International Review of Economics & Finance最新文献_第3页

Population aging and corporate innovation Performance: evidence from China 人口老龄化与企业创新绩效：来自中国的证据

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-05-26 DOI: 10.1016/j.iref.2025.104199

Zhongying Jing , Zheng Li , Ping Zheng

引用次数: 0

Research on the theoretical logic and mechanism of digital inclusive finance in promoting the high-quality development of small and medium-sized enterprises 数字普惠金融促进中小企业高质量发展的理论逻辑和机制研究

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-05-26 DOI: 10.1016/j.iref.2025.104202

Yingying Zhang , Xiaofeng Dong , Yifei Wang , Hongtao Li

{"title":"Research on the theoretical logic and mechanism of digital inclusive finance in promoting the high-quality development of small and medium-sized enterprises","authors":"Yingying Zhang , Xiaofeng Dong , Yifei Wang , Hongtao Li","doi":"10.1016/j.iref.2025.104202","DOIUrl":"10.1016/j.iref.2025.104202","url":null,"abstract":"<div><div>This paper selects panel data from SMEs listed on the China Shenzhen Small and Medium Enterprise Board from 2011 to 2022, analyzing and testing the theoretical logic and mechanism through which digital inclusive finance promotes the high-quality development of SMEs. The research shows that The empowerment effect of digital inclusive finance on the high-quality development of small and medium-sized enterprises is mainly achieved through the breadth of digital inclusive finance coverage. However, the enabling effects of the depth of use and the degree of digitization of digital inclusive finance on the high-quality development of SMEs have not been fully realized, and there is heterogeneity among different industries and regions. From the perspective of moderating effects, corporate digital transformation and corporate environmental information disclosure play positive moderating roles in the process of digital inclusive finance empowering the high-quality development of SMEs. Therefore, We should strengthen the empowerment of digital inclusive finance. Formulate regionally differentiated policies for the development of digital inclusive finance, and optimize the market environment for digital inclusive finance. At the same time, the digital transformation of SMEs should be promoted, and SMEs should be encouraged to disclose environmental information.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104202"},"PeriodicalIF":4.8,"publicationDate":"2025-05-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144195095","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 digital industrialization on the level of green development 数字工业化对绿色发展水平的影响

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-05-26 DOI: 10.1016/j.iref.2025.104193

Zirong Li , Linbing Wu , Jingbo Li , Yanxue Zhang

{"title":"The impact of digital industrialization on the level of green development","authors":"Zirong Li , Linbing Wu , Jingbo Li , Yanxue Zhang","doi":"10.1016/j.iref.2025.104193","DOIUrl":"10.1016/j.iref.2025.104193","url":null,"abstract":"<div><div>The construction of digital industrialization serves as a solid foundation for advancing the development of a manufacturing power, a cyber power, and a digital China, and it is also a crucial support for promoting the transformation and upgrading of industries towards digitization, intellectualization, greening, and servitization. Based on provincial panel data from 31 provinces spanning 2008–2022, this paper empirically examines the impact of digital industrialization on the level of green development and its underlying mechanisms. The findings reveal that Digital Industrialization has a significant role in promoting the level of green development, and this conclusion is still true after multiple robustness tests. Mechanism analysis finds that digital industrialization has the dual dimension promotion effect of financial decentralization and advanced industrial structure promotion, that is, digital industrialization promotes the upgrading of industrial structure through technological innovation to enhance enterprise productivity and market competitiveness, and then promote the level of green development; Furthermore, digital industrialization facilitates the improvement of financial decentralization efficiency, enabling technological innovation to enhance green development and achieve energy conservation, emission reduction, and environmental pollution reduction. The heterogeneity analysis finds that digital industrialization can promote green development by enhancing technological and financial development levels, contributing to the achievement of carbon peaking and carbon neutrality goals.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104193"},"PeriodicalIF":4.8,"publicationDate":"2025-05-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144189838","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 litigation and the level of business risk bearing: Mediating effect of refinancing and its dynamic relationship 公司诉讼与企业风险承担水平：再融资的中介效应及其动态关系

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-05-25 DOI: 10.1016/j.iref.2025.104194

Ni Zhang , Lixin Zhou , Grace Li Tian

{"title":"Corporate litigation and the level of business risk bearing: Mediating effect of refinancing and its dynamic relationship","authors":"Ni Zhang , Lixin Zhou , Grace Li Tian","doi":"10.1016/j.iref.2025.104194","DOIUrl":"10.1016/j.iref.2025.104194","url":null,"abstract":"<div><div>This study uses a sample of A-share listed companies in China from 2008 to 2023 to explore the relationship among refinancing, corporate litigation, and the level of corporate risk-taking. The research indicates a significant positive correlation between corporate litigation and the level of corporate risk-taking. Heterogeneity tests reveal that the impact of corporate litigation on the level of corporate risk-taking varies among companies of different sizes. Mechanism tests show that refinancing plays a mediating role in the relationship between corporate litigation and the level of corporate risk-taking, with this mediating effect exhibiting heterogeneity between heavily polluting and lightly polluting enterprises. Additionally, corporate social responsibility also serves as a mediating factor in the relationship between corporate litigation and the level of corporate risk-taking. This study provides empirical evidence and theoretical reference for understanding corporate risk-taking behavior in the context of legal litigation, as well as the roles of refinancing and corporate social responsibility, offering significant insights for the formulation of corporate risk management strategies and the decision-making of capital market participants.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104194"},"PeriodicalIF":4.8,"publicationDate":"2025-05-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144189840","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

Establishment of bankruptcy courts and corporate investment decisions 设立破产法院和公司投资判决

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-05-25 DOI: 10.1016/j.iref.2025.104195

Ye Liu, Ziping Li

{"title":"Establishment of bankruptcy courts and corporate investment decisions","authors":"Ye Liu, Ziping Li","doi":"10.1016/j.iref.2025.104195","DOIUrl":"10.1016/j.iref.2025.104195","url":null,"abstract":"<div><div>In recent years, with the ongoing enhancement of China's bankruptcy legal system, the establishment of bankruptcy courts (EBC) has emerged as a crucial initiative to optimize the business environment and boost judicial efficiency. Nevertheless, the influence of EBC on corporate investment decisions, particularly regarding their underlying mechanisms and heterogeneous effects, remains insufficiently explored. This study, utilizing data from publicly listed companies spanning from 2010 to 2023, delves into the impact of bankruptcy court establishment on corporate investment decisions and elucidates its underlying mechanisms. The findings reveal that the EBC significantly stimulates corporate investment, with this effect exhibiting marked heterogeneity among firms with different ownership structures and across various regions. Mechanism analysis further suggests that EBC positively affects corporate investment decisions by mitigating financing constraints. Notably, the mediating effect of financing constraints is more prominent in highly competitive firms. Additionally, the debt-to-asset ratio serves as a threshold in this relationship, with the impact of bankruptcy court establishment on corporate investment decisions following a U-shaped trend, initially decreasing and subsequently increasing as the debt-to-asset ratio varies.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104195"},"PeriodicalIF":4.8,"publicationDate":"2025-05-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144168055","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 social responsibility, digital economy, and corporate energy utilization efficiency-based on moderating effect and heterogeneity analysis 企业社会责任、数字经济与企业能源利用效率——基于调节效应和异质性分析

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-05-25 DOI: 10.1016/j.iref.2025.104197

Mengxi Cui , Xiangjian Zhang , Cen Cai

引用次数: 0

Impact of regional digital economy on default recovery: Evidence from China 区域数字经济对违约恢复的影响：来自中国的证据

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-05-23 DOI: 10.1016/j.iref.2025.104162

Muzi Chen , Geng Li , Nan Li , Xiaoguang Yang , William J. Trainor

{"title":"Impact of regional digital economy on default recovery: Evidence from China","authors":"Muzi Chen , Geng Li , Nan Li , Xiaoguang Yang , William J. Trainor","doi":"10.1016/j.iref.2025.104162","DOIUrl":"10.1016/j.iref.2025.104162","url":null,"abstract":"<div><div>Using a unique sample during 2015–2019 from a nation-wide commercial bank, which contains nearly 40,000 loans and the recovery records of branch institutions covering the mainland China, we study the effects of the development of regional digital economy on loan default recovery rate. We find that the recovery rate of non-performing loans is increased where there is a higher level of development in the regional digital economy. This effect is more pronounced for small and medium-sized loans and branches at longer distances from their head office. The channels through which the digital economy affects banks' loan recovery are investigated. The digital economy improves the efficiency and convenience of banks' information processing and better tracks loan customer disconnections, leading to greater loan recovery. In addition, online judicial auctions, a relatively new mechanism for asset recovery, can improve the efficiency of asset processing and expedite loan repayment, thereby reducing banks’ loss due to loan defaults. We verified the robustness of the results by various methods such as quantile regression and logit transformation of recovery. By incorporating regional legal and marketization control variables, fixed effects and interaction terms, and the PSM methodology, we further reduce the potential endogeneity in the models.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104162"},"PeriodicalIF":4.8,"publicationDate":"2025-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144138552","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 effect of labor unions on capital markets: Evidence from seasoned equity offerings 工会对资本市场的影响：来自老练股票发行的证据

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-05-22 DOI: 10.1016/j.iref.2025.104190

Yen-Jung Tseng , Minzhi Wu , Zhi-Yuan Feng , Sung-Yun Tan

{"title":"The effect of labor unions on capital markets: Evidence from seasoned equity offerings","authors":"Yen-Jung Tseng , Minzhi Wu , Zhi-Yuan Feng , Sung-Yun Tan","doi":"10.1016/j.iref.2025.104190","DOIUrl":"10.1016/j.iref.2025.104190","url":null,"abstract":"<div><div>This paper examines the impacts of labor unions on the market reaction to firms' equity financing decisions (i.e., seasoned equity offerings; SEOs), suggesting that issuers' strategic disclosure in the face of pressure from labor unions impacts investor's perception of the firm value. Using a sample of U.S. SEO issuers between 2001 and 2015, we find that labor unions have a negative effect on SEO issuers' announcement return and are associated with lower SEO underpricing at the offer date compared to non-unionized issuers. These results suggest the market's adverse reactions towards SEO events of unionized issuers, supporting the signaling perspective. Significantly negative responses surrounding announcements support investors' suspicion about the potential misuse of SEO proceeds under the pressure of labor unions. The relatively low underpricing (i.e., lower offering date returns) of unionized issuers also reflects the economic consequences of firms fostering a pessimistic corporate information environment to gain bargaining power against labor unions. Additional analyses reveal that firms only exhibit such strategic disclosure in response to union pressure when they are in sound health (not a target for mergers and acquisitions) and when managers' compensation is not heavily affected by depressed stock prices. We also find that the negative responses to unionized firms' SEO announcements and offerings disappear during the global financial crisis, especially for firms that rely heavily on debt financing. Altogether, these results suggest that investors incorporate union-induced strategic disclosure into their decision-making and respond to such information based on market and firm conditions. Our findings are robust after controlling for SEO peer effects and firms' prior performance.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104190"},"PeriodicalIF":4.8,"publicationDate":"2025-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144134604","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

Monetary policy and corporate financialization drive sustainable technology 货币政策和企业金融化推动了可持续技术的发展

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-05-21 DOI: 10.1016/j.iref.2025.104187

Lu Liu, Chuanjiang Wang

{"title":"Monetary policy and corporate financialization drive sustainable technology","authors":"Lu Liu, Chuanjiang Wang","doi":"10.1016/j.iref.2025.104187","DOIUrl":"10.1016/j.iref.2025.104187","url":null,"abstract":"<div><div>This study investigates the impact of financialization on the relationship between monetary policy and green technology innovation (GTI), utilizing data from non-financial listed companies in China from 2007 to 2022. The findings reveal that loose monetary policy alleviates financing constraints, promoting GTI compared to tight monetary policy. However, excessive financialization may lead firms to prioritize short-term market returns, undermining their investment in green innovations. The analysis demonstrates that monetary policy positively influences GTI across both state-owned and non-state-owned enterprises, indicating that increased liquidity and reduced borrowing costs facilitate innovation. Additionally, despite regional disparities in economic development, all regions exhibit positive responses to monetary policy regarding GTI. High-tech enterprises, characterized by greater R&D needs, particularly benefit from loose monetary conditions, enhancing their capacity for innovation. The paper underscores the necessity for central banks to adopt transparent and targeted monetary policies to foster sustainable development, while also highlighting the importance of balancing short-term and long-term investment strategies for enterprises. The findings contribute to a deeper understanding of the dynamics between financialization, monetary policy, and GTI, providing implications for policymakers and corporate managers.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104187"},"PeriodicalIF":4.8,"publicationDate":"2025-05-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144195097","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

Non-executive employee stock ownership plan and auditor reporting conservatism: Evidence from China 非执行员工持股计划与审计报告稳健性：来自中国的证据

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-05-20 DOI: 10.1016/j.iref.2025.104192

Yadong Han , Ruixue Zhou

引用次数: 0