International Journal of Finance & Economics最新文献_第10页

Pilot Free Trade Zone and Biodiversity: Evidence From Birding Records in China 自由贸易试验区与生物多样性：来自中国观鸟记录的证据

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-03-24 DOI: 10.1002/ijfe.3151

Zhao Liu, Yuxiu Yao, Yuping Shang, Lingqian Kong, Kai Xu

{"title":"Pilot Free Trade Zone and Biodiversity: Evidence From Birding Records in China","authors":"Zhao Liu, Yuxiu Yao, Yuping Shang, Lingqian Kong, Kai Xu","doi":"10.1002/ijfe.3151","DOIUrl":"https://doi.org/10.1002/ijfe.3151","url":null,"abstract":"<div>\u0000 \u0000 <p>Biodiversity is the foundation for human survival and development. Based on birdwatching data, this paper describes bird species richness of Chinese regions. Furthermore, this paper empirically examines the relationship between the China pilot free trade zone (PFTZ) and biodiversity. The results show that the establishment of PFTZs promoted the protection of biodiversity. The effects of PFTZ on biodiversity are heterogeneous, and there are significant differences in the richness promotion effect of different bird orders. The establishment of the PFTZs has enhanced the bird species richness in the pilot zone by promoting the reduction of industrial pollution, promoting the construction of urban environmental infrastructure, increasing the urban green area and enhancing public awareness of environmental protection. The PFTZ does not have a radiation effect on the surrounding areas. This study provides an important basis for understanding the environmental effects of trade and policy references for the government to formulate policies to promote the coordinated development of opening up and ecological environmental protection.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 1","pages":"425-437"},"PeriodicalIF":2.8,"publicationDate":"2025-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146002580","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

Board Monitoring, Shareholders' Rights, and CSR Strategy: Firm Value and Risk Implications 董事会监督、股东权利与企业社会责任战略：企业价值与风险含义

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-03-23 DOI: 10.1002/ijfe.3152

Ali Uyar, Rizwan Ali, Ramiz Ur Rehman, Cemil Kuzey, Abdullah S. Karaman

{"title":"Board Monitoring, Shareholders' Rights, and CSR Strategy: Firm Value and Risk Implications","authors":"Ali Uyar, Rizwan Ali, Ramiz Ur Rehman, Cemil Kuzey, Abdullah S. Karaman","doi":"10.1002/ijfe.3152","DOIUrl":"https://doi.org/10.1002/ijfe.3152","url":null,"abstract":"<p>In this study, we first examine the quadratic relationships between the three dimensions of the governance pillar of ESG (board monitoring, shareholders' rights, and CSR strategy) and firm value. Second, we investigate the relationship between these three governance pillar components and firm risk. Third, we examine the moderating effect of board monitoring on the relationship between shareholders' rights, CSR strategy dimensions, and firm value. We utilise cross-country data based on 44,996 observations between 2004 and 2019 and executive country, industry, and year fixed-effect regression analysis. The results confirm that board monitoring, shareholders' rights, and CSR strategy have a U-shaped association with firm value; they decrease firm value up to a threshold after which they increase it. Furthermore, while board monitoring and CSR strategies alleviate firm risk, shareholders' rights do not mitigate it. Similarly, board monitoring positively moderates the relationship between CSR strategy and firm value, but it does not moderate the relationship between shareholders' rights and firm value. These results are robust to alternative tests and endogeneity concerns. However, further tests indicate that some results vary across Anglo-Saxon versus non-Anglo-Saxon countries, as well as between 2004–2011 and 2012–2019. Thus, we suggest implications accordingly by differentiating the samples and periods, as well as from a holistic view.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 1","pages":"438-472"},"PeriodicalIF":2.8,"publicationDate":"2025-03-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146002114","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

Investigating the Role of Natural Resource Depletion and Consumption Expenditures in Escalating Carbon Inequality 研究自然资源枯竭和消费支出在碳不平等加剧中的作用

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-03-19 DOI: 10.1002/ijfe.3145

LinBai Li, WeiLing Liu, Samia Khalid, Hamid Mahmood

{"title":"Investigating the Role of Natural Resource Depletion and Consumption Expenditures in Escalating Carbon Inequality","authors":"LinBai Li, WeiLing Liu, Samia Khalid, Hamid Mahmood","doi":"10.1002/ijfe.3145","DOIUrl":"https://doi.org/10.1002/ijfe.3145","url":null,"abstract":"<div>\u0000 \u0000 <p>Carbon inequality has become a significant challenge for sustainable natural resource management and global environmental sustainability. This study aims to explore the impact of natural resource depletion on carbon inequality, using data spanning from 1990 to 2020 for both developed and developing countries. The study employs sophisticated econometric methods for empirical analysis, such as second-generation cointegration techniques, AMG, CS-ARDL, the quantile regression method, and the Dumitrescu and Hurlin causality test. The findings reveal that natural resource depletion and consumption expenditures increase carbon inequality in the overall sample of countries. However, in a separate sample, natural resource depletion and consumption expenditures increase carbon inequality in developing countries, while they have a decreasing impact in developed countries. In addition, globalization and population growth emerge as significant contributors to carbon inequality in all three groups. In the quantile regression analysis, the results are the same at both the lower and higher quantiles in all three groups, except for natural resource depletion at the upper quantile. The causality analysis also supports the econometric findings. Based on these results, policy recommendations are proposed for both developing and developed countries. These include encouraging sustainable resource management, renewable energy infrastructure, sustainable consumption, environmental considerations in economic policymaking, technology transfer, and sustainable urbanization. These proposals may reduce carbon disparity, promote sustainable growth, and create a ecologically sustainable future.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 1","pages":"335-349"},"PeriodicalIF":2.8,"publicationDate":"2025-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146002350","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 Effects of Top Management Team R&D Functional Background on Corporate Social Responsibility: Detrimental or Beneficial in Family Firms? 家族企业高层管理团队研发职能背景对企业社会责任的影响：不利还是有利？

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-03-19 DOI: 10.1002/ijfe.3149

Yi-Shuai Ren, Najoua Elommal, Xiaolin Kong, Xukang Liu

引用次数: 0

External Debt Sustainability and Institutions: A Model-Based Approach 外债可持续性与制度：基于模型的方法

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-03-19 DOI: 10.1002/ijfe.3153

Nachiket Thakkar, A. K. M. Mahbub Morshed

引用次数: 0

The Role of Uncertainty, Regulatory and Economic Environment and Quantitative Tightening in Banks’ Performance 不确定性、监管和经济环境以及量化紧缩对银行绩效的作用

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-03-17 DOI: 10.1002/ijfe.3128

Asma Nasim, Gareth Downing, Muhammad Ali Nasir

{"title":"The Role of Uncertainty, Regulatory and Economic Environment and Quantitative Tightening in Banks’ Performance","authors":"Asma Nasim, Gareth Downing, Muhammad Ali Nasir","doi":"10.1002/ijfe.3128","DOIUrl":"https://doi.org/10.1002/ijfe.3128","url":null,"abstract":"<p>This study analyses the implications of uncertainty, the regulatory and economic environment, and the monetary policy regime for bank performance. Employing multiple indicators of bank performance and underlying explanatory factors, we used a novel set of empirical approaches including Fixed Effects, Random Effects, Panel Fully Modified Least Squares (FMOLS), Panel Dynamic Least Squares (DOLS), and the Generalised Method of Moments (GMM). Considering the data of both developed (G7) and emerging (E7) economies from 2001 to 2020, our results reveal that uncertainty, leverage, capital adequacy, monetary policy, economic growth, inflation and the exchange rate have significant implications for various aspects of bank performance. We also find significant differences between the developed and developing economies' banking sector performance. In the context of uncertainty, the findings have vital implications for the banking sector in emerging and advanced economies, monetary and prudential policymakers, and stakeholders of financial stability.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 1","pages":"46-69"},"PeriodicalIF":2.8,"publicationDate":"2025-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.3128","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146007729","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

Green Credit Policy and Environmental Outcomes in China: The Critical Role of Local Banks in Pollution Reduction and Innovation 中国绿色信贷政策与环境成果：地方银行在污染减排和创新中的关键作用

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-03-16 DOI: 10.1002/ijfe.3150

Jiaqi Li, Ja Ryong Kim, Emmanuel Adegbite

引用次数: 0

The Governance Role of Independent Directors' Cash Compensation in Suspect Firms? Evidence From Real Earnings Management 可疑公司独立董事现金报酬的治理作用？来自真实盈余管理的证据

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-03-13 DOI: 10.1002/ijfe.3137

Radwan Alkebsee, Ammar Ali Gull, Abdul Ghafoor

{"title":"The Governance Role of Independent Directors' Cash Compensation in Suspect Firms? Evidence From Real Earnings Management","authors":"Radwan Alkebsee, Ammar Ali Gull, Abdul Ghafoor","doi":"10.1002/ijfe.3137","DOIUrl":"https://doi.org/10.1002/ijfe.3137","url":null,"abstract":"<p>This study examines the relationship between independent directors' cash compensation and real earnings management. Using the data of Chinese suspect firms over the period 2009–2023, we show that independent directors' cash compensation helps suspect firms reduce the magnitude of real earnings management, suggesting that cash-based compensation to independent directors enhances board independence and the effectiveness of its monitoring role over real earnings management. Further analysis shows that this relationship is significantly influenced by the ownership structure. Specifically, we find that non-state and foreign ownership strengthen the negative association between independent directors' cash compensation and real earnings management, implying that these investors enhance the governance role of independent directors' cash compensation in monitoring the opportunistic behaviour of managers. Our main findings are robust to alternate proxies of earnings management, sample composition, and endogeneity concerns using several econometric techniques. The study contributes to the related literature by providing empirical evidence on the association between non-equity compensation for independent directors and real earnings management in suspect firms. Our study also offers significant implications for international investors, firms, and regulators, especially after the inclusion of Chinese stocks in the MSCI indices.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 1","pages":"241-269"},"PeriodicalIF":2.8,"publicationDate":"2025-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146002155","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 Nonlinear and Spatial Effects of Digital Economy on Regional Green Development Efficiency: Empirical Evidence From 30 Provinces in China 数字经济对区域绿色发展效率的非线性空间效应——来自中国30个省份的经验证据

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-03-12 DOI: 10.1002/ijfe.3146

Qiong Zheng, Yingjuan Su, Changshuai Cao

{"title":"The Nonlinear and Spatial Effects of Digital Economy on Regional Green Development Efficiency: Empirical Evidence From 30 Provinces in China","authors":"Qiong Zheng, Yingjuan Su, Changshuai Cao","doi":"10.1002/ijfe.3146","DOIUrl":"https://doi.org/10.1002/ijfe.3146","url":null,"abstract":"<div>\u0000 \u0000 <p>Digital economy (DE), driven by digital technology, enhances digitalisation, networking and intelligence of the economy and society by integrating it with the real economy. Based on network effects theory, this study examines how DE empowers regional green development efficiency (GDE) and explores its mediating role in addressing the contradiction between environmental protection and economic development. Using data from 30 provinces in China from 2008 to 2021, this study empirically examines the impact of DE on regional GDE from multiple perspectives. This study finds that (1) DE directly promotes the regional GDE and produces positive spatial spillover effects. All four dimensions of the DE can enhance the regional GDE. The driving effect size is in the order of digital technology (DT) > digital foundation (DF) > digital platform (DP) > digital inclusive finance (DIF); (2) A ‘U’-shaped relationship exists between the DE and regional GDE, initially inhibiting efficiency but actively promoting it once a threshold of approximately 51% is exceeded; (3) The mechanism test shows that the DE effectively improves regional GDE by advancing regional green technology; and (4) The test based on regional heterogeneity shows that the impact of the DE on regional GDE differs significantly based on regional income disparities. These results provide strong theoretical support for DE in sustainably empowering regional green development in China. To enhance DE's impact on GDE, the central government should promote spatial policy interconnection, while local governments tailor strategies to their development needs for effective structural and efficiency transformation.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 1","pages":"350-367"},"PeriodicalIF":2.8,"publicationDate":"2025-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146016355","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

CAPM and Skewness Pricing Under Probability Weighting: Based on the Generalised Wang Transform 概率加权下CAPM与偏度定价：基于广义Wang变换

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-03-12 DOI: 10.1002/ijfe.3148

Jianchun Sun, Lunyi Wang, Yanyi Wang, Shunming Zhang

引用次数: 0