International Review of Economics & Finance最新文献

{"title":"Internal audit independence, legal person governance structure, and financial reporting quality","authors":"Pengmian Wang,&nbsp;Shuguang Liang","doi":"10.1016/j.iref.2025.104142","DOIUrl":"10.1016/j.iref.2025.104142","url":null,"abstract":"<div><div>This study measures the independence of internal audit through the lens of audit committee independence and examines its impact on financial reporting quality. Based on empirical analysis using panel data from A-share listed companies in Shanghai and Shenzhen, the research finds that the independence of internal audit contributes to the enhancement of financial reporting quality. Furthermore, legal person governance structure plays a crucial mediating role in this relationship. Specifically, the independence of internal audit can optimize financial reporting quality by expanding board size and diversifying share ownership. Additionally, the promoting effect of internal audit independence is more pronounced in firms with strong executive incentives and high-quality information disclosure.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104142"},"PeriodicalIF":4.8,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143912536","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}

{"title":"Business model innovation, dynamic capabilities, and enterprise development","authors":"Qin Xie ,&nbsp;Shuo Li","doi":"10.1016/j.iref.2025.104149","DOIUrl":"10.1016/j.iref.2025.104149","url":null,"abstract":"<div><div>This research utilizes data from Chinese listed enterprises spanning the period from 2008 to 2023 to investigate the impact of business model innovation and dynamic capabilities on firm development. Empirical results indicate that business model innovation significantly promotes corporate development; dynamic capabilities also contribute to corporate growth. In the relationship between dynamic capabilities and corporate development, business model innovation serves as a mediating bridge. There are differences in the impact of business model innovation on corporate development between state-owned enterprises and private enterprises. Additionally, the effect of business model innovation on corporate development exhibits a threshold effect that varies with the size of the enterprise.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104149"},"PeriodicalIF":4.8,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143923085","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}

{"title":"The impact of COVID-19 and digital transformation on stock price volatility from the perspective of cultural and tourism industries","authors":"Liyuan Liu ,&nbsp;Di Wu ,&nbsp;Nianjiao Peng","doi":"10.1016/j.iref.2025.104144","DOIUrl":"10.1016/j.iref.2025.104144","url":null,"abstract":"<div><div>The COVID-19 pandemic, which emerged in December 2019, has profoundly disrupted the global economy, with the cultural and tourism industries experiencing particularly significant stock price volatility. This study investigates the dual impact of the COVID-19 pandemic and digital transformation on stock price volatility within the cultural and tourism sectors. Using data from Chinese listed cultural and tourism enterprises between 2017 and 2022, this study explores the interplay between the pandemic, digital transformation, and corporate stock price fluctuations. Empirical findings reveal that the COVID-19 pandemic has significantly heightened stock price volatility in these industries, particularly reflected in annualized monthly returns. However, digital transformation demonstrates a positive moderating effect, effectively mitigating the adverse impacts of the pandemic on stock price stability. This moderating effect varies across enterprises of different sizes and ownership structures. The study not only deepens the understanding of stock price volatility patterns in the cultural and tourism industries during crises but also highlights the critical role of digital transformation in enhancing corporate resilience and stabilizing market performance.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104144"},"PeriodicalIF":4.8,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143935087","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}

{"title":"The impact of carbon emissions trading on agricultural economic development: Evidence from China's carbon emissions trading pilot policies","authors":"Wen Zhao ,&nbsp;Dongping Zhang ,&nbsp;Yufei Zhao","doi":"10.1016/j.iref.2025.104150","DOIUrl":"10.1016/j.iref.2025.104150","url":null,"abstract":"<div><div>This study uses a panel dataset of various provinces and cities in China from 2007 to 2022 to investigate the impact of carbon emissions trading on the agricultural economy, applying a difference-in-differences (DID) model. The findings indicate that carbon emissions trading serves as a driving force for the growth of the agricultural economy, primarily by improving agricultural technical efficiency. Additionally, a threshold effect is observed in the role of green technology innovation in this relationship. A heterogeneity analysis further reveals that carbon emissions trading has a significant positive effect on agricultural economic growth in the eastern region, while its impact is less pronounced in the central and western regions.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104150"},"PeriodicalIF":4.8,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143923086","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}

{"title":"The impact of Party organizations' participation in corporate governance on the enhancement of corporate resilience","authors":"Yiran Zhang ,&nbsp;Limiao He ,&nbsp;Chen Yong","doi":"10.1016/j.iref.2025.104148","DOIUrl":"10.1016/j.iref.2025.104148","url":null,"abstract":"<div><div>This paper takes Chinese A-share listed companies from 2008 to 2023 as the research sample to explore the impact of Party organizations' participation in corporate governance on the enhancement of corporate resilience, with a focus on the mechanisms of financial intervention and the degree of enterprise digitalization. The results show that Party organizations' participation in corporate governance has a significant positive impact on corporate resilience. Through heterogeneity tests, it is found that the influence of Party organizations' participation in corporate governance on corporate resilience varies among labor-intensive, capital-intensive, and technology-intensive enterprises. Moreover, there are also differences in this impact among enterprises in different regions. The mechanism tests indicate that financial intervention serves as a mediator in the relationship between Party organizations' participation in corporate governance and corporate resilience. Notably, the mediating effect shows different characteristics between new and old enterprises. The new enterprises, facing more uncertainties and information asymmetry, benefit more from the role of Party organizations in facilitating financial access and enhancing resilience, while the effect is relatively weaker for old enterprises with established reputations and stable financial cooperation. The moderating effect analysis reveals that the degree of enterprise digitalization moderates the relationship between Party organizations' participation in corporate governance and corporate resilience. High - digitalization enterprises can integrate resources more efficiently and stimulate innovation with the help of Party organizations' participation in corporate governance, thus strengthening the positive impact on corporate resilience. This research provides empirical evidence for understanding the complex connections among corporate governance structures, financial factors, and corporate resilience. It offers valuable insights for optimizing corporate governance and enhancing corporate resilience, contributing to the sustainable development of enterprises in a complex market environment.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104148"},"PeriodicalIF":4.8,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143941329","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}

{"title":"Location strategy of emerging economy multinational enterprise","authors":"Lin Li ,&nbsp;Le Du","doi":"10.1016/j.iref.2025.104121","DOIUrl":"10.1016/j.iref.2025.104121","url":null,"abstract":"<div><div>This study investigates how state ownership, institutional diversity across subnational regions, and institutional instability shape the location strategies of emerging economy multinationals (EMNEs). The results show that state ownership significantly promotes EMNEs' foreign direct investments (FDIs) in non-home regions and developed countries. Furthermore, EMNEs originating from less institutionally developed regions exhibit a stronger preference for FDIs outside their home regions. While EMNEs often exhibit path dependence in their location choices, this effect diminishes in more dynamic institutional environments. These findings contribute to a better understanding of EMNEs' strategic decision-making processes and highlight the importance of considering institutional factors in internationalization strategies.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104121"},"PeriodicalIF":4.8,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143941328","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}

{"title":"Integrating ESG into financial distress models: The role of financial report quality and innovation in the Chinese market","authors":"Fuyuan Zhou ,&nbsp;Hanlong Chen ,&nbsp;Shiyu Tang ,&nbsp;Chuan Lee ,&nbsp;Chin-Tsai Lin","doi":"10.1016/j.iref.2025.104135","DOIUrl":"10.1016/j.iref.2025.104135","url":null,"abstract":"<div><div>This study evaluates how financial report quality and innovation moderate the impact of Environmental, Social, and Governance (ESG) factors on financial distress. It draws on a comprehensive dataset encompassing 3959 A-share listed companies from the Shanghai and Shenzhen Stock Exchanges over the period from 2012 to 2022. We choose data on ESG factors sourced from Bloomberg and CSMAR databases. Financial distress was assessed using Altman's Z-score and O-score. To measure innovation, the study employs Mergers and Acquisitions (M&amp;A) activity and Research and Development (R&amp;D) expenditures as proxies. Financial report quality was gauged using the absolute value of discretionary accruals, which served as moderators in analysing the impact of ESG on financial distress. After the empirical analysis, the findings indicate that ESG factors contribute significantly to reducing financial distress among firms. Furthermore, both financial report quality and innovation were found to enhance the effectiveness of ESG practices in mitigating financial distress. This suggests that high-quality financial reporting and robust innovation practices can strengthen the protective effects of ESG initiatives against financial instability.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104135"},"PeriodicalIF":4.8,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143941471","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}

{"title":"Digital rural construction, financial development and regional economic resilience: Mechanism analysis and empirical test","authors":"Yuran Sun,&nbsp;Canping Chen","doi":"10.1016/j.iref.2025.104146","DOIUrl":"10.1016/j.iref.2025.104146","url":null,"abstract":"<div><div>Digital countryside is the strategic direction of rural revitalization, and it is also a new driving force to promote the resilience of county economy. Based on the panel data of counties from 2013 to 2022, this paper constructs an index of regional economic resilience by using entropy weight method, and establishes an econometric model. From the perspective of financial development, this paper discusses the impact of digital rural construction on regional economic resilience, and further analyzes the regional heterogeneity of the effect. The conclusions are as follows: (1) The construction of digital countryside can significantly improve the resilience of county economy, and the impact is still stable after a series of tests; (2) Digital village construction can improve the resilience of county economy by promoting the level of regional financial development; (3) The impact of the construction of digital countryside on the resilience of county economy is characterized by regional heterogeneity, and has different impacts on the eastern, central and western regions and regions with different administrative levels. Based on this, the paper puts forward policy suggestions in three aspects: strengthening the construction of rural digital infrastructure, deepening the structural reform of the financial supply side, and implementing differentiated policy promotion mechanisms, providing policy inspiration for promoting the resilience of regional economy.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104146"},"PeriodicalIF":4.8,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143941330","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}

{"title":"Empowering ESG: The pivotal influence of directors' and officers' liability insurance on corporate sustainability","authors":"Houjian Li ,&nbsp;Quanfeixue Cheng ,&nbsp;Mengying Su ,&nbsp;Kuan Zhang","doi":"10.1016/j.iref.2025.104140","DOIUrl":"10.1016/j.iref.2025.104140","url":null,"abstract":"<div><div>Using annual data from Chinese A-share listed companies between 2009 and 2023, this paper investigates the impact of Directors' and Officers' (D&amp;O) liability insurance on corporate Environmental, Social, and Governance (ESG) performance, as well as the underlying mechanisms. The results show that D&amp;O liability insurance significantly improves corporate ESG performance, and this finding remains robust after a series of robustness checks. Furthermore, we unveil the 'black box' through which D&amp;O liability insurance enhances ESG performance. Further research findings indicate that the impact of D&amp;O liability insurance on corporate ESG performance exhibits significant heterogeneity. Specifically, the level of regional green finance development, institutional investor shareholding, and tax incentive levels enhance the positive influence of D&amp;O liability insurance on corporate ESG performance. In contrast, for heavily polluting industries, the improvement effect of D&amp;O liability insurance on ESG performance is notably weaker compared to non-heavily polluting industries. Lastly, we explored the impact of the COVID-19 pandemic on this relationship and found that during the pandemic, the positive effect of D&amp;O liability insurance on corporate ESG performance was significantly weakened. This suggests that in the context of a global crisis, companies prioritize short-term survival goals over long-term sustainable development objectives. This study not only contributes to the literature on risk transfer mechanisms but also deepens the understanding of how D&amp;O liability insurance enhances corporate ESG performance.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104140"},"PeriodicalIF":4.8,"publicationDate":"2025-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143927774","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}

{"title":"Insider trading and government intervention","authors":"Zhihua Li ,&nbsp;Hong Liu ,&nbsp;Qingshan Yang","doi":"10.1016/j.iref.2025.104104","DOIUrl":"10.1016/j.iref.2025.104104","url":null,"abstract":"<div><div>This paper studies an insider trading model with government intervention aiming to stabilize price volatility, in one-period and multi-period scenarios. In a single-period model, we identify a threshold for the strength of government intervention that determines the interplay among market characteristics contingent on whether this threshold is exceeded or not. Furthermore, we find that government intervention effectively stabilizes price fluctuation in the multi-period model. Meanwhile, the insider adopts alternating increasing trading strategies (V-shaped) while the government adopts corresponding hedging strategies. Finally, empirical analysis is used to verify the effectiveness of government intervention.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104104"},"PeriodicalIF":4.8,"publicationDate":"2025-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143912537","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}