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

Green bonds and corporate environmental performance: The role of third-party certification 绿色债券与企业环境绩效：第三方认证的作用

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-12 DOI: 10.1016/j.iref.2025.104621

Yiqun Sun , Yu Hao

{"title":"Green bonds and corporate environmental performance: The role of third-party certification","authors":"Yiqun Sun , Yu Hao","doi":"10.1016/j.iref.2025.104621","DOIUrl":"10.1016/j.iref.2025.104621","url":null,"abstract":"<div><div>As global green bond (GB) markets expand, concerns about greenwashing persist, especially where third-party certification is voluntary and fragmented. We are among the first to provide micro-level evidence from a major emerging market (China) that voluntary third-party certification of GBs delivers no added environmental benefit and can induce strategic R&D manipulation, while clarifying when and how GBs translate into real outcomes. Using Chinese listed firms from 2015 to 2022 and a multi-period difference-in-differences design, we find that GB issuance improves environmental scores primarily by boosting R&D outlays and green innovation; however, certification—despite lowering agency costs and further increasing reported R&D—does not translate into more green patents or higher environmental performance. Mechanism tests indicate “R&D manipulation,” wherein certified issuers inflate reported R&D that fails to convert into innovation outputs; this pattern is strongest in less regulated, finance-dependent firms and coincides with reduced post-certification capital expenditures suggestive of short-termism. Heterogeneity analyses show benefits concentrated in heavily polluting industries, with private firms exhibiting heightened greenwashing risk. These results support policies that unify certification standards, consider mandatory sector-specific criteria, and strengthen ex-post performance monitoring over the bond's life.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"104 ","pages":"Article 104621"},"PeriodicalIF":5.6,"publicationDate":"2025-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145107395","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

How to achieve clean energy transition through developing green finance? Evidence from China 如何通过发展绿色金融实现清洁能源转型？来自中国的证据

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-11 DOI: 10.1016/j.iref.2025.104582

Yuee Tang , Lei Qian , Meiqiao Sun , Junbing Huang

{"title":"How to achieve clean energy transition through developing green finance? Evidence from China","authors":"Yuee Tang , Lei Qian , Meiqiao Sun , Junbing Huang","doi":"10.1016/j.iref.2025.104582","DOIUrl":"10.1016/j.iref.2025.104582","url":null,"abstract":"<div><div>This study examines the relationship between green finance (GF) and clean energy transition (CET) using panel data from 30 Chinese provincial regions from 2003 to 2019. Unlike extant research that relied on single metrics, we develop a comprehensive multidimensional evaluation framework for CET. The findings reveal that GF is a significant but conditional driver of CET and its impact is shaped by multiple contextual factors: Regionally, GF exerts a stronger effect in coastal and low energy consumption areas than that in inland and high energy consumption regions. Furthermore, environmental regulations and energy endowments moderate this relationship, as command-and-control, and voluntary or information-based regulations amplify GF's contribution. Conversely, market-oriented regulation has a weak dampening effect, while excessive energy endowment reliance undermines GF by crowding out green investment. GF's scale (SFIN) and efficiency (EFIN) exhibit distinct dynamics—SFIN significantly drives CET via expanded green capital availability, whereas EFIN shows nonsignificant effects in most cases. Moreover, marketization levels differentiate their roles: Both SFIN and EFIN contribute to CET in high marketization provincial regions. However, only SFIN functions in low marketization regions, where EFIN is constrained by administrative interference and weak institutions. Thus, context-specific policies are needed to leverage GF's potential in advancing CET.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"104 ","pages":"Article 104582"},"PeriodicalIF":5.6,"publicationDate":"2025-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145107396","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

Heterogeneous effects of artificial intelligence orientation and application on enterprise green emission reduction performance 人工智能定位与应用对企业绿色减排绩效的异质效应

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-10 DOI: 10.1016/j.iref.2025.104609

Shengxuan Li

{"title":"Heterogeneous effects of artificial intelligence orientation and application on enterprise green emission reduction performance","authors":"Shengxuan Li","doi":"10.1016/j.iref.2025.104609","DOIUrl":"10.1016/j.iref.2025.104609","url":null,"abstract":"<div><div>The utilization of frontier technologies by firms to foster synergy between environmental governance and high-quality development has emerged as a pivotal concern in light of the intensifying global initiative for sustainable development and the transition to a green economy. This study carefully analyzes the influence of artificial intelligence on the green governance performance of Chinese firms from 2009 to 2023, utilizing micro-level data and investigating the underlying causes. The results indicate that artificial intelligence markedly improves green governance performance at the enterprise level, and this benefit persists even after controlling for potential endogeneity. Mechanism analysis indicates that artificial intelligence facilitates green transformation via a dual-path mechanism of “cognition–behavior,” by enhancing environmental inclination and augmenting environmental investment. Subsequent heterogeneity analysis reveals that the beneficial benefits are more significant in non-heavy polluting sectors and state-owned businesses, indicating that industry characteristics and ownership structure influence the impact of artificial intelligence on green governance. This study enhances the theoretical framework of research at the convergence of digital technology and green governance, offering empirical data and policy insights to facilitate AI-driven green transformation in practice.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"104 ","pages":"Article 104609"},"PeriodicalIF":5.6,"publicationDate":"2025-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145107394","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

Identifying optimistic stocks with K-means clustering algorithm 用k均值聚类算法识别乐观股票

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-10 DOI: 10.1016/j.iref.2025.104579

Bilal Aslam

{"title":"Identifying optimistic stocks with K-means clustering algorithm","authors":"Bilal Aslam","doi":"10.1016/j.iref.2025.104579","DOIUrl":"10.1016/j.iref.2025.104579","url":null,"abstract":"<div><div>Selecting stocks from a large number of active stocks is a critical and challenging investment decision due to high volatility and biased decision-making. The abundance and availability of financial data provide machine learning an advantage to optimise investment decision processes. The <span><math><mi>k</mi></math></span>-means algorithm of machine learning is used to cluster observations into different groups where each group contains observations with similar properties. In this paper, a risk-managed momentum strategy is proposed to identify promising stocks. We employ five risk-adjusted factors to cluster stocks and select the clusters with the best-performing stocks for equity portfolio construction. It enhances the fundamental investment decision of stock selection to construct optimised portfolios. The proposed strategy remarkably outperforms the standard momentum technique and the stock market indices. It reduces transaction costs and hedges investors during severe financial crises. An outstanding feature of the proposed method is the superior risk-adjusted performance with a smaller number of stocks, which is indispensable for individual investors who seek fewer stocks for investment.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"104 ","pages":"Article 104579"},"PeriodicalIF":5.6,"publicationDate":"2025-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145107385","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

Geopolitical risks and resilience strategies in driving investment in clean energy infrastructure along the Belt and Road Initiative 推动“一带一路”清洁能源基础设施投资的地缘政治风险与韧性战略

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-09 DOI: 10.1016/j.iref.2025.104611

Xiaomei Su , Shangmei Zhao , Wei Li , Wei Fan

{"title":"Geopolitical risks and resilience strategies in driving investment in clean energy infrastructure along the Belt and Road Initiative","authors":"Xiaomei Su , Shangmei Zhao , Wei Li , Wei Fan","doi":"10.1016/j.iref.2025.104611","DOIUrl":"10.1016/j.iref.2025.104611","url":null,"abstract":"<div><div>The Belt and Road Initiative is one of the major crucial projects for global economic integration, sustainable growth, and fostering trade across Asia, Europe and Africa. One of the major initiatives for the success of the BRI project is the investment in clean energy infrastructure (IREI). This study examines the factors of clean energy infrastructure investments across Belt and Road Initiative countries from 2000 to 2023 with a focus on the impact of geopolitical risk, resilience strategies and other control variables. The study employs the advanced econometric approach of the Method of Moments Quantile Regression (MMQR). The outcomes of the study revealed that geopolitical risk significantly deters IREI, while resilience strategies mitigate the adverse effects of external shocks and boost IREI. The positive impact of interaction terms of geopolitical risk and resilience strategies further highlights the moderating role of resilience strategies to offset geopolitical uncertainties in high investment-oriented countries. The fixed effect and random effects techniques further endorse the reliability of the MMQR estimates. Further, the Dumitrescu-Hurlin panel causality test exhibited a bidirectional association between geopolitical risk and IREI. The outcomes of the study highlight the need to prioritize resilience strategies, such as the adoption of environmental policies and mitigation of geopolitical risk through regional cooperation and other economic dynamics in BRI countries.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"104 ","pages":"Article 104611"},"PeriodicalIF":5.6,"publicationDate":"2025-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145048084","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

Rooted or expansive? The impact of digital-physical technological integration on corporate knowledge breadth 扎根还是扩张？数字物理技术集成对企业知识广度的影响

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-09 DOI: 10.1016/j.iref.2025.104602

Li Li , Qingzhao Meng , Si-E Li , Zhenlin Chen

{"title":"Rooted or expansive? The impact of digital-physical technological integration on corporate knowledge breadth","authors":"Li Li , Qingzhao Meng , Si-E Li , Zhenlin Chen","doi":"10.1016/j.iref.2025.104602","DOIUrl":"10.1016/j.iref.2025.104602","url":null,"abstract":"<div><div>Amid the deep transformation of traditional industries driven by the digital economy, firms face a critical challenge in restructuring their knowledge systems to achieve innovation breakthroughs. This study investigates the core question of whether and how digital-physical integration affects corporate knowledge breadth. Using panel data of Chinese listed firms, we construct firm-level indicators for digital-physical integration and knowledge breadth. The analysis is conducted through two-way fixed effects models, instrumental variable methods, and propensity score matching. Furthermore, we examine three mediating mechanisms—dynamic capability, asset novelty, and total factor productivity to uncover the pathways through which integration exerts its influence. The results show that digital-physical integration significantly promotes the expansion of corporate knowledge breadth. This finding remains robust across various endogeneity controls and sensitivity checks. Mechanism analysis reveals that integration indirectly drives the external restructuring of knowledge structures by enhancing firms’ dynamic capabilities, optimizing resource allocation patterns, and improving productivity. Heterogeneity analysis further indicates that the effect is more pronounced among non-technology-intensive firms, non-state-owned enterprises, firms located in regions with higher human capital, and those in areas with weaker intellectual property protection. By shifting the analytical focus to knowledge organization, this study deepens the understanding of the consequences of digital transformation and extends the theoretical boundaries of corporate knowledge evolution and technological integration. The findings also offer practical insights for policymakers designing differentiated digital strategies and for firms aiming to build effective knowledge coordination systems.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"104 ","pages":"Article 104602"},"PeriodicalIF":5.6,"publicationDate":"2025-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145107483","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

Social performance management in mixed oligopolies with pollutions: New policy mixes for public firms 污染混合寡头的社会绩效管理：公共企业的新政策组合

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-08 DOI: 10.1016/j.iref.2025.104580

Huncheol Jeon , Hyunwoo Hong

引用次数: 0

Does confucian culture restrain ESG decoupling? Evidence from China 儒家文化会抑制ESG脱钩吗？来自中国的证据

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-08 DOI: 10.1016/j.iref.2025.104605

Peng Wan , Yu Yang , Xiangyu Chen

引用次数: 0

Extreme downside shocks in international financial markets: transmission boundaries and typical events 国际金融市场极端下行冲击：传导边界与典型事件

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-08 DOI: 10.1016/j.iref.2025.104608

Lu Deng , Xinzhu Liu , Xinhong Chen

{"title":"Extreme downside shocks in international financial markets: transmission boundaries and typical events","authors":"Lu Deng , Xinzhu Liu , Xinhong Chen","doi":"10.1016/j.iref.2025.104608","DOIUrl":"10.1016/j.iref.2025.104608","url":null,"abstract":"<div><div>Extreme downside shocks lead to significant harm within financial markets, thereby threatening global economic stability. To investigate the cross-market transmission of extreme downside shocks and their heterogeneity, this paper extends the sectional multivariate extreme value copula (SMEVC) for empirical analysis across major international financial markets. The “boundary effect” of extreme downside shocks is uncovered, along with the quantification of the “co-movement effect” and “mutual triggering effect” across markets. The findings indicate that extreme downside shocks transmitted through strongly connected markets tend to fall within a narrower range, whereas those in weakly connected markets are more widely dispersed. Furthermore, extreme downside shocks reveal a stronger “co-movement effect” within intraregional markets, generating distinct regional connections, especially in Europe. Meanwhile, the U.S. market exhibits a notable “co-movement effect” with markets across different regions. Finally, adverse economic events generate stronger and more transmissible extreme downside shocks, whereas political events and natural disasters have a more limited impact. In contrast, public health crises such as COVID-19 prompt severe global shocks. This paper offers new insights into financial risk management and policymaking, emphasizing the importance of mitigating extreme downside shocks across markets in a globally integrated economy.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"104 ","pages":"Article 104608"},"PeriodicalIF":5.6,"publicationDate":"2025-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145048086","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

Reconfiguring capital structures through digital R&D: Mechanisms and empirical insights 通过数字研发重新配置资本结构：机制和实证见解

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-09-08 DOI: 10.1016/j.iref.2025.104610

Jie Wu , Kun Yang , Fei Song

引用次数: 0