Pub Date : 2024-09-29DOI: 10.1016/j.iref.2024.103660
Chih-Hung Wu , Tse-Ping Dong , Chih-Hsing Liu , Ho Tran Vu
This research is to explore the critical factors that affect the NFT trade and investigate the associated relationships of trust, security, privacy, attitudes, and purchase intentions. An empirical survey was conducted and then analyzed using partial least squares structural equation modeling (PLS-SEM) to examine the proposed research model. The results showed that risk perception, trust, and attitude have significant positive correlations with participants' intentions to purchase NFTs; in particular, trust and attitude play critical mediating roles in a proposed conceptual framework. The study's findings can offer valuable insights for decision making processes of stakeholders in the NFT market.
{"title":"Discovering the critical factors of affecting non-fungible tokens (NFT) purchase intention","authors":"Chih-Hung Wu , Tse-Ping Dong , Chih-Hsing Liu , Ho Tran Vu","doi":"10.1016/j.iref.2024.103660","DOIUrl":"10.1016/j.iref.2024.103660","url":null,"abstract":"<div><div>This research is to explore the critical factors that affect the NFT trade and investigate the associated relationships of trust, security, privacy, attitudes, and purchase intentions. An empirical survey was conducted and then analyzed using partial least squares structural equation modeling (PLS-SEM) to examine the proposed research model. The results showed that risk perception, trust, and attitude have significant positive correlations with participants' intentions to purchase NFTs; in particular, trust and attitude play critical mediating roles in a proposed conceptual framework. The study's findings can offer valuable insights for decision making processes of stakeholders in the NFT market.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103660"},"PeriodicalIF":4.8,"publicationDate":"2024-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142423255","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 : 2024-09-28DOI: 10.1016/j.iref.2024.103658
Joann Jasiak, Cheng Zhong
This paper examines and compares intraday and intraweek patterns in hourly and daily prices, returns, volumes and volatility of native cryptocurrencies, stablecoins and tokens traded on Bitstamp. We show that native cryptocurrencies and tokens share common intraday periodicity determined by the operating times of the NYSE, LSE and Hang Seng stock exchange markets. Periodic patterns are also documented in the returns on cryptocurrency market portfolio approximated by the PCA applied to intraday and intraweek cross-sectional correlation matrices of cryptocurrency returns. Stablecoins have distinct dynamics and their daily and hourly returns are uncorrelated with one another and with the returns on other cryptocurrencies. We introduce a functional CAPM to accommodate the periodic patterns and estimate it by regressing the functions of intraday and intraweek cryptocurrency returns on the market portfolio. We show that the return functions on Bitcoin, Ether, and Link satisfy affine relationships with the return functions of the market portfolio and their functional betas display periodic intraday and intraweek patterns.
{"title":"Intraday and daily dynamics of cryptocurrency","authors":"Joann Jasiak, Cheng Zhong","doi":"10.1016/j.iref.2024.103658","DOIUrl":"10.1016/j.iref.2024.103658","url":null,"abstract":"<div><div>This paper examines and compares intraday and intraweek patterns in hourly and daily prices, returns, volumes and volatility of native cryptocurrencies, stablecoins and tokens traded on Bitstamp. We show that native cryptocurrencies and tokens share common intraday periodicity determined by the operating times of the NYSE, LSE and Hang Seng stock exchange markets. Periodic patterns are also documented in the returns on cryptocurrency market portfolio approximated by the PCA applied to intraday and intraweek cross-sectional correlation matrices of cryptocurrency returns. Stablecoins have distinct dynamics and their daily and hourly returns are uncorrelated with one another and with the returns on other cryptocurrencies. We introduce a functional CAPM to accommodate the periodic patterns and estimate it by regressing the functions of intraday and intraweek cryptocurrency returns on the market portfolio. We show that the return functions on Bitcoin, Ether, and Link satisfy affine relationships with the return functions of the market portfolio and their functional betas display periodic intraday and intraweek patterns.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103658"},"PeriodicalIF":4.8,"publicationDate":"2024-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142423208","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 : 2024-09-27DOI: 10.1016/j.iref.2024.103651
Obaid Ur Rehman , Kai Wu , Jia Liu
This study examines how firm-level exposure to the COVID-19 pandemic affects the speed of leverage adjustment among 3260 US-listed firms from 2019q1 to 2022q1. Using a novel measure of COVID-19 exposure, we find that higher exposure significantly reduces the speed at which firms adjust their leverage towards target levels. This effect is more pronounced for financially constrained firms and those operating in competitive markets. We further show that COVID-19 exposure adversely impacts corporate liquidity, default risk, and financial flexibility. Our findings highlight the role of exogenous shocks in shaping corporate financing decisions.
{"title":"COVID-19 exposure, financial flexibility, and corporate leverage adjustment","authors":"Obaid Ur Rehman , Kai Wu , Jia Liu","doi":"10.1016/j.iref.2024.103651","DOIUrl":"10.1016/j.iref.2024.103651","url":null,"abstract":"<div><div>This study examines how firm-level exposure to the COVID-19 pandemic affects the speed of leverage adjustment among 3260 US-listed firms from 2019q1 to 2022q1. Using a novel measure of COVID-19 exposure, we find that higher exposure significantly reduces the speed at which firms adjust their leverage towards target levels. This effect is more pronounced for financially constrained firms and those operating in competitive markets. We further show that COVID-19 exposure adversely impacts corporate liquidity, default risk, and financial flexibility. Our findings highlight the role of exogenous shocks in shaping corporate financing decisions.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103651"},"PeriodicalIF":4.8,"publicationDate":"2024-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142423207","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 : 2024-09-26DOI: 10.1016/j.iref.2024.103662
António Afonso , José Alves , João Tovar Jalles , Sofia Monteiro
This paper explores the nuanced relationship between fiscal decentralization and fiscal sustainability. Employing panel data analyses, it scrutinizes how decentralization influences fiscal discipline across different governmental levels. Results for 185 countries show that while tax decentralization often hampers the degree of fiscal responsiveness, potentially due to misaligned local and national objectives and loss of scale efficiency, spending decentralization can enhance fiscal outcomes by promoting efficient resource allocation. These findings are contextualized within a broad range of economic and political environments, highlighting that the impacts of decentralization are contingent upon local capacities and overarching governance frameworks. Hence, we contribute to the understanding of fiscal policies’ complexity in decentralized systems and offer significant policy insights for fiscal sustainability in varied administrative contexts.
{"title":"Beyond the centre: Tracing Decentralization's influence on time-varying fiscal sustainability","authors":"António Afonso , José Alves , João Tovar Jalles , Sofia Monteiro","doi":"10.1016/j.iref.2024.103662","DOIUrl":"10.1016/j.iref.2024.103662","url":null,"abstract":"<div><div>This paper explores the nuanced relationship between fiscal decentralization and fiscal sustainability. Employing panel data analyses, it scrutinizes how decentralization influences fiscal discipline across different governmental levels. Results for 185 countries show that while tax decentralization often hampers the degree of fiscal responsiveness, potentially due to misaligned local and national objectives and loss of scale efficiency, spending decentralization can enhance fiscal outcomes by promoting efficient resource allocation. These findings are contextualized within a broad range of economic and political environments, highlighting that the impacts of decentralization are contingent upon local capacities and overarching governance frameworks. Hence, we contribute to the understanding of fiscal policies’ complexity in decentralized systems and offer significant policy insights for fiscal sustainability in varied administrative contexts.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103662"},"PeriodicalIF":4.8,"publicationDate":"2024-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142423222","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 : 2024-09-26DOI: 10.1016/j.iref.2024.103661
Imran Yousaf , Jinxin Cui , Shoaib Ali
Using the novel TVP-VAR connectedness approach, we investigate the spillovers of return and volatility as well as the portfolio diversifications between green cryptocurrencies and green stocks. The empirical findings demonstrate that there are considerable return and volatility spillovers across green cryptocurrencies and stocks. Stock indices such as Alternative Energy, Sustainable World Index, and Pollution Prevention act as net transmitters whereas Green Building stock and green cryptocurrencies act as net recipients of return and volatility spillovers. Sustainable World Index and Pollution Prevention stocks spread relatively stronger net spillovers to other green stocks and cryptocurrencies. The overall spillover effects and hedging costs become higher during the COVID-19 pandemic and the Russia-Ukraine war. Utilizing green cryptocurrencies like Cardano and Stellar Lumens as hedges for green stocks can provide superior risk reduction effectiveness. Our findings can offer practical implications for investors, portfolio managers, and regulators in developing their optimal investment and risk management strategies.
{"title":"Dynamic spillover between green cryptocurrencies and stocks: A portfolio implication","authors":"Imran Yousaf , Jinxin Cui , Shoaib Ali","doi":"10.1016/j.iref.2024.103661","DOIUrl":"10.1016/j.iref.2024.103661","url":null,"abstract":"<div><div>Using the novel TVP-VAR connectedness approach, we investigate the spillovers of return and volatility as well as the portfolio diversifications between green cryptocurrencies and green stocks. The empirical findings demonstrate that there are considerable return and volatility spillovers across green cryptocurrencies and stocks. Stock indices such as Alternative Energy, Sustainable World Index, and Pollution Prevention act as net transmitters whereas Green Building stock and green cryptocurrencies act as net recipients of return and volatility spillovers. Sustainable World Index and Pollution Prevention stocks spread relatively stronger net spillovers to other green stocks and cryptocurrencies. The overall spillover effects and hedging costs become higher during the COVID-19 pandemic and the Russia-Ukraine war. Utilizing green cryptocurrencies like Cardano and Stellar Lumens as hedges for green stocks can provide superior risk reduction effectiveness. Our findings can offer practical implications for investors, portfolio managers, and regulators in developing their optimal investment and risk management strategies.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103661"},"PeriodicalIF":4.8,"publicationDate":"2024-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142423256","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 : 2024-09-24DOI: 10.1016/j.iref.2024.103652
Leonardo Becchetti, Davide Bellucci, Fabio Pisani
We investigate the nexus between a deep fundamental (individual resilience) and exposure to the financial crisis using cross-country individual evidence from the European Social Survey on more than 25,000 individuals (in 19 countries and 64 regions) from 2006 to 2012. We find that average regional resilience is associated with a significantly lower exposure to income falls for households, and financial difficulties for the organizations where the survey respondent works. We also observe that household exposure to income falls is associated with a significant fall in resilience. If these two pieces of evidence hide causality links they imply that financial shocks enhance regional differences since lower ex-ante resilience increases household and corporate exposure to financial shocks which, in turn, weaken their resilience. As a consequence, financial shocks can widen differences in exposure to financial difficulties and resilience between stronger and weaker regions.
我们利用欧洲社会调查（European Social Survey）提供的跨国个人证据，研究了深层次的基本要素（个人复原力）与金融危机风险之间的关系。我们发现，地区平均抗灾能力与家庭收入下降风险和调查对象所在组织的财务困难风险显著降低相关。我们还发现，家庭面临收入下降的风险与复原力的显著下降有关。如果这两个证据隐藏着因果关系，那么它们就意味着金融冲击加剧了地区差异，因为较低的事前抵御能力增加了家庭和企业面临金融冲击的风险，而这反过来又削弱了他们的抵御能力。因此，金融冲击会扩大强势地区和弱势地区在面临金融困难和抵御能力方面的差异。
{"title":"The fittest survive: Regional resilience and exposure to financial crisis","authors":"Leonardo Becchetti, Davide Bellucci, Fabio Pisani","doi":"10.1016/j.iref.2024.103652","DOIUrl":"10.1016/j.iref.2024.103652","url":null,"abstract":"<div><div>We investigate the nexus between a deep fundamental (individual resilience) and exposure to the financial crisis using cross-country individual evidence from the European Social Survey on more than 25,000 individuals (in 19 countries and 64 regions) from 2006 to 2012. We find that average regional resilience is associated with a significantly lower exposure to income falls for households, and financial difficulties for the organizations where the survey respondent works. We also observe that household exposure to income falls is associated with a significant fall in resilience. If these two pieces of evidence hide causality links they imply that financial shocks enhance regional differences since lower ex-ante resilience increases household and corporate exposure to financial shocks which, in turn, weaken their resilience. As a consequence, financial shocks can widen differences in exposure to financial difficulties and resilience between stronger and weaker regions.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103652"},"PeriodicalIF":4.8,"publicationDate":"2024-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142326454","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 : 2024-09-24DOI: 10.1016/j.iref.2024.103646
Lianchao Yu , Haobin Sha , Qiang Liu , Guowan Yan
This study investigates the influence of environmental judicial independence on corporate investment efficiency, utilizing the staggered establishment of environmental courts in China as a natural experiment. Our findings indicate that the establishment of environmental courts improves corporate investment efficiency mainly by reducing overinvestment, rather than addressing underinvestment. Channel analysis demonstrates that the establishment of environmental courts raises the risk of environmental litigation, subsequently lowering agency costs through enhanced management oversight, and intensifying financing constraints imposed by financial institutions, thereby enhancing corporate investment efficiency. Cross-sectional analyses indicate that this effect is more pronounced in regions with inadequate legal environment, weak environmental regulation, and among firms with poor environmental management and performance. Collectively, this study highlights the importance of environmental judicial independence and underscores the vital role of the environmental judicial system in improving the efficiency of capital allocation among firms.
{"title":"Environmental judicial independence and corporate investment efficiency: Evidence from a quasi-natural experiment in China","authors":"Lianchao Yu , Haobin Sha , Qiang Liu , Guowan Yan","doi":"10.1016/j.iref.2024.103646","DOIUrl":"10.1016/j.iref.2024.103646","url":null,"abstract":"<div><div>This study investigates the influence of environmental judicial independence on corporate investment efficiency, utilizing the staggered establishment of environmental courts in China as a natural experiment. Our findings indicate that the establishment of environmental courts improves corporate investment efficiency mainly by reducing overinvestment, rather than addressing underinvestment. Channel analysis demonstrates that the establishment of environmental courts raises the risk of environmental litigation, subsequently lowering agency costs through enhanced management oversight, and intensifying financing constraints imposed by financial institutions, thereby enhancing corporate investment efficiency. Cross-sectional analyses indicate that this effect is more pronounced in regions with inadequate legal environment, weak environmental regulation, and among firms with poor environmental management and performance. Collectively, this study highlights the importance of environmental judicial independence and underscores the vital role of the environmental judicial system in improving the efficiency of capital allocation among firms.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103646"},"PeriodicalIF":4.8,"publicationDate":"2024-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142359640","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 : 2024-09-22DOI: 10.1016/j.iref.2024.103656
Yan Wu , Yanmin Yang
The Ministry of Education of China started to introduce “simultaneous admission of both public and private schools” in 2018. Using housing transaction data from 2017 to 2020, we investigate the policy effects on residential properties in Hangzhou. We find increased housing price premiums for public school quality following the introduction of the new policy. The increase in the housing price premium for top-tier public schools was mainly driven by price gains for smaller, simple- and fancy-decorated, and older or quasi-new properties. In addition, we found a relative increase in the transaction volume of properties bundled with the second-best public schools versus those in the top-tier schools. It suggests that the increased price premium have led parents to choose a sub-optimal school quality, which might result in a widening inequality to be enrolled in top tier public schools.
{"title":"Private school admission policy and the choice of public schools: Evidence from the housing market","authors":"Yan Wu , Yanmin Yang","doi":"10.1016/j.iref.2024.103656","DOIUrl":"10.1016/j.iref.2024.103656","url":null,"abstract":"<div><div>The Ministry of Education of China started to introduce “simultaneous admission of both public and private schools” in 2018. Using housing transaction data from 2017 to 2020, we investigate the policy effects on residential properties in Hangzhou. We find increased housing price premiums for public school quality following the introduction of the new policy. The increase in the housing price premium for top-tier public schools was mainly driven by price gains for smaller, simple- and fancy-decorated, and older or quasi-new properties. In addition, we found a relative increase in the transaction volume of properties bundled with the second-best public schools versus those in the top-tier schools. It suggests that the increased price premium have led parents to choose a sub-optimal school quality, which might result in a widening inequality to be enrolled in top tier public schools.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103656"},"PeriodicalIF":4.8,"publicationDate":"2024-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142423257","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 : 2024-09-21DOI: 10.1016/j.iref.2024.103659
Cheng Zhang , Qianyao Zha , Xun Sun , Liping Chen
This paper examines the impact of ESG rating disagreement on audit opinions. We find that ESG rating disagreement significantly increases the probability of auditors issuing modified audit opinions, operational risk and risk of material misstatement play intermediary roles between ESG rating disagreement and audit opinions. Heterogeneity analysis shows that the effect of ESG rating disagreement on audit opinions is more significant among companies with lower institutional investors shareholding ratios, weaker internal control, and private nature. Our research expands the study of economic consequences of ESG rating disagreement and provides policy inspiration for regulators to standardize ESG rating.
{"title":"Does ESG rating disagreement affect audit opinions?","authors":"Cheng Zhang , Qianyao Zha , Xun Sun , Liping Chen","doi":"10.1016/j.iref.2024.103659","DOIUrl":"10.1016/j.iref.2024.103659","url":null,"abstract":"<div><div>This paper examines the impact of ESG rating disagreement on audit opinions. We find that ESG rating disagreement significantly increases the probability of auditors issuing modified audit opinions, operational risk and risk of material misstatement play intermediary roles between ESG rating disagreement and audit opinions. Heterogeneity analysis shows that the effect of ESG rating disagreement on audit opinions is more significant among companies with lower institutional investors shareholding ratios, weaker internal control, and private nature. Our research expands the study of economic consequences of ESG rating disagreement and provides policy inspiration for regulators to standardize ESG rating.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103659"},"PeriodicalIF":4.8,"publicationDate":"2024-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142431939","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 : 2024-09-21DOI: 10.1016/j.iref.2024.103650
Haofei Zhang , Jin Peng , Mingming Zhou
This paper provides novel evidence of organizational responses in the form of CEO turnover to competition shocks induced by unexpected tariff cuts. We find that the likelihood of CEO turnover increases with unexpected surge in industry competitiveness, and this result is mainly driven by non-exporting firms. Among non-exporting firms, the higher likelihood of CEO turnover is confined to firms with weak governance, high leverage, and in financial distress. Exporting firms, on the other hand, experience increased exports and show no significant CEO turnover changes.
{"title":"CEO turnovers as organizational responses to shocks in competition","authors":"Haofei Zhang , Jin Peng , Mingming Zhou","doi":"10.1016/j.iref.2024.103650","DOIUrl":"10.1016/j.iref.2024.103650","url":null,"abstract":"<div><div>This paper provides novel evidence of organizational responses in the form of CEO turnover to competition shocks induced by unexpected tariff cuts. We find that the likelihood of CEO turnover increases with unexpected surge in industry competitiveness, and this result is mainly driven by non-exporting firms. Among non-exporting firms, the higher likelihood of CEO turnover is confined to firms with weak governance, high leverage, and in financial distress. Exporting firms, on the other hand, experience increased exports and show no significant CEO turnover changes.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103650"},"PeriodicalIF":4.8,"publicationDate":"2024-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142423200","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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