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Purpose: The purpose of this study is to investigate the impact of the accounting system reform on corporate innovation behavior and the heterogeneity and underlying mechanisms of this impact. This paper further aims to study the impact of accounting system reform on corporate value. Design/methodology/approach: This study takes China's A-share listed corporates as a sample and uses the exogenous policy shock of the implementation of the New Accounting Standards in 2007 to design the identification strategy of propensity score matching and difference-in-differences method. By comparing the differences between the innovation level of corporates in high-tech industries and non-high-tech industries before and after the implementation of the New Accounting Standards, the impact of the accounting system reform on corporates' innovative behavior can be identified. Findings: Results show that compared with corporates in traditional industries, high-tech corporates obtained higher patent output after the implementation of the New Accounting Standards. This reform mainly affects corporate innovation by improving corporate risk-taking. In addition, this paper finds that the reform of the accounting system has increased the market value of high-tech corporates in the long run. Originality/value: This study provides new empirical evidence for addressing the insufficient innovation incentives for market entities and enriches the existing literature on the economic effects of the change of accounting systems and the influencing factors of corporate innovative behavior from the accounting system perspective. [ABSTRACT FROM AUTHOR]

Purpose: The relationship between industrial policy and exploratory innovation is imperfect. Design/methodology/approach: The authors use Chinese high-tech enterprise identification policy (HTEP) as a natural experimental group to test policy impacts, spillover effects and mechanisms of action. Findings: First, HTEP promotes exploratory innovation. In addition, HTEP has a greater impact on non-exploratory innovation. Second, HTEP has spillover effects in two phases: HTEP (2008) and the 2016 policy reform. HTEP affects exploratory innovation in nearby non-high-tech firms, and the policy effect decreases monotonically with increasing distance from the treatment group. Third, HTEP affects innovation capacity through financing constraints, technical personnel flow and knowledge flow, which explains not only policy effects but also spillover effects. Fourth, the analysis of policy heterogeneity shows that the 2016 policy reforms reinforce the positive effect of HTEP (2008). By deducting the effects of other policies, the HTEP effect is found to be less volatile. In terms of the continuity of policy identification, continuous uninterrupted identification has a crucial impact on the improvement of firms' innovation capacity compared to repeated certification and certification expiration. Finally, HTEP has a crowding-out effect in state-owned enterprises and large firms' innovation. Originality/value: This paper contributes to the existing literature in several ways. First, the authors enrich the literature on industrial policy through exploratory innovation research. While previous studies have focused on R&D investment and patents (Dai and Wang, 2019), exploratory innovation helps firms break away from the inherent knowledge mindset and achieve sustainable innovation. Second, few studies have explored the characteristics of industrial policies. In this paper, the authors subdivide the sample into repeated certification, continuous certification and certification expiration according to high-tech enterprise identification. In addition, the authors compare the differences in policy implementation effects between the 2016 policy reform and the 2008 policy to provide new directions for business managers and policy makers. Third, innovation factors guided by industrial policies may cluster in specific regions, which in turn manifest externalities. This is when the policy spillover effect is worth considering. This paper fills a gap in the industrial policy literature by examining the spillover effects. Finally, this paper also explores the mechanisms of policy effects from three perspectives: financing constraints, technician mobility and knowledge mobility, which can affect not only the innovation of beneficiary firms directly but also indirectly the innovation of neighboring non-beneficiary firms. [ABSTRACT FROM AUTHOR]

Purpose: The paper's purpose is to investigate the effects of digital finance on the risk of stock price crashes and the underlying transmission mechanisms, and to provide suggestions to inhibit the stock crash risk (CR). Design/methodology/approach: This paper selects all companies that were listed on the Shanghai Stock Exchange and the Shenzhen Stock Exchange from 2011 to 2020. It then uses the two-way fixed effect model and the intermediary effect model to verify such effects. Findings: The overall outcomes demonstrate such a result that the CR of listed companies in China can be significantly reduced by the development of digital finance, and the overall transparency of business financial information and the equity pledge of controlling shareholders are the two underlying transmission mechanisms that digital finance can cause effects on the CR of stocks. Research limitations/implications: The main limitations are that there may exist some problems in the method for evaluating the CR of stocks. And there may be a problem of endogeneity caused by the empirical model cannot control all correlation variables. Practical implications: This paper would provide policy implications, for different roles, to inhibit the stock CR and to make the development of the economy more stabilize. Social implications: Digital finance can promote economic development while restraining financial risks at the same time. Therefore, although this study is based on the relevant data from China, it can also provide a reference for other economies with different basic conditions from China, to promote the overall development of the world economy. Originality/value: The current academic research on digital finance or stock price CR has been relatively sufficient, but there are few papers that combined both. By combining digital finance with stock CR, this paper researches the influence of digital finance on the CR of stocks through empirical analysis. So, this paper would provide new research ideas and evidence for potential influence factors of the CR of stocks, fill the gap in this research field and provide certain help for subsequent scholars to conduct relevant research. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to improve the offshore wind farm (OWF) site selection evaluation index system and establishes a decision-making model for OWF site selection. It is expected to provide helpful references for the progress of offshore wind power. Design/methodology/approach: Firstly, this paper establishes an evaluation criteria system for OWF site selection, considering six criteria (wind resource, environment, economic, technical, social and risk) and related subcriteria. Then, the Criteria Importance Though Intercrieria Correlation (CRITIC) method is introduced to figure out the weights of evaluation indexes. In addition, the cumulative prospect theory and technique for order preference by similarity to an ideal solution (CPT-TOPSIS) method are employed to construct the OWF site selection decision-making model. Finally, taking the OWF site selection in China as an example, the effectiveness and robustness of the framework are verified by sensitivity analysis and comparative analysis. Findings: This study establishes the OWF site selection evaluation system and constructs a decision-making model under the spherical fuzzy environment. A case of China is employed to verify the effectiveness and feasibility of the model. Originality/value: In this paper, a new decision-making model is proposed for the first time, considering the ambiguity and uncertainty of information and the risk attitudes of decision-makers (DMs) in the decision-making process. [ABSTRACT FROM AUTHOR]

Purpose: At present, the scale of China's floating population has reached 376 million people. Compared with the local inhabitants, the poverty problem of the floating population is more complex, and this problem should also attract the attention of all sectors of society. This paper aims to measure and analyze the multidimensional poverty of the floating population in China. Design/methodology/approach: The data used in this paper are the data of the China Migrants Dynamic Survey (CMDS) in China. This survey is a large-scale national migratory population sampling survey organized by the China National Health Commission, covering 31 provinces (autonomous regions and cities) and other autonomous regions. This paper uses the dynamic monitoring and Alkire and Foster (A-F) method to study the multidimensional poverty problem of the floating population. Findings: This study finds that income poverty is no longer the main type of poverty faced by the floating population. The multidimensional poverty of the floating population mainly occurs in the social security and education dimensions, of which social security has become the most severe poverty dimension of the floating population. From the perspective of group differences, compared with the floating population in urban areas, the multidimensional poverty of migrant workers is more serious. However, the poverty of migrant workers is mainly concentrated in one-dimensional poverty and two-dimensional poverty. Social implications: In the future, the authors should focus on the social security of the floating population in the place of influx and the education of the floating population. Originality/value: Through the review of the existing literature, the authors find that the current research on the multidimensional poverty of the floating population is mainly concentrated on the migrant worker groups that move from rural areas to urban areas. However, insufficient attention is paid to the urban floating population groups moving between cities. [ABSTRACT FROM AUTHOR]

Purpose: Since 2017, China's digital economy has accounted for more than 30% of the country's GDP. The digital economy has become the main driving force of China's economic development. Moreover, the digital economy has also changed the traditional modes of production and distribution between urban and rural areas. This paper aims to explore the influential mechanism of digital economy infrastructure (DEI) on the urban-rural income gap (URIG). Design/methodology/approach: By analyzing the theoretical model of the URIG, this paper constructs a theoretical analysis framework and clarifies the key roles of rural land circulation (RLC) and resident population urbanization (RPU) in the relationship between DEI and the URIG. Findings: The DEI can effectively reduce the URIG; the regression coefficient (RC) was −0.109. The reduction effect is mainly reflected in: 1) the wage income gap between urban and rural residents (RC = −0.128) and 2) the net property income gap of urban and rural residents (RC = −0.321). Also, for the spatial spillover effect, the path effect of "DEI – RLC – URIG" is almost equal to the path effect of "DEI – RPU – URIG"; for the local effect, the path effect of the former is far smaller than the latter. Moreover, when the RPU reaches the threshold of 86.29%, the DEI will expand the URIG (RC = 0.201). Originality/value: This paper proposes a theoretical framework for the impact of DEI on the URIG, explores the mechanism of RLC and RPU in the DEI and URIG and enriches the theory of traditional research on URIG. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to enhance the Global Projection Model (GPM) developed by the International Monetary Fund by constructing a GPM4 model that includes the United States of America, the Eurozone, Japan and China. Design/methodology/approach: This article introduces the United States of America, the Eurozone, Japan and China into a comprehensive global forecasting model, analyzing the impact of liquidity management in G3 economies on nine key macroeconomic variables in China. Findings: The findings reveal that the liquidity management strategies employed by major economies do exert a certain influence on China's major macroeconomic variables. Different types of liquidity shocks elicit varying effects. Monetary shocks exhibit the strongest instantaneous impact, while credit conditions and policy rate shocks contribute more significantly to China's long-term macroeconomic fluctuations. However, no single shock stands out as the dominant factor. Originality/value: This paper attempts to expand the GPM model developed by the International Monetary Fund and build a GPM4 model including China, the United States of America, the Eurozone and Japan. For the first time, the GPM model was used to analyze the spillover effects of liquidity management in major economies on China's macroeconomy and revealed the impact of non-price factors such as credit conditions on China's macroeconomic variables. [ABSTRACT FROM AUTHOR]

Purpose: Under the influence of the digital economy, the digital transformation of manufacturing enterprises has attracted widespread attention from scholars at home and abroad due to its uniqueness and importance. However, the existing literature is still deficient in the inner mechanism of digital transformation and lacks research on the digital transformation process. Through in-depth interviews and rooted theory, this paper focuses on the key factors of digital development of manufacturing enterprises and constructs a model of the digital transformation process. Design/methodology/approach: This paper takes China's manufacturing enterprises as research projects. First, through a literature search, the authors proposed three key factors for constructing sustainable competitiveness from digital transformation, that is, core technology innovation, business model re-engineering and organizational structure optimization. Second, the authors adopted the grounded theory approach to identify three sustainable competitive factors of manufacturing enterprises resulting from digital transformation and constructed a theoretical model. Third, based on Chinese manufacturing enterprises data, the authors used an empirical study to validate the three influencing factors. Finally, the authors identified the inner mechanism of the digital transformation of enterprises and put forward suggestions for enterprises to maintain sustainable competitiveness. Findings: First, based on the existing literature, this paper identified the importance of digital transformation of manufacturing enterprises, and the essence of digital transformation of manufacturing companies was found to lie in the change in the combined effect of technological, market and organizational innovation. Second, based on the grounded theory, through in-depth interviews with manufacturing enterprises on digital transformation and open coding of interview transcripts, it was concluded that the key factors for the digital transformation manufacturing companies are core technology change, business model re-engineering and organizational structure optimization. Third, based on a dynamic perspective, the authors evaluated and validated digital transformation. The study found that manufacturing enterprises can improve their digital transformation capabilities through the trajectory of "core technology change – business model re-engineering – organizational structure optimization" to improve their sustainable competitive advantage. Originality/value: Firstly, this study proposed three key factors for constructing sustainable competitiveness from digital transformation, that is, core technology innovation, business model re-engineering and organizational structure optimization, which enriched the theory of transformation and upgrading. Secondly, this study constructs the structural equation model of digital transformation and discovers the key factors pf digital transformation. [ABSTRACT FROM AUTHOR]

Purpose: The behavior of the entities in a small and medium-sized enterprise (SME) cooperation network is influenced by the core enterprise. Addressing the problem of how the network vulnerability changes when the core enterprise is attacked is a challenging topic. The purpose of this paper is to reveal the failure process of SME cooperation networks caused by the failure of the core SME from the perspective of cascading failure. Design/methodology/approach: According to the Torch High Technology Industry Development Center, Ministry of Science & Technology in China, 296 SMEs in Jiangsu province were used to construct an SME cooperation network of technology-based SMEs and an under-loading cascading failure model. The weight-based attack strategy was selected to mimic a deliberate node attack and was used to analyze the vulnerability of the SME cooperation network. Findings: Some important conclusions are obtained from the simulation analysis: (1) The minimum boundary of node enterprises has a negative relationship with networks' invulnerability, while the breakdown probability has an inverted-U relationship with networks' invulnerability. (2) The combined effect of minimum boundary and breakdown probability indicates that the vulnerability of networks is mainly determined by the breakdown probability; while, minimum boundary helps prevent cascading failure occur. Furthermore, according to the case study, adapting capital needs and resilience in the cooperation network is the core problem in improving the robustness of SME cooperation networks. Originality/value: This research proposed an under-loading cascading failure model to investigate the under-loading failure process caused by the shortage of resources when the core enterprise fails or withdraws from the SME cooperation network. Two key parameters in the proposed model—minimum capacity and breakdown probability—could serve as a guide for research on the vulnerability of SME cooperation networks. Additionally, practical meanings for each parameter in the proposed model are given, to suggest novel insights regarding network protection to facilitate the robustness and vulnerability in real SME cooperation networks. [ABSTRACT FROM AUTHOR]

The Early Devonian Xitun Vertebrate Fauna, represented by early members of crown sarcopterygians, such as Youngolepis, Diabolepis, Psarolepis, Achoania and Styloichthys, is mainly hosted in the Xitun Formation in the Qujing area, East Yunnan of China. Despite numerous research articles describing taxa from this famous Lochkovian fauna and its sedimentary and tectonic environments, there is no objective and coherent interpretation of the palaeoenvironment in which these early vertebrates lived. Based on detailed field geological investigation in recent years in the surrounding areas of Qujing City and measurements from the Xitun Formation section, this paper focuses on the analysis of some geochemistry indices of major, trace and rare earth elements to accurately elucidate the sedimentary environment of the Xitun Formation and deepen our understanding of the relationship between Early Devonian fishes and the environment. The analyses of the sensitive geochemistry indices of depositional and tectonic settings, sedimentary provenance, weathering, palaeoclimate, palaeosalinity and palaeoredox conditions indicate that the Lower Devonian Xitun Formation in East Yunnan was mainly deposited in a shallow marine setting with three phases of seawater–freshwater influx under a warm and humid climate, and a stable, oxygen-rich condition, which promoted the flourishing of Early Devonian marine fishes. Supplementary material: Data on the major (Table A), trace (Table B) and rare earth (Table C) elements are available at https://doi.org/10.6084/m9.figshare.c.7020642 Thematic collection: This article is part of the Chemical Evolution of the Mid-Paleozoic Earth System and Biotic Response collection available at: https://www.lyellcollection.org/topic/collections/chemical-evolution-of-the-mid-paleozoic-earth-system [ABSTRACT FROM AUTHOR]

Purpose: This study intends to explore the relationship between digital finance and the vertical specialization of firms. The following questions are discussed: (1) As a representative new financial development model, what is the role of digital finance in the vertical specialization of firms? (2) If digital finance improves the level of vertical specialization of firms, what is the mechanism behind such improvement? (3) How does digital finance impact the vertical specialization of firms in different regions, industries, and firms? Design/methodology/approach: A two-way fixed-effect model of panel data is proposed to verify the relationship between digital finance and the vertical specialization of firms. This model is constructed by matching the city-level data of digital finance with the data of China's A-share listed companies from 2011 to 2018. Meanwhile, the instrumental variable (IV) method and difference-in-difference (DID) method are adopted to deal with the endogeneity problem of the model. Findings: The authors' study finds that digital finance has significantly improved the level of vertical specialization of firms. The result is robust under the endogeneity consideration and a series of robustness tests. After the dimensionality of the index is reduced, the depth of digital finance usage is more conducive to the improvement of the vertical specialization of firms compared with the width of digital finance coverage and the level of financial digitization. Digital finance mainly improves the level of vertical specialization of firms by reducing transaction costs and increasing the market thickness of the intermediate products. Moreover, digital finance has certain heterogeneity in promoting the vertical specialization of firms, an effect that is more significant in the eastern region, manufacturing industry and state-owned enterprises (SOEs). Research limitations/implications: The first limitation is the mechanism test. This research only analyzes the mechanism from transaction cost and the market thickness of the intermediate products. With the rapid development of information technology, digital finance will be further integrated into people's production and life. There will then be more mechanisms that should be explored between digital finance and the vertical specialization of firms. Another limitation is the data sample of this paper. The conclusions of this research are based only on the data of listed companies. However, in the authors' opinion, the specialization level of small and medium-sized enterprise (SMEs) should be higher. Therefore, the conclusions of this work are underestimated, which can be considered as the lower limit of digital finance for enterprise specialization. Social implications: As a favorable financing channel to supplement traditional financial service functions, digital finance plays a critical role in the operating efficiency of enterprises and the effective allocation of macro resources. The authors' research shows that digital finance has significantly improved the vertical specialization of firms. This conclusion provides guides to improve the production efficiency of enterprises and the quality of economic development. Originality/value: This paper has three main contributions. (1) The relationship between financial development and the vertical specialization of firms is innovatively discussed from the perspective of digital finance, which implies that digital finance can effectively promote the level of vertical specialization of firms. (2) This paper provides new perspectives and ideas to reveal the impact mechanism of digital finance on the real economy by systematically analyzing the mechanism of digital finance on the vertical specialization of firms from the perspectives of transaction costs and financing constraints. (3) The regional differences in the development of digital finance, industry differences in the vertical specialization of firms and differences in the nature of enterprise property rights are all under consideration, which improves the effectiveness and pertinence of digital finance in promoting the vertical specialization of firms. [ABSTRACT FROM AUTHOR]

Purpose: This paper investigates how the gap between the host country's actual and optimal financial conditions affects foreign direct investment (FDI) inflows through evidence from China. Design/methodology/approach: The authors first employ principal component analysis (PCA) to measure FDI target countries' actual financial conditions and use 30 OECD countries as a reference group to assess the optimal financial condition. The authors then estimate a two-way fixed effect model with panel data of China's outward FDI in 64 countries for the period 2003–2017 to get the regression results. The authors' results overcome endogeneity and are robust. Findings: Results show that (1) the gaps between host countries' actual and optimal financial conditions positively affect FDI inflows from China; (2) there is a heterogeneous effect between low-income and high-income countries. The gaps for high-income countries significantly increase FDI inflows from China, while the gaps are not significant for low-income countries. Research limitations/implications: The authors examine how the gap affects FDI inflows from China. An increase of 1% in the target country's gap promotes a 6.3% increase in FDI inflows. However, the authors do not explore what mechanisms are key to these results. The authors will explore these questions in the future. Originality/value: This paper complements the influence factors of FDI and enriches theories of FDI. The gap between actual and optimal financial conditions plays an essential role in FDI flows across countries for policymakers. [ABSTRACT FROM AUTHOR]

Purpose: This study empirically investigates the impact of directors' and officers' liability insurance on corporate environmental investment. Design/methodology/approach: This paper takes A-share listed firms in the most polluting industries from 2013 to 2019 as the research sample. The authors perform multiple regression analysis to examine the research question, and other approaches such as PSM and Heckman two-stage model are applied to test the robustness of the main results. Findings: The authors find that D&O insurance insured firms significantly decrease the level of corporate environmental investment. The results keep consistent after alleviating potential endogenous concerns. Further analysis shows that the negative association between D&O insurance and environmental investment is more pronounced in firms facing greater environmental pressure and stronger market supervision, and firms located in regions with a rich legal environment. Research limitations/implications: This research extends the literature on the antecedents of corporate environmental investment and the consequences of D&O insurance. Practical implications: The study may deepen people's understanding of D&O insurance and inform them of its negative effects. This research sheds light on the potential factor resulting in a relatively low level of corporate environmental investment in China, which has an important policy implication for government to carry out some regulations to make a difference. Originality/value: Against the backdrop that more importance has been attached to environmental protection globally, this paper is the first study to examine the impact of D&O insurance on corporate environmental investment in the context of the transitional and emerging market-China. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to investigate the factors affecting urban economic development in emerging economic market countries and to provide a new research perspective on urban skyscraper construction. Design/methodology/approach: An empirical analysis based on a difference-in-differences (DID) model is conducted using data of urban data in China that expand into developed markets from 2003 to 2018. Findings: The results of the spatial heterogeneity test indicate that the construction of skyscrapers has a significant promotional effect on the eastern city's economy. In contrast, it has a significant inhibitory effect in the central and western regions. Further findings demonstrate that the construction of skyscrapers can influence urban economic development by promoting industrial agglomeration, especially when the transmission effect of the diversified accumulation of tertiary industry is more prominent. The expansion analysis shows that skyscrapers have increased the level of trade in the city, and the impact on trade has an optimal height. Research limitations/implications: This paper focuses on the economic and trade effects of skyscrapers, and the optimal height of skyscrapers needs to be discussed in more depth, which is also the next problem the researchers need to study. Practical implications: The government should attach importance to and promote the construction of urban skyscrapers, and do a good job in overall planning and design. The city should formulate preferential policies in land, taxation, finance, system and other aspects to increase support for urban skyscraper construction and promote local economic development. Originality/value: This study focuses on the impact of urban skyscraper construction on the economic and trade development of cities in developing countries, which not only complements the relevant research on the economic effects of urban skyscraper construction, but also helps to provide reference for the sustainable development of urbanization in many developing countries. [ABSTRACT FROM AUTHOR]

Purpose: High-quality labor supply is inevitable to maintain sustainable and steady economic growth. This study mainly explores the impact of the social pension system on the health of human capital, and further explores its impact mechanism. Design/methodology/approach: On the basis of the data from China Family Panel Studies from 2012 to 2018, this article uses the fixed effect model and the mediation effect model to empirically study the influence of the social pension scheme on the health of human capital and further explore its influence mechanism. Findings: This study shows that the social pension scheme can significantly improve the physical and mental health of laborers, especially for low-income and agricultural groups. The implementation of the social pension scheme contributes to increasing medical services and reducing the labor supply for the benefit of human health capital. Therefore, the government should continue to expand the coverage of the social pension scheme and comprehensively improve the importance of human health capital on economic growth. Practical implications: Medical costs and labor supply play a mediating effect in the relationship between social pension and rural labors' health status, which indicates that medical costs and labor supply level are still important factors affecting the health status of rural labor. There are essential factors affecting the health status of the rural labor force, and their role should be given more consideration in the process of system design and improvement. Originality/value: The existing studies have more frequently studied the effect of the implementation of social pension schemes from the perspective of economic performance, but this paper evaluates the policy effect of social pension schemes based on the perspective of health human capital, which enriches research on health performance in related fields. [ABSTRACT FROM AUTHOR]

Purpose: Minimizing the impact on the surrounding environment and maximizing the use of production raw materials while ensuring that the relevant processes and services can be delivered within the specified time are the contents of enterprise supply chain management in the green financial system. Design/methodology/approach: With the continuous development of China's economy and the continuous deepening of the concept of sustainable development, how to further upgrade the enterprise supply chain management is an urgent need to solve. How to maximize the utilization of resources in the supply chain needs to be realized from the whole process of raw material purchase, transportation and processing. Findings: It was proved that digital twin technology had a partial intermediary role in the role of supply chain big data analysis capability on corporate finance, market, operation and other performance. Originality/value: This paper focused on describing how digital twin technology could be applied to big data analysis of enterprise supply chain under the green financial system and proved its usability through experiments. The experimental results showed that the indirect effect of the path big data analysis capability digital twin technology enterprise financial performance was 0.378. The indirect effect of the path big data analysis capability digital twin technology enterprise market performance was 0.341. The indirect effect of the path big data analysis capability digital twin technology enterprise operational performance was 0.374. [ABSTRACT FROM AUTHOR]

Purpose: Through this study, the aim is to provide reference for the improvement of CEO related theories, the reform of internal governance mechanisms and compensation systems in enterprises, and ultimately contribute to economic and social development and the achievement of dual carbon goals. Design/methodology/approach: In the context of accelerating the implementation of the "dual carbon" goal and promoting sustainable economic and social development, this paper builds a panel data model based on the panel data of 31 provinces in China from 2011 to 2019 to empirically test the impact of CEO stability on green innovation and total factor productivity of enterprises. Findings: The results show that CEO stability has a positive role in promoting enterprise total factor productivity and green innovation and enterprise green innovation also has a positive role in promoting total factor productivity; Heterogeneity testing found that CEO stability has no significant impact on green innovation in state-owned enterprises. Corporate green innovation has a partial mesomeric effect between CEO stability and total factor productivity; The proportion of independent directors has a negative moderating effect on CEO stability and corporate green innovation, while equity incentive has a positive moderating effect on the relationship between CEO stability, corporate total factor productivity and green innovation. Originality/value: First, it develops the research on CEO stability and its economic consequences. Second, it expands the impact of CEO stability on heterogeneous enterprises. Third, provides new ideas for the reform of internal governance mechanism and salary system of enterprises. [ABSTRACT FROM AUTHOR]

Purpose: The demand for the cold chain logistics of agricultural products was investigated through demand forecasting; targeted suggestions and countermeasures are provided. This paper aims to discuss the aforementioned statement. Design/methodology/approach: A Markov-optimised mean GM (1, 1) model is proposed to forecast the demand for the cold chain logistics of agricultural products. The mean GM (1, 1) model was used to forecast the demand trend, and the Markov chain model was used for optimisation. Considering Guangxi province as an example, the feasibility and effectiveness of the proposed method were verified, and relevant suggestions are made. Findings: Compared with other models, the Markov-optimised mean GM (1, 1) model can more effectively forecast the demand for the cold chain logistics of agricultural products, is closer to the actual value and has better accuracy and minor error. It shows that the demand forecast can provide specific suggestions and theoretical support for the development of cold chain logistics. Originality/value: This study evaluated the development trend of the cold chain logistics of agricultural products based on the research horizon of demand forecasting for cold chain logistics. A Markov-optimised mean GM (1, 1) model is proposed to overcome the problem of poor prediction for series with considerable fluctuation in the modelling process, and improve the prediction accuracy. It finds a breakthrough to promote the development of cold chain logistics through empirical analysis, and give relevant suggestions based on the obtained results. [ABSTRACT FROM AUTHOR]

Purpose: The stock indexes are an important issue for investors, and in this paper good trading strategies will be aimed to be adopted according to the accurate prediction of the stock indexes to chase high returns. Design/methodology/approach: To avoid the problem of insufficient financial data for daily stock indexes prediction during modeling, a data augmentation method based on time scale transformation (DATT) was introduced. After that, a new deep learning model which combined DATT and NGRU (DATT-nested gated recurrent units (NGRU)) was proposed for stock indexes prediction. The proposed models and their competitive models were used to test the stock indexes prediction and simulated trading in five stock markets of China and the United States. Findings: The experimental results demonstrated that both NGRU and DATT-NGRU outperformed the other recurrent neural network (RNN) models in the daily stock indexes prediction. Originality/value: A novel RNN with NGRU and data augmentation is proposed. It uses the nested structure to increase the depth of the deep learning model. [ABSTRACT FROM AUTHOR]

Pine wilt disease is one of the most serious forest pest and disease in China, which seriously influences the realization of the dual carbon goal. In this paper, considering susceptible longhorns and infected longhorns, we study a delayed reaction–diffusion pine wilt disease model both with memory diffusion and nonlocal effect. We analyze the dynamic properties for with and without memory diffusion and nonlocal effect, respectively. Especially, for this model, we find that memory diffusion plays a leading role in spatial dynamics. Memory diffusion can induce spatially inhomogeneous periodic solutions and steady-state solutions. Nonlocal effect mainly affects the amplitude and period of spatially inhomogeneous periodic solutions of the system. In addition, we give some biological explanations for the different phenomena in this paper. • Diffusive PWD model with memory diffusion and nonlocal effect is proposed. • Dynamics of the system with and without memory diffusion and nonlocal effect are compared. • Memory diffusion can induce spatially inhomogeneous periodic and steady-state solutions. • Nonlocal effect has impact on the amplitude and period of spatially inhomogeneous periodic solutions. [ABSTRACT FROM AUTHOR]

The energy industry is a major source of greenhouse gas emissions, and energy investment is an important regulatory tool to encourage the energy industry to actively respond to climate change and achieve low-carbon development. Therefore, it is of great practical significance to correctly understand the important role of the energy industry, to predict energy investments objectively and accurately, to achieve scientific and rational investment, and make policy recommendations for the energy production and consumption revolution. In this paper, the Haavelmo model of economic growth is introduced into the energy system, using the characteristics of the continuous form of the model to establish the differential equations for the dynamics of fixed asset investment in the energy industry, and Haavelmo's grey prediction model using the grey difference information principle. Meanwhile, the Python program is used to solve the parameters of the new model, and the mathematical transformation is used to find the time response equation of the new model, and the modeling steps and the modeling flow chart of the model are obtained. Finally, the new model will be applied to two types of energy investments in China: total energy industry investment and investment in electricity, steam, hot water production, and supply industry. Both types of energy use the same modeling object and forecast object, and six cases are compared with three grey forecasting models from different perspectives, and their results show that they are much better than the other three grey forecasting models, demonstrating the effectiveness of the new model to effectively forecast energy investments and improve the efficiency of energy industry investments, cultivate healthy and environmentally friendly energy consumption habits. [ABSTRACT FROM AUTHOR]