Pub Date : 2026-03-01Epub Date: 2026-01-20DOI: 10.1016/j.iref.2026.104939
Weihong Wang , Xiao Xu , Mina Li , Shenglin Ma
Environmental regulation(Er) structurally shapes enterprise investment strategies under China's fiscal decentralization(Fd) system. Employing dynamic panel data from 2008 to 2022 listed industrial firms, this study focuses on three aspects: (1) Developing a tripartite framework to reveal how Er amplifies technology investments(Ti) and financial investments(Fi), while suppressing productive investments(Pi) through executive risk preferences and environmental concerns; (2) Higher Fd diminishes the promotion effects of Er on Ti and Fi, and alleviates its constraints on Pi; (3)Market-oriented Er influence all three investment types, whereas command-based Er only affect Ti; (4) Heterogeneous effects covers types of spatial economic and market characteristics, industrial technology attributes and enterprise financial resource endowments to identify differential drivers across institutional and contextual dimensions. This study examines how central-local conflicting environmental governance goals influence enterprise investment decisions under fiscal decentralization, provides an empirical basis for reconstructing the theoretical model of institutional pressure and strategic response.
{"title":"Do environmental regulations affect corporate investment preferences? Institutional considerations based on fiscal decentralization","authors":"Weihong Wang , Xiao Xu , Mina Li , Shenglin Ma","doi":"10.1016/j.iref.2026.104939","DOIUrl":"10.1016/j.iref.2026.104939","url":null,"abstract":"<div><div>Environmental regulation(<em>Er</em>) structurally shapes enterprise investment strategies under China's fiscal decentralization(<em>Fd</em>) system. Employing dynamic panel data from 2008 to 2022 listed industrial firms, this study focuses on three aspects: (1) Developing a tripartite framework to reveal how <em>Er</em> amplifies technology investments(<em>Ti</em>) and financial investments(<em>Fi</em>), while suppressing productive investments(<em>Pi</em>) through executive risk preferences and environmental concerns; (2) Higher <em>Fd</em> diminishes the promotion effects of <em>Er</em> on <em>Ti</em> and <em>Fi,</em> and alleviates its constraints on <em>Pi</em>; (3)Market-oriented <em>E</em>r influence all three investment types, whereas command-based <em>Er</em> only affect <em>Ti</em>; (4) Heterogeneous effects covers types of spatial economic and market characteristics, industrial technology attributes and enterprise financial resource endowments to identify differential drivers across institutional and contextual dimensions. This study examines how central-local conflicting environmental governance goals influence enterprise investment decisions under fiscal decentralization, provides an empirical basis for reconstructing the theoretical model of institutional pressure and strategic response.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"106 ","pages":"Article 104939"},"PeriodicalIF":5.6,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146074646","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 : 2026-03-01Epub Date: 2026-01-12DOI: 10.1016/j.iref.2026.104904
Liangjun Wang, Ping Li
As a key policy tool for China's green transformation of manufacturing, the practical effectiveness and scope of green factory certification remain under-examined. This study employs a difference-in-differences approach using data from Chinese A-share listed companies (2012–2023) to systematically investigate the impact of green factory certification on corporate ESG performance and its contextual dependence. The findings reveal: (1) Green factory certification significantly enhances both overall ESG performance and scores across the environmental, social, and governance dimensions, with this effect remaining robust across a series of stability tests; (2) Institutional context significantly moderates certification outcomes—the intensity of government intervention positively moderates the relationship between green factory certification and corporate ESG performance, while industry competition intensity weakens the ESG improvement effect of certification. This study reveals the asymmetric influence of the “government hand” and the “market hand” on corporate environmental behavior in emerging economies. It provides new evidence for understanding the effectiveness of voluntary environmental regulation across different institutional contexts and offers practical insights for governments to optimize green certification system design and for enterprises to formulate differentiated ESG strategies.
{"title":"Green factory certification and firms' ESG performance: The moderating role of government intervention and industry competition","authors":"Liangjun Wang, Ping Li","doi":"10.1016/j.iref.2026.104904","DOIUrl":"10.1016/j.iref.2026.104904","url":null,"abstract":"<div><div>As a key policy tool for China's green transformation of manufacturing, the practical effectiveness and scope of green factory certification remain under-examined. This study employs a difference-in-differences approach using data from Chinese A-share listed companies (2012–2023) to systematically investigate the impact of green factory certification on corporate ESG performance and its contextual dependence. The findings reveal: (1) Green factory certification significantly enhances both overall ESG performance and scores across the environmental, social, and governance dimensions, with this effect remaining robust across a series of stability tests; (2) Institutional context significantly moderates certification outcomes—the intensity of government intervention positively moderates the relationship between green factory certification and corporate ESG performance, while industry competition intensity weakens the ESG improvement effect of certification. This study reveals the asymmetric influence of the “government hand” and the “market hand” on corporate environmental behavior in emerging economies. It provides new evidence for understanding the effectiveness of voluntary environmental regulation across different institutional contexts and offers practical insights for governments to optimize green certification system design and for enterprises to formulate differentiated ESG strategies.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"106 ","pages":"Article 104904"},"PeriodicalIF":5.6,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146074648","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 : 2026-03-01Epub Date: 2026-01-17DOI: 10.1016/j.iref.2026.104922
Mahmoud Hassan , Ji-Yong Lee , Marc Kouzez
Green finance and energy taxes are the main national climate governance tools that have been appearing rapidly around the world in recent years. However, there is a paucity of empirical knowledge regarding the effectiveness of these instruments in stimulating green innovation in Europe. Employing data from 15 European Union countries from 2005 to 2021, we explore the impact of these tools on green innovation. Using sophisticated panel econometric methods, our findings show that green finance and energy taxes drive green innovation. The analysis also reveals a unidirectional influence of energy taxes and green finance on green innovation. A deeper analysis reveal that these tools are more effective in promoting green innovation in countries with low levels of energy taxes. The findings of this study yield important policy implications, suggesting that strengthening green finance, in combination with maintaining relatively low levels of energy taxation, may play a crucial role in fostering and accelerating green innovation in Europe.
{"title":"Climate governance and green innovation in Europe: New perspective","authors":"Mahmoud Hassan , Ji-Yong Lee , Marc Kouzez","doi":"10.1016/j.iref.2026.104922","DOIUrl":"10.1016/j.iref.2026.104922","url":null,"abstract":"<div><div>Green finance and energy taxes are the main national climate governance tools that have been appearing rapidly around the world in recent years. However, there is a paucity of empirical knowledge regarding the effectiveness of these instruments in stimulating green innovation in Europe. Employing data from 15 European Union countries from 2005 to 2021, we explore the impact of these tools on green innovation. Using sophisticated panel econometric methods, our findings show that green finance and energy taxes drive green innovation. The analysis also reveals a unidirectional influence of energy taxes and green finance on green innovation. A deeper analysis reveal that these tools are more effective in promoting green innovation in countries with low levels of energy taxes. The findings of this study yield important policy implications, suggesting that strengthening green finance, in combination with maintaining relatively low levels of energy taxation, may play a crucial role in fostering and accelerating green innovation in Europe.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"106 ","pages":"Article 104922"},"PeriodicalIF":5.6,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146036000","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 : 2026-03-01Epub Date: 2026-01-15DOI: 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.
{"title":"Substance over form: A carbon performance examination on corporate ESG practices","authors":"Bowen Ding , Sumei Luo , Guangyou Zhou","doi":"10.1016/j.iref.2026.104902","DOIUrl":"10.1016/j.iref.2026.104902","url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"106 ","pages":"Article 104902"},"PeriodicalIF":5.6,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146036062","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 : 2026-03-01Epub Date: 2026-01-16DOI: 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.
{"title":"Artificial intelligence technology and firms’ OFDI: Evidence from China","authors":"Zhuang Yang , Fuxiang Wu , Ziyang Yue","doi":"10.1016/j.iref.2026.104920","DOIUrl":"10.1016/j.iref.2026.104920","url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"106 ","pages":"Article 104920"},"PeriodicalIF":5.6,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146036067","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 : 2026-03-01Epub Date: 2026-01-27DOI: 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.
{"title":"Government subsidies, maturity mismatch of investment and financing, and ESG performance ——A study about A-share listed new energy companies in China","authors":"Liang Wang, Minzhi Chen","doi":"10.1016/j.iref.2026.104973","DOIUrl":"10.1016/j.iref.2026.104973","url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"106 ","pages":"Article 104973"},"PeriodicalIF":5.6,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146189412","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 : 2026-03-01Epub Date: 2026-01-20DOI: 10.1016/j.iref.2026.104917
Songbo Jia, Bin Sui, Guangdi Shi, Xin Gao
In today's complex and volatile financial environment, corporate defaults are no longer isolated credit events confined to individual entities. Their risks rapidly propagate through interconnected financial networks, forming Systemic Risk that threatens the entire financial system. Existing research has clearly revealed the contagion chain: “corporate default leads to damage to financial institutions linked to the defaulting firm, which in turn leads to risk transmission to institutions connected to the damaged institutions”. It indicates that risks primarily propagate through channels such as interbank lending, asset sales, and cross-shareholdings. However, existing literature tends to focus on empirical analysis and network simulation in methodology, with limited research adopting an evolutionary game theory perspective, particularly lacking in-depth exploration of the aforementioned four-party game dynamics. Additionally, studies generally overlook the government's pivotal role in interrupting risk transmission. Therefore, this paper constructs a four-party evolutionary game model involving the government, enterprises, direct lending financial institutions, and affiliated financial institutions. It focuses on analysing the core role of government intervention in the risk transmission chain, specifically examining whether and how the government can intervene to influence the strategic interactions among these four parties, thereby effectively breaking the vicious cycle of “default-asset impairment-panic contagion”. The study finds that establishing penalty mechanisms at the front end of the contagion chain and implementing incentive-compatible intervention policies at intermediate stages can significantly suppress risk transmission. This provides new theoretical foundations and policy implications for preventing and controlling systemic financial risks.
{"title":"Government intervention and corporate default risk contagion: An analysis based on a four-party evolutionary game","authors":"Songbo Jia, Bin Sui, Guangdi Shi, Xin Gao","doi":"10.1016/j.iref.2026.104917","DOIUrl":"10.1016/j.iref.2026.104917","url":null,"abstract":"<div><div>In today's complex and volatile financial environment, corporate defaults are no longer isolated credit events confined to individual entities. Their risks rapidly propagate through interconnected financial networks, forming Systemic Risk that threatens the entire financial system. Existing research has clearly revealed the contagion chain: “corporate default leads to damage to financial institutions linked to the defaulting firm, which in turn leads to risk transmission to institutions connected to the damaged institutions”. It indicates that risks primarily propagate through channels such as interbank lending, asset sales, and cross-shareholdings. However, existing literature tends to focus on empirical analysis and network simulation in methodology, with limited research adopting an evolutionary game theory perspective, particularly lacking in-depth exploration of the aforementioned four-party game dynamics. Additionally, studies generally overlook the government's pivotal role in interrupting risk transmission. Therefore, this paper constructs a four-party evolutionary game model involving the government, enterprises, direct lending financial institutions, and affiliated financial institutions. It focuses on analysing the core role of government intervention in the risk transmission chain, specifically examining whether and how the government can intervene to influence the strategic interactions among these four parties, thereby effectively breaking the vicious cycle of “default-asset impairment-panic contagion”. The study finds that establishing penalty mechanisms at the front end of the contagion chain and implementing incentive-compatible intervention policies at intermediate stages can significantly suppress risk transmission. This provides new theoretical foundations and policy implications for preventing and controlling systemic financial risks.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"106 ","pages":"Article 104917"},"PeriodicalIF":5.6,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146074644","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 : 2026-03-01Epub Date: 2026-01-22DOI: 10.1016/j.iref.2026.104958
Shiheng Xie , Wensen Wu , Ying Liu
As a vital instrument for stimulating consumption, the nighttime economy has emerged as a critical driver of high-quality economic development. This study examines the relationship between digital finance and the nighttime economy using panel data from 31 Chinese provinces between 2011 and 2023, employing the two-way fixed effect model and regression discontinuity design. The findings reveal that digital finance and its sub-dimensions significantly promote the development of the nighttime economy. Meanwhile, this impact shows significant positive spatial spillover effect. Financial attention across three distinct agents moderates the relationship between digital finance and the nighttime economy. Specifically, government financial regulation and corporate financial competition exhibit inhibitory effects, whereas public financial literacy exhibits a promotive effect. The relationship exhibits heterogeneity across provinces with varying geographical locations, levels of financial human resources, and periods preceding and following key financial policy implementations. Moreover, the impact of digital finance on the nighttime economy exhibits a significant shift in 2017, related to G20 High-Level Principles for Digital Financial Inclusion. This study deepens the mechanistic understanding of the relationship between digital finance and the nighttime economy, providing valuable empirical evidence to inform governmental financial policymaking.
{"title":"Digital finance and the nighttime economy: Novel evidence from nighttime light data and financial attention in China","authors":"Shiheng Xie , Wensen Wu , Ying Liu","doi":"10.1016/j.iref.2026.104958","DOIUrl":"10.1016/j.iref.2026.104958","url":null,"abstract":"<div><div>As a vital instrument for stimulating consumption, the nighttime economy has emerged as a critical driver of high-quality economic development. This study examines the relationship between digital finance and the nighttime economy using panel data from 31 Chinese provinces between 2011 and 2023, employing the two-way fixed effect model and regression discontinuity design. The findings reveal that digital finance and its sub-dimensions significantly promote the development of the nighttime economy. Meanwhile, this impact shows significant positive spatial spillover effect. Financial attention across three distinct agents moderates the relationship between digital finance and the nighttime economy. Specifically, government financial regulation and corporate financial competition exhibit inhibitory effects, whereas public financial literacy exhibits a promotive effect. The relationship exhibits heterogeneity across provinces with varying geographical locations, levels of financial human resources, and periods preceding and following key financial policy implementations. Moreover, the impact of digital finance on the nighttime economy exhibits a significant shift in 2017, related to G20 High-Level Principles for Digital Financial Inclusion. This study deepens the mechanistic understanding of the relationship between digital finance and the nighttime economy, providing valuable empirical evidence to inform governmental financial policymaking.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"106 ","pages":"Article 104958"},"PeriodicalIF":5.6,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146074649","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 : 2026-03-01Epub Date: 2026-01-19DOI: 10.1016/j.iref.2026.104909
Zhenkun Cai , Lili Wang , Enyu Zhao , Mingzhu Zhou
Geopolitical risks (GPRs) are reshaping global energy trade and influencing energy security in profound ways. This study examines how GPRs have impacted fossil fuel imports from 2000 to 2022. We find that rising GPRs not only reduce imports from high-risk nations but also lead to broader declines across other markets, revealing a spillover effect beyond simple market substitution. The effects vary significantly across energy types, with coal and oil imports being more sensitive to GPRs. Countries with abundant energy resources or political/military alliances are more resilient to GPR shocks. Additionally, nations with strong renewable energy potential are more likely to transition to renewables in response to GPRs, rather than relying on fossil fuel imports from other markets. This highlights the negative spillover effects of GPRs on global fossil fuel trade and offers new insights into their role in global energy dynamics.
{"title":"A bad apple: The spillover effects of geopolitical risks on traditional energy trade","authors":"Zhenkun Cai , Lili Wang , Enyu Zhao , Mingzhu Zhou","doi":"10.1016/j.iref.2026.104909","DOIUrl":"10.1016/j.iref.2026.104909","url":null,"abstract":"<div><div>Geopolitical risks (GPRs) are reshaping global energy trade and influencing energy security in profound ways. This study examines how GPRs have impacted fossil fuel imports from 2000 to 2022. We find that rising GPRs not only reduce imports from high-risk nations but also lead to broader declines across other markets, revealing a spillover effect beyond simple market substitution. The effects vary significantly across energy types, with coal and oil imports being more sensitive to GPRs. Countries with abundant energy resources or political/military alliances are more resilient to GPR shocks. Additionally, nations with strong renewable energy potential are more likely to transition to renewables in response to GPRs, rather than relying on fossil fuel imports from other markets. This highlights the negative spillover effects of GPRs on global fossil fuel trade and offers new insights into their role in global energy dynamics.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"106 ","pages":"Article 104909"},"PeriodicalIF":5.6,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146074650","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 : 2026-03-01Epub Date: 2025-12-26DOI: 10.1016/j.iref.2025.104869
Xing Gao , Qianyang Tu , Xianzheng Tan
The successful breakthrough of key core technologies in strategic emerging industries is crucial for China to achieve high-quality development. However, research on key core technology innovation in strategic emerging enterprises (SEEs) remains limited. Therefore, this study utilizes panel data from 2009 to 2023 for A-share listed companies in China's strategic emerging industries and employs a multi-period difference-in-differences method to examine the impact of data element marketization (DEM) on key core technology innovation in SEEs. The results show that DEM significantly enhances the key core technology innovation capabilities of SEEs. Mechanism analysis indicates that DEM improves these capabilities by elevating data asset information disclosure quality, strengthening industry-university-research cooperation, and boosting innovation activity. Heterogeneity analysis reveals that DEM's promotional effect is more pronounced in regions with well-developed new digital infrastructure and in enterprises with superstar inventors. Further analysis demonstrates that government data governance reinforces the positive effects of DEM, with the strengthening effect being more significant when government data governance precedes DEM construction. This study contributes to an accurate assessment of the innovation-enabling effect of DEM and provides empirical evidence for SEEs to achieve breakthroughs in key core technologies, thereby accelerating high-level scientific and technological self-reliance and self-strengthening.
{"title":"Data element marketization and corporate key core technology innovation: Evidence from data trading platforms","authors":"Xing Gao , Qianyang Tu , Xianzheng Tan","doi":"10.1016/j.iref.2025.104869","DOIUrl":"10.1016/j.iref.2025.104869","url":null,"abstract":"<div><div>The successful breakthrough of key core technologies in strategic emerging industries is crucial for China to achieve high-quality development. However, research on key core technology innovation in strategic emerging enterprises (SEEs) remains limited. Therefore, this study utilizes panel data from 2009 to 2023 for A-share listed companies in China's strategic emerging industries and employs a multi-period difference-in-differences method to examine the impact of data element marketization (DEM) on key core technology innovation in SEEs. The results show that DEM significantly enhances the key core technology innovation capabilities of SEEs. Mechanism analysis indicates that DEM improves these capabilities by elevating data asset information disclosure quality, strengthening industry-university-research cooperation, and boosting innovation activity. Heterogeneity analysis reveals that DEM's promotional effect is more pronounced in regions with well-developed new digital infrastructure and in enterprises with superstar inventors. Further analysis demonstrates that government data governance reinforces the positive effects of DEM, with the strengthening effect being more significant when government data governance precedes DEM construction. This study contributes to an accurate assessment of the innovation-enabling effect of DEM and provides empirical evidence for SEEs to achieve breakthroughs in key core technologies, thereby accelerating high-level scientific and technological self-reliance and self-strengthening.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"106 ","pages":"Article 104869"},"PeriodicalIF":5.6,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146074704","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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