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Abstract: In the present work we introduce a modification of the h-index for multi-authored papers with contribution based author name ranking. The modified h-index is denoted by h mc-index. It employs the framework of the h m-index, which in turn is a straightforward modification of the Hirsch index, proposed by Schreiber. To retain the merit of requiring no additional rearrangement of papers in the h m-index and in order to overcome its shortage of benefiting secondary authors at the expense of primary authors, h mc-index uses combined credit allocation (CCA) to replace fractionalized counting in the h m-index. The h m-index is a special form of h mc-index and fits for papers with equally important authors or alphabetically ordered authorship. There is a possibility of an author of lower contribution to the whole scientific community obtaining a higher h mc-index. Rational h mc-index, denoted by h mcr-index, can avoid it. A fictitious example as a model case and two empirical cases are analyzed. The correlations of the h mcr-index with the h-index and its several variants considering multiple co-authorship are inspected with 30 researchers’ citation data. The results show that the h mcr-index is more reasonable for authors with different contributions. A researcher playing more important roles in significant work will obtain higher h mcr-index. [Copyright &y& Elsevier]

Quantitative methods for determining the quality of scientific publications evolved gradually from popularity methods to prestige methods. However, existing methods have some drawbacks, such as inability to account for important factors and mutual reinforcement between different entities, and limitation of using novel information techniques like artificial intelligence (AI) methods. This study proposes an intelligent time-aware mutual reinforcement ranking (TAMRR) model that accounts for mutual reinforcement, and temporal factors, such as the time of citation, to measure the prestige of scientific papers. The method also considers the distribution of the co-authors' contributions, which indicates the credit allocation of citations. Moreover, mutual reinforcement which indicates interactive impact between different entities by means of the extension of an AI algorithm, i.e., Hyperlink-Induced Topics Search (HITS) algorithm, is adopted to further explore the interactions of papers, journals and authors. Another AI algorithm, i.e., PageRank, is also enhanced to measure the prestige of papers, journals, and authors in citation networks, which are then used as the inputs to the modified HITS. Experiments on temporal factors and heterogeneous networks reveal that these factors are likely to be informative in prestige measurements. Analysis of correlations suggests that our proposed intelligent ranking method is reasonable. This study offers an intelligent method for researchers, authors, and entrepreneurs to quantify the importance of scientific papers and the conclusions are likely to be of importance for researchers in both the academic and enterprise domains. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to review the literature extensively by analysing recent work and providing a guide for models, data sets and research findings. Design/methodology/approach: This paper reviews the literature extensively by analysing recent work and providing a guide for models, data sets and research findings within the context of capital market imperfections. The authors further break down the literature into closer-in-nature categories for reader's convenience and comprehension. Finally, the authors address gaps in the existing literature and propose government policies that can tone down the potential effect of credit rationing on employment. Findings: This paper provides a map of the literature so as to help future researchers in the relevant literature and give a short insight of what has been explored so far. Originality/value: This paper is original and is the result of a thorough review of an extensive literature. [ABSTRACT FROM AUTHOR]

The purpose of this study is to propose an improved credit allocation method that makes the leading author of the paper more distinguishable and makes the deification more robust under malicious manipulations. We utilize a modified Sigmoid function to handle the fat-tail distributed citation counts. We also remove the target paper in calculating the contribution of co-citations. Following previous studies, we use 30 Nobel Prize-winning papers and their citation networks based on the American Physical Society (APS) and the Microsoft Academic Graph (MAG) dataset to test the accuracy of our proposed method (NCCAS). In addition, we use 654,148 articles published in the field of computer science from 2000 to 2009 in the MAG dataset to validate the distinguishability and robustness of NCCAS. Compared with the state-of-the-art methods, NCCAS gives the most accurate prediction of Nobel laureates. Furthermore, the leading author of the paper identified by NCCAS is more distinguishable compared with other co-authors. The results by NCCAS are also more robust to malicious manipulation. Finally, we perform ablation studies to show the contribution of different components in our methods. Due to limited ground truth on the true leading author of a work, the accuracy of NCCAS and other related methods can only be tested in Nobel Physics Prize-winning papers. NCCAS is successfully applied to a large number of publications, demonstrating its potential in analyzing the relationship between the contribution and the recognition of authors with different by-line orders. Compared with existing methods, NCCAS not only identifies the leading author of a paper more accurately, but also makes the deification more distinguishable and more robust, providing a new tool for related studies. [ABSTRACT FROM AUTHOR]

This paper revisits the policy drivers of the substantial household credit boom experienced in recent decades. While existing work has typically pointed to the retreat of the state, deregulating and substituting public safety nets by private credit, this paper brings the focus to the active use by governments of 'fiscal policy as credit policy' through homeownership subsidization. In this context, the paper introduces a new unique dataset of 550 homeownership subsidies adjustments in 51 advanced and emerging countries since 1990, which brings two important contributions. First, I show that these fiscal subsidies have been increasingly used since the 1990s and significantly contributed to the easy credit stance up to the global financial crisis in both advanced and emerging countries. Second, using panel fixed effects regressions, I find that these subsidies, and notably mortgage interest deductibility, are indeed significantly associated with household/mortgage credit expansion, with crucial distributional and financial stability implications. [ABSTRACT FROM AUTHOR]

Introduction: Environmental information disclosure is an important means to protect the ecological environment, and global climate change puts forward higher requirements for corporate environmental information disclosure. New energy companies play an important role in addressing climate change and environmental information disclosure, and should strengthen environmental information disclosure and actively participate in ecological environmental protection. Methods: This paper selected Chinese new energy listed companies as the research sample to investigate the impact of green credit on corporate environmental information disclosure, and proposed and empirically tested the hypothesis on the mechanism of the effect of green credit on environmental information disclosure. Results: The regression results indicated that green credit can effectively improve the quality of corporate environmental information disclosure, and this conclusion is still significantly valid after robustness test; The impact mechanism tests showed that green credit can change the level of corporate environmental information disclosure by controlling company size. This paper also tested the heterogeneity and adjustment effects, showing that the relationship between green credit and environmental information disclosure are affected by multiple factors. Discussions: Combining the research of this paper and previous research results, it is found that the positive impact of green credit on corporate environmental information disclosure has been confirmed by academic research and practical verification. However, the implementation effect of green credit policy will be affected by the economic level, regional differences, and the comprehensive impact from companies, financial institutions and government departments. [ABSTRACT FROM AUTHOR]

Green credit is changing industrial structure and corporate behavior, but little attention has been paid to the relationship between green credit and corporate cash management behavior. Based on the typical fact that the allocation of traditional bank credit funds is biased towards heavily polluting industries and the exogenous impact event of green credit policy, this paper takes A-share listed companies in China's capital market from 2008 to 2015 as samples, and uses the DID model to investigate the impact of green credit policy on excess cash holdings of heavily polluting enterprises. The findings indicate that the green credit policy has reduced the excessive cash holdings of heavily polluting enterprises, suggesting that it can correct the issue and align their cash holdings with the requirements of normal production and operations. The mechanism test demonstrates that the green credit policy can alleviate agency conflicts and influence enterprise cash holdings. Moreover, a cross-sectional investigation reveals that the inhibitory effect of the green credit policy on cash holdings is more pronounced in large-scale and state-owned enterprises compared to small-scale and non-state-owned enterprises. Finally, an analysis of the economic consequences reveals that the green credit policy indirectly enhances corporate value by reducing excessive cash holdings. Based on this, banks and financial institutions continue to treat the credit granting of heavily polluting enterprises cautiously, optimize the structure of green financial products, fully consider the different types and nature of customers, and develop differentiated lending conditions and diversified evaluation mechanisms. This paper has enriched the research on the economic consequences of green credit and the influencing factors of corporate cash holdings, and provided policy enlightenment for regulators and listed companies to correctly understand and make full use of green credit policies to keep corporate cash stable through the crisis. [ABSTRACT FROM AUTHOR]

The article comments on the papers "Selective Credit Controls" by economist Donald Hodgman and "Financial Guidelines and Credit Controls," by economist Thomas Mayer. In both economist's research they present arguments against credit controls. It is explained that the general consensus among most economist is that credit controls contribute little to monetary restraint and are inefficient and undesirable means of influencing the allocation of credit in the economy. Several reasons are given to why credit controls have gained popularity.

This paper investigates the impacts of preferential credit policy, faced by capital constraint retailers, on coordinating the supply chain. Apart from different bank's and manufacturer's risk preferences, preferential credit is also affected by the retailers' exogenous collateral. We establish the preferential credit coordinating model (PCCM) to examine the optimal decisions and coordinate the supply chain with different financing channels, such as the preferential bank loan, preferential trade credit and portfolio credit. In this paper, we conclude some critical findings. Firstly, we find that the retailer's optimal would improve its optimal order quantity in the coordinated supply chain when he finances from a risk-pursuing bank or the manufacturer. Secondly, the retailer's financial cost would be shared with the manufacturer whether the retailer utilises preferential trade credit or bank financing channel. Thirdly, the capital constraint retailer would prefer preferential trade credit to the other financing methods for the purpose that the preferential trade credit could improve the coordinated supply chain's efficiency. Finally, we capture different impacts of collateral and risk preference on the supply chain. This article supplements the existing literature on supply chain finance with a preferential credit insight into the condition of the coordinated supply chain. [ABSTRACT FROM AUTHOR]

The introduction of green credit policy provides an important idea to solve the contradiction between economic development and environmental protection. Based on fuzzy-set Qualitative Comparative Analysis (fsQCA) method, from the perspective of bank governance structure, this paper selects ownership concentration, independence of the Board, executive incentive, activity of Supervisory Board, degree of market competition and loan quality as antecedent variables to analyze the path of their impact on green credit. It is found that: (1) The main way to achieve high-level green credit is high ownership concentration and good loan quality. (2) The configuration of green credit has causal asymmetry. (3) Ownership structure is the most important factor affecting green credit. (4) There is a substitution between the low independence of the Board and the low executive incentive. The low activity of Supervisory Board and the poor loan quality are also substitutable to a certain extent. The research conclusion of this paper is helpful to improve the green credit level of Chinese banks and win the green reputation for banks. [ABSTRACT FROM AUTHOR]

This paper shows that collateralized short-term debt, although privately optimal for reducing borrowers' risk-taking incentives, can induce fragility (multiple equilibria). Despite sequential-service property being absent in collateralized debt, such as repurchase agreements, a systemic run can arise, featuring large increases in default risks, fire-sale discounts of collateral, cost of credit, and amount of credit rationing. Asset price guarantees, leverage caps, and central clearing promote stability and welfare. Using global games techniques, I show that a systemic run is more likely in bad times, and a large enough asset price guarantee reduces run risks. [ABSTRACT FROM AUTHOR]

The boom in online sales has inspired the enthusiasm of manufacturers to include their own online sale channel with the retailer's offline channel. This paper investigates the impact of consumer transfer in a capital-constraint dual-channel supply chain and examines the optimal operational decision by considering a Stackelberg game. We capture the trade credit coordination mechanism of the supply chain facing with stochastic demand. The results show that trade credit contract would alleviate financial pressure of the capital-constraint retailer and achieve coordination in the dual-channel supply chain. Besides, the adoption of trade credit stimulates the ordering behaviour of retailers. However, by using trade credit, the default risk increases for the capital-constraint retailer compared to the retailer with sufficient capital. The manufacturer shares the risk with the retailer by trade credit in dual-channel supply chain. Furthermore, the effects of consumer transfer rates on the setting of the trade credit parameters are also presented in this paper. [ABSTRACT FROM AUTHOR]

To effectively shift from economic growth based on high levels of energy expenditure and pollution and to actively address global climate change, the purpose of this paper is to explore whether environmental regulation in developing countries helps promote TFP from a credit resource allocation perspective. This paper examines the impact of environmental regulation on firm TFP and the underlying mechanism of TFP using data on Chinese listed A-share companies from 2011 to 2018. The relationship between ERS and enterprise TFP is found to exhibit a clear U shape, that is, it shows the characteristics of inhibition followed by promotion. The mechanism analysis indicates that credit allocation is a significant mediator between environmental regulation and its effect on firm TFP through such allocation, while the heterogeneity analysis shows that in the central and western regions and in highly competitive industries, environmental regulation significantly affects firm TFP through credit allocation. The empirical results, which indicate that ERS in China is still at the left-hand side of the U-shaped curve inhibition area, suggest that government regulation should be strengthened, differentiated regional environmental regulation should be implemented, the bank credit system should be improved, and the U-shaped inflection point must be crossed if high-quality economic development is to be achieved in China. [ABSTRACT FROM AUTHOR]

The diffusion of independent regulatory agencies (IRAs) in utilities sectors in developing countries is underpinned by the idea that IRAs are highly effective institutional devices to signal policy credibility to private investors. But is it really so? Institutional economists tend to confirm the effectiveness of IRAs, while also highlighting the many factors that condition its positive impact on investments. Acknowledging the importance of interaction effects, this paper proposes to shift the level of analysis, moving away from IRAs to look at the overall complementarity between policy objectives, instruments, and the wider political context. In sum, it argues that IRAs are, as such, irrelevant. What matters instead is policy coherence. A comparison between two case studies on electricity policy reforms in Algeria and Morocco lends credit to the policy coherence approach. It shows that policy incoherence may deprive IRAs from any impact on sectoral evolution and that there are effective alternatives to IRA to signal policy credibility and attract investors. The paper concludes by suggesting practitioners to relax the focus on preconceived policy solutions, to be open to alternative policy approaches and to focus on helping developing countries designing coherent policies. [ABSTRACT FROM AUTHOR]

The response of energy firms to green credit policy is of great significance, which is related to the emission reduction effect of green finance and transformation of energy firms. This paper analyzes the impact of green credit policy on the growth of energy firms based on the data of Chinese listed companies from 2009 to 2019. The empirical results show that green credit policy has significantly promoted the growth of energy firms. Further research shows that green credit policy promoted the growth of energy firms by reducing financing costs and promoting green innovation. Besides, the owned firms, big-scale firms and firms in central and eastern China are more susceptible to the impacts of the green credit policy. This study is relevant to the implementation of green credit policies and the promotion of the development and transformation of energy firms. [ABSTRACT FROM AUTHOR]

Purpose: As an effective tool to promote rational resource allocation and facilitate the development of green management practices such as enterprise digital innovation, the green credit policy has recently gained extensive attention. The purpose of this paper is to analyze the relationship between green credit policies and the digital innovation of enterprises, and to further explore the mechanism of action between them and their boundary conditions. Design/methodology/approach: Based on micro-level data on Chinese firms from 2007 to 2019, this paper constructs a difference-in-differences (DID) model to investigate the impact and intrinsic mechanisms of green credit policies on firms' digital innovation and its boundary conditions, with the help of a quasi-natural experiment, i.e. the Green Credit Guidelines. Findings: Green credit policies inhibit digital innovation and fail to compensate for innovation. The analysis of the mechanism shows that the implementation of green credit policies has a negative impact on digital innovation by increasing the financing constraints faced by firms, and has also a crowding-out effect on R&D investment, resulting in a disincentive to digital innovation. Further analysis reveals that the negative impact of green credit policies on digital innovation is more pronounced in state-owned enterprises, enterprises without financially experienced executives, and in the eastern regions of China. Originality/value: This study provides empirical evidence to understand the effectiveness and mechanism of influence of green credit policies on enterprise digital innovation, providing also a basis to further improve green credit policies. [ABSTRACT FROM AUTHOR]

This paper examines the effects of the green credit policy on forming three types of "zombie firms," namely, credit-subsidized zombie firms, poorly managed zombie firms, and comprehensive zombie firms, considering the quasi-natural experiment of the implementation of the "Green Credit Guidelines" in 2004. In this paper, I implement a difference-in-differences method and use the data of all Chinese A-share non-financial listed companies from 2008 to 2017. The results show that the green credit policy attempts to inhibit the formation of credit-subsidized zombie firms by reducing bank loan subsidies and evergreen lending. However, the green credit policy promotes poorly managed zombie firms by strengthening firms' financial constraints and reducing the working capital and investment efficiency. The green credit policy has not shown a significant impact on comprehensive zombie firms. Moreover, the green credit policy has shown a more significant impact on state-owned firms, firms in industries that heavily rely on external financing and are highly competitive, and firms involved in high financial marketization areas. [ABSTRACT FROM AUTHOR]

This paper analyses the impact of US monetary policy on external debt and credit growth in emerging market economies (EMEs) during the COVID-19 period. Using quarterly data from 13 EMEs and employing a panel autoregressive methodology, the study reveals the following key findings: First, global monetary policy plays a vital role in determining external debt and credit availability in EMEs during the COVID-19 period. Second, the global monetary expansion during the COVID-19 crisis led to the accumulation of external debt through the risk-taking channel of the exchange rate. Third, weak domestic monetary policy transmission hinders the stabilization of credit growth. The empirical findings suggest that the central bankers to choose an optimum policy mix to stabilize the economy during crisis. [ABSTRACT FROM AUTHOR]

This paper investigates the relationship between credit constraints encountered by small- and medium-sized enterprises (SMEs) and their propensity to engage in pollution prevention and control practices in developing and transition countries. Using data from the Enterprise Surveys conducted in 2018–2020 and applying a Poisson model, we find that credit rationing is negatively associated with SMEs' environmental performance. However, family ownership, human capital, and political networks seem to mitigate this negative relationship. Therefore, credit rationing appears particularly detrimental for the environmental footprint of those firms, which are less likely to pursue nonfinancial goals, and have a lower capability to seize green investment opportunities by successfully accessing and using alternative means of financing. Our study provides insights for policy makers to promote policy aimed at encouraging national and international financial institutions to provide SMEs funds for green practices. Moreover, governments should support training programs to improve SMEs employees' skills. [ABSTRACT FROM AUTHOR]

The paper takes listed companies in the heavily polluting industry from 2009–2017 as a research sample to explore whether heavy pollution enterprises' environmental protection investment helps their debt financing under the institutional background of China's continuous implementation of green credit policy. It is found that, in general, the environmental protection investment of heavy pollution enterprises helps them to obtain more and relatively long-term new loans; in terms of time, this effect is more evident after the release of China's Green Credit Guidelines in 2012; in addition, the level of regional environmental pollution, the level of financial development and the green fiscal policy also have a moderating effect on this. This paper enriches the study of the economic consequences of corporate environmental protection investment from the perspective of debt financing. It examines the effects of the implementation of China's green credit policy and other institutional factors to provide a reference for the heavy pollution enterprises' environmental protection investment and the implementation of green credit policy by local governments in China. [ABSTRACT FROM AUTHOR]

China's economic growth miracle of the past decades has been accompanied by a massive increase in fossil fuel consumption and severe environmental pollution. To control air pollution, China is implementing some green finance policies. Although they have improved the air quality, it is little known whether and how green finance affects the firm labor demand. Taking the 2012 Chinese green credit policy (GCP) as an exogenous setting, this paper adopts the difference-in-difference (DID) method to investigate the effect of green finance on firm labor demand based on A-share listed firms covering 2007–2017. We find that green finance had a significant negative impact on firm labor demand. Specifically, the high-polluting firms with stricter green finance constraints would reduce firm employment by 4.8%. This effect is especially prominent when firms are state-owned enterprises (SOEs) or workers are low-skilled employees. Further evidence indicates that there are the Compliance Cost Hypothesis and Porter Hypothesis in China. In these two effects, the effect of CCH dominates, so the overall effect of green finance is detrimental to corporate performance, which in turn leads to lower corporate employment. Our paper provides the real effect of green finance from the firm labor market. And this paper has strong policy recommendations that the government should reconcile the relationship between air pollution control and employment. [ABSTRACT FROM AUTHOR]

Background: What are the cumulative influences of pricing, promotions of commodities, order size-based discount opportunities, and alternative warehousing scenarios on effective decision-making concerning inventory management? It is observed that the prices and promotion of products influence the demand rate. The shortage can be partially backlogged, and the backlogging rate depends on the waiting time. Also, discount and trade credit facilities may be available when purchasing items. This paper describes a novel inventory control model regarding optimal warehousing decision-making scenarios. Methods: This paper includes the facts in its hypothesis and examines the overall impact of the mentioned issues on profitability. The inventory carrying scheme associated with the proposed model consists of both rented and owned warehouse facilities in which the cost increases linearly with time. The numerical and visual simulation succeeds the mathematical approach to analyze the proposed inventory model in Mathematica software. Results: The results show that a price hike enhances profit despite the negative impact on demand creation. Also, promotion frequency favors profitability, suppressing the corresponding costs. Another managerial intuition is revealed through the numerical result that the stock should be held in a rented warehouse when deterioration in the owned warehouse increases, despite the cost of a rented warehouse. Conclusions: Besides several mentioned management insights, this study includes several existing models as particular cases and tackles challenges in the analytical optimization approach. This study leads toward the consequences of future research scopes with industry-based raw data. [ABSTRACT FROM AUTHOR]

The Russian private military company (PMC), the Wagner Group, went from being a public secret to openly fighting alongside Russian forces in Russia's war in Ukraine. By looking at Russian pro-government media discourses on PMCs, this paper argues that this development is largely made possible by a discursive shift, which happened before the war. Two basic discourses are found in the period leading up to the war – a discourse that denies the existence of Russian PMCs, and a discourse of normalization, which constructs PMCs as legitimate businesses and Russia as a great power. The two discourses previously kept the PMCs in a grey zone, allowing the Russian political elite deniability, while also taking credit for the foreign policy successes the PMCs achieved. However, this paper shows a discursive shift of recognizing PMCs as legitimate actors, which allowed for the Wagner Group to play a key role in Russia's war. [ABSTRACT FROM AUTHOR]

As a kind of enterprises most affected by green policies—heavily polluting enterprises, whether the government's relevant policies can achieve its policy goals and what impact will be exerted on such enterprises is a critical issue. Based on the data of listed heavily polluting enterprises in China from 2007 to 2020, this paper uses the difference in differences model to test the impact of green credit policies on the liquidity risk of heavily polluting enterprises. The results show that the green credit policies intensify the liquidity risk of heavily polluting enterprises. Moreover, the green credit policies increase the financial and stock liquidity risks of heavily polluting enterprises by reducing the long-term debt ratio and information transparency. Green innovation and equity balance weaken the positive impact of green credit policies on the liquidity risk of heavily polluting enterprises. Heavily polluting enterprises can reduce the impact of green credit policies on their liquidity risk by increasing investment in green innovation and improving ownership structure. [ABSTRACT FROM AUTHOR]

In the context of the "peak carbon dioxide emissions" and "carbon neutrality" strategic goals, how green finance can prompt private enterprises to achieve green upgrading has become an important issue to be solved. This paper empirically examines the effect mechanism of green credit policy on private enterprises' green innovation by using the difference-in-differences model based on the manually collected green patent data and matching financial data of Chinese listed private enterprises from 2009 to 2019. It is found that the implementation of green credit policy has a significant negative impact on the quality of green innovation of heavy-polluting private firms relative to non-heavy-polluting private firms, and this conclusion is still valid after replacing the explanatory variables, expanding the sample range, changing the model setting, and excluding the interference of other policies during the sample period. The results of the mechanism suggest that green credit policy negatively affects the quality of green innovation of heavy-polluting private firms by limiting their access to financing for loans and the capital market. Further study finds that commercial banks can reduce their non-performing loan ratio and increase their revenue growth rate by extending green credit funds to improve their business performance. It provides insights for better implementation of green credit policy and promotion of green economy development. [ABSTRACT FROM AUTHOR]

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This paper uses a natural experiment to show that government access to foreign credit increases private access to credit. I identify a sudden, and unanticipated increase in capital inflows to the sovereign debt market in Colombia, due to a rebalancing in a government bond index by J.P. Morgan. I find that market makers banks in the treasury market reduced their sovereign debt by 7.8 percentage points of assets and increased their credit availability by 4.2 percentage points of assets. Using industry level data, I show that a higher exposure to market makers led to a higher growth in economic activity. Received August 17, 2017; editorial decision January 25, 2018 by Editor Philip Strahan. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

Green credit policy, as an environmental regulation instrument in the financial sector, is gradually having an impact on corporate performance in environmental, social, and corporate governance (ESG). Based on the implementation of the Green Credit Guidelines policy, this paper investigates the impact of green credit policies on corporate ESG performance from 2011 to 2019 using the double‐difference propensity score matching method (PSM‐DID) and the Heckman two‐stage method, using a sample of A‐share listed companies. It was found that the implementation of the Green Credit Guidelines effectively improved the ESG performance of firms in green credit‐restricted industries relative to non‐green credit‐restricted industries. It is further found that this is mainly due to the increased green focus of corporate executives, while the incremental effect of green credit policies on corporate ESG performance is further strengthened by the increased quality and quantity of corporate green technology innovation. Finally, heterogeneity analysis reveals that the boosting effect of green credit policy on ESG performance of enterprises in green credit‐restricted industries is more prominent in the sample of enterprises with more analyst attention, less financially developed regions and private ones. How to leverage the green credit policy dividend to enhance the ESG performance of enterprises, further refine, and improve the green credit policy to help enterprises' sustainable development are the most direct policy implications of this paper. [ABSTRACT FROM AUTHOR]

To achieve a competitive advantage, corporations are growingly adopting strategies to effectively promote their market demand. Trade credit payment and pricing strategies provided by corporates can efficiently influence customers' purchasing behavior. Although granting a trade credit strategy can increase corporations' market share, such a strategy is a risk-based financing program for corporations. Therefore, corporates should choose whether to use trade credit financing in their long-term. This paper proposes an analytical model to investigate the evolutionary behaviors of retailers regarding pricing and trade credit strategies in the long term. In the study under investigation, retailers can use two financing strategies: risk-based trade credit and non-trade credit (i.e., pricing). This study provides both numerical and analytical findings. Our findings demonstrate that the risk-based trade credit strategy is the stationary financing solution for retailers in the long term. The result indicates that when customers are financially constrained, providing a trade credit scheme to customers is a successful marketing policy in both short-term and long-term frameworks. [ABSTRACT FROM AUTHOR]

Green credit is an important manifestation of commercial banks' environmental responsibility, but few studies have examined the impact of green credit policies on the financial performance of commercial banks. Based on the panel data of 62 commercial banks in China from 2013 to 2020, this paper investigates the changes in financial performance due to the implementation of green credit policies in 2016 using the difference-in-differences (DID) method and explores the mediating mechanism of green credit affecting commercial banks' profit. The sample was divided into a treatment and a control group. The treatment group disclosed total green credit data during the sample period, while the control group did not. The findings of this paper are as follows: (1) the implementation of the green credit policy increases the profits of commercial banks. (2) The green credit policy improves the profits of commercial banks by increasing their noninterest income and reducing their nonperforming loan ratios. (3) The green credit policy does not improve commercial banks' profit by reducing their cost-to-income ratios. (4) The implementation of the green credit policy significantly improves the profits of banks with low (vs. high) nonperforming loan ratios. (5) Compared to large national banks, regional urban and agricultural commercial banks' profits improve more significantly after executing the green credit policy. The research contribution of this paper provides a quantitative basis for Chinese commercial banks to improve their financial performance through the implementation of green credit in recent years and for the government to further improve green credit policies to motivate banks to implement green credit and achieve sustainable development. Then, we further discuss the implications for the prominent theoretical and managerial policies, study's limitations, and future research directions. [ABSTRACT FROM AUTHOR]

Collaboration among researchers is an essential component of the modern scientific enterprise, playing a particularly important role in multidisciplinary research. However, we continue to wrestle with allocating credit to the coauthors of publications with multiple authors, because the relative contribution of each author is difficult to determine. At the same time, the scientific community runs an informal field-dependent credit allocation process that assigns credit in a collective fashion to each work. Here we develop a credit allocation algorithm that captures the coauthors' contribution to a publication as perceived by the scientific community, reproducing the informal collective credit allocation of science. We validate the method by identifying the authors of Nobel-winning papers that are credited for the discovery, independent of their positions in the author list. The method can also compare the relative impact of researchers working in the same field, even if they did not publish together. The ability to accurately measure the relative credit of researchers could affect many aspects of credit allocation in science, potentially impacting hiring, funding, and promotion decisions. [ABSTRACT FROM AUTHOR]

In today's competitive market environment, providing different sorts of concessions are often observed from the suppliers/manufacturers to their customers for escalating the number of order quantity, as well as work mutually to control the rising level of carbon emission along with long-lasting financial benefits. So, it is challenging for researchers and industry to develop low carbon inventory models that can meet emission reduction targets while maintaining company's profit. The credit function plays an important role within the organization. Furthermore, with the globalization of the marketing policy, the supplier may provide the retailer a discounted price if the quantity of purchase is large enough, and green inventory management reduces the environmental impact of a business without affecting its profitability. In this paper, we study a profit maximizing green economic order quantity (EOQ) model by considering capacity constraints under order-size dependent trade credit and all-units discount, along with minimizing carbon emissions for a cleaner environment. Shortages are allowed and partially backordered. The paper discusses all the potential cases, which may occur in green inventory models with carbon emission costs under different allowable delay-in-payments. We find that if retailers' own warehouse capacity is relatively small, they always benefit from enlarging order quantities and renting an extra warehouse. Finally, some numerical examples are presented to illustrate the applicability of the proposed model. Sensitivity analysis of the major parameters is performed and some insights are obtained. [ABSTRACT FROM AUTHOR]

This paper analyzes the effect of asymmetric information on investment efficiency and the ways in which government credit can mitigate the inefficiency caused by asymmetric information. The focus is on credit rationing. In the model, the project return and the project risk are assumed to be independent random variables. Under this assumption, asymmetric information produces two types of inefficiency: exclusion of good borrowers and inclusion of bad borrowers. Using a subsidy, the government can improve the composition of borrowers (average project return) in the sector where information is opaque (opaque sector) and increase the volume of loans in the opaque sector. The best way to improve investment efficiency is that the government sets the lending rate above the profit-maximizing level (lower lending rate adjusted for the default rate), bids up the funding rate to raise more loan funds, and makes up the difference between the high funding rate and the low adjusted lending rate with a subsidy. A subsidized loan guarantee covering a moderate portion of loan losses can produce similar outcomes. This result is a dramatic deviation from the conventional notion of a subsidized loan, which almost automatically means a lower lending rate. [ABSTRACT FROM AUTHOR]

This paper examines the nexus between financial development and economic growth in Ghana between 1970 and 2020. The study adopted the Bayesian Model Averaging (BMA) techniques to address issues of model uncertainty due to many potential explanatory variables that could influence growth. The study revealed that credit to the private sector, gross domestic savings, inflation rate, labour force participation, current account balance and population growth as key promoters of growth. Therefore, there is the need to address cost of doing business and promote increased credit delivery to the private sector. The direct association between financial development and growth indicates the need for policy makers to implement measures such as provision of legal environment for efficient allocation of credit to the private sector and provide the environment for the establishment of more financial institutions to enhance the growth of the financial sector. [ABSTRACT FROM AUTHOR]

In this study, a supply chain model is proposed with preservation technology under learning fuzzy theory for deteriorating items where the demand rate depends on the selling price and also treats as a triangular fuzzy number. The deterioration rate of any item cannot be eliminated due to its natural process, but it can be controlled with the help of preservation technology. Some harmful gases are emitted during the preservation process due to deteriorating items that harm the environment. In general, it can be easily seen that most of the sellers offer a trade credit policy to their regular buyers. In this paper, the retailer's inventory stock reduces due to demand and deterioration. It is also assumed that some units are defective due to machine defects or delivery inefficiency. The retailer accepted the policy of trade credit offered by the seller. The aim of this paper is to enhance the profit of the supply chain partners. We proposed a theorem to get the optimal values of the selling price and cycle length. The retailer's total profit is a function of selling price and cycle length, and the retailer's total profit is optimized with respect to selling price and cycle length under trade-credit. Numerical examples are also presented for the validation of the present study, and sensitivity analysis is also discussed to know the robustness of the supply chain model. Managerial insight and observation have been given in the sensitivity section. Limitations and future work of this paper have been presented in the conclusion section. [ABSTRACT FROM AUTHOR]

To solve the problem of credit rationing for farmers that shackles the transformation and upgrading of the agricultural industry and to improve the effect of agricultural industry chains in helping farmers, this paper empirically examines the effect of joining agricultural industry chains on supply-based and demand-based credit rationing for farmers, using the probit and tobit models based on the microscopic research data of 991 farmers in Shaanxi Province, China, and explores its specific effect mechanism. The study finds that agricultural industry chains can increase farmers' credit by reducing the information asymmetry between farmers and banks, reducing agricultural business risks, and forming effective collateral and guarantee mechanisms, and that they have significant mitigating effects on farmers' supply-based quantity rationing and demand-based price rationing, risk rationing and transaction cost rationing. Credit enhancement mechanisms such as information systems, commercial credit, orders, guarantees, production services and government support in agricultural industry chains have significant effects on alleviating farmers' credit rationing, while insurance has limited effects on alleviating farmers' credit rationing. There are differences in the effects of agricultural industry chains on alleviating various types of credit rationing of heterogeneous farmers in terms of scale, and the effects of joining agricultural industry chains on alleviating supply-based and demand-based credit rationing of large-scale farmers are more obvious than those of small farmers. Compared with the existing studies, this paper incorporates the credit rationing produced from farmers' own reasons into the analysis framework, and introduces credit-enhancing variables of agricultural industry chains to test their specific mechanisms on farmers' credit rationing. The findings of this study can provide a theoretical basis for promoting the innovation of financial models of agricultural industry chains, which is of great practical significance for improving the system of agricultural industry chains in developing countries, strengthening the role of industrial chains in absorbing small farmers, and promoting the modernization of agricultural industries with financial assistance. [ABSTRACT FROM AUTHOR]

This article examines the practice of the federal reserve banks in requiring eligible or near-eligible paper as so-called "marginal" or "additional collateral," to paper discounted by them, in contradistinction to advances on member bank' notes payable collateraled by United States securities or eligible paper. As a setting for collateraled discounts, the history and purposes of collateraled advances are stated, as well as the reasons for the ascendancy of such advances over discount. In their publications the federal reserve authorities fail to acknowledge any difference between (1) rediscounting and (2) allowing advances against eligible paper pledged; nor do they report separately the absolute or relative amount of discounts to which "additional collateral" is required, nor the "margin" required, nor the number of members putting up such margins, nor any other data relative thereto. There are no provisions in the Federal Reserve act or regulations for the practice; and yet it is no mean method of credit control. The reasons offered by the reserve banks for the practice are: (1) to repress excessive borrowing by the applicant member, in the Interest of the reserve bank, of the applicant member, or of the system as a whole, using this device as a supplement to credit rationing, discount rate variation, and moral suasion; (2) to increase the protection to the reserve banks themselves for credits granted; (8) to compensate for the less rigid insistence by the reserve banks on technical qualifications in credit granting and thus to make possible greater extensions of credit to members than can be had on the strict merit of the paper offered for discount; and (4) to acquiesce in greater degree to the traditional methods of Inter-bank finance and to break down the isolation of the reserve banks from the business and financial world. Each of these reasons is examined and criticized. [ABSTRACT FROM AUTHOR]

The main path of development credit funds in rural poverty alleviation in Y province is crucial. This paper studies the rural poverty alleviation work in extreme poverty areas in Yunnan and puts forward targeted and instructive policy suggestions for specific difficult areas. Research the relationship between credit resource allocation and rural poverty alleviation. The existing research is mainly based on the relationship between financial development and economic growth, income growth, income distribution, and, on the surface, the relationship between the scale of financial development and the efficiency of financial development and other indicators. The purpose is to put forward targeted measures and suggestions on the basis of theoretical research and model analysis to help the Yunnan banking industry support poverty alleviation. The results of the study show that there is a causal relationship between agriculture-related loans. [ABSTRACT FROM AUTHOR]

Domestic monetary conditions are often cited as a driver of monetary stimulus. This paper estimates an oil price augmented forward-looking reaction function for Nigeria's unconventional monetary policy. It investigates its short-run and long-run asymmetric sensitivity with respect to the expected inflation, output gap, and oil price using data over the period 1995Q1 to 2021Q2. The results suggest that the Central Bank of Nigeria has an asymmetric reaction function and largely reflects oil price shock when taking decisions on the use of unconventional measures (credit easing policy). This finding confirmed the preference and reaction function of the monetary policy toward assessing the current stance and the future direction of monetary policy. Policy implications for these findings are also examined. [ABSTRACT FROM AUTHOR]

This paper investigates whether green credit policy can mitigate firms' financialization. Using data from Chinese non-financial public listed firms during 2008 to 2019, we take the green credit policy promulgated in 2012 as a quasi-natural experiment and find that: (1) the green credit policy can reduce firms' entrusted loans, especially affiliated entrusted loans. Moreover, the governance effect exerted by banks' green credit policy reduces free cash flow and excess cash in heavily polluting firms, as shown in mechanism analysis. (2) The profit-seeking incentive dominates shadow banking activities in heavily polluting enterprises. (3) The 2012 green credit guidelines reduce entrusted loans maturity but increase the interest rate. The findings of this paper provide market-oriented insights into the regulation of shadow banking activities. This research also contributes to the literature on the effects of green credit policy by exploring their impact on firm shadow banking activities, and takes one step further to investigate the effect of green credit policy on firms' entrusted loans. This paper also sheds light on how green credit policy can alleviate the imperfections and distortions of financial markets in the emerging market. [ABSTRACT FROM AUTHOR]

Taking the green credit policy in 2012 as a quasi-natural experiment, this paper uses the difference-in-differences method to explore the impact of green credit policy on enterprises' financial asset allocation and the moderating effect of government subsidy. We find that green credit policy significantly promotes the financial asset allocation of heavy-polluting enterprises, which is mainly reflected in short-term liquid financial investment, thus supporting the precautionary motivation of holding financial assets. The mechanism analysis shows that green credit policy promotes the financial asset allocation of heavy-polluting enterprises by reducing the scale of debt financing and increasing the financing cost. Government subsidy can significantly weaken the promoting effect of green credit policy on enterprises' financial asset allocation, and there is heterogeneity due to the regional environmental regulation intensity and financial development level. Further analysis shows that the negative moderating effect of government subsidy on green credit policy and enterprises' financial asset allocation significantly promotes the "shifting form virtual to real" of heavy polluting enterprises by reducing financial asset allocation. This paper discusses the impact of green credit policy on financial asset allocation of heavy-polluting enterprises in China and further clarifies the significant role of government subsidy in the process, so as to provide suggestions for government to control the "shifting from real to virtual" of enterprises. The results also provide an important reference for countries, especially developing countries, to implement green credit policy and government subsidy to achieve sustainable economic development. [ABSTRACT FROM AUTHOR]

In today's business world, advertising is one of the most important policies to attract more customers. This policy increases the retailer's sales and makes the retailer's business position strong. In this paper, we have considered an integrated inventory model for non-instantaneous deteriorating items with a single supplier and single retailer, where a supplier sells his/her products in the market through a retailer who faces a stochastic demand depending on both retail price and advertisement. Here, to increase the retailer's demand, the supplier wholesales his/her products to the retailer with a credit period. Since the long credit period increases the demand rate but at the same time, it increases the supplier's opportunity loss. In this paper, we have discussed about the credit policy and find out, how this policy effective on profit of the supplier, the retailer as well as the whole system. After purchasing, the retailer sells his/her products to his customers with a markup. This markup is based on the supplier's wholesale price and also on advertising costs. Finally, an integrated profit function has been developed and we have illustrated numerical examples to justify the feasibility of the proposed model. The result indicates that not only the credit period but also an appropriate number of advertisements is more important for maintaining the profit of the supplier, the retailer as well as the integrated profit of the system. We have analyzed the effect of markup on the profit function. We have also analyzed how the profit structure of the suppliers and retailers changes along with the changes in the length of the credit period. An effective algorithm has been presented in the solution procedure to find the optimal solutions of the proposed model. Also, the numerical example with uniform distribution has been carried out. Finally, sensitivity analysis of major parameters has been illustrated to provide managerial insights [ABSTRACT FROM AUTHOR]

The article titled "2023: The Year that Our Planet's Environmental Signals Played Loud and Clear" discusses several global science policy alerts that occurred in 2023. The UN Water Conference highlighted the critical water crises facing the planet and called for renewed governance and economic thinking on water management. The presence of invasive species in ecosystems was also identified as a global issue, causing ecological damage and economic losses. Additionally, the urgency of climate change was felt more sharply in 2023, with record-breaking warming episodes and the need for effective adaptation policies. The article also mentions various papers and book reviews addressing climate change and environmental challenges, as well as a commentary on India's draft green credits policy. The journal aims to continue attracting globally relevant research in its eighth year of existence. [Extracted from the article]