Risk and Financial Management https://j.ideasspread.org/index.php/rfm <p><em>Risk and Financial Management</em>&nbsp; (ISSN 2690-9790 E-ISSN 2690-9804) is an international, double-blind peer-reviewed, open-access journal published by the&nbsp;IDEAS SPREAD&nbsp;in United&nbsp;States.&nbsp;<br> The<em> Risk and Financial Management&nbsp;</em>adheres to rigorous peer-review as well as editorial processes, and publishes leading research on financial management and risk management. The goal of&nbsp;<em>RFM</em>&nbsp;is to enable rapid dissemination of high impact research to the scientific community.</p> IDEAS SPREAD en-US Risk and Financial Management 2690-9790 <p>Copyright for this article is retained by the author(s), with first publication rights granted to the journal.<br>This is an open-access article distributed under the terms and conditions of the Creative Commons Attribution license (http://creativecommons.org/licenses/by/4.0/).</p> Analysis of the Impact of Science, Technology and Innovation on Economic Growth in the Pearl River West Economic Belt https://j.ideasspread.org/index.php/rfm/article/view/1370 <p class="zhengwen"><span lang="EN-GB">Science and technology innovation has an important impact on economic growth. This paper summarises the relevant theories of domestic and foreign authors on the analysis of the impact of science and technology innovation on economic growth, and combines them with the reality of science and technology innovation on economic growth in the Pearl River West Economic Belt, and argues that there is a certain amount of science and technology innovation outputs in the Pearl River West Economic Belt, which, in turn, promotes economic growth. This paper empirically analyses the impact of STI on the economic growth of the Pearl River-West River Economic Belt by using the statistical data from 2000 to 2020 of the 11 major cities involved in the belt (i.e., Guangzhou, Foshan, Zhaoqing, Yunfu, Nanning, Liuzhou, Wuzhou, Guigang, Baise, Laibin and Chongzuo). The results show that the impact of S&amp;T innovation on the economic growth of the Pearl River-West River Economic Belt is positively correlated, indicating that S&amp;T innovation can promote the economic growth of the Pearl River-West River Economic Belt. And this effect is robust.</span></p> Yongqi Chen ##submission.copyrightStatement## http://creativecommons.org/licenses/by/4.0 2024-12-25 2024-12-25 5 1 p1 p1 10.30560/rfm.v5n1p1 Formalism or Substantialism: ESG and Stock Crash Risk https://j.ideasspread.org/index.php/rfm/article/view/1373 <p>We use a specifically chosen data set of Chinese A-share listed businesses from 2009 to 2022 to investigate the complex relationship between stock crash risk and company Environmental, Social, and Governance (ESG) performance. Based on empirical investigation, a complex U-shaped dynamic is revealed, in which early advances in ESG performance work as a protective factor against stock collapse risk initially, but with ESG performing better, this impact reverses and becomes an enhancer of stock crash risk. We carry out a thorough mediation study to elucidate the underlying mechanisms, revealing the critical roles that business reputation and analyst scrutiny play in mediating the U-shaped link between stock crash risk and ESG. Furthermore, we explore possible moderating factors and find that the adoption of ESG in state-owned organizations and businesses operating in less marketized environments may be motivated by instrumental factors, which would ultimately increase the likelihood of a stock market crash. Thus, by providing a complex and dialectical approach that unites disparate points of view, our work adds to the specialist conversation on the economic consequences of ESG.</p> Ziping Jin ##submission.copyrightStatement## http://creativecommons.org/licenses/by/4.0 2024-12-26 2024-12-26 5 1 p6 p6 10.30560/rfm.v5n1p6 A Study of the Impact of Population Aging on the Effectiveness of Household Financial Asset Allocation https://j.ideasspread.org/index.php/rfm/article/view/1384 <p>Based on the perspective of population aging, this paper explores the impact of aging shocks on household financial asset allocation behavior, and constructs cross-period tracking panel data based on the 2015, 2017, and 2019 China Household Finance Survey (CHFS) data to empirically investigate the mechanism by which population aging affects different dimensions of household financial asset allocation behavior. The results of the study find that (1) population aging significantly inhibits household portfolio effectiveness; and this conclusion still holds after replacing variables and robustness testing of the model. (2) The mechanism analysis illustrates that population aging affects household financial asset allocation effectiveness through wealth constraints and health risk paths. (3) Heterogeneity analysis illustrates that there is urban-rural and wealth heterogeneity in the impact of population aging on financial asset allocation. The negative impact of population aging on financial asset allocation is more pronounced in rural households and in households with low wealth levels.</p> Danni Luo ##submission.copyrightStatement## http://creativecommons.org/licenses/by/4.0 2024-12-31 2024-12-31 5 1 p15 p15 10.30560/rfm.v5n1p15