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Institutional shareholding, corporate financialization, and regulatory penalties for listed companies
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-02-27 DOI: 10.1016/j.iref.2025.103998
Jingyi Guo , Yinglong Zheng , Shilin Du , Grace (Li) Tian
{"title":"Institutional shareholding, corporate financialization, and regulatory penalties for listed companies","authors":"Jingyi Guo ,&nbsp;Yinglong Zheng ,&nbsp;Shilin Du ,&nbsp;Grace (Li) Tian","doi":"10.1016/j.iref.2025.103998","DOIUrl":"10.1016/j.iref.2025.103998","url":null,"abstract":"<div><div>This study selects data from publicly listed companies from 2009 to 2022 as samples to examine the impact of institutional shareholding and corporate financialization on the penalties imposed on listed companies for violations. The empirical results indicate that institutional shareholding can effectively reduce the risk of penalties for violations by listed companies; corporate financialization increases the risk of penalties for violations by listed companies; institutional shareholding plays a mediating role between corporate financialization and the risk of penalties for violations by listed companies; there is heterogeneity in the impact of corporate financialization on the risk of penalties for violations between state-owned and private enterprises; the impact of corporate financialization on the risk of penalties for violations by listed companies exhibits a threshold effect, which varies with changes in company size.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 103998"},"PeriodicalIF":4.8,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143591832","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
Research on the impact of new quality productivity on enterprise ESG performance
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-02-27 DOI: 10.1016/j.iref.2025.104009
Haiying Chu, Xiaoxiao Niu, Mou Li, Lei Wei
{"title":"Research on the impact of new quality productivity on enterprise ESG performance","authors":"Haiying Chu,&nbsp;Xiaoxiao Niu,&nbsp;Mou Li,&nbsp;Lei Wei","doi":"10.1016/j.iref.2025.104009","DOIUrl":"10.1016/j.iref.2025.104009","url":null,"abstract":"<div><div>Since the second session of the 14th National Peoples Congress, there has been renewed emphasis on the significant role of new quality productivity in high-quality development, with corporate ESG performance serving as a key indicator of sustainable corporate development. How to empower high-quality corporate development through new quality productivity, thereby enhancing corporate ESG performance, has become a practical issue. This paper conducts an empirical analysis based on data from listed companies in the Shanghai and Shenzhen A-share markets between 2011 and 2022, using robustness tests, mechanism analysis, and heterogeneity analysis to examine whether new quality productivity influences corporate ESG performance. The empirical results show that new quality productivity has a significant positive impact on corporate ESG performance. Mechanism analysis indicates that digital transformation and green technology innovation efficiency are important pathways through which new quality productivity enhances corporate ESG performance. In heterogeneity analysis, compared to non-state-owned enterprises and regions in central and western China, the positive effect of new quality productivity on corporate ESG performance is more pronounced in state-owned enterprises and eastern regions. Further analysis reveals that the impact of increased new quality productivity on ESG varies across its three sub-dimensions, with the greatest improvement in environmental performance and limited improvement in corporate governance. Based on the research findings, some feasible recommendations are proposed for companies and relevant departments.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 104009"},"PeriodicalIF":4.8,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143535213","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
Digital economy enterprise investment value evaluation model and empirical analysis
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-02-27 DOI: 10.1016/j.iref.2025.104005
Yuyou He
{"title":"Digital economy enterprise investment value evaluation model and empirical analysis","authors":"Yuyou He","doi":"10.1016/j.iref.2025.104005","DOIUrl":"10.1016/j.iref.2025.104005","url":null,"abstract":"<div><div>Assessment of investment value and risk management are crucial for enterprise growth in the digital economy. Traditional methods focus on financial indicators and market performance, but the evolving landscape now includes data assets, innovation, and user experience. Hence, a tailored model for the digital economy is needed. This paper introduces a comprehensive evaluation model that integrates traditional metrics, market performance, data assets, R&amp;D investment, and user community. It also discusses model application and strategies to enhance enterprise value in the digital economy.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 104005"},"PeriodicalIF":4.8,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143548419","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 AI applications on corporate green innovation
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-02-27 DOI: 10.1016/j.iref.2025.104007
Kang Xi , Xuefeng Shao
{"title":"Impact of AI applications on corporate green innovation","authors":"Kang Xi ,&nbsp;Xuefeng Shao","doi":"10.1016/j.iref.2025.104007","DOIUrl":"10.1016/j.iref.2025.104007","url":null,"abstract":"<div><div>In the context of China's efforts to achieve carbon peaking and carbon neutrality goals, this study examined the impact of artificial intelligence (AI) applications on corporate green innovation (CGI) and the mechanism underlying such impact. Based on the panel data of 5209 Chinese listed firms from 2003 to 2022, this study empirically analyzed the relationship between AI applications and CGI using text analysis and econometric methods. The results revealed that AI applications significantly positively affect CGI. Additionally, media attention positively moderates the relationship between AI applications and CGI efficiency. Heterogeneity analysis further revealed the significantly different roles of various factors (e.g., region, industry, and nature of corporate ownership) in the relationship between AI applications and CGI. Our findings provide empirical support for the role of AI applications in achieving China's carbon peaking and carbon neutrality goals, and are of both theoretical and practical significance to promoting green transformation in China's economic development.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 104007"},"PeriodicalIF":4.8,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143578152","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
Navigating ESG challenges in ICT: Risks and rewards across the pandemic landscape 应对信息和通信技术领域的环境、社会和治理挑战：大流行病背景下的风险与回报
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-02-27 DOI: 10.1016/j.iref.2025.103994
Songhee Kang , Ahreum Hong
{"title":"Navigating ESG challenges in ICT: Risks and rewards across the pandemic landscape","authors":"Songhee Kang ,&nbsp;Ahreum Hong","doi":"10.1016/j.iref.2025.103994","DOIUrl":"10.1016/j.iref.2025.103994","url":null,"abstract":"<div><div>This study explores the impact of ESG risks on the financial and investment performance of 115 Fortune Global ICT firms from 2017 to 2021, a sector vital to global GDP growth. Using Ridge Regression and Instrumental Variables Generalized Method of Moments, it examines the relationship between ESG risks and annual revenue while controlling for firm size. Findings reveal that larger ICT firms exhibit lower environmental (E) risks but higher governance (G) risks, with lower governance risks strongly linked to superior financial performance, positioning governance as the most critical ESG factor. Investment portfolios constructed based on ESG risk levels consistently outperformed benchmarks during periods of economic instability, such as the COVID-19 pandemic, demonstrating the resilience of firms with effective ESG management. From an investor's perspective, tailored and valid ESG disclosures are essential for informed decision-making. This study extends the signalling governance theory by identifying low ESG risk—particularly governance risk—as a direct signal of corporate resilience and sustainability. It underscores the strategic importance of governance improvements and customised ESG frameworks in enhancing financial outcomes, investment performance, and stakeholder trust. It offers actionable insights for ICT firms navigating increasingly uncertain global markets.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 103994"},"PeriodicalIF":4.8,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143535215","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
Differentiated digital transformation strategies in manufacturing: The impact of firm ownership on productivity
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-02-27 DOI: 10.1016/j.iref.2025.104002
Di Wang , Bin He , Nier Dong , Daocheng Yang
{"title":"Differentiated digital transformation strategies in manufacturing: The impact of firm ownership on productivity","authors":"Di Wang ,&nbsp;Bin He ,&nbsp;Nier Dong ,&nbsp;Daocheng Yang","doi":"10.1016/j.iref.2025.104002","DOIUrl":"10.1016/j.iref.2025.104002","url":null,"abstract":"<div><div>As information technology rapidly advances, digital transformation has become an important trend in enterprise development globally, particularly for manufacturing firms aiming to enhance productivity and competitiveness. This study examines the impact of digital transformation on the production efficiency of Chinese listed manufacturing enterprises from 2011 to 2021, employing a dynamic common factor model and a panel data quantile regression model. The findings reveal a path-dependent relationship between digital transformation and production efficiency, with limited improvements observed at lower efficiency levels. However, once production efficiency reaches a certain threshold, the effect of digital transformation in enhancing productivity becomes increasingly significant. Moreover, the study highlights the heterogeneity of digital transformation's impact across different ownership structures. High-tech state-owned and private enterprises significantly benefit from cost reduction, innovation, alleviation of financial constraints, and improvements in decision-making and human capital. In contrast, non-high-tech state-owned enterprises exhibit limited improvements in cost reduction and decision-making, while non-high-tech private enterprises show limited productivity gains from human capital development. These findings emphasise the necessity of aligning digital transformation strategies with ownership characteristics, offering valuable insights for policymakers and management practices seeking to optimise the impact of digital transformation.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 104002"},"PeriodicalIF":4.8,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143548353","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
Green credit, tourism technology innovation, and sustainable development of tourism
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-02-27 DOI: 10.1016/j.iref.2025.104004
Jingyu Sun, Dan Chen
{"title":"Green credit, tourism technology innovation, and sustainable development of tourism","authors":"Jingyu Sun,&nbsp;Dan Chen","doi":"10.1016/j.iref.2025.104004","DOIUrl":"10.1016/j.iref.2025.104004","url":null,"abstract":"<div><div>The research employs datasets spanning from 2010 to 2022, encompassing 31 provinces in China, to assess how green credit and technological innovations in tourism influence the sustained growth of the tourism sector. The main findings include: green credit significantly promotes the sustainable development of the tourism industry; tourism technological innovation similarly exerts a noticeable driving force on the sustainable development of the tourism industry; tourism technological innovation mediates green credit's promotion of tourism sustainability, and green credit's impact varies across Chinese regions; the impact of green credit on the sustainable development of the tourism industry is influenced by the threshold effect of regional economic levels.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 104004"},"PeriodicalIF":4.8,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143548434","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
Does being embedded in RTA networks promote firm productivity? Evidence from Chinese firms
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-02-27 DOI: 10.1016/j.iref.2025.103973
Xiaozhuo Wang , Guang Yang
{"title":"Does being embedded in RTA networks promote firm productivity? Evidence from Chinese firms","authors":"Xiaozhuo Wang ,&nbsp;Guang Yang","doi":"10.1016/j.iref.2025.103973","DOIUrl":"10.1016/j.iref.2025.103973","url":null,"abstract":"<div><div>This study examines the effect of regional trade agreement (RTA) network embeddedness on firm productivity using panel data on Chinese listed companies and global RTAs from 2010 to 2017. The findings indicate that firms with deeper embeddedness in RTA networks experience significant productivity gains, primarily driven by trade expansion and innovation. Heterogeneity analysis reveals stronger effects for firms with core RTA partners, high export intensity, and operating within the service sector. This study contributes micro-level evidence on RTA network embeddedness's role in fostering productivity within China's evolving trade landscape, highlighting the need for peripheral firms to strengthen ties with core RTA countries to reduce productivity disparities.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 103973"},"PeriodicalIF":4.8,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143687017","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
How does green finance affect carbon emission intensity? The role of green technology innovation and internet development
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-02-27 DOI: 10.1016/j.iref.2025.103995
Qiufeng Zhang , Huan Huang , Liang Chen , Yushi Wang
{"title":"How does green finance affect carbon emission intensity? The role of green technology innovation and internet development","authors":"Qiufeng Zhang ,&nbsp;Huan Huang ,&nbsp;Liang Chen ,&nbsp;Yushi Wang","doi":"10.1016/j.iref.2025.103995","DOIUrl":"10.1016/j.iref.2025.103995","url":null,"abstract":"<div><div>Exploring the impact of green finance (GF) on carbon emission intensity (CEI) is crucial for comprehending sustainable economic development. This study thoroughly examines the influence of GF on CEI across 251 Chinese cities from 2011 to 2020. Employing the entropy method, we constructed a GF development index and applied kernel density estimation to examine the evolution of GF and CEI. The study integrates mediating effect models with spatial Durbin models to elucidate the spatial spillover effects and the complex underlying mechanisms of GF's impact on CEI. The results indicate a disparity in GF among different cities and a concomitant decrease in CEI, emphasizing the efficacy of green policies and industrial transformation. Importantly, GF is observed to substantially lower CEI, demonstrating significant spatial spillover effects. This conclusion remains valid after a series of robustness tests, including IV estimation, replacing the dependent variable, and eliminating outliers. The study identifies green technology innovation (GTI) as a critical mediator in the GF-CEI nexus, while also showing that internet development (INT) has a masking effect. Policy recommendations include enhanced regional cooperation, incentivizing green technology innovation through financial institutions, aligning GF with stringent environmental regulations, and formulating region-specific GF policies that comprehensively address environmental concerns.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 103995"},"PeriodicalIF":4.8,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143535207","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
Do industrial robot applications upgrade the global value chain position? Empirical evidence from China
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-02-27 DOI: 10.1016/j.iref.2025.104012
Dawei Zheng, Tingdong Wang
{"title":"Do industrial robot applications upgrade the global value chain position? Empirical evidence from China","authors":"Dawei Zheng,&nbsp;Tingdong Wang","doi":"10.1016/j.iref.2025.104012","DOIUrl":"10.1016/j.iref.2025.104012","url":null,"abstract":"<div><div>This study investigates the impact and mechanisms of industrial robot applications on enterprises' global value chain (GVC) position, by matching data from the China Industrial Enterprises Database and the China Customs Database. It was found that the applications of industrial robots can significantly upgrade enterprises’ GVC position. Heterogeneity analysis shows that the effect varies across enterprises based on their nature, financing constraints, and size. Mechanism analysis indicates that production efficiency, R&amp;D and intermediate product quality improvement are important mechanisms. The conclusions provide valuable insights on how to promote high-quality development of enterprises through stable and effective use of artificial intelligence.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 104012"},"PeriodicalIF":4.8,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143562831","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
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