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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 Pub Date : 2026-03-01 Epub 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。
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引用次数: 0
How does housing wealth affect happiness? 住房财富如何影响幸福感?
IF 4.6 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-03-01 Epub Date: 2025-11-29 DOI: 10.1016/j.ememar.2025.101406
Mingzhi Hu , Yinxin Su
This study estimates the causal effect of housing wealth appreciation on happiness by exploiting a policy-induced discontinuity in housing value based on house size. Using regression discontinuity analysis of nationally representative household survey data, we find that housing wealth appreciation significantly improves individual happiness. We also find the impact is more pronounced among females, stronger for young households than older ones, and more significant for liquidity-constrained households. These findings highlight housing wealth as a key determinant of happiness, offering important insights for policymakers seeking to improve citizen well-being through housing market policies.
本研究通过利用政策导致的基于房屋大小的住房价值的不连续性来估计住房财富增值对幸福感的因果关系。通过对全国代表性住户调查数据的不连续回归分析,我们发现住房财富增值显著提高了个体幸福感。我们还发现,这种影响在女性中更为明显,在年轻家庭中强于年长家庭,在流动性受限的家庭中更为显著。这些发现强调了住房财富是幸福的关键决定因素,为寻求通过住房市场政策改善公民福祉的政策制定者提供了重要见解。
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引用次数: 0
An explainable machine learning model for consumer credit scoring in Mexico 墨西哥消费者信用评分的可解释机器学习模型
IF 4.6 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-03-01 Epub Date: 2025-12-10 DOI: 10.1016/j.ememar.2025.101424
David Ugarte Chacon , Seohyun Lee, Jaehyuk Park
This paper proposes an explainable machine learning model for consumer credit scoring in Mexico, an emerging economy. We develop an extreme gradient boosting (XGBoost) model using non-traditional data from the Financial Inclusion National Survey. To address the black box problem, we explore the feature importance by estimating the Shapley values that measure the average marginal contributions across all possible subsets of features. The key drivers of consumer credit defaults include the adverse economic effects due to the COVID-19 pandemic and financial attitudes and behaviors. By exploring the distributions of the Shapley values by age and income, we find evidence of non-linearity in the feature explanations.
本文提出了一个可解释的机器学习模型,用于新兴经济体墨西哥的消费者信用评分。我们利用来自普惠金融全国调查的非传统数据开发了一个极端梯度促进(XGBoost)模型。为了解决黑箱问题,我们通过估计Shapley值来探索特征的重要性,Shapley值测量了所有可能的特征子集的平均边际贡献。消费者信贷违约的主要驱动因素包括COVID-19大流行造成的不利经济影响以及金融态度和行为。通过研究沙普利值随年龄和收入的分布,我们发现了特征解释中非线性的证据。
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引用次数: 0
Banks' foreign currency revaluations and liquidity creation 银行的外汇重估和流动性创造
IF 4.6 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-03-01 Epub Date: 2025-12-09 DOI: 10.1016/j.ememar.2025.101427
Vladimir Sokolov , Aleksei Gorodilov
We examine the relationship between net revaluations of foreign currency-denominated assets and liabilities and banks' liquidity creation. Our findings reveal a significant effect on FX-USD liquidity creation: revaluations enhance liquidity creation on the asset side but diminish it on the liability side, leading to a total neutral effect. Subsample analysis reveals that banks with positive FX mismatches face liquidity destruction in FX-USD liabilities during exchange rate shocks, whereas negatively FX-mismatched banks use these shocks to extend long-term FX loans, balancing total liquidity creation. For accounts denominated in the domestic currency, no significant effects of net revaluations are observed for liquidity creation on the full sample. For positively FX-mismatched banks net revaluations enhance total liquidity creation, while for negatively FX-mismatched banks reduce it, resulting in an overall neutral outcome for domestic currency liquidity creation. Furthermore, regulatory capital moderates the impact of revaluations on liquidity creation through the financial fragility mechanism. These results underscore the complex interplay of currency risks, balance sheet FX mismatches, and regulatory dynamics in influencing liquidity creation in emerging markets.
我们研究了外币计价资产和负债的净重估与银行流动性创造之间的关系。我们的研究结果揭示了对外汇-美元流动性创造的显著影响:重估增强了资产方面的流动性创造,但减少了负债方面的流动性创造,导致总体中性效应。子样本分析显示,在汇率冲击期间,外汇正错配的银行面临外汇-美元负债的流动性破坏,而外汇负错配的银行利用这些冲击延长长期外汇贷款,平衡总流动性创造。对于以本币计价的账户,在整个样本中没有观察到净重估对流动性创造的显著影响。对于正向外汇错配的银行,净重估提高了总流动性创造,而对于负向外汇错配的银行,净重估减少了总流动性创造,导致国内货币流动性创造的总体中性结果。此外,监管资本通过金融脆弱性机制缓和了货币重估对流动性创造的影响。这些结果强调了货币风险、资产负债表外汇错配和监管动态在影响新兴市场流动性创造方面的复杂相互作用。
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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 Pub Date : 2026-03-01 Epub 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。
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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 Pub Date : 2026-03-01 Epub 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。
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引用次数: 0
Municipal governor turnovers and targeted poverty alleviation of listed private firms 省长换届与民营上市公司精准扶贫
IF 4.6 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-01-01 Epub Date: 2025-11-25 DOI: 10.1016/j.ememar.2025.101414
Weidong Zhang , Hongrui Zheng , Donghui Li , Zihuang Chen , Kai Wu
Based on 7041 firm-year observations from 234 prefecture-level regions in China, this study finds that interregional turnover of municipal governors promotes private firms' participation in the Targeted Poverty Alleviation (TPA) investment program. The effect is more pronounced for firms having stronger political ties, or located in areas with severe poverty, or fiscal stress. Firms investing more in TPA subsequently receive more government subsidies. Further analysis shows that newly appointed governors, especially those transferred from other regions, promote corporate participation through onsite inspections, highlighting the importance of direct government–business interaction.
基于对中国234个地级市7041个企业年的观察,本研究发现,区际省长更替促进了民营企业参与精准扶贫投资计划。对于那些政治关系较强、或位于严重贫困地区或财政紧张地区的公司,这种影响更为明显。在贸易促进权上投资更多的公司随后会得到更多的政府补贴。进一步分析表明,新任命的省长,特别是从其他地区调来的省长,通过实地考察促进企业参与,突出了政商直接互动的重要性。
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引用次数: 0
Survival amidst chaos: The impact of catastrophic natural disasters on SME corruption practices 混乱中的生存:灾难性自然灾害对中小企业腐败行为的影响
IF 4.6 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-01-01 Epub Date: 2025-11-10 DOI: 10.1016/j.ememar.2025.101401
Kieu Trang Vu , Maria H. Kim , Sandy Suardi
Are firms likely to engage in corruption in times of catastrophic natural disasters? This paper provides evidence that a natural disaster is associated with a 38.8% increase in affected firms' informal payments. An increase in informal payments helps SMEs in affected provinces offset the reduction in government assistance following natural disasters. The relationship between natural catastrophes and corruption becomes less pronounced in firms with political connections, high tax avoidance, family control and superior local governance quality. This research carries significant implications for governments and policymakers aiming to mitigate the surge in firms' corruption practices following catastrophic natural disasters.
在灾难性的自然灾害发生时,企业可能会腐败吗?本文提供的证据表明,自然灾害与受影响企业的非正式支付增加38.8%有关。非正式支付的增加有助于受影响省份的中小企业抵消自然灾害后政府援助的减少。自然灾害和腐败之间的关系在有政治关系、高避税、家族控制和地方治理质量优越的公司中变得不那么明显。这项研究对旨在缓解灾难性自然灾害后企业腐败行为激增的政府和政策制定者具有重要意义。
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引用次数: 0
Foreign exchange interventions and foreign shocks 外汇干预与外国冲击
IF 4.6 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-01-01 Epub Date: 2025-11-08 DOI: 10.1016/j.ememar.2025.101400
E. Bucacos , J. García-Cicco , M. Mello
We study the effects of exchange-rate interventions on relevant macroeconomic variables such as the exchange rate, inflation, activity, and interest rates. Instead of attempting to identify exogenous variations in the intervention policy (a frequent strategy in the related literature that raises many endogeneity concerns), we investigate the effect of interventions in dampening the impact of external shocks that are relevant determinants of exchange rate movements. To this end, we propose a novel approach, constrained impulse response functions, which allows the construction of counterfactual scenarios that are locally valid (i.e. marginal effects around average responses). We focus on the case of Uruguay, for which we exploit detailed data on the Central Bank’s operations in the exchange-rate market, leading to a clean measure of interventions that is not contaminated by other factors affecting the foreign reserves position (like valuation effects, a common problem in related studies). We find that interventions can help dampen exchange rate effects, although with a delay, and may have a non-trivial impact on inflation as well, but generally the macroeconomic consequences seems limited. Crucially, these effects depend on the type and sign of the external shock being considered.
我们研究了汇率干预对相关宏观经济变量的影响,如汇率、通货膨胀、经济活动和利率。我们没有试图确定干预政策的外生变化(相关文献中经常提出的一种策略,引起了许多内生性问题),而是研究干预在抑制外部冲击影响方面的效果,这些冲击是汇率变动的相关决定因素。为此,我们提出了一种新的方法,约束脉冲响应函数,它允许构建局部有效的反事实情景(即平均响应周围的边际效应)。我们将重点放在乌拉圭的案例上,我们利用了乌拉圭央行在汇率市场上运作的详细数据,从而得出了一种不受影响外汇储备头寸的其他因素(如估值效应,这是相关研究中的一个常见问题)污染的干预措施。我们发现,干预措施可以帮助抑制汇率效应,尽管有延迟,也可能对通货膨胀产生不小的影响,但总体而言,宏观经济后果似乎有限。至关重要的是,这些影响取决于所考虑的外部冲击的类型和迹象。
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引用次数: 0
Large state-owned shareholders and social insurance contributions in private firms: Evidence from China 国有大股东与民营企业社保缴费:来自中国的证据
IF 4.6 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-01-01 Epub Date: 2025-11-01 DOI: 10.1016/j.ememar.2025.101398
Ying Wu
In the context of transitioning toward market-oriented economies, does state-owned capital continue to safeguard the public interest? This paper answers this question by examining how large state-owned shareholders influence social insurance contributions in private firms. Using a comprehensive sample of Chinese listed firms from 2012 to 2022, this paper finds that the presence of large state-owned shareholders significantly increases social insurance contributions in private firms. This finding remains valid after a battery of robustness tests. Mechanism tests show that large state-owned shareholders increase social insurance contributions by helping private firms obtain government resources and strengthening oversight of social insurance compliance. However, this paper finds no evidence that foreign investors or unions influence the relationship between large state-owned shareholders and social insurance contributions in private firms. The findings of this paper suggest that state-owned equity prioritizes workers' interests over profit maximization. Given that expanding corporate social insurance coverage is a common challenge in emerging markets, this paper provides valuable policy implications for regulators in similar economic contexts.
在向市场经济转型的背景下,国有资本是否继续维护公共利益?本文通过考察国有大股东对民营企业社保缴费的影响来回答这个问题。利用2012 - 2022年中国上市公司的综合样本,本文发现国有大股东的存在显著增加了民营企业的社会保险缴费。经过一系列稳健性测试后,这一发现仍然有效。机制测试表明,国有大股东通过帮助民营企业获得政府资源和加强对社会保险合规的监督来增加社会保险缴费。然而,本文没有发现外资或工会影响国有大股东与民营企业社会保险缴费关系的证据。本文的研究结果表明,国有股权优先考虑工人的利益,而不是利润最大化。鉴于扩大企业社会保险覆盖面是新兴市场的共同挑战,本文为类似经济背景下的监管机构提供了有价值的政策启示。
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引用次数: 0
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Emerging Markets Review
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