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The impact of carbon emission trading system on the implied cost of equity capital 碳排放交易制度对权益资本隐含成本的影响
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-05-08 DOI: 10.1016/j.iref.2025.104157
Donghui Li, Zhanxiang Zhang, Xin Gao
{"title":"The impact of carbon emission trading system on the implied cost of equity capital","authors":"Donghui Li,&nbsp;Zhanxiang Zhang,&nbsp;Xin Gao","doi":"10.1016/j.iref.2025.104157","DOIUrl":"10.1016/j.iref.2025.104157","url":null,"abstract":"<div><div>Employing 9809 firm-year observations among 2116 Chinese A-share listed firms from 2009 to 2020, this paper explores the impact of the carbon emission trading system (ETS) on the implied cost of equity capital (<em>ICOC</em>). Our difference-in-differences analysis shows that ETS significantly increases <em>ICOC</em> for firms in the pilot areas. We further find that this effect is induced by technology innovation and tax avoidance. The positive relationship between ETS and <em>ICOC</em> is more significant among firms with smaller market cap, more severe financing constraints, and no political affiliation. In addition, we provide evidence that media attention plays a positive role in curbing firms’ tax avoidance behavior of shifting social costs under ETS. Our study uncovers the profound impact of ETS on firms, which holds significant theoretical and practical implications.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104157"},"PeriodicalIF":4.8,"publicationDate":"2025-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144071456","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
Beyond the tipping point: The nonlinear impact of material sustainability on investment efficiency 超越临界点：材料可持续性对投资效率的非线性影响
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-05-08 DOI: 10.1016/j.iref.2025.104158
Jamal A. Nazari , Ehsan Poursoleyman
{"title":"Beyond the tipping point: The nonlinear impact of material sustainability on investment efficiency","authors":"Jamal A. Nazari ,&nbsp;Ehsan Poursoleyman","doi":"10.1016/j.iref.2025.104158","DOIUrl":"10.1016/j.iref.2025.104158","url":null,"abstract":"<div><div>Drawing on the shareholder viewpoint adopted by the Sustainability Accounting Standards Board (SASB) to determine materiality, we propose and test a hypothesis for the optimal level of allocating financial resources to projects prioritizing environmental, social, and governance factors, namely sustainability investment. Based on the premise that shareholders consider specific thresholds for sustainability investments, we postulate that shareholders respond positively if the firm's sustainability investments are below the optimal level, whereas they react negatively if the investments are above the optimal level. Using a quadratic and piecewise linear regression, we demonstrate a significant inverted U-shaped linkage between materiality ratings of sustainability and capital investment efficiency for a sample of all U.S. companies listed on ASSET4 spanning from 2008 to 2021. Upon further examination of the sensitivity of the turning point to firm- and market-specific characteristics, we find that leveraged firms and those facing exogenous shocks have a higher optimal level. Our results remain robust across a range of sensitivity tests and offer significant policy implications for regulators and standard setters. These findings can inform the frameworks and guidelines developed by organizations such as the U.S. Securities and Exchange Commission (SEC), the SASB, and the International Sustainability Standards Board (ISSB).</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104158"},"PeriodicalIF":4.8,"publicationDate":"2025-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143941470","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
Trade credit, corporate business strategy and corporate life cycle 贸易信用，企业经营战略和企业生命周期
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-05-08 DOI: 10.1016/j.iref.2025.104141
Ahmed Al-Hadi , Syed Mujahid Hussain
{"title":"Trade credit, corporate business strategy and corporate life cycle","authors":"Ahmed Al-Hadi ,&nbsp;Syed Mujahid Hussain","doi":"10.1016/j.iref.2025.104141","DOIUrl":"10.1016/j.iref.2025.104141","url":null,"abstract":"<div><div>This paper examines the association between trade credit and business strategy at various stages of the corporate life cycle. We contribute to the extant literature by analysing the mediating role of the firm life cycle in the interrelationship between the business strategy and trade credit. Using the Miles, Snow, Meyer, and Coleman (1978, 2003) typology to analyse 53,011 firm year-observations from 1987 to 2019, we find a positive association between business strategy and trade credit. Our findings indicate that defender (prospector) type firms have less (more) trade credit than analysers. When analysing this relationship with the corporate life cycle, we find a strong negative (positive) relationship between trade credit and the defender (prospector) at the introduction/decline stage but a positive (negative) relationship during the growth/maturity stage. Our results remain robust using different measures of trade credit and corporate business strategy, as well as various econometric specifications.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104141"},"PeriodicalIF":4.8,"publicationDate":"2025-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143935086","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
Impact of inclusive finance on private enterprise Lending: Evidence from China private enterprise survey 普惠金融对民营企业贷款的影响：来自中国民营企业调查的证据
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-05-08 DOI: 10.1016/j.iref.2025.104161
Gang Yang , Gongming Yuan , Junhao Kou , Shyhyan Jiau
{"title":"Impact of inclusive finance on private enterprise Lending: Evidence from China private enterprise survey","authors":"Gang Yang ,&nbsp;Gongming Yuan ,&nbsp;Junhao Kou ,&nbsp;Shyhyan Jiau","doi":"10.1016/j.iref.2025.104161","DOIUrl":"10.1016/j.iref.2025.104161","url":null,"abstract":"<div><div>This study examines the relationship between financial inclusion and private enterprise loan financing. Using the China Private Enterprise Survey (CPES) database as the study sample, we find that financial inclusion has a positive effect on private enterprise loan financing, a finding that holds after a series of robustness tests. Moderating effects suggest that development strategies and government intervention negatively moderate this relationship. Heterogeneity tests show that the positive effect of financial inclusion is more pronounced in firms led by democratic party executives, limited liability companies, joint-stock companies, unlisted firms, and firms located in “downstream” provinces and western regions. Overall, this study reveals the mechanism of inclusive finance on loan financing for private enterprises, and provides practical suggestions for improving the construction of inclusive financial system.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104161"},"PeriodicalIF":4.8,"publicationDate":"2025-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144253895","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
The monetary aspects of the Dutch disease 荷兰病的货币方面
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-05-07 DOI: 10.1016/j.iref.2025.104051
Collin Constantine , Tarron Khemraj
{"title":"The monetary aspects of the Dutch disease","authors":"Collin Constantine ,&nbsp;Tarron Khemraj","doi":"10.1016/j.iref.2025.104051","DOIUrl":"10.1016/j.iref.2025.104051","url":null,"abstract":"<div><div>This article examines two facts of resource-rich developing economies during resource booms: (i) appreciation and depreciation of the real exchange rate (RER), and (ii) central bank monetisation of fiscal deficits. Our monetary model demonstrates that changes in bank loans, domestic public debt, and monetisation account for RER dynamics, not resource rents. Resource rents finance two deficits: (i) the fiscal deficit, raising domestic prices, and (ii) the non-resource current account deficit, increasing supply through imports and lowering domestic prices, which offset each other with a net-zero effect on the RER. In contrast, Dutch disease models assume resource rents are spent on non-tradables instead of imports. The case of Trinidad and Tobago (1979-2022) supports the model’s prediction: monetisation, not oil rents, drives the RER. Empirical studies must control for the non-resource current account deficit and money-financed fiscal expenditures. Finally, the non-resource primary fiscal deficit must not exceed foreign borrowing and resource-based funding.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104051"},"PeriodicalIF":4.8,"publicationDate":"2025-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143927775","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
Did the integrity transition promote economic growth? Empirical research based on the perspective of anti-corruption approaches 诚信转型是否促进了经济增长？基于反腐败途径视角的实证研究
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-05-07 DOI: 10.1016/j.iref.2025.104156
Bo Liu, Jincheng Liu
{"title":"Did the integrity transition promote economic growth? Empirical research based on the perspective of anti-corruption approaches","authors":"Bo Liu,&nbsp;Jincheng Liu","doi":"10.1016/j.iref.2025.104156","DOIUrl":"10.1016/j.iref.2025.104156","url":null,"abstract":"<div><div>This study examines the impact of integrity transformation on economic growth, focusing on countries and regions transitioning from corruption to integrity. Two distinct trends are observed: synchronized increases in integrity and economic growth, and rising integrity alongside declining economic growth. The research explores the mechanisms through which anti-corruption approaches, as practical implementations of national integrity systems, influence economic growth. Using panel data from countries undergoing integrity transitions, the study employs business environment and economic freedom as chain mediators in its empirical analysis. Key findings indicate that citizen participation anti-corruption, fair-competition-oriented government-business relationships, rule of law against anti-corruption with universal punishment, institutional anti-corruption with compatible incentives and constraints, and integrity value shaping through consensus-building are crucial pathways to integrity transformation. These approaches promote economic growth by optimizing the business environment and enhancing economic freedom. The study's conclusions provide valuable insights for strengthening national integrity transformation and fostering economic growth.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104156"},"PeriodicalIF":4.8,"publicationDate":"2025-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143948204","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
The pricing ability of factor model based on machine learning: Evidence from high-frequency data in China 基于机器学习的因子模型定价能力：来自中国高频数据的证据
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-05-06 DOI: 10.1016/j.iref.2025.104153
Ailian Zhang , Mengmeng Pan , Xuan Zhang
{"title":"The pricing ability of factor model based on machine learning: Evidence from high-frequency data in China","authors":"Ailian Zhang ,&nbsp;Mengmeng Pan ,&nbsp;Xuan Zhang","doi":"10.1016/j.iref.2025.104153","DOIUrl":"10.1016/j.iref.2025.104153","url":null,"abstract":"<div><div>The existing literature mainly documents the asset pricing models estimated on low-frequency data, lacking the empirical evidence for exploring the “right” systematic factors based on high-frequency (HF) level. This study develops a revised HF factor model and evaluates the asset pricing performance. Using machine learning algorithms, we find that HF factor model includes three very persistent systematic factors, well-approximated by a portfolio of market, finance, and information. Sharpe ratios and out-of-sample tests prove that the HF revised factor model has the best explanatory power compared to the CAPM, Fama-French three-factor and five-factor models. The findings contribute to an in-depth understanding of the characteristics and mechanisms of risk and return from an HF perspective in the Chinese stock market.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104153"},"PeriodicalIF":4.8,"publicationDate":"2025-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144068751","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
CSR engagement and financial performance: The case of Italian unrated ESG small caps 企业社会责任参与与财务绩效：意大利未评级ESG小盘股的案例
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-05-06 DOI: 10.1016/j.iref.2025.104131
Anna Maria D'Arcangelis , Giuseppe Galloppo , Roberto Guida , Viktoriia Paimanova
{"title":"CSR engagement and financial performance: The case of Italian unrated ESG small caps","authors":"Anna Maria D'Arcangelis ,&nbsp;Giuseppe Galloppo ,&nbsp;Roberto Guida ,&nbsp;Viktoriia Paimanova","doi":"10.1016/j.iref.2025.104131","DOIUrl":"10.1016/j.iref.2025.104131","url":null,"abstract":"<div><div>A relevant issue in the corporate sustainability body of literature is how ESG-related information, embedded in a company's disclosure may influence the stock value in the absence of a third parties ESG score rating. This study examines the financial market's sensitivity to corporate social responsibility (CSR)-related information disclosed through public announcements and reports on responsible business conduct by listed Italian small and medium enterprises (SMEs), unrated in environmental, social, and governance (ESG) performance, from January 2020 to February 2023. Our findings reveal a positive and prompt market response to 289 ESG-related price-sensitive news. As a primary novel contribution, we introduce an ESG Engagement Indicator based on textual analysis techniques, revealing that financial market response is strongly and positively associated with CSR initiatives a company announces through public sustainability commitment statements. We performed several additional analyses to elucidate the dependence of market reaction on a firm's individual characteristics and the specific type of ESG news issued by the company. Robustness analyses confirm our main results. These findings might allow SMEs managers to enhance their communication tools for ESG information reporting.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104131"},"PeriodicalIF":4.8,"publicationDate":"2025-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143948203","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
COVID-19 pension raids and sovereign risk COVID-19养老金突袭和主权风险
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-05-06 DOI: 10.1016/j.iref.2025.104155
Jaime Bastías , José L. Ruiz
{"title":"COVID-19 pension raids and sovereign risk","authors":"Jaime Bastías ,&nbsp;José L. Ruiz","doi":"10.1016/j.iref.2025.104155","DOIUrl":"10.1016/j.iref.2025.104155","url":null,"abstract":"<div><div>Chile was among the nations where the regulations allow individuals to make withdrawals from their retirement savings to cope with the COVID-19 pandemic. We analyze these quasi-natural experiments using the Autoregressive Distributed Lag Stationarity model and event study methodology spanning from March 2020 to April 2021. We find evidence that the first regulatory shock reduces the spread between the ten-year nominal sovereign bond yield and the annual interbank rate and amplify the impact of agent economic perceptions in the short term. These findings are useful for policymakers and investors regarding to adverse repercussions of this the policy on the economy going forward.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104155"},"PeriodicalIF":4.8,"publicationDate":"2025-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143923083","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 a government-certificated green identity improve enterprises' market value? 政府认证的绿色标识如何提高企业的市场价值？
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-05-05 DOI: 10.1016/j.iref.2025.104147
Xiaodan Zhang, Juanjuan Qin
{"title":"How does a government-certificated green identity improve enterprises' market value?","authors":"Xiaodan Zhang,&nbsp;Juanjuan Qin","doi":"10.1016/j.iref.2025.104147","DOIUrl":"10.1016/j.iref.2025.104147","url":null,"abstract":"<div><div>This study analyzes the correlation between the government-certificated green identity and enterprises' market value from 2016 to 2023. The results indicate that the government-certificated green identity significantly promotes enterprises' market value improvement, mainly through reinforcing stakeholder trust and optimizing capital allocation efficiency. The analysis reveals heterogeneous effects influenced by organizational characteristics—non-state-owned, small-size firms and firms in heavily polluted industries benefit more from acquiring green identity. The results indicate that market incentives for decarbonization pledges depend on an organization's capacity to transform sustainability signals into operational solutions. The evidence establishes ecological authentication as a matter of regulatory compliance and a competitive differentiator in capital markets, especially for enterprises facing resource limitations while aligning environmental governance with investor expectations.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104147"},"PeriodicalIF":4.8,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143935088","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
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