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The influence of ESG responsibility performance on enterprises’ export performance
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-01-26 DOI: 10.1016/j.iref.2025.103917
Tiantian Cai , Jia Hao
{"title":"The influence of ESG responsibility performance on enterprises’ export performance","authors":"Tiantian Cai ,&nbsp;Jia Hao","doi":"10.1016/j.iref.2025.103917","DOIUrl":"10.1016/j.iref.2025.103917","url":null,"abstract":"<div><div>In the context of the global push towards carbon neutrality and the imperative to peak carbon emissions, the study underscores the essential role that ESG (Environmental, Social, and Governance) criteria play in the sustainable development of capital markets. By evaluating the impact of ESG performance on the export performance of Chinese-listed companies from 2009 to 2015, the study employs a robust analytical framework like instrumental variable regression and GMM approach to address potential endogeneity issues. The results indicate that ESG performance has a substantial positive effect on export performance, with financing cost reduction and alleviation of financial constraints being key mechanisms, particularly through green technology innovation. Despite the growing recognition of ESG's importance, its integration into corporate strategies remains limited. The study advocates for increased governmental oversight and incentives to motivate enterprises to improve their ESG standards, aligning with carbon peaking and neutrality goals and driving the high-quality development of export trade. It suggests that by enhancing ESG performance, companies can significantly contribute to sustainability and generate broader societal value. The research concludes with recommendations for government and enterprises to integrate ESG considerations into their strategies, thereby bolstering the sector's contribution to sustainable development objectives.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"98 ","pages":"Article 103917"},"PeriodicalIF":4.8,"publicationDate":"2025-01-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143150412","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, financial literacy, and financial risk-taking in rural households
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-01-25 DOI: 10.1016/j.iref.2025.103922
Siyang Hu , Dongyang Liu
{"title":"Digital economy, financial literacy, and financial risk-taking in rural households","authors":"Siyang Hu ,&nbsp;Dongyang Liu","doi":"10.1016/j.iref.2025.103922","DOIUrl":"10.1016/j.iref.2025.103922","url":null,"abstract":"<div><div>This study examines the relationship between the digital economy, financial literacy, and rural households' financial risk-taking. Using data from the 2011–2019 China Household Finance Survey (CHFS), the study measures digital economy development through factor analysis, the entropy method, and comprehensive aggregation, and conducts empirical tests with probit and tobit models. Results indicate that the digital economy significantly enhances rural households’ risk asset selection, proportion, and scale, expanding their financial market participation. Financial literacy plays a crucial mediating role, as the digital economy indirectly boosts financial risk-taking by improving financial information awareness and risk preferences. Further analysis reveals that the digital economy has a more significant impact on high-income, highly educated households, as well as households facing a digital divide. This study provides theoretical insights and practical guidance for promoting inclusive rural financial development, optimizing digital financial services, and formulating targeted policies.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"98 ","pages":"Article 103922"},"PeriodicalIF":4.8,"publicationDate":"2025-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143150409","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
Compliance to the mandatory CSR regulation and leverage adjustment: A quasi-natural experiment
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-01-25 DOI: 10.1016/j.iref.2025.103918
Satish Kumar , Rajesh Pathak
{"title":"Compliance to the mandatory CSR regulation and leverage adjustment: A quasi-natural experiment","authors":"Satish Kumar ,&nbsp;Rajesh Pathak","doi":"10.1016/j.iref.2025.103918","DOIUrl":"10.1016/j.iref.2025.103918","url":null,"abstract":"<div><div>This study examines the impact of mandatory corporate social responsibility (CSR) regulation in India on firms’ leverage speed of adjustment (SOA). Leveraging a dataset of 8564 firm-year observations from 1789 unique firms, we find that compliance with the 2014 CSR mandate accelerates SOA. Results reveal that compliant firms achieve faster SOA, particularly those facing higher asymmetry and constraints, highlighting the economic significance of regulatory compliance. Employing causal identification techniques, including two-stage least squares and a difference-in-differences framework, we ensure robustness against endogeneity concerns. Finally, considering that achieving the target capital structure enhances firm value, we observe that the accelerated SOA resulting from compliance correlates with increased firm value.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"98 ","pages":"Article 103918"},"PeriodicalIF":4.8,"publicationDate":"2025-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151297","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 new environmental protection law, ESG investment, and corporate innovation performance
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-01-24 DOI: 10.1016/j.iref.2025.103916
Lufeng Lin , Yinglong Zheng , Yongqian Tu
{"title":"The new environmental protection law, ESG investment, and corporate innovation performance","authors":"Lufeng Lin ,&nbsp;Yinglong Zheng ,&nbsp;Yongqian Tu","doi":"10.1016/j.iref.2025.103916","DOIUrl":"10.1016/j.iref.2025.103916","url":null,"abstract":"<div><div>Drawing on data from publicly traded Chinese companies spanning from 2009 to 2022, this article investigates the multifaceted impacts of executing the updated Environmental Protection Law. The findings suggest that the updated \"Environmental Protection Law\" significantly enhances corporate innovation performance. reflecting the policy's role in promoting sustainable development for enterprises. Furthermore, ESG investment acts as a mediating factor between the new Environmental Protection Law policy and the outcomes of corporate innovation, with this mediating effect showing significant heterogeneity between high-pollution and low-pollution enterprises. Specifically, high-pollution enterprises rely more heavily on ESG investment to enhance innovation capabilities under the policy's impetus, while low-pollution enterprises exhibit weaker dependency. Finally, the study also reveals that the positive impact of the new Environmental Protection Law varies significantly between China's eastern and central-western regions.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"98 ","pages":"Article 103916"},"PeriodicalIF":4.8,"publicationDate":"2025-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151287","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, media pressure, and corporate green innovation
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-01-24 DOI: 10.1016/j.iref.2025.103921
Nan Qiao , Bohan Xu
{"title":"Green credit policy, media pressure, and corporate green innovation","authors":"Nan Qiao ,&nbsp;Bohan Xu","doi":"10.1016/j.iref.2025.103921","DOIUrl":"10.1016/j.iref.2025.103921","url":null,"abstract":"<div><div>Based on data from non-financial listed companies in China's A-share market from 2007 to 2022, this paper explores the relationship between green credit policies, media pressure, and corporate green innovation from multiple perspectives. The results indicate that green credit policies are conducive to enhancing the level of corporate green innovation. Mechanism analysis reveals that media pressure on enterprises serves as an intermediary channel in the relationship between green credit policies and innovation levels. Additionally, this intermediary effect exhibits heterogeneity among enterprises located in different geographical areas.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"98 ","pages":"Article 103921"},"PeriodicalIF":4.8,"publicationDate":"2025-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143349662","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 supply chains and high-quality development of enterprises under tax reduction and fee decrease
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-01-24 DOI: 10.1016/j.iref.2025.103920
Liuhui Yang , Jianguo Di
{"title":"Green supply chains and high-quality development of enterprises under tax reduction and fee decrease","authors":"Liuhui Yang ,&nbsp;Jianguo Di","doi":"10.1016/j.iref.2025.103920","DOIUrl":"10.1016/j.iref.2025.103920","url":null,"abstract":"<div><div>Against the backdrop of global economic challenges and China's pivot to a green economy, tax and fee reduction policies are pivotal in driving enterprise innovation and sustainable development. Green supply chains are central to this shift, crucially balancing economic progress with environmental goals. Utilizing data spanning from 2011 to 2022 from publicly traded companies in China, this research delves into the influence of green supply chain practices on fostering high-quality corporate growth within the framework of tax relief and fee reduction policies. The research finds that green supply chains significantly promote high-quality corporate development, with their mechanisms primarily reflected in alleviating corporate tax burdens and enhancing innovation levels. Furthermore, the extent of tax relief and fee reduction measures serves as a positive moderator between green supply chain management and enhanced corporate development quality. Nonetheless, this moderating influence exhibits variability depending on the ownership configuration of the firm and the nature of its pollution impact. This study's findings underscore the importance of aligning policy incentives with corporate strategies to achieve sustainable economic growth, offering valuable insights for both policymakers and corporate leaders navigating the complex landscape of environmental regulation and market competition.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"98 ","pages":"Article 103920"},"PeriodicalIF":4.8,"publicationDate":"2025-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143150414","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
Earnings informativeness, debt financing, and managerial characteristics
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-01-23 DOI: 10.1016/j.iref.2025.103847
Li-Yu Chen , Jing-Chi Chen , Chun-Ming Li
{"title":"Earnings informativeness, debt financing, and managerial characteristics","authors":"Li-Yu Chen ,&nbsp;Jing-Chi Chen ,&nbsp;Chun-Ming Li","doi":"10.1016/j.iref.2025.103847","DOIUrl":"10.1016/j.iref.2025.103847","url":null,"abstract":"<div><div>This study examines how the information content of earnings announcements interacts with managerial ability and overconfidence to influence debt financing choices. We categorize earnings announcements as informative or uninformative and as good or bad news. Analyzing a sample of 18,500 firm-years among U.S. listed firms over the period 2013–2022, we find that overconfident managers are more likely to choose debt financing, even if they have lower abilities, when earnings announcements are informative or contain good news. However, overconfident managers are less likely to choose debt financing when announcements are uninformative or contain bad news, even if they are highly skilled. Additionally, our analysis shows that strong internal controls, such as financial experts on audit committees or high audit quality, moderate the relationship between the information content of earnings announcements and debt financing choices.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"98 ","pages":"Article 103847"},"PeriodicalIF":4.8,"publicationDate":"2025-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143402806","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
Female socialization and the gender of new corporate directors
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-01-23 DOI: 10.1016/j.iref.2025.103869
Steven Schmeiser
{"title":"Female socialization and the gender of new corporate directors","authors":"Steven Schmeiser","doi":"10.1016/j.iref.2025.103869","DOIUrl":"10.1016/j.iref.2025.103869","url":null,"abstract":"<div><div>This study examines how female socialization affects the gender of new corporate board appointments. The socialization hypothesis predicts that incumbent directors are more likely to add a woman to their board if their networks of other boards have a high prevalence of women. I examine a sample of over 15,000 new director appointments to S&amp;P 1500 firms from 2012 to 2021 and find broad support for the socialization hypothesis. This study contributes to the literature on the determinants of board structure, the growing literature on female socialization, and also highlights a bootstrapping effect important for increasing board diversity.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"98 ","pages":"Article 103869"},"PeriodicalIF":4.8,"publicationDate":"2025-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151286","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
An efficient allocation or financial distortion: Can employee stock ownership promote common prosperity within enterprises?
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-01-22 DOI: 10.1016/j.iref.2025.103905
Xuezeng Li, Haoyuan Zheng, Yuanyuan Jiang
{"title":"An efficient allocation or financial distortion: Can employee stock ownership promote common prosperity within enterprises?","authors":"Xuezeng Li,&nbsp;Haoyuan Zheng,&nbsp;Yuanyuan Jiang","doi":"10.1016/j.iref.2025.103905","DOIUrl":"10.1016/j.iref.2025.103905","url":null,"abstract":"<div><div>This paper examines the impact of Employee Stock Ownership Plans (ESOPs) on the labor income share of companies, using a sample of A-share listed companies on the Shanghai and Shenzhen stock exchanges in China from 2012 to 2021. By employing a multi-period Difference-in-Differences (DID) approach to analyze the first implementation of ESOPs, the study finds that: ESOPs significantly increase the labor income share of companies, and this conclusion holds after a series of robustness checks. The impact of ESOPs on the labor income share is achieved through enhancing management's bargaining power, reducing the allocation of capital elements, and promoting digital transformation. The effectiveness of ESOPs varies across different companies. ESOPs have a more pronounced impact on income distribution in companies with a higher proportion of production workers, higher levels of human capital, lower market share, and more concentrated supply chains. Further analysis reveals that ESOPs primarily function by adjusting the income share of employees, with a stronger effect observed in non-state-owned enterprises.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"98 ","pages":"Article 103905"},"PeriodicalIF":4.8,"publicationDate":"2025-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151883","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
ESG performance and corporate labor investment efficiency: Evidence from China
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-01-22 DOI: 10.1016/j.iref.2025.103909
Xiangyang Yang , Cong Wang , Bei Liu
{"title":"ESG performance and corporate labor investment efficiency: Evidence from China","authors":"Xiangyang Yang ,&nbsp;Cong Wang ,&nbsp;Bei Liu","doi":"10.1016/j.iref.2025.103909","DOIUrl":"10.1016/j.iref.2025.103909","url":null,"abstract":"<div><div>This paper investigates the impact of ESG (Environmental, Social, and Governance) performance on corporate labor investment efficiency in the Chinese market. We find that ESG performance can enhance labor investment efficiency. Additionally, this paper identifies that managerial myopia and the lack of financial expertise among management can hinder the positive effects of ESG on labor investment efficiency. Further, we discover that ESG can improve labor investment efficiency through the mediating role of R&amp;D investments. Moreover, ESG tends to be more effective in enhancing labor investment efficiency in non-state-owned enterprises, in enterprises with low labor intensity, and in those that are in the growth or maturity stages of their business cycle. The conclusions remain robust after addressing issues of endogeneity, selection bias, and other methodological concerns. Overall, this paper enriches our understanding of the relationship between ESG and corporate labor investment efficiency.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"98 ","pages":"Article 103909"},"PeriodicalIF":4.8,"publicationDate":"2025-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143150415","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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