International Review of Economics & Finance最新文献

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Market accessibility, agglomeration, and spatial location of digital enterprises

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2025-01-05 DOI: 10.1016/j.iref.2025.103842

Yuxin Wang, Junting Zhou, Rui Zhang

The location choices of digital enterprises play a crucial role in shaping regional economic patterns and driving the development of the digital economy. This study employs a negative binomial regression model to investigate the impact of market accessibility and agglomeration economies on the location decisions of digital enterprises. Utilizing Chinese enterprise registration data, we construct market accessibility indicators that encompass multiple modes of transportation as well as agglomeration economy indicators reflecting urbanization and localization economies. The results revealed the following: (1) Market accessibility significantly influences the location of digital enterprises. Regions with higher demand accessibility attract significantly more digital enterprises, whereas the effect of supply accessibility is relatively weak. (2) Both urbanization and localization economies attract digital enterprises, with localization economies having a relatively strong effect. (3) The effects of market accessibility and agglomeration economies on the entry of digital enterprises vary across different types of digital industries. Digital factor-driven and efficiency-enhancing firms prioritize cities with high demand accessibility, whereas digital product and service firms prefer locations with higher supply accessibility. Cities with strong localized economic advantages are capable of attracting various types of digital enterprises. (4) Interregional demand accessibility significantly impacts the location decisions of digital enterprises, while intraregional demand accessibility shows no notable influence. This study enhances the understanding of the locational behavior of digital enterprises and provides valuable insights for other countries. It highlights how, in the context of the rapid development of the digital economy, policy guidance and regional collaboration can optimize the location of digital enterprises and promote the coordinated development of the global digital economy.

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引用次数: 0

Economic growth target fluctuation and bond issuance by LGFVs

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2025-01-04 DOI: 10.1016/j.iref.2025.103841

Shulin Liu , Xianbin Wang , Liangxiong Huang

This paper examines the impact of China's economic growth target management system on local government debt. Specifically, it examines how economic growth target fluctuation affects bond issuance by LGFVs from the perspective of economic uncertainty. Using a dataset of 278 Chinese prefecture-level cities from 2005 to 2018, we find that economic growth target fluctuation has a negative effect on bond issuance by LGFVs. We then verify that, on the one hand, economic growth target fluctuation forces LGFVs to take the initiative to reduce bond issuance to avoid risks and the rising bond issuance costs; on the other hand, economic growth target fluctuation induces credit rating agencies to assign low bond ratings due to concerns about local government solvency, making it difficult for LGFVs to pass bond issuance reviews. Furthermore, we find that the negative effects occur mainly in bond issuance for interest-bearing debt repayment and working capital replenishment, and in bonds issued by prefecture-level LGFVs. We also provide evidence that the negative effects of economic growth target fluctuation on bond issuance by LGFVs can be mitigated when economic growth targets are set upwards, and are more pronounced during economic downturns, in regions with higher marketization and looser credit supply.

{"title":"Economic growth target fluctuation and bond issuance by LGFVs","authors":"Shulin Liu , Xianbin Wang , Liangxiong Huang","doi":"10.1016/j.iref.2025.103841","DOIUrl":"10.1016/j.iref.2025.103841","url":null,"abstract":"<div><div>This paper examines the impact of China's economic growth target management system on local government debt. Specifically, it examines how economic growth target fluctuation affects bond issuance by LGFVs from the perspective of economic uncertainty. Using a dataset of 278 Chinese prefecture-level cities from 2005 to 2018, we find that economic growth target fluctuation has a negative effect on bond issuance by LGFVs. We then verify that, on the one hand, economic growth target fluctuation forces LGFVs to take the initiative to reduce bond issuance to avoid risks and the rising bond issuance costs; on the other hand, economic growth target fluctuation induces credit rating agencies to assign low bond ratings due to concerns about local government solvency, making it difficult for LGFVs to pass bond issuance reviews. Furthermore, we find that the negative effects occur mainly in bond issuance for interest-bearing debt repayment and working capital replenishment, and in bonds issued by prefecture-level LGFVs. We also provide evidence that the negative effects of economic growth target fluctuation on bond issuance by LGFVs can be mitigated when economic growth targets are set upwards, and are more pronounced during economic downturns, in regions with higher marketization and looser credit supply.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"98 ","pages":"Article 103841"},"PeriodicalIF":4.8,"publicationDate":"2025-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151669","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}

引用次数: 0

Fiscal & tax incentives, ESG responsibility fulfillments, and corporate green innovation performance

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2025-01-03 DOI: 10.1016/j.iref.2025.103838

Hong Yin , Lu Zhang , Chuangneng Cai , Zenglian Zhang , Qihong Zhu

Carrying out green technological innovation is a necessary way for enterprises to realize high-quality development, and government fiscal and tax incentive policy is an important initiative to promote enterprises' green technological innovation. This paper selects the A-share listed enterprises on the Shanghai and Shenzhen Stock Exchanges from 2018 to 2022 as research samples to empirically test the impact of fiscal and tax incentive policies on the green innovation performance of enterprises. The results of the study show that fiscal and tax incentive policies enhance the green innovation performance of enterprises, with both government subsidies and tax incentives significantly promoting the green innovation performance of enterprises. The mechanism test finds that the fiscal and tax incentive policies enhance the green innovation performance of enterprises mainly through the fulfillment of ESG responsibilities, as reflected explicitly in the fact that the fiscal and tax incentive policies can better enhance awareness of enterprise environmental responsibility, promote the fulfillment of corporate social responsibility, and improve the corporate governance system. Further test results show that both fiscal and tax incentive policies in state-owned and non-state-owned enterprises significantly promote corporate green innovation performance. Moreover, fiscal and tax incentive policies in Central China significantly promote corporate green innovation performance. In contrast, government subsidies in Eastern China significantly promote corporate green innovation performance, but the promotion effect is lower than that in Central China. This paper expands on the role of fiscal and tax incentive policies in influencing the green innovation performance of enterprises, which is of great significance in helping the government to change the direction and focus of fiscal and tax incentive policies promptly in order to improve the efficiency of those policies and better promote the green innovation of enterprises.

{"title":"Fiscal & tax incentives, ESG responsibility fulfillments, and corporate green innovation performance","authors":"Hong Yin , Lu Zhang , Chuangneng Cai , Zenglian Zhang , Qihong Zhu","doi":"10.1016/j.iref.2025.103838","DOIUrl":"10.1016/j.iref.2025.103838","url":null,"abstract":"<div><div>Carrying out green technological innovation is a necessary way for enterprises to realize high-quality development, and government fiscal and tax incentive policy is an important initiative to promote enterprises' green technological innovation. This paper selects the A-share listed enterprises on the Shanghai and Shenzhen Stock Exchanges from 2018 to 2022 as research samples to empirically test the impact of fiscal and tax incentive policies on the green innovation performance of enterprises. The results of the study show that fiscal and tax incentive policies enhance the green innovation performance of enterprises, with both government subsidies and tax incentives significantly promoting the green innovation performance of enterprises. The mechanism test finds that the fiscal and tax incentive policies enhance the green innovation performance of enterprises mainly through the fulfillment of ESG responsibilities, as reflected explicitly in the fact that the fiscal and tax incentive policies can better enhance awareness of enterprise environmental responsibility, promote the fulfillment of corporate social responsibility, and improve the corporate governance system. Further test results show that both fiscal and tax incentive policies in state-owned and non-state-owned enterprises significantly promote corporate green innovation performance. Moreover, fiscal and tax incentive policies in Central China significantly promote corporate green innovation performance. In contrast, government subsidies in Eastern China significantly promote corporate green innovation performance, but the promotion effect is lower than that in Central China. This paper expands on the role of fiscal and tax incentive policies in influencing the green innovation performance of enterprises, which is of great significance in helping the government to change the direction and focus of fiscal and tax incentive policies promptly in order to improve the efficiency of those policies and better promote the green innovation of enterprises.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"98 ","pages":"Article 103838"},"PeriodicalIF":4.8,"publicationDate":"2025-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151668","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}

引用次数: 0

Markov switching volatility connectedness across international CDS markets

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2025-01-03 DOI: 10.1016/j.iref.2025.103839

Walid Mensi , Eray Gemici , Müslüm Polat , Sang Hoon Kang

We analyze the interconnectedness of sovereign CDS premiums to assess risk spillovers over the period from April 9, 2015, to April 1, 2024, which includes major volatility episodes such as the COVID-19 pandemic and the Russia-Ukraine war. By employing time-varying parameter vector autoregression (TVP-VAR) and Markov-Switching-Dynamic-Regression (MS-DR) models, we investigate how volatility transmits across countries. Our findings reveal that volatility spillovers intensify during high-regime periods, with significant events amplifying interconnectedness among sovereign CDS premiums. Furthermore, developed nations such as the US and UK exhibit lower susceptibility to external shocks, whereas countries like Mexico and South Africa act as net transmitters of volatility. Specifically, South Africa emerges as a key risk transmitter during high-regime periods, while Mexico consistently plays a significant role in risk transmission across both regimes.

引用次数: 0

Acquiring divestors

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2025-01-03 DOI: 10.1016/j.iref.2025.103844

Vinh Vo , Giang Nguyen , Hung Pham

We document evidence that targets that divest assets before acquisitions receive lower offered premiums, experience lower announcement returns, and have smaller transaction multiples than non-divestors. The efficiency of asset divestitures explains these negative effects. Specifically, the effects are more pronounced when the targets divest non-core assets, operate in less competitive industries, or announce divestitures before the Sarbanes Oxley Act. Overall, our findings suggest that asset divestitures increase target firms’ operating efficiency which deters the bidding incentives of potential acquirers.

引用次数: 0

How does data sharing affect the sustainable development of agribusiness? Evidence from public data openness

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2025-01-01 DOI: 10.1016/j.iref.2024.103785

Yani Guo , Jiale Yan , Peifen Zhuang

Agriculture is an important production sector in Chinese national economy, and sustainable development of agribusiness is related to the achievement of the 2030 Sustainable Development Goals. At the same time, public data openness policy is continuously injecting new power into development. However, no study focused on the relationship between public data openness policy (OPEN) and the sustainable development of agribusiness (SDA). Based on the data of A-share listed agribusiness from 2012 to 2021, we uses the public data open platform as a quasi-natural experiment and uses a difference-in-differences model to examine the impact of public data openness on the sustainable development of agribusiness. The findings of this paper are as follows. First, public data openness significantly contributes to the sustainable development of agribusiness. After a series of robustness tests, the above conclusion still holds. Second, the results of the mechanistic tests show that public data openness contributes to sustainable development mainly by improving the operational capacity and innovation capacity of enterprises. Third, the positive impact of public data openness on the sustainable development performance of non-state-owned and small-scale agribusinesses is more significant than that of state-owned and large-scale agribusinesses. Fourth, good innovation environments help to enhance the positive impact of public data openness. This paper has theoretical value for the development of agribusiness in the context of the public data openness and can also guide policymakers in further improving related policies.

{"title":"How does data sharing affect the sustainable development of agribusiness? Evidence from public data openness","authors":"Yani Guo , Jiale Yan , Peifen Zhuang","doi":"10.1016/j.iref.2024.103785","DOIUrl":"10.1016/j.iref.2024.103785","url":null,"abstract":"<div><div>Agriculture is an important production sector in Chinese national economy, and sustainable development of agribusiness is related to the achievement of the 2030 Sustainable Development Goals. At the same time, public data openness policy is continuously injecting new power into development. However, no study focused on the relationship between public data openness policy (OPEN) and the sustainable development of agribusiness (SDA). Based on the data of A-share listed agribusiness from 2012 to 2021, we uses the public data open platform as a quasi-natural experiment and uses a difference-in-differences model to examine the impact of public data openness on the sustainable development of agribusiness. The findings of this paper are as follows. First, public data openness significantly contributes to the sustainable development of agribusiness. After a series of robustness tests, the above conclusion still holds. Second, the results of the mechanistic tests show that public data openness contributes to sustainable development mainly by improving the operational capacity and innovation capacity of enterprises. Third, the positive impact of public data openness on the sustainable development performance of non-state-owned and small-scale agribusinesses is more significant than that of state-owned and large-scale agribusinesses. Fourth, good innovation environments help to enhance the positive impact of public data openness. This paper has theoretical value for the development of agribusiness in the context of the public data openness and can also guide policymakers in further improving related policies.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"97 ","pages":"Article 103785"},"PeriodicalIF":4.8,"publicationDate":"2025-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143155456","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}

引用次数: 0

Antitrust laws, market competition and corporate green innovation

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2025-01-01 DOI: 10.1016/j.iref.2024.103768

Baowei Ma , Huiwen Li

Utilizing a dataset from 2003 to 2016 encompassing Chinese firms listed on the A-share market, the current study conducts a robust analysis through a quasi-experimental approach, focusing on the enforcement of the Anti-Monopoly Law in 2008. By employing the Difference-in-Differences (DID) technique, it delves into the profound connections between anti-monopoly laws, market competition, and corporate green innovation. The rigorous enforcement of anti-monopoly laws has inhibited green innovation in enterprises with stronger original monopoly power, reducing the green innovation performance gap between them and enterprises with weaker monopoly power. Moreover, the study reveals that anti-monopoly regulations bolster the occurrence of green innovation by intensifying market competition, driving companies to pursue distinct competitive edges. The analysis further suggests that the negative impact of anti-monopoly laws on eco-innovation is more significant in state-controlled enterprises and in sectors with pronounced monopolistic traits that are not technology-intensive. This scholarly work not only contributes to the academic discourse on the nexus between anti-monopoly legislation and corporate inventive endeavors but also equips policymakers with tangible insights into leveraging legal frameworks to foster environmentally sustainable corporate innovation.

{"title":"Antitrust laws, market competition and corporate green innovation","authors":"Baowei Ma , Huiwen Li","doi":"10.1016/j.iref.2024.103768","DOIUrl":"10.1016/j.iref.2024.103768","url":null,"abstract":"<div><div>Utilizing a dataset from 2003 to 2016 encompassing Chinese firms listed on the A-share market, the current study conducts a robust analysis through a quasi-experimental approach, focusing on the enforcement of the Anti-Monopoly Law in 2008. By employing the Difference-in-Differences (DID) technique, it delves into the profound connections between anti-monopoly laws, market competition, and corporate green innovation. The rigorous enforcement of anti-monopoly laws has inhibited green innovation in enterprises with stronger original monopoly power, reducing the green innovation performance gap between them and enterprises with weaker monopoly power. Moreover, the study reveals that anti-monopoly regulations bolster the occurrence of green innovation by intensifying market competition, driving companies to pursue distinct competitive edges. The analysis further suggests that the negative impact of anti-monopoly laws on eco-innovation is more significant in state-controlled enterprises and in sectors with pronounced monopolistic traits that are not technology-intensive. This scholarly work not only contributes to the academic discourse on the nexus between anti-monopoly legislation and corporate inventive endeavors but also equips policymakers with tangible insights into leveraging legal frameworks to foster environmentally sustainable corporate innovation.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"97 ","pages":"Article 103768"},"PeriodicalIF":4.8,"publicationDate":"2025-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143155462","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}

引用次数: 0

How digital financial inclusion enhances agroecological efficiency: Impact effects and mechanism tests

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2025-01-01 DOI: 10.1016/j.iref.2024.103755

Yudong Zhang , Ruiqing Cui , Xiaobei Wei , Tianyong Chen

The article incorporates digital financial inclusion and agroecological efficiency into a unified analytical framework, and empirically examines the effects and mechanisms of digital financial inclusion on agroecological efficiency based on provincial panel data from 2011 to 2021. The study finds that (1) digital financial inclusion can significantly enhance agroecological efficiency, and the conclusion remains reliable after a series of robustness tests; (2) digital financial inclusion can significantly enhance agroecological efficiency by improving the level of agricultural socialized services, i.e., the agricultural socialized services play a mediating effect between the two; (3) there is heterogeneity in the impact of digital financial inclusion on agroecological efficiency in the central and western regions and the main grain producing areas, the impact effect is significant, and not significant in other regions. The findings of this paper provide an in-depth understanding of the environmental governance effect of digital inclusive finance in agriculture, and actively guide the application of digital finance in the field of agricultural green development.

{"title":"How digital financial inclusion enhances agroecological efficiency: Impact effects and mechanism tests","authors":"Yudong Zhang , Ruiqing Cui , Xiaobei Wei , Tianyong Chen","doi":"10.1016/j.iref.2024.103755","DOIUrl":"10.1016/j.iref.2024.103755","url":null,"abstract":"<div><div>The article incorporates digital financial inclusion and agroecological efficiency into a unified analytical framework, and empirically examines the effects and mechanisms of digital financial inclusion on agroecological efficiency based on provincial panel data from 2011 to 2021. The study finds that (1) digital financial inclusion can significantly enhance agroecological efficiency, and the conclusion remains reliable after a series of robustness tests; (2) digital financial inclusion can significantly enhance agroecological efficiency by improving the level of agricultural socialized services, i.e., the agricultural socialized services play a mediating effect between the two; (3) there is heterogeneity in the impact of digital financial inclusion on agroecological efficiency in the central and western regions and the main grain producing areas, the impact effect is significant, and not significant in other regions. The findings of this paper provide an in-depth understanding of the environmental governance effect of digital inclusive finance in agriculture, and actively guide the application of digital finance in the field of agricultural green development.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"97 ","pages":"Article 103755"},"PeriodicalIF":4.8,"publicationDate":"2025-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143155847","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}

引用次数: 0

Blessing or curse? Fintech adoption and greenhouse gas emission intensity

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2025-01-01 DOI: 10.1016/j.iref.2024.103810

Wenwen Li , Samar S. Alharbi , June Cao , Wanfu Li

This study investigates the role of fintech adoption in shaping greenhouse gas (GHG) emissions. Exploiting China's setting and using panel data from 2400 observations and 281 prefecture-level cities in China from 2011 to 2019, we find that adopting fintech significantly reduces CO₂ and SO₂ emissions. Further analyses identify the underlying mechanisms as enhanced green innovation and increased fiscal transparency, which strengthen the ability of regions to protect the environment through public governance. To address the potential endogeneity issues arising from non-randomness and the non-exogenous shock of fintech adoption, we employ two novel instrumental variables as the geographical distance of the city to Hangzhou and the number of graduates to re-estimate our baseline results, which yield similar findings. We further find that this effect is more pronounced in regions with better Internet access and less intensive environmental regulations. Moreover, emissions reductions achieved from fintech adoption generate positive economic and social impacts.

引用次数: 0

Impact of digital finance on rural industry revitalization

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2025-01-01 DOI: 10.1016/j.iref.2024.103820

Zhiyi Xu , Jindi Yang

Based on provincial panel data from 2011 to 2021 in China, this study examines the impact of digital finance on rural industry revitalization and analyzes its regional heterogeneity and spatial spillover effect. Findings indicate that digital finance significantly promotes rural industry revitalization by improving the level of agricultural socialization services. Further, the impact of digital finance on rural industry revitalization is characterized by regional heterogeneity, with the effect on the eastern region stronger than that on the central and western regions. Finally, this impact has a significant spatial spillover effect. Based on these results, this study presents policy suggestions for encouraging financial technology innovation, improving the construction of agricultural e-commerce platforms, and strengthening regional cooperation and development.

引用次数: 0

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