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We investigate the role of artificial intelligence (AI) in promoting sustainable tourism growth and its implications for the next technological and economic cycle. Focusing on the top ten global tourist destinations from 2010 to 2022, we investigate the interplay between AI adoption, gross domestic product (GDP), foreign direct investment (FDI), inflation (INF), and urbanization (UB). Utilizing a multi-method approach that integrates artificial neural network (ANN) analysis with traditional econometric models, the findings highlight that AI is a critical driver of tourism efficiency and smart tourism capabilities, significantly enhancing tourism sustainability. The study reveals substantial contributions from GDP, INF, FDI, and UB as well. AI's role as a pivotal technological catalyst in sustainable tourism development underscores its importance in shaping the next economic cycle. These insights provide essential guidance for policymakers and industry stakeholders on leveraging AI to propel tourism growth, aligning with broader goals of economic and environmental sustainability. • AI significantly enhances tourism efficiency and sustainability in top global destinations from 2010 to 2022. • Key economic factors like GDP, FDI, inflation, and urbanization also contribute to sustainable tourism growth. • AI is a pivotal catalyst in shaping the next technological and economic cycle for sustainable tourism development. [ABSTRACT FROM AUTHOR]

Hot beverages have surged in popularity due to the increasing emphasis on healthy living among consumers. This trend extends upstream to prosper futures markets for essential raw materials within the supply chain. However, there is a significant gap in the literature concerning volatility spillovers within these futures markets, specifically cocoa, coffee, and sugar futures. Given the susceptibility of these raw material agricultural productions to weather conditions, an intriguing question emerges regarding the potential impact of climate policy uncertainty on the volatility spillover dynamics of these commodity prices. This study employs the TVP-VAR-DY methodology to quantify volatility spillovers among global mainstream cocoa, coffee, and sugar futures, then the Time-Varying Granger Causality test is deployed to uncover the influence of climate policy uncertainty. The findings underscore a pronounced and statistically significant spillover effect among the volatilities of coffee-related commodity futures, with the U.S. sugar futures market emerging as a pivotal conduit for risk transmission. In exploring the impact of climate policy uncertainty, it is discerned that global climatic patterns exert some unique and substantive influence on systemic risk spillovers. These insights provide a basis for stakeholders in the hot drink industrial chain to think about effective risk management mechanisms. [Display omitted] • Volatility spillovers within cocoa, coffee, and sugar futures is assessed. • U.S. sugar futures market emerges as a pivotal conduit for risk transmission. • Climate policy uncertainty has influence on systemic risk spillovers. • Climate risk management should be considered in these drinks industrial chain. [ABSTRACT FROM AUTHOR]

Recent facts from China suggest that the advancement of digitalization is altering the market expectations regarding renewable energy. Limited studies have offered evidence encompassing the stock effect of digitalization that enhanced corporate financing and the flow effect that initiated speculative behavior. However, a comprehensive discourse remains insufficient. This paper investigates the synergetic effects of digitalization's stock and flow on renewable energy financing, employing the business data of all listed companies in China from 2003 to 2023. The results demonstrate that: (1) Digitalization's stock has expanded the potential fund pool for renewable energy financing, yet it is challenging to influence the flow of funds; digitalization's flow has triggered a flood of funds into the renewable energy industry, but this relies on the new investors attracted by the stock. (2) The synergetic effect governs the systematic influence of digitalization on renewable energy financing and mitigates the measurement bias when considering only a single effect. (3) We further contemplate the indirect effects of renewable energy market expansion, technological progress, and global energy market fluctuations, alleviating concerns regarding the omitted variable bias. The results of the differential regression and generalized method of moments also indicate the robustness of the conclusion. [Display omitted] • Digital stock effect expands potential funding pool. • Digital flow effect guides funds to renewable energy. • Synergy of digital flow and stock effects dominates renewable energy financing. • Industry complementarity explains the continued prosperity of renewable energy. [ABSTRACT FROM AUTHOR]

We examine the impact of green information communication technology, while considering the conditioning role of other seminal factors. Using panel quantile-quantile granger causality testing and method of moments quantile regression for Chinese provinces for 2000–2019, we find that green information communication technology promotion, human capital, and urbanization positively impact green growth, while globalization, energy intensity, and carbon emissions are not significant. Results highlight the importance of green information communication technology for sustainable development. [Display omitted] • Green growth is crucial for sustainable development and mitigating environmental impacts. • Study examines the impact of GICT, HC, URB, GLB, EI, and CO2e on green growth in 30 Chinese provinces. • GICT promotion significantly boosts green growth across all periods. • HC and URB positively impact green growth, while GLB, EI, and CO2e have no significant short-term effects. • In the medium and long run, HC, URB, and EI positively influence green growth, while GLB and CO2e deter it. [ABSTRACT FROM AUTHOR]

This paper explores the impact of Confucian culture on the environmental management practices of firms, utilizing data from A-share listed companies in China from 2009 to 2022. The study reveals several significant findings: (1) Firms in regions with a stronger presence of Confucian culture are more likely to adopt environmentally responsible management practices; (2) Confucian culture enhances firms' environmental management through three channels: promoting innovation, easing financing constraints, and reducing managerial myopia, with a particular emphasis on alleviating financing constraints; (3) Regional environmental regulations mitigate the positive influence of Confucian culture on firms' environmental management practices. This study contributes to the literature by elucidating the determinants of corporate environmental management and emphasizing the critical role of cultural factors, particularly in overcoming financial barriers, in corporate decision-making. [Display omitted] • Confucian culture promotes firms' environmental management. • Innovation performance, financial constraints, and managerial myopia serve as channels. • Environmental regulation has mitigated the influence. [ABSTRACT FROM AUTHOR]

We examine the determinants of environmental degradation, focusing on MENA economies from 1991 to 2020, with a particular focus on the role of sectoral composition. Specifically, we assess the contributions of the industrial, manufacturing, agricultural, and service sectors to GDP and their impact on environmental outcomes. Employing augmented mean group estimation, we evidence that technological advancements and renewable energy consumption significantly reduce environmental degradation, and that multinational corporations from developed countries transfer beneficial environmental practices to local firms in emerging regions. Results offer new insights into the impact of financial, economic, and societal factors on environmental outcomes. [Display omitted] • The determinants of environmental degradation in the MENA region. • Technological advancements and renewable energy consumption significantly reduce environmental degradation. • Multinationals from developed countries can transfer advanced environmental practices to local firms in the MENA region. [ABSTRACT FROM AUTHOR]

As a new economic form, the digital economy (DE) significantly impacts green development. However, the impact of the DE on green total factor productivity (GTFP) remains controversial. A two-way fixed effect model is constructed to explore the impact of DE on green development. It is found that (1) there is a U-shaped relationship rather than a positive relationship between DE and GTFP. (2) Industrial intelligence and e-commerce are essential for DE to affect GTFP. (3) The DE affects GTFP mainly by promoting efficiency progress rather than technological progress. In addition, in regions where government attention to the DE is higher than others, the DE substantially contributes to GTFP. The potential of integrating the DE and the real economy needs to be further tapped. This paper presents pertinent policy suggestions and provides new empirical evidence and valuable reference for promoting green development. [Display omitted] • there is a U-shaped relationship between DE and GTFP • Industrial intelligence is essential for DE to affect GTFP • Online retail is essential for DE to affect GTFP • The DE affects GTFP mainly by promoting efficiency progress [ABSTRACT FROM AUTHOR]

• Investor influence plays a significant role in securing funding for GAI startups. • Technological advancements have insignificant impact on funding levels. • Building strong investor networks is essential for the growth and success of GAI ventures. Generative AI (GAI) is transforming industries by enabling autonomous content creation. This study explores the impact of investor and technological influences on the funding of 556 GAI startups from 2010 to July 2024. Using principal component analysis, we find that investor influence significantly boosts funding across all levels, while technological influence is insignificant. The results highlight the crucial role of investor networks in securing financial resources for GAI startups. The study's implications suggest that entrepreneurs and policymakers should focus on building strong investor relationships to support the growth of GAI ventures. [ABSTRACT FROM AUTHOR]

Employing the panel vector autoregressive (PVAR) modeling, we analyze the interplay among oil prices, country risks, and stock returns across twenty-nine economies from February 2005 to August 2020. We find that, in the short run, rising oil prices temporarily boost stock prices by reducing country risk. However, over longer horizons, reductions in country risk are linked to lower stock returns. Moreover, in the interaction between stock and oil markets we identify the heterogeneity of three forms of country risk: economic, financial, and political, particularly when comparing developed and developing economies. Findings, offering new insights into the linkages between oil and stock markets, especially in the context of increased global conflict context, are of much value for investment strategies and policy formulations aimed at mitigating risk. [Display omitted] • A PVAR model is adopted to examine the relationship between oil prices, country risks and stock returns. • Increasing oil prices enhances stock prices by mitigating country risk in the short term. • Lower country risk correlates with diminished stock returns in the long term. • Heterogeneity exists among three types of country risks. • There are discrepancies between developed and developing economies. [ABSTRACT FROM AUTHOR]

This study investigates the return and volatility interconnectedness between emerging digital assets, specifically agricultural tokens, and U.S. equity sectors using the TVP-VAR model. Analyzing data from August 7, 2020, to January 2, 2024, the findings indicate modest interconnections between agricultural tokens and U.S. sectors, with time-varying behavior. Notably, return interconnectedness is generally stronger than volatility, except at the sample period's outset, where volatility dominates. Return spillovers predominantly drive the connectedness system, though agricultural tokens uniquely act as net recipients of both return and volatility spillovers, while U.S. equity sectors mainly transmit spillovers. Optimal portfolio analysis, utilizing portfolio weights and hedge ratios, reveals that incorporating agricultural tokens offers portfolio diversification benefits and enhances hedging performance. Investors are advised to frequently adjust portfolios to maximize diversification and hedging gains. These findings provide significant portfolio implications for policymakers, market participants, and investors. [Display omitted] • Agricultural tokens can serve as effective risk management assets. • U.S. sectors dominate portfolio allocations, with Asyagro showing the highest token weight, enhancing portfolio diversification. • Frequent portfolio adjustments are necessary as optimal weights and hedge ratios vary over time. [ABSTRACT FROM AUTHOR]

Employing the panel vector autoregressive (PVAR) modeling, we analyze the interplay among oil prices, country risks, and stock returns across twenty-nine economies from February 2005 to August 2020. We find that, in the short run, rising oil prices temporarily boost stock prices by reducing country risk. However, over longer horizons, reductions in country risk are linked to lower stock returns. Moreover, in the interaction between stock and oil markets we identify the heterogeneity of three forms of country risk: economic, financial, and political, particularly when comparing developed and developing economies. Findings, offering new insights into the linkages between oil and stock markets, especially in the context of increased global conflict context, are of much value for investment strategies and policy formulations aimed at mitigating risk. [Display omitted] • A PVAR model is adopted to examine the relationship between oil prices, country risks and stock returns. • Increasing oil prices enhances stock prices by mitigating country risk in the short term. • Lower country risk correlates with diminished stock returns in the long term. • Heterogeneity exists among three types of country risks. • There are discrepancies between developed and developing economies. [ABSTRACT FROM AUTHOR]

This study investigates the return and volatility interconnectedness between emerging digital assets, specifically agricultural tokens, and U.S. equity sectors using the TVP-VAR model. Analyzing data from August 7, 2020, to January 2, 2024, the findings indicate modest interconnections between agricultural tokens and U.S. sectors, with time-varying behavior. Notably, return interconnectedness is generally stronger than volatility, except at the sample period's outset, where volatility dominates. Return spillovers predominantly drive the connectedness system, though agricultural tokens uniquely act as net recipients of both return and volatility spillovers, while U.S. equity sectors mainly transmit spillovers. Optimal portfolio analysis, utilizing portfolio weights and hedge ratios, reveals that incorporating agricultural tokens offers portfolio diversification benefits and enhances hedging performance. Investors are advised to frequently adjust portfolios to maximize diversification and hedging gains. These findings provide significant portfolio implications for policymakers, market participants, and investors. [Display omitted] • Agricultural tokens can serve as effective risk management assets. • U.S. sectors dominate portfolio allocations, with Asyagro showing the highest token weight, enhancing portfolio diversification. • Frequent portfolio adjustments are necessary as optimal weights and hedge ratios vary over time. [ABSTRACT FROM AUTHOR]

The economic landscape in China has evolved to what is termed a "new normal", marked by a strategic focus on the digital economy as a lever for regional entrepreneurship. This change is considered essential for fostering shared wealth and elevating the standard of economic progress, aimed at tackling inequality and advancing inclusive finance. This article undertakes an empirical analysis of the relationship between the digital economy and entrepreneurial activities, utilising panel data from 284 prefecture-level cities in China from 2011 to 2021. The findings highlight the significant influence of the digital economy in stimulating entrepreneurial activity. In particular, the digital economy is found to boost urban entrepreneurial endeavours by improving the quality of urban human capital. Further investigation reveals a varied impact of the digital economy on urban entrepreneurial activity, with the eastern region exhibiting a more marked effect in facilitating urban entrepreneurship. [Display omitted] • China's strategic focus on the digital economy to boost regional entrepreneurship to address economic inequality and advancing inclusivity. • Using data from 284 cities from 2011 to 2021, the study shows a significant boost in entrepreneurial activity linked to the digital economy. • The digital economy enhances urban human capital quality, directly increasing entrepreneurial ventures. • Eastern Chinese cities experience more significant benefits from the digital economy in promoting urban entrepreneurship. [ABSTRACT FROM AUTHOR]

Amid increasing demands for green economic growth, firms must adapt their business models and development strategies. However, most of the studies on this topic focus on examining the economic consequences of differences in firms' environmental, social, and governance (ESG) ratings and ignore the external influences that lead to differences in information environments. This paper explores the impact of capital market openness on firm ESG rating divergence and conducts a related mechanism analysis. It is found that capital market openness creates an information environment concern effect that is generated by analysts' concerns, audit quality, and investors' concerns, which in turn exacerbates firm ESG rating divergence. A moderating effect test shows that the pressure created by government and public concerns regarding the ecological environment generates an ecological environment concern effect on firm ESG performance and effectively decreases the firm ESG rating divergence caused by the information concern effect. [Display omitted] • Market openness increases firm ESG rating disparities due to heightened information concerns. • Government and public ecological concerns help reduce these ESG rating disparities by influencing firm behaviors. • The study identifies how external societal pressures can effectively align firms' ESG performances. [ABSTRACT FROM AUTHOR]

This study investigates the implications of climate change on the environmental management strategies adopted by Chinese energy utility companies over the period from 2008 to 2021. The study highlights that an increase in temperatures correlates with a greater likelihood of these firms implementing environmental management strategies. This tendency is particularly pronounced among companies characterized by lower revenue levels, elevated operational costs, increased media scrutiny, or a comparatively weaker commitment to social responsibilities. Additionally, the analysis reveals that improved carbon performance mitigates this effect, whereas state ownership amplifies the observed trends. This research contributes to understanding the dynamic interplay between climate change and corporate environmental strategy within the context of Chinese energy utilities. [Display omitted] [ABSTRACT FROM AUTHOR]

We examine the impact of renewable energy technology innovation on carbon emissions within the framework of China's 'dual carbon' goal, focusing on the role of local (provincial) government innovation competitions and economic competition. Analyzing data across 30 provinces from 2010 to 2019, we investigate the correlation between renewable energy advancements and emission reductions and how local government competition modulates this relationship. Our findings suggest that renewable energy innovations have a significant negative impact on carbon emissions. The study reveals that innovation competition among local governments positively affects emission reductions, while economic competition has a negative impact. These results contribute to understanding how regulatory competition among local governments can support or impede the achievement of dual carbon objectives, emphasizing the need for a competitive yet collaborative regulatory environment to enhance the benefits of renewable energy innovations. [Display omitted] • Renewable energy innovations significantly reduce carbon emissions in China, aiding the "dual carbon" goals. • Local government innovation competitions boost emission reductions, while economic rivalry can impede progress. • The study underscores the need for a balanced approach between competition and collaboration among local governments. [ABSTRACT FROM AUTHOR]

Decentralized finance (DeFi) has become of significant interest for investors in both the financial and digital sectors. We use a time-varying parameter vector autoregression (TVP-VAR) approach to estimate the static and dynamic connections between and within DeFi, G7 banking, and equity markets. We focus on critical events such as the COVID-19 pandemic, the cryptocurrency bubble, and the Russia-Ukraine conflict. The results highlight interconnectedness and significant spillovers within and between the markets, especially during the COVID-19 pandemic. Notably, there were significant spillover effects from the G7 banking and equity markets to Japan and DeFi assets. The findings demonstrate a robust connection between DeFi platforms, G7 banking, and stock markets throughout these tumultuous periods. Policymakers, investors, and entrepreneurs are recommended to keep a close eye on changes in traditional banking and equity markets to adjust the risk of DeFi assets. [Display omitted] • The study uses TVP-VAR to explore return spillovers and interconnectedness between DeFi, G7 banks, and stock markets. • It reveals strong interconnectedness and significant spillover effects from G7 markets to Japan and DeFi assets during COVID-19. • Findings indicate a strong link between DeFi platforms and G7 financial markets. [ABSTRACT FROM AUTHOR]

We explore the impact of financial technology (fintech) advancements on green credit provision, investigating publicly traded banks in China from 2007 to 2022. We particularly focus on credit modelling innovation, examining the non-linear dynamics between fintech evolution and green credit distribution. Results reveal a positive U-shaped correlation. Initial stages of fintech are associated with increased green credit risk, negatively affecting the volume of green credit. However, more established fintech infrastructures significantly enhance green credit volumes by improving resource allocation and credit risk assessment. Utilizing a multiple linear regression approach, we highlight the transformative nature of fintech in advancing sustainable banking practices, particularly through innovations in credit modeling that enhance green credit risk management and resource allocation efficiency. [Display omitted] • This paper explores the cutting-edge interplay between advancements in fintech and their influence on the provision of green credit within China's banking sector. • It examines the intricate and non-linear dynamics between the evolution of fintech and the distribution of green credit. • Findings suggest that in the initial stages of fintech maturity, there is an associated increase in green credit risk, which negatively impacts the volume of green credit. • As fintech infrastructure becomes more sophisticated, it significantly enhances the volumes of green credit. • The paper emphasizes the transformative role of fintech in advancing sustainable banking practices. [ABSTRACT FROM AUTHOR]

This study explores the influence of public health policies on commodity market volatility during public health emergencies, such as pandemics, using data from China and the US. We investigate how stringent public health measures can mitigate the effects of pandemics on the stability of commodity markets by stabilizing domestic demand and supply of natural resources. Our findings highlight the interconnectedness between commodity market stability and oil production, showing that firms increase their oil inventories in response to oil market volatility as a precautionary measure. This action, in turn, affects the amount of oil available for production, impacting oil consumption and extraction rates. We demonstrate that stability in the oil market significantly influences not only oil consumption but also has broader implications for sustainable development, green asset markets, and carbon emissions. [Display omitted] • Different public health policies affect impact of pandemics on commodity volatilities. • Strict public health policy can be helpful in stabilizing commodity markets. • Sustainable development is highly sensitive to commodity market volatility. [ABSTRACT FROM AUTHOR]

We examine the impact of renewable energy technology innovation on carbon emissions within the framework of China's 'dual carbon' goal, focusing on the role of local (provincial) government innovation competitions and economic competition. Analyzing data across 30 provinces from 2010 to 2019, we investigate the correlation between renewable energy advancements and emission reductions and how local government competition modulates this relationship. Our findings suggest that renewable energy innovations have a significant negative impact on carbon emissions. The study reveals that innovation competition among local governments positively affects emission reductions, while economic competition has a negative impact. These results contribute to understanding how regulatory competition among local governments can support or impede the achievement of dual carbon objectives, emphasizing the need for a competitive yet collaborative regulatory environment to enhance the benefits of renewable energy innovations. [Display omitted] • Renewable energy innovations significantly reduce carbon emissions in China, aiding the "dual carbon" goals. • Local government innovation competitions boost emission reductions, while economic rivalry can impede progress. • The study underscores the need for a balanced approach between competition and collaboration among local governments. [ABSTRACT FROM AUTHOR]

Decentralized finance (DeFi) has become of significant interest for investors in both the financial and digital sectors. We use a time-varying parameter vector autoregression (TVP-VAR) approach to estimate the static and dynamic connections between and within DeFi, G7 banking, and equity markets. We focus on critical events such as the COVID-19 pandemic, the cryptocurrency bubble, and the Russia-Ukraine conflict. The results highlight interconnectedness and significant spillovers within and between the markets, especially during the COVID-19 pandemic. Notably, there were significant spillover effects from the G7 banking and equity markets to Japan and DeFi assets. The findings demonstrate a robust connection between DeFi platforms, G7 banking, and stock markets throughout these tumultuous periods. Policymakers, investors, and entrepreneurs are recommended to keep a close eye on changes in traditional banking and equity markets to adjust the risk of DeFi assets. [Display omitted] • The study uses TVP-VAR to explore return spillovers and interconnectedness between DeFi, G7 banks, and stock markets. • It reveals strong interconnectedness and significant spillover effects from G7 markets to Japan and DeFi assets during COVID-19. • Findings indicate a strong link between DeFi platforms and G7 financial markets. [ABSTRACT FROM AUTHOR]

We explore the impact of financial technology (fintech) advancements on green credit provision, investigating publicly traded banks in China from 2007 to 2022. We particularly focus on credit modelling innovation, examining the non-linear dynamics between fintech evolution and green credit distribution. Results reveal a positive U-shaped correlation. Initial stages of fintech are associated with increased green credit risk, negatively affecting the volume of green credit. However, more established fintech infrastructures significantly enhance green credit volumes by improving resource allocation and credit risk assessment. Utilizing a multiple linear regression approach, we highlight the transformative nature of fintech in advancing sustainable banking practices, particularly through innovations in credit modeling that enhance green credit risk management and resource allocation efficiency. [Display omitted] • This paper explores the cutting-edge interplay between advancements in fintech and their influence on the provision of green credit within China's banking sector. • It examines the intricate and non-linear dynamics between the evolution of fintech and the distribution of green credit. • Findings suggest that in the initial stages of fintech maturity, there is an associated increase in green credit risk, which negatively impacts the volume of green credit. • As fintech infrastructure becomes more sophisticated, it significantly enhances the volumes of green credit. • The paper emphasizes the transformative role of fintech in advancing sustainable banking practices. [ABSTRACT FROM AUTHOR]

This study explores the influence of public health policies on commodity market volatility during public health emergencies, such as pandemics, using data from China and the US. We investigate how stringent public health measures can mitigate the effects of pandemics on the stability of commodity markets by stabilizing domestic demand and supply of natural resources. Our findings highlight the interconnectedness between commodity market stability and oil production, showing that firms increase their oil inventories in response to oil market volatility as a precautionary measure. This action, in turn, affects the amount of oil available for production, impacting oil consumption and extraction rates. We demonstrate that stability in the oil market significantly influences not only oil consumption but also has broader implications for sustainable development, green asset markets, and carbon emissions. [Display omitted] • Different public health policies affect impact of pandemics on commodity volatilities. • Strict public health policy can be helpful in stabilizing commodity markets. • Sustainable development is highly sensitive to commodity market volatility. [ABSTRACT FROM AUTHOR]

Given the concerns stemming from climate change, it is important to investigate whether SMEs could become innovative (and thereby invest in technologies mitigating climate change) because of heightened climate change risk. This study explores the impact of climate change on SMEs' innovation from a resource-based view (RBV) standpoint. Using the generalized method of moments (GMM) estimation of panel data for 443 SMEs from 14 developing countries during the period 2007–2016, we found that climate change has a significant positive impact on SMEs' innovation performance. In economic terms, climate change of one standard deviation variation resulted in a 6.6 % increase in innovation investment. Interesting results emerged when the sample was divided into firms with high and low growth, high and low profit, and high and low slack resources, and industries with high and low vulnerability. The results show that SMEs' innovation response to climate change may vary substantially across firms and industries. In high-growth, high-slack-resources firms, and in highly profitable and non-vulnerable industries, SMEs' innovation responds positively to climate change. Our study contributes to the SME and climate change literature by being the first to examine the impact of climate change on SMEs' innovation. Managerial and policy implications are discussed. • We find that climate change positively affects SMEs' innovation performance. • The results show that the relation varies across firms and industries. • High growth firms and highly profitable firms respond positively to climate change. • Firms with high slack resources are positively linked to climate change. • Non-vulnerable industries also respond positively to climate change. [ABSTRACT FROM AUTHOR]