Pub Date : 2024-10-22DOI: 10.1016/j.iref.2024.103700
Xian Chen , Yang Liu , Fenghua Wen
This paper examines whether air pollution increases the digital transformation of companies. Using observations of 18,101 firm-years from China over 2014–2021, we find a positive relation between air pollution and firms’ digital transformation. Our findings are robust to a battery of endogeneity tests and robustness tests. Moreover, the impact of air pollution on digital transformation is more responsive to companies that are labor-intensive, generate lower profits per capita, and pay less per capita. Additional analysis shows that digital transformation to combat air pollution can increase total factor productivity in companies. In general, we emphasize that companies mitigate the negative impact of air pollution on the productivity of their workforce and labour costs through digital transformation.
{"title":"Air pollution and the digital transformation","authors":"Xian Chen , Yang Liu , Fenghua Wen","doi":"10.1016/j.iref.2024.103700","DOIUrl":"10.1016/j.iref.2024.103700","url":null,"abstract":"<div><div>This paper examines whether air pollution increases the digital transformation of companies. Using observations of 18,101 firm-years from China over 2014–2021, we find a positive relation between air pollution and firms’ digital transformation. Our findings are robust to a battery of endogeneity tests and robustness tests. Moreover, the impact of air pollution on digital transformation is more responsive to companies that are labor-intensive, generate lower profits per capita, and pay less per capita. Additional analysis shows that digital transformation to combat air pollution can increase total factor productivity in companies. In general, we emphasize that companies mitigate the negative impact of air pollution on the productivity of their workforce and labour costs through digital transformation.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103700"},"PeriodicalIF":4.8,"publicationDate":"2024-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142533665","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}
Pub Date : 2024-10-21DOI: 10.1016/j.iref.2024.103699
Ying Sun , Hongling Chen , Wenli He
This study examines the impact of common institutional ownership (CIO) of firms on their degree of cost stickiness. Taking the data of China's A-share listed companies during the period 2007–2022 as sample, we find that firms with common institutional ownership (CIO) have a lower degree of cost stickiness. Mechanism test find that CIO mitigate the degree of cost stickiness by improving the governancing and monitoring efficiency and by promoting the transfer of information among portfolio firms. Heterogeneity tests provide evidence that the positive relation is stronger among non-state-owned firms and firms in monopolistic industries.
本研究探讨了企业共同机构持股（CIO）对其成本粘性程度的影响。以 2007-2022 年中国 A 股上市公司的数据为样本，我们发现拥有共同机构所有权（CIO）的公司具有较低的成本粘性。机制检验发现，共同机构持股公司通过提高治理和监督效率以及促进被投资公司之间的信息传递来缓解成本粘性程度。异质性检验证明，非国有企业和垄断行业企业之间的正相关关系更强。
{"title":"Common institutional ownership and corporate cost stickiness —Evidence from China","authors":"Ying Sun , Hongling Chen , Wenli He","doi":"10.1016/j.iref.2024.103699","DOIUrl":"10.1016/j.iref.2024.103699","url":null,"abstract":"<div><div>This study examines the impact of common institutional ownership (CIO) of firms on their degree of cost stickiness. Taking the data of China's A-share listed companies during the period 2007–2022 as sample, we find that firms with common institutional ownership (CIO) have a lower degree of cost stickiness. Mechanism test find that CIO mitigate the degree of cost stickiness by improving the governancing and monitoring efficiency and by promoting the transfer of information among portfolio firms. Heterogeneity tests provide evidence that the positive relation is stronger among non-state-owned firms and firms in monopolistic industries.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103699"},"PeriodicalIF":4.8,"publicationDate":"2024-10-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142533663","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}
{"title":"Corrigendum to “Environmental legal institutions and management earnings forecasts: Evidence from the establishment of environmental courts in China” [International Review of Economics and Finance 93 (2024) 545–573 IREF-D-23-00823]","authors":"Xiaofeng Liu , Hua Feng , Gaoliang Tian , Ting Zhang","doi":"10.1016/j.iref.2024.103695","DOIUrl":"10.1016/j.iref.2024.103695","url":null,"abstract":"","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103695"},"PeriodicalIF":4.8,"publicationDate":"2024-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142536978","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}
Pub Date : 2024-10-19DOI: 10.1016/j.iref.2024.103696
Wenpeng Zhu
This paper empirically analyses the impact mechanism of digital finance on corporate innovation, focusing on the mediating role of capital misallocation. The results show that digital finance significantly promotes corporate innovation, and capital misallocation plays a mediating role. Specifically, compared with state-owned enterprises, digital finance in non-state-owned enterprises is more significant in promoting corporate innovation. Additionally, compared with small and medium-sized enterprises, this promotion is more obvious in large enterprises. The findings of this paper pass the robustness test, indicating the reliability and validity of our results.
{"title":"Digital finance, capital misallocation and corporate innovation","authors":"Wenpeng Zhu","doi":"10.1016/j.iref.2024.103696","DOIUrl":"10.1016/j.iref.2024.103696","url":null,"abstract":"<div><div>This paper empirically analyses the impact mechanism of digital finance on corporate innovation, focusing on the mediating role of capital misallocation. The results show that digital finance significantly promotes corporate innovation, and capital misallocation plays a mediating role. Specifically, compared with state-owned enterprises, digital finance in non-state-owned enterprises is more significant in promoting corporate innovation. Additionally, compared with small and medium-sized enterprises, this promotion is more obvious in large enterprises. The findings of this paper pass the robustness test, indicating the reliability and validity of our results.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103696"},"PeriodicalIF":4.8,"publicationDate":"2024-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142533664","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}
Pub Date : 2024-10-18DOI: 10.1016/j.iref.2024.103675
Angelo Aspris, Hamish Malloch, Jiri Svec
We propose a new method for computing a lower bound to the expected future dividend component of the market risk premium from observed option prices. We find that our estimate of future dividend yields has similar characteristics to future realized dividend yields, exhibits significant volatility and is a strong predictor of the realized dividend yield. We demonstrate that the dividend yield term structure is downward sloping and dividend yields constitute around 27% of the total market risk premium in the US. Our findings indicate that dividend yields are an important component of the total US market risk premium.
{"title":"Option implied dividends and the market risk premium","authors":"Angelo Aspris, Hamish Malloch, Jiri Svec","doi":"10.1016/j.iref.2024.103675","DOIUrl":"10.1016/j.iref.2024.103675","url":null,"abstract":"<div><div>We propose a new method for computing a lower bound to the expected future dividend component of the market risk premium from observed option prices. We find that our estimate of future dividend yields has similar characteristics to future realized dividend yields, exhibits significant volatility and is a strong predictor of the realized dividend yield. We demonstrate that the dividend yield term structure is downward sloping and dividend yields constitute around 27% of the total market risk premium in the US. Our findings indicate that dividend yields are an important component of the total US market risk premium.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103675"},"PeriodicalIF":4.8,"publicationDate":"2024-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142536981","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}
Pub Date : 2024-10-18DOI: 10.1016/j.iref.2024.103694
Ying Tian , Chao Feng
The resource curse adversely affects the sustainability of economic growth. A sound financial system helps improve capital rational allocation, which may be an effective path for alleviating the resource curse. Thus, from both theoretical and empirical perspectives, using Chinese 286 cities panel data from 2003 to 2018, this study examines the effects and potential mechanisms of financial development on the resource curse. For this purpose, a two–sector endogenous growth model is first constructed for the theoretical analysis, while panel vector autoregression, Hansen's threshold regression, and dynamic panel models are used for further empirical investigation. The results show that the resource curse is widespread across Chinese cities. Financial development can alleviate such a curse when it passes the threshold value; however, most cities have not passed this value yet. Foreign direct investment, education, and technology have a positive mediating effect on financial development and its impact on the resource curse.
{"title":"Can financial development help alleviate the resource curse? Evidence from 286 cities in China","authors":"Ying Tian , Chao Feng","doi":"10.1016/j.iref.2024.103694","DOIUrl":"10.1016/j.iref.2024.103694","url":null,"abstract":"<div><div>The resource curse adversely affects the sustainability of economic growth. A sound financial system helps improve capital rational allocation, which may be an effective path for alleviating the resource curse. Thus, from both theoretical and empirical perspectives, using Chinese 286 cities panel data from 2003 to 2018, this study examines the effects and potential mechanisms of financial development on the resource curse. For this purpose, a two–sector endogenous growth model is first constructed for the theoretical analysis, while panel vector autoregression, Hansen's threshold regression, and dynamic panel models are used for further empirical investigation. The results show that the resource curse is widespread across Chinese cities. Financial development can alleviate such a curse when it passes the threshold value; however, most cities have not passed this value yet. Foreign direct investment, education, and technology have a positive mediating effect on financial development and its impact on the resource curse.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103694"},"PeriodicalIF":4.8,"publicationDate":"2024-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142537107","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}
Pub Date : 2024-10-18DOI: 10.1016/j.iref.2024.103684
Juan Carlos Bárcena-Ruiz, Amagoia Sagasta
This paper studies the incentive by governments to implement emissions taxes when firms are environmentally friendly. We find that the decision of governments on whether to establish a tax or not depends on three factors: the degree of environmental concern of the firms, the R&D knowledge disclosed by them and whether governments cooperate in setting taxes. When countries do not cooperate and firms do not share their knowledge both countries set emissions taxes for low levels of the concern, while neither firm sets taxes if the concern is sufficiently high. If countries cooperate, they want to implement taxes for higher values of the concern. Under full information disclosure, when countries do not cooperate an asymmetric equilibrium arises: only one country implements a tax for intermediate values of the concern. However, when countries cooperate they levy taxes for all the values of concern. Thus, cooperation encourages governments to implement environmental policies.
{"title":"Environmental taxes when firms care about environmental corporate social responsibility","authors":"Juan Carlos Bárcena-Ruiz, Amagoia Sagasta","doi":"10.1016/j.iref.2024.103684","DOIUrl":"10.1016/j.iref.2024.103684","url":null,"abstract":"<div><div>This paper studies the incentive by governments to implement emissions taxes when firms are environmentally friendly. We find that the decision of governments on whether to establish a tax or not depends on three factors: the degree of environmental concern of the firms, the R&D knowledge disclosed by them and whether governments cooperate in setting taxes. When countries do not cooperate and firms do not share their knowledge both countries set emissions taxes for low levels of the concern, while neither firm sets taxes if the concern is sufficiently high. If countries cooperate, they want to implement taxes for higher values of the concern. Under full information disclosure, when countries do not cooperate an asymmetric equilibrium arises: only one country implements a tax for intermediate values of the concern. However, when countries cooperate they levy taxes for all the values of concern. Thus, cooperation encourages governments to implement environmental policies.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103684"},"PeriodicalIF":4.8,"publicationDate":"2024-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142536979","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}
Pub Date : 2024-10-18DOI: 10.1016/j.iref.2024.103679
Hua Wen , Rijimoleng Si
This article aims to assess the impact of issuing land rights certification on farmers' operating behavior. To accomplish this objective, this paper establishes a theoretical framework for farmers' management behavior and thoroughly examines the stability, endowment, and security effects of land rights certification. Subsequently, using household survey data, the Probit and propensity score matching (PSM) estimation methods are employed to empirically substantiate the influence of farmland ownership confirmation. The verification results show that land right confirmation tends to motivate farmers to engage in agricultural management, and encourages female and older laborers to be more involved in agricultural production compared to males and younger laborers. Furthermore, the paper explores the mechanism by introducing such indicators as investment in agricultural machinery, quality of cultivated land, non-agricultural income of farmers, and laborers’ insurance status. Through analysis and testing, this paper holds that land right confirmation has a dual impact on farmer management, and when the reverse effect is limited, farmers are prompted to adjust the contradiction through labor force allocation within the family.
{"title":"Research on the impact of land rights certification on farmers’ operating behavior","authors":"Hua Wen , Rijimoleng Si","doi":"10.1016/j.iref.2024.103679","DOIUrl":"10.1016/j.iref.2024.103679","url":null,"abstract":"<div><div>This article aims to assess the impact of issuing land rights certification on farmers' operating behavior. To accomplish this objective, this paper establishes a theoretical framework for farmers' management behavior and thoroughly examines the stability, endowment, and security effects of land rights certification. Subsequently, using household survey data, the Probit and propensity score matching (PSM) estimation methods are employed to empirically substantiate the influence of farmland ownership confirmation. The verification results show that land right confirmation tends to motivate farmers to engage in agricultural management, and encourages female and older laborers to be more involved in agricultural production compared to males and younger laborers. Furthermore, the paper explores the mechanism by introducing such indicators as investment in agricultural machinery, quality of cultivated land, non-agricultural income of farmers, and laborers’ insurance status. Through analysis and testing, this paper holds that land right confirmation has a dual impact on farmer management, and when the reverse effect is limited, farmers are prompted to adjust the contradiction through labor force allocation within the family.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103679"},"PeriodicalIF":4.8,"publicationDate":"2024-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142536980","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}
"Shanghai-Hong Kong stock connect" and "Shenzhen-Hong Kong stock connect", as important policies for the two-way opening of China's capital market, have positive effects on expanding investment channels for investors and improving market liquidity. Taking Shanghai Shenzhen-Hong Kong stock connect as a quasi natural experiment, this paper examines the impact of capital market opening on corporate risk-taking and its mechanism by using a multi period DID model. The empirical results show that the Shanghai Shenzhen-Hong Kong stock connect can reduce corporate risk-taking, and digital transformation plays a positive moderating role between the two; the mechanism analysis finds that the Shanghai Shenzhen-Hong Kong stock connect reduces corporate risk-taking by increasing analysts' attention, and this indirect impact process is also positively moderated by digital transformation. The heterogeneity test finds that the impact of Shanghai Shenzhen-Hong Kong stock connect on corporate risk-taking is mainly reflected in the companies with higher product market competition and faster regional marketization process. The above conclusions provide empirical evidence for the effectiveness of the capital market opening policy at micro level, and provide enlightenment for the role of digital transformation in promoting healthy development of the capital market.
"沪港通 "和 "深港通 "作为我国资本市场双向开放的重要政策，对于拓宽投资者投资渠道、提高市场流动性具有积极作用。本文以 "沪深港通 "为准自然实验，运用多期 DID 模型检验了资本市场开放对企业风险承担的影响及其机制。实证结果表明，沪深港通能够降低企业的风险承担，而数字化转型在二者之间起到了正向调节作用；机制分析发现，沪深港通通过提高分析师的关注度来降低企业的风险承担，这一间接影响过程也受到数字化转型的正向调节。异质性检验发现，沪深港通对企业风险承担的影响主要体现在产品市场竞争程度较高、区域市场化进程较快的企业。上述结论为资本市场开放政策在微观层面的有效性提供了实证证据，也为数字化转型在促进资本市场健康发展中的作用提供了启示。
{"title":"Capital market opening, digital transformation and corporate risk-taking ——empirical evidence from Shanghai Shenzhen-Hong Kong stock connect","authors":"Fengyi Zheng , Jiahui Jiang , Jing Ma , Jennhae Liou","doi":"10.1016/j.iref.2024.103680","DOIUrl":"10.1016/j.iref.2024.103680","url":null,"abstract":"<div><div>\"Shanghai-Hong Kong stock connect\" and \"Shenzhen-Hong Kong stock connect\", as important policies for the two-way opening of China's capital market, have positive effects on expanding investment channels for investors and improving market liquidity. Taking Shanghai Shenzhen-Hong Kong stock connect as a quasi natural experiment, this paper examines the impact of capital market opening on corporate risk-taking and its mechanism by using a multi period DID model. The empirical results show that the Shanghai Shenzhen-Hong Kong stock connect can reduce corporate risk-taking, and digital transformation plays a positive moderating role between the two; the mechanism analysis finds that the Shanghai Shenzhen-Hong Kong stock connect reduces corporate risk-taking by increasing analysts' attention, and this indirect impact process is also positively moderated by digital transformation. The heterogeneity test finds that the impact of Shanghai Shenzhen-Hong Kong stock connect on corporate risk-taking is mainly reflected in the companies with higher product market competition and faster regional marketization process. The above conclusions provide empirical evidence for the effectiveness of the capital market opening policy at micro level, and provide enlightenment for the role of digital transformation in promoting healthy development of the capital market.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103680"},"PeriodicalIF":4.8,"publicationDate":"2024-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142536982","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}
Pub Date : 2024-10-17DOI: 10.1016/j.iref.2024.103691
Bianjing Ma , Lei Chen , Xiaohui Wang , Song Ding
This study examines how cognitive and non-cognitive abilities affect changes in individual labor income resulting from digitalization in China. Based on data from the China Family Panel Studies, a representative national household survey conducted in 2018 with over 3700 observations, our findings indicate that the digital economy generally increases labor incomes. However, the impact of the digital economy on labor income is related to individuals' ability. The digital economy has a significant positive effect on labor income returns on cognitive ability, while the effect on the non-cognitive premium is insignificant. Our study contributes to understanding the new human capital theory and provides insights for advancing shared prosperity in the digital era.
{"title":"Who benefits more from the digital economy: (Non-)Cognitive ability and the labor income premium","authors":"Bianjing Ma , Lei Chen , Xiaohui Wang , Song Ding","doi":"10.1016/j.iref.2024.103691","DOIUrl":"10.1016/j.iref.2024.103691","url":null,"abstract":"<div><div>This study examines how cognitive and non-cognitive abilities affect changes in individual labor income resulting from digitalization in China. Based on data from the China Family Panel Studies, a representative national household survey conducted in 2018 with over 3700 observations, our findings indicate that the digital economy generally increases labor incomes. However, the impact of the digital economy on labor income is related to individuals' ability. The digital economy has a significant positive effect on labor income returns on cognitive ability, while the effect on the non-cognitive premium is insignificant. Our study contributes to understanding the new human capital theory and provides insights for advancing shared prosperity in the digital era.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103691"},"PeriodicalIF":4.8,"publicationDate":"2024-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142536977","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}
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