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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 1.5 4区 经济学
Economics & Politics Pub Date : 2024-05-07 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,&nbsp;Sevinç Yaraşır Tülümce","doi":"10.1111/ecpo.12291","DOIUrl":"10.1111/ecpo.12291","url":null,"abstract":"<p>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.</p>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"36 3","pages":"1289-1320"},"PeriodicalIF":1.5,"publicationDate":"2024-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecpo.12291","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":"OA","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 1.5 4区 经济学
Economics & Politics Pub Date : 2024-05-07 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,&nbsp;Huiping Ma,&nbsp;Yongmin Zhang,&nbsp;Peijun Wang,&nbsp;Moau Yong Toh","doi":"10.1111/ecpo.12289","DOIUrl":"10.1111/ecpo.12289","url":null,"abstract":"<p>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.</p>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"36 3","pages":"1261-1288"},"PeriodicalIF":1.5,"publicationDate":"2024-05-07","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 1.5 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,&nbsp;Eric Evans Osei Opoku,&nbsp;Niharika Rustagi","doi":"10.1111/ecpo.12287","DOIUrl":"10.1111/ecpo.12287","url":null,"abstract":"<p>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.</p>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"36 3","pages":"1223-1260"},"PeriodicalIF":1.5,"publicationDate":"2024-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecpo.12287","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":"OA","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 1.5 4区 经济学
Economics & Politics Pub Date : 2024-04-30 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":"10.1111/ecpo.12286","url":null,"abstract":"<p>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.</p>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"36 3","pages":"1180-1222"},"PeriodicalIF":1.5,"publicationDate":"2024-04-30","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
Real effect of anticorruption on acquisition premium: Evidence from China 反腐败对收购溢价的实际影响：来自中国的证据
IF 1.5 4区 经济学
Economics & Politics Pub Date : 2024-04-18 DOI: 10.1111/ecpo.12285
Xin Liu, Ailing Pan
{"title":"Real effect of anticorruption on acquisition premium: Evidence from China","authors":"Xin Liu,&nbsp;Ailing Pan","doi":"10.1111/ecpo.12285","DOIUrl":"10.1111/ecpo.12285","url":null,"abstract":"<p>Anticorruption is a prevalent global phenomenon and has yielded many good results. This study empirically tests the real effect of China's anticorruption on corporate acquisition premiums and explores its mechanisms. We find that after the exposure of and crackdown on corrupt provincial officials, firms without political connections had lower mergers and acquisitions (M&amp;A) premiums than those with political connections. Cross-sectional test results show that when firms are private or in areas with high marketization, the anticorruption event has a greater impact on their acquisition premiums. The channel test demonstrates that anticorruption reduces the value of political connections and improves the negotiation advantages of nonpolitically connected firms, enabling them to pay lower M&amp;A premiums. Our findings indicate that anticorruption can create a considerably fair business environment. Moreover, we confirm the real effects of anticorruption on the distortion of resource allocation at the firm level. Finally, the results of this research have policy implications for the world's largest emerging market.</p>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"36 3","pages":"1164-1179"},"PeriodicalIF":1.5,"publicationDate":"2024-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140687757","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 enterprise digital transformation affect audit opinion type?—Based on business evidence of Chinese listed companies 企业数字化转型是否影响审计意见类型？
IF 1.5 4区 经济学
Economics & Politics Pub Date : 2024-04-09 DOI: 10.1111/ecpo.12284
XiaoHong Dong, YinWei Jiang
{"title":"Does enterprise digital transformation affect audit opinion type?—Based on business evidence of Chinese listed companies","authors":"XiaoHong Dong,&nbsp;YinWei Jiang","doi":"10.1111/ecpo.12284","DOIUrl":"10.1111/ecpo.12284","url":null,"abstract":"<p>Utilizing text analysis through machine learning techniques, this study investigates the influence of enterprise digital transformation on audit opinions within China's A-share listed companies spanning from 2011 to 2020. The findings underscore that enterprise digital transformation has the potential to bolster standard unqualified audit opinions through the enhancement of internal control quality and information transparency. Additionally, factors such as marketization level, property rights nature, and industry classification are found to be pivotal in shaping this relationship. These research outcomes not only extend the theoretical horizons of audit opinion studies but also offer valuable insights and recommendations for auditors to optimize the efficacy of audit opinions.</p>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"36 3","pages":"1143-1163"},"PeriodicalIF":1.5,"publicationDate":"2024-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140723935","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":"36 2","pages":"1110-1136"},"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":"36 2","pages":"1090-1109"},"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
Analyzing horizontal integration and market efficiency in platform enterprises: A case study of exchanges 分析平台企业的横向整合与市场效率：交易所案例研究
IF 1 4区 经济学
Economics & Politics Pub Date : 2024-03-21 DOI: 10.1111/ecpo.12281
Min Liu, Sajid Anwar
{"title":"Analyzing horizontal integration and market efficiency in platform enterprises: A case study of exchanges","authors":"Min Liu,&nbsp;Sajid Anwar","doi":"10.1111/ecpo.12281","DOIUrl":"10.1111/ecpo.12281","url":null,"abstract":"<p>As a platform for the trading of bulk commodities, securities, and futures, exchanges, characterized by platform-like attributes, provide inexhaustible power for the further development of commodity economy through horizontal integration. This paper examines the international integration landscape of the modern exchanges through the lens of platform economy theory, specifically examining the ramifications of their horizontal integration on market efficiency. Employing the net utility hypothesis within the Hotelling model, we construct a nuanced trader utility model. Through a comparative analysis of platform profit, trader utility, and social welfare, the research discerns the impact of exchanges' horizontal integration. We highlight the intrinsic incentives for such integration within exchanges and put forth pertinent policy recommendations, adding a dimension of practical relevance to the academic discourse. The paper concludes by highlighting the role of government in promoting the efficiency of platform enterprises.</p>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"36 2","pages":"1076-1089"},"PeriodicalIF":1.0,"publicationDate":"2024-03-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecpo.12281","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140199857","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
Enterprise digital transformation and audit quality: Empirical evidence from annual reports of Chinese listed companies 企业数字化转型与审计质量：来自中国上市公司年报的经验证据
IF 1 4区 经济学
Economics & Politics Pub Date : 2024-03-19 DOI: 10.1111/ecpo.12280
Fang Fang, Dongyan Mo, Ruyi Chen
{"title":"Enterprise digital transformation and audit quality: Empirical evidence from annual reports of Chinese listed companies","authors":"Fang Fang,&nbsp;Dongyan Mo,&nbsp;Ruyi Chen","doi":"10.1111/ecpo.12280","DOIUrl":"10.1111/ecpo.12280","url":null,"abstract":"<p>This study explores how enterprise digital transformation affects audit quality. The results show that the relationship between enterprise digital transition and audit quality takes on a U-shaped. Mechanism test results indicate that during the initial stages of digitization, the restrictive effect of auditor's professional competence mismatch predominates. Conversely, during the mature stages of digitization, the promotion effect of improved auditor's substantive independence predominates. Heterogeneity tests demonstrate that this U-shaped relationship is significant primarily within the sample set of short audit tenure and state-owned enterprises. The study reveals the internal mechanism of the impact of enterprise digital transition on audit quality, offering empirical evidence to comprehend the incremental dynamic effects of enterprise digitalization and mitigate potential adverse consequences throughout the transformation process.</p>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"36 2","pages":"1056-1075"},"PeriodicalIF":1.0,"publicationDate":"2024-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140230152","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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