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Digital inclusive finance and common prosperity: The threshold effect based on rural revitalization
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-04-01 DOI: 10.1016/j.iref.2025.104096
Jianying Wang, Zhihui Tan, Yuting Zuo
{"title":"Digital inclusive finance and common prosperity: The threshold effect based on rural revitalization","authors":"Jianying Wang,&nbsp;Zhihui Tan,&nbsp;Yuting Zuo","doi":"10.1016/j.iref.2025.104096","DOIUrl":"10.1016/j.iref.2025.104096","url":null,"abstract":"<div><div>This research, which analyzed data from 31 provinces in China between 2011 and 2022, investigates the interplay between digital inclusive finance, shared prosperity, and the threshold effect of rural rejuvenation. The research results show that: digital inclusive finance can promote regional common prosperity; the level of regional economic development plays a moderating role in the process of digital inclusive finance promoting regional common prosperity; there is heterogeneity in the impact of digital inclusive finance on common prosperity across different regions; and the promotion effect of digital inclusive finance on common prosperity is influenced by the threshold effect of rural revitalization.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"100 ","pages":"Article 104096"},"PeriodicalIF":4.8,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143777296","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 impact of city diplomacy on foreign direct investment: Evidence from international sister city diplomacy agreements
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-04-01 DOI: 10.1016/j.iref.2025.104076
Bei He, Mingyue Tang, Aodi Wei
{"title":"The impact of city diplomacy on foreign direct investment: Evidence from international sister city diplomacy agreements","authors":"Bei He,&nbsp;Mingyue Tang,&nbsp;Aodi Wei","doi":"10.1016/j.iref.2025.104076","DOIUrl":"10.1016/j.iref.2025.104076","url":null,"abstract":"<div><div>International sister cities, as important channels for Chinese cities to engage in foreign exchanges, play a crucial role in national diplomacy. We examine the role of international sister city diplomacy in attracting foreign direct investment (FDI) based on panel data from 286 cities in China from 2010 to 2022. The results show that both the depth and breadth of international sister city development significantly promote FDI. This effect is more pronounced in large cities, cities with a higher degree of marketization, and cities with lower economic policy uncertainty. Mechanism analysis indicates that sister city diplomacy attracts foreign investment through increasing the output value of foreign-invested enterprises and promoting cultural exchange.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 104076"},"PeriodicalIF":4.8,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143747447","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
Institutional investor cliques and ESG performance: Evidence from Chinese firms
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-04-01 DOI: 10.1016/j.iref.2025.104079
Wenkang Qiu , Cheng Xiang , Chunhong Li , Yinong Chen
{"title":"Institutional investor cliques and ESG performance: Evidence from Chinese firms","authors":"Wenkang Qiu ,&nbsp;Cheng Xiang ,&nbsp;Chunhong Li ,&nbsp;Yinong Chen","doi":"10.1016/j.iref.2025.104079","DOIUrl":"10.1016/j.iref.2025.104079","url":null,"abstract":"<div><div>Using a sample of Chinese firms, we identify groups of coordinated institutional investors (i.e., cliques) based on their common block stakes and study how their coordination shapes the firm's ESG policy. We document that clique ownership shows a robust and causal positive impact on the firm's future ESG performance. Further tests confirm a positive relationship between ESG and firm value in China. Additionally, we find that clique members coordinate their trades, and the coordination enhances their governance via both voice and exit threats. These results suggest that coordination increases institutional investors' governance impact, which improves their portfolio firms' ESG performance. Consistent with this argument, cross-sectional analyses demonstrate that the positive impact of clique ownership on ESG is greater for firms with weaker governance mechanisms or larger ESG motivations.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"100 ","pages":"Article 104079"},"PeriodicalIF":4.8,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143785169","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
Derivatives use and analysts’ forecasts: new evidence on the mechanisms from China
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-04-01 DOI: 10.1016/j.iref.2025.104091
Guiling Zhang , Xu Lou , Danliang Yan , Hui Xu
{"title":"Derivatives use and analysts’ forecasts: new evidence on the mechanisms from China","authors":"Guiling Zhang ,&nbsp;Xu Lou ,&nbsp;Danliang Yan ,&nbsp;Hui Xu","doi":"10.1016/j.iref.2025.104091","DOIUrl":"10.1016/j.iref.2025.104091","url":null,"abstract":"<div><div>We examine whether and how corporate derivative use affects analysts' earnings forecast accuracy based on Chinese A-share listed firms during 2010 and 2020. We find that derivative users experience less accurate forecasts, compared to non-users. Such effects are more pronounced for SOEs and firms without risk exposure. Mechanism tests suggest that the negative effects of derivatives on analysts' forecasts are primarily due to ineffective hedging, high complexity and insufficient disclosure. Further analysis indicates that the implementation of <em>Hedging Accounting Standards</em>, the provision of management forecasts, and analysts’ capabilities help to mitigate the adverse impact of derivative use on analysts' forecasts.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"100 ","pages":"Article 104091"},"PeriodicalIF":4.8,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143777299","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
Technological innovation, external debt, and green energy adoption: Assessing their impact on environmental sustainability in MINT economies
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-04-01 DOI: 10.1016/j.iref.2025.104084
Kailai Zhang , Daizheng Jia
{"title":"Technological innovation, external debt, and green energy adoption: Assessing their impact on environmental sustainability in MINT economies","authors":"Kailai Zhang ,&nbsp;Daizheng Jia","doi":"10.1016/j.iref.2025.104084","DOIUrl":"10.1016/j.iref.2025.104084","url":null,"abstract":"<div><div>This study examines the impact of technological innovation, external debt, and green energy adoption on environmental sustainability in MINT countries. Using the Load Capacity Factor (LCF) for ecological assessment, it provides a broader perspective than traditional indicators like CO<sub>2</sub> emissions. The findings reveal that long-term debt and green energy investments enhance sustainability, while short-term debt and technological progress may have mixed effects, particularly in economies with inadequate green technology adoption. The study underscores the need for sustainable debt management, increased renewable energy investments, and targeted policy incentives to balance economic growth with environmental goals. Policy recommendations include subsidies, tax incentives, and strategic debt restructuring to support a greener economic transition.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"100 ","pages":"Article 104084"},"PeriodicalIF":4.8,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143799593","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
Green density and spillover effects on earnings management
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-04-01 DOI: 10.1016/j.iref.2025.104080
Hugo Benedetti , Mohammad A. Karim , Sayan Sarkar , Andrew C. Spieler
{"title":"Green density and spillover effects on earnings management","authors":"Hugo Benedetti ,&nbsp;Mohammad A. Karim ,&nbsp;Sayan Sarkar ,&nbsp;Andrew C. Spieler","doi":"10.1016/j.iref.2025.104080","DOIUrl":"10.1016/j.iref.2025.104080","url":null,"abstract":"<div><div>We examine the link between earnings management and the environmental ratings' geographic spillover effect. Additionally, we explore the potential moderating impact of regional cultural traits like religiosity and political leanings. Using a sample of 18,012 firm-year observations, of 2319 publicly traded US firms, from 2010 to 2022, we find a negative relationship between green density and real activity-based earnings management such as abnormal production costs, abnormal discretionary expenses, and a combined measure of real activity-based earning management. These results hold even after including cultural and social standards of a geographic area such as religiosity and political affiliation.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"100 ","pages":"Article 104080"},"PeriodicalIF":4.8,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143777298","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
Examining the role of artificial intelligence, financial innovation, and green energy transition in enhancing environmental quality
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-04-01 DOI: 10.1016/j.iref.2025.104092
Abdul Majeed , Yuantao Xie , Chongyan Gao , Anna Min Du , Muniba
{"title":"Examining the role of artificial intelligence, financial innovation, and green energy transition in enhancing environmental quality","authors":"Abdul Majeed ,&nbsp;Yuantao Xie ,&nbsp;Chongyan Gao ,&nbsp;Anna Min Du ,&nbsp;Muniba","doi":"10.1016/j.iref.2025.104092","DOIUrl":"10.1016/j.iref.2025.104092","url":null,"abstract":"<div><div>The growth of emerging economies has led to heightened environmental challenges, underscoring the importance of implementing sustainable technologies and clean energy transitions to alleviate the ecological consequences. Hence, this study explores the roles of Artificial Intelligence (AI), Financial Innovation (FI), and Green Energy Transition (GET) in improving environmental quality in emerging economies. The results are robust using advanced econometric techniques that account for cross-sectional dependence, heterogeneity, unit roots, and cointegration. We test short- and long-run relationships using the cross-sectional augmented autoregressive distributed lag (CS-ARDL) model and validate the results using feasible generalized least squares (FGLS) estimators. The findings indicated the roles of AI (−0.029), FI (−0.071), and GET (−0.144) in decreasing the ecological footprint and enhancing environmental quality. However, economic growth (0.337) contributes to an increased ecological footprint. These findings highlight that sustainable technologies, FIs, and clean energy transitions are necessary to address environmental issues and sustainable economic growth. These findings provide policymakers with valuable insights into the sustainable development of emerging economies.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"100 ","pages":"Article 104092"},"PeriodicalIF":4.8,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143767504","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
ESG peer spillover effect in supply chain: Evidence from Taiwan semiconductor industry
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-04-01 DOI: 10.1016/j.iref.2025.104082
Donald Lien , Lie-Huey Wang
{"title":"ESG peer spillover effect in supply chain: Evidence from Taiwan semiconductor industry","authors":"Donald Lien ,&nbsp;Lie-Huey Wang","doi":"10.1016/j.iref.2025.104082","DOIUrl":"10.1016/j.iref.2025.104082","url":null,"abstract":"<div><div>In this study, we collected data from 271 semiconductor companies listed on the Taiwan Stock Exchange from 2015 to 2020 to determine whether environmental, social, and governance (ESG) spillovers propagate along supply chains through horizontal peers and vertical upstream, midstream, and downstream sectors. The results indicate the presence of a horizontal peer spillover effect that was more significant in the upstream industries than in the midstream and downstream industries. In addition, the forward industry (customers) had a positive vertical spillover effect on the backward industry (suppliers). We also identified a significant moderating effect from high-revenue linkages but not from high-cost linkages. Taken together, these findings indicate that through network linkages, Taiwan's semiconductor supply chain has a vertical spillover effect on the environmental pillar of ESG scores.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"100 ","pages":"Article 104082"},"PeriodicalIF":4.8,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143844968","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
Online public opinion attention and corporate green finance development
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-04-01 DOI: 10.1016/j.iref.2025.104097
Ying Meng, Lei Zhao
{"title":"Online public opinion attention and corporate green finance development","authors":"Ying Meng,&nbsp;Lei Zhao","doi":"10.1016/j.iref.2025.104097","DOIUrl":"10.1016/j.iref.2025.104097","url":null,"abstract":"<div><div>This paper selects data from Chinese listed companies from 2007 to 2022 as empirical samples and conducts an in-depth and systematic exploration of the interactive relationship between online public opinion attention and the development of corporate green finance. Rigorous data analysis and research reveal a significant negative correlation between online public opinion attention and the development of corporate green finance. Based on this, mechanism testing further reveals that the quality of information disclosure plays a mediating role in the relationship between online public opinion attention and corporate green finance development, and this mediating effect exhibits notable heterogeneity depending on the different audit opinions received by the companies. Importantly, this study also finds that investor attention plays a key moderating role in the relationship between online public opinion attention and corporate green finance development, with this moderating effect showing heterogeneity between high-tech and non-high-tech enterprises.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"100 ","pages":"Article 104097"},"PeriodicalIF":4.8,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143799684","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
Corrigendum to “Disappearing bank Branches: Evidence from China household finance survey” [International Review of Economics & Finance volume 98 (2025) 103873]
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-04-01 DOI: 10.1016/j.iref.2025.104038
Qi Wang , Ming Liu , Kai Xie
{"title":"Corrigendum to “Disappearing bank Branches: Evidence from China household finance survey” [International Review of Economics & Finance volume 98 (2025) 103873]","authors":"Qi Wang ,&nbsp;Ming Liu ,&nbsp;Kai Xie","doi":"10.1016/j.iref.2025.104038","DOIUrl":"10.1016/j.iref.2025.104038","url":null,"abstract":"","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 104038"},"PeriodicalIF":4.8,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143769247","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
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