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Purpose: The purpose of this paper is to examine the effects of energy technological innovation on carbon emissions in China from 2001 to 2016. Design/methodology/approach: Conditional mean (CM) methods are first applied to implement our investigation. Then, considering the tremendous heterogeneity in China, quantile regression is further employed to comprehensively investigate the potential heterogeneous effect between energy technological innovation and carbon emission intensity. Findings: The results suggest that renewable energy technological innovation has a significantly positive effect on carbon emission intensity in lower quantile areas and a negative effect in higher quantile areas. Contrarily, fossil energy technological innovation exerts a negative correlation with carbon emission intensity in lower quantile areas and a positive effect on carbon emission intensity in higher quantiles areas. Originality/value: Considering that energy consumption is the main source of CO2 emissions, it is of great importance to study the impact of energy technological innovation on carbon emissions. However, the previous studies mainly focus on the impact of integrated technological innovation on carbon emissions, ignoring the impact of energy technological innovation on carbon emissions mitigation. To fill this gap, we construct an extended STIRPAT model to examine the effects of renewable energy technological innovation and fossil energy technological innovation on carbon emissions in this paper. The results can provide a reference for the government to formulate carbon mitigation policies. [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: 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: 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 explore the impact of digital inclusive finance (DIF) on regional economic growth and innovation-driven development. Design/methodology/approach: Based on the panel data of 31 provinces (autonomous regions and municipalities directly under the central government) in China from 2011 to 2018, this paper explores the impact of DIF on economic growth and innovative development. Findings: (1) DIF has a direct positive effect on economic growth and innovative development; (2) there is significant regional heterogeneity in the impact of DIF on economic growth and innovative development. (3) DIF can indirectly affect economic growth and innovative development by increasing residents' personal disposable income, increasing fiscal expenditure and improving educational level. Social implications: Exploring the relationship between them and digital inclusive financial development can provide a reference for national productivity construction and development. Originality/value: Economic growth and innovation-driven development have been one of the main concerns of China's policymakers. Exploring the relationship between them, digital inclusive financial development can provide a reference for national productivity construction and development. [ABSTRACT FROM AUTHOR]

Purpose: This paper investigates the effect of business environment distance on innovation performance of emerging market multinational enterprises (EMNEs) and explores the mediating effect of absorptive capacity between the two, and it further analyzes the moderating effect of skilled migrants in the relationship between business environment distance and absorptive capacity. Design/methodology/approach: An empirical analysis based on a fixed effect model is conducted using data of Chinese MNEs listed on the Shanghai and Shenzhen Stock that expand into developed markets from 2011 to 2018. Findings: The results suggest business environment distance positively affects the innovation performance of EMNEs, and can enhance innovation performance by affecting absorptive capacity of EMNEs. In addition, skilled migrants strengthen the relationship between business environment distance and absorptive capacity of EMNEs. Practical implications: Chinese MNEs should fully exploit business environment distance to acquire the technology needed for innovation activities, and strengthen absorptive capacity to maximize the benefits from innovation. Chinese government needs to strengthen the construction of skilled migrants to facilitate knowledge and technology transfer. Originality/value: Combining springboard theory and institutional theory, this paper integrates macro and micro perspectives to explore whether and how business environment distance affects innovation performance of Chinese MNEs. The paper provides a good theoretical basis and important practical reference value for enhancing the technological innovation capability of Chinese MNEs and the overall technological innovation level of China. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to research the relationship between income gap (IG) and green economic growth based on the perspective of economic inequality. Design/methodology/approach: Based on the panel data of 283 prefecture-level cities in China from 2011 to 2020, this paper uses the super slack based model (Super-SBM) to measure the efficiency of regional green economic growth, and constructs a regression model of the IG and regional green economic growth. Findings: Firstly, the IG has an inhibitory effect on the growth of regional green economy (GE). Secondly, the relationship between the IG and regional green economic growth will be affected by the threshold value of income level. Thirdly, environmental regulation and government competition will increase the inhibitory effect of the IG. Originality/value: According to the characteristics of China's regional economy, the researchers construct an empirical model of the IG and green economic growth to study their relationship, the threshold effect of income level and the moderating effect of environmental regulation and local government competition. The research content, methods and conclusions of this paper provide new evidence for the sustainable growth of China's regional GE. [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: 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: 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 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 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: The purpose of this paper is to show that research on policy diffusion mechanism of Government Procurement of Public Services (GPPS) is beneficial to improve the efficiency of policy formulation and implementation. Design/methodology/approach: In view of the four dimensions which are internal demand, external pressure, policy innovation environment and service characteristic, a system of factors affecting policy diffusion is established. On this basis, a Multilayer Fuzzy Cognitive Map (MFCM) model for policy diffusion of GPPS is constructed. Nonlinear Hebbian Learning algorithm and genetic algorithm are applied to optimize the two components of the MFCM model, which are relationship between nodes at the same layer and influence weights between nodes at different layers, respectively. Taking Nanjing municipal government purchasing elderly-care services in China as the empirical object, simulation of policy diffusion based on the MFCM model is carried out, aiming to obtain the key factors influencing policy diffusion and the dynamic diffusion mechanism of GPPS policy. Findings: Research results show that, compared with monolayer Fuzzy Cognitive Map, the MFCM model converges faster. In addition, simulation results of policy diffusion indicate that economic development level of jurisdiction, superior pressure, administrative level and operability of services are key influencing factors which are under four dimensions correspondingly. And the dynamic influencing mechanism of key factors has also been learned. Originality/value: This paper constructs the MFCM model, which is a new approach based on several monolayer FCMs, to study the policy diffusion mechanism. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this study is to explore the impact of environmental pollution and industrial structure upgrading on environmental pollution in different stages based on the temporal and spatial heterogeneity of economic development level and industrial structure upgrading level in eastern, central and western regions of China and discuss whether there is adjustment effect and threshold effect in the process of economic growth affecting environmental pollution, and finally realizes sustainable economic development. Design/methodology/approach: Based on panel data from 30 provincial-level administrative regions of China (excluding Tibet and Hong Kong, Macao and Taiwan) from 2000 to 2019, this paper uses the environmental Kuznets curve, regulating effect model and panel threshold model to analyze the impact of economic growth and industrial structure upgrading on environmental pollution. Findings: The results present that the uneven distribution of natural resources leads to different levels of economic development and industrial structure upgrading in eastern and western regions, and its impact on environmental pollution is also different. Economic growth and industrial structure upgrading have a positive effect on environmental pollution, and the relationship between economic growth and environmental pollution is inverted U-shaped. At present, the eastern, central and western regions of China are at the right end of the inverted U-shaped relationship. In general, industrial structure upgrading in eastern, central and western regions has a significant inhibitory effect on environmental pollution. Industrial structure upgrading has a negative moderating effect on the relationship between economic growth and environmental pollution, and the regulating effect is most significant in the central region, followed by the eastern region, and not significant in the western region. The results of panel threshold model show that the industrial structure upgrading can slow down the positive impact of economic growth on environmental pollution and strengthen the negative moderating effect of industrial structure upgrading on economic growth and environmental pollution. Originality/value: The innovation of this study is to bring economic growth, industrial structure upgrading and environmental pollution into a unified analytical framework, analyze the impact of economic development and industrial structure upgrading levels in different periods on environmental pollution, and select industrial structure upgrading as the moderating variable and threshold variable. It provides a thought for the influence mechanism of different levels of industrial structure upgrading on economic growth and environmental pollution. Based on the panel data in China, this study emphasizes the concept of sustainable development, adheres to green development and proposes relevant policies to improve environmental pollution. And this paper proposes relevant policies to improve environmental pollution from the perspective of transforming economic growth mode and optimizing industrial structure in China, which also has reference significance for developing countries to realize sustainable economic development. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to construct a frequency-domain framework to study the asymmetric spillover effects of international economic policy uncertainty on China's stock market industry indexes. Design/methodology/approach: This paper follows the time domain spillover model, asymmetric spillover model and frequency domain spillover model, which not only studies the degree of spillover in time domain but also studies the persistence of spillover effect in frequency domain. Findings: It is found that China's economic policy uncertainty plays a dominant role in the spillover effect on the stock market, while the global and US economic policy uncertainty is relatively weak. By decomposing realized volatility into quantified asymmetric risks of "good" volatility and "bad" volatility, it is concluded that economic policy uncertainty has a greater impact on stock downside risk than upside risk. For different time periods, the sensitivity of long-term and short-term spillover economic policy impact is different. Among them, asymmetric high-frequency spillover in the stock market is more easily observed, which provides certain reference significance for the stability of the financial market. Originality/value: The originality aims at extending the traditional research paradigm of "time domain" to the research perspective of "frequency domain." This study uses the more advanced models to analyze various factors from the static and dynamic levels, with a view to obtain reliable and robust research conclusions. [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]

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: As China's only ruling party, will the Communist Party influence corporate decisions? The purpose of this paper is to examine whether and how the political ideology of CEOs affects the environmental responsibility of Chinese family firms and its effects on Corporate Environmental Responsibility (CER), in addition to a cohesive set of corporate governance contingency factors. Design/methodology/approach: This paper uses a series of the Ordinary Least Squares (OLS) regression estimates and two-stage approach to examine four main hypotheses, based on 7,824 observations corresponding to 1,919 family firms in China from 2004 to 2015. Findings: The study's findings show that CEOs imprinted with communist ideology are significantly positively related to CER in family firms, that the moderating role of ownership concentration is not significant, that board independence positively moderates the focal relationship and that CEO duality negatively moderates this relationship. Originality/value: The paper expands the research of CEOs' political ideology to the ecological context, which are of significance to both theory and practice. [ABSTRACT FROM AUTHOR]

Purpose: This study explores how to develop high-tech industries in Hunan province and enhance regional competitiveness. Through the comprehensive quantitative analysis of the development status of the high-tech industry in Hunan province, this paper provides a reference for the development of the high-tech industry in China and the world. Design/methodology/approach: This study constructs a comprehensive evaluation index system of regional competitiveness in Hunan province from the five dimensions of innovation, coordination, green, openness and sharing of the "new development concept." Through the screening and analysis of relevant economic indicators in Hunan province from 2011 to 2020, the principal component analysis method is used to measure the five development dimensions, verify the hypotheses in the study and finally draw the conclusion. Findings: Hunan's high-tech industry is positively correlated with Hunan's regional innovation development competitiveness, regional coordinated development competitiveness, regional green development competitiveness, regional open development competitiveness and regional shared development competitiveness. Among them, the promotion effect on innovation development is the best, followed by the promotion effect on green development, coordinated development and shared development dimension. In contrast, the promotion effect on the open development dimension is relatively weak. Research limitations/implications: The statistical data selected in this study have certain timeliness. At the same time, the current economic environment is affected by the new corona pneumonia epidemic, showing specific particularity. In this context, it is bound to cause changes in the impact of high-tech industries on regional competitiveness. In addition, this paper studies the regional competitiveness of Hunan's high-tech industry from a macro perspective. Although relevant studies are conducted from five dimensions, there is a lack of micro-level research. Social implications: From five aspects of the new development concept, this study provides suggestions for developing high-tech industries in Hunan province and even China and the path to enhance regional competitiveness. Originality/value: Up to now, no article measures regional competitiveness with the five development dimensions of new development: innovation, coordination, green, openness and sharing, and quantitatively analyses regional competitiveness on this basis. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this study is to explore the green innovation evolution in coal enterprises in China and the various driving mechanisms influenced by government regulations, enterprise resource capability and supply chain integration. Design/methodology/approach: This paper uses the innovation data of coal enterprises in China for constructing a model to infer how enterprises achieve green innovation (the "hybrid drive effect model"). Findings: This paper shows that various driving modes of green innovation in an enterprise are influenced by government regulations, enterprise resource and capability, supply chain integration and the interaction effects between any two actors. Originality/value: By examining the evolution process of green innovation in a specific industry from the perspectives of exploitative and exploratory innovation, the paper touches a relatively novel view on green innovation. [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: 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: 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]

Purpose: Corporate universities are regarded as the knowledge management institution of enterprises, but how to improve knowledge enhancement function has not been investigated. Constructed upon the knowledge-based view, the purpose of this study is to investigate the influencing factors of knowledge enhancement of corporate universities. Design/methodology/approach: This paper takes 34 Chinese corporate universities as samples. The influencing factors and interrelationships are checked through exploratory case study and multi-case analysis. A "stimulate-action" model of influencing factors is built up based on the multi-case analysis. The fuzzy set qualitative comparative analysis is used to examine configurational paths for knowledge enhancement. Findings: The research finding shows that only a single element of knowledge management does not constitute a necessary condition for knowledge enhancement of corporate university and explored the concurrent synergy effect and linkage matching mode of multiple conditions of knowledge management. Most of the knowledge-enhanced corporate universities are of strengthening the knowledge process, which shows that sorting out the knowledge process is the core of the corporate university. Originality/value: Unlike the existing research, the external teachers and combing of external knowledge processes are the key factors; this paper proposed that the internal teachers and sorting out the knowledge process within the enterprise play a central role in the knowledge enhancement of corporate universities. The path of high-knowledge enhancement and without high-knowledge enhancement is asymmetry. This paper refined and extended the application of the knowledge management framework in explaining multiple conjunctural causations and improves the relevant theories of organizational knowledge management in the Chinese context. [ABSTRACT FROM AUTHOR]

Purpose: China's increasing income inequality might cause a series of problems, such as the slowdown of economic growth, social and economic tension, the decline of the ecological environment quality and the threat to citizens' health. Consequently, income inequality will inevitably affect the ecological well-being performance (EWP) level of China's provinces through the above aspects. Analyzing the impact of income inequality on EWP and its spatial spillover effects are conducive to improving the level of EWP in China. Therefore, the research purpose of this paper is to use China's provincial data from 2001 to 2017 to analyze the impact of income inequality on EWP and the spatial spillover effect based on the evaluation of the EWP value of each province. Design/methodology/approach: At first, this study utilizes the super efficiency slacks-based measure model (Super-SBM model) to calculate the EWP values of 30 provinces in China, which can evaluate and rank the effective decision units in the SBM model and make up for the defect that the effective decision units cannot be distinguished. Then this study applies the spatial Durbin model and Tobit regression model (SDM-Tobit model) to explore the impact of income inequality and other influencing factors on EWP and the spatial spillover effects in adjacent areas. Findings: Firstly, the average EWP in China fluctuated slightly and showed a downward trend from 2001 to 2017. In addition, the EWP values of the provinces in the western region are usually weaker than those in the eastern and central regions. Moreover, income inequality is negatively correlated with EWP, and the EWP has a spatial spillover effect, which means the EWP level in a region is affected by EWP values in the adjacent regions. Furthermore, the industrial structure and urbanization level are both negatively related to EWP, while technology level, investment openness, trade openness and education level are positively related to EWP. Originality/value: Compared with the existing research, the possible contribution of this research is that it takes income inequality as one of the important influencing factors of EWP and adopts the SDM-Tobit model to analyze the impact mechanism of income inequality on EWP from the perspective of time and space, providing new ideas for improving the EWP of various provinces in China. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this study is to find the relationships among the high- and new-technology enterprise (HNTE) identification policy, firm's total factor productivity (TFP) and the marketization process by using data obtained from China manufacturing firms. Design/methodology/approach: Propensity matching score – difference-in-difference modeling are used to investigate the relationships among the HNTE identification policy, firm's TFP and the marketization process. In addition, the complex relations between policy and firm's TFP, including in the proposed model, are assessed in detail through the mediation analysis. Findings: The results show that the HNTE identification policy can promote firm's TFP, but its effect depends on the marketization process. The transmission path of HNTE identification policy to promote enterprise productivity lies in the optimization of incentive mechanism, including the improvement of enterprise labor productivity, the reduction of income tax burden and cost and the reduction of financing constraints. In industries and regions with more effective market mechanism, as well as industries with more intense market competition, the productivity promotion effect of the HNTE identification policy is stronger. In industries and regions with low degree of marketization, as well as industries with low degree of market competition, the productivity promotion effect brought by the improvement of incentive mechanism is distorted, which actually inhibit the promotion of enterprises' TFP. Practical implications: The study confirms that the HNTE identification policy plays an important role in enhancing the TFP of China's manufacturing firm. Policy makers can adopt industrial policy in the key industries and technology areas that are meaningful but market failure. Furthermore, it demonstrates that the effect of the HNTE identification policy largely depends on the marketization process. These finding imply that when formulating an industrial policy, the marketization process of the industry and region should be taken into account. Originality/value: The paper analyzes the relationship among the HNTE identification policy, firm's TFP and the marketization process. Panel data are used to discuss the mechanism of HNTE identification policy affecting firm's TFP. The paper also reveals the effect of the marketization process on the effectiveness of the HNTE identification policy. [ABSTRACT FROM AUTHOR]

Purpose: Green ambidexterity innovation and green competitive advantage are of great significance to enterprises' sustainable development. From the perspective of upper echelons theory, This paper aims to investigate the role of top managers in gaining green competitive advantage and the intermediary effect of the green ambidexterity innovation between them. Design/methodology/approach: This paper uses empirical data from heavily polluting enterprises in China for constructing a model to infer how enterprises achieve the green competitive advantage. Findings: The paper shows that (a) top managers' environmental awareness and the green ambidexterity innovation are both positively related to the green competitive advantage of enterprises, while there is a difference between the exploitative green innovation and the exploratory green innovation regarding the heterogeneity; the positive effect of the exploratory green innovation on enterprises' green competitive advantage is greater than that of the exploitative green innovation; (b) the green ambidexterity innovation plays a partial intermediary effect between top managers' environmental awareness and enterprises' green competitive advantage and (c) strategic flexibility positively moderates the relation between the green ambidexterity innovation and the green competitive advantage. The study concludes that top managers' environmental awareness has a significantly positive impact on reinforcing green competitive advantages and adopting the green ambidexterity innovation for heavily polluting enterprises in China. Originality/value: This paper contributes to the green innovation management literature by offering a theoretical framework for examining how top managers' environmental awareness influences enterprises' green competitive advantage. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to focus on determining the optimal sales price for non-instantaneous deterioration items according to consideration of freshness and demand. Design/methodology/approach: In this model, the authors have described the demand function which is dependent on price as well time. The products that the deterioration is considered as non-instantaneous have a determinate shelf life, and their demand rate will decrease over time after the beginning of the selling period. This paper depicts that the total profit of non-instantaneous deterioration items using the dynamic pricing strategy is higher than that using fixed pricing strategy. Findings: Finally, to illustrate and validate the model, the authors have used some numerical examples. A new freshness function and the model to study pricing policy are developed as well applied to solve managerial decision problems. Originality/value: This paper complements the lack of the existing theoretical research of pricing for non-instantaneous deterioration items under an e-commerce environment. A new freshness function and the model to study pricing policy are developed as well applied to solve managerial decision problems. [ABSTRACT FROM AUTHOR]

Purpose: As Chinese stock market develops and grows, mutual fund plays an increasingly important role for strong financial strength and good social resources. This paper aims to present an overview of fund investment effect, identify the investment preference of institutional investors and explore the socially responsible investment value of mutual fund, especially green fund. Design/methodology/approach: In order to test the green effects in the fund market, especially from the perspective of institutional shareholding, the authors build three panel data models to examine the attention, promotion and network effect respectively. Findings: In general terms, the authors obtain a positive relationship between mutual funds and green firms (attention effect). This positive relationship is conducted by the comparison of institutional shareholding level between green firms and non-green firms by using two-sample t-test. The authors find that although all the coefficients of mutual funds' shareholding variables are positively related to social performance, only the number of mutual fund shareholders shows slight significance. The authors observe a stronger promotion effect of green funds on social performance than the other mutual funds (promotion effect). From a network perspective as well as previous social capital research, the mutual funds shareholding network shows a significant and positive effect on the firm's social performance in the firm–fund network (CFClose) as well as in the firm–firm network (CCClose), while the coefficients of closeness in the firm and green fund network are positive but non-significant (network effect). Research limitations/implications: Although some valuable findings have been documented, there is a great potential to be further explored. For example, how to guide more green funds to solve the finance problem of middle and small-sized firms may be another crucial task for the point of view of government or industry level. While at the mutual fund level, it is essential to positively participate in and fulfill the environment duty of listed firms which can not only satisfy the expectation of environment value investment. Practical implications: The fund market has witnessed unprecedented growth in China and plays an important role in promoting the development of green industries. This indicates the practice of mutual funds as socially responsible investment in China. Some effective measures should be taken to incentive the mutual funds to continually invest in environment-friendly firms, which would benefit to the promotion of social performance driven by financing innovation. Social implications: The ESG issue is a global one that needs the participation of the countries worldwide. As one of the most important emerging markets, regulators in China should consider taking more action in promoting ESG concerns. To some extent, institutional investments can actually reflect how the responsible investments are going in this market. Originality/value: This paper provides a systematic empirical analysis of Chinese fund market in the view of institutional investor preference. Three green effects, namely attention, promotion and network effects, are put forward, which have not been employed in previous studies. Our work is useful for understanding sustainable finance which has been elevating into national strategy. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to analyze the sustainable development of e-commerce. Design/methodology/approach: This paper proposes to analyze the development of rural e-commerce based on the perspective of big data of the Internet of things, in order to achieve the purpose of the development of e-commerce in China. In the analysis, this paper selects the data envelopment analysis (DEA) model for analysis and filters the parameters of the model to improve the accuracy of the model. Findings: The experimental results of this paper show that various efficiency values of the improved model have decreased, and the scale efficiency has decreased by 0.319 on average. From the decline of technical efficiency, pure technical efficiency and scale efficiency of rural e-commerce in each province after excluding environmental variables, it can be concluded that environmental variables have a greater impact on the development efficiency of rural e-commerce. Originality/value: In the analysis, this paper selects the DEA model for analysis and filters the parameters of the model to improve the accuracy of the model. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to examine the impact of corporate environmental responsibility (CER) on corporate cash holdings. This paper also investigates the moderating effects of ownership type and institutional environment between CER and corporate cash holdings. Design/methodology/approach: This study uses the data of the most polluting listed companies on the Shanghai and Shenzhen stock exchange markets over the period 2010–2019. CER data from Hexun.com (a professional CSR evaluation system) are used to measure CER performance. Two proxies are used to measure the level of cash holdings simultaneously, where CASH1 is calculated as the ratio of cash and cash equivalents to total assets, and CASH2 is calculated as the ratio of cash and cash equivalents to net assets (total assets minus cash and cash equivalents). Finally, multiple regression analysis is applied to test the research hypotheses. Findings: The results show that environmentally responsible companies hold substantially less cash, and the result is statistically significant and robust even after using firm fixed effects and applying alternative measures of cash holdings or alleviating potential endogeneity. In addition, the results of cross-sectional tests show that the negative relation between CER and corporate cash holdings is concentrated among non-state-owned enterprises, and firms in provinces with more developed institutions. Furthermore, the result of the analysis of the economic consequence shows CER significantly increases the value of cash holdings. Research limitations/implications: This study focuses on China's institutional context, which limits the generalizability of the findings to other countries. However, the objective of this research can be studied in other institutional settings, so the above limitations provide a springboard for further research. Furthermore, the environmental protection investment, green technology innovation, and even pollutant discharge of companies can also be important indicators to measure the performance of firms in fulfilling their environmental responsibilities, which can be considered in future research. Practical implications: The findings of this study may help company management in China to establish a correct view of environmental responsibility to achieve corporate value creation and corporate sustainability. And our research can also provide the policy reference value for the Chinese government to further improve environmental protection policies and systems, guide enterprises to conduct green production to realize the country's vision of an environmentally friendly society. Originality/value: Based on the current background that countries in the world advocate the development of a green economy, this is the first study to examine the impacts of the environmental responsibility of the most polluting companies on corporate cash holdings and the value of cash holdings in the context of China, an emerging market. [ABSTRACT FROM AUTHOR]

Purpose: Safety efficiency is the key to balance safety and production in construction industry; but the existing safety efficiency evaluation methods have the limitations of overestimating efficiency and ignoring undesirable outputs; therefore, according to the characteristics of safety production in construction industry, this paper innovatively develops a new cross-efficiency data envelopment analysis method to analyze safety efficiency, which can solve the limitations of traditional methods; and then the safety efficiency and its influencing factors of China's construction industry are analyzed, and some useful conclusions are obtained to improve its safety efficiency. Design/methodology/approach: A new cross-efficiency data envelopment analysis method with undesirable outputs is proposed; and the two-stage efficiency analysis framework is designed. Findings: First, the construction industries in different areas have different reasons for affecting their safety efficiency; second, the evaluation results of global safety priority tend to be more acceptable; third, frequent safety accidents and low resource utilization lead to a slow downward trend of the safety efficiency of China's construction industry in the long run; fourth, construction engineering supervision, construction industrial scale, and construction industrial structure have the significant impact on safety efficiency. Originality/value: Theoretically, a new cross-efficiency data envelopment analysis method with undesirable outputs is proposed for evaluating safety efficiency; practically, the safety efficiency and its influencing factors of China's construction industry are analyzed. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to investigate the influence of the financial system (financial development and financial structure) on firms' innovation efficiency in China. Design/methodology/approach: This study employs country level data of capital markets and financial institutions along with innovation data from 18 high-tech industries in China spanning the 2009–2016 period, and the stochastic frontier analysis (SFA) is applied to explore how financial development and financial structure affect the innovation efficiency of these industries. Findings: Results show that financial development influences firms' innovation efficiency positively and the capital-market-based financial structure has a positive impact on innovation efficiency of high-tech industries. Furthermore, when the high-tech industries are grouped into five sub-industries, the results show that financial structure had different effects on the innovation efficiency in each sub-industry. Originality/value: This work contributes to the empirical research on considering the influential factors of innovation efficiency from the perspective of financial system. This paper also extends the existing literature by the different influences of financial system on innovation efficiency in each sub-industry of Chinese high-tech industries. [ABSTRACT FROM AUTHOR]

Purpose: Oil is crucial for industrial development. This paper investigates the impacts of oil price changes on China's industrial growth and examines whether the impacts are asymmetric. The estimations can help determine how oil price shocks are transmitted throughout the economy. Design/methodology/approach: This paper adopts West Texas Intermediate (WTI) crude oil price and industrial sector output and uses monthly data. The recently developed nonlinear autoregressive distributed lag (NARDL) model is employed to illustrate the effects in both the short term and long term. Importantly, under NARDL framework, this paper examines whether the impacts are asymmetric by decomposing oil price shocks into their positive and negative partial sums. Findings: The empirical results prove clear evidence of asymmetries in the short term, long term or both terms. Specifically, some sectors benefit from, rather than suffer from higher oil prices, even some energy-intensive sectors, i.e. C31 (Smelting and Pressing of Ferrous Metals) and C32 (Smelting and Pressing of Non-ferrous Metals). However, the effects on some other energy-intensive sectors appear insignificant. Additionally, the results prove significantly negative responses in some sectors in the long term, and most of these sectors are in the top half of the ranking by energy consumptions. Originality/value: This paper studies the economic responses at a disaggregated level by employing industry-level data. NARDL method is used to decompose oil price changes into their increases and decreases and investigate the asymmetries in the impacts of oil price changes. [ABSTRACT FROM AUTHOR]

Purpose: China's agricultural production trusteeship is characterized by the organic link between household operation of small-scale peasant economy and agricultural socialized services, which releases agricultural development vitality and promotes agricultural modernization. As one of the agricultural production trusteeship modes, the whole process trusteeship is suitable for the actual situation of China's aging population and labor force transfer. This paper aims to construct an evolutionary game model containing multistakeholder to explore the behavior decisions through numerical simulation and to provide useful suggestions for the formation of a positive and stable trusteeship relationship and the sound development of the whole process trusteeship of agricultural production. Design/methodology/approach: The paper incorporates village committees, service organizations and farmers into the same research framework, selects "guarantee + dividends" as the income distribution method and applies the evolutionary game method to analyze behavioral choices and evolutionary paths of stakeholders. By constructing the expectation function, establishing the replicator dynamic equations and analyzing the tripartite evolutionary stability strategy, the authors explore the factors that affect the stakeholders' strategy choice and determine asymptotically stable points and stability conditions. Findings: (1) There is a game relationship among village committees, farmers and service organizations in the whole process trusteeship of agricultural production, asymptotically stable points (0,0,1) and (1,1,1) are obtained through calculation. (2) The proportion of stakeholders' strategy choice, the weight of the whole process trusteeship of agricultural production in the performance appraisal of the village committee, the village committee's supervision cost, the village committee's reputation effect and the penalty for false dividends of the service organization will affect the speed at which the curve representing the tripartite relationship approaches two asymptotically stable points. Research limitations/implications: The countermeasures proposed in the paper have excellent reference value. (1) For areas that have realized the project: Village committees can solve the trusteeship problems exposed in the initial areas and improve farmers' satisfaction with the project. (2) For areas that have not realized the project: Those regions will receive more experience references and enhance their confidence in this project. The limitation of the paper is that it takes the main grain-producing areas in only the three northeastern provinces of China as the research object. The next research object will be extended to the whole country. Practical implications: This paper propose strategies for realizing the orderly operation of the whole process trusteeship of agricultural production: first, increase the proportion of stakeholders' strategy choices; second, reduce the village committee's supervision cost; third, increase the weight of the whole process trusteeship of agricultural production in the performance appraisal of the village committee; fourth, improve the village committee's reputation effect; fifth, increase the penalty for false dividends of the service organization. Originality/value: Agricultural production trusteeship is in its initial stage in China. The interest relationships between stakeholders are not yet clear. The paper innovatively applies the evolutionary game method to the research field of the whole process trusteeship of agricultural production. According to conditions in China, based on ensuring the guaranteed income, the paper introduces the dividend income variable and establishes a tripartite game model of village committees, service organization and farmers. The paper provides suggestions for the orderly and healthy development of China's agricultural production trusteeship and provides experience for the operation of other modes of agricultural production trusteeship. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to analyze the spatiotemporal heterogeneity of regional total factor productivity (TFP) growth and explores how haze pollution and different levels of new-type urbanization affect China's economic growth. Design/methodology/approach: This paper constructs an index for evaluating the TFP growth of China's 31 provinces by integrating slack-based measures and the Global Malmquist (GM) productivity index. Meanwhile, the panel threshold estimation method is used to examine the complex relationships among haze pollution, new-type urbanization and TFP growth. Findings: The results reflect conspicuous spatiotemporal heterogeneity in TFP growth in China. Interestingly, the influence of haze pollution on TFP growth is limited by the "critical mass" of new-type urbanization in China. When new-type urbanization does not cross the first threshold, haze pollution has a negative but non-significant effect on TFP growth. When new-type urbanization crosses the first threshold but not the second, haze pollution has a significant positive impact on TFP growth. When new-type urbanization crosses the second threshold, haze pollution significantly and positively affects TFP growth with the strongest positive effect. Originality/value: This study innovates by combining haze pollution and TFP growth and proposing an integrated framework from the perspective of new-type urbanization, providing insight into how different degrees of new-type urbanization impact the mechanism between haze pollution and TFP growth. Using panel data in China and emphasizing green development, a sustainable economy and new-type urbanization, this study contributes to the current studies on haze pollution and economic development based on developed countries. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to review and analyze how the development and utilization of artificial intelligence (AI) technologies for social responsibility are defined in the national AI strategies of the USA, Russia and China. Design/methodology/approach: The notion of responsibility concerning AI is currently not legally defined by any country in the world. The authors of this research are going to use the methodology, based on Luciano Floridi's Unified framework of five principles for AI in society, to determine how social responsibility is implemented in the AI strategies of the USA, Russia and China. Findings: All three strategies for the development of AI in the USA, Russia and China, as evaluated in the paper, contain some or other components aimed at achieving public responsibility and responsible use of AI. The Unified framework of five principles for AI in society, developed by L. Floridi, can be used as a viable assessment tool to determine at least in general terms how social responsibility is implied and implemented in national strategic documents in the field of AI. However, authors of the paper call for further development in the field of mutually recognizable ethical models for socially beneficial AI. Practical implications: This study allows us to better understand the linkages, overlaps and differences between modern philosophy of information, AI-ethics, social responsibility and government regulation. The analysis provided in this paper can serve as a basic blueprint for future attempts to define how social responsibility is understood and implied by government decision-makers. Originality/value: The analysis provided in the paper, however general and empirical it may be, is a first-time example of how the Unified framework of five principles for AI in society can be applied as an assessment tool to determine social responsibility in AI-related official documents. [ABSTRACT FROM AUTHOR]

Purpose: Utilizing data from the 2017 Chinese General Social Survey (CGSS2017), the paper aims to investigate the impact of information and communication technology (ICT) adoption on residents' self-rated health and reveals the mechanisms behind ICT. Design/methodology/approach: In the study, ICT adoption is defined as a dummy variable, which takes the value of one if respondents adopt the computers or mobile phone. Meanwhile, respondents' perceptions on five categories of self-rated health are used to construct the dependent variable. Then, based on a fixed-effects regression model, the ordinary least squares (OLS) and ordered probit approaches are applied to estimate their association. Moreover, the two-stage least squares (2SLS) and instrumental variable (IV)-oprobit methods are used to tackle the potential endogeneity of ICT adoption. Finally, the heterogeneity across individuals and regions as well as the underlying mechanisms are discussed. Findings: The results indicate that ICT adoption significantly improves residents' self-rated health, which confirms the health utility model with ICT adoption. The conclusion is robust after overcoming the endogeneity issues with IV. In addition, heterogeneity analysis shows that ICT adoption is more beneficial to the health of residents who are male, young, better educated and those who live in the rural areas and in central and western China. Furthermore, the study demonstrates that ICT adoption for searching health-related information and improving social capital are two crucial mechanisms underlying its health effects. Practical implications: The findings of this research can help Chinese Government improve population health by issuing corresponding digital and health policies at the regional and individual level. Originality/value: First, the study provides fresh microscopic evidence on health outcomes of ICT adoption based on data from the latest wave of CGSS2017. Second, individual and regional heterogeneity is extensively discussed in contrast to most related macro studies that consider average effects. Third, the study addresses underlying mechanisms that have not been thoroughly tested or studied primarily on a theoretical level. [ABSTRACT FROM AUTHOR]

Purpose: To attain green economic efficiency, small, micro and medium-sized firms must follow environmental paradigms. This research aims to discover the relationship between green intellectual capital, green entrepreneurial orientation, green marketing, green organizational culture and competitive advantage strategies to attain sustainable manufacturing business success. Design/methodology/approach: Today, many companies have accepted their responsibilities, that their operations should not harm the environment. This paper aims to discover the relationship between green factors and competitive advantage strategies to succeed in sustainable manufacturing. The employees of the large manufacturing firms in China are the sample population of the present investigation. Through simple random sampling, surveys were distributed via email. The present study was a quantitative analysis. The analytical tool utilized here was structural equation modeling and SmartPLS program applications. Findings: The empirical outcomes find that green intellectual capital positively influences competitive advantages and sustainable success in business. In addition, the impact of green entrepreneurial orientation on competitive advantages and sustainable success is positive and significant. The findings illustrated that green marketing is an essential factor in competitive advantage and sustainable success in business. Another point is that green organizational culture positively affects competitive advantages and sustainable success. Finally, competitive advantages have significantly affected sustainable success in business. Practical implications: The outcomes help specialists enhance their practices to reflect sustainable business efficiency and competitive advantages. Originality/value: This is the first study that examined businesses' sustainable success and green factors in a comprehensive model and using a specific sample of manufacturing companies based on green technologies. [ABSTRACT FROM AUTHOR]

Purpose: In the face of major disasters, the Chinese people's willingness to donate has increased and the result is that the donation paths have increased. However, there are certain differences in the choice of donation paths for different types of individuals. It is crucial to pay more attention to the attitude and donation path selection of donors and propose strategies to promote individual donation behavior. The purpose of this study is to propose a conceptualized moderated mediation model for testing the linkage between individual attitude and donation path selection through the mediating effect of donors' behavioral intention and the moderating effect of behavioral difficulty perception or social pressure between donors' attitude and their donation path selection. Design/methodology/approach: Based on a questionnaire survey of 628 community workers during COVID-19 in China. Self-reported measures were used to obtain data on IA, BI, SP, BDP and DPS. Survey data were used to test the proposed model using hierarchical regression analysis. Mediation analyses with bootstrap via PROCESS were used to ascertain the proposed relationship. Findings: The results showed that individual attitude are positively related to donation path selection. Moreover, this study finds that behavioral intention serves as a mediator in the relationships between individual attitude and donation path selection. The social pressure and behavioral difficulty perception negatively moderate the relationship between individual attitude and behavioral intention. Research limitations/implications: There are still some shortcomings in this study: First, although the data collected at multiple points in this study are all individual data. Future research can add evaluations of relatives, friends or colleagues to individual scheduling of survey subjects to reduce homology errors. Second, although this study has verified the mediating role of the opposite sex, some of the mediating results show that there may be other variables that play a role in the relationship between individual attitudes and donation path selection. In the research on path selection, the integrated theoretical perspective has rich connotations but has not attracted enough attention from the academic community. This research is only based on this single theoretical perspective to construct, verify and explain the model, and there should be other integrated theories. The fit point can be used to analyze the influence mechanism of individual attitudes on the choice of donation path. Practical implications: First of all, we must deepen our understanding of the connotation and role of individuals' attitudes. In the event of a major epidemic, the following two types of measures will be taken to improve individuals' attitudes toward specific donation paths: First, the sponsors of each donation should do their best to donors and provide more information about donations, because the more information resources they have, the stronger the experience of the corresponding donation path, and the more they will choose the path. The sponsor of the second donation must show concern for major epidemics that are prone to occur and a desire to help people affected by disasters, so as to enhance the emotional identity of the donor, thereby increasing the probability of the donor choosing a specific donation path. Secondly, donation sponsors should be wary of the negative influence of social pressure on the donation path selection of individual donors. Donation sponsors can train individuals who are willing to donate, guide them in social relations, online public opinion and other pressure methods and improve the possibility of individuals choosing specific donation routes. Social implications: Deepen the understanding of the content and effectiveness of the behavioral difficulty perception that has a profound impact on the donor. The greater the tendency to make a path choice is often affected by the individual's perception of the difficulty of behavior. The perception of difficulty of a certain donation path will cause the individual to retreat and inhibit the possibility of the individual choosing the path. Therefore, donation sponsors should take all measures to make their own donation channels simpler and more efficient, thereby reducing the individual's perception of the difficulty of donation behavior. Originality/value: Drawing on TPB theory, a theoretical framework is constructed that specifies the process through which individual attitude affects donation path selection to expand collective understandings of individual attitude in the donation context. Furthermore, the boundary conditions of the underlying process are investigated, which further enhances the contribution of this paper to the extant literature on individual attitude. [ABSTRACT FROM AUTHOR]

Purpose: Considering that listed companies are the main body of natural resource consumption and pollutant emission, this study aims to explore the stock price effect and source channels of green bond issuance of listed companies. This is extremely necessary to promote listed companies to actively fulfill their environmental responsibilities so as to achieve sustainable economic and social development. Design/methodology/approach: In this paper, the companies that issued green bonds in Shanghai and Shenzhen stock markets in China from 2016 to 2018 are used as samples. First of all, the authors adopt the event study method and match the two models to prove that there is a stock price effect in green bond issuance. Then, the authors introduce the general regression model to analyze the sources of the stock price effect of green bond issuance in detail through three channels: "financing cost," "investor attention" and "fundamental." Findings: In the above three channels, the "investor attention" channel can well explain the stock price effect of green bond issuance. Meanwhile, the authors also find that the stock price effect of the subsequent issuance of green bonds is more significant than that of the first time, non-financial companies are more pronounced than financial companies, public issuance are more obvious than private issuance, state-owned companies are more notable than non-state-owned companies, small-scale companies are more evident than large-scale companies and companies with high equity concentration are clearer than those with low equity concentration. Originality/value: Taking China as the research object for the first time, this paper comprehensively employs the capital asset pricing model and Fama–French five-factor model to discuss the stock price effect of green bond issuance of listed companies. Secondly, this paper also studies whether the way of green bond issuance, the type and size of the company, as well as the degree of ownership concentration will have different effects on the stock prices of listed companies. The research results provide new ideas and methods for the stock price effect of green bond issuance. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this study is to make a prediction of the R&D output of China from the perspective of R&D institutions and put forward a set of policy recommendations for further development of the science and technology in China. Design/methodology/approach: In this paper, an improved discrete grey multivariable model is proposed, which takes both the interaction effects and the accumulative effects into account. As the current research on China's R&D activities is generally based on the perspective of universities or industrial enterprises above designated size while few studies put their focus on R&D institutions, this paper applies the proposed model to carry out an empirical analysis based on the data of China's R&D institutions from 2009 to 2019. The prediction results from the new model are then compared with three existing approaches and the comparison results indicate that the proposed model generally outperforms existing methods. A further prediction of the R&D output in China's R&D institutions is conducted into a future horizon from 2020 to 2023 by using the model. Findings: The results indicate that China's R&D institutions have a good development trend and broad prospects, which is closely related to China's long-term investment in science and technology. Additionally, the R&D inputs of China possess obvious interaction effects and accumulative effects. Originality/value: The paper considers the interaction effects and the accumulative effects of R&D inputs simultaneously and proposes an improved discrete grey multivariable model, which fills the gap in previous studies. [ABSTRACT FROM AUTHOR]

Purpose: The large-scale construction of China's transportation infrastructure has driven the flow of elements between regions, which has provided convenient conditions for the accumulation of advantageous resources. Design/methodology/approach: Based on the panel data of 31 provinces in China in the past 2003-2017 years, this paper applies the spatial econometric model and partial differential method and empirically analyzes the spatial spillover effect of transportation infrastructure on employment in the service industry under four spatial weighting matrices. Findings: The results show that for every 1 per cent increase in the level of transportation infrastructure, the employment density of the service industry in the region can be increased by 0.1274 per cent. It is worth noting that roads promote the employment of the service industry more than railways and inland waterways. However, inland waterways have not shown positive effects. The results on spatial spillover of transportation infrastructure indicate that railway has obvious promotion effect on the employment level of service industry in the surrounding area, while the highway has hindered the effect. The spatial spillover effect of inland waterway is not obvious. Originality/value: The value of this paper is to consider the impact of China's transportation infrastructure on employment in a particular industry, especially in the service industry. The research will help to provide empirical evidence for policymakers. The government needs to invest and build transportation infrastructure based on the stage and development potential of the employment development of the regional service industry. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to study a dynamic post-disaster emergency planning (PDEP) problem in an integrated network through the investigation of the selection of shelters, medical centers and distribution centers (DCs), and the allocation of evacuees and injured people. The resource and people assignment in multiple periods are considered. Design/methodology/approach: A mathematical formulation is provided for the PDEP problem. The authors decompose the model into two sub-models as follows: the primary model is an integer programming model and the subproblem is a nonlinear programming model with continuous variables. The simulated annealing is used to solve the primary problem, and particle swarm optimization (PSO) mixed with beetle antennae search (BAS) is used to solve the subproblem. Findings: The paper finds that BAS can increase the stability of PSO and keep the advantages of PSO's rapid convergence. By implementing these algorithms on emergency planning after the Wenchuan earthquake that happened in China in 2008, this paper finds that the priority of different levels of injured people is influenced by several factors. Even within the same disaster, the priority of different levels of injured can be inconsistent because of the differences in resource levels. Originality/value: The authors integrate the shelters, medical centers and DCs as a system, and simultaneously, consider evacuees and injured people and different resource assignments. The authors divide the injured people into three levels and use survival rate function to simulate the survival conditions of different people. The authors provide an improved PSO algorithm to solve the problem. [ABSTRACT FROM AUTHOR]

Purpose: This paper offers design cybernetics as a theoretical common ground to bridge diverging approaches to design as they frequently occur in collaborative design projects. Focusing on the education of architects and structural engineers in China, the paper examines how compatible approaches to design can be established in both disciplines. Design/methodology/approach: The paper analyses relevant literature as well as observations from Chinese practice and academia. Design cybernetics is introduced and examined as a basis for establishing shared narratives to support cross-disciplinary collaborations involving architects and structural engineers. Findings: Design cybernetics offers a body of vocabulary and a rich resource of strategies to address applied designing across design-oriented disciplines such as architecture and science-based disciplines such as structural engineering. The meta perspective of design cybernetics also provides a basis for the implementation of pedagogy supporting cross-disciplinary collaboration in applied design. Research limitations/implications: The scope of the paper is limited to the examination of the theoretical framing as well as the implementation of pedagogy in the cultural and geographical context of China. Practical implications: The paper outlines several design cybernetic strategies for pedagogy in support of cross-disciplinary collaborative design processes and illustrates their implementation in applied design education. Originality/value: Addressing a significant and persistent gap between the two disciplines of architecture and structural engineering in the context of Chinese building practice, this paper examines the particularities of this context and presents an educational approach to support cross-disciplinary collaboration that has value in and beyond the context of China. [ABSTRACT FROM AUTHOR]