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Do state religions affect entrepreneurial financing? A cross-country analysis 国家宗教会影响企业融资吗？跨国分析
IF 4.6 2区 经济学
Emerging Markets Review Pub Date : 2026-03-01 Epub Date: 2025-12-25 DOI: 10.1016/j.ememar.2025.101434
Min Maung
{"title":"Do state religions affect entrepreneurial financing? A cross-country analysis","authors":"Min Maung","doi":"10.1016/j.ememar.2025.101434","DOIUrl":"10.1016/j.ememar.2025.101434","url":null,"abstract":"<div><div>We find robust evidence that the presence of state religions reduces entrepreneurial financing in a large cross section of countries. The effect of state religions is mediated by increased aversion to risk, stricter business restrictions, lower financial development, and reduced participation in religious memberships. Religious participation <em>increases</em> entrepreneurial financing in countries <em>without</em> state religions. However, in countries with state religions, the effect of religious participation is either negative or insignificant. The reduction in financing in countries with state-sponsored religions likely comes from the institutional and cultural environments associated with the presence of state religions.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"71 ","pages":"Article 101434"},"PeriodicalIF":4.6,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145884308","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
How does housing wealth affect happiness? 住房财富如何影响幸福感？
IF 4.6 2区 经济学
Emerging Markets Review Pub Date : 2026-03-01 Epub Date: 2025-11-29 DOI: 10.1016/j.ememar.2025.101406
Mingzhi Hu , Yinxin Su
{"title":"How does housing wealth affect happiness?","authors":"Mingzhi Hu ,&nbsp;Yinxin Su","doi":"10.1016/j.ememar.2025.101406","DOIUrl":"10.1016/j.ememar.2025.101406","url":null,"abstract":"<div><div>This study estimates the causal effect of housing wealth appreciation on happiness by exploiting a policy-induced discontinuity in housing value based on house size. Using regression discontinuity analysis of nationally representative household survey data, we find that housing wealth appreciation significantly improves individual happiness. We also find the impact is more pronounced among females, stronger for young households than older ones, and more significant for liquidity-constrained households. These findings highlight housing wealth as a key determinant of happiness, offering important insights for policymakers seeking to improve citizen well-being through housing market policies.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"71 ","pages":"Article 101406"},"PeriodicalIF":4.6,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145692601","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
An explainable machine learning model for consumer credit scoring in Mexico 墨西哥消费者信用评分的可解释机器学习模型
IF 4.6 2区 经济学
Emerging Markets Review Pub Date : 2026-03-01 Epub Date: 2025-12-10 DOI: 10.1016/j.ememar.2025.101424
David Ugarte Chacon , Seohyun Lee, Jaehyuk Park
{"title":"An explainable machine learning model for consumer credit scoring in Mexico","authors":"David Ugarte Chacon ,&nbsp;Seohyun Lee,&nbsp;Jaehyuk Park","doi":"10.1016/j.ememar.2025.101424","DOIUrl":"10.1016/j.ememar.2025.101424","url":null,"abstract":"<div><div>This paper proposes an explainable machine learning model for consumer credit scoring in Mexico, an emerging economy. We develop an extreme gradient boosting (XGBoost) model using non-traditional data from the Financial Inclusion National Survey. To address the black box problem, we explore the feature importance by estimating the Shapley values that measure the average marginal contributions across all possible subsets of features. The key drivers of consumer credit defaults include the adverse economic effects due to the COVID-19 pandemic and financial attitudes and behaviors. By exploring the distributions of the Shapley values by age and income, we find evidence of non-linearity in the feature explanations.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"71 ","pages":"Article 101424"},"PeriodicalIF":4.6,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145749771","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Banks' foreign currency revaluations and liquidity creation 银行的外汇重估和流动性创造
IF 4.6 2区 经济学
Emerging Markets Review Pub Date : 2026-03-01 Epub Date: 2025-12-09 DOI: 10.1016/j.ememar.2025.101427
Vladimir Sokolov , Aleksei Gorodilov
{"title":"Banks' foreign currency revaluations and liquidity creation","authors":"Vladimir Sokolov ,&nbsp;Aleksei Gorodilov","doi":"10.1016/j.ememar.2025.101427","DOIUrl":"10.1016/j.ememar.2025.101427","url":null,"abstract":"<div><div>We examine the relationship between net revaluations of foreign currency-denominated assets and liabilities and banks' liquidity creation. Our findings reveal a significant effect on FX-USD liquidity creation: revaluations enhance liquidity creation on the asset side but diminish it on the liability side, leading to a total neutral effect. Subsample analysis reveals that banks with positive FX mismatches face liquidity destruction in FX-USD liabilities during exchange rate shocks, whereas negatively FX-mismatched banks use these shocks to extend long-term FX loans, balancing total liquidity creation. For accounts denominated in the domestic currency, no significant effects of net revaluations are observed for liquidity creation on the full sample. For positively FX-mismatched banks net revaluations enhance total liquidity creation, while for negatively FX-mismatched banks reduce it, resulting in an overall neutral outcome for domestic currency liquidity creation. Furthermore, regulatory capital moderates the impact of revaluations on liquidity creation through the financial fragility mechanism. These results underscore the complex interplay of currency risks, balance sheet FX mismatches, and regulatory dynamics in influencing liquidity creation in emerging markets.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"71 ","pages":"Article 101427"},"PeriodicalIF":4.6,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145797802","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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 local influence of fund management company shareholders on fund investment decisions and performance 基金管理公司股东对基金投资决策和绩效的局部影响
IF 4.6 2区 经济学
Emerging Markets Review Pub Date : 2026-03-01 Epub Date: 2025-12-13 DOI: 10.1016/j.ememar.2025.101428
Xin Hong , Jia Mao , Zhuang Zhuang
{"title":"The local influence of fund management company shareholders on fund investment decisions and performance","authors":"Xin Hong ,&nbsp;Jia Mao ,&nbsp;Zhuang Zhuang","doi":"10.1016/j.ememar.2025.101428","DOIUrl":"10.1016/j.ememar.2025.101428","url":null,"abstract":"<div><div>This paper examines how the geographical locations of shareholders in mutual fund management companies influence fund investment decisions and performance in China. Using a hand-collected sample comprises 3610 mutual funds managed by 143 fund management companies from 2010 to 2021, we employ a double-clustering methodology to demonstrate that mutual funds are significantly more likely to hold and overweight stocks from regions where their management company's shareholders are located. These regionally aligned holdings generate superior returns and contribute meaningfully to overall fund performance, particularly in stocks with high information asymmetry. The findings suggest that shareholders provide informational advantages that shape portfolio choices, offering new insights into the origins and consequences of local bias in institutional investment.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"71 ","pages":"Article 101428"},"PeriodicalIF":4.6,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145797770","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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 impact of non-state shareholder governance on state-owned enterprises' ESG performance in China 非国有股东治理对中国国有企业ESG绩效的影响
IF 4.6 2区 经济学
Emerging Markets Review Pub Date : 2026-03-01 Epub Date: 2025-12-27 DOI: 10.1016/j.ememar.2025.101433
Xuexin Liu , Xiaomeng Tang , Xiaoxu Kong , Jijun Gao , Lihua Jiang
{"title":"The impact of non-state shareholder governance on state-owned enterprises' ESG performance in China","authors":"Xuexin Liu ,&nbsp;Xiaomeng Tang ,&nbsp;Xiaoxu Kong ,&nbsp;Jijun Gao ,&nbsp;Lihua Jiang","doi":"10.1016/j.ememar.2025.101433","DOIUrl":"10.1016/j.ememar.2025.101433","url":null,"abstract":"<div><div>This study investigates how mixed ownership reform, through non-state shareholder governance (NSG), affects the ESG performance of state-owned enterprises (SOEs). Using a sample of Chinese A-share listed companies from 2010 to 2020, we find that NSG positively impacts SOEs' ESG performance by enhancing corporate disclosure transparency. Analyst coverage and investor sentiment further amplify this positive relationship by creating favorable conditions for ESG engagement. A detailed analysis reveals that the effect of NSG on ESG performance is stronger when non-state shareholders participate through board director appointments rather than through equity ownership. Additional findings suggest that NSG indirectly boosts SOEs' market value by improving their ESG performance. By examining the underexplored non-economic outcomes of mixed ownership reform, this study offers valuable insights for enhancing SOE governance and promoting ESG practices.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"71 ","pages":"Article 101433"},"PeriodicalIF":4.6,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145884309","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Survival amidst chaos: The impact of catastrophic natural disasters on SME corruption practices 混乱中的生存：灾难性自然灾害对中小企业腐败行为的影响
IF 4.6 2区 经济学
Emerging Markets Review Pub Date : 2026-01-01 Epub Date: 2025-11-10 DOI: 10.1016/j.ememar.2025.101401
Kieu Trang Vu , Maria H. Kim , Sandy Suardi
{"title":"Survival amidst chaos: The impact of catastrophic natural disasters on SME corruption practices","authors":"Kieu Trang Vu ,&nbsp;Maria H. Kim ,&nbsp;Sandy Suardi","doi":"10.1016/j.ememar.2025.101401","DOIUrl":"10.1016/j.ememar.2025.101401","url":null,"abstract":"<div><div>Are firms likely to engage in corruption in times of catastrophic natural disasters? This paper provides evidence that a natural disaster is associated with a 38.8% increase in affected firms' informal payments. An increase in informal payments helps SMEs in affected provinces offset the reduction in government assistance following natural disasters. The relationship between natural catastrophes and corruption becomes less pronounced in firms with political connections, high tax avoidance, family control and superior local governance quality. This research carries significant implications for governments and policymakers aiming to mitigate the surge in firms' corruption practices following catastrophic natural disasters.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"70 ","pages":"Article 101401"},"PeriodicalIF":4.6,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145568872","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Municipal governor turnovers and targeted poverty alleviation of listed private firms 省长换届与民营上市公司精准扶贫
IF 4.6 2区 经济学
Emerging Markets Review Pub Date : 2026-01-01 Epub Date: 2025-11-25 DOI: 10.1016/j.ememar.2025.101414
Weidong Zhang , Hongrui Zheng , Donghui Li , Zihuang Chen , Kai Wu
{"title":"Municipal governor turnovers and targeted poverty alleviation of listed private firms","authors":"Weidong Zhang ,&nbsp;Hongrui Zheng ,&nbsp;Donghui Li ,&nbsp;Zihuang Chen ,&nbsp;Kai Wu","doi":"10.1016/j.ememar.2025.101414","DOIUrl":"10.1016/j.ememar.2025.101414","url":null,"abstract":"<div><div>Based on 7041 firm-year observations from 234 prefecture-level regions in China, this study finds that interregional turnover of municipal governors promotes private firms' participation in the Targeted Poverty Alleviation (TPA) investment program. The effect is more pronounced for firms having stronger political ties, or located in areas with severe poverty, or fiscal stress. Firms investing more in TPA subsequently receive more government subsidies. Further analysis shows that newly appointed governors, especially those transferred from other regions, promote corporate participation through onsite inspections, highlighting the importance of direct government–business interaction.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"70 ","pages":"Article 101414"},"PeriodicalIF":4.6,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145614711","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Large state-owned shareholders and social insurance contributions in private firms: Evidence from China 国有大股东与民营企业社保缴费：来自中国的证据
IF 4.6 2区 经济学
Emerging Markets Review Pub Date : 2026-01-01 Epub Date: 2025-11-01 DOI: 10.1016/j.ememar.2025.101398
Ying Wu
{"title":"Large state-owned shareholders and social insurance contributions in private firms: Evidence from China","authors":"Ying Wu","doi":"10.1016/j.ememar.2025.101398","DOIUrl":"10.1016/j.ememar.2025.101398","url":null,"abstract":"<div><div>In the context of transitioning toward market-oriented economies, does state-owned capital continue to safeguard the public interest? This paper answers this question by examining how large state-owned shareholders influence social insurance contributions in private firms. Using a comprehensive sample of Chinese listed firms from 2012 to 2022, this paper finds that the presence of large state-owned shareholders significantly increases social insurance contributions in private firms. This finding remains valid after a battery of robustness tests. Mechanism tests show that large state-owned shareholders increase social insurance contributions by helping private firms obtain government resources and strengthening oversight of social insurance compliance. However, this paper finds no evidence that foreign investors or unions influence the relationship between large state-owned shareholders and social insurance contributions in private firms. The findings of this paper suggest that state-owned equity prioritizes workers' interests over profit maximization. Given that expanding corporate social insurance coverage is a common challenge in emerging markets, this paper provides valuable policy implications for regulators in similar economic contexts.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"70 ","pages":"Article 101398"},"PeriodicalIF":4.6,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145467849","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Foreign exchange interventions and foreign shocks 外汇干预与外国冲击
IF 4.6 2区 经济学
Emerging Markets Review Pub Date : 2026-01-01 Epub Date: 2025-11-08 DOI: 10.1016/j.ememar.2025.101400
E. Bucacos , J. García-Cicco , M. Mello
{"title":"Foreign exchange interventions and foreign shocks","authors":"E. Bucacos ,&nbsp;J. García-Cicco ,&nbsp;M. Mello","doi":"10.1016/j.ememar.2025.101400","DOIUrl":"10.1016/j.ememar.2025.101400","url":null,"abstract":"<div><div>We study the effects of exchange-rate interventions on relevant macroeconomic variables such as the exchange rate, inflation, activity, and interest rates. Instead of attempting to identify exogenous variations in the intervention policy (a frequent strategy in the related literature that raises many endogeneity concerns), we investigate the effect of interventions in dampening the impact of external shocks that are relevant determinants of exchange rate movements. To this end, we propose a novel approach, constrained impulse response functions, which allows the construction of counterfactual scenarios that are locally valid (i.e. marginal effects around average responses). We focus on the case of Uruguay, for which we exploit detailed data on the Central Bank’s operations in the exchange-rate market, leading to a clean measure of interventions that is not contaminated by other factors affecting the foreign reserves position (like valuation effects, a common problem in related studies). We find that interventions can help dampen exchange rate effects, although with a delay, and may have a non-trivial impact on inflation as well, but generally the macroeconomic consequences seems limited. Crucially, these effects depend on the type and sign of the external shock being considered.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"70 ","pages":"Article 101400"},"PeriodicalIF":4.6,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145520540","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
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