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

Establishment of bankruptcy courts and corporate investment decisions 设立破产法院和公司投资判决

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-05-25 DOI: 10.1016/j.iref.2025.104195

Ye Liu, Ziping Li

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引用次数: 0

Corporate social responsibility, digital economy, and corporate energy utilization efficiency-based on moderating effect and heterogeneity analysis 企业社会责任、数字经济与企业能源利用效率——基于调节效应和异质性分析

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-05-25 DOI: 10.1016/j.iref.2025.104197

Mengxi Cui , Xiangjian Zhang , Cen Cai

引用次数: 0

Impact of regional digital economy on default recovery: Evidence from China 区域数字经济对违约恢复的影响：来自中国的证据

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-05-23 DOI: 10.1016/j.iref.2025.104162

Muzi Chen , Geng Li , Nan Li , Xiaoguang Yang , William J. Trainor

{"title":"Impact of regional digital economy on default recovery: Evidence from China","authors":"Muzi Chen , Geng Li , Nan Li , Xiaoguang Yang , William J. Trainor","doi":"10.1016/j.iref.2025.104162","DOIUrl":"10.1016/j.iref.2025.104162","url":null,"abstract":"<div><div>Using a unique sample during 2015–2019 from a nation-wide commercial bank, which contains nearly 40,000 loans and the recovery records of branch institutions covering the mainland China, we study the effects of the development of regional digital economy on loan default recovery rate. We find that the recovery rate of non-performing loans is increased where there is a higher level of development in the regional digital economy. This effect is more pronounced for small and medium-sized loans and branches at longer distances from their head office. The channels through which the digital economy affects banks' loan recovery are investigated. The digital economy improves the efficiency and convenience of banks' information processing and better tracks loan customer disconnections, leading to greater loan recovery. In addition, online judicial auctions, a relatively new mechanism for asset recovery, can improve the efficiency of asset processing and expedite loan repayment, thereby reducing banks’ loss due to loan defaults. We verified the robustness of the results by various methods such as quantile regression and logit transformation of recovery. By incorporating regional legal and marketization control variables, fixed effects and interaction terms, and the PSM methodology, we further reduce the potential endogeneity in the models.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104162"},"PeriodicalIF":4.8,"publicationDate":"2025-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144138552","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 effect of labor unions on capital markets: Evidence from seasoned equity offerings 工会对资本市场的影响：来自老练股票发行的证据

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-05-22 DOI: 10.1016/j.iref.2025.104190

Yen-Jung Tseng , Minzhi Wu , Zhi-Yuan Feng , Sung-Yun Tan

{"title":"The effect of labor unions on capital markets: Evidence from seasoned equity offerings","authors":"Yen-Jung Tseng , Minzhi Wu , Zhi-Yuan Feng , Sung-Yun Tan","doi":"10.1016/j.iref.2025.104190","DOIUrl":"10.1016/j.iref.2025.104190","url":null,"abstract":"<div><div>This paper examines the impacts of labor unions on the market reaction to firms' equity financing decisions (i.e., seasoned equity offerings; SEOs), suggesting that issuers' strategic disclosure in the face of pressure from labor unions impacts investor's perception of the firm value. Using a sample of U.S. SEO issuers between 2001 and 2015, we find that labor unions have a negative effect on SEO issuers' announcement return and are associated with lower SEO underpricing at the offer date compared to non-unionized issuers. These results suggest the market's adverse reactions towards SEO events of unionized issuers, supporting the signaling perspective. Significantly negative responses surrounding announcements support investors' suspicion about the potential misuse of SEO proceeds under the pressure of labor unions. The relatively low underpricing (i.e., lower offering date returns) of unionized issuers also reflects the economic consequences of firms fostering a pessimistic corporate information environment to gain bargaining power against labor unions. Additional analyses reveal that firms only exhibit such strategic disclosure in response to union pressure when they are in sound health (not a target for mergers and acquisitions) and when managers' compensation is not heavily affected by depressed stock prices. We also find that the negative responses to unionized firms' SEO announcements and offerings disappear during the global financial crisis, especially for firms that rely heavily on debt financing. Altogether, these results suggest that investors incorporate union-induced strategic disclosure into their decision-making and respond to such information based on market and firm conditions. Our findings are robust after controlling for SEO peer effects and firms' prior performance.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104190"},"PeriodicalIF":4.8,"publicationDate":"2025-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144134604","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

Monetary policy and corporate financialization drive sustainable technology 货币政策和企业金融化推动了可持续技术的发展

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-05-21 DOI: 10.1016/j.iref.2025.104187

Lu Liu, Chuanjiang Wang

{"title":"Monetary policy and corporate financialization drive sustainable technology","authors":"Lu Liu, Chuanjiang Wang","doi":"10.1016/j.iref.2025.104187","DOIUrl":"10.1016/j.iref.2025.104187","url":null,"abstract":"<div><div>This study investigates the impact of financialization on the relationship between monetary policy and green technology innovation (GTI), utilizing data from non-financial listed companies in China from 2007 to 2022. The findings reveal that loose monetary policy alleviates financing constraints, promoting GTI compared to tight monetary policy. However, excessive financialization may lead firms to prioritize short-term market returns, undermining their investment in green innovations. The analysis demonstrates that monetary policy positively influences GTI across both state-owned and non-state-owned enterprises, indicating that increased liquidity and reduced borrowing costs facilitate innovation. Additionally, despite regional disparities in economic development, all regions exhibit positive responses to monetary policy regarding GTI. High-tech enterprises, characterized by greater R&D needs, particularly benefit from loose monetary conditions, enhancing their capacity for innovation. The paper underscores the necessity for central banks to adopt transparent and targeted monetary policies to foster sustainable development, while also highlighting the importance of balancing short-term and long-term investment strategies for enterprises. The findings contribute to a deeper understanding of the dynamics between financialization, monetary policy, and GTI, providing implications for policymakers and corporate managers.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104187"},"PeriodicalIF":4.8,"publicationDate":"2025-05-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144195097","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

Non-executive employee stock ownership plan and auditor reporting conservatism: Evidence from China 非执行员工持股计划与审计报告稳健性：来自中国的证据

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-05-20 DOI: 10.1016/j.iref.2025.104192

Yadong Han , Ruixue Zhou

引用次数: 0

Do staggered boards benefit the environment? A plant-level analysis 交错董事会对环境有利吗？植物级分析

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-05-20 DOI: 10.1016/j.iref.2025.104188

Trung K. Do

引用次数: 0

Unveiling investor sentiment, attention, and speed of price adjustment in Indian market 揭示投资者情绪，关注和价格调整的速度在印度市场

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-05-20 DOI: 10.1016/j.iref.2025.104189

Hajam Abid Bashir , Dilip Kumar

{"title":"Unveiling investor sentiment, attention, and speed of price adjustment in Indian market","authors":"Hajam Abid Bashir , Dilip Kumar","doi":"10.1016/j.iref.2025.104189","DOIUrl":"10.1016/j.iref.2025.104189","url":null,"abstract":"<div><div>Despite classical finance theory emphasizing rational investor behavior, sentiment-driven irrationality often leads to price distortions. Although investor sentiment is not directly observable, identifying suitable proxies and understanding the effect of investor sentiment on asset prices is an important topic. This study investigates the impact of investor sentiment on the speed of adjustment in the Indian market, which is characterized by a high degree of market sentiment. We develop an investor sentiment index at the stock level using seven sentiment proxies. Our sample includes the constituents of the CNX Nifty index from January 2005 to December 2020, totaling 4130 observations. The findings indicate that investor sentiment negatively impacts the speed of price adjustment, supporting the proposition that noise trader risk increases during high sentiment, causing mispricing in the market. We also examine the role of investor attention in the speed of price adjustment. The results show that the negative effect of investor sentiment on the speed of adjustment would weaken during periods of high investor attention, implying that investor attention improves market efficiency as it abbreviates the negative effect of sentiment for the price adjustment measure. We also find that the returns of firms with a faster speed of adjustment lead to the returns of firms with a slower speed of adjustment and the market portfolio returns.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104189"},"PeriodicalIF":4.8,"publicationDate":"2025-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144167801","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 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

引用次数: 0