Economic Analysis and Policy最新文献

英文中文

Self-regulation, media pressure, and corporate catastrophes

IF 7.9 2区经济学 Q1 ECONOMICS

Economic Analysis and Policy

Pub Date : 2025-01-09 DOI: 10.1016/j.eap.2025.01.013

Edina Berlinger , Judit Lilla Keresztúri , Ágnes Lublóy

To formalize the monitoring role of the media in corporate finance, we propose a new model of corporate catastrophic risk combining two disciplining forces: corporate self-regulation and media pressure. We assume that optimizing firms have a strong interest in hiding large operational loss events to avoid reputational losses. When a loss is revealed, the operation is immediately restored to its equilibrium, due to higher media attention. The model explains why public losses depend heavily on media attention but seem to be unrelated to the quality of internal governance. Internal governance has high impact on the hidden part of losses. Using the SAS Global Oprisk database, we test the model predictions for the period of 2011–2022 covering 4,547 loss events attributed to firms in the MSCI World index. The results of the empirical analysis are consistent with the theoretical model: higher media attention increases public losses but decreases total (the sum of public and hidden) losses in terms of both frequency and severity. We also find evidence that it may be easier to hide the actual size of large corporate losses than the occurrence of the loss event itself, especially within the financial sector. Promoting press freedom and market liquidity, prerequisites for media and investor attention, can be highly effective policies for improving corporate governance.

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引用次数: 0

Impact of business environment uncertainty on ESG performance from the perspective of resource supply and demand based on ESG performance

IF 7.9 2区经济学 Q1 ECONOMICS

Economic Analysis and Policy

Pub Date : 2025-01-08 DOI: 10.1016/j.eap.2025.01.010

Lisha Jiang , Wei Zhou , Wu Hualiang , Wei Deng

The performance of enterprises in environmental, social, and corporate governance (ESG) reflects the capacity for sustainable development, and the capacity for sustainable development is affected by the operating environment they face. Based on the supply and demand of ESG responsibility fulfillment resources, this study explores the impact of business environment uncertainty (including objective environmental uncertainty and environmental uncertainty perceived by enterprise management) on ESG performance and reveals the impact path of A-share listed companies in Shanghai and Shenzhen from 2009 to 2022. Results show that the objective environmental uncertainty and the environmental uncertainty perceived by enterprise management can considerably inhibit the ESG performance of enterprises. Compared with the environmental uncertainty perceived by the management, the objective environmental uncertainty has a more remarkable inhibitory effect on the ESG performance of enterprises. The mechanism analysis shows that uncertainty avoidance of financial intermediaries is the main path through which objective environmental uncertainty affects the ESG performance of enterprises, while uncertainty avoidance of enterprises is the main path through which environmental uncertainty perceived by management affects the ESG performance of enterprises. Heterogeneity analysis shows that the issuance of government environmental protection subsidies and the improvement of enterprise operating efficiency can considerably alleviate the inhibitory effect of objective environmental uncertainty on enterprise ESG performance, while government tax incentives, the improvement of enterprises' financial flexibility, and the improvement of strategic risk bearing ability can considerably alleviate the inhibitory effect of management's perceived environmental uncertainty on enterprise ESG performance. Optimizing the regional business environment can simultaneously alleviate the inhibition of the two environmental uncertainties on the ESG performance of enterprises. Based on the research findings, this study proposes policy suggestions and coping strategies to improve ESG performance under business environment uncertainty.

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引用次数: 0

Evaluation and influencing factors of sustainable economic development: A spatial analysis in the Yellow River Basin

IF 7.9 2区经济学 Q1 ECONOMICS

Economic Analysis and Policy

Pub Date : 2025-01-08 DOI: 10.1016/j.eap.2025.01.012

Zhenhua Zhang , Chao Hua , Malin Song , Marshall S. Jiang , Jianjun Miao , Xue-Li Chen

River basin cities often face significant conflicts between human activities and the environment. The Yellow River Basin, known for its long-standing energy industry, is one of China's key focus areas for developing new quality productive forces and promoting sustainable economic development (SED). This study employs a grey-weighted Technique for Order Preference by Similarity to an Ideal Solution (TOPSIS) to analyze panel data from 99 cities in the Yellow River Basin (YRB) from 2006 to 2019, evaluating the region's SED. Spatial econometric models are used to identify influencing factors. The results indicate that SED in the YRB exhibits strong positive spatial autocorrelation. Financial development has an N-shaped curve effect on SED, with its influence extending to surrounding areas. Human capital and foreign direct investment positively impact SED, while informatization inhibits it. Energy consumption efficiency significantly promotes SED. The impacts of all factors on SED are more pronounced in regions with higher real GDP per capita. Government control suppresses SED in high-economy areas but promotes it in low-economy areas. This research can help countries formulate local plans to promote SED in river basin cities.

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引用次数: 0

Impact of regional finance reform and innovation policies on green innovation in pilot cities: A quasi-natural experiment

IF 7.9 2区经济学 Q1 ECONOMICS

Economic Analysis and Policy

Pub Date : 2025-01-06 DOI: 10.1016/j.eap.2025.01.005

Shen Zhong, Zhicheng Zhou, Wei Gao

Green innovation (GI) is crucial for improving public health, and regional financial reform and innovation (RFRI) policies play a key role in promoting financial development (FD) and enhancing innovation capacity (IC), thereby advancing GI. This paper systematically analyzes the relationship between RFRI policies and GI, utilizing panel data from 281 Chinese cities from 2003 to 2021 and employing a multi-period difference-in-differences (DID) model. The main conclusions of this paper are as follows: First, RFRI policies significantly promote GI in pilot areas, and this conclusion holds after a series of robustness tests. Second, RFRI policies enhance GI by fostering FD and IC. Third, an analysis of individual policies reveals that open and innovative RFRI policies have the most significant impact, while shared policies have a relatively weaker effect. Finally, heterogeneity analysis further shows that the effect of RFRI policies on GI is stronger in cities not subject to environmental protection interviews, regions with higher environmental protection taxes, areas with lower public environmental concern, general cities, and eastern regions. This study explores whether RFRI policies can promote GI, providing empirical evidence and policy recommendations for China's financial reforms and the green transformation of its economic development.

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引用次数: 0

Evolving impacts of fiscal policy on macroeconomic fluctuations in Peru

IF 7.9 2区经济学 Q1 ECONOMICS

Economic Analysis and Policy

Pub Date : 2025-01-06 DOI: 10.1016/j.eap.2024.12.019

Alexander Meléndez , Gabriel Rodríguez

This study assesses the evolving impact of fiscal policy on Peru’s economic activity in 1995Q1-2018Q2 using unrestricted and restricted TVP-VAR-SV models as proposed by Chan and Eisenstat (2018a). The results highlight the necessity of including stochastic volatility, although there is no clear evidence for time-varying parameters. Shocks from government consumption growth and public investment growth significantly influence the forecast error variance decomposition and the historical decomposition of GDP growth. Conversely, the impact of tax revenue shocks remains weak throughout the study period. The public investment multiplier exceeds that of government consumption although both are less than 1, suggesting a limited capacity of fiscal policy to stimulate economic activity. The study also finds that external shocks (export price index growth) have a strong and positive impact on tax revenue growth. A series of robustness exercises further confirms these results.

引用次数: 0

Government power delegation and the policy burden of state-owned enterprises

IF 7.9 2区经济学 Q1 ECONOMICS

Economic Analysis and Policy

Pub Date : 2025-01-05 DOI: 10.1016/j.eap.2025.01.009

Mengchao Yao , Qianwei Ying

State-owned enterprises (SOEs) constitute a pivotal component of the Chinese economy and maintain a robust relationship with the government. While existing literature predominantly examines the effects of governance and policy burdens on SOEs, the exploration of policy burden transmission through government intervention mechanisms remains underexplored. To clarify the transmission mechanisms and potential impacts of policy burdens, we scrutinize the impact of government power delegation on the policy burdens of SOEs in China. Government power delegation is designed to curtail the government's authority through comprehensive internal reforms. This investigation evaluates the intensity of government power delegation employing a novel textual analysis methodology termed “words net”. Our findings corroborate that local government power delegation alleviates policy burdens in SOEs. The robustness of our findings is affirmed through comprehensive robustness checks and addressing endogeneity concerns via instrumental variables and difference-in diference. Furthermore, this effect is markedly amplified in the context of local SOEs and those with diminished promotional opportunities. Moreover, it attenuates the detrimental impact on firm value engendered by policy burdens. The reconfiguration of the government's role elucidated in this paper yields valuable insights into economic development strategies for China and regions with analogous conditions.

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引用次数: 0

Encouraging or inhibiting: Can analyst attention reduce corporate greenwashing behavior?

IF 7.9 2区经济学 Q1 ECONOMICS

Economic Analysis and Policy

Pub Date : 2025-01-05 DOI: 10.1016/j.eap.2025.01.007

Mengzhi Zhang , Wenjian He

As an essential mechanism of corporate external governance, it is worth considering whether analyst attention can inhibit corporate greenwashing behavior. Based on the theoretical exploration of the mechanism of analyst attention on corporate greenwashing behavior, this paper, using the data of Chinese A-share non-financial listed companies, quantitatively finds that analyst attention does not inhibit but rather encourages corporate greenwashing. After a series of robustness tests, the baseline regression results remain consistent. The mechanism test reveals that analyst attention encourages greenwashing due to the information asymmetry, which creates short-term performance pressure. This pressure displaces investments in environmental governance, ultimately increasing the motivation for greenwashing, rather than being driven by collusion between the two parties. Heterogeneity analysis indicates that analyst attention contributes more significantly to corporate greenwashing behavior among non-state-owned firms and firms with a high shareholding ratio of short-term institutional investors. These findings offer valuable insights for developing analyst practices and promoting genuine corporate environmental responsibility.

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引用次数: 0

The effect of tax enforcement digitalization on corporate digital transformation: Evidence from China's listed companies

IF 7.9 2区经济学 Q1 ECONOMICS

Economic Analysis and Policy

Pub Date : 2025-01-05 DOI: 10.1016/j.eap.2025.01.008

Yanhui Xu , Fuhua Deng , Qianbin Feng

In China, the policy of tax enforcement digitalization has been introduced with the implementation of the CTAIS-3 project. In this policy context, we study the impact of tax enforcement digitization on corporate digital transformation (CDTM) from both theoretical and empirical perspectives. Our results suggest that the introduction of tax enforcement digitalization inhibits CDTM, and further mechanism investigation indicates that this impact is realized through two channels: increasing the tax burden on firms and reducing firms' risk preference. Heterogeneity analysis shows that at the provincial level, the negative impact of tax enforcement digitalization on CDTM is greater in provinces with greater fiscal pressure and worse marketization level. At the firm level, the negative effect of tax enforcement digitalization on CDTM is more significant for firms with lower levels of governance and firms with greater fiscal constraints. In addition, we find that the CTAIS-3 project does help governments to provide more subsidies to innovative firms, but does not further reduce or improve CDTM. Our study reveals the potential economic consequences of the implementation of tax enforcement digitalization policies at the micro-firm level, which provides a useful reference for future tax reforms in developing countries.

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引用次数: 0

On ESG and corporate employment decision: Evidence from Chinese listed firms in 2009–2022

IF 7.9 2区经济学 Q1 ECONOMICS

Economic Analysis and Policy

Pub Date : 2025-01-04 DOI: 10.1016/j.eap.2025.01.004

Yichi Jiang , Xuanyue Zhang , Shujie Yao

Implementing effective ESG management may enable firms to improve performance and create employment opportunities. This paper investigates the relationship between ESG practices and corporate employment decisions in the context of Chinese listed firms, aiming to understand how sustainability initiatives affect workforce dynamics. With unbalanced panel data of Chinese A-share listed firms spanning 2009–2022, the empirical results show that heightened ESG practices are positively associated with larger employment scales and a greater proportion of highly-skilled and highly-educated employees within firms. Channel analysis reveals that ESG practices contribute to optimizing employment structure through easing financing constraints, mitigating operational risks, and enhancing production efficiency. In addition, the impact of ESG practices on corporate employment is more pronounced in state-owned, large firms in non-labor-intensive industries, and firms in the growth phase. Furthermore, ESG practices could also enhance corporate innovation capabilities through expanding employment scale and optimizing employment structure. The research results provide valuable insights for corporate leaders and other stakeholders, highlighting the importance of integrating sustainability considerations into corporate strategies to drive innovation, to mitigate risks, and to promote inclusive growth.

{"title":"On ESG and corporate employment decision: Evidence from Chinese listed firms in 2009–2022","authors":"Yichi Jiang , Xuanyue Zhang , Shujie Yao","doi":"10.1016/j.eap.2025.01.004","DOIUrl":"10.1016/j.eap.2025.01.004","url":null,"abstract":"<div><div>Implementing effective ESG management may enable firms to improve performance and create employment opportunities. This paper investigates the relationship between ESG practices and corporate employment decisions in the context of Chinese listed firms, aiming to understand how sustainability initiatives affect workforce dynamics. With unbalanced panel data of Chinese A-share listed firms spanning 2009–2022, the empirical results show that heightened ESG practices are positively associated with larger employment scales and a greater proportion of highly-skilled and highly-educated employees within firms. Channel analysis reveals that ESG practices contribute to optimizing employment structure through easing financing constraints, mitigating operational risks, and enhancing production efficiency. In addition, the impact of ESG practices on corporate employment is more pronounced in state-owned, large firms in non-labor-intensive industries, and firms in the growth phase. Furthermore, ESG practices could also enhance corporate innovation capabilities through expanding employment scale and optimizing employment structure. The research results provide valuable insights for corporate leaders and other stakeholders, highlighting the importance of integrating sustainability considerations into corporate strategies to drive innovation, to mitigate risks, and to promote inclusive growth.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"85 ","pages":"Pages 854-869"},"PeriodicalIF":7.9,"publicationDate":"2025-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143132020","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Climate finance for energy security: An empirical analysis from a global perspective

IF 7.9 2区经济学 Q1 ECONOMICS

Economic Analysis and Policy

Pub Date : 2025-01-04 DOI: 10.1016/j.eap.2025.01.006

Chi-Chuan Lee , Yuzhu Fang

Energy security has always been a global concern. Based on the OECD project database and employing a new data processing method, this research takes 80 countries as a sample to empirically analyze climate finance's impact on energy security from 2010 to 2020. The results indicate that climate finance significantly positively affects energy security of recipient countries. Particularly, its effect at enhancing energy security is more pronounced in lower-income countries, whereas in contrast its impact on high-income countries is not significant. Additionally, countries with balance of payments deficits benefit more from climate finance. Regarding potential impact mechanisms, technological progress is important through which climate finance affects energy security, while no significant correlation appears with private sector energy investment. Moreover, quantile regression analysis demonstrates a more pronounced positive impact of climate finance on countries with lower energy security levels. Conversely, the threshold regression model indicates a negative effect of climate finance on energy security in nations with weaker global governance capacity. Drawing upon these findings, this paper presents targeted policy recommendations aimed at optimizing the distribution of global climate finance and resources, fostering the attainment of international climate objectives, and promoting sustainable economic development.

{"title":"Climate finance for energy security: An empirical analysis from a global perspective","authors":"Chi-Chuan Lee , Yuzhu Fang","doi":"10.1016/j.eap.2025.01.006","DOIUrl":"10.1016/j.eap.2025.01.006","url":null,"abstract":"<div><div>Energy security has always been a global concern. Based on the OECD project database and employing a new data processing method, this research takes 80 countries as a sample to empirically analyze climate finance's impact on energy security from 2010 to 2020. The results indicate that climate finance significantly positively affects energy security of recipient countries. Particularly, its effect at enhancing energy security is more pronounced in lower-income countries, whereas in contrast its impact on high-income countries is not significant. Additionally, countries with balance of payments deficits benefit more from climate finance. Regarding potential impact mechanisms, technological progress is important through which climate finance affects energy security, while no significant correlation appears with private sector energy investment. Moreover, quantile regression analysis demonstrates a more pronounced positive impact of climate finance on countries with lower energy security levels. Conversely, the threshold regression model indicates a negative effect of climate finance on energy security in nations with weaker global governance capacity. Drawing upon these findings, this paper presents targeted policy recommendations aimed at optimizing the distribution of global climate finance and resources, fostering the attainment of international climate objectives, and promoting sustainable economic development.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"85 ","pages":"Pages 963-978"},"PeriodicalIF":7.9,"publicationDate":"2025-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143132297","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

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