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

The role of digital inclusive finance in promoting cross-border tourism: Evidence under the maritime community with a shared future framework 数字普惠金融在促进跨境旅游中的作用：基于海洋共同体和共同未来框架的证据

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-08 DOI: 10.1016/j.iref.2025.104420

Jian Zhang , Jiawei Cao , Zhi Li

{"title":"The role of digital inclusive finance in promoting cross-border tourism: Evidence under the maritime community with a shared future framework","authors":"Jian Zhang , Jiawei Cao , Zhi Li","doi":"10.1016/j.iref.2025.104420","DOIUrl":"10.1016/j.iref.2025.104420","url":null,"abstract":"<div><div>In the context of the digital economy and the integration of culture and tourism, exploring the impact of digital inclusive finance on cross-border tourism revenue is of great theoretical and practical significance. This study uses panel data from Chinese prefecture-level and above cities to empirically analyze the effect of digital inclusive finance on cross-border tourism revenue, focusing on the moderating roles of trade openness and fiscal investment. The results show that digital inclusive finance significantly promotes cross-border tourism revenue, and this positive effect remains robust after various sensitivity tests. Mechanism analysis indicates that digital inclusive finance enhances the cross-border tourism experience by fostering the development of new digital infrastructure and improving information exchange efficiency. Additionally, the moderating effect analysis reveals that trade openness strengthens the positive impact of digital inclusive finance, while fiscal investment weakens it. These findings provide empirical support and policy insights for advancing the high-quality development of cross-border tourism, optimizing digital financial service systems, and refining regional openness strategies.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104420"},"PeriodicalIF":4.8,"publicationDate":"2025-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144679234","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

Financial shocks and savings amongst Africa's middle class: Insights from FinTech data 非洲中产阶级的金融冲击和储蓄：来自金融科技数据的见解

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-08 DOI: 10.1016/j.iref.2025.104414

Jamila Abubakar , Ahmet F. Aysan , Mustafa Disli , Marwa Elnahass

引用次数: 0

Unveiling low productivity premium: A tale from emerging market 揭示低生产率溢价：一个来自新兴市场的故事

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-08 DOI: 10.1016/j.iref.2025.104399

Zhiguo Ding , Ji Qi , Yun Tang , Xuankai Zhao

{"title":"Unveiling low productivity premium: A tale from emerging market","authors":"Zhiguo Ding , Ji Qi , Yun Tang , Xuankai Zhao","doi":"10.1016/j.iref.2025.104399","DOIUrl":"10.1016/j.iref.2025.104399","url":null,"abstract":"<div><div>This study investigates how firm-level productivity, measured by total factor productivity (TFP), is priced in cross-sectional stock returns in China, which is the largest emerging market as well as the global manufacturing hub. We document a significant low productivity premium with an annualized return of 6.6 %, where firms with lower productivity earn higher returns compared to their higher counterparts. Low productivity firms are characterized by small size, low value, weak current profitability, illiquidity, high earnings, and idiosyncratic volatility. The low productivity premium phenomenon is robust based on comprehensive sets of empirical models and even after controlling for conventional risk factors and alternative firm characteristics. We further explore potential explanations for the low productivity premium and find that the phenomenon is primary driven by mispricing associated with arbitrage limits. Our results extend the asset pricing literature by highlighting the distinct dynamics of production-based premium in emerging markets, providing novel insights for academics, regulators, and investors interested in understanding the return predictability in immature emerging market.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104399"},"PeriodicalIF":4.8,"publicationDate":"2025-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144679237","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

Digital trade and corporate ESG performance— evidence from China 数字贸易与企业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 : 2025-07-08 DOI: 10.1016/j.iref.2025.104417

Kejie Chen , Jie Xie

{"title":"Digital trade and corporate ESG performance— evidence from China","authors":"Kejie Chen , Jie Xie","doi":"10.1016/j.iref.2025.104417","DOIUrl":"10.1016/j.iref.2025.104417","url":null,"abstract":"<div><div>How to improve corporate ESG performance is a hot topic of interest in both academia and practice. Against the backdrop of China's strategy for “high-level opening-up,” digital trade adds new dimensions and significance to this issue.This research constructs a regional digital trade index and empirically analyzes the impact and mechanisms of digital trade on corporate ESG performance. The study finds that digital trade contributes to corporate ESG performance, a conclusion that holds after endogeneity and a series of robustness tests; digital trade enhances corporate ESG performance through green technology innovation, improving internal control quality, and facilitating digital transformation. Heterogeneity tests reveal that digital trade has a more pronounced effect on the state-owned enterprises, lower market competition industry, higher environmental regulation level region, and greater external media supervision. Further research shows that the ESG performance improvements brought by digital trade positively influence corporate total factor productivity.Based on this, it is crucial to promote regional digital trade development to enhance corporate ESG performance and achieve high-quality economic growth. This holds significant policy and practical implications for China as it seeks to realize a green transition and attain its “dual carbon” goals in the context of the global digitalization wave.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104417"},"PeriodicalIF":4.8,"publicationDate":"2025-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144653787","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 policies, regional integration, and tourism growth: Evidence from a quasi-natural experiment of the national tourism poverty alleviation demonstration project 农村政策、区域一体化与旅游业增长：来自国家旅游扶贫示范项目准自然实验的证据

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-07 DOI: 10.1016/j.iref.2025.104411

Shaoting Song , Yihan Gong , Tiequan Li , Xinle Peng , Qiong Da

{"title":"Rural policies, regional integration, and tourism growth: Evidence from a quasi-natural experiment of the national tourism poverty alleviation demonstration project","authors":"Shaoting Song , Yihan Gong , Tiequan Li , Xinle Peng , Qiong Da","doi":"10.1016/j.iref.2025.104411","DOIUrl":"10.1016/j.iref.2025.104411","url":null,"abstract":"<div><div>Against the backdrop of ongoing implementation of the rural revitalization strategy and regional coordinated development policies, rural tourism is regarded as a crucial pathway for promoting rural economic growth and narrowing regional development disparities. Based on the pilot policy of the “National Tourism Poverty Alleviation Demonstration Project,” this paper constructs an interaction model between rural tourism policies and regional integration. Using panel data from multiple regions in China spanning 2009 to 2023, it empirically analyzes the impact mechanisms of rural tourism policies and regional integration on tourism growth, and further explores the moderating effects and heterogeneity under different fiscal conditions. The results indicate that: (1) Rural tourism policies significantly promote regional tourism growth by effectively stimulating the development of tourism resources and enhancing reception capacity; (2) The level of regional integration itself also exerts a significant positive effect on tourism growth; (3) Regional integration plays an important moderating role between rural tourism policies and tourism growth—where higher levels of integration are associated with more pronounced policy effects; (4) The moderating effect exhibits significant heterogeneity under different levels of general public budget expenditures, with regions possessing higher budget expenditures demonstrating stronger policy support and synergy, thereby enabling more effective policy outcomes.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104411"},"PeriodicalIF":4.8,"publicationDate":"2025-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144634578","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

Value-at-risk forecasting- based on textual information and a hybrid deep learning-based approach 基于文本信息和基于深度学习的混合方法的风险价值预测

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-07 DOI: 10.1016/j.iref.2025.104403

Yangfan Cao , Wei Chong Choo , Bolaji Tunde Matemilola

{"title":"Value-at-risk forecasting- based on textual information and a hybrid deep learning-based approach","authors":"Yangfan Cao , Wei Chong Choo , Bolaji Tunde Matemilola","doi":"10.1016/j.iref.2025.104403","DOIUrl":"10.1016/j.iref.2025.104403","url":null,"abstract":"<div><div>The recent rise in deep learning and natural language processing (NLP) applications has notably improved productivity across different fields. This research aims to refine Value-at-Risk (VaR) model accuracy by leveraging text mining and deep learning. It first uses NLP to analyze online news sentiments, integrating these as variables to boost stock market risk forecasts and assess their effect on VaR accuracy. Additionally, the study combines predictions from four unique Generalized AutoRegressive Conditional Heteroskedasticity (GARCH)-type models into advanced Long Short-Term Memory (LSTM) and Convolutional Neural Network (CNN)-LSTM models to see if this boosts VaR precision. It also explores how textual data impacts VaR predictions over short and longer periods, using 7 and 20-day rolling windows. The analysis, using S&P500 (SPY), Dow Jones Industrial Average (DJI), and Nasdaq Composite (IXIC) data from 2012 to 2023 alongside news headlines, tests these approaches. The results confirm that incorporating textual information into the VaR model enhances its forecasting accuracy, highlighting the benefits of applying deep learning techniques in this process.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104403"},"PeriodicalIF":4.8,"publicationDate":"2025-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144604172","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

Is post-event accountability effective-analysis of the effect and mechanism of environmental auditing on corporate ESG impacts 事后问责制是否有效——分析环境审计对企业ESG影响的效果和机制

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-05 DOI: 10.1016/j.iref.2025.104392

Tianqi Gan , Kangning Zhang , Jianguo Du , Liangliang Liu

{"title":"Is post-event accountability effective-analysis of the effect and mechanism of environmental auditing on corporate ESG impacts","authors":"Tianqi Gan , Kangning Zhang , Jianguo Du , Liangliang Liu","doi":"10.1016/j.iref.2025.104392","DOIUrl":"10.1016/j.iref.2025.104392","url":null,"abstract":"<div><div>In the face of increasingly severe environmental protection pressures, enterprises need to balance the relationship between economic pressure and environmental responsibility. As an ex-post environmental policy, environmental auditing may beKey regulatory role in realizing this balance, which comprehensively supervises the production, operation and emission performance of enterprises, aims to assess and ensure the effective implementation of ecological protection measures, and becomes a special way of “post-event accountability” in the process of corporate environmental management. Based on the panel data of A-share listed companies from 2009 to 2021, the article analyzes the impact of environmental auditing on corporate ESG performance and its internal mechanism using a multi-period double-difference model.The results of the study show that: firstly, environmental auditing can help enterprises improve their ESG performance and make the environmental governance method of “post-event accountability” practicable; Secondly, environmental auditing has a positive impact on corporate ESG through inhibition, regulation and supervision effects, i.e., it can inhibit corporate “greenwashing” behavior and enhance the authenticity of environmental information disclosure; regulate corporate management and reduce the frequency of violations; strengthen public supervision duties and prompt the media to pay more attention to corporate environmental performance; and lastly, environmental auditing has a more obvious effect on the enhancement of ESG performance of state-owned enterprises and small-scale enterprises. The findings of this paper enrich the green governance effect of eco-auditing and expand the research on the impact of corporate ESG performance.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104392"},"PeriodicalIF":4.8,"publicationDate":"2025-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144653784","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 and Sustainability: Exploring the role of data element allocation in enhancing corporate performance 大数据与可持续发展：探讨数据要素配置在提升企业绩效中的作用

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-05 DOI: 10.1016/j.iref.2025.104402

Zhengang Zhang, Gailei He, Yushu Lu

引用次数: 0

Effects of public services use on the sense of acquisition among low-income groups: Mediating effect of physical health 公共服务使用对低收入群体获得感的影响：身体健康的中介作用

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-05 DOI: 10.1016/j.iref.2025.104408

Liuzhan Jia

{"title":"Effects of public services use on the sense of acquisition among low-income groups: Mediating effect of physical health","authors":"Liuzhan Jia","doi":"10.1016/j.iref.2025.104408","DOIUrl":"10.1016/j.iref.2025.104408","url":null,"abstract":"<div><div>This study investigates the influence mechanism of public services use on low-income groups' sense of acquisition and verifies the mediating effect of physical health. The research also provides suggestions for promoting low-income groups' sense of acquisition. Using the Chinese General Social Survey, data were collected from 585 low-income respondents across China, and the research employs reliability and validity analyses and regression analysis to test the hypotheses. The regression coefficient of public services use's influence on the sense of acquisition is 0.21 (p < 0.01) and that of physical health is 0.22 (p < 0.01). Physical health has a 19.05 % meditating effect size in the total effect, with a 0.02–0.06 confidence interval. This study demonstrates that physical health has a partial mediating role in shaping the dynamics between public services use and the sense of acquisition, particularly for low-income groups. The research conclusion contributes to the government to improve the living conditions and physical health of low-income group, and interpretation the mechanism of how the public services use to influence the psychological feelings.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104408"},"PeriodicalIF":4.8,"publicationDate":"2025-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144632506","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

Industrial convergence, market structure, and consumption upgrading 产业融合、市场结构、消费升级

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-05 DOI: 10.1016/j.iref.2025.104388

Xiuzhen Huo, Lingfang Liu

引用次数: 0