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

Integrating ESG into financial distress models: The role of financial report quality and innovation in the Chinese market 将ESG纳入财务困境模型：财务报告质量与创新在中国市场中的作用

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-05-05 DOI: 10.1016/j.iref.2025.104135

Fuyuan Zhou , Hanlong Chen , Shiyu Tang , Chuan Lee , Chin-Tsai Lin

{"title":"Integrating ESG into financial distress models: The role of financial report quality and innovation in the Chinese market","authors":"Fuyuan Zhou , Hanlong Chen , Shiyu Tang , Chuan Lee , Chin-Tsai Lin","doi":"10.1016/j.iref.2025.104135","DOIUrl":"10.1016/j.iref.2025.104135","url":null,"abstract":"<div><div>This study evaluates how financial report quality and innovation moderate the impact of Environmental, Social, and Governance (ESG) factors on financial distress. It draws on a comprehensive dataset encompassing 3959 A-share listed companies from the Shanghai and Shenzhen Stock Exchanges over the period from 2012 to 2022. We choose data on ESG factors sourced from Bloomberg and CSMAR databases. Financial distress was assessed using Altman's Z-score and O-score. To measure innovation, the study employs Mergers and Acquisitions (M&A) activity and Research and Development (R&D) expenditures as proxies. Financial report quality was gauged using the absolute value of discretionary accruals, which served as moderators in analysing the impact of ESG on financial distress. After the empirical analysis, the findings indicate that ESG factors contribute significantly to reducing financial distress among firms. Furthermore, both financial report quality and innovation were found to enhance the effectiveness of ESG practices in mitigating financial distress. This suggests that high-quality financial reporting and robust innovation practices can strengthen the protective effects of ESG initiatives against financial instability.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104135"},"PeriodicalIF":4.8,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143941471","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

Digital rural construction, financial development and regional economic resilience: Mechanism analysis and empirical test 数字农村建设、金融发展与区域经济弹性：机制分析与实证检验

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-05-05 DOI: 10.1016/j.iref.2025.104146

Yuran Sun, Canping Chen

{"title":"Digital rural construction, financial development and regional economic resilience: Mechanism analysis and empirical test","authors":"Yuran Sun, Canping Chen","doi":"10.1016/j.iref.2025.104146","DOIUrl":"10.1016/j.iref.2025.104146","url":null,"abstract":"<div><div>Digital countryside is the strategic direction of rural revitalization, and it is also a new driving force to promote the resilience of county economy. Based on the panel data of counties from 2013 to 2022, this paper constructs an index of regional economic resilience by using entropy weight method, and establishes an econometric model. From the perspective of financial development, this paper discusses the impact of digital rural construction on regional economic resilience, and further analyzes the regional heterogeneity of the effect. The conclusions are as follows: (1) The construction of digital countryside can significantly improve the resilience of county economy, and the impact is still stable after a series of tests; (2) Digital village construction can improve the resilience of county economy by promoting the level of regional financial development; (3) The impact of the construction of digital countryside on the resilience of county economy is characterized by regional heterogeneity, and has different impacts on the eastern, central and western regions and regions with different administrative levels. Based on this, the paper puts forward policy suggestions in three aspects: strengthening the construction of rural digital infrastructure, deepening the structural reform of the financial supply side, and implementing differentiated policy promotion mechanisms, providing policy inspiration for promoting the resilience of regional economy.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104146"},"PeriodicalIF":4.8,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143941330","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

Empowering ESG: The pivotal influence of directors' and officers' liability insurance on corporate sustainability 授权ESG：董事和管理人员责任保险对公司可持续发展的关键影响

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-05-03 DOI: 10.1016/j.iref.2025.104140

Houjian Li , Quanfeixue Cheng , Mengying Su , Kuan Zhang

{"title":"Empowering ESG: The pivotal influence of directors' and officers' liability insurance on corporate sustainability","authors":"Houjian Li , Quanfeixue Cheng , Mengying Su , Kuan Zhang","doi":"10.1016/j.iref.2025.104140","DOIUrl":"10.1016/j.iref.2025.104140","url":null,"abstract":"<div><div>Using annual data from Chinese A-share listed companies between 2009 and 2023, this paper investigates the impact of Directors' and Officers' (D&O) liability insurance on corporate Environmental, Social, and Governance (ESG) performance, as well as the underlying mechanisms. The results show that D&O liability insurance significantly improves corporate ESG performance, and this finding remains robust after a series of robustness checks. Furthermore, we unveil the 'black box' through which D&O liability insurance enhances ESG performance. Further research findings indicate that the impact of D&O liability insurance on corporate ESG performance exhibits significant heterogeneity. Specifically, the level of regional green finance development, institutional investor shareholding, and tax incentive levels enhance the positive influence of D&O liability insurance on corporate ESG performance. In contrast, for heavily polluting industries, the improvement effect of D&O liability insurance on ESG performance is notably weaker compared to non-heavily polluting industries. Lastly, we explored the impact of the COVID-19 pandemic on this relationship and found that during the pandemic, the positive effect of D&O liability insurance on corporate ESG performance was significantly weakened. This suggests that in the context of a global crisis, companies prioritize short-term survival goals over long-term sustainable development objectives. This study not only contributes to the literature on risk transfer mechanisms but also deepens the understanding of how D&O liability insurance enhances corporate ESG performance.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104140"},"PeriodicalIF":4.8,"publicationDate":"2025-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143927774","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

Insider trading and government intervention 内幕交易和政府干预

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-05-01 DOI: 10.1016/j.iref.2025.104104

Zhihua Li , Hong Liu , Qingshan Yang

引用次数: 0

Zodiac year fate eased by CSR: Fact or fiction? 企业社会责任缓和生肖年命运：事实还是虚构？

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-04-30 DOI: 10.1016/j.iref.2025.104139

Yuanyuan Hu , Jiali Fang , Md. Borhan Uddin Bhuiyan

引用次数: 0

From harm to Hope: How green innovation alleviates environmental injustice triggered by non-green innovation 从危害到希望：绿色创新如何缓解非绿色创新引发的环境不公

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-04-29 DOI: 10.1016/j.iref.2025.104122

Yali Fan , Xiuzhong Wang , Zhuoran Li , Wei Wu

{"title":"From harm to Hope: How green innovation alleviates environmental injustice triggered by non-green innovation","authors":"Yali Fan , Xiuzhong Wang , Zhuoran Li , Wei Wu","doi":"10.1016/j.iref.2025.104122","DOIUrl":"10.1016/j.iref.2025.104122","url":null,"abstract":"<div><div>This study investigates the effects of green and non-green innovation on environmental justice, with particular attention to the unequal pollution exposure experienced by low-income and minority communities in the United States. Based on firm-level data and multiple pollution indicators, including carbon emissions, toxic releases, and localized exposure metrics. The results show that non-green innovation is positively associated with environmental degradation, increasing the pollution burden borne by marginalized groups. In contrast, green innovation is found to alleviate certain types of environmental harm, especially with respect to localized pollutants such as fine particulate matter and specific toxic substances. These findings indicate that green innovation, when appropriately directed, can contribute to reducing environmental inequalities and improving conditions in vulnerable communities. The study highlights the importance of distinguishing between types of innovation and emphasizes the role of green innovation in supporting a more equitable transition toward environmental sustainability.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104122"},"PeriodicalIF":4.8,"publicationDate":"2025-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144071393","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

Green loans and bank risk: Navigating the path to sustainable finance 绿色贷款与银行风险：走向可持续金融之路

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-04-29 DOI: 10.1016/j.iref.2025.104138

Caterina Di Tommaso, Vincenzo Pacelli, Maria Melania Povia

引用次数: 0

Threshold effects of capital intensity on relationship between legal system and rural economy 资本密集度对法制与农村经济关系的门槛效应

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-04-28 DOI: 10.1016/j.iref.2025.104137

Tao Liu , Han Wu , Yongqian Tu

引用次数: 0

The impact of artificial intelligence on the sustainability of international trade enterprises 人工智能对国际贸易企业可持续发展的影响

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-04-28 DOI: 10.1016/j.iref.2025.104136

Yuhui Chen , Longzheng Du , Biao Zhang , Lin Wang , Kejuan Wang , Xuebin Huang , Yujie Shi

{"title":"The impact of artificial intelligence on the sustainability of international trade enterprises","authors":"Yuhui Chen , Longzheng Du , Biao Zhang , Lin Wang , Kejuan Wang , Xuebin Huang , Yujie Shi","doi":"10.1016/j.iref.2025.104136","DOIUrl":"10.1016/j.iref.2025.104136","url":null,"abstract":"<div><div>Artificial Intelligence (AI) has become a core driver of productivity change and a significant factor influencing corporate sustainable development. This study examines the impact and mechanisms through which AI affects the sustainable development performance of international trade enterprises in China. Utilizing an unbalanced panel dataset of 3853 firms from 2010 to 2023, the study employs a two-way fixed effects model to analyze financial and environmental social responsibility performance. The findings demonstrate that AI significantly improves financial performance and environmental social responsibility, thereby enhancing overall sustainable development performance. This conclusion is robust across various endogeneity and robustness tests, including lagged core explanatory variables, instrumental variable methods, Heckman tests, DID tests, elimination of extreme observations, exclusion of abnormal year samples, substitution of core explanatory variables, and unrelated industry regression. Heterogeneity analysis indicates that the positive impact of AI on sustainable development performance is more pronounced in the eastern region and among non-state-owned firms. Mechanism analysis reveals that AI enhances financial performance and sustainability through total factor productivity (TFP) and increased average wages, although it has a negative impact on environmental social responsibility performance. Based on these results, the study provides policymakers and business managers with relevant recommendations for leveraging AI to promote sustainable business development. This research is the first to comprehensively explore the impact of AI on the sustainability performance of international trading firms within a unified framework, thereby expanding the existing literature and offering valuable insights for both policymakers and practitioners.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104136"},"PeriodicalIF":4.8,"publicationDate":"2025-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143923084","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

Executives’ overseas backgrounds, equity incentives, and corporate risk-taking 高管的海外背景、股权激励和企业风险

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-04-27 DOI: 10.1016/j.iref.2025.104132

Zining Guo , Xingzhou Li

引用次数: 0