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How do investors' risk preferences influence the relationships between investors' online channel use intensity and both their trading behaviors and performance? This study answers this important question even as investors are increasingly rely on the Internet for their trading activities. We leverage rare and unique micro-level historical dataset from more than 7,000 investor accounts over a 44-month period between 2010 and 2013 at a large brokerage firm in China. The dataset and analyses enable us to provide new insights into how investors' online channel use intensity and risk preferences jointly influence their trading behaviors and performance, even though some other aspects of financial markets have changed considerably over the years. The findings reveal that although online channel use intensity is associated with increased trading volume, trading frequency, and investment returns, these effects differ across investors with different risk preferences. We find that while online channel use intensity has strong positive effects on transaction frequency for both risk-seeking and risk-averse investors, it has a much lower effect on trading volume for risk-averse investors than for risk-seeking investors. We further find that risk-averse investors with higher online channel use intensity outperform investors with other risk preferences in terms of investment performance. This paper contributes to the emerging literature at the intersection of information systems and behavioral finance by revealing the moderating role of risk preferences in the relationships between investors' online trading channel use intensity and both their trading behaviors and outcomes. We discuss the implications for research and practice. [ABSTRACT FROM AUTHOR]

As the main driving force for the digital transformation of the construction industry, the uncertainty of digital technology in the application process has seriously hindered the high-quality development of the construction industry. In order to promote the wide application of digital technology in the construction industry and clarify the key uncertainties in its application process, this paper identifies the uncertainty index system of digital technology application based on the LDA topic model and literature analysis; the DEMATEL-ISM method is used to construct the multilevel hierarchical structure model of the uncertainty indicators in the application of digital technology to study the mutual influence among the indicators and to find the key uncertainty indicators. The research results show that the uncertainty indicators of the application of digital technology in the construction industry are divided into five levels: policy, industry, personnel, economy and law, and that the perfection of the policy guarantee system is the key uncertainty indicator for the investment return period of digital technology application. The standard contract model for digital technology is a direct uncertainty indicator for the application of digital technology in the construction industry. The results of this study help researchers and practitioners to focus on the key barriers and provide a list of key elements for construction companies to promote the application of next-generation digital technologies to improve digitalization of the construction industry. This study also provides a policy reference to further promote the digital transformation of the construction industry. [ABSTRACT FROM AUTHOR]

This research investigates the effect of the expansion of the digital economy on the quality of regional investment introduction in China using city-level data from 2011 to 2019. The findings of the study indicate that the growth of the digital economy can greatly raise the calibre of regional investment, and this conclusion has withstood a number of robustness tests, including endogeneity. The growth of the digital economy primarily draws high-quality foreign investment through enhancing productivity, attracting talent, and increasing return on investment. A region's high-quality development plan can increase the promotion effect of the digital economy on the quality of foreign investment, but the promotion effect of the digital economy on the quality of foreign investment clearly demonstrates regional variation. [ABSTRACT FROM AUTHOR]

With reference to Ohlson' model, we optimise earnings persistence model and express earnings persistence measure as a function of return on equity (R.O.E.), dividends payout ratio and other factors. Our theoretical model reveals that dividends payout ratio has little effect on the earnings persistence, while R.O.E. has a decisive effect on earnings persistence. Using quarterly earnings data of 872 listed firms in China over 2011–2020, we calculate the Revised Persistence value of earnings (RPer value) of our earnings persistence model, and find that the Rper value of our model have more explanatory power than that of Kormendi and Lipe' model. Our study also suggest that quarterly earnings are useful and have information content. Both the theoretical model and empirical results of our research are of great significance to understand and support the implementation of semi-compulsory cash dividends rules in China. [ABSTRACT FROM AUTHOR]

The impact of education on entrepreneurial choice is ambiguous in both theory and empirics. Based on the data from the 2016 China Labour-Force Dynamics Survey, this paper studies the impact of China's Higher Education Expansion (HEE) policy initiated in 1999 on the entrepreneurial behaviour of urban college students and its transmission mechanism by employing the difference-in-difference approach. The results show that the implementation of the HEE policy has significantly promoted the entrepreneurship of urban college students and the HEE policy stimulates urban college students' entrepreneurship by decreasing the rate of return to urban college students' education. [ABSTRACT FROM AUTHOR]

China's coalbed methane (CBM) industry is in an extremely important "climbing period" and "strategic opportunity period", which can be generally characterized by "three low and one small": low degree of exploration and development, low adaptability of main technology, low return on investment and small development scale. Under the "carbon peak and neutrality" background, the development status of CBM industry is systematically combed. The resources, technology, management problems and reasons are analyzed. Strategies and countermeasures to accelerate the industrial development are put forward according to the factors such as efficient development of resources, major technical breakthrough, talent team training, policy formulation and implementation, return on investment and so on. The existing problems are as follows: (a) The overall occurrence conditions in China are complicated and the development is difficult compared with the other countries. (b) The research precision accuracy of CBM resource conditions is not enough. (c) The adaptability of technology is poor. (d) The management mode is not suitable. In view of these problems, this paper puts forward the "two steps" development strategy and the technical and management countermeasures of "five in one". The corresponding "five in one" technology and management countermeasures are the formulation and implementation of relevant safeguard measures in accordance with the principle of collaborative innovation in five aspects: resources, technology, talents, policies and investment. Through the above measures, the dream and grand blueprint of CBM industry shall be realized. [ABSTRACT FROM AUTHOR]

The current international system fosters change which is catalysed by a factor that is vital to any state's growth in the 21st century - the mastery of technology. To be precise, artificial intelligence (AI) constitutes the powerful leverage that countries will need to know how to use in order to gain the hegemonic advantage. It follows that the development of AI will be paramount in revolutionising the face of future, intelligentised warfare. This paper focuses on the elaboration of the AI narrative from a neorealist perspective, and its effects on the military and economic factors which will be most decisive in determining whether China will outpace the US in the years to follow. To this end, a comparative analysis will be employed, and document analysis will serve as the research method of choice. Not only will AI be essential to drive social change, but it will also be imperative in the development of military tools, such as target detection systems (TDS), and surveillance systems, both of which will serve as case studies to support the hypothesis that rapid AI developments stem from existing geopolitical tensions and competition, which drive the need for both countries to militarise. The growth potential of these technologies also prophesises a return on investment, for whichever state aims to employ them, in terms of both economic and military potential, international relevance, and, ultimately, security in the international system. As such, the important role of multinational domestic companies cannot be overstated in this case, and will be discussed. [ABSTRACT FROM AUTHOR]

The objective of this study is to perform a comparative analysis of the ways in which corporate governance systems and practices influence the financial performance of companies based in Pakistan and China. This study employs the multidimensional Corporate Governance Index (CGI) as a metric to evaluate the effectiveness and caliber of governance practices. The CGI, which includes stakeholders such as shareholders, the board of directors, audit procedures, financial disclosure, employee involvement, and societal factors, functions as a comprehensive indicator of the efficacy of an organization's governance. An assortment of financial performance metrics--including Return on Assets (ROA), Return on Equity (ROE), Market-to-Book Value Ratio (P/B), and Price-Earnings Ratio--are examined for their impact by the empirical model utilized in this study. Fifty firms hailing from Pakistan and China were included in the sample developed using this model. A nuanced relationship appears to exist between CGI scores and financial performance metrics, according to the findings. The CGI scores demonstrate a moderate correlation with ROA, ROE, and P/B ratios for Pakistani firms. However, a significant correlation is observed with P/E ratios. On the contrary, the CGI ratings exhibit a robust and statistically significant correlation with every evaluated financial performance indicator in the case of Chinese firms. The distinction can be ascribed to China's implementation of governance models that are more resilient and adaptable. The significance of effective governance mechanisms in improving financial outcomes is highlighted by these results. These insights provide significant value to organizations aiming to improve their governance frameworks and procedures, potentially resulting in heightened profitability and enhanced shareholder wealth. [ABSTRACT FROM AUTHOR]

Using 34 products from China's commodity futures market, this study examines the impact of social network attention and sentiment on its futures market returns. A machine learning text analysis algorithm was used to construct social network investor sentiment in consultation with three search volume indices. We find that: social network sentiment is a good predictor of commodity futures returns, investor attention has a significant positive impact on returns and absolute returns, and the Baidu index is better at forecasting returns than the Sogou and 360 indices. In addition, we examine how social network sentiment affects returns at different levels. We find that extremely high, market social network sentiments of investors changed the predicted results significantly; thus, the bases of the specified trading strategies of investors were altered. Regulators should therefore incorporate investor sentiment into regulatory targets and enhance retail investor education. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Guangxi Normal University - Natural Science Edition is the property of Gai Kan Bian Wei Hui and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The spread of coronavirus disease 2019 (COVID-19) has had a significant impact on business and economies globally. This paper aims to investigate the impact of COVID-19 on firm performance in China's high-tech industries. The population of this paper is 116 companies listed on the sci-tech innovation board (STAR market) of the Shanghai stock exchange. DuPont analysis is applied to measure firm performance including return on equity (ROE), return on assets (ROA), asset turnover ratio (ATO), and profit margin. The empirical results show that the COVID-19 pandemic has a significant and negative impact on ROE, ROA, and ATO in high-tech industries, and research and development (R&D) investment has a moderating role in the relationship between the COVID-19 pandemic and firm performance. The findings may play a guiding role for corporate managers and policymakers to overcome this formidable crisis in the era of COVID-19. [ABSTRACT FROM AUTHOR]

This research aims to solve the problem of low participation of social capital due to the unreasonable setting of the return on investment of PPP projects in the waste incineration power generation industry. Through literature, cases, and industry characteristics, expert survey method and Fuzzy-DEMATEL method are used to comprehensively identify and optimize the influencing factor system of the return on investment of PPP projects in the waste incineration power generation industry. ANP method is used to evaluate the influencing factors and calculate the factor weight. The results show that key influencing factors such as "project uniqueness" and "government subsidies" should be focused on and controlled. Suggestions such as establishing objective environmental constraints for project uniqueness should be put forward to improve the satisfaction of multiple value subjects and promote the realization of China's "dual carbon" goal. [ABSTRACT FROM AUTHOR]

In 2017, the 19th CPC National Congress proposed to "establish a sound economic system of green, low-carbon and circular development", which indicates the direction of high-quality economic development in the new era of China. Clean power investment is a powerful way to promote high-quality economic development by adopting non-fossil-energy utilization and low-emission technologies, as well as creating new jobs. Meanwhile, large-scale investment and a long investment return period result in negative effects on local economies. To better understand the effect of clean power investment, this paper selects panel data of thirty provinces in China from 2010 to 2019 to establish a spatial Durbin model to explore the impact of clean power investment on regional high-quality economic development. The results show that inter-regional high-quality economic development shows significant spatial auto-correlation characteristics. Clean power investment has not only a positive direct effect on high-quality economic development but also generates positive spatial spillover effects. Human capital, degree of government intervention, and urbanization rate have positive effects on regional high-quality economic development, while they play a suppressed role on neighboring regions. [ABSTRACT FROM AUTHOR]

Public capital plays a key role in national economic production in developing countries, and it has become the focus of factor reform in China. This paper aims at studying the dynamic characteristics of China's public capital and the return rate. To this end, this paper inventories the public capital stock from 1978 to 2017; constructs a two-sector model to derive the necessary condition for optimal investment related to the return rate, and empirically tests it; estimates the output shares of the two sectors and calculates the rate of return to capital; and illustrates the dynamic evolution of public capital and the return rate from the time and regional dimensions. The study shows that, first, public capital has grown significantly. The portion of public capital held in the form of state-holding is increasing year by year. However, the proportion of public capital to total capital has decreased from 81% to 35%. Second, the growth of public capital has effectively balanced the gap of capital between regions. Third, the rate of return to capital has been decreasing, with two sectors' return rates having converged in 1981 and in 2010–2013. This paper measures the stock of public capital and its return rate, which is beneficial for formulating the policy of public capital in economic production and distribution, as well as exploring the path to achieving common prosperity. [ABSTRACT FROM AUTHOR]

A portfolio selection model with return as triangular intuitionistic fuzzy number is developed in this study to assess and select portfolios on China Stock Exchange. Although the portfolio selection has been widely investigated, and most studies have regarded return and risk as the main decisive criteria, there are many uncertainties in the financial market, such as social, political and human psychological factors, which makes it difficult for us to describe the risks in line with empirical evidence. To fill this gap, first, a literature review was conducted to clarify the current situation and shortcomings of portfolio selection. Second, the triangular intuitionistic fuzzy number was used to fuzzify the coefficients of the objective function and the constraints in the portfolio model. Third, the triangular intuitionistic fuzzy number model was transformed into a linear programming model by using the selected exact ranking function, and the model was solved by MATLAB. Finally, the historical monthly returns of 10 stocks in China's Stock Exchange from December 2017 to November 2020, lasting 36 months, were selected to demonstrate the model. The results indicate that the portfolio selection model with triangular intuitionistic fuzzy number can better meet the uncertainty of the real securities market, and more reasonable investment decision guidance can be provided for investors. Besides, the limitations of this study are pointed out, and implications and directions for future research are discussed. [ABSTRACT FROM AUTHOR]

Biofortification is a new agricultural intervention to alleviate hidden hunger in China and even the world. Exploring the impact of farmers′ adoption of biofortification on return on investment (ROI), which is calculated from farmers′ production net income and profitability, can provide empirical support for the development of sustainable agriculture. This paper examines the impact of the adoption of biofortification on ROI using cross-sectional data from a survey of farmers in China. An endogenous switching regression model that accounts for selection bias was used in the research. The empirical results revealed that the adoption of biofortification has a positive and statistically significant impact on ROI. A heterogeneity analysis also revealed that comparatively high annual income adopters and female adopters tend to benefit more from the adoption of biofortification than middle- and low-income adopters and male adopters. [ABSTRACT FROM AUTHOR]

The research presents the interrelationships between banking performance, competitiveness and sustainability of the three banking systems and the impact of each sustainability variable selected on the other macroeconomic indicators in short, medium and long-time horizon. The empirical study involved the use of a panel Auto Regressive Vector methodology and was based on macroeconomic indicators relevant to the performance of the banking system (return on assets, return on equity, an annual growth rate of Gross Domestic Product), as well as indicators that can be assimilated to sustainability (renewable fuels used, CO2 emissions). The dependent variables were return on assets and the annual growth rate of Gross Domestic Product. The global sample analyzed comprises 29 countries, spread over three continents (Europe, North America, Asia), with data collected over a 10-years period (2011-2020). These countries together account for approximately 62% of global GDP (data from 2020). The research results show that as banks invest in green energy and sustainable products, competitiveness will also increase, which will have a negative impact on profitability in the short term. In the medium and long term, this impact will become positive also in terms of profitability increase. This strategic move to develop sustainable business models and to finance a higher percentage of green investments also adds extra competitive advantages, such as reputation and smart differentiation, from other less sustainability-oriented banking systems. The process impacts the systemic level, the macro perspective, the banking organizational level, the micro perspective, together with the perception of the customers. [ABSTRACT FROM AUTHOR]

Traditional data envelopment analysis (DEA) and diversification DEA are two common data-driven evaluation approaches, which have been widely used in the estimation of portfolio efficiency. The above two DEA approaches usually use the risk and expected return indicators to build the input-output process of portfolios. However, this input-output process derived from the risk and expected return is inconsistent with the actual investment process, since the real input should be the initial wealth, and the output should be the terminal wealth. To address this problem, we propose a novel input-output process based on the initial and terminal wealth of portfolios. We transform the terminal wealth into the rate of return and construct a stochastic attainable set by using portfolio returns. We provide three deterministic estimation approaches to deal with the stochastic attainable set, and then obtain three deterministic attainable sets. We further propose three stochastic DEA models to estimate the portfolio efficiency by using the above three deterministic attainable sets. Finally, we provide an empirical analysis to assess the portfolio efficiency of 50 open-ended funds in China. The results show that there are some differences in the portfolio efficiency and its ranking between the proposed DEA models and the existing DEA models, which further verify the rationality of the proposed DEA models. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Marmara University Social Sciences Institute / Öneri is the property of Marmara University, Institute of Social Sciences and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Corporate Management Review is the property of College of Management, National Chiao Tung University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Chinese overcapacity in the steel and coal industry has been on the rise since 2013, which leads to the misallocation of resources and decreases in production efficiency. In 2015, the Chinese central government adopted a series of de-capacity policies to resolve excess capacity and improve corporate profitability. However, there is scant evidence on the impacts of de-capacity policies on the firm profitability. Based on the data from Chinese listed companies in the steel and coal industry, this study constructs the difference-in-difference (DID) method to investigate the effects of the de-capacity policy on the profitability of listed companies in the steel and coal industry empirically. The results show that the de-capacity policy significantly increases the return on equity (ROE) of the experimental group, which is higher than that of the control group by 12.4%. That is partially because of the improvement in gross profit margin, management efficiency, and return on manpower due to the de-capacity policy. This study offers new evidence on the efficiency of China's de-capacity policy toward the steel and coal industries through data at the enterprise level. [ABSTRACT FROM AUTHOR]

This paper selected Vanke as the case to study the governance problems of Vanke and the protection of the interests of small and medium shareholders under the situation of equity disputes. At the same time, the study further explored the advantages and disadvantages of the dispersed ownership structure, the long-term impact on the company's development and the choice of the involved corporate governance methods under the current Chinese capital market conditions. This paper adopted the event research method and selected the period from June 2015 to June 2017 (24 months) as the observation period to analyze the market performance impact of Vanke in the equity disputes. At the same time, this paper also measured Vanke 's individual stock rate of return (R it ) and market rate of return (R mt ), and calculated Vanke 's normal rate of return [ E (R i,t )], abnormal rate of return (AR i,t ), and cumulative abnormal rate of return (CAR i ) during different event windows ([−3,10]). Vanke 's shareholding was too dispersed and the stock price had been sluggish for a long time, which had greatly reduced the acquisition difficulty and cost of Baoneng , thus triggering the "barbarian invasion" of Baoneng . In the struggle for control, whether it was Vanke 's anti-takeover measures or China Resources , Baoneng , and Evergrande 's competition for equity, their actions had harmed the interests of small and medium shareholders. The market supervision department was too lenient to supervise and punish the interests of small and medium shareholders, and opportunism made behaviors that infringe on the interests of others more reckless. However, small and medium shareholders cannot actively participate in the company's management decision-making to safeguard their legitimate rights and interests, which intensifies the violations of all parties in the equity disputes, thus forming a vicious circle. Therefore, the protection of the interests of small and medium shareholders required the joint efforts and consciousness of regulators, small and medium shareholders, and acquirers. [ABSTRACT FROM AUTHOR]

The number of wastewater treatment plants (WWTPs) in China is fast growing as the country's urbanization accelerates. WWTPs, part of the high-energy-consumption industry, must use a lot of energy in wastewater treatment. PV projects in WWTPs are viable solutions for energy conservation, but PV project investors, WWTP owners, and government authorities need to conduct rigorous economic and ecological assessments. This article examines the PV potential, financial feasibility, energy savings, and emission reduction effect of large-scale WWTPs in China using the cable-supported system. Furthermore, China's total PV power potential for urban WWTPs has been assessed at 5.6 GW for the first time. According to economic feasibility analysis, 26 of the 31 WWTP-PV projects in China's various regions are economically viable. Moreover, the WWTP-PV projects can assist WWTP in reducing carbon emissions by 10%–40%. Further sensitivity analysis reveals that practically all WWTP-PV projects will be viable in the future, assuming that certain solar resource requirements are met, and appropriate investment strategies are implemented. • China has a total PV power potential of 5.6 GW for urban WWTPs. • The economic feasibility analysis shows most WWTP-PV projects in China are viable. • The WWTP-PV project can help WWTP reduce carbon emissions by 10%–40%. • The PV potential of a WWTP is correlated with its planned wastewater treatment capacity. [ABSTRACT FROM AUTHOR]

Till now, comprehensive and quantitatively meaningful analyses of stock market participation outcomes of retail investors have been limited by data sources in developing countries. This article devised a special questionnaire related to stock investment to measure the financial literacy (FL) and stock investment return (SIR) for the subjects with stockownership in China and to theoretically and empirically study the effects of objective FL, self-assessed FL, and their composite FL on SIR. The results of the comparative analysis showed that self-assessed FL has a greater effect on SIR than objective FL, and the effect is mediated by risk preference. In addition, we found that competent and overconfident respondents have higher SIR, while under confident respondents cannot gain from the stock market. We also found that risk preference has a positive mediating effect in the relationship between competence and overconfidence and SIR, and a negative mediating effect in the relationship between under confidence and SIR. We thus concluded that confident investors can gain more stockholding returns via taking more risks regardless of the level of their actual financial knowledge. Our findings would be a meaningful complement to the studies of stock market participation. [ABSTRACT FROM AUTHOR]

This paper estimates the heterogeneous effects of cooperative membership on smallholder farmers' financial performance, measured by net returns, return on investment (ROI), and profitmargin. We employ an innovative two-stage predictor substitution model combined with an unconditional quantile regression model to address the endogeneity of the cooperative membership variable and analyze data collected from 626 banana farmers in China. Results, in general, show that cooperative membership improves banana farm financial performance. Particularly, we show that cooperative membership affects net returns and ROI positively and significantly across the selected unconditional quantiles, with the highest impact occurring at the highest 80th quantile. Cooperative membership also has a positive and significant impact on the profit margin for all quantiles (except for the 20th quantile), but the larger impacts occurring at the lower quantiles. [ABSTRACT FROM AUTHOR]

This study aims to examine how the relationship between intellectual capital (IC) and bank profitability changed during COVID-19. Based on the data of 34 Chinese banks and 39 Pakistani banks, this study uses ordinary least squares (OLS) to examine this relationship during the COVID-19 era. Profitability is measured by return on assets (ROA) and return on equity (ROE), and IC is measured by the value added intellectual coefficient (VAIC) model. The findings show that, even during the COVID-19 pandemic, IC has managed to sustain its positive influence on bank profitability in China and Pakistan. Among IC components, our study reports that human capital is the only IC resource that continues to enhance ROA and ROE of Chinese and Pakistani banks during the pandemic period. Our study suggests that policymakers should pay more attention to IC resources, which has the potential to improve banks' profitability even during crisis times. [ABSTRACT FROM AUTHOR]

This paper examines that how China's antidumping actions against other counties affect the returns to capital of involved industries. Using CSMAR from 1997 to 2015, we estimate the excess returns of a firm's equity by three different methods. Then combining with the Global Antidumping Database, we conduct an empirical analysis. Our empirical results show that China's antidumping investigation in specific industries promotes the return on equity of listed companies in the industry, meaning antidumping has positive impact on returns to capital. Antidumping promotes the marginal and average market value of firms' investment, thus showing excess returns on their equity, and then firms invest. As the investment stock increases, firms tend to be in equilibrium and excess returns fall. Furthermore, this paper conducts a series of heterogeneity analyses from the perspectives of capital intensity, capital specificity, and corporate ownership, and proves that antidumping measures can significantly increase the rate of return on capital in the industries involved. [ABSTRACT FROM AUTHOR]

Crowdfunding has become an increasingly attractive way of financing for capital-constrained enterprises. It differs from traditional financing methods, such as bank credit and trade credit, along several dimensions. In this paper, we explore the threshold effect in crowdfunding from the perspective of dynamic investment behavior. Using the investment level data from a large crowdfunding website in China, we establish a panel threshold model. Specifically, we have the following three aspects of interesting findings. First, the number of investors will increase dramatically when the investment amount is close to the threshold. Second, the herding behavior before the threshold interval is more obvious than after that. Third, to explore the internal mechanism of the threshold effect, we deduce three impact factors: fundraising target, crowdfunding price, and fundraising duration. We find that the first two moderator factors above have positive moderating effects, while fundraising duration has the opposite one. Our results support the assumptions of return on investment and postponed decision making. Finally, we further conduct our analysis through a battery of robustness tests. Our study could help crowdfunding creators to better manage the threshold effect. [ABSTRACT FROM AUTHOR]

This study aimed to construct an accounting method for the domestic value-added rate for exports by considering environmental costs and using a developing country, China, as an example, to measure the "positive" and "negative" economic benefits obtained by industrial sectors linking to the global value chains (GVCs), namely the comprehensive rate of return. On this basis, the impact of industrial intelligence on the comprehensive rate of return of the GVCs is further explored. When environmental costs are considered, the comprehensive rate of return of China's industrial sectors linking to the GVCs is reduced by approximately 15%. Industrial intelligence is conducive to improving the comprehensive return rate of China's participation in GVCs. And the accumulation of human capital and the improvement of the competitiveness of export products are important mechanisms for industrial intelligence to affect the comprehensive rate of return of the GVCs. The improvement of industrial intelligence level in pollution-intensive industries has the most obvious promotion effect on the comprehensive rate of return of GVCs, followed by capital and technology-intensive industries, while labor-intensive industries are not sensitive to this effect. • This study calculates the comprehensive return rate of China's participation in GVCs. • The comprehensive return rate is reduced by approximately 15%. • Intelligence development is conducive to improving the comprehensive rate of return. • Human capital and the competitiveness of export products are important mechanisms. [ABSTRACT FROM AUTHOR]

The selection of suitable locations for rooftop photovoltaic projects (RPVP) is critical for optimizing power generation efficiency and return on investment. However, traditional methods of site selection that rely on subjective assessments of index weights can compromise accuracy, while complex calculations may limit adaptability to changing real-world data. In this study, we proposed a data-driven ensemble learning framework that integrates socio-economic, environmental, climate, and geography factors to optimize RPVP site selection. Using data from 1589 counties in China, we mapped eight criteria to feature variables to facilitate machine learning classification. Furthermore, the K-means algorithm was employed to enhance the model's robustness against outliers. The findings indicate that the proposed stacking model exhibits superior performance in comparison to other classifiers, as evidenced by the higher scores of performance metrics. Specifically, for positive instance prediction, the stacking model achieves the highest Precision scores. According to the rankings of Precision scores derived from the four ensembled models, we categorized counties suitable for RPVP development into five priority tiers. The ensemble learning framework provides a valuable and reusable tool for advancing county-level RPVP site selection and serves as a motivation for selecting other renewable power plant sites. • Ensemble learning is used in site selection of rooftop photovoltaic projects. • Stacking model presents the best performance on minimizing the erroneous selection. • The suitability of power plant siting is divided into several levels. • The proposed site selection tool can adapt to changing real-world environments. [ABSTRACT FROM AUTHOR]

This paper presents a comprehensive system for assessing contaminant emissions, including the dominant contaminant reduction effects, recessive contaminant reduction effects, and contaminant reduction efficiency indexes. The system is used to evaluate the linkage changes in contaminant emissions reduction across different sectors, the ease of regulation, and the returns on emissions reduction efforts. The study's results demonstrate that firstly, COVID-19 initially reduced contaminant emissions across almost all sectors, although this effect waned over time. Secondly, applying conventional regulatory measures to sectors with high reductions in contaminant emissions may not yield the expected results. Thirdly, while some sectors may be more difficult to regulate, they may offer a higher return on investment in terms of emissions reduction. Based on the above results, the paper advocates for timely measures to consolidate environmental gains, prevent rebounding of contaminant emissions, prioritize supervision and management of easily regulated sectors, prioritize upgrading of cleaner production in sectors with high reduction efficiency indices, and increase investment in environmental technology. • Created a new comprehensive system for assessing contaminant emission changes. • Quantified the unique linkage changes of contaminant emissions during COVID-19. • Developed new models to reveal contaminants' regulatory difficulty and return. • The innovative reduction effects of four key contaminant indicators were measured. • Applied WHEM firstly in research across multiple areas of contaminant emissions. [ABSTRACT FROM AUTHOR]

This study offers a theoretical model of how and when investment in employee development affects employee entrepreneurship. Drawing from the creativity theory of knowledge spillover entrepreneurship, we examined whether employee creativity mediates the relationship between investment in employee development and employee entrepreneurship. We also examined the moderating effects of the institutional environment for entrepreneurship and the corporate entrepreneurial environment on this mediated relationship. Two time-lagged studies were conducted in China to test our hypotheses. Study 1 involved 219 full-time employees from five high-technology companies, and the results showed that investment in employee development was positively associated with employee entrepreneurship through employee creativity. Study 2 replicated this mediation finding with 289 full-time employees from organizations in a variety of industries. The results also showed the moderated mediation effects of investment in employee development on employee entrepreneurship via employee creativity, which was contingent on the institutional environment for entrepreneurship and the corporate entrepreneurial environment. We discuss the theoretical and practical implications of these results for investment in employee development and employee entrepreneurship. • Investment in employee development facilitates employee entrepreneurship via employee creativity. • The mediated relationship becomes stronger when the institutional environment is more favorable for entrepreneurship. • The mediated relationship becomes weaker when the corporate environment is more favorable for entrepreneurial activities. [ABSTRACT FROM AUTHOR]

As a carbon reduction technology, CCUS (Carbon Capture, Utilization and Storage) is an important way to achieve the goal of "carbon peak and carbon neutrality" in China. In order to change the situation of slow commercialization and large-scale development of CCUS, this paper proposes to establish a CCUS cooperative alliance. Taking alliance organizers, institutional investors, upstream operators and downstream operators as research objects, the evolutionary game model is developed to reveal the dynamic evolution mechanism of CCUS cooperative alliance and analyze the impact of exogenous variables on the strategic choices of alliance members. The results show that: (1) establishing a strong market-oriented alliance can promote the large-scale deployment and commercialization of CCUS, (2) when return on investment is greater than or equal to 6%, it can effectively promote the investment of institutional investors in CCUS field, (3) when the government subsidy rate is greater than or equal to 75%, the willingness of downstream operators to operate independently is significantly enhanced. This study reveals the operation mechanism of the alliance, provides theoretical and methodological support for the operation and management of the alliance, and is of great significance to promote the cooperative operation and development of the alliance. • A CCUS cooperative alliance with commercial characteristics is proposed. • An evolutionary game model is developed to reveal evolution mechanism of alliance. • ROI of 6% or more can promote institutional investors' investment in CCUS. • Subsidy rate of 75% or more can urge downstream operators to operate independently. [ABSTRACT FROM AUTHOR]

Marine ranching have attracted wide attention in the marine fishery in recent years owing to numerous benefits for sustainable development. However, existing research efforts on marine ranching risk management are very limited, and no prior in-depth research has focused on studying the risk interdependencies in marine ranching from the perspectives of multiple risks. This paper begins by identifying 29 marine ranching risks using a systematic literature review and experts propose. Next, the cause-effect diagram and hierarchical network model of marine ranching are obtained using the combined DEMATEL - ISM method, which clearly confirms the interdependent relationships among various risk factors. It also identifies the most critical factors, which enables the operators of the marine ranching to make decisions to reduce risks. Then the hierarchical network model is mapped to a BN and expert judgments are further transformed into the conditional probability distribution by software Netica, in order to quantify the strength of the interdependent relationships among the marine ranching risk system, and determine main paths resulting in risk occurrence. According to the research results, the risk occurrence probability of marine ranching is high, with a probability of 85.1%，and the most approximate cause path leading to the occurrence of risk are determined—namely, X 27 (Long construction cycle) → X 10 (Financing difficulties) → X 15 (Safety hazards) → X 11 (Investment return risk) → Y(Marine ranching risk) and X 9 (Lack of technical talent) → X 8 (Monitoring failure) → X 2 (Habitat destruction) → X 26 (Large preinvestment) → X 10 → X 15 → X 11 (Investment return risk) → Y. Through the established risk analysis model, the key risk factors in the implementation process of marine ranching can be obtained, which is helpful for in-depth understanding of the risk information of marine ranching and more effective risk management of marine ranching. • The risk factors of marine ranching in China are identified. • DEMATEL, ISM and BN are used in the research of risk assessment of marine ranching. • The hierarchical relationship of risk factors of marine ranching is figured out. • The most approximate cause path leading to the occurrence of risk is determined. [ABSTRACT FROM AUTHOR]

To realize the high-quality development of China's marine economy, it is important to vigorously promote blue finance and increase the support of science and technology finance for the innovation development of the marine industry. Based on the existing literature research, this paper uses two-step empirical evidence to investigate the role of science and technology finance on the innovation efficiency of the marine industry by combining the development status of science and technology innovation, science and technology finance in the marine industry. The results of the study show that government financial investment in science and technology finance has a significant contribution to the innovation efficiency of the marine industry; The innovation efficiency of marine industry is positively but not significantly affected by the investment of enterprises' funds in science and technology, and the innovation efficiency is inhibited by the investment in entrepreneurial risk management. In addition, there are still large differences in the efficiency of innovation in the marine industry among different regions. Moreover, we propose the government support the marine industry science and technology innovation fully, optimize risk investment and improve the investment return guarantee mechanism, and unblocked the indirect financing channels of the financial market for the sea-related science and technology innovation enterprises, and give policy recommendations to develop the marine industry science and technology innovation activities. [ABSTRACT FROM AUTHOR]

In this paper we explore the impact of a feed-in tariff (FIT) reduction in combination with the introduction of a renewable portfolio standard (RPS) on the development of distributed photovoltaic generation (DPVG) in China. This is done using system dynamics models that can simulate a DPVG's return on investment, installed capacity, levelized cost of electricity, and grid parity for multiple scenarios. The results show that the FIT reductions have a short-term negative effect on the DPVG installations. However, they can be performed in China without sacrificing the grid parity goal. In fact, FITs could be completely cancelled within the next 2–3 years. It is more effective to simply cancel the FITs after maintaining the current FITs for several years compared to a slow FIT reduction every year. After the FITs are cancelled, an RPS can effectively help continue the trend towards grid parity. However, we also need to consider the relation between the RPS quota, the installed capacity, and the tradable green certificate-supply/demand/price. The DPVG industry has already realized the demand-side grid parity, while residential- and commercial-DPVG are expected to reach the supply-side grid parity within 4–7 years and 5–8 years, respectively. • Development of a system dynamics model of China's distributed PV generation. • Simulation and cost/investment analysis with different scenarios. • Effect of feed-in tariff reductions and introduction of renewable policy standard. • Grid-parity analysis of residential and commercial distributed PV generation in China. [ABSTRACT FROM AUTHOR]