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How Do Investors Respond to Data Asset Disclosure: Evidence From China 投资者如何应对数据资产披露：来自中国的证据
IF 1.4 4区 经济学
Economics & Politics Pub Date : 2025-09-07 DOI: 10.1111/ecpo.70017
Yibo Huang, Zhuoran Wang, Huili Zhang
{"title":"How Do Investors Respond to Data Asset Disclosure: Evidence From China","authors":"Yibo Huang,&nbsp;Zhuoran Wang,&nbsp;Huili Zhang","doi":"10.1111/ecpo.70017","DOIUrl":"https://doi.org/10.1111/ecpo.70017","url":null,"abstract":"<div>\u0000 \u0000 <p>Data have become increasingly important in almost all aspects of society, including government, business, finance, and education. This study examines stock market reactions to the publication of formal regulations on the accounting treatment of data assets, which, among other things, specifies the accounting treatment related to corporate data resources and boosts the disclosure of related accounting information. We document that firms with higher data asset potential receive more positive market reactions to the regulations than those with lower data asset potential. Heterogeneity analyses suggest that the positive market reactions are concentrated in firms with technological attribute, higher technological factor intensity, and stronger market position. In addition, we observe that stronger external monitoring, higher stock liquidity, and better information disclosure amplify the positive market reactions. Overall, our findings provide systematic evidence of positive market reactions following data assets regulations and shed light on relevant policy-making and regulatory processes, which may be extrapolated to other emerging countries.</p>\u0000 </div>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"38 1","pages":"142-156"},"PeriodicalIF":1.4,"publicationDate":"2025-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146139362","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
Director Network and Corporate Digital Technology Innovation: The Role of Resource and Peer Effects 主管网络与企业数字技术创新：资源和同伴效应的作用
IF 1.4 4区 经济学
Economics & Politics Pub Date : 2025-09-01 DOI: 10.1111/ecpo.70014
Jingmiao Li, Dehong Liu, Ella Guangxin Xu
{"title":"Director Network and Corporate Digital Technology Innovation: The Role of Resource and Peer Effects","authors":"Jingmiao Li,&nbsp;Dehong Liu,&nbsp;Ella Guangxin Xu","doi":"10.1111/ecpo.70014","DOIUrl":"https://doi.org/10.1111/ecpo.70014","url":null,"abstract":"<p>This study explores how the director network (DN) influences corporate digital technology innovation (CDTI) by considering resource and peer effects. Focusing on Chinese listed enterprises, our results reveal that enterprises with higher director network centrality (DNC) achieve greater CDTI. Moreover, peers' CDTI boosts the focal enterprise's CDTI and strengthens the positive effect of DNC on CDTI. Mechanism analysis suggests that DNC enhances CDTI through promoting research and development investment and digitalisation. Furthermore, the effects of DNC on CDTI are confirmed through heterogeneity analysis of non–state–owned enterprises, non–Big4 enterprises, and enterprises in growth and mature stages.</p>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"38 1","pages":"122-141"},"PeriodicalIF":1.4,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecpo.70014","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146147976","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
Central Bank Independence and Fiscal Stance: The Role of Institutions in Supporting Fiscal Sustainability 中央银行独立性与财政立场：制度在支持财政可持续性中的作用
IF 1.4 4区 经济学
Economics & Politics Pub Date : 2025-08-10 DOI: 10.1111/ecpo.70013
Ryszard Kokoszczyński, Joanna Mackiewicz-Łyziak
{"title":"Central Bank Independence and Fiscal Stance: The Role of Institutions in Supporting Fiscal Sustainability","authors":"Ryszard Kokoszczyński,&nbsp;Joanna Mackiewicz-Łyziak","doi":"10.1111/ecpo.70013","DOIUrl":"https://doi.org/10.1111/ecpo.70013","url":null,"abstract":"<div>\u0000 \u0000 <p>We investigate the effect of central bank independence (CBI) on fiscal stance: the direct impact on the primary balance and the impact on the reaction of the primary balance to the public debt. We also analyze the role of institutions in the effects of CBI on fiscal policy. We estimate fiscal reaction functions augmented by a measure of CBI using a panel of 98 countries. We find that CBI lowers the primary balance but strengthens its reaction to the government debt, hence increasing long-term fiscal sustainability. Other institutions, such as democracy, seem to strengthen the negative direct reaction of the primary balance to CBI.</p></div>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"38 1","pages":"104-121"},"PeriodicalIF":1.4,"publicationDate":"2025-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146139471","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 Quality Convergence Among BRICS and BRICS Plus 金砖国家和“金砖+”机制质量趋同
IF 1.4 4区 经济学
Economics & Politics Pub Date : 2025-08-04 DOI: 10.1111/ecpo.70011
Yasin Kutuk
{"title":"Institutional Quality Convergence Among BRICS and BRICS Plus","authors":"Yasin Kutuk","doi":"10.1111/ecpo.70011","DOIUrl":"https://doi.org/10.1111/ecpo.70011","url":null,"abstract":"<div>\u0000 \u0000 <p>The paper seeks to assess the relevance of BRICS as an analytical category by examining six indicators of good governance and investigating whether BRICS membership has led to institutional convergence among its members. The primary data source for this study is the Worldwide Governance Indicators provided by the World Bank for the period 2006–2020. These indicators focus on six key dimensions that assess the quality of governance within the BRICS countries and the six BRICS Plus candidate nations. Following the approach outlined by Phillips and Sul (2007, 2009), the analysis reveals convergence in five of these indicators among the BRICS countries, with the exception of the Control of Corruption. This discrepancy raises questions about the BRICS' role and influence as an international organization. However, it is worth noting that none of the six potential BRICS Plus candidates exhibit full cointegration or convergence with all the indicators used to assess the BRICS. The results, encompassing both cointegration and convergence, highlight the significant challenges in achieving complete alignment for the emerging BRICS Plus group.</p>\u0000 </div>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"38 1","pages":"62-92"},"PeriodicalIF":1.4,"publicationDate":"2025-08-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146147906","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 Capital Market Activity and Investor Sentiment on the Yield of Internet Money Market Funds: Evidence From Yu'ebao 资本市场活动和投资者情绪对互联网货币市场基金收益的影响：来自余额宝的证据
IF 1.4 4区 经济学
Economics & Politics Pub Date : 2025-08-04 DOI: 10.1111/ecpo.70012
Jing Yang, Fan Ma, Yongmin Zhang, Yirong Liang
{"title":"The Impact of Capital Market Activity and Investor Sentiment on the Yield of Internet Money Market Funds: Evidence From Yu'ebao","authors":"Jing Yang,&nbsp;Fan Ma,&nbsp;Yongmin Zhang,&nbsp;Yirong Liang","doi":"10.1111/ecpo.70012","DOIUrl":"https://doi.org/10.1111/ecpo.70012","url":null,"abstract":"<div>\u0000 \u0000 <p>The high liquidity and flexibility of internet money market funds enable investors to subscribe and redeem their holdings conveniently at any time. Yu'ebao, as one of China's most representative internet money market fund products, has attracted considerable attention regarding the determinants of fluctuations in its yield. Taking Yu'ebao as the research subject, this paper explores the mechanisms through which capital market activities and investor sentiment—captured through both stock and bond markets—affect the fund's yield. Empirical results indicate that: (1) stock market trading volume exhibits a significant positive correlation with Yu'ebao's yield, whereas bond market trading volume shows a significant negative impact; (2) the influence of bond market trading volume on Yu'ebao's yield is more pronounced compared to that of the stock market; (3) although investor sentiment is significantly positively correlated with Yu'ebao's yield, it does not constitute a decisive determinant. This study contributes to a deeper understanding of the yield formation mechanism in internet money market funds. Through empirically validated findings and multiple robustness checks, it provides crucial evidence for financial regulatory authorities concerning monetary policy formulation and market stability management.</p>\u0000 </div>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"38 1","pages":"93-103"},"PeriodicalIF":1.4,"publicationDate":"2025-08-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146136037","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
Why Interest Groups With Divergent Goals Collaborate: Evidence From Climate Regulation 为何目标不同的利益集团会合作：来自气候监管的证据
IF 1.4 4区 经济学
Economics & Politics Pub Date : 2025-07-19 DOI: 10.1111/ecpo.70009
Dahyun Choi
{"title":"Why Interest Groups With Divergent Goals Collaborate: Evidence From Climate Regulation","authors":"Dahyun Choi","doi":"10.1111/ecpo.70009","DOIUrl":"https://doi.org/10.1111/ecpo.70009","url":null,"abstract":"<p>Why do interest groups with contrasting interests and policy goals work together? I present a theory of collaborative policy production and show that interest groups can achieve higher policy gains through collaboration, even though their ideal policy goals may diverge significantly. To test theoretical results, I introduce original measurement strategies that reveal systematic patterns in which firms and environmental groups invest in joint efforts to improve fine-grained details of policy to achieve greenhouse gas emissions targets. The analysis, using public comments spanning 2010–2020, demonstrates that comments written jointly by environmental groups and firms contain more information that can contribute to the quality of policy implementation than individual efforts alone, despite compromises on policy preferences. These findings highlight the hidden dynamics of regulatory politics, wherein divergent political goals are reconciled for high-quality policy implementation.</p>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"38 1","pages":"46-61"},"PeriodicalIF":1.4,"publicationDate":"2025-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecpo.70009","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146139785","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
Bipartisan Firms 两党合作的公司
IF 1.4 4区 经济学
Economics & Politics Pub Date : 2025-07-18 DOI: 10.1111/ecpo.70010
Emanuele Caggiano, Lorenzo Rocco
{"title":"Bipartisan Firms","authors":"Emanuele Caggiano,&nbsp;Lorenzo Rocco","doi":"10.1111/ecpo.70010","DOIUrl":"https://doi.org/10.1111/ecpo.70010","url":null,"abstract":"<div>\u0000 \u0000 <p>Corporate donations significantly shape the landscape of US presidential elections, yet we have a limited understanding of how firms' internal finances and external political risks influence these contributions. Using a data set that merges firm-level information with campaign records from 1992 to 2020, we analyze the propensity, intensity, and distribution of corporate giving between parties. We find that while companies often employ a bipartisan donation strategy, they consistently exhibit a stronger preference for Republican candidates. We further show that escalating political polarization is associated with a 2% increase in the likelihood of donating and a 21.8% rise in total contributions, especially among non-research-oriented sectors. These patterns underscore the importance of both financial imperatives and broader political incentives in driving firms' campaign finance decisions.</p>\u0000 </div>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"38 1","pages":"18-45"},"PeriodicalIF":1.4,"publicationDate":"2025-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146148027","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
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
Supply Chain Finance and Enterprise Supply Chain Configuration: Centralization or Diversification 供应链金融与企业供应链配置：集中化还是多元化
IF 1.4 4区 经济学
Economics & Politics Pub Date : 2025-07-09 DOI: 10.1111/ecpo.70008
Xin Liu, Xiaoru Zhang, Tingyun Pang, Shidi Dong, Mei Lim
{"title":"Supply Chain Finance and Enterprise Supply Chain Configuration: Centralization or Diversification","authors":"Xin Liu,&nbsp;Xiaoru Zhang,&nbsp;Tingyun Pang,&nbsp;Shidi Dong,&nbsp;Mei Lim","doi":"10.1111/ecpo.70008","DOIUrl":"https://doi.org/10.1111/ecpo.70008","url":null,"abstract":"<div>\u0000 \u0000 <p>Under globalization and economic uncertainty, enterprises optimize supply chain configurations via supply chain finance (SCF). From the perspective of supply chain governance, we use A-share listed company data (2007–2021) and find that SCF reduces concentration and promotes diversification, especially in high-trust, uncertain environments. When the mechanism test is adopted, the supply and demand coordination cost and the financing cost and enterprise risk of core enterprises in the upstream and downstream transaction process can be significantly reduced, and the transparency of the supply chain can be improved. These features promote the diversified supply chain configuration of enterprises and ensure supply chain security.</p>\u0000 </div>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"38 1","pages":"5-17"},"PeriodicalIF":1.4,"publicationDate":"2025-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146136207","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
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