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Can Green Finance Boost Enterprises' New Quality Productive Forces? Evidence From Prefecture-Level Cities in China 绿色金融能促进企业新的优质生产力吗？来自中国地级市的证据
IF 2.2 4区 经济学
Economics & Politics Pub Date : 2026-10-05 Epub Date: 2026-06-07 DOI: 10.1111/ecpo.70056
Guangtong Gu, Tiantian Zhao, Wenqing Li
{"title":"Can Green Finance Boost Enterprises' New Quality Productive Forces? Evidence From Prefecture-Level Cities in China","authors":"Guangtong Gu,&nbsp;Tiantian Zhao,&nbsp;Wenqing Li","doi":"10.1111/ecpo.70056","DOIUrl":"https://doi.org/10.1111/ecpo.70056","url":null,"abstract":"<div>\u0000 \u0000 <p>Although green finance is expected to underpin enterprises' development of new quality productive forces (NQPF), its actual effects lack empirical evidence. Using 2011–2022 panel data, we construct green finance and enterprise NQPF indices that incorporate digital and green low-carbon permeable features. We find green finance significantly enhances NQPF, with stronger impacts on private, small, and tertiary-industry firms. Green technological innovation serves as the key mediator, effective only in regions with higher economic development and driven mainly by high-value green invention patents. We accordingly propose targeted policies to ease financing constraints and accelerate green transitions.</p>\u0000 </div>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"38 3","pages":"804-819"},"PeriodicalIF":2.2,"publicationDate":"2026-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149099558","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
The Impact of Tax Reduction Incentives on Corporate Green Transformation: Evidence From Chinese Listed Companies 税收减免激励对企业绿色转型的影响：来自中国上市公司的证据
IF 2.2 4区 经济学
Economics & Politics Pub Date : 2026-10-05 Epub Date: 2026-06-14 DOI: 10.1111/ecpo.70057
Shunlin Zhu, Liting Xu, Tingting Ying, Shusheng Ding
{"title":"The Impact of Tax Reduction Incentives on Corporate Green Transformation: Evidence From Chinese Listed Companies","authors":"Shunlin Zhu,&nbsp;Liting Xu,&nbsp;Tingting Ying,&nbsp;Shusheng Ding","doi":"10.1111/ecpo.70057","DOIUrl":"https://doi.org/10.1111/ecpo.70057","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines the impact of tax reduction incentives (TRIs) on the green transformation (GT) of Chinese A-share listed companies between 2008 and 2022. Our findings indicate that these incentives effectively encourage firms to adopt greener practices, a conclusion supported by robustness checks and endogeneity tests. The transformative effect is primarily driven by increased risk-taking, enhanced research and development (R&amp;D) expenditure, and increased green investment (GI). Furthermore, the influence of TRIs is more pronounced in companies with high information transparency, those operating outside heavily polluting industries, and large-scale enterprises. The study also offers policy recommendations to bolster GT and the effective implementation of tax incentives in China, based on insights drawn from both theoretical and empirical analyses.</p>\u0000 </div>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"38 3","pages":"834-848"},"PeriodicalIF":2.2,"publicationDate":"2026-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100367","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
How Does Mandated Non-Financial Disclosure Affect Corporate Cash Holdings? Evidence From the CSR Disclosure Mandate in China 强制性非财务披露如何影响企业现金持有量？来自中国企业社会责任披露要求的证据
IF 2.2 4区 经济学
Economics & Politics Pub Date : 2026-10-05 Epub Date: 2026-05-22 DOI: 10.1111/ecpo.70050
Adrian Cheung, Wai Kong, Tianpei Luo, Siwen Song
{"title":"How Does Mandated Non-Financial Disclosure Affect Corporate Cash Holdings? Evidence From the CSR Disclosure Mandate in China","authors":"Adrian Cheung,&nbsp;Wai Kong,&nbsp;Tianpei Luo,&nbsp;Siwen Song","doi":"10.1111/ecpo.70050","DOIUrl":"https://doi.org/10.1111/ecpo.70050","url":null,"abstract":"<p>We examine whether and how mandatory non-financial disclosure affects corporate cash holdings. Using a panel data set of Chinese A-share listed firms from 2005 to 2012 and exploiting the introduction of mandatory corporate social responsibility (CSR) disclosure for a subset of firms as a quasi-natural experiment, we find that firms subject to the mandate significantly reduce their cash holdings relative to unaffected firms. We show that reductions in firm-specific (idiosyncratic) risk constitute the primary channel through which CSR disclosure affects cash policy, relative to alternative explanations related to systematic risk and corporate governance. Consistent with the precautionary motive of cash holdings, the effect is more pronounced among financially constrained firms. In addition, mandated firms exhibit improved access to external financing and a lower marginal value of cash. Overall, our findings suggest that mandatory CSR disclosure weakens the precautionary demand for cash by enhancing the firm's information environment, highlighting the important role of non-financial information transparency in shaping corporate financial policies.</p>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"38 3","pages":"722-746"},"PeriodicalIF":2.2,"publicationDate":"2026-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecpo.70050","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100603","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
The Political U: New Evidence on the Economic Costs of Hybrid Regimes 政治U：关于混合制度经济成本的新证据
IF 2.2 4区 经济学
Economics & Politics Pub Date : 2026-10-05 Epub Date: 2026-05-29 DOI: 10.1111/ecpo.70052
Nauro F. Campos, Fabrizio Coricelli, Marco Frigerio
{"title":"The Political U: New Evidence on the Economic Costs of Hybrid Regimes","authors":"Nauro F. Campos,&nbsp;Fabrizio Coricelli,&nbsp;Marco Frigerio","doi":"10.1111/ecpo.70052","DOIUrl":"https://doi.org/10.1111/ecpo.70052","url":null,"abstract":"<p>Recent research establishes a positive causal effect from democracy to income, although this evidence relies mostly on binary regime classifications. We extend the identification framework of Acemoglu et al. (2019) to a classification that distinguishes democracies, autocracies, and hybrid regimes for about 170 countries over 1960–2024. We find hybrid regimes generate approximately 20 percent lower GDP per capita than either alternative, robust to a wide range of estimators, measures, and specifications. This effect is not a transition penalty, supporting the view that hybrid regimes are a durable institutional equilibrium with sustained economic costs rather than a simple transitional phase.</p>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"38 3","pages":"747-769"},"PeriodicalIF":2.2,"publicationDate":"2026-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecpo.70052","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100702","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
How Institutions Interact With Exchange Rates After the 2024 US Presidential Election: New High-Frequency Evidence 2024年美国总统大选后机构如何与汇率互动：新的高频证据
IF 2.2 4区 经济学
Economics & Politics Pub Date : 2026-10-05 Epub Date: 2026-04-05 DOI: 10.1111/ecpo.70047
Joshua Aizenman, Jamel Saadaoui
{"title":"How Institutions Interact With Exchange Rates After the 2024 US Presidential Election: New High-Frequency Evidence","authors":"Joshua Aizenman,&nbsp;Jamel Saadaoui","doi":"10.1111/ecpo.70047","DOIUrl":"https://doi.org/10.1111/ecpo.70047","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper investigates how institutional quality shaped currency responses to the 2024 U.S. presidential election, using high-frequency exchange rate data for 73 countries. We document that virtually all currencies depreciated against the U.S. dollar immediately following the election result, which markets had not anticipated. Surprisingly, countries with stronger institutional quality, typically considered more resilient, experienced larger and more persistent depreciations. We interpret this through the lens of a geopolitical realignment: the election marks a structural break in the U.S. role as guarantor of a rule-based international order. Under the new administration's more transactional and bilateralist orientation, strong institutional alignment with liberal democratic norms may have increased perceived exposure to U.S. policy uncertainty. Our findings reveal how political regime shifts in leading economies can reconfigure the global distribution of financial risk premia.</p>\u0000 </div>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"38 3","pages":"679-693"},"PeriodicalIF":2.2,"publicationDate":"2026-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149099612","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
How Do Geopolitical Shocks Shape Analyst Forecast Bias? Evidence from the US–China Trade War 地缘政治冲击如何影响分析师的预测偏差？中美贸易战的证据
IF 2.2 4区 经济学
Economics & Politics Pub Date : 2026-10-05 Epub Date: 2026-03-19 DOI: 10.1111/ecpo.70044
Zheyuan Ji, Zixiao Yan, Xiaorong Zheng
{"title":"How Do Geopolitical Shocks Shape Analyst Forecast Bias? Evidence from the US–China Trade War","authors":"Zheyuan Ji,&nbsp;Zixiao Yan,&nbsp;Xiaorong Zheng","doi":"10.1111/ecpo.70044","DOIUrl":"https://doi.org/10.1111/ecpo.70044","url":null,"abstract":"<div>\u0000 \u0000 <p>Geopolitical risk (GPR) has emerged as a major source of global economic uncertainty, yet its impact on key information intermediaries remains underexplored. This paper examines how GPR shapes analyst forecast bias. We exploit the 2018 US–China trade war as a quasi-natural experiment and construct a firm-level GPR exposure measure based on pre-shock profit sensitivities. We find that analysts significantly reduced their optimistic bias for firms with high GPR exposure in the post-trade war period. This correction, however, is consistent with a behavioral, non-rational learning path. Analysts showed initial over-pessimism during the conflict, and this was followed by significant over-compensation after the conflict de-escalated. Mechanism tests show analysts also use coverage termination as an “implicit sell” signal, rather than expressing pessimism directly through revised forecasts. Heterogeneity analyses show the effects are concentrated in non-SOEs and firms with deep, rather than broad, international exposure. Our study contributes to the literature on GPR and information intermediaries, offering key insights for regulators and investors navigating geopolitical uncertainty.</p></div>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"38 3","pages":"641-652"},"PeriodicalIF":2.2,"publicationDate":"2026-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100102","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
Inflation of Populism: Effects of Early Economic Experiences on Support for Populist Parties 民粹主义的膨胀：早期经济经验对民粹主义政党支持的影响
IF 2.2 4区 经济学
Economics & Politics Pub Date : 2026-10-05 Epub Date: 2026-06-23 DOI: 10.1111/ecpo.70061
Yujin Zhang
{"title":"Inflation of Populism: Effects of Early Economic Experiences on Support for Populist Parties","authors":"Yujin Zhang","doi":"10.1111/ecpo.70061","DOIUrl":"https://doi.org/10.1111/ecpo.70061","url":null,"abstract":"<div>\u0000 \u0000 <p>Public support for populism shows significant generational differences that contemporaneous economic or cultural factors cannot fully explain. Adopting a political socialization perspective and analyzing data from European countries, I find that exposure to higher inflation during people's early adulthood correlates with greater later-life support for populist parties, especially those campaigning on generous welfare policies. Mechanism analyses show that this connection is partly explained by lower political trust, suggesting changes in perceptions of political authority during the high inflation period. These findings highlight the importance of early inflation experiences to individuals' contemporary political preferences and attitudes toward populist movements.</p>\u0000 </div>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"38 3","pages":"887-903"},"PeriodicalIF":2.2,"publicationDate":"2026-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100449","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
Bankruptcy Reform and Tax Avoidance: Quasi-Experimental Evidence From India 破产改革与避税：来自印度的准实验证据
IF 2.2 4区 经济学
Economics & Politics Pub Date : 2026-10-05 Epub Date: 2026-06-25 DOI: 10.1111/ecpo.70060
Soumyabrata Basu, Praveen Bhagawan, Jyoti Prasad Mukhopadhyay
{"title":"Bankruptcy Reform and Tax Avoidance: Quasi-Experimental Evidence From India","authors":"Soumyabrata Basu,&nbsp;Praveen Bhagawan,&nbsp;Jyoti Prasad Mukhopadhyay","doi":"10.1111/ecpo.70060","DOIUrl":"https://doi.org/10.1111/ecpo.70060","url":null,"abstract":"<div>\u0000 \u0000 <p>Considering the enactment of a pro-creditor bankruptcy reform in India as an exogenous policy shock, we investigate its impact on firms' tendency to avoid taxes. Employing the difference-in-differences (DiD) methodology, we find that post-bankruptcy reform, distressed firms significantly reduced their tax avoidance than non-distressed firms. Our channel analysis shows that increased borrowings, along with higher return on equity (RoE) and sales growth, help distressed firms reduce tax avoidance as opposed to non-distressed firms during the post-IBC period. The reduction in tax avoidance is due to improved credit culture after the said reform. Furthermore, our findings remain qualitatively similar under DiD with matching technique and the randomization inference test.</p>\u0000 </div>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"38 3","pages":"904-922"},"PeriodicalIF":2.2,"publicationDate":"2026-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100617","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
Politics and Financial Development: Is Populist Leadership Important? 政治与金融发展：民粹主义领导重要吗？
IF 2.2 4区 经济学
Economics & Politics Pub Date : 2026-10-05 Epub Date: 2026-02-25 DOI: 10.1111/ecpo.70043
Wojciech Przychodzen
{"title":"Politics and Financial Development: Is Populist Leadership Important?","authors":"Wojciech Przychodzen","doi":"10.1111/ecpo.70043","DOIUrl":"https://doi.org/10.1111/ecpo.70043","url":null,"abstract":"<div>\u0000 \u0000 <p>Political factors have an essential role to play in financial development. Populism is one of them that still has not captured sufficient attention in the existing body of literature. This paper aims to address this gap based on empirical data analysis from 59 countries worldwide over the years 1997–2021. Obtained results show that populist political leadership has had beneficial effects on financial institutions development, while being significantly detrimental for financial markets development. Additionally, increased level of development of the banking sector raised the possibility of electoral success of populist political movements, while the opposite was true for stock and debt securities markets. The proportion of female legislators in national parliaments and rule of law acted as stimulators of financial institutions development. The findings also show that central government debt, population and research and development expenditure constituted significant catalysts of financial markets development.</p>\u0000 </div>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"38 3","pages":"625-640"},"PeriodicalIF":2.2,"publicationDate":"2026-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100683","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
The Impact of Stock Market Mispricing on Corporate Green Innovation 股票市场错误定价对企业绿色创新的影响
IF 2.2 4区 经济学
Economics & Politics Pub Date : 2026-10-05 Epub Date: 2026-06-08 DOI: 10.1111/ecpo.70053
Gu Wentao, Yang Fangting, Li Siqi, Huang Yutao
{"title":"The Impact of Stock Market Mispricing on Corporate Green Innovation","authors":"Gu Wentao,&nbsp;Yang Fangting,&nbsp;Li Siqi,&nbsp;Huang Yutao","doi":"10.1111/ecpo.70053","DOIUrl":"https://doi.org/10.1111/ecpo.70053","url":null,"abstract":"<div>\u0000 \u0000 <p>Green innovation is pivotal for China's sustainable development. This study investigates the economic consequences of stock market mispricing—a prevalent feature of China's developing capital market—on corporate green innovation. Using a sample of Chinese A-share listed firms from 2007 to 2020, we find that stock market mispricing, particularly overvaluation, significantly promotes corporate green innovation. We further explore the underlying mechanisms and identify two primary channels. First, mispricing incentivizes managers to increase information opacity by reducing the readability of annual reports. Second, it leads to higher executive excess compensation, which helps align managerial incentives with long-term, high-risk innovation projects. Moreover, we document a chain mediation effect where increased information opacity leads to greater executive excess compensation, which in turn stimulates green innovation. This overall effect is more pronounced for firms with greater analyst coverage and a stronger corporate focus on green initiatives. This study contributes to the literature on the real effects of financial market frictions, demonstrating how stock market inefficiency can paradoxically foster corporate investment in green technology through complex agency and information channels. Our findings offer novel insights into the weak-form efficiency of China's capital market and provide salient policy implications for promoting sustainable corporate development.</p>\u0000 </div>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"38 3","pages":"820-833"},"PeriodicalIF":2.2,"publicationDate":"2026-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149099548","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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