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Reassessing smart city development and personal data protection: A regulatory framework
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-03-04 DOI: 10.1016/j.iref.2025.104022
Yulu Jin , Yu Wang
{"title":"Reassessing smart city development and personal data protection: A regulatory framework","authors":"Yulu Jin ,&nbsp;Yu Wang","doi":"10.1016/j.iref.2025.104022","DOIUrl":"10.1016/j.iref.2025.104022","url":null,"abstract":"<div><div>Smart cities are rapidly transforming urban development worldwide, yet their advancement presents a critical tension with personal data protection requirements. Through examining Ordos City as a case study, this paper addresses three key challenges: the macro balance between data efficiency and privacy dignity, meso conflicts between liberal smart city policies and strict data protection regulations, and the micro-level lack of coordination between these domains. While various solutions such as open data initiatives and data exchanges have emerged globally, significant challenges persist. This paper proposes a “data utilization regulatory framework” that establishes clear data ownership classifications and governance mechanisms, consisting of promotional and protective components. This dual approach aims to facilitate data flow while maintaining robust privacy safeguards, ultimately offering a balanced solution that supports both smart city innovation and personal data protection.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 104022"},"PeriodicalIF":4.8,"publicationDate":"2025-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143562834","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Flight to Bitcoin (in)attention and herding in cryptocurrencies
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-03-03 DOI: 10.1016/j.iref.2025.104014
Xiao Li
{"title":"Flight to Bitcoin (in)attention and herding in cryptocurrencies","authors":"Xiao Li","doi":"10.1016/j.iref.2025.104014","DOIUrl":"10.1016/j.iref.2025.104014","url":null,"abstract":"<div><div>This paper first documents a novel herding for Altcoin, i.e., herding towards Bitcoin. Besides, constructing the proxies for flight to Bitcoin (in)attention with Google Trends and Twitter, the results reveal that flight to Bitcoin inattention strengthens the herding and flight to Bitcoin attention attenuates the herding. Subperiod analysis further reveals that the finding is more pronounced during the period before the introduction of Bitcoin futures, and the period before the outbreak of COVID-19.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 104014"},"PeriodicalIF":4.8,"publicationDate":"2025-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143548420","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Trade liberalization, road expansion, and factor market distortion
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-03-01 DOI: 10.1016/j.iref.2025.103974
Sai Wang , Ye Meng , Wenwu Xie
{"title":"Trade liberalization, road expansion, and factor market distortion","authors":"Sai Wang ,&nbsp;Ye Meng ,&nbsp;Wenwu Xie","doi":"10.1016/j.iref.2025.103974","DOIUrl":"10.1016/j.iref.2025.103974","url":null,"abstract":"<div><div>Factor market distortions and resource misallocation are significant contributors to differences in productivity. In this paper, we examine the role played by road improvements in determining the impact of an input tariff reduction on factor market distortions. Using firm-level data from China's manufacturing sector and employing a difference-in-difference approach following China's WTO accession, we find a strong complementarity between road infrastructure and input tariff reduction in reducing firm's factor market distortion. This result remains robust under various robustness checks. The further analysis reveals a more pronounced impact on foreign-invested enterprises, non-importers, and firms with scarce capital. Mechanically, better road access magnifies the pass-through effect of input tariff reductions, enhancing allocative efficiency brought by trade through improved market competition. This paper highlights the importance of transportation in ensuring a reduction in domestic firm distortions following trade liberalization.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 103974"},"PeriodicalIF":4.8,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143548349","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Research on sovereign credit and international banking industry tail risk contagion ----Perspective from double-layer complex network
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-03-01 DOI: 10.1016/j.iref.2025.103992
Gong Xiao-Li , Wu Zhuo-Cheng , Xiong Xiong , Zhang Wei
{"title":"Research on sovereign credit and international banking industry tail risk contagion ----Perspective from double-layer complex network","authors":"Gong Xiao-Li ,&nbsp;Wu Zhuo-Cheng ,&nbsp;Xiong Xiong ,&nbsp;Zhang Wei","doi":"10.1016/j.iref.2025.103992","DOIUrl":"10.1016/j.iref.2025.103992","url":null,"abstract":"<div><div>Since the European debt crisis, the international banking industry and sovereign debt markets have experienced frequent crises. In particular, the dynamic complexity of the cross-contagion between tail risks in the international banking industry and sovereign credit risks has intensified under the influence of extreme events. To clarify the cross-contagion patterns between sovereign risks and banking risks, this paper constructs a complex network analysis framework for sovereign credit-international banking industry risk connectedness based on complex network methods. Primarily, the paper explores the tail risk contagion between the international banking industry and sovereign credit risks by calculating the risk contagion matrix for the entire period. Then, the double-layer risk spillover complex network is constructed, and the roles played by each country in the risk transmission network are analyzed from the perspective of network topological indicators. In particular, the paper analyzes the impact of international extreme events on the double-layer risk spillover network. Ultimately, the paper discusses the impact of double-layer network connectedness on sovereign credit risk. The research finds that the tail risk transmission between international sovereign credit risk and the banking industry is bi-directional. And the transmission direction is mainly from the sovereign credit layer to the banking industry layer from the perspective of the entire period. The cross-layer transmission characteristics of cross-contagion risks are inconsistent at different stages, and the roles played by countries in the network are significantly different. In addition, tail events have a strong impact on the cross-contagion of risks. The research conclusions provide ideas for the international community to deal with the cross-contagion of banking industry-sovereign credit risks.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 103992"},"PeriodicalIF":4.8,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143548421","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The green innovation effect of the digital economy
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-03-01 DOI: 10.1016/j.iref.2025.103970
Keren Chen , Shenghan Zhao , Gaozhe Jiang , Yafeng He , Hui Li
{"title":"The green innovation effect of the digital economy","authors":"Keren Chen ,&nbsp;Shenghan Zhao ,&nbsp;Gaozhe Jiang ,&nbsp;Yafeng He ,&nbsp;Hui Li","doi":"10.1016/j.iref.2025.103970","DOIUrl":"10.1016/j.iref.2025.103970","url":null,"abstract":"<div><div>While the digital economy promises significant advancements, its role in driving corporate environmental sustainability, particularly green innovation, remains underexplored. This study investigates how the digital economy affects green innovation in Chinese listed companies from 2010 to 2022. Constructing a comprehensive digital economy index, we find that it significantly promotes green innovation, an effect mediated by reduced agency costs and improved financial leverage. Moreover, a firm's digitalization level amplifies this positive relationship. Notably, the effect is more pronounced in non-high-polluting industries and non-state-owned enterprises. These findings underscore the potential of the digital economy to foster green innovation, offering valuable insights for policymakers and businesses seeking to integrate digital technologies for a sustainable future.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 103970"},"PeriodicalIF":4.8,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143548348","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Research on the impact of new quality productivity on enterprise ESG performance
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-02-27 DOI: 10.1016/j.iref.2025.104009
Haiying Chu, Xiaoxiao Niu, Mou Li, Lei Wei
{"title":"Research on the impact of new quality productivity on enterprise ESG performance","authors":"Haiying Chu,&nbsp;Xiaoxiao Niu,&nbsp;Mou Li,&nbsp;Lei Wei","doi":"10.1016/j.iref.2025.104009","DOIUrl":"10.1016/j.iref.2025.104009","url":null,"abstract":"<div><div>Since the second session of the 14th National Peoples Congress, there has been renewed emphasis on the significant role of new quality productivity in high-quality development, with corporate ESG performance serving as a key indicator of sustainable corporate development. How to empower high-quality corporate development through new quality productivity, thereby enhancing corporate ESG performance, has become a practical issue. This paper conducts an empirical analysis based on data from listed companies in the Shanghai and Shenzhen A-share markets between 2011 and 2022, using robustness tests, mechanism analysis, and heterogeneity analysis to examine whether new quality productivity influences corporate ESG performance. The empirical results show that new quality productivity has a significant positive impact on corporate ESG performance. Mechanism analysis indicates that digital transformation and green technology innovation efficiency are important pathways through which new quality productivity enhances corporate ESG performance. In heterogeneity analysis, compared to non-state-owned enterprises and regions in central and western China, the positive effect of new quality productivity on corporate ESG performance is more pronounced in state-owned enterprises and eastern regions. Further analysis reveals that the impact of increased new quality productivity on ESG varies across its three sub-dimensions, with the greatest improvement in environmental performance and limited improvement in corporate governance. Based on the research findings, some feasible recommendations are proposed for companies and relevant departments.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 104009"},"PeriodicalIF":4.8,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143535213","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Digital economy enterprise investment value evaluation model and empirical analysis
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-02-27 DOI: 10.1016/j.iref.2025.104005
Yuyou He
{"title":"Digital economy enterprise investment value evaluation model and empirical analysis","authors":"Yuyou He","doi":"10.1016/j.iref.2025.104005","DOIUrl":"10.1016/j.iref.2025.104005","url":null,"abstract":"<div><div>Assessment of investment value and risk management are crucial for enterprise growth in the digital economy. Traditional methods focus on financial indicators and market performance, but the evolving landscape now includes data assets, innovation, and user experience. Hence, a tailored model for the digital economy is needed. This paper introduces a comprehensive evaluation model that integrates traditional metrics, market performance, data assets, R&amp;D investment, and user community. It also discusses model application and strategies to enhance enterprise value in the digital economy.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 104005"},"PeriodicalIF":4.8,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143548419","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Navigating ESG challenges in ICT: Risks and rewards across the pandemic landscape 应对信息和通信技术领域的环境、社会和治理挑战：大流行病背景下的风险与回报
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-02-27 DOI: 10.1016/j.iref.2025.103994
Songhee Kang , Ahreum Hong
{"title":"Navigating ESG challenges in ICT: Risks and rewards across the pandemic landscape","authors":"Songhee Kang ,&nbsp;Ahreum Hong","doi":"10.1016/j.iref.2025.103994","DOIUrl":"10.1016/j.iref.2025.103994","url":null,"abstract":"<div><div>This study explores the impact of ESG risks on the financial and investment performance of 115 Fortune Global ICT firms from 2017 to 2021, a sector vital to global GDP growth. Using Ridge Regression and Instrumental Variables Generalized Method of Moments, it examines the relationship between ESG risks and annual revenue while controlling for firm size. Findings reveal that larger ICT firms exhibit lower environmental (E) risks but higher governance (G) risks, with lower governance risks strongly linked to superior financial performance, positioning governance as the most critical ESG factor. Investment portfolios constructed based on ESG risk levels consistently outperformed benchmarks during periods of economic instability, such as the COVID-19 pandemic, demonstrating the resilience of firms with effective ESG management. From an investor's perspective, tailored and valid ESG disclosures are essential for informed decision-making. This study extends the signalling governance theory by identifying low ESG risk—particularly governance risk—as a direct signal of corporate resilience and sustainability. It underscores the strategic importance of governance improvements and customised ESG frameworks in enhancing financial outcomes, investment performance, and stakeholder trust. It offers actionable insights for ICT firms navigating increasingly uncertain global markets.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 103994"},"PeriodicalIF":4.8,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143535215","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Differentiated digital transformation strategies in manufacturing: The impact of firm ownership on productivity
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-02-27 DOI: 10.1016/j.iref.2025.104002
Di Wang , Bin He , Nier Dong , Daocheng Yang
{"title":"Differentiated digital transformation strategies in manufacturing: The impact of firm ownership on productivity","authors":"Di Wang ,&nbsp;Bin He ,&nbsp;Nier Dong ,&nbsp;Daocheng Yang","doi":"10.1016/j.iref.2025.104002","DOIUrl":"10.1016/j.iref.2025.104002","url":null,"abstract":"<div><div>As information technology rapidly advances, digital transformation has become an important trend in enterprise development globally, particularly for manufacturing firms aiming to enhance productivity and competitiveness. This study examines the impact of digital transformation on the production efficiency of Chinese listed manufacturing enterprises from 2011 to 2021, employing a dynamic common factor model and a panel data quantile regression model. The findings reveal a path-dependent relationship between digital transformation and production efficiency, with limited improvements observed at lower efficiency levels. However, once production efficiency reaches a certain threshold, the effect of digital transformation in enhancing productivity becomes increasingly significant. Moreover, the study highlights the heterogeneity of digital transformation's impact across different ownership structures. High-tech state-owned and private enterprises significantly benefit from cost reduction, innovation, alleviation of financial constraints, and improvements in decision-making and human capital. In contrast, non-high-tech state-owned enterprises exhibit limited improvements in cost reduction and decision-making, while non-high-tech private enterprises show limited productivity gains from human capital development. These findings emphasise the necessity of aligning digital transformation strategies with ownership characteristics, offering valuable insights for policymakers and management practices seeking to optimise the impact of digital transformation.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 104002"},"PeriodicalIF":4.8,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143548353","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Green credit, tourism technology innovation, and sustainable development of tourism
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-02-27 DOI: 10.1016/j.iref.2025.104004
Jingyu Sun, Dan Chen
{"title":"Green credit, tourism technology innovation, and sustainable development of tourism","authors":"Jingyu Sun,&nbsp;Dan Chen","doi":"10.1016/j.iref.2025.104004","DOIUrl":"10.1016/j.iref.2025.104004","url":null,"abstract":"<div><div>The research employs datasets spanning from 2010 to 2022, encompassing 31 provinces in China, to assess how green credit and technological innovations in tourism influence the sustained growth of the tourism sector. The main findings include: green credit significantly promotes the sustainable development of the tourism industry; tourism technological innovation similarly exerts a noticeable driving force on the sustainable development of the tourism industry; tourism technological innovation mediates green credit's promotion of tourism sustainability, and green credit's impact varies across Chinese regions; the impact of green credit on the sustainable development of the tourism industry is influenced by the threshold effect of regional economic levels.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 104004"},"PeriodicalIF":4.8,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143548434","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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