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Family firms and risk taking: Does the integration of ESG practices matter? 家族企业与风险承担：ESG实践的整合重要吗？

IF 4.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review

Pub Date : 2025-09-01 DOI: 10.1016/j.ememar.2025.101359

Karren Lee-Hwei Khaw , Yi Wei , Shiyue Ma

This study examines the evolving risk-taking behavior of family firms and the role of ESG integration in mitigating excessive risk-taking. Traditionally viewed as risk-averse, family firms are increasingly engaging in higher risk-taking to enhance competitiveness and sustain long-term growth. We find that ESG adoption significantly reduces risk-taking in family firms by improving internal control quality, governance transparency, and reducing financial constraint, thereby strengthening overall corporate resilience. Robustness tests confirm these findings, while heterogeneity analysis reveals variations across firm life cycles, ownership structures, and industry contexts. Overall, ESG serves as a crucial governance mechanism, balancing strategic risk-taking with long-term sustainability in family firms.

本研究考察了家族企业风险承担行为的演变，以及ESG整合在缓解过度风险承担中的作用。传统上被视为厌恶风险的家族企业，正越来越多地承担更高的风险，以提高竞争力和维持长期增长。我们发现，采用ESG可以通过提高内部控制质量、治理透明度和减少财务约束，从而显著降低家族企业的风险承担，从而增强企业的整体弹性。稳健性测试证实了这些发现，而异质性分析揭示了企业生命周期、所有权结构和行业背景之间的差异。总体而言，ESG是一种至关重要的治理机制，在家族企业的战略风险承担与长期可持续性之间取得平衡。

引用次数: 0

China's high savings: Drivers, prospects, and policy implications 中国的高储蓄：驱动因素、前景和政策影响

IF 4.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review

Pub Date : 2025-08-17 DOI: 10.1016/j.ememar.2025.101355

Longmei Zhang , Ray Brooks , Ding Ding , Haiyan Ding , Hui He , Jing Lu , Rui C. Mano

China's national savings rate—one of the highest in the world—is at the heart of its internal/external imbalances. High savings finance elevated investment when held domestically, or led to large global imbalances when they flowed abroad. We find that high savings emanate mostly from the household sector, resulting from demographic changes induced by the one-child policy and the transformation of the social safety net and job security that occurred during the transition from centrally planned to market economy. Housing reform and rising income inequality also contributed to higher savings. Moving forward, demographic changes will put downward pressure on savings. Policy efforts in strengthening the social safety net and reducing income inequality are also needed to reduce savings further and boost consumption.

中国的国民储蓄率是世界上最高的国家之一，是其内外失衡的核心。高储蓄融资在国内持有时会增加投资，而在流向海外时则会导致严重的全球失衡。我们发现，高储蓄主要来自家庭部门，这是由独生子女政策以及从中央计划经济向市场经济过渡期间发生的社会安全网和就业保障的转变引起的人口变化造成的。住房改革和收入不平等加剧也导致储蓄增加。展望未来，人口结构的变化将给储蓄带来下行压力。为了进一步减少储蓄和刺激消费，还需要在加强社会安全网和减少收入不平等方面做出政策努力。

引用次数: 0

The effects of decarbonization on corporate cash holdings 脱碳对企业现金持有量的影响

IF 4.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review

Pub Date : 2025-08-14 DOI: 10.1016/j.ememar.2025.101356

Zhenshu Wu , Yi-Cheng Shih , Yao Wang , Rui Zhong

This study documents that high‑carbon emitters increase cash holdings by approximately 2.6% (7.9%) on average compared with low-carbon emitters after the implementation of the Paris Agreement (or the initiation of regional emission trading scheme pilots). High-carbon emitters with stronger external financial constraints and more volatile cash flows tends to hold more cash for precautionary motives. Further, cash flow is more valuable for high-carbon emitters after the implementation of decarbonization policies and increased net investing cash flow provides cash for high-carbon emitters in response to decarbonization. Additionally, high-carbon emitters conduct a green transition to reduce carbon emissions.

本研究表明，在实施《巴黎协定》（或启动区域排放交易计划试点）后，高碳排放国的现金持有量比低碳排放国平均增加约2.6%（7.9%）。外部财务约束更强、现金流波动更大的高碳排放国往往出于预防动机而持有更多现金。此外，在实施脱碳政策后，现金流对高碳排放国更有价值，净投资现金流的增加为高碳排放国应对脱碳提供了现金。此外，高碳排放国通过绿色转型来减少碳排放。

引用次数: 0

Higher education expansion and the adoption of robots in China 中国高等教育的扩张和机器人的采用

IF 4.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review

Pub Date : 2025-08-12 DOI: 10.1016/j.ememar.2025.101354

Gang Qiao , Dongmin Kong , Lihua Liu

This paper examines the effect of China's 1999 higher education expansion on firm adoption of robots, employing a quasi-natural experiment. Using the difference-in-differences estimation strategy, we find that the surge in college-educated labor from 2003 led firms in human capital-intensive industries to adopt fewer robots, reducing machine-to-human replacement. The effect is stronger in non-SOEs, financially constrained firms, large and high-tech firms, labor-intensive industries, and coastal areas. Mechanism tests suggest cheaper labor and human capital upgrading drive this reduction. These findings emphasize human capital's crucial role in mitigating robot-driven labor displacement and its broader impact on the job market.

本文采用准自然实验研究了1999年中国高等教育扩招对企业采用机器人的影响。利用差中差估计策略，我们发现2003年以来受过大学教育的劳动力激增导致人力资本密集型行业的企业采用更少的机器人，减少了机器对人的替代。这种效应在非国有企业、资金紧张的企业、大型高科技企业、劳动密集型产业和沿海地区更为明显。机制测试表明，劳动力价格下降和人力资本升级推动了这种下降。这些发现强调了人力资本在缓解机器人驱动的劳动力取代及其对就业市场的广泛影响方面的关键作用。

引用次数: 0

De-politicization and corporate risk-taking 去政治化和企业冒险

IF 4.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review

Pub Date : 2025-08-12 DOI: 10.1016/j.ememar.2025.101357

Yinghui Chen , Ting Ren , Youzhi Xiao , Heng Yue

We examine the impact of China's de-politicization regulation Rule 18 on corporate risk-taking. This rule mandates government officials to step down from their positions on the boards of public firms, thereby severing the political ties through official directors. Employing a staggered difference-in-differences design, our study reveals that the collapse of political connections results in a significant decrease in the level of risk-taking among politically connected firms. Furthermore, we identify bank credit and direct government support as plausible channels through which these effects manifest and highlight the presence of heterogeneous effects across different contextual factors.

我们考察了中国去政治化监管规则18对企业风险承担的影响。这一规定规定，政府官员必须辞去公共企业的董事会职务，从而切断了通过官方董事的政治联系。采用交错差异设计，我们的研究表明，政治关系的崩溃导致政治关系公司的风险承担水平显著降低。此外，我们认为银行信贷和政府直接支持是这些效应显现的可行渠道，并强调了不同背景因素之间存在的异质性效应。

引用次数: 0

Demographic transition and financial assets 人口转型与金融资产

IF 4.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review

Pub Date : 2025-08-11 DOI: 10.1016/j.ememar.2025.101340

Karan Rai, Bhavesh Garg

This study examines the impact of changing age structures on risky and risk-free assets. Considering that demographic transition is lagged in emerging market economies (EMEs) but the change in age structures will be more rapid than in advanced economies (AEs), we consider two panels of AEs and EMEs. Unlike previous literature on the demographic transition, we address the issue of cross-sectional dependence and slope heterogeneity. Our key findings suggest that the prime working-age population significantly influences both risky and risk-free assets in AEs and EMEs alike. However, the old-age dependency ratio tends to have a different impact on risk-free assets.

本研究考察了年龄结构变化对风险资产和无风险资产的影响。考虑到新兴市场经济体（EMEs）的人口转型滞后，但年龄结构的变化将比发达经济体（ae）更快，我们考虑了新兴市场经济体和新兴市场经济体两个面板。与以往关于人口转型的文献不同，我们解决了横断面依赖性和斜率异质性的问题。我们的主要发现表明，主要工作年龄人口对ae和eme的风险和无风险资产都有显著影响。然而，老年抚养比往往对无风险资产产生不同的影响。

引用次数: 0

Spillover effects of the recent US monetary policy shocks on the South African economy: The role of monetary and fiscal policy coordination 近期美国货币政策冲击对南非经济的溢出效应：货币和财政政策协调的作用

IF 4.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review

Pub Date : 2025-08-11 DOI: 10.1016/j.ememar.2025.101346

Guangling Liu, Marrium Mustapher

This study examines how different policy mix regimes affect the impact of recent US contractionary monetary policy on South Africa’s inflation and business cycles. The study uses a small open economy New Keynesian Dynamic Stochastic General Equilibrium model with an integrated fiscal block to analyze these effects. Regime M (active monetary policy) is more effective at containing the spillover effects, but leads to higher public debt, requiring larger future fiscal surpluses. The commitment to price stability under Regime M increases real interest rates, raising domestic debt service costs and the debt-to-GDP ratio. Regime F (active fiscal policy), in contrast, stabilizes debt more quickly but at the cost of higher inflation, as it does not use future surpluses to manage public debt. Furthermore, these spillover effects are more amplified under both Regime M and Regime F in the case of a complete exchange rate pass-through and a higher degree of trade openness, with Regime F exhibiting a stronger amplification effect.

本研究考察了不同的政策组合制度如何影响美国最近的紧缩货币政策对南非通胀和商业周期的影响。本研究采用一个小型开放经济的新凯恩斯动态随机一般均衡模型和一个综合财政块来分析这些影响。制度M（积极货币政策）在遏制溢出效应方面更有效，但会导致公共债务增加，从而要求未来有更大的财政盈余。在M制度下对价格稳定的承诺提高了实际利率，提高了国内偿债成本和债务与国内生产总值的比率。相比之下，制度F（积极的财政政策）能更快地稳定债务，但代价是通胀上升，因为它不利用未来的盈余来管理公共债务。此外，在汇率完全传递和贸易开放程度较高的情况下，这些溢出效应在制度M和制度F下都被放大，其中制度F表现出更强的放大效应。

引用次数: 0

The impact of common ownership between banks and firms on corporate ESG performance: Evidence from China 银企共同持股对企业ESG绩效的影响：来自中国的证据

IF 4.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review

Pub Date : 2025-08-05 DOI: 10.1016/j.ememar.2025.101345

Zhiwen Wang

This paper examines the impact and mechanisms of common ownership between banks and firms on corporate ESG performance, by using a dataset derived from the lending and equity relationship between Chinese A-share listed companies and banks from 2009 to 2023. This common ownership significantly enhances corporate ESG performance through a financing channel that increases loan size and eases financing constraints, and an information channel that reduces information asymmetry and increases external regulation. The positive effect is particularly evident among firms with lower media attention and heavily polluting industries.

本文利用2009年至2023年中国a股上市公司与银行贷款和股权关系数据集，考察了银企共同持股对企业ESG绩效的影响及其机制。这种共同所有权通过增加贷款规模和缓解融资约束的融资渠道，以及减少信息不对称和增加外部监管的信息渠道，显著提高了企业ESG绩效。这种积极影响在媒体关注度较低的公司和污染严重的行业中尤为明显。

引用次数: 0

IPOhelper: Mining features in registration statements for listing prediction of technological innovation companies IPOhelper：挖掘注册报表特征，预测科技创新公司上市

IF 4.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review

Pub Date : 2025-07-31 DOI: 10.1016/j.ememar.2025.101343

Mingye Wei , Min Zhang , Lu Wei , Meiqi Chen

This paper develops IPOhelper based on statistical (financial, technological innovation indicators) and semantic cues (textual indicators) in registration statements, which is a novel predictive system for initial public offering (IPO) prediction. Based on 692 registration statements of technological innovation companies from 2019 to 2023, we found that the IPOhelper performs exceptionally well in predicting IPO outcomes. Compared with statistical cues, the predictive abilities of semantic features are particularly prominent. In particular, the semantic feature of “Technovation”, which reflects the adequacy of innovation-related information disclosure, is the most important feature for IPO prediction.

本文基于注册报表中的统计指标（财务指标、技术创新指标）和语义线索（文本指标），开发了一种新的IPO预测系统。基于2019 - 2023年692家科技创新公司的注册声明，我们发现IPOhelper对IPO结果的预测效果非常好。与统计线索相比，语义特征的预测能力尤为突出。其中，“Technovation”的语义特征是IPO预测最重要的特征，它反映了创新相关信息披露的充分性。

引用次数: 0

Intricacies of financial liberalization, business models, and financial development on Bank stability in Africa 错综复杂的金融自由化、商业模式和金融发展对非洲银行稳定性的影响

IF 4.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review

Pub Date : 2025-07-30 DOI: 10.1016/j.ememar.2025.101344

Mohammed Adem

This study examines the nonlinear impact of financial regulation on stability by considering financial development and business models. Using African countries' data (2002–2019) and two-stage instrumental variable (2SIV) estimation, I find that excessive regulation beyond a certain threshold harms stability. Increasing non-interest income business models can improve the effectiveness of financial regulations and development by strengthening stability. Powerful supervision, restrictions, and entry barriers contribute to instability. Non-interest income business models can reduce the negative impact of supervision and market discipline. The past values of financial regulation, non-interest income business models, and development contain information that helps predict stability.

本文通过考虑金融发展和商业模式，考察了金融监管对稳定性的非线性影响。使用非洲国家的数据（2002-2019）和两阶段工具变量（2SIV）估计，我发现超过一定阈值的过度监管会损害稳定性。增加非利息收入业务模式可以通过加强稳定性来提高金融监管和发展的有效性。强有力的监督、限制和进入壁垒造成了不稳定。非利息收入业务模式可以减少监管和市场纪律的负面影响。金融监管、非利息收入业务模式和发展的过去价值包含有助于预测稳定性的信息。

引用次数: 0

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