Pub Date : 2025-11-24DOI: 10.1016/j.irfa.2025.104820
Junjie Wang, Jiachen Qiao
This paper uses panel data of Chinese prefecture-level cities between 2014 and 2023 to investigate the effects of public environmental concern and the intensity of environmental regulations on the development of regional green finance empirically. Findings of the study show that public environmental concern and environmental regulation intensity are both significantly positively associated with green finance development, with environmental regulation intensity exerting a positive moderating effect on the relationship between public environmental concern and green finance development. The study's heterogeneity analysis finds that the effect of public environmental concern on green finance development is stronger for the cities that allocate more fiscal resources and issues of lower population size. The conclusions are upheld through a myriad of robustness and endogeneity tests, contributing empirical evidence to understanding the factors of regional green finance development.
{"title":"Public environmental awareness, environmental regulation intensity, and regional green finance development","authors":"Junjie Wang, Jiachen Qiao","doi":"10.1016/j.irfa.2025.104820","DOIUrl":"10.1016/j.irfa.2025.104820","url":null,"abstract":"<div><div>This paper uses panel data of Chinese prefecture-level cities between 2014 and 2023 to investigate the effects of public environmental concern and the intensity of environmental regulations on the development of regional green finance empirically. Findings of the study show that public environmental concern and environmental regulation intensity are both significantly positively associated with green finance development, with environmental regulation intensity exerting a positive moderating effect on the relationship between public environmental concern and green finance development. The study's heterogeneity analysis finds that the effect of public environmental concern on green finance development is stronger for the cities that allocate more fiscal resources and issues of lower population size. The conclusions are upheld through a myriad of robustness and endogeneity tests, contributing empirical evidence to understanding the factors of regional green finance development.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"109 ","pages":"Article 104820"},"PeriodicalIF":9.8,"publicationDate":"2025-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145593393","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}
This paper empirically analyzes the impact of executives' financial background and ESG performance on corporate carbon performance based on panel data from A-share listed companies in China from 2008 to 2023. The research findings indicate that executives' financial background can significantly enhance corporate carbon performance; ESG performance can significantly improve corporate carbon performance; ESG performance moderates the effect of executives' financial background on corporate carbon performance; regional economic level affects the relationship between executives' financial background and corporate carbon performance; there is heterogeneity in the impact of executives' financial background on corporate carbon performance between state-owned enterprises (SOEs) and private enterprises (PEs); and there is heterogeneity in the influence of ESG performance on corporate carbon performance between SOEs and PEs.
{"title":"Executive financial background, corporate ESG performance, and carbon performance","authors":"Jing Xing , Qiusheng Wu , Huaiyu Yuan , Zhenjiang Xing","doi":"10.1016/j.irfa.2025.104821","DOIUrl":"10.1016/j.irfa.2025.104821","url":null,"abstract":"<div><div>This paper empirically analyzes the impact of executives' financial background and ESG performance on corporate carbon performance based on panel data from A-share listed companies in China from 2008 to 2023. The research findings indicate that executives' financial background can significantly enhance corporate carbon performance; ESG performance can significantly improve corporate carbon performance; ESG performance moderates the effect of executives' financial background on corporate carbon performance; regional economic level affects the relationship between executives' financial background and corporate carbon performance; there is heterogeneity in the impact of executives' financial background on corporate carbon performance between state-owned enterprises (SOEs) and private enterprises (PEs); and there is heterogeneity in the influence of ESG performance on corporate carbon performance between SOEs and PEs.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"109 ","pages":"Article 104821"},"PeriodicalIF":9.8,"publicationDate":"2025-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145592788","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 : 2025-11-24DOI: 10.1016/j.irfa.2025.104823
Yiqu Yang , Lingkang Wang
This study delves into the pathway through which ESG performance influences supply chain resilience, utilizing panel data from A-share listed manufacturing enterprises in China from 2017 to 2022. The findings reveal that ESG performance significantly enhances supply chain resilience, with the effect remaining robust even after excluding pandemic-related samples, thus validating its long-term resilience-boosting role. ESG achieves this enhancement through dual pathways: firstly, by optimizing governance structures to curb inefficient investments and freeing up resources for resilience-building initiatives; secondly, by driving green technological innovation and digital transformation, accelerating intelligent transformation, and optimizing supply chain operational efficiency and supply-demand matching capabilities. Notably, there exists significant heterogeneity in terms of property rights, with ESG exhibiting a stronger resilience-enhancing effect in private enterprises compared to state-owned enterprises, indicating that market-oriented mechanisms are more conducive to the efficient allocation of ESG resources.
{"title":"ESG performance, investment efficiency and supply chain resilience","authors":"Yiqu Yang , Lingkang Wang","doi":"10.1016/j.irfa.2025.104823","DOIUrl":"10.1016/j.irfa.2025.104823","url":null,"abstract":"<div><div>This study delves into the pathway through which ESG performance influences supply chain resilience, utilizing panel data from A-share listed manufacturing enterprises in China from 2017 to 2022. The findings reveal that ESG performance significantly enhances supply chain resilience, with the effect remaining robust even after excluding pandemic-related samples, thus validating its long-term resilience-boosting role. ESG achieves this enhancement through dual pathways: firstly, by optimizing governance structures to curb inefficient investments and freeing up resources for resilience-building initiatives; secondly, by driving green technological innovation and digital transformation, accelerating intelligent transformation, and optimizing supply chain operational efficiency and supply-demand matching capabilities. Notably, there exists significant heterogeneity in terms of property rights, with ESG exhibiting a stronger resilience-enhancing effect in private enterprises compared to state-owned enterprises, indicating that market-oriented mechanisms are more conducive to the efficient allocation of ESG resources.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"109 ","pages":"Article 104823"},"PeriodicalIF":9.8,"publicationDate":"2025-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145592786","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 : 2025-11-24DOI: 10.1016/j.irfa.2025.104728
M.D. Braga , L. Riso , M.G. Zoia
The properties of risk-based asset allocation approaches considering the portfolio kurtosis exclusively or combined with volatility in the reference risk measure are developed. This paper extends the existing literature by proving theoretically and empirically the clear hierarchy of portfolio kurtosis that, in an increasing order, starts with the Minimum Kurtosis strategy, goes through the Kurtosis-based Risk Parity, and arrives to the Equally Weighted Strategy. The risk-based asset allocation approaches are first applied in sample to provide validation and then out-of-sample to learn their “behavioural characteristics” when they are implemented within an equity investment universe using datasets of monthly and weekly returns. In particular, the outcomes of the risk-based asset allocation strategies based on mixed risk measures are compared with those from the standard polynomial goal programming (), either in its standard form or in a novel version, specifically designed to account for the rationale of the risk-parity allocation approach. From this, an interesting and original interpretation of the as a risk-based asset allocation approach can be learned.
{"title":"The theoretical properties of novel risk-based asset allocation strategies using portfolio volatility and kurtosis","authors":"M.D. Braga , L. Riso , M.G. Zoia","doi":"10.1016/j.irfa.2025.104728","DOIUrl":"10.1016/j.irfa.2025.104728","url":null,"abstract":"<div><div>The properties of risk-based asset allocation approaches considering the portfolio kurtosis exclusively or combined with volatility in the reference risk measure are developed. This paper extends the existing literature by proving theoretically and empirically the clear hierarchy of portfolio kurtosis that, in an increasing order, starts with the Minimum Kurtosis strategy, goes through the Kurtosis-based Risk Parity, and arrives to the Equally Weighted Strategy. The risk-based asset allocation approaches are first applied in sample to provide validation and then out-of-sample to learn their “behavioural characteristics” when they are implemented within an equity investment universe using datasets of monthly and weekly returns. In particular, the outcomes of the risk-based asset allocation strategies based on mixed risk measures are compared with those from the standard polynomial goal programming (<span><math><mrow><mi>P</mi><mi>G</mi><mi>P</mi></mrow></math></span>), either in its standard form or in a novel version, specifically designed to account for the rationale of the risk-parity allocation approach. From this, an interesting and original interpretation of the <span><math><mrow><mi>P</mi><mi>G</mi><mi>P</mi></mrow></math></span> as a risk-based asset allocation approach can be learned.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"109 ","pages":"Article 104728"},"PeriodicalIF":9.8,"publicationDate":"2025-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145593396","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 : 2025-11-24DOI: 10.1016/j.irfa.2025.104810
Anmiao Ma, Mad Nasir Shamsudin, Muzafar Shah Habibullah
This study addresses the problem of how ESG adoption influences bank performance in China's financial market, where institutional heterogeneity and green transition pressures coexist. Using panel data from 42 A-share listed banks (2009–2023), we examine the implementation of multidimensional ESG practices and the mediating role of green innovation, with ownership structure as a key moderator. Results show that governance and social dimensions contribute most strongly to performance, with green innovation serving as a significant mediator. State-owned banks exhibit superior outcomes due to policy alignment, while non-state banks face structural constraints. The study concludes that tailored governance incentives and green finance innovation are essential to enhance sustainable banking resilience.
{"title":"Effects of environmental, social, and governance adoption on Chinese listed commercial banks performance with the roles of green innovation and ownership structure","authors":"Anmiao Ma, Mad Nasir Shamsudin, Muzafar Shah Habibullah","doi":"10.1016/j.irfa.2025.104810","DOIUrl":"10.1016/j.irfa.2025.104810","url":null,"abstract":"<div><div>This study addresses the problem of how ESG adoption influences bank performance in China's financial market, where institutional heterogeneity and green transition pressures coexist. Using panel data from 42 A-share listed banks (2009–2023), we examine the implementation of multidimensional ESG practices and the mediating role of green innovation, with ownership structure as a key moderator. Results show that governance and social dimensions contribute most strongly to performance, with green innovation serving as a significant mediator. State-owned banks exhibit superior outcomes due to policy alignment, while non-state banks face structural constraints. The study concludes that tailored governance incentives and green finance innovation are essential to enhance sustainable banking resilience.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"110 ","pages":"Article 104810"},"PeriodicalIF":9.8,"publicationDate":"2025-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145738206","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 : 2025-11-24DOI: 10.1016/j.irfa.2025.104824
Zengfu Yao , Ou Yang , Ye Chen , Zhiwei Dong , Cheng Yang , Yu Wei , Yonghuai Chen
This paper investigates the spillover dynamics and diversification benefits between China's national carbon emission allowance (CEA) market, the largest of its kind globally, and industrial stock portfolios categorized by their carbon emission levels. While a growing number of industrial firms now participate in carbon trading, the specific interactions between CEA prices and their stock performance remain unexplored. To address this gap, we employ a time-varying parameter vector autoregression (TVP-VAR) spillover analysis alongside two novel portfolio allocation strategies derived from spillover indices. Our analysis reveals substantial total spillover effects, with the CEA market consistently acting as a net spillover receiver, signaling its potential as a diversification asset. We find that optimal portfolio weights for CEAs and the hedging effectiveness for individual stocks vary markedly across high-, medium-, and low-emission portfolios and differ according to the allocation method applied. Although no single allocation strategy dominates in terms of absolute profitability, a method based on the net pairwise directional spillover index yields the most predictable cumulative returns. Critically, our Sharpe ratio analysis demonstrates that integrating CEAs consistently enhances risk-adjusted returns for all carbon-stock portfolios. Notably, portfolios combining CEAs with high- and low-carbon stocks significantly outperform their medium-carbon counterparts. These findings offer crucial insights for investors developing differentiated risk management strategies and for regulators refining China's carbon pricing mechanism.
{"title":"Spillover and diversification effects of China's CET and the industrial stock markets: Evidence from different carbon emission levels in the industrial sector","authors":"Zengfu Yao , Ou Yang , Ye Chen , Zhiwei Dong , Cheng Yang , Yu Wei , Yonghuai Chen","doi":"10.1016/j.irfa.2025.104824","DOIUrl":"10.1016/j.irfa.2025.104824","url":null,"abstract":"<div><div>This paper investigates the spillover dynamics and diversification benefits between China's national carbon emission allowance (CEA) market, the largest of its kind globally, and industrial stock portfolios categorized by their carbon emission levels. While a growing number of industrial firms now participate in carbon trading, the specific interactions between CEA prices and their stock performance remain unexplored. To address this gap, we employ a time-varying parameter vector autoregression (TVP-VAR) spillover analysis alongside two novel portfolio allocation strategies derived from spillover indices. Our analysis reveals substantial total spillover effects, with the CEA market consistently acting as a net spillover receiver, signaling its potential as a diversification asset. We find that optimal portfolio weights for CEAs and the hedging effectiveness for individual stocks vary markedly across high-, medium-, and low-emission portfolios and differ according to the allocation method applied. Although no single allocation strategy dominates in terms of absolute profitability, a method based on the net pairwise directional spillover index yields the most predictable cumulative returns. Critically, our Sharpe ratio analysis demonstrates that integrating CEAs consistently enhances risk-adjusted returns for all carbon-stock portfolios. Notably, portfolios combining CEAs with high- and low-carbon stocks significantly outperform their medium-carbon counterparts. These findings offer crucial insights for investors developing differentiated risk management strategies and for regulators refining China's carbon pricing mechanism.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"109 ","pages":"Article 104824"},"PeriodicalIF":9.8,"publicationDate":"2025-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145615636","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 : 2025-11-24DOI: 10.1016/j.irfa.2025.104822
Jing Li
This article focuses on tourism-related listed companies in China from 2007 to 2023, exploring how green credit can reshape the tourism industry chain through the dual pathways of corporate green innovation and social welfare improvement. The study finds that green credit has a significant positive impact on the restructuring of the tourism industry chain. Further heterogeneity analysis indicates that the positive effect of green credit on the reshaping of the tourism industry chain is more pronounced in regions with a higher degree of marketization. Mechanism test results reveal that corporate green innovation plays a partial mediating role between green credit and the restructuring of the tourism industry chain. Additionally, improvements in social welfare also exert a partial mediating effect between green credit and the reshaping of the tourism industry chain. These conclusions provide a theoretical basis and empirical support for the deepened application of green finance policies in the tourism industry and for differentiated regional management.
{"title":"How does green credit reshape the tourism industry chain? Dual path verification driving corporate green innovation and social welfare enhancement","authors":"Jing Li","doi":"10.1016/j.irfa.2025.104822","DOIUrl":"10.1016/j.irfa.2025.104822","url":null,"abstract":"<div><div>This article focuses on tourism-related listed companies in China from 2007 to 2023, exploring how green credit can reshape the tourism industry chain through the dual pathways of corporate green innovation and social welfare improvement. The study finds that green credit has a significant positive impact on the restructuring of the tourism industry chain. Further heterogeneity analysis indicates that the positive effect of green credit on the reshaping of the tourism industry chain is more pronounced in regions with a higher degree of marketization. Mechanism test results reveal that corporate green innovation plays a partial mediating role between green credit and the restructuring of the tourism industry chain. Additionally, improvements in social welfare also exert a partial mediating effect between green credit and the reshaping of the tourism industry chain. These conclusions provide a theoretical basis and empirical support for the deepened application of green finance policies in the tourism industry and for differentiated regional management.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"109 ","pages":"Article 104822"},"PeriodicalIF":9.8,"publicationDate":"2025-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145592789","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 : 2025-11-24DOI: 10.1016/j.irfa.2025.104818
Yisong Huang , Yongqian Tu , Qianyu Zhu
Against the backdrop of artificial intelligence (AI) rapidly permeating enterprise operations and management, the employment structure within firms is undergoing profound adjustments. Based on data from Chinese A-share listed companies between 2012 and 2023, this paper systematically examines the impact of AI investment on the proportion of technical and non-technical employees within firms, and introduces the variable of financing constraints to identify its moderating effects. The findings reveal that AI investment significantly increases the share of technical employees while reducing that of non-technical employees within enterprises. Financing constraints weaken the positive impact of AI investment on the proportion of technical employees and amplify its negative effect on the proportion of non-technical employees. Furthermore, the impact of AI investment on employment structure adjustment is more pronounced in small and medium-sized enterprises (SMEs) and non-manufacturing firms. This study uncovers the micro-level impact of AI application on employment structure at the firm level and provides policy implications for achieving intelligent transformation and labor market equilibrium.
{"title":"Corporate artificial intelligence investment and employment structure adjustment: A heterogeneity analysis from the perspective of financial constraints","authors":"Yisong Huang , Yongqian Tu , Qianyu Zhu","doi":"10.1016/j.irfa.2025.104818","DOIUrl":"10.1016/j.irfa.2025.104818","url":null,"abstract":"<div><div>Against the backdrop of artificial intelligence (AI) rapidly permeating enterprise operations and management, the employment structure within firms is undergoing profound adjustments. Based on data from Chinese A-share listed companies between 2012 and 2023, this paper systematically examines the impact of AI investment on the proportion of technical and non-technical employees within firms, and introduces the variable of financing constraints to identify its moderating effects. The findings reveal that AI investment significantly increases the share of technical employees while reducing that of non-technical employees within enterprises. Financing constraints weaken the positive impact of AI investment on the proportion of technical employees and amplify its negative effect on the proportion of non-technical employees. Furthermore, the impact of AI investment on employment structure adjustment is more pronounced in small and medium-sized enterprises (SMEs) and non-manufacturing firms. This study uncovers the micro-level impact of AI application on employment structure at the firm level and provides policy implications for achieving intelligent transformation and labor market equilibrium.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"109 ","pages":"Article 104818"},"PeriodicalIF":9.8,"publicationDate":"2025-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145593457","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 : 2025-11-24DOI: 10.1016/j.irfa.2025.104817
Yongfan Ma , Zongnan Chen
This paper evaluates the real economic value of public data openness (PDO) from the perspective of corporate cash holdings. While existing literature predominantly highlights the positive effects of PDO, we aim to explore its potential costs and trade-offs. Using a staggered implementation of PDO platforms in Chinese prefecture-level cities, we document that PDO significantly reduces corporate cash holdings. Our mechanism analysis reveals that this effect is not driven by traditional value-creation channels, such as the alleviation of financing constraints, but is instead dominated by a value trade-off mechanism. Specifically, PDO operates by intensifying both market and regulatory pressures. These pressures induce managerial myopia and over-investment, and they significantly increase firms' compliance and political costs, which jointly contribute to the depletion of corporate cash reserves. This paper reveals the dual nature of PDO as a governance tool, challenging the conventional wisdom that enhanced transparency is always beneficial, and provides novel insights and empirical evidence for assessing the economic consequences of this global policy initiative.
{"title":"A costly spotlight: Public data openness and corporate cash holdings","authors":"Yongfan Ma , Zongnan Chen","doi":"10.1016/j.irfa.2025.104817","DOIUrl":"10.1016/j.irfa.2025.104817","url":null,"abstract":"<div><div>This paper evaluates the real economic value of public data openness (PDO) from the perspective of corporate cash holdings. While existing literature predominantly highlights the positive effects of PDO, we aim to explore its potential costs and trade-offs. Using a staggered implementation of PDO platforms in Chinese prefecture-level cities, we document that PDO significantly reduces corporate cash holdings. Our mechanism analysis reveals that this effect is not driven by traditional value-creation channels, such as the alleviation of financing constraints, but is instead dominated by a value trade-off mechanism. Specifically, PDO operates by intensifying both market and regulatory pressures. These pressures induce managerial myopia and over-investment, and they significantly increase firms' compliance and political costs, which jointly contribute to the depletion of corporate cash reserves. This paper reveals the dual nature of PDO as a governance tool, challenging the conventional wisdom that enhanced transparency is always beneficial, and provides novel insights and empirical evidence for assessing the economic consequences of this global policy initiative.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"109 ","pages":"Article 104817"},"PeriodicalIF":9.8,"publicationDate":"2025-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145593461","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 : 2025-11-23DOI: 10.1016/j.irfa.2025.104808
Feiyu Liu, Ling Zhu, Zhihui Zhang, Haiping Yang, Weidong Huo
Based on the panel data of 31 provinces and cities in China from 2011 to 2022, this paper empirically examines the direct impact of digital financial inclusion on the export technical sophistication of manufacturing industry, as well as the mediating effect of technological innovation and industrial agglomeration and further analyses the spatial spillover effect by adopting the mediating effect model and the spatial Durbin model. The results of the study show that: firstly, digital financial inclusion can significantly promote the export technical sophistication of manufacturing industry, and has a greater impact on capital-intensive manufacturing products; secondly, after introducing the spatial Durbin model, it is found that the development of digital financial inclusion in neighboring areas will inhibit the export technical sophistication of manufacturing industry in the region; thirdly, the intermediary effect shows that digital financial inclusion can significantly promote the export technical sophistication of manufacturing industry with the help of technological innovation. Industrial agglomeration promotes the export technical sophistication of the manufacturing industry. Therefore, the government should maintain the stability of digital inclusive financial policies, release the capital constraints, and reduce the cost of enterprise financing; at the same time, it should pay attention to the balanced development of inter-regional inclusive finance, and improve the relevant inclusive financial supporting system.
{"title":"Can digital financial inclusion improve the export technical sophistication of manufacturing industry?","authors":"Feiyu Liu, Ling Zhu, Zhihui Zhang, Haiping Yang, Weidong Huo","doi":"10.1016/j.irfa.2025.104808","DOIUrl":"10.1016/j.irfa.2025.104808","url":null,"abstract":"<div><div>Based on the panel data of 31 provinces and cities in China from 2011 to 2022, this paper empirically examines the direct impact of digital financial inclusion on the export technical sophistication of manufacturing industry, as well as the mediating effect of technological innovation and industrial agglomeration and further analyses the spatial spillover effect by adopting the mediating effect model and the spatial Durbin model. The results of the study show that: firstly, digital financial inclusion can significantly promote the export technical sophistication of manufacturing industry, and has a greater impact on capital-intensive manufacturing products; secondly, after introducing the spatial Durbin model, it is found that the development of digital financial inclusion in neighboring areas will inhibit the export technical sophistication of manufacturing industry in the region; thirdly, the intermediary effect shows that digital financial inclusion can significantly promote the export technical sophistication of manufacturing industry with the help of technological innovation. Industrial agglomeration promotes the export technical sophistication of the manufacturing industry. Therefore, the government should maintain the stability of digital inclusive financial policies, release the capital constraints, and reduce the cost of enterprise financing; at the same time, it should pay attention to the balanced development of inter-regional inclusive finance, and improve the relevant inclusive financial supporting system.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"109 ","pages":"Article 104808"},"PeriodicalIF":9.8,"publicationDate":"2025-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145575573","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