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Dangerous density: Urban density and the criminalization of China
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-03-06 DOI: 10.1016/j.iref.2025.104025
Ning Ma , Lu Chen , Zihan Zeng
{"title":"Dangerous density: Urban density and the criminalization of China","authors":"Ning Ma ,&nbsp;Lu Chen ,&nbsp;Zihan Zeng","doi":"10.1016/j.iref.2025.104025","DOIUrl":"10.1016/j.iref.2025.104025","url":null,"abstract":"<div><div>We utilized publicly available data from criminal judgments in China and a range of remotely sensed data to examine the impact of urban density on the crime risk of urban residents. Exploiting population features to instrument for density, we found a statistically significant crime-density elasticity around 0.09–0.18. The findings of this study indicate that population density has a greater impact on economic crime than other factors. This effect is particularly pronounced in medium-sized cities. The increase in the density of new businesses brings more revenue to criminals, while the improvement of the road network reduces the risk of being caught. In the context of high population density, the overstretched police force makes it easier for criminals to enter high-density areas to commit crimes.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 104025"},"PeriodicalIF":4.8,"publicationDate":"2025-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143578156","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
Digital economy, green innovation and high-quality economic development
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-03-05 DOI: 10.1016/j.iref.2025.104029
Zhiang Chen, Ruikun Xing
{"title":"Digital economy, green innovation and high-quality economic development","authors":"Zhiang Chen,&nbsp;Ruikun Xing","doi":"10.1016/j.iref.2025.104029","DOIUrl":"10.1016/j.iref.2025.104029","url":null,"abstract":"<div><div>The rapid advancement of the digital economy has reshaped economic structures worldwide, yet its role in fostering high-quality economic development remains insufficiently explored. Existing research has largely overlooked the intricate mechanisms through which digital transformation contributes to sustainable economic progress, particularly the role of green innovation as a mediating factor. Addressing this gap, this study investigates how digitalization influences high-quality development by leveraging a dataset encompassing 279 Chinese prefecture-level cities from 2010 to 2022. Employing instrumental variable estimation, propensity score matching, and Heckman selection models, the findings confirm that digital economy development significantly enhances high-quality economic growth, both directly and through its stimulation of green innovation. The analysis distinguishes between substantial and strategic green innovation, revealing that substantial green innovations, characterized by breakthrough environmental technologies, exhibit a stronger mediating effect compared to incremental strategic innovations. Furthermore, heterogeneity analysis underscores regional and urban-rural disparities in digital transformation's impact, with core cities and the eastern region reaping the most benefits. These findings emphasize the need for tailored policy interventions that enhance digital infrastructure, foster innovation ecosystems, and address structural constraints limiting the equitable diffusion of digital advancements. The study provides new insights into the intersection of digitalization, sustainability, and economic quality, offering a foundation for policy strategies aimed at inclusive and environmentally sustainable development.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 104029"},"PeriodicalIF":4.8,"publicationDate":"2025-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143578154","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 digital divide on household consumption: Role of mental health and happiness
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-03-05 DOI: 10.1016/j.iref.2025.104027
Xinjian Wang , Yihao Ding , Qiang Dong , Shuai Sun , Zhixiao Chen
{"title":"Impact of digital divide on household consumption: Role of mental health and happiness","authors":"Xinjian Wang ,&nbsp;Yihao Ding ,&nbsp;Qiang Dong ,&nbsp;Shuai Sun ,&nbsp;Zhixiao Chen","doi":"10.1016/j.iref.2025.104027","DOIUrl":"10.1016/j.iref.2025.104027","url":null,"abstract":"<div><div>Digital inequality remains a significant yet underexplored determinant of household economic behavior. Despite extensive research on the digital divide's impact on education, employment, and social inclusion, its influence on household consumption patterns has received limited attention. Addressing this gap, this study examines the mechanisms through which digital exclusion shapes household spending behavior, emphasizing the mediating roles of mental health and happiness. Using data from the 2020 China Family Panel Studies (CFPS), we employ instrumental variable estimation, Heckman selection correction, and quantile regression to establish causal relationships. The findings reveal that the digital divide significantly constrains household consumption, both directly by limiting technological access and indirectly by affecting psychological well-being. The effects are particularly pronounced among lower-consumption households, highlighting the uneven economic consequences of digital exclusion. These results underscore the need for policies that address not only technological accessibility but also the psychological impacts of digital disparities to foster inclusive economic growth.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 104027"},"PeriodicalIF":4.8,"publicationDate":"2025-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143591833","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
Digital economy and high-quality agricultural development
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-03-05 DOI: 10.1016/j.iref.2025.104028
Lin Ye
{"title":"Digital economy and high-quality agricultural development","authors":"Lin Ye","doi":"10.1016/j.iref.2025.104028","DOIUrl":"10.1016/j.iref.2025.104028","url":null,"abstract":"<div><div>Despite the growing recognition of digital transformation in agriculture, scholarly understanding remains fragmented regarding the precise mechanisms through which digital technologies contribute to high-quality agricultural development. Prior research predominantly examines isolated digital applications or technological diffusion patterns while neglecting comprehensive analytical frameworks that integrate multidimensional impacts across diverse agricultural contexts. This knowledge gap hampers evidence-based policymaking for agricultural modernization in the digital era, particularly within heterogeneous development landscapes. Herein, we examine the relationship between digital economy and high-quality agricultural development utilizing provincial panel data from China (2010–2022), constructing a sophisticated evaluation system incorporating 21 indicators across five dimensions: innovation capacity, coordination efficiency, environmental sustainability, external openness, and shared prosperity. Our methodological approach combines fixed-effects models with instrumental variables, propensity score matching, and Heckman selection techniques to establish robust causal relationships, revealing three distinct transmission pathways: agricultural technology innovation enhances technological capabilities, human capital development facilitates knowledge accumulation, and industrial structure optimization promotes sectoral advancement. Our heterogeneity analysis demonstrates asymmetric patterns wherein digital economy exerts more profound influence in Central-Western regions compared to Eastern provinces, while economically advanced areas derive greater agricultural benefits from digital transformation than less developed regions. These findings advance the theoretical discourse on agricultural modernization by illuminating context-dependent digital transformation effects and provide nuanced policy guidance emphasizing differentiated regional strategies, targeted capacity-building initiatives, and integrated policy frameworks that accommodate China's diverse economic landscape.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 104028"},"PeriodicalIF":4.8,"publicationDate":"2025-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143601536","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
How legal advisors affect mergers and acquisitions: Evidence from high tech industries
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-03-05 DOI: 10.1016/j.iref.2025.103980
Ruoqi Li , Xingzi Ren
{"title":"How legal advisors affect mergers and acquisitions: Evidence from high tech industries","authors":"Ruoqi Li ,&nbsp;Xingzi Ren","doi":"10.1016/j.iref.2025.103980","DOIUrl":"10.1016/j.iref.2025.103980","url":null,"abstract":"<div><div>This paper investigates the relationship between top-tier legal advisors and M&amp;As using the sample of 8509 M&amp;A deals during 1985–2023 in the high-tech industries. We find that acquirers experience significantly lower returns from the deal when hiring top-tier legal advisors, with −2.14% for the 3-day window and −2.16% for the 5-day window, respectively. To address potential self-selection bias, we employ two-stage residual inclusion (2SRI) and propensity score matching (PSM) methods, confirming the robustness of these findings. Despite unfavorable short-term market reactions, top-tier legal advisors are associated with positive long-term abnormal returns and are critical in managing deal complexity, enhancing negotiation power, and lowering deal premiums. While they improve deal completion rates, their involvement also extends completion times. These findings highlight the strategic role of top-tier legal advisors in high-tech M&amp;A transactions.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 103980"},"PeriodicalIF":4.8,"publicationDate":"2025-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143611311","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
Exploring dynamic extreme dependence of oil and agricultural markets
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-03-05 DOI: 10.1016/j.iref.2025.104032
Khalid M. Kisswani , Amine Lahiani , Mahelet G. Fikru
{"title":"Exploring dynamic extreme dependence of oil and agricultural markets","authors":"Khalid M. Kisswani ,&nbsp;Amine Lahiani ,&nbsp;Mahelet G. Fikru","doi":"10.1016/j.iref.2025.104032","DOIUrl":"10.1016/j.iref.2025.104032","url":null,"abstract":"<div><div>This study examines the dynamic extreme dependence between oil markets and a set of non-exploited agricultural assets (Barley, coffee, maize, rice, sorghum, sugar, wheat) prices using 1990–2023 monthly prices data. Our time-varying copula models allow us to investigate nonlinear and asymmetric dependence between pairwise assets. We find evidence of positive exceedance correlation at small and medium quantiles/thresholds and negative exceedance correlation for quantiles higher than 0.6 for five out of seven food assets. Findings also indicate a tent-shaped quantile dependence for all food assets and demonstrate a time variation in the association path between oil and food asset returns. Important policy implications are derived from empirical findings.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 104032"},"PeriodicalIF":4.8,"publicationDate":"2025-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143620370","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 credit policy and corporate green innovation
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-03-05 DOI: 10.1016/j.iref.2025.104031
Jiale He , Haozhong Xue , Wei Yang , Yanyi Zhong , Bingyu Fan
{"title":"Green credit policy and corporate green innovation","authors":"Jiale He ,&nbsp;Haozhong Xue ,&nbsp;Wei Yang ,&nbsp;Yanyi Zhong ,&nbsp;Bingyu Fan","doi":"10.1016/j.iref.2025.104031","DOIUrl":"10.1016/j.iref.2025.104031","url":null,"abstract":"<div><div>This study investigates how Green Credit Policy (GCP) influences corporate green innovation (GI) through a comprehensive empirical analysis of Chinese listed firms from 2009 to 2022. Employing a difference-in-differences approach with 29,122 firm-year observations, we document that the implementation of Green Credit Guidelines in 2012 significantly enhances firms’ environmental innovation output, with the causal relationship validated through parallel trends analysis, placebo tests, and propensity score matching. Our investigation reveals two key financial mechanisms: GCP promotes green innovation by alleviating financing constraints and reducing financing costs, creating a supportive environment for environmental technology development. Additionally, digital transformation positively moderates this relationship, indicating that firms with superior digital capabilities respond more effectively to environmental credit policies. Further, a heterogeneity analysis shows that GCP has a stronger impact on state-owned enterprises (SOEs) than non-SOEs, suggesting that government-controlled firms align more closely with national sustainability goals. Industry variations also emerge, with non-heavy polluted industries benefiting more from GCP, while firms in high-pollution sectors experience weaker innovation effects, likely due to compliance-driven financial reallocation rather than proactive sustainability investments. These findings contribute to understanding how financial regulations drive corporate environmental innovation, emphasizing the role of firm characteristics and industry dynamics in shaping policy effectiveness.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 104031"},"PeriodicalIF":4.8,"publicationDate":"2025-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143591830","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
The impact of digital innovation on labor share: Evidence from Chinese firms
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-03-04 DOI: 10.1016/j.iref.2025.104023
Tingyu Liu, Peng Huang, Qiaoru Wang
{"title":"The impact of digital innovation on labor share: Evidence from Chinese firms","authors":"Tingyu Liu,&nbsp;Peng Huang,&nbsp;Qiaoru Wang","doi":"10.1016/j.iref.2025.104023","DOIUrl":"10.1016/j.iref.2025.104023","url":null,"abstract":"<div><div>We use data from listed Chinese companies spanning the years 2000–2021 to study the impact of digital innovation on labor share. Our findings reveal a significant role of digital innovation in enhancing firms' labor share, which changes the factor allocation within firms. Mechanistic analysis reveals that digital innovation drives firm growth through innovation spillover effect, productivity enhancing effect, and expansion effect, with internal control costs and outward foreign direct investment acting as moderating factors. Further examination shows that the labor share-enhancing effect of digital innovation is more pronounced in firms with advanced technologies, greater market power, state ownership, and lower financing constraints. Additionally, we find that the relationship between digital innovation and labor share follows a phased pattern, exhibiting an inverted U-shaped trend over time.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 104023"},"PeriodicalIF":4.8,"publicationDate":"2025-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143591834","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
Reassessing smart city development and personal data protection: A regulatory framework
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-03-04 DOI: 10.1016/j.iref.2025.104022
Yulu Jin , Yu Wang
{"title":"Reassessing smart city development and personal data protection: A regulatory framework","authors":"Yulu Jin ,&nbsp;Yu Wang","doi":"10.1016/j.iref.2025.104022","DOIUrl":"10.1016/j.iref.2025.104022","url":null,"abstract":"<div><div>Smart cities are rapidly transforming urban development worldwide, yet their advancement presents a critical tension with personal data protection requirements. Through examining Ordos City as a case study, this paper addresses three key challenges: the macro balance between data efficiency and privacy dignity, meso conflicts between liberal smart city policies and strict data protection regulations, and the micro-level lack of coordination between these domains. While various solutions such as open data initiatives and data exchanges have emerged globally, significant challenges persist. This paper proposes a “data utilization regulatory framework” that establishes clear data ownership classifications and governance mechanisms, consisting of promotional and protective components. This dual approach aims to facilitate data flow while maintaining robust privacy safeguards, ultimately offering a balanced solution that supports both smart city innovation and personal data protection.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 104022"},"PeriodicalIF":4.8,"publicationDate":"2025-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143562834","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
Financial stability strategies: Bankruptcy courts and corporate capital structure adjustment
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-03-04 DOI: 10.1016/j.iref.2025.104026
Yang Cui , Yanliang Zhang
{"title":"Financial stability strategies: Bankruptcy courts and corporate capital structure adjustment","authors":"Yang Cui ,&nbsp;Yanliang Zhang","doi":"10.1016/j.iref.2025.104026","DOIUrl":"10.1016/j.iref.2025.104026","url":null,"abstract":"<div><div>This paper examines the effects of bankruptcy courts on the adjustment of corporate capital structures among A-share listed companies from 2010 to 2022, utilizing a multi-timepoint difference-in-differences model. The findings reveal that the establishment of bankruptcy courts significantly promotes the adjustment of corporate capital structures. This effect is more profound in companies operating under stronger rule-of-law environments, those with higher capital intensity, and those with lower commercial credit. Further mechanism analysis suggests that easing financing constraints and enhancing internal liquidity management are potential pathways through which bankruptcy courts facilitate these adjustments.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 104026"},"PeriodicalIF":4.8,"publicationDate":"2025-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143636760","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
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