International Review of Economics & Finance最新文献

Chairperson gender, policy compliance and ESG performance of family firms 家族企业的董事长性别、政策合规性和环境、社会和公司治理绩效

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103714

Hong Wang , Wei Wang

{"title":"Chairperson gender, policy compliance and ESG performance of family firms","authors":"Hong Wang , Wei Wang","doi":"10.1016/j.iref.2024.103714","DOIUrl":"10.1016/j.iref.2024.103714","url":null,"abstract":"<div><div>Compared to other types of companies, family businesses tend to be more dominated by the traditional notion of familialism, believing that women should be more responsible for handling family affairs rather than being involved in business operations and decision-making. Yet there is still a controversy about whether female chairpersonship is more favorable to enterprise development than male chairpersonship. Driven by the globalization process and sustainable development strategies, ESG has become an important indicator for evaluating corporate sustainability and social responsibility. This paper empirically investigates the effect and mechanism of the gender of the chairperson on the ESG performance of family firms by using A-share family firms in China from 2009 to 2022 as the research sample. The results show that female chairpersonship significantly enhances the ESG performance of family firms, and this facilitating effect mainly focuses on the social and governance dimensions, and policy compliance is an important reason why female chairpersonship promotes the ESG performance of family firms. The study also finds that female chairpersons contribute more to family firms’ ESG performance in family firms whose chairpersons are from outside the family, those are indirectly founded, those with a high degree of ownership and control rights disparity, and those with single actual controller. This paper provides a framework for the study of the gender of chairpersons on the ESG performance of family firms, and also provides useful references for the professional equality between males and females and the selection of chairpersons in the real economy.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103714"},"PeriodicalIF":4.8,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142663030","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

Technology transfer and global value chain upgrading of manufacturing firms: Evidence from China 制造业企业的技术转让与全球价值链升级：来自中国的证据

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103678

Zichun Yan , Yuqi Wang , Jingjia Zhang , He Ma

{"title":"Technology transfer and global value chain upgrading of manufacturing firms: Evidence from China","authors":"Zichun Yan , Yuqi Wang , Jingjia Zhang , He Ma","doi":"10.1016/j.iref.2024.103678","DOIUrl":"10.1016/j.iref.2024.103678","url":null,"abstract":"<div><div>Breaking through the predicament of \"low-end lock-in\" and achieving the upgrading of enterprises within the global value chain (GVC) is a critical issue in the study of internationalization strategies for enterprises in emerging economies. This paper uses China, a quintessential representative of such economies, as a case to explore how technology transfer can facilitate the upgrading of enterprises' GVCs. This research aims to reshape the international strategic positioning of Chinese enterprises by promoting the integration and development of technology transfer and the GVC. Utilizing patent data from Chinese manufacturing enterprises, as well as data from Chinese industrial enterprises and customs records from 2004 to 2014, this study empirically examines the relationship between technology transfer and the upgrading of enterprises' GVCs. Additionally, the moderating effect of industrial agglomeration is incorporated into the research framework.The findings reveal that both technology transfer in and technology transfer out significantly positively influence the upgrading of enterprises' GVCs, highlighting the crucial role of technological knowledge flow in enhancing enterprise positioning within the GVC. Furthermore, industrial agglomeration is shown to exert a positive moderating effect on GVC upgrading as a result of technology transfer out. This study provides valuable insights for policymakers, enterprise managers, and academics, enabling a more nuanced understanding of the pivotal role of technology transfer in reshaping GVCs. Consequently, it offers robust support for the internationalization strategies of Chinese enterprises.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103678"},"PeriodicalIF":4.8,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660168","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

Promoting cooperation in collective actions: Evidence from the reserve fund for maintenance in China 促进集体行动中的合作：来自中国维修储备基金的证据

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103701

Tao Li , Hao Li , Jin Di Zheng

引用次数: 0

Is ESG investment rewarded or just doing good? Evidence from China 环境、社会和公司治理投资是奖励还是行善？来自中国的证据

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103712

Chunpei Shi , Yu Wei , Yihe Zheng , Zhuo Wang , Qian Wang

{"title":"Is ESG investment rewarded or just doing good? Evidence from China","authors":"Chunpei Shi , Yu Wei , Yihe Zheng , Zhuo Wang , Qian Wang","doi":"10.1016/j.iref.2024.103712","DOIUrl":"10.1016/j.iref.2024.103712","url":null,"abstract":"<div><div>The question of whether ESG investment is rewarding is a key determinant of its attractiveness to investors. Despite extensive research, a consensus remains elusive. This paper delves into the potential costs and benefits of ESG preferences in the Chinese stock market by constructing three-dimensional portfolios that integrate risk, return, and investor ESG preference. Instead of providing a binary answer of whether ESG investment is rewarding, we offer a glide path of costs to investors for achieving their ESG goals. Furthermore, given the potential market cap bias, we examine the differences in costs between portfolios composed of large-cap and small-cap stocks. Our empirical findings are twofold: first, if investors have a relatively low preference for companies' ESG performance, their investment is as rewarding as those with no ESG preference. However, if they have a high level of preference for ESG performance, their investment may be just doing good. This means that if the level of ESG preference is below a certain threshold, the costs of ESG preference are minimal or even zero. However, when the threshold is crossed, the costs rise sharply. Second, these costs vary significantly between portfolios with different market capitalizations. Specifically, incorporating ESG factors into small-cap portfolios often results in higher financial sacrifices compared to large-cap portfolios. These insights are crucial for investors seeking to balance financial and non-pecuniary objectives, providing guidance for optimizing ESG integration strategies in their investments.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103712"},"PeriodicalIF":4.8,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142663032","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

A Latecomer's advantage: The attainments of older child immigrants 后发优势：大龄儿童移民的成就

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103632

Jehu Mette , Guoyu Lin , Atika Benaddi

{"title":"A Latecomer's advantage: The attainments of older child immigrants","authors":"Jehu Mette , Guoyu Lin , Atika Benaddi","doi":"10.1016/j.iref.2024.103632","DOIUrl":"10.1016/j.iref.2024.103632","url":null,"abstract":"<div><div>Childhood immigrants arrive in the United States (U.S.) at different ages, each with a distinct set of skills. Previous research emphasizes the importance of early immigration in language acquisition and its subsequent effect on education and labor market outcomes. This study investigates whether migration timing has differential effects when considering other skills, specifically initial education quality. Using U.S. data of 322,328 childhood immigrants prior to 2018, we find that delayed childhood immigration from top-scoring countries in academic testing can mitigate the disadvantages associated with language acquisition. Our results suggest that children from topscoring, non-English-speaking countries appear to benefit most from later migration. Specifically, male immigrants gain an additional 2.57 years of U.S. education, while females gain 0.33 years. These additional years of education correspond to subsequent higher wages. Our study suggests a revaluation of policies, particularly regarding “late child immigrants” arriving from high-PISAscoring countries, as those individuals may achieve higher educational and income levels than previously anticipated.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103632"},"PeriodicalIF":4.8,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142663083","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

Decomposing uncertainty: How foreign policy risks shape Chinese stock market dynamics 分解不确定性：外交政策风险如何影响中国股市动态

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103698

bing Li, pu Lu, yong Wang

{"title":"Decomposing uncertainty: How foreign policy risks shape Chinese stock market dynamics","authors":"bing Li, pu Lu, yong Wang","doi":"10.1016/j.iref.2024.103698","DOIUrl":"10.1016/j.iref.2024.103698","url":null,"abstract":"<div><div>This study examines the transmission mechanism of foreign economic policy uncertainty (FEPU) on the Chinese stock market from 1997 to 2022, using a vector autoregressive adaptation of the dividend discount model. By decomposing excess returns into cash flow (CF), excess return (ER), and risk-free rate (RF) components, we disentangle the effects of FEPU shocks on these distinct factors.</div><div>Our findings indicate that FEPU primarily leads to a significant but temporary overestimation of impacts on cash flows and excess returns, with the market typically correcting itself after an initial overreaction. This pattern suggests a complex interplay between investor sentiment and market dynamics. Notably, trade stability amplifies the impact on CF, while closer monetary policy coordination enhances the transmission to RF and ER expectations. Additionally, economic cycles play a moderating role: downturns exacerbate the negative impacts on CF and RF, while bullish conditions foster resilience. Investor sentiment emerges as a crucial factor, with negative sentiment intensifying FEPU's adverse effects during economic contractions.</div><div>This research contributes a detailed perspective on how international relations, policy harmonization, and market psychology collectively influence FEPU transmission and affect China's financial stability amidst global uncertainties. Our decomposition method illuminates the dynamic forces that drive market reactions over time, offering critical insights for refining risk management strategies and crafting policy measures that buffer the financial system against external economic shocks.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103698"},"PeriodicalIF":4.8,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660169","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

Climate vulnerability and capital structure: Moderating effect of financial development, financial constraints, and 2015 Paris Agreement 气候脆弱性与资本结构：金融发展、金融限制和 2015 年《巴黎协定》的调节作用

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103711

Ly Thi Hai Tran , Tuan Ho , Hoai Thu Ho , Nam Duc Phung

{"title":"Climate vulnerability and capital structure: Moderating effect of financial development, financial constraints, and 2015 Paris Agreement","authors":"Ly Thi Hai Tran , Tuan Ho , Hoai Thu Ho , Nam Duc Phung","doi":"10.1016/j.iref.2024.103711","DOIUrl":"10.1016/j.iref.2024.103711","url":null,"abstract":"<div><div>Previous studies show that climate vulnerability affects capital structure. This research goes beyond by extending to cross-sessional analysis emphasizing the impact of climate vulnerability on capital structure conditional on firm-level financial constraints, country-level financial development, and the Paris Agreement. Using a sample of 15,612 firms across 13 Asian countries over the period from 2010 to 2020, we find that the effect of the vulnerability is more pronounced among firms with higher financial constraints and in countries with higher levels of financial development. We also find that the impact of climate vulnerability on corporate financial leverage is stronger after the Paris Agreement. Our findings are consistent with the argument that climate vulnerability incentivizes firms to lower their reliance on debt, and the heightened climate transition risk after the Paris Agreement intensifies this effect. This study provides insights into firms' capital structure choice behaviour when faced with climate change risks.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103711"},"PeriodicalIF":4.8,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142663081","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

Ethical guardians: The multifaceted impact of CSR committee on executives manipulation tendencies 道德卫士：企业社会责任委员会对高管操纵倾向的多方面影响

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103718

Asif Saeed , Samreen Hamid , Phassawan Suntraruk , Narjess Toumi

{"title":"Ethical guardians: The multifaceted impact of CSR committee on executives manipulation tendencies","authors":"Asif Saeed , Samreen Hamid , Phassawan Suntraruk , Narjess Toumi","doi":"10.1016/j.iref.2024.103718","DOIUrl":"10.1016/j.iref.2024.103718","url":null,"abstract":"<div><div>By acknowledging the crucial role of the CSR committee in shaping ethical practices within organizations, this research aims to uncover potential connections between corporate ethical supervisory and the prevalence of manipulative actions by corporate executives. Using a sample of Us-listed companies, the findings support the notion that robust CSR frameworks such as the presence of a CSR committee reduce the motivations of manipulative tendencies by executives (measured by restatements). Contrary to conventional beliefs, our findings suggest that the size of the CSR committee does not influence the manipulative tendencies, whereas, the strength of female directors and a higher number of independent directors on the CSR committee has a positive and substantial influence on ethical decision-making, reducing the inclination towards manipulative intentions. Supporting the stakeholder theory notion, we suggest firms with CSR committees display a genuine commitment to stakeholder interests, exhibiting better performance in both social and financial activities. Our study contributes to the ongoing discourse on corporate governance, ethical decision-making, and the broader implications for organizational behavior and outcomes.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103718"},"PeriodicalIF":4.8,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142663031","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

Does firms’ corporate social responsibility reduce crime? 企业的社会责任是否会减少犯罪？

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103719

Chenwei Sun , Justin Jin , Khalid Nainar , Gerald Lobo

引用次数: 0

Can digital factor participation create opportunities for “rags to riches”? Based on the perspective of intergenerational income mobility 数字要素参与能否创造 "致富机会"？基于代际收入流动的视角

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103708

Hebo Li , Yulin Liu , Zhuocheng Lu

{"title":"Can digital factor participation create opportunities for “rags to riches”? Based on the perspective of intergenerational income mobility","authors":"Hebo Li , Yulin Liu , Zhuocheng Lu","doi":"10.1016/j.iref.2024.103708","DOIUrl":"10.1016/j.iref.2024.103708","url":null,"abstract":"<div><div>Intergenerational hierarchical solidification threatens the sustainable development of economies and societies in countries worldwide. In this paper, we match macro data on digital factor participation at the city level with micro data from the Chinese Family Panel Studies (CFPS) from 2010 to 2018 to explore whether digital factor participation can break hierarchical solidification and create opportunities for “rags to riches” on the basis of the perspective of intergenerational income mobility. We find that digital factor participation contributes to facilitating upwards income mobility between generations, alleviating intergenerational hierarchical solidification. Additionally, its marginal effects are most pronounced in the low-income groups, indicating that digital factor participation serves as a booster for “poor second generations” to leapfrog rather than an accelerator for wealth accumulation among the “wealthy second generations”. Furthermore, our research reveals that digital factor participation potentially facilitates intergenerational occupational vertical “shift” channels and promotes the horizontal migration of the labour force, which in turn weakens intergenerational transmission effects, promotes intergenerational income mobility, and breaks intergenerational hierarchical solidification. Our study highlights the importance of seizing the opportunities presented by digital factor participation, as such participation offers more equitable opportunities for the lower class, which is particularly concerning in the context of the intensifying global trend of social stratification.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103708"},"PeriodicalIF":4.8,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142663079","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