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Bond Market Liberalization and Corporate ESG Performance: Evidence From Bond Connect 债券市场自由化与企业ESG绩效：来自债券通的证据
IF 1.4 4区 经济学
Economics & Politics Pub Date : 2026-06-04 Epub Date: 2025-12-15 DOI: 10.1111/ecpo.70026
Yuling Wang, Yilu Zhang, Bin Miu, Yuliang Long
{"title":"Bond Market Liberalization and Corporate ESG Performance: Evidence From Bond Connect","authors":"Yuling Wang,&nbsp;Yilu Zhang,&nbsp;Bin Miu,&nbsp;Yuliang Long","doi":"10.1111/ecpo.70026","DOIUrl":"https://doi.org/10.1111/ecpo.70026","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines the impact of bond market liberalization on corporate ESG performance using the launch of Northbound Trading under the Bond Connect program as a quasi-natural experiment. Employing a difference-in-differences (DID) approach, the analysis reveals that bond market opening significantly enhances firms'ESG performance. Further evidence suggests that the improvement is mainly driven by better internal control quality and increased green innovation. The positive effects are more pronounced among firms in eastern regions and those with higher financing constraints and stronger market competition. These findings provide new insights into the real effects of financial market liberalization and offer policy implications for promoting sustainable and high-quality economic development.</p>\u0000 </div>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"38 2","pages":"345-356"},"PeriodicalIF":1.4,"publicationDate":"2026-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148160795","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
Shaken Politics: The Electoral Outcomes of Disasters and Social Capital 动摇的政治：灾难和社会资本的选举结果
IF 1.4 4区 经济学
Economics & Politics Pub Date : 2026-06-04 Epub Date: 2026-01-26 DOI: 10.1111/ecpo.70036
Giovanni Gualtieri, Marcella Nicolini, Fabio Sabatini, Marco Ventura
{"title":"Shaken Politics: The Electoral Outcomes of Disasters and Social Capital","authors":"Giovanni Gualtieri,&nbsp;Marcella Nicolini,&nbsp;Fabio Sabatini,&nbsp;Marco Ventura","doi":"10.1111/ecpo.70036","DOIUrl":"https://doi.org/10.1111/ecpo.70036","url":null,"abstract":"<div>\u0000 \u0000 <p>We study the electoral repercussions of the L'Aquila earthquake in 2009, one of Italy's most catastrophic post-WWII seismic events. We construct a unique municipality-level dataset, combining high-resolution data on the ground acceleration recorded during the earthquake with European election results and social capital metrics. Our findings indicate that the intensity of the shock positively influenced support for the incumbent national government but provided no electoral advantage to local incumbents. Analyzing potential transmission mechanisms, we find that relief measures did not automatically translate into political rewards. Instead, turnout dynamics and what we term emergency social capital—the density of civic organizations involved in social assistance, volunteering, and disaster management—played a pivotal role in shaping post-disaster electoral outcomes. In left-leaning municipalities, greater exposure to the shock was associated with both a decline in turnout and an improved performance of the incumbent government. Moreover, the incumbent's electoral gains increased with the ground acceleration only in municipalities with low emergency social capital, where citizens relied primarily on political institutions for assistance. Individual-level evidence from survey data further supports our findings. Nonetheless, the impact of the earthquake was not enduring. In the subsequent elections, the incumbent government experienced a decline in support in the very municipalities where it had initially gained favor following the disaster. Overall, our evidence paints a picture of disillusionment with the incumbent's response and promises.</p>\u0000 </div>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"38 2","pages":"487-517"},"PeriodicalIF":1.4,"publicationDate":"2026-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148160674","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
Partial Verifiability Induced Contests and Inefficient Policy-Making 部分可验证性导致了竞争和低效的决策
IF 1.4 4区 经济学
Economics & Politics Pub Date : 2026-06-04 Epub Date: 2026-01-13 DOI: 10.1111/ecpo.70031
Octavian Strîmbu
{"title":"Partial Verifiability Induced Contests and Inefficient Policy-Making","authors":"Octavian Strîmbu","doi":"10.1111/ecpo.70031","DOIUrl":"https://doi.org/10.1111/ecpo.70031","url":null,"abstract":"<div>\u0000 \u0000 <p>First-price menu auctions (i.e., common agency) and all-pay auctions are two of the main tools used to formalize and understand political behavior. In this paper, I propose a common agency model in which the interest groups are only able to partially verify and condition the transfers. This model turns out to be a form of all-pay contest, since the interest groups play using mixed strategies. Surprisingly, an interest group equipped with better verification technology may actually bid less. Since the probability of winning is not always monotonic with respect to a verification technology, social welfare may decrease even as verification technologies improve. I argue that this is due both to the official's incentive constraint and to the flexibility of the interest groups' incentive schemes.</p>\u0000 </div>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"38 2","pages":"438-445"},"PeriodicalIF":1.4,"publicationDate":"2026-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148160741","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 Long-Term Local Government Debt Destabilize Corporate Stock Prices? Empirical Evidence From China 地方政府长期债务会影响公司股价吗？来自中国的经验证据
IF 1.4 4区 经济学
Economics & Politics Pub Date : 2026-06-04 Epub Date: 2026-03-01 DOI: 10.1111/ecpo.70041
Wanting Zhang, Ning Ding, Shidi Dong, Hong Yue
{"title":"Does Long-Term Local Government Debt Destabilize Corporate Stock Prices? Empirical Evidence From China","authors":"Wanting Zhang,&nbsp;Ning Ding,&nbsp;Shidi Dong,&nbsp;Hong Yue","doi":"10.1111/ecpo.70041","DOIUrl":"https://doi.org/10.1111/ecpo.70041","url":null,"abstract":"<div>\u0000 \u0000 <p>The paper investigates how the maturity structure of local government debt influences corporate financial stability. Using a matched panel data set of Chinese A-share listed firms between 2009 and 2023, we document that a shift toward longer public debt maturity substantially raises corporate stock price crash risk. This effect operates through three channels that induce corporate maturity mismatch, lower investment efficiency, and increase default risk. We further show that structural monetary policy can mitigate the adverse consequences, while debt issuance intensity exhibits a nonlinear threshold. These findings identify a significant microtransmission mechanism through which local government debt maturity decisions amplify financial fragility.</p>\u0000 </div>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"38 2","pages":"575-597"},"PeriodicalIF":1.4,"publicationDate":"2026-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148160637","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 the Quota of Judges Reform Enhances Corporate Information Transparency: Evidence From China's Listed Firms 法官配额改革如何提高公司信息透明度：来自中国上市公司的证据
IF 1.4 4区 经济学
Economics & Politics Pub Date : 2026-06-04 Epub Date: 2026-01-11 DOI: 10.1111/ecpo.70030
Zhenkun Su, Jingbo Ning
{"title":"How the Quota of Judges Reform Enhances Corporate Information Transparency: Evidence From China's Listed Firms","authors":"Zhenkun Su,&nbsp;Jingbo Ning","doi":"10.1111/ecpo.70030","DOIUrl":"https://doi.org/10.1111/ecpo.70030","url":null,"abstract":"<div>\u0000 \u0000 <p>Exploiting the quasi-natural experiment of China's Quota of Judges Reform, we find that enhanced judicial quality and independence significantly improve corporate information transparency. Using panel data from Shanghai and Shenzhen A-share listed companies from 2011 to 2022 and employing a multi-period difference-in-differences approach, we document that the quota of judges reform increases corporate transparency by approximately 2.05 percentage points. This conclusion remains robust after a series of endogeneity and robustness tests. The improvement is driven by three key mechanisms: enriching judicial knowledge quantity, improving judicial knowledge quality, and enhancing judicial knowledge authority, all of which strengthen the credibility and enforceability of information disclosure regulations. The impact is more pronounced for firms that are non-state-owned, have low litigation risk, face high financing constraints, and exhibit high ownership concentration. This research enriches the discourse on judicial institutions and corporate behavior by demonstrating the pathways through which legal reforms enhance information transparency and market quality in emerging economies.</p>\u0000 </div>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"38 2","pages":"420-437"},"PeriodicalIF":1.4,"publicationDate":"2026-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148160666","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
Voting in Ruins: Examining the Effect of a Tornado on Voting Behavior Toward Coalition Government Parties 废墟中的投票：考察龙卷风对联合政府政党投票行为的影响
IF 1.4 4区 经济学
Economics & Politics Pub Date : 2026-06-04 Epub Date: 2026-01-13 DOI: 10.1111/ecpo.70032
Jakub Jusko, Peter Spáč
{"title":"Voting in Ruins: Examining the Effect of a Tornado on Voting Behavior Toward Coalition Government Parties","authors":"Jakub Jusko,&nbsp;Peter Spáč","doi":"10.1111/ecpo.70032","DOIUrl":"https://doi.org/10.1111/ecpo.70032","url":null,"abstract":"<p>The electoral effects of natural disasters have gained increasing importance in recent research. This paper analyzes the impact of an unprecedentedly strong tornado on the electoral results of coalition government parties in the 2021 Czech general election. We find a positive effect on support for the main governing party, ANO, which played a leading role in the disaster relief program. However, the smaller incumbent party, ČSSD, which had less involvement in relief policies, did not experience a similar electoral advantage. Our study suggests that the electoral impact of disasters varies among coalition parties.</p>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"38 2","pages":"446-459"},"PeriodicalIF":1.4,"publicationDate":"2026-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecpo.70032","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148160742","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 Does Temporary Labor Migration Affect Voting Behavior and Political Polarization? Evidence From the USA 临时劳动力迁移如何影响投票行为和政治两极分化？来自美国的证据
IF 1.4 4区 经济学
Economics & Politics Pub Date : 2026-06-04 Epub Date: 2026-01-28 DOI: 10.1111/ecpo.70038
Dariia Mykhailyshyna
{"title":"How Does Temporary Labor Migration Affect Voting Behavior and Political Polarization? Evidence From the USA","authors":"Dariia Mykhailyshyna","doi":"10.1111/ecpo.70038","DOIUrl":"https://doi.org/10.1111/ecpo.70038","url":null,"abstract":"<div>\u0000 \u0000 <p>In this article, I examine how temporary labor migration affects political outcomes using microdata on H2A and H2B temporary work visas. I construct a Bartik-type instrument for the number of temporary labor migrants in each county and merge this data with election results and measures of political polarization. My results suggest that temporary labor migration decreases the vote share of anti-immigration parties and far-right political polarization while increasing far-left polarization. This study contributes to the literature by demonstrating that temporary migration affects political outcomes differently from previously studied migration types.</p>\u0000 </div>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"38 2","pages":"518-541"},"PeriodicalIF":1.4,"publicationDate":"2026-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148160771","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 the Popularity of the Incumbent Mayor Matter for Investment Activity? Evidence From Polish Municipalities 现任市长的人气对投资活动有影响吗？来自波兰市政当局的证据
IF 1.4 4区 经济学
Economics & Politics Pub Date : 2026-06-04 Epub Date: 2025-12-21 DOI: 10.1111/ecpo.70027
Monika Banaszewska
{"title":"Does the Popularity of the Incumbent Mayor Matter for Investment Activity? Evidence From Polish Municipalities","authors":"Monika Banaszewska","doi":"10.1111/ecpo.70027","DOIUrl":"https://doi.org/10.1111/ecpo.70027","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper investigates whether the intensity of the political budget cycle in investment expenditures depends on the incumbent mayor's popularity in the preceding elections. Using a panel of 2479 Polish municipalities over the period 2004–2020 and data from six municipal elections, the analysis employs fixed-effects estimations to identify the relationship between electoral incentives and budget behavior. The results show that increases in overall investment expenditures during pre-election and election years are negatively associated with the incumbent mayor's previous vote share. This effect also holds for specific categories of investment expenditures, particularly transport and communication as well as public utilities. The findings are robust across a range of sensitivity checks and suggest that incumbents with weaker prior electoral mandates engage more actively in pre-electoral investment cycles.</p>\u0000 </div>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"38 2","pages":"357-377"},"PeriodicalIF":1.4,"publicationDate":"2026-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148160809","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
Technology Sanctions and Firm R&D: Evidence From the U.S.–China Trade Dispute 技术制裁与企业研发：来自中美贸易争端的证据
IF 1.4 4区 经济学
Economics & Politics Pub Date : 2026-06-04 Epub Date: 2026-01-10 DOI: 10.1111/ecpo.70033
Kazunobu Hayakawa, Chih-Hai Yang
{"title":"Technology Sanctions and Firm R&D: Evidence From the U.S.–China Trade Dispute","authors":"Kazunobu Hayakawa,&nbsp;Chih-Hai Yang","doi":"10.1111/ecpo.70033","DOIUrl":"https://doi.org/10.1111/ecpo.70033","url":null,"abstract":"<div>\u0000 \u0000 <p>The United States has implemented export control regulations targeting China. Specifically, it has included numerous Chinese companies on the Entity List, which is a list of parties of concern. Exporters of regulated items or technologies to these listed firms must obtain permission from the U.S. government. This study investigated how this technology sanction hinders the R&amp;D activities of sanctioned Chinese firms. Specifically, we applied the matching method to firm-level data from 2015 to 2022. Our findings indicated that technology sanctions did not increase R&amp;D investment and R&amp;D intensity despite the decline in the total assets of sanctioned firms. When we separated the listed firms by license review policy (i.e., strictness of license review), we again observed insignificant effects on R&amp;D investment in both categories of sanctioned firms. Notably, less strictly sanctioned firms accumulated more inventories, whereas more strictly sanctioned firms received increased financial support from the government in response to the technology sanctions.</p>\u0000 </div>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"38 2","pages":"406-419"},"PeriodicalIF":1.4,"publicationDate":"2026-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148160630","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 Credit and ESG Performance in Construction Enterprises 建筑企业绿色信贷与ESG绩效
IF 1.4 4区 经济学
Economics & Politics Pub Date : 2026-06-04 Epub Date: 2026-01-16 DOI: 10.1111/ecpo.70034
Yongmin Zhang, Keyu Chen, Yingxue Zhao, Wenjun Tu
{"title":"Green Credit and ESG Performance in Construction Enterprises","authors":"Yongmin Zhang,&nbsp;Keyu Chen,&nbsp;Yingxue Zhao,&nbsp;Wenjun Tu","doi":"10.1111/ecpo.70034","DOIUrl":"https://doi.org/10.1111/ecpo.70034","url":null,"abstract":"<div>\u0000 \u0000 <p>Against the backdrop of escalating global environmental challenges, green finance has gained prominence as a critical instrument for advancing sustainability. This study investigates the impact and mechanisms of green credit policies on the environmental, social, and governance (ESG) performance of construction companies. Using a sample of Chinese A-share listed firms from 2009 to 2023 and employing a Propensity Score Matching–Difference-in-Differences approach, the findings reveal that green credit significantly enhances the overall ESG scores of construction enterprises, primarily through green technology innovation and charitable activities. Heterogeneity analysis indicates that the policy effect is stronger in civil engineering and building construction, but limited in decoration and installation sectors. Firms in eastern China respond more strongly than those in central and western regions. The study recommends that enterprises optimize green innovation and social responsibility investments, while policymakers should strengthen regional coordination and adopt sector-specific incentive measures.</p>\u0000 </div>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"38 2","pages":"460-472"},"PeriodicalIF":1.4,"publicationDate":"2026-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148160821","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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