International Journal of Finance & Economics最新文献

{"title":"Do Internet-Driven Trade Shocks Moderate the Exchange Rate Pass-Through to Inflation?","authors":"Joanna Darwiche,&nbsp;Nicole Ballouz Baker","doi":"10.1002/ijfe.70146","DOIUrl":"https://doi.org/10.1002/ijfe.70146","url":null,"abstract":"<p>This study examines the existence of an internet globalisation intensifying impact on the size of the exchange rate pass-through (ERPT) to inflation, which conditions the response of central banks' policy rates. Expanding on the traditional determinants of ERPT, we incorporate technology-induced trade shocks linked to internet adoption to engage in the long-lasting debate on the effectiveness of monetary policy in a changing global environment. Using a fixed-effects moderated moderation model, we examine the joint impact of internet penetration, imports of goods and services, and the real effective exchange rate index on the marginal effect of inflation on policy interest rates. Using the Taylor rule as a benchmark, we conduct an empirical analysis on a panel of 15 inflation-targeting emerging economies over the period 2000–2020. The interaction effects among variables indicate: (1) the negative effect of exchange rate depreciation on inflation is amplified in economies with higher import shares; and (2) greater internet usage further intensifies this amplification. A central finding of this study suggests that internet-driven globalisation moderates the sensitivity of interest rates to inflation via its influence on the ERPT mechanism. This highlights the importance for policymakers to consider evolving global technological dynamics in the formulation of effective monetary policy.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 4","pages":"4496-4509"},"PeriodicalIF":3.7,"publicationDate":"2026-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.70146","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100150","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}

{"title":"The Shielding Effect of Foreign Managers: Evidence From Chinese Listed Companies During the U.S.-China Trade War","authors":"Bo Pu,&nbsp;Tong Qi,&nbsp;Jiezhou Ying","doi":"10.1002/ijfe.70162","DOIUrl":"https://doi.org/10.1002/ijfe.70162","url":null,"abstract":"<div>\u0000 \u0000 <p>This study applies a difference-in-differences approach to evaluate the impact of managers' foreign experience on the long-term performance of firms during the U.S.-China trade war. Empirical evidence indicates that Chinese publicly listed firms with American managers outperform their counterparts. They exhibit higher total assets, investment, and operational efficiency after the trade war. This pattern is not observed among managers from other countries. Further investigation reveals that firms affected by U.S. policy, including those in high-tech sectors and state-owned enterprises, do not gain advantages from the presence of American managers. The baseline effects differ among firms based on their varying degrees of foreign exposure. The effects increase when firms undertake exports and direct investment in the United States and have larger foreign shareholdings. Moreover, our findings indicate that American managers maintain relationships with U.S. customers after the trade war, enabling firms to mitigate the adverse impacts more effectively.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 4","pages":"4704-4722"},"PeriodicalIF":3.7,"publicationDate":"2026-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100217","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}

{"title":"Development of an Aggregate Model for Cyber Risk Assessment Using Deep Neural Network and Structural Equation Modelling","authors":"Steward Doss,&nbsp;N. Raveendran","doi":"10.1002/ijfe.70166","DOIUrl":"https://doi.org/10.1002/ijfe.70166","url":null,"abstract":"<div>\u0000 \u0000 <p>Insurers and reinsurers providing capacity to cyber insurance risks have now realised that current pricing models, though effective to date, do not accurately estimate an actuarially fair premium. Increased cyber risk exposure from connected devices, the volume of unstructured data, limited loss experience, and evolving risk complexity have contributed to the challenges of accurately modelling cyber risks. Most current models are based on reported or economic losses collected from secondary sources. The urgent need to develop a hybrid pricing model that integrates loss exposures and qualitative risk perceptions for cyber insurance policies is evident. This paper proposes a machine-learning approach for modelling cyber risks using neural networks. We developed a model that accurately estimates the probability of loss for various cyber risks across industry segments. We developed a multilayer neural network model to predict the likelihood of cyber risk. We used a structural equation model to examine the aggregate effects of cyber risk on associated exposures. The outputs of both models can be used to estimate the organisation's financial liability and determine appropriate insurance coverage. Our findings show that system vulnerability, user awareness, and cyber risk mitigation significantly affect cyber risk exposure, and that the models' predictive ability is statistically significant. Furthermore, the results of these models were highly useful in building cyber risk resilience and developing actuarial pricing for the selected sectors or industries.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 4","pages":"4789-4815"},"PeriodicalIF":3.7,"publicationDate":"2026-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149099439","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}

{"title":"Economic Policy Uncertainty and Income Inequality Across Europe","authors":"Don Bredin,&nbsp;Stilianos Fountas,&nbsp;Paraskevi Tzika","doi":"10.1002/ijfe.70161","DOIUrl":"https://doi.org/10.1002/ijfe.70161","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper investigates the impact of Economic Policy Uncertainty (EPU) on income inequality across a broad set of European countries from 1995 to 2022, with a particular focus on the core-periphery divide. Applying both time series and panel data methodologies—including Vector Autoregressions (VAR), panel VAR and local projections—we assess how economic uncertainty influences inequality dynamics. Our findings reveal three key insights. First, uncertainty shocks significantly affect income inequality in nearly all countries, and the effect is time-varying. Second, the effect is heterogeneous across countries but varies: uncertainty tends to reduce inequality in core European countries such as Belgium, Germany, Ireland and the Netherlands, while mainly increasing it in periphery and intermediate countries like France, Greece, Italy and Spain. Third, panel analysis confirms this asymmetry, showing more persistent and positive inequality effects in periphery countries. These results suggest that income inequality in Europe's periphery is more vulnerable to economic uncertainty, underscoring the importance of stable policy environments and targeted fiscal responses.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 4","pages":"4687-4703"},"PeriodicalIF":3.7,"publicationDate":"2026-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100459","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}

{"title":"Media Scrutiny, Monitoring and Corporate Financialisation: How Media Shapes Corporate Financialisation in China","authors":"Simeng Lyu,&nbsp;Muneer M. Alshater,&nbsp;Siyuan Zhao,&nbsp;Yuanyuan Guo,&nbsp;Yanshuang Li","doi":"10.1002/ijfe.70145","DOIUrl":"https://doi.org/10.1002/ijfe.70145","url":null,"abstract":"<div>\u0000 \u0000 <p>Does media coverage encourage or restrain corporate financialisation in emerging markets? Focusing on China, and contrary to common assumptions, this study demonstrates that media coverage significantly inhibits corporate financialisation, particularly amid policies prioritising the ‘real economy’. This core finding withstands extensive robustness checks. Using a quantitative content analysis of media coverage of Chinese non-financial companies and regression analysis using data from 2008 to 2022, we propose and find evidence for two underlying mechanisms: media coverage enhances external monitoring and operational efficiency within firms. The inhibitory impact is amplified for state-owned enterprises (SOEs), companies located in the eastern region, and firms operating under high competitive pressure. Notably, this impact is primarily driven by positive media coverage, which emerges as the key factor behind the suppression of corporate financialisation. This research provides novel empirical evidence on the disciplinary role of media in curbing corporate financialisation within a major emerging market, contributing significantly to the literature on corporate finance and media economics.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 4","pages":"4479-4495"},"PeriodicalIF":3.7,"publicationDate":"2026-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149099536","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}

{"title":"Risk Transmission and Co-Movements Between Financial Markets and Commodity Markets in the COVID-19 Period","authors":"V. Moutinho,&nbsp;H. Oliveira,&nbsp;M. Neves,&nbsp;J. Monteiro","doi":"10.1002/ijfe.70160","DOIUrl":"https://doi.org/10.1002/ijfe.70160","url":null,"abstract":"<p>This study examines risk transmission and co-movements between financial markets (G7 countries and China) and commodity markets (gold and oil) during the COVID-19 crisis. Daily closing prices for major equity indices (CAC40, CSI300, DAX30, FTSE100, MIB, NIKKEI, TSX and S&amp;P500) and futures prices for gold, brent and WTI were analysed using DCC–MGARCH, VaR and CoVaR models. The results indicate that oil markets (WTI and brent) faced the highest risk exposure, underscoring their vulnerability to extreme economic shocks, while gold, despite some sensitivity, generally acted as a safe-haven asset. CoVaR analysis revealed significant systemic risk transmission, with gold amplifying risk for European indices (FTSE and CAC40) and energy markets showing even stronger spillovers, particularly with the CSI. At the 1% confidence level, Asian markets like CSI and Nikkei demonstrated the highest sensitivity to commodity price shocks, while S&amp;P 500 exhibited the lowest, reflecting the diversification benefits of mature financial markets.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 4","pages":"4667-4686"},"PeriodicalIF":3.7,"publicationDate":"2026-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.70160","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100149","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}

{"title":"Performance of Excess Cash Holding Portfolios: Evidence From the United Kingdom","authors":"Gbenga Adamolekun,&nbsp;Edward Jones,&nbsp;Hao Li","doi":"10.1002/ijfe.70153","DOIUrl":"https://doi.org/10.1002/ijfe.70153","url":null,"abstract":"<div>\u0000 \u0000 <p>In this study, we investigate the impact of excess cash holdings on the performance of UK portfolios during periods of high economic uncertainty from 1980 to 2018. We argue that macro-level uncertainty poses significant risks to firms. A high level of uncertainty also enhances the value of cash holdings, as cash-rich firms are more likely to demonstrate financial flexibility and overcome financial constraints. Consistent with our prediction, we document that portfolios with high cash holdings outperform those with low cash holdings by 7% after adjusting for the Fama–French 25 portfolio sort. Our results are robust after adjusting for asset pricing factors. Our empirical evidence suggests that the trade-off between the benefit of carrying and the cost of holding excess cash depends on the macro-level of uncertainty, highlighting the value of cash as a safe haven during such times. In evaluating how limits to arbitrage affect the outperformance of excess cash holding portfolios, we find that the effect dissipates for stocks with high transaction costs. Furthermore, we document that the outperformance of the excess cash holding portfolio is pronounced during periods of low investor sentiment. In general, the study's results are economically meaningful for investors.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 4","pages":"4588-4624"},"PeriodicalIF":3.7,"publicationDate":"2026-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100458","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}

{"title":"The Effect of CSR Report Similarity on CSR Performance","authors":"Yiqing Tan","doi":"10.1002/ijfe.70159","DOIUrl":"https://doi.org/10.1002/ijfe.70159","url":null,"abstract":"<div>\u0000 \u0000 <p>This study explores the effect of corporate social responsibility (CSR) report similarity on CSR performance. Using a dataset of Chinese companies, this research shows that CSR performance improves with an increasing degree of CSR report similarity. Specifically, this study reveals that this positive association is driven by reducing socially irresponsible activities and is driven by both improving external CSR and internal CSR. However, this research shows that when companies have more comparable reports, the effects of CSR practices on enhancing financial performance and decreasing the degree of stock return volatility are lower. The findings provide implications for policymakers that mandating a standardised CSR disclosure framework can harmonise reporting practices to enable stakeholders to benchmark firms effectively, thus fostering long-term sustainability.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 4","pages":"4651-4666"},"PeriodicalIF":3.7,"publicationDate":"2026-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100213","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}

{"title":"Geopolitical Risk and Bank Stability in the MENA Region: The Moderating Role of Diversification and Financial Flexibility","authors":"Dexiang Wu,&nbsp;Ahmed Rashed,&nbsp;Ahmed A. Elamer","doi":"10.1002/ijfe.70165","DOIUrl":"https://doi.org/10.1002/ijfe.70165","url":null,"abstract":"<div>\u0000 \u0000 <p>We investigate the impact of geopolitical risk on bank stability in the Middle East and North Africa (MENA) region. We further examine how internal strategic factors—namely, bank diversification and financial flexibility—moderate this relationship, potentially serving as buffers against external political shocks. Using a balanced panel of 107 listed MENA banks from 2007 to 2023, comprising 1819 bank-year observations, we employ panel corrected standard error (PCSE) and robustness checks. It utilises both accounting-based (Z-score and NPL) and market-based (distance-to-default and long-term earnings volatility) indicators of bank stability. We incorporate the Caldara and IacovielloGeopolitical Risk Index and its growth rate to capture both level and momentum effects of geopolitical risks. The findings demonstrate a statistically significant negative relationship between geopolitical risk and bank stability. However, banks with higher levels of diversification and financial flexibility are more resilient to geopolitical shocks, highlighting their moderating role in turbulent geopolitical environments. We further conduct additional tests showing that asset diversification partially and complementarily mediates the adverse effect of geopolitical risk on bank stability. Robustness analyses reveal that strong institutional governance provides critical buffers that enable banks to absorb geopolitical shocks and sustain financial stability. Moreover, crisis-specific tests indicate that global and regional shocks (e.g., global financial crisis, Arab Spring, COVID-19 and Russia–Ukraine War) significantly intensify the negative GPR–stability relationship. Geopolitical risk erodes bank stability, particularly in weakly governed and resource-dependent economies, highlighting banks' heterogeneous vulnerability to external shocks. This paper emphasises the importance of internal strategic buffers in regions prone to political volatility and provides actionable insights for bank executives, regulators and policymakers.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 4","pages":"4757-4788"},"PeriodicalIF":3.7,"publicationDate":"2026-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100729","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}

{"title":"The Impact of ESG Performance on Stock Mispricing","authors":"Zhonghua Cheng,&nbsp;Xiangwei Meng","doi":"10.1002/ijfe.70092","DOIUrl":"https://doi.org/10.1002/ijfe.70092","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper empirically analyses the impact of ESG on stock mispricing, focusing on a panel data set of 4784 listed corporations spanning 2010–2022. It reveals that ESG performance significantly corrects corporate stock mispricing via reputation and information mechanisms, while also exacerbating mispricing through accounting and investment mechanisms. However, the corrective effects of reputation and information prevail over the exacerbating effects of accounting and investment dynamics. Further heterogeneity analyses highlight that this effect is more significant in lightly polluting, privately held corporations, as well as those with boards of smaller or larger sizes. Expansion analyses indicate that while the quality and uncertainty surrounding ESG disclosures may exacerbate stock mispricing to some extent, they do not alter the overall effect.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 3","pages":"3325-3339"},"PeriodicalIF":3.7,"publicationDate":"2026-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148533867","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}