International Review of Economics & Finance最新文献

Risk aversion heterogeneity and the equity term structure 风险厌恶异质性与股权期限结构

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2026-04-01 Epub Date: 2026-03-23 DOI: 10.1016/j.iref.2026.105118

Hamilton Galindo Gil

引用次数: 0

Migration diversity and economic complexity in developing countries: Direct and indirect effects through growth, innovation, and human capital 发展中国家的移民多样性和经济复杂性：通过增长、创新和人力资本产生的直接和间接影响

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2026-04-01 Epub Date: 2026-03-23 DOI: 10.1016/j.iref.2026.105131

Eric Ayang , Mohamadou Sani , Bruno Ndouyang Balguessam

{"title":"Migration diversity and economic complexity in developing countries: Direct and indirect effects through growth, innovation, and human capital","authors":"Eric Ayang , Mohamadou Sani , Bruno Ndouyang Balguessam","doi":"10.1016/j.iref.2026.105131","DOIUrl":"10.1016/j.iref.2026.105131","url":null,"abstract":"<div><div>Economic complexity reflects a country's ability to combine diverse forms of knowledge to create more sophisticated goods. At the same time, developing countries are experiencing increasing migration flows from more heterogeneous origins. However, it remains unclear whether this growing diversity enhances the productive capacities of these countries. This study investigates whether migratory diversity constitutes a productive factor that enhances economic complexity. While the literature extensively examines economic complexity, limited attention has been paid to the role of migration diversity. Focusing on developing countries, the paper identifies the mechanisms through which migration diversity influences economic complexity. This study analyses the direct and indirect effects of migration diversity on economic complexity in 74 developing countries over the period 1995-2023, using a Structural Equation Model (SEM) with FGLS and IV-2SLS estimates for robustness. The results indicate that migration diversity has a positive and statistically significant direct effect on economic complexity. Furthermore, mediation analysis reveals indirect effects operating through economic growth, innovation, and human capital. These results suggest that migration contributes to structural transformation rather than simply increasing production. This supports capability-based development theories, which emphasise that the heterogeneous recombination of knowledge promotes productive diversification. The results also show that migrant diversity only becomes productive when economies possess sufficient absorptive capacity to utilise migrants' skills. This has policy implications: recognition of foreign qualifications, matching skills to specific sectors, and complementary training programmes are necessary to convert diversity into productive capacity.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"107 ","pages":"Article 105131"},"PeriodicalIF":5.6,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147600643","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Blind imitation or rational decision-making? The impact of generative artificial intelligence on corporate investment herd behavior 盲目模仿还是理性决策？生成式人工智能对企业投资羊群行为的影响

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2026-04-01 Epub Date: 2026-03-19 DOI: 10.1016/j.iref.2026.105139

Yongxiang Wang , Zhanhong Wu , Jun Zhang

{"title":"Blind imitation or rational decision-making? The impact of generative artificial intelligence on corporate investment herd behavior","authors":"Yongxiang Wang , Zhanhong Wu , Jun Zhang","doi":"10.1016/j.iref.2026.105139","DOIUrl":"10.1016/j.iref.2026.105139","url":null,"abstract":"<div><div>Generative artificial intelligence, as an emerging technology, is transforming corporate decision-making processes, particularly in investment decisions. While existing research highlights its potential to improve decision efficiency, its impact on corporate investment herd behavior remains underexplored. Using panel data from non-financial listed companies in China's A-share market from 2017 to 2024, this study examines how generative AI affects corporate investment herd behavior and its heterogeneity across industries and firm types. The results show that generative AI significantly reduces herd behavior in corporate investment decisions and enhances decision-making independence. Mechanism analysis indicates that this effect operates through improved investment decision quality, reduced agency costs, and enhanced interaction between firms and investors. Heterogeneity analysis further shows that the effect is stronger in non-state-owned enterprises and high-tech industries, while it is weaker in non-high-tech industries and state-owned enterprises. These findings provide firm-level evidence on the role of generative AI in shaping corporate investment behavior and mitigating investment herd effects.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"107 ","pages":"Article 105139"},"PeriodicalIF":5.6,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147600653","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Extreme climate effects on agricultural growth: the role of digital transformation 极端气候对农业增长的影响：数字化转型的作用

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2026-04-01 Epub Date: 2026-03-17 DOI: 10.1016/j.iref.2026.105124

Jing Wang , Baoren Yang

引用次数: 0

Policy-driven transition risks: Evidence from ESG investment policies 政策驱动的转型风险：来自ESG投资政策的证据

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2026-04-01 Epub Date: 2026-03-17 DOI: 10.1016/j.iref.2026.105111

Fangning Fu , Yong Wang , Zhixi Zhou

引用次数: 0

Behavioral determinants of cryptocurrency adoption during financial collapse: Evidence from Lebanon 金融崩溃期间加密货币采用的行为决定因素：来自黎巴嫩的证据

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2026-04-01 Epub Date: 2026-03-27 DOI: 10.1016/j.iref.2026.105165

Dani Aoun , Chris Youssef , Nada Jabbour Al Maalouf

{"title":"Behavioral determinants of cryptocurrency adoption during financial collapse: Evidence from Lebanon","authors":"Dani Aoun , Chris Youssef , Nada Jabbour Al Maalouf","doi":"10.1016/j.iref.2026.105165","DOIUrl":"10.1016/j.iref.2026.105165","url":null,"abstract":"<div><div>This study examines the behavioral determinants of cryptocurrency adoption in Lebanon, utilizing the Theory of Planned Behavior (TPB) during the country's severe financial crisis, marked by hyperinflation, capital controls, and widespread institutional distrust. The study provides an interpretive extension of TPB, using Resilience Theory to explain how crisis conditions reweigh the relative strength of TPB pathways, rather than changing its structural constructs. Using survey data from 207 respondents and structural equation modeling, the findings reveal that subjective norms are positively associated with adoption intention, closely followed by attitude. Perceived behavioral control shows a weaker but significant association. Multi-group analysis indicates that neither age nor gender significantly moderates those associations. The results suggest that, under systemic financial collapse, cryptocurrency adoption is socially embedded and necessity-driven rather than purely innovation-oriented or speculative. By contextualizing TPB within a crisis environment, this study offers a resilience-informed interpretation of digital finance adoption and provides insights for policymakers and fintech developers operating in fragile economic systems.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"107 ","pages":"Article 105165"},"PeriodicalIF":5.6,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147600478","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Funding diversification, governance autonomy, and higher education resilience 资金多元化、治理自治和高等教育弹性

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2026-04-01 Epub Date: 2026-03-23 DOI: 10.1016/j.iref.2026.105144

Zheng ShaoXin , Li Ming

引用次数: 0

The risk-mitigation effects of artificial intelligence adoption: Evidence from executive misconduct 采用人工智能的风险缓解效应：来自高管不当行为的证据

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2026-04-01 Epub Date: 2026-03-18 DOI: 10.1016/j.iref.2026.105130

Jie Wu , Siyuan Tang , Zhipeng Zhou , Zexuan Qi

{"title":"The risk-mitigation effects of artificial intelligence adoption: Evidence from executive misconduct","authors":"Jie Wu , Siyuan Tang , Zhipeng Zhou , Zexuan Qi","doi":"10.1016/j.iref.2026.105130","DOIUrl":"10.1016/j.iref.2026.105130","url":null,"abstract":"<div><div>Executive misconduct poses a persistent challenge to corporate governance, and the rapid diffusion of artificial intelligence (AI) is reshaping how firms monitor, detect, and deter such behavior. Yet, traditional governance mechanisms often suffer from information asymmetry, limited internal oversight, and weak external constraints, leaving misconduct relatively concealed and difficult to discipline. Using Chinese A-share firms listed in Shanghai and Shenzhen from 2010 to 2023, we construct a firm-level AI application index and examine whether and how AI adoption mitigates executive misconduct, as well as its economic consequences. We find that AI application significantly reduces executive misconduct, with robust effects across the incidence of misconduct, the frequency of violations, and the monetary amount of penalties. Mechanism analyses suggest that these risk-mitigation effects operate through four channels: lowering agency costs, strengthening internal control capacity, increasing financial risk exposure, and enhancing external monitoring. We further show that improved governance associated with AI adoption leads to a lower cost of debt financing and higher total factor productivity. This study integrates AI into the corporate governance framework and contributes to the literature on digital technologies and governance by documenting both the governance and real economic benefits of AI. Overall, AI serves not only as a risk-mitigating governance tool but also as a technological foundation for firms’ high-quality development.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"107 ","pages":"Article 105130"},"PeriodicalIF":5.6,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147600650","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Understanding the green-growth: Which pathways cities undertake in their climate programs 理解绿色增长：城市在其气候计划中采取哪些途径

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2026-04-01 Epub Date: 2026-03-25 DOI: 10.1016/j.iref.2026.105160

Simona Bigerna, Maria Chiara D’Errico, Paolo Polinori

{"title":"Understanding the green-growth: Which pathways cities undertake in their climate programs","authors":"Simona Bigerna, Maria Chiara D’Errico, Paolo Polinori","doi":"10.1016/j.iref.2026.105160","DOIUrl":"10.1016/j.iref.2026.105160","url":null,"abstract":"<div><div>The aim of this study is to identify the most appropriate pathways cities should follow when designing their climate mitigation programs, considering their specific characteristics, including their sector-wise CO2 emission profiles. Accounting for more than 50% of global population and the 70% of global emissions cities are on the forefront of the climate change mitigation policies and have a pillar role in meeting global targets. The role of cities for a sustainable economy has become more urgent with the Covid-19 pandemic, highlighting that cities cannot go back to business as usual. While urban governments can deploy a wide range of climate actions, their effectiveness is shaped by multiple contextual factors, including socio-economic conditions, spillover effects, and the structure of local emission profiles. Drawing on data from the CDP-ICLEI Unified Reporting System 2020 and the Global Human Settlement Urban Centre database, this study employs fuzzy-set qualitative comparative analysis (fsQCA) to identify the combinations of city- and program-specific characteristics that are associated with higher levels of emissions reduction ambition. By revealing these distinct pathways, the study contributes to bridging the gap between case-based insights and cross-sectional approaches, and provides a more deep understanding of how cities can accelerate their transition toward carbon neutrality.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"107 ","pages":"Article 105160"},"PeriodicalIF":5.6,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147600655","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Female leadership and corporate carbon emissions: Economic mechanisms and institutional contingencies 女性领导与企业碳排放：经济机制和制度突发事件

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2026-04-01 Epub Date: 2026-03-17 DOI: 10.1016/j.iref.2026.105087

Mianmian Chen , Lu He , Zhuoran Li

{"title":"Female leadership and corporate carbon emissions: Economic mechanisms and institutional contingencies","authors":"Mianmian Chen , Lu He , Zhuoran Li","doi":"10.1016/j.iref.2026.105087","DOIUrl":"10.1016/j.iref.2026.105087","url":null,"abstract":"<div><div>This paper examines the economic relationship between gender diversity in corporate leadership and environmental performance using evidence from China. We first document substantial gender differences in environmental preferences, with female respondents exhibiting significantly stronger preferences for environmental protection relative to economic growth. We then analyze whether these individual-level preference differences aggregate to influence firm-level outcomes using panel data from Chinese listed firms over 2008–2022. Employing two-way fixed effects models, we find that greater female representation in management is associated with lower carbon emissions and higher ESG scores. These effects are economically meaningful and robust to alternative specifications. Critically, the relationship exhibits substantial temporal heterogeneity, becoming statistically and economically significant only after the 2015 Paris Agreement, suggesting that female managers’ environmental preferences translate into corporate action primarily when institutional pressures make environmental performance economically consequential. Our findings contribute to understanding how heterogeneous managerial preferences influence corporate externalities and have implications for corporate governance policy, environmental regulation design, and investor portfolio construction in the context of climate transition. The results suggest that board gender diversity may generate positive environmental externalities without destroying shareholder value, particularly in institutional environments with strong climate governance.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"107 ","pages":"Article 105087"},"PeriodicalIF":5.6,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147600649","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0