Pub Date : 2025-12-05DOI: 10.1016/j.irfa.2025.104867
Peigen Wang , Yingying Hu , Na Wei , Xiaoxu Wu
This study conducts an empirical investigation using data from Chinese publicly listed tourism enterprises between 2009 and 2023. It focuses on analyzing the two key pathways of cultural tourism integration and digital-intelligent transformation, examining their specific roles in promoting high-quality development among Chinese tourism enterprises. The research findings indicate that both cultural tourism integration and digital-intelligent transformation display robust driving forces that can significantly facilitate the achievement of high-quality development in tourism enterprises. The moderation mechanism analysis reveals that cultural tourism integration plays a positive moderating role in the process of digital-intelligent transformation aiding the high-quality development of tourism enterprises. Additionally, heterogeneity tests reveal distinct characteristics in the impact of cultural tourism integration and digital-intelligent transformation on the high-quality development of tourism enterprises, demonstrating notable differences across samples with varying levels of managerial compensation and different proportions of female managers.
{"title":"Dual pathways for high-quality development: The role of cultural tourism integration and digital-intelligent transformation in Chinese tourism enterprises","authors":"Peigen Wang , Yingying Hu , Na Wei , Xiaoxu Wu","doi":"10.1016/j.irfa.2025.104867","DOIUrl":"10.1016/j.irfa.2025.104867","url":null,"abstract":"<div><div>This study conducts an empirical investigation using data from Chinese publicly listed tourism enterprises between 2009 and 2023. It focuses on analyzing the two key pathways of cultural tourism integration and digital-intelligent transformation, examining their specific roles in promoting high-quality development among Chinese tourism enterprises. The research findings indicate that both cultural tourism integration and digital-intelligent transformation display robust driving forces that can significantly facilitate the achievement of high-quality development in tourism enterprises. The moderation mechanism analysis reveals that cultural tourism integration plays a positive moderating role in the process of digital-intelligent transformation aiding the high-quality development of tourism enterprises. Additionally, heterogeneity tests reveal distinct characteristics in the impact of cultural tourism integration and digital-intelligent transformation on the high-quality development of tourism enterprises, demonstrating notable differences across samples with varying levels of managerial compensation and different proportions of female managers.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"110 ","pages":"Article 104867"},"PeriodicalIF":9.8,"publicationDate":"2025-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145738301","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-05DOI: 10.1016/j.irfa.2025.104859
Rui Zhao , Dandan Wang , Ping Cao , Hui Cui , Na Wang , Ming Zhao , Yingjie Zhang
Using Chinese A-share listed firms from 2012 to 2023 as the sample, this paper systematically examines the relationships among internal control quality, supply chain risk perception, and corporate risk-taking (RiskTaking). The findings are as follows: First, internal control quality significantly reduces RiskTaking, while there exists a significant positive association between supply chain risk perception and RiskTaking. Second, the impacts of supply chain risk perception and internal control quality on RiskTaking differ significantly between firms with high versus low managerial ownership. Finally, supply chain risk perception plays a mediating role in the effect of internal control quality on RiskTaking, and this mediating effect exhibits heterogeneity between regions with high and low levels of digital economy development. This study not only deepens the understanding of how internal control influences firms' risk decisions, but also provides empirical evidence and theoretical insights for firms to optimize internal governance, manage risk expectations, and make prudent decisions in complex environments.
{"title":"Internal control quality, supply chain risk perception, and corporate risk-taking","authors":"Rui Zhao , Dandan Wang , Ping Cao , Hui Cui , Na Wang , Ming Zhao , Yingjie Zhang","doi":"10.1016/j.irfa.2025.104859","DOIUrl":"10.1016/j.irfa.2025.104859","url":null,"abstract":"<div><div>Using Chinese A-share listed firms from 2012 to 2023 as the sample, this paper systematically examines the relationships among internal control quality, supply chain risk perception, and corporate risk-taking (RiskTaking). The findings are as follows: First, internal control quality significantly reduces RiskTaking, while there exists a significant positive association between supply chain risk perception and RiskTaking. Second, the impacts of supply chain risk perception and internal control quality on RiskTaking differ significantly between firms with high versus low managerial ownership. Finally, supply chain risk perception plays a mediating role in the effect of internal control quality on RiskTaking, and this mediating effect exhibits heterogeneity between regions with high and low levels of digital economy development. This study not only deepens the understanding of how internal control influences firms' risk decisions, but also provides empirical evidence and theoretical insights for firms to optimize internal governance, manage risk expectations, and make prudent decisions in complex environments.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"110 ","pages":"Article 104859"},"PeriodicalIF":9.8,"publicationDate":"2025-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145689483","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-05DOI: 10.1016/j.irfa.2025.104906
Xiaomeng Deng , Chuan Qin
Against the backdrop of deep integration of artificial intelligence (AI) into corporate operations, this study examines how AI adoption influences firms' financial asset allocation decisions using panel data of Chinese listed firms with 30,070 observations covering 2010–2023. Drawing on resource-based theory and corporate finance perspectives, we find that AI adoption significantly increases firms' financial asset ratios. This effect operates through two competing mechanisms: AI enhances profitability, generating surplus funds allocated to financial assets, while simultaneously alleviating financing constraints, with the profitability channel dominating. Importantly, this relationship is significantly moderated by three contextual factors: firms' digital transformation foundations, top management teams' technological expertise, and regional digital infrastructure quality. Heterogeneity analyses reveal that AI's financial impact is substantially stronger in large firms, digital economy industries, and competitive markets. These findings contribute theoretically by extending resource-based and corporate finance perspectives to emerging technologies, demonstrating how AI reshapes corporate resource allocation through dual pathways contingent on organizational capabilities and environmental conditions. Practically, firms should strengthen digital capabilities and technological leadership to maximize AI returns, while policymakers should prioritize digital infrastructure development to amplify AI's economic benefits. Future research should examine these relationships across institutional contexts and employ quasi-experimental designs to strengthen causal inference.
{"title":"Artificial intelligence and corporate financialization","authors":"Xiaomeng Deng , Chuan Qin","doi":"10.1016/j.irfa.2025.104906","DOIUrl":"10.1016/j.irfa.2025.104906","url":null,"abstract":"<div><div>Against the backdrop of deep integration of artificial intelligence (AI) into corporate operations, this study examines how AI adoption influences firms' financial asset allocation decisions using panel data of Chinese listed firms with 30,070 observations covering 2010–2023. Drawing on resource-based theory and corporate finance perspectives, we find that AI adoption significantly increases firms' financial asset ratios. This effect operates through two competing mechanisms: AI enhances profitability, generating surplus funds allocated to financial assets, while simultaneously alleviating financing constraints, with the profitability channel dominating. Importantly, this relationship is significantly moderated by three contextual factors: firms' digital transformation foundations, top management teams' technological expertise, and regional digital infrastructure quality. Heterogeneity analyses reveal that AI's financial impact is substantially stronger in large firms, digital economy industries, and competitive markets. These findings contribute theoretically by extending resource-based and corporate finance perspectives to emerging technologies, demonstrating how AI reshapes corporate resource allocation through dual pathways contingent on organizational capabilities and environmental conditions. Practically, firms should strengthen digital capabilities and technological leadership to maximize AI returns, while policymakers should prioritize digital infrastructure development to amplify AI's economic benefits. Future research should examine these relationships across institutional contexts and employ quasi-experimental designs to strengthen causal inference.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"110 ","pages":"Article 104906"},"PeriodicalIF":9.8,"publicationDate":"2025-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145840954","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-05DOI: 10.1016/j.irfa.2025.104938
Guoxing Li , Linsi Li , Kaizhi Zhang
This study examines the impact of traditional cultural values on corporate integrity systems in China. We develop a novel cultural dataset by deploying an AI-enabled web crawler to identify all Confucian temples nationwide and extract their geographic coordinates. These data allow us to construct a firm-level measure of exposure to Confucian cultural impact based on both the number and spatial proximity of nearby temples. Using a panel dataset of publicly listed Chinese firms, we reveal that firms embedded in robust Confucian cultural environments are significantly more likely to adopt formal anti-corruption systems. This relationship is especially pronounced among firms with weaker board independence and those located in central and eastern China. Moreover, we document that Western cultural exposure weakens the positive impact of Confucian norms on the implementation of anti-corruption mechanisms, suggesting a cultural substitution dynamic. Taken together, our findings underscore the significance of cultural context in shaping ethical corporate governance and demonstrate the analytical value of AI-assisted cultural data collection for governance and organizational behavior research.
{"title":"Cultural foundations of corporate integrity: Evidence from Confucian influence in China","authors":"Guoxing Li , Linsi Li , Kaizhi Zhang","doi":"10.1016/j.irfa.2025.104938","DOIUrl":"10.1016/j.irfa.2025.104938","url":null,"abstract":"<div><div>This study examines the impact of traditional cultural values on corporate integrity systems in China. We develop a novel cultural dataset by deploying an AI-enabled web crawler to identify all Confucian temples nationwide and extract their geographic coordinates. These data allow us to construct a firm-level measure of exposure to Confucian cultural impact based on both the number and spatial proximity of nearby temples. Using a panel dataset of publicly listed Chinese firms, we reveal that firms embedded in robust Confucian cultural environments are significantly more likely to adopt formal anti-corruption systems. This relationship is especially pronounced among firms with weaker board independence and those located in central and eastern China. Moreover, we document that Western cultural exposure weakens the positive impact of Confucian norms on the implementation of anti-corruption mechanisms, suggesting a cultural substitution dynamic. Taken together, our findings underscore the significance of cultural context in shaping ethical corporate governance and demonstrate the analytical value of AI-assisted cultural data collection for governance and organizational behavior research.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"110 ","pages":"Article 104938"},"PeriodicalIF":9.8,"publicationDate":"2025-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145840955","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-05DOI: 10.1016/j.irfa.2025.104858
Shubo Liu , Shiyou Zhu
This paper employs panel data from China's prefecture – level cities spanning 2011–2023. It first constructs an evaluation index system for digital rural construction. Subsequently, a systematic analysis is conducted to explore its net effect on rural revitalization and the underlying mechanisms. Special attention is paid to the heterogeneity of policy effects stemming from differences in economic development levels. The study aims to lay a theoretical groundwork for precise policy - making in the field of digital empowerment for rural revitalization. The findings reveal that digital rural construction significantly promotes rural revitalization. Moreover, inclusive finance plays a crucial partial mediating role in the process of digital rural construction influencing rural revitalization. Additionally, due to variations in economic development levels, the promoting effect of digital rural construction on rural revitalization shows distinct gradient features and regional disparities.
{"title":"The inclusive finance mechanism and gradient effect of digital rural areas driving rural revitalization","authors":"Shubo Liu , Shiyou Zhu","doi":"10.1016/j.irfa.2025.104858","DOIUrl":"10.1016/j.irfa.2025.104858","url":null,"abstract":"<div><div>This paper employs panel data from China's prefecture – level cities spanning 2011–2023. It first constructs an evaluation index system for digital rural construction. Subsequently, a systematic analysis is conducted to explore its net effect on rural revitalization and the underlying mechanisms. Special attention is paid to the heterogeneity of policy effects stemming from differences in economic development levels. The study aims to lay a theoretical groundwork for precise policy - making in the field of digital empowerment for rural revitalization. The findings reveal that digital rural construction significantly promotes rural revitalization. Moreover, inclusive finance plays a crucial partial mediating role in the process of digital rural construction influencing rural revitalization. Additionally, due to variations in economic development levels, the promoting effect of digital rural construction on rural revitalization shows distinct gradient features and regional disparities.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"110 ","pages":"Article 104858"},"PeriodicalIF":9.8,"publicationDate":"2025-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145689485","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Job mobility, the movement of workers between employers, has become a key strategy for individuals to enhance their employability in the labor market. While prior studies mostly focus on single job changes, they provide limited theoretical and practical insight into the cumulative effects of multiple job changes over one's career. This study investigates how job mobility history affects employability by examining the paradoxical effects between breadth and depth of work experience. Utilizing the China Labour Dynamic Survey (CLDS), we find that work experience, in both breadth and depth, positively influences individual employability. However, an inverted U-shaped relationship emerges between frequency of job mobility and employability, highlighting a paradoxical relationship between the breadth and depth of work experience. This study finds that job mobility history affects employability by influencing human capital and social capital accumulation. The heterogeneity test indicates that workers with higher skill levels benefit from rich job mobility history, while managers exhibit a lower optimal frequency of job mobility than general employees. In the context of job mobility, the marginal earnings premium declines as work experience increases, lending support to the notion of an early-career job mobility advantage.
{"title":"How job mobility history affects employability in Chinese labour market? A paradoxical perspective of experience breadth and depth","authors":"Yongqiu Wu , Shuyuan Qin , Ting Wang , Ruihan Zhang","doi":"10.1016/j.irfa.2025.104837","DOIUrl":"10.1016/j.irfa.2025.104837","url":null,"abstract":"<div><div>Job mobility, the movement of workers between employers, has become a key strategy for individuals to enhance their employability in the labor market. While prior studies mostly focus on single job changes, they provide limited theoretical and practical insight into the cumulative effects of multiple job changes over one's career. This study investigates how job mobility history affects employability by examining the paradoxical effects between breadth and depth of work experience. Utilizing the China Labour Dynamic Survey (CLDS), we find that work experience, in both breadth and depth, positively influences individual employability. However, an inverted U-shaped relationship emerges between frequency of job mobility and employability, highlighting a paradoxical relationship between the breadth and depth of work experience. This study finds that job mobility history affects employability by influencing human capital and social capital accumulation. The heterogeneity test indicates that workers with higher skill levels benefit from rich job mobility history, while managers exhibit a lower optimal frequency of job mobility than general employees. In the context of job mobility, the marginal earnings premium declines as work experience increases, lending support to the notion of an early-career job mobility advantage.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"110 ","pages":"Article 104837"},"PeriodicalIF":9.8,"publicationDate":"2025-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145738204","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-05DOI: 10.1016/j.irfa.2025.104905
Jianan Li, Yunlong Guo, Lei Wei, Xiaoxiao Niu, Wentong Li
Against the backdrop of rising uncertainties such as de-globalization, trade frictions, and geopolitical tensions, enhancing supply chain resilience has become a key strategic imperative for China's transformation from a “manufacturing giant” to a “manufacturing power.” This paper investigates the impact and underlying mechanisms of patient capital on the supply chain resilience of Chinese A-share listed manufacturing firms from 2011 to 2023. The findings show that Patient capital has a positive effect on the supply chain resilience of manufacturing enterprises, and this conclusion remains robust after addressing endogeneity concerns and conducting multiple robustness checks. Mechanism analyses reveal that patient capital strengthens resilience by alleviating financing constraints, enhancing ESG performance, and promoting technological innovation—thus contributing from the perspectives of funding, governance, and innovation. Heterogeneity analyses indicate that the positive effect of patient capital on supply chain resilience is more pronounced under the following conditions: (1) Internal factors—non-state-owned enterprises (non-SOEs), small and medium-sized enterprises (SMEs), and high-tech enterprises; (2) External factors—firms located in eastern regions, with higher marketization levels and stronger intellectual property protection;(3) Supply chain factors—firms with diversified supplier structures, stable customer relationships, higher supply chain transparency, and better supply chain operating environments. Further analysis indicates that the digital economy and trade friction risks enhance the positive effect of patient capital on supply chain resilience. Additionally, patient capital creates sustainable long-term financial value for companies.
{"title":"Patient capital and supply chain resilience in manufacturing enterprises: An analysis from the perspectives of funding, governance, and innovation","authors":"Jianan Li, Yunlong Guo, Lei Wei, Xiaoxiao Niu, Wentong Li","doi":"10.1016/j.irfa.2025.104905","DOIUrl":"10.1016/j.irfa.2025.104905","url":null,"abstract":"<div><div>Against the backdrop of rising uncertainties such as de-globalization, trade frictions, and geopolitical tensions, enhancing supply chain resilience has become a key strategic imperative for China's transformation from a “manufacturing giant” to a “manufacturing power.” This paper investigates the impact and underlying mechanisms of patient capital on the supply chain resilience of Chinese A-share listed manufacturing firms from 2011 to 2023. The findings show that Patient capital has a positive effect on the supply chain resilience of manufacturing enterprises, and this conclusion remains robust after addressing endogeneity concerns and conducting multiple robustness checks. Mechanism analyses reveal that patient capital strengthens resilience by alleviating financing constraints, enhancing ESG performance, and promoting technological innovation—thus contributing from the perspectives of funding, governance, and innovation. Heterogeneity analyses indicate that the positive effect of patient capital on supply chain resilience is more pronounced under the following conditions: (1) Internal factors—non-state-owned enterprises (non-SOEs), small and medium-sized enterprises (SMEs), and high-tech enterprises; (2) External factors—firms located in eastern regions, with higher marketization levels and stronger intellectual property protection;(3) Supply chain factors—firms with diversified supplier structures, stable customer relationships, higher supply chain transparency, and better supply chain operating environments. Further analysis indicates that the digital economy and trade friction risks enhance the positive effect of patient capital on supply chain resilience. Additionally, patient capital creates sustainable long-term financial value for companies.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"110 ","pages":"Article 104905"},"PeriodicalIF":9.8,"publicationDate":"2025-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145689477","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-05DOI: 10.1016/j.irfa.2025.104857
Zhouding Liu , Chang Zhou
With the rapid development of the digital economy, upgrading digital technologies in the manufacturing sector has become an important driver of high-quality corporate development. This paper systematically examines the impact of digital technology upgrading in the manufacturing industry on corporate revenue liquidity, based on data from A-share manufacturing listed companies in China from 2011 to 2023. The research findings indicate that: first, digital technology upgrading in manufacturing significantly enhances corporate revenue liquidity; second, digital finance plays a mediating role between manufacturing digital technology upgrading and corporate revenue liquidity; third, the improvement of human capital also serves as a mediator in the relationship between manufacturing digital technology upgrading and corporate revenue liquidity; fourth, heterogeneity analysis reveals that the impact of digital technology upgrading on corporate revenue liquidity varies depending on different levels of board independence; fifth, there is heterogeneity in the effect of digital technology upgrading on corporate revenue liquidity between loss-making and non-loss-making enterprises. Based on these conclusions, this paper recommends accelerating the digital transformation of manufacturing, promoting the deep integration of digital finance with the real economy, placing emphasis on human capital investment and talent structure optimization, improving corporate governance structure, and implementing differentiated policy support according to the heterogeneous characteristics of enterprises to enhance operational resilience and sustainable development.
{"title":"Digital technology upgrading in manufacturing, digital finance, and revenue liquidity","authors":"Zhouding Liu , Chang Zhou","doi":"10.1016/j.irfa.2025.104857","DOIUrl":"10.1016/j.irfa.2025.104857","url":null,"abstract":"<div><div>With the rapid development of the digital economy, upgrading digital technologies in the manufacturing sector has become an important driver of high-quality corporate development. This paper systematically examines the impact of digital technology upgrading in the manufacturing industry on corporate revenue liquidity, based on data from A-share manufacturing listed companies in China from 2011 to 2023. The research findings indicate that: first, digital technology upgrading in manufacturing significantly enhances corporate revenue liquidity; second, digital finance plays a mediating role between manufacturing digital technology upgrading and corporate revenue liquidity; third, the improvement of human capital also serves as a mediator in the relationship between manufacturing digital technology upgrading and corporate revenue liquidity; fourth, heterogeneity analysis reveals that the impact of digital technology upgrading on corporate revenue liquidity varies depending on different levels of board independence; fifth, there is heterogeneity in the effect of digital technology upgrading on corporate revenue liquidity between loss-making and non-loss-making enterprises. Based on these conclusions, this paper recommends accelerating the digital transformation of manufacturing, promoting the deep integration of digital finance with the real economy, placing emphasis on human capital investment and talent structure optimization, improving corporate governance structure, and implementing differentiated policy support according to the heterogeneous characteristics of enterprises to enhance operational resilience and sustainable development.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"110 ","pages":"Article 104857"},"PeriodicalIF":9.8,"publicationDate":"2025-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145689480","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-05DOI: 10.1016/j.irfa.2025.104878
Zhengliang Ren , Peng Nie
Based on data from listed companies between 2014 and 2023, this study examines the relationships among financial accounting regulations, digitalization, and corporate earnings management. The results indicate a negative correlation between financial accounting regulations and the degree of earnings management. Further analysis reveals that the impact of financial accounting regulations on earnings management varies significantly across industries and regions with different regulatory environments. In addition, the level of digitalization is also negatively correlated with corporate earnings management. The effect of digitalization on earnings management similarly exhibits heterogeneity across industries and regulatory environments in different regions. Finally, digitalization plays a significant moderating role in the relationship between financial accounting regulations and earnings management. This study provides new insights into the interactions among financial accounting regulations, digitalization, and earnings management, and offers theoretical foundations and practical guidance for corporate managers and policymakers seeking to improve accounting standards and promote digital transformation.
{"title":"Financial accounting regulations, digitalization, and corporate earnings management","authors":"Zhengliang Ren , Peng Nie","doi":"10.1016/j.irfa.2025.104878","DOIUrl":"10.1016/j.irfa.2025.104878","url":null,"abstract":"<div><div>Based on data from listed companies between 2014 and 2023, this study examines the relationships among financial accounting regulations, digitalization, and corporate earnings management. The results indicate a negative correlation between financial accounting regulations and the degree of earnings management. Further analysis reveals that the impact of financial accounting regulations on earnings management varies significantly across industries and regions with different regulatory environments. In addition, the level of digitalization is also negatively correlated with corporate earnings management. The effect of digitalization on earnings management similarly exhibits heterogeneity across industries and regulatory environments in different regions. Finally, digitalization plays a significant moderating role in the relationship between financial accounting regulations and earnings management. This study provides new insights into the interactions among financial accounting regulations, digitalization, and earnings management, and offers theoretical foundations and practical guidance for corporate managers and policymakers seeking to improve accounting standards and promote digital transformation.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"110 ","pages":"Article 104878"},"PeriodicalIF":9.8,"publicationDate":"2025-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145704976","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-05DOI: 10.1016/j.irfa.2025.104852
Yuan Qi , Zhongliang Wen
This study examines the impact mechanism of new quality productive forces on green innovation performance driven by tax incentives, using a sample of China's a-share manufacturing listed companies from 2015 to 2023. The findings reveal that new quality productive forces significantly enhance green innovation performance, with this effect being more pronounced in high-tech industries and non-labor-intensive enterprises. Furthermore, both tax incentives and heterogeneity in executives' backgrounds demonstrate significant moderating effects. This research offers practical insights for optimizing innovation policy systems and promoting the green transformation of the manufacturing sector.
{"title":"The role of new quality productive forces in manufacturing green innovation performance under tax incentives","authors":"Yuan Qi , Zhongliang Wen","doi":"10.1016/j.irfa.2025.104852","DOIUrl":"10.1016/j.irfa.2025.104852","url":null,"abstract":"<div><div>This study examines the impact mechanism of new quality productive forces on green innovation performance driven by tax incentives, using a sample of China's a-share manufacturing listed companies from 2015 to 2023. The findings reveal that new quality productive forces significantly enhance green innovation performance, with this effect being more pronounced in high-tech industries and non-labor-intensive enterprises. Furthermore, both tax incentives and heterogeneity in executives' backgrounds demonstrate significant moderating effects. This research offers practical insights for optimizing innovation policy systems and promoting the green transformation of the manufacturing sector.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"110 ","pages":"Article 104852"},"PeriodicalIF":9.8,"publicationDate":"2025-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145791007","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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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