Journal of Asian Economics最新文献

英文中文

Product market competition and corporate human capital upgrading: Evidence from China’s Anti-Monopoly Law 产品市场竞争与企业人力资本升级：来自中国反垄断法的证据

IF 3.4 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2026-01-01 Epub Date: 2025-11-26 DOI: 10.1016/j.asieco.2025.102086

Jiaxuan Li , Shuzhen Liang , Yongwei Ye , Changjian Chen

Although extant studies have explored the determinants of corporate human capital upgrading based on multiple perspectives, it is unclear whether and how market competition affects corporate human capital upgrading. We conduct a difference-in-difference regression by employing the enactment of China’s Anti-Monopoly Law (AML) in 2008 as a quasi-natural experiment that exposes monopolies to increased market competition. The results show that high-monopolistic firms hire more highly skilled employees after the enactment of the AML, particularly for state-owned firms, firms operating in regions with high market segmentation, firms with low R&D intensity. Further evidence suggests that the possible channel behind this positive effect is that the heightened market competition led by the AML, incentivizes monopoly firms to increase the investment in human capital and the demand for employees with high skills. In addition, we further find that the enactment of the AML increases firms’ labor income share, labor productivity, total factor productivity, and profitability. Our study highlights the crucial role of the AML in promoting corporate human capital upgrading.

虽然已有研究从多个角度探讨了企业人力资本升级的决定因素，但市场竞争是否影响企业人力资本升级以及如何影响企业人力资本升级尚不清楚。我们采用2008年颁布的中国反垄断法（AML）作为准自然实验，将垄断企业暴露于日益激烈的市场竞争中，从而进行了差分回归。结果表明，反垄断法实施后，高垄断企业雇佣了更多的高技能员工，特别是国有企业、市场分割程度高的地区企业和研发强度低的企业。进一步的证据表明，这种积极效应背后的可能渠道是反垄断法导致的市场竞争加剧，激励垄断企业增加人力资本投资和对高技能员工的需求。此外，我们进一步发现反垄断法的颁布提高了企业的劳动收入份额、劳动生产率、全要素生产率和盈利能力。我们的研究强调了反洗钱在促进企业人力资本升级中的关键作用。

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引用次数: 0

Environmental governance and CSR: Dilemma or plausibility? 环境治理与企业社会责任：两难还是合理？

IF 3.4 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2026-01-01 Epub Date: 2025-11-26 DOI: 10.1016/j.asieco.2025.102084

Angela C. Chao, Jiayi Tao, Jichi Tian

In pursuit of sustainable development, it is essential for firms to integrate environmental social responsibility into their core strategies. This study investigates the impact mechanism of environmental corporate social responsibility on firm growth in an oligopolistic market under regulatory pressure, based on three corporate environmental governance strategies: front-end prevention, end-of-pipe control, and comprehensive governance. The findings indicate that firms without environmental governance practices may face greater market risks and more likely to be eliminated compared to those actively engaged in such practices. This insight provides valuable guidance for firms to deepen understand social responsibility and make informed environmental governance decisions, and for policymakers to develop more effective environmental governance strategies.

企业要实现可持续发展，就必须将环境社会责任纳入企业的核心战略。本文基于三种公司环境治理策略：前端预防、末端控制和综合治理，研究了监管压力下寡占市场环境下企业社会责任对企业成长的影响机制。研究结果表明，与积极实施环境治理的企业相比，缺乏环境治理实践的企业可能面临更大的市场风险，更有可能被淘汰。这一见解为企业加深对社会责任的理解、做出明智的环境治理决策以及决策者制定更有效的环境治理战略提供了有价值的指导。

引用次数: 0

The impact of natural disasters on agriculture in the tropics: New empirical evidence 自然灾害对热带地区农业的影响：新的经验证据

IF 3.4 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2026-01-01 Epub Date: 2025-12-03 DOI: 10.1016/j.asieco.2025.102097

Snehaprava Sahoo , Devi Prasad Dash , Apra Sinha

Agricultural activities in tropical regions face growing vulnerability to natural disasters as their frequency and intensity are increasing over time. We construct a panel of 43 tropical economies and examine the impact of natural disasters on agricultural value added. Results suggest that the natural disaster reduces agricultural value added by causing death, displacing the population, and physical damages. Among these, the affected population has the strongest effect, as it reinforces both the land and labour channels of production. Furthermore, we estimate the heterogeneous effect of different natural disasters and find that droughts are the most damaging for agricultural activities followed by storm. Notably, a 1 % increase in drought-related deaths led to a 0.7 % decrease in agricultural value added. These results suggest that climate change is having adverse effects on livelihood in tropical regions that require policy attention.

随着自然灾害的频率和强度不断增加，热带地区的农业活动越来越容易受到自然灾害的影响。本文以43个热带经济体为样本，考察自然灾害对农业增加值的影响。结果表明，自然灾害通过造成死亡、人口流离失所和物理损害来降低农业增加值。其中，受影响人口的影响最大，因为它加强了生产的土地和劳动力渠道。此外，我们估计了不同自然灾害的异质性效应，发现干旱对农业活动的破坏性最大，其次是风暴。值得注意的是，与干旱有关的死亡人数增加1 %，导致农业增加值减少0.7 %。这些结果表明，气候变化正在对热带地区的生计产生不利影响，需要引起政策关注。

引用次数: 0

Who benefits from government-conducted vocational training? Evidence from employment of rural-to-urban migrant workers in China 谁从政府的职业培训中受益？来自中国农民工就业的证据

IF 3.4 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2025-12-01 Epub Date: 2025-08-24 DOI: 10.1016/j.asieco.2025.102031

Lilian Li , Yuansong Zhang , Juntao Ye , Mingwang Cheng

This study investigates how government-conducted vocational training (GVT) shapes employment outcomes for rural-to-urban migrant workers in China through human and social capital frameworks. Using nationally representative survey data, we demonstrate that GVT participation raises workers' employment rate by 4.6 % and improves employment quality by 3.674, confirming expanded-capacity and enhanced-quality effects. Mechanistic evidence shows these impacts operate through strengthened vocational skills and expanded social networks. Moreover, GVT disproportionately benefits low-educated workers, further narrowing their employment gap relative to high-educated groups. This differential effectiveness positions GVT as a backstop protection mechanism in labor market stratification. Our findings underscore the necessity of developing precision training systems with modular skill certifications and network-building components. Policy designs should prioritize adaptable curricula for low-educated cohorts to maximize GVT's equalizing potential during China's economic transition.

本研究通过人力资本和社会资本框架探讨了政府开展的职业培训（GVT）如何影响中国农民工的就业结果。利用具有全国代表性的调查数据，我们证明了GVT参与使工人就业率提高了4.6% %，使就业质量提高了3.674 %，证实了产能扩张和质量提升效应。机械证据表明，这些影响通过加强职业技能和扩大社会网络来发挥作用。此外，GVT不成比例地惠及受教育程度低的工人，进一步缩小了他们相对于受教育程度高的群体的就业差距。这种差异的有效性定位GVT作为劳动力市场分层的后盾保护机制。我们的研究结果强调了开发具有模块化技能认证和网络构建组件的精确培训系统的必要性。政策设计应优先考虑低学历人群的适应性课程，以最大限度地发挥中国经济转型期间GVT的均衡潜力。

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引用次数: 0

The long-term effect of labor outflow on crime: Evidence from China 劳动力外流对犯罪的长期影响：来自中国的证据

IF 3.4 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2025-12-01 Epub Date: 2025-09-22 DOI: 10.1016/j.asieco.2025.102050

Lijun Zang , Lyubing Feng

This study comprehensively utilizes data from the 2005 and 2015 China 1 % Population Sample Surveys and the number of first-instance criminal judgment documents published by China Judgments Online to explore the long-term effects of labor outflow on crime in the origin area. The results reveal that while labor outflow does not significantly affect the overall crime rate, it does have significant effects on different types of crimes. Specifically, labor outflow increases low-skill crimes, but reduces high-skill crimes and passion crimes. Mechanism analysis indicates that labor outflow primarily influences local crime rates through the human capital mechanism, namely by reducing the long-term accumulation of human capital in the origin region, thereby lowering the opportunity cost of crime, the likelihood of high-skill crimes, and the ability to evade arrest after committing a crime.

本研究综合利用2005年和2015年中国1 %人口抽样调查数据和中国裁判文书网公布的一审刑事裁判文书数量，探讨劳动力外流对原籍地犯罪的长期影响。结果表明，虽然劳动力外流对总体犯罪率没有显著影响，但对不同类型的犯罪有显著影响。具体而言，劳动力外流增加了低技能犯罪，但减少了高技能犯罪和激情犯罪。机制分析表明，劳动力外流主要通过人力资本机制影响当地犯罪率，即通过减少原籍地区人力资本的长期积累，从而降低犯罪的机会成本、高技能犯罪的可能性以及犯罪后逃避逮捕的能力。

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 : 2025-12-01 Epub 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

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 : 2025-12-01 Epub 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

Singapore’s role for ASEAN’s portfolio investment 新加坡在东盟证券投资中的作用

IF 3.4 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2025-12-01 Epub Date: 2025-10-15 DOI: 10.1016/j.asieco.2025.102061

Tomoo Kikuchi , Satoshi Tobe

We investigate the elasticity of portfolio investment of ASEAN and OECD members to geographical distance in a gravity model utilizing a bilateral panel of 86 reporting and 241 counterparty countries/territories for 2007–2017. We find that the elasticity is more negative for ASEAN than OECD members. The difference is even larger if we exclude Singapore. This indicates that Singapore’s behavior is distinct from other ASEAN members. While Singapore tends to invest in distant OECD countries, other ASEAN members tend to invest in nearby countries. Our study sheds light on the role of a regional financial center in global finance.

我们利用2007-2017年86个报告国家和241个交易对手国家/地区的双边面板，在重力模型中研究了东盟和经合组织成员国的证券投资对地理距离的弹性。我们发现东盟的弹性比经合组织成员国更负。如果把新加坡排除在外，差距就更大了。这表明新加坡的行为与其他东盟成员国不同。新加坡倾向于在遥远的经合组织国家投资，而其他东盟成员国则倾向于在附近国家投资。我们的研究揭示了区域金融中心在全球金融中的作用。

引用次数: 0

How does central bank address the climate risks through monetary policies in China? 中国央行如何通过货币政策应对气候风险？

IF 3.4 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2025-12-01 Epub Date: 2025-10-25 DOI: 10.1016/j.asieco.2025.102067

Ziqi Lei , Ziyi Zhang , Yanhong Guo

With the increase in extreme climate events, the government plays an important role in sustainable development. This paper examines how the central bank in China addresses the risks and opportunities posed by climate change. First, based on the Copula-CoVaR model, we construct a climate financial stress index to quantify the impact of climate risk on systemic risk. Then, we introduce this index into the time-varying Taylor rule model to analyze the monetary policies of the central bank under different climate risk levels. We find that the increase in the climate financial stress index significantly strengthens asymmetric effects on monetary policies of the central bank. In a country with high climate risk, the central bank may focus on financial stability, less responsive to inflation and output gaps. The policy rate adjustments are more pro-cyclical when the country suffers extreme climate events. Our paper provides the theoretical analysis for improving the functions of central banks and a new perspective for monetary policy adjustment in addressing climate change.

随着极端气候事件的增多，政府在可持续发展中发挥着重要作用。本文探讨了中国央行如何应对气候变化带来的风险和机遇。首先，基于Copula-CoVaR模型，构建气候金融压力指数，量化气候风险对系统性风险的影响。然后，将该指标引入时变泰勒规则模型，分析了不同气候风险水平下央行的货币政策。我们发现，气候金融压力指数的增加显著增强了对央行货币政策的不对称效应。在气候风险较高的国家，央行可能会把重点放在金融稳定上，对通胀和产出缺口的反应较少。当国家遭受极端气候事件时，政策利率调整更具顺周期性。本文为完善中央银行职能提供了理论分析，并为应对气候变化的货币政策调整提供了新的视角。

引用次数: 0

The effect of multi-level project governance on regional export technological complexity in China 多层次项目治理对中国区域出口技术复杂性的影响

IF 3.4 3区经济学 Q1 ECONOMICS

Journal of Asian Economics

Pub Date : 2025-12-01 Epub Date: 2025-10-26 DOI: 10.1016/j.asieco.2025.102068

Yuhang Zhuang , Chaoshuai Zhang , Liyunpeng Zhang

Amid the increasing fragmentation of globalization and rising geopolitical risks, China’s industrial policies, especially those aimed at enhancing exports, have emerged as a reference model for development strategies in some developing countries. However, given China’s distinctive administrative structure and its strong implementation capacity, it is essential to reassess the impact and scope of government decision-making within its multi-tiered governance system. Using a novel dataset of government projects in China from 2009 to 2017, we construct a province-product level measure of multi-level project governance (MLPG) and estimate its impact on regional export technological complexity (RETC). We find that MLPG significantly increases RETC, primarily by expanding financial resource supply and fostering economic agglomeration. Its effectiveness is further enhanced when local governments are both capable and constrained. The magnitude of this effect, however, varies systematically across regions. MLPG has a greater impact in regions with stronger material foundations and more coherent coordination across government tiers and interregional markets. By contrast, its effects weaken in regions with higher levels of market development. These findings underscore that the success of MLPG depends not only on governing capacity but also on its alignment with local development conditions, offering broader insights into how governance instruments can be adapted to diverse regional contexts in developing countries.

在全球化碎片化加剧和地缘政治风险上升的背景下，中国的产业政策，特别是旨在促进出口的产业政策，已成为一些发展中国家发展战略的参考模式。然而，鉴于中国独特的行政结构和强大的执行能力，有必要重新评估多层次治理体系下政府决策的影响和范围。利用2009 - 2017年中国政府项目数据集，构建了多层次项目治理（MLPG）的省-产品层面测度，并估算了其对区域出口技术复杂性（RETC）的影响。研究发现，MLPG通过扩大金融资源供给和促进经济集聚显著提高了RETC。在地方政府能力和约束并存的情况下，其有效性进一步增强。然而，这种影响的程度因地区而异。MLPG在物质基础较强、各级政府间和区域间市场协调更协调的地区影响更大。相比之下，在市场发展水平较高的地区，其影响减弱。这些发现强调，MLPG的成功不仅取决于治理能力，还取决于其与当地发展条件的一致性，从而为如何使治理工具适应发展中国家不同的区域环境提供了更广泛的见解。

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