International Review of Economics & Finance最新文献

英文中文

Navigating sustainable digital transformation in South-South cross-border E-Commerce: Insights on cultural adaptation, green marketing strategy, and inclusive business model innovation 引领南南跨境电子商务的可持续数字化转型：文化适应、绿色营销策略和包容性商业模式创新的见解

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-10 DOI: 10.1016/j.iref.2026.104907

Abriham Ebabu Engidaw , Haichun Yu , Zou Weikang , Huang Yixiong , Ayele Addis Ambelu

This study addresses the significant challenge of achieving sustainable digital transformation within the China–Africa digital trade landscape. It responds to a discernible gap in contemporary academic discourse, where research on cross-cultural adaptation, green marketing strategies, and inclusive business model innovation remains largely disconnected, thereby overlooking their essential synergies. To address this gap, the research employs a dual-method approach, combining a bibliometric analysis with a systematic literature review of publications indexed in Scopus between 2010 and 2024. This methodology was selected first to quantitatively map the evolving scholarly landscape and then to provide a deeper qualitative analysis of key themes. A principal outcome is a novel conceptual framework that demonstrates how genuine sustainability in South–South digital markets emerges precisely from integrating these three previously separate areas. The study illustrates how this integration, facilitated by digital platforms and FinTech solutions, can enhance market performance while fostering long-term resilience and equitable value creation. By advocating for this integrated perspective, the work contributes meaningfully to the theoretical domains of digital marketing, platform economics, and sustainable business model innovation. On a practical level, it offers actionable insights for businesses operating in cross-cultural digital markets and provides guidance for policymakers aiming to promote an inclusive and sustainable digital economy.

本研究解决了在中非数字贸易格局中实现可持续数字化转型的重大挑战。它回应了当代学术话语中一个明显的缺口，即跨文化适应、绿色营销策略和包容性商业模式创新的研究在很大程度上仍然是脱节的，从而忽视了它们必不可少的协同作用。为了解决这一差距，该研究采用了一种双重方法，将文献计量分析与对2010年至2024年间在Scopus中检索的出版物进行系统文献综述相结合。选择这种方法首先是为了定量绘制不断演变的学术景观，然后对关键主题进行更深入的定性分析。一个主要成果是一个新的概念框架，展示了南南数字市场的真正可持续性是如何通过整合这三个先前独立的领域而产生的。该研究表明，在数字平台和金融科技解决方案的推动下，这种整合如何能够提高市场表现，同时促进长期弹性和公平的价值创造。通过倡导这种整合的视角，本书对数字营销、平台经济学和可持续商业模式创新的理论领域做出了有意义的贡献。在实践层面，它为跨文化数字市场中的企业提供了可操作的见解，并为旨在促进包容性和可持续数字经济的政策制定者提供了指导。

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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 : 2026-01-10 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

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 : 2026-01-08 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

Exploring the cost of home bias in international equity investment 探讨国际股权投资中的本土偏见成本

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-07 DOI: 10.1016/j.iref.2026.104895

Anil V. Mishra , Sajid Anwar

This paper examines the cost of home bias across 37 countries, employing various methodologies, including deadweight costs and implicit costs on international equity investment. Utilizing the DECO-MGARCH model, the average implicit cost of home bias on international equity investment for stock holdings ranges from 0.43 % per annum (France) to 7.15 % per annum (Türkiye), indicating a decrease compared to prior research findings. The average implicit cost of home bias in international equity investment for the sample countries is lower when considering human capital. The implicit costs of international equity markets are notably higher for emerging markets compared to developed ones. These implicit costs are found to be associated with factors such as information asymmetries, financial development, and institutional structures.

本文采用多种方法考察了37个国家的本土偏见成本，包括国际股权投资的无谓成本和隐性成本。利用DECO-MGARCH模型，持有股票的国际股权投资的平均隐含成本从每年0.43%（法国）到每年7.15%（法国）不等，与之前的研究结果相比有所下降。在考虑人力资本的情况下，样本国家在国际股权投资中本土偏见的平均隐性成本较低。新兴市场在国际股市的隐性成本明显高于发达市场。这些隐性成本与信息不对称、金融发展和制度结构等因素有关。

引用次数: 0

Wall Street's attitude toward the CEO-to-employee pay ratio: Evidence from M&As 华尔街对ceo与员工薪酬比率的态度：来自并购的证据

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-05 DOI: 10.1016/j.iref.2025.104886

Katsiaryna Salavei Bardos , Dev R. Mishra , Hyacinthe Y. Somé , Yuxin Song

Using U.S. M&A announcement events, we attempt to understand the market's attitude towards CEO-to-employee pay-ratio. In a sample of 707 M&A events between 2018 and 2021, we find that acquirers' M&A announcement returns are positively associated with their CEO-to-employee pay-ratio. Our findings are robust to utilizing variation in Minimum Wage across acquirer headquarters states as an instrument and in using Heckman sample selection correction. These findings support the optimal contracting view that the market likely perceives the size of pay-ratio as an outcome of boards' pursuit to recruit and retain the best CEOs. For aptly talented and able CEOs, firms likely offer disproportionately higher pay premiums in the competitive CEO labor market pushing up the pay-ratio.

通过美国并购公告事件，我们试图了解市场对ceo与员工薪酬比例的态度。在2018年至2021年间707起并购事件的样本中，我们发现收购方的并购公告回报与其ceo与员工的薪酬比率呈正相关。我们的研究结果对于利用收购方总部各州的最低工资变化作为工具和使用赫克曼样本选择校正是稳健的。这些发现支持了最优契约观点，即市场可能认为薪酬比率的大小是董事会寻求招聘和留住最优秀ceo的结果。在竞争激烈的首席执行官劳动力市场上，对于有才能、有能力的首席执行官，公司可能会提供不成比例的高溢价，从而推高薪酬比率。

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 : 2026-01-03 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

Institutional openness and upgradation in the global value chain of manufacturing: Evidence from Chinese micro-enterprises 全球制造业价值链中的制度开放与升级：来自中国微型企业的证据

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-01 DOI: 10.1016/j.iref.2025.104885

Yanping Liu , Jie Xie , Yunsu Du , Yu Zhang

Leveraging micro-level data from Chinese manufacturing enterprises spanning 2007 to 2013, this study empirically investigates the impact of institutional openness on the upgradation of manufacturing firms within the value chain and elucidates the underlying mechanisms. The empirical findings robustly demonstrate that institutional openness significantly facilitates the value chain enhancement of manufacturing enterprises. Improvements in the business environment, increased trade facilitation, and the evolution of digital trade all contribute positively to this upgrade. Heterogeneity analysis reveals that institutional openness exerts a stronger positive effect on value chain advancement for enterprises located in eastern regions, incumbent firms, non-state-owned enterprises, and those engaged in mixed trade. Furthermore, extended analyses underscore that institutional openness promotes value chain advancement by reducing institutional transaction costs, augmenting technological innovation, and deepening the division of labor. Notably, institutional openness incentivizes domestic firms to engage in high value-added activities rather than exporting on a mass scale with low value-added products. The conclusions bear significant implications for the strategic utilization of institutional openness to achieve transformative advancements in the global value chain for “Made in China” initiatives.

本文利用2007 - 2013年中国制造业企业的微观数据，实证考察了制度开放对价值链内制造业企业升级的影响，并阐明了机制。实证结果有力地表明，制度开放显著促进了制造业企业价值链提升。营商环境的改善、贸易便利化程度的提高和数字贸易的发展都为这一升级做出了积极贡献。异质性分析表明，制度开放对东部地区企业、既有企业、非国有企业和混合贸易企业的价值链推进具有更强的正向影响。进一步分析表明，制度开放通过降低制度交易成本、促进技术创新和深化劳动分工来促进价值链的推进。值得注意的是，制度开放激励国内企业从事高附加值的活动，而不是大规模出口低附加值的产品。这些结论对于战略性地利用制度开放来实现“中国制造”倡议在全球价值链上的变革性进步具有重要意义。

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引用次数: 0

Investor attention and the salience effect in the Chinese stock market: Insights from the COVID-19 pandemic 投资者关注和中国股市的显著效应：来自新冠肺炎大流行的洞察

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-01 DOI: 10.1016/j.iref.2025.104875

Ruochen Lu , Yang Chen , Qing Ye , Yuliang Wu

We investigate the relationship between investor attention and the salience effect (i.e. a negative relation between salience measures and subsequent returns (Cosemans & Frehen, 2021)) in the Chinese stock market using the COVID-19 pandemic as an exogenous shock to attention. We find that COVID-19 significantly distracted individual investors’ attention from stock market activities, leading to a weaker salience effect. However, institutional investors increased their attention during COVID-19 by attending more investor-firm interactive activities. Furthermore, we show that the reduction in retail attention during the COVID period is stronger for negative salient returns than for positive salient returns. As a result, the reduced salience effect during the pandemic is more pronounced for stocks with salient downsides than for stocks with salient upsides. These results indicate that investor attention causes the salience effect.

我们利用COVID-19大流行作为对注意力的外生冲击，研究了中国股市投资者注意力与显著性效应之间的关系(即显著性措施与随后的回报之间的负相关关系（Cosemans & Frehen, 2021）。我们发现，COVID-19显著分散了个人投资者对股市活动的注意力，导致显著性效应减弱。然而，机构投资者在COVID-19期间参加了更多的投资者-公司互动活动，提高了他们的关注度。此外，我们表明，在COVID期间，零售注意力的减少对负显著回报的影响大于对正显著回报的影响。因此，大流行期间显著下跌的股票比显著上涨的股票的显著性降低效应更为明显。这些结果表明，投资者关注导致了显著效应。

引用次数: 0

How does carbon market react to economic policy uncertainty and oil price shocks? New evidence from a time-varying perspective 碳市场如何应对经济政策的不确定性和油价的冲击？时变视角下的新证据

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-01 DOI: 10.1016/j.iref.2025.104841

Xiaoqing Wang , Adnan Safi , Su Wang , Yifei Zhang

Ensuring the smooth operation of the carbon market mechanism is crucial to actively and effectively addressing global climate change. Economic policy uncertainty (EPU), crude oil market (OLP) and carbon price fluctuations (ECF) are intricately interconnected, yet the precise dynamic relationship among them remains elusive. Therefore, this study uses the time-varying parameter vector auto-regressive model with stochastic volatility to explore the time-varying effects of economic policy uncertainty and crude oil prices on the EU carbon market. The results underline that increases in EPU and oscillations in OLP lead to heightened volatility of carbon market in the short and medium term. The impulse responses of ECF to EPU and OLP shocks are most pronounced in the short run and gradually weakens with the increase of lag periods. Besides, the positive linkages show the time-varying characteristics. Moreover, economic policy uncertainty serves as a stronger driver of carbon price volatility, whereas the positive response of carbon market to oil price exhibits greater stability. Finally, the influences of EPU and OLP on ECF will be strengthened during periods of global public emergencies and extreme events. On this basis, the findings provide valuable implications for facilitating the smooth operation and efficacious risk management of carbon market.

确保碳市场机制顺利运行，对积极有效应对全球气候变化至关重要。经济政策不确定性（EPU）、原油市场不确定性（OLP）和碳价格波动（ECF）三者之间存在着错综复杂的相互关系，但它们之间确切的动态关系尚不明确。因此，本研究采用随机波动的时变参数向量自回归模型，探讨经济政策不确定性和原油价格对欧盟碳市场的时变影响。结果表明，EPU的增加和OLP的波动导致碳市场在中短期内波动加剧。ECF对EPU和OLP冲击的脉冲响应在短期内最为明显，随着滞后时间的增加逐渐减弱。此外，正连杆还具有时变特征。此外，经济政策的不确定性对碳价格波动的驱动作用更强，而碳市场对油价的积极响应表现出更大的稳定性。最后，在全球突发公共事件和极端事件期间，EPU和OLP对ECF的影响将得到加强。在此基础上，研究结果为促进碳市场的顺利运行和有效的风险管理提供了有价值的启示。

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Greenwashing: Motivations, causes and consequences 洗绿：动机、原因和后果

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-01 DOI: 10.1016/j.iref.2025.104887

Ali Fatemi , Iraj Fooladi , Greg Hebb

We discuss motives and outcomes of corporate greenwashing as well as factors that contribute to it. We argue that in the presence of benefits accrued to corporate social responsibility, economic agents with short-term horizons may be incented to engage in greenwashing. Motivated by a desire to mispresent their brown product as green, and cast doubt on the green product's CSR claims, and to make it difficult for the markets to separate a firm's genuine commitment to CSR from a competitor's false claims, the greenwashing firm aims to extract the benefits of sustainable practices without accruing its attendant costs. For such firms, success is attained when the market's confidence in sustainability claims is shaken and price becomes the sole differentiator for some consumers who have lost faith in sustainability claims. Our empirical results lend support to the notion that greenwashing creates a negative sentiment toward the business environment and makes it more opaque.

我们讨论了企业洗绿的动机和结果，以及促成它的因素。我们认为，在企业社会责任积累的利益存在的情况下，具有短期视野的经济主体可能会被激励参与“漂绿”。出于将其棕色产品伪装成绿色产品的愿望，并对绿色产品的企业社会责任声明提出质疑，并使市场难以区分公司对企业社会责任的真正承诺与竞争对手的虚假声明，洗绿公司的目标是在不积累相关成本的情况下提取可持续实践的好处。对于这些公司来说，当市场对可持续性声明的信心动摇，价格成为一些消费者对可持续性声明失去信心的唯一区别时，成功就实现了。我们的实证结果支持了这样一种观点，即“漂绿”造成了对商业环境的负面情绪，并使其更加不透明。

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