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Anticorruption and Capital Market Pricing Efficiency: Evidence From China 反腐败与资本市场定价效率：来自中国的证据
IF 1.4 4区 经济学
Economics & Politics Pub Date : 2025-07-09 DOI: 10.1111/ecpo.70007
Yanyin Li, Yuan George Shan, Rong Xu, Xingmei Xu, Yize Xu
{"title":"Anticorruption and Capital Market Pricing Efficiency: Evidence From China","authors":"Yanyin Li,&nbsp;Yuan George Shan,&nbsp;Rong Xu,&nbsp;Xingmei Xu,&nbsp;Yize Xu","doi":"10.1111/ecpo.70007","DOIUrl":"https://doi.org/10.1111/ecpo.70007","url":null,"abstract":"<div>\u0000 \u0000 <p>This study investigates the impact of anticorruption on capital market pricing efficiency through stock price synchronization. Using a data set from 3188 of China's A-share listed firms with 20,673 firm-year observations, our results show that anticorruption significantly reduces stock price synchronization. We conduct a series of robustness checks, including difference-in-differences analysis, informal monitoring mechanisms, alternative explanatory variables, and excluding observations during the Global Financial Crisis, and the conclusions remain consistent. The mechanism analysis reveals that anticorruption improves corporate disclosure quality at the micro level and the degree of marketization and government-market relationship at the macro level, which reduces stock price synchronicity. This effect is more pronounced among state-owned enterprises (SOEs), especially local SOEs. This study presents empirical evidence regarding the logic of development and governance dynamics in emerging economies.</p></div>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"37 3","pages":"1157-1178"},"PeriodicalIF":1.4,"publicationDate":"2025-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145224398","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Prometheus Unbound: What Makes Fintech Grow? 普罗米修斯：是什么让金融科技成长？
IF 1.4 4区 经济学
Economics & Politics Pub Date : 2025-07-04 DOI: 10.1111/ecpo.70006
Serhan Cevik
{"title":"Prometheus Unbound: What Makes Fintech Grow?","authors":"Serhan Cevik","doi":"10.1111/ecpo.70006","DOIUrl":"https://doi.org/10.1111/ecpo.70006","url":null,"abstract":"<div>\u0000 \u0000 <p>The rise of financial technologies—fintech—has the potential to transform the financial landscape by extending the reach of services beyond geographic boundaries and introducing new, competitive sources of finance for both households and firms. But what drives fintech growth? Why do some countries experience more financial innovation than others? This article explores these questions using a novel data set covering 98 countries from 2012 to 2020. Through empirical analysis, it identifies key economic, demographic, technological, and institutional factors that influence the emergence and diffusion of fintech. The impact and statistical significance of these factors vary depending on the type of fintech instrument and the level of economic development—distinguishing between advanced and developing economies. The findings suggest that targeted policies and structural reforms can foster financial innovation, particularly by enhancing technological and institutional infrastructure and addressing cybersecurity vulnerabilities.</p>\u0000 </div>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"37 3","pages":"1145-1156"},"PeriodicalIF":1.4,"publicationDate":"2025-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145224425","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Political Risk, Sustainability and Sovereign Credit: Pricing High-Frequency Political, Environmental, Social and Governance News 政治风险，可持续性和主权信用：定价高频政治，环境，社会和治理新闻
IF 1.4 4区 经济学
Economics & Politics Pub Date : 2025-06-19 DOI: 10.1111/ecpo.70003
Anne Spencer Jamison, Lauren L. Ferry, Witold J. Henisz
{"title":"Political Risk, Sustainability and Sovereign Credit: Pricing High-Frequency Political, Environmental, Social and Governance News","authors":"Anne Spencer Jamison,&nbsp;Lauren L. Ferry,&nbsp;Witold J. Henisz","doi":"10.1111/ecpo.70003","DOIUrl":"https://doi.org/10.1111/ecpo.70003","url":null,"abstract":"<div>\u0000 \u0000 <p>Environmental, social and governance (ESG) components are critical inputs of long-term growth and affect sovereigns' ability and willingness to repay their debts. In this paper, we argue that the media provides information on extra-financial factors and ESG-related news coverage allows investors to update their expectations about the likelihood of repayment. Drawing on a global corpus of more than four billion news articles to identify the frequency and tone with which ESG factors are discussed daily, we show that reporting on ESG factors affects creditors' assessment of sovereign creditworthiness, even after accounting for political and macroeconomic conditions. By revisiting previous work with a broader scope and fine-grained data, we advance our understanding of how and based on what information creditors form expectations of sovereign creditworthiness.</p></div>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"37 3","pages":"1111-1122"},"PeriodicalIF":1.4,"publicationDate":"2025-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145224251","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Democracy, Human Capital, and Foreign Direct Investment: Evidence From Developing Economies 民主、人力资本和外国直接投资：来自发展中经济体的证据
IF 1.4 4区 经济学
Economics & Politics Pub Date : 2025-06-19 DOI: 10.1111/ecpo.70004
Alex O. Acheampong, Eric Evans Osei Opoku
{"title":"Democracy, Human Capital, and Foreign Direct Investment: Evidence From Developing Economies","authors":"Alex O. Acheampong,&nbsp;Eric Evans Osei Opoku","doi":"10.1111/ecpo.70004","DOIUrl":"https://doi.org/10.1111/ecpo.70004","url":null,"abstract":"<p>This paper examines the role of human capital in democracy and foreign direct investment (FDI) relationship in 129 developing countries from 1980 to 2022. Democracy is viewed as a multidimensional concept with five measures: electoral, liberal, egalitarian, participatory, and participation democracy. Employing the dynamic generalized method of moments, the findings demonstrate that democracy indices and human capital have direct, positive, and significant impact on FDI. Additionally, we observe that democracy indices increase FDI inflows when the human capital index is above a certain threshold, while democracy variables decrease FDI inflows below this threshold. The paper also reveals that democracy reduces FDI inflows to low-income economies, sub-Saharan Africa, and Middle East and North Africa countries. However, it increases FDI inflows to middle-income economies and other developing regions. These findings are robust to alternative econometric techniques and model specifications. The findings underscore the importance of enhancing democratization and human capital development to attract FDI to developing economies.</p>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"37 3","pages":"1123-1144"},"PeriodicalIF":1.4,"publicationDate":"2025-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecpo.70004","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145224252","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Labor Market Institutions, Political Regimes, and Exchange Rate Policy in Developing Countries 发展中国家的劳动力市场制度、政治制度和汇率政策
IF 1.4 4区 经济学
Economics & Politics Pub Date : 2025-06-17 DOI: 10.1111/ecpo.70005
Zhiyuan Wang
{"title":"Labor Market Institutions, Political Regimes, and Exchange Rate Policy in Developing Countries","authors":"Zhiyuan Wang","doi":"10.1111/ecpo.70005","DOIUrl":"https://doi.org/10.1111/ecpo.70005","url":null,"abstract":"<div>\u0000 \u0000 <p>In this study, I argue that rigid labor market institutions (RLMIs) increase the likelihood of adopting fixed exchange rate regimes (FERRs) and lead to higher exchange rates in developing countries. Across the developing world, RLMIs render it imperative to fix exchange rates and facilitate its acceptance and implementation. Meanwhile, RLMIs contribute to domestic price overgrowth and consequently raise exchange rate levels in these places as well. Furthermore, such effects are posited to be stronger in developing democracies due to worker's political empowerment and regime-induced substitution. Empirical tests lend strong and robust support to these hypothesized correlations.</p>\u0000 </div>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"37 3","pages":"1096-1110"},"PeriodicalIF":1.4,"publicationDate":"2025-06-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145224287","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Geography of Discontent in Türkiye: Populism, Autocracy, and Voting Behavior in General Elections of 2007–2023 日本不满的地理：2007-2023年大选中的民粹主义、独裁和投票行为
IF 1.4 4区 经济学
Economics & Politics Pub Date : 2025-06-15 DOI: 10.1111/ecpo.70002
Özge Kozal, Mehmet Karaçuka, Justus Haucap
{"title":"Geography of Discontent in Türkiye: Populism, Autocracy, and Voting Behavior in General Elections of 2007–2023","authors":"Özge Kozal,&nbsp;Mehmet Karaçuka,&nbsp;Justus Haucap","doi":"10.1111/ecpo.70002","DOIUrl":"https://doi.org/10.1111/ecpo.70002","url":null,"abstract":"<p>This study analyzes voting behavior in Türkiye's parliamentary elections from 2007 to 2023 under the rule of the Justice and Development Party (AKP), focusing on regional disparities and rising political discontent. Using province-level data and feasible generalized least squares (FGLS) estimation with region-specific interactions, the analysis identifies substantial regional variation in the determinants of electoral support for both incumbent and opposition parties. While economic growth positively influenced AKP votes—particularly in provinces in central-west Türkiye—this effect was reversed in regions like the South-east, Marmara and Aegean-Mediterranean, where economic downturns and unemployment increased support for opposition parties. Socioeconomic variables, such as educational gender gaps, agricultural economic structure, and healthcare access, also shaped voting patterns. The study further highlights the significance of spatial cleavages and identity-based dynamics, including the persistent influence of Kurdish and Alevi demographics. The analysis of the AKP's vote swing between the June and November 2015 elections shows that economic and demographic variables alone are insufficient to explain the shift; instead, increased security concerns and nationalist rhetoric appear to have played a pivotal role. These findings underscore the need to account for spatial heterogeneity and political context when analyzing voting behavior in electoral authoritarian regimes.</p>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"37 3","pages":"1076-1095"},"PeriodicalIF":1.4,"publicationDate":"2025-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecpo.70002","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145224294","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Does Transparency Improve Public Policy? Evidence From a Tax Incentive Transparency Initiative 透明度能改善公共政策吗？来自税收激励透明度倡议的证据
IF 1.4 4区 经济学
Economics & Politics Pub Date : 2025-06-08 DOI: 10.1111/ecpo.70001
Calvin Thrall, Nathan M. Jensen
{"title":"Does Transparency Improve Public Policy? Evidence From a Tax Incentive Transparency Initiative","authors":"Calvin Thrall,&nbsp;Nathan M. Jensen","doi":"10.1111/ecpo.70001","DOIUrl":"https://doi.org/10.1111/ecpo.70001","url":null,"abstract":"<div>\u0000 \u0000 <p>Tax incentives for business investment, a common economic development policy tool, are often criticized as bad policy but good politics: they aren't cost-effect strategies to attract investment or create jobs, but offer electoral returns for politicians who give them out. Building on the literature on the “fiscal illusion,” we theorize that making the costs of incentives transparent will reduce policymakers' use of them. To test this theory, we leverage a unique policy change—GASB 77—that required local governments in the United States to begin reporting the costs of their tax incentives. Using a difference-in-differences design, we estimate that GASB 77 had no discernible effect on local governments' use of tax incentives. Why did transparency fail to improve governance? Results of multiple elite surveys, elite interviews, and heterogeneity analyses suggest that transparency is only effective in the presence of pressure groups that can use the disclosed information to hold elected officials accountable.</p>\u0000 </div>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"37 3","pages":"1058-1075"},"PeriodicalIF":1.4,"publicationDate":"2025-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145224441","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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 Collaborative Innovation Network's Dynamic Evolution and Influencing Factors of Logistics Industry in China 中国物流业绿色协同创新网络的动态演化及影响因素
IF 1.4 4区 经济学
Economics & Politics Pub Date : 2025-06-02 DOI: 10.1111/ecpo.70000
Xu Runhan, Liu Zuankuo, Liu Rongkun, Xu Qingqing
{"title":"Green Collaborative Innovation Network's Dynamic Evolution and Influencing Factors of Logistics Industry in China","authors":"Xu Runhan,&nbsp;Liu Zuankuo,&nbsp;Liu Rongkun,&nbsp;Xu Qingqing","doi":"10.1111/ecpo.70000","DOIUrl":"https://doi.org/10.1111/ecpo.70000","url":null,"abstract":"<div>\u0000 \u0000 <p>This article constructs a green collaborative innovation network of the logistics industry in China and analyzes the evolution, and identifies endogenous network configurations and exogenous node attributes affecting the formation from the perspective of complex networks. The results show that the green collaborative innovation network structure presents loose characteristics, low concentration of innovation resources, and weak ability of innovation subjects to control information and innovation resources, particularly universities and research institutes. The outward expansion of new partnerships is lacking. Innovation subjects with similar geographical locations are more likely to collaborate on green innovation technologies. The findings provide a theoretical basis for promoting high-quality development of the logistics industry.</p>\u0000 </div>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"37 3","pages":"1033-1057"},"PeriodicalIF":1.4,"publicationDate":"2025-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145223995","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Does Supply Chain Finance Create More Jobs? Evidence From China 供应链金融能创造更多就业机会吗？来自中国的证据
IF 1.4 4区 经济学
Economics & Politics Pub Date : 2025-05-29 DOI: 10.1111/ecpo.12355
Jinlong Qiu, Mengmei Cui, Guangpeng Li, Zhenye Yao
{"title":"Does Supply Chain Finance Create More Jobs? Evidence From China","authors":"Jinlong Qiu,&nbsp;Mengmei Cui,&nbsp;Guangpeng Li,&nbsp;Zhenye Yao","doi":"10.1111/ecpo.12355","DOIUrl":"https://doi.org/10.1111/ecpo.12355","url":null,"abstract":"<div>\u0000 \u0000 <p>Based on the empirical data of China's A-share listed firms from 2011 to 2021, we find that supply chain finance (SCF) significantly increases corporate employment by fostering innovation within organizations, increasing investments in long-term assets, and stimulating sales growth. The positive effect is stronger in firms in digitally advanced regions, facing high supply chain risk, and led by management teams with financial backgrounds or low levels of myopia. Furthermore, SCF mainly enhances employment of highly skilled individuals. Reasonable employment expansion resulting from SCF is conducive to the sustainable development of firms without creating labor redundancy.</p>\u0000 </div>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"37 3","pages":"1011-1032"},"PeriodicalIF":1.4,"publicationDate":"2025-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145224317","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Does Exposure to Refugees Impact Political Support for Right-Wing Parties? Empirical Evidence From Venezuelan Refugees in Brazil 难民问题是否会影响右翼政党的政治支持？来自巴西委内瑞拉难民的经验证据
IF 1.4 4区 经济学
Economics & Politics Pub Date : 2025-05-26 DOI: 10.1111/ecpo.12354
Rodrigo Schneider, Smriti Tiwari
{"title":"Does Exposure to Refugees Impact Political Support for Right-Wing Parties? Empirical Evidence From Venezuelan Refugees in Brazil","authors":"Rodrigo Schneider,&nbsp;Smriti Tiwari","doi":"10.1111/ecpo.12354","DOIUrl":"https://doi.org/10.1111/ecpo.12354","url":null,"abstract":"<div>\u0000 \u0000 <p>In this paper, we study the extent to which exposure to Venezuelan refugees in Brazil affected the support for right-wing candidates in the 2018 elections in Brazil. We take advantage of the granular data provided by the Brazilian Superior Electoral Court to build a novel data set containing the distance from each polling station in the city of Boa Vista in the State of Roraima, which received the largest number of Venezuelan refugees in Brazil, to its closest refugee shelter. We find that polling stations that are closer to these shelters showed larger support for right-wing candidates. Our results are robust to a placebo test, in which we look at the three (2006, 2010, 2014) elections, before the refugee crisis, to establish that distance to the closest shelter is not a pretreatment variable that explains political ideology.</p>\u0000 </div>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"37 3","pages":"997-1010"},"PeriodicalIF":1.4,"publicationDate":"2025-05-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145224404","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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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