International Review of Economics & Finance最新文献

英文中文

Succession without Sustainability? CEO turnover and ESG performance: Evidence from China 没有可持续性的继承？CEO离职与ESG绩效：来自中国的证据

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2025-12-16 DOI: 10.1016/j.iref.2025.104843

Yubao Fan , Mengmeng Guo , Yukun Pan

Existing ESG research predominantly emphasises economic consequences while overlooking organisational determinants. This study investigates how CEO turnover affects ESG performance using a panel of Chinese A-share companies from 2009 to 2022. We find that CEO turnover significantly undermines firms' ESG performance, with stronger effects for forced departures and external successions. The deterioration is concentrated in the social and governance pillars; environmental scores do not decline commensurately, consistent with firms offsetting substantive environmental deterioration through symbolic disclosure and greenwashing. Mechanism evidence indicates that strategic instability ensuing from leadership transitions is a primary driver of these negative outcomes. The adverse effect is amplified when board-chair turnover coincides with CEO changes, creating a temporary governance vacuum, and when management stability is low. By contrast, external supervision and strong internal governance buffer ESG against leadership shocks. This research contributes by identifying CEO turnover as a critical organisational factor influencing ESG performance and demonstrating that leadership instability can significantly impede firms’ sustainability initiatives.

现有的ESG研究主要强调经济后果，而忽视了组织决定因素。本研究以2009年至2022年的中国a股公司为样本，考察了CEO离职对ESG绩效的影响。研究发现，CEO离职显著影响企业的ESG绩效，对被迫离职和外部继任的影响更大。恶化主要集中在社会和治理支柱；环境得分没有相应下降，这与企业通过象征性披露和洗绿来抵消实质性环境恶化是一致的。机制证据表明，领导层换届导致的战略不稳定是这些负面结果的主要驱动因素。当董事会主席的更替与首席执行官的变动同时发生，造成暂时的治理真空，以及管理稳定性较低时，负面影响会被放大。相比之下，外部监督和强大的内部治理可以缓冲ESG对领导层冲击的影响。本研究的贡献在于确定CEO离职是影响ESG绩效的关键组织因素，并证明领导层不稳定会显著阻碍公司的可持续发展举措。

{"title":"Succession without Sustainability? CEO turnover and ESG performance: Evidence from China","authors":"Yubao Fan , Mengmeng Guo , Yukun Pan","doi":"10.1016/j.iref.2025.104843","DOIUrl":"10.1016/j.iref.2025.104843","url":null,"abstract":"<div><div>Existing ESG research predominantly emphasises economic consequences while overlooking organisational determinants. This study investigates how CEO turnover affects ESG performance using a panel of Chinese A-share companies from 2009 to 2022. We find that CEO turnover significantly undermines firms' ESG performance, with stronger effects for forced departures and external successions. The deterioration is concentrated in the social and governance pillars; environmental scores do not decline commensurately, consistent with firms offsetting substantive environmental deterioration through symbolic disclosure and greenwashing. Mechanism evidence indicates that strategic instability ensuing from leadership transitions is a primary driver of these negative outcomes. The adverse effect is amplified when board-chair turnover coincides with CEO changes, creating a temporary governance vacuum, and when management stability is low. By contrast, external supervision and strong internal governance buffer ESG against leadership shocks. This research contributes by identifying CEO turnover as a critical organisational factor influencing ESG performance and demonstrating that leadership instability can significantly impede firms’ sustainability initiatives.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"105 ","pages":"Article 104843"},"PeriodicalIF":5.6,"publicationDate":"2025-12-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145798317","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

Climate policy uncertainty and corporate mergers and acquisitions 气候政策不确定性与企业并购

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2025-12-16 DOI: 10.1016/j.iref.2025.104839

Kexian Zhang , Min Hong , Wenhua Liu

The impact of economic policy uncertainty (EPU) on corporate mergers and acquisitions (M&A) has been well documented in the literature. However, as climate risks intensify - particularly the growing influence of transition risks - how climate policy uncertainty (CPU) affects corporate M&A has emerged as a critical yet understudied research question. This article compiles data from Chinese listed companies from 2007 to 2023 and examines the impact of corporate mergers and acquisitions (M&A) on corporate performance. The results show that CPU will inhibit corporate M&A. CPU has a greater effect on corporate M&A in low-competitive industries, non-state-owned enterprises, low-energy-consuming enterprises, high-financing-constrained enterprises, and high-climate-physical-risks enterprises. Further analysis reveals that after the introduction of the Paris Agreement, the CPU has a greater impact on corporate M&A; The CPU has also affected corporate M&A performance.

经济政策不确定性（EPU）对公司并购（M&；A）的影响已经在文献中得到了很好的记录。然而，随着气候风险的加剧——尤其是转型风险的影响越来越大——气候政策不确定性（CPU）如何影响企业的并购已经成为一个关键但尚未得到充分研究的研究问题。本文收集了2007 - 2023年中国上市公司的数据，考察了公司并购对公司绩效的影响。结果表明，CPU对企业并购具有抑制作用。在低竞争力行业、非国有企业、低能耗企业、高融资约束企业和高气候物理风险企业中，CPU对企业并购a的影响更大。进一步分析发现，《巴黎协定》出台后，CPU对企业并购的影响更大；中央处理器也影响了企业的绩效。

引用次数: 0

Climate risks and energy market vulnerabilities: Spillovers to non-energy commodities in a changing world 气候风险和能源市场脆弱性：变化中的世界对非能源商品的溢出效应

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2025-12-16 DOI: 10.1016/j.iref.2025.104837

Zijun Shen , Xiaotong Bai , Yuhang Wu , Xu Chan

The paper highlights the significant role of climate factors, especially transition-focused attention in the spillover effects of the energetic markets and non-energy markets of commodities. The use of the TVP-VAR-SV model and the advanced Diebold-Yilmaz model, the study reveals how the concept of sustainability gains different meanings in modifying the commodity market behaviors by showing how the shift in environmental consciousness alters the pattern of interrelations in the market. Although an increased focus on the threats posed by physical climatic conditions leads to the emergence of negative spillovers, an increased focus on the transition to the environmentally friendly energy system leads to the emergence of positive spillovers, which have a similar impact on the metals, chemicals, and agricultural markets. Agricultural commodities market is in a dire need of climate-related hazards, and the energy markets serve as an important channel of transfer of spillovers. The negative impacts of the pandemic and the global events, such as the COVID-19 pandemic, are increasing such risks and revealing the frailty of both sectors. Climate change mitigation requires holistic risk management strategies of the energy and agriculture sectors to support resilience. This paper shows why it is important to understand numerous dimensions of climate attention among policymakers, financial market regulators, and enterprises. The findings suggest that the effective climate risk management practices can be informed by the fact that the various impacts of climate considerations and their impacts on the dynamics of the commodities markets are diverse.

本文强调了气候因素的重要作用，特别是对能源市场和非能源商品市场溢出效应的转型关注。本研究运用tpv - var - sv模型和先进的Diebold-Yilmaz模型，通过展示环境意识的转变如何改变市场中相互关系的模式，揭示了可持续性概念如何在改变商品市场行为方面获得不同的意义。虽然更加关注自然气候条件带来的威胁会导致负面溢出效应的出现，但更加关注向环境友好型能源系统的过渡会导致积极溢出效应的出现，这对金属、化学品和农业市场也会产生类似的影响。农产品市场急需应对气候相关灾害，能源市场是溢出效应转移的重要渠道。新冠肺炎大流行等全球性事件的负面影响正在增加这类风险，并暴露出这两个行业的脆弱性。缓解气候变化需要能源和农业部门的全面风险管理战略来支持复原力。本文说明了为什么理解决策者、金融市场监管者和企业对气候关注的多个维度是很重要的。研究结果表明，气候因素的各种影响及其对商品市场动态的影响是多种多样的，这一事实可以为有效的气候风险管理实践提供信息。

{"title":"Climate risks and energy market vulnerabilities: Spillovers to non-energy commodities in a changing world","authors":"Zijun Shen , Xiaotong Bai , Yuhang Wu , Xu Chan","doi":"10.1016/j.iref.2025.104837","DOIUrl":"10.1016/j.iref.2025.104837","url":null,"abstract":"<div><div>The paper highlights the significant role of climate factors, especially transition-focused attention in the spillover effects of the energetic markets and non-energy markets of commodities. The use of the TVP-VAR-SV model and the advanced Diebold-Yilmaz model, the study reveals how the concept of sustainability gains different meanings in modifying the commodity market behaviors by showing how the shift in environmental consciousness alters the pattern of interrelations in the market. Although an increased focus on the threats posed by physical climatic conditions leads to the emergence of negative spillovers, an increased focus on the transition to the environmentally friendly energy system leads to the emergence of positive spillovers, which have a similar impact on the metals, chemicals, and agricultural markets. Agricultural commodities market is in a dire need of climate-related hazards, and the energy markets serve as an important channel of transfer of spillovers. The negative impacts of the pandemic and the global events, such as the COVID-19 pandemic, are increasing such risks and revealing the frailty of both sectors. Climate change mitigation requires holistic risk management strategies of the energy and agriculture sectors to support resilience. This paper shows why it is important to understand numerous dimensions of climate attention among policymakers, financial market regulators, and enterprises. The findings suggest that the effective climate risk management practices can be informed by the fact that the various impacts of climate considerations and their impacts on the dynamics of the commodities markets are diverse.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"105 ","pages":"Article 104837"},"PeriodicalIF":5.6,"publicationDate":"2025-12-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145798207","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

Evergrande short-term effect on Chinese listed financial institutions 恒大对中国上市金融机构的短期影响

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2025-12-16 DOI: 10.1016/j.iref.2025.104838

António Miguel Martins , Nuno Moutinho

This paper analyses the short-term market effects on Chinese listed financial institutions of four key announcements related to the collapse of Evergrande: a warning from the Central Bank and Financial Authorities; default on interest payments; bankruptcy in the U.S.; and liquidation. We focus on the understudied inter-industry effects of a real estate firm bankruptcy on creditors’ financial institutions in an emerging economy with significant government intervention. Using an event study, we show that Chinese financial institutions stock prices react significantly negatively to these four important announcements. Given the severity of the debt problem in the Chinese real estate market, the magnitude of the impacts is, however, lower than other recent events of a similar nature, the case of the collapse of Credit Suisse and Silicon Valley Bank. We highlight the contagion effect of the Evergrande collapse on the inter-industry linkage with the financial industry. Finally, our results allow to understand which firm-specific characteristics appear as value drivers. Our results are robust to support that market sentiment amplifies the negative effects expected from the contagion effect.

本文分析了与恒大破产相关的四个关键公告对中国上市金融机构的短期市场影响：央行和金融当局的警告；拖欠利息支付；美国破产；和清算。我们关注的是在政府干预显著的新兴经济体中，房地产公司破产对债权人金融机构的行业间影响。通过事件研究，我们发现中国金融机构的股价对这四项重要公告做出了显著的负面反应。然而，鉴于中国房地产市场债务问题的严重性，其影响的程度低于近期其他类似性质的事件，如瑞士信贷（Credit Suisse）和硅谷银行（Silicon Valley Bank）的倒闭。我们强调恒大倒闭对金融业跨行业联动的传染效应。最后，我们的结果允许理解哪些公司特定的特征作为价值驱动因素出现。我们的研究结果有力地支持了市场情绪放大了预期的传染效应的负面影响。

{"title":"Evergrande short-term effect on Chinese listed financial institutions","authors":"António Miguel Martins , Nuno Moutinho","doi":"10.1016/j.iref.2025.104838","DOIUrl":"10.1016/j.iref.2025.104838","url":null,"abstract":"<div><div>This paper analyses the short-term market effects on Chinese listed financial institutions of four key announcements related to the collapse of Evergrande: a warning from the Central Bank and Financial Authorities; default on interest payments; bankruptcy in the U.S.; and liquidation. We focus on the understudied inter-industry effects of a real estate firm bankruptcy on creditors’ financial institutions in an emerging economy with significant government intervention. Using an event study, we show that Chinese financial institutions stock prices react significantly negatively to these four important announcements. Given the severity of the debt problem in the Chinese real estate market, the magnitude of the impacts is, however, lower than other recent events of a similar nature, the case of the collapse of Credit Suisse and Silicon Valley Bank. We highlight the contagion effect of the Evergrande collapse on the inter-industry linkage with the financial industry. Finally, our results allow to understand which firm-specific characteristics appear as value drivers. Our results are robust to support that market sentiment amplifies the negative effects expected from the contagion effect.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"105 ","pages":"Article 104838"},"PeriodicalIF":5.6,"publicationDate":"2025-12-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145798316","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

Crypto-contagion and capital flows: Interconnectedness across emerging and traditional cryptocurrencies, ethical equities, and regional markets 加密传染和资本流动：新兴和传统加密货币、道德股票和区域市场之间的相互联系

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2025-12-15 DOI: 10.1016/j.iref.2025.104834

Ijaz Ahmed , Mushtaq Hussain Khan

By adopting a dual-layered approach that examines both category-level and asset-level dynamics, this study offers fresh insights into how the maturity and moral alignment of cryptocurrencies shape financial contagion, diversification potential, and systemic risk across global markets. We investigate the dynamic interconnectedness among traditional and emerging cryptocurrencies, sin stocks, and socially responsible equities, employing a Time-Varying Parameter Vector Autoregressive (TVP-VAR) model to capture evolving return spillovers across asset classes and regions. Our analysis reveals that traditional cryptocurrencies, particularly BTC, act as dominant net transmitters of shocks to both vice- and virtue-aligned equities. Emerging tokens such as TRUMP also exert significant influence as net transmitter, whereas Pi Coin consistently functions as a net receiver, suggesting lower systemic risk. For ethical investors, TRUMP, as a strong net transmitter, may raise concerns because, although such tokens can offer short-term gains and volatility-based opportunities, they may not align with socially responsible investment goals due to their speculative and politically charged nature. Regional analyses indicate stronger crypto-equity contagion in North America and Latin America, with notably weaker linkages in South Asia and Sub-Saharan Africa. These findings challenge the presumed neutrality of digital assets and offer actionable insights for portfolio reallocation, ethical investing, and regulatory oversight. Our study contributes to the growing discourse on moral finance by revealing the reputational and systemic spillovers embedded in crypto-asset markets.

通过采用一种双层方法来研究类别级和资产级的动态，本研究为加密货币的成熟度和道德一致性如何影响全球市场的金融传染、多样化潜力和系统性风险提供了新的见解。我们研究了传统和新兴加密货币、股票和社会责任股票之间的动态互联性，采用时变参数向量自回归（TVP-VAR）模型来捕捉资产类别和地区之间不断变化的回报溢出效应。我们的分析表明，传统的加密货币，尤其是比特币，是对副股票和虚拟股票冲击的主要净传播者。像TRUMP这样的新兴代币也作为净发送者发挥着重要的影响，而Pi Coin一直作为净接收者发挥作用，这表明系统风险较低。对于道德投资者来说，特朗普作为一个强大的净发送者可能会引起担忧，因为尽管这些代币可以提供短期收益和基于波动性的机会，但由于其投机和政治性质，它们可能不符合社会责任投资目标。区域分析表明，北美和拉丁美洲的加密货币股票传染更强，南亚和撒哈拉以南非洲的联系明显较弱。这些发现挑战了数字资产的假定中立性，并为投资组合再分配、道德投资和监管监督提供了可行的见解。我们的研究通过揭示加密资产市场中嵌入的声誉和系统溢出效应，为道德金融的日益增长的论述做出了贡献。

{"title":"Crypto-contagion and capital flows: Interconnectedness across emerging and traditional cryptocurrencies, ethical equities, and regional markets","authors":"Ijaz Ahmed , Mushtaq Hussain Khan","doi":"10.1016/j.iref.2025.104834","DOIUrl":"10.1016/j.iref.2025.104834","url":null,"abstract":"<div><div>By adopting a dual-layered approach that examines both category-level and asset-level dynamics, this study offers fresh insights into how the maturity and moral alignment of cryptocurrencies shape financial contagion, diversification potential, and systemic risk across global markets. We investigate the dynamic interconnectedness among traditional and emerging cryptocurrencies, sin stocks, and socially responsible equities, employing a Time-Varying Parameter Vector Autoregressive (TVP-VAR) model to capture evolving return spillovers across asset classes and regions. Our analysis reveals that traditional cryptocurrencies, particularly <span>BTC</span>, act as dominant net transmitters of shocks to both vice- and virtue-aligned equities. Emerging tokens such as <span>TRUMP</span> also exert significant influence as net transmitter, whereas <span>Pi</span> Coin consistently functions as a net receiver, suggesting lower systemic risk. For ethical investors, <span>TRUMP</span>, as a strong net transmitter, may raise concerns because, although such tokens can offer short-term gains and volatility-based opportunities, they may not align with socially responsible investment goals due to their speculative and politically charged nature. Regional analyses indicate stronger crypto-equity contagion in North America and Latin America, with notably weaker linkages in South Asia and Sub-Saharan Africa. These findings challenge the presumed neutrality of digital assets and offer actionable insights for portfolio reallocation, ethical investing, and regulatory oversight. Our study contributes to the growing discourse on moral finance by revealing the reputational and systemic spillovers embedded in crypto-asset markets.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"105 ","pages":"Article 104834"},"PeriodicalIF":5.6,"publicationDate":"2025-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145798213","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

Bureaucrat performance evaluation and national development: Evidence from mayors in China 官僚绩效评估与国家发展：来自中国市长的证据

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2025-12-14 DOI: 10.1016/j.iref.2025.104835

Feng Jiang

Building a moderately prosperous society in all respects (MPSR) is China's fundamental development goal for the first two decades of twenty-first century. This study explores the role of the bureaucrat performance evaluation (BPE) system in the country's development during this period. Using the turnover data of prefecture-level mayors from 2003 to 2018, the study finds that the BPE system was multi-task based, under which the likelihood of promotion of mayors would be increased when they exhibited positive performance in the fields covered by the MPSR goals. Furthermore, the incentive effects of the multi-task-based BPE system on the performance of mayors were heterogeneous across regions and times, which reinforced the motivation of mayors in improving their performance in any case. The study adds empirical evidence to a growing literature that emphasizes the impact of the bureaucrat performance evaluation on the national development.

全面建成小康社会是中国在21世纪头20年的根本发展目标。本研究探讨官僚绩效评估（BPE）制度在这一时期国家发展中的作用。利用2003 - 2018年的地级市长更替数据，研究发现，BPE系统是基于多任务的，当市长在MPSR目标涵盖的领域表现出积极表现时，其晋升的可能性会增加。此外，基于多任务的BPE系统对市长绩效的激励效应在不同地区和不同时期存在异质性，这在任何情况下都强化了市长提高绩效的动机。该研究为越来越多的强调官僚绩效评估对国家发展影响的文献提供了经验证据。

引用次数: 0

Financial inclusion and economic growth: The role of non-bank financial intermediation 普惠金融与经济增长：非银行金融中介的作用

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2025-12-12 DOI: 10.1016/j.iref.2025.104829

Mugabil Isayev

This paper examines the moderating role of non-bank financial intermediation (NBFI) in the relationship between financial inclusion and economic growth. Using panel data from 26 countries between 2010 and 2021, we construct a composite financial inclusion index and include broad and narrow NBFI measures to reflect their heterogeneous characteristics. The findings confirm that financial inclusion significantly enhances economic growth, particularly in less developed economies. While NBFI also promotes economic expansion, its presence - whether broadly or narrowly defined - tends to weaken the positive effects of financial inclusion on growth. This mitigating effect is specifically pronounced for the narrow measure of NBFI in countries with medium to high levels of development. Additionally, Dumitrescu–Hurlin panel causality tests reveal a bidirectional relationship among financial inclusion, NBFI, and growth. These findings underscore the need for policy frameworks that enhance financial inclusion while ensuring NBFI supports rather than undermines its growth-enhancing impact.

本文考察了非银行金融中介在普惠金融与经济增长关系中的调节作用。利用2010年至2021年间来自26个国家的面板数据，我们构建了一个综合金融普惠指数，并包括广义和狭义的NBFI措施，以反映其异质性特征。研究结果证实，普惠金融显著促进了经济增长，尤其是在欠发达经济体。虽然NBFI也促进了经济扩张，但它的存在——无论是广义的还是狭义的——往往会削弱普惠金融对经济增长的积极影响。这种缓解效果在中高发展水平国家的NBFI狭窄测量中特别明显。此外，dumitrescu_hurlin面板因果检验揭示了金融普惠、NBFI和增长之间的双向关系。这些发现强调需要制定政策框架，以加强普惠金融，同时确保NBFI支持而不是破坏其促进增长的影响。

引用次数: 0

Artificial intelligence innovation and financial report quality 人工智能创新与财务报告质量

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2025-12-11 DOI: 10.1016/j.iref.2025.104832

Junze Li

This paper examines the effect of artificial intelligence adoption on firms' annual report disclosure quality. I employ a text analysis approach and use MD&A section texts to measure the precision and readability of corporate annual reports. Using a panel dataset of Chinese listed firms from 2010 to 2023, I find that corporate AI adoption effectively enhances the readability and accuracy of text in the MD&A section. Specifically, corporate AI adoption could increase management efficiency and enhance internal control over information processing which reflects its governance effect on disclosure. Furthermore, the main effect of corporate AI adoption was more pronounced when AI patents are more closely related to firms' core business and when firms’ monopoly power is relatively weak. The above conclusions remain robust after employing the DID model and instrumental variable approach. I provide further evidence of the theoretical link between corporate AI adoption and disclosure behaviour, while extending the literature on determinants of management disclosure and AI outcomes in capital markets.

本文考察了人工智能的采用对企业年报披露质量的影响。我采用文本分析法，并使用MD&； a章节文本来衡量公司年报的准确性和可读性。使用2010年至2023年中国上市公司面板数据集，我发现企业采用人工智能有效地提高了MD&； a部分文本的可读性和准确性。具体而言，企业采用人工智能可以提高管理效率，加强对信息处理的内部控制，这反映了人工智能对信息披露的治理效果。此外，当人工智能专利与企业核心业务关系更密切、企业垄断能力相对较弱时，企业采用人工智能的主要效应更为明显。采用DID模型和工具变量方法后，上述结论仍然稳健。我为企业采用人工智能与披露行为之间的理论联系提供了进一步的证据，同时扩展了有关管理层披露决定因素和资本市场人工智能结果的文献。

引用次数: 0

Executive financial background and corporate green dual innovation: Evidence from Chinese listed companies 高管财务背景与企业绿色双创新：来自中国上市公司的证据

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2025-12-11 DOI: 10.1016/j.iref.2025.104833

He Song , Jiangtao Bai , Yi Chen

Utilizing data from A-share listed companies from 2009 to 2022, this study delves into the impact and mechanism of executive financial background on corporate green dual innovation. The finding indicates that executive financial background significantly inhibits corporate green dual innovation, especially exhibiting more significant negative effect on green exploratory innovation. The mechanism lies in the fact that executive financial background hampers green dual innovation by deepening corporate financialization. Further analysis indicates that the negative effect of executive financial background on green dual innovation is particularly pronounced in state-owned enterprises, high-tech enterprises, enterprises without environmental protection penalties, and non-heavily polluting enterprises. The external and internal supervision can both positively moderate the relationship between executives’ financial background and green dual innovation. This study enriches the relevant research on the relationship between executive financial background and corporate green dual innovation, and also provides a new perspective for understanding the obstacles to corporate green innovation.

利用2009 - 2022年a股上市公司数据，研究高管财务背景对企业绿色双元创新的影响及机制。研究发现，高管财务背景显著抑制企业绿色双元创新，尤其是对绿色探索性创新表现出更为显著的负向影响。其机制在于高管金融背景通过深化企业金融化阻碍了绿色双元创新。进一步分析表明，高管财务背景对绿色双元创新的负面影响在国有企业、高新技术企业、无环保处罚企业和非重污染企业中尤为明显。外部和内部监督对高管财务背景与绿色双元创新的关系均有正向调节作用。本研究丰富了高管财务背景与企业绿色双元创新关系的相关研究，也为理解企业绿色创新的障碍提供了新的视角。

{"title":"Executive financial background and corporate green dual innovation: Evidence from Chinese listed companies","authors":"He Song , Jiangtao Bai , Yi Chen","doi":"10.1016/j.iref.2025.104833","DOIUrl":"10.1016/j.iref.2025.104833","url":null,"abstract":"<div><div>Utilizing data from A-share listed companies from 2009 to 2022, this study delves into the impact and mechanism of executive financial background on corporate green dual innovation. The finding indicates that executive financial background significantly inhibits corporate green dual innovation, especially exhibiting more significant negative effect on green exploratory innovation. The mechanism lies in the fact that executive financial background hampers green dual innovation by deepening corporate financialization. Further analysis indicates that the negative effect of executive financial background on green dual innovation is particularly pronounced in state-owned enterprises, high-tech enterprises, enterprises without environmental protection penalties, and non-heavily polluting enterprises. The external and internal supervision can both positively moderate the relationship between executives’ financial background and green dual innovation. This study enriches the relevant research on the relationship between executive financial background and corporate green dual innovation, and also provides a new perspective for understanding the obstacles to corporate green innovation.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"105 ","pages":"Article 104833"},"PeriodicalIF":5.6,"publicationDate":"2025-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145735619","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 impact of Covid-19 on the market volatility: A quantitative analysis of the Italian banking sector” “Covid-19对市场波动的影响：对意大利银行业的定量分析”

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2025-12-11 DOI: 10.1016/j.iref.2025.104814

Marcello Forcellini , Gianfranco Antonio Vento , Eva Gracikova

This paper investigates the impact of the Covid-19 pandemic on the volatility of the Italian banking sector. A sample of 25 financial intermediaries listed on the Italian stock exchange is examined and compared with key benchmarks (FTSE Mib, VSTOXX, and VIX). After presenting descriptive statistics, the analysis applies hypothesis testing and a GARCH model to explore differences across three phases: before, during, and after the pandemic. Results show that volatility in the Italian banking sector rose by more than 40 % during the pandemic relative to the pre-Covid period, with daily fluctuations reaching peaks above 15 %, broadly consistent with international benchmarks. The GARCH estimates further reveal that the PEPP programme reduced volatility by roughly 10 %–15 % during the most turbulent phases, whereas APP had no significant stabilizing effect. The study contributes a sectoral and temporal focus, providing one of the first longitudinal analyses of Italian banking volatility and highlighting the critical role of ECB interventions in mitigating systemic risk.

本文调查了Covid-19大流行对意大利银行业波动的影响。在意大利证券交易所上市的25家金融中介机构的样本进行了检查，并与关键基准（富时Mib， VSTOXX和VIX）进行了比较。在提供描述性统计数据之后，该分析应用假设检验和GARCH模型来探讨大流行之前、期间和之后三个阶段的差异。结果显示，与新冠肺炎前相比，大流行期间意大利银行业的波动性上升了40%以上，每日波动峰值达到15%以上，与国际基准基本一致。GARCH的估计进一步表明，在最动荡的阶段，PEPP计划减少了大约10% - 15%的波动性，而APP没有显著的稳定效果。该研究提供了一个部门和时间焦点，提供了意大利银行业波动的首批纵向分析之一，并强调了欧洲央行干预在缓解系统性风险方面的关键作用。

{"title":"“The impact of Covid-19 on the market volatility: A quantitative analysis of the Italian banking sector”","authors":"Marcello Forcellini , Gianfranco Antonio Vento , Eva Gracikova","doi":"10.1016/j.iref.2025.104814","DOIUrl":"10.1016/j.iref.2025.104814","url":null,"abstract":"<div><div>This paper investigates the impact of the Covid-19 pandemic on the volatility of the Italian banking sector. A sample of 25 financial intermediaries listed on the Italian stock exchange is examined and compared with key benchmarks (FTSE Mib, VSTOXX, and VIX). After presenting descriptive statistics, the analysis applies hypothesis testing and a GARCH model to explore differences across three phases: before, during, and after the pandemic. Results show that volatility in the Italian banking sector rose by more than 40 % during the pandemic relative to the pre-Covid period, with daily fluctuations reaching peaks above 15 %, broadly consistent with international benchmarks. The GARCH estimates further reveal that the PEPP programme reduced volatility by roughly 10 %–15 % during the most turbulent phases, whereas APP had no significant stabilizing effect. The study contributes a sectoral and temporal focus, providing one of the first longitudinal analyses of Italian banking volatility and highlighting the critical role of ECB interventions in mitigating systemic risk.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"105 ","pages":"Article 104814"},"PeriodicalIF":5.6,"publicationDate":"2025-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145798313","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.

﹀