International Review of Economics & Finance最新文献_第10页

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

Effects of monetary policy in a Schumpeterian economy with pollutant emissions 考虑污染物排放的熊彼特经济中货币政策的影响

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-23 DOI: 10.1016/j.iref.2025.104280

Yao Xiao , Florence Ut Meng Ho , Zhijie Zheng

{"title":"Effects of monetary policy in a Schumpeterian economy with pollutant emissions","authors":"Yao Xiao , Florence Ut Meng Ho , Zhijie Zheng","doi":"10.1016/j.iref.2025.104280","DOIUrl":"10.1016/j.iref.2025.104280","url":null,"abstract":"<div><div>While increasing research seeks to investigate the impact of monetary policy on climate change, the debate on how the central bank takes into account environmental concerns remains unresolved. This study joins this debate by developing a Schumpeterian growth model with pollutant emissions and abatement R&D to explore the effects of monetary and environmental policies on economic growth, environmental quality and social welfare. We find that higher inflation tends to depress economic growth, but it reduces pollutant emissions and improves environmental quality. Moreover, raising the fraction of seigniorage revenues to abatement R&D can increase environmental quality but retard economic growth. We have also analyzed social welfare effects of policy instruments and find that there exists an optimal policy combination that are sufficient for resorting the social optimum. By calibrating the model to the US data, the quantitative analysis shows that households’ preference for environmental quality plays an important role in determining the optimal monetary and environmental policies.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104280"},"PeriodicalIF":5.6,"publicationDate":"2025-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144724839","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

Supply chain spillover effects of corporate voluntary green behavior: A quasi-natural experiment from China 企业自愿绿色行为的供应链溢出效应：来自中国的准自然实验

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-23 DOI: 10.1016/j.iref.2025.104455

Yuan Qian

{"title":"Supply chain spillover effects of corporate voluntary green behavior: A quasi-natural experiment from China","authors":"Yuan Qian","doi":"10.1016/j.iref.2025.104455","DOIUrl":"10.1016/j.iref.2025.104455","url":null,"abstract":"<div><div>Our study explores the supply chain spillover effects of corporate voluntary green behavior. Specifically, based on China's Green Manufacturing Program, we investigate whether a firm obtaining the Green Manufacturing Certification (GMC) endorsed by the government increases green innovation among upstream and downstream firms in the supply chain. We find that after obtaining the GMC, a firm's downstream clients experience a significant increase in green innovation. We perform a series of robustness tests and the results remain consistent. Heterogeneity analyses show that the positive impact of obtaining the GMC on client green innovation is more pronounced for firms in non-polluting industries, firms located in regions with less stringent environmental regulations, and clients with higher market competition. We also find that obtaining GMC has a significant positive impact on the green innovation of upstream suppliers. Our results indicate that government-endorsed green certification can effectively identify corporate voluntary green behavior and generate spillover effects among upstream and downstream firms.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104455"},"PeriodicalIF":4.8,"publicationDate":"2025-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144714086","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 banking competitiveness stimulate the development of regional green finance? 银行竞争力能否促进区域绿色金融的发展？

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-23 DOI: 10.1016/j.iref.2025.104464

Weiming Xiang, Chen Ma

引用次数: 0

Exploration on the impact of low carbon pilot policies on rural industrial development under the background of “Dual-carbon” goals “双碳”目标背景下低碳试点政策对农村产业发展的影响探讨

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-22 DOI: 10.1016/j.iref.2025.104450

Siqi Lu , Siyuan Huang , Zilong Zhao

{"title":"Exploration on the impact of low carbon pilot policies on rural industrial development under the background of “Dual-carbon” goals","authors":"Siqi Lu , Siyuan Huang , Zilong Zhao","doi":"10.1016/j.iref.2025.104450","DOIUrl":"10.1016/j.iref.2025.104450","url":null,"abstract":"<div><div>Initiated in 2010 and implemented in three batches across selected provinces and cities, the low-carbon policy is a pivotal initiative in China dedicated to actualizing the “Dual-carbon” goal by cutting down upon greenhouse gas emissions, lessening industrial carbon output, and pushing ahead low-carbon development in urban and rural economies. This study explores how these strategies affect the efficiency of rural industrial development in pilot areas, which is directly correlated with rural revitalization and common prosperity. It puts forward several hypotheses with regard to the association between low-carbon pilot policies and TFP in rural industries, using panel data from 1674 county-level cities in China from 2001 to 2022. Although effects vary spatially on account of geographical and economic factors, the research deems that these policies noticeably enhance overall rural industry TFP, which can be validated when we treat low-carbon pilot policies as a quasi-natural experiment and employing a multi-period double difference method. The policies have a notable and positive impact in regions south of the Qinling Huaihe River, east of the Hu Huanyong line, and in resource-based western areas, highlighting the synergy between policy adaptability and regional endowments. Mechanism analysis reveals that inter-provincial policy collaboration enhances effectiveness through a “provincial-prefecture level” governance mechanism, which underscores the importance of multi-level policy linkage for improving rural green transformation efficiency. Nonetheless, the influence of low-carbon agricultural initiatives and carbon peak measures—both as structural components within certain regional low-carbon pilot policy implementations—demonstrates temporal variability, with the latter showing short-term inhistory effects on rural industry TFP, highlighting tensions between strict carbon constraints and rural economic growth objectives.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104450"},"PeriodicalIF":5.6,"publicationDate":"2025-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144723401","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 corporate business similarity affects ESG Performance? 企业业务相似性如何影响ESG绩效？

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-22 DOI: 10.1016/j.iref.2025.104454

Wei Tu , Juan He

引用次数: 0

Impact of environmental double materiality on firm valuation: Evidence from the EU 环境双重重要性对公司估值的影响：来自欧盟的证据

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-22 DOI: 10.1016/j.iref.2025.104461

Pai-Chin Huang , Nawazish Mirza , Muhammad Umar , Alexandra Horobet

{"title":"Impact of environmental double materiality on firm valuation: Evidence from the EU","authors":"Pai-Chin Huang , Nawazish Mirza , Muhammad Umar , Alexandra Horobet","doi":"10.1016/j.iref.2025.104461","DOIUrl":"10.1016/j.iref.2025.104461","url":null,"abstract":"<div><div>This study examines how environmental reporting influences firm valuation across high-impact EU sectors. We focus on disclosures related to environmental supply chain management, energy efficiency, water efficiency, renewable energy use, and green capital expenditures as double materiality factors, and assess their impact on firm valuations. Our analysis covers an unbalanced panel of 224–328 publicly listed EU firms from environmentally sensitive sectors over the period 2019–2023. The findings reveal a significant, positive relationship between these disclosures and firm value, which remains consistent across both fundamental and multiplier-based valuation metrics. The results indicate that transparency in climate-related practices can enhance firm value, aligning corporate actions with market expectations for sustainable growth. Our results contribute to the discourse on the Corporate Sustainability Reporting Directive, demonstrating that double materiality disclosures provide investors with crucial information. This research advances the understanding of climate corporate finance, emphasizing the importance of standardized environmental disclosures in supporting the firm value and reducing systemic uncertainty in the EU regulatory space.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104461"},"PeriodicalIF":4.8,"publicationDate":"2025-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144694753","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 at the top: How CEOs’ environmental experience shapes ESG performance in Chinese firms 绿色至上：ceo的环境经验如何影响中国企业的ESG绩效

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-22 DOI: 10.1016/j.iref.2025.104451

Zichen Lai , Yitian Lian , Feng Zhao , Yaomin Zheng

{"title":"Green at the top: How CEOs’ environmental experience shapes ESG performance in Chinese firms","authors":"Zichen Lai , Yitian Lian , Feng Zhao , Yaomin Zheng","doi":"10.1016/j.iref.2025.104451","DOIUrl":"10.1016/j.iref.2025.104451","url":null,"abstract":"<div><div>As China transitions into a new phase of high-quality economic development, corporate ESG performance has taken on an increasingly critical role, not only in advancing green and sustainable growth but also in shaping new quality productive forces. This study leverages panel data from non-financial firms listed on the Shanghai and Shenzhen A-share markets in China between 2012 and 2022 to examine how CEOs’ environmental experience influences ESG outcomes. The results indicate that CEOs with environmental backgrounds are significantly more likely to enhance corporate ESG performance. Mechanism analyses reveal that this relationship is primarily mediated through a reduction in environmental violations, increased green innovation, and improved mitigation of agency problems. Notably, the positive effect is more pronounced in firms operating in favorable business environments, under conditions of high environmental uncertainty, and within industries not classified as heavily polluting. Further evidence suggests that by strengthening ESG performance, CEOs with environmental experience contribute to the development of new quality productive forces. This study adds to the growing literature on executive characteristics and corporate sustainability and offers practical implications for the formulation and implementation of ESG-related policies.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104451"},"PeriodicalIF":5.6,"publicationDate":"2025-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144724836","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 investor attention affect corporate technology investment and innovation efficiency? 投资者关注如何影响企业技术投资和创新效率？

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-22 DOI: 10.1016/j.iref.2025.104459

Haiyan Dai , Yize Qiao

{"title":"How does investor attention affect corporate technology investment and innovation efficiency?","authors":"Haiyan Dai , Yize Qiao","doi":"10.1016/j.iref.2025.104459","DOIUrl":"10.1016/j.iref.2025.104459","url":null,"abstract":"<div><div>Amid profound transformations in the global economic architecture and the accelerating pace of technological disruption, heightened investment in innovation has emerged as a strategic imperative for corporate competitiveness. This study systematically examines the impact of investor attention on corporate innovation behavior using panel data from listed companies during 2011–2022. The findings reveal that investor attention exerts a significantly positive influence on both corporate technological investment and innovation efficiency. Mechanistic analysis demonstrates that digital transformation serves as a key transmission channel through which investor attention enhances technological investment, while improvements in internal control quality emerge as the pivotal mechanism for boosting innovation efficiency. Under financing constraints, investor attention further amplifies its stimulative effect on corporate technological investment by alleviating external funding pressures. This research provides novel empirical evidence for understanding how capital markets can foster innovation-driven real economic development, offering important implications for refining innovation incentive mechanisms.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104459"},"PeriodicalIF":4.8,"publicationDate":"2025-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144714082","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

Corporate governance, international financial development, and cross-border mergers and acquisitions 公司治理、国际金融发展、跨国并购

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-22 DOI: 10.1016/j.iref.2025.104457

Yafei Xing , Junwei Wang , Yitian Lu

{"title":"Corporate governance, international financial development, and cross-border mergers and acquisitions","authors":"Yafei Xing , Junwei Wang , Yitian Lu","doi":"10.1016/j.iref.2025.104457","DOIUrl":"10.1016/j.iref.2025.104457","url":null,"abstract":"<div><div>This study, based on a dataset of Chinese listed companies from 2003 to 2023, explores the impact of corporate governance, international financial development, and their interactions on enterprises' cross-border mergers and acquisitions (M&A). The findings indicate that corporate governance has a significant positive effect on cross-border M&A, with higher levels of corporate governance enhancing the frequency of such transactions. International financial development facilitates cross-border M&A, particularly in regions with more developed financial markets, where enterprises have greater opportunities to obtain financing and pursue acquisitions. There is a significant interaction between corporate governance and international financial development; effective corporate governance can effectively promote cross-border M&A in environments with favorable international financial development. Heterogeneity analysis reveals that firms in technology-intensive industries can significantly improve performance under good corporate governance and financial support, whereas the impact is relatively smaller in non-technology-intensive industries.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104457"},"PeriodicalIF":5.6,"publicationDate":"2025-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144738941","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