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Corporate Finance and Governance in a Changing Global Environment
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Corporate Finance and Governance in a Changing Global Environment

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Business and Entrepreneurship".

Deadline for manuscript submissions: 1 August 2026 | Viewed by 6397

Special Issue Editors

Dr. Jianing Zhang

E-Mail Website
Guest Editor
College of Business and Public Management, Wenzhou-Kean University, Wenzhou 325060, China
Interests: corporate governance; financial institution; market microstructure; environmental, social, and governance (ESG)
Dr. Xiaoling Pu

E-Mail Website
Guest Editor
Department of Finance, Kent State University, Kent, OH 44242, USA
Interests: credit risk; credit derivatives; credit markets and investments
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

This Special Issue explores the evolving dynamics of corporate finance and governance amid the challenges of a rapidly changing global environment. As firms operate under increasing economic uncertainty, regulatory shifts, geopolitical risks, and sustainability demands, interactions between governance mechanisms and financial decision-making have taken on new urgency and complexity.

We welcome theoretical and empirical contributions that examine how corporate governance affects financial decisions related to capital structure, investment, dividends, risk-taking, and firm resilience. Submissions may also explore how institutional contexts, ownership structures, board characteristics, and stakeholder expectations influence corporate financial behavior across both emerging and developed markets.

By fostering cross-disciplinary perspectives from finance, law, management, and economics, this Special Issue aims to provide deeper insight into how governance practices shape corporate financial outcomes in today’s globalized and uncertain environment.

Dr. Jianing Zhang
Dr. Xiaoling Pu
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 250 words) can be sent to the Editorial Office for assessment.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1600 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • corporate finance
  • corporate governance
  • financial risk
  • financial decision-making
  • capital structure
  • investment policy
  • ownership and control
  • board characteristics
  • ESG and stakeholder engagement
  • institutional environment
  • firm resilience

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Published Papers (7 papers)

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Research

26 pages, 1456 KB  
Article
Transgression of Planetary Boundaries: Are Multinational Firms Addressing the Emergent Risks?
by Arindam Das
J. Risk Financial Manag. 2026, 19(5), 316; https://doi.org/10.3390/jrfm19050316 - 27 Apr 2026
Viewed by 483
Abstract
The debate around corporate sustainability has become increasingly heated, with opinions ranging from denial of climate change to fatalistic acceptance of an impending collapse of civilization. This study examines how multinational enterprises, which contribute to nearly half of global GDP, internalize knowledge of [...] Read more.
The debate around corporate sustainability has become increasingly heated, with opinions ranging from denial of climate change to fatalistic acceptance of an impending collapse of civilization. This study examines how multinational enterprises, which contribute to nearly half of global GDP, internalize knowledge of planetary boundaries and take action within the organization or externally with investors, industry bodies, and policymakers. The research is grounded in empirical analysis of longitudinal data on two large samples of multinationals. It is found that, despite warnings from scientists about breaching planetary boundaries, multinationals, at best, follow an incremental approach to sustainability initiatives that collectively fail to drive positive global change. This well-entrenched practice remains unquestioned by external stakeholders, such as regulators, investors, and lenders. The research explains this behavior through (a) our inability to link global scientific findings to non-financial performance imperatives for individual businesses, and (b) our reliance on traditional enterprise risk management models that are less effective in a non-ergodic world. Full article
(This article belongs to the Special Issue Corporate Finance and Governance in a Changing Global Environment)
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31 pages, 402 KB  
Article
Insider Trading Signals Across Industries: Evidence from Technology, Utilities, and Banking
by Jielin Shi, Yun Ma and Yujie Song
J. Risk Financial Manag. 2026, 19(5), 306; https://doi.org/10.3390/jrfm19050306 - 24 Apr 2026
Viewed by 777
Abstract
This paper examines how the predictive content of insider trading varies across industries. Using U.S. insider transaction data from 2005 to 2025 and firm-month level measures of insider trading and forward returns, we compare technology, banking, and utility firms within a unified framework. [...] Read more.
This paper examines how the predictive content of insider trading varies across industries. Using U.S. insider transaction data from 2005 to 2025 and firm-month level measures of insider trading and forward returns, we compare technology, banking, and utility firms within a unified framework. The results show that insider purchases in banking firms contain the strongest information about future returns, while the signal is substantially weaker in technology firms and moderate in utilities. We also document a clear asymmetry between buying and selling. Insider purchases are more informative than sales, while sales reflect more heterogeneous motives and are therefore harder to interpret. This buy–sell gap varies across industries and is most pronounced in banking and utilities. Finally, we compare insider-trading informativeness before and after the 2022 amendments to Rule 10b5-1. The results show that sell-side informativeness appears weaker in the post-2023 period, while the predictive content of purchases remains largely unchanged. This evidence is descriptive and does not imply a causal effect of the reform. Overall, the findings highlight the importance of industry-specific information environments and regulatory conditions in shaping the relation between insider trading and future stock returns. Full article
(This article belongs to the Special Issue Corporate Finance and Governance in a Changing Global Environment)
26 pages, 333 KB  
Article
Investor Sentiment and Market Efficiency: Evidence from China’s A-Share Market
by Yufei Liu, Bowen Shi and Xingjian Zhang
J. Risk Financial Manag. 2026, 19(4), 257; https://doi.org/10.3390/jrfm19040257 - 2 Apr 2026
Viewed by 1435
Abstract
This study examines how investor sentiment and information transparency jointly shape informational efficiency in China’s A-share market. Using a monthly panel of major CSI stock indices from 2008 to 2023, we measure market efficiency through a price delay framework that captures the speed [...] Read more.
This study examines how investor sentiment and information transparency jointly shape informational efficiency in China’s A-share market. Using a monthly panel of major CSI stock indices from 2008 to 2023, we measure market efficiency through a price delay framework that captures the speed of information incorporation into prices. The results show that heightened investor sentiment is associated with greater price delay, suggesting that sentiment-driven trading can impede informational efficiency in a retail-dominated market. Importantly, this effect is attenuated in environments with higher information transparency: the interaction between sentiment and transparency indicates that improved disclosure quality weakens the extent to which sentiment distorts price discovery. These findings are robust to instrumental-variable estimation and a range of additional checks. Overall, this study highlights information transparency as a key institutional condition that moderates sentiment-driven inefficiency and provides evidence on the role of disclosure reforms in supporting more efficient price formation in emerging equity markets. Full article
(This article belongs to the Special Issue Corporate Finance and Governance in a Changing Global Environment)
19 pages, 311 KB  
Article
Board Members’ Overseas Experience and Foreign Investors’ Holdings: Evidence from China’s A-Share Market
by Siyu Chen, Kangkang Fu and Yujie Song
J. Risk Financial Manag. 2026, 19(2), 161; https://doi.org/10.3390/jrfm19020161 - 20 Feb 2026
Viewed by 771
Abstract
We examine the effect of directors’ overseas experience on foreign investors’ holdings using a large panel of Chinese listed firms from 2009 to 2022. We find that firms with a higher proportion of overseas-experienced directors exhibit significantly greater foreign institutional ownership. This positive [...] Read more.
We examine the effect of directors’ overseas experience on foreign investors’ holdings using a large panel of Chinese listed firms from 2009 to 2022. We find that firms with a higher proportion of overseas-experienced directors exhibit significantly greater foreign institutional ownership. This positive association is robust to alternative variable definitions, model specifications, and sample restrictions, and it remains after addressing endogeneity concerns. Further analysis shows that the effect is stronger when overseas-experienced directors are more likely to function as effective monitors and advisors. Overall, our findings suggest that overseas experience helps transmit governance practices, knowledge, and skills valued by global investors and provides a credible signal that attracts foreign capital. Full article
(This article belongs to the Special Issue Corporate Finance and Governance in a Changing Global Environment)
31 pages, 1243 KB  
Article
Market Power and Multidimensional Efficiency in Banking: Diversification, Stability, and Digital–Governance Dynamics
by Ari Warokka, Jong Kyun Woo, Dewi Sartika and Aina Zatil Aqmar
J. Risk Financial Manag. 2026, 19(2), 136; https://doi.org/10.3390/jrfm19020136 - 11 Feb 2026
Viewed by 914
Abstract
This study examines how banks navigate the dual strategic imperatives of securing market power and optimizing multidimensional operational efficiency—technical, scale, and allocative efficiency—within emerging and transitional banking systems. Focusing on business model diversification and financial stability, this study also accounts for the conditioning [...] Read more.
This study examines how banks navigate the dual strategic imperatives of securing market power and optimizing multidimensional operational efficiency—technical, scale, and allocative efficiency—within emerging and transitional banking systems. Focusing on business model diversification and financial stability, this study also accounts for the conditioning roles of governance quality, institutional complexity, credit risk, and digitalization. Using bank-level data from Association of Southeast Asian Nations (ASEAN) and Middle East and North Africa (MENA) countries, the analysis applies Partial Least Squares Structural Equation Modeling (PLS-SEM) and multi-group analysis to assess direct, mediating, and moderating relationships. The results indicate that diversification and financial stability significantly strengthen market power, while their effects on efficiency are largely negative across efficiency dimensions. Governance quality partially mediates the stability–market power relationship, whereas institutional complexity weakens this linkage. Digital transformation maturity and market digitalization condition the diversification–efficiency nexus, with effects varying across efficiency types and regions. Overall, the findings reveal a strategic trade-off between competitive positioning and operational efficiency, emphasizing the importance of governance structures and digital capabilities in shaping bank performance across heterogeneous institutional contexts. Full article
(This article belongs to the Special Issue Corporate Finance and Governance in a Changing Global Environment)
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32 pages, 832 KB  
Article
Growth, Fiscal Stance, and Governance: Unveiling Energy Poverty Volatility in the European Union
by Eftychia Zaroutieri and Athanasios Anastasiou
J. Risk Financial Manag. 2026, 19(2), 129; https://doi.org/10.3390/jrfm19020129 - 9 Feb 2026
Viewed by 599
Abstract
Social cohesion and inclusive growth constitute the central pillars of the European Commission’s policy agenda. Meanwhile, the recurrence of energy crises exacerbates the living standards and raises the structural inequalities across European households. This paper exploits a Generalized Structural Equation Model (GSEM) to [...] Read more.
Social cohesion and inclusive growth constitute the central pillars of the European Commission’s policy agenda. Meanwhile, the recurrence of energy crises exacerbates the living standards and raises the structural inequalities across European households. This paper exploits a Generalized Structural Equation Model (GSEM) to identify the effects of macroeconomic and political factors on the volatility in energy poverty. By moving beyond static levels, we examine volatility as a distinct dimension of vulnerability capturing the exposure to short-term shocks in energy affordability. The analysis is founded on a sample of 27 European countries between 2003 and 2022. The GSEM approach clarifies the drivers of the endogenous covariates, that is, the channels through which macroeconomic and political conditions are transmitted to energy poverty volatility. By decomposing the effects into within-country(cyclical) and between-country (structural) components, we find significant relationships that offer valuable insights for the design of effective policy measures. Economic expansion, higher public spending and household expenditure on maintenance of dwellings are directly linked with higher energy poverty volatility. Howbeit, political stability exerts a stabilizing effect, reflecting the importance of institutional quality and government effectiveness. Significant indirect mechanisms transmitted through growth reveal that cyclical expansions, inflationary pressures and short-term fiscal consolidations fuel energy poverty volatility. Growth, inflationary and tax-based driven volatility reflect asymmetrical effects on vulnerable consumers and rising energy deprivation in times of macroeconomic pressures. The results offer valuable evidence for the implication of effective fiscal and institutional policies that shield households from energy vulnerability and ensure affordable access to energy. Full article
(This article belongs to the Special Issue Corporate Finance and Governance in a Changing Global Environment)
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18 pages, 392 KB  
Article
Stock Liquidity and Social Media Analyst Coverage: Evidence from Tick Size Pilot Program
by Yuqi Han, Dan Luo and Yinge Zhang
J. Risk Financial Manag. 2026, 19(2), 98; https://doi.org/10.3390/jrfm19020098 - 2 Feb 2026
Cited by 1 | Viewed by 717
Abstract
Social media analysts (SMAs) on venues such as Seeking Alpha have become an important information intermediary for retail investors, particularly for smaller firms that receive limited attention from traditional channels. This study examines the effects of the wider tick size on social media [...] Read more.
Social media analysts (SMAs) on venues such as Seeking Alpha have become an important information intermediary for retail investors, particularly for smaller firms that receive limited attention from traditional channels. This study examines the effects of the wider tick size on social media analyst coverage in the U.S. capital market. Using the SEC’s 2016–2018 Tick Size Pilot Program as a quasi-natural experiment and a difference-in-differences design on approximately 2400 small-cap stocks, we find that wider tick size leads to a significant decline in the number of articles and unique contributors for treated firms. This effect is particularly strong for stocks with initially narrow bid–ask spreads. Furthermore, we find no significant change in the sentiment and quality of SMAs’ reports, indicating that the decrease in coverage is primarily driven by liquidity considerations rather than fundamental changes in the firms. These results imply that market microstructure reforms can inadvertently weaken the retail investor information ecosystem by discouraging independent research production. Full article
(This article belongs to the Special Issue Corporate Finance and Governance in a Changing Global Environment)
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