International Review of Economics & Finance最新文献

Can digital inclusive finance suppress energy ecological footprint? moderated mediation effect test based on technological innovation 数字普惠金融能否抑制能源生态足迹？基于技术创新的有调节中介效应检验

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-30 DOI: 10.1016/j.iref.2025.104491

Mianhao Hu , Yiling Li , Wenqi Xiong , Juhong Yuan

{"title":"Can digital inclusive finance suppress energy ecological footprint? moderated mediation effect test based on technological innovation","authors":"Mianhao Hu , Yiling Li , Wenqi Xiong , Juhong Yuan","doi":"10.1016/j.iref.2025.104491","DOIUrl":"10.1016/j.iref.2025.104491","url":null,"abstract":"<div><div>Within the context of energy conservation, emission reduction, and the development of digital inclusion financial (DIF), this study explores the relationship between DIF and the energy ecological footprint (EEF). Using panel data from 30 provinces in China spanning 2011 to 2021, it employs a moderated mediation effect model to empirically analyze the mechanisms through which DIF affects the EEF. The findings reveal that DIF can mitigate the growth of the EEF. Specifically, it achieves this by promoting industrial structure upgrading, which in turn curbs EEF expansion. Furthermore, technological innovation enhances the positive impact of DIF on industrial structure upgrading, thereby amplifying the suppressive effect of industrial transformation on the EEF. Additional analysis highlights that regional difference—such as government digital governance capacity, environmental and financial regulations, digital infrastructure development, and digital usage—significantly influence the extent to which DIF inhibits EEF growth. The study also finds that DIF not only fosters economic inclusiveness but also demonstrates an energy ecological inclusiveness effect. Its marginal utility is particularly pronounced in regions with lower economic development and higher EEF. This research contributes to a deeper understanding of the theoretical linkage between DIF and the EEF. It also provides valuable references and decision-making insights for leveraging DIF to enhance energy efficiency and support the achievement of the “dual-carbon” goals.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104491"},"PeriodicalIF":5.6,"publicationDate":"2025-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144738940","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

Green institutional investors and corporate green innovation: Evidence from Chinese listed companies 绿色机构投资者与企业绿色创新：来自中国上市公司的证据

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-26 DOI: 10.1016/j.iref.2025.104476

Shunlin Zhu, Liping Liu

引用次数: 0

From crisis to Stability: How CSR shielded firms during Covid-19 pandemic 从危机到稳定：企业社会责任如何在2019冠状病毒病大流行期间保护企业

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-26 DOI: 10.1016/j.iref.2025.104470

Adam Arian , Sudipta Bose , Lotfi Karoui , Syed Shams

{"title":"From crisis to Stability: How CSR shielded firms during Covid-19 pandemic","authors":"Adam Arian , Sudipta Bose , Lotfi Karoui , Syed Shams","doi":"10.1016/j.iref.2025.104470","DOIUrl":"10.1016/j.iref.2025.104470","url":null,"abstract":"<div><div>This study examines the relationship between the COVID-19 pandemic and firm risk, as well as the moderating role of corporate social responsibility (CSR) performance in this relationship. Using 22,451 firm-year observations from 62 countries between 2018 and 2021, the study finds a marked increase in firm risk due to the economic disruptions caused by the pandemic. However, firms with strong CSR performance exhibit greater resilience, highlighting CSR's critical role in crisis management and risk mitigation beyond ethical compliance. Additional analysis shows that the effects of the pandemic and the moderating role of CSR performance vary by country-level business culture and economic environment. The findings highlight the importance of integrating CSR into corporate strategy to enhance resilience and manage risk during crises. We also show that stakeholder management serves as an underlying mechanism linking the interaction between CSR performance and the COVID-19 pandemic to firm risk. The study also advocates for policy support to strengthen CSR initiatives, offering actionable insights for managers and policymakers in fostering corporate preparedness for future challenges.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104470"},"PeriodicalIF":5.6,"publicationDate":"2025-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144724973","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, institutional environment, and corporate green transformation: Evidence from China's resource-based sector 人工智能、制度环境与企业绿色转型：来自中国资源型行业的证据

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-26 DOI: 10.1016/j.iref.2025.104473

Miao Wang , Yiduo Wang , Chao Feng

{"title":"Artificial intelligence, institutional environment, and corporate green transformation: Evidence from China's resource-based sector","authors":"Miao Wang , Yiduo Wang , Chao Feng","doi":"10.1016/j.iref.2025.104473","DOIUrl":"10.1016/j.iref.2025.104473","url":null,"abstract":"<div><div>Resource-based enterprises (RBEs) face mounting pressure to achieve green transformation amid intensifying environmental regulations and volatile commodity markets. While artificial intelligence technology (AIT) emerges as a potential catalyst for sustainable development, its effectiveness in facilitating green transformation among RBEs remains unclear, particularly within varying institutional contexts. We examine whether AIT adoption facilitates green transformation in RBEs. Using a sample of 1105 Chinese listed RBEs from 2009 to 2022, we provide robust evidence AIT adoption significantly enhances green transformation of RBEs via increasing R&D investment, alleviating financing constraints, and optimizing human capital structure by replacing low-skilled workers with high-quality personnel. Contrary to conventional wisdom, we find that developed institutional environments paradoxically weaken AIT's positive impact on green transformation. Our cross-sectional results show that the positive impact of AIT is more pronounced for RBEs in manufacturing industries and those in Midwestern regions. Notably, the institutional environment's negative moderating effect varies across contexts that manufacturing RBEs demonstrate greater resilience to institutional constraints compared to non-manufacturing counterparts. Our findings provide novel insights into how artificial intelligence can drive environmental sustainability in resource-based sector while highlighting the critical role of institutional context, revealing instead that institutional development can create market-driven competitive dynamics that systematically crowd out environmental investments in favor of short-term profitability optimization.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104473"},"PeriodicalIF":5.6,"publicationDate":"2025-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144723402","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

Green credit, bank competitiveness and bank risk-taking 绿色信贷、银行竞争力和银行风险承担

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-25 DOI: 10.1016/j.iref.2025.104481

Meixuan Wu

引用次数: 0

Air pollution and green mergers and acquisitions: An empirical study on heavily polluting enterprises 大气污染与绿色并购：基于重污染企业的实证研究

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-25 DOI: 10.1016/j.iref.2025.104479

Liangkai Zhao , Huayue Yang

引用次数: 0

Assessing systemic importance using multilayer dynamic networks: Evidence from China's stock market 利用多层动态网络评估系统重要性：来自中国股市的证据

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-24 DOI: 10.1016/j.iref.2025.104279

Yue Zhang , Haozhi Chen , Xiaolei He

引用次数: 0

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-24 DOI: 10.1016/j.iref.2025.104469

Rohan Kumar Mishra , Debidutta Pattnaik , M. Kabir Hassan , Abhijeet Chandra

{"title":"Research on related party transactions (RPTs): a systematic review and bibliometric analysis","authors":"Rohan Kumar Mishra , Debidutta Pattnaik , M. Kabir Hassan , Abhijeet Chandra","doi":"10.1016/j.iref.2025.104469","DOIUrl":"10.1016/j.iref.2025.104469","url":null,"abstract":"<div><div>This study aims to offer new quantitative and qualitative insights into transaction efficiency and conflict of interest among minority and controlling shareholders in related party transactions (RPTs). We utilize systematic literature review (SLR) and bibliometric techniques to analyse 218 published articles. Our analysis identifies significant contributors, publishing sources, research groups, and maps the evolution of RPT themes and their relationship to contemporary theoretical frameworks. Subsequently, we conduct a comprehensive network and content analysis. Our findings indicate that research in RPTs began evolving post-global financial crisis, particularly since 2008, with East-Asian researchers dominating the intellectual discourse. Most studies are non-collaborative and based on empirical evidence from a limited number of countries. Methodologically, many studies employ descriptive statistics or regression techniques. We identify six thematic clusters contributing to the growth narrative of RPT research. Furthermore, we identify potential avenues for future research in RPTs and corporate governance while highlighting progressive trends and dynamics within the selected themes.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104469"},"PeriodicalIF":5.6,"publicationDate":"2025-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144724837","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

How does digital supply chain transformation enhance sustainable performance of renewable energy enterprises? 数字化供应链转型如何提升可再生能源企业的可持续绩效？

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-23 DOI: 10.1016/j.iref.2025.104460

Xiuping Shi, Hao Liu

{"title":"How does digital supply chain transformation enhance sustainable performance of renewable energy enterprises?","authors":"Xiuping Shi, Hao Liu","doi":"10.1016/j.iref.2025.104460","DOIUrl":"10.1016/j.iref.2025.104460","url":null,"abstract":"<div><div>Enhancing sustainable performance is critical for renewable energy enterprises grappling with supply chain vulnerabilities. This study employs a DID model for regression analysis with data spanning from 2012 to 2023. The results show that digital transformation significantly enhances the sustainable performance of renewable energy enterprises by improving supply chain intelligence and coordination efficiency. The digital economy improves energy supply stability and sustainability by optimizing production and inventory management, enhancing supply chain coordination, and enabling green technology integration with renewables. The analysis identifies key conditions: the maturity of energy factor markets enables supply chain digitalization to enhance enterprises' sustainable performance. Additionally, the unique climate sensitivity of energy enterprises leads to stronger energy resilience improvements in firms with higher exposure to climate risks. However, the inherent risks of energy supply chains, capital intensity, and stakeholder oversight pose challenges to their sustainable governance practices.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104460"},"PeriodicalIF":4.8,"publicationDate":"2025-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144714083","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 moderating role of government intervention in the relationship between investment in artificial intelligence and the development of financial markets 政府干预在人工智能投资与金融市场发展关系中的调节作用

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-23 DOI: 10.1016/j.iref.2025.104452

Paula Ortega Perals , Fabrizio Maturo , Salvador Cruz Rambaud , Javier Sánchez García

{"title":"The moderating role of government intervention in the relationship between investment in artificial intelligence and the development of financial markets","authors":"Paula Ortega Perals , Fabrizio Maturo , Salvador Cruz Rambaud , Javier Sánchez García","doi":"10.1016/j.iref.2025.104452","DOIUrl":"10.1016/j.iref.2025.104452","url":null,"abstract":"<div><div>The widespread use of Artificial Intelligence (AI) has introduced significant challenges in assessing its impact in fields such as finance and economics. A critical question is whether regulatory measures are essential to mitigate potential risks associated with AI adoption. This study investigates the potential moderating role of government intervention by analysing annual data from 28 countries over eight years (2014–2021). Specifically, this paper explores how AI investment influences financial market indices, emphasising the role of government regulation as moderating factor. The Arellano and Bond Diff-GMM estimator is utilised to uncover insights into whether government intervention affects the influence of AI on financial markets. The findings suggest that AI adoption positively affects financial market indices, and this effect is strengthened when governmental regulation is considered. Thus, the study contributes in two main ways: it fills a gap in our understanding of AI's effects on financial markets and shows how government intervention can shape this dynamic. These insights provide valuable guidance for investors and financial market professionals, helping them leverage AI applications and align their investment strategies with regulatory frameworks.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104452"},"PeriodicalIF":4.8,"publicationDate":"2025-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144712002","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