International Review of Economics & Finance最新文献

Rising global uncertainties pose challenges to the resilience of economic development, and new-type infrastructure, referring to a system that is supported by next-generation information technology, can be a crucial stabilizing factor in the digital era to overcome uncertainties. This study uses 5244 observations from 276 cities in China from 2003 to 2021 to investigate the impact of new-type infrastructure on urban economic resilience. The empirical findings indicate that new-type infrastructure can effectively enhance regional economic resilience, and urban economic resilience can be improved in the digital age. New-type infrastructure can effectively mitigate the adverse impact of Corona Virus disease 2019 (COVID-19) on economic resilience. The effect of new-type infrastructure on economic resilience is larger in central regions, cities with medium and large economic scales, and cities with well-developed traditional infrastructure. New-type infrastructure exhibits threshold effects with changes in mechanism variables, decreasing as the threshold of resource dependence is crossed and increasing as the threshold of capital deepening and human capital is crossed. New-type infrastructure can enhance economic resilience by promoting innovation, including digital and green innovation. In addition, new-type infrastructure can cultivate emerging industries, advance industrial structure optimization, and promote collaborative agglomeration, which also contributes to enhancing economic resilience.

This study analyzes the link between executives' educational background and corporate strategic information disclosure, and the empirical results show that in firms with higher levels of executive education, the higher the executives' educational level, the higher frequency of corporate disclosure, and the higher number of positive and negative announcements reported. In firms with lower levels of executive education, the higher education level of executives, the lower frequency of corporate disclosure, the more favourable announcements will be reported and the fewer negative announcements will be reported.

The U.S. government and Federal Reserve implemented rapid and substantial interventions during the global pandemic in 2020–2021. We examine the impact of the pandemic on FinTech firms and find that the effect varies based on the size and timing of the fiscal and monetary policy actions. The concurrent actions of both the Treasury and Federal Reserve were significant in stabilizing market conditions. The Fed's balance sheet expansion during the pandemic resulted in a positive impact on FinTech. FinTech subsectors such as exchanges and automatic trading, financial data, networks, processors, and business information reacted positively to the Fed's Quantitative Easing (QE) decisions. In contrast, other sub-sectors, such as asset management, internet banking, and specialty marketplace lending, were negatively impacted. These findings are crucial for regulatory bodies and policymakers, providing insights into the effects of current policies and predicting FinTech firms' responses in future crises. This analysis underscores the nuanced and sector-specific impacts of policy actions on FinTech during periods of crisis.

This study examines the relationship between board internationalization, market competition, and firms' digital transformation, considering the moderating role of market competition. Using variable substitution and sample time adjustment for robustness testing, the study also further analyses heterogeneity in terms of the nature of property rights and provides insights into the mediating role of factors such as technological innovation, analyst focus, and quality of internal controls in this relationship.

This article investigates whether investor attention and online media might influence corporate green innovation activity. The findings revealed that investor attention and internet media may significantly influence corporate green innovation behavior. It is also discovered that investor attention and online media influence corporate green innovation activity via the mediating variable of funding restrictions. In contrast, online media effectively moderates investor attention and corporate green innovation.

Due to evolving consumer expectations and behaviour, rapid technology innovation is transforming the banking sector and forcing banks to shift their operational models and behaviours. Neo banks have significant development potential because of factors like their economic strategy and their growing adoption by millennials. Hence, neo banking has gained significant research attention but there is no bibliometric review on this topic. Therefore, our study addresses academic contribution to neo banking by showcasing research trends and most prominent research streams by conducting a bibliometric analysis in the domain of neo-banking. Our research offers an extensive understanding of neo-banking using bibliometric and thematic analyses. We reviewed 191 relevant articles published between 2009 and 2022 and are extracted from the Scopus database using the PRISMA approach. We used Biblioshiny and VOS viewer to analyse the data and visualize the findings. Our research includes a multi-criteria assessment of prior research, looking at prominent keywords, prolific authors, articles, sources, institutions, and countries. Our study provides valuable insights into prior research and emerging themes by identifying distinct research clusters. It also presents a current overview and proposes future research directions for a continually evolving area. These findings will help the academic researchers to deep dive into this thinly-explored domain.

This study focuses on Chinese high-tech listed enterprises spanning from 2010 to 2022, aiming to explore the primary impact of government R&D subsidies on their innovation efficiency. Our findings indicate that these subsidies effectively enhance the innovation efficiency of high-tech enterprises. Furthermore, bank credit serves as a positive intermediary between government subsidies and improved innovation. Notably, R&D subsidies tend to have a greater impact on enhancing innovation efficiency in private enterprises compared to state-owned enterprises.

This study provides novel insights into the stock return predictability related to the firm-level total factor productivity (TFP) in the China's stock market, covering the period from 1999 to 2020. Contrary to studies on other countries, our research identifies a positive correlation between the productivity of Chinese firms and their future stock returns. We suggest that this correlation is driven by mispricing rather than risk premium. Specifically, we argue that investors' difficulties in accurately assessing firm-level productivity and limited attention result in the inadequate incorporation of this information into stock prices. Furthermore, our analysis explores additional factors contributing to the observed productivity-related market anomaly, including investor overconfidence, positive feedback trading, lottery preference, information uncertainty, and limits to arbitrage, indicating investors' irrationality and behavioral biases. Importantly, our study also demonstrates that firm-level productivity serves as a reliable predictor of a firm's future profitability.

This study mainly analyzes the link between host country economic policy uncertainty (HEPU) and Chinese enterprises' outward foreign direct investment (OFDI) and finds that HEPU negatively influences Chinese enterprises' OFDI. The increase of HEPU will inhibit market-oriented and technology-oriented OFDI, while resource-endowed OFDI is insignificant. In addition, where trade openness plays a mediating role and the results of the heterogeneity analysis show that the economic policy uncertainty of developed countries has a more significant influence on Chinese enterprises' OFDI. In contrast, the economic policy uncertainty of developing countries has a relatively minor influence on Chinese enterprises' OFDI. This paper provides a reference for Chinese enterprises' OFDI, as well as suggestions for the state and government to formulate economic policies, so that Chinese enterprises can maintain competitiveness and realize sustainable development in the ever-changing global economic environment.

Urban spatial expansion is a critical aspect of the policy of replacing counties with districts. This paper analyzes the spatio-temporal advancement of administrative division in China between 2000 and 2016, uses the Multi-Period method to examine the impact of county-to-district reform on urban spatial structure and “smart growth”. We find that the abolition of county borders leads to population migration within the city towards the newly established municipal districts, resulting in an irregular urban shape and a polycentric structure, particualrly the proactive-type reform. Further analysis shows that city-county merger promotes population polycentricity, but has no effect on employment polycentricity, leaving newly established municipal districts facing the “sleeping city”. Reformed counties expanded significantly but did not achieve substantial growth. The county-to-district reform inhibited overall urban economic growth, but cities with better population-industry match have less negative or uncertain effects.