International Review of Financial Analysis

Article	Citations
Foundation-controlled firms and CEO compensation	704
Multinational corporations and share pledging of the controlling shareholder	547
CEO war trauma and corporate tax avoidance	495
The power of religion: Islamic investing in the lab	480
Sustainability arbitrage pricing of ESG derivatives	327
Evolutionary game analysis of digital inclusive finance for high-quality development of small and medium-sized enterprises	305
Corrigendum to “Specialization in bank lending and firm deleveraging: Evidence from China” [International Review of Financial Analysis; Volume103 (2025) Start page–End page/Article Number 104188]	265
Exploring the source of the financial performance in Chinese banks: A risk-adjusted decomposition approach	264
Trade debts and bank lending in years of crisis	258
Micro Mechanisms Driving China's Clean Energy Flourish: Business Expansion and Financing	225
Concealment and detection: The influence of management tone on analyst forecast revisions	191
In government-supported academic institutions we trust: Enterprise postdoctoral programmes and stock liquidity	185
Breaking the green investment dilemma of heavily polluting firms: Evidence from carbon market trading through the Lens of signaling and risk sharing	182
Natural disaster experiences and household entrepreneurship: Evidence from China	176
Multiscale risk spillovers among critical mineral markets - insights from conditional and aggregated connectedness approach	174
Does information transmission alleviate the salience bias of fund managers?	164
Stock and sovereign returns linkages: Time-varying causality and extreme-quantile determinants	161
Value effects of sovereign wealth funds' exclusionary policies: The case of the Norwegian government pension fund-global (NGPF-G)	159
Cybersecurity and executive compensation: Can inside debt-induced risk aversion improve cyber risk management effectiveness?	158
Speaking business: A systematic literature review of linguistic structures and financial reporting behavior	158
University shareholding and corporate innovation: Evidence from China	157
Empty pledges and powerless conventions: How transition climate risks are disrupting financial markets?	157
Depositor market discipline: New evidence from selling failed banks	153
Corporate social irresponsibility: The relationship between ESG misconduct and the cost of equity	151
Data governance, investment resilience, and corporate performance enhancement	147

Energy commodity spillovers and herding behavior: Evidence from EU ETS-listed firms	144
Spillover effect of shadow banking business governance: A perspective on audit pricing decisions	144
Supply chain finance digitalization and corporate risk-taking: Evidence from China	143
Digital technology penetration and supply chain resilience improvement: Enterprise innovation strategies in the digital age	141
Impact and moderating mechanism of corporate tax avoidance on firm value from the perspective of corporate governance	139
Can parental financial literacy enhance children's higher education opportunities?	137
Corporate social responsibility and the choice of payment method in mergers and acquisitions	136
Fund trading divergence and performance contribution	135
Risk factors disclosure and corporate philanthropy	134
A conditional higher-moment CAPM	133
Effects of inflation and macroprudential policies on bank risk: Evidence from emerging economies	128
Bank affiliation and mutual funds’ trading strategy distinctiveness	127
Information connectedness of international crude oil futures: Evidence from SC, WTI, and Brent	126
Subsidiary financing choices: The roles of institutional distances from home countries	124
Good volatility, bad volatility, and the cross section of cryptocurrency returns	123
Ambiguity and asset pricing: An empirical investigation for an emerging market	123
The RMB value added real effective exchange rate: Theory, measurement and analysis	120
Chaos, overfitting and equilibrium: To what extent can machine learning beat the financial market?	120
Sequential questioning and structured responses: Enhancing the information effectiveness of corporate site visits	118
Asset redeployability and firm value amidst the COVID-19 pandemic: A real options perspective	116
Corporate environmental performance and bond financing cost: A multi-stakeholder signaling perspective	116
Supply chain financing, digital financial inclusion and enterprise innovation: Evidence from China	113
Institutional environment and qualified foreign institutional investors' trust in auditing	113
Risk culture in corporate innovation	112
Sustainability indices nexus: Green economy, ESG, environment and clean energy	112
Information interaction among institutional investors and stock price crash risk based on multiplex networks	112
Digitalization and banks' efficiency: Evidence from a European analysis	111
2024 U.S. presidential elections: An event study for U.S. and non-U.S. fossil fuel and renewable listed firms	110
Climate risk and bank liquidity creation: International evidence	110
Attention to biodiversity and stock returns	104
How active is your (nominally) actively managed quantitative fund?	101
Challenges to corporate supply chain stability under the trend of expert power concentration	99
Strategy choices in strategic risk-taking: Does climate risk matter?	99
Predicting equity premium out-of-sample by conditioning on newspaper-based uncertainty measures: A comparative study	98
Does the connectedness among fossil energy returns matter for renewable energy stock returns? Fresh insights from the Cross-Quantilogram analysis	97
Uncertainty and cryptocurrency returns: A lesson from turbulent times	97
Government open data and corporate supply chain concentration	96
Does corporate culture impact tax shelter? A machine learning approach	95
Can digital inclusive finance narrow the internal and external wage gaps in enterprises?	92
Greening the future: How green manufacturing shapes corporate environmental and ESG success	92
The effects of overnight events on daytime trading sessions	91
Does geopolitical risk affect firms' idiosyncratic volatility? Evidence from China	91
Tax incentives, supply chain spillovers, and enterprise technological innovation	90
Should Basel-style liquidity requirements be set countercyclically? Evidence from a numerical analysis	90
Does investor attitude toward carbon neutrality affect stock returns in China?	89
Retailers' risk attitudes and the value of cooperation in supply chain finance under investment-loan linkage financing	89
Financial flexibility, firm performance, and financial distress: A comparative study of China and the U.S. during pandemics	88
Transforming banking: Examining the role of AI technology innovation in boosting banks financial performance	88
Which is more important in stock market forecasting: Attention or sentiment?	86
Dynamic spillovers between leading cryptocurrencies and derivatives tokens: Insights from a quantile VAR approach	85

Retracted: Towards sustainable development: How does ESG performance promotes corporate green transformation	85
Heterogeneous impacts of climate change news on China's financial markets	85
Do central bankers' characteristics matter for Africa? Ethnic favoritism, fractionalization, and inflation	82
Loan amendments and capital structure	81
Bank loan renegotiation and financial institutions' network	81
Benefits and costs: The impact of capital control on growth-at-risk in China	81
Serving the truth: Do directors with media background improve financial reporting quality?	81
Network attention, administrative intervention and firm tax aggressiveness	79
Industry effects of corporate environmental and social scandals: Evidence from China	78
Information content and sentiment: the role of environmental disclosure in stock price crash risk	77
Exchange rate stability and expectation management under heterogeneous expectations	77
Industry herding in crypto assets	77
Trading strategies and Financial Performances: A simulation approach	76
Why is it difficult for Chinese companies to operate across regions in China?—Evidence from zombie companies	74
Tail connectedness of DeFi and CeFi with accessible banking pillars: Unveiling novel insights through wavelet and quantile cross-spectral coherence analyses	74
Why do individuals not participate in the stock market?	73
Managerial foreign experience and corporate risk-taking: Evidence from China	73
Does a collaborative culture promote firm growth? Evidence from China	73
Debt overhang and short-termism under incomplete markets	73
Stock price default boundary: A Black-Cox model approach	72
Bursting the bitcoin bubble: Do market prices reflect fundamental bitcoin value?	72
Responsible investing: Upside potential and downside protection?	72
Rumors in the sky: Corporate rumors and stock price synchronicity	72
The destabilizing effect of mutual fund herding: Evidence from China	72
Adoption and content of key audit matters and stock price crash risk	72
Hedging geopolitical risks with diverse commodities	71
Financial literacy and FinTech market growth around the world	71
Identifying the determinants of European carbon allowances prices: A novel robust partial least squares method for open-high-low-close data	70
How does optimizing the business environment affect the capital flows between northern and southern China? From the perspective of enterprises' location choice for out-of-town investment	69
Firm-level political risk, liquidity management, and managerial attributes	69
Intelligent manufacturing and trade credit	69
MSCI index inclusion and price efficiency evidence from China	68
Take it with a pinch of salt—ESG rating of stocks and stock indices	67
Equal Employment Opportunity Statement and underpricing in Initial Public Offerings	67
Unintended consequences of the introduction of specialized bankruptcy courts: evidence from zombie lending	67
Digitalization of tax administration and corporate performance: Evidence from China	67
Politics and Robots	66
Corrigendum to “ESG performance and private enterprise resilience: Evidence from Chinese financial markets” [International Review of Financial Analysis, 98(2025)103884]	65
Empirical research on banks' risk disclosure: Systematic literature review, bibliometric analysis and future research agenda	65
Transaction-based government-business relationship via government customer	65
Going mainstream: Cryptocurrency narratives in newspapers	64
Capital allocation efficiency of SMEs: Global evidence	64
Can nationalization improve firm profitability? Empirical evidence from China	64
Climate change and exchange rate variables: A potential storm of urban debt	64
Official environmental credit evaluation and corporate debt concentration	63
Market distraction and near-zero daily volatility persistence	63
Trading restriction and the choice for derivatives	62
Short-run disequilibrium adjustment and long-run equilibrium in the international stock markets: A network-based approach	62
Less is more? New evidence from stock market volatility predictability	62
Culture-driven, intelligent finance, and corporate human capital accumulation	61
Is there more to asset price linkages in China than meets the eye: Cross-asset momentum and the role of hybrid funds	61
Tracking investor gambling intensity	61
Collateral damage: Evidence from share pledging in China	61
Global mutual fund flows	60
How does tail risk spill over between Chinese and the US stock markets? An empirical study based on multilayer network	58
Can executive green experience improve enterprise total factor productivity? Evidence from China	57
Family firm governance and working capital management policy	57
Impact of green taxes and fees on corporate ESG performance	57
Prescreening bank failures with K-means clustering: Pros and cons	57
Forecasting Value-at-Risk using functional volatility incorporating an exogenous effect	56
Identifying systemic risk of assets during international financial crises using Value at Risk elasticities	56
Tax-related information regulatory capacity and accounting information quality	56
Evidence of oil market price clustering during the COVID-19 pandemic	55
Inhibition or inducement? The impact of carbon emissions trading scheme (ETS) on corporate earnings management from the perspective of public pressure	54
News-based ESG sentiment and stock price crash risk	54
The impact of digital infrastructure on urban radical innovation: Evidence from the “Broadband China” Demonstration Policy	54
Spatial proximity in venture capital investments and assets intangibility	53
Why does price deviate from net asset value? The case of Singaporean infrastructure REITs	53
Going out and bringing in: Impact of digital finance on firms' cross-regional investments	53
FinTech and sustainable development: A systematic thematic analysis using human- and machine-generated processing	52
The impact of digital inclusive finance on household carbon emissions: Empirical evidence from China	52
Evaluating the impact of report readability on ESG scores: A generative AI approach	52
Corporate ESG performance and manager misconduct: Evidence from China	51
A novel HAR-type realized volatility forecasting model using graph neural network	51
Artificial intelligence-based tokens: Fresh evidence of connectedness with artificial intelligence-based equities	51
Can machine learning models save capital for banks? Evidence from a Spanish credit portfolio	50
Driving green development: The influence of green credit and informatization-industrialization integration on reducing corporate carbon emissions	50
Volatility connectedness on the central European forex markets	49
Internal business process governance and external regulation: How does AI technology empower financial performance?	49
Banking competition and the enhancement of new quality productive forces: Evidence from China	49

Urban economic coordination committee and coordinated development of regional innovation: A knowledge spillover perspective	49
Futures volatility forecasting based on big data analytics with incorporating an order imbalance effect	49
Capital investment, digital economy and innovation of high-tech industries	48
Compulsory liability insurance and excess cash holdings: Evidence from China	48
Stock market reactions to monetary policy surprises under uncertainty	48
Forecasting U.S. Stock Returns Conditional on Geopolitical Risk and Business Cycles	48
Climate transition risk in U.S. loan portfolios: Are all banks the same?	48
Exploring the connectedness between major volatility indexes and worldwide sustainable investments	47
Government accounting supervision and corporate productivity: Evidence from market-oriented regulatory reform	47
Financial elderly care security and community satisfaction: The moderating effect of internet usage	47
Are celebrity CEOs worth the big bucks? Evidence from pay-performance sensitivity	47
Gender balance in academia: Evidence from finance departments	47
Atmospheric environmental resources and corporate green innovation: Blessing or curse of the weather?	47
The deleveraging puzzle of investment opportunity shock: A quasi-natural experiments on drug marketing authorization holder	46
Be greedy when others are fearful: Evidence from a two-decade assessment of the NDX 100 and S&P 500 indexes	46
Concentrated commonalities and systemic risk in China's banking system: A contagion network approach	46
Using implied volatility jumps for realized volatility forecasting: Evidence from the Chinese market	46
Break a peg! A study of stablecoin co-instability	46
Asymmetric effects of fair value adjustments on dividend policy	46
Mandatory disclosure of comment letters and analysts' forecasts	46
Does CEO agreeableness personality mitigate real earnings management?	46
Measuring the multi-scale price transmission effects from crude oil to energy stocks: A cascaded view	46
Bank loans, trade credit, and liquidity shortages of small businesses during the global financial crisis	46
Home bias, sovereign-bank nexus and bank failure – Evidence from European stress tests	45
A novel downside beta and expected stock returns	45
Payout policy around the world	45
Electronic voting in shareholder meetings and the market value of cash holdings	45
Geographic expansion of banks and enterprise investment efficiency: Structural evidence from China	45
Time to acquire: Regulatory burden and M&A activity	45
Possibility versus feasibility: International portfolio diversification under financial liberalization	45
Investor sentiment and M&A withdrawal: International evidence	45
Understanding crypto-asset exposure: An investigation of its impact on performance and stock sensitivity among listed companies	44
Financial fusion: Bridging Islamic and Green investments in the European stock market	44
The spillover effect of customer annual report tone on supplier ESG decisions	44
The risk connectedness between international crude oil market and Chinese asset markets: From the perspective of common and idiosyncratic information	44
VaR and ES forecasting via recurrent neural network-based stateful models	43
The effect of market competition on corporate cash holdings: An analysis of corporate innovation and financial constraint	43
Reflections of public perception of Russia-Ukraine conflict and Metaverse on the financial outlook of Metaverse coins: Fresh evidence from Reddit sentiment analysis	43
Geographic dispersion and corporate resilience during the COVID-19 pandemic	43
Exploring the relationship between Bitcoin price and network’s hashrate within endogenous system	43
How technological innovation influence operational risk: Evidence from banks in China	43
The profitability effect: Insight from a dynamic perspective	43
Extreme risk spillovers from commodity indexes to sovereign CDS spreads of commodity dependent countries: A VAR quantile analysis	43
Biodiversity conservation and corporate environmental information disclosure: Evidence from a quasi-natural experiment in China	42
Tax burden and enterprises' ESG performance	42
Digital transformation and wage distortion in R&D and innovation activities - Causal inference based on double machine learning	42
Testing how banks generate credit in the USA under the Basel III framework	42
Greening the chain: How digital transformation of supply chains drives corporate innovation in China's A-share market	42
Time-varying bond market integration and the impact of financial crises	42
Networked liquidity risk contagion in high-carbon sectors: The role of multi-agent behavioral constraints	42
Reevaluating the carbon premium: Evidence of green outperformance	42
Precautionary motive or private benefit motive for holding cash: Evidence from CEO ownership	42
Impact of long-term care insurance on the financial asset allocation of middle-aged and elderly households: Evidence from China	42
The impact and mechanism of digital finance on urban economic resilience	42
Environmental regulations and corporate supply chain deviation: Evidence and financial implications for sustainable economic development	41
In search of climate distress risk	41
Strong financial regulation, shadow banking, and enterprise innovation inputs: A quasi-natural experiment based on the introduction of the “new regulation on asset management”	41
Hubris or talent? Estimating the role of overconfidence in Chinese households’ investment decisions	41
How does green finance reform affect corporate ESG greenwashing behavior?	41
Macroeconomic data manipulation and corporate investment efficiency: Evidence from China	41
The ESG effect on the cost of debt financing: A sharp RD analysis	41
How does green credit policy affect polluting firms' dividend policy? The China experience	41
A closed-form formula for pricing exchange options with regime switching stochastic volatility and stochastic liquidity	41
Can local policy uncertainty curtail corporate speculation on financial assets?	41
Environmental protection tax policy and corporate risk-taking: Evidence from China	41
Family entrepreneurship around the world	40
Business tax reform and human capital in service industry firms: Evidence from China	40
Do narrative-related disclosures in the annual report enhance firm value? New evidence from an emerging market	39
Measuring speculation beyond day trading and bets on lottery-like stocks	39
Presenting a new deep learning-based method with the incorporation of error effects to predict certain cryptocurrencies	39
Linkages between DeFi assets and conventional currencies: Evidence from the COVID-19 pandemic	39
Network connectedness and the contagion structure of informed trading: Evidence from the time and frequency domains	39
Improved estimation of the correlation matrix using reinforcement learning and text-based networks	39
Are more analysts better? The case of convertible bond announcement effects	39
Corporate social network and corporate social responsibility: A perspective of interlocking directorates	39
Gold or Bitcoin, which is the safe haven during the COVID-19 pandemic?	39
Political corruption and corporate tax avoidance: A quasi-natural experiment	39
A gentle reminder: Should returns be interpreted as log differences?	39
Can tax reduction incentive policy promote corporate digital and intelligent transformation?	38
Investor attention, information acquisition, and value premium: A mispricing perspective	38
Chinese corporate governance research over the last decade (2014 - 2023)	38
Multiscale dynamic linkages of China's financial markets under exchange rate shocks: An MJMD approach	38
The role of artificial intelligence in enhancing firm investment efficiency	37
From low resource slack to inflexibility: The share price effect of operational efficiency	37
The impact of human resource practices on corporate investment efficiency	37
Are carry, momentum and value still there in currencies?	37
Corporate social responsibility signalling under external transparency demands	37
Green and climate finance: Challenges and opportunities	37
Does the truth rest with the minority? Divergent views on nonfinancial firms' financial investments from the private equity market	37
Dissecting hedge funds' strategies	36
Conformity or differentiation? The role of CEO turnover	36
Director foreign experience: Geographic specificity and value implication	36
Dynamic portfolio optimization with the MARCOS approach under uncertainty	36
‘E’ of ESG and firm performance: Evidence from China	36
Editorial Board	36