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

Online external attention vicariously monitors real earnings management along interlocking directors

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-01-22 DOI: 10.1016/j.iref.2025.103902

Jing Zhang , Yuan Feng , Zhongwei Xia

{"title":"Online external attention vicariously monitors real earnings management along interlocking directors","authors":"Jing Zhang , Yuan Feng , Zhongwei Xia","doi":"10.1016/j.iref.2025.103902","DOIUrl":"10.1016/j.iref.2025.103902","url":null,"abstract":"<div><div>Considering firms socially learn real earnings management (REM) via interlocking directors, we examine whether the monitoring effect of online external attention on REM would also spread during this social learning process, generating the vicarious monitoring effect. Based on Chinese listed firms from 2008 to 2023, we build a spatial regression model with time-varying matrix to verify the existence of this vicarious monitoring effect. This spatial method allows us to estimate the marginal magnitude of social learning and vicarious monitoring on REM per unit interlocking director, as well as higher-order interlocking relationships. By doing so, we first verify the widely accepted argument that online external attention (from both online media and retail investors) directly governs REM, supplementing where regulations fail. Additionally, we provide evidence of REM contagion among interlocking directors, indicating the influence of social learning on REM via social relationships. More importantly, we verify the existence of vicarious monitoring effect that the governance of online external attention on REM also spreads via interlocking directors, and estimate its marginal magnitude per unit interlock and attention, thus providing regulators and stakeholders a new instrument to socially govern REM. Therefore, we contribute to the discussion on accounting quality and corporate governance from a social learning perspective.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"98 ","pages":"Article 103902"},"PeriodicalIF":4.8,"publicationDate":"2025-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143150413","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

Tourism and economic growth: The role of institutional quality

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-01-22 DOI: 10.1016/j.iref.2025.103913

Zhaoyang Sun , Ling Liu , Runquan Pan , Yiwei Wang , Bingbing Zhang

{"title":"Tourism and economic growth: The role of institutional quality","authors":"Zhaoyang Sun , Ling Liu , Runquan Pan , Yiwei Wang , Bingbing Zhang","doi":"10.1016/j.iref.2025.103913","DOIUrl":"10.1016/j.iref.2025.103913","url":null,"abstract":"<div><div>Tourism serves as a vital catalyst for economic growth. However, the impact of tourism development on economic advancement is often debated, and insufficient attention has been paid to the role of institutional quality in this relationship. This paper aims to evaluate the extent to which institutional quality influences the contribution of tourism development to economic growth. The study employs Ordinary Least Squares (OLS), System Generalized Method of Moments (GMM), and Quantile regression on a dataset spanning 1995 to 2019 for 182 countries, facilitating robust inferences. The results from both absolute and growth models indicate that tourism positively contributes to economic growth, with this effect being moderated by the level of institutional quality. Subsampling tests reveal that countries with high institutional quality, like those exhibiting open tourism policies, experience significantly greater economic benefits from tourism development. This suggests that institutional quality plays a significant role in enhancing the capacity of tourism development to foster economic growth. Beyond yielding insights for practitioners into economic growth, our research contributes to the theories on the tourism economy and institutional quality.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"98 ","pages":"Article 103913"},"PeriodicalIF":4.8,"publicationDate":"2025-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151295","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

Assessing the impact of the Central Line Project of South-to-North Water Diversion on urban economic resilience: Evidence from prefecture-level cities in Henan and Hebei provinces

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-01-22 DOI: 10.1016/j.iref.2025.103904

Xin Guo

{"title":"Assessing the impact of the Central Line Project of South-to-North Water Diversion on urban economic resilience: Evidence from prefecture-level cities in Henan and Hebei provinces","authors":"Xin Guo","doi":"10.1016/j.iref.2025.103904","DOIUrl":"10.1016/j.iref.2025.103904","url":null,"abstract":"<div><div>The rational distribution of water resources is vital for the stable development of regional economies. In the agriculturally and industrially advanced cities in the north, water shortages impede agricultural irrigation and industrial production and undermine the stability and resilience of the entire economic system. Consequently, this study utilizes the Difference-in-differences and mediation effect models. It is grounded in a panel data analysis of prefecture-level cities in Henan and Hebei provinces along the Central Line Project of South-to-North Water Diversion from 2010 to 2022. The study aims to analyze the impact of the project's operation and water supply on the economic resilience of the recipient cities and to explore the underlying mechanisms. The research findings are as follows: Firstly, there is a significantly positive correlation between the water supply from Central Line Project of South-to-North Water Diversion and the economic resilience of the recipient cities. This conclusion remains valid after a series of robustness tests. Secondly, the water supply from the Central Line Project of South-to-North Water Diversion's recipient cities' economic resilience by enhancing regional innovation capabilities and agricultural technological innovation. Thirdly, the heterogeneity analysis indicates that the positive impact of the water supply from the Central Line Project of South-to-North Water Diversion on the economic resilience of recipient cities is particularly pronounced in non-resource-based cities, and samples that are adjacent to Beijing and Tianjin or are provincial capitals themselves, or are close to provincial capitals. The research conclusions offer specific references and perspectives for the high-quality development of China's Central Line Project of South-to-North Water Diversion, the optimization of the rational allocation of water resources, and the promotion of stable urban economic growth and enhanced resilience.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"98 ","pages":"Article 103904"},"PeriodicalIF":4.8,"publicationDate":"2025-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143150417","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

The disciplinary role of options trading: Evidence from earnings manipulation

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-01-21 DOI: 10.1016/j.iref.2025.103910

Mengshu Hao , Jieying Hong

引用次数: 0

The impact of write-down equity on bank stability under ambiguity aversion

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-01-21 DOI: 10.1016/j.iref.2025.103851

Zhiming Zhao, Lingyan Qiu, Jianping Shu

引用次数: 0

Manufacturing enterprise digital transformation, manager cognition, and strategic Risk-Taking—Evidence from China

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-01-21 DOI: 10.1016/j.iref.2025.103906

Zhongsheng Zhou , Jingyao Zhang , Chao He

引用次数: 0

Digital credit and insurance: Improving economic well-being for rural households

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-01-21 DOI: 10.1016/j.iref.2025.103912

Jinhua Zhang , Shuangyu Chen , John W. Goodell , Anna Min Du

引用次数: 0

ESG performance and stability of New Quality Productivity Forces: From perspective of China's modernization construction

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-01-21 DOI: 10.1016/j.iref.2025.103911

Runhua Xue , Jiebin Chen

{"title":"ESG performance and stability of New Quality Productivity Forces: From perspective of China's modernization construction","authors":"Runhua Xue , Jiebin Chen","doi":"10.1016/j.iref.2025.103911","DOIUrl":"10.1016/j.iref.2025.103911","url":null,"abstract":"<div><div>This paper addresses the gap in existing literature regarding the factors that stabilize New Quality Productivity Forces (<em>NQPF</em>) within firms, particularly in the context of innovation-driven development and technological progress. While prior research has explored individual elements such as Environmental, Social, and Governance (<em>ESG</em>) performance, patent quality, and digital transformation, remains limited understanding of how these factors interact to influence S<em>NQPF</em>, particularly in the context of China's modernization drive. To fill this gap, we develop and empirically test a framework that examines the combined effects of ESG practices, patent quality, and digital transformation on <em>SNQPF</em> using a dataset spanning 2008 to 2022, comprising 3751 firm-year observations. The findings reveal that <em>ESG</em> performance significantly drives <em>SNQPF</em> improvement, aligning with China's focus on high-quality development that integrates economic growth with environmental and social responsibility. Additionally, we find that patent quality and digital transformation positively moderate the relationship between <em>ESGP</em> and <em>SNQPF,</em> highlighting the importance of technological innovation and intellectual property in fostering sustainable economic growth. This study provides new insights into optimizing <em>ESG</em> management strategies and contributes to the broader understanding of how innovation and sustainability practices interact to enhance <em>SNQPF</em>, supporting China's long-term modernization goals.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"98 ","pages":"Article 103911"},"PeriodicalIF":4.8,"publicationDate":"2025-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151888","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

Carbon emission disclosure and carbon premium ——evidence from the Chinese bond market

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-01-21 DOI: 10.1016/j.iref.2025.103907

Xiaohan Si , Shuai Zhang

{"title":"Carbon emission disclosure and carbon premium ——evidence from the Chinese bond market","authors":"Xiaohan Si , Shuai Zhang","doi":"10.1016/j.iref.2025.103907","DOIUrl":"10.1016/j.iref.2025.103907","url":null,"abstract":"<div><div>Carbon emissions play a crucial role in the quantitative assessment of ESG sustainability disclosure. Existing literature has extensively explored the relationship between carbon emissions and firm value. In this study, we analyze data on bond issuances from Chinese listed companies to investigate the impact of carbon emission disclosure on bond credit spreads. Our findings indicate that carbon emission disclosure has a negative relationship with bond credit spreads. Specifically, we demonstrate that disclosing carbon emissions provides new information to the market, influencing credit spreads. The effect of this disclosure on bond credit spreads is particularly significant for firms with higher earnings management, those located in areas with stricter environmental regulations, firms operating in low-carbon industries, and bonds with covenants. Additionally, we assess the methods of carbon emission disclosure and find that quantitative approaches are more beneficial than qualitative ones. Finally, we confirm that the disclosure of other pollutants also contributes to a reduction in credit spreads. Overall, our results highlight the existence of a carbon premium in the bond market, indicating that information related to carbon emissions is already partially reflected in bond pricing.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"98 ","pages":"Article 103907"},"PeriodicalIF":4.8,"publicationDate":"2025-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151880","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

Competition and tax avoidance: Evidence from quasi natural experiment of the implementation of Anti-Trust Law

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-01-21 DOI: 10.1016/j.iref.2025.103900

Yuan Gao , Jianjun Li , Yaping Wu

{"title":"Competition and tax avoidance: Evidence from quasi natural experiment of the implementation of Anti-Trust Law","authors":"Yuan Gao , Jianjun Li , Yaping Wu","doi":"10.1016/j.iref.2025.103900","DOIUrl":"10.1016/j.iref.2025.103900","url":null,"abstract":"<div><div>This paper examines the impact of product market competition on corporate tax avoidance by constructing a difference-in-differences model using a quasi-natural experiment of the Anti-Trust Law. The results indicate that the implementation of the Anti-Trust Law significantly increases the degree of tax avoidance of monopolistic firms by more than 0.01 compared to competitive firms. The main conclusion still holds after a series of robustness tests. Declining corporate performance, increased business risk and subjective dissatisfaction towards regulatory authorities constitute the main reasons. Heterogeneity analysis reveals that the promotion effect of the Anti-Trust Law on corporate tax avoidance is more pronounced for firms located in regions with lower levels of tax administration, firms whose income tax is collected and administered by local tax bureaus, firms with lower quality of information disclosure and private firms. The results provide empirical evidence of the differentiated impact of the Anti-Trust Law on corporate tax avoidance behavior of different firms.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"98 ","pages":"Article 103900"},"PeriodicalIF":4.8,"publicationDate":"2025-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151298","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