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Impact of board diversity on Chinese firms’ cross-border M&A performance: An artificial intelligence approach (2024)
Journal Article
Ding, S., Du, M., Cui, T., Zhang, Y., & Duygun, M. (2024). Impact of board diversity on Chinese firms’ cross-border M&A performance: An artificial intelligence approach. International Review of Economics and Finance, 92, 1321-1335. https://doi.org/10.1016/j.iref.2024.02.077

In this paper, we examine the impact of board demographic characteristics on Chinese firms’ cross-border Mergers and Acquisition (M&A) performance, especially the gender diversity of the board composition. We unveil that female board proportion exhib... Read More about Impact of board diversity on Chinese firms’ cross-border M&A performance: An artificial intelligence approach.

Navigating the nexus: Geopolitical risk, fossil energy prices, and European utility stock returns - Implications for environmental management and energy security in a conflict-ridden global landscape (2024)
Journal Article
Yang, T., Fang, S., Du, A. M., & Du, Q. (2024). Navigating the nexus: Geopolitical risk, fossil energy prices, and European utility stock returns - Implications for environmental management and energy security in a conflict-ridden global landscape. Journal of Environmental Management, 352, Article 120086. https://doi.org/10.1016/j.jenvman.2024.120086

This study employs a TPV-VAR analysis method to explore the linkage between GPR, fossil energy prices, and utility stock returns across 16 European countries from August 2009 to April 2023. Our findings reveal variations over time in how GPR influenc... Read More about Navigating the nexus: Geopolitical risk, fossil energy prices, and European utility stock returns - Implications for environmental management and energy security in a conflict-ridden global landscape.

Venture capital, innovation channels, and regional resource dependence: Evidence from China (2024)
Journal Article
Du, Q., Li, Z., Du, M., & Yang, T. (2024). Venture capital, innovation channels, and regional resource dependence: Evidence from China. Journal of Environmental Management, 352, Article 120034. https://doi.org/10.1016/j.jenvman.2024.120034

Although the literature predominantly emphasises the crucial role of technological innovation in alleviating resource dependence, limited attention has been given to the pivotal role of capital in driving such innovation. As a critical factor in tech... Read More about Venture capital, innovation channels, and regional resource dependence: Evidence from China.

The impact of the degree of coupling coordination between green finance and environmental regulations on firms’ innovation performance: evidence from China (2023)
Journal Article
Yang, T., Sun, Z., Du, M., Du, Q., Li, L., & Shuwaikh, F. (in press). The impact of the degree of coupling coordination between green finance and environmental regulations on firms’ innovation performance: evidence from China. Annals of Operations Research, https://doi.org/10.1007/s10479-023-05704-9

Integrating the resource-based view and institution-based view theories, this paper examines the impact of the degree of coupling coordination between green finance and environmental regulations on firms’ innovation performance. Using a sample of 169... Read More about The impact of the degree of coupling coordination between green finance and environmental regulations on firms’ innovation performance: evidence from China.

Government venture capital and innovation performance in alternative energy production: The moderating role of environmental regulation and capital market activity (2023)
Journal Article
Du, Q., Li, Z., Du, M., & Yang, T. (2024). Government venture capital and innovation performance in alternative energy production: The moderating role of environmental regulation and capital market activity. Energy Economics, 129, Article 107196. https://doi.org/10.1016/j.eneco.2023.107196

Energy shortages and environmental concerns have prompted governments to focus on alternative energy production innovation. Although studies examine the association between government venture capital and green innovation, there remains a gap in under... Read More about Government venture capital and innovation performance in alternative energy production: The moderating role of environmental regulation and capital market activity.

Geopolitical risks, oil price shocks and inflation: Evidence from a TVP–SV–VAR approach (2023)
Journal Article
Yang, T., Dong, Q., Du, M., & Du, Q. (2023). Geopolitical risks, oil price shocks and inflation: Evidence from a TVP–SV–VAR approach. Energy Economics, 127(Part B), Article 107099. https://doi.org/10.1016/j.eneco.2023.107099

Employing a TVP–SV–VAR model, this study investigates the dynamic effects of geopolitical risks, oil price shocks, and inflation from January 2000 to July 2022 in China, the US, and 27 European countries. The findings show that the relationship betwe... Read More about Geopolitical risks, oil price shocks and inflation: Evidence from a TVP–SV–VAR approach.

The time-varying impact of geopolitical risk on natural resource prices: The post-COVID era evidence (2023)
Journal Article
Ding, S., Wang, K., Cui, T., & Du, M. (2023). The time-varying impact of geopolitical risk on natural resource prices: The post-COVID era evidence. Resources Policy, 86(B), Article 104161. https://doi.org/10.1016/j.resourpol.2023.104161

The geopolitical risk plays a pivotal role in affecting commodity price variations, especially natural resource commodity prices. Geopolitical risk is sensitive to political environmental changes and geopolitical events, including COVID-19 and the Ru... Read More about The time-varying impact of geopolitical risk on natural resource prices: The post-COVID era evidence.

The oil price-inflation nexus: The exchange rate pass-through effect (2023)
Journal Article
Ding, S., Zheng, D., Cui, T., & Du, M. (2023). The oil price-inflation nexus: The exchange rate pass-through effect. Energy Economics, 125, Article 106828. https://doi.org/10.1016/j.eneco.2023.106828

Crude oil prices have been considered one of the key drivers of inflation worldwide, reaching a peak in 2022. Inflation targeting plays a pivotal role in such a high inflation episode. In this vein, the exchange rate is a key channel in transmitting... Read More about The oil price-inflation nexus: The exchange rate pass-through effect.

Political uncertainty and cross-border equity allocation decisions: international evidence (2023)
Journal Article
Kwabi, F., Boateng, A., Wonu, C., Kariuki, C., & Du, A. (2023). Political uncertainty and cross-border equity allocation decisions: international evidence. International Review of Financial Analysis, 87, Article 102562. https://doi.org/10.1016/j.irfa.2023.102562

Political risk models highlight that political uncertainty matters for corporate investment decisions. However, how political uncertainty matters for investment allocation decisions is relatively under-explored. In this study, we examine the impact o... Read More about Political uncertainty and cross-border equity allocation decisions: international evidence.

Impacts of alternative energy production innovation on reducing CO2 emissions: Evidence from China (2023)
Journal Article
Yang, T., Li, F., Du, M., Huang, M., & Li, Y. (2023). Impacts of alternative energy production innovation on reducing CO2 emissions: Evidence from China. Energy, 268, Article 126684. https://doi.org/10.1016/j.energy.2023.126684

Although environmental economics research explores the impacts of green innovation on reducing CO2 emissions, most studies ignore these effects in emerging economies. This paper examines how alternative energy production innovation (AEPI) reduces CO2... Read More about Impacts of alternative energy production innovation on reducing CO2 emissions: Evidence from China.

Digital Financial Inclusion, Household Financial Participation and Well-Being: Micro-Evidence from China (2022)
Journal Article
Du, Q., Zhou, F., Yang, T., & Du, M. (2023). Digital Financial Inclusion, Household Financial Participation and Well-Being: Micro-Evidence from China. Emerging Markets Finance and Trade, 59(6), https://doi.org/10.1080/1540496x.2022.2153592

Though financial inclusion has drawn a lot of attention lately, especially in emerging markets, it remains unclear how it affects household well-being. This study investigates the connection between digital financial inclusion (DFI) and household wel... Read More about Digital Financial Inclusion, Household Financial Participation and Well-Being: Micro-Evidence from China.

The Development Fit Index of Digital Currency Electronic Payment between China and the One Belt One Road Countries (2022)
Journal Article
Li, F., Yang, T., Du, M., & Huang, M. (2023). The Development Fit Index of Digital Currency Electronic Payment between China and the One Belt One Road Countries. Research in International Business and Finance, 64, Article 101838. https://doi.org/10.1016/j.ribaf.2022.101838

Central bank digital currency is one of the most important financial innovations in the global economy. However, the understanding of its cross-border application is insufficient. This study analyses the driving and supporting factors that affect the... Read More about The Development Fit Index of Digital Currency Electronic Payment between China and the One Belt One Road Countries.

SMEs respond to climate change: Evidence from developing countries (2022)
Journal Article
Alam, A., Du, A. M., Rahman, M., Yazdifar, H., & Abbasi, K. (2022). SMEs respond to climate change: Evidence from developing countries. Technological Forecasting and Social Change, 185, Article 122087. https://doi.org/10.1016/j.techfore.2022.122087

Given the concerns stemming from climate change, it is important to investigate whether SMEs could become innovative (and thereby invest in technologies mitigating climate change) because of heightened climate change risk. This study explores the imp... Read More about SMEs respond to climate change: Evidence from developing countries.

The Impact of Inclusive Finance on Carbon Dioxide Emissions: Evidence from China's Provincial Regions (2022)
Presentation / Conference
Yang, T., Zhou, F., Du, M., & Du, Q. (2022, June). The Impact of Inclusive Finance on Carbon Dioxide Emissions: Evidence from China's Provincial Regions. Paper presented at Financial Economics Meeting (FEM-2022): New challenges post-COVID-19 related to Monetary policy, capital flow and exchange rate frameworks, Paris, France

Previous studies have not paid close attention to the effects of inclusive finance on carbon dioxide emissions. Setting research context in China with its rapid development in inclusive finance and pressing target of carbon dioxide neutrality, this p... Read More about The Impact of Inclusive Finance on Carbon Dioxide Emissions: Evidence from China's Provincial Regions.

Supply chain management based on volatility clustering: The effect of CBDC volatility (2022)
Journal Article
Ding, S., Cui, T., Wu, X., & Du, M. (2022). Supply chain management based on volatility clustering: The effect of CBDC volatility. Research in International Business and Finance, 62, Article 101690. https://doi.org/10.1016/j.ribaf.2022.101690

A Central Bank Digital Currency (CBDC) launched by the Bank of England could enable businesses to directly make electronic payments. It can be argued that digital payment is helpful in supply chain management applications. However, the adoption of CB... Read More about Supply chain management based on volatility clustering: The effect of CBDC volatility.

Correlation Among Oil Price, Stock Returns And Country Risks: An Empirical Analysis Based On 31 Countries (2022)
Presentation / Conference
Yang, T., Dong, Q., Du, M., & Du, Q. (2022, May). Correlation Among Oil Price, Stock Returns And Country Risks: An Empirical Analysis Based On 31 Countries. Paper presented at The 4th Edition of Ethical Finance and Sustainability Conference (EFS-2022): Energy Transition and Sustainability, Paris, France

Existing studies have purely paid attention to the relationship between oil price and stock returns or the relationship between oil price and country risks; however, simultaneous correlations among the three are highly neglected. Using monthly panel... Read More about Correlation Among Oil Price, Stock Returns And Country Risks: An Empirical Analysis Based On 31 Countries.

Impacts of Alternative Energy Production Innovation on Reduction of Carbon Dioxide Emissions: Evidence from China (2022)
Presentation / Conference
Yang, T., Li, Y., & Du, M. (2022, May). Impacts of Alternative Energy Production Innovation on Reduction of Carbon Dioxide Emissions: Evidence from China. Paper presented at The 4th Edition of Ethical Finance and Sustainability Conference (EFS-2022), Paris, France

Though the impacts of green innovation on reduction of carbon dioxide emissions have been an important topic for research on environmental economics, the previous studies ignore heterogeneity of the green innovation and how it might affect the carbon... Read More about Impacts of Alternative Energy Production Innovation on Reduction of Carbon Dioxide Emissions: Evidence from China.

Economic policy uncertainty and cost of capital: the mediating effects of foreign equity portfolio flow (2022)
Journal Article
Obenpong Kwabi, F., Owusu-Manu, S., Boateng, A., Ezeani, E., & Du, M. (2022). Economic policy uncertainty and cost of capital: the mediating effects of foreign equity portfolio flow. Review of Quantitative Finance and Accounting, 59, 457-481. https://doi.org/10.1007/s11156-022-01046-y

We investigate whether economic policy uncertainty and the interaction of foreign equity portfolio flow and economic policy uncertainty impact the cost of capital. Using panel data of 20 countries from 2001 to 2018, we find economic policy uncertaint... Read More about Economic policy uncertainty and cost of capital: the mediating effects of foreign equity portfolio flow.

Impacts of alternative energy production innovation on reduction of carbon dioxide emissions: evidence from China (2021)
Conference Proceeding
Yang, T., Li, F., Du, M., & Li, Y. (2021). Impacts of alternative energy production innovation on reduction of carbon dioxide emissions: evidence from China. In International Congress of Energy, Economy and Security: Proceedings Book (90-122)

Though the impacts of green innovation on reduction of carbon dioxide emissions have been an important topic for research on environmental economics, the previous studies ignore heterogeneity of the green innovation and how it might affect the carbon... Read More about Impacts of alternative energy production innovation on reduction of carbon dioxide emissions: evidence from China.