International Review of Economics & Finance最新文献_第2页

The role of tax incentives in the alleviation of corporate over-financialization: Evidence from China 税收优惠在缓解企业过度金融化中的作用：来自中国的证据

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-23 DOI: 10.1016/j.iref.2025.104648

Chaohui Xu , Xiangrui Chao

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引用次数: 0

Capital market signals and corporate advertising strategies: An empirical analysis based on the synergistic relationship between stock price volatility and marketing capability 资本市场信号与企业广告策略：基于股价波动与营销能力协同关系的实证分析

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-23 DOI: 10.1016/j.iref.2025.104643

Shanshan Luo , Qianyu Zhu

{"title":"Capital market signals and corporate advertising strategies: An empirical analysis based on the synergistic relationship between stock price volatility and marketing capability","authors":"Shanshan Luo , Qianyu Zhu","doi":"10.1016/j.iref.2025.104643","DOIUrl":"10.1016/j.iref.2025.104643","url":null,"abstract":"<div><div>This paper conducts an empirical analysis of the data from non-financial listed companies on China's A-share market between 2008 and 2023, exploring the impact of stock price volatility on corporate advertising strategies and examining the synergistic effects of corporate marketing capabilities and stock price volatility on these strategies. The study finds that stock price volatility significantly triggers changes in corporate advertising strategies, and there exists a synergy between marketing capabilities and stock price volatility in influencing these strategies. Within the context of stock price volatility's impact on advertising strategies, there is heterogeneity related to the market environment and policy conditions in different regions, particularly pronounced in the western region, where stock price volatility has a more pronounced effect on advertising strategies. Furthermore, loss-making companies are more inclined to adopt intensified advertising strategies during periods of stock price volatility to address market pressures and investor expectations arising from external signals.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"104 ","pages":"Article 104643"},"PeriodicalIF":5.6,"publicationDate":"2025-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145217755","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 impact of national modern agriculture demonstration zones on rural household development resilience 国家现代农业示范区对农户发展韧性的影响

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-23 DOI: 10.1016/j.iref.2025.104652

Zhongwen Chen , Zeyu Ding , Qingcai Meng

引用次数: 0

Is green contagious? -Local peer effects of corporate green investment 绿色会传染吗？-企业绿色投资的地方对等效应

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-22 DOI: 10.1016/j.iref.2025.104650

Xiang Luo, JingJing Xiao, Jianan Zhou

引用次数: 0

Trading pattern synchronization in multi-asset market 多资产市场交易模式同步

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-22 DOI: 10.1016/j.iref.2025.104613

Chanho Yee

引用次数: 0

Driving corporate innovation through digital transformation: Evidence from China 通过数字化转型推动企业创新：来自中国的证据

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-22 DOI: 10.1016/j.iref.2025.104649

Jian Zhang , Jinsong Zhao , Chin-Hsien Yu , Chi-Chuan Lee

引用次数: 0

When insiders trade less: density and return predictability When insiders trade less: density and return predictability 当内部人交易较少时：密度和回报可预测性

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-22 DOI: 10.1016/j.iref.2025.104641

Congcong Wang , Zhenxiao Wang , Mardy Chiah , Yang Bai

{"title":"When insiders trade less: density and return predictability When insiders trade less: density and return predictability","authors":"Congcong Wang , Zhenxiao Wang , Mardy Chiah , Yang Bai","doi":"10.1016/j.iref.2025.104641","DOIUrl":"10.1016/j.iref.2025.104641","url":null,"abstract":"<div><div>This study examines whether insider trading density predicts subsequent stock returns in China. <em>Trading density</em> is defined as the number of trading months relative to an insider's tenure. Using 40,159 monthly transaction records from 18,206 insiders across 2653 listed firms from 2008 to 2019, we find that low-density trades yield significantly higher abnormal returns for hedge portfolios that go long on strong purchases and short on strong sales. Panel regressions confirm that this result holds after controlling for firm- and insider-level characteristics, trading patterns, and alternative variable specifications. Additional analyses of short-run abnormal returns and large price movements further reinforce the informativeness of trading density. We also find that the predictive power of trading density is moderated by information asymmetry, corporate governance, and account type. These findings suggest that insider trading density captures private information advantages beyond established proxies, giving investors and regulators an additional signal for assessing trading informativeness.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"104 ","pages":"Article 104641"},"PeriodicalIF":5.6,"publicationDate":"2025-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145156094","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

Economic policy uncertainty and dividends: New evidence on moderating effects from Japan 经济政策的不确定性和红利：来自日本的调节效应新证据

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-20 DOI: 10.1016/j.iref.2025.104640

Hong Vo , Christian Haddad , Quoc Dat Trinh

引用次数: 0

Staying or switching: How companies react to audit firm penalties 留还是换：公司如何应对审计事务所的处罚

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-19 DOI: 10.1016/j.iref.2025.104639

Kexin Zhang , Danglun Luo , Pengfei Gao

{"title":"Staying or switching: How companies react to audit firm penalties","authors":"Kexin Zhang , Danglun Luo , Pengfei Gao","doi":"10.1016/j.iref.2025.104639","DOIUrl":"10.1016/j.iref.2025.104639","url":null,"abstract":"<div><div>We investigate the relationship between corporate governance characteristics and the change of penalized audit firms based on financing, reputation, and client relationship perspectives. Based on a sample of client companies of penalized audit firms in China between 2008 and 2023, we find that companies with financing incentives and good reputations tend to change penalized audit firms, while companies with close “audit firm-client” relationships tend to maintain cooperation. The above conclusion still stands after a series of endogeneity and robustness tests. Heterogeneity tests indicate that the intensity of the China Securities Regulatory Commission (CSRC)'s penalties, the company's level of real earnings management, and the nature of property rights all affect the company's decision to change the penalized audit firm. Further research finds that the company's continued cooperation with the penalized audit firm can harm its accounting information quality and accounting conservatism. The findings of our study enrich the existing research on the factors influencing the change of penalized audit firms in emerging markets.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"104 ","pages":"Article 104639"},"PeriodicalIF":5.6,"publicationDate":"2025-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145119711","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

Strategic or substantive: The role of green finance in shaping enterprise green innovation 战略性还是实质性：绿色金融在塑造企业绿色创新中的作用

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-19 DOI: 10.1016/j.iref.2025.104636

Qi Qin , Da Gao , Linfang Tan

{"title":"Strategic or substantive: The role of green finance in shaping enterprise green innovation","authors":"Qi Qin , Da Gao , Linfang Tan","doi":"10.1016/j.iref.2025.104636","DOIUrl":"10.1016/j.iref.2025.104636","url":null,"abstract":"<div><div>As an essential driver of sustainable development, green finance (GF) is crucial in improving firms' green innovation (GI). However, whether green finance primarily influences strategic or substantive GI remains unclear. Based on institutional theory and principal-agent theory, this study investigates the influence of GF on both strategic and substantive GI performance in China's A-share listed companies from 2010 to 2020. This study also analyzes the moderating role of internal and external corporate governance factors. The results show that GF significantly promotes strategic GI performance, while the relationship between GF and substantive GI performance exhibits an inverted U-shaped pattern. In addition, environmental regulation and managers' environmental concerns negatively moderate the relationship between GF and strategic GI performance, but positively moderate the relationship between GF and substantive GI performance. Further, GI positively affects both enterprises' green and economic performance, although the improvement in economic performance is relatively slow. This study provides policymakers with theoretical foundations and practical guidance in formulating effective environmental policies.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"104 ","pages":"Article 104636"},"PeriodicalIF":5.6,"publicationDate":"2025-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145107387","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