International Review of Financial Analysis最新文献_第9页

Can the digital economy enhance enterprises' breakthrough innovation? 数字经济能否增强企业的突破性创新？

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-04-18 DOI: 10.1016/j.irfa.2025.104269

Teng Qin , Chuan Qin , Jiaxin Wang , Haiyan Xing

{"title":"Can the digital economy enhance enterprises' breakthrough innovation?","authors":"Teng Qin , Chuan Qin , Jiaxin Wang , Haiyan Xing","doi":"10.1016/j.irfa.2025.104269","DOIUrl":"10.1016/j.irfa.2025.104269","url":null,"abstract":"<div><div>Despite the growing recognition of digital transformation's significance, empirical evidence remains limited on how advancements in the digital economy (<span><math><mi>DE</mi></math></span>) specifically influence breakthrough innovation (<span><math><mi>INNOVT</mi></math></span>), particularly in the presence of organizational moderating factors. This study examines these relationships while exploring the moderating roles of managerial empowerment (<span><math><mi>MGM</mi></math></span>) and organizational resilience (<span><math><mi>OR</mi></math></span>). Using a comprehensive dataset of Chinese A-share listed firms from 2007 to 2021, we construct a composite digital economy index and employ multiple econometric approaches, including baseline regression, instrumental variable analysis, propensity score matching, and the Heckman correction method. Our empirical findings reveal that the <span><math><mi>DE</mi></math></span> significantly enhances <span><math><mi>INNOVT</mi></math></span> by improving resource accessibility, reducing constraints, and fostering connectivity. Moreover, <span><math><mi>MGM</mi></math></span> amplifies this effect by optimizing resource allocation and cultivating an experimental culture, whereas <span><math><mi>OR</mi></math></span> strengthens innovation outcomes by enabling firms to adapt to disruptions and sustain their focus on innovation. Heterogeneity analyses further indicate that ownership structure, technological intensity, and organizational lifecycle significantly influence these relationships. This research contributes to resource-based and dynamic capabilities theoretical frameworks by demonstrating how organizational characteristics convert digital potential into innovation outcomes. The findings provide actionable insights for business leaders seeking to maximize innovation returns from digital investments.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104269"},"PeriodicalIF":7.5,"publicationDate":"2025-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143877010","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

The benefits of downside risk reduction through coinsurance 通过共同保险降低下行风险的好处

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-04-18 DOI: 10.1016/j.irfa.2025.104265

Michael Goedde-Menke , Lars Norden , Christian Rose

引用次数: 0

Leveraged buyouts in Spain: Organic growth or industry consolidation?

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-04-17 DOI: 10.1016/j.irfa.2025.104216

Brian Ayash , Fermín Lizarraga , Santiago Sánchez Alegría

引用次数: 0

Concentration of supply chain, internal control, and corporate risk-taking 供应链集中度、内部控制与企业风险承担

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-04-15 DOI: 10.1016/j.irfa.2025.104261

Yu Li , Tianpeng Bai , Ya Sha , Zitong Xu

引用次数: 0

From crypto to NFTs: Identifying the new wave of digital investors 从加密货币到nft：识别新一波数字投资者

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-04-14 DOI: 10.1016/j.irfa.2025.104172

Stefano Balietti , Can Celebi , David Tercero-Lucas

引用次数: 0

Can the integration of digital and real economies stimulate residents' consumption? 数字经济与实体经济的融合能否刺激居民消费？

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-04-12 DOI: 10.1016/j.irfa.2025.104260

Fan Zhao , Ruirui Li , Ziyin Wu , Xue Ru

{"title":"Can the integration of digital and real economies stimulate residents' consumption?","authors":"Fan Zhao , Ruirui Li , Ziyin Wu , Xue Ru","doi":"10.1016/j.irfa.2025.104260","DOIUrl":"10.1016/j.irfa.2025.104260","url":null,"abstract":"<div><div>Integration of digital and real economies creates high-quality supply, facilitates the expansion of domestic demand, and is an effective tool for stimulating economic vitality. Based on China's 2011–2022 panel data, this study utilized a coupled coordination model to assess the integration between the digital and real economies, and empirically investigated the impact of this integration on residents' consumption. Findings showed that integration outperforms stand-alone digital economy development, with industry and regional variations. Benchmark tests revealed that this integration significantly increases consumption by improving supply quality, stimulating demand. From a heterogeneity standpoint, the integration of digital and real economies has a more pronounced effect on residents' consumption in central regions and rural areas, effectively playing a role akin to “sending charcoal in snow.” And the digital-real economy integration in regions with high-technology market development levels and low housing prices has a greater impact on residents' consumption. Further analysis demonstrated that integration drives consumption through three channels: increased product diversity, higher income levels, and improved payment convenience. Moreover, it positively impacts consumption oriented toward survival, development, and enjoyment, facilitating the upgrade of consumption structures and the transformation of consumption patterns. The analysis also revealed that integration with the tertiary sector exerts a significantly stronger influence on consumption compared to integration with the primary and secondary sectors. These findings underscore the critical role of digital-real economy integration in reshaping consumption patterns.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104260"},"PeriodicalIF":7.5,"publicationDate":"2025-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143828422","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

Modeling optimal strategies in CDS markets: The role of creditor-issuer dynamics CDS市场的最优策略建模：债权人-发行人动态的作用

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-04-12 DOI: 10.1016/j.irfa.2025.104170

Suman Banerjee , Mingyuan Kong

引用次数: 0

How does climate change exposure affects green innovation in China: A framework for categorizing innovation 气候变化对中国绿色创新的影响：创新分类框架

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-04-11 DOI: 10.1016/j.irfa.2025.104253

Chao Yang , Di Song

{"title":"How does climate change exposure affects green innovation in China: A framework for categorizing innovation","authors":"Chao Yang , Di Song","doi":"10.1016/j.irfa.2025.104253","DOIUrl":"10.1016/j.irfa.2025.104253","url":null,"abstract":"<div><div>This study examines the impact of firm-level climate change exposure (CCE) on green innovation among publicly listed enterprises in China from 2007 to 2023. Using a framework that categorizes types of innovation, the findings indicate a significant positive relationship between CCE and green innovation. Specifically, physical CCE positively influences firms' reactive green innovation, while regulatory CCE significantly promotes proactive green innovation. These results suggest that increased CCE enhances firms' capacity for green innovation, and this relationship remains robust across various robustness checks. The study also identifies key mechanisms in this relationship, highlighting the roles of environmental uncertainty and corporate social responsibility. Increased physical CCE leads to more reactive green innovation by heightening environmental uncertainty, whereas greater regulatory CCE encourages proactive green innovation by motivating firms to meet their environmental social responsibilities. This study offers valuable insights into how climate change drives corporate green innovation, providing potential explanations for mixed findings in previous studies and practical guidance for implementing environmental regulations to advance sustainable development.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104253"},"PeriodicalIF":7.5,"publicationDate":"2025-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143828425","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

From endowed trust to earned trust: Firms located in trusted regions 从赋予信任到赢得信任：位于受信任地区的公司

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-04-11 DOI: 10.1016/j.irfa.2025.104252

Lin Yu, Jiahui Ye, Lin Yang

引用次数: 0

Dynamic relationship between tax reputation, digital transformation, and corporate tax compliance in financial markets 金融市场中税收声誉、数字化转型与企业税收合规的动态关系

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-04-11 DOI: 10.1016/j.irfa.2025.104258

Cheng Cai, Lianjie Zhou, Dongshuang Liu

{"title":"Dynamic relationship between tax reputation, digital transformation, and corporate tax compliance in financial markets","authors":"Cheng Cai, Lianjie Zhou, Dongshuang Liu","doi":"10.1016/j.irfa.2025.104258","DOIUrl":"10.1016/j.irfa.2025.104258","url":null,"abstract":"<div><div>Based on a dataset of non-financial A-share listed companies in China from 2015 to 2022, this study conducts an in-depth analysis of the dynamic relationship between tax reputation and digital transformation in shaping corporate tax compliance behavior. The findings reveal that both enhanced tax reputation and advancements in digital transformation significantly and positively influence corporate tax compliance. Moreover, company size emerges as a critical moderating factor, affecting not only the strength of the relationship between digital transformation and tax compliance but also demonstrating a threshold effect. Specifically, the impact of digital transformation on tax compliance varies significantly across companies of different sizes. These differences are evident in whether companies are audited by the Big Four accounting firms and are particularly pronounced between high-tech and non-high-tech industries. Notably, companies audited by the Big Four and those operating in the high-tech sector show greater improvements in tax compliance during the digital transformation process.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104258"},"PeriodicalIF":7.5,"publicationDate":"2025-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143852307","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