International Review of Economics & Finance最新文献

Chairperson gender, policy compliance and ESG performance of family firms 家族企业的董事长性别、政策合规性和环境、社会和公司治理绩效

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103714

Hong Wang , Wei Wang

Compared to other types of companies, family businesses tend to be more dominated by the traditional notion of familialism, believing that women should be more responsible for handling family affairs rather than being involved in business operations and decision-making. Yet there is still a controversy about whether female chairpersonship is more favorable to enterprise development than male chairpersonship. Driven by the globalization process and sustainable development strategies, ESG has become an important indicator for evaluating corporate sustainability and social responsibility. This paper empirically investigates the effect and mechanism of the gender of the chairperson on the ESG performance of family firms by using A-share family firms in China from 2009 to 2022 as the research sample. The results show that female chairpersonship significantly enhances the ESG performance of family firms, and this facilitating effect mainly focuses on the social and governance dimensions, and policy compliance is an important reason why female chairpersonship promotes the ESG performance of family firms. The study also finds that female chairpersons contribute more to family firms’ ESG performance in family firms whose chairpersons are from outside the family, those are indirectly founded, those with a high degree of ownership and control rights disparity, and those with single actual controller. This paper provides a framework for the study of the gender of chairpersons on the ESG performance of family firms, and also provides useful references for the professional equality between males and females and the selection of chairpersons in the real economy.

与其他类型的公司相比，家族企业往往更受传统家庭主义观念的支配，认为女性应更多地负责处理家庭事务，而不是参与企业运营和决策。然而，关于女性担任董事长是否比男性担任董事长更有利于企业发展的问题仍存在争议。在全球化进程和可持续发展战略的推动下，ESG 已成为评价企业可持续发展和社会责任的重要指标。本文以2009-2022年中国A股家族企业为研究样本，实证研究了董事长性别对家族企业ESG绩效的影响及机制。研究结果表明，女性董事长身份显著提升了家族企业的ESG绩效，这种促进作用主要集中在社会和治理维度，而政策合规性是女性董事长身份促进家族企业ESG绩效的重要原因。研究还发现，在董事长来自家族外、间接创立、所有权与控制权高度不对等以及实际控制人单一的家族企业中，女性董事长对家族企业的环境、社会和治理绩效贡献更大。本文为研究董事长性别对家族企业环境、社会和治理绩效的影响提供了一个框架，也为实体经济中的男女职业平等和董事长选拔提供了有益的参考。

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引用次数: 0

Technology transfer and global value chain upgrading of manufacturing firms: Evidence from China 制造业企业的技术转让与全球价值链升级：来自中国的证据

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103678

Zichun Yan , Yuqi Wang , Jingjia Zhang , He Ma

Breaking through the predicament of "low-end lock-in" and achieving the upgrading of enterprises within the global value chain (GVC) is a critical issue in the study of internationalization strategies for enterprises in emerging economies. This paper uses China, a quintessential representative of such economies, as a case to explore how technology transfer can facilitate the upgrading of enterprises' GVCs. This research aims to reshape the international strategic positioning of Chinese enterprises by promoting the integration and development of technology transfer and the GVC. Utilizing patent data from Chinese manufacturing enterprises, as well as data from Chinese industrial enterprises and customs records from 2004 to 2014, this study empirically examines the relationship between technology transfer and the upgrading of enterprises' GVCs. Additionally, the moderating effect of industrial agglomeration is incorporated into the research framework.The findings reveal that both technology transfer in and technology transfer out significantly positively influence the upgrading of enterprises' GVCs, highlighting the crucial role of technological knowledge flow in enhancing enterprise positioning within the GVC. Furthermore, industrial agglomeration is shown to exert a positive moderating effect on GVC upgrading as a result of technology transfer out. This study provides valuable insights for policymakers, enterprise managers, and academics, enabling a more nuanced understanding of the pivotal role of technology transfer in reshaping GVCs. Consequently, it offers robust support for the internationalization strategies of Chinese enterprises.

突破 "低端锁定 "的困境，实现企业在全球价值链（GVC）中的升级，是新兴经济体企业国际化战略研究中的一个关键问题。本文以新兴经济体的典型代表中国为例，探讨技术转让如何促进企业在全球价值链中的升级。本研究旨在通过促进技术转让与全球价值链的融合与发展，重塑中国企业的国际战略定位。本研究利用中国制造业企业的专利数据，以及 2004 年至 2014 年中国工业企业和海关记录数据，实证检验了技术转让与企业全球价值链升级之间的关系。研究结果表明，技术转入和技术转出均对企业全球价值链升级产生显著的正向影响，凸显了技术知识流动对提升企业在全球价值链中的定位所起的关键作用。此外，研究还表明，由于技术转出，产业集聚对全球价值链升级产生了积极的调节作用。这项研究为政策制定者、企业管理者和学术界提供了宝贵的见解，使他们能够更细致地理解技术转让在重塑全球价值链中的关键作用。因此，它为中国企业的国际化战略提供了有力支持。

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引用次数: 0

The local government fiscal pressure's effect on green total factor productivity: Exploring mechanisms from the perspective of government behavior 地方政府财政压力对绿色全要素生产率的影响：从政府行为的角度探索机制

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103702

Song Nie , Gang Zeng , Hongying Zhang , Jianwen Ji

Local government fiscal pressure can change government behavior, which in turn affects corporate performance to a certain extent. However, the research on how fiscal pressure affect green economy is scarce. We adopt the city-level green total factor productivity (GTFP) index to measure the green economy in China and verifies fiscal pressure's negative effect on GTFP from the new perspective of government behavior. We find that fiscal pressure reduces GTFP by leading to short-sighted government actions which inhibit the industrial upgrading and reduce green innovation capacity. In addition, the negative impact varies heterogeneously with different economic development and geographic location. Furthermore, green finance, slight tax burden, and fiscal decentralization can alleviate the negative impact of fiscal pressure on GTFP. This study not only provides guidance on fiscal governance, but also provides a reference for the synergistic promotion of environmental governance and economic development in developing countries.

地方政府的财政压力可以改变政府行为，进而在一定程度上影响企业绩效。然而，有关财政压力如何影响绿色经济的研究却很少。我们采用城市级绿色全要素生产率（GTFP）指数来衡量中国的绿色经济，并从政府行为的新视角来验证财政压力对 GTFP 的负面影响。我们发现，财政压力会导致政府短视行为，抑制产业升级，降低绿色创新能力，从而降低全要素生产率。此外，这种负面影响随经济发展水平和地理位置的不同而存在差异。此外，绿色金融、轻税负和财政分权可以减轻财政压力对 GTFP 的负面影响。本研究不仅为财政治理提供了指导，也为发展中国家协同推进环境治理与经济发展提供了参考。

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引用次数: 0

How does data factor utilization stimulate corporate total factor productivity: A discussion of the productivity paradox 数据要素利用率如何刺激企业全要素生产率：关于生产力悖论的讨论

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103681

Yuheng Ren , Jue Zhang , Xin Wang

Stimulating total factor productivity through the utilization of data factors is a crucial concern for companies operating in the digital era. This study employs data from A-share listed firms from 2011 to 2022 to examine the impact and mechanisms of data utilization on corporate total factor productivity. The findings reveal that effective data utilization can significantly improve corporate total factor productivity, but no evidence supports the productivity dilemma. The stimulating effects are achieved by alleviating investment inefficiency and resource redundancy. Further analysis verifies that firms’ financial performance and life cycle can lead to heterogeneous effects. Specifically, the positive impact is more pronounced in firms with lower operational performance and in periods of maturity and recession.

通过利用数据要素激发全要素生产率是数字时代企业经营的重要关注点。本研究采用2011年至2022年A股上市公司的数据，考察数据利用对企业全要素生产率的影响和机制。研究结果表明，有效的数据利用能显著提高企业全要素生产率，但没有证据支持生产率困境。刺激效应是通过缓解投资低效和资源冗余实现的。进一步的分析验证了企业的财务表现和生命周期会导致异质性效应。具体而言，对经营业绩较差的企业以及成熟期和衰退期企业的积极影响更为明显。

引用次数: 0

Promoting cooperation in collective actions: Evidence from the reserve fund for maintenance in China 促进集体行动中的合作：来自中国维修储备基金的证据

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103701

Tao Li , Hao Li , Jin Di Zheng

Cooperation among group members is the ultimate pursuit in any collective actions. Despite the presence of well-documented theories and experimental evidence in the collective action problem, the empirical evidence on promoting cooperation in the problem is scarce. We examine the collective tasks of using reserve funds for maintenance in urban residential areas using a unique administrative data that covers approximately 5,000 maintenance projects in Nanjing, China. Applying an instrumental variable approach, we show that a 1,000 yuan increase in extra cash payment increases the consent rates of implementing a maintenance plan by approximately 1 percentage point. Our results suggest that additional information revealed by uncovered maintenance costs could serve as a non-monetary tool to promote cooperation in making collective-action decisions. We confirm the conjecture by surveying 112 householders involved in the maintenance projects.

团体成员之间的合作是任何集体行动的终极追求。尽管在集体行动问题上有大量的理论和实验证据，但在促进合作问题上的实证证据却很少。我们利用中国南京市约 5,000 个维修项目的独特行政数据，研究了城市住宅区使用维修备用金的集体任务。应用工具变量法，我们发现额外现金支付每增加 1000 元，实施维修计划的同意率就会提高约 1 个百分点。我们的研究结果表明，未披露的维护成本所揭示的额外信息可以作为一种非货币工具，促进集体行动决策中的合作。我们对参与维修项目的 112 户家庭进行了调查，从而证实了这一猜想。

引用次数: 0

Is ESG investment rewarded or just doing good? Evidence from China 环境、社会和公司治理投资是奖励还是行善？来自中国的证据

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103712

Chunpei Shi , Yu Wei , Yihe Zheng , Zhuo Wang , Qian Wang

The question of whether ESG investment is rewarding is a key determinant of its attractiveness to investors. Despite extensive research, a consensus remains elusive. This paper delves into the potential costs and benefits of ESG preferences in the Chinese stock market by constructing three-dimensional portfolios that integrate risk, return, and investor ESG preference. Instead of providing a binary answer of whether ESG investment is rewarding, we offer a glide path of costs to investors for achieving their ESG goals. Furthermore, given the potential market cap bias, we examine the differences in costs between portfolios composed of large-cap and small-cap stocks. Our empirical findings are twofold: first, if investors have a relatively low preference for companies' ESG performance, their investment is as rewarding as those with no ESG preference. However, if they have a high level of preference for ESG performance, their investment may be just doing good. This means that if the level of ESG preference is below a certain threshold, the costs of ESG preference are minimal or even zero. However, when the threshold is crossed, the costs rise sharply. Second, these costs vary significantly between portfolios with different market capitalizations. Specifically, incorporating ESG factors into small-cap portfolios often results in higher financial sacrifices compared to large-cap portfolios. These insights are crucial for investors seeking to balance financial and non-pecuniary objectives, providing guidance for optimizing ESG integration strategies in their investments.

环境、社会和公司治理投资是否有回报，是决定其对投资者吸引力的关键因素。尽管进行了大量研究，但仍未达成共识。本文通过构建综合了风险、收益和投资者ESG偏好的三维投资组合，深入探讨了中国股市中ESG偏好的潜在成本和收益。我们没有提供二元答案来回答 ESG 投资是否有回报，而是为投资者实现 ESG 目标提供了一条成本滑行路径。此外，考虑到潜在的市值偏差，我们研究了由大盘股和小盘股组成的投资组合的成本差异。我们的实证研究结果有两个方面：首先，如果投资者对公司的环境、社会和公司治理表现的偏好相对较低，那么他们的投资回报与那些没有环境、社会和公司治理偏好的投资者一样高。但是，如果投资者对公司的环境、社会和公司治理表现有较高的偏好，那么他们的投资可能只是在做好事。这就是说，如果对环境、社会和公司治理的偏好程度低于某个临界值，那么对环境、社会和公司治理偏好的成本就很小，甚至为零。然而，一旦越过阈值，成本就会急剧上升。其次，这些成本在不同市值的投资组合之间差异很大。具体来说，与大盘股投资组合相比，将环境、社会和公司治理因素纳入小盘股投资组合往往会导致更高的财务牺牲。这些见解对于寻求平衡财务和非金钱目标的投资者至关重要，为他们在投资中优化 ESG 整合策略提供了指导。

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引用次数: 0

Big data development and enterprise green innovation: Text analysis of listed companies’ annual reports 大数据发展与企业绿色创新：上市公司年报文本分析

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103703

Yuya Liu , Zhaoyang Wang , Sheng Mai

This study used a sample of data from 3314 firms listed in the manufacturing industry from 2011 to 2022. We analyzed these companies’ annual reports using panel regression analysis to explore the relationship between big data utilization and corporate green innovation. Findings reveal that green innovation is driven by big data development. Research and development (R&D) investment has emerged as a key mediator in the relationship between big data and green innovation among firms. Furthermore, this study identifies disparities in the effect of big data development on green innovation between profit-making and loss-making entities. Moreover, it emphasizes the differences in the effects of environmental innovation between state owned and non–state-owned enterprises. This study offers tangible evidence that companies should use big data to promote environmental innovation, which is a crucial strategy for achieving sustainable growth.

本研究使用了 2011 年至 2022 年制造业 3314 家上市公司的样本数据。我们利用面板回归分析法对这些公司的年报进行了分析，以探讨大数据利用与企业绿色创新之间的关系。研究结果表明，大数据发展推动了绿色创新。研究与开发（R&D）投资成为大数据与企业绿色创新之间关系的关键中介。此外，本研究还发现了大数据开发对绿色创新的影响在盈利实体和亏损实体之间的差异。此外，本研究还强调了国有企业和非国有企业在环境创新效果上的差异。本研究提供了切实的证据，证明企业应利用大数据促进环境创新，这是实现可持续增长的重要战略。

引用次数: 0

A Latecomer's advantage: The attainments of older child immigrants 后发优势：大龄儿童移民的成就

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103632

Jehu Mette , Guoyu Lin , Atika Benaddi

Childhood immigrants arrive in the United States (U.S.) at different ages, each with a distinct set of skills. Previous research emphasizes the importance of early immigration in language acquisition and its subsequent effect on education and labor market outcomes. This study investigates whether migration timing has differential effects when considering other skills, specifically initial education quality. Using U.S. data of 322,328 childhood immigrants prior to 2018, we find that delayed childhood immigration from top-scoring countries in academic testing can mitigate the disadvantages associated with language acquisition. Our results suggest that children from topscoring, non-English-speaking countries appear to benefit most from later migration. Specifically, male immigrants gain an additional 2.57 years of U.S. education, while females gain 0.33 years. These additional years of education correspond to subsequent higher wages. Our study suggests a revaluation of policies, particularly regarding “late child immigrants” arriving from high-PISAscoring countries, as those individuals may achieve higher educational and income levels than previously anticipated.

童年移民在不同年龄来到美国，每个人都有一套独特的技能。以往的研究强调了早期移民在语言习得方面的重要性及其随后对教育和劳动力市场结果的影响。本研究探讨了在考虑其他技能，特别是初始教育质量时，移民时间是否会产生不同的影响。利用 2018 年前 322 328 名儿童移民的美国数据，我们发现，来自学业测试得分最高国家的儿童移民的延迟可以减轻与语言习得相关的不利因素。我们的结果表明，来自分数最高的非英语国家的儿童似乎从延迟移民中获益最多。具体来说，男性移民在美国受教育的年限增加了 2.57 年，而女性增加了 0.33 年。这些额外的教育年限与随后的高工资相对应。我们的研究建议对政策进行重新评估，尤其是针对从国际学生评估项目（PISA）高分国家来的 "晚期儿童移民"，因为这些人可能获得比以前预期更高的教育和收入水平。

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引用次数: 0

Decomposing uncertainty: How foreign policy risks shape Chinese stock market dynamics 分解不确定性：外交政策风险如何影响中国股市动态

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103698

bing Li, pu Lu, yong Wang

This study examines the transmission mechanism of foreign economic policy uncertainty (FEPU) on the Chinese stock market from 1997 to 2022, using a vector autoregressive adaptation of the dividend discount model. By decomposing excess returns into cash flow (CF), excess return (ER), and risk-free rate (RF) components, we disentangle the effects of FEPU shocks on these distinct factors.

Our findings indicate that FEPU primarily leads to a significant but temporary overestimation of impacts on cash flows and excess returns, with the market typically correcting itself after an initial overreaction. This pattern suggests a complex interplay between investor sentiment and market dynamics. Notably, trade stability amplifies the impact on CF, while closer monetary policy coordination enhances the transmission to RF and ER expectations. Additionally, economic cycles play a moderating role: downturns exacerbate the negative impacts on CF and RF, while bullish conditions foster resilience. Investor sentiment emerges as a crucial factor, with negative sentiment intensifying FEPU's adverse effects during economic contractions.

This research contributes a detailed perspective on how international relations, policy harmonization, and market psychology collectively influence FEPU transmission and affect China's financial stability amidst global uncertainties. Our decomposition method illuminates the dynamic forces that drive market reactions over time, offering critical insights for refining risk management strategies and crafting policy measures that buffer the financial system against external economic shocks.

本研究通过对股息贴现模型进行向量自回归调整，研究了 1997 年至 2022 年外国经济政策不确定性（FEPU）对中国股市的传导机制。通过将超额收益分解为现金流（CF）、超额收益（ER）和无风险利率（RF）三个部分，我们区分了FEPU冲击对这些不同因素的影响。我们的研究结果表明，FEPU主要导致对现金流和超额收益影响的显著但暂时的高估，市场通常会在最初的过度反应后进行自我修正。这种模式表明投资者情绪和市场动态之间存在复杂的相互作用。值得注意的是，贸易稳定扩大了对现金流的影响，而更紧密的货币政策协调增强了对利率和超额收益预期的传导。此外，经济周期也起着调节作用：经济衰退加剧了对CF和RF的负面影响，而经济看涨则增强了抗风险能力。投资者情绪是一个关键因素，在经济收缩期间，负面情绪会加剧 FEPU 的不利影响。本研究从一个详细的视角探讨了国际关系、政策协调和市场心理如何共同影响 FEPU 的传导，并在全球不确定性中影响中国的金融稳定。我们的分解方法揭示了随着时间推移驱动市场反应的动态力量，为完善风险管理策略和制定政策措施以缓冲金融体系对外部经济冲击提供了重要见解。

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引用次数: 0

Climate vulnerability and capital structure: Moderating effect of financial development, financial constraints, and 2015 Paris Agreement 气候脆弱性与资本结构：金融发展、金融限制和 2015 年《巴黎协定》的调节作用

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103711

Ly Thi Hai Tran , Tuan Ho , Hoai Thu Ho , Nam Duc Phung

Previous studies show that climate vulnerability affects capital structure. This research goes beyond by extending to cross-sessional analysis emphasizing the impact of climate vulnerability on capital structure conditional on firm-level financial constraints, country-level financial development, and the Paris Agreement. Using a sample of 15,612 firms across 13 Asian countries over the period from 2010 to 2020, we find that the effect of the vulnerability is more pronounced among firms with higher financial constraints and in countries with higher levels of financial development. We also find that the impact of climate vulnerability on corporate financial leverage is stronger after the Paris Agreement. Our findings are consistent with the argument that climate vulnerability incentivizes firms to lower their reliance on debt, and the heightened climate transition risk after the Paris Agreement intensifies this effect. This study provides insights into firms' capital structure choice behaviour when faced with climate change risks.

以往的研究表明，气候脆弱性会影响资本结构。本研究将其扩展到跨部门分析，强调气候脆弱性对资本结构的影响取决于企业层面的财务约束、国家层面的金融发展以及《巴黎协定》。通过对 2010 年至 2020 年期间 13 个亚洲国家的 15612 家企业进行抽样调查，我们发现气候脆弱性对财务约束较高的企业和金融发展水平较高的国家的影响更为明显。我们还发现，《巴黎协定》签署后，气候脆弱性对企业财务杠杆的影响更大。我们的研究结果与以下论点一致：气候脆弱性会激励企业降低对债务的依赖，而《巴黎协定》签署后气候转型风险的增加会强化这种效应。本研究为企业在面临气候变化风险时的资本结构选择行为提供了见解。

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引用次数: 0