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

Measuring tone shifts in media coverage: An empirical application to bank financing conditions in Italy 衡量媒体报道的语气变化：对意大利银行融资条件的实证应用

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-19 DOI: 10.1016/j.iref.2025.104564

Nicola Branzoli, Sabina Marchetti, Emilio Tarducci

引用次数: 0

The effect of CFO's accounting firm experience on debt concentration CFO在会计师事务所的经历对债务集中度的影响

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-19 DOI: 10.1016/j.iref.2025.104637

Xiaohui Zhao , Yumiao Yu , Zilong Song

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引用次数: 0

Dual-model synergy for audit opinion prediction: A collaborative LLM agent framework approach 审计意见预测的双模型协同：一种协同LLM代理框架方法

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-19 DOI: 10.1016/j.iref.2025.104642

Yi Lu, Jinxing Hao, Xuesong Tang

{"title":"Dual-model synergy for audit opinion prediction: A collaborative LLM agent framework approach","authors":"Yi Lu, Jinxing Hao, Xuesong Tang","doi":"10.1016/j.iref.2025.104642","DOIUrl":"10.1016/j.iref.2025.104642","url":null,"abstract":"<div><div>By combining the capabilities of Moonshot and DeepSeek-R1, which respectively evaluate risk scores based on MD&A text information and financial data, we exploit the complementary strengths of long-context and reasoning large language models (LLMs) to help evaluate material misstatement risks in audit opinions. Our results suggest that both MD&A-based and financial-based risk evaluations effectively distinguish qualified and unqualified audit opinions, but combining them yields the best performance. In addition to the interpretative analysis text output, the combined LLM evaluation consistently outperforms logistic regression prediction that incorporates all indicators, and it achieves comparable performance compared to the sophisticated machine learning methods like gradient boosting regression and random forests.</div><div>Further analysis reveals that LLMs excel in high-risk scenarios: in firms with 1) high financial constraints, 2) low internal controls, 3) low audit quality, 4) low readability, or 5) negative tone of MD&A texts. A topic model analysis has shown clear difference in the MD&A emphasis for firms the qualified and unqualified opinions given by our framework. These findings shed light on the potential role of the collaborative LLM agent framework as a tool to help auditors and investors detect financial fraud.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"104 ","pages":"Article 104642"},"PeriodicalIF":5.6,"publicationDate":"2025-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145156092","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

Employee emotions, employee resilience, and cross-border mergers and acquisitions performance 员工情绪、员工弹性与跨国并购绩效

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-18 DOI: 10.1016/j.iref.2025.104631

Zhongwei Luan , Siyu Huang , Jiayao Wen

{"title":"Employee emotions, employee resilience, and cross-border mergers and acquisitions performance","authors":"Zhongwei Luan , Siyu Huang , Jiayao Wen","doi":"10.1016/j.iref.2025.104631","DOIUrl":"10.1016/j.iref.2025.104631","url":null,"abstract":"<div><div>This study investigates the impact of employee resilience on the post-merger integration phase performance in cross-border mergers and acquisitions and explores which employee emotions are important for employee resilience. Based on a survey of 136 merger and acquisition practitioners personally involved in the US cross-border mergers and acquisitions, we maintain that employee emotional resilience, which depends on employee emotions, is a prerequisite for successful post-merger integration. The study findings indicate that emotional attending, feelings of dissatisfaction, and insecurity play critical roles in employee emotional resilience during post-merger integration. A negative correlation exists between employees' emotions and employees' emotional resilience. We also find that employees’ emotional resilience improves their post-merger integration performance. This study deepens our understanding of employee resilience and post-merger integration performance and provides new perspectives for future research on employee resilience in the context of cross-border mergers and acquisitions post-merger integration phases based on empirical study.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"104 ","pages":"Article 104631"},"PeriodicalIF":5.6,"publicationDate":"2025-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145156098","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

Revaluating safe havens: The effectiveness of traditional assets during extreme crises? 重估避险资产：传统资产在极端危机中的有效性？

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-18 DOI: 10.1016/j.iref.2025.104620

Xiaoyan Chen, Di Mo

引用次数: 0

How does female executives optimize enterprises' green governance performance? 女性高管如何优化企业绿色治理绩效？

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-18 DOI: 10.1016/j.iref.2025.104627

Liying Lei , Yongchun Huang

引用次数: 0

Can the digitalization of tax administration promote corporate digital transformation?—— empirical evidence from China 税务征管数字化能否促进企业数字化转型？——来自中国的经验证据

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-18 DOI: 10.1016/j.iref.2025.104634

weiqun xi, Xing Ling

{"title":"Can the digitalization of tax administration promote corporate digital transformation?—— empirical evidence from China","authors":"weiqun xi, Xing Ling","doi":"10.1016/j.iref.2025.104634","DOIUrl":"10.1016/j.iref.2025.104634","url":null,"abstract":"<div><div>With the development of the digital economy era, the digitalization of tax administration has become a crucial component of the new round of fiscal and taxation system reforms. This study constructs a learning game theory model to explore the impact of tax administration digitalization on firms' digital transformation behavior. Utilizing the pilot implementation of the “fully digitalized electronic invoicing” system as a quasi-natural experiment, the study applies double machine learning techniques to empirically test the theoretical model. The results demonstrate that the digitalization of tax administration significantly enhances firms' digitalization levels. Mechanism tests reveal that tax administration digitalization effectively promotes firms' digital transformation by approximately 9 percentage points through its incentive effects, efficiency gains, and cost-saving effects. Furthermore, heterogeneity is observed across firms based on their characteristics, scale, market competition intensity, and regional disparities. Finally, the study provides policy recommendations on talent development, platform optimization, and data security.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"104 ","pages":"Article 104634"},"PeriodicalIF":5.6,"publicationDate":"2025-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145119713","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 transformation, supply chain collaboration, and corporate innovation boundaries 数字化转型、供应链协作和企业创新边界

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-17 DOI: 10.1016/j.iref.2025.104628

Xuesong Li , Tingfa Zhou , Shanshan Cao

{"title":"Digital transformation, supply chain collaboration, and corporate innovation boundaries","authors":"Xuesong Li , Tingfa Zhou , Shanshan Cao","doi":"10.1016/j.iref.2025.104628","DOIUrl":"10.1016/j.iref.2025.104628","url":null,"abstract":"<div><div>Amid the rapid evolution of the digital economy and ongoing shifts in technological paradigms, how firms leverage digital transformation to effectively expand their innovation boundaries has become a key topic in strategic management and innovation research. Using panel data of listed firms in China from 2009 to 2022, this study systematically investigates the impact of digital transformation on firms' innovation boundaries and identifies the underlying transmission mechanism through the lens of supply chain collaboration. The empirical findings reveal three main insights. First, digital transformation significantly broadens firms' innovation boundaries by enhancing the cross-domain scope of their technological portfolios. This result remains robust across multiple model specifications and sensitivity checks. Second, supply chain concentration plays a critical mediating role, as digital transformation indirectly drives innovation boundary expansion by strengthening firms’ collaborative linkages with key customers and suppliers. Third, heterogeneity analyses show that this effect is more pronounced among small and medium-sized enterprises, technology-intensive firms, manufacturing firms, and those located in eastern China. This study contributes to the literature by expanding the analytical framework linking digital transformation and innovation, emphasizing the importance of supply chain structure as a key transmission channel. It also enriches the theoretical understanding of knowledge coordination and organizational boundary reconstruction in the digital era. The findings have important implications for promoting enterprise-level digital upgrading, enhancing collaborative innovation along industrial chains, and optimizing region-specific digital policy design.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"104 ","pages":"Article 104628"},"PeriodicalIF":5.6,"publicationDate":"2025-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145119715","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

Can supply chain concentration drive an increase in a company's market share? 供应链集中化能否推动公司市场份额的增加？

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-17 DOI: 10.1016/j.iref.2025.104632

Xueli Zhong

引用次数: 0

CEO tenure: Evidence from U.S. public firms CEO任期：来自美国上市公司的证据

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-17 DOI: 10.1016/j.iref.2025.104633

Henry Jarva

{"title":"CEO tenure: Evidence from U.S. public firms","authors":"Henry Jarva","doi":"10.1016/j.iref.2025.104633","DOIUrl":"10.1016/j.iref.2025.104633","url":null,"abstract":"<div><div>This study investigates the determinants of CEO tenure in U.S. public firms using a survival analysis framework. Using a dataset of 4833 CEO tenures from 2445 firms (1992–2018), the analysis employs a Cox proportional hazards model to examine how CEO traits, internal promotions, and firm financial characteristics influence turnover. CEOs in the sample typically start at age 52 and exit around age 59, serving an average tenure of 7.6 years. Only 4 % of the CEOs are female. A substantial number remain in office beyond age 66, suggesting that many firms permit executives to continue serving past conventional retirement ages. Survival analysis shows that older CEOs are more likely to retire voluntarily and less likely to be dismissed, consistent with career life-cycle patterns. Internal appointments are associated with substantially lower risks of both forced and voluntary turnover, reflecting reduced information asymmetry and potential entrenchment effects. Among firm-level factors, higher intangible assets and financial losses increase turnover likelihood, whereas greater leverage stabilizes tenure. Turnover patterns also vary by industry: regulated sectors experience fewer dismissals, while technology sectors show greater forced turnover. Overall, the findings suggest that observable CEO and firm characteristics at the time of appointment shape the baseline conditions of the CEO–firm relationship and provide predictive signals about turnover risk and tenure duration.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"104 ","pages":"Article 104633"},"PeriodicalIF":5.6,"publicationDate":"2025-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145107384","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