{"title":"The many faces of social media in business and economics research: Taking stock of the literature and looking into the future","authors":"Andranik Tumasjan","doi":"10.1111/joes.12570","DOIUrl":"10.1111/joes.12570","url":null,"abstract":"<p>Since their inception more than 15 years ago, social media have become a vibrant research topic in business and economics research. This article presents an integrative literature review taking stock of and showing the many faces of social media in extant research. Based on <i>N</i> = 1419 articles published in the leading peer-reviewed business and economics journals in the years 2008–2022, we identify and describe seven overarching research themes, namely, social media as a: (1) market-oriented interaction hub, (2) resource-oriented interaction hub, (3) information market, (4) innovation and business venturing hub, (5) societal challenge, (6) political hub, and (7) data source. Finally, we derive a research agenda to stimulate future research on this increasingly important topic.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"38 2","pages":"389-426"},"PeriodicalIF":5.3,"publicationDate":"2023-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/joes.12570","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91119080","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Sara Fernández-López, Marcos Álvarez-Espiño, Lucía Rey-Ares, Sandra Castro-González
{"title":"Consumer financial vulnerability: Review, synthesis, and future research agenda","authors":"Sara Fernández-López, Marcos Álvarez-Espiño, Lucía Rey-Ares, Sandra Castro-González","doi":"10.1111/joes.12573","DOIUrl":"10.1111/joes.12573","url":null,"abstract":"<p>Research on consumer financial vulnerability (CFV) was especially encouraged in the aftermath of the 2007–2008 financial crisis, becoming a phenomenon of global interest to academics and policy makers. This paper reviews the existing academic literature on CFV with the aim of mapping out four research fields (i.e., the concept, the measures, the methods, and the drivers of this phenomenon) and providing a roadmap for a future research agenda for this field. To this end, we review the last two decades of academic research on households’ financial vulnerability, thereby presenting a hybrid literature review. Evidence from a comprehensive analysis of 98 academic papers suggests that this is still an emerging and highly fragmented field and, therefore, a comprehensive future research agenda is offered, including concrete suggestions for research designs and measurements. The proposal of a homogeneous definition of financial vulnerability, the consideration of measures that include subjective aspects of the phenomenon, the use of qualitative methods, and the development of more detailed theoretical and empirical research on the drivers of CFV, are among the authors’ recommendations for future research.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"38 4","pages":"1045-1084"},"PeriodicalIF":5.9,"publicationDate":"2023-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/joes.12573","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88771372","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
David Ardia, Keven Bluteau, Mohammad-Abbas Meghani
{"title":"Thirty years of academic finance","authors":"David Ardia, Keven Bluteau, Mohammad-Abbas Meghani","doi":"10.1111/joes.12571","DOIUrl":"10.1111/joes.12571","url":null,"abstract":"<p>We study how the financial literature has evolved in scale, research team composition, and article topicality across finance-focused academic journals from 1992 to 2021. We document that the field has vastly expanded regarding outlets and published articles. Teams have become larger, and the proportion of women participating in research has increased significantly. Using the Structural Topic Model, we identify 45 topics discussed in the literature. We investigate the topic coverage of individual journals and can identify highly specialized and generalist outlets, but our analyses reveal that most journals have covered more topics over time, thus becoming more generalist. Finally, we find that articles with at least one woman author focus more on topics related to social and governance aspects of corporate finance. We also find that teams with at least one top-tier institution scholar tend to focus more on theoretical aspects of finance.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"38 3","pages":"1008-1042"},"PeriodicalIF":5.3,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/joes.12571","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80401529","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"30 years of exchange rate analysis and forecasting: A bibliometric review","authors":"Siran Fang, Yunjie Wei, Shouyang Wang","doi":"10.1111/joes.12572","DOIUrl":"10.1111/joes.12572","url":null,"abstract":"<p>Due to the strong nonlinearity and high complexity of foreign exchange rate data, how best to accurately analyze their trends and forecast them is regarded as a challenging research topic. While such research has developed rapidly and a large number of publications have appeared, few programmatic quantitative and qualitative overviews have been compiled in the field of exchange rate. By integrating bibliometric methods with network visualization based on CiteSpace software, this study analyzed 4999 publications of exchange rate research from the Web of Science (WoS) Core Collection database during 1992 to 2021. The study summarizes the major development in exchange rate determination since Meese-Rogoff puzzle, from New Open-Economy Macroeconomics (NOEM) and the Foreign Exchange Market Micro-Structure Hypotheses, to determination model based on relationship between exchange rate and commodity price. Through the study's statistical analysis, co-occurrence, co-citation, and co-keywords analysis, the influential authors, research institutions, countries and regions, journals, research hotspots, and future trends in the field of exchange rate are intellectually identified over the past 30 years. As a complement to existing literature, this paper provides theoretical and practical reference for researchers and practitioners in the field of exchange rate.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"38 3","pages":"973-1007"},"PeriodicalIF":5.3,"publicationDate":"2023-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85137922","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}
Rodrigo Zeidan, Silvio Luiz de Almeida, Inácio Bó, Neil Lewis
{"title":"Racial and income-based affirmative action in higher education admissions: Lessons from the Brazilian experience","authors":"Rodrigo Zeidan, Silvio Luiz de Almeida, Inácio Bó, Neil Lewis","doi":"10.1111/joes.12564","DOIUrl":"10.1111/joes.12564","url":null,"abstract":"<p>This survey article provides insights regarding the future of affirmative action by analyzing the implementation methods and the empirical evidence on the use of placement quotas in the Brazilian higher education system. All federal universities have required income and racial-based quotas in Brazil since 2012. Affirmative action in federal universities is uniformly applied across the country, which makes evaluating its effects particularly valuable. Affirmative action improves the outcomes of targeted students. Specifically, race-based quotas raise the share of Black students in federal universities, an effect not observed with income-based quotas alone. Affirmative action has downstream positive consequences for labor market outcomes. The results suggest that income and race-based quotas beneficiaries experience substantial long-term welfare benefits. There is no evidence of mismatching or negative consequences for targeted students' peers.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"38 3","pages":"956-972"},"PeriodicalIF":5.3,"publicationDate":"2023-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83735596","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}
{"title":"Noncompliant behaviors in general equilibrium: A survey","authors":"Chiarini Bruno, Ferrara Maria, Marzano Elisabetta","doi":"10.1111/joes.12562","DOIUrl":"10.1111/joes.12562","url":null,"abstract":"<p>This paper reviews the literature on dynamic general equilibrium models that incorporate noncompliant behaviors. It organizes contributions according to selected dimensions that denote important pillars of the macroeconomic literature and that are relevant to explaining the nature and role of non-compliant behaviors. These pillars are business cycles, macroeconomic policies, labor markets, income inequality, and financial factors. Starting with studies from the early 2000s, when general equilibrium models first began to include noncompliant behaviors, our study provides a temporal excursus on the evolution of the phenomenon in this literature.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"38 3","pages":"931-955"},"PeriodicalIF":5.3,"publicationDate":"2023-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90258656","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}
{"title":"A review of Phillips-Sul approach-based club convergence tests","authors":"Mateusz Tomal","doi":"10.1111/joes.12563","DOIUrl":"10.1111/joes.12563","url":null,"abstract":"<p>The Phillips-Sul approach to testing the club convergence hypothesis has attracted considerable research interest in recent years due to its advantages over alternative methods. This paper aims to review theoretical papers that extend the Phillips-Sul approach, empirical studies that apply Phillips-Sul approach-based club convergence tests, as well as the software used to execute these methods. The review revealed that, first, the Phillips-Sul approach has seen modifications regarding the procedure of trend extraction from time series, the log <i>t</i> regression and the algorithm clustering panel units into convergence clubs. Second, the Phillips-Sul approach has been widely used not only in economics and finance but also in ecological, energy and health studies. Finally, the paper provides guidance for further development of the Phillips-Sul approach. This review is useful for researchers and practitioners investigating convergence and club convergence processes.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"38 3","pages":"899-930"},"PeriodicalIF":5.3,"publicationDate":"2023-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74047002","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}
{"title":"How does liberalization affect emerging stock markets? Theories and empirical evidence","authors":"Bao Trung Hoang, Cesario Mateus","doi":"10.1111/joes.12561","DOIUrl":"10.1111/joes.12561","url":null,"abstract":"<p>This paper reviews the literature that discusses how liberalization affects emerging stock markets on <i>the cost of equity, stock volatility, stock liquidity</i>, and <i>informational efficiency</i>. The survey consists of two parts, theoretical arguments and empirical evidence. Four primary mechanisms explaining the impacts are <i>risk diversification, information-sharing, friction channel</i>, and <i>market competition</i>. Our survey indicates that liberalization was evidenced to reduce the cost of equity (via risk diversification mechanism), stabilize stock volatility (mainly through risk diversification mechanism), increase stock market liquidity (in both friction channels and informational-sharing mechanisms), and improve the local market's informational efficiency (by informational-sharing mechanism). Also, we suggest some aspects of theoretical arguments that still need further examination by empirical research.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"38 3","pages":"877-898"},"PeriodicalIF":5.3,"publicationDate":"2023-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/joes.12561","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84296599","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Wage response to corporate income taxes: A meta-regression analysis","authors":"Jonas Knaisch, Carla Pöschel","doi":"10.1111/joes.12557","DOIUrl":"10.1111/joes.12557","url":null,"abstract":"<p>The wage elasticity to corporate income tax (CIT) is an essential parameter for assessing tax policy reforms. This paper applies meta-regression analysis to quantitatively review the growing empirical tax incidence literature that indicates a substantial shift of the tax burden onto employees. While most studies report a large wage-reducing effect of the CIT, our findings suggest that estimates with positive values are published less often than they should. After accounting for the bias, we find no significant average association between wage rates and corporate taxation. We document that the tax variable, econometric method, type of tax variation, and underlying time and country coverage of studies drive the heterogeneity among reported effects. The implied best-practice estimates suggest that the tax elasticity of wages is systematically larger for emerging countries and smaller when tax changes at the subnational level are exploited.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"38 3","pages":"852-876"},"PeriodicalIF":5.3,"publicationDate":"2023-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/joes.12557","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135960814","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Simona Malovaná, Martin Hodula, Josef Bajzík, Zuzana Gric
{"title":"Bank capital, lending, and regulation: A meta-analysis","authors":"Simona Malovaná, Martin Hodula, Josef Bajzík, Zuzana Gric","doi":"10.1111/joes.12560","DOIUrl":"10.1111/joes.12560","url":null,"abstract":"<p>We collected over 1600 estimates on the relationship between bank capital and lending and construct 40 variables to capture the context in which these estimates are obtained. Accounting for potential publication bias, we find that a 1 percentage point (pp) increase in capital (regulatory) ratio results in around 0.3 pp increase in annual credit growth, while changes to capital requirements cause a decrease of around 0.7 pp. Using Bayesian and frequentist model averaging, we show that the relationship between bank capital and lending changes over time, reflecting the post-crisis period of increasingly demanding bank capital regulation and subdued profitability. We also find that the reported estimates of semi-elasticities are significantly influenced by the empirical approach chosen by researchers. Our findings suggest that the literature fails to provide policymakers with reliable estimates of the effects of capital regulation on bank lending, and our study offers insights that could help guide future research.</p>","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":"38 3","pages":"823-851"},"PeriodicalIF":5.3,"publicationDate":"2023-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81147930","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}