Pub Date : 2025-02-18DOI: 10.1016/j.irfa.2025.104008
Rongnan Li , Qi Zhou , Weijun Xu
This study examines the rapid development of China's green bond market by leveraging semisupervised machine learning and text analysis methods. Using data on green bonds issued in mainland China from 2016 to 2021, the analysis highlights key differences in innovation disclosure between green and conventional bonds. Findings show that green bonds disclose green information-related at significantly higher levels—by 15 %—compared with conventional bonds, indicating a clear disclosure advantage. This advantage is notably stronger in bonds with third-party green certifications and a higher proportion of green project investments, underscoring the critical role of green attributes in shaping disclosure practices. The study further identifies heightened disclosure in bonds issued by nonstate-owned enterprises, firms operating in regions with supportive green bond policies, heavily polluting industries, and areas with more advanced financial development. Economic consequence tests reveal that enhanced green information disclosure positively impacts excess stock returns, reduces information asymmetry, and increases investor attention. These findings provide valuable insights for refining the institutional framework of the green bond market and advancing the development of a robust green financial system.
{"title":"Do green bonds have an advantage in information disclosure?","authors":"Rongnan Li , Qi Zhou , Weijun Xu","doi":"10.1016/j.irfa.2025.104008","DOIUrl":"10.1016/j.irfa.2025.104008","url":null,"abstract":"<div><div>This study examines the rapid development of China's green bond market by leveraging semisupervised machine learning and text analysis methods. Using data on green bonds issued in mainland China from 2016 to 2021, the analysis highlights key differences in innovation disclosure between green and conventional bonds. Findings show that green bonds disclose green information-related at significantly higher levels—by 15 %—compared with conventional bonds, indicating a clear disclosure advantage. This advantage is notably stronger in bonds with third-party green certifications and a higher proportion of green project investments, underscoring the critical role of green attributes in shaping disclosure practices. The study further identifies heightened disclosure in bonds issued by nonstate-owned enterprises, firms operating in regions with supportive green bond policies, heavily polluting industries, and areas with more advanced financial development. Economic consequence tests reveal that enhanced green information disclosure positively impacts excess stock returns, reduces information asymmetry, and increases investor attention. These findings provide valuable insights for refining the institutional framework of the green bond market and advancing the development of a robust green financial system.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"101 ","pages":"Article 104008"},"PeriodicalIF":7.5,"publicationDate":"2025-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143508895","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 : 2025-02-17DOI: 10.1016/j.irfa.2025.104006
Yuhang Li , Jia You , Hui Huang , Yihan Sun
This study builds on previous research that employs linguistic data from corporate annual reports to measure rhetorical corporate nationalism and examines how its rise within Chinese corporations influences large stock dividends among publicly listed companies. Based on data from Shanghai and Shenzhen A-share companies from 2000 to 2022, the findings indicate that corporate nationalism significantly suppresses large stock dividend activities. Further analysis reveals that four dimensions of nationalism (i.e., national pride, national revival, corporate role, and anti-foreign) significantly constrain large stock dividend distributions. Mechanism analysis demonstrates that corporate nationalism mitigates the speculative nature of large stock dividends by reducing agency risk and improving information transparency. Additionally, heterogeneity analysis shows that the negative impact of corporate nationalism on large stock dividends is more pronounced in firms with high media attention, low audit quality, weak marketization, strong political connections, and high ownership concentration. These findings reflect the influence of corporate nationalism on dividend policies, offering new insights into corporate behavior in a nationalist context.
{"title":"Text-based analysis of corporate nationalism and dividend policies in China","authors":"Yuhang Li , Jia You , Hui Huang , Yihan Sun","doi":"10.1016/j.irfa.2025.104006","DOIUrl":"10.1016/j.irfa.2025.104006","url":null,"abstract":"<div><div>This study builds on previous research that employs linguistic data from corporate annual reports to measure rhetorical corporate nationalism and examines how its rise within Chinese corporations influences large stock dividends among publicly listed companies. Based on data from Shanghai and Shenzhen A-share companies from 2000 to 2022, the findings indicate that corporate nationalism significantly suppresses large stock dividend activities. Further analysis reveals that four dimensions of nationalism (<em>i.e.</em>, national pride, national revival, corporate role, and anti-foreign) significantly constrain large stock dividend distributions. Mechanism analysis demonstrates that corporate nationalism mitigates the speculative nature of large stock dividends by reducing agency risk and improving information transparency. Additionally, heterogeneity analysis shows that the negative impact of corporate nationalism on large stock dividends is more pronounced in firms with high media attention, low audit quality, weak marketization, strong political connections, and high ownership concentration. These findings reflect the influence of corporate nationalism on dividend policies, offering new insights into corporate behavior in a nationalist context.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"101 ","pages":"Article 104006"},"PeriodicalIF":7.5,"publicationDate":"2025-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143445978","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 : 2025-02-17DOI: 10.1016/j.irfa.2025.104005
Manjiang Xing , Chi Gong , Gyu-Hyen Moon , Xiaohong Ge
While digital economy development has emerged as a crucial driver of enterprise performance, existing research offers limited insights into how firms' innovation capabilities shape their ability to translate digital advancement into productivity gains. This gap is particularly significant given the varying success rates of digital transformation initiatives across enterprises. Drawing on organizational ambidexterity theory and utilizing panel data from Chinese listed companies (2010−2022), this study investigates how dual innovation capability moderates the relationship between digital economy development and enterprise labor productivity. Through comprehensive econometric analysis incorporating instrumental variables and multiple robustness checks, we find that digital economy development significantly enhances enterprise labor productivity, with this effect strengthened by both exploitative and exploratory innovation capabilities. Our heterogeneity analysis reveals that these relationships vary meaningfully across industry factor intensities and firm life cycle stages, with technology-intensive industries and growth-stage firms demonstrating superior ability to leverage digital resources. The findings extend digital transformation theory by illuminating the critical role of innovation capabilities in maximizing productivity gains from digital advancement, while offering practical insights for enterprises pursuing digital transformation strategies.
{"title":"Digital economy, dual innovation capability and enterprise labor productivity","authors":"Manjiang Xing , Chi Gong , Gyu-Hyen Moon , Xiaohong Ge","doi":"10.1016/j.irfa.2025.104005","DOIUrl":"10.1016/j.irfa.2025.104005","url":null,"abstract":"<div><div>While digital economy development has emerged as a crucial driver of enterprise performance, existing research offers limited insights into how firms' innovation capabilities shape their ability to translate digital advancement into productivity gains. This gap is particularly significant given the varying success rates of digital transformation initiatives across enterprises. Drawing on organizational ambidexterity theory and utilizing panel data from Chinese listed companies (2010−2022), this study investigates how dual innovation capability moderates the relationship between digital economy development and enterprise labor productivity. Through comprehensive econometric analysis incorporating instrumental variables and multiple robustness checks, we find that digital economy development significantly enhances enterprise labor productivity, with this effect strengthened by both exploitative and exploratory innovation capabilities. Our heterogeneity analysis reveals that these relationships vary meaningfully across industry factor intensities and firm life cycle stages, with technology-intensive industries and growth-stage firms demonstrating superior ability to leverage digital resources. The findings extend digital transformation theory by illuminating the critical role of innovation capabilities in maximizing productivity gains from digital advancement, while offering practical insights for enterprises pursuing digital transformation strategies.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"101 ","pages":"Article 104005"},"PeriodicalIF":7.5,"publicationDate":"2025-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143480033","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 : 2025-02-17DOI: 10.1016/j.irfa.2025.104000
Ye Tian, Mengyang Zhao
This study examines the relationship between climate risk perception (CRP) and environmental, social, and governance (ESG) performance and finds a significant positive correlation between them, particularly in the environmental and social aspects. These results remain robust after addressing endogeneity issues and in a series of robustness checks. We also explore how technology transformation, internal governance, and external monitoring moderate the given relationship, revealing significant differences in the impact of CRP on ESG performance with disclosure quality and ownership structure. The results highlight the importance of integrating climate risk considerations into core business strategies for sustainable development and long-term economic resilience and will be useful to policymakers, investors, and corporate managers.
{"title":"Does managerial climate risk perception improve environmental, social and governance (ESG) performance? Evidence from China","authors":"Ye Tian, Mengyang Zhao","doi":"10.1016/j.irfa.2025.104000","DOIUrl":"10.1016/j.irfa.2025.104000","url":null,"abstract":"<div><div>This study examines the relationship between climate risk perception (CRP) and environmental, social, and governance (ESG) performance and finds a significant positive correlation between them, particularly in the environmental and social aspects. These results remain robust after addressing endogeneity issues and in a series of robustness checks. We also explore how technology transformation, internal governance, and external monitoring moderate the given relationship, revealing significant differences in the impact of CRP on ESG performance with disclosure quality and ownership structure. The results highlight the importance of integrating climate risk considerations into core business strategies for sustainable development and long-term economic resilience and will be useful to policymakers, investors, and corporate managers.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104000"},"PeriodicalIF":7.5,"publicationDate":"2025-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143580054","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 : 2025-02-17DOI: 10.1016/j.irfa.2025.103951
Yong Zhao , Shihui Cheng
In today's global economic environment, technological innovation and advancement in science and technology have become the key drivers of economic growth and competitiveness for all countries. In recent years, the regulatory system of China's capital market has been continuously improved, and the intensity of regulation has been increasing, aiming at enhancing market transparency, protecting investors' rights and interests, and standardizing the market order, etc., and achieving remarkable results. The promulgation and implementation of the new Securities Law has laid a legal foundation for the further deepening of the policy of strong capital market regulation. Therefore, this study constructs a double-difference model with the introduction of the new Securities Law to investigate the impact of strong capital market regulation on the level of R&D investment of enterprises, and the results show that strong capital market regulation can prompt enterprises to increase their R&D investment, improve their innovation ability and competitiveness, and promote the sustainable development of enterprises. In addition, media attention and digital transformation play an important moderating role in the impact of strong capital market regulation on the level of R&D investment of enterprises, which strengthens the positive effect of capital market regulation. In this context, by studying the impact of strong capital market regulation policies on enterprise R&D investment, we can better understand the incentive effects and constraints of regulatory policies on enterprise innovation activities, provide useful references for the formulation of more effective regulatory policies and the promotion of enterprises' continuous innovation, and provide scientific basis for further deepening the reform of the capital market and optimizing the regulatory policies, so as to promote the restructuring of China's economic structure and the technological innovation and upgrading of China's economy.
{"title":"Can stronger capital markets regulation increase the level of R&D investments?","authors":"Yong Zhao , Shihui Cheng","doi":"10.1016/j.irfa.2025.103951","DOIUrl":"10.1016/j.irfa.2025.103951","url":null,"abstract":"<div><div>In today's global economic environment, technological innovation and advancement in science and technology have become the key drivers of economic growth and competitiveness for all countries. In recent years, the regulatory system of China's capital market has been continuously improved, and the intensity of regulation has been increasing, aiming at enhancing market transparency, protecting investors' rights and interests, and standardizing the market order, etc., and achieving remarkable results. The promulgation and implementation of the new Securities Law has laid a legal foundation for the further deepening of the policy of strong capital market regulation. Therefore, this study constructs a double-difference model with the introduction of the new Securities Law to investigate the impact of strong capital market regulation on the level of R&D investment of enterprises, and the results show that strong capital market regulation can prompt enterprises to increase their R&D investment, improve their innovation ability and competitiveness, and promote the sustainable development of enterprises. In addition, media attention and digital transformation play an important moderating role in the impact of strong capital market regulation on the level of R&D investment of enterprises, which strengthens the positive effect of capital market regulation. In this context, by studying the impact of strong capital market regulation policies on enterprise R&D investment, we can better understand the incentive effects and constraints of regulatory policies on enterprise innovation activities, provide useful references for the formulation of more effective regulatory policies and the promotion of enterprises' continuous innovation, and provide scientific basis for further deepening the reform of the capital market and optimizing the regulatory policies, so as to promote the restructuring of China's economic structure and the technological innovation and upgrading of China's economy.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 103951"},"PeriodicalIF":7.5,"publicationDate":"2025-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143518921","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 : 2025-02-17DOI: 10.1016/j.irfa.2025.104004
Meihuan Tang
Contemporary business transformation has established data resources as critical drivers of organizational value creation, though the precise mechanisms governing this relation remain insufficiently explored in extant literature. This research investigates the complex pathways that connect data element utilization to firm value, specifically the mediating influence of absorptive capacity and the moderating role of environmental, social, and governance (ESG) disclosure practices. The study uses sophisticated econometric methodologies including fixed-effects regression frameworks, mediation analyses, and moderation assessments to analyze comprehensive panel data from 843 Chinese listed enterprises from 2010 to 2022. The empirical evidence shows that data utilization initiatives have a significant positive relation with firm value creation, which is substantially mediated by organizational absorptive capacity and positively moderated by ESG disclosure intensity. Notably, environmental and social disclosure dimensions show more pronounced moderating effects than governance components. Additional heterogeneity analyses reveal systematic differences in data utilization value creation potential across distinct ownership configurations and industry characteristics. The findings illuminate that effective data-driven value creation is critically dependent on organizational capabilities for knowledge assimilation and application and demonstrated commitment to sustainability practices. This research advances the theoretical understanding of data-driven value creation mechanisms while providing actionable insights for organizational leadership and policy architects in increasingly digitalized economic environments.
{"title":"Data element utilization and firm value","authors":"Meihuan Tang","doi":"10.1016/j.irfa.2025.104004","DOIUrl":"10.1016/j.irfa.2025.104004","url":null,"abstract":"<div><div>Contemporary business transformation has established data resources as critical drivers of organizational value creation, though the precise mechanisms governing this relation remain insufficiently explored in extant literature. This research investigates the complex pathways that connect data element utilization to firm value, specifically the mediating influence of absorptive capacity and the moderating role of environmental, social, and governance (ESG) disclosure practices. The study uses sophisticated econometric methodologies including fixed-effects regression frameworks, mediation analyses, and moderation assessments to analyze comprehensive panel data from 843 Chinese listed enterprises from 2010 to 2022. The empirical evidence shows that data utilization initiatives have a significant positive relation with firm value creation, which is substantially mediated by organizational absorptive capacity and positively moderated by ESG disclosure intensity. Notably, environmental and social disclosure dimensions show more pronounced moderating effects than governance components. Additional heterogeneity analyses reveal systematic differences in data utilization value creation potential across distinct ownership configurations and industry characteristics. The findings illuminate that effective data-driven value creation is critically dependent on organizational capabilities for knowledge assimilation and application and demonstrated commitment to sustainability practices. This research advances the theoretical understanding of data-driven value creation mechanisms while providing actionable insights for organizational leadership and policy architects in increasingly digitalized economic environments.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104004"},"PeriodicalIF":7.5,"publicationDate":"2025-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143592606","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 : 2025-02-17DOI: 10.1016/j.irfa.2025.103986
Jia Wang , Bo Xu , Meiling Liu , Jiagen Yu , Mengzhong Chen , Guixian Tian
Drawing upon the principles of new structural economics, this study formulates a comprehensive entrepreneurial industry, technological, and capital structures. We explore the mechanisms of how overall foreign direct investment (FDI) and technologically heterogeneous FDI shape the entrepreneurial landscape of the host country. Using panel data from 31 provinces in China spanning 2011 to 2021, we empirically investigate the impact of these FDI types on China's entrepreneurial structure. Our findings reveal a nuanced relationship. At the index level, the influence of overall FDI on China's entrepreneurial industry structure exhibits a distinct “U-shape” curve, whereas a clear “inverted U-shape” curve is observed in case of China's entrepreneurial technology and capital structures. When considering absolute terms, overall FDI refines China's entrepreneurial structure through its varied effects across different industries. Furthermore, in the context of technological heterogeneity, technology-intensive FDI has a significant negative effect on the technology and capital structure of firms, capital-intensive FDI has an insignificant positive effect on entrepreneurial capital structure and a significant positive effect on entrepreneurial industry structure, and labor-intensive FDI has no notable effect on the entrepreneurial industry, technology, or capital structure.
{"title":"How technological heterogeneity in FDI shapes entrepreneurial structures","authors":"Jia Wang , Bo Xu , Meiling Liu , Jiagen Yu , Mengzhong Chen , Guixian Tian","doi":"10.1016/j.irfa.2025.103986","DOIUrl":"10.1016/j.irfa.2025.103986","url":null,"abstract":"<div><div>Drawing upon the principles of new structural economics, this study formulates a comprehensive entrepreneurial industry, technological, and capital structures. We explore the mechanisms of how overall foreign direct investment (FDI) and technologically heterogeneous FDI shape the entrepreneurial landscape of the host country. Using panel data from 31 provinces in China spanning 2011 to 2021, we empirically investigate the impact of these FDI types on China's entrepreneurial structure. Our findings reveal a nuanced relationship. At the index level, the influence of overall FDI on China's entrepreneurial industry structure exhibits a distinct “U-shape” curve, whereas a clear “inverted U-shape” curve is observed in case of China's entrepreneurial technology and capital structures. When considering absolute terms, overall FDI refines China's entrepreneurial structure through its varied effects across different industries. Furthermore, in the context of technological heterogeneity, technology-intensive FDI has a significant negative effect on the technology and capital structure of firms, capital-intensive FDI has an insignificant positive effect on entrepreneurial capital structure and a significant positive effect on entrepreneurial industry structure, and labor-intensive FDI has no notable effect on the entrepreneurial industry, technology, or capital structure.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"101 ","pages":"Article 103986"},"PeriodicalIF":7.5,"publicationDate":"2025-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143488942","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 : 2025-02-17DOI: 10.1016/j.irfa.2025.103996
Wuyunzhaola Borjigin, Sarula He, Huixian Xu
Inner Mongolia is a multiethnic border region in China that faces challenges in achieving common social prosperity due to regional developmental imbalances and cultural differences. Digital financial inclusion, which leverages digital technology to break down regional barriers, offers a feasible method of addressing these issues, but little-to-no research has been produced in this area. Hence, this study uses digital financial inclusion index data from 12 cities, spanning 2013–2022, to construct a regional common prosperity index. Then, spatial econometric methods are applied to systematically analyze the impact of digital financial inclusion and its subdimensions on common prosperity. The findings indicate that a significant positive impact is provided, along with positive spatial spillover effects. Heterogeneity analysis reveals that the impact varies across dimensions and regions, which allows for strategy recommendations for strengthening cross-regional integration and sharing digital financial services. Thus, practical insights and policy recommendations are provided.
{"title":"The role of digital financial inclusion in promoting common prosperity: Evidence from Inner Mongolia","authors":"Wuyunzhaola Borjigin, Sarula He, Huixian Xu","doi":"10.1016/j.irfa.2025.103996","DOIUrl":"10.1016/j.irfa.2025.103996","url":null,"abstract":"<div><div>Inner Mongolia is a multiethnic border region in China that faces challenges in achieving common social prosperity due to regional developmental imbalances and cultural differences. Digital financial inclusion, which leverages digital technology to break down regional barriers, offers a feasible method of addressing these issues, but little-to-no research has been produced in this area. Hence, this study uses digital financial inclusion index data from 12 cities, spanning 2013–2022, to construct a regional common prosperity index. Then, spatial econometric methods are applied to systematically analyze the impact of digital financial inclusion and its subdimensions on common prosperity. The findings indicate that a significant positive impact is provided, along with positive spatial spillover effects. Heterogeneity analysis reveals that the impact varies across dimensions and regions, which allows for strategy recommendations for strengthening cross-regional integration and sharing digital financial services. Thus, practical insights and policy recommendations are provided.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"100 ","pages":"Article 103996"},"PeriodicalIF":7.5,"publicationDate":"2025-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143430104","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 : 2025-02-17DOI: 10.1016/j.irfa.2025.104010
Jintao Liu, Xiuhai Wang
This paper examines the influence of digital economy advancement on the occupational mobility of the rural workforce, utilizing microdata sourced from the China Family Panel Studies (CFPS) conducted in 2016, 2018, and 2020. Our findings reveal that the progression of the digital economy notably enhances the occupational mobility of rural laborers. Moreover, by employing the instrumental variable technique to tackle potential endogeneity concerns, we affirm the robustness of our conclusion. Mechanism tests further elucidate that, although the technological effect tends to diminish the facilitating influence of the digital economy on rural workers' occupational mobility, the digital economy, via a preference effect, significantly motivates rural workers to make decisions regarding occupational mobility, thereby overcoming mobility constraints stemming from risk aversion. Furthermore, the digital economy significantly fosters the transition of rural workers towards managerial, skilled, and service-oriented professions, while exerting a detrimental effect on employment oriented towards production.
{"title":"Exploring the driving effect of the digital economy on rural labor force's occupational transformation: Based on analysis of CFPS panel data","authors":"Jintao Liu, Xiuhai Wang","doi":"10.1016/j.irfa.2025.104010","DOIUrl":"10.1016/j.irfa.2025.104010","url":null,"abstract":"<div><div>This paper examines the influence of digital economy advancement on the occupational mobility of the rural workforce, utilizing microdata sourced from the China Family Panel Studies (CFPS) conducted in 2016, 2018, and 2020. Our findings reveal that the progression of the digital economy notably enhances the occupational mobility of rural laborers. Moreover, by employing the instrumental variable technique to tackle potential endogeneity concerns, we affirm the robustness of our conclusion. Mechanism tests further elucidate that, although the technological effect tends to diminish the facilitating influence of the digital economy on rural workers' occupational mobility, the digital economy, via a preference effect, significantly motivates rural workers to make decisions regarding occupational mobility, thereby overcoming mobility constraints stemming from risk aversion. Furthermore, the digital economy significantly fosters the transition of rural workers towards managerial, skilled, and service-oriented professions, while exerting a detrimental effect on employment oriented towards production.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"101 ","pages":"Article 104010"},"PeriodicalIF":7.5,"publicationDate":"2025-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143454990","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 : 2025-02-17DOI: 10.1016/j.irfa.2025.104009
Yuan Jiang , Xiaomei Wang , Wenting Wang , Xiaohan Yu
Using data from 30 provincial administrative regions in mainland China spanning from 2006 to 2022 as the research sample, this study investigates the influence of the government's attention to environmental protection on green technology innovation. Results indicate that an increased governmental focus on environmental conservation leads to enhanced innovation and application of green technology. Furthermore, governmental policy regulations pertaining to human resources, green finance, and industrial structure exhibit positive correlations with green technological innovation. Notably, this positive influence is more pronounced in the eastern region compared to the central and western regions.
{"title":"Impact of government attention guided by environmental policies on green technology innovation","authors":"Yuan Jiang , Xiaomei Wang , Wenting Wang , Xiaohan Yu","doi":"10.1016/j.irfa.2025.104009","DOIUrl":"10.1016/j.irfa.2025.104009","url":null,"abstract":"<div><div>Using data from 30 provincial administrative regions in mainland China spanning from 2006 to 2022 as the research sample, this study investigates the influence of the government's attention to environmental protection on green technology innovation. Results indicate that an increased governmental focus on environmental conservation leads to enhanced innovation and application of green technology. Furthermore, governmental policy regulations pertaining to human resources, green finance, and industrial structure exhibit positive correlations with green technological innovation. Notably, this positive influence is more pronounced in the eastern region compared to the central and western regions.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"101 ","pages":"Article 104009"},"PeriodicalIF":7.5,"publicationDate":"2025-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143471744","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}
扫码关注我们
求助内容：
应助结果提醒方式：
京公网安备 11010802042870号