International Review of Economics & Finance最新文献_第7页

Business strategy heterogeneity and ESG disclosure 企业战略异质性与ESG信息披露

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-04-23 DOI: 10.1016/j.iref.2025.104118

Man Dang , Premkanth Puwanenthiren , Edward Jones , Viet Anh Hoang , Thieu Quang Nguyen , Huu Cuong Nguyen

引用次数: 0

Can the participation of party organizations in corporate governance enhance the risk-bearing capacity of listed companies? 党组织参与公司治理能否增强上市公司的风险承受能力？

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-04-23 DOI: 10.1016/j.iref.2025.104129

Zhichao Xu

{"title":"Can the participation of party organizations in corporate governance enhance the risk-bearing capacity of listed companies?","authors":"Zhichao Xu","doi":"10.1016/j.iref.2025.104129","DOIUrl":"10.1016/j.iref.2025.104129","url":null,"abstract":"<div><div>The research employs a dataset encompassing Chinese listed firms over the 2009–2022 timeframe, aiming to explore whether the participation of party organizations in corporate governance can enhance the risk-taking levels of listed companies, and further analyze the moderating effect of strong financial regulation on this relationship. The research results indicate a significant negative correlation between the participation of party organizations in corporate governance and the risk-taking levels of listed companies, suggesting that such participation may inhibit corporate risk-taking behavior. Moreover, this relationship exhibits heterogeneity between companies with standard audit opinions and those without; specifically, in companies without standard audit opinions, the inhibitory effect of party organization participation on risk-taking levels is more pronounced. Similarly, differences are also observed in the impact of party organization participation on risk-taking levels between high-tech and non-high-tech industry companies, with the inhibitory effect being relatively weaker in high-tech firms. Further analysis reveals that corporate social responsibility plays a mediating role between the participation of party organizations in corporate governance and the risk-taking levels of listed companies, while strong financial regulation moderates the relationship between the two, particularly in environments with stringent financial regulation, where the presence of party organization involvement exerts a more pronounced inhibitory effect on the levels of risk-taking.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104129"},"PeriodicalIF":4.8,"publicationDate":"2025-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143932210","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

Macroeconomic effects of CBDC negative interest policy in an open economy: A comparison of quantity and price rules 开放经济中CBDC负利率政策的宏观经济效应：数量和价格规则的比较

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-04-23 DOI: 10.1016/j.iref.2025.104119

Qiuling Hua , Zepeng Qiu , Tingfeng Jiang , Ke Tang

{"title":"Macroeconomic effects of CBDC negative interest policy in an open economy: A comparison of quantity and price rules","authors":"Qiuling Hua , Zepeng Qiu , Tingfeng Jiang , Ke Tang","doi":"10.1016/j.iref.2025.104119","DOIUrl":"10.1016/j.iref.2025.104119","url":null,"abstract":"<div><div>We construct a Dynamic Stochastic General Equilibrium (DSGE) model of a small open economy to investigate the effects of central bank digital currency (CBDC) negative interest rates on various sectors of the macroeconomy. Furthermore, we analyze the heterogeneous responses of quantity-based and price-based monetary policies. Our findings can be summarized as follows. (1) In an open economy, the CBDC negative interest rate policy can enhance the central bank's macroeconomic regulatory capacity during recessions by breaking the zero lower bound constraint on deposit interest rates. This provides a novel monetary policy tool to prevent \"liquidity trap\". (2) CBDC negative interest rates can strengthen the effectiveness of the quantity-based and price-based monetary policies. Specifically, it not only amplifies the short-term effects of quantity-based monetary policy and the medium- and long-term effects of price-based monetary policy, but also prolongs the effective duration of quantity-based monetary policy and reduces the transmission time lag of price-based monetary policy. (3) CBDC negative interest rates can strengthen the linkage between long-term and short-term monetary policy tools, increase the sensitivity of macroeconomic sectors to foreign monetary policy shocks, and enhance the smooth functioning of the monetary policy transmission mechanism.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"100 ","pages":"Article 104119"},"PeriodicalIF":4.8,"publicationDate":"2025-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143886881","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

Stability of executive teams, corporate financialization, and cross-border mergers and acquisitions 管理团队的稳定性，企业的金融化，以及跨国并购

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-04-23 DOI: 10.1016/j.iref.2025.104124

Cen Cai , Limiao He , Jialian Wen

{"title":"Stability of executive teams, corporate financialization, and cross-border mergers and acquisitions","authors":"Cen Cai , Limiao He , Jialian Wen","doi":"10.1016/j.iref.2025.104124","DOIUrl":"10.1016/j.iref.2025.104124","url":null,"abstract":"<div><div>In the backdrop of accelerating global economic integration, cross-border mergers and acquisitions (M&A) have emerged as a crucial strategy for firms to penetrate international markets and secure strategic assets. Utilizing microdata from Chinese listed companies spanning from 2008 to 2022, this study delves into the underlying mechanisms through which executive team stability and corporate financialization influence cross-border M&A outcomes. The findings indicate that executive team stability exerts a notably positive influence on cross-border M&A: a more stable executive team correlates with a higher success rate and shorter completion time for these transactions. This positive effect demonstrates considerable variation across different industry sectors. Conversely, corporate financialization is found to negatively impact the success rate of cross-border M&A, although its influence on the completion time is insignificant. Moreover, the study unveils that corporate financialization acts as a negative moderator in the relationship between executive team stability and the success rate of cross-border M&A, with this moderating effect exhibiting significant disparities between strategic resource-based industries and non-strategic resource-based industries.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"100 ","pages":"Article 104124"},"PeriodicalIF":4.8,"publicationDate":"2025-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143900278","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 economic uncertainty affect enterprises' strategic orientation 经济不确定性如何影响企业的战略导向

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-04-22 DOI: 10.1016/j.iref.2025.104127

Shiyu Tang , Xiaofang Cao

引用次数: 0

How does the toxic and sustainable index influence on corporate performance? A comparison analysis before and after pandemic 有毒和可持续指数如何影响公司绩效？大流行前后的对比分析

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-04-22 DOI: 10.1016/j.iref.2025.104120

Haijun Kang , Shangping Chi , Xiuzhong Wang , Zhuoran Li

{"title":"How does the toxic and sustainable index influence on corporate performance? A comparison analysis before and after pandemic","authors":"Haijun Kang , Shangping Chi , Xiuzhong Wang , Zhuoran Li","doi":"10.1016/j.iref.2025.104120","DOIUrl":"10.1016/j.iref.2025.104120","url":null,"abstract":"<div><div>This study, based on U.S. firm-level data from 2010 to 2023, employs a Difference-in-Differences (DID) model to examine the financial performance of toxic and sustainable firms before and after the COVID-19 pandemic. Firms are categorized as toxic—including air, water, and greenhouse gas polluters—or sustainable, based on their environmental practices. The DID approach enables us to identify the causal impact of the pandemic on firm performance by comparing the differential changes in key financial metrics—specifically, Return on Assets (ROA) and Return on Equity (ROE)—between toxic and sustainable firms across the pre- and post-pandemic periods. Our findings reveal that firms with high greenhouse gas emissions experienced significant financial deterioration after the pandemic, attributed to increased regulatory costs, compliance burdens, and reputational damage. In contrast, sustainable firms demonstrated strong post-pandemic resilience, with notable improvements in ROA. These results suggest that environmentally responsible firms gained a strategic advantage through enhanced market perceptions and better alignment with evolving regulatory and stakeholder expectations.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"100 ","pages":"Article 104120"},"PeriodicalIF":4.8,"publicationDate":"2025-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143879088","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

Relative investor sentiment 相对投资者情绪

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-04-17 DOI: 10.1016/j.iref.2025.104105

Xiang Gao , Kees Koedijk , Thomas Walther , Zhan Wang

引用次数: 0

Global insights on wage and employee turnover in microfinance 小额信贷行业工资和员工流动的全球洞察

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-04-17 DOI: 10.1016/j.iref.2025.104117

Moh'd Al-Azzam , Shatha Obeidat

引用次数: 0

Shadow banking of non-financial firms and labor income share: An inverted U-shaped relationship 非金融企业的影子银行业务与劳动收入份额：倒 U 型关系

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-04-16 DOI: 10.1016/j.iref.2025.104116

Huaming Zhong , Zinb Abduljabbar Mohamed Al-Duais , Yaoting Guo

{"title":"Shadow banking of non-financial firms and labor income share: An inverted U-shaped relationship","authors":"Huaming Zhong , Zinb Abduljabbar Mohamed Al-Duais , Yaoting Guo","doi":"10.1016/j.iref.2025.104116","DOIUrl":"10.1016/j.iref.2025.104116","url":null,"abstract":"<div><div>How shadow banking of non-financial firms, as a form of informal finance, affects labor income compensation and intra-firm income inequality is a significant issue faced by developing countries such as China. This paper empirically analyzes the impact of shadow banking of non-financial firms on labor income share and its heterogeneity, using annual data from non-financial listed companies in China's A-share market from 2007 to 2021. The empirical results indicate that when the level of shadow banking of non-financial firms is low, it has a significant positive effect on labor income share. However, at higher levels, there is an inverted U-shaped relationship between shadow banking of non-financial firms and labor income share. The heterogeneity analysis shows that when the level of shadow banking of non-financial firms is high, it increases the labor income share for executives but decreases it for ordinary employees, thus exacerbating income inequality within firms between executives and ordinary employees. Compared with the central, western, and northeastern regions, shadow banking of non-financial firms has a significantly positive impact on labor income share in the eastern region. The empirical results of this paper suggest that the growth in labor income share driven by the continuous expansion of shadow banking of non-financial firms is unsustainable in the long run. It is necessary to strengthen the regulation of financial institutions, promote the standardization and transparency of shadow banking development, and indirectly achieve the goal of increasing the proportion of labor compensation in the primary distribution of income.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"100 ","pages":"Article 104116"},"PeriodicalIF":4.8,"publicationDate":"2025-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143844877","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 impact of delayed retirement on labor employment, fertility rate and economic growth in China 中国延迟退休对劳动力就业、生育率和经济增长的影响

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-04-15 DOI: 10.1016/j.iref.2025.104103

Yuhui Dai , Zihan Zhao , Jing Sui , Jun Xu

{"title":"The impact of delayed retirement on labor employment, fertility rate and economic growth in China","authors":"Yuhui Dai , Zihan Zhao , Jing Sui , Jun Xu","doi":"10.1016/j.iref.2025.104103","DOIUrl":"10.1016/j.iref.2025.104103","url":null,"abstract":"<div><div>This study assessed Chinese delayed retirement policy's impact on labor force employment, fertility, and economic growth using three models, emphasizing its implications for sustainable development. The first model, using a DID approach with OECD data and validated by PSM-DID, showed that delayed retirement reduced overall labor force participation by 0.14 percentage points and young labor force participation by 0.22 percentage points in the short term, with male manual laborers' unemployment rate increasing by 2.4 %. The second model, using OLS and negative binomial regression, revealed that delayed retirement significantly reduced children's fertility intentions by 0.04 children on average when mothers delayed retirement. The third model, an OLG model, indicated that a five-year delay in retirement reduced fertility by 0.089, savings by 0.13 %, and youth labor supply by 6.15 %, while increasing bequest income by 13.96 % and decreasing intergenerational caregiving time by 2.49 years. Additionally, per-child educational investment declined by 3.42 %, and average economic growth fell by 0.07 %. These findings suggested that delayed retirement reduced intergenerational caregiving, increased childcare burdens for the young, and hampered economic growth, all of which have significant implications for sustainable development. Our models highlighted the need for balanced policies that supported economic sustainability while mitigating adverse social impacts and ensuring the sustainability of social well-being.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"100 ","pages":"Article 104103"},"PeriodicalIF":4.8,"publicationDate":"2025-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143855142","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