Journal of Asian Economics最新文献

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Green bond and green innovation: Evidence from Chinese listed companies 绿色债券与绿色创新：来自中国上市公司的证据

IF 3.4 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2025-11-19 DOI: 10.1016/j.asieco.2025.102081

Ruowei Ma, Hui Gao, Bowen Liang

Against the dual backdrop of achieving China’s “dual-carbon” goals and mitigating risks in green finance, this study systematically examines the mechanisms through which green bonds drive corporate green innovation, using data from Chinese A-share listed firms between 2011 and 2022. The findings show that the issuance of green bonds increases firms’ green patent applications by an average of 44.6 %, with more pronounced effects among non-state-owned enterprises, firms outside carbon-trading pilot regions, and those located in areas with weaker environmental regulation. Mechanism tests reveal two transmission channels. Internally, green bond proceeds alleviate financing constraints and expand R&D investment, contributing 12.7 % and 11.4 % of the overall innovation effect, respectively, thereby enhancing the efficiency of innovation resource allocation. Externally, green bonds improve stock liquidity and attract greater investor attention: enhanced liquidity accounts for 17.4 % of innovation growth, while analyst coverage and research reports contribute 4.9 % and 4.7 %, respectively, underscoring the role of market signaling in shaping innovation behavior. Theoretically, this study advances a “dual circulation” framework that integrates internal capital optimization with external market incentives, elucidating how green bonds simultaneously foster corporate resource reallocation and reputational gains. These insights provide firm-level evidence for identifying substantive environmental contributions, curbing greenwashing risks, and informing the design of differentiated carbon-neutral financial policies.

在实现中国“双碳”目标和降低绿色金融风险的双重背景下，本研究利用2011 - 2022年中国a股上市公司的数据，系统考察了绿色债券驱动企业绿色创新的机制。研究发现，绿色债券的发行使企业的绿色专利申请量平均增加了44.6% %，其中非国有企业、碳交易试点地区以外的企业和环境监管较弱地区的企业的效果更为明显。机构测试显示有两个传输通道。从内部看，绿色债券收益缓解了融资约束，扩大了研发投入，对整体创新效应的贡献率分别为12.7% %和11.4% %，从而提高了创新资源配置效率。从外部来看，绿色债券提高了股票的流动性，吸引了更多的投资者关注：流动性的增强对创新增长的贡献率为17.4% %，而分析师报道和研究报告分别对创新增长的贡献率为4.9% %和4.7% %，强调了市场信号在塑造创新行为中的作用。在理论上，本研究提出了一个整合内部资本优化和外部市场激励的“双循环”框架，阐明了绿色债券如何同时促进企业资源再配置和声誉收益。这些见解为确定实质性环境贡献、遏制“漂绿”风险以及为设计差异化碳中性金融政策提供了企业层面的证据。

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引用次数: 0

Hidden cost of automation: Do industrial robots take a toll on our mental health? 自动化的隐性成本：工业机器人会对我们的心理健康造成损害吗？

IF 3.4 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2025-11-11 DOI: 10.1016/j.asieco.2025.102078

Yueqing Zou , Yuanyuan Chen

The news media often associates robots with anxiety, yet there is limited empirical evidence regarding the actual impact of robots on mental health. This study employs individual-level survey data from the China Family Panel Studies (CFPS) and robot data from the International Federation of Robotics (IFR) to examine the influence of robot adoption on the mental health of the working-age population in China. Using a Bartik instrument variable constructed from foreign industry-level robot data, we find that robot adoption increases individual psychological depression levels. Further investigations illuminate that robot adoption adversely affects individual mental health by reducing current family income, exacerbating family income inequality, and lowering family expectations for future income. Furthermore, our findings indicate that the effects are stronger among men, individuals with lower education levels, manufacturing workers, migrants, and residents of large cities who have greater exposure to robots, as well as prime-age individuals, those with lower household economic conditions, and married individuals who face higher economic pressures. Our study highlights the need to enhance career transition support and social security systems to mitigate the hidden mental health cost of automation.

新闻媒体经常将机器人与焦虑联系在一起，但关于机器人对心理健康的实际影响的经验证据有限。本研究采用来自中国家庭小组研究（CFPS）的个人层面调查数据和国际机器人联合会（IFR）的机器人数据来检验机器人采用对中国劳动年龄人口心理健康的影响。利用国外工业机器人数据构建的Bartik仪器变量，我们发现机器人的使用增加了个体的心理抑郁水平。进一步的研究表明，机器人的采用会减少当前家庭收入，加剧家庭收入不平等，降低家庭对未来收入的预期，从而对个人心理健康产生不利影响。此外，我们的研究结果表明，这种影响在男性、受教育程度较低的个体、制造业工人、移民和大城市居民中更为强烈，这些人更多地接触到机器人，以及黄金年龄个体、家庭经济条件较低的个体和面临较大经济压力的已婚个体。我们的研究强调，需要加强职业过渡支持和社会保障体系，以减轻自动化带来的隐性心理健康成本。

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引用次数: 0

Sovereign debt risk, government ESG, and bank stock performance 主权债务风险、政府ESG和银行股表现

IF 3.4 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2025-11-10 DOI: 10.1016/j.asieco.2025.102079

Qingfu Liu , Lei Lu , Yiuman Tse , Chuanjie Wang

This study investigates how sovereign debt risk affects bank stock performance and how government ESG moderates this relationship. Using monthly data for 578 listed banks in 22 major economies (2008–2022), we find that higher sovereign debt risk reduces returns and increases volatility, with results robust to alternative measures, crisis-period exclusions, and an instrumental variables approach based on sovereign credit rating changes and neighboring countries’ sovereign debt risk. We develop a time-varying factor copula framework and a CoEDP-based systemic risk indicator to capture the spillover effects of foreign sovereign debt risk. A China case study shows substantial spillovers into its banking sector, especially after 2017. These findings highlight the need for policymakers to monitor sovereign risks and use government ESG as a mitigation tool.

本研究探讨主权债务风险如何影响银行股表现，以及政府ESG如何调节这种关系。利用22个主要经济体的578家上市银行的月度数据（2008-2022年），我们发现，较高的主权债务风险降低了回报，增加了波动性，结果对替代措施、危机时期的排除以及基于主权信用评级变化和邻国主权债务风险的工具变量方法都是稳健的。我们开发了一个时变因素联结框架和一个基于coedp的系统性风险指标，以捕捉外国主权债务风险的溢出效应。一项对中国的案例研究显示，中国银行业受到了巨大的溢出效应，尤其是在2017年之后。这些发现突出表明，政策制定者需要监测主权风险，并将政府ESG作为缓解工具。

引用次数: 0

How exporting moderates the impact of COVID-19 on real earnings management in Korea 出口如何缓和新冠疫情对韩国实际盈余管理的影响

IF 3.4 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2025-11-07 DOI: 10.1016/j.asieco.2025.102074

Ohong Kwon

Purpose

This study examines the relationship between COVID-19 and Korea's real earnings management (REM). In particular, it explores how changes in REM differ between exporting and domestic firms and investigates whether these differences vary across different pandemic phases.

Design/methodology

Using panel data, this study analyzes Korean firms listed on the stock exchange from 2018 to 2021 to assess the impact of COVID-19 on REM. To examine the causal effect of the pandemic and whether its impact differs between exporting and domestic firms, a difference-in-differences (DID) analysis is employed.

Findings

The results indicate that REM increased during the COVID-19 period, mainly through abnormal operating cash flows and abnormal production. However, this increase was less pronounced for exporting firms than domestic firms. In addition, REM was higher during the early phase of the pandemic in 2020 but declined in 2021 as the pandemic stabilized.

Originality/value

This study contributes to the literature by suggesting the moderating effect of export activity on the relationship between COVID-19 and REM. Given Korea’s high reliance on exports and the differing recovery speeds of the export and domestic sectors, it is essential to understand how the pandemic affected exporting and domestic firms differently. Furthermore, this study is significant in that it connects REM with the marketing strategies of export and domestic firms.

目的研究新冠肺炎疫情与韩国实际盈余管理（REM）之间的关系。特别是，它探讨了出口公司和国内公司之间REM变化的差异，并调查这些差异是否在不同的大流行阶段有所不同。设计/方法使用面板数据，本研究分析了2018年至2021年在证券交易所上市的韩国公司，以评估COVID-19对REM的影响。为了检验大流行的因果关系以及其影响在出口和国内公司之间是否存在差异，采用了差异中的差异（DID）分析。结果表明：新冠肺炎疫情期间，REM增加，主要表现为经营性现金流异常和生产异常。然而，出口企业的增长不如国内企业明显。此外，REM在2020年大流行的早期阶段较高，但随着大流行的稳定，2021年下降。独创性/价值本研究通过提出出口活动对COVID-19和REM之间关系的调节作用，为文献做出了贡献。鉴于韩国对出口的高度依赖以及出口和国内部门的不同恢复速度，有必要了解大流行对出口和国内企业的不同影响。此外，本研究的重要意义在于将REM与出口企业和国内企业的营销策略联系起来。

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引用次数: 0

How does digital environmental supervision affect corporate economic efficiency? Company-level evidence from China 数字环境监管如何影响企业经济效率？来自中国的公司层面证据

IF 3.4 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2025-11-07 DOI: 10.1016/j.asieco.2025.102076

Longzheng Du , Ni Xiong , Yongheng Hu

What is the economic impact of digital environmental supervision on companies? Based on the quasi-natural experiment of digital environmental supervision represented by the establishment of automatic air monitoring stations (AAMSs), we adopt the time-varying difference-in-differences (DID) method to explore the impact of digital environmental supervision on the total factor productivity (TFP) of Chinese companies. The empirical findings show: (1) Digital environmental supervision reduces the TFP of listed companies by 4.17 %. The establishment of AAMSs increases corporate financing constraints, reduces cash flow, and raises operating costs, leading to a decline in corporate TFP. Government subsidies for environmental protection (GSEP) and corporate investment in environmental protection (CIEP) significantly alleviate the adverse impact of digital environmental supervision on corporate TFP. (2) Heterogeneity analysis reveals that digital environmental supervision significantly improves the TFP of foreign companies, while it significantly decreases the TFP of privately-owned companies and has no significant effect on state-owned enterprises. Regionally, digital environmental supervision reduces TFP in companies located in Central and Western China, while exerting no significant impact on those in Eastern China. Additionally, the decline in corporate TFP is more significant in non-key cities for environmental protection compared to key cities. These findings offer additional empirical evidence for understanding the relationship between digital environmental supervision and corporate TFP.

数字环境监管对企业的经济影响是什么？基于以建立自动空气监测站（aams）为代表的数字环境监管准自然实验，采用时变差分法（DID）探讨了数字环境监管对中国企业全要素生产率（TFP）的影响。实证结果表明：(1)数字环境监管使上市公司全要素生产率降低4.17 %。aams的建立增加了企业的融资约束，减少了现金流，提高了经营成本，导致企业全要素生产率下降。政府环保补贴（GSEP）和企业环保投资（CIEP）显著缓解了数字环境监管对企业全要素生产率的不利影响。(2)异质性分析表明，数字环境监管显著提高了外资企业的TFP，显著降低了民营企业的TFP，对国有企业的TFP影响不显著。从区域上看，数字环境监管降低了中西部企业的全要素生产率，而对东部企业的全要素生产率没有显著影响。此外，企业全要素生产率的下降在非环保重点城市比重点城市更为显著。这些发现为理解数字环境监管与企业全要素生产率之间的关系提供了额外的经验证据。

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引用次数: 0

A primer on a closed-loop system for international settlements in emerging market economies 新兴市场经济体国际结算闭环系统入门

IF 3.4 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2025-11-06 DOI: 10.1016/j.asieco.2025.102077

Andrey Leonidov , Alexey Ponomarenko , Stanislav Radionov , Ekaterina Vasilyeva

The paper outlines the concept of a parsimonious international settlement system for emerging market economies that does not necessitate the transformation of existing national financial systems. Simulation analysis showed that the system has the potential to accommodate up to two-thirds of international payment flows between 34 countries. Notably, market forces related to exchange rate fluctuations alone can drive the migration of payment flows to the new system.

本文概述了新兴市场经济体精简国际结算体系的概念，这种体系不需要改变现有的国家金融体系。模拟分析表明，该系统有可能容纳34个国家之间多达三分之二的国际支付流量。值得注意的是，仅与汇率波动有关的市场力量就能推动支付流量向新系统转移。

引用次数: 0

Corporate political activities and emerging MNCs’ internationalization: Interplay of CEO narcissism and gender 企业政治活动与新兴跨国公司国际化：CEO自恋与性别的相互作用

IF 3.4 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2025-11-06 DOI: 10.1016/j.asieco.2025.102073

Hamad Aldawsari , Muhammad Saad Baloch

Multinational Corporations (MNCs) from emerging markets face various socio-political and institutional challenges in their domestic markets owing to their engagement in global markets. To navigate these challenges and secure favorable legislative and institutional support, they increasingly adopt nonmarket strategies in their domestic markets. Drawing on the institutional and upper echelons theories, this study examines why Chinese and Indian emerging MNCs (EMNCs) perform corporate political activities (CPAs) as a strategic nonmarket response in their domestic markets. Utilizing data from 159 EMNCs from 2011 to 2022, we find that engagement in CPAs serves as a buffering and bridging mechanism to support their degree of internationalization. Moreover, CEO narcissism and the presence of female CEO positively moderate this relationship. These findings offer both theoretical insights and strategic implications.

来自新兴市场的跨国公司（MNCs）由于参与全球市场，在其国内市场面临各种社会政治和制度挑战。为了应对这些挑战并获得有利的立法和制度支持，它们越来越多地在国内市场采用非市场战略。利用制度理论和上层理论，本研究探讨了为什么中国和印度的新兴跨国公司（emnc）将企业政治活动（cpa）作为其国内市场的战略性非市场反应。利用2011年至2022年159家emnc的数据，我们发现注册会计师的参与是支持其国际化程度的缓冲和桥梁机制。此外，CEO自恋和女性CEO的存在正向调节了这一关系。这些发现提供了理论见解和战略意义。

引用次数: 0

New infrastructure and urban green innovation: Facilitation or inhibition? 新基础设施与城市绿色创新：促进还是抑制？

IF 3.4 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2025-11-05 DOI: 10.1016/j.asieco.2025.102071

Lu Zhang , Wei Zhang

Achieving dual carbon goals necessitates the advancement of green innovation. This study employs the “Broadband China” (BC) strategy as a quasi-natural experiment, using a staggered Difference-in-Differences model and a spatial econometric framework to assess the impact of new infrastructure on urban green innovation (UGI). The findings indicate that the BC policy significantly enhances UGI levels, resulting in an average increase of 0.594 green invention patent applications per 1000 people, as confirmed by a series of robustness checks. Mechanism analysis reveals that the BC promotes UGI primarily through urban expansion, the development of digital finance, and increased fiscal R&D investment. The heterogeneity analysis shows that the policy’s effect is more pronounced in cities located in the eastern and central regions. Furthermore, the BC has a greater positive impact on green innovation in resource-based cities compared to non-resource-based ones. Beyond improving green innovation within pilot cities, the BC also generates positive spillover effects in adjacent cities. This study provides important empirical evidence to inform strategies aimed at maximizing the green innovation benefits of new infrastructure initiatives.

实现双碳目标需要推进绿色创新。本研究采用“宽带中国”战略作为准自然实验，采用交错差中差模型和空间计量经济学框架来评估新建基础设施对城市绿色创新（UGI）的影响。结果表明，BC政策显著提高了UGI水平，导致每1000人平均增加0.594件绿色发明专利申请，这得到了一系列稳健性检验的证实。机制分析表明，大湾区主要通过城市扩张、发展数字金融和加大财政研发投入来促进UGI的发展。异质性分析表明，该政策对东部和中部城市的影响更为明显。与非资源型城市相比，资源导向型城市对绿色创新的正向影响更大。除了促进试点城市的绿色创新外，绿色创新还对邻近城市产生了积极的溢出效应。该研究为旨在最大化新基础设施倡议的绿色创新效益的战略提供了重要的经验证据。

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引用次数: 0

Kinship networks and risky financial asset investment: The power of Confucian clan 亲属网络与风险金融资产投资：儒家宗族的力量

IF 3.4 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2025-11-04 DOI: 10.1016/j.asieco.2025.102065

Xiaojuan Wang , Chao Wang , Shuai Zhao

This paper investigates the causal effect of kinship networks on household investments in risky financial assets. Using the distance of each prefecture’s centroid to the nearest Zhu Xi academy as an instrumental variable, we find that households with stronger kinship networks are more likely to invest in risky financial assets. Kinship networks can futher shape households’ risky asset investments both by facilitating risk sharing through inter-household transfers and by disseminating tacit knowledge to enhance financial literacy.

本文研究了亲属网络对家庭风险金融资产投资的因果影响。利用各县到最近的朱熹书院的质心距离作为工具变量，我们发现亲属关系网络较强的家庭更有可能投资风险金融资产。亲属网络可以通过家庭间转移促进风险分担和传播隐性知识以提高金融素养，从而进一步塑造家庭的风险资产投资。

引用次数: 0

Economic cycle interactions and influence of a highly integrated foreign economy: Case of Nepal and India 高度一体化的外国经济的经济周期相互作用和影响：尼泊尔和印度的案例

IF 3.4 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2025-11-03 DOI: 10.1016/j.asieco.2025.102072

Guna Raj Bhatta

Do economic cycles of a small open economy interact within and synchronise with a substantially integrated large emerging market economy? We investigate this concern between Nepal and India by applying the frequency domain filter in the annual data from 1991 to 2024. First of all, we estimate business, financial and inflation cycles of both economies and observe whether these cycles interact with each other. Thereafter, we observe whether Nepal's economic cycles synchronise with India's. We find that Indian economic cycles demonstrate a stronger interaction between their business and financial cycles, a phenomenon absent in Nepal. The findings show a synchronization of Nepal's inflation cycles with India's, justifying the currency peg. We observe the significant role of financial markets in smoothing business cycles and financial institutions in smoothing financial cycles, demanding a balanced development of both financial institutions and markets to better synchronise real and financial cycles, thereby persuading countercyclical policies and avoiding macroeconomic instability.

一个小型开放经济体的经济周期是否与一个实质上一体化的大型新兴市场经济体内部相互作用并同步？我们通过在1991年至2024年的年度数据中应用频域滤波器来研究尼泊尔和印度之间的这种关注。首先，我们估计两个经济体的商业、金融和通货膨胀周期，并观察这些周期是否相互作用。此后，我们观察尼泊尔的经济周期是否与印度同步。我们发现，印度的经济周期在商业和金融周期之间表现出更强的相互作用，而尼泊尔却没有这种现象。研究结果显示，尼泊尔的通胀周期与印度的通胀周期是同步的，这证明了尼泊尔实行货币挂钩是合理的。我们观察到金融市场在平滑商业周期和金融机构在平滑金融周期方面的重要作用，要求金融机构和市场的平衡发展，以更好地同步实体周期和金融周期，从而说服反周期政策并避免宏观经济不稳定。

引用次数: 0

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