International Review of Economics & Finance最新文献

英文中文

Ethical guardians: The multifaceted impact of CSR committee on executives manipulation tendencies 道德卫士：企业社会责任委员会对高管操纵倾向的多方面影响

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103718

Asif Saeed , Samreen Hamid , Phassawan Suntraruk , Narjess Toumi

By acknowledging the crucial role of the CSR committee in shaping ethical practices within organizations, this research aims to uncover potential connections between corporate ethical supervisory and the prevalence of manipulative actions by corporate executives. Using a sample of Us-listed companies, the findings support the notion that robust CSR frameworks such as the presence of a CSR committee reduce the motivations of manipulative tendencies by executives (measured by restatements). Contrary to conventional beliefs, our findings suggest that the size of the CSR committee does not influence the manipulative tendencies, whereas, the strength of female directors and a higher number of independent directors on the CSR committee has a positive and substantial influence on ethical decision-making, reducing the inclination towards manipulative intentions. Supporting the stakeholder theory notion, we suggest firms with CSR committees display a genuine commitment to stakeholder interests, exhibiting better performance in both social and financial activities. Our study contributes to the ongoing discourse on corporate governance, ethical decision-making, and the broader implications for organizational behavior and outcomes.

本研究承认企业社会责任委员会在塑造组织内道德实践方面的关键作用，旨在揭示企业道德监督与企业高管操纵行为的普遍性之间的潜在联系。通过对美国上市公司的抽样调查，研究结果支持这样一种观点，即健全的企业社会责任框架（如企业社会责任委员会的存在）会降低企业高管操纵行为的动机（通过重述来衡量）。与传统观念相反，我们的研究结果表明，企业社会责任委员会的规模并不会影响操纵倾向，而企业社会责任委员会中女性董事的人数和独立董事的人数则会对道德决策产生积极而实质性的影响，从而降低操纵意图的倾向。与利益相关者理论的观点相吻合，我们认为，拥有企业社会责任委员会的公司会真正致力于维护利益相关者的利益，在社会和财务活动中表现出更好的绩效。我们的研究为当前有关公司治理、道德决策以及对组织行为和结果的广泛影响的讨论做出了贡献。

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引用次数: 0

Does firms’ corporate social responsibility reduce crime? 企业的社会责任是否会减少犯罪？

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103719

Chenwei Sun , Justin Jin , Khalid Nainar , Gerald Lobo

This study examines the impact of firms’ corporate social responsibility (CSR) on state crime rates in the U.S. from 2004 to 2020. Our research bolsters the expanding work under the Law and Political Economy Project out of Yale University and Economics of Crime Working Group of National Bureau of Economic Research (NBER). Our empirical results show that states with domiciled firms having better CSR performance exhibit significantly lower crime rates. This lower crime incidence is driven by the environmental, social, and governance dimensions of CSR. Our study is the first to document the societal impact of CSR by analyzing state crime rates, and we conclude that CSR activities have positive externalities on society.

本研究探讨了 2004 年至 2020 年企业社会责任 (CSR) 对美国各州犯罪率的影响。我们的研究为耶鲁大学法律与政治经济学项目和美国国家经济研究局（NBER）犯罪经济学工作组不断扩展的工作提供了支持。我们的实证结果表明，企业社会责任表现较好的州的犯罪率明显较低。犯罪率的降低是由企业社会责任的环境、社会和治理维度驱动的。我们的研究首次通过分析各州的犯罪率来记录企业社会责任的社会影响，并得出结论：企业社会责任活动对社会具有积极的外部效应。

引用次数: 0

The impact of digital transformation on ESG performance 数字化转型对环境、社会和治理绩效的影响

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103686

Yuxuan Li , Yingxue Zheng , Xuesong Li , Zi Mu

This paper constructs an analytical framework of digital transformation affecting enterprise ESG performance based on the investment perspective. And empirical analyses are conducted using firm-level panel data of Chinese A-share listed companies from 2009 to 2020 in the China's Stock Markets. It is found that digital transformation significantly improves enterprise ESG performance. Digital transformation improves enterprise ESG performance by enhancing risk-taking capacity, mitigating agency conflicts, and suppressing management overconfidence. Heterogeneity analyses show that the effects of digital transformation on capital investment efficiency and firms' ESG performance are more pronounced among firms in mature and declining stages. Digital transformation has a significant impact on capital investment efficiency and corporate ESG performance in both technology-intensive and capital-intensive firms. These findings are crucial for understanding the key role of digital transformation in shaping long-term economic growth potential and sustainability from an investment perspective.

本文基于投资视角，构建了数字化转型影响企业ESG绩效的分析框架。并利用 2009 年至 2020 年中国 A 股上市公司的公司层面面板数据进行了实证分析。研究发现，数字化转型能显著提高企业的环境、社会和治理绩效。数字化转型通过提高风险承担能力、缓解代理冲突和抑制管理层过度自信来改善企业ESG绩效。异质性分析表明，数字化转型对资本投资效率和企业环境、社会和治理绩效的影响在处于成熟期和衰退期的企业中更为明显。数字化转型对技术密集型企业和资本密集型企业的资本投资效率和企业环境、社会和公司治理绩效都有重大影响。这些发现对于从投资角度理解数字化转型在塑造长期经济增长潜力和可持续性方面的关键作用至关重要。

引用次数: 0

Green bond premium diagnosis: An interplay of repayment obligation structure 绿色债券溢价诊断：偿还义务结构的相互作用

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103689

Vikram Singh , Shveta Singh , Sonali Jain

This paper examines at-issuance yield (price) differential between green and non-green bonds. The paper also checks the sensitiveness of the differentials to the repayment obligation structure of the bonds. For this, we test for differentials in the standard and revenue segments separately. From Bloomberg®, we extract US municipal green bonds from 2014 to 2023 and apply propensity score matching to generate sample sets comprising 26440, 23848, and 11702 bonds. Through univariate tests and OLS linear regression, we document lower yield for green bonds compared to non-greens (i.e., negative yield differential implying the existence of green premium) ranging from 2.7 to 6.9 basis points, implying cost savings to green issuers. The results are robust to alternate measuring variable and surrogate matched samples—the premiums decline in a non-pro-environmental regime and the pandemic. Green investors perceive higher risk in counties with higher pollution index. The premiums enlarge in the standard segment compared to revenue because of greater trust in the recourse feature than revenue stream collaterals. Citing the lack of tangible municipal revenue streams in emerging economies, our findings endorse the standard (general obligation) green bonds to raise finance at initial stages and create revenue-generating infrastructures.

本文研究了绿色债券和非绿色债券在发行时的收益（价格）差异。本文还检验了差异对债券偿还义务结构的敏感性。为此，我们分别检验了标准部分和收益部分的差异。我们从彭博社（Bloomberg®）中提取了 2014 年至 2023 年的美国市政绿色债券，并应用倾向得分匹配法生成了包含 26440、23848 和 11702 种债券的样本集。通过单变量测试和 OLS 线性回归，我们发现绿色债券的收益率低于非绿色债券（即负收益率差，意味着存在绿色溢价），从 2.7 个基点到 6.9 个基点不等，这意味着绿色债券发行人节约了成本。这些结果对交替测量变量和替代匹配样本都是稳健的--在非环保制度和大流行病下溢价下降。绿色投资者认为污染指数较高的县风险更高。与收入相比，标准部分的保费有所提高，这是因为对追索权特征的信任度高于收入流抵押品。由于新兴经济体缺乏有形的市政收入流，我们的研究结果支持标准（一般义务）绿色债券在初始阶段筹集资金，并建立创收基础设施。

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引用次数: 0

Does reduced boilerplate of KAMs indicate increased audit effort? Evidence from China KAMs 的模板减少是否意味着审计工作的增加？来自中国的证据

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103697

Qianqun Ma , Qi Wang , Kongwen Wang , Chong Wu

By examining the effects of media coverage and legal environment and the modifying effect of auditors' market shares, this paper investigates whether reduced boilerplate of key audit matters (KAMs) reflects increased audit effort. Our findings indicate that auditors can change boilerplate of KAMs according to the tone of media coverage: auditors may reduce boilerplate of KAMs when firms are exposed to more negative media coverage and may increase boilerplate of KAMs when firms are exposed to more positive media coverage. Auditors of firms that are exposed to weaker legal environment reduce boilerplate of KAMs. Boilerplate of KAMs disclosed by audit firms with larger market shares is more significantly influenced by negative media coverage and legal environment than those with smaller market shares. Additionally, the effects of media coverage and legal environment on boilerplate of KAMs are only significant for the sub-samples with non-state-owned enterprises (non-SOEs) and higher information symmetry. These results prove that reduced boilerplate of KAMs reflects increased audit effort.

通过研究媒体报道和法律环境的影响以及审计师市场份额的调节作用，本文探讨了关键审计事项（KAMs）模板的减少是否反映了审计工作的增加。我们的研究结果表明，审计师可以根据媒体报道的基调改变关键审计事项的模板：当公司受到更多负面媒体报道时，审计师可能会减少关键审计事项的模板；当公司受到更多正面媒体报道时，审计师可能会增加关键审计事项的模板。法律环境较弱的公司的审计师会减少 KAMs 的模板。与市场份额较小的公司相比，市场份额较大的审计公司披露的关键审计变量的模板受负面媒体报道和法律环境的影响更大。此外，媒体报道和法律环境对 KAMs 模板的影响仅在非国有企业和信息对称性较高的子样本中显著。这些结果证明，减少 KAM 的模板反映了审计工作的增加。

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引用次数: 0

CSR awarding: A test of social reputation and impression management 企业社会责任奖：社会声誉和印象管理测试

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103706

Ali Uyar , Ali Meftah Gerged , Cemil Kuzey , Amal Hamrouni , Abdullah S. Karaman

Few studies have examined whether corporate social responsibility (CSR) engagement, reporting, and report attributes help companies win awards and whether award winners continue to maintain their CSR efforts after being recognized. We address this gap by conducting an empirical analysis using social reputation, signaling theory, and impression management theory. The logistics regression analysis is based on a sample of 45,840 firm-year observations from various sectors and countries between 2002 and 2019. Our results show that CSR engagement, CSR reporting, external CSR report assurance, and adoption of Global Reporting Initiative (GRI) guidelines all help companies win awards. Additionally, companies that win awards tend to maintain their commitment to CSR engagement, reporting, third-party CSR report assurance, and GRI adoption after being awarded. This finding implies that CSR-awarded firms do not consider CSR commitment and reporting a tactical commitment but rather a strategic purpose, ruling out the possibility of impression management.

很少有研究探讨企业社会责任（CSR）的参与、报告和报告属性是否有助于企业赢得奖项，以及获奖者在获得认可后是否会继续保持其在企业社会责任方面的努力。我们利用社会声誉、信号理论和印象管理理论进行了实证分析，从而填补了这一空白。物流回归分析基于 2002 年至 2019 年间来自不同行业和国家的 45840 个公司年度观察样本。我们的结果表明，企业社会责任参与、企业社会责任报告、外部企业社会责任报告保证以及采用全球报告倡议组织（GRI）准则都有助于企业获奖。此外，获奖企业在获奖后往往会保持其在企业社会责任参与、报告、第三方企业社会责任报告鉴证和采用全球报告倡议组织准则方面的承诺。这一发现意味着，获得企业社会责任奖项的公司并不认为企业社会责任承诺和报告是一种战术承诺，而是一种战略目的，排除了印象管理的可能性。

引用次数: 0

Can digital factor participation create opportunities for “rags to riches”? Based on the perspective of intergenerational income mobility 数字要素参与能否创造 "致富机会"？基于代际收入流动的视角

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103708

Hebo Li , Yulin Liu , Zhuocheng Lu

Intergenerational hierarchical solidification threatens the sustainable development of economies and societies in countries worldwide. In this paper, we match macro data on digital factor participation at the city level with micro data from the Chinese Family Panel Studies (CFPS) from 2010 to 2018 to explore whether digital factor participation can break hierarchical solidification and create opportunities for “rags to riches” on the basis of the perspective of intergenerational income mobility. We find that digital factor participation contributes to facilitating upwards income mobility between generations, alleviating intergenerational hierarchical solidification. Additionally, its marginal effects are most pronounced in the low-income groups, indicating that digital factor participation serves as a booster for “poor second generations” to leapfrog rather than an accelerator for wealth accumulation among the “wealthy second generations”. Furthermore, our research reveals that digital factor participation potentially facilitates intergenerational occupational vertical “shift” channels and promotes the horizontal migration of the labour force, which in turn weakens intergenerational transmission effects, promotes intergenerational income mobility, and breaks intergenerational hierarchical solidification. Our study highlights the importance of seizing the opportunities presented by digital factor participation, as such participation offers more equitable opportunities for the lower class, which is particularly concerning in the context of the intensifying global trend of social stratification.

代际等级固化威胁着世界各国经济社会的可持续发展。本文将城市层面的数字要素参与宏观数据与2010-2018年中国家庭面板研究（CFPS）的微观数据进行匹配，基于代际收入流动的视角，探讨数字要素参与能否打破阶层固化，创造 "破富 "机会。我们发现，数字要素参与有助于促进代际收入向上流动，缓解代际等级固化。此外，其边际效应在低收入群体中最为明显，这表明数字要素参与是 "穷二代 "跨越式发展的助推器，而不是 "富二代 "财富积累的加速器。此外，我们的研究还发现，数字要素参与有可能促进代际职业纵向 "转移 "渠道，推动劳动力横向迁移，进而削弱代际传递效应，促进代际收入流动，打破代际等级固化。我们的研究强调了抓住数字要素参与带来的机遇的重要性，因为这种参与为下层阶级提供了更公平的机会，这在全球社会分层趋势加剧的背景下尤为重要。

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引用次数: 0

Can long-term institutional owners improve market efficiency in parsing complex legal disputes? 长期机构所有者能否在解析复杂法律纠纷时提高市场效率？

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103690

Paul Borochin , Xiaoqiong Wang , Siqi Wei

Long-horizon institutional investors can help mitigate information asymmetries around securities class action (SCA) lawsuits. We find that the machine readability of SCA complaint filings can predict the outcome and duration of class actions. Long-term institutional investor ownership leads to a more positive post-SCA announcement price reaction and increases the volatility ratio of prices as a measure of price informativeness. Furthermore, there is a significant interaction effect between long-term institutional ownership and SCA complexity on price informativeness consistent with a superior information processing ability about complex corporate events affecting portfolio firms.

长线机构投资者有助于缓解围绕证券集体诉讼（SCA）的信息不对称问题。我们发现，SCA 投诉文件的机器可读性可以预测集体诉讼的结果和持续时间。长期机构投资者所有权会导致证券集体诉讼公告后的价格反应更加积极，并提高价格的波动率，以此衡量价格的信息性。此外，长期机构投资者所有权和 SCA 复杂性对价格信息性有明显的交互影响，这与影响投资组合公司的复杂公司事件的卓越信息处理能力相一致。

引用次数: 0

Overreaction and underreaction to new information and the directional forecast of exchange rates 对新信息的过度反应和反应不足以及汇率的方向性预测

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103676

Andrei Semenov

Overreaction and underreaction to new information may cause, respectively, sequences and reversals in exchange rate returns. Empirical evidence is that the sign of the difference between the probabilities of a sequence and a reversal predicts the sign of the next day exchange rate return out-of-sample better than the random walk without drift model. Since the effect of overreaction of exchange rates to unexpected news dies out over longer time spans, the directional predictability becomes weaker for the weekly exchange rates. The trading strategy exploiting the directional predictability of the exchange rates generates tangible profits compared to the non-trading and buy-and-hold strategies.

对新信息的过度反应和反应不足可能分别导致汇率收益率的序列和反转。经验证据表明，与无漂移随机漫步模型相比，序列和反转概率之差的符号能更好地预测样本外次日汇率收益率的符号。由于汇率对意外消息过度反应的影响会随着时间跨度的延长而消失，因此周汇率的方向预测性会变弱。与非交易策略和买入并持有策略相比，利用汇率的方向可预测性的交易策略能产生实际利润。

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The impact of institutional commitments on corporate risk-taking: Evidence from the United Nations Principles for responsible investment 制度承诺对企业承担风险的影响：联合国负责任投资原则的证据

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103715

Rongxin Chen , Yuhao Chen

Taking the institutions that signed the United Nations (UN) Principles of Responsible Investment (PRI) from 2012 to 2021 as a sample, we study whether the risk-taking of investment targets will be affected when the institutions sign the PRI. The findings demonstrate that when an institution subscribes to the PRI, it significantly decreases its investment target's degree of risk-taking. After a series of stability tests, such as surrogate variables and propensity score matching method, the main regression results in this paper remain consistent. It has been suggested through mechanism analysis that signing the PRI increases both investment efficiency and information disclosure quality thereby minimizing enterprise risk-taking behavior. Further research shows that the state-owned nature of institutions and higher media attention can reduce the risk-taking of enterprises. This paper provides a new explanatory dimension through which enterprises can reduce their level of risk-taking and offers a theoretical foundation for further expanding the impact of the PRI.

我们以 2012 年至 2021 年签署《联合国负责任投资原则》（PRI）的机构为样本，研究机构签署 PRI 是否会影响投资目标的风险承担程度。研究结果表明，当机构签署《责任投资原则》时，会显著降低其投资对象的风险承担程度。经过代用变量和倾向得分匹配法等一系列稳定性检验后，本文的主要回归结果保持一致。通过机理分析，本文认为签署 PRI 既提高了投资效率，又提高了信息披露质量，从而最大限度地减少了企业的风险承担行为。进一步的研究表明，机构的国有性质和较高的媒体关注度可以降低企业的风险承担行为。本文为企业降低风险承担水平提供了一个新的解释维度，并为进一步扩大 PRI 的影响提供了理论基础。

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