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

Policy-driven employment structure transformation: The role of innovation and education investment

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-02-01 DOI: 10.1016/j.iref.2025.103930

Jianan Wu , Cheng Guo , Xiaojing Liu , Jiapeng Dai

{"title":"Policy-driven employment structure transformation: The role of innovation and education investment","authors":"Jianan Wu , Cheng Guo , Xiaojing Liu , Jiapeng Dai","doi":"10.1016/j.iref.2025.103930","DOIUrl":"10.1016/j.iref.2025.103930","url":null,"abstract":"<div><div>While previous studies examine innovation policies’ direct effects on economic outcomes, the mechanisms through which these policies reshape employment structures remain understudied, particularly in developing economies with significant regional variations. This research investigates how Innovation and Entrepreneurship Demonstration Base (IEDB) policy influences employment structure optimization in China, focusing on education investment and innovation capacity as key transmission channels. Using panel data from 283 Chinese cities (2000–2022), we employ a difference-in-differences approach combined with mediation analysis to examine policy effects. Our findings reveal that IEDB policy significantly enhances employment structure optimization, with education investment and innovation capacity serving as crucial mediating channels. Regional heterogeneity analysis demonstrates stronger policy effectiveness in western regions and the Yangtze River Economic Belt, highlighting the role of development stages and geographical advantages in policy outcomes. These findings advance understanding of innovation policy effectiveness by identifying specific transmission mechanisms and regional variations, providing practical guidance for policymakers seeking to optimize employment structure through targeted innovation initiatives.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"98 ","pages":"Article 103930"},"PeriodicalIF":4.8,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143337163","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 finance and corporate environmental performance

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-01-31 DOI: 10.1016/j.iref.2025.103929

Yingxue Tan , Bo Lin , Leyi Wang

{"title":"Green finance and corporate environmental performance","authors":"Yingxue Tan , Bo Lin , Leyi Wang","doi":"10.1016/j.iref.2025.103929","DOIUrl":"10.1016/j.iref.2025.103929","url":null,"abstract":"<div><div>While green finance has emerged as a crucial mechanism for promoting sustainable development, the pathways through which it influences corporate environmental performance remain incompletely understood. Previous research has primarily focused on direct relationships between financial instruments and environmental outcomes, overlooking the complex organizational mechanisms that mediate and moderate these effects. This study examines how green finance affects corporate environmental performance through technology upgrading while considering the moderating role of corporate reputation. Using panel data from Chinese listed companies spanning 2010–2021, our findings reveal that green finance significantly enhances corporate environmental performance both directly and indirectly through technology upgrading pathways. This relationship is strengthened by corporate reputation, suggesting that reputational capital amplifies firms’ responses to green finance initiatives. However, these effects vary substantially across ownership types and industries, with state-owned enterprises showing stronger responses and high-polluting industries demonstrating limited improvement. These results advance our understanding of environmental governance mechanisms by illuminating the organizational pathways through which financial instruments influence corporate environmental behavior, while providing practical insights for policy design and corporate strategy in the transition toward sustainable development.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"98 ","pages":"Article 103929"},"PeriodicalIF":4.8,"publicationDate":"2025-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143373066","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

Can accounts receivable factoring restrain corporate financialization? Evidence from China

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-01-31 DOI: 10.1016/j.iref.2025.103928

Lirong Chen , Yuxuan Long , Xuemei Tang , Jiani Wang

{"title":"Can accounts receivable factoring restrain corporate financialization? Evidence from China","authors":"Lirong Chen , Yuxuan Long , Xuemei Tang , Jiani Wang","doi":"10.1016/j.iref.2025.103928","DOIUrl":"10.1016/j.iref.2025.103928","url":null,"abstract":"<div><div>This study examines the effect of accounts receivable factoring on corporate financialization based on a sample of Chinese listed firms from 2008 to 2022. We find that engaging in factoring can significantly restrain corporate financialization, and this finding is robust to a battery of sensitivity checks. Path analyses reveal that factoring impedes corporate financialization by alleviating firms’ financial constraints, reducing their financial risks, and lowering agency costs. Cross-sectional analyses further demonstrate that the negative effect of factoring on financialization is more pronounced among small firms, firms with lower market positions, and those with weaker governance mechanisms. Moreover, the role of factoring is more prominent in high-tech firms, firms subject to fiercer industry competition, and those located in regions with advanced financial markets and sound legal systems. Finally, we document that financialization indeed damages corporate performance, and factoring can mitigate such adverse effects. Overall, this paper identifies a novel factor that can restrict corporate financialization and provides new insights into the role of accounts receivable factoring.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"98 ","pages":"Article 103928"},"PeriodicalIF":4.8,"publicationDate":"2025-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143379107","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

Sustainability strategy and financial performance in the insurance company

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-01-30 DOI: 10.1016/j.iref.2025.103924

Stefania Sylos Labini , Pasquale di Biase , Elisabetta D'Apolito

{"title":"Sustainability strategy and financial performance in the insurance company","authors":"Stefania Sylos Labini , Pasquale di Biase , Elisabetta D'Apolito","doi":"10.1016/j.iref.2025.103924","DOIUrl":"10.1016/j.iref.2025.103924","url":null,"abstract":"<div><div>Insurance companies are demonstrating increased sensitivity to environmental, social and governance sustainability issues (ESG - Environmental, Social and Governance). Products in the insurance sector are naturally attractive for social and environment goals as they respond to the requirements of customer protection and the growing need for stability in society. For this reason, activity in the insurance sector can contribute to the UN Sustainable Development Goals (SDGs) and be used to support the goals of climate neutrality by 2050. This study investigates sustainability-oriented management practices to determine whether they impact the financial performance of insurance companies. An international sample of 167 insurance companies, over the period 2018–2022, was analyzed to reveal whether investments in sustainability produce returns in terms of an economic advantage. Results show that American insurance companies are characterized by quality governance that is committed to environmental, social and governance sustainability policies which is linked to good financial performance. These results are robust to arbitrary heteroskedasticity and cluster correlation. Our findings add to the literature on Insurance Company by shedding light on the relationship between financial performance and sustainability.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"98 ","pages":"Article 103924"},"PeriodicalIF":4.8,"publicationDate":"2025-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143337093","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

Impact of economic policy uncertainty on corporate investment efficiency: Moderating roles of financing constraints and financialisation

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-01-30 DOI: 10.1016/j.iref.2025.103897

Jianghang Wang , Shan Zhu

{"title":"Impact of economic policy uncertainty on corporate investment efficiency: Moderating roles of financing constraints and financialisation","authors":"Jianghang Wang , Shan Zhu","doi":"10.1016/j.iref.2025.103897","DOIUrl":"10.1016/j.iref.2025.103897","url":null,"abstract":"<div><div>This study delves into the intricate dynamics between economic policy uncertainty and corporate investment efficiency by examining a comprehensive dataset of China's A-share listed firms over a decade, spanning from 2012 to 2022. The research validates the moderating influence of financing constraints within this intricate relationship, revealing that as economic policy uncertainty escalates, it acts as a constraint on inefficient investment practices among enterprises, thereby fostering improved investment efficiency. Notably, the study highlights that the moderating impact of financing constraints is particularly pronounced among companies that exhibit overinvestment tendencies. This finding suggests that economic policy uncertainty can serve as a corrective mechanism, guiding firms towards more prudent investment decisions. Moreover, the research identifies enterprise financialisation as a pivotal factor in the relationship between economic uncertainty and investment efficiency. It acts as a mediator, bridging the gap between these two variables and providing deeper insights into the complex interplay that governs corporate investment behavior in the face of economic uncertainty. Overall, this study offers valuable insights into the factors that influence corporate investment efficiency and how economic policy uncertainty can shape these dynamics.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"98 ","pages":"Article 103897"},"PeriodicalIF":4.8,"publicationDate":"2025-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143349660","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

Social identity or social capital: Local CEOs and corporate ESG performance

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-01-30 DOI: 10.1016/j.iref.2025.103926

Shoufu Yang , Dongmin Kong , Jiaqiong He

引用次数: 0

An enquiry into the monetary policy and stock market shocks in the US

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-01-30 DOI: 10.1016/j.iref.2025.103925

Taimur Sharif , Ahmed Bouteska , Mohammad Zoynul Abedin , Saulo Cotturone

{"title":"An enquiry into the monetary policy and stock market shocks in the US","authors":"Taimur Sharif , Ahmed Bouteska , Mohammad Zoynul Abedin , Saulo Cotturone","doi":"10.1016/j.iref.2025.103925","DOIUrl":"10.1016/j.iref.2025.103925","url":null,"abstract":"<div><div>This paper investigates the nexus between the monetary policy shocks and stock price shocks during various economic cycles in the US, from the first quarter of 1982 to the fourth quarter of 2022. For the empirical analysis, S&P 500, real GDP per capita, GDP price deflator, and Effective Federal Funds Rate (FFR) are used as proxies for the financial market, the US output, inflation, and the interest rate respectively in estimating Vector autoregression (VAR) models. The results obtained are in line with the economic theory, at least for the responses to financial shocks, implying that a positive shock in the S&P 500 stock index represents an increase in the financial income of the US investors, which will lead to a positive impact on consumption and investment – the two major components of GDP. Given that understanding how monetary policy is designed and developed facing various historical events, associated with the largest and the most influential economy in the world, the findings of this paper have policy and managerial implications for economists, scholars and investors in not only the US but also the countries worldwide where the financial markets are profoundly influenced by the US policy changes, e.g., the frontier and emerging economies as well as the developed economies (e.g., the UK and the EU), especially countries with quote-driven stock markets (e.g., the UK).</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"98 ","pages":"Article 103925"},"PeriodicalIF":4.8,"publicationDate":"2025-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143373063","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

Hybrid ML models for volatility prediction in financial risk management

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-01-27 DOI: 10.1016/j.iref.2025.103915

Satish Kumar , Amar Rao , Monika Dhochak

{"title":"Hybrid ML models for volatility prediction in financial risk management","authors":"Satish Kumar , Amar Rao , Monika Dhochak","doi":"10.1016/j.iref.2025.103915","DOIUrl":"10.1016/j.iref.2025.103915","url":null,"abstract":"<div><div>Predicting volatility in financial markets is an important task with practical uses in decision-making, regulation, and academic research. This study focuses on forecasting realized volatility in stock indices using advanced machine learning techniques. We examine three key indices: the Shanghai Stock Exchange Composite (SSE), Infosys (INFY), and the National Stock Exchange Index (NIFTY). To achieve this, we propose a hybrid model that combines optimized Variational Mode Decomposition (VMD) with deep learning methods like Artificial Neural Networks (ANN), Long Short-Term Memory (LSTM), and Gated Recurrent Units (GRU). Using data from 2015 to 2022, we analyse how well these models predict volatility. Our findings reveal distinct patterns: the SSE shows high unpredictability, INFY is prone to extreme positive volatility, and NIFTY is relatively moderate. Among the models tested, the Q-VMD-ANN-LSTM-GRU hybrid model consistently performs best, providing highly accurate predictions for all three indices. This model has practical benefits for financial institutions. It improves risk management, supports investment decisions, and provides real-time insights for traders and risk managers. Additionally, it can enhance stress testing and inspire innovative trading strategies. Overall, our study highlights the potential of advanced machine learning, especially hybrid models, to address financial market complexities and improve risk management practices.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"98 ","pages":"Article 103915"},"PeriodicalIF":4.8,"publicationDate":"2025-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143150408","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

Artificial intelligence and innovation capability: A dynamic capabilities perspective

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-01-27 DOI: 10.1016/j.iref.2025.103923

Yang Gao , Siqiang Liu , Lu Yang

{"title":"Artificial intelligence and innovation capability: A dynamic capabilities perspective","authors":"Yang Gao , Siqiang Liu , Lu Yang","doi":"10.1016/j.iref.2025.103923","DOIUrl":"10.1016/j.iref.2025.103923","url":null,"abstract":"<div><div>In the digital age and a complex and ever-changing environment, artificial intelligence technology is gradually penetrating various aspects of social life. It has a profound impact on the innovation practices of enterprises. For enterprises, actively utilizing artificial intelligence technology has become a key strategic decision to enhance innovation capabilities and effectiveness in a challenging environment. Based on this, this study is based on the theory of dynamic capabilities, exploring the mediating role of digital adaptability and its continuous mediating role with market perception, to construct a chain mediation model of \"enterprise artificial intelligence use digital adaptability (perceptual adaptability, social adaptability, production adaptability) market perception enterprise innovation capability\" mechanism. This study first verified the existence of the main effect relationship through pre-experimental analysis of data from Chinese A-share listed companies from 2010 to 2021 and further conducted empirical research based on 511 paired questionnaire data. The results indicate that there is a significant positive correlation between the use of artificial intelligence in enterprises and their innovation capabilities; The use of artificial intelligence in enterprises affects their innovation capabilities through digital adaptability (perception adaptability, social adaptability, production adaptability); Market perception plays a mediating role in the process of how the use of artificial intelligence in enterprises affects their innovation capabilities; Digital adaptability (perceptual adaptability, social adaptability, production adaptability) and market perception play a chain mediating role between the use of artificial intelligence in enterprises and their innovation capabilities. This study aims to provide theoretical guidance and practical inspiration for enterprises to use AI technology to improve innovation efficiency.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"98 ","pages":"Article 103923"},"PeriodicalIF":4.8,"publicationDate":"2025-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143388158","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

Cross-country panel analysis justifying tighter control over short-term interest rates

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-01-26 DOI: 10.1016/j.iref.2025.103868

Batkhurel Serdavaa

引用次数: 0