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ESG practices and financing constraints of Chinese high-carbon enterprises under carbon reduction pressure: The role of credit financing and corporate reputation 碳减排压力下中国高碳企业ESG实践与融资约束：信用融资与企业声誉的作用
IF 4.7 2区 经济学
Economic Modelling Pub Date : 2025-07-29 DOI: 10.1016/j.econmod.2025.107252
Lin Shen , Wen Zhang , Dan Ma
{"title":"ESG practices and financing constraints of Chinese high-carbon enterprises under carbon reduction pressure: The role of credit financing and corporate reputation","authors":"Lin Shen ,&nbsp;Wen Zhang ,&nbsp;Dan Ma","doi":"10.1016/j.econmod.2025.107252","DOIUrl":"10.1016/j.econmod.2025.107252","url":null,"abstract":"<div><div>Our study investigates how ESG practices affect financing constraints in high-carbon enterprises under decarbonization pressure. While ESG is widely recognized for mitigating financing frictions, its effectiveness for carbon-intensive firms remains unclear. Using panel data on Chinese listed high-carbon enterprises from 2013 to 2023, we find that ESG practices significantly alleviate financing constraints, primarily by enhancing credit access and improving corporate reputation. Among the three ESG components, only environmental practices exhibit statistically significant effects. Moreover, carbon reduction pressure amplifies these benefits. The effect is more pronounced among firms with low ESG rating divergence, limited reliance on bank financing, and no government subsidies. Our findings underscore the financial importance of environmental efforts and suggest that targeted ESG engagement can help high-carbon enterprises manage risks associated with the low-carbon transition.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"152 ","pages":"Article 107252"},"PeriodicalIF":4.7,"publicationDate":"2025-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144771220","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
Does textual risk information from individual banks exacerbate systemic risk? Evidence from the Chinese banking system 个别银行的文本风险信息是否加剧了系统风险？来自中国银行体系的证据
IF 4.7 2区 经济学
Economic Modelling Pub Date : 2025-07-29 DOI: 10.1016/j.econmod.2025.107251
Zhinan Li , Yaqi Ren , Peilong Shen , Can Zhang
{"title":"Does textual risk information from individual banks exacerbate systemic risk? Evidence from the Chinese banking system","authors":"Zhinan Li ,&nbsp;Yaqi Ren ,&nbsp;Peilong Shen ,&nbsp;Can Zhang","doi":"10.1016/j.econmod.2025.107251","DOIUrl":"10.1016/j.econmod.2025.107251","url":null,"abstract":"<div><div>This paper investigates whether textual risk information from individual banks exacerbates systemic risk in the Chinese banking system. In doing so, it addresses an important gap in traditional financial risk theory in which the role of information dissemination in amplifying systemic risk is ignored. Using 2018–2022 data covering 24 Chinese listed commercial banks, we employ a panel fixed effects model to assess how each bank's textual risk information influences industry risk and systemic risk. We construct a novel textual risk information index based on online financial news and investor discussions. We find that textual risk information significantly affects the risk of the banking industry and exacerbates systemic risk. Further analysis demonstrates that asset size plays a limited role in differentiating the impact of risk information on systemic risk, which indicates that larger banks do not disclose enough risk information. These findings suggest an information-driven perspective for bank risk measurement and early warning in financial risk management.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"152 ","pages":"Article 107251"},"PeriodicalIF":4.7,"publicationDate":"2025-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144750091","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
Time-varying transmission of external shocks in Peru: Reassessing the role of monetary policy 秘鲁外部冲击的时变传导：重新评估货币政策的作用
IF 4.7 2区 经济学
Economic Modelling Pub Date : 2025-07-29 DOI: 10.1016/j.econmod.2025.107241
Gabriel Rodríguez , Paul Castillo B. , Brenda Guevara Ruiz , Leonela Yamuca Salvatierra
{"title":"Time-varying transmission of external shocks in Peru: Reassessing the role of monetary policy","authors":"Gabriel Rodríguez ,&nbsp;Paul Castillo B. ,&nbsp;Brenda Guevara Ruiz ,&nbsp;Leonela Yamuca Salvatierra","doi":"10.1016/j.econmod.2025.107241","DOIUrl":"10.1016/j.econmod.2025.107241","url":null,"abstract":"<div><div>This paper analyzes how the transmission of external shocks to inflation, output, and interest rates in Peru has evolved over the past two decades. Although the literature has emphasized the relevance of terms-of-trade and global financial shocks for emerging markets, limited attention has been paid to how these transmission mechanisms change over time. Using quarterly data from 1998 to 2019, the analysis employs a time-varying parameter VAR model with stochastic volatility and mixture innovations to identify changes in three key blocks: autoregressive coefficients, shock variances, and contemporaneous responses. The results indicate a marked decline in the volatility of monetary policy shocks following the adoption of inflation targeting in 2002, along with a shift in inflation’s sensitivity to external shocks—weakening in response to the international interest rate and strengthening in response to Chinese output growth. These patterns reflect improvements in monetary policy credibility and shifts in trade exposure. Robustness exercises confirm the stability of the main findings across alternative specifications.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"152 ","pages":"Article 107241"},"PeriodicalIF":4.7,"publicationDate":"2025-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144750092","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
Systematic index option-writing strategies with Black-Scholes-Merton and Variance-Gamma Models 基于Black-Scholes-Merton和Variance-Gamma模型的系统指数期权撰写策略
IF 4.7 2区 经济学
Economic Modelling Pub Date : 2025-07-26 DOI: 10.1016/j.econmod.2025.107234
Maciej Wysocki , Robert Ślepaczuk
{"title":"Systematic index option-writing strategies with Black-Scholes-Merton and Variance-Gamma Models","authors":"Maciej Wysocki ,&nbsp;Robert Ślepaczuk","doi":"10.1016/j.econmod.2025.107234","DOIUrl":"10.1016/j.econmod.2025.107234","url":null,"abstract":"<div><div>This study evaluates systematic S&amp;P 500 Index option-writing strategies, comparing the hedging performance of the Black–Scholes-Merton (BSM) and Variance-Gamma (VG) models, bridging the gap between theoretical models and their practical applications in trading. Using 1-minute data from 2018 to 2023, we assess hedged and unhedged strategies against buy-and-hold benchmarks, incorporating transaction costs to validate different hedging and sizing methodologies. Our findings reveal that systematic option writing can generate superior risk-adjusted returns. The BSM model generally outperforms the VG model in hedging, leveraging implied volatility to reflect market conditions accurately. However, the VG model proves valuable for position sizing in certain naked strategies, capturing skewness and kurtosis to manage tail risks. Intraday hedging at 130 min intervals offers effective downside protection while preserving return potential. The insights on hedging and sizing presented in this study provide actionable guidance for institutional and non-institutional participants in options markets.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"152 ","pages":"Article 107234"},"PeriodicalIF":4.7,"publicationDate":"2025-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144724643","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
Optimal investment and financing with government subsidies under time to build 最优投融资配合政府补贴时间建设
IF 4.7 2区 经济学
Economic Modelling Pub Date : 2025-07-25 DOI: 10.1016/j.econmod.2025.107232
Xin Xia , Shaoyong Hu , Liu Gan
{"title":"Optimal investment and financing with government subsidies under time to build","authors":"Xin Xia ,&nbsp;Shaoyong Hu ,&nbsp;Liu Gan","doi":"10.1016/j.econmod.2025.107232","DOIUrl":"10.1016/j.econmod.2025.107232","url":null,"abstract":"<div><div>This paper develops a real-options model that incorporates the game-theoretic interaction between firms and the government. We examine how government subsidies influence a firm’s optimal investment and financing decisions when accounting for time-to-build delays. Our findings indicate that subsidies induce leveraged firms to accelerate investment, albeit with a smaller investment scale and more conservative debt financing. Additionally, despite receiving fewer subsidies, leveraged firms tend to invest both earlier and at a larger scale than unleveraged firms. Furthermore, as subsidies become more effective at reducing time to build, investment is accelerated, leverage declines, and the optimal investment scale exhibits a U-shaped pattern. Lastly, compared to non-negotiated debt, the effect of negotiated-debt financing on optimal subsidies and investment scale depends on shareholders’ bargaining power. Our model offers novel and practical insights for policymakers designing effective subsidy programs and for managers formulating sound business strategies.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"152 ","pages":"Article 107232"},"PeriodicalIF":4.7,"publicationDate":"2025-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144721856","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
Network centrality, diversification, and portfolio returns: Economic insights from blockchain industry 网络中心性、多样化和投资组合回报：区块链行业的经济见解
IF 4.7 2区 经济学
Economic Modelling Pub Date : 2025-07-23 DOI: 10.1016/j.econmod.2025.107247
Hairong Lan , Liukai Wang , Mengting Li , Yu Xiong , Yuqing Li
{"title":"Network centrality, diversification, and portfolio returns: Economic insights from blockchain industry","authors":"Hairong Lan ,&nbsp;Liukai Wang ,&nbsp;Mengting Li ,&nbsp;Yu Xiong ,&nbsp;Yuqing Li","doi":"10.1016/j.econmod.2025.107247","DOIUrl":"10.1016/j.econmod.2025.107247","url":null,"abstract":"<div><div>Asset allocation remains a central topic in emerging digital industry, yet traditional models often assume simple relationships and ignore complex interdependencies among assets. Recent studies have introduced network-based methods, but most fail to account for multiple forms of dependency and their economic implications. This study examines how network centrality and diversification shape portfolio performance in China's blockchain market. To obtain the complex structural relationships between firms, we construct a novel multilayer synthetic network using multidimensional correlation measures and particle swarm optimization. Empirical evidence shows that investing in central firms consistently improves returns and lowers risk. However, excessive diversification weakens portfolio efficiency, revealing a trade-off between risk reduction and return dilution. These findings are robust across various datasets, timeframes, and portfolio strategies. By connecting firm network positions to portfolio outcomes, this research advances the literature on asset allocation under structural complexity, offering new insights for investors in volatile and emerging digital markets.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"152 ","pages":"Article 107247"},"PeriodicalIF":4.7,"publicationDate":"2025-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144724646","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
FDI spillovers, innovation and the role of industrial clusters: Evidence from innovative Indian manufacturing firms FDI溢出、创新与产业集群的作用：来自印度创新型制造业企业的证据
IF 4.7 2区 经济学
Economic Modelling Pub Date : 2025-07-23 DOI: 10.1016/j.econmod.2025.107240
Pompi Chetia , Smruti Ranjan Behera , Tapas Mishra , Mamta Parhi
{"title":"FDI spillovers, innovation and the role of industrial clusters: Evidence from innovative Indian manufacturing firms","authors":"Pompi Chetia ,&nbsp;Smruti Ranjan Behera ,&nbsp;Tapas Mishra ,&nbsp;Mamta Parhi","doi":"10.1016/j.econmod.2025.107240","DOIUrl":"10.1016/j.econmod.2025.107240","url":null,"abstract":"<div><div>This paper studies the impacts of horizontal and vertical foreign direct investment (FDI) spillovers on innovation activities of Indian manufacturing firms by comparing effects within major industrial clusters with those outside. We find that a great breadth of innovations arises via horizontal linkages among firms within the industrial clusters. Conversely, firms outside industrial clusters do not portend measurable innovation effects from FDI spillovers. Our results highlight the crucial role of geographical proximity in harnessing innovation spillovers, further emphasizing the need for tailored policies for firms outside major industrial clusters to maximize their innovation potential. A Difference-in-Differences estimation to gauge the effect of the 2014 FDI liberalization policy on firms’ innovation output shows that foreign firms have significantly increased their innovation activities relative to domestic firms post-2014 FDI liberalization policy.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"152 ","pages":"Article 107240"},"PeriodicalIF":4.7,"publicationDate":"2025-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144724647","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
Does economic policy uncertainty impact global value chain participation of Indian firms? The role of financial constraints 经济政策的不确定性是否会影响印度企业参与全球价值链？财政约束的作用
IF 4.7 2区 经济学
Economic Modelling Pub Date : 2025-07-22 DOI: 10.1016/j.econmod.2025.107243
Ketan Reddy , Subash Sasidharan , Shandre Mugan Thangavelu
{"title":"Does economic policy uncertainty impact global value chain participation of Indian firms? The role of financial constraints","authors":"Ketan Reddy ,&nbsp;Subash Sasidharan ,&nbsp;Shandre Mugan Thangavelu","doi":"10.1016/j.econmod.2025.107243","DOIUrl":"10.1016/j.econmod.2025.107243","url":null,"abstract":"<div><div>This study investigates the impact of economic policy uncertainty (EPU) on global value chain (GVC) participation of Indian manufacturing firms. Using firm-level panel data from India spanning 2004–2021, we estimate a probit model and address endogeneity concerns using an instrumental variable approach. Our analysis reveals that higher economic policy uncertainty leads to a decline in firms' GVC participation. The adverse effects of EPU translate via the financial constraints channel with high-leverage and low-liquidity firms experiencing a greater impact of EPU on their GVC integration. Moreover, we find that firms with access to trade credit can mitigate the adverse impact of EPU. In addition, using survival analysis, we also demonstrate that higher EPU is associated with greater exit rates among GVC firms.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"152 ","pages":"Article 107243"},"PeriodicalIF":4.7,"publicationDate":"2025-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144724650","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
Sectoral exposure and its impact on bank risk: Evidence from India 行业风险敞口及其对银行风险的影响：来自印度的证据
IF 4.2 2区 经济学
Economic Modelling Pub Date : 2025-07-22 DOI: 10.1016/j.econmod.2025.107228
Mohammad Zeeshan , Manish K. Singh
{"title":"Sectoral exposure and its impact on bank risk: Evidence from India","authors":"Mohammad Zeeshan ,&nbsp;Manish K. Singh","doi":"10.1016/j.econmod.2025.107228","DOIUrl":"10.1016/j.econmod.2025.107228","url":null,"abstract":"<div><div>This study investigates how banks’ sectoral loan exposures affect their risk profiles. We introduce two market-derived measures: <em>Aggregate diversification</em>, which gauges vulnerability to sector-specific shocks, and <em>Differential specialization</em>, indicating how much a bank’s sectoral focus diverges from industry average. Analyzing data from 2006 to 2022 for Indian commercial banks, we find that greater aggregate diversification significantly reduces bank risk, while higher differential specialization increases it. Specifically, a one standard deviation increase in <em>Aggregate diversification</em> improves bank stability by 3.4%, whereas a comparable increase in <em>Differential specialization</em> reduces stability by 7.2%. The stabilizing effect of diversification stems from reduced stock volatility, lower financing costs, and enhanced market valuations. Specialization conversely correlates with higher non-performing loans and diminished shareholder value. These results emphasize the importance of employing high-frequency return data to measure risk and underscore the sectoral context and institutional capacity in shaping the risk-return trade-offs between diversification and specialization.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"151 ","pages":"Article 107228"},"PeriodicalIF":4.2,"publicationDate":"2025-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144711502","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
Key industrial policy, market competition and firms’ markup: Evidence from China 关键产业政策、市场竞争与企业加价：来自中国的证据
IF 4.2 2区 经济学
Economic Modelling Pub Date : 2025-07-22 DOI: 10.1016/j.econmod.2025.107245
Guifu Chen, Hongwei Yuan
{"title":"Key industrial policy, market competition and firms’ markup: Evidence from China","authors":"Guifu Chen,&nbsp;Hongwei Yuan","doi":"10.1016/j.econmod.2025.107245","DOIUrl":"10.1016/j.econmod.2025.107245","url":null,"abstract":"<div><div>The relationship between the government and the market has long been a core issue in economics. This study analyzes key industrial policy information in the “Five-Year Plan” of the Chinese central government. We use data from the Annual Survey of Industrial Firms to test the impact and mechanisms of key industrial policies on markups, and further analyze these findings. The empirical results demonstrate that key industrial policies significantly reduce firms' markups, and this conclusion remains robust across different tests. Additionally, the mechanism by which key industrial policy reduces firms’ markups is primarily through the “transaction cost channel,” the “factor resource cost channel” and “market competition effect.” For different types of firms, industrial policies have heterogeneous effects on markups, with key industrial policies having noticeable asymmetric effects on firms occupying different positions in the market. Our findings provide further insights into the interaction mechanisms between the government and the market.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"151 ","pages":"Article 107245"},"PeriodicalIF":4.2,"publicationDate":"2025-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144702469","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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