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

Unveiling time-frequency linkages among diverse cryptocurrency classes and climate change concerns 揭示不同加密货币类别与气候变化问题之间的时频联系

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-03-18 DOI: 10.1016/j.iref.2025.104064

Inzamam Ul Haq , Muhammad Abubakr Naeem , Chunhui Huo , Walid Bakry

{"title":"Unveiling time-frequency linkages among diverse cryptocurrency classes and climate change concerns","authors":"Inzamam Ul Haq , Muhammad Abubakr Naeem , Chunhui Huo , Walid Bakry","doi":"10.1016/j.iref.2025.104064","DOIUrl":"10.1016/j.iref.2025.104064","url":null,"abstract":"<div><div>This study examines the interlinkages among diverse cryptocurrency classes and their multiscale relationship with media climate change concerns to examine how cryptocurrency returns respond to rising climate change concerns. The analysis includes 11 cryptocurrencies classified as dirty, gold-backed, energy, and sustainable and their behavior regarding media climate change concerns, including transition and physical risks. Using squared wavelet coherence and partial wavelet coherence (PWC) on daily data from January 1, 2014 to June 29, 2024, this study shows time-frequency-dependent market integration among cryptocurrency pairs. During rising climate change concerns, returns decrease for some cryptocurrencies while increasing for XRP, implying higher investors' trust in sustainable cryptocurrencies. PWC analysis reveals significant influence of climate change concerns on pairwise returns connectedness among various cryptocurrency classes. This study highlights the need for cryptocurrency traders to incorporate media climate change information into their investment decisions, contributing insights into using diverse crypto-assets for risk management.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 104064"},"PeriodicalIF":4.8,"publicationDate":"2025-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143687556","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Positive and negative shocks of financial markets on sustainable finance in europe: Evidence from vector auto regression and granger causality

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-03-18 DOI: 10.1016/j.iref.2025.104042

Ali Raza , Faizah Alsulami

引用次数: 0

Cash management amid HFCAA-Induced data breach risks: A comparative analysis of reactive vs. proactive responses in Chinese firms

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-03-18 DOI: 10.1016/j.iref.2025.104059

Xin Liu , Chenlan Liu , Mingzhe Duan , Sicen Chen

{"title":"Cash management amid HFCAA-Induced data breach risks: A comparative analysis of reactive vs. proactive responses in Chinese firms","authors":"Xin Liu , Chenlan Liu , Mingzhe Duan , Sicen Chen","doi":"10.1016/j.iref.2025.104059","DOIUrl":"10.1016/j.iref.2025.104059","url":null,"abstract":"<div><div>Following the introduction of the Holding Foreign Companies Accountable Act (hereafter referred to as HFCAA), U.S.-listed Chinese stocks are faced with economic risk and the risk of data breaches. This study examines the relationship between political data breach risks and cash holdings of firms in China. In response to the risk of data breaches posed by the HFCAA, we believe that Chinese firms may have two competing defend strategies: the reactive defend strategy, which increases their cash reserves as a precautionary measure, and the proactive defend strategy, which utilizes their cash to strengthen their competitive barriers. In the baseline results, we find that when firms in China perceive the industry spillover effect of data breaches, which is from U.S.-listed Chinese firms identified by HFCAA, they will hold less cash, which is consistent with the proactive risk strategy. Our results are robust to alternative measures of cash holdings, parallel trend assumption, PSM-DID and placebo tests. Cross-sectional tests also show that firms with different levels will have various effects. In addition, our further analyses elucidate the channels through which cash holdings are influenced, finding that when faced with data breach risks, Chinese firms are likely to increase their R&D expenditures, which correlates with an increase in the value of their cash holdings.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 104059"},"PeriodicalIF":4.8,"publicationDate":"2025-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143687486","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Effect of firm social status on ESG performance: Theoretical mechanism and heterogeneity analysis

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-03-18 DOI: 10.1016/j.iref.2025.104062

Liuyang Xue , Shiyao Jiang , Nanxuan Wu , Meng Yin

{"title":"Effect of firm social status on ESG performance: Theoretical mechanism and heterogeneity analysis","authors":"Liuyang Xue , Shiyao Jiang , Nanxuan Wu , Meng Yin","doi":"10.1016/j.iref.2025.104062","DOIUrl":"10.1016/j.iref.2025.104062","url":null,"abstract":"<div><div>Firm social status affects decision-making and external stakeholders' evaluation, which affects ESG performance. Drawing upon the perspective of firm social attributes, we empirically examine the effect of firm social status on ESG performance and the mechanism. Our sample comprises Chinese-listed firms in Shanghai and Shenzhen A-shares. Our findings indicate that firms with high social status can significantly improve ESG performance. Both media coverage and high-speed rail lines positively moderate the relationship between firm social status and ESG performance. The test for mediated effects reveals that firm social status promotes firms' ESG performance by reducing financing constraints and increasing information transparency. Using Heckman's two-stage model and propensity score matching to address the endogeneity concern and robustness testing by changing data sources and alternative measures for variables, the positive effect of firm social status on ESG performance still holds. The heterogeneity analysis shows that the effect of firm social status on ESG performance is more pronounced for low independent directors' share firms, non-state-owned enterprises (non-SOEs), low environmental attention firms, non-heavily polluting firms, and competitive industry firms. We further demonstrate that ESG performance mediates the relationship between firm social status and innovation.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 104062"},"PeriodicalIF":4.8,"publicationDate":"2025-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143735187","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The impact of transportation infrastructure on the regional economic integration in China:A CGE analysis

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-03-18 DOI: 10.1016/j.iref.2025.104045

Huijuan Li , Teng Hu , Xinyu Ma , Baodong Cheng

引用次数: 0

The influence of government health investment on economic resilience: A perspective from health human capital

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-03-17 DOI: 10.1016/j.iref.2025.104050

Tongji Guo , Yun Tong , Yuanze Yu

{"title":"The influence of government health investment on economic resilience: A perspective from health human capital","authors":"Tongji Guo , Yun Tong , Yuanze Yu","doi":"10.1016/j.iref.2025.104050","DOIUrl":"10.1016/j.iref.2025.104050","url":null,"abstract":"<div><div>Government health investment is an important factor in promoting high-quality economic development in China. As government investment in the health sector increases, its impact on economic resilience has garnered widespread attention. However, the mechanisms through which government health investment affects economic resilience remain unclear. This study aims to explore the intrinsic relationship between government health investment and economic resilience, providing a reference for achieving high-quality economic development within the new 'dual circulation' development pattern. Utilizing panel data from China's 31 provinces between 2003 and 2021, this research constructs a government health investment index using the entropy method. It measures the level of economic resilience with an improved entropy-weight TOPSIS approach. Empirical results indicate that an increase in government health investment significantly enhances economic resilience, a conclusion that holds after a series of robustness tests. Furthermore, despite the overall improvement in government health investment levels, significant regional disparities still persist. Mechanism analysis reveals that government health investment primarily exerts a positive impact on economic resilience by enhancing health human capital and promoting the optimization of industrial structure. Heterogeneity analysis suggests that the role of government health investment in enhancing economic resilience is more pronounced in the eastern regions, areas rich in human capital, and regions with lower fiscal pressure.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 104050"},"PeriodicalIF":4.8,"publicationDate":"2025-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143687489","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

When is environmental performance most valued? International evidence from the CDS market

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-03-17 DOI: 10.1016/j.iref.2025.104057

Laura Ballester , Ana González-Urteaga , Beatriz Martínez

{"title":"When is environmental performance most valued? International evidence from the CDS market","authors":"Laura Ballester , Ana González-Urteaga , Beatriz Martínez","doi":"10.1016/j.iref.2025.104057","DOIUrl":"10.1016/j.iref.2025.104057","url":null,"abstract":"<div><div>Using a sample of 516 firms with CDS data from 37 countries for the period 2010–2022, this study finds that companies with higher environmental performance, particularly in emissions reduction and product innovation, exhibit a reduction in credit risk, supporting the risk mitigation perspective. Our results also highlight the importance of considering both internal and external factors when assessing the financial impact of sustainability initiatives. Firms with initially lower environmental performance, less exposure to the environmental sector, and higher credit ratings experience a more significant reduction in credit risk as they improve their environmental performance. In addition, the CDS market places a higher value on environmental efforts for firms located in countries with lower environmental scores, credit ratings and GDP growth. Conversely, out findings support the overinvestment view for firms in sectors with high environmental risk exposure or in countries with poor climate change performance. Overall, the effect of a firm's environmental performance on credit risk is heterogeneous rather than uniform.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 104057"},"PeriodicalIF":4.8,"publicationDate":"2025-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143716331","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Green technology innovation, ESG ratings and corporate sustainable performance: Empirical evidence from listed semiconductor companies in China

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-03-17 DOI: 10.1016/j.iref.2025.104061

Yong Wang , Yujiao Liu , Xihui Haviour Chen

{"title":"Green technology innovation, ESG ratings and corporate sustainable performance: Empirical evidence from listed semiconductor companies in China","authors":"Yong Wang , Yujiao Liu , Xihui Haviour Chen","doi":"10.1016/j.iref.2025.104061","DOIUrl":"10.1016/j.iref.2025.104061","url":null,"abstract":"<div><div>Green technology innovation is a crucial measure for semiconductor companies to tackle sustainability challenges. Drawing upon empirical evidence from 105 listed companies within the semiconductor industry, we compare the differences in the roles of green and traditional technology innovations on firms' sustainable performance, concentrating on the operating mechanism and external circumstances of green technology innovation. Results show that both green and traditional technology innovation can enhance enterprises' sustainable performance, with the former exhibiting more significant effects. Meanwhile, green technology innovation indirectly enhances sustainable and environmental performance by improving environmental, social, and governance (ESG) ratings, without indirectly improving financial performance. Additionally, online public opinion attention moderates the effectiveness of green technology innovation in enhancing firms' sustainable and environmental performance. Finally, the varying levels of corporate sustainable performance can potentially impact the enhancement effect of green technology innovation. Our research offers theoretical backing for semiconductor companies to formulate eco-friendly transformation and sustainable development strategies.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 104061"},"PeriodicalIF":4.8,"publicationDate":"2025-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143687015","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Market volatility and skewness risks in China

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-03-17 DOI: 10.1016/j.iref.2025.103968

Fang Zhen

引用次数: 0

Capitalizing on risk: How corporate financial flexibility, investment efficiency, and institutional ownership shape risk-taking dynamics

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-03-17 DOI: 10.1016/j.iref.2025.104068

Tanveer Bagh , Ahmed Imran Hunjra , Collins G. Ntim , Mirza Muhammad Naseer

{"title":"Capitalizing on risk: How corporate financial flexibility, investment efficiency, and institutional ownership shape risk-taking dynamics","authors":"Tanveer Bagh , Ahmed Imran Hunjra , Collins G. Ntim , Mirza Muhammad Naseer","doi":"10.1016/j.iref.2025.104068","DOIUrl":"10.1016/j.iref.2025.104068","url":null,"abstract":"<div><div>In this study, we test the influence of financial flexibility [FF] on corporate risk-taking [RT], a crucial aspect of firm strategy and performance. In the volatile financial landscape of emerging markets like China, understanding how FF affects risk behavior is essential. Using data from 3571 Chinese listed firms spanning 2014 to 2023, we address this gap by exploring how FF impacts RT and the moderating roles of investment efficiency [INE] and institutional ownership [INO]. Our study employs dynamic panel generalized method of moments [GMM] and a new bias-corrected method of moments to offer robust insights. We find a significant positive correlation between FF and RT. Additionally, IE and INO significantly moderate this relationship, with RT notably amplified when FF exceeds industry- and year-adjusted averages. Interestingly, during exceptional periods, such as the COVID-19 crisis, the impact of FF on RT becomes insignificant. This study offers novel insights into the role of FF, IO and INE in risk management and provides valuable policy recommendations for stakeholders navigating high-risk investments.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 104068"},"PeriodicalIF":4.8,"publicationDate":"2025-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143687005","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0