Pub Date : 2025-11-01Epub Date: 2025-10-06DOI: 10.1016/j.ememar.2025.101376
Duowen Wu , Xueying Zhang , Ge Zhang , Liangliang Han
This study examines the relationship between management equity incentives and bond spreads using data from China's A-share listed companies from 2010 to 2023. While equity incentive plans can mitigate agency problems and promote effective investment decisions, they may also encourage risk-taking behaviors such as risk transfer, asset substitution, and shareholder-management collusion. These actions could intensify the infringement on bondholder interests, leading to higher bond credit spreads. Despite these conflicting effects, the study finds a strong positive correlation between management equity incentives and bond spreads in the Chinese market. The impact of equity incentives on bond credit spreads is particularly notable in firms with higher management salaries and concentrated shareholder ownership. Improving information transparency reduce the influence of equity incentives on bond credit spreads.
{"title":"Management equity incentives and bond credit spread: Evidence from China","authors":"Duowen Wu , Xueying Zhang , Ge Zhang , Liangliang Han","doi":"10.1016/j.ememar.2025.101376","DOIUrl":"10.1016/j.ememar.2025.101376","url":null,"abstract":"<div><div>This study examines the relationship between management equity incentives and bond spreads using data from China's A-share listed companies from 2010 to 2023. While equity incentive plans can mitigate agency problems and promote effective investment decisions, they may also encourage risk-taking behaviors such as risk transfer, asset substitution, and shareholder-management collusion. These actions could intensify the infringement on bondholder interests, leading to higher bond credit spreads. Despite these conflicting effects, the study finds a strong positive correlation between management equity incentives and bond spreads in the Chinese market. The impact of equity incentives on bond credit spreads is particularly notable in firms with higher management salaries and concentrated shareholder ownership. Improving information transparency reduce the influence of equity incentives on bond credit spreads.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"69 ","pages":"Article 101376"},"PeriodicalIF":4.6,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145265713","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 : 2025-11-01Epub Date: 2025-08-14DOI: 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.
{"title":"The effects of decarbonization on corporate cash holdings","authors":"Zhenshu Wu , Yi-Cheng Shih , Yao Wang , Rui Zhong","doi":"10.1016/j.ememar.2025.101356","DOIUrl":"10.1016/j.ememar.2025.101356","url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"69 ","pages":"Article 101356"},"PeriodicalIF":4.6,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144888695","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 : 2025-11-01Epub Date: 2025-08-12DOI: 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.
{"title":"Higher education expansion and the adoption of robots in China","authors":"Gang Qiao , Dongmin Kong , Lihua Liu","doi":"10.1016/j.ememar.2025.101354","DOIUrl":"10.1016/j.ememar.2025.101354","url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"69 ","pages":"Article 101354"},"PeriodicalIF":4.6,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144867528","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 : 2025-11-01Epub Date: 2025-08-12DOI: 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.
{"title":"De-politicization and corporate risk-taking","authors":"Yinghui Chen , Ting Ren , Youzhi Xiao , Heng Yue","doi":"10.1016/j.ememar.2025.101357","DOIUrl":"10.1016/j.ememar.2025.101357","url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"69 ","pages":"Article 101357"},"PeriodicalIF":4.6,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144867529","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 : 2025-11-01Epub Date: 2025-09-08DOI: 10.1016/j.ememar.2025.101361
Yaojing Wang , Cheng Yuan , Jiayu Zhao
This study examines the potential of growth-mindset financial education to empower low-income married women and increase their labor force participation. In contrast to traditional financial literacy programs, which focus on outcomes that concerns managing existing resources, our approach targets maximizing income opportunities outcomes alongside financial knowledge interpretation. We conducted a randomized experiment involving 680 rural married women in a poverty county in China to test the effectiveness of income growth oriented financial education. The results show that women who received this education had 14% higher labor supply participation rate and 1.17 times higher frequency of seeking job information compared to the control group through increased self-efficacy and confidence in pursuing income-generating opportunities. This study offers a novel perspective on how financial education programs can improve financial conditions of underprivileged populations.
{"title":"Growth-mindset financial education and labor supply of low-income women: An RCT evidence from rural China","authors":"Yaojing Wang , Cheng Yuan , Jiayu Zhao","doi":"10.1016/j.ememar.2025.101361","DOIUrl":"10.1016/j.ememar.2025.101361","url":null,"abstract":"<div><div>This study examines the potential of growth-mindset financial education to empower low-income married women and increase their labor force participation. In contrast to traditional financial literacy programs, which focus on outcomes that concerns managing existing resources, our approach targets maximizing income opportunities outcomes alongside financial knowledge interpretation. We conducted a randomized experiment involving 680 rural married women in a poverty county in China to test the effectiveness of income growth oriented financial education. The results show that women who received this education had 14% higher labor supply participation rate and 1.17 times higher frequency of seeking job information compared to the control group through increased self-efficacy and confidence in pursuing income-generating opportunities. This study offers a novel perspective on how financial education programs can improve financial conditions of underprivileged populations.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"69 ","pages":"Article 101361"},"PeriodicalIF":4.6,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145049416","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 : 2025-11-01Epub Date: 2025-10-03DOI: 10.1016/j.ememar.2025.101379
David K. Ding , Jiali Fang , Phuc V. Nguyen , Udomsak Wongchoti
Free Trade Agreements (FTA) offer both opportunities and challenges for local businesses by expanding global markets and increasing competition. This study examines how Vietnamese firms adapted to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in 2018. Initially, businesses experienced a drop in efficiency due to increased investments and trade credit, but quickly recovered, showing overall improvement in their market exploitation and growth. The most significant improvements were seen in large, profitable, liquid firms listed on the Ho Chi Minh Stock Exchange that remained resilient during the COVID-19 pandemic. These results highlight the capability of Vietnamese firms to thrive in global commerce.
自由贸易协定通过扩大全球市场和加剧竞争，为本地企业带来了机遇和挑战。本研究考察了2018年越南企业如何适应《全面与进步跨太平洋伙伴关系协定》（CPTPP）。起初，由于投资和贸易信贷的增加，企业的效率有所下降，但很快就恢复了，市场开发和增长总体上有所改善。在胡志明证券交易所（Ho Chi Minh Stock Exchange）上市的盈利、流动性强的大型公司改善最为显著，这些公司在2019冠状病毒病大流行期间保持了弹性。这些结果凸显了越南企业在全球商业中蓬勃发展的能力。
{"title":"Growing pains: Vietnamese firms' operational efficiency and transition under the CPTPP","authors":"David K. Ding , Jiali Fang , Phuc V. Nguyen , Udomsak Wongchoti","doi":"10.1016/j.ememar.2025.101379","DOIUrl":"10.1016/j.ememar.2025.101379","url":null,"abstract":"<div><div>Free Trade Agreements (FTA) offer both opportunities and challenges for local businesses by expanding global markets and increasing competition. This study examines how Vietnamese firms adapted to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in 2018. Initially, businesses experienced a drop in efficiency due to increased investments and trade credit, but quickly recovered, showing overall improvement in their market exploitation and growth. The most significant improvements were seen in large, profitable, liquid firms listed on the Ho Chi Minh Stock Exchange that remained resilient during the COVID-19 pandemic. These results highlight the capability of Vietnamese firms to thrive in global commerce.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"69 ","pages":"Article 101379"},"PeriodicalIF":4.6,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145265712","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 : 2025-11-01Epub Date: 2025-08-11DOI: 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.
{"title":"Demographic transition and financial assets","authors":"Karan Rai, Bhavesh Garg","doi":"10.1016/j.ememar.2025.101340","DOIUrl":"10.1016/j.ememar.2025.101340","url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"69 ","pages":"Article 101340"},"PeriodicalIF":4.6,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144826898","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 : 2025-11-01Epub Date: 2025-08-11DOI: 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.
{"title":"Spillover effects of the recent US monetary policy shocks on the South African economy: The role of monetary and fiscal policy coordination","authors":"Guangling Liu, Marrium Mustapher","doi":"10.1016/j.ememar.2025.101346","DOIUrl":"10.1016/j.ememar.2025.101346","url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"69 ","pages":"Article 101346"},"PeriodicalIF":4.6,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144840899","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 : 2025-11-01Epub Date: 2025-09-03DOI: 10.1016/j.ememar.2025.101362
Jingjing Zuo , Lu Han , Wei Wang
The increasing population aging has significantly altered the labor market and may consequently affect human resource management within organizations. Specifically, we investigate how this trend affects firms' employee treatment. Using panel data from the Chinese A-share firms listed on the Shanghai and Shenzhen stock exchanges between 2007 and 2022, we discover that an aging population significantly reduces firms' employee treatment. This trend, which is consistent with the threat-rigidity effect, is mainly driven by rising labor costs and age discrimination against older workers. Accordingly, we find that population aging results in increased costs for recruiting, training, and pension obligations. Additionally, in areas with more pronounced population aging, firms are more likely to engage in age discrimination during recruitment. We also discuss several possible governance mechanisms. We find that advancements in intelligent elderly care systems, enhancements in education, and a stronger law environment can help alleviate the rigidity effect of population aging on employee treatment. Our research is crucial for understanding the corporate social responsibility (CSR) towards employees in an aging society and for developing effective policies to address demographic changes.
{"title":"Who is compressing the “dividends” of employees? Research on the impact of population aging on employee treatment","authors":"Jingjing Zuo , Lu Han , Wei Wang","doi":"10.1016/j.ememar.2025.101362","DOIUrl":"10.1016/j.ememar.2025.101362","url":null,"abstract":"<div><div>The increasing population aging has significantly altered the labor market and may consequently affect human resource management within organizations. Specifically, we investigate how this trend affects firms' employee treatment. Using panel data from the Chinese A-share firms listed on the Shanghai and Shenzhen stock exchanges between 2007 and 2022, we discover that an aging population significantly reduces firms' employee treatment. This trend, which is consistent with the threat-rigidity effect, is mainly driven by rising labor costs and age discrimination against older workers. Accordingly, we find that population aging results in increased costs for recruiting, training, and pension obligations. Additionally, in areas with more pronounced population aging, firms are more likely to engage in age discrimination during recruitment. We also discuss several possible governance mechanisms. We find that advancements in intelligent elderly care systems, enhancements in education, and a stronger law environment can help alleviate the rigidity effect of population aging on employee treatment. Our research is crucial for understanding the corporate social responsibility (CSR) towards employees in an aging society and for developing effective policies to address demographic changes.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"69 ","pages":"Article 101362"},"PeriodicalIF":4.6,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145003790","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}
Given Vietnam's current anticorruption campaign and its distinctive context of decentralized governance and public sector dominance, this paper investigates how anticorruption efforts affect corporate investment behaviour during 2006 and 2019. Using a novel text-based measure of anticorruption and comprehensive firm-level datasets, we uncover a consistent pattern that firms tend to delay investments in response to heightened uncertainty triggered by anticorruption activities. This strategic hesitation reflects a rational response to avoid potential regulatory and political uncertainty, and holds across a wide range of robustness checks, including alternative model specifications, variable definitions, and advanced estimation techniques such as system GMM and entropy balancing. Our findings also reveal that anticorruption campaigns significantly reduce informal business costs—particularly bribery, thus highlighting institutional improvements and a more transparent business environment. Notably, while public sector investment efficiency improves under the campaign, private firms show no significant efficiency gains, underscoring the asymmetry in how reforms affect different ownership structures. By bridging institutional reform with corporate finance, the study offers new insights into the channels through which anticorruption influences firm decision-making, governance, and political strategy. This research fills a critical gap in the literature, demonstrating that anticorruption is not merely a legal or ethical issue, but a transformative force in corporate investment dynamics.
{"title":"Investment under anticorruption: Evidence from the high-profile anticorruption campaign in Vietnam","authors":"Huy Viet Hoang , Khanh Hoang , Viet Hoang , Cuong Nguyen","doi":"10.1016/j.ememar.2025.101360","DOIUrl":"10.1016/j.ememar.2025.101360","url":null,"abstract":"<div><div>Given Vietnam's current anticorruption campaign and its distinctive context of decentralized governance and public sector dominance, this paper investigates how anticorruption efforts affect corporate investment behaviour during 2006 and 2019. Using a novel text-based measure of anticorruption and comprehensive firm-level datasets, we uncover a consistent pattern that firms tend to delay investments in response to heightened uncertainty triggered by anticorruption activities. This strategic hesitation reflects a rational response to avoid potential regulatory and political uncertainty, and holds across a wide range of robustness checks, including alternative model specifications, variable definitions, and advanced estimation techniques such as system GMM and entropy balancing. Our findings also reveal that anticorruption campaigns significantly reduce informal business costs—particularly bribery, thus highlighting institutional improvements and a more transparent business environment. Notably, while public sector investment efficiency improves under the campaign, private firms show no significant efficiency gains, underscoring the asymmetry in how reforms affect different ownership structures. By bridging institutional reform with corporate finance, the study offers new insights into the channels through which anticorruption influences firm decision-making, governance, and political strategy. This research fills a critical gap in the literature, demonstrating that anticorruption is not merely a legal or ethical issue, but a transformative force in corporate investment dynamics.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"69 ","pages":"Article 101360"},"PeriodicalIF":4.6,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145010535","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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