International Review of Economics & Finance最新文献

Global insights on wage and employee turnover in microfinance 小额信贷行业工资和员工流动的全球洞察

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-04-17 DOI: 10.1016/j.iref.2025.104117

Moh'd Al-Azzam , Shatha Obeidat

引用次数: 0

Shadow banking of non-financial firms and labor income share: An inverted U-shaped relationship 非金融企业的影子银行业务与劳动收入份额：倒 U 型关系

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-04-16 DOI: 10.1016/j.iref.2025.104116

Huaming Zhong , Zinb Abduljabbar Mohamed Al-Duais , Yaoting Guo

{"title":"Shadow banking of non-financial firms and labor income share: An inverted U-shaped relationship","authors":"Huaming Zhong , Zinb Abduljabbar Mohamed Al-Duais , Yaoting Guo","doi":"10.1016/j.iref.2025.104116","DOIUrl":"10.1016/j.iref.2025.104116","url":null,"abstract":"<div><div>How shadow banking of non-financial firms, as a form of informal finance, affects labor income compensation and intra-firm income inequality is a significant issue faced by developing countries such as China. This paper empirically analyzes the impact of shadow banking of non-financial firms on labor income share and its heterogeneity, using annual data from non-financial listed companies in China's A-share market from 2007 to 2021. The empirical results indicate that when the level of shadow banking of non-financial firms is low, it has a significant positive effect on labor income share. However, at higher levels, there is an inverted U-shaped relationship between shadow banking of non-financial firms and labor income share. The heterogeneity analysis shows that when the level of shadow banking of non-financial firms is high, it increases the labor income share for executives but decreases it for ordinary employees, thus exacerbating income inequality within firms between executives and ordinary employees. Compared with the central, western, and northeastern regions, shadow banking of non-financial firms has a significantly positive impact on labor income share in the eastern region. The empirical results of this paper suggest that the growth in labor income share driven by the continuous expansion of shadow banking of non-financial firms is unsustainable in the long run. It is necessary to strengthen the regulation of financial institutions, promote the standardization and transparency of shadow banking development, and indirectly achieve the goal of increasing the proportion of labor compensation in the primary distribution of income.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"100 ","pages":"Article 104116"},"PeriodicalIF":4.8,"publicationDate":"2025-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143844877","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

Greener pastures, steadier returns: ESG ratings and idiosyncratic risk management 更绿的牧场，更稳定的回报：ESG评级和特殊风险管理

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-04-15 DOI: 10.1016/j.iref.2025.104110

Miaomiao Tao , Boqiang Lin , Stephen Poletti , David Roubaud

{"title":"Greener pastures, steadier returns: ESG ratings and idiosyncratic risk management","authors":"Miaomiao Tao , Boqiang Lin , Stephen Poletti , David Roubaud","doi":"10.1016/j.iref.2025.104110","DOIUrl":"10.1016/j.iref.2025.104110","url":null,"abstract":"<div><div>Understanding China's Environmental, Social, and Governance (ESG) dynamics is crucial, given the nation's swiftly changing regulatory landscape, varied industry sectors, and significant global market impact. We validate the connection between ESG ratings and idiosyncratic volatility that the three-factor model gauges. Our model underscores that ESG ratings are instrumental in mitigating idiosyncratic volatility at the firm level. However, the associated effects vary by firm attributes, industry sectors, pollution levels, and regions. The moderation analysis reveals that investor sentiment, economic policy uncertainty, and financial constraints are critical thresholds affecting the connection between ESG ratings and corporate idiosyncratic volatility. Specifically, when economic policy uncertainty and financial constraints surpass certain thresholds, the mitigating effect of ESG ratings on idiosyncratic volatility diminishes. These findings are invaluable for stakeholders dealing with the complexities of ESG investments and sustainable business practices in a rapidly evolving global context.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"100 ","pages":"Article 104110"},"PeriodicalIF":4.8,"publicationDate":"2025-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143873351","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

The impact of delayed retirement on labor employment, fertility rate and economic growth in China 中国延迟退休对劳动力就业、生育率和经济增长的影响

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-04-15 DOI: 10.1016/j.iref.2025.104103

Yuhui Dai , Zihan Zhao , Jing Sui , Jun Xu

{"title":"The impact of delayed retirement on labor employment, fertility rate and economic growth in China","authors":"Yuhui Dai , Zihan Zhao , Jing Sui , Jun Xu","doi":"10.1016/j.iref.2025.104103","DOIUrl":"10.1016/j.iref.2025.104103","url":null,"abstract":"<div><div>This study assessed Chinese delayed retirement policy's impact on labor force employment, fertility, and economic growth using three models, emphasizing its implications for sustainable development. The first model, using a DID approach with OECD data and validated by PSM-DID, showed that delayed retirement reduced overall labor force participation by 0.14 percentage points and young labor force participation by 0.22 percentage points in the short term, with male manual laborers' unemployment rate increasing by 2.4 %. The second model, using OLS and negative binomial regression, revealed that delayed retirement significantly reduced children's fertility intentions by 0.04 children on average when mothers delayed retirement. The third model, an OLG model, indicated that a five-year delay in retirement reduced fertility by 0.089, savings by 0.13 %, and youth labor supply by 6.15 %, while increasing bequest income by 13.96 % and decreasing intergenerational caregiving time by 2.49 years. Additionally, per-child educational investment declined by 3.42 %, and average economic growth fell by 0.07 %. These findings suggested that delayed retirement reduced intergenerational caregiving, increased childcare burdens for the young, and hampered economic growth, all of which have significant implications for sustainable development. Our models highlighted the need for balanced policies that supported economic sustainability while mitigating adverse social impacts and ensuring the sustainability of social well-being.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"100 ","pages":"Article 104103"},"PeriodicalIF":4.8,"publicationDate":"2025-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143855142","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

Evolution of investor sentiment: A systematic literature review and bibliometric analysis 投资者情绪的演变：系统文献回顾和文献计量分析

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-04-15 DOI: 10.1016/j.iref.2025.104115

Nhan Huynh, Lurion De Mello, Kai Li

引用次数: 0

Impact of financial stress on the REIT market stability 资金压力对房地产投资信托基金市场稳定的影响

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-04-15 DOI: 10.1016/j.iref.2025.104114

Oguzhan Ozcelebi , Seong-Min Yoon

{"title":"Impact of financial stress on the REIT market stability","authors":"Oguzhan Ozcelebi , Seong-Min Yoon","doi":"10.1016/j.iref.2025.104114","DOIUrl":"10.1016/j.iref.2025.104114","url":null,"abstract":"<div><div>We are aware of real estate prices collapsing during the global financial crisis when financial stress was severe. However, the relationship between financial stress and Real Estate Investment Trusts (REIT) market fluctuation has not been sufficiently investigated. This study aims to uncover whether changes in financial stress have significant, asymmetric, and nonlinear impacts on the volatility in REIT returns in time horizons and lead to stabilizing/destabilizing outcomes in the REIT market. We examined the impact of U.S. financial stress as a proxy for global financial stress on the volatility of REIT returns in the short-, medium-, and long-term, considering the role of asymmetry and regime changes. We found that rising global financial stress disrupts financial stability in the REIT market. We also showed that the impact of increases and decreases in financial stress is larger than the impact of the role of regimes regarding the REIT market's long-term volatility. This finding is important for policymakers regulating real estate markets and financial market investors managing risk in their portfolios, as the transmission of global financial stress is highly dominant.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"100 ","pages":"Article 104114"},"PeriodicalIF":4.8,"publicationDate":"2025-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143844878","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

The effect of regulatory requirements on market liquidity: ESG promotion as a special case 监管要求对市场流动性的影响：以ESG促进为特例

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-04-11 DOI: 10.1016/j.iref.2025.104078

Judit Hevér , Péter Csóka

引用次数: 0

Financial inclusion and its impact on payment, savings, and credit 金融包容性及其对支付、储蓄和信贷的影响

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-04-10 DOI: 10.1016/j.iref.2025.104112

Néstor Gandelman , Rodrigo Lluberas , Daniel Misail

引用次数: 0

E-government and corruption in an emerging country: New perspectives from a spatiotemporal approach 新兴国家的电子政务与腐败：时空方法的新视角

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-04-10 DOI: 10.1016/j.iref.2025.104111

Trung Chinh Dang , Huong Vu Van , Dao Le Van

引用次数: 0

Bankruptcy court establishment and corporate financial fraud 破产法庭的设立与公司财务欺诈

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-04-10 DOI: 10.1016/j.iref.2025.104108

Yong Zhou , Siting Liu , Wei Song

{"title":"Bankruptcy court establishment and corporate financial fraud","authors":"Yong Zhou , Siting Liu , Wei Song","doi":"10.1016/j.iref.2025.104108","DOIUrl":"10.1016/j.iref.2025.104108","url":null,"abstract":"<div><div>Against the backdrop of accelerating economic globalization and the rule of law, the establishment of bankruptcy courts, as an important part of judicial reform, has had a profound impact on corporate behavior, particularly financial fraud. This study utilizes microdata from Chinese listed companies from 2010 to 2022, along with macrodata from 287 prefecture-level cities, to systematically analyze the impact of bankruptcy court establishment on corporate financial fraud. The study indicates that the establishment of bankruptcy courts markedly lowers the likelihood of corporate financial fraud and diminishes its occurrence. This impact exhibits substantial variation across firms with differing audit qualities and ownership configurations. Furthermore, the quality of information disclosure plays a mediating role between the establishment of bankruptcy courts and corporate financial fraud, exhibiting heterogeneity between state-owned and private enterprises. Additionally, the level of regional rule of law moderates the effect of bankruptcy court establishment in curbing corporate financial fraud; that is, the higher the regional rule of law, the more pronounced the suppressive effect of bankruptcy court establishment on corporate financial fraud.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"100 ","pages":"Article 104108"},"PeriodicalIF":4.8,"publicationDate":"2025-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143820597","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