Economic Analysis and Policy最新文献_第9页

The digital world that trade created: Evidence from the information technology agreement 贸易创造的数字世界：来自信息技术协定的证据

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2025-06-13 DOI: 10.1016/j.eap.2025.06.012

Shuzhong Ma , Yuting Shen , Chao Fang

{"title":"The digital world that trade created: Evidence from the information technology agreement","authors":"Shuzhong Ma , Yuting Shen , Chao Fang","doi":"10.1016/j.eap.2025.06.012","DOIUrl":"10.1016/j.eap.2025.06.012","url":null,"abstract":"<div><div>Since the early 21st century, global digitalization has accelerated, driving transformative shifts across sectors such as production, transportation, and trade. This study investigates how trade liberalization in information and communication technology (ICT) products fosters global digitalization. Using the signing of the Information Technology Agreement (ITA) as a quasi-natural experiment, we employ a staggered difference-in-differences (DID) approach with country-level panel data from 1995 to 2015. Our findings indicate that the signing of the ITA significantly increases digitalization levels, measured by internet penetration, in signatory countries. The effects are particularly strong in developing countries, as well as in economies with higher pre-agreement ICT tariffs, better telecommunications infrastructure, and higher regulatory quality. Mechanism analysis reveals that the ITA promotes digitalization primarily by reducing ICT trade barriers and catalyzing cross-border digital mergers and acquisitions (M&As). These results underscore the critical role of digital goods trade in shaping global digital transformation.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 746-763"},"PeriodicalIF":7.9,"publicationDate":"2025-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144517666","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

R&D expenditure adjustments and firm’s patent-based efficiency: Evidence from China 研发支出调整与企业专利效率：来自中国的证据

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2025-06-13 DOI: 10.1016/j.eap.2025.05.041

Xue Mei Zhou , Bin Liu

引用次数: 0

Another look at the holiday effect: evidence from sell-side analysts’ forecasts 假日效应的另一个原因是：卖方分析师预测的证据

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2025-06-12 DOI: 10.1016/j.eap.2025.06.008

Zheng Liu , Yingfei Liu , Qiankun Gu , Huiqiang Wang

引用次数: 0

Cultural norms and corporate green transition disclosure: Unveiling the role of green innovation, social responsibility, and managerial myopia 文化规范与企业绿色转型信息披露：揭示绿色创新、社会责任和管理短视的作用

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2025-06-10 DOI: 10.1016/j.eap.2025.06.006

Feng Zhao , Yanshun Huang , Yanting Zheng

{"title":"Cultural norms and corporate green transition disclosure: Unveiling the role of green innovation, social responsibility, and managerial myopia","authors":"Feng Zhao , Yanshun Huang , Yanting Zheng","doi":"10.1016/j.eap.2025.06.006","DOIUrl":"10.1016/j.eap.2025.06.006","url":null,"abstract":"<div><div>Driven by China’s “dual carbon” goals, improving corporate green transition disclosure (GTD) systems has become a key path to achieving sustainable economic development. As China has yet to establish formal GTD institutions, this paper explores why companies voluntarily disclose their green transition information from the perspective of Confucian culture, an informal institution factor. Based on the “Management Discussion and Analysis” sections in corporate annual reports from 2007 to 2022, we use semantic recognition from machine learning models and text analysis to measure managers’ focus on green transition through two dimensions—innovation-driven initiatives and political compliance norms—to construct a GTD index. The findings show that a one-standard-deviation increase in Confucian cultural influence leads to a 3.61-standard-deviation increase in GTD. Confucian culture promotes GTD by curbing managers’ self-interest motives, encouraging green innovation, and fostering social responsibility. Furthermore, strengthened external environmental regulations and reduced environmental uncertainty amplify the positive effects of Confucian culture. Notably, the CEOs’ academic backgrounds reinforce these effects, whereas the presence of female executives attenuates them. This study offers methodological insights for quantifying firm-level GTD and provides a novel institutional perspective for evaluating green transition progress across countries and regions.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 205-220"},"PeriodicalIF":7.9,"publicationDate":"2025-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144279170","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

Oil price shocks and green bond spreads: Evidence from China 油价冲击与绿色债券息差：来自中国的证据

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2025-06-10 DOI: 10.1016/j.eap.2025.06.007

Jingxin Li , Qiujun Lan , Xiangjin Wang , Linnan Ge

引用次数: 0

Does common institutional ownership affect systemic risk of non-financial firms? Evidence from China 共同机构所有权是否影响非金融企业的系统性风险？来自中国的证据

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2025-06-09 DOI: 10.1016/j.eap.2025.06.005

Xiao-Lin Li , Jiawei Hao , Liang Liu

{"title":"Does common institutional ownership affect systemic risk of non-financial firms? Evidence from China","authors":"Xiao-Lin Li , Jiawei Hao , Liang Liu","doi":"10.1016/j.eap.2025.06.005","DOIUrl":"10.1016/j.eap.2025.06.005","url":null,"abstract":"<div><div>Using data on common institutional ownership (CIO) and systemic risk of Chinese listed manufacturing firms from 2010 to 2022, our paper investigates the effect of CIO on systemic risk of non-financial firms (NFFs). We find that CIO is positively associated with the systemic risk of NFFs. We identify two channels through which CIO influences NFFs’ systemic risk: exacerbating risk accumulation through firm manipulation and increasing risk interconnectedness among firms. Our results are validated by several robustness tests. Heterogeneity analysis indicates that the effect of CIO on systemic risk is more pronounced in NFFs with lower stock liquidity, lower transparency, lower product market competition, and higher financing constraints. Finally, we find that CIO networks propagate individual firms’ tail risk and thereby form a systemic risk danger. Our paper presents policy recommendations for regulators, stressing the need to effectively manage the development of CIO to mitigate its potential adverse effects, especially amid the Chinese government’s promotion of institutional investors in capital markets.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 235-255"},"PeriodicalIF":7.9,"publicationDate":"2025-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144279169","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 digitalization of government activities improve business environment? The influence of public service standardization 政府活动的数字化是否改善了商业环境？公共服务标准化的影响

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2025-06-09 DOI: 10.1016/j.eap.2025.05.034

Xilu Chen , Erqi Ge , Xianxiang Xu , Quan Zhou

{"title":"Does digitalization of government activities improve business environment? The influence of public service standardization","authors":"Xilu Chen , Erqi Ge , Xianxiang Xu , Quan Zhou","doi":"10.1016/j.eap.2025.05.034","DOIUrl":"10.1016/j.eap.2025.05.034","url":null,"abstract":"<div><div>This study examines how digitalization of government activities improves the business environment. Unlike previous studies that have emphasized transparency, our research examines the role of government’s information and communication technology adoption in establishing standardized procedures for public service provision. Initially, offline services imposed higher costs due to individual discretion. However, the emergence of online platforms introduced clear standards, which prompted offline channels to align with these norms. Consequently, firms are able to access public services at reduced costs, whether online or offline, compared with the pre-digitalization period. We test the predictions of our general equilibrium model using cross-country data from 2003 to 2019. Results from instrumental variable estimations demonstrate that the enhanced scope and quality of online government services have causally improved the business environment, predominantly by reducing firms’ compliance costs, confirming our theoretical model’s predictions. These findings highlight the importance of standardized service delivery for optimizing public service effectiveness.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 533-560"},"PeriodicalIF":7.9,"publicationDate":"2025-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144480747","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 blur phraseology in ESG reports and firm value: textual analysis evidence from Chinese listed companies ESG报告中的模糊措辞与企业价值：来自中国上市公司的文本分析证据

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2025-06-07 DOI: 10.1016/j.eap.2025.05.059

Yan Zhang , Xiang Li , Qiyu Huang , Xiangning Mu

{"title":"The blur phraseology in ESG reports and firm value: textual analysis evidence from Chinese listed companies","authors":"Yan Zhang , Xiang Li , Qiyu Huang , Xiangning Mu","doi":"10.1016/j.eap.2025.05.059","DOIUrl":"10.1016/j.eap.2025.05.059","url":null,"abstract":"<div><div>Environmental, Social, and Governance (ESG) reports provide a channel for stakeholder groups to assess corporate ESG performance. However, few studies have investigated the phraseology of ESG report texts. This study employs a textual analysis method to extract a quantitative textual blurriness indicator, the Blur Index, from ESG report texts. A higher Blur Index indicates less effective information in the ESG report. We then explore the impact of blur phraseology of ESG report texts on firm value, using data from Chinese A-share listed companies from 2017 to 2023. The results indicate that the blur phraseology of ESG reports can impact firm value, and a higher Blur Index is positively associated with firm market value. This counterintuitive result suggests that low-quality information disclosure may lead to unrealistic growth in firm performance. The Blur Index developed in this study effectively verifies the existence of blur disclosure strategies. Additionally, the effect of textual blurriness on firm value is more pronounced in environmentally sensitive firms and in firms with low equity concentrations. The results of the mechanism test indicate that supervisory institutional shareholdings can impede firms' incentives to use blur disclosure strategies in ESG reporting. This study represents the first instance of the use of textual analysis to study the strategy of blur disclosure employed in ESG report texts, expanding a method to examine the quality of corporate ESG disclosure. It enriches the literature on the relationship between ESG disclosure and firm value while providing a new perspective for understanding and improving the quality of ESG information disclosure.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 281-296"},"PeriodicalIF":7.9,"publicationDate":"2025-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144306906","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

Empowering corporate growth: How digital government enhances investment stability 助力企业成长：数字政府如何增强投资稳定性

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2025-06-07 DOI: 10.1016/j.eap.2025.06.004

Meiying Huang , Pengfei Cheng , Yimeng Yuan

{"title":"Empowering corporate growth: How digital government enhances investment stability","authors":"Meiying Huang , Pengfei Cheng , Yimeng Yuan","doi":"10.1016/j.eap.2025.06.004","DOIUrl":"10.1016/j.eap.2025.06.004","url":null,"abstract":"<div><div>This study employs the staggered difference-in-differences (DID) method to analyze data from Chinese A-share listed companies between 2008 and 2022. Using the reform of big data governance as a quasi-natural experiment, the study assesses the impact of digital government construction on corporate investment behavior and its underlying mechanisms. The empirical results indicate that digital government construction significantly fosters corporate investment. Its impact is particularly more pronounced in mature firms, state-owned enterprises, capital-intensive firms, and firms characterized by higher levels of digitalization. Additionally, the impact is greater in manufacturing companies and industries with higher levels of market competition. The mechanism analysis demonstrates that digital government increases corporate investment levels by lowering policy uncertainty, optimizing resource allocation, and increasing credit supply willingness. Furthermore, we discovered that digital government reforms significantly enhance corporate risk management capabilities and governance standards. Finally, our findings help to understand the critical role of digital government in corporate investment and provide insights for advancing digital government construction.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 146-161"},"PeriodicalIF":7.9,"publicationDate":"2025-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144272352","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

Market-based emissions regulation and capacity governance in China’s high-carbon firms: Theoretical investigation and empirical evidence 中国高碳企业的市场化排放监管与能力治理：理论研究与实证证据

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2025-06-06 DOI: 10.1016/j.eap.2025.05.056

Xu Wang , Yingjie Liu , Wei Li , Lingyun He , Cheng Chi , Yanni Zhong

{"title":"Market-based emissions regulation and capacity governance in China’s high-carbon firms: Theoretical investigation and empirical evidence","authors":"Xu Wang , Yingjie Liu , Wei Li , Lingyun He , Cheng Chi , Yanni Zhong","doi":"10.1016/j.eap.2025.05.056","DOIUrl":"10.1016/j.eap.2025.05.056","url":null,"abstract":"<div><div>Despite extensive research, it remains unclear whether China’s market-based emission regulation can effectively curb overcapacity in incumbent high-carbon firms, given the inherent complexity of the scheme. By adopting a carbon market perspective, this study theoretically clarifies the mechanism through which the market-based emission regulation affects the firm’s production capacity utilization within a partial equilibrium framework. In addition, we empirically assess China’s emissions trading system (ETS) policy using the double machine learning approach and China’s firm-level data from 2008 to 2022. The results demonstrate that China’s ETS policy significantly enhances the capacity utilization of the high-carbon firms in pilot regions. Furthermore, we show that this market-based emissions regulation primarily addresses overcapacity by increasing compliance costs, fostering technical innovation, discouraging over-investment, and optimizing resources allocation. The policy effect is more pronounced in regions with stringent regulations on allowances allocation and robust market supervision. Therefore, ETS policymakers should strengthen regulations related to emissions cap setting and compliance behavior supervision to accelerate the phase out of outdated capacities in high-carbon firms.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 1-17"},"PeriodicalIF":7.9,"publicationDate":"2025-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144255167","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