JOURNAL OF ECONOMICS AND BUSINESS最新文献_第2页

Impact of green finance investment and financial development on environmental degradation 绿色金融投资与金融发展对环境退化的影响

IF 3.4

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2026-06-01 Epub Date: 2026-05-21 DOI: 10.1016/j.jeconbus.2026.106317

Shoaib Ali , Faisal Abbas , Rima Assaf , Muhammad AlDaas

{"title":"Impact of green finance investment and financial development on environmental degradation","authors":"Shoaib Ali , Faisal Abbas , Rima Assaf , Muhammad AlDaas","doi":"10.1016/j.jeconbus.2026.106317","DOIUrl":"10.1016/j.jeconbus.2026.106317","url":null,"abstract":"<div><div>This study examines the relationship between green finance investment, financial development, and environmental degradation across developed and developing countries. We use the Generalized Method of Moments (GMM) framework on annual data from 2005 to 2022. The empirical findings show that green finance investments and financial development significantly reduce environmental degradation in developed countries, whereas the relationship is positive for developing countries and Asia. The heterogeneity analysis reveals that the relationship varies across regions and countries. Our results are robust to an alternative econometric framework. These findings highlight the varied impact of financial development and green investments on environmental degradation, conditional on their economic structures and regulatory capacities. The heterogeneity in findings has implications for market participants, regulators, and economists for informed decision-making to manage environmental degradation across the globe. The findings emphasize the need for context-sensitive approaches when designing environmental and financial policies, while recognizing that a uniform global strategy may not effectively address the unique challenges of each region.</div></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"140 ","pages":"Article 106317"},"PeriodicalIF":3.4,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148171025","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The dark side of internal capital markets: Corporate guarantees and financial opacity 内部资本市场的阴暗面：公司担保和金融不透明

IF 3.4

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2026-06-01 Epub Date: 2026-05-09 DOI: 10.1016/j.jeconbus.2026.106306

Junyong He, Zifei Ruan, Liyuan Wu

引用次数: 0

Strategic climate risk management and innovation outcomes: Insights from China’s industrial and policy landscape 战略气候风险管理与创新成果：来自中国产业和政策格局的见解

IF 3.4

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2026-06-01 Epub Date: 2026-05-23 DOI: 10.1016/j.jeconbus.2026.106316

Bao Rong , Sultan Sikandar Mirza , Lotfi Karoui , Asif Saeed

{"title":"Strategic climate risk management and innovation outcomes: Insights from China’s industrial and policy landscape","authors":"Bao Rong , Sultan Sikandar Mirza , Lotfi Karoui , Asif Saeed","doi":"10.1016/j.jeconbus.2026.106316","DOIUrl":"10.1016/j.jeconbus.2026.106316","url":null,"abstract":"<div><div>This study investigates the influence of climate risk perception (CRP) on environmental innovation among 1511 Chinese A-share-listed firms during 2010–2021. Empirical findings reveal a significant positive relationship between CRP and environmental innovation, which is conditioned by Economic Policy Uncertainty (EPU). Mechanism analysis shows that environmental innovation exploitation, innovation based on existing or historical patents, is more encouraged with higher CRP, while channelling analysis identifies transition risk, stemming from climate-induced supply chain disruptions, resource scarcity, and market volatility, as the central channel. Heterogeneity analysis reveals stronger effects in less competitive markets, manufacturing/heavy-polluting industries, non-state-owned enterprises (non-SOEs), and those characterized by stringent internal controls. A nonlinear inverted U-shaped relationship emerges: moderate CRP boosts innovation, while excessive risk perception hinders it. Nonetheless, the inflection point of this inverted U-shaped relationship lies within the sample range of CRP. This study contributes by distinguishing CRP from objective climate risk (CR) as a strategic cognitive antecedent, integrating macro boundary conditions (EPU) into a coherent theoretical framework, and highlighting innovation exploitation as a significant mechanism and transition risk as a critical channel, addressing gaps in prior literature on firm-level adaptive responses to climate change.</div></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"140 ","pages":"Article 106316"},"PeriodicalIF":3.4,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148171027","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Double-edged transparency: GHG emissions disclosure, stock liquidity, and the moderating role of climate change risk 双刃剑透明度：温室气体排放披露、股票流动性和气候变化风险的调节作用

IF 3.4

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2026-06-01 Epub Date: 2026-05-30 DOI: 10.1016/j.jeconbus.2026.106318

Imen Khanchel , Naima Lassoued , Ines Bargaoui

{"title":"Double-edged transparency: GHG emissions disclosure, stock liquidity, and the moderating role of climate change risk","authors":"Imen Khanchel , Naima Lassoued , Ines Bargaoui","doi":"10.1016/j.jeconbus.2026.106318","DOIUrl":"10.1016/j.jeconbus.2026.106318","url":null,"abstract":"<div><div>This study investigates the effect of greenhouse gas emissions disclosure on stock liquidity and examines whether climate change risk conditions this relationship. Using a sample of 323 U.S. firms listed in the S&P 500 index over the period 2010–2021, we find that greenhouse gas emissions (GHG) disclosure is associated with lower stock liquidity. However, climate change risk significantly moderates this relationship. For firms with high exposure to climate risk, GHG disclosure reduces information asymmetry and enhances stock liquidity, effectively reversing the negative baseline effect. Decomposing climate change risk into regulatory, physical, and opportunity components reveals substantial heterogeneity in investor responses: regulatory and opportunity risks strengthen the liquidity-enhancing role of disclosure, while physical risk weakens it, reflecting heightened uncertainty and valuation complexity associated with climate-related damages. Decomposing GHG disclosure into reporting coverage and absolute emissions scale confirms that both components independently widen bid-ask spreads. Climate change risk moderates the effect of both components. Difference-in-differences evidence based on the Clean Power Plan indicates that regulatory clarity strengthens the informational role of disclosure, while regulatory rollback weakens it. Channel analysis further shows that the cost of capital amplifies the negative liquidity effects of disclosure for financially constrained firms, whereas institutional ownership mitigates these effects through superior information processing and monitoring. Overall, the results highlight that both financing conditions and investor sophistication shape how climate disclosure is priced in financial markets.</div></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"140 ","pages":"Article 106318"},"PeriodicalIF":3.4,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148171023","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Common institutional ownership and climate risk disclosure 共同机构所有权和气候风险披露

IF 3.4

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2026-06-01 Epub Date: 2026-05-29 DOI: 10.1016/j.jeconbus.2026.106315

Yi-Shuai Ren , Nohade Nasrallah , Marguerite Eid , Yong Jiang

{"title":"Common institutional ownership and climate risk disclosure","authors":"Yi-Shuai Ren , Nohade Nasrallah , Marguerite Eid , Yong Jiang","doi":"10.1016/j.jeconbus.2026.106315","DOIUrl":"10.1016/j.jeconbus.2026.106315","url":null,"abstract":"<div><div>Using panel data on Chinese A-share listed firms from 2006 to 2022, this study examines whether and how common institutional ownership (CIO) shapes corporate climate risk disclosure (CCRD). We find that firms with greater exposure to common institutional owners disclose more climate-related risk information. This relationship remains robust to alternative disclosure measures, alternative CIO definitions, sample restrictions, matching and weighting approaches, and a set of endogeneity-oriented tests. Mechanism analyses suggest that CIO is associated with lower agency costs and stronger managerial incentive alignment, which in turn facilitates climate transparency. Cross-sectional analyses further show that the positive relationship is more pronounced among larger firms, non-politically connected firms, non-heavy-polluting firms, and firms with higher ownership concentration. We also find that financing constraints and monetary policy space weaken, whereas industry concentration strengthens the CIO–CCRD relationship. Additional analyses indicate that climate risk disclosure is associated with higher total factor productivity and better external ESG ratings, particularly among firms exposed to CIO. Overall, the findings highlight the role of networked institutional ownership in shaping climate-related corporate transparency in emerging markets.</div></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"140 ","pages":"Article 106315"},"PeriodicalIF":3.4,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148171026","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

CentralBank-BERT: Machine learning evidence on central bank digital currency discourse 中央银行- bert：中央银行数字货币话语的机器学习证据

IF 3.4

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2026-03-01 Epub Date: 2026-03-13 DOI: 10.1016/j.jeconbus.2026.106300

Muhammad Bilal Zafar

{"title":"CentralBank-BERT: Machine learning evidence on central bank digital currency discourse","authors":"Muhammad Bilal Zafar","doi":"10.1016/j.jeconbus.2026.106300","DOIUrl":"10.1016/j.jeconbus.2026.106300","url":null,"abstract":"<div><div>This paper quantifies CBDC communication in BIS-posted speeches using a domain-adapted BERT architecture. From 19,609 speeches, 5376 CBDC sentences are identified in 588 speeches delivered by 157 authors across 57 countries, spanning 2016–2024. Sentence-level classifiers assign labels for Type (Retail, Wholesale, General/Unspecified), Stance (Pro, Wait-and-See, Anti), Sentiment (positive, neutral, negative), and Discourse (Feature, Risk-Benefit, Process). Comparable indicators, dispersion metrics (entropy, HHI), and cross-task dependence (Cramér’s V, mutual information) are constructed. Three facts emerge: (i) communication is retail-oriented and procedural. Retail is the modal type and Process the modal discourse, consistent with rulebooks, intermediated distribution, holding limits, privacy models, and offline use; (ii) tone is predominantly neutral while stance is supportive or cautious, with tight stance–sentiment alignment; (iii) activity surges from 2020, peaks in 2022, and remains elevated, reflecting a compositional pivot toward retail design and program management rather than a simple scale-up of generic statements. Geography is concentrated in the Eurosystem, with meaningful contributions from the US, UK, and Asia-Pacific. Methodologically, a reusable, replication-grade measurement layer for policy communication is provided. Substantively, the evidence indicates a shift in official narratives from whether to how, consistent with managed institutional experimentation that advances operational readiness while preserving policy flexibility.</div></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"139 ","pages":"Article 106300"},"PeriodicalIF":3.4,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147826809","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The impact of strict regulation and supervision on OECD bank instability and the role of financial soundness 严格的监管和监督对经合组织银行不稳定的影响和金融稳健的作用

IF 3.4

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2026-03-01 Epub Date: 2026-02-20 DOI: 10.1016/j.jeconbus.2026.106299

Chris Magnis

{"title":"The impact of strict regulation and supervision on OECD bank instability and the role of financial soundness","authors":"Chris Magnis","doi":"10.1016/j.jeconbus.2026.106299","DOIUrl":"10.1016/j.jeconbus.2026.106299","url":null,"abstract":"<div><div>This study examines the impact of banks' financial soundness on their financial instability, in light of the tightness of regulatory and supervisory frameworks. Using a comprehensive sample of banks from OECD countries over the period 2005–2023, I provide empirical evidence demonstrating that greater financial strength is associated with lower volatility, while strict regulation and robust supervisory protocols enhance the stability of the banking sector. It is also noteworthy that the square specifications reveal non-monotonic threshold effects. More specifically, capital regulation and monitoring show an inverted U-relationship with bank volatility, while activity constraints and supervisory authority are U-shaped, indicating that excessive intervention mechanisms are likely to lead to counterproductive outcomes. The interplay between financial soundness and regulatory and supervisory strictness suggests that sound banks depict greater stability benefits from tight supervision, while less sound banks may experience enhanced instability. The findings are resistant to alternative measures of bank instability (Z-score, volatility of stock returns, and NPL ratio), COVID-19 period exclusion, and endogenous diagnostics tests (GMM and 2SLS). The results have direct implications for the calibration of macroprudential policy.</div></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"139 ","pages":"Article 106299"},"PeriodicalIF":3.4,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147826812","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Production over protection: How tax incentives reshape firms’ investment and emissions 生产重于保护：税收激励如何重塑企业投资和排放

IF 3.4

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2026-03-01 Epub Date: 2026-02-13 DOI: 10.1016/j.jeconbus.2026.106297

Xiaodong Zhang

{"title":"Production over protection: How tax incentives reshape firms’ investment and emissions","authors":"Xiaodong Zhang","doi":"10.1016/j.jeconbus.2026.106297","DOIUrl":"10.1016/j.jeconbus.2026.106297","url":null,"abstract":"<div><div>This paper investigates the unintended environmental consequences of non-environmental tax incentives by examining China’s 2004 value-added tax (VAT) reform. The policy reduces the cost of fixed asset investment for firms, encouraging capital expansion. Using firm-level panel data from 2000 to 2006 and a difference-in-differences (DID) approach, we find that the reform increases firms’ fixed asset ratio by 5.4 % and sulfur dioxide (SO<sub>2</sub>) emission intensity by 13 %. While firms expand production capacity, they neglect environmental protection: abatement equipment intensity falls by 17.6 %, and SO<sub>2</sub> removal efficiency declines by 8 %. The negative environmental impact is more pronounced among financially constrained firms and in cities with higher levels of government intervention as well as following mayoral turnover. Robustness checks using propensity score matching (PSM) and triple-difference (DDD) models confirm our findings. This study contributes to the literature by revealing that tax incentives, even when unrelated to the environment, can adversely affect firms’ environmental performance by shifting investment priorities.</div></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"139 ","pages":"Article 106297"},"PeriodicalIF":3.4,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147826813","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The legal system in the nexus between ESG and banking risk ESG与银行风险关系中的法律体系

IF 3.4

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2026-03-01 Epub Date: 2026-02-21 DOI: 10.1016/j.jeconbus.2026.106298

Sana Ben Abdallah , Dhafer Saidane , Amaury Goguel

{"title":"The legal system in the nexus between ESG and banking risk","authors":"Sana Ben Abdallah , Dhafer Saidane , Amaury Goguel","doi":"10.1016/j.jeconbus.2026.106298","DOIUrl":"10.1016/j.jeconbus.2026.106298","url":null,"abstract":"<div><div>The article examines the implications of the legal context in the relationship between ESG and the financial risk of 461 banks operating in common-law economies and 120 banks operating in civil-law economies between 2010 and 2024. Using a system-generalized method of moments (GMM), the results show that ESG performance and its components each impact bank stability differently across financial systems. In common-law (market-based) economies, environmental initiatives reduce stability and market value, while governance and social efforts have mixed effects. In civil-law (bank-based) economies, ESG—especially environmental and governance practices—enhances stability and reduces credit and liquidity risks. These results suggest that ESG integration has a stronger and more direct impact on financial performance in bank-based systems compared to market-based systems. Because ESG affects bank stability differently in common‑law and civil‑law systems, regulators should tailor sustainable‑finance rules to their legal context: in civil‑law (bank‑based) systems, policies can confidently strengthen mandatory ESG integration to reduce credit and liquidity risks, whereas in common‑law (market‑based) systems, policymakers should focus on incentivizing governance and social practices while designing environmental requirements carefully to avoid short‑term destabilizing effects.</div></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"139 ","pages":"Article 106298"},"PeriodicalIF":3.4,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147826814","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Institutional quality effects on bank ESG performance: A European outlook 机构质量对银行ESG绩效的影响：欧洲展望

IF 3.4

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2026-03-01 Epub Date: 2026-03-21 DOI: 10.1016/j.jeconbus.2026.106301

Valerio Pesic , Federico Tsipas

{"title":"Institutional quality effects on bank ESG performance: A European outlook","authors":"Valerio Pesic , Federico Tsipas","doi":"10.1016/j.jeconbus.2026.106301","DOIUrl":"10.1016/j.jeconbus.2026.106301","url":null,"abstract":"<div><div>While numerous studies have examined the influence of bank-specific variables on ESG performance, the role of country-specific institutional factors has received comparatively little attention. Drawing on legitimacy theory, this study examines how government effectiveness, political stability, and regulatory quality shape the ESG performance of 71 European banks across 20 countries from 2010 to 2023. Using fixed-effects panel regression with robust clustered standard errors, we find that banks in weaker institutional environments exhibit higher ESG performance, consistent with the use of ESG as a legitimacy-enhancing mechanism. This result holds under a range of robustness checks and after addressing potential endogeneity concerns. When disaggregating ESG into its three pillars, we observe a similar effect for the environmental and social dimensions, while the governance pillar shows no significant relationship with institutional quality. By uncovering ESG’s role as a substitute for institutional credibility, this study offers critical insights for regulators aiming to ensure ESG practices remain substantive rather than symbolic.</div></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"139 ","pages":"Article 106301"},"PeriodicalIF":3.4,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147826815","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0