International Review of Economics & Finance最新文献

英文中文

How does digital-real integration reshape the effective market power of enterprises? From the perspective of dynamic capabilities 数字与现实的融合如何重塑企业的有效市场力量？从动态能力的角度

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-14 DOI: 10.1016/j.iref.2026.104914

Xiaotong Wei , Guangqin Li , Pengbo Li

In today's highly uncertain market environment, the deep integration of the digital economy and the real economy (DRI) is reshaping competitive landscapes and may offer new avenues for enterprises to enhance their market power. However, existing research has yet to focus on this aspect. Drawing on data from Chinese listed companies and patent data spanning 2003 to 2022, this study empirically examines the impact of DRI on effective market power (EMP) and its mechanisms. The findings reveal that DRI significantly enhances enterprises' EMP, and this effect is primarily achieved by shaping three dynamic capabilities: learning and absorption capabilities, innovation and transformation capabilities, and organizational and coordination capabilities. Heterogeneity analysis indicates that DRI focused on digital applications and efficiency improvements yields stronger effects on EMP. Enterprises with real-oriented technological foundations and larger enterprises are more likely to benefit from DRI. Regarding external environment heterogeneity, DRI exerts a greater EMP enhancement in highly competitive industries with low entry barriers and regions with high levels of technology diffusion. Finally, this study explores the impact of DRI on market entry barriers, thereby enriching the theoretical framework of EMP. This study provides theoretical foundations for enterprises to strengthen EMP and optimize DRI strategies in the digital economy era.

在当今高度不确定的市场环境中，数字经济与实体经济（DRI）的深度融合正在重塑竞争格局，并可能为企业提供增强市场力量的新途径。然而，现有的研究尚未集中在这方面。本文利用2003 - 2022年中国上市公司数据和专利数据，实证检验了DRI对有效市场力（EMP）的影响及其机制。研究发现，DRI显著提升了企业的EMP，而这种影响主要是通过塑造学习与吸收能力、创新与转型能力和组织与协调能力三种动态能力来实现的。异质性分析表明，注重数字化应用和效率提升的DRI对EMP的影响更强，具有面向现实的技术基础的企业和规模更大的企业更有可能从DRI中受益。在外部环境异质性方面，DRI在竞争激烈、进入壁垒低的行业和技术扩散程度高的地区对EMP的增强作用更大。最后，本研究探讨了DRI对市场进入壁垒的影响，从而丰富了EMP的理论框架，为企业在数字经济时代加强EMP、优化DRI战略提供了理论基础。

{"title":"How does digital-real integration reshape the effective market power of enterprises? From the perspective of dynamic capabilities","authors":"Xiaotong Wei , Guangqin Li , Pengbo Li","doi":"10.1016/j.iref.2026.104914","DOIUrl":"10.1016/j.iref.2026.104914","url":null,"abstract":"<div><div>In today's highly uncertain market environment, the deep integration of the digital economy and the real economy (DRI) is reshaping competitive landscapes and may offer new avenues for enterprises to enhance their market power. However, existing research has yet to focus on this aspect. Drawing on data from Chinese listed companies and patent data spanning 2003 to 2022, this study empirically examines the impact of DRI on effective market power (EMP) and its mechanisms. The findings reveal that DRI significantly enhances enterprises' EMP, and this effect is primarily achieved by shaping three dynamic capabilities: learning and absorption capabilities, innovation and transformation capabilities, and organizational and coordination capabilities. Heterogeneity analysis indicates that DRI focused on digital applications and efficiency improvements yields stronger effects on EMP. Enterprises with real-oriented technological foundations and larger enterprises are more likely to benefit from DRI. Regarding external environment heterogeneity, DRI exerts a greater EMP enhancement in highly competitive industries with low entry barriers and regions with high levels of technology diffusion. Finally, this study explores the impact of DRI on market entry barriers, thereby enriching the theoretical framework of EMP. This study provides theoretical foundations for enterprises to strengthen EMP and optimize DRI strategies in the digital economy era.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"106 ","pages":"Article 104914"},"PeriodicalIF":5.6,"publicationDate":"2026-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145980865","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

Who gets scammed? The roles of financial literacy, digital financial security, and overconfidence in Europe 谁被骗了？金融知识、数字金融安全和过度自信在欧洲的作用

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-13 DOI: 10.1016/j.iref.2026.104913

Juan Rafael Ruiz

This study investigates the relationship between financial literacy, digital financial security, and the likelihood of falling victim to financial fraud in Europe. Using data from the 2023 OECD/INFE International Adult Financial Literacy Survey, we analyze the prevalence of fraud and its association with financial knowledge, digital skills, and psychological factors such as overconfidence across ten European countries. We focus on three common types of fraud: Ponzi schemes, phishing attacks, and unauthorized credit card use. Our results indicate that while traditional financial literacy does not have a significant protective effect against fraud, digital financial security is strongly associated with reduced victimization in Ponzi and phishing schemes. Additionally, individuals exhibiting overconfidence are significantly more likely to fall victim to scams. Sociodemographic analysis shows that men report higher victimization rates. Contrary to popular belief, older adults are less likely to be victims of fraud, which may reflect lower online exposure, greater caution, or underreporting.

本研究调查了欧洲金融素养、数字金融安全以及成为金融欺诈受害者的可能性之间的关系。利用2023年OECD/INFE国际成人金融素养调查的数据，我们分析了10个欧洲国家的欺诈盛行程度及其与金融知识、数字技能和过度自信等心理因素的关系。我们重点关注三种常见的欺诈类型：庞氏骗局、网络钓鱼攻击和未经授权的信用卡使用。我们的研究结果表明，虽然传统的金融知识对欺诈没有显著的保护作用，但数字金融安全与减少庞氏骗局和网络钓鱼骗局的受害者密切相关。此外，表现出过度自信的人更有可能成为骗局的受害者。社会人口统计分析表明，男性报告的受害率更高。与普遍的看法相反，老年人不太可能成为欺诈的受害者，这可能反映了较少的网络曝光，更谨慎，或少报。

引用次数: 0

Financial risks of biodiversity loss: A review 生物多样性丧失的金融风险：综述

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-12 DOI: 10.1016/j.iref.2026.104894

Guglielmo Alessandro Visentin

In this paper, we review the burgeoning literature on financial risks stemming from biodiversity loss. To build our literature database, we systematically collect 444 journal articles and preprints written in English and published between 1989 and 2024, retrieved from Scopus. The selection focuses on studies in the fields of business, economics, and finance, identified through a transparent and reproducible query-based approach. We contribute to the literature by providing the first comprehensive synthesis of the emerging literature on biodiversity-related financial risks. Specifically, we compare existing biodiversity loss metrics and evaluate their strengths and limitations for finance research, while also reviewing evidence on firms’ and financial systems’ exposure to biodiversity physical and transition risks, as well as the influence of these risks on asset pricing. The review underscores that no single metric “outperforms” the others; rather, valuable insights arise from examining multiple indicators, with the choice of metric depending on the specific analytical objective. It also shows that the financial sector is highly, albeit indirectly, exposed to biodiversity physical risk, and that firms – and their value chains – exert substantial impacts on biodiversity. In addition, the review of the literature highlights that investors are increasingly demanding higher premiums to firms exposed to biodiversity risks, suggesting that financial markets deem such risks material. Finally, we identify key research gaps and discuss potential future developments for this field of study, outlining a possible research agenda on biodiversity-related financial risks.

在本文中，我们回顾了新兴的关于生物多样性丧失引起的金融风险的文献。为了建立我们的文献数据库，我们系统地收集了1989年至2024年间发表的444篇英文期刊文章和预印本，检索自Scopus。该选择侧重于商业，经济和金融领域的研究，通过透明和可重复的基于查询的方法确定。我们通过提供有关生物多样性相关金融风险的新兴文献的首次全面综合，为文献做出贡献。具体而言，我们比较了现有的生物多样性损失指标，并评估了它们在金融研究中的优势和局限性，同时还审查了企业和金融系统面临生物多样性物理风险和过渡风险的证据，以及这些风险对资产定价的影响。报告强调，没有哪一项指标“优于”其他指标；相反，有价值的见解来自于检查多个指标，并根据具体的分析目标选择度量。它还表明，金融部门高度（尽管是间接地）暴露于生物多样性的物理风险中，企业及其价值链对生物多样性产生重大影响。此外，对文献的回顾强调，投资者越来越多地要求面临生物多样性风险的公司获得更高的溢价，这表明金融市场认为这种风险是重要的。最后，我们确定了关键的研究差距，并讨论了该研究领域的潜在未来发展，概述了生物多样性相关金融风险的可能研究议程。

{"title":"Financial risks of biodiversity loss: A review","authors":"Guglielmo Alessandro Visentin","doi":"10.1016/j.iref.2026.104894","DOIUrl":"10.1016/j.iref.2026.104894","url":null,"abstract":"<div><div>In this paper, we review the burgeoning literature on financial risks stemming from biodiversity loss. To build our literature database, we systematically collect 444 journal articles and preprints written in English and published between 1989 and 2024, retrieved from Scopus. The selection focuses on studies in the fields of business, economics, and finance, identified through a transparent and reproducible query-based approach. We contribute to the literature by providing the first comprehensive synthesis of the emerging literature on biodiversity-related financial risks. Specifically, we compare existing biodiversity loss metrics and evaluate their strengths and limitations for finance research, while also reviewing evidence on firms’ and financial systems’ exposure to biodiversity physical and transition risks, as well as the influence of these risks on asset pricing. The review underscores that no single metric “outperforms” the others; rather, valuable insights arise from examining multiple indicators, with the choice of metric depending on the specific analytical objective. It also shows that the financial sector is highly, albeit indirectly, exposed to biodiversity physical risk, and that firms – and their value chains – exert substantial impacts on biodiversity. In addition, the review of the literature highlights that investors are increasingly demanding higher premiums to firms exposed to biodiversity risks, suggesting that financial markets deem such risks material. Finally, we identify key research gaps and discuss potential future developments for this field of study, outlining a possible research agenda on biodiversity-related financial risks.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"106 ","pages":"Article 104894"},"PeriodicalIF":5.6,"publicationDate":"2026-01-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145980867","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

Dynamic evolution and multiscale drivers of green finance for high-quality energy transition 高质量能源转型绿色金融的动态演化与多尺度驱动

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-12 DOI: 10.1016/j.iref.2026.104908

Yarong Shi, Mengnan Li, Jibo Wang

Against the backdrop of global climate governance and energy security restructuring, high-quality energy development has ascended to the core of national strategy. Green finance, by supporting low-carbon initiatives, plays a critical role in facilitating the transformation of energy systems, while energy development, in turn, guides the direction of green finance. This study establishes the coupling coordination index index (2011–2023) in China. Using Dagum's Gini coefficient and Moran's I to measure spatial disparities and examine distribution characteristics. Kernel density estimation and Markov chain models are applied to analyze dynamic evolutionary trends, and a Spatial Durbin Model (SDM) is employed to identify key driving factors. Results demonstrate an upward annual trend in the level of coordination, yet with significant regional heterogeneity; Strong positive spatial spillovers and club convergence among adjacent areas; The coordinated development of both systems is influenced by multiple factors. Based on this, it is proposed that to further improve the coupling coordination degree, it is necessary to consolidate the development foundation to foster a supportive policy environment; and implement dual approaches through precise governance and collaborative mechanisms, executing differentiated strategies while fully leveraging inter-regional synergies.

在全球气候治理和能源安全结构调整的大背景下，高质量能源发展上升为国家战略核心。绿色金融通过支持低碳倡议，在促进能源体系转型方面发挥着关键作用，而能源发展反过来又引导着绿色金融的方向。本研究建立了中国的耦合协调指数（2011-2023）。运用Dagum的基尼系数和Moran的基尼系数来衡量空间差异并检验分布特征。采用核密度估计和马尔可夫链模型分析动态演化趋势，采用空间Durbin模型识别关键驱动因素。研究结果表明，协调水平呈逐年上升趋势，但区域异质性显著；相邻区域间具有较强的正空间溢出效应和俱乐部收敛效应；二者的协调发展受到多种因素的影响。在此基础上，提出进一步提高耦合协调度，需要夯实发展基础，培育扶持政策环境；通过精准治理和协同机制实施双管齐下，实施差异化战略，充分发挥区域间协同效应。

{"title":"Dynamic evolution and multiscale drivers of green finance for high-quality energy transition","authors":"Yarong Shi, Mengnan Li, Jibo Wang","doi":"10.1016/j.iref.2026.104908","DOIUrl":"10.1016/j.iref.2026.104908","url":null,"abstract":"<div><div>Against the backdrop of global climate governance and energy security restructuring, high-quality energy development has ascended to the core of national strategy. Green finance, by supporting low-carbon initiatives, plays a critical role in facilitating the transformation of energy systems, while energy development, in turn, guides the direction of green finance. This study establishes the coupling coordination index index (2011–2023) in China. Using Dagum's Gini coefficient and Moran's I to measure spatial disparities and examine distribution characteristics. Kernel density estimation and Markov chain models are applied to analyze dynamic evolutionary trends, and a Spatial Durbin Model (SDM) is employed to identify key driving factors. Results demonstrate an upward annual trend in the level of coordination, yet with significant regional heterogeneity; Strong positive spatial spillovers and club convergence among adjacent areas; The coordinated development of both systems is influenced by multiple factors. Based on this, it is proposed that to further improve the coupling coordination degree, it is necessary to consolidate the development foundation to foster a supportive policy environment; and implement dual approaches through precise governance and collaborative mechanisms, executing differentiated strategies while fully leveraging inter-regional synergies.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"106 ","pages":"Article 104908"},"PeriodicalIF":5.6,"publicationDate":"2026-01-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145980870","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

Ethical substitutes or institutional frictions? Confucian culture, marketization, and internal control effectiveness 伦理替代还是制度摩擦？儒家文化、市场化与内部控制有效性

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-10 DOI: 10.1016/j.iref.2026.104900

Weiyu Zhang, Zhihui Dou, Qianru Wang, Xindong Yang

This study explores the governance implications of Confucian culture on internal control effectiveness in Chinese listed firms from 2012 to 2021, drawing on informal institutional theory. Moving beyond reliance on single proxy variables, we operationalize Confucian culture by decomposing it into the “Five Constant Virtues” (Ren, Yi, Li, Zhi, Xin). We construct a weighted index using the Analytic Hierarchy Process (AHP), assigning the highest weight to “Xin” (Trust) based on the logic of corporate survival. By integrating expert-based AHP weighting with textual big data from annual reports, we significantly enhance the external validity of our cultural measurement. Empirical results reveal that Confucian culture significantly improves internal control, functioning as an ethical substitute for formal institutions in weak rule-of-law environments. Conversely, its governance utility is significantly weakened in highly marketized regions, suggesting institutional friction between relationship-based norms and market principles. Heterogeneity analysis further shows that Confucian values exert a stronger positive effect in state-owned enterprises. These findings underscore the situational duality of informal institutions and highlight the complex role of Confucian ethics in hybrid governance systems. This study contributes to cross-cultural corporate governance literature by providing a nuanced framework for ethical-institutional alignment and proposing differentiated governance strategies across diverse institutional contexts.

本文运用非正式制度理论，探讨了2012 - 2021年儒家文化对中国上市公司内部控制有效性的影响。超越对单一代理变量的依赖，我们通过将儒家文化分解为“五常”（仁、义、礼、志、信）来运作儒家文化。我们利用层次分析法（AHP）构建了一个加权指数，并根据企业生存的逻辑赋予“信”（信任）最高的权重。通过将基于专家的AHP权重与来自年度报告的文本大数据相结合，我们显著提高了文化测量的外部有效性。实证结果表明，儒家文化显著改善了内部控制，在法治薄弱的环境中作为正式制度的伦理替代品。相反，在高度市场化的地区，其治理效用明显减弱，表明基于关系的规范与市场原则之间存在制度性摩擦。异质性分析进一步表明，儒家价值观对国有企业的正向作用更强。这些发现强调了非正式制度的情境二重性，并强调了儒家伦理在混合治理体系中的复杂作用。本研究提供了一个细致入微的伦理-制度协调框架，并提出了不同制度背景下的差异化治理策略，从而为跨文化公司治理文献做出了贡献。

{"title":"Ethical substitutes or institutional frictions? Confucian culture, marketization, and internal control effectiveness","authors":"Weiyu Zhang, Zhihui Dou, Qianru Wang, Xindong Yang","doi":"10.1016/j.iref.2026.104900","DOIUrl":"10.1016/j.iref.2026.104900","url":null,"abstract":"<div><div>This study explores the governance implications of Confucian culture on internal control effectiveness in Chinese listed firms from 2012 to 2021, drawing on informal institutional theory. Moving beyond reliance on single proxy variables, we operationalize Confucian culture by decomposing it into the “Five Constant Virtues” (Ren, Yi, Li, Zhi, Xin). We construct a weighted index using the Analytic Hierarchy Process (AHP), assigning the highest weight to “Xin” (Trust) based on the logic of corporate survival. By integrating expert-based AHP weighting with textual big data from annual reports, we significantly enhance the external validity of our cultural measurement. Empirical results reveal that Confucian culture significantly improves internal control, functioning as an ethical substitute for formal institutions in weak rule-of-law environments. Conversely, its governance utility is significantly weakened in highly marketized regions, suggesting institutional friction between relationship-based norms and market principles. Heterogeneity analysis further shows that Confucian values exert a stronger positive effect in state-owned enterprises. These findings underscore the situational duality of informal institutions and highlight the complex role of Confucian ethics in hybrid governance systems. This study contributes to cross-cultural corporate governance literature by providing a nuanced framework for ethical-institutional alignment and proposing differentiated governance strategies across diverse institutional contexts.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"106 ","pages":"Article 104900"},"PeriodicalIF":5.6,"publicationDate":"2026-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145980868","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

Navigating sustainable digital transformation in South-South cross-border E-Commerce: Insights on cultural adaptation, green marketing strategy, and inclusive business model innovation 引领南南跨境电子商务的可持续数字化转型：文化适应、绿色营销策略和包容性商业模式创新的见解

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-10 DOI: 10.1016/j.iref.2026.104907

Abriham Ebabu Engidaw , Haichun Yu , Zou Weikang , Huang Yixiong , Ayele Addis Ambelu

This study addresses the significant challenge of achieving sustainable digital transformation within the China–Africa digital trade landscape. It responds to a discernible gap in contemporary academic discourse, where research on cross-cultural adaptation, green marketing strategies, and inclusive business model innovation remains largely disconnected, thereby overlooking their essential synergies. To address this gap, the research employs a dual-method approach, combining a bibliometric analysis with a systematic literature review of publications indexed in Scopus between 2010 and 2024. This methodology was selected first to quantitatively map the evolving scholarly landscape and then to provide a deeper qualitative analysis of key themes. A principal outcome is a novel conceptual framework that demonstrates how genuine sustainability in South–South digital markets emerges precisely from integrating these three previously separate areas. The study illustrates how this integration, facilitated by digital platforms and FinTech solutions, can enhance market performance while fostering long-term resilience and equitable value creation. By advocating for this integrated perspective, the work contributes meaningfully to the theoretical domains of digital marketing, platform economics, and sustainable business model innovation. On a practical level, it offers actionable insights for businesses operating in cross-cultural digital markets and provides guidance for policymakers aiming to promote an inclusive and sustainable digital economy.

本研究解决了在中非数字贸易格局中实现可持续数字化转型的重大挑战。它回应了当代学术话语中一个明显的缺口，即跨文化适应、绿色营销策略和包容性商业模式创新的研究在很大程度上仍然是脱节的，从而忽视了它们必不可少的协同作用。为了解决这一差距，该研究采用了一种双重方法，将文献计量分析与对2010年至2024年间在Scopus中检索的出版物进行系统文献综述相结合。选择这种方法首先是为了定量绘制不断演变的学术景观，然后对关键主题进行更深入的定性分析。一个主要成果是一个新的概念框架，展示了南南数字市场的真正可持续性是如何通过整合这三个先前独立的领域而产生的。该研究表明，在数字平台和金融科技解决方案的推动下，这种整合如何能够提高市场表现，同时促进长期弹性和公平的价值创造。通过倡导这种整合的视角，本书对数字营销、平台经济学和可持续商业模式创新的理论领域做出了有意义的贡献。在实践层面，它为跨文化数字市场中的企业提供了可操作的见解，并为旨在促进包容性和可持续数字经济的政策制定者提供了指导。

{"title":"Navigating sustainable digital transformation in South-South cross-border E-Commerce: Insights on cultural adaptation, green marketing strategy, and inclusive business model innovation","authors":"Abriham Ebabu Engidaw , Haichun Yu , Zou Weikang , Huang Yixiong , Ayele Addis Ambelu","doi":"10.1016/j.iref.2026.104907","DOIUrl":"10.1016/j.iref.2026.104907","url":null,"abstract":"<div><div>This study addresses the significant challenge of achieving sustainable digital transformation within the China–Africa digital trade landscape. It responds to a discernible gap in contemporary academic discourse, where research on cross-cultural adaptation, green marketing strategies, and inclusive business model innovation remains largely disconnected, thereby overlooking their essential synergies. To address this gap, the research employs a dual-method approach, combining a bibliometric analysis with a systematic literature review of publications indexed in Scopus between 2010 and 2024. This methodology was selected first to quantitatively map the evolving scholarly landscape and then to provide a deeper qualitative analysis of key themes. A principal outcome is a novel conceptual framework that demonstrates how genuine sustainability in South–South digital markets emerges precisely from integrating these three previously separate areas. The study illustrates how this integration, facilitated by digital platforms and FinTech solutions, can enhance market performance while fostering long-term resilience and equitable value creation. By advocating for this integrated perspective, the work contributes meaningfully to the theoretical domains of digital marketing, platform economics, and sustainable business model innovation. On a practical level, it offers actionable insights for businesses operating in cross-cultural digital markets and provides guidance for policymakers aiming to promote an inclusive and sustainable digital economy.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"106 ","pages":"Article 104907"},"PeriodicalIF":5.6,"publicationDate":"2026-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145980754","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

Diversification strategies and risk: Does ownership structure matter? Evidence from the Chinese non–life insurance industry 多元化战略与风险：股权结构重要吗？来自中国非寿险行业的证据

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-08 DOI: 10.1016/j.iref.2026.104903

Guan-Chih Chen

This study uses a quantile regression model augmented with a Fourier expansion to examine the effects of product and geographic diversification on underwriting and asset risks across different ownership structures in the Chinese non–life insurance market. An analysis of the financial data of Chinese- and foreign-funded insurers from 2014 to 2023 (during the regulatory transition from the 12th to the 13th Five Year Plans and into the first 3 years of the 14th Five-Year Plan) reveals that the aforementioned effects vary across ownership structure and risk distribution. Product diversification is associated with lower risk for Chinese-funded insurers with strong operating stability but higher risk for foreign-funded insurers. Moreover, geographic diversification yields limited net benefits in terms of risk reduction, with concurrent product and geographic diversification increasing tail risk. Risk mitigation appears to be strongest when the product scope is broadened while the geographic scope remains restrained.

本研究采用分位数回归模型和傅立叶展开，考察了产品和地域多样化对中国非寿险市场不同所有权结构承保和资产风险的影响。对2014年至2023年（“十二五”至“十三五”及“十四五”前3年监管过渡期间）中外保险公司财务数据的分析表明，上述影响因股权结构和风险分布而异。产品多元化对经营稳定性强的中资保险公司风险较低，但对外资保险公司风险较高。此外，地域多元化在降低风险方面的净收益有限，同时产品和地域多元化增加了尾部风险。当产品范围扩大而地理范围仍然受到限制时，风险缓解似乎是最强的。

引用次数: 0

Exploring the cost of home bias in international equity investment 探讨国际股权投资中的本土偏见成本

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-07 DOI: 10.1016/j.iref.2026.104895

Anil V. Mishra , Sajid Anwar

This paper examines the cost of home bias across 37 countries, employing various methodologies, including deadweight costs and implicit costs on international equity investment. Utilizing the DECO-MGARCH model, the average implicit cost of home bias on international equity investment for stock holdings ranges from 0.43 % per annum (France) to 7.15 % per annum (Türkiye), indicating a decrease compared to prior research findings. The average implicit cost of home bias in international equity investment for the sample countries is lower when considering human capital. The implicit costs of international equity markets are notably higher for emerging markets compared to developed ones. These implicit costs are found to be associated with factors such as information asymmetries, financial development, and institutional structures.

本文采用多种方法考察了37个国家的本土偏见成本，包括国际股权投资的无谓成本和隐性成本。利用DECO-MGARCH模型，持有股票的国际股权投资的平均隐含成本从每年0.43%（法国）到每年7.15%（法国）不等，与之前的研究结果相比有所下降。在考虑人力资本的情况下，样本国家在国际股权投资中本土偏见的平均隐性成本较低。新兴市场在国际股市的隐性成本明显高于发达市场。这些隐性成本与信息不对称、金融发展和制度结构等因素有关。

引用次数: 0

Wall Street's attitude toward the CEO-to-employee pay ratio: Evidence from M&As 华尔街对ceo与员工薪酬比率的态度：来自并购的证据

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-05 DOI: 10.1016/j.iref.2025.104886

Katsiaryna Salavei Bardos , Dev R. Mishra , Hyacinthe Y. Somé , Yuxin Song

Using U.S. M&A announcement events, we attempt to understand the market's attitude towards CEO-to-employee pay-ratio. In a sample of 707 M&A events between 2018 and 2021, we find that acquirers' M&A announcement returns are positively associated with their CEO-to-employee pay-ratio. Our findings are robust to utilizing variation in Minimum Wage across acquirer headquarters states as an instrument and in using Heckman sample selection correction. These findings support the optimal contracting view that the market likely perceives the size of pay-ratio as an outcome of boards' pursuit to recruit and retain the best CEOs. For aptly talented and able CEOs, firms likely offer disproportionately higher pay premiums in the competitive CEO labor market pushing up the pay-ratio.

通过美国并购公告事件，我们试图了解市场对ceo与员工薪酬比例的态度。在2018年至2021年间707起并购事件的样本中，我们发现收购方的并购公告回报与其ceo与员工的薪酬比率呈正相关。我们的研究结果对于利用收购方总部各州的最低工资变化作为工具和使用赫克曼样本选择校正是稳健的。这些发现支持了最优契约观点，即市场可能认为薪酬比率的大小是董事会寻求招聘和留住最优秀ceo的结果。在竞争激烈的首席执行官劳动力市场上，对于有才能、有能力的首席执行官，公司可能会提供不成比例的高溢价，从而推高薪酬比率。

引用次数: 0

Do analysts and long-term institutional investors influence a firm's distress risks? 分析师和长期机构投资者会影响公司的困境风险吗？

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-03 DOI: 10.1016/j.iref.2026.104892

WeiWei Li , Prasad Padmanabhan , Chia-Hsing Huang

This paper examines whether and how coverage by analysts influence financial distress risks among firms. Results using Chinese A-share firms' data over the 2007–2022 period suggest that broader analyst coverage can reduce distress risks. These findings remain robust across multiple sensitivity tests. Moreover, long-term institutional investors, in conjunction with analysts, can further reduce financial distress risks. Mechanism analysis reveals that analyst coverage helps to curb distress risks primarily by enhancing information transparency and strengthening external oversight. Additional heterogeneity tests show that these effects are particularly important for firms facing weaker audit environments and those without established banking relationships. Analyst coverage also serves to inform external stakeholders on a firm's financial situation (the spotlight effect) and provides value by increasing information flow and strengthening governance mechanisms. Results also show that star analysts and not non-star analysts, reduce distress risks. Finally, analyst coverage also appears to enhance firm value by mitigating distress risks. Overall, study results indicate that analyst coverage and long-term institutional investors can reduce distress risks.

本文考察了分析师的覆盖范围是否以及如何影响企业的财务困境风险。利用中国a股公司2007-2022年期间的数据得出的结果表明，更广泛的分析师覆盖范围可以降低困境风险。这些发现在多次敏感性测试中仍然是可靠的。此外，长期机构投资者与分析师合作，可以进一步降低财务困境风险。机制分析表明，分析师覆盖主要通过提高信息透明度和加强外部监督来抑制困境风险。额外的异质性检验表明，这些影响对于面临较弱审计环境和没有建立银行关系的公司尤为重要。分析师报道还有助于向外部利益相关者通报公司的财务状况（聚光灯效应），并通过增加信息流和加强治理机制提供价值。结果还表明，明星分析师与非明星分析师相比，降低了窘迫风险。最后，分析师覆盖似乎也通过减轻困境风险来提高公司价值。总体而言，研究结果表明，分析师覆盖率和长期机构投资者可以降低困境风险。

{"title":"Do analysts and long-term institutional investors influence a firm's distress risks?","authors":"WeiWei Li , Prasad Padmanabhan , Chia-Hsing Huang","doi":"10.1016/j.iref.2026.104892","DOIUrl":"10.1016/j.iref.2026.104892","url":null,"abstract":"<div><div>This paper examines whether and how coverage by analysts influence financial distress risks among firms. Results using Chinese A-share firms' data over the 2007–2022 period suggest that broader analyst coverage can reduce distress risks. These findings remain robust across multiple sensitivity tests. Moreover, long-term institutional investors, in conjunction with analysts, can further reduce financial distress risks. Mechanism analysis reveals that analyst coverage helps to curb distress risks primarily by enhancing information transparency and strengthening external oversight. Additional heterogeneity tests show that these effects are particularly important for firms facing weaker audit environments and those without established banking relationships. Analyst coverage also serves to inform external stakeholders on a firm's financial situation (the spotlight effect) and provides value by increasing information flow and strengthening governance mechanisms. Results also show that star analysts and not non-star analysts, reduce distress risks. Finally, analyst coverage also appears to enhance firm value by mitigating distress risks. Overall, study results indicate that analyst coverage and long-term institutional investors can reduce distress risks.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"106 ","pages":"Article 104892"},"PeriodicalIF":5.6,"publicationDate":"2026-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145980755","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

下一页尾页

类型

全部化学•材料生命科学医学物理工程技术环境•农林材料科学地球科学法学管理学化学环境科学与生态学计算机科学教育学经济学农林科学人文科学生物学数学物理与天体物理心理学综合性期刊其他工业工程理学历史学农学文学信息工程

数据库

全部 ACS Publications Elsevier ieeexplore Springer The Royal Society of Chemistry Wiley

期刊

International Review of Economics & Finance

全部 Acc. Chem. Res. ACS Applied Bio Materials ACS Appl. Electron. Mater. ACS Appl. Energy Mater. ACS Appl. Mater. Interfaces ACS Appl. Nano Mater. ACS Appl. Polym. Mater. ACS BIOMATER-SCI ENG ACS Catal. ACS Cent. Sci. ACS Chem. Biol. ACS Chemical Health & Safety ACS Chem. Neurosci. ACS Comb. Sci. ACS Earth Space Chem. ACS Energy Lett. ACS Infect. Dis. ACS Macro Lett. ACS Mater. Lett. ACS Med. Chem. Lett. ACS Nano ACS Omega ACS Photonics ACS Sens. ACS Sustainable Chem. Eng. ACS Synth. Biol. Anal. Chem. BIOCHEMISTRY-US Bioconjugate Chem. BIOMACROMOLECULES Chem. Res. Toxicol. Chem. Rev. Chem. Mater. CRYST GROWTH DES ENERG FUEL Environ. Sci. Technol. Environ. Sci. Technol. Lett. Eur. J. Inorg. Chem. IND ENG CHEM RES Inorg. Chem. J. Agric. Food. Chem. J. Chem. Eng. Data J. Chem. Educ. J. Chem. Inf. Model. J. Chem. Theory Comput. J. Med. Chem. J. Nat. Prod. J PROTEOME RES J. Am. Chem. Soc. LANGMUIR MACROMOLECULES Mol. Pharmaceutics Nano Lett. Org. Lett. ORG PROCESS RES DEV ORGANOMETALLICS J. Org. Chem. J. Phys. Chem. J. Phys. Chem. A J. Phys. Chem. B J. Phys. Chem. C J. Phys. Chem. Lett. Analyst Anal. Methods Biomater. Sci. Catal. Sci. Technol. Chem. Commun. Chem. Soc. Rev. CHEM EDUC RES PRACT CRYSTENGCOMM Dalton Trans. Energy Environ. Sci. ENVIRON SCI-NANO ENVIRON SCI-PROC IMP ENVIRON SCI-WAT RES Faraday Discuss. Food Funct. Green Chem. Inorg. Chem. Front. Integr. Biol. J. Anal. At. Spectrom. J. Mater. Chem. A J. Mater. Chem. B J. Mater. Chem. C Lab Chip Mater. Chem. Front. Mater. Horiz. MEDCHEMCOMM Metallomics Mol. Biosyst. Mol. Syst. Des. Eng. Nanoscale Nanoscale Horiz. Nat. Prod. Rep. New J. Chem. Org. Biomol. Chem. Org. Chem. Front. PHOTOCH PHOTOBIO SCI PCCP Polym. Chem.

﹀