International Review of Economics & Finance最新文献_第4页

How to shape corporate green behavior? — The green governance effect of executive incentive strategies 如何塑造企业的绿色行为？——高管激励策略的绿色治理效应

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-17 DOI: 10.1016/j.iref.2025.104612

Ningning Zhang , Yawen Wang

{"title":"How to shape corporate green behavior? — The green governance effect of executive incentive strategies","authors":"Ningning Zhang , Yawen Wang","doi":"10.1016/j.iref.2025.104612","DOIUrl":"10.1016/j.iref.2025.104612","url":null,"abstract":"<div><div>In response to the growing global demand for sustainable development, this study investigates how executive incentive structures shape corporate green behavior in Chinese listed firms. We distinguish among three types of incentives: monetary, equity-based, and consumption-related. Empirical results indicate that performance-driven monetary and equity incentives significantly enhance firms’ environmental engagement. Monetary incentives promote green behavior primarily through improving information transparency and investment efficiency, while equity-based incentives work by reinforcing long-term value orientation and optimizing capital allocation. In contrast, consumption-related incentives substantially hinder green behavior, mainly by weakening managerial sentiment and crowding out resources for environmental initiatives. Further evidence shows that analyst attention amplifies the positive effects of performance-oriented incentives and partially mitigates the negative impacts of consumption-oriented ones. These findings are robust across multiple specifications, including lagged variables, propensity score matching, Heckman correction, and the inclusion of province-year and industry-year fixed effects. The study contributes theoretically by advancing principal–agent theory in the sustainability context and clarifying the mechanisms linking executive compensation to environmental outcomes. Practically, it provides evidence to inform the design of green compensation packages and offers regulatory insights for strengthening environmental disclosure requirements. While grounded in the Chinese context, the findings carry global relevance, offering valuable implications for emerging markets and advanced economies alike in promoting corporate green transformation.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"104 ","pages":"Article 104612"},"PeriodicalIF":5.6,"publicationDate":"2025-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145156088","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 digital economy influence urban common prosperity? Evidence from China's demonstration area for common prosperity 数字经济如何影响城市共同繁荣？来自中国共同富裕示范区的证据

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-16 DOI: 10.1016/j.iref.2025.104629

Shengyang Zhong , Xin Zhang , Leibao Zhang , Chen Zhao

{"title":"How does digital economy influence urban common prosperity? Evidence from China's demonstration area for common prosperity","authors":"Shengyang Zhong , Xin Zhang , Leibao Zhang , Chen Zhao","doi":"10.1016/j.iref.2025.104629","DOIUrl":"10.1016/j.iref.2025.104629","url":null,"abstract":"<div><div>In the modern era, the digital economy has emerged as a crucial driver of economic growth, playing a significant role in advancing common prosperity through high-quality development. This paper investigates the influence of the digital economy on urban common prosperity and examines the mechanisms that underpin this relationship. Using Zhejiang Province, China's demonstration area for common prosperity as a case study, we analyze data from 11 prefecture-level cities over the period 2011–2021 to evaluate digital economy development and common prosperity levels. Through quantitative analysis, we examine the digital economy's direct effects on common prosperity, along with its indirect impacts through mediation mechanisms and spatial spillovers. The results show that the digital economy significantly enhances common prosperity, a finding consistent even after robustness checks using historical data as instrumental variables and substituting per capita digital economy patents. Mediation analysis conducted via the CMA approach suggests that the digital economy fosters common prosperity by stimulating entrepreneurship, boosting entrepreneurial activities, increasing disposable incomes, and reducing the urban-rural income gap. Moreover, spatial econometric models, such as the Spatial Durbin Model (SDM), show that the digital economy promotes common prosperity through spatial spillover effects. This study offers empirical evidence on how the digital economy can drive common prosperity in Zhejiang Province, offering valuable policy insights for the government's efforts to promote equitable growth, and serves as a reference for other regions across the country.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"104 ","pages":"Article 104629"},"PeriodicalIF":5.6,"publicationDate":"2025-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145107386","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

Are political connections valuable during a health pandemic crisis? 在卫生大流行危机期间，政治关系有价值吗？

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-16 DOI: 10.1016/j.iref.2025.104623

Wai-Yan Wong , Chwee-Ming Tee , Chee-Wooi Hooy

引用次数: 0

Artificial intelligence policy uncertainty and corporate Greenwashing: Evidence from China 人工智能政策的不确定性和企业漂绿：来自中国的证据

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-16 DOI: 10.1016/j.iref.2025.104630

Yufei Gan, Luxueting Pi

{"title":"Artificial intelligence policy uncertainty and corporate Greenwashing: Evidence from China","authors":"Yufei Gan, Luxueting Pi","doi":"10.1016/j.iref.2025.104630","DOIUrl":"10.1016/j.iref.2025.104630","url":null,"abstract":"<div><div>While the economic consequences of general policy uncertainty are well-documented, little is known about how uncertainty surrounding the governance of transformative technologies like Artificial Intelligence (AI) shapes corporate non-market strategies. This study investigates whether and how AI Policy Uncertainty (AIPU) drives corporate greenwashing. Using a large panel of Chinese listed firms from 2010–Q1 2025 and a novel text-based index of AIPU, we establish a causal link through a multi-pronged identification strategy that includes Propensity Score Matching (PSM), a multi-period Difference-in-Differences (DID) design, and an Instrumental Variable (IV) analysis. We find robust evidence that AIPU significantly increases corporate greenwashing. Crucially, this effect is attenuated for firms led by CEOs with strong IT backgrounds, who can better navigate technological turbulence. We further unveil the micro-foundations of this effect, showing that AIPU fuels greenwashing through three distinct mediating pathways: splitting managerial attention toward external risks (a cognitive channel), increasing precautionary cash holdings (a financial channel), and directly inhibiting substantive green innovation (a strategic channel). Heterogeneity analysis also shows the effect is more pronounced for non-state-owned enterprises and non-high-tech firms. Our findings reveal an important unintended consequence of technology governance and offer crucial insights for managers, investors, and policymakers.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"104 ","pages":"Article 104630"},"PeriodicalIF":5.6,"publicationDate":"2025-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145156086","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 biodiversity risk exposure and performance aspiration deficit 企业生物多样性风险暴露与绩效期望赤字

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-15 DOI: 10.1016/j.iref.2025.104626

Jing Liu , Peigong Li , Umeair Shahzad

{"title":"Corporate biodiversity risk exposure and performance aspiration deficit","authors":"Jing Liu , Peigong Li , Umeair Shahzad","doi":"10.1016/j.iref.2025.104626","DOIUrl":"10.1016/j.iref.2025.104626","url":null,"abstract":"<div><div>The gradual erosion of biodiversity has become a systemic global concern, yet its financial implications within organizational frameworks remain at a nascent stage of recognition. Drawing on natural capital theory, this study develops a moderated mediation framework to examine how corporate biodiversity risk exposure influences performance dynamics. Using a mixed-effects regression model on dynamic panel data from 973 Chinese listed firms between 2011 and 2022, the analysis shows that biodiversity risk exposure is positively associated with performance aspiration deficits. Mediation tests reveal that this relationship is primarily transmitted through supply chain concentration, while the moderating role of Industry 4.0 technologies weakens this pathway. Robustness checks addressing potential endogeneity confirm the stability of the results. Heterogeneity analyses further demonstrate systematic variation across firms with different governance and structural profiles. These findings advance understanding of biodiversity as a financial risk factor and underscore the importance of integrating ecological considerations into investment screening and financial stability assessments.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"104 ","pages":"Article 104626"},"PeriodicalIF":5.6,"publicationDate":"2025-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145107389","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

Illiquidity-driven bond return synchronicity and information environment 非流动性驱动的债券收益同步性与信息环境

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-15 DOI: 10.1016/j.iref.2025.104600

Zhirui Song , Zehua Zhang , Ran Zhao

引用次数: 0

One's name represents oneself: Auditor's given names and audit quality 一个人的名字代表自己：审计师的名字和审计质量

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-13 DOI: 10.1016/j.iref.2025.104617

Pu Zhao , Yongtao Liu , Jing Shi

{"title":"One's name represents oneself: Auditor's given names and audit quality","authors":"Pu Zhao , Yongtao Liu , Jing Shi","doi":"10.1016/j.iref.2025.104617","DOIUrl":"10.1016/j.iref.2025.104617","url":null,"abstract":"<div><div>In this paper, we investigate the relationship between auditors' given names and audit quality. Using a sample of Chinese listed firms from 2007 to 2023, our analysis reveals that auditors with ethical given names are significantly associated with higher audit quality. The ethical reputation signaled by auditors' given names strengthens their motivation for moral conduct and high audit quality, enabling them to effectively resist client pressure, and this ethical behavior is not driven by the firm's overall reputation. Further analysis indicates that investors respond more positively in the short term when a firm switches to an auditor with an ethical given name. Additionally, our findings suggest that auditors with ethical given names have a more substantial effect on enhancing audit quality when clients are subject to lower analyst coverage or are non-state-owned enterprises. Moreover, auditors with ethical given names and lower levels of education are more likely to uphold ethical behavior, potentially due to having fewer alumni connections. This study introduces a novel and observable characteristic, auditor's given names, thus contributing to the growing body of research on individual auditor characteristics and its impact on audit quality.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"104 ","pages":"Article 104617"},"PeriodicalIF":5.6,"publicationDate":"2025-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145107392","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

Rural revitalization and farm household employment decisions: Micro evidence from China 乡村振兴与农户就业决策：来自中国的微观证据

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-13 DOI: 10.1016/j.iref.2025.104622

Hongchuan Wang

{"title":"Rural revitalization and farm household employment decisions: Micro evidence from China","authors":"Hongchuan Wang","doi":"10.1016/j.iref.2025.104622","DOIUrl":"10.1016/j.iref.2025.104622","url":null,"abstract":"<div><div>Against the backdrop of China's economic transformation and accelerated urban-rural integration, the structural shift in farmers' employment has emerged as a critical challenge for sustainable rural development. Using microdata from the China Family Panel Studies (CFPS) for 2018 and 2022, this paper empirically investigates the impact of rural revitalization on farmers' employment decisions and the underlying mechanisms. Employing econometric modeling, the results show that rural revitalization significantly promotes farmers' entrepreneurial employment tendencies, thereby contributing to the diversification of rural employment structures. Mechanism analysis reveals that internet usage serves as an important mediator: rural revitalization improves digital infrastructure and enhances information access, which in turn facilitates farmers' entrepreneurial activities. Furthermore, social participation plays a crucial mediating role, as farmers with higher levels of social engagement are more likely to pursue entrepreneurial employment. Heterogeneity analysis indicates that the effects of rural revitalization are stronger in eastern regions compared to central and western regions, and that farmers with lower life satisfaction and lower social trust levels are more responsive to policy incentives. These findings suggest that differentiated policy strategies, focusing on digital empowerment, infrastructure enhancement, and social capital development, are critical to optimizing the outcomes of rural revitalization and promoting a sustainable transition in rural labor markets.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"104 ","pages":"Article 104622"},"PeriodicalIF":5.6,"publicationDate":"2025-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145107481","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

Carbon price dynamics and firm productivity: The role of green innovation and institutional environment in China's emission trading scheme 碳价格动态与企业生产率：绿色创新与制度环境在中国碳排放交易机制中的作用

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-13 DOI: 10.1016/j.iref.2025.104607

Junjiao Gong , Xuan Qiu , Jiaqi Fang

{"title":"Carbon price dynamics and firm productivity: The role of green innovation and institutional environment in China's emission trading scheme","authors":"Junjiao Gong , Xuan Qiu , Jiaqi Fang","doi":"10.1016/j.iref.2025.104607","DOIUrl":"10.1016/j.iref.2025.104607","url":null,"abstract":"<div><div>The commodity and financial attributes of carbon emission allowances play a pivotal role within the Carbon Emission Trading Scheme (CETS), with carbon prices directly reflecting the underlying value of these allowances. This study employs a Difference-in-Differences (DID) model using data from publicly listed Chinese firms over 2010–2023 to examine the effects of carbon price levels and stability on total factor productivity (TFP). Results indicate that increases in both carbon price level and stability enhance TFP, particularly among heavy-polluting and non-state-owned enterprises. Mechanism analysis shows that higher prices and stability stimulate corporate engagement in green innovation, trigger the Porter effect, and thereby further improve TFP. Furthermore, optimizing the system environment proves to be an effective means of strengthening the scheme's impact. The study also finds that allocating initial quotas via payment-based mechanisms offers a more effective design. The findings underscore the importance of reinforcing the financial attributes of carbon allowances and provide practical guidance for boosting trading activity and market liquidity.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"104 ","pages":"Article 104607"},"PeriodicalIF":5.6,"publicationDate":"2025-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145107393","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 digital financial awareness enhance enterprises' business credit? 数字金融意识能否提升企业的商业信用？

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-12 DOI: 10.1016/j.iref.2025.104618

Bo Wu , Suhong Liao

{"title":"Can digital financial awareness enhance enterprises' business credit?","authors":"Bo Wu , Suhong Liao","doi":"10.1016/j.iref.2025.104618","DOIUrl":"10.1016/j.iref.2025.104618","url":null,"abstract":"<div><div>This study demonstrates that improved digital finance understanding significantly bolsters firm creditworthiness through three independent but interconnected economic mechanisms. Through the analysis of comprehensive firm-level data, we demonstrate that increased awareness of digital financial tools enables businesses to foster the development of regional financial intermediaries. This enhanced understanding promotes institutional innovation, which diminishes information asymmetry and converts intermediaries into data-driven validators of creditworthiness. Concurrently, digital finance expertise alters supply chain power structures, enabling companies to impose advantageous conditions through blockchain financing and algorithmic liquidity management, thereby producing verifiable signals of operational integrity that creditors recognize as a means of mitigating systemic risk. Moreover, this understanding expands funding structures beyond conventional banks, as proficiency in decentralized finance and tokenized assets generates verifiable proof of financial flexibility, instilling confidence in stakeholders for ongoing liquidity. Importantly, these impacts demonstrate considerable variability: State-owned firms utilize institutional advantages to enhance the credit returns of cognition, whereas hyper-competitive industries convert digital literacy into essential survival strategies that expedite trust formation. Our findings confirm that digital finance understanding functions as an institutional trust framework, transforming technological proficiency into market-recognized credibility by integrating firms within ecosystems where data transparency substantiates reliability, diminishes counterparty risk perceptions, and redefines credit allocation models. This research provides practical insights for policymakers developing digital literacy programs and for companies strategically leveraging cognition as intangible, credit-enhancing capital.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"104 ","pages":"Article 104618"},"PeriodicalIF":5.6,"publicationDate":"2025-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145217754","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