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Do environmental regulations affect corporate investment preferences? Institutional considerations based on fiscal decentralization 环境法规会影响企业的投资偏好吗?基于财政分权的制度思考
IF 5.6 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-03-01 Epub Date: 2026-01-20 DOI: 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.
在财政分权体制下,环境规制对企业投资策略具有结构性影响。本文采用2008年至2022年工业上市公司的动态面板数据,重点研究了三个方面:(1)建立了一个三方框架,揭示了Er如何通过高管风险偏好和环境关注放大技术投资(Ti)和金融投资(Fi),同时抑制生产性投资(Pi);(2)较高的Fd降低了Er对Ti和Fi的促进作用,减轻了Er对Pi的约束;(3)以市场为导向的Er对三种投资类型都有影响,而以命令为导向的Er只影响Ti;(4)异质性效应包括空间经济和市场特征类型、产业技术属性和企业金融资源禀赋类型,以识别跨制度和背景维度的差异驱动因素。本研究考察了财政分权下中央与地方环境治理目标冲突对企业投资决策的影响,为重构制度压力与战略应对的理论模型提供了实证依据。
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引用次数: 0
Green factory certification and firms' ESG performance: The moderating role of government intervention and industry competition 绿色工厂认证与企业ESG绩效:政府干预和行业竞争的调节作用
IF 5.6 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-03-01 Epub Date: 2026-01-12 DOI: 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.
作为中国制造业绿色转型的重要政策工具,绿色工厂认证的实际有效性和适用范围仍有待商榷。本研究采用差异中的差异方法,利用2012-2023年中国a股上市公司的数据,系统研究绿色工厂认证对企业ESG绩效的影响及其相关关系。研究发现:(1)绿色工厂认证显著提高了企业在环境、社会和治理三个维度上的整体ESG绩效和得分,并在一系列稳定性测试中保持强劲;(2)制度背景显著调节认证结果,政府干预强度正向调节绿色工厂认证与企业ESG绩效的关系,而行业竞争强度削弱了认证的ESG改善效果。本研究揭示了“政府之手”和“市场之手”对新兴经济体企业环境行为的不对称影响。这为理解不同制度背景下自愿性环境监管的有效性提供了新的证据,并为政府优化绿色认证体系设计和企业制定差异化的ESG战略提供了实践见解。
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引用次数: 0
Climate governance and green innovation in Europe: New perspective 欧洲气候治理与绿色创新:新视角
IF 5.6 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-03-01 Epub Date: 2026-01-17 DOI: 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.
绿色金融和能源税是近年来在世界范围内迅速出现的主要国家气候治理工具。然而,缺乏关于这些工具在刺激欧洲绿色创新方面的有效性的经验知识。利用2005年至2021年15个欧盟国家的数据,我们探讨了这些工具对绿色创新的影响。利用复杂的面板计量经济学方法,我们的研究结果表明,绿色金融和能源税推动了绿色创新。分析还揭示了能源税和绿色金融对绿色创新的单向影响。更深入的分析表明,在能源税水平较低的国家,这些工具在促进绿色创新方面更为有效。本研究的结果产生了重要的政策含义,表明加强绿色金融,与保持相对较低的能源税收水平相结合,可能在促进和加速欧洲的绿色创新方面发挥关键作用。
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引用次数: 0
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 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 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。
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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 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
Government intervention and corporate default risk contagion: An analysis based on a four-party evolutionary game 政府干预与企业违约风险传染:基于四方演化博弈的分析
IF 5.6 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-03-01 Epub Date: 2026-01-20 DOI: 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.
在当今复杂多变的金融环境中,企业违约不再是局限于单个实体的孤立信用事件。它们的风险通过相互关联的金融网络迅速传播,形成威胁整个金融体系的系统性风险。现有的研究已经清楚地揭示了传染链:“企业违约导致与违约企业相关的金融机构受损,进而导致风险传导至与受损机构相关的机构。”这表明风险主要通过银行间拆借、资产出售和交叉持股等渠道传播。然而,现有文献在方法论上倾向于实证分析和网络模拟,采用进化博弈论视角的研究有限,尤其缺乏对上述四方博弈动态的深入探索。此外,研究普遍忽视了政府在阻断风险传播方面的关键作用。为此,本文构建了政府、企业、直贷金融机构和关联金融机构的四方演化博弈模型。重点分析了政府干预在风险传导链中的核心作用,具体考察了政府是否以及如何进行干预,影响四方之间的战略互动,从而有效打破“违约-资产减值-恐慌蔓延”的恶性循环。研究发现,在传染链前端建立惩罚机制,在中间阶段实施激励相容的干预政策,可以显著抑制风险传播。这为防控系统性金融风险提供了新的理论依据和政策启示。
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引用次数: 0
Digital finance and the nighttime economy: Novel evidence from nighttime light data and financial attention in China 数字金融与夜间经济:来自中国夜间灯光数据和金融关注的新证据
IF 5.6 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-03-01 Epub Date: 2026-01-22 DOI: 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.
夜间经济作为拉动消费的重要手段,已成为推动经济高质量发展的重要力量。本文利用2011 - 2023年中国31个省份的面板数据,采用双向固定效应模型和回归不连续设计,检验了数字金融与夜间经济的关系。研究发现,数字金融及其子维度显著促进了夜间经济的发展。同时,这种影响表现出显著的正空间溢出效应。三个不同主体的金融关注调节了数字金融与夜间经济之间的关系。具体而言,政府金融监管和企业金融竞争表现出抑制作用,而公众金融素养表现出促进作用。这种关系在不同地理位置、不同财政人力资源水平、不同关键财政政策实施前后时期的省份之间表现出异质性。此外,数字金融对夜间经济的影响在2017年出现了重大转变,这与G20数字金融包容性高级原则有关。本研究深化了对数字金融与夜间经济关系的机制理解,为政府金融决策提供了有价值的经验证据。
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引用次数: 0
A bad apple: The spillover effects of geopolitical risks on traditional energy trade 一个坏苹果:地缘政治风险对传统能源贸易的溢出效应
IF 5.6 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-03-01 Epub Date: 2026-01-19 DOI: 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.
地缘政治风险正在重塑全球能源贸易格局,对能源安全产生深远影响。本研究考察了GPRs如何影响2000年至2022年的化石燃料进口。我们发现,gpr的上升不仅减少了来自高风险国家的进口,而且还导致其他市场的更广泛下降,揭示了简单的市场替代之外的溢出效应。不同能源类型的影响差异很大,煤炭和石油进口对GPRs更为敏感。拥有丰富能源资源或政治/军事联盟的国家更能抵御探地雷达冲击。此外,具有强大可再生能源潜力的国家更有可能向可再生能源过渡,以应对gpr,而不是依赖从其他市场进口化石燃料。这凸显了GPRs对全球化石燃料贸易的负面溢出效应,并为其在全球能源动态中的作用提供了新的见解。
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引用次数: 0
Data element marketization and corporate key core technology innovation: Evidence from data trading platforms 数据要素市场化与企业关键核心技术创新:来自数据交易平台的证据
IF 5.6 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-03-01 Epub Date: 2025-12-26 DOI: 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.
战略性新兴产业关键核心技术的成功突破,对中国实现高质量发展至关重要。然而,对战略性新兴企业关键核心技术创新的研究还很有限。因此,本研究利用2009 - 2023年中国战略性新兴产业a股上市公司面板数据,采用多期差分法考察数据要素市场化对企业关键核心技术创新的影响。结果表明,DEM显著增强了企业关键核心技术创新能力。机制分析表明,DEM通过提高数据资产信息披露质量、加强产学研合作、促进创新活动等途径提高了这些能力。异质性分析表明,在新兴数字基础设施发达的地区和拥有超级明星发明家的企业中,DEM的促进作用更为显著。进一步分析表明,政府数据治理强化了DEM的正向效应,且政府数据治理先于DEM建设时,强化效应更为显著。本研究有助于准确评价DEM的创新赋能效应,为高校实现关键核心技术突破,加快高水平科技自主自强提供经验依据。
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引用次数: 0
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International Review of Economics & Finance
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