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

Dynamic asymmetric tail dependence structure among multi-asset classes for portfolio management: Dynamic skew-t copula approach

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2024-11-26 DOI: 10.1016/j.iref.2024.103724

Kakeru Ito , Toshinao Yoshiba

{"title":"Dynamic asymmetric tail dependence structure among multi-asset classes for portfolio management: Dynamic skew-t copula approach","authors":"Kakeru Ito , Toshinao Yoshiba","doi":"10.1016/j.iref.2024.103724","DOIUrl":"10.1016/j.iref.2024.103724","url":null,"abstract":"<div><div>This study proposes AC dynamic skew-<span><math><mi>t</mi></math></span> copula with cDCC model to capture the dynamic asymmetric tail dependence structure among multi-asset classes (government bonds, corporate bonds, equities, and REITs). We provide new evidence that lower tail dependence coefficients increased compared to upper ones for all pairs in the COVID-19 crash and the recent high inflation period, indicating that the diversification effect through multi-asset investment decreased. Our empirical analysis also shows that in terms of AIC and BIC, dynamic AC skew-<span><math><mi>t</mi></math></span> copula fits data of multi-asset classes better than other dynamic elliptical copulas because it can consider the above dependence structure characteristics. Furthermore, out-of-sample analysis reveals that considering an asymmetry of tail dependence structure at each point with an AC dynamic skew-<span><math><mi>t</mi></math></span> copula enhances expected shortfall (ES) estimation accuracy and the performance of a minimum ES portfolio. These results indicate that capturing dynamic asymmetric tail dependence is crucial for multi-asset portfolio management.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"97 ","pages":"Article 103724"},"PeriodicalIF":4.8,"publicationDate":"2024-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142747151","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

Impact of environmental protection tax on enterprise digital transformation: Evidence from Chinese listed firms

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2024-11-23 DOI: 10.1016/j.iref.2024.103743

Xinyu Zhang , Yixuan Liu , Shaoze Yu , Ouwen Lin , Lu Meng

{"title":"Impact of environmental protection tax on enterprise digital transformation: Evidence from Chinese listed firms","authors":"Xinyu Zhang , Yixuan Liu , Shaoze Yu , Ouwen Lin , Lu Meng","doi":"10.1016/j.iref.2024.103743","DOIUrl":"10.1016/j.iref.2024.103743","url":null,"abstract":"<div><div>This study investigates the impact of China's Environmental Protection Tax (EPT) on enterprise digital transformation (EDT) using data on 3347 Chinese A-share listed firms from 2013 to 2021. By applying a difference-in-differences model, this study introduces a novel perspective on how EPT hindered EDT via a crowding-out effect on digital investment and reductions in human capital and foreign direct investment. Heterogeneity analysis reveals that the negative impact is more pronounced in regions with higher public environmental concern and firms with lower corporate governance. However, the findings also reveal that despite its negative effects on EDT, the EPT has a positive correlation with improved corporate environmental, social, and governance performance, underscoring an unintended environmental benefit. These insights offer a fresh perspective on the interaction between environmental regulations and digital innovation, with implications for both policymakers and enterprises. This study mainly explores the impact of EPTs on EDT and their mechanisms. The study concludes with policy recommendations to mitigate the adverse effects of the EPT on EDT while leveraging its positive ecological outcomes.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"97 ","pages":"Article 103743"},"PeriodicalIF":4.8,"publicationDate":"2024-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142758882","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

Artificial Intelligence, Wage Dynamics, and Inequality: Empirical Evidence from Chinese Listed Firms 人工智能、工资动态和不平等：来自中国上市公司的经验证据

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2024-11-19 DOI: 10.1016/j.iref.2024.103739

Yongqiu Wu , Zhiwei Lin , Qingcui Zhang , Wei Wang

{"title":"Artificial Intelligence, Wage Dynamics, and Inequality: Empirical Evidence from Chinese Listed Firms","authors":"Yongqiu Wu , Zhiwei Lin , Qingcui Zhang , Wei Wang","doi":"10.1016/j.iref.2024.103739","DOIUrl":"10.1016/j.iref.2024.103739","url":null,"abstract":"<div><div>The impact of artificial intelligence (AI) on employment has attracted widespread attention, but the literature has generally viewed AI as a continuation of automation, arguing that technology will result in wage polarization. However, existing literature overlooks the unique aspects of AI technology. This study proposes new theoretical mechanisms and AI measure method to estimate the impacts of AI on wage dynamics and inequality. Based on an empirical study of data from listed companies in China from 2014 to 2022, we find that AI applications raise wages through three mechanisms: productivity improvement, crowding out low-wage routine jobs, and creating high-wage creative and social jobs. While executive pay does not increase because of AI applications, the pay for regular employees increases through job restructuring. Ultimately, AI applications narrow wage inequality between senior managers and regular employees. This study provides a new quantitative evaluation method for assessing AI progress. It also reveals the unique mechanisms of AI on firms' wage distribution, which differs from that of traditional technologies. These findings deepen our understanding of the complex relationship between AI development and wage changes.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103739"},"PeriodicalIF":4.8,"publicationDate":"2024-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142723265","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

Chinese household finance impacted by climate change - Evidence from stock investment

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2024-11-16 DOI: 10.1016/j.iref.2024.103730

Yanyun Chen , XiangYu Liu , Ziyan Yao , Xiaoping Tang

{"title":"Chinese household finance impacted by climate change - Evidence from stock investment","authors":"Yanyun Chen , XiangYu Liu , Ziyan Yao , Xiaoping Tang","doi":"10.1016/j.iref.2024.103730","DOIUrl":"10.1016/j.iref.2024.103730","url":null,"abstract":"<div><div>This paper conducts an empirical analysis using data from a survey of Chinese household finance and prefecture-level data of historical temperature. The results show that the impact of temperature fluctuations on household financial behavior reveals a U-shaped relationship, with the inflection point of temperature fluctuations located at 0.5463 °C. The part before the inflection point of the \"U\" relationship is mainly due to the change in investor mood caused by climate change, which has a negative effect on investment intention. The part after the inflection point is mainly because the rise in temperature significantly increases investors' risk appetite, leading to an increase in investors' willingness to enter the market. The positive effect is greater than the negative one, which leads to an increase in the share of equities in total financial assets. Moreover, we confirm that the household savings level strengthens the inhibition effect of climate change on household financial behavior, while the education level weakens the inhibition effect of climate change on household financial behavior.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"97 ","pages":"Article 103730"},"PeriodicalIF":4.8,"publicationDate":"2024-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142747148","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

Chairperson gender, policy compliance and ESG performance of family firms 家族企业的董事长性别、政策合规性和环境、社会和公司治理绩效

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103714

Hong Wang , Wei Wang

{"title":"Chairperson gender, policy compliance and ESG performance of family firms","authors":"Hong Wang , Wei Wang","doi":"10.1016/j.iref.2024.103714","DOIUrl":"10.1016/j.iref.2024.103714","url":null,"abstract":"<div><div>Compared to other types of companies, family businesses tend to be more dominated by the traditional notion of familialism, believing that women should be more responsible for handling family affairs rather than being involved in business operations and decision-making. Yet there is still a controversy about whether female chairpersonship is more favorable to enterprise development than male chairpersonship. Driven by the globalization process and sustainable development strategies, ESG has become an important indicator for evaluating corporate sustainability and social responsibility. This paper empirically investigates the effect and mechanism of the gender of the chairperson on the ESG performance of family firms by using A-share family firms in China from 2009 to 2022 as the research sample. The results show that female chairpersonship significantly enhances the ESG performance of family firms, and this facilitating effect mainly focuses on the social and governance dimensions, and policy compliance is an important reason why female chairpersonship promotes the ESG performance of family firms. The study also finds that female chairpersons contribute more to family firms’ ESG performance in family firms whose chairpersons are from outside the family, those are indirectly founded, those with a high degree of ownership and control rights disparity, and those with single actual controller. This paper provides a framework for the study of the gender of chairpersons on the ESG performance of family firms, and also provides useful references for the professional equality between males and females and the selection of chairpersons in the real economy.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103714"},"PeriodicalIF":4.8,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142663030","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 local government fiscal pressure's effect on green total factor productivity: Exploring mechanisms from the perspective of government behavior 地方政府财政压力对绿色全要素生产率的影响：从政府行为的角度探索机制

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103702

Song Nie , Gang Zeng , Hongying Zhang , Jianwen Ji

{"title":"The local government fiscal pressure's effect on green total factor productivity: Exploring mechanisms from the perspective of government behavior","authors":"Song Nie , Gang Zeng , Hongying Zhang , Jianwen Ji","doi":"10.1016/j.iref.2024.103702","DOIUrl":"10.1016/j.iref.2024.103702","url":null,"abstract":"<div><div>Local government fiscal pressure can change government behavior, which in turn affects corporate performance to a certain extent. However, the research on how fiscal pressure affect green economy is scarce. We adopt the city-level green total factor productivity (GTFP) index to measure the green economy in China and verifies fiscal pressure's negative effect on GTFP from the new perspective of government behavior. We find that fiscal pressure reduces GTFP by leading to short-sighted government actions which inhibit the industrial upgrading and reduce green innovation capacity. In addition, the negative impact varies heterogeneously with different economic development and geographic location. Furthermore, green finance, slight tax burden, and fiscal decentralization can alleviate the negative impact of fiscal pressure on GTFP. This study not only provides guidance on fiscal governance, but also provides a reference for the synergistic promotion of environmental governance and economic development in developing countries.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103702"},"PeriodicalIF":4.8,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142560735","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 data factor utilization stimulate corporate total factor productivity: A discussion of the productivity paradox 数据要素利用率如何刺激企业全要素生产率：关于生产力悖论的讨论

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103681

Yuheng Ren , Jue Zhang , Xin Wang

引用次数: 0

Enterprise digital transformation and employee treatment: Evidence from China 企业数字化转型与员工待遇：来自中国的证据

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103738

Xuanhao Huang , Linping Zhu , Qiuyi Yang , Xuemei Xiong

引用次数: 0

Technology transfer and global value chain upgrading of manufacturing firms: Evidence from China 制造业企业的技术转让与全球价值链升级：来自中国的证据

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103678

Zichun Yan , Yuqi Wang , Jingjia Zhang , He Ma

{"title":"Technology transfer and global value chain upgrading of manufacturing firms: Evidence from China","authors":"Zichun Yan , Yuqi Wang , Jingjia Zhang , He Ma","doi":"10.1016/j.iref.2024.103678","DOIUrl":"10.1016/j.iref.2024.103678","url":null,"abstract":"<div><div>Breaking through the predicament of \"low-end lock-in\" and achieving the upgrading of enterprises within the global value chain (GVC) is a critical issue in the study of internationalization strategies for enterprises in emerging economies. This paper uses China, a quintessential representative of such economies, as a case to explore how technology transfer can facilitate the upgrading of enterprises' GVCs. This research aims to reshape the international strategic positioning of Chinese enterprises by promoting the integration and development of technology transfer and the GVC. Utilizing patent data from Chinese manufacturing enterprises, as well as data from Chinese industrial enterprises and customs records from 2004 to 2014, this study empirically examines the relationship between technology transfer and the upgrading of enterprises' GVCs. Additionally, the moderating effect of industrial agglomeration is incorporated into the research framework.The findings reveal that both technology transfer in and technology transfer out significantly positively influence the upgrading of enterprises' GVCs, highlighting the crucial role of technological knowledge flow in enhancing enterprise positioning within the GVC. Furthermore, industrial agglomeration is shown to exert a positive moderating effect on GVC upgrading as a result of technology transfer out. This study provides valuable insights for policymakers, enterprise managers, and academics, enabling a more nuanced understanding of the pivotal role of technology transfer in reshaping GVCs. Consequently, it offers robust support for the internationalization strategies of Chinese enterprises.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103678"},"PeriodicalIF":4.8,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660168","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

Digital village construction and the quality of life of rural residents 数字乡村建设与农村居民的生活质量

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103729

Changyi Bai , Wen Guan , Dawei Wang , Xiyi Chen

{"title":"Digital village construction and the quality of life of rural residents","authors":"Changyi Bai , Wen Guan , Dawei Wang , Xiyi Chen","doi":"10.1016/j.iref.2024.103729","DOIUrl":"10.1016/j.iref.2024.103729","url":null,"abstract":"<div><div>Digital villages have become an important starting point for rural revitalization, an important link in promoting Chinese-style modernization, and a key means to realize the needs of rural residents for a better life. Based on the data of CGSS survey in 2021, this paper explores the impact and mechanism of digital village construction and the quality of life of rural residents. The results show that the construction of digital villages has a positive effect on the quality of life of rural residents, but with the gradual improvement of economic development, the promotion effect of digital village construction on the quality of life of rural residents will show a marginal decline. From the perspective of education level, the group receiving higher education has a negative effect, and furthermore, there is an inverted U-shaped relationship between digital village construction and the quality of life of rural residents, that is, there is an optimal level of digital village construction. Deviating from the optimal digital village construction will have a negative impact on the quality of life of rural residents.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103729"},"PeriodicalIF":4.8,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142699108","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