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

Law enforcement quality and venture capital Efficiency: Evidence from China 执法质量与风险投资效率：来自中国的证据

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-11 DOI: 10.1016/j.iref.2025.104371

Yu Guo , Jie Li , Fengyuan Liu , Jianjun Li

{"title":"Law enforcement quality and venture capital Efficiency: Evidence from China","authors":"Yu Guo , Jie Li , Fengyuan Liu , Jianjun Li","doi":"10.1016/j.iref.2025.104371","DOIUrl":"10.1016/j.iref.2025.104371","url":null,"abstract":"<div><div>This study examines how regional variations in law enforcement quality influence venture capital (VC) efficiency across Chinese provinces, despite the existence of a unified national legal system. Drawing on a comprehensive dataset comprising 20,982 VC investment rounds from 2000 to 2018, we find that regions with stronger law enforcement are significantly more likely to experience successful VC exits. These findings remain robust even after addressing potential endogeneity concerns and conducting comprehensive robustness tests. Further investigation reveals three key mechanisms through which enhanced law enforcement quality contributes to VC performance: the promotion of innovation efficiency, the alleviation of financing constraints, and the reinforcement of social trust between investors and investee firms. Moreover, the analysis indicates that this positive relationship is weakened by factors such as syndicated investments, geopolitical risks, linguistic differences between VCs and portfolio companies, increased geographical distance, and international VC involvement. Overall, our findings highlight the critical role of regional law enforcement in supporting the development of emerging industries through the venture capital ecosystem.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104371"},"PeriodicalIF":4.8,"publicationDate":"2025-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144711908","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 enterprise digital transformation affect the cost of debt financing? Based on the perspective of customer concentration risk 企业数字化转型如何影响债务融资成本？基于客户集中度风险的视角

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-11 DOI: 10.1016/j.iref.2025.104426

Chenrui Zhang

{"title":"How does enterprise digital transformation affect the cost of debt financing? Based on the perspective of customer concentration risk","authors":"Chenrui Zhang","doi":"10.1016/j.iref.2025.104426","DOIUrl":"10.1016/j.iref.2025.104426","url":null,"abstract":"<div><div>This paper investigates how enterprise digital transformation affects the cost of debt financing from the perspective of customer concentration risk. Our results indicate that digital transformation significantly reduces the cost of debt financing. Mechanism tests reveal that digital transformation enables companies to broaden their operational breadth and depth, which mitigates customer concentration risk, thereby reducing default risk, and ultimately lowering the cost of debt financing. Further analyses suggest that the negative effect of digital transformation on firm's cost of debt financing is more pronounced for firms with lower market power, higher payment collection risk, elevated customer switching costs, greater supplier concentration, or a higher proportion of overseas business. Additionally, the effect is also influenced by the competitive dynamics of the industry in which the company operates. Finally, our findings indicate that digital transformation enhances firms' ability to secure bank credit. These findings contribute to the growing body of research on the economic implications of digital transformation and offer practical insights for firms seeking to leverage digital technologies to strengthen supply chain resilience, mitigate operational risks, and address financing challenges.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104426"},"PeriodicalIF":4.8,"publicationDate":"2025-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144632502","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 tax administration, investor risk perception, and stock return volatility 数字税务管理，投资者风险感知和股票回报波动

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-11 DOI: 10.1016/j.iref.2025.104434

Wenjun Tu , Anna Min Du , Sarah Borthwick Saddler

{"title":"Digital tax administration, investor risk perception, and stock return volatility","authors":"Wenjun Tu , Anna Min Du , Sarah Borthwick Saddler","doi":"10.1016/j.iref.2025.104434","DOIUrl":"10.1016/j.iref.2025.104434","url":null,"abstract":"<div><div>This study investigates the impact of digital tax administration on stock return volatility amid heightened market uncertainty. Leveraging the staggered rollout of China's <em>Golden Tax Phase III</em> from 2013 to 2016 as a quasi-natural experiment, we employ a Difference-in-Differences approach on a sample of Chinese listed firms over the period 2010 to 2022. We find that the implementation of digital tax administration significantly alleviates stock return volatility. This stabilizing effect is primarily attributed to reduced investors' perceived risks, which arise from enhanced information transparency, mitigated agency conflicts, and alleviated financial constraints. Drawing upon agency theory and institutional theory, we find that this stabilizing effect is more salient in regions with weaker initial institutional environments (i.e., low tax enforcement efforts, weak legal institutions, and low social trust). Our findings indicate that digital tax administration, as a potent external governance mechanism, can compensate for existing institutional deficiencies. Our study provides crucial insights into the role of digital tax administration in promoting market stability and enhancing corporate governance across diverse regional contexts. Our study is important for both policymakers and firm managers, indicating that leveraging digital tax administration can enhance stock market stability by improving regulatory effectiveness and guiding firms' strategic resource allocation in volatile environments.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104434"},"PeriodicalIF":4.8,"publicationDate":"2025-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144604170","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

Capital constraint relief and liquidity creation in small and medium-sized banks: Evidence from a quasi-natural experiment in China 中小银行资本约束解除与流动性创造：来自中国准自然实验的证据

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-11 DOI: 10.1016/j.iref.2025.104405

Weifeng Yu , Huiqi Wu , Zhihui Song

{"title":"Capital constraint relief and liquidity creation in small and medium-sized banks: Evidence from a quasi-natural experiment in China","authors":"Weifeng Yu , Huiqi Wu , Zhihui Song","doi":"10.1016/j.iref.2025.104405","DOIUrl":"10.1016/j.iref.2025.104405","url":null,"abstract":"<div><div>Using the policy change of allowing local governments to issue special bonds to replenish capital for small and medium-sized banks (SMBs) in 2020 as a quasi-natural experiment, this paper investigates the effects of capital constraint alleviation on liquidity creation among these banks. With an unbalanced panel dataset comprising 205 SMBs in China from 2018 to 2023, we find that capital constraint relief reduces liquidity creation through two channels: by reducing banks' regulatory incentives and by “crowding out” deposits in such banks. The reduction is more pronounced for smaller SMBs, unlisted SMBs, and those in regions with lower level of financial development. Further research indicates that due to different regulatory intensity on the on- and off-balance sheet activities, capital constraint relief results in a notable reduction in the level of on-balance sheet liquidity creation, while off-balance sheet liquidity creation is unaffected. Our results have relevant implications for the government policy aimed at replenishing capital for SMBs.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104405"},"PeriodicalIF":4.8,"publicationDate":"2025-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144653788","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

Unlocking common prosperity through digital agricultural innovation: evidence from urban China with threshold effects 数字农业创新开启共同繁荣：来自具有门槛效应的中国城市的证据

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-10 DOI: 10.1016/j.iref.2025.104422

Wancheng Zhang, Xiuzhu Yan

引用次数: 0

Quantile time-frequency spillovers among climate policy uncertainty, energy markets, and stock markets 气候政策不确定性、能源市场和股票市场之间的分位数时频溢出效应

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-10 DOI: 10.1016/j.iref.2025.104428

Zhifang He , Wanchuan Qian , Badir Miftah , Mohammad Zoynul Abedin

{"title":"Quantile time-frequency spillovers among climate policy uncertainty, energy markets, and stock markets","authors":"Zhifang He , Wanchuan Qian , Badir Miftah , Mohammad Zoynul Abedin","doi":"10.1016/j.iref.2025.104428","DOIUrl":"10.1016/j.iref.2025.104428","url":null,"abstract":"<div><div>From a spillover network perspective, this study employs the QVAR-DY and QVAR-BK models to detect how global climate policy uncertainty (CPU) interacts with energy markets, encompassing coal, crude oil, natural gas, and clean energy, as well as stock markets in both the US and China within a quantile time-frequency framework. Results reveal that spillovers among CPU, energy and stock markets show heterogeneity under quantile time-frequency domains. The total connectedness is dominated by short-term shocks and becomes more significant within extreme market conditions, particularly during the COVID-19 pandemic. Moreover, in the normal market, clean energy and the US stock market act as net shock exporters, while the roles of the other variables within the system vary significantly across different frequencies. It is noteworthy that CPU changes from a short run net shock receiver to a medium and long run net shock transmitter. The spillover from Chinese stock market to CPU is more significant than that from other markets, especially during the short run. In extreme markets, the coal market exports spillovers, whereas the clean energy market imports them. These findings are crucial for controlling the spread of cross-market risk in the context of climate policy uncertainty. Relevant regulatory authorities should establish a short-term risk early warning mechanisms for climate policy, energy and stock markets under extreme markets, especially strengthening cross-market risk monitoring when major events occur. As CPU evolves into a spillover exporter over the medium to long run, strengthening the co-design of climate policy and clean energy market and guiding capital flows to low-carbon sectors will be critical for mitigating cross-market risk contagion and ensuring systemic stability.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104428"},"PeriodicalIF":4.8,"publicationDate":"2025-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144604247","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

Data factor marketization empowering enterprise innovation quality: New evidence from Chinese patent citations 数据因子市场化提升企业创新质量：来自中国专利引文的新证据

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-10 DOI: 10.1016/j.iref.2025.104433

Ning Xu , Longchao Xu , Xiang-Wu Yan

{"title":"Data factor marketization empowering enterprise innovation quality: New evidence from Chinese patent citations","authors":"Ning Xu , Longchao Xu , Xiang-Wu Yan","doi":"10.1016/j.iref.2025.104433","DOIUrl":"10.1016/j.iref.2025.104433","url":null,"abstract":"<div><div>This study investigates the relationship between data factor marketization (DFM) and enterprise innovation quality (EIQ) through econometric analysis. Leveraging the staggered implementation of data trading platforms across Chinese cities as a quasi-natural experiment, we employ difference-in-differences methodology on comprehensive panel data from Chinese listed companies spanning 2007–2022. Our findings demonstrate that DFM implementation significantly elevates innovation quality among affected enterprises. The conclusion remains robust across multiple specification tests, placebo analyses, and instrumental variable approaches addressing endogeneity concerns. The research illuminates four distinct mechanisms through which DFM enhances innovation: strengthening enterprise information infrastructure, alleviating financing constraints, stabilizing supplier relationships, and increasing the scale of intangible assets of enterprises. DFM has stronger promoting effects on EIQ in large cities, eastern cities, and cities with higher intellectual property protection levels, and is also more capable of enhancing innovation quality in state-owned enterprises, growth-stage enterprises, and enterprises with CEOs having information technology backgrounds. These findings advance theoretical understanding of digital transformation's role in innovation systems while offering empirical foundations for policy frameworks seeking to leverage data as a strategic production factor. By demonstrating the multifaceted pathways through which market-based allocation of data elements influences innovation outcomes, this research contributes to the scholarly discourse on innovation drivers in transitional economies.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104433"},"PeriodicalIF":4.8,"publicationDate":"2025-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144672570","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

Threshold effects of environmental tax on climate vulnerability 环境税对气候脆弱性的阈值效应

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-10 DOI: 10.1016/j.iref.2025.104429

Hong Chen , Baljeet Singh , Partha Gangopadhyay , Tauhidul Islam Tanin , Narasingha Das

{"title":"Threshold effects of environmental tax on climate vulnerability","authors":"Hong Chen , Baljeet Singh , Partha Gangopadhyay , Tauhidul Islam Tanin , Narasingha Das","doi":"10.1016/j.iref.2025.104429","DOIUrl":"10.1016/j.iref.2025.104429","url":null,"abstract":"<div><div>An environmental tax promotes economic sustainability and boosts tax revenue, but decreases national welfare due to the tax multiplier effect, affecting government spending on climate vulnerability reduction. This implies a complex relationship between environmental tax and climate vulnerability. We examine how environmental tax influences climate vulnerability by focusing on its threshold effects that are dependent on government expenditure. Using a dual-threshold model, fixed-effect threshold generalized method of moments estimator, and balanced panel data from 31 countries for 2001–2018, we consistently find direct (transforming) and indirect (threshold) effects of environmental tax. Specifically, the threshold effects show that, contingent on government expenditure, the impact of environmental tax is greater at low or high levels than at medium levels. Furthermore, carbon emissions increase climate vulnerability, whereas GDP and manufacturing development decrease it. This study underscores the necessity for customized environmental tax policies to optimize government spending and effectively reduce climate vulnerability.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104429"},"PeriodicalIF":4.8,"publicationDate":"2025-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144632505","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

Rookie independent directors and corporate ESG Performance: Evidence from China 新晋独立董事与企业ESG绩效：来自中国的证据

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-10 DOI: 10.1016/j.iref.2025.104432

Yiling Zhang , Dandan Li

引用次数: 0

Why do investors trade more following high returns? 为什么投资者在获得高回报后交易更多？

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-10 DOI: 10.1016/j.iref.2025.104423

Wen-I Chuang , Yun-Huan Lee , Hsiu-Chuan Lee , Rauli Susmel

引用次数: 0