International Review of Economics & Finance最新文献

{"title":"Asymmetric connectedness among regional green economies, carbon markets, and oil shocks","authors":"Waqas Hanif ,&nbsp;Rim El Khoury ,&nbsp;Mariya Gubareva ,&nbsp;Tamara Teplova","doi":"10.1016/j.iref.2025.104416","DOIUrl":"10.1016/j.iref.2025.104416","url":null,"abstract":"<div><div>This study investigates spillovers among the US, Europe, and Asia green economies, carbon allowances and oil price shocks in 2010–2023. We segregate oil shocks in demand-, supply-, and risk-driven price movements. The TVP-VAR methodology is applied to model the dynamic interrelationships among the markets. Our static connectedness outcomes highlight a substantial role of the US and European green economy and the demand-driven shocks as emitters of innovations to other markets. It is found that European green economy is the main innovations contributor to global carbon allowances whereas the demand-driven oil shocks dominate in transmitting spillovers to others. We demonstrate that major economic events make connectedness increase. Our asymmetry analysis reveals a heightened susceptibility of the system to negative news, with the impacts of negative spillovers overcoming those of positive ones. The dynamics of spillovers emphasize how crucial it is to take into account both the time and the sign. Our research advances understanding of the complex relationships within the green-carbon-oil-shocks system. The results are potentially useful for risk managers and investors, as they allow the creation of effective risk management plans.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104416"},"PeriodicalIF":4.8,"publicationDate":"2025-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144623656","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}

{"title":"ICT innovation, information environment and stock price crash risk: Evidence from patent data","authors":"Zheng Li ,&nbsp;Yixuan Wang ,&nbsp;Haitong Li ,&nbsp;Pengyi Dai","doi":"10.1016/j.iref.2025.104419","DOIUrl":"10.1016/j.iref.2025.104419","url":null,"abstract":"<div><div>Information and communication technology (ICT) innovation has been widely implemented across numerous firms. Using patent information to measure ICT innovation, we find that firm's ICT innovation significantly reduces stock price crash risk. Our conclusion still holds after conducting endogeneity and robustness checks. We also find that this negative relationship is enhanced in less transparent information environments. Besides, the mechanism tests show that ICT innovation improves firm's internal control, reduces investor opinion divergence, and increases stock price informativeness, thus alleviating crash risk. Furthermore, the effect is more pronounced for firms in strong intellectual property protection and developed information infrastructure, particularly among high-technology firms. Our findings provide novel evidence for the consequences of ICT innovation from a financial perspective, which contributes to the understanding of mitigating stock price crash risk.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104419"},"PeriodicalIF":4.8,"publicationDate":"2025-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144623655","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}

{"title":"A study on the impact of corporate executives' green perceptions on carbon disclosure","authors":"Bing Zhou ,&nbsp;Linfeng Zhang ,&nbsp;Fan Yu","doi":"10.1016/j.iref.2025.104406","DOIUrl":"10.1016/j.iref.2025.104406","url":null,"abstract":"<div><div>With the increasing stringency of carbon emission management and environmental information disclosure requirements, corporate executives' perceptions exert a crucial influence on the level of carbon information disclosure. This study utilizes empirical analysis based on data from A-share listed companies in Shanghai and Shenzhen between 2008 and 2023 to investigate the mechanism by which executives' cognition influences carbon information disclosure levels. The findings reveal that executives' green cognition significantly improves carbon information disclosure levels. Mechanism analysis suggests that this influence is mainly exerted through mitigating managerial short-termism, fostering green innovation, and advancing digital transformation. The analysis of moderation effects demonstrates that greater corporate transparency and marketization levels strengthen the positive link between executives' green cognition and carbon information disclosure. Heterogeneity analysis suggests that executives' green cognition exerts a more significant influence on carbon information disclosure in eastern regions and technology-intensive firms. In summary, this research offers novel empirical insights into the influence of executives' cognition on corporate environmental behavior and provides policymakers with practical guidance for advancing green transition and carbon disclosure policies.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104406"},"PeriodicalIF":4.8,"publicationDate":"2025-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144611711","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}

{"title":"Institutional investors’ field research and corporate green innovation","authors":"Yibo Wang","doi":"10.1016/j.iref.2025.104337","DOIUrl":"10.1016/j.iref.2025.104337","url":null,"abstract":"<div><div>This study investigates the role of institutional investors' field research in promoting corporate green innovation, using panel data on Chinese listed enterprises from 2012 to 2022. Institutional investors' field research has become an increasingly important mechanism in capital markets, serving both as a key channel for acquiring firm-specific information and as an external governance tool. Empirical analysis reveals that field research significantly enhances corporate green innovation through two primary channels: by improving information transparency and easing financing constraints, thereby supporting green project funding; and by increasing media exposure, which motivates firms to improve environmental disclosures and strengthen green innovation efforts to protect their public image. Further analysis shows that this positive effect is more pronounced in firms with weak internal controls, where external monitoring helps address governance deficiencies. In addition, for heavily polluting enterprises, institutional investors’ field research plays a vital role in encouraging green innovation investment and facilitating green transition.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104337"},"PeriodicalIF":4.8,"publicationDate":"2025-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144679238","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}

{"title":"The impact of management capability on foreign direct investment of listed companies","authors":"Xin Wen ,&nbsp;Yinxuan He ,&nbsp;Qiuting Cheng ,&nbsp;Haojia Liu","doi":"10.1016/j.iref.2025.104410","DOIUrl":"10.1016/j.iref.2025.104410","url":null,"abstract":"&lt;div&gt;&lt;div&gt;Against the backdrop of rapid economic development in China, listed companies are increasingly active in their outward foreign direct investment activities, becoming an important part of their participation in global market competition. With the implementation of China's \"going out\" strategy and high-level opening-up policy, the scale of foreign direct investment by listed companies is rapidly expanding, the investment subjects are becoming increasingly diversified, the industrial coverage is becoming increasingly large-scale, and regional expansion is showing a trend of globalization. Foreign direct investment not only promotes the cultivation of new driving forces for China's foreign trade growth, but also has a profound impact on the business development of enterprises themselves. Existing research on the impact of outward foreign direct investment by listed companies mainly focuses on two perspectives: external and internal. Research on management's outward foreign direct investment by listed companies mostly focuses on executive characteristics and managerial heterogeneity. However, empirical testing has not yet been conducted on the relationship between management capabilities and outward foreign direct investment.&lt;/div&gt;&lt;div&gt;This article proposes research hypotheses based on high-order echelon theory and resource-based theory. Using panel data of non-financial companies listed on A-shares from 2007 to 2022, this study examines the impact of management capabilities on the outward foreign direct investment behavior and performance of listed companies through Probit and panel regression models. From the perspective of the disadvantages of outsiders and agency costs, this study examines the impact mechanism of management capabilities on the outwardforeign direct investment of listed companies. The results indicate that firstly, the ability of management will reduce the probability of listed companies making outwardforeign direct investment. Secondly, management capabilities can significantly improve the OFDI performance of listed companies. Thirdly, the management's ability can improve the OFDI performance of listed companies by suppressing the disadvantages of outsiders. Fourthly, highly capable management can improve the OFDI performance of listed companies by reducing agency costs. Further sample studies have found that there are differences in the impact of management capabilities on the OFDI performance of listed companies based on their property rights, investment destination countries, and regions.&lt;/div&gt;&lt;div&gt;Based on these findings, this study offers specific recommendations for both enterprises and the government. Firstly, when making OFDI decisions, listed companies should carefully consider policy factors, potential outsider disadvantages, and agency issues. They should implement talent management strategies, leveraging the advantages of management talent to enhance OFDI performance. Actively pursuing international developme","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104410"},"PeriodicalIF":4.8,"publicationDate":"2025-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144679233","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}

{"title":"Towards a greener future: The role of blockchain legislation in promoting corporate green innovation","authors":"William Mbanyele ,&nbsp;Linda Tinofirei Muchenje","doi":"10.1016/j.iref.2025.104400","DOIUrl":"10.1016/j.iref.2025.104400","url":null,"abstract":"<div><div>In this study, we examine how blockchain adoption impacts the production of green technologies using the staggered implementation of blockchain-friendly laws in the United States as quasi-exogenous shocks. Our analysis shows that the enactment of blockchain-friendly legislation leads to a significant increase in green innovation. We establish that pro-blockchain legislation promotes green innovation through the information, financing, and external governance channels. Additional analysis reveals that the effect of blockchain adoption on green technologies is particularly pronounced for firms that face severe climate risks and have ESG-linked pay policies. We also find that blockchain-friendly laws are associated with a decline in corporate toxic emissions, a reduction in environmental litigation costs, an increase in green R&amp;D and an improvement in market advantage. These findings underscore the importance of cutting-edge technologies in the green industrial revolution toward a low carbon economy.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104400"},"PeriodicalIF":4.8,"publicationDate":"2025-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144634581","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}

{"title":"Automotive industry development versus environment and policy:An integration of system dynamics and life cycle assessment","authors":"Bowen Cai,&nbsp;Yingqi Liu","doi":"10.1016/j.iref.2025.104382","DOIUrl":"10.1016/j.iref.2025.104382","url":null,"abstract":"<div><div>This study integrates system dynamics (SD) and life cycle assessment (LCA) to investigate the dynamic mechanisms and impact pathways shaping the development of China's automotive industry. Through an extensive review of relevant literature, a comprehensive analysis of key factors influencing the industry's growth was conducted, leading to the formulation of causal loop diagrams and stock-flow models. The dynamic equations and parameterization were established accordingly. Life Cycle Assessment (LCA) methodology was integrated into the model to evaluate the environmental impact of electric vehicles (EVs) across their full lifecycle, from production and use to end-of-life disposal. This allowed for a more holistic assessment of pollutant emissions and resource consumption, providing a clearer understanding of how different factors influence the sustainability of EV adoption. Upon validating the model, system simulations were performed to analyze the development trajectory and critical factors driving the adoption of new energy electric vehicles (EVs). Based on the simulation results, this study offers policy recommendations aimed at promoting the sustainable growth of China's automotive sector. These recommendations focus on areas such as government subsidies, technological breakthroughs, the construction of charging and battery-swapping infrastructure, consumer market development, and environmental regulation based on LCA findings. The inclusion of LCA ensures that these policies not only support industry growth but also mitigate environmental impacts, providing practical and strategic insights for ensuring the long-term viability and sustainability of China's automotive industry.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104382"},"PeriodicalIF":4.8,"publicationDate":"2025-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144595633","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}

{"title":"The innovation Dilemma: Unpacking the impact of China's expanded import policies on innovation of manufacturing enterprises","authors":"Yang Xiao ,&nbsp;Jing Ma ,&nbsp;Yonggui Wei","doi":"10.1016/j.iref.2025.104359","DOIUrl":"10.1016/j.iref.2025.104359","url":null,"abstract":"<div><div>Drawing on data from the China Industrial Enterprise Database, Customs Import and Export Trade Database, and the China Intellectual Property Office Patent Database, this study examines the impact and mechanisms through which China's expanded import policies influence innovation in manufacturing enterprises. The results suggest that: (1) The expansion of import policies generally exerts a significant inhibitory effect on innovation within manufacturing enterprises, though this effect varies based on enterprise characteristics. Specifically, the inhibitory effect is pronounced for utility model patents and design patents but negligible for invention patents. The effect is also more significant in capital- and technology-intensive industries, while labor-intensive enterprises show little to no impact. Additionally, regional proximity to overseas markets negatively influences innovation in regions with higher market proximity, whereas no such effect is observed in regions with lower proximity. Lastly, the policy has a positive impact on innovation in state-owned enterprises but a significant negative effect in foreign-funded enterprises. (2) The primary drivers of the inhibitory impact on innovation are the import competition and lock-in effects associated with expanded imports. Thus, to optimize the effects of its import expansion strategy, China should not only focus on importing key core technology products but also invest in strengthening its domestic innovation capabilities, avoiding potential constraints on economic and industrial development.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104359"},"PeriodicalIF":4.8,"publicationDate":"2025-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144604174","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}

{"title":"Inverted U-shaped impact of financialization on private enterprise business performance: Capital structure threshold effect","authors":"Hua Hong ,&nbsp;Surina Bao ,&nbsp;Xiaohong Kang","doi":"10.1016/j.iref.2025.104418","DOIUrl":"10.1016/j.iref.2025.104418","url":null,"abstract":"<div><div>Using data from China's A-share listed private enterprises from 2013 to 2022, this study empirically examines the mechanisms by which financialization influences the business performance of private firms. Findings reveal that financialization has a significant inverted U-shaped effect on the business performance of private enterprises and corporate capital structure functions as a threshold variable that moderates the relationship between financialization and business performance. Additionally, the effects of financialization vary across firms depending on industry, size, capital demand, and level of technological innovation. These findings offer important implications for policymaking and implementation efforts aimed at advancing the modernization of private enterprises.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104418"},"PeriodicalIF":4.8,"publicationDate":"2025-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144595632","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}

{"title":"The nonlinear impact of trade policy uncertainty on corporate ESG performance","authors":"Xia Liu ,&nbsp;Cong Zhang","doi":"10.1016/j.iref.2025.104413","DOIUrl":"10.1016/j.iref.2025.104413","url":null,"abstract":"<div><div>This study explores how trade policy uncertainty (TPU) affects corporate environmental, social, and governance (ESG) performance by analyzing panel data on publicly listed firms. The findings reveal that TPU exhibits a significant inverted U-shaped relationship with ESG scores, indicating that moderate uncertainty encourages sustainability engagement, while extreme policy volatility restrains such investments. To strengthen the causal interpretation of these results, the study employs two-stage least squares, propensity score matching, and Heckman procedures, all of which corroborate the nonlinear TPU–ESG linkage. Further analysis shows that supply chain resilience partially mediates this relationship, suggesting that firms facing higher TPU bolster their operational adaptability, thereby improving ESG outcomes. The moderating effect of executive risk preference is also confirmed, implying that risk-averse leadership amplifies the positive effect of TPU on ESG at moderate levels but intensifies the decline once uncertainty passes a critical threshold. Heterogeneity analysis reveals important institutional differences, with non-state-owned enterprises demonstrating greater sensitivity to uncertainty changes than state-owned firms, while firm life-cycle analysis shows declining firms exhibit the most extreme responses to TPU variations. These findings contribute to the literature on policy uncertainty and corporate sustainability by highlighting both the potential and the perils of uncertain trade environments. Managerial and policy implications include the importance of resilience-building strategies, adaptive leadership traits, and context-specific approaches for sustaining ESG performance under volatile external conditions.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104413"},"PeriodicalIF":4.8,"publicationDate":"2025-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144653789","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}