International Review of Economics & Finance最新文献

Digital accounts and employment in Taiwan's banking sector: Disruption or realignment? 台湾银行业的数位账户与就业：颠覆或重整？

IF 7.6 2区经济学

International Review of Economics & Finance Pub Date : 2026-07-01 Epub Date: 2026-05-26 DOI: 10.1016/j.iref.2026.105454

Yi-Shuan Chen

{"title":"Digital accounts and employment in Taiwan's banking sector: Disruption or realignment?","authors":"Yi-Shuan Chen","doi":"10.1016/j.iref.2026.105454","DOIUrl":"10.1016/j.iref.2026.105454","url":null,"abstract":"<div><div>This study examines how digitalization, proxied by the adoption of digital accounts, affects labor demand in Taiwan's banking sector. Using bank-level panel data from 2016 to 2023 and a two-step System-GMM framework, we analyze both absolute employment levels and banks' relative employment shares within the financial industry. The results show that growth in digital accounts is robustly associated with reductions in total and frontline employment, consistent with labor-saving digital substitution. In contrast, banks' relative employment shares display strong persistence and do not respond significantly to digital-account penetration once dynamic employment inertia is taken into account. This distinction helps reconcile economically meaningful employment reductions with limited short-run labor reallocation across banks. Heterogeneity analyses indicate that employment contractions are concentrated among lower-educated workers, while employment of highly educated staff remains relatively stable, implying compositional upgrading of the workforce. These effects are more pronounced among large banks and those affiliated with financial holding companies. Additional analyses suggest that improvements in lending-related productivity represent an important channel linking digitalization to labor reductions. Evidence from difference-in-differences designs, employment growth regressions, and instrumental-variable approaches corroborates the baseline findings. Overall, the results suggest that digital banking reshapes labor demand primarily through gradual contractions in absolute employment rather than immediate shifts in relative employment shares, with important implications for workforce planning and regulatory policy during ongoing digital transformation in banking.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"109 ","pages":"Article 105454"},"PeriodicalIF":7.6,"publicationDate":"2026-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148565191","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

Resilience, tail-risk and connectedness mechanism: An inter-industry perspective 弹性、尾部风险和连通性机制：行业间视角

IF 7.6 2区经济学

International Review of Economics & Finance Pub Date : 2026-07-01 Epub Date: 2026-05-21 DOI: 10.1016/j.iref.2026.105409

Jiefei Huang, Zishuo Wang, Xia Zhao, Jiani Zuo

{"title":"Resilience, tail-risk and connectedness mechanism: An inter-industry perspective","authors":"Jiefei Huang, Zishuo Wang, Xia Zhao, Jiani Zuo","doi":"10.1016/j.iref.2026.105409","DOIUrl":"10.1016/j.iref.2026.105409","url":null,"abstract":"<div><div>While existing research has extensively examined inter-industry risk spillovers, it has largely neglected resilience connectedness across industries, overlooking a critical dimension of systemic stability. This paper uses the Time-Varying Parameter Vector Autoregression (TVP-VAR) model to quantify industry-level resilience in China by assessing responses to multiple shocks, then constructs resilience networks using the DY spillover index and tail-risk networks through the LASSO-quantile regression to compare their transmission structure, and finally employs the Quadratic Assignment Procedure (QAP) model and input–output linkages to analyze the spatial driving factors of these two interconnectedness mechanisms. The results indicate heterogeneity in industry resilience across shock origins. Static analyses reveal that resilience networks center on real-economy industries, whereas tail-risk network centers on finance industries. Dynamic results show that total resilience connectedness leads tail-risk connectedness, suggesting its utility as a forward-looking early warning indicator. The QAP estimates indicate that resilience tends to propagate upstream along supply chains, while tail risk flows downstream. Overall, this study provides a dual perspective of inter-industry resilience and risk connectedness, offering new evidence for risk management and policy design in complex economic environments.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"109 ","pages":"Article 105409"},"PeriodicalIF":7.6,"publicationDate":"2026-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148582349","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

Impact of green finance pilot reforms on corporate carbon emissions: A study based on evolutionary game theory and firm-level evidence 绿色金融试点改革对企业碳排放的影响：基于演化博弈论和企业层面证据的研究

IF 7.6 2区经济学

International Review of Economics & Finance Pub Date : 2026-07-01 Epub Date: 2026-05-26 DOI: 10.1016/j.iref.2026.105449

Shiqi Cao, Jianqiu Liu

{"title":"Impact of green finance pilot reforms on corporate carbon emissions: A study based on evolutionary game theory and firm-level evidence","authors":"Shiqi Cao, Jianqiu Liu","doi":"10.1016/j.iref.2026.105449","DOIUrl":"10.1016/j.iref.2026.105449","url":null,"abstract":"<div><div>As global efforts to combat climate change intensify, China's Green Finance Reform and Innovation Pilot (GFRIP) policy has assumed an increasingly significant role in guiding firms toward low-carbon transitions and advancing sustainable development. Focusing on Chinese listed firms over 2006-2023, this study develops a dynamic evolutionary game model involving the government, firms, and regulatory authorities to analyze the evolution of behavioral behaviors during policy implementation and evaluate GFRIP's emission reduction effect. We find that GFRIP significantly reduces corporate carbon emissions. Mechanism analysis shows that this effect is driven by strengthened media supervision, which operates primarily through positive information, and through easing financing constraints and improving corporate environmental governance. Heterogeneity analysis suggests that GFRIP's emission reduction impact is stronger in the northern region, high-pollution firms, and firms with low environmental uncertainty. Overall, this study provides firm-level evidence on GFRIP's environmental governance effect, and offers a theoretical foundation and practical insights for the low-carbon transformation of and policy optimization for firms.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"109 ","pages":"Article 105449"},"PeriodicalIF":7.6,"publicationDate":"2026-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148582347","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

Supply Chain Risk and Precautionary Liquidity: How Customer Concentration Shapes Corporate Cash Holdings in China 供应链风险与预防性流动性：客户集中度对中国企业现金持有量的影响

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2026-05-19 DOI: 10.1016/j.iref.2026.105399

Yuhan Li , Mengjie Zhang

引用次数: 0

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