egyptian context. The sam...

This paper investigates the frequency dynamics of financial and macroeconomic connectedness by measuring tail-risk and uncertainty for two emerging African economies, namely Morocco and Tunisia, over the quarterly period Q2-2010 to Q4-2024. We employ...

The goal of the study is to inquire into how longer tenure on the board may undermine directors’ independence and distort the efficiency of executive compensation mechanisms. Our empirical findings based on an international panel database and s...

The stability of life purpose and coherence as dimensions of life attitude shapes the cognitive structures underpinning financial decision-making. This study examines how cognitive ability mediates the effect of life attitude profile on the intention...

This study examines how environmental, social, and governance (ESG) performance affects firms’ bankruptcy risk and explores the mechanisms linking ESG engagement to financial stability. Using a panel dataset of Chinese-listed firms from 2009 to...

Blockchain technology has emerged as the backbone of cryptocurrencies and decentralized finance, yet its long-term resilience is increasingly threatened by advances in quantum computing. Quantum algorithms, such as Shor’s algorithm, can undermi...

Cryptocurrency investment in India has quickly become a mainstream financial activity, but it is still highly prone to psychological factors that impact the decision-making of retail investors. This study examines the effect of personality traits on...

The rapid integration of FinTech and sustainability-oriented sectors is reshaping financial risk dynamics, particularly in emerging markets such as China. This study investigates tail-dependent spillovers among ten Chinese FinTech and sustainability-...

Rapid digitalization is transforming how public and private institutions manage regulation, compliance, and supervision. This paper explores the rise of Regulatory Technology (RegTech) and Supervisory Technology (SupTech) as instruments of digital re...

Moderate incentive intensity enhances an organization’s resilience, while excessive incentives increase agency issues, reducing organizational resilience. This study empirically investigates the influence of executive equity incentives on corpo...

This paper examines the stock market reaction to company investment decisions with and without a sustainability objective. Abnormal returns are estimated using a standard event study methodology for a sample of 517 investment announcements for listed...

This research investigates the extent to which behavioral biases—specifically overconfidence and representativeness heuristic—affect linguistic tone, narrative structure, and predictive accuracy of financial reports produced by investment...

As climate disasters intensify, their financial shockwaves increasingly threaten residential stability and the resilience of the U.S. mortgage market. While prior research links natural disasters to payment delinquency, far less is known about forecl...

In the National Football League, teams have been subjected to a salary cap, which has prevented teams from paying players in aggregate over a specified value since 1994. The presence of the salary cap provides a unique setting for understanding how t...

The constant evolution of Decentralized Finance (DeFi) calls for the continuous monitoring of its developments and implications through a critical review of the academic literature. While DeFi holds promise for enhancing economic activity by expandin...

This conceptual article introduces Perceived Cognitive Assistance (PCA)—a novel psychological construct capturing how interactive support from Large Language Models (LLMs) alters investors’ perception of their cognitive capacity to execut...

This study explores the impact of environmental accounting practices on corporate environmental performance in Greek enterprises. Grounded in environmental management accounting (EMA), strategic management theory, Stakeholder Theory, and Institutiona...

We propose a new puzzle piece for the Halloween effect (“Sell in May and Go Away”) by identifying a seasonal pattern in SEC regulatory disclosures that aligns with the effect’s summer and winter periods. From 2004 to 2023, SEC filin...

This study conducts a bibliometric analysis of the scientific literature on digital, automated, and AI-assisted accounting systems. The data include documents listed in the Web of Science and Scopus databases. The analysis identifies the main authors...

This study re-examines the ongoing debate over corporate disclosure frequency amid renewed calls to replace quarterly with semiannual reporting in U.S. markets. While traditional theories hold that frequent disclosure enhances informational efficienc...

This paper investigates the relationship between cryptocurrencies and other financial assets, with a particular focus on the dynamics of information flow between developed and emerging markets. To achieve this objective, the study applies a combined...

This study analyzes the development and determinants of control premiums in mergers and acquisitions in the European market from 2009 to 2022 (i.e., stock volatility, liquidity via money supply, sectoral growth, transaction volume, market capitalizat...

Because auditors have access to corporate information, a firm’s decision to protect material trade secrets should, in principle, not influence audit effort. We analyze the effects of trade secrecy protection on the audit fees, documenting that...

The objective of this study is to investigate how responsible AI governance mechanisms influence value creation and sustainability in Saudi banks over the period 2015–2024. Using a panel dataset from listed Saudi banks and combining ESG disclos...

Forecasting stock price ranges remains a significant challenge because of the non-linear nature of financial data. This study proposes and evaluates a stacking ensemble model for range-based volatility forecasting, using open, high, low, and close (O...

We construct a novel hand-collected large dataset of 205 U.S. hedge funds and 1025 activist events over the period 2005–2013, which records both the Schedule 13D filing date and the voice date, and explore the role of voice in value creation. W...

The digital economy creates new opportunities for micro, small, and medium enterprises (MSMEs) in Indonesia to enhance their competitiveness through the adoption of financial technology. This study examines how digital financial inclusion (DFI) media...

Environmental, Social, and Governance (ESG) performance has become a pivotal driver of firm valuation, investment flows, and capital market stability and a critical dimension of corporate sustainability and investor decision-making. Yet, emerging mar...

Venture capital investment and hedge fund investment are two asset classes of alternative investment fund portfolios. The purpose of this study was to determine whether the digital currency named bitcoin truly adds to diversification in an alternativ...

This study examines how monetary and fiscal policies affect economic growth in China under global economic uncertainty. We estimate a Markov Switching Regression (MSR) model using quarterly data from 1996: Q1 to 2024: Q4. We also apply Bayesian Model...