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

Promoting cooperation in collective actions: Evidence from the reserve fund for maintenance in China 促进集体行动中的合作：来自中国维修储备基金的证据

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103701

Tao Li , Hao Li , Jin Di Zheng

引用次数: 0

Greening through ESG: Do ESG ratings improve corporate environmental performance in China? 通过 ESG 实现绿色：ESG 评级能否改善中国企业的环境绩效？

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103726

Hua Zhang, Jie Lai

{"title":"Greening through ESG: Do ESG ratings improve corporate environmental performance in China?","authors":"Hua Zhang, Jie Lai","doi":"10.1016/j.iref.2024.103726","DOIUrl":"10.1016/j.iref.2024.103726","url":null,"abstract":"<div><div>Environmental, social, and governance (ESG) ratings matter for corporate green development as they can shape companies' sustainable efforts. However, the influence of third-party ESG ratings as an emerging informal environmental regulation on corporate environmental performance (CEP) remains understudied in China. To identify this causality, we exploit the exogenous variation of SynTao Green Finance's ESG ratings and conduct a difference-in-differences (DID) estimation. Utilizing panel data of Chinese A-share listed companies from 2008 to 2023, we find that ESG ratings can induce improvements in CEP, along with increased positive environmental scores and decreased negative environmental scores. We document three feasible mechanisms for this CEP impact: alleviated financial constraints, heightened media attention, and enhanced green innovation. We further investigate the heterogeneous effects and find that ESG ratings significantly improve CEP for companies with high executive shareholding and more female directors, companies in low-competitive industries, and those located in cities with high levels of economic development. Our findings contribute to existing studies on the determinants of CEP and offer novel evidence of the efficacy of ESG ratings as an informal institution in promoting corporate green development.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103726"},"PeriodicalIF":4.8,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142698471","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

Transmission of monetary policy impulses on the capital structure of manufacturing firms: Evidence from an emerging economy 货币政策冲动对制造业企业资本结构的传导：新兴经济体的证据

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103704

Akhilesh Kumar Kamalakant Yadav, Ajaya Kumar Panda

引用次数: 0

Is ESG investment rewarded or just doing good? Evidence from China 环境、社会和公司治理投资是奖励还是行善？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.2024.103712

Chunpei Shi , Yu Wei , Yihe Zheng , Zhuo Wang , Qian Wang

{"title":"Is ESG investment rewarded or just doing good? Evidence from China","authors":"Chunpei Shi , Yu Wei , Yihe Zheng , Zhuo Wang , Qian Wang","doi":"10.1016/j.iref.2024.103712","DOIUrl":"10.1016/j.iref.2024.103712","url":null,"abstract":"<div><div>The question of whether ESG investment is rewarding is a key determinant of its attractiveness to investors. Despite extensive research, a consensus remains elusive. This paper delves into the potential costs and benefits of ESG preferences in the Chinese stock market by constructing three-dimensional portfolios that integrate risk, return, and investor ESG preference. Instead of providing a binary answer of whether ESG investment is rewarding, we offer a glide path of costs to investors for achieving their ESG goals. Furthermore, given the potential market cap bias, we examine the differences in costs between portfolios composed of large-cap and small-cap stocks. Our empirical findings are twofold: first, if investors have a relatively low preference for companies' ESG performance, their investment is as rewarding as those with no ESG preference. However, if they have a high level of preference for ESG performance, their investment may be just doing good. This means that if the level of ESG preference is below a certain threshold, the costs of ESG preference are minimal or even zero. However, when the threshold is crossed, the costs rise sharply. Second, these costs vary significantly between portfolios with different market capitalizations. Specifically, incorporating ESG factors into small-cap portfolios often results in higher financial sacrifices compared to large-cap portfolios. These insights are crucial for investors seeking to balance financial and non-pecuniary objectives, providing guidance for optimizing ESG integration strategies in their investments.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103712"},"PeriodicalIF":4.8,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142663032","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

Big data development and enterprise green innovation: Text analysis of listed companies’ annual reports 大数据发展与企业绿色创新：上市公司年报文本分析

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103703

Yuya Liu , Zhaoyang Wang , Sheng Mai

引用次数: 0

A Latecomer's advantage: The attainments of older child immigrants 后发优势：大龄儿童移民的成就

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103632

Jehu Mette , Guoyu Lin , Atika Benaddi

{"title":"A Latecomer's advantage: The attainments of older child immigrants","authors":"Jehu Mette , Guoyu Lin , Atika Benaddi","doi":"10.1016/j.iref.2024.103632","DOIUrl":"10.1016/j.iref.2024.103632","url":null,"abstract":"<div><div>Childhood immigrants arrive in the United States (U.S.) at different ages, each with a distinct set of skills. Previous research emphasizes the importance of early immigration in language acquisition and its subsequent effect on education and labor market outcomes. This study investigates whether migration timing has differential effects when considering other skills, specifically initial education quality. Using U.S. data of 322,328 childhood immigrants prior to 2018, we find that delayed childhood immigration from top-scoring countries in academic testing can mitigate the disadvantages associated with language acquisition. Our results suggest that children from topscoring, non-English-speaking countries appear to benefit most from later migration. Specifically, male immigrants gain an additional 2.57 years of U.S. education, while females gain 0.33 years. These additional years of education correspond to subsequent higher wages. Our study suggests a revaluation of policies, particularly regarding “late child immigrants” arriving from high-PISAscoring countries, as those individuals may achieve higher educational and income levels than previously anticipated.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103632"},"PeriodicalIF":4.8,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142663083","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

Impacts of business environment on regional development: Evidence from a natural experiment 商业环境对地区发展的影响：来自自然实验的证据

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103735

Danying Bao , Jialun Zhang , Zhixiong Huang , Lan Lv , Qi Fu

引用次数: 0

Common investor coverage and excess return comovement: Evidence from Seeking Alpha 普通投资者覆盖率与超额回报率的一致性：来自 Seeking Alpha 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.2024.103693

Hanyu Zhang , Hang Zhou , Huaigang Long , Wenyu Zhou , Adam Zaremba

引用次数: 0

Analyst cliques coverage and the speed of leverage adjustment: Evidence from China 分析师小团体覆盖率与杠杆调整速度：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.2024.103731

Hongbing Ouyang, Xiaojun Liu, Kang Huang

{"title":"Analyst cliques coverage and the speed of leverage adjustment: Evidence from China","authors":"Hongbing Ouyang, Xiaojun Liu, Kang Huang","doi":"10.1016/j.iref.2024.103731","DOIUrl":"10.1016/j.iref.2024.103731","url":null,"abstract":"<div><div>This study examines how analyst cliques influence firm leverage adjustment by investigating the potential echo chamber effect within complex analyst networks. Using a multilayer network framework based on information exchanges—such as teammate cooperation, cross-team communication, and stock co-coverage—we apply the Louvain algorithm to identify analyst cliques, where analysts are likely to have similar perspectives. Our findings indicate that firms covered by a higher number of analyst cliques experience slower leverage adjustment. This result remains consistent after addressing potential endogeneity concerns. The delay in leverage adjustment is attributed to the echo chamber effect within cliques, where analysts share homogeneous views that significantly diverge from those of other cliques, creating a chaotic information environment. Furthermore, from the perspective of moderating effect, we find that the negative effects of analyst cliques on leverage adjustment become more pronounced in firms with weaker governance structures and higher financing constraints. This research offers new insights into the relationship between the information environment and leverage adjustment within the dynamic trade-off model, providing valuable implications for regulators and investors in understanding the role of analyst networks in emerging financial markets.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103731"},"PeriodicalIF":4.8,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142699110","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

Decomposing uncertainty: How foreign policy risks shape Chinese stock market dynamics 分解不确定性：外交政策风险如何影响中国股市动态

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103698

bing Li, pu Lu, yong Wang

{"title":"Decomposing uncertainty: How foreign policy risks shape Chinese stock market dynamics","authors":"bing Li, pu Lu, yong Wang","doi":"10.1016/j.iref.2024.103698","DOIUrl":"10.1016/j.iref.2024.103698","url":null,"abstract":"<div><div>This study examines the transmission mechanism of foreign economic policy uncertainty (FEPU) on the Chinese stock market from 1997 to 2022, using a vector autoregressive adaptation of the dividend discount model. By decomposing excess returns into cash flow (CF), excess return (ER), and risk-free rate (RF) components, we disentangle the effects of FEPU shocks on these distinct factors.</div><div>Our findings indicate that FEPU primarily leads to a significant but temporary overestimation of impacts on cash flows and excess returns, with the market typically correcting itself after an initial overreaction. This pattern suggests a complex interplay between investor sentiment and market dynamics. Notably, trade stability amplifies the impact on CF, while closer monetary policy coordination enhances the transmission to RF and ER expectations. Additionally, economic cycles play a moderating role: downturns exacerbate the negative impacts on CF and RF, while bullish conditions foster resilience. Investor sentiment emerges as a crucial factor, with negative sentiment intensifying FEPU's adverse effects during economic contractions.</div><div>This research contributes a detailed perspective on how international relations, policy harmonization, and market psychology collectively influence FEPU transmission and affect China's financial stability amidst global uncertainties. Our decomposition method illuminates the dynamic forces that drive market reactions over time, offering critical insights for refining risk management strategies and crafting policy measures that buffer the financial system against external economic shocks.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103698"},"PeriodicalIF":4.8,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660169","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