8 January 2019
Using listed enterprises in China’s heavy pollution industry from 2009 to 2013, this study tests the relationship between marketization degree, carbon information disclosure, and the cost of equity financing. The results show that, regardless of mark...
This study investigates whether, and to what extent, dividend-paying firms follow pecking order behavior when altering their capital structure. Using a panel of 3173 U.S. firms from 1960 to 2020 (49,424 firm-year observations), we examine four financ...
This paper offers a game-theoretic model of a firm that raises funds for financing an innovative business project and chooses between ICO (initial coin offering) and equity financing. The model is based on information problems associated with both IC...
Background: The aim of this paper is to measure for the first time in Italy the progressivity of healthcare financing systems at the regional level by using the Kakwani index (KI), the most widely used summary measure of progressivity in the healthca...
27 February 2021
The reduction in carbon emissions by industrial enterprises is an important means for promoting environmental protection and achieving sustainable development. To determine the impact of carbon emissions reduction on supply chain operation and financ...
Rising climate policy uncertainty increases the complexity of firms’ financing decisions, particularly for Specialized, Refinement, Differential, and Innovation (SRDI) enterprises that rely heavily on external financing. Accordingly, using data...
Green innovation is essential for the sustainable transformation of enterprises. This study investigates how equity and debt financing dependence influence green innovation using panel data from manufacturing firms listed in Shanghai and Shenzhen bet...
This paper addresses green supply chain financing decisions based on inter-chain competition and implicit equity considerations. First, considering the different situations of green supply chain members when facing green investment costs, it separate...
During enterprise foundation and development, internal finance and debt finance are of vital importance to start-up entrepreneurs. Therefore, the purpose of this study is mainly to focus on how start-ups can make the optimal evaluation among differen...
Drawing on institutional theory and agency theory, this study examines whether venture capital (VC) and private equity (PE) ownership acts as a complement to, or substitute for, investor protection in shaping equity financing, debt financing, and lev...
Abnormal innovation disclosure may reflect both genuine signaling and opportunistic impression management, yet its capital-market consequences remain debated. Drawing on innovation-related textual data of Chinese A-share-listed firms from 2014 to 202...
29 October 2022
Performance-based financing (PBF)—a supply-side strategy that incentivizes health providers based on predefined quality and quantity criteria—introduced an innovative approach to reaching the poor by means of using PBF equity instruments....
Background: Progress toward universal health coverage in Central Asia depends on the interaction between public healthcare financing, broader social protection, and the fiscal capacity of the state. The region is analytically important because five p...
This study intends to investigate the role of social financing in supporting sustainable development and fostering entrepreneurship within small and medium enterprises (SMEs) and its future directions and opportunities in Malaysia and Saudi Arabia. S...
In this paper, we test the impact of weather-related disasters on the individual firm’s equity financing cost based on Chinese listed companies in the mining industry. We collect data from the China Meteorological Disaster Yearbook and CSMAR da...
This study investigates the factors influencing the success of sustainability-oriented equity crowdfunding campaigns by analyzing a dataset of 771 campaigns from Italian platforms between 2014 and 2021. The findings indicate that while projects with...
This study examines whether the external financing anomaly exists in an emerging-market setting. Using data on Korean listed firms from 1994 to 2023, we find that firms with higher net external financing subsequently earn significantly lower stock re...
Greening the environment cannot be achieved satisfactorily, considering that the private sector lags behind the public sector in participation levels. The purpose of this study was to determine the reasons behind the gap in green finance between the...
China has placed significant importance on the development of a circular economy and achievement of sustainable prosperity. It employs multiple fiscal and tax policies to facilitate clean production and improve resource efficiency by fostering corpor...
Environmental, regulatory, and economic exogenous disruptions force companies within the maritime shipping industry to become more sustainable. Financing for implementing the necessary changes is particularly challenging for these companies, consider...
The development of shipping companies relies on multiple financing channels and requires decisions to be made regarding fleet management. Therefore, a firm’s performance should be modeled based on multiple decision variables. The purpose of thi...
This study investigates the impact of green equity indices on global market dynamics using a time-varying parameter vector autoregression (TVP-VAR) model. We uncover a significant shift in the role of the global market, transitioning from a shock tra...
Equity funding is a widespread financing form that often accompanies the life cycle of innovative ventures from initial stages until maturity. From the perspective of investors, the event defining the success of an equity financing operation is the e...
This paper evaluates an editorial and seven invaluable and interesting review papers for the Journal of Risk and Financial Management (JRFM). The topics covered include the rising complexity of bank regulatory capital requirements from global guideli...
Under China’s “Dual Carbon” strategic goal, electric energy substitution on the energy consumption side and clean substitution on the energy supply side have become an important path to achieve peak CO2 emissions and carbon neutrality. Adjusting the...
This paper examines source-conditioned spillovers and tail dependence in Belt and Road Initiative equity markets under China-related equity distress and WTI oil-price-decline distress. We define source-conditioned spillovers as incremental changes in...
Education for sustainable development poses high challenges to governments and public finance. Compared with OECD countries, China’s local governments bear too much expenditure responsibilities with respect to compulsory education, which theore...
Health financing is a core determinant of the resilience and equity of health systems. Using WHO’s three-pillar framework as an orienting reference—rather than a prescriptive template—this article analyzes the evolution, structural...
We examined the effects of access to public debt on the corporate financing decisions in real estate investment trusts (REITs) using a difference-in-differences approach and a propensity score approach. The introduction of credit ratings by S&P a...
The reduction in construction and maintenance costs per MW of renewable energy facilities, together with low interest rates, have led to a significant growth in the purchase prices paid for these facilities in the Spanish market. This trend is shared...
12 October 2019
The purpose of this study is to identify the difference in firm performance and employment growth between successful and failed capital procurement through equity-based crowdfunding. We conduct an empirical analysis using entire crowdfunding projects...
Crowdfunding constitutes one of the financial solutions to achieve the sustainable development goals, by fostering innovation and economic growth. This paper conducts an empirical two-country analysis (the UK and Spain) of characteristics of successf...
The present study provides a high-frequency empirical assessment of the financial performance, volatility, and market integration of thematic sustainability-oriented equity funds, focusing on clean energy and environmental innovation indices. Specifi...
Background: This study examines how four canonical behavioral biases (overconfidence, herding, anchoring, and loss aversion) influence investor decision-making in the Saudi stock market (Tadawul), and whether overconfidence and loss aversion operate...
Sustainable Development Goal 16 talks about Peace, Justice, and Strong Institutions, and goal 10 talks about reducing inequality. A major problem exposed by the COVID-19 crisis is that public deficits seem to be the normal state in the business cycle...
Devising a financial trading strategy that allows for long-term gains is a very common problem in finance. This paper aims to formulate a mathematically rigorous framework for the problem and compare and contrast the results obtained. The main approa...
Background: Caesarean section (CS) is a critical intervention, yet stark inequities in access persist across low- and middle-income countries (LMICs). Over the last decade, governments have introduced policies to eliminate or subsidize user fees; how...
This paper studies the difference between startup investments by private equity funds (buyout funds; PE) and venture capital funds (VC). PEs, which have traditionally invested in mature companies, have been increasingly investing in later-stage start...
Owing to the lack of a unified ESG (environmental, social and governance) rating standard, notable inconsistencies have appeared in ESG ratings assigned to the same firm by various rating agencies. Based on data encompassing Chinese A-share listed co...
Climate risk has become a major challenge for the development of sustainable finance and the enhancement of regional economic resilience. However, limited attention has been paid to how climate shock affects the spatial organization of financial depe...
Health systems are fundamental to ensuring the right to health and maintaining the stability of welfare states. In this broad framework, this narrative review takes a look at Italy and China—two countries with very different historical backgrou...
This paper tests the degree to which a sustainable relationship exists between financial leverage and the systematic risk of shareholders under the following capital market imperfections: corporate and personal taxes as well as risky debt and bankrup...
Emissions trading systems have been widely adopted to address environmental externalities, yet their capital market consequences remain underexplored. Using China’s 2007 pilot SO2 emissions trading policy as a quasi-natural experiment, this stu...
Classic machine learning and regime identification methods applied to financial time series lack theoretical guarantees and exhibit systematic failure modes: heavy-tails invalidate moment-based geometry, rendering distances and centroids dominated by...
Renewable energy investments require a substantial amount of capital to provide affordable and accessible energy for everyone in the world, and finding the required capital is one of the greatest challenges faced by governments and private entities....
Focusing on biotechnology firms, this study analyzes the relationship between the level of intensity of the research and development (R&D) conducted by a firm, the debt financing decisions the firm makes, and the overall value of the firm. The da...
The seasoned equity offering (SEO) market plays a significant role in the economic development of a country by providing liquidity for ongoing commercialization and innovation. This study is a comprehensive analysis of 149 SEOs and their effect on sh...
One of the main characteristics of the (recently proposed) non-arbitrage valuation of equities framework is the reduction in pricing subjectivity. This is evidenced in terms of the dividends discount rate and the outlook of future performance (divide...
Restrictive conditions that financial institutions require on credit allocation remain the main constraints to developing and creating new businesses. In this context, the concept of private equity came to fill this problem. However, because it is a...
Small and medium-sized enterprises (SMEs) are critical contributors to economic growth, innovation, and employment. However, they often struggle in securing external financing. This financial gap mainly arises from perceived risks and information asy...
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