International Review of Economics & Finance最新文献_第8页

Do innovation and entrepreneurship vitality enhance university-industry collaboration? Roles of financial development and educational investment 创新创业活力能促进校企合作吗？金融发展与教育投资的作用

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-08-05 DOI: 10.1016/j.iref.2025.104412

Hui Xuan , Cheng Guo , Jiapeng Dai

{"title":"Do innovation and entrepreneurship vitality enhance university-industry collaboration? Roles of financial development and educational investment","authors":"Hui Xuan , Cheng Guo , Jiapeng Dai","doi":"10.1016/j.iref.2025.104412","DOIUrl":"10.1016/j.iref.2025.104412","url":null,"abstract":"<div><div>This study investigates whether regional innovation and entrepreneurship vitality drives university-industry collaboration and examines how financial development and educational investment condition this relationship. Drawing on panel data from Chinese listed firms from 2009 to 2023, the analysis applies two-way fixed effects, endogeneity checks, and a Heckman two-step model to address selection concerns. The findings indicate that firms in regions with higher innovation and entrepreneurship activity tend to collaborate more frequently with universities. Further, regions featuring well-developed financial systems and stronger educational investment show a heightened positive impact of regional innovation vitality on collaboration. Heterogeneity tests suggest that government intervention, city centrality, and local education levels moderate these effects. The results emphasize the importance of fostering not only vibrant entrepreneurial ecosystems, but also complementary factors—such as financial resources and robust higher education—to enhance innovation-driven partnerships.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104412"},"PeriodicalIF":5.6,"publicationDate":"2025-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144770576","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

Central bank announcements and monitoring portfolio risks 央行公告和监测投资组合风险

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-08-02 DOI: 10.1016/j.iref.2025.104427

Huynh Tuan Duy Bui , Helmut Herwartz , Shu Wang

{"title":"Central bank announcements and monitoring portfolio risks","authors":"Huynh Tuan Duy Bui , Helmut Herwartz , Shu Wang","doi":"10.1016/j.iref.2025.104427","DOIUrl":"10.1016/j.iref.2025.104427","url":null,"abstract":"<div><div>This paper examines how FOMC announcements affect portfolio risks by assessing the real-time performance of conditional risk measures—specifically, value-at-risk (VaR) and expected shortfall (ES). Using threshold GARCH models with skewed-<span><math><mi>t</mi></math></span> innovations, we study six portfolios spanning equities, bonds, and gold over the period 2006–2019. While model-based risk forecasts generally align with nominal coverage levels, we document significant underperformance surrounding FOMC announcements, particularly when monetary policy (MP) surprises raise medium- and long-term bond yields. In contrast, short-term rate shocks and market-based risk shifts have more modest effects. Violations of VaR thresholds occur disproportionately on the day following announcements, revealing a delayed portfolio response to policy signals. To support risk monitoring, we propose a composite MP news indicator that aggregates the surprise components into a single scalar metric. This indicator effectively anticipates elevated shortfall risk during contractionary announcements and provides early-warning signals relevant for real-time portfolio rebalancing and regulatory stress testing.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104427"},"PeriodicalIF":5.6,"publicationDate":"2025-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144763645","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

Can digital inclusive finance suppress energy ecological footprint? moderated mediation effect test based on technological innovation 数字普惠金融能否抑制能源生态足迹？基于技术创新的有调节中介效应检验

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-30 DOI: 10.1016/j.iref.2025.104491

Mianhao Hu , Yiling Li , Wenqi Xiong , Juhong Yuan

{"title":"Can digital inclusive finance suppress energy ecological footprint? moderated mediation effect test based on technological innovation","authors":"Mianhao Hu , Yiling Li , Wenqi Xiong , Juhong Yuan","doi":"10.1016/j.iref.2025.104491","DOIUrl":"10.1016/j.iref.2025.104491","url":null,"abstract":"<div><div>Within the context of energy conservation, emission reduction, and the development of digital inclusion financial (DIF), this study explores the relationship between DIF and the energy ecological footprint (EEF). Using panel data from 30 provinces in China spanning 2011 to 2021, it employs a moderated mediation effect model to empirically analyze the mechanisms through which DIF affects the EEF. The findings reveal that DIF can mitigate the growth of the EEF. Specifically, it achieves this by promoting industrial structure upgrading, which in turn curbs EEF expansion. Furthermore, technological innovation enhances the positive impact of DIF on industrial structure upgrading, thereby amplifying the suppressive effect of industrial transformation on the EEF. Additional analysis highlights that regional difference—such as government digital governance capacity, environmental and financial regulations, digital infrastructure development, and digital usage—significantly influence the extent to which DIF inhibits EEF growth. The study also finds that DIF not only fosters economic inclusiveness but also demonstrates an energy ecological inclusiveness effect. Its marginal utility is particularly pronounced in regions with lower economic development and higher EEF. This research contributes to a deeper understanding of the theoretical linkage between DIF and the EEF. It also provides valuable references and decision-making insights for leveraging DIF to enhance energy efficiency and support the achievement of the “dual-carbon” goals.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104491"},"PeriodicalIF":5.6,"publicationDate":"2025-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144738940","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

Contemporaneous ESG ratings and idiosyncratic stock risk: Empirical evidence on measures of market consensus and dispersion 同期ESG评级和特殊股票风险：市场共识和分散度量的经验证据

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-29 DOI: 10.1016/j.iref.2025.104471

Andreas Oehler , Matthias Horn

引用次数: 0

Research on the relationship between corporate philanthropy and executive hidden corruption 企业慈善事业与高管隐性腐败关系研究

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-29 DOI: 10.1016/j.iref.2025.104488

Caijie Zhu , Luyao Zhang , Shuai Yu , Lizhong Hao

{"title":"Research on the relationship between corporate philanthropy and executive hidden corruption","authors":"Caijie Zhu , Luyao Zhang , Shuai Yu , Lizhong Hao","doi":"10.1016/j.iref.2025.104488","DOIUrl":"10.1016/j.iref.2025.104488","url":null,"abstract":"<div><div>This study examines the relationship between corporate philanthropy and executive hidden corruption using data from A-share listed companies in China from 2012 to 2022. The results show that higher levels of charitable donations are associated with a greater likelihood of hidden executive corruption. Effective internal control significantly weakens this relationship. This effect is more pronounced in non-state-owned enterprises, where both the positive association and the moderating role of effective internal control are stronger. Further analysis reveals that while media attention does not eliminate the positive link, it reduces its strength, along with the moderating impact of internal control. Board independence does not directly influence the philanthropy-corruption relationship; however, in state-owned enterprises with strong board independence, the mitigating role of internal control becomes more evident. these findings offer insights into how corporate governance mechanisms and external oversight can help curb executive misconduct associated with philanthropic activities.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104488"},"PeriodicalIF":5.6,"publicationDate":"2025-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144763641","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

Consumption peer effects among migrants in China 中国流动人口的消费同伴效应

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-28 DOI: 10.1016/j.iref.2025.104485

Xianbo Zhou , Yingming Wu , Yucheng Sun

引用次数: 0

Green institutional investors and corporate green innovation: Evidence from Chinese listed companies 绿色机构投资者与企业绿色创新：来自中国上市公司的证据

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-26 DOI: 10.1016/j.iref.2025.104476

Shunlin Zhu, Liping Liu

引用次数: 0

From crisis to Stability: How CSR shielded firms during Covid-19 pandemic 从危机到稳定：企业社会责任如何在2019冠状病毒病大流行期间保护企业

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-26 DOI: 10.1016/j.iref.2025.104470

Adam Arian , Sudipta Bose , Lotfi Karoui , Syed Shams

{"title":"From crisis to Stability: How CSR shielded firms during Covid-19 pandemic","authors":"Adam Arian , Sudipta Bose , Lotfi Karoui , Syed Shams","doi":"10.1016/j.iref.2025.104470","DOIUrl":"10.1016/j.iref.2025.104470","url":null,"abstract":"<div><div>This study examines the relationship between the COVID-19 pandemic and firm risk, as well as the moderating role of corporate social responsibility (CSR) performance in this relationship. Using 22,451 firm-year observations from 62 countries between 2018 and 2021, the study finds a marked increase in firm risk due to the economic disruptions caused by the pandemic. However, firms with strong CSR performance exhibit greater resilience, highlighting CSR's critical role in crisis management and risk mitigation beyond ethical compliance. Additional analysis shows that the effects of the pandemic and the moderating role of CSR performance vary by country-level business culture and economic environment. The findings highlight the importance of integrating CSR into corporate strategy to enhance resilience and manage risk during crises. We also show that stakeholder management serves as an underlying mechanism linking the interaction between CSR performance and the COVID-19 pandemic to firm risk. The study also advocates for policy support to strengthen CSR initiatives, offering actionable insights for managers and policymakers in fostering corporate preparedness for future challenges.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104470"},"PeriodicalIF":5.6,"publicationDate":"2025-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144724973","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

Inherited challenges: How second-generation involvement hinders green innovation in family firms 继承挑战：第二代参与如何阻碍家族企业的绿色创新

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-26 DOI: 10.1016/j.iref.2025.104475

Baohua Liu , Qilin Wang , Samuel Chang , Yongliang Zeng

引用次数: 0

The effects of intellectual property protection on corporate digital transformation 知识产权保护对企业数字化转型的影响

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-07-26 DOI: 10.1016/j.iref.2025.104478

Huatao Zhang , Tao Bi , Yunqiao Shen , Sophia Zimeng Tu

引用次数: 0