Pub Date : 2026-03-01Epub Date: 2025-11-25DOI: 10.1016/j.ememar.2025.101412
Honghui Zhang , Yuanyuan Hu , Linyi Zhang
This study investigates how tax authority independence affects corporate earnings management. We employ a difference-in-differences approach and find that increased tax authority independence significantly reduces earnings management, particularly for firms engaging in downward earnings management. Additionally, we observe that this negative correlation is influenced by factors such as ownership structure, political connections, audit quality, and legal environment. Furthermore, we demonstrate that enhanced tax enforcement and corporate governance serve as channels through which the independence of tax authorities mitigates earnings manipulation.
{"title":"Tax authority independence and earnings management","authors":"Honghui Zhang , Yuanyuan Hu , Linyi Zhang","doi":"10.1016/j.ememar.2025.101412","DOIUrl":"10.1016/j.ememar.2025.101412","url":null,"abstract":"<div><div>This study investigates how tax authority independence affects corporate earnings management. We employ a difference-in-differences approach and find that increased tax authority independence significantly reduces earnings management, particularly for firms engaging in downward earnings management. Additionally, we observe that this negative correlation is influenced by factors such as ownership structure, political connections, audit quality, and legal environment. Furthermore, we demonstrate that enhanced tax enforcement and corporate governance serve as channels through which the independence of tax authorities mitigates earnings manipulation.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"71 ","pages":"Article 101412"},"PeriodicalIF":4.6,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145692594","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: 2025-11-29DOI: 10.1016/j.ememar.2025.101409
Meixi Chen , Yi-Chang Chen , Zhihua Wei
The Limited Partnership Agreement (LPA) enables flexible ownership structures for actual controllers. This study examines the impact of the LPA structure on labor investment efficiency among Chinese listed firms from 2014 to 2021. We find that firms with LPA structure exhibit 21.53% higher inefficient labor investment compared to those without LPA structure, with the effect driven by principal-agent conflicts and information asymmetry. More specifically, we find that the impact of the LPA structure on labor investment efficiency is manifested through staffing imbalances. In addition, the negative effect is more pronounced among firms with weaker corporate governance, higher labor adjustment costs, and higher human capital intensity. Our results also reveal that the LPA structure increases the stickiness of labor costs. Overall, the findings indicate the governance risks of partnership-based ownership and provide practical guidance for optimizing labor investment through ownership design.
{"title":"What role do limited partnership agreements play in labor investment efficiency? Evidence from Chinese markets","authors":"Meixi Chen , Yi-Chang Chen , Zhihua Wei","doi":"10.1016/j.ememar.2025.101409","DOIUrl":"10.1016/j.ememar.2025.101409","url":null,"abstract":"<div><div>The Limited Partnership Agreement (LPA) enables flexible ownership structures for actual controllers. This study examines the impact of the LPA structure on labor investment efficiency among Chinese listed firms from 2014 to 2021. We find that firms with LPA structure exhibit 21.53% higher inefficient labor investment compared to those without LPA structure, with the effect driven by principal-agent conflicts and information asymmetry. More specifically, we find that the impact of the LPA structure on labor investment efficiency is manifested through staffing imbalances. In addition, the negative effect is more pronounced among firms with weaker corporate governance, higher labor adjustment costs, and higher human capital intensity. Our results also reveal that the LPA structure increases the stickiness of labor costs. Overall, the findings indicate the governance risks of partnership-based ownership and provide practical guidance for optimizing labor investment through ownership design.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"71 ","pages":"Article 101409"},"PeriodicalIF":4.6,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145692595","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: 2025-12-22DOI: 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.
{"title":"Reexamining the effects of FinTech on household consumption: A perspective on monopoly alleviation","authors":"Hang Cai , Ying Liu , Zhitao Xiong","doi":"10.1016/j.ememar.2025.101430","DOIUrl":"10.1016/j.ememar.2025.101430","url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"71 ","pages":"Article 101430"},"PeriodicalIF":4.6,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145840493","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: 2025-12-25DOI: 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.
{"title":"Reap what you sow: Corporate political activities and the external governance environment","authors":"Xuan He , Weicheng Xiao","doi":"10.1016/j.ememar.2025.101435","DOIUrl":"10.1016/j.ememar.2025.101435","url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"71 ","pages":"Article 101435"},"PeriodicalIF":4.6,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145884307","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: 2025-10-31DOI: 10.1016/j.ememar.2025.101397
Farah Mugrabi , Mohamed Belkhir , Sami Ben Naceur , Bertrand Candelon , Woon Gyu Choi
This paper examines whether inflation targeting (IT) enhances the effectiveness of macroprudential policies in reducing banks’ contribution to systemic risk measured by SRISK. Using bank-level data for 47 countries, our regime-dependent panel regressions suggest that tools such as DSTI limits, the CCyB, conservation buffers, and leverage limits are relatively more effective under IT. Loan restrictions appear less effective, while loan-to-value (LTV) caps show impact only in post-GFC samples. Liquidity and reserve requirements reduce SRISK under IT in higher-frequency estimations. Our findings lend credence to the view that IT strengthens the role of macroprudential policy in mitigating financial stability risks.
{"title":"Macroprudential policy and bank systemic risk: Does inflation targeting matter?","authors":"Farah Mugrabi , Mohamed Belkhir , Sami Ben Naceur , Bertrand Candelon , Woon Gyu Choi","doi":"10.1016/j.ememar.2025.101397","DOIUrl":"10.1016/j.ememar.2025.101397","url":null,"abstract":"<div><div>This paper examines whether inflation targeting (IT) enhances the effectiveness of macroprudential policies in reducing banks’ contribution to systemic risk measured by SRISK. Using bank-level data for 47 countries, our regime-dependent panel regressions suggest that tools such as DSTI limits, the CCyB, conservation buffers, and leverage limits are relatively more effective under IT. Loan restrictions appear less effective, while loan-to-value (LTV) caps show impact only in post-GFC samples. Liquidity and reserve requirements reduce SRISK under IT in higher-frequency estimations. Our findings lend credence to the view that IT strengthens the role of macroprudential policy in mitigating financial stability risks.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"71 ","pages":"Article 101397"},"PeriodicalIF":4.6,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145884310","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: 2025-12-10DOI: 10.1016/j.ememar.2025.101426
Zhensong Chen, Wenjun Zhang, Yinhong Yao
Contagion risk has garnered widespread attention with the major occurrence of financial crises. However, existing literature has mainly focused on the characteristics analysis of risk contagion, while ignoring the prediction of contagion risk. Therefore, considering the importance of time series charts, a framework for contagion risk prediction is proposed by comprehensively mining the features of technical charts and technical indicators. In detail, correlation and centrality of the financial network are extracted to specify the contagion risk. Then, time series charts are converted to graphs by the chart similarity, and each node in the graph is assigned with technical indicators. Finally, a Chart Graph Convolutional Network (Chart GCN) is used to extract the features in the graph and predict the contagion risk. Based on the 28 sectors of the Chinese stock market, we specify the contagion risk and verify its consistency with the occurrence of financial crisis. In addition, our model proves the effectiveness of mining time series chart features in stock market contagion risk prediction. These results are essential for risk management in the financial market.
{"title":"Contagion risk prediction with Chart Graph Convolutional Network: Evidence from Chinese stock market","authors":"Zhensong Chen, Wenjun Zhang, Yinhong Yao","doi":"10.1016/j.ememar.2025.101426","DOIUrl":"10.1016/j.ememar.2025.101426","url":null,"abstract":"<div><div>Contagion risk has garnered widespread attention with the major occurrence of financial crises. However, existing literature has mainly focused on the characteristics analysis of risk contagion, while ignoring the prediction of contagion risk. Therefore, considering the importance of time series charts, a framework for contagion risk prediction is proposed by comprehensively mining the features of technical charts and technical indicators. In detail, correlation and centrality of the financial network are extracted to specify the contagion risk. Then, time series charts are converted to graphs by the chart similarity, and each node in the graph is assigned with technical indicators. Finally, a Chart Graph Convolutional Network (Chart GCN) is used to extract the features in the graph and predict the contagion risk. Based on the 28 sectors of the Chinese stock market, we specify the contagion risk and verify its consistency with the occurrence of financial crisis. In addition, our model proves the effectiveness of mining time series chart features in stock market contagion risk prediction. These results are essential for risk management in the financial market.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"71 ","pages":"Article 101426"},"PeriodicalIF":4.6,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145749770","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: 2025-12-25DOI: 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.
{"title":"Individual ethics and economic policy uncertainty","authors":"Tyler Hull, Ping McLemore , Uchenna C. Onuoha","doi":"10.1016/j.ememar.2025.101436","DOIUrl":"10.1016/j.ememar.2025.101436","url":null,"abstract":"<div><div>We find that heightened economic policy uncertainty (<em>EPU</em>) 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 <em>EPU</em> and advisers' propensity for misconduct. The <em>EPU</em>-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.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"71 ","pages":"Article 101436"},"PeriodicalIF":4.6,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145884398","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: 2025-12-04DOI: 10.1016/j.ememar.2025.101408
Katarzyna Kochaniak , Agnieszka Huterska
This study examines Polish households with variable-rate domestic currency mortgages during the 2022 - mid-2023 interest rate shock. Using a unique dataset and econometric modelling, it identifies financial-economic, socio-demographic, and attitudinal characteristics of households that experienced delayed instalment repayments. These difficulties were primarily associated with households' financial-economic features, particularly broader financial constraints and deteriorated living standards. A strong association with the Mortgage Service-to-Income (MStDI) ratio underscores its relevance as a key indicator of financial vulnerability among the analysed households under stress. The findings offer directions for further research and institutional reflection aimed at developing consumer protection policy.
{"title":"Who falls behind under interest rate shock? Early evidence from households with variable-rate mortgages","authors":"Katarzyna Kochaniak , Agnieszka Huterska","doi":"10.1016/j.ememar.2025.101408","DOIUrl":"10.1016/j.ememar.2025.101408","url":null,"abstract":"<div><div>This study examines Polish households with variable-rate domestic currency mortgages during the 2022 - mid-2023 interest rate shock. Using a unique dataset and econometric modelling, it identifies financial-economic, socio-demographic, and attitudinal characteristics of households that experienced delayed instalment repayments. These difficulties were primarily associated with households' financial-economic features, particularly broader financial constraints and deteriorated living standards. A strong association with the Mortgage Service-to-Income (MStDI) ratio underscores its relevance as a key indicator of financial vulnerability among the analysed households under stress. The findings offer directions for further research and institutional reflection aimed at developing consumer protection policy.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"71 ","pages":"Article 101408"},"PeriodicalIF":4.6,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145749772","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: 2025-11-25DOI: 10.1016/j.ememar.2025.101411
Shaolin Wang , Jianli Wang , Minghua Dong , Jingyuan Li
This study investigates peer effects in ESG practice by analyzing Chinese listed companies from 2009 to 2022. After incorporating the impact of ESG rating disagreement, we document the significant existence of peer effects of ESG practice. Mechanism analysis shows these effects are amplified by high information uncertainty and information transmission efficiency. Heterogeneity tests reveal stronger peer effects in non-state-owned, follower, and non-heavy-polluting firms. Additionally, we find peer effects of ESG practice is strongest for social activities and exhibit regional spillovers. Furthermore, this imitation is selective, as firms replicate positive ESG practice rather than controversies.
{"title":"Peer effects of corporate ESG practice: Incorporating the impact of ESG rating disagreement","authors":"Shaolin Wang , Jianli Wang , Minghua Dong , Jingyuan Li","doi":"10.1016/j.ememar.2025.101411","DOIUrl":"10.1016/j.ememar.2025.101411","url":null,"abstract":"<div><div>This study investigates peer effects in ESG practice by analyzing Chinese listed companies from 2009 to 2022. After incorporating the impact of ESG rating disagreement, we document the significant existence of peer effects of ESG practice. Mechanism analysis shows these effects are amplified by high information uncertainty and information transmission efficiency. Heterogeneity tests reveal stronger peer effects in non-state-owned, follower, and non-heavy-polluting firms. Additionally, we find peer effects of ESG practice is strongest for social activities and exhibit regional spillovers. Furthermore, this imitation is selective, as firms replicate positive ESG practice rather than controversies.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"71 ","pages":"Article 101411"},"PeriodicalIF":4.6,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145645880","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: 2025-12-20DOI: 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.
{"title":"Information infrastructure, knowledge spillover, and technological innovation — Evidence from the internet penetration rates of emerging market","authors":"Wang Lumeng , Chen Shilai , Hoje Jo , Muhammad Safdar Sial","doi":"10.1016/j.ememar.2025.101432","DOIUrl":"10.1016/j.ememar.2025.101432","url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"71 ","pages":"Article 101432"},"PeriodicalIF":4.6,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145884306","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}
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