作者机构：
[Chen Li; Jianxin Li; Furong Wan] Department of Business Administration, School of Economics and Management, Changsha University of Science and Technology, Changsha, 410076, China;[Shibin Sheng] Collat School of Business, University of Alabama at Birmingham, Birmingham, AL, 35294, USA;[Tengqi Yi] School of Information Engineering and Business, Changsha Vocational and Technical College, Changsha, 410217, China
通讯机构：
[Shibin Sheng] C;Collat School of Business, University of Alabama at Birmingham, Birmingham, AL, 35294, USA
关键词：
Domestic tourism;Destination marketing;Celebrity endorsement;Celebrity identity;Meaning transfer model;Celebrity-destination relationship
摘要：
In celebrity endorsement of tourism destinations, celebrity identity constitutes and conveys multilayered symbolic meanings to tourists. However, prior studies often overlook how these meanings emerge through the contextual and interactive construction of identity. Drawing on the Meaning Transfer Model, we elucidate how these symbolic meanings are constituted and transferred along the ascription and interaction dimensions of celebrity-destination relationships. The findings from four experiments with 2758 participants reveal that the interaction dimension plays a pivotal role in shaping identity salience and tourist responses via endorsement authenticity, contingent on destination types. This study contributes to the literature of celebrity endorsement by incorporating a dual-dimensional identity matrix and offering a nuanced understanding of the mechanisms through which celebrity identity shapes tourists' responses to the endorsement. We also introduce the FOCUS framework as managerial guidelines. Future research is warranted to assess its cross-cultural validity in domestic tourism and its applicability to international contexts.
In celebrity endorsement of tourism destinations, celebrity identity constitutes and conveys multilayered symbolic meanings to tourists. However, prior studies often overlook how these meanings emerge through the contextual and interactive construction of identity. Drawing on the Meaning Transfer Model, we elucidate how these symbolic meanings are constituted and transferred along the ascription and interaction dimensions of celebrity-destination relationships. The findings from four experiments with 2758 participants reveal that the interaction dimension plays a pivotal role in shaping identity salience and tourist responses via endorsement authenticity, contingent on destination types. This study contributes to the literature of celebrity endorsement by incorporating a dual-dimensional identity matrix and offering a nuanced understanding of the mechanisms through which celebrity identity shapes tourists' responses to the endorsement. We also introduce the FOCUS framework as managerial guidelines. Future research is warranted to assess its cross-cultural validity in domestic tourism and its applicability to international contexts.
摘要：
Abstract As stakeholder concerns about corporate sustainability intensify, greenwashing—where companies deceptively report their environmental performance for short‐term economic gain—poses a significant threat to long‐term sustainability, making it crucial to explore effective ways to curb this practice. Using data from 1,270 Chinese listed companies from 2009 to 2019, this study constructs two‐way fixed effects and moderating effects models to explore the crucial role of green innovation in curbing greenwashing. Green innovation not only reduces the incentives for greenwashing, but also makes a genuine contribution to environmental protection, thus promoting a “win‐win” scenario for both sustainability and corporate development. Moreover, the positive impact of green innovation on curbing greenwashing can be significantly amplified by easing financial constraints and enhancing firms’ risk‐taking capabilities to foster a stable financial environment, as well as by strengthening the governance structure through increased gender diversity and environmental background among managers. Heterogeneity tests show that this pathway is particularly effective in companies with heavy pollution and higher economic performance. The research findings help to formulate more effective management strategies and incentive mechanisms to reduce greenwashing and achieve sustainable development.
摘要：
This study explores the influence of peer effects on corporate environmental, social, and governance (ESG) performance, focusing its overall construct, underlying mechanisms, and economic consequences. Using data from A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2011 to 2022, the analysis reveals significant industry-level peer effects, demonstrating that competitors play a crucial role in shaping firms' ESG practices. The study identifies two primary mechanisms driving these effects: social learning and market competition. Follower firms tend to emulate the ESG practices of industry leaders, whereas competitive market dynamics further amplify this behavior. Additionally, the study highlights the heterogeneity of peer effects, which vary based on firm age, institutional long-term investment holdings, and the marketization index. Although peer effects can mitigate short-term information asymmetry, they often negatively impact long-term market value, particularly for firms lagging in ESG performance. These findings offer practical insights for firms seeking to develop sustainable and customized ESG strategies and provide policymakers with guidance for strengthening regulatory frameworks to promote long-term ESG value creation.
This study explores the influence of peer effects on corporate environmental, social, and governance (ESG) performance, focusing its overall construct, underlying mechanisms, and economic consequences. Using data from A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2011 to 2022, the analysis reveals significant industry-level peer effects, demonstrating that competitors play a crucial role in shaping firms' ESG practices. The study identifies two primary mechanisms driving these effects: social learning and market competition. Follower firms tend to emulate the ESG practices of industry leaders, whereas competitive market dynamics further amplify this behavior. Additionally, the study highlights the heterogeneity of peer effects, which vary based on firm age, institutional long-term investment holdings, and the marketization index. Although peer effects can mitigate short-term information asymmetry, they often negatively impact long-term market value, particularly for firms lagging in ESG performance. These findings offer practical insights for firms seeking to develop sustainable and customized ESG strategies and provide policymakers with guidance for strengthening regulatory frameworks to promote long-term ESG value creation.
摘要：
This study explores the unintended consequences of China's carbon emissions trading system (ETS), with a particular focus on firms' stock price downside risk (hereafter, downside risk). Utilizing data from Chinese listed firms between 2011 and 2023, we apply a difference-in-differences model to establish the causal link between the implementation of ETS and firms' downside risk. Our findings reveal that ETS significantly increases firms' downside risk, a result that holds across multiple robustness tests and after addressing potential endogeneity issues. This rise in downside risk is driven by mechanisms, such as increased information uncertainty and heightened investor pessimism. We also find that ETS has a greater positive effect on downside risk for firms with poor ESG performance and intense product market competition. Furthermore, we find that local governments and financial technology (FinTech) significantly shape the impact of ETS on downside risk. These results suggest that strengthening government guidance and leveraging FinTech's role in resource allocation can enhance market transparency and improve financial services, thereby fostering a more supportive institutional environment for an effective low-carbon transition.
摘要：
Regional financial risk, as a representative form of tangible financial risk, introduces heightened uncertainty into the external economic environment of firms. Different from previous studies on aggregate financial risk conditions, this paper focuses on the impact of regional financial risk on firms' access to trade credit. We find a robust negative relationship between regional financial risk and trade credit. Moreover, channel tests reveal that this relationship is achieved through increased cash holdings, reduced investment demand, and being in financial distress. Cross-sectional tests show that this effect is moderated for firms with high market power and high-tech attributes, as well as those located in regions with high levels of marketization processes, social trust, and bank loans. Further analysis indicates that the effect of regional financial risk on trade credit varies significantly across China's four economic regions. This paper contributes to the literature on the determinants of firms' access to trade credit and the empirical literature on China's geographically segmented financial markets.
Regional financial risk, as a representative form of tangible financial risk, introduces heightened uncertainty into the external economic environment of firms. Different from previous studies on aggregate financial risk conditions, this paper focuses on the impact of regional financial risk on firms' access to trade credit. We find a robust negative relationship between regional financial risk and trade credit. Moreover, channel tests reveal that this relationship is achieved through increased cash holdings, reduced investment demand, and being in financial distress. Cross-sectional tests show that this effect is moderated for firms with high market power and high-tech attributes, as well as those located in regions with high levels of marketization processes, social trust, and bank loans. Further analysis indicates that the effect of regional financial risk on trade credit varies significantly across China's four economic regions. This paper contributes to the literature on the determinants of firms' access to trade credit and the empirical literature on China's geographically segmented financial markets.
作者机构：
[Shu Cao] Department of Business Administration, School of Economics and Management, Changsha University of Science and Technology, Changsha 410114, China;Control Science and Engineering, School of Automation, Central South University, Changsha 410083, China;Author to whom correspondence should be addressed.;[Can Zhou] Control Science and Engineering, School of Automation, Central South University, Changsha 410083, China<&wdkj&>Author to whom correspondence should be addressed.
通讯机构：
[Can Zhou] C;Control Science and Engineering, School of Automation, Central South University, Changsha 410083, China<&wdkj&>Author to whom correspondence should be addressed.
摘要：
Forecasting real-world time series in domains with strong event sensitivity and regional variability poses unique challenges, as predictive models must account for sudden disruptions, heterogeneous contextual factors, and structural differences across locations. In tackling these challenges, we draw on the concept of symmetry that refers to the balance and invariance patterns across temporal, multimodal, and structural dimensions, which help reveal consistent relationships and recurring patterns within complex systems. This study is based on two multimodal datasets covering 12 tourist regions and more than 3 years of records, ensuring robustness and practical relevance of the results. In many applications, such as monitoring economic indicators, assessing operational performance, or predicting demand patterns, short-term fluctuations are often triggered by discrete events, policy changes, or external incidents, which conventional statistical and deep learning approaches struggle to model effectively. To address these limitations, we propose an event-aware multimodal time-series forecasting framework with graph-based regional transfer built upon an enhanced PatchTST backbone. The framework unifies multimodal feature extraction, event-sensitive temporal reasoning, and graph-based structural adaptation. Unlike Informer, Autoformer, FEDformer, or PatchTST, our model explicitly addresses naive multimodal fusion, event-agnostic modeling, and weak cross-regional transfer by introducing an event-aware Multimodal Encoder, a Temporal Event Reasoner, and a Multiscale Graph Module. Experiments on diverse multi-region multimodal datasets demonstrate that our method achieves substantial improvements over eight state-of-the-art baselines in forecasting accuracy, event response modeling, and transfer efficiency. Specifically, our model achieves a 15.06% improvement in the event recovery index, a 15.1% reduction in MAE, and a 19.7% decrease in event response error compared to PatchTST, highlighting its empirical impact on tourism event economics forecasting.
摘要：
This article examines the time-series predictive ability of the monthly option-implied idiosyncratic skewness ( S k e w ) for the aggregate stock market. We find that S k e w is a strong predictor of the U.S. equity premium using both in-sample and out-of-sample tests at forecast horizons up to 36 months over the period from January 1996 to December 2021. In comparison, S k e w outperforms the previously used financial and macroeconomic variables. Furthermore, combining information in the transitional predictors with S k e w can further improve the forecasting performance than using S k e w alone. We provide two explanations for the documented predictability. First, S k e w exhibits strong procyclical behavior and consistently declines ahead of economic downturns. Second, S k e w acts as a forward-looking signal of investor sentiment and disagreement—positive shocks to S k e w significantly increase both future investor sentiment and disagreement, with effects that persist over several horizons.
This article examines the time-series predictive ability of the monthly option-implied idiosyncratic skewness ( S k e w ) for the aggregate stock market. We find that S k e w is a strong predictor of the U.S. equity premium using both in-sample and out-of-sample tests at forecast horizons up to 36 months over the period from January 1996 to December 2021. In comparison, S k e w outperforms the previously used financial and macroeconomic variables. Furthermore, combining information in the transitional predictors with S k e w can further improve the forecasting performance than using S k e w alone. We provide two explanations for the documented predictability. First, S k e w exhibits strong procyclical behavior and consistently declines ahead of economic downturns. Second, S k e w acts as a forward-looking signal of investor sentiment and disagreement—positive shocks to S k e w significantly increase both future investor sentiment and disagreement, with effects that persist over several horizons.
期刊：
Environment, Innovation and Management,2025年01(2550007):2550007 ISSN：3060-9011
通讯作者：
Hideaki Uchida
作者机构：
[Ruo-Hong Gu] School of Economics and Management, Changsha University of Science and Technology, Changsha, China;[Hideaki Uchida] Mie University, Mie, Japan
通讯机构：
[Hideaki Uchida] M;Mie University, Mie, Japan
关键词：
COVID-19;Insurance market;Confucius culture
摘要：
This article analyzes whether the Chinese insurance market is showing different responses to COVID-19 shocks depending on different domestic cultural characteristics by using monthly panel data of 31 provinces from January to August 2020 and employing the panel fixed-effects model. Overall, the results indicate that the COVID-19 pandemic is negatively associated with insurance market consumption in China. In particular, the COVID-19 outbreak leads to worse insurance market development (proxied by insurance market premium income) in those provinces with strong domestic traditional Confucius culture (measured by the number of Confucian academies). Confucius culture significantly affects life insurance’s negative response to COVID-19. In contrast, its influence on the non-life insurance market is relatively lower. This is because life insurance is more sensitive to the mortality risk caused by the spread of COVID-19 than non-life insurance. Overall, we provide different insights into the role of culture in insurance market development.
摘要：
Decentralized coordination between smart grids and smart prosumers in local energy markets is crucial for operators, as it enables optimal utilization of prosumer capacities to enhance economic and environmental performance. This paper introduces an advanced bi-level optimization model for managing local energy markets within smart grids, taking into account the dynamic interactions of smart prosumers, including energy hubs and Electric Vehicle Parking Facilities (EVPFs). The upper level of the model represents individual prosumers, focusing on minimizing daily operational costs through decentralized decision-making. The lower level involves the smart grid operator, who conducts a bi-objective optimization of the local energy market using the epsilon-constraint method, incorporating prosumer preferences and carbon emissions. Additionally, the operator employs a risk-averse approach to address operational uncertainty risks. The proposed model is implemented in the General Algebraic Modeling System (GAMS) environment on a 69-bus renewable distribution network integrated with 25 smart prosumers. Simulation results demonstrate the model's effectiveness in maximizing smart prosumer capacities, thereby improving the technical and environmental performance of smart grids. The findings indicate that by leveraging Integrated Demand Response Programs (IDRPs) in energy hubs, along with smart charging and Vehicle-to-Grid (V2G) services in EVPFs, the model not only enhances the voltage profile of the smart grid but also achieves a 31.23 % reduction in carbon emissions and a 14.28 % reduction in daily costs.
Decentralized coordination between smart grids and smart prosumers in local energy markets is crucial for operators, as it enables optimal utilization of prosumer capacities to enhance economic and environmental performance. This paper introduces an advanced bi-level optimization model for managing local energy markets within smart grids, taking into account the dynamic interactions of smart prosumers, including energy hubs and Electric Vehicle Parking Facilities (EVPFs). The upper level of the model represents individual prosumers, focusing on minimizing daily operational costs through decentralized decision-making. The lower level involves the smart grid operator, who conducts a bi-objective optimization of the local energy market using the epsilon-constraint method, incorporating prosumer preferences and carbon emissions. Additionally, the operator employs a risk-averse approach to address operational uncertainty risks. The proposed model is implemented in the General Algebraic Modeling System (GAMS) environment on a 69-bus renewable distribution network integrated with 25 smart prosumers. Simulation results demonstrate the model's effectiveness in maximizing smart prosumer capacities, thereby improving the technical and environmental performance of smart grids. The findings indicate that by leveraging Integrated Demand Response Programs (IDRPs) in energy hubs, along with smart charging and Vehicle-to-Grid (V2G) services in EVPFs, the model not only enhances the voltage profile of the smart grid but also achieves a 31.23 % reduction in carbon emissions and a 14.28 % reduction in daily costs.
通讯机构：
[Huang, Y ] C;Changsha Univ Sci & Technol, Coll Econ & Management, Changsha 410076, Peoples R China.
关键词：
Carbon-energy-metal system;Risk transmission;Quantile frequency connectedness;Quantile coherency;Portfolio diversification
摘要：
The carbon, energy, and metal markets are intricately interconnected, and clarifying their relationships is crucial for promoting sustainable development. This paper explores the risk transmission mechanism of carbon, energy and metal markets, as well as portfolio diversification. The quantile frequency framework and portfolio strategy are employed. Our empirical results indicate that the spillover effect is particularly pronounced in bearish and bullish markets. The connectedness of the carbon-energy-metal system is time-varying and cyclical, with short-term effects dominating. Moreover, the metal markets, especially copper, possesses greater explanatory power, and the carbon market is becoming increasingly connected with other markets in the post-COVID-19 period. In addition, the state of market dependence suggests that energy and metals can provide a better hedge against carbon in the medium and long term. Investors are recommended to hold more metals in their portfolios rather than carbon and energy, and to adjust portfolio allocations and hedge positions in response to market situations. Overall, these findings are of great significance for investors building diversified investment and for policymakers monitoring risk contagion.
The carbon, energy, and metal markets are intricately interconnected, and clarifying their relationships is crucial for promoting sustainable development. This paper explores the risk transmission mechanism of carbon, energy and metal markets, as well as portfolio diversification. The quantile frequency framework and portfolio strategy are employed. Our empirical results indicate that the spillover effect is particularly pronounced in bearish and bullish markets. The connectedness of the carbon-energy-metal system is time-varying and cyclical, with short-term effects dominating. Moreover, the metal markets, especially copper, possesses greater explanatory power, and the carbon market is becoming increasingly connected with other markets in the post-COVID-19 period. In addition, the state of market dependence suggests that energy and metals can provide a better hedge against carbon in the medium and long term. Investors are recommended to hold more metals in their portfolios rather than carbon and energy, and to adjust portfolio allocations and hedge positions in response to market situations. Overall, these findings are of great significance for investors building diversified investment and for policymakers monitoring risk contagion.
作者：
Tang, Shiyi;Zhao, Yu;Zheng, Qian;Zhao, Yuxin;Zan, Ao
期刊：
CORPORATE SOCIAL RESPONSIBILITY AND ENVIRONMENTAL MANAGEMENT,2025年 ISSN：1535-3958
通讯作者：
Zhao, Y
作者机构：
[Tang, Shiyi] Hunan Inst Engn, Business Sch, Xiangtan, Peoples R China.;[Zhao, Yu] Shanghai Jiao Tong Univ, Antai Coll Econ & Management, Shanghai, Peoples R China.;[Zheng, Qian] Shanghai Univ Finance & Econ, Sch Finance, Shanghai, Peoples R China.;[Zhao, Yuxin] Hunan Univ, Business Sch, Changsha, Peoples R China.;[Zan, Ao] Changsha Univ Sci & Technol, Sch Econ & Management, Changsha, Peoples R China.
通讯机构：
[Zhao, Y ] S;Shanghai Jiao Tong Univ, Antai Coll Econ & Management, Shanghai, Peoples R China.
关键词：
scope of negative performance feedback;substantive green innovation;symbolic green innovation;TMT multi-dimensional human capital
摘要：
The question of whether negative performance feedback (NPF) inhibits or promotes green innovation remains unresolved. We argue that a significant source of controversy in existing research lies in the failure to consider the multiple sources of NPF and the role of top management team (TMT) multi-dimensional human capital. Drawing on the behavioral theory of the firm and upper echelons theory, this study classifies corporate green innovation into substantive and symbolic green innovation based on innovation motivations. It focuses on how the scope of negative performance feedback (SNPF) influences the choice of corporate green innovation strategy, while also considering the moderating effect of TMT multi-dimensional human capital. The empirical results reveal that the SNPF has a differential impact on symbolic and substantive green innovation. Specifically, the SNPF diminishes substantive green innovation while promoting symbolic green innovation. Furthermore, in testing the moderating effects, we find that the TMT's technical background, overseas experience, and education level can amplify the positive effect of SNPF on symbolic green innovation and mitigate its negative effect on substantive green innovation. Our research demonstrates that the SNPF is a key antecedent in determining the strategic choice of green innovation, offering valuable insights for both corporate management practices and government policies.
关键词：
digital intelligence;regional green development;green technological innovation;industrial structure advancement;environmental protection effect
摘要：
In the digital economy era, digitalization and intelligent technologies have profoundly influenced regional green development. This study uses data from 277 prefecture-level and above cities in China spanning the years 2011 to 2022 and employs a two-way fixed effects model along with machine learning techniques to explore the effect of digital intelligence on regional green development. We find that digital intelligence primarily drives regional green development. Positive impacts show a steady upward trend from 2011 to 2022 and predominate in eastern regions, large cities, and non-resource-dependent cities, while adverse effects are more prevalent in small and resource-dependent cities. Effect magnitude scales with green development levels, exhibiting monotonic amplification. Mechanism tests indicate that digital intelligence improves regional green development by promoting green technological innovation, advancing the industrial structure, and strengthening environmental protection.
作者机构：
[Juan Wang; Xilin Zhao] School of Economics & Management, Changsha University of Science & Technology, Changsha 410076, PR China
通讯机构：
[Juan Wang] S;School of Economics & Management, Changsha University of Science & Technology, Changsha 410076, PR China
摘要：
In order to accurately assess the multi-temporal implementation of the River Chief System (RCS) policy, this study uses the Two-Stage Difference-in-Differences (DID2S) method to evaluates the influence of RCS on the water quality of Taihu Basin with the monthly data of the water quality class from 2007 to 2017. Empirical results show that the reform has not significantly improved the water quality of Taihu Basin. However, it has significantly improved the average annual compliance rate of water quality. The study further discusses the reasons from two perspectives. First, most water quality categories in functional water areas are gradually converging toward the Grade III water quality objective established by local governments. Second, the water quality development in some Water Functional Zones has become increasingly unbalanced. Areas with relatively easy-to-control pollution are gradually meeting standards, but in other areas where improvement is challenging, water quality continues to worsen. The study reveals the ‘policy distortions’ in the implementation of the RCS and provides data support for the subsequent improvement of the system.
In order to accurately assess the multi-temporal implementation of the River Chief System (RCS) policy, this study uses the Two-Stage Difference-in-Differences (DID2S) method to evaluates the influence of RCS on the water quality of Taihu Basin with the monthly data of the water quality class from 2007 to 2017. Empirical results show that the reform has not significantly improved the water quality of Taihu Basin. However, it has significantly improved the average annual compliance rate of water quality. The study further discusses the reasons from two perspectives. First, most water quality categories in functional water areas are gradually converging toward the Grade III water quality objective established by local governments. Second, the water quality development in some Water Functional Zones has become increasingly unbalanced. Areas with relatively easy-to-control pollution are gradually meeting standards, but in other areas where improvement is challenging, water quality continues to worsen. The study reveals the ‘policy distortions’ in the implementation of the RCS and provides data support for the subsequent improvement of the system.
摘要：
The theoretical and empirical focus of this study is the relationship between exploratory trademark strategy and corporate cash holdings, which is rarely explored in the literature. Using data from Chinese listed firms over the 2005–2021 period, we find a positive correlation between firms' exploratory trademark strategies and their cash holdings. Our cross-sectional analyses reveal that this effect is particularly strong in firms facing greater environmental uncertainty, higher financial constraints, and weaker corporate governance. We also find that exploratory trademark strategies drive increased investment in brand capital and R&D, with firms prioritizing strategic investments over cash dividends. These findings highlight the dual role of trademarks as both market assets and key elements of financial management, which prompt firms to maintain higher cash reserves to support their long-term strategic objectives.
The theoretical and empirical focus of this study is the relationship between exploratory trademark strategy and corporate cash holdings, which is rarely explored in the literature. Using data from Chinese listed firms over the 2005–2021 period, we find a positive correlation between firms' exploratory trademark strategies and their cash holdings. Our cross-sectional analyses reveal that this effect is particularly strong in firms facing greater environmental uncertainty, higher financial constraints, and weaker corporate governance. We also find that exploratory trademark strategies drive increased investment in brand capital and R&D, with firms prioritizing strategic investments over cash dividends. These findings highlight the dual role of trademarks as both market assets and key elements of financial management, which prompt firms to maintain higher cash reserves to support their long-term strategic objectives.
期刊：
Innovation and Green Development,2025年4(1):100199 ISSN：2949-7531
通讯作者：
Zhu-Jia Yin
作者机构：
[Yan Ma] School of Economics and Finance, Xi'an Jiaotong University, Shaanxi, China;[Lawrence Loh] NUS Business School, National University of Singapore, Singapore;[Zhu-Jia Yin] School of Economics and Management, Changsha University of Science and Technology, Changsha, China
通讯机构：
[Zhu-Jia Yin] S;School of Economics and Management, Changsha University of Science and Technology, Changsha, China
摘要：
To establish a comprehensive sustainable development framework that balances economic development and ESG levels, this paper proposes an EESG (Economics, Environment, Social, and Governance) evaluation system. This paper uses the entropy-weighted TOPSIS method to calculate and compare the EESG scores of 121 countries from 2000 to 2022. We find that the development of EESG levels among countries shows significant imbalances, with European countries in a leading position, while African countries have long lagged behind other continents. Moreover, the EESG levels of OECD countries show a robust and significant upward trend, while some non-OECD countries have even stagnated or regressed. Further analysis indicates that North America, Europe, Oceania, and some developed countries in Asia exhibit high levels of both economic development and ESG performance, with a relatively balanced relationship between the two. In contrast, countries in South America, Africa, and most developing countries in Asia lack this balance in their economic and ESG development. This study provides quantitative evidence and theoretical support for achieving the coordination between economic development and sustainable development goals.
To establish a comprehensive sustainable development framework that balances economic development and ESG levels, this paper proposes an EESG (Economics, Environment, Social, and Governance) evaluation system. This paper uses the entropy-weighted TOPSIS method to calculate and compare the EESG scores of 121 countries from 2000 to 2022. We find that the development of EESG levels among countries shows significant imbalances, with European countries in a leading position, while African countries have long lagged behind other continents. Moreover, the EESG levels of OECD countries show a robust and significant upward trend, while some non-OECD countries have even stagnated or regressed. Further analysis indicates that North America, Europe, Oceania, and some developed countries in Asia exhibit high levels of both economic development and ESG performance, with a relatively balanced relationship between the two. In contrast, countries in South America, Africa, and most developing countries in Asia lack this balance in their economic and ESG development. This study provides quantitative evidence and theoretical support for achieving the coordination between economic development and sustainable development goals.
期刊：
International Journal of Production Economics,2025年:109761 ISSN：0925-5273
通讯作者：
Zhiqiao Xiong
作者机构：
[Shuangcheng Luo; Qi Kang] School of Economics, Hunan Agricultural University, Changsha, 410128, China;[Qiulan Qian] Hunan Vocational College Of Commerce, Changsha 410205, China;[Jie Cheng; Zhiqiao Xiong] School of Economics and Management, Changsha University of Science and Technology, Changsha, 410076, China
通讯机构：
[Zhiqiao Xiong] S;School of Economics and Management, Changsha University of Science and Technology, Changsha, 410076, China
摘要：
In light of the prevailing circumstances of global warming and the increasing frequency of extreme climates, China has put forth the "dual carbon goals" policy, which establishes more rigorous standards for the advancement of traditional manufacturing industries. This paper employs a difference-in-differences model to explore the influence of intelligent manufacturing on ESG and sustainable development, drawing upon the Intelligent Manufacturing Pilot Demonstration Policy (IMPDP) as a point of reference. The results reveal that: (1) Intelligent manufacturing enhances the ESG performance of businesses, and this effect remains consistent even when subjected to serial robustness tests, PSM-DID, and placebo tests. (2) The three primary mechanisms that mediate the impact of intelligent transformation on ESG are the reduction of information asymmetry, the alleviation of financing constraints, and the promotion of green innovation. (3) Intelligent manufacturing has a more pronounced effect on ESG of capital-intensive industries, non-heavily polluting sectors, and companies located in the eastern region. (4) Further analysis using the two-stage model reveals that after intelligent manufacturing improves ESG performance, it can improve the environmental and financial performance, thereby achieving sustainable development. The conclusions of the research provide valuable insights for modernizing and transforming traditional manufacturing sectors, as well as for the long-term, sustainable growth of businesses.
In light of the prevailing circumstances of global warming and the increasing frequency of extreme climates, China has put forth the "dual carbon goals" policy, which establishes more rigorous standards for the advancement of traditional manufacturing industries. This paper employs a difference-in-differences model to explore the influence of intelligent manufacturing on ESG and sustainable development, drawing upon the Intelligent Manufacturing Pilot Demonstration Policy (IMPDP) as a point of reference. The results reveal that: (1) Intelligent manufacturing enhances the ESG performance of businesses, and this effect remains consistent even when subjected to serial robustness tests, PSM-DID, and placebo tests. (2) The three primary mechanisms that mediate the impact of intelligent transformation on ESG are the reduction of information asymmetry, the alleviation of financing constraints, and the promotion of green innovation. (3) Intelligent manufacturing has a more pronounced effect on ESG of capital-intensive industries, non-heavily polluting sectors, and companies located in the eastern region. (4) Further analysis using the two-stage model reveals that after intelligent manufacturing improves ESG performance, it can improve the environmental and financial performance, thereby achieving sustainable development. The conclusions of the research provide valuable insights for modernizing and transforming traditional manufacturing sectors, as well as for the long-term, sustainable growth of businesses.
关键词：
Corporate financialization;Environmental investment;Internal control quality;Managerial myopia;Preference
摘要：
Corporate executives often favor short-term "end-of-pipe" solutions to comply with environmental regulations. In this study, we examine how managerial myopia influences corporate preferences for environmental investments, using data from listed Chinese firms between 2007 and 2021. Grounded in the upper-echelon and time orientation theories, this analysis reveals that managerial myopia discourages environmental investments, with a more pronounced impact on preventive measures compared to treatment-focused approaches. Mechanism tests indicate that managerial myopia impacts environmental investments by increasing financialization and reducing the quality of internal controls. Heterogeneity analysis further reveals specific contexts where managerial myopia is particularly inhibitory. Notably, preventative environmental investments can yield "innovation compensation" that ultimately improves financial performance. These findings may provide valuable insights for investors, analysts, board directors, and regulators seeking to understand and shape corporate strategies for environmental management.
关键词：
Political relation;trade;firm;Belt & Road;F14;F50
摘要：
This paper analyzes the effect of political relations on trade from demand and supply channels based on firm-level panel data between China and the Belt & Road countries. We specify a theoretical model to derive how political relations affect trade, and our empirical results demonstrate a positive trade-promoting effect of improved political relations. Consumers change their preference and purchase decisions under the influence of political relations, whereby the significant effect is observed among final goods. The supply channel tests reveal that the trade effect of political relations for state-owned firms is the most pronounced, which mirrors the role of state-owned firms in politicizing trading decisions. Overall, our research sheds light on understanding how political relations affect trade within the demand-supply framework, and provides firm-level evidence in the context of the Belt & Road.
