Pub Date : 2026-03-01Epub Date: 2026-01-29DOI: 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.
{"title":"Heterogeneous effects of SRDI policy on asset valuation","authors":"Jie Gao , Wenxiu Hu","doi":"10.1016/j.iref.2026.104965","DOIUrl":"10.1016/j.iref.2026.104965","url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"106 ","pages":"Article 104965"},"PeriodicalIF":5.6,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146189282","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: 2026-01-29DOI: 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.
{"title":"Executives' green experience, green innovation and corporate environmental performance: A machine learning-based news sentiment analysis in China","authors":"Yajie Han , Qisong Wang , Xin Xiang , Mengyuan Liu","doi":"10.1016/j.iref.2026.104956","DOIUrl":"10.1016/j.iref.2026.104956","url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"106 ","pages":"Article 104956"},"PeriodicalIF":5.6,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146189283","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.2026.104908
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.
{"title":"Dynamic evolution and multiscale drivers of green finance for high-quality energy transition","authors":"Yarong Shi, Mengnan Li, Jibo Wang","doi":"10.1016/j.iref.2026.104908","DOIUrl":"10.1016/j.iref.2026.104908","url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"106 ","pages":"Article 104908"},"PeriodicalIF":5.6,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145980870","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}
Pub Date : 2026-03-01Epub Date: 2026-01-24DOI: 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。
{"title":"Can digital transformation deliver the dual benefits of emissions reduction and efficiency gains?","authors":"Danxue Fan , Meiyue Li","doi":"10.1016/j.iref.2026.104963","DOIUrl":"10.1016/j.iref.2026.104963","url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"106 ","pages":"Article 104963"},"PeriodicalIF":5.6,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146074744","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.2026.104945
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.
{"title":"Does ESG shape systemic risk in oil and gas exploration?","authors":"Aktham Maghyereh , Basel Awartani","doi":"10.1016/j.iref.2026.104945","DOIUrl":"10.1016/j.iref.2026.104945","url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"106 ","pages":"Article 104945"},"PeriodicalIF":5.6,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146036002","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.2026.104924
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.
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