International Journal of Finance & Economics最新文献_第4页

The Impact of Changes in Real Income and the Real Effective Exchange Rate on Trade in Goods and Services 实际收入和实际有效汇率变动对商品和服务贸易的影响

IF 3.7 3区经济学

International Journal of Finance & Economics Pub Date : 2026-07-17 Epub Date: 2025-10-30 DOI: 10.1002/ijfe.70087

Tjeerd M. Boonman, Ioannis Litsios, Keith Pilbeam

引用次数: 0

Predicting Financial Distress With ESG-Driven Deep Learning and Risk-Based Stratification 用esg驱动的深度学习和基于风险的分层预测财务困境

IF 3.7 3区经济学

International Journal of Finance & Economics Pub Date : 2026-07-17 Epub Date: 2025-10-08 DOI: 10.1002/ijfe.70077

Jiaming Liu, Yongli Li, Jianing Yu

{"title":"Predicting Financial Distress With ESG-Driven Deep Learning and Risk-Based Stratification","authors":"Jiaming Liu, Yongli Li, Jianing Yu","doi":"10.1002/ijfe.70077","DOIUrl":"https://doi.org/10.1002/ijfe.70077","url":null,"abstract":"<div>\u0000 \u0000 <p>This study contributes to the financial distress prediction literature by integrating Environmental, Social and Governance (ESG) information into predictive modelling alongside traditional financial indicators. Using a comprehensive panel of 6882 firm-year observations from publicly listed Chinese firms, we assess the incremental predictive value of ESG variables under both raw and deep-learned representations. We develop a two-stage modelling framework that first applies supervised deep representation learning to construct a latent ESG risk index, and then stratifies firms into risk regimes for regime-specific classification. Empirical results demonstrate that incorporating ESG information, jointly with financial data, significantly improves out-of-sample prediction accuracy and AUC across multiple machine learning algorithms, under various multicollinearity thresholds and sampling strategies. These findings illustrate the importance of structure-aware ESG integration in capturing the conditional, non-linear and forward-looking aspects of corporate financial vulnerability. By offering a rigorous approach, this study provides new insights for developing advanced early-warning systems in credit risk and financial stability assessment.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 3","pages":"3075-3097"},"PeriodicalIF":3.7,"publicationDate":"2026-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148533033","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

What Role Do Finance Ministers Play in Political Business Cycles? Evidence-Based on a New African Dataset 财政部长在政治经济周期中扮演什么角色？基于新非洲数据集的证据

IF 3.7 3区经济学

International Journal of Finance & Economics Pub Date : 2026-07-17 Epub Date: 2025-10-13 DOI: 10.1002/ijfe.70072

Christine Olivia Strong

引用次数: 0

Gauging the Spillover Interlinkage Level Between Green FDI, Economic Growth, Renewable Energy Consumption, and Pollution Emission in Vietnam: New Findings From a Model-Free Connectedness Approach 衡量越南绿色外国直接投资、经济增长、可再生能源消费和污染排放之间的溢出相互联系水平：来自无模型连通性方法的新发现

IF 3.7 3区经济学

International Journal of Finance & Economics Pub Date : 2026-07-17 Epub Date: 2025-10-01 DOI: 10.1002/ijfe.70071

Bui Huy Nhuong, Ho Dinh Bao

{"title":"Gauging the Spillover Interlinkage Level Between Green FDI, Economic Growth, Renewable Energy Consumption, and Pollution Emission in Vietnam: New Findings From a Model-Free Connectedness Approach","authors":"Bui Huy Nhuong, Ho Dinh Bao","doi":"10.1002/ijfe.70071","DOIUrl":"https://doi.org/10.1002/ijfe.70071","url":null,"abstract":"<div>\u0000 \u0000 <p>Since the 1986 Doi Moi reforms, Vietnam has been expanding its private sector and attracting foreign direct investment, which causes serious issues on environmental sustainability. We use a model-free connectedness approach to investigate connections between green FDI, energy security, economic growth, and carbon risk in Vietnam from 1995 to 2022. Our results highlight the two-way relationship between green FDI and energy security in our sample period. The net total connectedness shows that green FDI receives the most net shocks in our sample. Non-renewable energy is an energy source that sends shock waves. Renewable energy was negatively impacted from 2016 to 2020. Pairwise directional connectivity shows that renewable energy and fossil fuels, GDP, and carbon dioxide emissions have dominated the attraction of green FDI after 2017. The growth of green FDI in Vietnam faces many difficulties when energy security is threatened. Our findings carry significant policy implications for both investors and governments, particularly in light of the observed spillover effects and the complex interconnections among key indicators. A clear understanding of the primary channels of contagion between these variables provides policymakers with valuable insights for formulating targeted and effective policy responses. By identifying the most influential transmission mechanisms, authorities can design more informed and adaptive strategies to mitigate systemic risks and enhance market stability.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 3","pages":"2985-3002"},"PeriodicalIF":3.7,"publicationDate":"2026-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148532768","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

Operating Capacity, Pricing and Supply Elasticity in Container Shipping Markets 集装箱航运市场的运力、定价与供给弹性

IF 3.7 3区经济学

International Journal of Finance & Economics Pub Date : 2026-07-17 Epub Date: 2025-10-25 DOI: 10.1002/ijfe.70082

Cong Sui, Shang Wang, Jingmin Liang, Nikos K. Nomikos

引用次数: 0

Biodiversity Scores and Corporate Profitability 生物多样性评分与企业盈利能力

IF 3.7 3区经济学

International Journal of Finance & Economics Pub Date : 2026-07-17 Epub Date: 2025-10-21 DOI: 10.1002/ijfe.70086

Zhang-HangJian Chen, Xiang Gao, Kees G. Koedijk, Qian Wei

{"title":"Biodiversity Scores and Corporate Profitability","authors":"Zhang-HangJian Chen, Xiang Gao, Kees G. Koedijk, Qian Wei","doi":"10.1002/ijfe.70086","DOIUrl":"https://doi.org/10.1002/ijfe.70086","url":null,"abstract":"<div>\u0000 \u0000 <p>In sustainable finance, firm-level international quantitative evidence is sparse. We address this gap by investigating how firms' biodiversity contributions impact financial performance globally. Our analysis leverages Robeco's 2010–2023 Sustainable Development Goal (SDG) scores. This dataset is unique in that it directly measures biodiversity efforts related to SDG 14 (Life Below Water) and SDG 15 (Life on Land), aligns with the EU Taxonomy, and enables cross-country and industry comparisons. Our empirical results reveal a significant negative link between biodiversity contributions and short-term financial performance. This is partially explained by heightened liquidity demands from biodiversity investments. Developed-country firms and those in Industrials or Utilities outperform in biodiversity conservation. Small firms experience stronger negative effects. Theoretically, our study enriches the sustainability framework by linking biodiversity inputs to financial characteristics through the legitimacy and stakeholder theories. Practically, it guides investors to consider liquidity risks, warns firms to balance biodiversity investments with working capital, and encourages regulators to incentivise developed countries while supporting the capacity of developing countries. The bottom line is to reconcile short-term costs with long-term resilience.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 3","pages":"3216-3232"},"PeriodicalIF":3.7,"publicationDate":"2026-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148534400","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

Reexamining the Efficiency of Chinese Commercial Banks Using a Novel Two-Stage General Equilibrium Efficient Frontier DEA Approach With Fixed-Sum Intermediate Measures 基于固定金额中间测度的两阶段一般均衡有效边界DEA方法对我国商业银行效率的再检验

IF 3.7 3区经济学

International Journal of Finance & Economics Pub Date : 2026-07-17 Epub Date: 2025-10-25 DOI: 10.1002/ijfe.70078

Qiong Xia, Jie Zhu, Fangqing Wei, Yingying Shao

{"title":"Reexamining the Efficiency of Chinese Commercial Banks Using a Novel Two-Stage General Equilibrium Efficient Frontier DEA Approach With Fixed-Sum Intermediate Measures","authors":"Qiong Xia, Jie Zhu, Fangqing Wei, Yingying Shao","doi":"10.1002/ijfe.70078","DOIUrl":"https://doi.org/10.1002/ijfe.70078","url":null,"abstract":"<div>\u0000 \u0000 <p>Measuring and improving the efficiency of commercial banks is crucial for promoting the high-quality development of the banking industry. Bank operations can be divided into a sequential, two-stage process consisting of a deposit collection stage and a profit earning stage, with deposits as an intermediate measure. Deposits are a limited resource for which banks compete, exhibiting a fixed-sum characteristic, which must be considered when measuring bank efficiency. To this end, based on the noncooperative game mechanism, we propose a novel two-stage general equilibrium efficient frontier data envelopment analysis (GEEFDEA) approach considering fixed-sum intermediate measures. We then apply the model to measure the deposit collection efficiency, profit earning efficiency, and overall efficiency of 56 listed Chinese commercial banks from 2017 to 2023. Further, we employ a fuzzy set qualitative comparative analysis (fsQCA) approach to explore the paths leading to high bank efficiency from a configurational perspective. This study finds that when deposit collection takes priority, 44 banks had an overall efficiency below 1 during the study period, with a deposit collection efficiency of 1.1216 and a profit earning efficiency of 0.7901. When the profit earning stage takes priority, 42 banks achieved an efficiency above 1. The deposit collection efficiency (0.3671) is much worse than the profit earning efficiency (2.8612). Additionally, the configuration analysis shows that high bank efficiency results from the synergistic effects of condition variables. Finally, theoretical and practical implications are discussed.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 3","pages":"3098-3119"},"PeriodicalIF":3.7,"publicationDate":"2026-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148522757","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

Green Factory Certification and Firms' Synergistic Gains in Pollution Abatement and Carbon Reduction: Market and Government Perspectives 绿色工厂认证与企业在污染减排和碳减排中的协同收益：市场和政府视角

IF 3.7 3区经济学

International Journal of Finance & Economics Pub Date : 2026-07-17 Epub Date: 2025-10-17 DOI: 10.1002/ijfe.70085

Kai Wan, Xiaolin Yu, Tsangyao Chang

{"title":"Green Factory Certification and Firms' Synergistic Gains in Pollution Abatement and Carbon Reduction: Market and Government Perspectives","authors":"Kai Wan, Xiaolin Yu, Tsangyao Chang","doi":"10.1002/ijfe.70085","DOIUrl":"https://doi.org/10.1002/ijfe.70085","url":null,"abstract":"<div>\u0000 \u0000 <p>As an emerging voluntary environmental regulation in China, the green factory certification policy raises a crucial research question: How can the coordinated control of multiple pollutants be effectively achieved? This paper examines the impact and underlying mechanisms of green factory certification on firms' coordinated efforts in carbon reduction and pollution abatement, drawing on both market-based and government-led logics. Using a sample of A-share listed firms in China from 2011 to 2021, we integrate hand-collected data on 1031 green-certified factories. The study finds that the green factory certification policy significantly promotes the coordinated advancement of pollution reduction and carbon mitigation in enterprises. This policy effect is driven by the dual governance of market and government logic. Through market mechanisms, it channels investors' green preferences and stimulates green technological innovation, while through government mechanisms, it increases government subsidies and improves state-firm relations, thereby enhancing policy effectiveness. Further analysis reveals that firms' greenwashing motives may weaken these synergistic gains. However, the non-binding mechanism of the voluntary programme and the binding mechanism of mandatory environmental regulation can generate complementary effects, amplifying the environmental benefits of the green factory initiative. These effects are more pronounced in cleaner industries.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 3","pages":"3201-3215"},"PeriodicalIF":3.7,"publicationDate":"2026-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148533879","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

Corporate Climate Risk Disclosure and Institutional Investor Holdings 企业气候风险披露与机构投资者持股

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2026-04-13 Epub Date: 2025-07-14 DOI: 10.1002/ijfe.70014

Feng Zhao, Siting Geng, He Xiao

{"title":"Corporate Climate Risk Disclosure and Institutional Investor Holdings","authors":"Feng Zhao, Siting Geng, He Xiao","doi":"10.1002/ijfe.70014","DOIUrl":"https://doi.org/10.1002/ijfe.70014","url":null,"abstract":"<div>\u0000 \u0000 <p>This study investigates the impact of corporate climate risk disclosure on institutional investor shareholdings. The empirical results show that the disclosure of climate risk increases institutional investor ownership. The economic mechanism behind this finding is that climate risk disclosure reduces stock price crash risk, improves stock performance and promotes corporate reputation. Heterogeneous tests indicate that the positive relationship between the disclosure of climate risk exposure and institutional investor ownership is more pronounced for firms with a higher analyst following, non-state-owned firms, and after the 2015 New Environmental Protection Law. Further analyses show that institutional investors specifically focus on firms' disclosures on climate-related technology opportunities and strategic transformation information. This study is among the first to provide market-wide empirical evidence in the emerging market on how institutional investor ownership is affected by corporate climate risk disclosure, which further contributes to the mixed findings of how the financial market perceives climate risk information.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 2","pages":"1754-1779"},"PeriodicalIF":2.8,"publicationDate":"2026-04-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147683757","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

Caught in a Debt Trap: Financial Distress and Corporate Production Decisions 陷入债务陷阱：财务困境与企业生产决策

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2026-04-13 Epub Date: 2025-07-21 DOI: 10.1002/ijfe.70016

Yanan Li, Wenjun Wang

引用次数: 0