International Journal of Finance & Economics最新文献

Revisiting the Nexus Between Trade Liberalisation and Income Inequality: The Case of Sub-Saharan African Countries 重新审视贸易自由化与收入不平等之间的关系：以撒哈拉以南非洲国家为例

IF 3.7 3区经济学

International Journal of Finance & Economics Pub Date : 2026-10-07 Epub Date: 2026-02-01 DOI: 10.1002/ijfe.70164

Guivis Zeufack Nkemgha, Le Roi Nso Fils, Ulrich Kevin Kamwa

引用次数: 0

Diversifying Environmental, Social and Governance Portfolios: Evidence From China 环境、社会和治理组合多元化：来自中国的证据

IF 3.7 3区经济学

International Journal of Finance & Economics Pub Date : 2026-10-07 Epub Date: 2026-01-08 DOI: 10.1002/ijfe.70143

Danyang Li, Yating Li, Charalampos Stasinakis, Yang Zhao

{"title":"Diversifying Environmental, Social and Governance Portfolios: Evidence From China","authors":"Danyang Li, Yating Li, Charalampos Stasinakis, Yang Zhao","doi":"10.1002/ijfe.70143","DOIUrl":"https://doi.org/10.1002/ijfe.70143","url":null,"abstract":"<p>This study extends traditional portfolio optimization methods by incorporating Environmental, Social and Governance (ESG) performance measures into diversification strategies, specifically focusing on data from the Chinese stock market. By integrating ESG scores and their constituent components (E, S and G), the study examines portfolio performance under various diversification techniques, including mean-conditional Value at Risk (CVaR), mean-lower partial moment (downside risk) and mean-upper partial moment (upside risk) strategies, as well as hybrid approaches that employ the Herfindahl–Hirschman (HH) index and the most diversified portfolio (MDP) approach. The findings indicate that, in general, portfolios with higher ESG constraints—especially during periods of market turmoil such as the COVID-19 pandemic and the Russia–Ukraine conflict—tend to achieve superior average performance relative to benchmark portfolios. This suggests that equities with stronger ESG performance demonstrate greater resilience during extreme market events. Among the strategies analysed, the mean-lower partial moment approach consistently outperformed others, highlighting the importance of managing downside risk when integrating ESG metrics into portfolio construction. Additionally, portfolios prioritising the social (S) component performed worse compared to those focusing on environmental (E) or governance (G) factors during examined periods. These results highlight the critical role of ESG integration in enhancing portfolio resilience and align with global sustainability trends.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 4","pages":"4433-4462"},"PeriodicalIF":3.7,"publicationDate":"2026-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.70143","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100214","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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

Brexit and Its Impact on EU Financial Markets 英国脱欧及其对欧盟金融市场的影响

IF 3.7 3区经济学

International Journal of Finance & Economics Pub Date : 2026-10-07 Epub Date: 2026-01-14 DOI: 10.1002/ijfe.70149

Marwan Izzeldin, Gulnur Muradoglu, Vasileios Pappas, Sheeja Sivaprasad

引用次数: 0

How Does Vulnerability Framing by Microfinance Institutions Leverage Funding Success in Crowdfunding? 小额信贷机构的脆弱性框架如何在众筹中撬动融资成功？

IF 3.7 3区经济学

International Journal of Finance & Economics Pub Date : 2026-10-07 Epub Date: 2026-02-04 DOI: 10.1002/ijfe.70167

Ana Paula Matias Gama, Ricardo Emanuel-Correia, Fábio Duarte, Mário Augusto

{"title":"How Does Vulnerability Framing by Microfinance Institutions Leverage Funding Success in Crowdfunding?","authors":"Ana Paula Matias Gama, Ricardo Emanuel-Correia, Fábio Duarte, Mário Augusto","doi":"10.1002/ijfe.70167","DOIUrl":"https://doi.org/10.1002/ijfe.70167","url":null,"abstract":"<p>This study draws on framing theory to investigate how microfinance institutions (MFIs) strategically construct a vulnerability-oriented organisational identity and how this framing influences their funding decisions during the pre-campaign phase of prosocial crowdfunding. Using a unique dataset of 334,852 microloans issued by 140 MFIs across 59 countries on the Kiva platform, we distinguish between MFIs exclusively listed on Kiva and those also featured on Mix Market. Our findings reveal a pronounced funding bias among MFIs that do not emphasise vulnerability in their framing. In contrast, MFIs that adopt a prognostic vulnerability frame tend to reverse this bias—particularly those solely reliant on Kiva. While both types of MFIs demonstrate some capacity to mitigate funding inequality, the effect is significantly more pronounced among those exclusively listed on Kiva. Our results also point to a potential mission drift, possibly incentivised by Kiva's vulnerability badge system, which may reward financial stability over genuine outreach to vulnerable borrowers. Overall, the findings underscore the central role of institutional framing in shaping MFIs' funding strategies and access to capital for marginalised entrepreneurs in the pre-campaign phase.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 4","pages":"4816-4840"},"PeriodicalIF":3.7,"publicationDate":"2026-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.70167","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149099573","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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

Artificial Intelligence and New Quality Productive Forces 人工智能与新型优质生产力

IF 3.7 3区经济学

International Journal of Finance & Economics Pub Date : 2026-10-07 Epub Date: 2026-01-18 DOI: 10.1002/ijfe.70152

Haowen Tian, Hui Huang, Wei Guan, Donghao Zhu

引用次数: 0

The Power of Cognition: Has Executive Environmental Cognition Promoted Corporate Environmental Information Disclosure? 认知的力量：高管环境认知是否促进了企业环境信息披露？

IF 3.7 3区经济学

International Journal of Finance & Economics Pub Date : 2026-10-07 Epub Date: 2026-01-15 DOI: 10.1002/ijfe.70151

Meng Sun, Jianxin Lin

{"title":"The Power of Cognition: Has Executive Environmental Cognition Promoted Corporate Environmental Information Disclosure?","authors":"Meng Sun, Jianxin Lin","doi":"10.1002/ijfe.70151","DOIUrl":"https://doi.org/10.1002/ijfe.70151","url":null,"abstract":"<div>\u0000 \u0000 <p>Most existing studies focus on government regulation when analysing corporate environmental information disclosure (EID), paying little attention to micro-level drivers such as executive cognition. We use data from A-share listed companies in China and apply a two-way fixed effects model with an instrumental variable approach (2SLS) to test how executive environmental cognition (EEC) affects EID quality. We find that EEC improves disclosure quality, mainly because it encourages firms to engage in practical green innovation. However, when the public or the government shows strong environmental concern, the influence of EEC is weakened. The effect is also stronger in non-state-owned firms, companies whose leaders have no environmental background, and those in less polluting industries. Additionally, aligning EEC with corporate disclosure boosts firms' ESG performance. We contribute to the literature by highlighting the role of EEC as a supplement to formal regulation, showing how public and government attention can substitute for executive cognition, and explaining how such cognition can promote ESG performance through disclosure.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 4","pages":"4558-4574"},"PeriodicalIF":3.7,"publicationDate":"2026-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100193","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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

Transforming Cities With Digital Governance: Insights and Innovations From China's Urban Landscape 以数字治理转型城市：来自中国城市景观的见解与创新

IF 3.7 3区经济学

International Journal of Finance & Economics Pub Date : 2026-10-07 Epub Date: 2026-01-20 DOI: 10.1002/ijfe.70150

Xinyi Du, Xian Zheng, Kangqi Jiang

{"title":"Transforming Cities With Digital Governance: Insights and Innovations From China's Urban Landscape","authors":"Xinyi Du, Xian Zheng, Kangqi Jiang","doi":"10.1002/ijfe.70150","DOIUrl":"https://doi.org/10.1002/ijfe.70150","url":null,"abstract":"<div>\u0000 \u0000 <p>This study develops a novel city-level metric for assessing digital government in China by applying an LSTM + RobotaBERT text classification model to local government procurement contracts. We investigate the impact of digital government on urban innovation, validating our metric against official digital development indices. Our analysis reveals a significant positive effect of digital government on the quantity of urban innovation, a finding that is robust to a comprehensive set of endogeneity checks. We then unpack the mechanisms, showing that this effect operates through two complementary channels: the direct reduction of firm-level transaction costs and the broader improvement of the business environment. Crucially, our research demonstrates that the benefits of digital government are not unconditional; its positive impact on innovation is significantly stronger in cities with key enabling conditions, namely higher levels of human capital, financial development, and external cooperation. Furthermore, we find that digital government's influence extends beyond mere quantity to significantly enhance innovation quality, fostering more high-cited, high-knowledge-width, and core technology patents. This work advances the understanding of digital government's role from a simple tool for efficiency to a powerful, context-dependent catalyst for high-quality urban innovation, providing nuanced insights for future policy.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 4","pages":"4536-4557"},"PeriodicalIF":3.7,"publicationDate":"2026-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100570","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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 Credit-Driven Business Cycles in South Korea: How Important Is the Credit Supply Channel? 信贷驱动的韩国经济周期：信贷供应渠道有多重要？

IF 3.7 3区经济学

International Journal of Finance & Economics Pub Date : 2026-10-07 Epub Date: 2026-01-12 DOI: 10.1002/ijfe.70144

Nam Gang Lee, Seungho Nah

引用次数: 0

Corporate Social Responsibility, Resource Curse and Crash Risk: New Evidence From International Stock Markets 企业社会责任、资源诅咒与崩溃风险：来自国际股票市场的新证据

IF 3.7 3区经济学

International Journal of Finance & Economics Pub Date : 2026-10-07 Epub Date: 2026-01-30 DOI: 10.1002/ijfe.70163

Shi Teng, Yu-En Lin, Siyang Wang

引用次数: 0

Returnee Directors and Related Party Transactions 海归董事及关联方交易

IF 3.7 3区经济学

International Journal of Finance & Economics Pub Date : 2026-10-07 Epub Date: 2026-02-06 DOI: 10.1002/ijfe.70158

Muhammad Abubakkar Siddique, Fangjun Wang, Alaa Mansour Zalata, Daniel Gyimah, Muhammad Usman

{"title":"Returnee Directors and Related Party Transactions","authors":"Muhammad Abubakkar Siddique, Fangjun Wang, Alaa Mansour Zalata, Daniel Gyimah, Muhammad Usman","doi":"10.1002/ijfe.70158","DOIUrl":"https://doi.org/10.1002/ijfe.70158","url":null,"abstract":"<div>\u0000 \u0000 <p>In this study, we investigate whether returnee directors (Chinese nationals with foreign experience serving as directors) mitigate opportunistic related party transactions (RPTs), a relatively under-investigated area of research. Using a large dataset of Chinese listed firms, we find that firms with returnee directors are significantly less likely to engage in RPTs (especially abnormal RPTs); this is because returnee directors' international experience and relative independence enable them to serve as effective monitors. This effect is more pronounced in non-state-owned firms and those with weak internal governance. Notably, we find that RPTs in firms with returnee directors are associated with improved firm performance. This suggests that returnee directors, while curbing opportunistic RPTs, may facilitate efficient RPTs that enhance firm value. Furthermore, our analysis reveals that independent returnee directors exert a more significant influence in constraining RPTs compared to executive returnee directors. Our findings remain consistent after a battery of robustness tests.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 4","pages":"4625-4650"},"PeriodicalIF":3.7,"publicationDate":"2026-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149099730","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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