International Review of Economics & Finance最新文献

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Substance over form: A carbon performance examination on corporate ESG practices 实质重于形式：企业ESG实践的碳绩效检验

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-03-01 Epub Date: 2026-01-15 DOI: 10.1016/j.iref.2026.104902

Bowen Ding , Sumei Luo , Guangyou Zhou

Against the backdrop of global warming, businesses have emerged as key players in improving resource efficiency and combating pollution. Clarifying the intrinsic link between corporate ESG practices and carbon performance is of great significance. Using data from Chinese A-share listed enterprises from 2009 to 2021, this study empirically examines the specific impact and mechanisms through which corporate ESG practices affect carbon performance. The findings indicate that corporate ESG practices can actually undermine carbon performance, challenging the perception that such practices are substantive rather than superficial. This negative effect is attributed to internal agency conflicts and the resulting phenomenon of “greenwashing”. Moreover, this negative relationship is more pronounced in heavily polluting companies, non-SOE enterprises, and companies with high ESG rating discrepancies. Further analysis reveals that greenwashing is more prevalent among Category B and C enterprises, with Category B showing the most pronounced tendency. Additionally, certain enterprises exhibit greenwashing behaviors across the E, S, and G dimensions, facilitated by earnings management and inefficient investments. On the other hand, internal controls and oversight by institutional investors serve as key governance mechanisms that mitigate the adverse effects of greenwashing. The theoretical contribution of this study lies in revealing the unintended negative consequences of ESG ratings and the motivations and methods behind corporate“greenwashing.. ”Practically, it offers insights for policymakers to strengthen environmental regulations and guide businesses toward pollution control, carbon reduction, and sustainable development.

在全球变暖的背景下，企业已经成为提高资源效率和对抗污染的关键参与者。明确企业ESG实践与碳绩效之间的内在联系具有重要意义。本研究利用2009 - 2021年中国a股上市企业的数据，实证考察了企业ESG实践对碳绩效的具体影响及其机制。研究结果表明，企业的ESG实践实际上会破坏碳绩效，挑战了这种实践是实质性的而不是表面的看法。这种负面影响是由内部机构冲突和由此产生的“漂绿”现象造成的。此外，这种负相关关系在重污染企业、非国企和ESG评级差异较大的企业中更为明显。进一步分析发现，B类和C类企业的“漂绿”现象更为普遍，其中B类企业的趋势最为明显。此外，某些企业在盈余管理和低效投资的推动下，在E、S和G维度上表现出“漂绿”行为。另一方面，机构投资者的内部控制和监督是减轻“漂绿”不利影响的关键治理机制。本研究的理论贡献在于揭示了ESG评级的意外负面后果以及企业“洗绿”背后的动机和方法。实际上，它为政策制定者提供了加强环境监管和指导企业控制污染、减少碳排放和可持续发展的见解。

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引用次数: 0

Artificial intelligence technology and firms’ OFDI: Evidence from China 人工智能技术与企业对外直接投资：来自中国的证据

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-03-01 Epub Date: 2026-01-16 DOI: 10.1016/j.iref.2026.104920

Zhuang Yang , Fuxiang Wu , Ziyang Yue

Artificial intelligence (AI) technology, widely regarded as a general-purpose technology (GPT), has important implications for firms' international expansion, yet evidence on its relationship with outward foreign direct investment (OFDI) remains limited. Based on a panel dataset of Chinese listed firms from 2012 to 2023, this study investigates whether AI technology enhances firms' OFDI in emerging markets using panel Probit and panel Tobit models. The results demonstrate that firms' AI technology has a significant positive impact on their OFDI, as reflected in the OFDI decision, OFDI breadth, and OFDI depth. This relationship is mediated by the firms' total factor productivity (TFP) and dynamic capabilities. Furthermore, the impact of AI technology on OFDI is moderated by industry competition. This study deepens the understanding of the effects of AI technology on firms’ OFDI and complements the issue of the relationship between GPT and firm internationalization.

人工智能（AI）技术被广泛认为是一种通用技术（GPT），对企业的国际扩张具有重要意义，但有关其与对外直接投资（OFDI）关系的证据仍然有限。本文基于2012 - 2023年中国上市公司面板数据集，运用面板Probit和面板Tobit模型，考察人工智能技术是否促进了新兴市场企业的对外直接投资。研究结果表明，人工智能技术对企业对外直接投资具有显著的正向影响，体现在对外直接投资决策、对外直接投资广度和对外直接投资深度上。企业的全要素生产率（TFP）和动态能力在这种关系中起中介作用。此外，人工智能技术对对外直接投资的影响受到行业竞争的调节。本研究加深了对人工智能技术对企业对外直接投资影响的理解，补充了GPT与企业国际化关系的问题。

引用次数: 0

From beaches to Fintech: Exploring the connectedness of tourism, Fintech, and cryptocurrency 从海滩到金融科技：探索旅游、金融科技和加密货币之间的联系

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-03-01 Epub Date: 2025-12-26 DOI: 10.1016/j.iref.2025.104845

Richard Adjei Dwumfour , Lei Pan , Dennis Nsafoah

This paper examines spillover dynamics, hedging effectiveness, and portfolio optimisation across tourism, cryptocurrency, and Fintech markets within a time-varying connectedness framework that incorporates traditional financial markets. We document pronounced time-varying spillovers, peaking during the COVID-19 pandemic, with traditional finance emerging as the dominant shock transmitter and the tourism sector as a key net receiver. Transmission-channel evidence suggests that total connectedness increases with credit stress and is positively correlated with market uncertainty and tourism mobility, with these effects intensifying during the COVID-19 pandemic. Cryptocurrencies offer the least costly but weakest hedges, while tourism assets hedge crypto exposure more effectively, albeit with greater downside risk. Dynamic portfolio weight strategies outperform hedge-ratio strategies, and the minimum connectedness portfolio (MCoP) delivers the highest risk-adjusted returns. Diebold–Mariano tests indicate no significant differences in return predictability, whereas Jobson–Korkie results show that minimum correlation portfolio (MCP) and MCoP significantly outperform the minimum-variance portfolio (MVP). Downside risk measures highlight the superior performance of MCoP at the cost of deeper drawdowns. These findings underscore the value of connectedness-based strategies for portfolio design in increasingly integrated markets.

本文在结合传统金融市场的时变连通性框架内，研究了旅游、加密货币和金融科技市场的溢出动态、对冲有效性和投资组合优化。我们记录了明显的时变溢出效应，在2019冠状病毒病大流行期间达到顶峰，传统金融业成为主要的冲击传递者，旅游业成为关键的净接收者。传播渠道证据表明，总连通性随着信贷压力的增加而增加，并与市场不确定性和旅游流动性呈正相关，这些影响在2019冠状病毒病大流行期间加剧。加密货币提供了成本最低但最弱的对冲，而旅游资产更有效地对冲了加密风险，尽管存在更大的下行风险。动态投资组合权重策略优于对冲比率策略，最小连通性投资组合（MCoP）具有最高的风险调整收益。Diebold-Mariano检验结果显示，两种投资组合的收益可预测性差异不显著，而johnson - korkie检验结果显示，最小相关投资组合（MCP）和最小方差投资组合（MVP）的收益可预测性显著优于最小方差投资组合（MVP）。下行风险指标强调了MCoP的优越性能，但代价是更深的下降。这些发现强调了在日益一体化的市场中，基于连通性的投资组合设计策略的价值。

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引用次数: 0

Government subsidies, maturity mismatch of investment and financing, and ESG performance ——A study about A-share listed new energy companies in China 政府补贴、投融资期限错配与ESG绩效——基于中国A股新能源上市公司的研究

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-03-01 Epub Date: 2026-01-27 DOI: 10.1016/j.iref.2026.104973

Liang Wang, Minzhi Chen

In the context of the global energy transition and green, low-carbon development, the new energy industry has emerged as a vital force driving sustainable development, with government subsidies widely employed as a key policy tool. However, existing research primarily focuses on the direct impact of subsidies on companies’ performance, with limited in-depth exploration of the underlying mechanisms through which they influence corporate ESG performance via the maturity mismatch of investment and financing. Therefore, this paper utilizes data from listed new energy companies spanning the period 2014 to 2023 to examine the relationship among government subsidies, maturity mismatch of investment and financing, and ESG performance in new energy companies. The conclusion derived from the results is as follows. (i)Government subsidies significantly enhance the ESG performance of new energy companies. (ii)Government subsidies enhance ESG performance by exacerbating the maturity mismatch of investment and financing in these companies. (iii) Government subsidies intensify financing constraints, thereby inducing maturity mismatch of investment and financing. (iv) Management equity incentives amplify the impact of the maturity mismatch of investment and financing on corporate ESG performance. (v) Cash flow positively moderates the direct effect of government subsidies on ESG performance but negatively moderates their mediating effect on the maturity mismatch of investment and financing.

在全球能源转型和绿色低碳发展的背景下，新能源产业已成为推动可持续发展的生力军，政府补贴作为重要政策工具被广泛使用。然而，现有的研究主要集中在补贴对企业绩效的直接影响上，对补贴通过投融资期限错配影响企业ESG绩效的深层机制探索有限。因此，本文利用2014 - 2023年新能源上市公司的数据，考察政府补贴、投融资期限错配与新能源公司ESG绩效之间的关系。从研究结果中得出如下结论：(1)政府补贴显著提升了新能源企业的ESG绩效。（二）政府补贴加剧了企业投融资期限错配，从而提高了ESG绩效。（三）政府补贴加剧融资约束，导致投融资期限错配。（四）管理层股权激励放大了投融资期限错配对企业ESG绩效的影响。(5)现金流量正向调节政府补贴对ESG绩效的直接影响，负向调节政府补贴对投融资期限错配的中介作用。

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引用次数: 0

Do analysts and long-term institutional investors influence a firm's distress risks? 分析师和长期机构投资者会影响公司的困境风险吗？

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-03-01 Epub Date: 2026-01-03 DOI: 10.1016/j.iref.2026.104892

WeiWei Li , Prasad Padmanabhan , Chia-Hsing Huang

This paper examines whether and how coverage by analysts influence financial distress risks among firms. Results using Chinese A-share firms' data over the 2007–2022 period suggest that broader analyst coverage can reduce distress risks. These findings remain robust across multiple sensitivity tests. Moreover, long-term institutional investors, in conjunction with analysts, can further reduce financial distress risks. Mechanism analysis reveals that analyst coverage helps to curb distress risks primarily by enhancing information transparency and strengthening external oversight. Additional heterogeneity tests show that these effects are particularly important for firms facing weaker audit environments and those without established banking relationships. Analyst coverage also serves to inform external stakeholders on a firm's financial situation (the spotlight effect) and provides value by increasing information flow and strengthening governance mechanisms. Results also show that star analysts and not non-star analysts, reduce distress risks. Finally, analyst coverage also appears to enhance firm value by mitigating distress risks. Overall, study results indicate that analyst coverage and long-term institutional investors can reduce distress risks.

本文考察了分析师的覆盖范围是否以及如何影响企业的财务困境风险。利用中国a股公司2007-2022年期间的数据得出的结果表明，更广泛的分析师覆盖范围可以降低困境风险。这些发现在多次敏感性测试中仍然是可靠的。此外，长期机构投资者与分析师合作，可以进一步降低财务困境风险。机制分析表明，分析师覆盖主要通过提高信息透明度和加强外部监督来抑制困境风险。额外的异质性检验表明，这些影响对于面临较弱审计环境和没有建立银行关系的公司尤为重要。分析师报道还有助于向外部利益相关者通报公司的财务状况（聚光灯效应），并通过增加信息流和加强治理机制提供价值。结果还表明，明星分析师与非明星分析师相比，降低了窘迫风险。最后，分析师覆盖似乎也通过减轻困境风险来提高公司价值。总体而言，研究结果表明，分析师覆盖率和长期机构投资者可以降低困境风险。

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引用次数: 0

Diversification strategies and risk: Does ownership structure matter? Evidence from the Chinese non–life insurance industry 多元化战略与风险：股权结构重要吗？来自中国非寿险行业的证据

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-03-01 Epub Date: 2026-01-08 DOI: 10.1016/j.iref.2026.104903

Guan-Chih Chen

This study uses a quantile regression model augmented with a Fourier expansion to examine the effects of product and geographic diversification on underwriting and asset risks across different ownership structures in the Chinese non–life insurance market. An analysis of the financial data of Chinese- and foreign-funded insurers from 2014 to 2023 (during the regulatory transition from the 12th to the 13th Five Year Plans and into the first 3 years of the 14th Five-Year Plan) reveals that the aforementioned effects vary across ownership structure and risk distribution. Product diversification is associated with lower risk for Chinese-funded insurers with strong operating stability but higher risk for foreign-funded insurers. Moreover, geographic diversification yields limited net benefits in terms of risk reduction, with concurrent product and geographic diversification increasing tail risk. Risk mitigation appears to be strongest when the product scope is broadened while the geographic scope remains restrained.

本研究采用分位数回归模型和傅立叶展开，考察了产品和地域多样化对中国非寿险市场不同所有权结构承保和资产风险的影响。对2014年至2023年（“十二五”至“十三五”及“十四五”前3年监管过渡期间）中外保险公司财务数据的分析表明，上述影响因股权结构和风险分布而异。产品多元化对经营稳定性强的中资保险公司风险较低，但对外资保险公司风险较高。此外，地域多元化在降低风险方面的净收益有限，同时产品和地域多元化增加了尾部风险。当产品范围扩大而地理范围仍然受到限制时，风险缓解似乎是最强的。

引用次数: 0

Green data center pilots and urban economic resilience: Causal inference based on double machine learning 绿色数据中心试点与城市经济弹性：基于双机器学习的因果推理

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-03-01 Epub Date: 2026-01-19 DOI: 10.1016/j.iref.2026.104927

Yongmei Cai, Jinyin Guo, Chengyue Shen

This study treats the Chinese government's 2015 Green Data Center Pilot Policy as a quasi-natural experiment. Using panel data from 281 prefecture-level Chinese cities from 2010 to 2022, this study employs a double machine learning model to empirically examine the impact of the Green Data Center Pilot Policy on urban economic resilience, the heterogeneity of its effects, and the mechanisms through which it operates. The results reveal that green data centers can significantly enhance urban economic resilience. This conclusion remains robust after a series of tests, encompassing instrumental variable estimation, excluding outliers, adjusting sample splitting ratios, varying the sample periods, and controlling for other concurrent policies. Heterogeneity analysis reveals that the pilot policy's effect on urban economic resilience is influenced by urban resource endowment, city status, and energy consumption. Specifically, the pilot policy has a stronger positive effect on economic resilience in nonresource-based cities, central cities, and cities with lower energy consumption levels, while its impact on other cities is relatively weaker. Further mechanism tests demonstrate that digital finance and green innovation are significant channels through which the pilot policy enhances urban economic resilience. These findings have important policy implications for Chinese government agencies, indicating the need to promote the coordinated development of digitalization and environmental sustainability in economic and social systems.

本研究将2015年中国政府的绿色数据中心试点政策作为准自然实验。本研究利用2010 - 2022年中国281个地级市的面板数据，采用双机器学习模型实证检验了绿色数据中心试点政策对城市经济弹性的影响、影响的异质性及其运行机制。结果表明，绿色数据中心能够显著增强城市经济弹性。经过一系列测试，包括工具变量估计、排除异常值、调整样本分割比率、改变样本周期和控制其他并发策略，这一结论仍然是稳健的。异质性分析表明，试点政策对城市经济弹性的影响受城市资源禀赋、城市地位和能源消耗的影响。具体而言，试点政策对非资源型城市、中心城市和能耗水平较低城市的经济韧性的正向影响较强，对其他城市的影响相对较弱。进一步的机制检验表明，数字金融和绿色创新是试点政策增强城市经济韧性的重要渠道。这些发现对中国政府机构具有重要的政策意义，表明有必要促进经济和社会系统中数字化与环境可持续性的协调发展。

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引用次数: 0

Navigating through the unknown: The uncertainty channel in monetary policy transmission 在未知中航行：货币政策传导中的不确定性通道

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-03-01 Epub Date: 2026-01-21 DOI: 10.1016/j.iref.2026.104943

Aariya Sen , Rudra Sensarma , Mridul Kumar Saggar

The perception of uncertainty surrounding the monetary policy stance of the central bank may disrupt the traditional policy transmission mechanism. This study constructs a news-based monetary policy uncertainty index (MPU) for India and evaluates the role of MPU in monetary policy transmission to financial markets. Results from Interacted and State-Dependent Local Projection models suggest that MPU impedes the policy transmission mechanism. Under monetary tightening, MPU amplifies long term bond yields, reduces 3-month T-bill yields, moderates the recovery of stock prices after exacerbating the initial fall, and causes a longer period of currency depreciation. These findings suggest that MPU has asymmetric effects on the monetary transmission process and a low uncertainty state is conducive for effective transmission of monetary policy to financial markets. The results are shown to be robust to an alternative measure of MPU. The study provides useful insights for monetary authorities on the need for effective communication and forward guidance in managing expectations.

围绕央行货币政策立场的不确定性感知可能会扰乱传统的政策传导机制。本文构建了基于新闻的印度货币政策不确定性指数（MPU），并评估了MPU在货币政策向金融市场传导中的作用。相互作用和状态依赖的局部预测模型的结果表明，MPU阻碍了政策传导机制。在货币紧缩的情况下，MPU放大了长期债券收益率，降低了3个月国库券收益率，在加剧了最初的下跌后缓和了股价的回升，并导致了更长时间的货币贬值。这些结果表明，MPU对货币政策传导过程具有不对称效应，低不确定性状态有利于货币政策向金融市场的有效传导。结果表明对MPU的另一种测量方法具有鲁棒性。这项研究为货币当局提供了有用的见解，说明在管理预期方面需要有效的沟通和前瞻性指导。

引用次数: 0

The impact of the new day-trading alert system on the Taiwan stock market 新的日交易警报系统对台湾股市的影响

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-03-01 Epub Date: 2026-01-10 DOI: 10.1016/j.iref.2026.104905

Ai-Chi Hsu , Shu-Bing Liu , Chu-Wen Chuang

This study explores the impact of the new day-trading alert system implemented by the Taiwan Stock Exchange on August 27, 2021, on the abnormal returns and cumulative abnormal returns of individual stocks. The objective is to assess whether the alert announcement provides useful information for ordinary investors and whether the policy effectively curbs excessive speculative activity. In addition, this study evaluates how the alert effect varies with two firm characteristics—the margin-buying ratio and market capitalization. The empirical results show that stocks listed in the alert announcement exhibit significantly negative abnormal returns on the event day, with the effect persisting for a few days, indicating that the alert generates short-term price pressure. The effect is stronger for large-cap stocks and stocks with high margin-buying ratios, both of which are associated with higher retail investor participation. The findings indicate that the day-trading alert system serves as an effective market signal, particularly for stocks dominated by retail investors.

本研究探讨台湾证券交易所于2021年8月27日实施新的日内交易预警制度对个股异常收益及累积异常收益的影响。其目的是评估预警公告是否为普通投资者提供了有用的信息，以及该政策是否有效地抑制了过度投机活动。此外，本文还评估了预警效应随两个企业特征——保证金买入率和市值的变化情况。实证结果表明，预警公告中上市的股票在事件当日表现出显著的负异常收益，且影响持续数天，表明预警产生了短期的价格压力。对于大盘股和保证金购买比率较高的股票，这种效应更强，这两者都与较高的散户投资者参与度有关。研究结果表明，日内交易警报系统是一种有效的市场信号，特别是对于散户投资者主导的股票。

引用次数: 0

Common ownership mode decision with corporate social responsibility in a three-stage Stackelberg model with two followers 具有两个追随者的三阶段Stackelberg模型中企业社会责任的共同所有权模式决策

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-03-01 Epub Date: 2026-02-09 DOI: 10.1016/j.iref.2026.104995

Junlong Chen , Chaoqun Sun , Keying Lin , Jiali Liu

This study constructs a three-stage Stackelberg model incorporating common ownership and corporate social responsibility (CSR), examines the optimal CSR levels and their influencing factors, and reveals common ownership mode decisions. The results indicate that consumer sensitivity influences the optimal CSR level in a non-monotonic way, initially increasing and subsequently decreasing, with the threshold varying across common ownership modes. Expanding market size, lowering marginal costs, and increasing shareholding levels can reduce the optimal CSR level. Both common ownership mode and consumer sensitivity affect profits. Regardless of the changes in the cost function, as consumer sensitivity decreases, the leading firm shows a greater tendency to adopt common ownership. The government can influence firms’ CSR levels by regulating consumer sensitivity, while firms should establish a dynamic adjustment mechanism for CSR decision-making that responds to market factors such as market size, marginal costs, and shareholding levels.

本文构建了一个包含共同所有权和企业社会责任的三阶段Stackelberg模型，考察了最优企业社会责任水平及其影响因素，揭示了共同所有权模式的决策。结果表明，消费者敏感性对企业社会责任最优水平的影响呈非单调的先上升后下降趋势，且不同所有制模式下的阈值有所不同。扩大市场规模、降低边际成本、提高持股比例可以降低企业社会责任的最优水平。共同的所有权模式和消费者的敏感性都会影响利润。无论成本函数的变化如何，随着消费者敏感度的降低，领先企业更倾向于采用共同所有权。政府可以通过调节消费者的敏感度来影响企业的社会责任水平，而企业则应该建立响应市场规模、边际成本、股权水平等市场因素的企业社会责任决策动态调节机制。

引用次数: 0

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