International Review of Economics & Finance最新文献_第5页

The response of emerging financial markets to IMF news during COVID-19 pandemic1 2019冠状病毒病大流行期间新兴金融市场对IMF新闻的反应

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-05-19 DOI: 10.1016/j.iref.2025.104176

Moustafa Abuelfadl , Ehab Yamani

引用次数: 0

Is corporate social responsibility a must or a plus? The role of national culture 企业社会责任是必须的还是加分项？民族文化的作用

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-05-17 DOI: 10.1016/j.iref.2025.104181

Liu Wang , Shaomin Li

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Regional cooperation and corporate vertical disintegration: Evidence from Chinese listed companies 区域合作与企业纵向解体：来自中国上市公司的证据

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-05-17 DOI: 10.1016/j.iref.2025.104179

Hongmei Wang , Zitian Hu , Xinyu Cui , Chun Yuan , Yang Zhao

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Mean reversion of the soybean crush spread: A new model and trading strategies 大豆压榨价差的均值回归：一个新的模型和交易策略

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-05-16 DOI: 10.1016/j.iref.2025.104186

Hussein Abdoh, Michael Chitavi

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Rare disasters and multilayer spillovers between volatility and skewness in international stock markets over a century of data: The role of geopolitical risk 一个世纪以来国际股市的罕见灾难和波动性与偏度之间的多层溢出效应：地缘政治风险的作用

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-05-16 DOI: 10.1016/j.iref.2025.104183

Matteo Foglia , Vasilios Plakandaras , Rangan Gupta , Elie Bouri

{"title":"Rare disasters and multilayer spillovers between volatility and skewness in international stock markets over a century of data: The role of geopolitical risk","authors":"Matteo Foglia , Vasilios Plakandaras , Rangan Gupta , Elie Bouri","doi":"10.1016/j.iref.2025.104183","DOIUrl":"10.1016/j.iref.2025.104183","url":null,"abstract":"<div><div>Measuring risk and understanding risk spillover across markets lie at the core of the decision-making process of every financial market participant and monetary authority. However, the bulk of the literature treats risk as a function of the second moment (volatility) of the return distribution, based on the implicit unrealistic assumption that asset returns are normally distributed. In this paper, we examine risk spillovers involving robust estimates of both second and third moments of model-implied distributions of stock returns using a multilayer approach; then, we assess the ability of geopolitical risk, as a proxy for rare disaster risk, to forecast layer-based risk spillovers using machine-learning methods. Considering a century of data on the stock indices of the G7 and Switzerland from May 1917 to February 2023, the results show the following: Firstly, the risk spillover among stock markets exists within each layer (i.e. volatility and skewness), with a stronger effect in the volatility layer. Secondly, the risk spillover is significant across the two layers, highlighting how various aspects of risk information are transmitted across major stock markets. Thirdly, geopolitical risk affects both risk layer values, based on an out-of-sample forecasting exercise. Specifically, global measures of geopolitical risk can forecast risk spillovers at shorter horizons up to 6 months, whereas, at longer horizons, the forecasting exercise is dominated by market-specific characteristics.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104183"},"PeriodicalIF":4.8,"publicationDate":"2025-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144084533","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

Intellectual property protection, new quality productivity, and economic growth: Empirical evidence from China 知识产权保护、新型高质量生产力与经济增长：来自中国的经验证据

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-05-15 DOI: 10.1016/j.iref.2025.104145

Rengui Guo , Yilong Ruanzhou , Hanmo Ruan

{"title":"Intellectual property protection, new quality productivity, and economic growth: Empirical evidence from China","authors":"Rengui Guo , Yilong Ruanzhou , Hanmo Ruan","doi":"10.1016/j.iref.2025.104145","DOIUrl":"10.1016/j.iref.2025.104145","url":null,"abstract":"<div><div>This study utilizes the panel data of 31 provinces in China from 2012 to 2022 to empirically examine the impact of the coupled synergy of intellectual property protection and new quality productivity on economic growth. It introduces the regulatory and mediating mechanisms of scientific and technological innovation, mismatch of innovation resources, and international competitiveness. The study finds that: (1) intellectual property protection and new quality productivity can significantly promote economic growth, and the better the synergy between the two, the stronger the promotion effect; (2) there is obvious heterogeneity among regions, and the synergy effect is more significant in the eastern and central regions; (3) sci-tech innovation plays a key intermediary role; (4) mismatch of innovation resources and international competitiveness play an important moderating effect in this mechanism. This conclusion provides empirical references for improving the intellectual property protection, cultivating new quality productivity, and realizing high-quality development.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104145"},"PeriodicalIF":4.8,"publicationDate":"2025-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144116953","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

The effects of FinTech development on corporate employment 金融科技发展对企业就业的影响

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-05-15 DOI: 10.1016/j.iref.2025.104172

Xin Shi , Yuwen Zhou

引用次数: 0

Media heterogeneity and corporate ESG performance: evidence from China 媒体异质性与企业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 : 2025-05-15 DOI: 10.1016/j.iref.2025.104174

Zi Wang , Dechang Zheng

引用次数: 0

Mitigating crisis impact: The influence of corporate social responsibility on non-financial firms’ financial performance 缓解危机影响：企业社会责任对非金融企业财务绩效的影响

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-05-15 DOI: 10.1016/j.iref.2025.104180

Diana Alhajjeah , Mustafa Besim , Heitham Al-Hajieh

{"title":"Mitigating crisis impact: The influence of corporate social responsibility on non-financial firms’ financial performance","authors":"Diana Alhajjeah , Mustafa Besim , Heitham Al-Hajieh","doi":"10.1016/j.iref.2025.104180","DOIUrl":"10.1016/j.iref.2025.104180","url":null,"abstract":"<div><div>This study investigates the impact of corporate social responsibility (CSR) on the financial performance of firms by analyzing how it affects the relationship between capital structure and financial performance during the COVID-19 pandemic. We focus on non-financial publicly listed firms in the USA, UK, Canada, Japan, and Italy from 2018 to 2021. Our findings reveal that during the pandemic short-term debt significantly negatively impacts return on assets (ROA), specifically a decrease of 35 %. Additionally, we provide empirical evidence that CSR positively influences financial performance. In particular, the combined CSR scores, as well as environmental and social activities, positively affect ROA, return on equity (ROE), and Tobin's Q across all analyses. We observe that a high combined score (ESG) mitigates the adverse effects of all types of debt on ROA and ROE. However, the positive impact on Tobin's Q is more pronounced regarding long-term and total debt by 0.987 % and 0.937 %, respectively. Furthermore, our analysis indicates that high environmental, social, and governance activities have a more substantial positive effect on the relationship between total debt and both ROE and Tobin's Q. Overall, our study suggests that investing in CSR can be a wise strategy for firms, not only helping to alleviate the adverse effects of debt during market downturns but also switch the adverse effect to positive which ultimately enhancing financial performance.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104180"},"PeriodicalIF":4.8,"publicationDate":"2025-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144148120","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

Shareholder perks and cash holdings: Board influence in firms with and without perks 股东津贴和现金持有量：董事会对有津贴和没有津贴公司的影响

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-05-14 DOI: 10.1016/j.iref.2025.104165

Tahir Akhtar , Liqian Chen , Muhammad Abdullah , Md Saiful Islam , Mohammad Ali Tareq

{"title":"Shareholder perks and cash holdings: Board influence in firms with and without perks","authors":"Tahir Akhtar , Liqian Chen , Muhammad Abdullah , Md Saiful Islam , Mohammad Ali Tareq","doi":"10.1016/j.iref.2025.104165","DOIUrl":"10.1016/j.iref.2025.104165","url":null,"abstract":"<div><div>This study investigates the impact of shareholder perks (SHP) on cash holdings (CH) and examines whether the role of the board of directors (BOD) affects CH in shareholder-perk (SHP) and non-shareholder-perk (NON-SHP) firms in Japan. Using a sample of 3526 firms from 2005 to 2022, the findings show that firms with perk programs hold lower cash compared to their counterparts, reducing free cash flow agency conflicts. Independent directors and female directors encourage CH, indicating lower agency costs. In contrast, larger board size, executive directors, and male directors decrease CH, consistent with agency theory. In sub-sample analyses, independent and female directors encourage CH in both SHP and NON-SHP firms. In contrast, a higher number of executive and male directors decreases CH in NON-SHP firms while encouraging CH in SHP firms. Board size plays an effective role only in NON-SHP firms. Several econometric methods support the results. The findings illuminate the significance of SHP and board composition in cash management and corroborate the BOD's varied effect on CH policy.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104165"},"PeriodicalIF":4.8,"publicationDate":"2025-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144098899","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