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Asymmetric impact of compliance management reform on opportunistic insider trading: Evidence from Chinese state-owned enterprises 合规管理改革对机会性内幕交易的不对称影响：来自中国国有企业的证据

IF 4.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review

Pub Date : 2026-01-13 DOI: 10.1016/j.ememar.2026.101438

Wencheng Cao , Yuan George Shan , Joey Wenling Yang

Using a sample of the listed state-owned enterprises (SOEs) in China, this study investigates the impact of the compliance management reform on opportunistic insider trading. The results show that the reform significantly constrains opportunistic insider selling by executives in SOEs, while having insignificant impact on insider purchases. Mechanism analyses suggest that the effect primarily operates through improvements in corporate governance quality and reductions in information asymmetry. Moreover, the inhibitory effect of compliance management is more pronounced among local SOEs, firms subject to weaker external oversight, those located in regions with underdeveloped institutional environments, and it primarily suppresses opportunistic insider selling by directors and senior management. Additional analysis indicates that compliance management significantly mitigates stock price crash risk and contributes to capital market stability. This study contributes to the literature on the determinants of opportunistic insider trading by highlighting the role of compliance management as an external governance mechanism. It also provides practical implications for policymakers aiming to integrate government regulation with internal compliance practices to promote the high-quality development of capital markets.

本研究以中国上市国有企业为样本，探讨合规管理改革对机会性内幕交易的影响。结果表明，改革显著抑制了国企高管的机会性内部人买卖行为，而对内部人购买行为的影响不显著。机制分析表明，这种效应主要通过公司治理质量的提高和信息不对称的减少来实现。此外，合规管理的抑制作用在地方国有企业、外部监督较弱的企业以及制度环境不发达地区的国有企业中更为明显，主要抑制董事和高级管理人员的机会性内幕出售行为。进一步的分析表明，合规管理显著降低了股价崩盘风险，并有助于资本市场的稳定。本研究通过强调合规管理作为外部治理机制的作用，为机会主义内幕交易决定因素的文献做出了贡献。它也为决策者提供了实际意义，旨在将政府监管与内部合规实践相结合，以促进资本市场的高质量发展。

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引用次数: 0

The impact of non-state shareholder governance on state-owned enterprises' ESG performance in China 非国有股东治理对中国国有企业ESG绩效的影响

IF 4.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review

Pub Date : 2025-12-27 DOI: 10.1016/j.ememar.2025.101433

Xuexin Liu , Xiaomeng Tang , Xiaoxu Kong , Jijun Gao , Lihua Jiang

This study investigates how mixed ownership reform, through non-state shareholder governance (NSG), affects the ESG performance of state-owned enterprises (SOEs). Using a sample of Chinese A-share listed companies from 2010 to 2020, we find that NSG positively impacts SOEs' ESG performance by enhancing corporate disclosure transparency. Analyst coverage and investor sentiment further amplify this positive relationship by creating favorable conditions for ESG engagement. A detailed analysis reveals that the effect of NSG on ESG performance is stronger when non-state shareholders participate through board director appointments rather than through equity ownership. Additional findings suggest that NSG indirectly boosts SOEs' market value by improving their ESG performance. By examining the underexplored non-economic outcomes of mixed ownership reform, this study offers valuable insights for enhancing SOE governance and promoting ESG practices.

本研究探讨混合所有制改革如何通过非国有股东治理（NSG）影响国有企业的ESG绩效。以2010 - 2020年中国a股上市公司为样本，研究发现NSG通过提高企业信息披露透明度对国有企业ESG绩效产生正向影响。分析师报道和投资者情绪为参与ESG创造了有利条件，进一步放大了这种积极关系。详细分析表明，非国有股东通过任命董事的方式参与而不是通过持股的方式参与，NSG对ESG绩效的影响更大。其他研究结果表明，NSG通过改善国有企业的ESG绩效，间接提升了国有企业的市场价值。通过考察混合所有制改革未被充分探索的非经济结果，本研究为加强国有企业治理和促进ESG实践提供了有价值的见解。

引用次数: 0

Reap what you sow: Corporate political activities and the external governance environment 种瓜得瓜，种豆得豆：公司政治活动和外部治理环境

IF 4.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review

Pub Date : 2025-12-25 DOI: 10.1016/j.ememar.2025.101435

Xuan He , Weicheng Xiao

This study analyzes the impact of the corporate political activities (CPAs) of large listed enterprises on the external governance environment (EGE) in emerging markets. This article argues that in the context of China, the entry of listed private manufacturing enterprises into the real estate industry, which depends heavily on land allocated by local governments, increases governmental interference in the economy and weakens the EGE. In particular, when firms utilize political connections, the negative effect is exacerbated, whereas a stronger innovation focus mitigates this impact. A multimodel empirical analysis of panel data from 2003 to 2019 confirms our hypotheses.

本研究分析了新兴市场大型上市企业的公司政治活动对外部治理环境（EGE）的影响。本文认为，在中国的背景下，民营制造业上市企业进入严重依赖地方政府划拨土地的房地产业，增加了政府对经济的干预，削弱了EGE。特别是，当企业利用政治关系时，负面影响会加剧，而更强的创新焦点则会减轻这种影响。对2003年至2019年面板数据的多模型实证分析证实了我们的假设。

引用次数: 0

Individual ethics and economic policy uncertainty 个人伦理与经济政策的不确定性

IF 4.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review

Pub Date : 2025-12-25 DOI: 10.1016/j.ememar.2025.101436

Tyler Hull, Ping McLemore , Uchenna C. Onuoha

We find that heightened economic policy uncertainty (EPU) increases the likelihood of individual unethical behavior. Using a sample of 166 million adviser-month observations spanning two decades (2000−2020), we find a positive, symmetric, and long-lasting relationship between EPU and advisers' propensity for misconduct. The EPU-misconduct relationship is strengthened by several factors, including being a male advisor, having a history of misconduct, possessing longer working experience, working for smaller firms or firms where peers engage in misconduct, and deteriorating macroeconomic conditions. These results support the idea that increased temporal discounting under stress serves as the underlying channel for this observed relationship.

我们发现，经济政策不确定性（EPU）的增加增加了个人不道德行为的可能性。使用跨越二十年（2000 - 2020）的1.66亿个顾问月观察样本，我们发现EPU与顾问不当行为倾向之间存在积极、对称和持久的关系。epu与不端行为之间的关系被几个因素所加强，包括作为男性顾问，有不端行为的历史，拥有更长的工作经验，在较小的公司或同行从事不端行为的公司工作，以及不断恶化的宏观经济状况。这些结果支持这样一种观点，即压力下增加的时间折扣是这种观察到的关系的潜在渠道。

引用次数: 0

Do state religions affect entrepreneurial financing? A cross-country analysis 国家宗教会影响企业融资吗？跨国分析

IF 4.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review

Pub Date : 2025-12-25 DOI: 10.1016/j.ememar.2025.101434

Min Maung

We find robust evidence that the presence of state religions reduces entrepreneurial financing in a large cross section of countries. The effect of state religions is mediated by increased aversion to risk, stricter business restrictions, lower financial development, and reduced participation in religious memberships. Religious participation increases entrepreneurial financing in countries without state religions. However, in countries with state religions, the effect of religious participation is either negative or insignificant. The reduction in financing in countries with state-sponsored religions likely comes from the institutional and cultural environments associated with the presence of state religions.

我们发现有力的证据表明，国家宗教的存在减少了许多国家的创业融资。国家宗教的影响是通过增加对风险的厌恶、更严格的商业限制、更低的金融发展和更少的宗教成员参与来调解的。在没有国教的国家，宗教参与增加了企业融资。然而，在有国教的国家，宗教参与的影响要么是负面的，要么是微不足道的。在有国家支持的宗教的国家，资金的减少可能来自与国家宗教存在相关的制度和文化环境。

引用次数: 0

Reexamining the effects of FinTech on household consumption: A perspective on monopoly alleviation 重新审视金融科技对家庭消费的影响：一个缓解垄断的视角

IF 4.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review

Pub Date : 2025-12-22 DOI: 10.1016/j.ememar.2025.101430

Hang Cai , Ying Liu , Zhitao Xiong

This paper reexamines how FinTech affects household consumption from the novel perspective of monopoly alleviation. Employing an extended Hotelling model, we demonstrate that FinTech reduces transportation costs, facilitating household switching between firms. This effect lowers price premiums at the Nash equilibrium, thereby boosting consumption quantities. The resulting improvements in utility, reduction in inequality, and changes in consumption structure contribute to increased household welfare. Utilizing simulations and calibrations based on real data, we further explore the policy implications. Overall, our paper emphasizes the positive effect of FinTech on household welfare, which differs from previous literature primarily focused on increased consumption expenditure.

本文从缓解垄断的新视角重新审视金融科技对居民消费的影响。采用扩展的Hotelling模型，我们证明了金融科技降低了运输成本，促进了家庭在公司之间的转换。这种效应降低了纳什均衡下的价格溢价，从而提高了消费数量。由此产生的效用的改善、不平等的减少和消费结构的变化有助于增加家庭福利。利用基于真实数据的模拟和校准，我们进一步探讨了政策含义。总体而言，我们的论文强调金融科技对家庭福利的积极影响，这与以往文献主要关注消费支出的增加不同。

引用次数: 0

Information infrastructure, knowledge spillover, and technological innovation — Evidence from the internet penetration rates of emerging market 信息基础设施、知识溢出与技术创新——来自新兴市场互联网普及率的证据

IF 4.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review

Pub Date : 2025-12-20 DOI: 10.1016/j.ememar.2025.101432

Wang Lumeng , Chen Shilai , Hoje Jo , Muhammad Safdar Sial

Information infrastructure serves as a critical material foundation for industrial innovation, a role that has been amplified by widespread Internet penetration in the information age. This study examines the effect of information infrastructure, proxied by Internet penetration rates, on technological innovation in China over the period 2007–2022. We identify a significant positive causal relationship, whereby improved information infrastructure not only increases patent output but also enhances the quality of innovation. Our mechanism tests indicate that knowledge spillovers are a primary channel through which infrastructure fosters corporate innovation. The heterogeneity analysis suggests that the effect is significantly more pronounced in regions with stronger intellectual property rights and lower industrial concentration, with high-tech industries deriving the most significant advantage. We also find that information infrastructure promotes exploitative innovation, patent diversity, and technological proximity, but has no statistically significant effect on exploratory innovation. The study concludes with targeted policy implications for enhancing technological innovation among firms in developing countries.

信息基础设施是产业创新的重要物质基础，在信息时代，互联网的广泛普及进一步放大了这一作用。本研究考察了2007-2022年中国信息基础设施（以互联网普及率为代表）对技术创新的影响。我们发现了显著的正向因果关系，即改进的信息基础设施不仅增加了专利产出，而且提高了创新质量。我们的机制检验表明，知识溢出是基础设施促进企业创新的主要渠道。异质性分析表明，在知识产权水平越高、产业集中度越低的地区，这种效应更为显著，高新技术产业的优势最为显著。信息基础设施促进了剥削性创新、专利多样性和技术接近性，但对探索性创新没有显著影响。该研究最后提出了加强发展中国家企业技术创新的有针对性的政策含义。

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引用次数: 0

Effects of superstition on household consumption: Evidence from “zodiac-year” beliefs in China 迷信对家庭消费的影响：来自中国“生肖”信仰的证据

IF 4.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review

Pub Date : 2025-12-16 DOI: 10.1016/j.ememar.2025.101429

Yang Hu , Wei Cui , Yongli Zhang

This paper investigates the impact of superstition, specifically beliefs in misfortune during one's zodiac year, on household consumption in China. Utilizing data from the China Family Panel Studies (CFPS), our analysis reveals a significant decrease in household consumption during individuals' zodiac year. Further exploration indicates that this decline is attributed to heightened risk perception and an “infectious effect”, where the superstition spread through social interactions. The zodiac effect is more pronounced among individuals with Eastern religious beliefs, the elderly, non-Communist Party members, those without college degrees, and urban residents. Additional scrutiny shows that this effect permeates various consumption categories, with an increased impact on durables. Importantly, no anticipatory or lingering impacts are observed, suggesting the effect is contained to the zodiac year. Although financial well-being remains unchanged, the decline in self-reported happiness points to non-monetary welfare losses stemming from superstitiously motivated consumption cuts.

本文调查了迷信的影响，特别是在一个人的生肖年不幸的信念，对家庭消费在中国。利用中国家庭面板研究（CFPS）的数据，我们的分析显示，在个人的生肖年，家庭消费显著减少。进一步的研究表明，这种下降归因于风险意识的增强和“传染效应”，迷信通过社会互动传播。生肖效应在信仰东方宗教的人、老年人、非共产党员、没有大学学历的人和城市居民中更为明显。进一步的审查表明，这种影响渗透到各种消费类别，对耐用品的影响越来越大。重要的是，没有观察到预期或持续的影响，这表明这种影响仅限于黄道带年。尽管经济状况没有改变，但自我幸福感的下降表明，非货币福利损失源于迷信动机的消费削减。

引用次数: 0

Does sentiment influence corporate innovation investment? 情绪是否影响企业创新投资？

IF 4.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review

Pub Date : 2025-12-16 DOI: 10.1016/j.ememar.2025.101431

Karam Kim , Jonathan A. Batten , Doojin Ryu

This study examines whether market sentiment affects innovation investment by firms in an emerging market, focusing on Korean firms. We find a significantly positive relationship between market sentiment and innovation investment. For financially constrained firms, sentiment increases both innovation and physical investment, which indicates reliance on sentiment driven equity financing. Firms that are affiliated with chaebols are more likely to adjust research and development investment in response to market sentiment. During periods of high market uncertainty such as the COVID 19 period, the effect of market sentiment on research and development decisions is stronger for financially unconstrained firms. Managerial sentiment amplifies the effect of market sentiment on innovation but does not influence physical investment. Our results show that sentiment acts as an alternative financing mechanism that supports innovation in financially constrained firms.

本研究以韩国企业为研究对象，探讨市场情绪是否会影响新兴市场企业的创新投资。我们发现市场情绪与创新投资之间存在显著的正相关关系。对于资金紧张的企业，情绪增加了创新和实物投资，这表明对情绪驱动的股权融资的依赖。与财阀有关联的企业更有可能根据市场情绪调整研发投资。在市场高度不确定的时期，如COVID - 19时期，市场情绪对研发决策的影响对财务不受约束的公司更强。管理情绪放大了市场情绪对创新的影响，但不影响实物投资。我们的研究结果表明，在资金紧张的企业中，情绪作为一种替代融资机制支持创新。

引用次数: 0

The local influence of fund management company shareholders on fund investment decisions and performance 基金管理公司股东对基金投资决策和绩效的局部影响

IF 4.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review

Pub Date : 2025-12-13 DOI: 10.1016/j.ememar.2025.101428

Xin Hong , Jia Mao , Zhuang Zhuang

This paper examines how the geographical locations of shareholders in mutual fund management companies influence fund investment decisions and performance in China. Using a hand-collected sample comprises 3610 mutual funds managed by 143 fund management companies from 2010 to 2021, we employ a double-clustering methodology to demonstrate that mutual funds are significantly more likely to hold and overweight stocks from regions where their management company's shareholders are located. These regionally aligned holdings generate superior returns and contribute meaningfully to overall fund performance, particularly in stocks with high information asymmetry. The findings suggest that shareholders provide informational advantages that shape portfolio choices, offering new insights into the origins and consequences of local bias in institutional investment.

本文考察了中国共同基金管理公司股东的地理位置对基金投资决策和业绩的影响。我们使用手工收集的样本，包括143家基金管理公司从2010年到2021年管理的3610只共同基金，采用双聚类方法来证明共同基金更有可能持有和增持来自其管理公司股东所在地区的股票。这些与地区一致的持股产生了卓越的回报，并对整体基金业绩做出了有意义的贡献，尤其是在信息高度不对称的股票中。研究结果表明，股东提供了影响投资组合选择的信息优势，为机构投资中地方偏见的起源和后果提供了新的见解。

引用次数: 0

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