International Review of Financial Analysis最新文献_第5页

Integration of manufacturing and services: Examining its effect on resource allocation and manufacturing labor productivity 制造业与服务业的融合：考察其对资源配置和制造业劳动生产率的影响

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103708

Yangyang Yao , Wanhuan Cai , Zhongsheng Zhou , Yifan Zheng

{"title":"Integration of manufacturing and services: Examining its effect on resource allocation and manufacturing labor productivity","authors":"Yangyang Yao , Wanhuan Cai , Zhongsheng Zhou , Yifan Zheng","doi":"10.1016/j.irfa.2024.103708","DOIUrl":"10.1016/j.irfa.2024.103708","url":null,"abstract":"<div><div>The integration of manufacturing and services is a key factor driving the development of the manufacturing sector. Thus, this study uses Chinese province–industry data to determine the effect of such integration on resource allocation and manufacturing labor productivity. Additionally, heterogeneity is systematically examined, while avenues for its improvement are explored. Based on the results, dividing integration into forward and backward integration shows that both types significantly enhance manufacturing labor productivity by improving resource allocation efficiency, with forward integration demonstrating a more pronounced effect. This mechanism mainly manifests in capital- and technology-intensive industries but not in labor-intensive ones. Notably, while the integration of manufacturing and services enhances both economic and social efficiency by curbing capital over-allocation, it creates the problem of labor over-allocation. These conclusions provide value insights for promoting industrial transformation and upgrading.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103708"},"PeriodicalIF":7.5,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142586840","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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

Internal governance and investment efficiency: The role of non-CEO executives 内部治理与投资效率：非首席执行官高管的作用

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103764

Yifan Zhang , Dongmin Kong , Hening Liu

引用次数: 0

Investor attention and anomalies: Evidence from the Chinese stock market 投资者注意力与异常现象：来自中国股市的证据

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103775

Danyan Wen , Zihao Zhang , Jing Nie , Yang Cao

引用次数: 0

‘E’ of ESG and firm performance: Evidence from China ESG的 "E "与公司业绩：来自中国的证据

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103751

Binsheng Qian , Sunil Poshakwale , Yusen Tan

引用次数: 0

Capital investment, digital economy and innovation of high-tech industries 资本投资、数字经济和高科技产业创新

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103761

Yu Liu , Hong Wang , Bo Pang , Shiyong Zhao

{"title":"Capital investment, digital economy and innovation of high-tech industries","authors":"Yu Liu , Hong Wang , Bo Pang , Shiyong Zhao","doi":"10.1016/j.irfa.2024.103761","DOIUrl":"10.1016/j.irfa.2024.103761","url":null,"abstract":"<div><div>This study investigates the spatial spillover effect of high-tech industrial innovation and the possible nonlinear relationship between capital investment, the digital economy, and high-tech industrial innovation. We constructed a spatial Durbin model and a semiparametric spatial lag model based on the panel data of 30 provinces in China from 2000 to 2021. Results indicate a positive spatial spillover effect of high-tech industrial innovation in China's provincial regions, characterized by regional heterogeneity. The partial derivative of physical capital to high-tech industrial innovation exhibited a U-shaped relationship. The Research and development(R&D) capital to high-tech industrial innovation derivative had a linear relationship. However, partial derivatives of human capital and the digital economy to high-tech industrial innovation exhibited fluctuations in the early phase and stable afterward. Thus, we propose that the superior regions of high-the industrial innovation should continue to drive the disadvantaged regions, forming the echelon development mode of high-tech industrial innovation.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103761"},"PeriodicalIF":7.5,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142663655","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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

Effective financial inclusion and the need to put the horse before the cart: Saving! 有效的普惠金融和本末倒置的必要性：储蓄！

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103737

Kalu Ojah , Odongo Kodongo

{"title":"Effective financial inclusion and the need to put the horse before the cart: Saving!","authors":"Kalu Ojah , Odongo Kodongo","doi":"10.1016/j.irfa.2024.103737","DOIUrl":"10.1016/j.irfa.2024.103737","url":null,"abstract":"<div><div>The financial inclusion paradigm is increasingly considered a veritable development model. Therefore, we argue that a deeper understanding of it is necessary for enabling policies and strategies that would yield positive development outcomes (successful financial inclusion). We explore this argument by first, defining “effective financial inclusion” along the lines of identifiable population groups that are often financially excluded from mainstream financial services; and second, by hypothesizing that large national savings pools are a crucial prerequisite for effective financial inclusion. Furthermore, we posit that if effective, financial inclusion should enhance economic welfare, thus engendering “successful financial inclusion.” We evaluate these hypotheses by using a battery of econometric techniques, and document robust supportive findings. Moreover, we evolve first-of-its-kind robust definition of financial inclusion and provide unambiguous evidence that would guide governments and other stakeholders on how to leverage financial inclusion, as a development model, more productively. Importantly, we highlight the primacy of large savings pools for effective financial inclusion.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103737"},"PeriodicalIF":7.5,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142663646","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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

Can digital economy mitigate vertical fiscal imbalances in Chinese local government? The role of fiscal transparency 数字经济能否缓解中国地方政府的纵向财政失衡？财政透明度的作用

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103713

Mo Li , Jing Yang

{"title":"Can digital economy mitigate vertical fiscal imbalances in Chinese local government? The role of fiscal transparency","authors":"Mo Li , Jing Yang","doi":"10.1016/j.irfa.2024.103713","DOIUrl":"10.1016/j.irfa.2024.103713","url":null,"abstract":"<div><div>Vertical fiscal imbalances significantly challenge local governments' ability to deliver public services and maintain financial stability. Although the digital economy has emerged as a potential solution, its influence on vertical fiscal imbalances and the moderating role of fiscal transparency remains underexplored. This study examines the relationship between the digital economy, fiscal transparency, and vertical fiscal imbalances across 287 Chinese prefecture-level cities from 2013 to 2021. Using panel data analysis techniques, the empirical results strongly suggest that the development of the digital economy can mitigate vertical fiscal imbalances, with this effect being more pronounced when higher levels of fiscal transparency are present. The heterogeneity analysis indicates that the digital economy is particularly effective in reducing fiscal imbalances in less developed regions. These findings underscore the potential of the digital economy as a tool for promoting fiscal sustainability and highlight the critical role of fiscal transparency in amplifying its mitigating effects. This study contributes valuable insights into how the digital economy and fiscal transparency can be leveraged to address vertical fiscal imbalances in local governments.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103713"},"PeriodicalIF":7.5,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142663273","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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

Reputation, commitment, and financial market regulation 声誉、承诺和金融市场监管

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103667

Qinyuan Xue , Peng Zhan , Yifei Jin , Hui He

{"title":"Reputation, commitment, and financial market regulation","authors":"Qinyuan Xue , Peng Zhan , Yifei Jin , Hui He","doi":"10.1016/j.irfa.2024.103667","DOIUrl":"10.1016/j.irfa.2024.103667","url":null,"abstract":"<div><div>This paper explores the interplay between reputation mechanisms, pre-commitment strategies, and financial market regulation. Through a theoretical model, we analyze how repeated interactions between market participants, combined with regulatory oversight, can lead to improved compliance and market efficiency. The study demonstrates that reputation mechanisms serve as powerful self-regulatory tools, as negative reputational feedback exerts a stronger influence on market behavior than positive feedback, particularly when the cost of non-compliance is high. Additionally, we investigate the role of pre-commitment in promoting market cooperation and separating equilibria, where high-quality suppliers distinguish themselves from lower-quality competitors. However, in the absence of stringent regulatory enforcement, pre-commitments may be exploited by low-quality suppliers, leading to market inefficiencies. Our findings suggest that a reputation-based, tiered regulatory framework can optimize resource allocation and enhance the effectiveness of financial market regulation. The paper concludes with policy recommendations for integrating these mechanisms into current regulatory practices and outlines areas for future research.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103667"},"PeriodicalIF":7.5,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142571719","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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

World Trade Organization (WTO) trade policy reviews and green technology adoption: Global evidence 世界贸易组织（WTO）贸易政策审查与绿色技术的采用：全球证据

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103715

Arifa Tanveer , Shihong Zeng , Rashid Zaman , Simone Scagnelli

{"title":"World Trade Organization (WTO) trade policy reviews and green technology adoption: Global evidence","authors":"Arifa Tanveer , Shihong Zeng , Rashid Zaman , Simone Scagnelli","doi":"10.1016/j.irfa.2024.103715","DOIUrl":"10.1016/j.irfa.2024.103715","url":null,"abstract":"<div><div>This study examines the impact of WTO climate-related Trade Policy Reviews (TPR) on corporate efforts towards going green, specifically focusing on green technology adoption. Utilising a longitudinal sample comprising 30 countries from 2009 to 2019, the study provides original evidence that companies in countries with more frequent TPRs tend to adopt more green technologies. Channel analysis reveals that countries with climate-focused TPR entries, climate-related notifications, and climate-related measures effectively reduce managerial political risk perception, thereby facilitating the companies' adoption of green technologies. Additional analysis suggests a substitutive role of trade policy reviews (TPR) compared to firm-specific external monitors in promoting the adoption of green technologies. The findings also indicate a significant reduction in greenhouse gas (GHG) emissions resulting from the combined effect of climate-related TPR and increased green technology adoption. The study's baseline results remain robust even after applying various estimation techniques, such as Propensity Score matching, Entropy Balancing, and System GMM. This study's novel findings, emphasising the risk reduction and monitoring functions of such reviews in shaping companies' environmental strategies towards sustainability, provide valuable insights to policymakers, practitioners, and stakeholders.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103715"},"PeriodicalIF":7.5,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142571277","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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

Impact of crude oil price innovations on global stock market volatility: Evidence across time and space 原油价格创新对全球股市波动性的影响：跨越时间和空间的证据

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103685

Libo Yin, Hong Cao, Yu Xin

{"title":"Impact of crude oil price innovations on global stock market volatility: Evidence across time and space","authors":"Libo Yin, Hong Cao, Yu Xin","doi":"10.1016/j.irfa.2024.103685","DOIUrl":"10.1016/j.irfa.2024.103685","url":null,"abstract":"<div><div>This study investigates the impact of crude oil price innovations on global stock market volatility through a ripple-spreading network model, incorporating four dimensions of crude oil price changes: realized volatility, implied volatility, variance risk premium, and realized skewness volatility. Additionally, we assess the effects of three types of crude oil shocks—oil-specific, aggregate demand, and oil supply shocks. The results indicate that while all four dimensions exhibit similar temporal diffusion patterns, their spatial impacts differ. Global stock markets demonstrate heightened sensitivity to implied volatility and variance risk premium, followed by realized volatility and, lastly, realized skewness volatility. Moreover, we find that realized volatility spreads through multiple transmission pathways, albeit at a slower pace compared to implied volatility and the variance risk premium. Among the crude oil shocks, oil-specific shock induces the most rapid volatility transmission across global markets, with aggregate demand shock following and oil supply shock exerting the smallest influence.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103685"},"PeriodicalIF":7.5,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142561048","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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