Pub Date : 2025-02-11DOI: 10.1016/j.iref.2025.103943
Weiyi Zhang , Yong Wang
Recommendation algorithms on platform markets can be categorized into neutral algorithms and non-neutral algorithms. We explore how these two algorithms affect consumer's search behaviors and merchant's competition behaviors based on a consumer search model. We found that as platform transitions from not providing recommendation algorithms to providing neutral algorithms and then to providing non-neutral algorithms, the price dispersion among merchants gradually increases, while the intensity of price competition decreases. When the difference in transaction utilities among merchants is small, providing neutral algorithms can enhance platform profits, consumer surplus, and social welfare. In the meantime, providing non-neutral algorithms always harms platform profits and social welfare, but still enhances consumer surplus. This study recommends that platforms should maintain a balance between neutral and non-neutral algorithms in the development of recommendation systems, where platforms can then guide merchants to focus their efforts and resources on product development and service improvement, rather than engaging in price wars and paid promotions.
{"title":"The impact of different recommendation algorithms on consumer search behavior and merchants competition","authors":"Weiyi Zhang , Yong Wang","doi":"10.1016/j.iref.2025.103943","DOIUrl":"10.1016/j.iref.2025.103943","url":null,"abstract":"<div><div>Recommendation algorithms on platform markets can be categorized into neutral algorithms and non-neutral algorithms. We explore how these two algorithms affect consumer's search behaviors and merchant's competition behaviors based on a consumer search model. We found that as platform transitions from not providing recommendation algorithms to providing neutral algorithms and then to providing non-neutral algorithms, the price dispersion among merchants gradually increases, while the intensity of price competition decreases. When the difference in transaction utilities among merchants is small, providing neutral algorithms can enhance platform profits, consumer surplus, and social welfare. In the meantime, providing non-neutral algorithms always harms platform profits and social welfare, but still enhances consumer surplus. This study recommends that platforms should maintain a balance between neutral and non-neutral algorithms in the development of recommendation systems, where platforms can then guide merchants to focus their efforts and resources on product development and service improvement, rather than engaging in price wars and paid promotions.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"98 ","pages":"Article 103943"},"PeriodicalIF":4.8,"publicationDate":"2025-02-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143421039","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}
Pub Date : 2025-02-11DOI: 10.1016/j.iref.2025.103942
Chu-Ping Lo
This study examines the impact of technological sanctions on global competition, highlighting that their outcomes depend significantly on the research capacities of the targeted countries. Strong research capacities can enable these countries to foster the emergence of high-productivity firms in response to sanctions, which may instead act as a catalyst to boost the sanctioned country’s aggregate productivity. As a result, technological sanctions might unexpectedly narrow the productivity gaps between the sanctioning and sanctioned countries. Conversely, while countries with robust research capacities demonstrate greater resilience to sanctions, those lacking such capacities are likely to experience widened productivity gaps following sanctions.
{"title":"Technological sanctions, research capacity, and unintended consequences","authors":"Chu-Ping Lo","doi":"10.1016/j.iref.2025.103942","DOIUrl":"10.1016/j.iref.2025.103942","url":null,"abstract":"<div><div>This study examines the impact of technological sanctions on global competition, highlighting that their outcomes depend significantly on the research capacities of the targeted countries. Strong research capacities can enable these countries to foster the emergence of high-productivity firms in response to sanctions, which may instead act as a catalyst to boost the sanctioned country’s aggregate productivity. As a result, technological sanctions might unexpectedly narrow the productivity gaps between the sanctioning and sanctioned countries. Conversely, while countries with robust research capacities demonstrate greater resilience to sanctions, those lacking such capacities are likely to experience widened productivity gaps following sanctions.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"98 ","pages":"Article 103942"},"PeriodicalIF":4.8,"publicationDate":"2025-02-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143421040","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}
Pub Date : 2025-02-10DOI: 10.1016/j.iref.2025.103947
Yan Mo , Huifeng Jiang , Cong Chong
This study examines whether climate risk affects corporate charitable donations. Using a sample of Chinese A-share listed companies from to 2010–2022, we find that day-to-day temperature volatility will significantly reduce corporate charitable donations. These conclusions hold after several robustness tests. The mechanism test proves that climate risk reduces charitable donations by increasing corporate financial constraints. Further analysis reveals that the negative relationship between climate risk and corporate charitable donations is more significant among non-state-owned firms, firms that are not politically connected, and firms that receive fewer government subsidies.
{"title":"Climate risk and corporate charitable donations –evidence from China","authors":"Yan Mo , Huifeng Jiang , Cong Chong","doi":"10.1016/j.iref.2025.103947","DOIUrl":"10.1016/j.iref.2025.103947","url":null,"abstract":"<div><div>This study examines whether climate risk affects corporate charitable donations. Using a sample of Chinese A-share listed companies from to 2010–2022, we find that day-to-day temperature volatility will significantly reduce corporate charitable donations. These conclusions hold after several robustness tests. The mechanism test proves that climate risk reduces charitable donations by increasing corporate financial constraints. Further analysis reveals that the negative relationship between climate risk and corporate charitable donations is more significant among non-state-owned firms, firms that are not politically connected, and firms that receive fewer government subsidies.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"98 ","pages":"Article 103947"},"PeriodicalIF":4.8,"publicationDate":"2025-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143402809","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}
Pub Date : 2025-02-10DOI: 10.1016/j.iref.2025.103949
Guimin Qu , Hao Jing
Corporate tax avoidance is an enduring topic. With the advent of the intelligent era, how artificial intelligence affects corporate tax avoidance has become an important topic of existing researches. We take Chinese A-share enterprises from 2008 to 2023 as the research samples, and empirically test the impact and mechanisms of artificial intelligence on corporate tax avoidance. Based on the perspective of corporate governance costs, we discuss the influence and function mechanism of artificial intelligence on corporate tax avoidance. The results show that artificial intelligence can promote tax avoidance for enterprises by increasing high-skilled labor cost and intelligent input cost. Heterogeneity analysis reveals that artificial intelligence exerts a more influence on corporate tax avoidance in circumstances where tax regulatory intensity is diminished, and the tax burden is escalated. This study enriches the research on the development of enterprise intelligence in the new era, opens the "black box" between artificial intelligence and tax avoidance, and provides evidence for the logic between them.
{"title":"Is new technology always good? Artificial intelligence and corporate tax avoidance: Evidence from China","authors":"Guimin Qu , Hao Jing","doi":"10.1016/j.iref.2025.103949","DOIUrl":"10.1016/j.iref.2025.103949","url":null,"abstract":"<div><div>Corporate tax avoidance is an enduring topic. With the advent of the intelligent era, how artificial intelligence affects corporate tax avoidance has become an important topic of existing researches. We take Chinese A-share enterprises from 2008 to 2023 as the research samples, and empirically test the impact and mechanisms of artificial intelligence on corporate tax avoidance. Based on the perspective of corporate governance costs, we discuss the influence and function mechanism of artificial intelligence on corporate tax avoidance. The results show that artificial intelligence can promote tax avoidance for enterprises by increasing high-skilled labor cost and intelligent input cost. Heterogeneity analysis reveals that artificial intelligence exerts a more influence on corporate tax avoidance in circumstances where tax regulatory intensity is diminished, and the tax burden is escalated. This study enriches the research on the development of enterprise intelligence in the new era, opens the \"black box\" between artificial intelligence and tax avoidance, and provides evidence for the logic between them.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"98 ","pages":"Article 103949"},"PeriodicalIF":4.8,"publicationDate":"2025-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143421037","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}
Pub Date : 2025-02-10DOI: 10.1016/j.iref.2025.103945
Yu Deng , Zhongwei Xia , Wei Han
The new venture team (NVT) is pivotal in corporate innovation (CI). This study explores the dual paths of risk-taking and internal controls as mechanisms for the faultline effect at the NVT level by integrating upper echelon and faultline theories. Using a dataset of Growth Enterprise Market-listed firms in China, the study findings reveal a significant negative impact of relationship-related faultlines and a significant positive impact of task-related faultlines on CI. Moreover, redundant resources and the regional institutional environment positively moderate these relationships, thus underscoring their crucial roles in fostering innovation. This study provides novel insights into how structural and contextual factors activate faultline effects, emphasizing the dual nature of social categorization and information processing in innovation processes. Furthermore, the results contribute to faultline theory and CI research by offering actionable strategies to optimize NVT structures and enhance enterprise-level innovation outcomes.
{"title":"New venture team faultlines and corporate innovation from the perspective of structuration theory","authors":"Yu Deng , Zhongwei Xia , Wei Han","doi":"10.1016/j.iref.2025.103945","DOIUrl":"10.1016/j.iref.2025.103945","url":null,"abstract":"<div><div>The new venture team (NVT) is pivotal in corporate innovation (CI). This study explores the dual paths of risk-taking and internal controls as mechanisms for the faultline effect at the NVT level by integrating upper echelon and faultline theories. Using a dataset of Growth Enterprise Market-listed firms in China, the study findings reveal a significant negative impact of relationship-related faultlines and a significant positive impact of task-related faultlines on CI. Moreover, redundant resources and the regional institutional environment positively moderate these relationships, thus underscoring their crucial roles in fostering innovation. This study provides novel insights into how structural and contextual factors activate faultline effects, emphasizing the dual nature of social categorization and information processing in innovation processes. Furthermore, the results contribute to faultline theory and CI research by offering actionable strategies to optimize NVT structures and enhance enterprise-level innovation outcomes.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"98 ","pages":"Article 103945"},"PeriodicalIF":4.8,"publicationDate":"2025-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143402805","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}
Pub Date : 2025-02-07DOI: 10.1016/j.iref.2025.103941
Baolin Ma , Yongxin Li , Bo Zhou , Yaode Jian , Cheng Zhang , Jin An
The Beijing-Tianjin-Hebei (BTH) coordinated development strategy is one of the most notable policy attempts made by the Chinese central government to achieve regional coordinated green development. Utilizing panel data of China's 30 provinces from 2000 to 2019, this paper employs the regression control method to investigate the effect and mechanism of the BTH coordinated development strategy on green development. Empirical evidence reveals that the BTH coordinated development strategy has a significant positive effect on green development in Beijing and Tianjin. However, the effect in Hebei is not statistically significant. This study further finds that green finance can explain this heterogeneity. The BTH coordinated development strategy promotes green development in Beijing and Tianjin by promoting the development of green finance, but the strategy fails to boost the development of green finance in Hebei. Thus, the strategy cannot contribute to green development in Hebei.
{"title":"The green development mechanism of the Beijing-Tianjin-Hebei coordinated development strategy in China: Novel evidence of green finance","authors":"Baolin Ma , Yongxin Li , Bo Zhou , Yaode Jian , Cheng Zhang , Jin An","doi":"10.1016/j.iref.2025.103941","DOIUrl":"10.1016/j.iref.2025.103941","url":null,"abstract":"<div><div>The Beijing-Tianjin-Hebei (BTH) coordinated development strategy is one of the most notable policy attempts made by the Chinese central government to achieve regional coordinated green development. Utilizing panel data of China's 30 provinces from 2000 to 2019, this paper employs the regression control method to investigate the effect and mechanism of the BTH coordinated development strategy on green development. Empirical evidence reveals that the BTH coordinated development strategy has a significant positive effect on green development in Beijing and Tianjin. However, the effect in Hebei is not statistically significant. This study further finds that green finance can explain this heterogeneity. The BTH coordinated development strategy promotes green development in Beijing and Tianjin by promoting the development of green finance, but the strategy fails to boost the development of green finance in Hebei. Thus, the strategy cannot contribute to green development in Hebei.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"98 ","pages":"Article 103941"},"PeriodicalIF":4.8,"publicationDate":"2025-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143379106","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}
Pub Date : 2025-02-07DOI: 10.1016/j.iref.2025.103939
Yong Zhang , GuangYuan Tang , Rong Li
Extreme events can significantly affect the inter-market risk spillover effect. This study employs the Time-Varying Parameter - Vector Autoregression - Stochastic Volatility (TVP-VAR-SV) model, combined with impulse response functions, Diebold-Yilmaz (DY) spillover models, and complex network analysis methods, to investigate the spillover effects and dynamic characteristics of China's new energy sector, carbon market, and international oil markets in the context of COVID-19 and the Russia-Ukraine conflict. The results reveal the following key findings: (1) The spillover effects between the three markets exhibit significant time-varying and asymmetric characteristics; (2) Both the COVID-19 pandemic and the Russia-Ukraine conflict have notably intensified the shock effects between China's new energy sector, carbon market, and international oil, with these effects peaking in the first period after the shock and gradually diminishing thereafter; (3) The new energy market in China transitioned from being a receiver of spillover effects in the pre-COVID-19 system to becoming a sender post-COVID-19, while international oil and China's carbon market became the receivers of volatility spillovers. However, after the outbreak of the Russia-Ukraine conflict, international oil and China's carbon market shifted to being the senders of volatility spillovers, and the Chinese new energy market became the receiver. This research provides valuable insights into the interactions between energy and carbon trading markets and offers important policy implications for achieving emission reduction targets and advancing the low-carbon transformation of energy systems.
{"title":"Spillover effects between China's new energy and carbon markets and international crude oil market: A look at the impact of extreme events","authors":"Yong Zhang , GuangYuan Tang , Rong Li","doi":"10.1016/j.iref.2025.103939","DOIUrl":"10.1016/j.iref.2025.103939","url":null,"abstract":"<div><div>Extreme events can significantly affect the inter-market risk spillover effect. This study employs the Time-Varying Parameter - Vector Autoregression - Stochastic Volatility (TVP-VAR-SV) model, combined with impulse response functions, Diebold-Yilmaz (DY) spillover models, and complex network analysis methods, to investigate the spillover effects and dynamic characteristics of China's new energy sector, carbon market, and international oil markets in the context of COVID-19 and the Russia-Ukraine conflict. The results reveal the following key findings: (1) The spillover effects between the three markets exhibit significant time-varying and asymmetric characteristics; (2) Both the COVID-19 pandemic and the Russia-Ukraine conflict have notably intensified the shock effects between China's new energy sector, carbon market, and international oil, with these effects peaking in the first period after the shock and gradually diminishing thereafter; (3) The new energy market in China transitioned from being a receiver of spillover effects in the pre-COVID-19 system to becoming a sender post-COVID-19, while international oil and China's carbon market became the receivers of volatility spillovers. However, after the outbreak of the Russia-Ukraine conflict, international oil and China's carbon market shifted to being the senders of volatility spillovers, and the Chinese new energy market became the receiver. This research provides valuable insights into the interactions between energy and carbon trading markets and offers important policy implications for achieving emission reduction targets and advancing the low-carbon transformation of energy systems.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"98 ","pages":"Article 103939"},"PeriodicalIF":4.8,"publicationDate":"2025-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143402807","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}
Pub Date : 2025-02-07DOI: 10.1016/j.iref.2025.103935
Xiaowei Lin , Pengdong Zhang , Zhihao Yang , Sicen Chen
Competition in the domains of science and technology has emerged as a central aspect of the rivalry between China and the United States. In response to national security concerns and foreign policy objectives, the U.S. government has placed numerous Chinese high-tech companies on its entity list to impede their development. This paper utilizes the imposition of U.S. entity list sanctions as an exogenous shock to investigate the impact of these sanctions on innovation within Chinese firms. Our findings indicate that U.S. sanctions stimulate both innovation inputs and outputs among Chinese companies. Following their inclusion on the U.S. sanctions list, these firms experience an increase in government subsidies and are perceived as possessing enhanced investment value. Moreover, the influence of U.S. sanctions on innovation is particularly pronounced when companies encounter intense competition in product markets and have access to substantial internal talent reserves.
{"title":"US sanctions and corporate innovation: Evidence from Chinese listed firms","authors":"Xiaowei Lin , Pengdong Zhang , Zhihao Yang , Sicen Chen","doi":"10.1016/j.iref.2025.103935","DOIUrl":"10.1016/j.iref.2025.103935","url":null,"abstract":"<div><div>Competition in the domains of science and technology has emerged as a central aspect of the rivalry between China and the United States. In response to national security concerns and foreign policy objectives, the U.S. government has placed numerous Chinese high-tech companies on its entity list to impede their development. This paper utilizes the imposition of U.S. entity list sanctions as an exogenous shock to investigate the impact of these sanctions on innovation within Chinese firms. Our findings indicate that U.S. sanctions stimulate both innovation inputs and outputs among Chinese companies. Following their inclusion on the U.S. sanctions list, these firms experience an increase in government subsidies and are perceived as possessing enhanced investment value. Moreover, the influence of U.S. sanctions on innovation is particularly pronounced when companies encounter intense competition in product markets and have access to substantial internal talent reserves.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"98 ","pages":"Article 103935"},"PeriodicalIF":4.8,"publicationDate":"2025-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143388157","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}
Pub Date : 2025-02-06DOI: 10.1016/j.iref.2025.103934
Kai Huang, Jing Chi, Jing Liao, Mui Kuen Yuen
This study investigates the relationship between oil price uncertainty and corporate green innovation disclosure behaviour. Drawing on a textual analysis of annual reports and social responsibility reports of Chinese listed companies, we construct a measure for the intensity of corporate green innovation disclosure. We find a significantly positive relationship between oil price volatility and the level of green innovation disclosure. This relationship remains robust after conducting robustness tests and addressing potential endogeneity. Further analysis reveals that this positive association is moderated by several firm-level factors, including environmental performance, legitimacy demands, and political connections. Additionally, the positive relationship is more pronounced in firms subject to higher regional environmental regulation intensity and market-based green initiatives. Our findings contribute new evidence to corporate sustainable development, demonstrating that energy uncertainty significantly influences information transparency in green innovation disclosure.
{"title":"In the heat of the moment, secrets will out: Oil price uncertainty and firm green innovation disclosure","authors":"Kai Huang, Jing Chi, Jing Liao, Mui Kuen Yuen","doi":"10.1016/j.iref.2025.103934","DOIUrl":"10.1016/j.iref.2025.103934","url":null,"abstract":"<div><div>This study investigates the relationship between oil price uncertainty and corporate green innovation disclosure behaviour. Drawing on a textual analysis of annual reports and social responsibility reports of Chinese listed companies, we construct a measure for the intensity of corporate green innovation disclosure. We find a significantly positive relationship between oil price volatility and the level of green innovation disclosure. This relationship remains robust after conducting robustness tests and addressing potential endogeneity. Further analysis reveals that this positive association is moderated by several firm-level factors, including environmental performance, legitimacy demands, and political connections. Additionally, the positive relationship is more pronounced in firms subject to higher regional environmental regulation intensity and market-based green initiatives. Our findings contribute new evidence to corporate sustainable development, demonstrating that energy uncertainty significantly influences information transparency in green innovation disclosure.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"98 ","pages":"Article 103934"},"PeriodicalIF":4.8,"publicationDate":"2025-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143395591","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}
Pub Date : 2025-02-06DOI: 10.1016/j.iref.2025.103932
Xingzi Ren , Zelin Xu , Chengyao Lei
This research examines the role of blockholders in shaping corporate social responsibility (CSR) practices within A-share listed companies in China over the period of 2006–2019. Our analysis reveals that non-financial blockholders significantly promote CSR initiatives, while the influence of financial blockholders appears negligible. The study also uncovers the pivotal role of stock liquidity as a moderator in the dynamic between blockholders and CSR, suggesting that the exit threat is provital mechanism through which non-financial blockholders exert their influence on CSR activities. These findings are robust, having addressed potential endogeneity issues through a series of rigorous methodologies including the examination of exogenous shocks, the application of the Propensity Score Matching-Difference in Differences (PSM-DID) model, deployment of multi-dimensional fixed effects models, and Change Regression analysis.
{"title":"Institutional blockholder, exit threats, and firms CSR performance","authors":"Xingzi Ren , Zelin Xu , Chengyao Lei","doi":"10.1016/j.iref.2025.103932","DOIUrl":"10.1016/j.iref.2025.103932","url":null,"abstract":"<div><div>This research examines the role of blockholders in shaping corporate social responsibility (CSR) practices within A-share listed companies in China over the period of 2006–2019. Our analysis reveals that non-financial blockholders significantly promote CSR initiatives, while the influence of financial blockholders appears negligible. The study also uncovers the pivotal role of stock liquidity as a moderator in the dynamic between blockholders and CSR, suggesting that the exit threat is provital mechanism through which non-financial blockholders exert their influence on CSR activities. These findings are robust, having addressed potential endogeneity issues through a series of rigorous methodologies including the examination of exogenous shocks, the application of the Propensity Score Matching-Difference in Differences (PSM-DID) model, deployment of multi-dimensional fixed effects models, and Change Regression analysis.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"98 ","pages":"Article 103932"},"PeriodicalIF":4.8,"publicationDate":"2025-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143421038","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}
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