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

Digital economy enabling high-quality development of agricultural Enterprises: Interaction, inner mechanism and strategic orientation 数字经济助力农业企业高质量发展：互动、内在机制与战略导向

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-04 DOI: 10.1016/j.iref.2025.104393

Ling Fang , Ye Shen

{"title":"Digital economy enabling high-quality development of agricultural Enterprises: Interaction, inner mechanism and strategic orientation","authors":"Ling Fang , Ye Shen","doi":"10.1016/j.iref.2025.104393","DOIUrl":"10.1016/j.iref.2025.104393","url":null,"abstract":"<div><div>This paper selects agriculture-related listed companies from 2003 to 2023 as a research sample, and deeply studies how the digital economy empowers high-quality development of agriculture-related enterprises research. The study shows that the digital economy significantly promotes the high-quality development of agriculture-related enterprises. Mechanism analysis found that the digital economy can indirectly promote the high-quality development of agriculture-related enterprises by increasing the operating leverage. Meanwhile, the moderating effect test shows that the management cost plays a significant moderating role between the development of digital economy and the high-quality development of agriculture-related enterprises. In addition, the heterogeneity test shows that the effect of digital economy development on the high-quality development of agriculture-related enterprises is significantly different between enterprises audited by Big Four accounting firms or not. This study reveals that the digital economy greatly promotes high-quality rural development by increasing operating leverage and reducing management costs. At the same time, this study provides an empirical basis for understanding the role of the digital economy in the high-quality development of agriculture-related enterprises and offers strategic guidance for agriculture-related enterprises to leverage the digital economy to promote rural development.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104393"},"PeriodicalIF":4.8,"publicationDate":"2025-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144604175","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

From environment to finance: a multifactor synergy analysis to unlock the code of tourism revenue growth 从环境到金融：多因素协同分析破解旅游收入增长密码

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-04 DOI: 10.1016/j.iref.2025.104394

Yongping Sun , Yingli Zheng

{"title":"From environment to finance: a multifactor synergy analysis to unlock the code of tourism revenue growth","authors":"Yongping Sun , Yingli Zheng","doi":"10.1016/j.iref.2025.104394","DOIUrl":"10.1016/j.iref.2025.104394","url":null,"abstract":"<div><div>With the increasingly fierce competition in the tourism market, exploring effective ways of tourism revenue growth has become the focus of attention in both academia and industry. Based on the tourism data of 31 provinces from 2007 to 2023, this paper systematically studies the synergistic effects of business environment optimization, regional financial development and tourism technology innovation on tourism revenue growth. The results show that the optimization of business environment is an important foundation for tourism revenue growth, which can create a good environment for enterprise development, and then improve the comprehensive competitiveness of the tourism industry and promote the growth of tourism revenue. Tourism technology innovation has a moderating role in the process of optimizing the business environment to promote tourism revenue growth, which can improve the efficiency of tourism services, meet the diversified needs of tourists, and enhance the positive effect of optimizing the business environment on tourism revenue growth. The level of financial development plays an indispensable intermediary role between the optimization of business environment and tourism revenue growth, and this intermediary role varies according to the differences in regional characteristics; in economically developed regions with a high degree of openness, the promotion of financial development on the growth of tourism revenues is more prominent; in economically underdeveloped regions with a low degree of openness, the promotion of financial development needs to be further explored. This study provides new ideas and bases for promoting the high-quality development of the tourism industry.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104394"},"PeriodicalIF":4.8,"publicationDate":"2025-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144623587","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

Double-edged sword effect of customer concentration on the adoption of industrial robots 客户集中度对工业机器人采用的双刃剑效应

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-03 DOI: 10.1016/j.iref.2025.104379

Jie Yang , Fayan Wang , Jingchi Zhou , Libin Zhao

{"title":"Double-edged sword effect of customer concentration on the adoption of industrial robots","authors":"Jie Yang , Fayan Wang , Jingchi Zhou , Libin Zhao","doi":"10.1016/j.iref.2025.104379","DOIUrl":"10.1016/j.iref.2025.104379","url":null,"abstract":"<div><div>In this study, we treat robots as relationship-specific assets and analyze the effects and economic consequences of customer concentration on their adoption by Chinese listed firms in the manufacturing industry. Customer concentration may affect the adoption of industrial robot through positive cooperative effect or negative risk effect. Overall, we find that customer concentration positively affects this adoption. The results remain robust after controlling for endogeneity. We also demonstrate that this effect is more significant in firms with low R&D investment intensity that indicates the specialized investment in industrial robots based on the needs of major customers can replace the R&D investments for that purpose. Further analysis shows that the positive effect of customer concentration on the adoption of industrial robots is stronger for the firms in areas with high-speed rail and who have stronger bargaining power and lower investment irreversibility. These findings indicate that the effects of intensified cooperation and weaker risk will increase the positive association between customer concentration and the adoption of industrial robots by firms. Further, consistent with the cooperation effect, the adoption of industrial robots based on large customers improves a firm's total factor productivity.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"102 ","pages":"Article 104379"},"PeriodicalIF":4.8,"publicationDate":"2025-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144654941","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

Measuring systemic risk from textual Analysis: Evidence from Chinese Banks 基于文本分析的系统性风险度量：来自中国银行业的证据

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-03 DOI: 10.1016/j.iref.2025.104355

Yi Fang , Hao Lin , Liping Lu

引用次数: 0

Do public services affect economic growth? Evidence from China under the fiscal decentralization perspective 公共服务是否影响经济增长？财政分权视角下的中国证据

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-02 DOI: 10.1016/j.iref.2025.104378

Jiaying Song , Xiao Sun , Chuansheng Gao

{"title":"Do public services affect economic growth? Evidence from China under the fiscal decentralization perspective","authors":"Jiaying Song , Xiao Sun , Chuansheng Gao","doi":"10.1016/j.iref.2025.104378","DOIUrl":"10.1016/j.iref.2025.104378","url":null,"abstract":"<div><div>This article examines the impact of public services on economic growth from the perspective of fiscal decentralization. It also analyzes the relationship between public services, economic growth, and innovation capability during the innovation-driven phase. The study utilizes a fixed-effects model based on panel data from 434 samples across 31 provinces in China from 2008 to 2021. The findings indicate that an increasing supply of public services promotes economic growth. However, fiscal expenditure and revenue decentralization exhibits a negative moderating effect, which hampers regional economic growth. This effect remains consistent across various robustness checks, including the replacement of core explanatory variables and lagged effects. Notably, there is heterogeneity in the impact on different regions: public services significantly enhance economic growth in western regions, while the effects in eastern and central areas are not significant. Furthermore, the negative moderating effect of fiscal decentralization is more pronounced in the western regions. Public services enhance the capacity for innovation and aid economic growth. However, fiscal decentralization still exerts a negative regulatory effect throughout this process, hindering the economic impact of public services and innovation capabilities.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"102 ","pages":"Article 104378"},"PeriodicalIF":4.8,"publicationDate":"2025-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144548574","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 does corporate unethical behavior affect corporate performance? 企业不道德行为如何影响企业绩效？

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-02 DOI: 10.1016/j.iref.2025.104376

Ying Xu , Mengliu Zhang , Huansen Zhang , Lili Liu

引用次数: 0

Human capital structure upgrading and corporate fraud: Evidence from China 人力资本结构升级与企业舞弊：来自中国的证据

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-02 DOI: 10.1016/j.iref.2025.104368

Canran Hou , Huan Liu

{"title":"Human capital structure upgrading and corporate fraud: Evidence from China","authors":"Canran Hou , Huan Liu","doi":"10.1016/j.iref.2025.104368","DOIUrl":"10.1016/j.iref.2025.104368","url":null,"abstract":"<div><div>Based on the background that China raises education expenditure, this paper proposes the concept of human capital structure upgrading and focuses on the corporate governance effect of highly educated employees on corporate fraud. Empirical results show that higher human capital structure upgrading is negatively related to corporate fraud, conclusions are robust after considering endogeneity concerns, alternative measures, and longer forecasting window. Further, this paper uses the fraud triangle theory to explain influencing mechanisms and confirms that human capital structure upgrading reduces manager's incentive, opportunity, and self-rationalization to commit fraud by easing financing constraints, increasing analyst coverage, and raising managerial salary, respectively. Research on driving force of human capital structure upgrading shows that increased proportion of senior talents is the determinant factor leading to more efficient regulation on corporate fraud. This paper can not only reveal the internal mechanism of employee governance participation, but also provide theoretical basis for enterprises to rationally optimize resource allocation and improve utilization efficiency of talents.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"102 ","pages":"Article 104368"},"PeriodicalIF":4.8,"publicationDate":"2025-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144654939","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

Exploring the mitigating role of sustainable innovation in supply chain disruption risks under the digital economy 探讨可持续创新对数字经济下供应链中断风险的缓解作用

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-01 DOI: 10.1016/j.iref.2025.104372

Haoyu Bai , Yuntan Chen , Ziyu Zhang

{"title":"Exploring the mitigating role of sustainable innovation in supply chain disruption risks under the digital economy","authors":"Haoyu Bai , Yuntan Chen , Ziyu Zhang","doi":"10.1016/j.iref.2025.104372","DOIUrl":"10.1016/j.iref.2025.104372","url":null,"abstract":"<div><div>In light of the growing prominence of supply chain disruption risks, it has become increasingly important to examine how the digital economy can mitigate operational risks faced by enterprises. Using data from non-financial A-share listed companies in Shanghai and Shenzhen from 2008 to 2023, this study constructs a firm-level indicator of supply chain disruption risk by deriving from the MD&A text and empirically investigates the impact of urban digital economy development on such risks with fixed effect model. Furthermore, it explores the mediating role of sustainable innovation and the heterogeneous effects across different types of enterprises. The findings reveal that: (1) the digital economy significantly reduces firms’ supply chain disruption risk, with the results remaining robust under various tests; (2) both exploratory and exploitative sustainable innovations serve as significant mediators in the relationship between the digital economy and supply chain disruption risk; (3) the risk-mitigating effects of the digital economy vary depending on ownership structure, financial performance, and industry type, with more pronounced effects observed in non-state-owned, profitable, and manufacturing firms. These findings offer policy-relevant insights into how regional digital infrastructure and innovation policy can enhance supply chain resilience amid global uncertainties.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104372"},"PeriodicalIF":4.8,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144623654","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

Environmental taxes, environmental policy stringency and policy complementarity: A comprehensive analysis of EU economic and environmental goals 环境税、环境政策的严格性和政策的互补性：欧盟经济和环境目标的综合分析

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-01 DOI: 10.1016/j.iref.2025.104358

Muhammad Usman , Alexandra Horobet , Magdalena Radulescu , Daniel Balsalobre-Lorente

{"title":"Environmental taxes, environmental policy stringency and policy complementarity: A comprehensive analysis of EU economic and environmental goals","authors":"Muhammad Usman , Alexandra Horobet , Magdalena Radulescu , Daniel Balsalobre-Lorente","doi":"10.1016/j.iref.2025.104358","DOIUrl":"10.1016/j.iref.2025.104358","url":null,"abstract":"<div><div>Triple dividend is an important concept which connects socio-economic targets, such as economic growth and employment, with ambitious environmental targets for achieving sustainable development. In this framework, this paper investigates the efficiency of using monetary and fiscal tools for supporting economic growth and reducing unemployment and greenhouse gas (GHG) in the European Union based on 1995–2022 data. The results of the Method of Moment Quantile Regression (MMQR) analysis show that financial development, trade openness and environmental policy stringency reduce unemployment, promote economic growth, and protect environmental goals. In comparison, inflation is not efficient for fighting against unemployment increases and is not significant for achieving a robust economic growth rate. Total environmental, energy and transport taxes are efficient only for reducing unemployment and increasing gross domestic product (GDP) growth. However, at a high level of environmental taxation, GDP decreases. Total environmental taxes are not efficient for reducing GHGs on a solid basis. The results suggest that neither fiscal instruments, such as environmental taxation, nor monetary policy tools, such as interest rate adjustments, are independently sufficient to achieve the environmental, economic, and employment objectives outlined in the triple dividend theory, highlighting the need for a more integrated and comprehensive policy approach. In contrast, strict environmental regulations, along with well-developed financial systems and robust international trade performance have proven more effective. Therefore, policymakers should prioritize these three areas to promote long-term sustainable development within the EU region.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104358"},"PeriodicalIF":4.8,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144653783","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

Which assets are safe havens? Evidence from 13 stock market downturns 哪些资产是安全港？13次股市下跌的证据

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-06-30 DOI: 10.1016/j.iref.2025.104364

Muhammad A. Cheema , Michael Ryan , Sirajum Munira Sarwar

{"title":"Which assets are safe havens? Evidence from 13 stock market downturns","authors":"Muhammad A. Cheema , Michael Ryan , Sirajum Munira Sarwar","doi":"10.1016/j.iref.2025.104364","DOIUrl":"10.1016/j.iref.2025.104364","url":null,"abstract":"<div><div>This study investigates the safe haven (SH) efficacy of 11 assets against 13 stock market downturns, utilizing data from the MSCI World Index, MSCI Emerging Markets Index, and stock indices of the five largest economies. Our comprehensive analysis reduces the likelihood that identified SHs reflect the idiosyncrasies of specific events or markets, enabling us to systematically document which assets serve as SHs in particular types of crises. Our findings reveal three key insights. First, the effectiveness of SH assets varies depending on the nature of the downturn. Government bonds tend to be effective SHs during downturns triggered by macroeconomic or financial market events, as these downturns are typically associated with lower inflation and interest rates. Conversely, geopolitical conflicts often diminish the SH properties of government bonds. Second, the geographical and financial proximity of the SH asset to the source of the downturn affects its efficacy. Assets from countries directly involved in or closely connected to the crisis are less likely to serve as SHs. Third, Japan's minimal involvement in geopolitical conflicts has established the Japanese Yen and Japanese government bonds as the most reliable SHs during such conflicts.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"102 ","pages":"Article 104364"},"PeriodicalIF":4.8,"publicationDate":"2025-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144522878","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