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：
Digitalization;Innovation;Female executives;Human rights
摘要：
The rapid advancement of digitalization in the past decade has brought tremendous changes to enterprises. In this article, utilizing a sample of A-share listed firms on the Shanghai Stock Exchange and Shenzhen Stock Exchange over the period of 2011 to 2021, we attempt to discover the implications of corporate digitalization for innovation performance. We provide reliable evidence that digitalization enhances corporate innovation performance. Moreover, we find this positive relationship is more pronounced when the firm has a larger ratio of female executives. In sum, this study advances the studies on digitalization and innovation, and generates valuable practical implications.
The rapid advancement of digitalization in the past decade has brought tremendous changes to enterprises. In this article, utilizing a sample of A-share listed firms on the Shanghai Stock Exchange and Shenzhen Stock Exchange over the period of 2011 to 2021, we attempt to discover the implications of corporate digitalization for innovation performance. We provide reliable evidence that digitalization enhances corporate innovation performance. Moreover, we find this positive relationship is more pronounced when the firm has a larger ratio of female executives. In sum, this study advances the studies on digitalization and innovation, and generates valuable practical implications.
摘要：
Using data from 33 countries between 2005 and 2019, we find a negative relationship between firms’ exposures to climate risk and their degree of maturity mismatch. Moreover, channel tests show that climate risk depresses corporate maturity mismatch through two potential channels: decreased investment demand and increased difficulty in raising capital. Cross-sectional tests show that this negative effect is stronger among firms vulnerable to climate change, firms that rely more on external financing, and firms subject to lower growth options. Further analysis indicates that the negative relationship between climate risk and maturity mismatch is more pronounced in countries with lower economic development, weaker legal institutions, and lower climate resilience. Overall, our findings demonstrate that climate risk constitutes an essential consideration in firms’ maturity structure arrangements between investment and financing.
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.
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：
This paper illustrates the association between managerial myopia and corporate resilience in China, focusing on two dimensions: resistance and recovery. The results demonstrate that managerial myopia could negatively affect corporate ability to withstand shocks and recover from losses. Notably, family financial pressure can cause managers to prioritize short-term gains, which can further exacerbate the negative impact on corporate resilience. Furthermore, digital transformation can help mitigate the detrimental effects, while overconfidence intensifies these negative consequences. In conclusion, companies can effectively navigate the intricacies of the corporate finance landscape and foster long-term resilience, thus reinforcing their ability to withstand unpredictable shocks.
This paper illustrates the association between managerial myopia and corporate resilience in China, focusing on two dimensions: resistance and recovery. The results demonstrate that managerial myopia could negatively affect corporate ability to withstand shocks and recover from losses. Notably, family financial pressure can cause managers to prioritize short-term gains, which can further exacerbate the negative impact on corporate resilience. Furthermore, digital transformation can help mitigate the detrimental effects, while overconfidence intensifies these negative consequences. In conclusion, companies can effectively navigate the intricacies of the corporate finance landscape and foster long-term resilience, thus reinforcing their ability to withstand unpredictable shocks.
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.
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.
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：
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.
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.
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.
关键词：
green innovation;low carbon transition;women's political participation
摘要：
A long-standing theory is that men value technology, while women focus more on human welfare and living conditions. Using data from 101 countries between 1996 and 2019, this study examines the impact of women's political participation on green innovation. Our results show that a one-unit increase in women's political participation is positively associated with a 0.081 unit increase in the standard deviation of green innovation. This effect is particularly significant in developed countries where women's political participation is above the global average. Analysis using the method of moments quantile regression (MMQR) shows a more pronounced effect at lower quantiles of green innovation in high-carbon countries, due to women's heightened environmental sensitivity. Furthermore, implementation of the Kyoto Protocol, bureaucratic quality, and law and order strengthen this relationship. Accordingly, we identify countries that should prioritize improving women's political status, especially in patriarchal and Muslim societies.
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.
摘要：
During an outbreak, nucleic acid testing is essential for early infection detection and virus transmission control. In this study, we aim to location and capacity planning of testing facilities, balancing minimal costs with maximum population coverage during public health emergencies. We propose a novel two-stage robust optimization model that addresses uncertainties in sampling demand during an epidemic, with distinct phases for sampling and testing. Applying this model to medium and high-risk areas in Beijing during COVID-19, we use the column-and-constraint generation (C&CG) algorithm and compare its performance with three meta -heuristic algorithms: Differential Evolution (DE), Genetic Algorithm (GA), and Simulated Annealing (SA). Our findings reveal that the C&CG algorithm reduces sampling costs by 31.10% compared to DE, 26.77% to GA, and 21.17% to SA. It also lowers testing costs by 7.48%, 79.79%, and 60.63%, respectively, and achieves a higher completion rate for sampling and testing volumes, ranging from 93.12% to 100%. In addition, C&CG outperforms the other algorithms in handling large sample sizes by 43.98% to 61.84%. Despite its longer computational time, C&CG is more efficient in cost reduction and demand satisfaction. Furthermore, we analyze the impact of uncertainty set parameters, including a unified value of the demand risk parameter, and assess different cases. The corresponding location and capacity solutions can offer decision support for emergency agencies managing public health crises.
During an outbreak, nucleic acid testing is essential for early infection detection and virus transmission control. In this study, we aim to location and capacity planning of testing facilities, balancing minimal costs with maximum population coverage during public health emergencies. We propose a novel two-stage robust optimization model that addresses uncertainties in sampling demand during an epidemic, with distinct phases for sampling and testing. Applying this model to medium and high-risk areas in Beijing during COVID-19, we use the column-and-constraint generation (C&CG) algorithm and compare its performance with three meta -heuristic algorithms: Differential Evolution (DE), Genetic Algorithm (GA), and Simulated Annealing (SA). Our findings reveal that the C&CG algorithm reduces sampling costs by 31.10% compared to DE, 26.77% to GA, and 21.17% to SA. It also lowers testing costs by 7.48%, 79.79%, and 60.63%, respectively, and achieves a higher completion rate for sampling and testing volumes, ranging from 93.12% to 100%. In addition, C&CG outperforms the other algorithms in handling large sample sizes by 43.98% to 61.84%. Despite its longer computational time, C&CG is more efficient in cost reduction and demand satisfaction. Furthermore, we analyze the impact of uncertainty set parameters, including a unified value of the demand risk parameter, and assess different cases. The corresponding location and capacity solutions can offer decision support for emergency agencies managing public health crises.
摘要：
This paper examines the impact of digital economy on environmental performance using data from 153 countries spanning the period 2005 to 2022. By developing a comprehensive framework for global digital economy and employing both fixed effects and dynamic estimation techniques, we explore potential for digital economy to contribute to environmental performance objectives. The analyses suggest that the evolution of global digital economy has significantly enhanced environmental performance. The finding remains robust after undergoing a series of rigorous tests. Additionally, further investigation into the mechanisms involved reveals that the positive impact of digital economy on environmental performance is achieved through the promotion of green technological innovation and the optimization of energy structures. Furthermore, heterogeneity analysis indicates that this positive effect is more significant in nations with more advanced economies and higher-quality institutions. This study confirms the critical role of digital economy in driving environmental performance from a national perspective, providing empirical evidence and policy insights for countries to achieve greener and more digital development.
摘要：
In the post-pandemic era, increasing productivity is a crucial direction for Fiji’s stable economic development. This study employs the ARDL-EC model and economic data over the period 1998–2020 to analyze the impacts of information technology, trade, and environmental regulations on labor and capital productivity in Fiji. The results indicate that information technology has a consistently positive effect on productivity in both the short and long run. Trade has a negative effect on labor productivity in both the short and long run, but a positive effect on capital productivity in the long run. Environmental regulations have a positive effect on labor productivity in both periods. In contrast, environmental regulations constrain capital productivity in the short run but promote it in the long run. Our research provides in-depth policy insights for Fiji, highlighting diversified pathways to productivity growth.
摘要：
The diffusion of green technologies is crucial not only for the advancement of national innovation, but also for the promotion of sustainable development. This paper empirically examines the non-linear relationship between different dimensions of globalization and green technology diffusion using a threshold effect model based on data from 46 countries over the period 1990 to 2021. Our results show that the relationship between globalization and green technology diffusion is inherently non-linear and influenced by key threshold variables, including sovereign ESG index, energy consumption structures, and energy intensity. Specifically, the positive impact of globalization on green technology diffusion diminishes as a country's sovereign Environmental, Social, and Governance (ESG) index improves and its energy consumption shifts toward renewable sources. Conversely, in countries with higher energy intensity, globalization significantly increases green technology diffusion. In addition, this study delineates the distinct roles of economic, social, and political globalization, revealing heterogeneous impacts across these dimensions on the diffusion process of green technologies. These findings contribute to a deeper understanding of how globalization can be leveraged to promote sustainable technological progress.
摘要：
Using panel data of 30 Chinese provinces from 2008 to 2019, we utilized the Super-efficiency SBM-DEA model to estimate green development efficiency (GDE) and analyzed the impact of carbon emissions trading scheme (ETS) on GDE via the DID model. Our findings indicate that ETS significantly reduces carbon emissions and enhances GDE. Further analysis reveals a time lag and regional heterogeneity, with effects becoming more pronounced three years later, particularly in the developed eastern regions. Additionally, the mediating effect test suggests that green technology innovation (GTI), notably green patents, serves as a vital conduit for ETS to bolster GDE.
