摘要：
Examining the impacts of accident characteristics and differentiated built environment factors on accident severity at inherent accident hotspots within cities can help managers to adjust traffic control measures through urban planning and design, thereby reducing accident casualties. In this study, time series clustering was used to identify traffic accident hotspots in Changsha City. Based on the hotspot identification results, Kruskal-Wallis tests were used to select differentiated built environment factors among different accident areas within the city. A severity analysis model for road crashes in Changsha's hotspots, taking into account the built environment, was constructed using a Light gradient boosting machine (LightGBM). In addition, Shapley additive explanations (SHAP) were used to reveal the influences of accident characteristics and built environment factors on accident severity. The results showed that different accident characteristics and built environment factors affect accident severity in different urban accident areas. Factors such as type of accident, visibility, period of time, land use mixing degree, population density, density of commercial places, and density of industrial places showed varying degrees of importance in influencing accident severity, while the overall impact trends remained consistent. On the other hand, transportation accessibility, road network density, landform, and accident location showed significant differences in their impacts on accident severity between different accident areas within the city.
摘要：
This paper shows that the panic index shadow line difference (ULD) can be an effective predictor of oil returns. We use a candlestick chart to plot the investor panic index (VIX) and subtract the lower shadow from the upper shadow to obtain ULD. The in-sample analysis shows that the ULD can significantly and negatively predict oil returns. The out-of-sample results show that the inclusion of ULD, an exogenous regression variable, in the model not only substantially improves the predictive accuracy of oil returns, but also yields good economic benefits when using its predicted values for portfolio investment. All bivariate regression models that include ULD as an exogenous regression variable obtain higher prediction accuracy than univariate regression models, both for in-sample and out-of-sample predictions. All the robustness tests done in this paper show that ULD is a powerful predictor that significantly improves the predictability of oil returns.
摘要：
Abstract Reducing the burden of social security contributions for firms, unleashing their vitality, and enhancing their total factor productivity (TFP) are crucial measures in China's pursuit of sustainable and high‐value‐added growth. This article utilizes three reductions in the corporate pension insurance contribution ratio in China as a quasi‐natural experiment to construct a treatment intensity DID (Difference‐in‐Differences) model. By utilizing data from listed companies between 2013 and 2020, this study empirically examines the impact of reducing the pension insurance contribution ratio on firms’ TFP while identifying the underlying mechanisms. The findings of the study are as follows: First, the policy exhibits a significant positive effect on corporate TFP in China. Second, this policy's contribution primarily stems from stimulating firms to increase their employment of highly skilled labour, elevating wages for ordinary employees, and enhancing firm investment efficiency. Lastly, the analysis of heterogeneity demonstrates that the policy's positive effect is more pronounced among non‐state‐owned enterprises, small and medium‐sized enterprises, and labour‐intensive enterprises. This study provides empirical evidence for evaluating the contribution reduction policy and serves as a policy reference for endeavours to deepen the reform of the pension insurance system and enhance pension insurance fund budget management.
作者：
Wang, Ziwei;Hu, Lin;Wang, Fang;Lin, Miao;Wu, Ning
期刊：
Sustainability,2024年16(5) ISSN：2071-1050
通讯作者：
Hu, L
作者机构：
[Hu, Lin; Wang, Ziwei; Hu, L; Wang, Fang] Changsha Univ Sci & Technol, Sch Automot & Mech Engn, Changsha 410114, Peoples R China.;[Lin, Miao] China Automobile Technol Res Ctr Co Ltd, Tianjin 300300, Peoples R China.;[Wu, Ning] Ruhr Univ, Inst Traff Engn & Management, D-44801 Bochum, Germany.
通讯机构：
[Hu, L ] C;Changsha Univ Sci & Technol, Sch Automot & Mech Engn, Changsha 410114, Peoples R China.
关键词：
traffic safety;injury severity;intersection;random parameters logit model
摘要：
Examining 1192 intersection car and two-wheeled vehicle collision accidents from the China In-Depth Accident Study (CIDAS) database, this study employs population density heat maps for precise assessment of surrounding population densities at accident sites. The K-Medoid clustering algorithm and silhouette coefficient were used to classify accidents into two distinct groups based on population density. Subsequent application of the random parameter logit model revealed key contributing factors to these accidents in varying population densities. The results show notable differences in factors such as collision direction of two-wheeled vehicles, types of accident conflict, road conditions, and traffic flow, depending on the population density. Based on these conclusions, the research can inform differentiated risk prediction for two-wheeled vehicle accidents at intersections and provide insights for intersection design in various population density scenarios.
关键词：
Entrepreneurial networks;Causation;Effectuation;Business model innovation;Environmental dynamism;Resource orchestration
摘要：
Purpose
Although it is acknowledged that entrepreneurial networks play a crucial role in fostering business model innovation (BMI) for start-ups, it is unclear how and when these networks affect BMI. This research developed a moderated mediation model to explore the impact of entrepreneurial networks on BMI in start-ups and examined the dual mediating effects of causation and effectuation, as well as the moderation of environmental dynamism.
Design/methodology/approach
The proposed framework was tested by hierarchical regression analyses and bootstrapping using samples of 248 start-ups in China.
Findings
The results showed that entrepreneurial networks significantly positively impacted start-up BMI. Causation and effectuation played dual mediating roles between entrepreneurial networks and BMI. Furthermore, the entrepreneurial networks-effectuation-BMI association was more substantial in highly dynamic environments, whereas the entrepreneurial networks-causation-BMI relationship was unaffected.
Research limitations/implications
There are several theoretical contributions resulting from this research. The findings offer new insights for understanding the antecedents of start-up BMI from the network perspective. This research adds to the growing literature on resource orchestration (RO) by exploring the dual mediating influences of causation and effectuation in resource management. This investigation revealed the boundary condition between entrepreneurial networks and BMI by testing the moderating influence of environmental dynamism.
Practical implications
Start-ups must effectively use external resources embedded within networks to advance BMI. Start-up entrepreneurs should apply causation and effectuation to transform entrepreneurial network resources into BMI. Start-up entrepreneurs must dynamically manage resources in response to ever-changing environmental conditions. Resource acquisition and management of entrepreneurial networks can vary significantly in their influence on start-up BMI under different environmental contexts.
Originality/value
Unlike previous BMI research focused on internal organizational factors, this study highlighted the critical importance of entrepreneurial networks as a prerequisite for achieving start-up BMI, contributing to the literature on open innovation and resource-based view. Examining the dual mediating roles of causation and effectuation illustrated the bridging role of strategic decision-making logic in connecting resources to value creation, contributing to the developing RO literature. The moderating influence of environmental dynamism was explored, clarifying how start-up BMI benefits from entrepreneurial networks in differing situations. A framework for reconciling contradictory findings concerning the association between entrepreneurial networks and innovation is provided.
摘要：
The media plays an important role in detecting corporate financial fraud. However, little systematic research exists on the impact of media reports on corporate fraud detection; thus, our understanding of the impact is limited. Therefore, we are committed to determining how the configuration of different media report content systematically detects corporate fraud by logistical regression, grounded theory and qualitative comparative analysis (QCA). First, the media reports are classified into three major categories and 35 subclasses to determine their features through fraud triangle theory and grounded theory. Then, based on a dataset of 110 fraudulent listed companies and 110 matched listed companies from 2010 to 2020, three major features comprising 10 subclasses are identified by the logistical regression method. The causal configurations of the features of media reports that detect corporate fraud are explored using the QCA method. The results show that five particular associations can interpret corporate fraud revelation by meeting the equifinality and asymmetric causality principles. Finally, the combined model is proposed. Through 56 fraudulent listed companies and 56 matched listed companies from 2021 to 2022, the combined model is proven to be most effective in detecting corporate fraud. In summary, we offer theoretical contributions to corporate fraud detection and empirical experiences for corporate managers and regulators.
摘要：
Transportation systems are critical lifelines and vulnerable to various disruptions, including unforeseen social events such as public health crises, and have far-reaching social impacts such as economic instability. This paper aims to determine the key factors influencing the severity of traffic accidents in four different stages during the pre- and the post Covid-19 pandemic in Illinois, USA. For this purpose, a Random Forest-based model is developed, which is combined with techniques of explainable machine learning. The results reveal that during the pandemic, human perceptual factors, notably increased air pressure, humidity and temperature, play an important role in accident severity. This suggests that alleviating driver anxiety, caused by these factors, may be more effective in curbing crash severity than conventional road condition improvements. Further analysis shows that the pandemic leads notable shifts in residents' daily travel time and accident-prone spatial segments, indicating the need for increased regulatory measures. Our findings provide new insights for policy makers seeking to improve transportation resilience during disruptive events.
关键词：
Reversible natural language watermarking;Sensitive information protection;Masked language model;Keyword extraction;Prediction error expansion;Lexical substitution
摘要：
Existing methods have evolved from using synonym substitution to incorporating arbitrary word substitution to achieve reversible natural language watermarking. However, a notable limitation is that they are prone to overlook the sensitivity of information associated with the original words, with a tendency to prefer non -sensitive words for substitution. As a result, a potential risk of sensitive information leakage contained in the original text is posed. Furthermore, while aiming for reversibility, the overall performance of the watermarking method may be inadvertently compromised. In response to the above problems, this paper puts forward a novel reversible natural language watermarking method that combines a Keyword Substitution scheme and a Prediction Error Expansion algorithm (KSPEE) to protect sensitive information, verify content integrity, protect copyright, and so on. Specifically, KSPEE leverages a keyword extraction algorithm to identify important content containing sensitive information in the original text, thereby determining the potential positions for watermark information embedding. Subsequently, a masked language model is utilized to predict appropriate substitution words based on the surrounding semantic information of the embedding position. In addition, the prediction error expansion algorithm is employed to select appropriate words for substituting the original keywords, ensuring the successful embedding of watermark information while maintaining the recoverability of the original keywords. By identifying keywords and substituting them, a suitable method of protecting the original sensitive information is provided. Extensive experiments demonstrate that, under the promise of semantic distortion and lossless restoration of the original content, the proposed method KSPEE achieves outstanding watermarked text quality. A higher watermark embedding rate is achieved and strong security is shown by KSPEE. More importantly, KSPEE effectively prevents the leakage of sensitive information.
通讯机构：
[Han, F ] N;Nanjing Audit Univ, 86 Yushan West Rd,Jiangpu St, Nanjing, Peoples R China.
关键词：
Government environmental subsidies;Corporate green innovation;Government intervention;Externalities;Signal effect
摘要：
This paper explores the impact of government environmental protection subsidies on corporate green inno- vation using panel data of listed companies from 2007 to 2019. The results show that such subsidies can sig- nificantly promote corporate green innovation, and the results are robust. Financing constraints, research and development (R&D) willingness, and resource allocation efficiency are important variables for govern- ment environmental protection subsidies to promote corporate green innovation. Further analysis shows that compared with industrial policies at the provincial level, the key supportive industrial policies at the central level have a more obvious reinforcing effect on government environmental subsidies to promote enterprise green innovation. Furthermore, government environmental subsidies in the eastern, middle, and western regions benefit the promotion of enterprise green innovation, and the promotional effect is stronger in the middle and western regions. Compared with state-owned enterprises, government environmental subsidies have a more obvious promotional effect on promoting green innovation of non-state-owned enter- prises. This paper provides strong theoretical inspiration for better playing the positive incentive role of gov- ernment intervention with the help of government environmental protection subsidies. (c) 2023 Published by Elsevier Espana, S.L.U. on behalf of Journal of Innovation & Knowledge. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
通讯机构：
[Chen, Y ] G;Guangdong Polytech Normal Univ, Sch Finance & Econ, Guangzhou 510665, Peoples R China.
关键词：
green innovation;enterprise performance;causal forest;machine learning
摘要：
As increasingly stringent environmental regulations are put into effect, Environmental, Social, and Governance (ESG) concepts are being seamlessly integrated into the core of corporate innovation strategies. Due to the quasi-public product perspective of green innovation, the performance of enterprises as a result of green innovation activities exhibits significant heterogeneity. This heterogeneity exists not only between corporate value and financial performance but also among individual enterprises. This paper is based on a sample of 1510 listed Chinese companies examined from 2013 to 2020 and uses machine learning algorithms and quasi-natural experiments to precisely estimate the causal relationship and mechanisms between green innovation and corporate performance. The findings elucidate several critical aspects of green innovation within the corporate sphere: Firstly, rather than attracting green incentives from financial markets, green innovation activities inadvertently stifle the enhancement of corporate value. Secondly, these activities markedly bolster corporate financial performance, primarily by diminishing operational costs, which in turn elevates the return on assets (ROA). Lastly, of all corporate characteristics examined, enterprise size and equity concentration stand out as key determinants influencing the variability in outcomes of green innovation performance. The above findings provide information on the significant implications of enhancing green technology innovation systems and green incentive mechanisms.
摘要：
In an era of rapid globalization, cities have become fierce competitors for vital resources such as investment, talent, and tourism. City branding has emerged as a crucial asset in this competition, shaping a city's image and influencing its competitiveness on the global stage. This paper explores the multifaceted aspects of city branding, emphasizing its intersection with social media and the digital transformation of urban development. Drawing from an extensive review of academic literature spanning the past three decades, this research presents a comprehensive analysis of city branding. It identifies a notable gap in research, particularly in quantitative studies, and emphasizes the need for a more nuanced understanding of the role of social media in city branding. While existing studies focus on static interactions, this research highlights the importance of dynamic engagements facilitated by platforms such as short videos and live streaming. Furthermore, the study distinguishes city branding from corporate branding, highlighting fundamental differences and the concept of isomorphism in city brands. It also underscores the pivotal role of stakeholders, including residents, tourists, and businesses, in shaping city branding initiatives. The research proposes policy implications for urban governance, emphasizing the significance of digital communication strategies, value co-creation between city managers and customers, and the rise of "Internet celebrity cities." It calls for further exploration of the mechanisms by which social media influences city branding, especially through short videos and live streaming. Additionally, it advocates for an enhanced measurement and evaluation framework that considers the collaborative creation of value between city administrators and customers. This study contributes to the evolving discourse on city branding by shedding light on its dynamic relationship with social media and digital transformation. It provides valuable insights for policymakers and city administrators to navigate the challenges and opportunities of the digital economy era, ultimately promoting more effective and resonant city branding strategies.
摘要：
With global warming and rapid urbanization, the microclimate in the Lingnan region is prone to health problems, such as pyrexia and infectious diseases, and the average annual number of heatwave-related deaths is rising rapidly. The large-scale regeneration of traditional neighborhoods in Lingnan under high-quality development is underway, which has implications for the thermal comfort of microclimatic environments. This study focused on the impact of different building unit types and spatial patterns on thermal comfort in the Donghuali traditional neighborhood of Foshan City as an example. We extracted eight basic morphological units and designed a prototype block of 400 m x 400 m. In the Rhinoceros & Grasshopper parametric software 6.7, a variety of plug-ins were integrated to establish a platform with parametric modeling, microclimate simulation and evaluation, and optimal design for thermal comfort. Through experiments, the effects of new single-type and new composite building units on thermal comfort were investigated, and the correlation equations between spatial morphology and microclimate comfort in Lingnan traditional neighborhoods were established. Finally, the multi-objective genetic optimization of thermal comfort was carried out as an example of real block renewal, which provides a practical reference for the planning and design of traditional blocks.
摘要：
The authority has moved away from using GDP as the sole measure of local government performance, placing new emphasis on environmental governance, tax administration, and technological innovation. This shift has spurred competition among local governments, prompting the need to examine the relationship between government competitive behaviour and firms’ green innovation. The study uses panel data from 2007 to 2020 and presents a comprehensive research-based explanation of how local government competition affects firms’ green innovation activities under China’s fixed and floating environmental tax and fee systems, applying the causal forest algorithm. The results show that local government competition suppresses green innovation under the floating system, but stimulates it under the fixed system. Further analysis shows that the floating system’s relatively higher national environmental governance tax and the increased competition under the floating system increase firms’ operating costs, leading to a ‘crowding out effect’ on green innovation. Conversely, under the fixed system, increased competition among local governments reduces operating costs, promotes investment in green innovation, and creates a ‘leverage effect’.
摘要：
Systemic risk is one of the main concerns for banks charged with maintaining overall financial stability. This paper adopts the minimum density method to construct an interbank lending network for European banks and examines how the network structure affects systemic risk. The result reveals that banks positioned at the core of the network exhibit higher levels of systemic risk. Moreover, we find that banks with higher network centrality can show larger systemic risk during times of distress. We demonstrate the robustness of our results by addressing potential endogeneity in the model, replacing network characteristics, and reconstructing the interbank network.
摘要：
Background: Intoxicated pedestrians are particularly vulnerable while crossing roads because of their impaired cognitive and decision-making abilities. A deeper understanding of the crossing behaviors of pedestrians under the influence serves as the foundations for formulation of tailor-made countermeasures. Methods: In this study an experiment based on the immersive virtual reality was conducted, by which 53 samples of Hong Kong pedestrians' crossing trajectories before and after alcohol intake were collected. The K-means algorithm was first used to classify pedestrians into two distinct types, namely the risky and cautious, according to the post-encroachment time during all street crossings. The cutting-edging inverse reinforcement learning was then harnessed to uncover the safety and efficiency motivations underlying crossing behaviors impacted by alcohol. The results were validated by comparing the observed behaviors with those generated by reinforcement learning. Results: Our results revealed substantial differences in safety and efficiency motivations between the two types of pedestrians. Notably, the cautious type emphasized safety more than the risky. Under the influence of alcohol, both types of pedestrians exhibited a shift in motivations from safety to efficiency. In addition, road markings hardly influenced pedestrian crossing motivations, whereas traffic directions significantly altered the motivations of cautious pedestrians under sober conditions. Conclusions: Our study sheds more lights on unobserved motivations guiding crossing behaviors of pedestrians under the influence. The inverse reinforcement learning is proven promising in imitating complex pedestrian crossing behaviors under a quantifiable, reliable manner.
关键词：
Highway toll allocation problem;Axiomatic characterization;Shapley value
摘要：
An important operational aspect in the management of tolled highways is how the collected tolls should be allocated over the different highway segments, either operated by different operators or by different units of one operator. This paper analyzes this toll allocation problem both from an axiomatic and a game theoretic perspective. Based on different toll charging systems, specifically the distance-based toll system and the fixed toll system, we propose three allocation or sharing methods: the Segments Equal Sharing method, the Exits Equal Sharing method, and the Entrances Equal Sharing method. After direct and game theoretic characterizations of these methods, we apply them to several real-life highways.
期刊：
International Journal of Finance & Economics,2024年29(1):943-960 ISSN：1076-9307
通讯作者：
Shuxian Li<&wdkj&>Xu Gong<&wdkj&>Shuxian Li Shuxian Li Shuxian Li<&wdkj&>Xu Gong Xu Gong Xu Gong
作者机构：
[Liu, Xinheng; Fan, Chen] Changsha Univ Sci & Technol, Sch Econ & Management, Changsha, Peoples R China.;[Li, Shuxian] Sun Yat Sen Univ, Business Sch, Guangzhou 510275, Peoples R China.;[Fu, Chengbo] Univ Northern British Columbia, Sch Business, Prince George, BC, Canada.;[Gong, Xu] Xiamen Univ, China Inst Studies Energy Policy, Sch Management, Xiamen 361005, Peoples R China.
通讯机构：
[Shuxian Li; Shuxian Li Shuxian Li Shuxian Li] B;[Xu Gong; Xu Gong Xu Gong Xu Gong] S;School of Management, China Institute for Studies in Energy Policy, Xiamen University, Xiamen, China<&wdkj&>Business School, Sun Yat-Sen University, Guangzhou, China
摘要：
Abstract Using the exogenous event of oil price sharp decline in 2014–2015, this paper employs the difference‐in‐difference method to establish a causal link between the oil price decline and the Chinese firms' labour investment. Data of listed companies in China from 2012 to 2016 are used to explore this relationship. We show that the employment for firms in industries with significant negative oil price risk exposure increases 16.4% after the oil price plummeted, that is, the oil price decline significantly promotes the firms' labour force. Additionally, the positive effect of oil price decline on the firms' labour force is more pronounced in firms with higher risk‐taking, financing constraints, and industry competition. Lastly, we also document that the effect of oil price decline is through sales growth channels to increase labour demand. However, firms tend to overinvest in labour after the oil price plummeted. Based on these findings we suggest that oil price fluctuation should be an important factor for the Chinese government and enterprises when they make an economic decision related to the labour force.
摘要：
Objective: The division of responsibility in vehicle-two-wheelers accidents reflects the extent to which different fault parties contributed to the occurrence of the accident, with significant differences in the injuries sustained by the riders in accidents where diverse parties were primarily responsible. We want to explore the difference in the severity of injury of riders in different fault parties of accidents so that we can make targeted protection improvements.Methods: In this study, three generalized ordered logit models were established for the total sample (n = 1204), the sample with drivers as the primary fault party (n = 607), and the sample with riders as the primary fault party (n = 597), respectively, to explore the differential impact factors on rider injury severity in vehicle-two-wheelers accidents involving different fault parties. Inter-group difference tests were conducted on the mean rider injury severity caused by differential factors in different accidents. Combining the impact effect trends and mean differences in the model, the differences in rider injury severity in accidents involving different fault parties were analyzed from the standpoints of human, vehicle, and road factors.Results: It was found that the effects of curve on injury severity was sheerly opposite in accidents with different fault parties and that factors, such as visual obstruction, road surface condition, gender, and helmet wearing differed in their effects on rider injury severity under different fault parties accidents. This reveals the driving tendencies and states of both parties in different environments.Conclusion: Based on the differential impact factor analysis and rider injury characteristics in accidents involving different fault parties, suggestions for improvement were made from the perspectives of road facilities, and safety awareness of drivers and riders, which are beneficial for improving rider safety and providing a theoretical reference for future regulations on liability allocation.
摘要：
Promoting structural transformation and energy efficiency improvement by grouping productive services is a significant action for China's targets of realizing carbon neutrality and carbon peak. This study employs the spatial Durbin model to explore the influences of the agglomeration of producer services (producer services agglomeration) on industrial energy efficiency using panel data from China, specifically from its prefecture-level cities. It turned out that the specialization producer services agglomeration has effectively improved the industrial energy efficiency of the city and its adjacent areas. However, the producer services agglomeration in diverse fields only plays a positive stimulating role in the energy efficiency standards of the city. After changing the industrial energy efficiency index, and sample size and considering endogeneity, the test results agree with the benchmark estimation outcomes. Additional research indicates that technological spillovers and manufacturing production costs exert a significant mediation influence in the process of promoting energy efficiency by producer services agglomeration. Furthermore, the producer services agglomeration has a substantial heterogeneous effect on the industrial energy efficiency due to differences in industry types of producer services. The conclusion of this article is of considerable relevance for China to rely on the producer services agglomeration to support effective energy utilization, as well as green and sustainable economic development.
