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Supply chain finance and firm strategic change: A firm life cycle perspective 供应链金融与企业战略变革：企业生命周期视角
IF 1 4区 经济学
Economics & Politics Pub Date : 2024-06-27 DOI: 10.1111/ecpo.12302
Chen Ma, Qian Liu, Ruiqing Cao, Zixuan Dai, Fei Guo
{"title":"Supply chain finance and firm strategic change: A firm life cycle perspective","authors":"Chen Ma, Qian Liu, Ruiqing Cao, Zixuan Dai, Fei Guo","doi":"10.1111/ecpo.12302","DOIUrl":"https://doi.org/10.1111/ecpo.12302","url":null,"abstract":"Using a proprietary data set from the Shanghai and Shenzhen Stock Exchanges, we examine the relationship between Supply Chain Finance (SCF) and strategic change in core firms. Our analysis reveals that SCF facilitates strategic change in growing firms but hinders it in declining firms, with no significant effect on mature firms. In growing firms, SCF enhances risk‐taking capacity and reduces equity costs, while in declining firms, it stabilizes supply chains and increases customer concentration. In mature firms, SCF leads to strategic inertia. Economic tests suggest SCF aids firms in establishing unique competitive advantages at various stages of their life cycles.","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2024-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141505326","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
Economic voting behavior: The peak‐end growth rule 经济投票行为：峰终增长规则
IF 1 4区 经济学
Economics & Politics Pub Date : 2024-06-24 DOI: 10.1111/ecpo.12299
Zekai Shen, Yiyang Jin, Yuanyuan Dong, Yazhou Liu
{"title":"Economic voting behavior: The peak‐end growth rule","authors":"Zekai Shen, Yiyang Jin, Yuanyuan Dong, Yazhou Liu","doi":"10.1111/ecpo.12299","DOIUrl":"https://doi.org/10.1111/ecpo.12299","url":null,"abstract":"This paper introduces the peak‐end rule to economic voting, finding that voters focus on peak and end economic growth when evaluating incumbents. Cross‐national data from 595 elections in 70 countries (1960–2020) shows that the average of the highest GDP growth rate during the term and the growth rate in the election year positively impacts incumbent vote share, with peak growth having a stronger effect. Instrumental variable analysis addresses endogeneity. Heterogeneity analysis reveals that less‐educated voters rely more on the peak‐end rule. The findings contribute to understanding voters' behavioral patterns and improving democratic accountability.","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2024-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141505327","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
Taking sides: Corporate social responsibility and political ideology 选边站：企业社会责任与政治意识形态
IF 1 4区 经济学
Economics & Politics Pub Date : 2024-05-13 DOI: 10.1111/ecpo.12288
Volkan Tibet Gur, Andrey Tomashevskiy
{"title":"Taking sides: Corporate social responsibility and political ideology","authors":"Volkan Tibet Gur, Andrey Tomashevskiy","doi":"10.1111/ecpo.12288","DOIUrl":"https://doi.org/10.1111/ecpo.12288","url":null,"abstract":"In the United States and other countries, large private firms are increasingly more likely to take public political stances on controversial issues. Firms behave as ideological actors when they take sides in large public debates on social and economic issues. These stances may involve public speech, changes in the terms of service, or in internal reorganization and intrafirm actions. Despite the increase in firms' political actions, firms' ideological orientations remain unexamined. To answer this question, we collect corporate social responsibility statements from Fortune 1000 firms. Using semisupervised topic models, we identify topics that reflect stances on environmental and social issues. We then examine if firms are more likely to take stances on political issues due to pragmatic or ideological factors. We find that while pragmatic considerations play a role, firms' political stances are more driven by the ideological orientation of employees and managers. This research contributes a novel measure of firm ideology and sheds new light on the determinants of corporate political activity.","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2024-05-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140928160","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 effects of fiscal policy management, candidacy of previous mayors, and illiteracy on mayoral reelection in Brazil 财政政策管理、前任市长候选人资格和文盲率对巴西市长连任的影响
IF 1 4区 经济学
Economics & Politics Pub Date : 2024-05-13 DOI: 10.1111/ecpo.12290
Jonatan Lautenschlage, Linda G. Veiga, Francisco J. Veiga
{"title":"The effects of fiscal policy management, candidacy of previous mayors, and illiteracy on mayoral reelection in Brazil","authors":"Jonatan Lautenschlage, Linda G. Veiga, Francisco J. Veiga","doi":"10.1111/ecpo.12290","DOIUrl":"https://doi.org/10.1111/ecpo.12290","url":null,"abstract":"This study investigates factors influencing the reelection prospects of Brazilian mayors. Analyzing a comprehensive data set spanning 5114 municipalities across four elections reveals that increases in investment and current expenditures before elections pay off at the polls. Moreover, higher average investment expenditures throughout the term enhance reelection chances. The results also indicate that when former term‐limited mayors run against the incumbent, reelection probability diminishes, particularly with higher average investment by the previous mayor. Finally, the level of literacy shapes voter attitudes towards opportunistic fiscal strategies: voters with limited literacy are inclined to reward increases in current expenditures, whereas more educated populations prefer increasing investment.","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2024-05-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140928249","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
Pork barrel in Türkiye: Distributive politics in the allocation of public investments into Turkish electorates 土耳其的猪肉桶：土耳其选民公共投资分配中的分配政治
IF 1 4区 经济学
Economics & Politics Pub Date : 2024-05-08 DOI: 10.1111/ecpo.12291
Mehmet Ali Ulubaşoğlu, Sevinç Yaraşır Tülümce
{"title":"Pork barrel in Türkiye: Distributive politics in the allocation of public investments into Turkish electorates","authors":"Mehmet Ali Ulubaşoğlu, Sevinç Yaraşır Tülümce","doi":"10.1111/ecpo.12291","DOIUrl":"https://doi.org/10.1111/ecpo.12291","url":null,"abstract":"We investigate the political factors involved in the allocation of public investments into Turkish electoral districts. Using a unique data set covering detailed individual characteristics of approximately 2000 Turkish MPs over five legislative periods during 1987–2004, we show that the composition of several legislator characteristics in an electorate, such as the level of education, area of tertiary degree, and former profession, matters in the way pork barrel occurs across electorates. The findings also indicate a strong presence of partisan motivations and targeted support for opposition groups and ideological strongholds in public investment allocations. We also document evidence that a stronger right‐wing tendency in the cabinet, a single‐party government, fractionalized voter preferences, and higher voter turnout in the electorate are all associated with increased public investments into specific geographic constituencies.","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2024-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140928157","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
Institutional investor network and idiosyncratic volatility of stocks 机构投资者网络与股票的特异波动性
IF 1 4区 经济学
Economics & Politics Pub Date : 2024-05-08 DOI: 10.1111/ecpo.12289
Xiaoying Zhai, Huiping Ma, Yongmin Zhang, Peijun Wang, Moau Yong Toh
{"title":"Institutional investor network and idiosyncratic volatility of stocks","authors":"Xiaoying Zhai, Huiping Ma, Yongmin Zhang, Peijun Wang, Moau Yong Toh","doi":"10.1111/ecpo.12289","DOIUrl":"https://doi.org/10.1111/ecpo.12289","url":null,"abstract":"This paper constructs an institutional investor network based on the heavy holdings of the same stock in China and conducts a social network analysis to investigate the influence of this network on stock price volatility from the perspectives of network structure (density) and location (centrality). The study demonstrates that institutional investor network density is negatively related to stock price volatility, while network centrality is positively related to it. Mechanism analyses further reveal that network density reduces stock price volatility by mitigating private information arbitrage behavior among institutional investors, whereas network centrality increases stock price volatility by creating private information arbitrage opportunities within the network. Additionally, the paper finds that information asymmetry enhances the positive effect of network centrality on stock price volatility. These findings are generally consistent across subsample analyses for different market states, reactions to good and bad news, and types of equity ownership, as well as in other robustness tests. The practical implications of these findings are significant for market stability regulation.","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2024-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140928155","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
Gender quota, women in politics, and gender parity in education 性别配额、妇女参政和教育中的性别均等
IF 1 4区 经济学
Economics & Politics Pub Date : 2024-05-02 DOI: 10.1111/ecpo.12287
Alex O. Acheampong, Eric Evans Osei Opoku, Niharika Rustagi
{"title":"Gender quota, women in politics, and gender parity in education","authors":"Alex O. Acheampong, Eric Evans Osei Opoku, Niharika Rustagi","doi":"10.1111/ecpo.12287","DOIUrl":"https://doi.org/10.1111/ecpo.12287","url":null,"abstract":"Do women in politics contribute to gender parity in education? This study seeks to provide an empirical answer to this question by examining whether women in politics (women parliamentarians) contribute to closing the gender inequality in education using a global sample of 191 countries from 1990 to 2020. We deployed the two‐stage least square (IV‐TSLS) technique and gender quota as an instrument to isolate the exogenous effect of women in politics on gender parity in primary, secondary and tertiary education. The findings from the IV‐TSLS estimators show that an increase in the number of female parliamentarians is associated with a significant increase in gender parity at all levels of education. These results survived several robustness checks, including using different estimators such as the Lewbel two‐stage least squares and the Kinky least‐squares estimators. Based on the quota type, we documented that women in politics significantly spur gender parity in education in countries with reserved seat quotas and not in countries with candidate quotas. We also found that the results differ across different geographical regions and income groups. The findings call on policy‐makers to address societal, legal and structural barriers limiting women's political participation to achieve gender parity at all levels of education.","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2024-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140832280","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
Don't blame me! Politicians' accountability and electoral response when powers are shared 别怪我！权力分享时政治家的问责制和选举对策
IF 1 4区 经济学
Economics & Politics Pub Date : 2024-05-01 DOI: 10.1111/ecpo.12286
Iacopo Monterosa
{"title":"Don't blame me! Politicians' accountability and electoral response when powers are shared","authors":"Iacopo Monterosa","doi":"10.1111/ecpo.12286","DOIUrl":"https://doi.org/10.1111/ecpo.12286","url":null,"abstract":"This paper examines if politicians react to events they cannot control to avoid political blame and if voters hold politicians accountable for functions beyond their office. I focus on the response of mayors and voters to a farmland tax implemented by the Italian central government. I investigate how the municipalities affected by the new policy adjust to it and study if the election odds of the incumbent mayor's party in towns subject to the tax are affected. Mayors increase spending in municipalities where the tax is implemented. Average spending grows by 1.38 euro (about a 1% increase) and it is financed by increased borrowing which expands by 0.64 euro per capita, on average. Voters do not seem to punish the local incumbent for a policy decided by the national government. Two factors may have contributed to offsetting the electoral impact. The first is greater spending in those municipalities where the incumbent is on the ballot. The second is a media account of the policy which was factual and not biased against the local incumbent. Overall, these findings suggest politicians react to policies that are fully out of their hands, potentially to avoid electoral punishment.","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2024-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140831595","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
An intelligent detecting model for financial frauds in Chinese A-share market 中国 A 股市场金融欺诈智能检测模型
IF 1 4区 经济学
Economics & Politics Pub Date : 2024-03-31 DOI: 10.1111/ecpo.12283
Yunchuan Sun, Xiaoping Zeng, Ying Xu, Hong Yue, Xipu Yu
{"title":"An intelligent detecting model for financial frauds in Chinese A-share market","authors":"Yunchuan Sun,&nbsp;Xiaoping Zeng,&nbsp;Ying Xu,&nbsp;Hong Yue,&nbsp;Xipu Yu","doi":"10.1111/ecpo.12283","DOIUrl":"https://doi.org/10.1111/ecpo.12283","url":null,"abstract":"<p>Financial frauds can cause serious damage to financial markets but are hard to detect manually. In this study, we develop an intelligent detecting model to efficiently identify financial frauds by using XGBoost on raw financial data items in corporation financial statements. With listed companies in Chinese A-share Market taken as samples, empirical results reveal that the proposed model works better than traditional models by a large margin in detecting fraud. Notably, the proposed model exhibits superior performance when used together with raw financial data items than with financial indicators. Moreover, the proposed model remains robust on outperformance in fraud detection when serial fraud cases are recoded, test periods are altered, more raw financial data are input, as well as other machine learning models–the AdaBoost and SVM–are selected as benchmark models. Our study enriches the application of machine learning in finance sector, and highlights the economic significance of raw financial data as the financial system's most fundamental components.</p>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2024-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141251528","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
Can digital transformation reduce corporate illegality? 数字化转型能否减少企业违法行为？
IF 1 4区 经济学
Economics & Politics Pub Date : 2024-03-31 DOI: 10.1111/ecpo.12282
Yuanyuan Wang, Jijie Ma, Kun Zhang
{"title":"Can digital transformation reduce corporate illegality?","authors":"Yuanyuan Wang,&nbsp;Jijie Ma,&nbsp;Kun Zhang","doi":"10.1111/ecpo.12282","DOIUrl":"https://doi.org/10.1111/ecpo.12282","url":null,"abstract":"<p>The advent of the digital economy has ushered in unprecedented opportunities for corporate development. Utilizing a comprehensive data set comprising Chinese listed companies spanning the period 2011–2020, this study empirically examines the impact of digital transformation on corporate illegality. The findings reveal a significant reduction in corporate illegality attributable to digital transformation. This empirical result retains its significance even when subjected to a battery of robustness tests. In terms of the underlying mechanisms, this paper conjecture that digital transformation reduces the internal and external information asymmetry, thereby curbing corporate illegality. Further heterogeneous analysis shows that digital transformation is more effective among corporates with higher agency cost (state-owned or large corporates) or corporates located in regions with lower degree of marketization level. These heterogeneous effects provide supportive evidence to the above conjecture. The implications of this study extend the boundaries of digital transformation research and furnish novel and actionable insights into the prevention of corporate illegality.</p>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2024-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141251530","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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