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The carbon emission trading system (CETS) is a milestone policy in the history of China’s emission trading system, which is of great significance to China’s realization of “carbon peak and carbon neutralization”. As an important component of sustainable development, LUT should be related to the CETS. However, in the literature on the CETS, little material deals with its impact on land use transition (LUT). This paper will enrich this literature. Based on 30 provincial regions in China from 2011 to 2017, using the DID and entropy methods, this study investigated the impact of CETS on the trend of LUT from three perspectives: economic effects, environmental effects and Porter effects. The conclusions are that (1) the implementation of the CETS hindered economic development, but optimized energy-use efficiency; (2) the implementation of the CETS reduced the emissions of CO2 and SO2; (3) the implementation of the CETS did not produce a Porter effect; and (4) the influence of the CETS had the characteristics of a spatial cluster. These findings offer some guidance for improving CETS policies and formulating similar environmental regulation policies.

The objective of the study is to signify the impact of corporate social responsibility performance on state‐owned and non‐state‐owned enterprises' performance. The contributive concept of CSR performance has been formulated while contemplating total tax, staff expenditure, public welfare expenditure, social cost and total equity. To contemplate with deep insight, the moderating role of innovation input and output has been substantiated through empirical results. The data of 502 listed companies on Securities and Exchange Commission of Pakistan has been endorsed for years 2009–2018. Empirical underpinnings reveal that corporate social responsibility performance boosts the non‐state‐owned enterprises' performance vehemently while state‐owned enterprises have proclaimed insignificant results. Comprehensively, innovation input has decelerated the Non‐state owned Enterprises' performance while innovation output has remained insignificant. Specifically, leverage has been signified as the most deterrent vehicle for declining the Non‐State Owned Enterprises' performance. Intuitively, the theoretical contribution is manifested while deducing the implicative aspect of legitimacy theory which emphasizes on the adoption of corporate social responsibility. Implicatively, the study recommends to ameliorate the corporate structure of state‐owned enterprises comprehensively so that advantage of corporate social responsibility may be attained vigorously. Doubtlessly, empirical results are reliable and authenticated due to the execution of GMM and 2SLS instrumental regressions.

This article explains the impact of the board secretary’s financial experience on the financing preference from the perspectives of executive behavior and psychology. We use small and medium-sized ...

Researchers have grown increasingly concerned with whether state-owned capital can help private enterprises (often family businesses) achieve long-term and stable development under mixed ownership reform in China. Chinese listed family firms from 2013–2019 are taken as the research sample to investigate the influence of state-owned capital participation on the innovation activities of family businesses. State-owned equity participation appears to promote innovation in private enterprises with a nearly linear trend. This observation also passes a robustness test. This work reveals the importance of state-owned equity in terms of strategic decision-making for private enterprises, as well as managerial insights regarding the sustainable and healthy development of family businesses. The results also may provide empirical evidence and theoretical support for further promoting mixed ownership reform.

This paper selects the relevant data of 30 provinces and cities in China from 2006 to 2016, and constructs the seven-dimensional absorptive capacity index evaluation system by entropy method. Based on the endogenous growth theory, the knowledge output model of spillover effect is further constructed to test the effect of knowledge spillover on regional innovation capability, and then empirically analyze the impact of absorptive capacity on regional innovation capability through knowledge spillover. The results show that knowledge spillovers promote innovation output, and absorptive capacity has positively promoted regional innovation capability through knowledge spillover. Based on this, this paper puts forward some targeted suggestions from the aspects of increasing R&D expenditures, improving the innovation system and promoting the transformation of state-owned enterprises.

Innovation is the primary driving force for development and the core of green, healthy, and sustainable economic development. This paper researches the spatial effect of absorptive capacity on regional innovation capacity from the perspective of knowledge spillover. We use the seven dimensions such as R &amp, D intensity to build an absorptive capacity index evaluation system. After statistical verification, we select the most suitable empirical model, the dynamic Spatial Durbin Model with two-way fixed effect. The empirical results show that: (1) The promotion effect of absorptive capacity on knowledge spillovers in one province has no obvious effect on innovation promotion in other provinces, especially provinces at similar economic levels. However, it tends to inhibit the innovation development of neighboring provinces. (2) The impact of absorptive capacity on promoting knowledge spillovers varies from region to region. The eastern provinces of China are not affected by the absorptive capacity of neighboring provinces. The regression results of the central and western regions are not substantially different from the full sample. This study puts forward some policy suggestions based on the empirical results. It shows that a higher absorptive capacity does not mean better performance. The Chinese government should thus promote innovation in different provinces according to the local conditions.

The excellence of corporate governance in companies lies in their ability to adopt the corporate social responsibility (CSR), which enhances their growth. This study examines the effect of agency cost, firm size, and CSR disclosure on the firms' growth. Specifically, the study analyzed the agency cost and firms' size as the moderators that influence the firms' performance asymmetrically. In its approach, the study compiled data of 300 Pakistani listed companies, which have a significant concern with CSR for the period 2010-2018. Using the 2SLS and GMM instrumental panel regressions, our empirical results show that the agency cost is detrimental to the firms' growth. In contrast, the firms' size boosts the firms' growth. Moreover, the growth of firms with leverage declines and the presence of independent directors improves the firms' growth.

Recently, it is more and more common for company to use idle funds to invest in financial products. The topic of financial products’ purchasing behavior has aroused heated discussion. Based on the relevant data of the purchase of financial products by A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2011 to 2018, this paper empirically explores the impact of the purchase of financial products on the business performance of listed companies. In general, the purchase of financial products by listed companies has an incentive effect on business performance. After distinguishing the nature of company, it is found that the purchase of financial products by non-state-owned company can improve the business performance, while the state-owned company has an opposite result. Thus it can be seen that the nature of company plays a watershed role in studying the relationship between the purchase of financial products and business performance. Further, the company size was used as the grouping basis for the sub-sample regression, and it was found that the significant positive correlation between the purchase of financial products and business performance only occurred in small-scale company. The conclusion of this paper will provide a theoretical basis for corporate managers in capital management, which is of great significance to corporate management.

This study examines the impact of employee treatment on family business innovation. Our empirical research shows that beneficial employee treatment can increase family business innovation input and output. Moreover, the empirical conclusions pass the robustness and endogeneity tests. An additional analysis shows that non-salary aspects of employee treatment can significantly increase the quantity and quality of innovation output; however, they have little to no impact on innovation input. Further, we find that the higher the levels of trust in society, trust in organizational decisions, and trust in co-workers are, the stronger is the role of employee treatment in family business innovation.

The sustainable development and innovation-driven development system has always been a guiding ideology for the Chinese government. Therefore, research on China&rsquo, s environmental regulation and regional innovation output is of great significance. Based on the provincial data of China from 2006 to 2016, this study uses many spatial econometric methods with the spatial Durbin model. We empirically analyze the relationship between environmental regulation and regional innovation output. The results show that (1) China&rsquo, s regional innovation output has significant spatial cluster and differentiation. Concerning the whole country, environmental regulation has a significant negative effect on regional innovation output, but its own spatial cluster phenomenon is not significant, and there is no space spillover. (2) There are differences between environmental regulation and regional innovation output in the eastern, central and western regions, in which the negative correlation between environmental regulation in the eastern region on regional innovation output has spillover effects in the region, and the direct effect in the central region is not significant, while the results in the western region are not significantly different from the full sample results. Finally, based on the research conclusions, we apply some policy recommendations from the perspectives of diversity of environmental policy, corporate innovation incentives, government officials&rsquo, assessment, local government policy autonomy and sustainable development concept.

Social entrepreneurship is an entrepreneurial activity centering on solving social problems and creating social values, which can effectively alleviate the problems of sustainable development such as an excessive gap between the rich and the poor, a lack of resources and so on, and can resolve the "triple failures" of government, the market and public welfare departments to a certain extent. As the subjective attitude of entrepreneurs, entrepreneurial intention can predict a representational incidence rate of entrepreneurial behavior. Therefore, aimed at university students, a special group of entrepreneurs, this paper constructs a theoretical framework of "network embeddedness - sense of opportunity identification efficacy - university students' social entrepreneurial intention" from the perspective of social cognitive theory through 466 pieces of valid survey data, and uses Stata 14 to construct a multiple linear regression model to explore the mechanism of action between the three. The results show that university students' sense of opportunity identification efficacy can significantly and positively stimulate their social entrepreneurial intention, and the network embeddedness (network scale and network intensity) of entrepreneurs is also significantly and positively correlated with their sense of opportunity identification efficacy; however, via the hierarchical regression model, it was found that the sense of opportunity identification efficacy can only partially mediate the relationship between network embeddedness and university students' social entrepreneurial intention, which is mainly manifested in the positive correlation between university students' social entrepreneurial intention and their network scale, and is unrelated to network intensity. This research contributes to enriching the theory of social entrepreneurial intention and guides the strengthening of university students' social entrepreneurial intention in reality.

Paying taxes is a form of corporate social responsibility. Corporate tax avoidance effectively reduces operating costs, thereby increasing shareholder returns, but the pros and cons are different for executives. This paper takes data from companies listed in China from 2000 to 2016 to explore the causal relationship between managerial power and corporate tax avoidance, using principal component analysis and entropy weight methodology to construct managerial power. First, we conduct an ordinary least square regression, and then we employ alternative measures to avoid taxation, and use managerial power as a robustness check. Next, we rerun the model by using quantile regression and propensity score matching. Finally, in order to tackle problems with endogeneity, we carry out regressions utilizing instrumental variables and simultaneous regression equations. We conclude that managerial power reduces corporate tax avoidance, and firms with more managerial power have fewer incentives to avoid taxes. The results of this paper can guide the taxation of companies listed on the Chinese market to achieve the full payment of tax obligations by reinforcing managerial power in companies, which improves national taxation and leads to sustained economic growth.

China's global export rank rose from the 32nd in 1978 to the 1st in 2009, and in the same period China had been a top recipient of foreign direct investment (FDI) in the world. Does large FDI inflow automatically lead to the export boom? Or is it a must for China to have certain absorptive capacity (AC) given FDI? This work investigates how manufacturing exports (MX) are affected by the AC-FDI interaction. MX performance is assessed by three indicators: export capacity, export intensity, and export quality. AC is defined as a host-country's ability to capture potential benefits from FDI, and such ability is proxied by government FDI policy, human capital, RD (b) China's strong AC largely comes from well-designed FDI policy and high quality infrastructure, both of which complement with FDI in strengthening export capacity, intensity and quality; and (c) human capital and R&D seems to be more helpful for China to capture spillovers from FDI to export quality.

In recent years, urbanization has been developing rapidly. However, it is also accompanied by land management problems, such as low land use efficiency. In this research, we manage to explore the temporal and spatial evolution laws as well as characteristics of the coupling and coordinated development between urbanization and land use benefits. Through this, it is possible for us to provide policy recommendations for the sustainable development of the urbanization in Fujian Province. In this study, we take prefecture-level municipal districts and county-level cities in Fujian as the research subject. We construct an index system, based on data in 2002, 2005, 2010, 2015, and 2017, to evaluate the urban land use benefits and urbanization. Besides, we leverage the Gini coefficient weighting method to give weight to each index and calculate the value of its benefits. Moreover, it is the relative development degree and the coupling coordination degree model that we comprehensively leverage to study the spatiotemporal evolution law of the coupling coordination degree (CCD). The results show that: (1) Urban land use benefits and urbanization level are positively correlated with the regional administrative level and economic development status, (2) The CCD of urban land use benefits and urbanization level in various regions of Fujian is still low. However, the overall development direction is good, (3) From the perspective of spatial distribution, the CCD owns a &ldquo, center-periphery&rdquo, pattern that is based on the law of diminishing CCD power from three central cities of Fuzhou, Xiamen, and Sanming. Consequently, it requires governments to take action. Firstly, they should promote the intensive land use in the urbanization process. Meanwhile, they should also pay attention to ecological environment protection. Besides, it is recommendable to give full play to the radiating and leading effect of central cities on surrounding ones. Finally, they are required to provide appropriate policies and resource support to peripheral cities.

This paper investigates the successful Cross-Border M&A (Merger and Acquisition)cases of Chinese non-financial listed enterprises during 2002–2012. The effect of investor protection levels in destination countries on the acquirers’short-term performance has been analyzed from the angle of “Law and Finance”. Additionally, the acquiring enterprises’ownership as well as the acquired enterprises’listing status has been controlled to test whether they have moderating effect. The major findings are as follows: (1) Chinese listed enterprises get a positive wealth effect from M&A transactions in general. (2) Chinese enterprises get more returns in the country with better investor protection. (3) Whether or not the acquired enterprise is listed and the ownership rights of the acquirer have a negative adjustment effect on the relationship between investor protection and M&A performance.

Based on the data of A-share listed firms in China during 2005–2016, this paper studies the effect of managerial power on the stock price crash risk. The empirical results show that: (1) The stronger managers power leads to a lower stock price crash risk; (2) By dividing the sample into the state-owned firms and non-state-owned firms, we found that the negative effect of managerial power is only significant in the non-state-owned firms. To address the possible endogenous problems, we utilize the instrumental variable regression and simultaneous equations model to conduct the robust check and the results are consistent with our conclusion. This paper not only deepens the study on the influencing factors of the stock price crash risk, but also has great significance for how to prevent the crash of stock price through corporate governance and promote the healthy development of capital market.

With the wave of overseas-listed companies returning to A-share market, this paper, taking the perspective of corporate governance, uses Propensity Score Matching (PSM) to measure the difference of operating performance between cross-listed companies and non-cross-listed companies, and uses Structural Equation Model and path analysis to examine the impact mechanism and specific effect of cross listing on operating performance. The results show: (1) Compared with non-cross-listed companies, those companies cross-listed in both A and H-share market, have witnessed a worsening of operating performance, a significant increase of ownership concentration and liabilities to assets (L/A) ratio, and a significant decrease of asset liquidity. (2) Cross listing has affected operating performance mainly through debt structure, asset liquidity, less through ownership structure. The results of this paper can provide the theoretic and empirical basis for future cross listing of companies in China.

Motivated by the importance of geopolitical risk and its possible predictive power for oil volatility, this paper aims to quantitatively investigate the role of geopolitical risk (GPR), especially serious geopolitical risk (GPRS), in forecasting oil volatility. For research purposes, the GARCH-MIDAS model is extended by incorporating GPR and GPRS. Then, the new extensions are examined from the perspectives of both statistical and economic significance. In-sample results show that GPR and GPRS lead to oil market fluctuations, while the out-of-sample results strongly confirm that the GARCH-MIDAS-GPRS model with serious GPR significantly outperforms the GARCH-MIDAS model. Moreover, both GPR and GPRS help gain higher economic returns. In particular, serious geopolitical risk contains useful information for the recent future oil volatility and can provide the best economic gains. Oil market investors and government policymakers should pay more attention to extreme geopolitical events and serious geopolitical risk in the context of risk management and portfolio allocation.

The objective of this research is to conduct a quantitative analysis of China’s sub-national Clean Development Mechanism (CDM) performance as a case study of unbalanced CDM performance within a CDM host country. Key results are as follows: First, investment climate is the most decisive factor, which can explain about 48 % (adjusted R-squared) of China’s sub-national CDM performance at significance level 0.1 %. Second, general economic and investment conditions have a collective determination effect, which together explain about 50 % (adjusted R-squared) of sub-nationall CDM performance. Third, when compared with previous research in which the economic and investment conditions explain about 55 % (adjusted R-squared) of unbalanced CDM performance on the international level, it becomes clear that the impact of the economic and investment conditions on China’s sub-national unbalanced CDM performance resembles the unbalanced performance at the international level. Hence, we conclude that the sub-national unbalanced CDM performance in China is similar to that of the international level, and is influenced by similar determining factors. This finding casts doubt on the previous policy suggestion to fix the geographically unbalanced CDM performance simply by national discrimination, such as by revoking CDM eligibility of an entire host country. Consequently, a more tailored approach is advisable to manage that eligibility on the sub-national level. This is a more precise response to geographically unbalanced CDM performance and is less likely to discourage participation of the dominant CDM host countries in international climate mitigation.

Using data from companies listed on the Growth Enterprise Market (GEM) from 2009 to 2010, this article investigates the effect of venture capital firms on initial public offering (IPO) underpricing. The empirical results suggest that venture capital firms have a limited and weak role in certification due to the special environment of such firms in their early stages. China's venture capital firms conform to the general trends of the Western capital market but, at the same time, have some characteristics typical of newly emerging markets. As in the early stages of Western venture capitalism, China's venture capital firms are still in the process of maturing as a result of their grandstanding and profit motivations and do not have a major role in certifying start-ups. Nonetheless, the place of private venture capital firms in China's newly emerging capital markets has grown significantly. Their investment management models and strategies are consistent with modern market laws and are playing an increasingly...

Using a uniquely selected family-firm data set, we show that Chinese family firms are, on average, more valuable than nonfamily firms, and that their superior performance can be explained in part by their political connections. Chinese family firms in which the chairperson or CEO is politically active have substantially higher corporate valuations than other family firms. Our findings support the view that the rapid growth of China's private sector is driven by certain alternative mechanisms. As we demonstrate, in an emerging economy, political connections can be a mechanism for responding to the legal system's failure to adequately protect private property rights.

Venture capital (VC) makes great contribution to start-up companies. It is essential to support VC in order to realize adjustment and transformation of economic structure. Venture capital institutions (VCI) invest the company for benefit. So it is important to study their preference for invested companies. Founders are always the soul of a company. This paper studies VCI preference for specific founder personality based on data of GEM companies. By doing empirical study, descriptive statistics, correlation analysis and logistics regression analysis, specific founder personalities were sort out. The conclusion is that abroad studying or working experience and political background of the founder are positively related with VCI’s investment decision.

This study addresses a methodology flaw of Kyoto Protocol’s Clean Development Mechanism (CDM) that neglects the wide-spread electricity shortage in the developing countries. The impact of this neglect is huge: about half of the annual carbon credits from the projects registered by 2010 are from the on-grid electricity displacement projects, and the majority of them had concentrated in several countries where electricity shortage remains severe and lasting. In the context of widespread energy shortage, the extra electricity produced by the CDM projects is more likely to be used to provide extra electricity supply rather than substitute the Business-as-usual (BAU) electricity supply. Hence, the neglect of the wide-spread energy shortage in the CDM methods puts the integrity of a critical amount of the CDM carbon credit in question.

This paper aims to analyze the mobilization efficiency of venture capital (VC) in China. It has been found that the dearth of venture capitalists, absence of appropriate exit channels, and lack of open, active, mature, and stable equity-driven capital markets result in low mobilization efficiency in China's VC markets. Therefore, government should take an appropriate role to facilitate VC development by educating entrepreneurs, providing a more favorable entrepreneurial environment, thereby reducing time, financial and opportunity costs, encouraging private investment funds to absorb the country's tremendous savings, and encouraging institutional investors to further develop capital markets.

There are some statistical anomalies in the Chinese stock market, i.e., positive return skewness, anti-leverage effect (positive returns induce higher volatility than negative returns); and reverse volatility asymmetry (contemporaneous return-volatility correlation is positive). In this paper, we first confirm the existence of these anomalies using daily firm-level stock return data on the raw returns, excess returns and normalized excess returns. We empirically show that the asymmetry response of investors to news is one cause of the statistical anomalies if short sales are constrained. Then in the context of slow adoption of security lending policy, we conduct panel analysis and empirically verify that the lifting of short sale constraints leads to significantly less skewness, less anti-leverage effect and less reverse volatility asymmetry. Positive skewness is a feature of lottery. Investors are encouraged to bet on the upside lottery like potentials in the Chinese markets where the stocks skew more to the upside when short sales are constrained., Comment: 26 pages, 3 figures, 4 tables

Compared with the general investors, Venture Capital can influence the generating of operating strategies of the invested company once they offer the fund for future development; thus, Venture Capital can have effects on corporate performance. This paper takes the 153 companies listed between 2009 and 2010 as samples to do empirical study. The result shows that though the existence of declining performance, participation of Venture Capital is relatively helpful in maintaining the performance after IPO. This paper also provides new evidences for the study of the relation between Chinese Venture Capital and corporate performance.

This paper took GEM companies listed between 2009 and 2011 as example and used 2SLS method to analyze the relation between venture capital institutions and corporate innovation behavior. We found that venture capital institutions generally have no significant effect on GEM companies, while state-owned venture capital institutions are conductive to improvement of enterprise innovation behavior. Besides, if state-owned and non-state venture capital institutions invest in an enterprise at the same time, share holding of venture capital tend to decrease. Thus, the government should invest more to venture capital as well as support the development of private enterprise and foreign venture capital.

Venture Capital institutions is different from the general investors, they provide enterprises with not only funds but also improvements on the aspect of corporate. This paper took 285 companies listed before December 31, 2011 as samples; mainly studies VCI affect the board independence and professional structure. Results showed that the VCs can significantly improve the professionalism and independence of the board of directors. Research provides new empirical evidence for the inner mechanism of the venture capital to improve startups performance.

We adopt the standard BB84 protocol as the basic model of quantum key distribution (QKD) in amplitude damping channel and simulate BB84 QKD protocol on classical computer. The simulation results show that the key rate is higher by using binary reconciliation protocol than using cascade reconciliation protocol when the amplitude damping coefficient γ≤0.15, while cascade reconciliation protocol is better for γ>0.15.