International Review of Economics & Finance最新文献

AI adoption and ESG performance: Evidence from China 人工智能应用与ESG绩效：来自中国的证据

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-10-01 DOI: 10.1016/j.iref.2025.104659

Ge Yang , Xudan Yang

{"title":"AI adoption and ESG performance: Evidence from China","authors":"Ge Yang , Xudan Yang","doi":"10.1016/j.iref.2025.104659","DOIUrl":"10.1016/j.iref.2025.104659","url":null,"abstract":"<div><div>As artificial intelligence (AI) technologies become deeply integrated into corporate operations and ESG performance emerges as a core indicator of corporate sustainability, investigating the relationship between AI adoption and corporate ESG performance, along with its underlying impact mechanisms, holds significant theoretical and practical importance. This study empirically examines the impact of AI adoption on corporate ESG performance using a sample of Chinese A-share listed companies from 2015 to 2023. Employing panel fixed effects models and mediation analysis, results indicate that AI adoption significantly enhances corporate ESG performance through three critical pathways: financing constraint alleviation, external oversight enhancement, and information disclosure improvement. Heterogeneity analysis reveals that the positive impact of AI is more pronounced in non-state-owned enterprises, firms with optimistic managerial sentiment, high-polluting industries, and high-tech sectors. These findings contribute to the technology-sustainability literature by developing an integrated theoretical framework combining the resource-based view and stakeholder theory, and by identifying specific transmission mechanisms linking AI to ESG outcomes. Practically, the results provide valuable insights for policymakers implementing targeted AI policies, corporate managers pursuing strategic AI adoption, and investors incorporating AI metrics into sustainable investment decisions.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"104 ","pages":"Article 104659"},"PeriodicalIF":5.6,"publicationDate":"2025-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145217705","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

Artificial intelligence and enterprise total factor productivity: A human capital requirement perspective 人工智能与企业全要素生产率：人力资本需求视角

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-29 DOI: 10.1016/j.iref.2025.104661

Chen Fan, Xuehui Liao, Xin Yang

引用次数: 0

Fintech innovation in green finance: A disruptive force or a complementary tool? 绿色金融中的金融科技创新：颠覆性力量还是互补工具？

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-26 DOI: 10.1016/j.iref.2025.104658

Fengsheng Chien , Yunqian Zhang , Muhammad Sadiq

引用次数: 0

Independent directors’ political connections and CEO compensation: Evidence from China 独立董事的政治关系与CEO薪酬：来自中国的证据

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-25 DOI: 10.1016/j.iref.2025.104653

Yaohua Qin , He Xiao , Jinwen Lin , Luning Song

引用次数: 0

The macroeconomic effects of money demand and capital liquidity: A financial accelerator perspective 货币需求与资本流动性的宏观经济效应：金融加速器视角

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-25 DOI: 10.1016/j.iref.2025.104638

Yongwu Li , Zhongfei Li , Baoling Wang

{"title":"The macroeconomic effects of money demand and capital liquidity: A financial accelerator perspective","authors":"Yongwu Li , Zhongfei Li , Baoling Wang","doi":"10.1016/j.iref.2025.104638","DOIUrl":"10.1016/j.iref.2025.104638","url":null,"abstract":"<div><div>This paper establishes a dynamic stochastic general equilibrium (DSGE) model including secondary asset market and financial accelerator mechanism, to examine the short-term impact of money demand shock and capital liquidity shock through the financial accelerator mechanism on the macro-economy, and compares this impact under two monetary policies (Taylor rule and strict monetary growth rule). Under the two monetary policy rules, the impact of short-term equilibrium change on the level of households’ conditional welfare is also analyzed by using the change of conditional consumption compensation. Our findings reveal that (1) the two shocks affect the price changes of bonds and capital, which in turn affect Fisher rate and capital return changes, then the changes of risk premium, and ultimately macroeconomics via the financial accelerator effect, this is a new channel for the two shocks to affect the macro-economy; (2) The increase of total money demand caused by the increase of shoppers is stronger than that caused by the increase of expected tradability of capital; (3) From the perspective of conditional welfare level, under Taylor rule, households prefer the economy in the steady state of low equilibrium money demand, while it is the opposite under the strict money growth rule, and no matter which monetary policy rule, households more prefer the economy in the steady state of low equilibrium capital liquidity. Finally, the empirical analysis based on SV-TVP-VAR model further verifies the theoretical results of DSGE model.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"104 ","pages":"Article 104638"},"PeriodicalIF":5.6,"publicationDate":"2025-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145217752","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

Can ESG rating help shape enterprises' new-quality productivity? Evidence from China ESG评级能否帮助塑造企业的新质量生产力？来自中国的证据

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-24 DOI: 10.1016/j.iref.2025.104654

Yi Guo , Jinsong Hu , Yue Dou , Shuyi Lin

{"title":"Can ESG rating help shape enterprises' new-quality productivity? Evidence from China","authors":"Yi Guo , Jinsong Hu , Yue Dou , Shuyi Lin","doi":"10.1016/j.iref.2025.104654","DOIUrl":"10.1016/j.iref.2025.104654","url":null,"abstract":"<div><div>As an advanced form of productive forces, new-quality productivity serves as a crucial engine for promoting high-quality development. Against the background of the exogenous shock caused by SynTao Green's first public release of the ESG rating of listed companies, this paper investigates the impact of ESG ratings on the new-quality productivity of Chinese companies. We employ the multiple-period difference-in-differences (DID) model in this study. The main findings are as follows: ESG ratings can significantly promote the new-quality productivity of enterprises. This conclusion remains valid after a series of robustness tests. The mechanism tests indicate that ESG rating new-quality productivity of enterprises by enhancing corporate innovation capacities and green productivity. Furthermore, the effect of ESG rating on new-quality productivity varies in accordance with different characteristics of enterprises, such as their lifecycle, new-quality productivity performance, degree of digital transformation, firm size, and market competition levels. In conclusion, we propose several policy implications.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"104 ","pages":"Article 104654"},"PeriodicalIF":5.6,"publicationDate":"2025-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145156102","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

Cryptocurrency price-based comovement 基于加密货币价格的移动

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-24 DOI: 10.1016/j.iref.2025.104635

Lai T. Hoang

引用次数: 0

Does climate policy uncertainty affect a firm's lease versus buy decision? Evidence from the US 气候政策的不确定性是否会影响公司的租赁与购买决策？来自美国的证据

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-23 DOI: 10.1016/j.iref.2025.104647

Fahim Sultanbawa , Hasibul Chowdhury , Ihtisham Malik , Anamul Haque

引用次数: 0

To give is to take: The effects of government deposits on bank risks 给予即接受：政府存款对银行风险的影响

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-23 DOI: 10.1016/j.iref.2025.104644

Xuanxuan Zhang , Jiefei Yang , Zhenzhen Li , Zili Zhang

{"title":"To give is to take: The effects of government deposits on bank risks","authors":"Xuanxuan Zhang , Jiefei Yang , Zhenzhen Li , Zili Zhang","doi":"10.1016/j.iref.2025.104644","DOIUrl":"10.1016/j.iref.2025.104644","url":null,"abstract":"<div><div>As government and financial sector funds become increasingly intertwined, managing the influence of government deposits on the financial system has become an important way for preventing the escalation of bank risks. Using data of China's city commercial banks from 2009 to 2017, we provide the first empirical test of the risk effects of government deposits and their transmission channels by employing a fixed-effects model and an instrumental variable approach. Our findings reveal that government deposits exert discernible credit allocation effects that exacerbate banks' risks. Specifically, the risk exacerbation effects are shaped by credit expansion, policy-orientated loan, and credit term structure. By using a panel threshold model, we find that the impact of government deposits on bank risks exhibits clear threshold effects depending on banks' equity assets and market environment. Furthermore, government deposits also influence banks' revenue, and are impacted by the pace of government expenditure. Our paper sheds new light on the relationship between government and financial system in a broader context.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"104 ","pages":"Article 104644"},"PeriodicalIF":5.6,"publicationDate":"2025-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145156097","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

Inflation bites: The dynamic interdependence between financial market volatility and energy consumption during pandemic 通货膨胀影响：大流行期间金融市场波动与能源消耗之间的动态相互依存关系

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-23 DOI: 10.1016/j.iref.2025.104651

Ahmed Imran Hunjra , Muhammad Azam , Nirosha Hewa Wellalage , Tapas Mishra

{"title":"Inflation bites: The dynamic interdependence between financial market volatility and energy consumption during pandemic","authors":"Ahmed Imran Hunjra , Muhammad Azam , Nirosha Hewa Wellalage , Tapas Mishra","doi":"10.1016/j.iref.2025.104651","DOIUrl":"10.1016/j.iref.2025.104651","url":null,"abstract":"<div><div>We examine how energy production, financial systems, and the COVID-19 pandemic influence inflation, eventually offering insights into cleaner energy transition policies. Using monthly data from 108 developed and developing economies from January 2017 to December 2022, we identify three key findings. First, Currency-based inflation poses a disproportionately greater threat to developing economies than to developed nations. It limits developing economies' investment opportunities in clean energy projects and constrains the speed of green technology adoption. Second, Financial instability creates unequal access to environmental and sustainable development funding, with effects that differ between developed and developing economies. Third, Energy production affects inflation differently in developing and developed economies due to significant gaps in sustainable energy infrastructure. Our results suggest that environmental policies should adapt to each country's development level to attain both global sustainability and economic stability.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"104 ","pages":"Article 104651"},"PeriodicalIF":5.6,"publicationDate":"2025-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145156100","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