International Review of Economics & Finance最新文献

英文中文

Can digital transformation deliver the dual benefits of emissions reduction and efficiency gains? 数字化转型能否带来减排和提高效率的双重效益？

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-03-01 Epub Date: 2026-01-24 DOI: 10.1016/j.iref.2026.104963

Danxue Fan , Meiyue Li

This study investigates the green economic benefits of digital transformation in reducing carbon emission intensity and improving energy efficiency (Emission Reduction and Efficiency Gains, ER&EG), in alignment with the philosophy of Chinese modernization. Using panel data from 30 Chinese provinces spanning 2011–2023, empirical tests are conducted through two-way fixed effects, mediation effect, and spatial Durbin models. The findings indicate that: ① Digital transformation reduces regional carbon emission intensity while simultaneously boosting energy efficiency, yielding a “dual dividend” of ER&EG. This conclusion remains valid after endogeneity treatment and robustness tests. ② The impact of digital transformation on ER&EG varies across geographic locations and development patterns. Southern regions exhibit a more pronounced ER effect, while northern regions show a stronger EG effect. Resource-based regions experience EG without ER. ③ Industrial structure upgrading serves only as an intermediary mechanism for the ER effect of digital transformation, whereas green innovation acts as the intermediary mechanism for both ER&EG. ④ Digital transformation not only improves local ER&EG but also generates positive spatial spillovers to neighboring regions. The study recommends continuing to advance digital transformation and intelligent upgrading while paying attention to inter-regional development disparities. This will drive the transformation and upgrading of traditional industries and enhance green innovation, forming a regional synergy for digital transformation to achieve the dual benefits of ER&EG for the whole society.

本研究探讨了数字化转型在降低碳排放强度和提高能源效率方面的绿色经济效益（emission Reduction and efficiency Gains, ER&；EG），与中国现代化的理念相一致。利用2011-2023年中国30个省份的面板数据，通过双向固定效应、中介效应和空间Durbin模型进行实证检验。研究结果表明：①数字化转型降低了区域碳排放强度，同时提高了能源效率，形成了生态效益的“双重红利”。经过内生性处理和稳健性检验，这一结论仍然有效。②数字化转型对er&eg的影响因地理位置和发展模式而异。南方地区ER效应更明显，而北方地区EG效应更强。资源型地区经历的是没有ER的EG。③产业结构升级仅为数字化转型的内能效应的中介机制，绿色创新则为内能效应和内能效应的中介机制。④数字化转型不仅提高了当地的企业效益，而且对周边地区产生了积极的空间溢出效应。研究建议继续推进数字化转型和智能升级，同时关注区域间发展差距。这将带动传统产业的转型升级和绿色创新，形成数字化转型的区域协同效应，实现全社会的erp和EG的双重效益。

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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

Heterogeneous effects of SRDI policy on asset valuation SRDI政策对资产估值的异质性影响

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-03-01 Epub Date: 2026-01-29 DOI: 10.1016/j.iref.2026.104965

Jie Gao , Wenxiu Hu

Utilizing a sample of Chinese listed Specialized, Refined, Distinctive, and Innovative (SRDI) enterprises from 2013 to 2023, this study empirically investigates the heterogeneous impact of SRDI policy support on corporate asset valuation. The results indicate that SRDI policy support significantly enhances the asset valuation of technology innovation enterprises on average. However, this effect exhibits substantial heterogeneity: it is more pronounced in firms with higher profitability and those operating in technology-intensive industries. Furthermore, this study identify industrial chain finance as a critical mediator in this relationship. Importantly, the mediating effect of industrial chain finance is significantly stronger in enterprises with high R&D investment, underscoring the role of internal innovation capacity in leveraging policy and financial resources. These findings offer nuanced insights for refining targeted industrial policies and optimizing financial resource allocation to foster innovation-driven enterprise growth.

本研究以2013 - 2023年中国专精特创上市公司为样本，实证研究了专精特创政策支持对企业资产估值的异质影响。研究结果表明，政策支持显著提高了科技创新企业的资产估值水平。然而，这种效应表现出实质性的异质性：在盈利能力较高的企业和技术密集型企业中，这种效应更为明显。此外，本研究还发现产业链金融在这一关系中起着重要的中介作用。重要的是，产业链金融的中介效应在研发投入高的企业中明显更强，这凸显了内部创新能力对政策和金融资源的撬动作用。这些发现为完善有针对性的产业政策和优化金融资源配置以促进创新驱动型企业成长提供了细致入微的见解。

引用次数: 0

Executives' green experience, green innovation and corporate environmental performance: A machine learning-based news sentiment analysis in China 高管绿色体验、绿色创新与企业环境绩效：基于机器学习的中国新闻情感分析

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-03-01 Epub Date: 2026-01-29 DOI: 10.1016/j.iref.2026.104956

Yajie Han , Qisong Wang , Xin Xiang , Mengyuan Liu

Drawing on Upper Echelons Theory and the Resource-Based View, this study investigates the impact of executives' green experience on corporate environmental performance (SCEP). Using a sample of Chinese A-share listed firms from 2016 to 2023, we measure SCEP by applying a machine learning-based sentiment analysis to corporate environmental news. Our findings indicate that executives with green experience significantly enhance SCEP, a result that remains robust after addressing endogeneity concerns and conducting a series of sensitivity checks. Mechanism analyses reveal that both substantive and symbolic green innovations serve as parallel yet complementary mediators in this relationship. Heterogeneity tests show that the positive effect is more pronounced in firms facing higher financing constraints and those located in large cities, whereas it is attenuated for heavy polluters and firms under stringent environmental pressure. Furthermore, while both green experience and improved SCEP are found to increase financial distress risk, the executives' green experience can effectively mitigate the adverse effect of SCEP on financial health. This study elucidates the channel through which executive characteristics translate into environmental performance via corporate news sentiment, providing robust empirical support for policy-making and sustainable corporate development.

本文运用上层梯队理论和资源基础理论，探讨了高管绿色经验对企业环境绩效的影响。我们以2016年至2023年的中国a股上市公司为样本，通过对企业环境新闻应用基于机器学习的情绪分析来衡量SCEP。我们的研究结果表明，具有绿色经验的高管显著提高了SCEP，在解决了内生性问题并进行了一系列敏感性检查后，结果仍然是稳健的。机制分析表明，实质性绿色创新和象征性绿色创新在这一关系中起着平行而互补的中介作用。异质性检验表明，在面临较高融资约束的企业和位于大城市的企业中，这种积极影响更为明显，而对于重污染企业和处于严格环境压力下的企业，这种积极影响则减弱。此外，虽然绿色体验和改进的SCEP都增加了财务困境风险，但高管的绿色体验可以有效缓解SCEP对财务健康的不利影响。本研究阐明了高管特征通过企业新闻情绪转化为环境绩效的渠道，为政策制定和企业可持续发展提供了强有力的实证支持。

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引用次数: 0

Dynamic evolution and multiscale drivers of green finance for high-quality energy transition 高质量能源转型绿色金融的动态演化与多尺度驱动

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-03-01 Epub Date: 2026-01-12 DOI: 10.1016/j.iref.2026.104908

Yarong Shi, Mengnan Li, Jibo Wang

Against the backdrop of global climate governance and energy security restructuring, high-quality energy development has ascended to the core of national strategy. Green finance, by supporting low-carbon initiatives, plays a critical role in facilitating the transformation of energy systems, while energy development, in turn, guides the direction of green finance. This study establishes the coupling coordination index index (2011–2023) in China. Using Dagum's Gini coefficient and Moran's I to measure spatial disparities and examine distribution characteristics. Kernel density estimation and Markov chain models are applied to analyze dynamic evolutionary trends, and a Spatial Durbin Model (SDM) is employed to identify key driving factors. Results demonstrate an upward annual trend in the level of coordination, yet with significant regional heterogeneity; Strong positive spatial spillovers and club convergence among adjacent areas; The coordinated development of both systems is influenced by multiple factors. Based on this, it is proposed that to further improve the coupling coordination degree, it is necessary to consolidate the development foundation to foster a supportive policy environment; and implement dual approaches through precise governance and collaborative mechanisms, executing differentiated strategies while fully leveraging inter-regional synergies.

在全球气候治理和能源安全结构调整的大背景下，高质量能源发展上升为国家战略核心。绿色金融通过支持低碳倡议，在促进能源体系转型方面发挥着关键作用，而能源发展反过来又引导着绿色金融的方向。本研究建立了中国的耦合协调指数（2011-2023）。运用Dagum的基尼系数和Moran的基尼系数来衡量空间差异并检验分布特征。采用核密度估计和马尔可夫链模型分析动态演化趋势，采用空间Durbin模型识别关键驱动因素。研究结果表明，协调水平呈逐年上升趋势，但区域异质性显著；相邻区域间具有较强的正空间溢出效应和俱乐部收敛效应；二者的协调发展受到多种因素的影响。在此基础上，提出进一步提高耦合协调度，需要夯实发展基础，培育扶持政策环境；通过精准治理和协同机制实施双管齐下，实施差异化战略，充分发挥区域间协同效应。

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引用次数: 0

Does ESG shape systemic risk in oil and gas exploration? ESG会影响油气勘探的系统性风险吗？

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-03-01 Epub Date: 2026-01-20 DOI: 10.1016/j.iref.2026.104945

Aktham Maghyereh , Basel Awartani

This paper examines the influence of ESG factors on the systemic risk of oil and gas companies using firm-level data from 2004 to 2024. We find that firms with high (low) ESG scores consistently contribute less (more) to systemic risk. This effect is stronger among large, high-emission firms. The relationship between ESG and systemic risk is non-linear, with diminishing benefits beyond a certain ESG threshold—where further ESG improvement may increase systemic risk. During the 2014–2016 oil price collapse, firms with stronger ESG profiles contribute less to systemic risk. These findings underscore the role of corporate sustainability in mitigating sector-wide financial vulnerabilities.

本文利用2004 - 2024年的企业层面数据，考察了ESG因素对油气公司系统性风险的影响。我们发现，ESG得分高（低）的公司对系统性风险的贡献始终较小（更多）。这种效应在大型高排放企业中更为明显。ESG和系统性风险之间的关系是非线性的，超过一定的ESG阈值，收益就会递减——进一步改善ESG可能会增加系统性风险。在2014-2016年油价暴跌期间，具有较强ESG特征的公司对系统性风险的贡献较小。这些发现强调了企业可持续性在减轻全行业金融脆弱性方面的作用。

引用次数: 0

FinTech, AI and green outcomes 金融科技、人工智能和绿色成果

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-03-01 Epub Date: 2026-01-20 DOI: 10.1016/j.iref.2026.104924

Merve Coskun , Nigar Taspinar , Gbenga Adamolekun

This paper examines dynamic, frequency-based volatility connectedness using daily data from October 24, 2018, to July 6, 2023. It covers indices in artificial intelligence and Fintech, along with key green market indicators like clean energy, green bonds, and carbon emissions. The dynamic analysis shows that volatility connectedness peaks during major global shocks, such as the COVID-19 pandemic, and increases again during the Russia-Ukraine conflict. Frequency analysis reveals that short-term connectedness is dominant, although significant long-term connectedness also exists. Additionally, AI and Fintech are identified as the primary sources of volatility across different time horizons. Robustness tests confirm the reliability and consistency of these findings. Overall, our study highlights the growing integration between technology-driven and environmentally focused markets, especially in times of crisis.

本文使用2018年10月24日至2023年7月6日的每日数据，研究了动态的、基于频率的波动性连通性。它涵盖了人工智能和金融科技指数，以及清洁能源、绿色债券和碳排放等关键绿色市场指标。动态分析表明，波动连通性在2019冠状病毒病大流行等重大全球冲击期间达到峰值，在俄乌冲突期间再次上升。频率分析显示，短期连通性占主导地位，尽管显著的长期连通性也存在。此外，人工智能和金融科技被认为是不同时间范围内波动的主要来源。稳健性检验证实了这些发现的可靠性和一致性。总体而言，我们的研究强调了技术驱动型市场和环境导向型市场之间的日益融合，尤其是在危机时期。

引用次数: 0

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