Search Results (459)

High-quality development highlights the importance of environmental protection and green low-carbon development. The high-quality development of the manufacturing industry is not only the key content for achieving green transformation, but also an important cornerstone for building a modern national industrial system. Current research focuses on companies and governments, ignoring the important value of suppliers and consumers. As a result, existing mechanisms have failed to deliver the desired results. This paper constructs an evolutionary game model involving manufacturing enterprises, local governments, suppliers, and consumers, and systematically analyzes the strategy selection process of the four participating populations. On this basis, the impact of exogenous and endogenous factors on the evolutionarily stable strategy is studied at the microscopic level using numerical simulation methods. The results show that (1) increasing any of the endogenous factors, such as innovative capability, organization building, and industrial resources, can accelerate the evolution of manufacturing enterprises evolve to smart upgrade strategy. (2) Increasing any one of the exogenous factors, such as policy environment, industrial cooperation, and market demand, can accelerate the rate at which manufacturing enterprises choose to adopt the strategy of smart upgrade. The purpose of this paper is to provide a theoretical reference for the behavioral strategies of manufacturing enterprises, and to provide a realistic reference for local governments to build a mechanism to promote the high-quality development of the manufacturing industry. Full article

The objective of this study is to examine the impact of Chief Executive Officer (CEO) attributes on corporate performance in Jordan, a representative frontier market. The analysis focuses on four key CEO attributes, comprising two socio-demographic variables—age and educational—and two corporate governance-related ones—tenure and origin. Return on assets (ROA) and return on equity (ROE) are used as proxies for firm performance. Using a sample of 416 firm-year observations from companies listed on the Amman Stock Exchange (ASE) during 2015–2023, the study employs the system GMM methodology to estimate dynamic panel data models, addressing potential endogeneity and capturing the dynamic nature of firm performance. The results show that CEO age has a positive but insignificant effect, whereas CEO education and tenure significantly enhance firm performance. Conversely, CEO origin has a statistically negative impact on firm performance, reflecting the value of insider CEOs. The significant effects of CEO education, tenure, and origin—observed within the models that also incorporated firm- and country-level controls—reflect their incremental contribution to firm performance in frontier markets. Robustness checks, including controls for the COVID-19 pandemic and industry effects, confirm these findings. The study contributes to the literature by demonstrating the applicability of established theories—namely Upper Echelons, Stewardship, Resource Dependence, and Human Capital Theories—while identifying the CEO traits that drive success in frontier markets. It also offers practical guidance for shareholders, board directors, and policymakers in designing effective leadership and governance strategies. Full article

The digital economy is significantly transforming the global economic environment and has emerged as the primary driver behind China’s high-quality development. The comprehensive melding of the cultural and tourism sectors (CTI) serves as a strategic approach to boost regional competitiveness and enhance public welfare. This study investigates the mechanisms and boundary conditions through which the growth of the digital economy across China’s 31 provinces from 2011 to 2023 impacts CTI, aiming to address existing research gaps related to micro-level transmission mechanisms and the analysis of contextual variables. Utilizing a two-way fixed-effects moderated mediation model complemented by instrumental variable (IV-2SLS) regression for testing endogeneity, the research uncovers intricate interactions among the digital economy, CTI, and significant influencing factors. The results strongly suggest that advancements in the digital economy substantially facilitate the integration of cultural and tourism sectors. This beneficial effect is partially mediated through two primary channels: the construction of new infrastructure and enhancements in employment quality, underscoring the critical role of both material and human capital in digital empowerment. Significantly, this research uniquely identifies that new quality productive forces (NQP) have a notable negative moderating impact on the link between the digital economy and cultural–tourism integration. This indicates that in provinces exhibiting high levels of NQP, the positive influence of the digital economy on cultural–tourism integration is considerably diminished. This unexpected finding can be interpreted through mechanisms such as resource dilution, varied integration pathways or maturity effects, along with differences in developmental stages and priorities. Furthermore, it resonates well with the resource-based view, innovation ecosystem theory, and dynamic capability theory. Instrumental variable regression further substantiates the notable positive influence of the digital economy on the integration of cultural tourism. This approach effectively tackles potential endogeneity concerns and reveals the upward bias that may exist in fixed-effects models. The findings contribute significantly to theoretical frameworks by enhancing the understanding of the intricate mechanisms facilitating the digital economy and, for the first time, innovatively designating NQP as a surprising key boundary condition. This enriches theories related to industrial advancement and resource allocation in the digital age. On a practical note, the research provides nuanced and differentiated policy guidance aimed at optimizing pathways for integration across various Chinese provinces at different stages of development. Additionally, it underscores significant implications for other developing nations engaged in digital tourism growth, thereby improving its global relevance. Full article

Enhancing green total factor energy efficiency (GTFEE) is crucial for achieving sustainable development. Against this backdrop, this study aims to investigate the impact of fintech on GTFEE, using annual data from 240 Chinese cities between 2011 and 2021. Methodologically, we employ the SBM–Malmquist–Luenberger model to measure GTFEE and assess the role of fintech. The results demonstrate that fintech significantly promotes GTFEE, a finding that remains robust after addressing endogeneity issues and replacing key variables. Further mechanism analysis reveals that fintech facilitates GTFEE by alleviating financing constraints and stimulating technological innovation. Moreover, the effect is particularly pronounced in eastern regions, non-resource-based cities, service-oriented cities, and larger urban areas. Importantly, quantile regression results confirm that fintech exerts a stronger positive impact at higher quantiles of the GTFEE distribution. These findings offer both theoretical insights and practical policy implications for advancing energy efficiency through fintech development. Full article

Based on panel data from 173 Chinese listed companies in the new energy vehicle industry from 2016 to 2023, this study constructs a two-way fixed effects model to examine the impact of data elements on corporate innovation capability. Systematically address issues and validate results through multiple measurement approaches, including robustness checks, instrumental variables methods, moderation effect analysis, and heterogeneity tests. The results indicate: (1) Data elements significantly enhance the innovation capability of new energy vehicle enterprises, and a conclusion that remains robust after a series of endogeneity and robustness checks. (2) Moderating effect tests reveal that human resources strengthen the relationship between data elements and corporate innovation capability. (3) Heterogeneity analysis shows that, in terms of capital sources, data elements have a more substantial promoting effect on the innovation capability of domestic enterprises compared to foreign-funded ones; regionally, the innovation-driven effect of data elements is more pronounced in eastern and central China than in the western region. This study not only offers practical guidance for new energy vehicle enterprises to allocate data elements and human resources effectively, but also provides an empirical basis for policymakers to formulate market-oriented data policies, thereby offering a new perspective for enhancing the innovation capabilities of new energy vehicle enterprises. Full article

This study explores how firms’ strategic orientations—operational efficiency, customer intimacy, and product innovation—along with corporate social responsibility (CSR) disclosure, influence investment efficiency in emerging markets. Using 1594 firm-year observations from companies listed on the Tehran Stock Exchange (TSE) between 2015 and 2024, we combine quantitative analysis with textual evidence from Management Discussion and Analysis (MD&A) reports. The findings show that operational efficiency and customer intimacy are generally linked to lower investment efficiency, reflecting possible resource misallocation and short-term priorities. In contrast, product innovation has a more nuanced impact: it improves investment efficiency in R&D-intensive sectors and during stable economic periods. CSR disclosure is also negatively associated with investment efficiency, suggesting that while CSR reporting enhances legitimacy and stakeholder trust, it may shift managerial attention and resources away from core investments. Robustness checks—including firm fixed effects, alternative keyword dictionaries, placebo tests, and endogeneity controls—support these results. Additional sub-sample analyses indicate that strategic orientations and CSR disclosure also function as channels of financial innovation: operational efficiency fosters disciplined resource allocation, product innovation supports sustainable growth, and customer intimacy strengthens transparency and stakeholder engagement. Full article

In the context of advancing new quality productive forces (NQP), the optimization of factor allocation is of critical importance. This study empirically examines how inter-firm land allocation affects the development of NQP and explores the moderating roles of labor, capital, and data factors from a perspective of factor synergy. Combining theoretical analysis with empirical investigation, the findings are as follows: (1) optimizing land allocation across firms significantly enhances the level of urban NQP, and this result remains robust after accounting for endogeneity and a series of robustness checks; (2) capital expansion and the scaling of data resources substantially reinforce the positive effect of land allocation on NQP, whereas the interregional mobility of labor—particularly high-skilled workers—exerts a negative moderating influence. The results suggest that policymakers should promote the rational allocation of land resources while leveraging the synergistic effects of labor, capital, and data to accelerate the development of NQP at the local level. Full article

Based on panel data of 273 prefecture-level cities in China from 2006 to 2022, this study empirically examines the impact and mechanism of green finance on urban low-carbon development from the perspective of government regulation. The study yields the following key results: First, green finance significantly promotes urban low-carbon development, and this finding remains valid after addressing endogeneity issues and conducting a series of robustness tests. Second, government regulation strengthens the low-carbon effect of green finance through two pathways: market-oriented reform and urban land planning. Third, the low-carbon effect of green finance is more pronounced in resource-based cities and low-energy-consuming cities, which corresponds to urban disparities in development stages and resource constraints. Given these results, this study proposes two targeted recommendations: institutionalizing the coordination mechanism between land use and carbon markets and implementing context-specific green finance strategies via urban differentiation approaches. Full article

This study evaluates the operational efficiency of accredited private healthcare facilities in Italy, a sector increasingly complementing the public National Health Service. Unlike previous studies that aggregate public and private providers, this research focuses exclusively on private facilities, providing a consistent and detailed evaluation of their performance. Utilizing game-theoretic cross-efficiency Data Envelopment Analysis (DEA) combined with Classification and Regression Tree (CART) analysis, this study identifies endogenous and exogenous efficiency drivers. Results indicate that private facilities operate at high efficiency levels (mean cross-efficiency = 0.923), with smaller facilities outperforming larger ones, though resources remain underutilized. Inactive ward and bed non-occupancy rates emerge as key inefficiency factors. Regional analysis highlights minimal disparities between the north–center and south, but significant local variations persist, shaped by governance, funding allocation, and institutional frameworks. This study also identifies an “efficiency paradox”, as in deficit regions, private expenditure correlates with higher efficiency, whereas in surplus regions, greater spending does not necessarily improve performance. These findings provide actionable insights for healthcare managers and policymakers, emphasizing the need to maximize capacity utilization, optimize staffing, and structure public–private partnerships strategically. Methodologically, integrating game cross-efficiency DEA with CART strengthens accuracy, offering a robust tool for benchmarking and improving private healthcare performance. Full article

The prevailing view is that ESG performance contributes to corporate financial stability, particularly regarding long-term sustainability objectives. However, there is a notable lack of critical research exploring its short-term financial effects, especially within capital-intensive sectors experiencing green transformation. This study examines the theoretical gap by investigating whether increased ESG performance may unintentionally heighten the financial burden and default risk in the short run. To verify the stability of each variable in the series, we employed the short-panel unit root test on panel data from 234 Chinese energy industry companies covering the years 2015 to 2023. Including enterprise fixed effects as well as time fixed effects, we find that higher ESG ratings increase the possibility of default risk in the Chinese energy sector. This effect remains robust after controlling firm size, financial leverage, return on assets, return on equity, earnings per share, beta and firm age. In addition, we conduct robustness checks using alternative default risk measures, both endogeneity- and component-based, and the outcomes demonstrate that the impact is substantial and consistent. Consequently, we may draw the conclusion that raising the ESG rating has an adverse effect on reducing corporate default risk, which fills the knowledge gap regarding the influence of listed companies’ default risk on China’s energy sector. Moreover, it has been found that green innovation plays a strengthening role in the analysis of the interaction term between green innovation and ESG on default risk. This suggests that while green innovation is a strategic initiative aimed at long-term sustainability, it requires a significant amount of capital and resources in the short term, which may result in higher default risk in the beginning. Full article

Banks in the United States face persistent challenges from non-performing loans (NPLs), despite conducting thorough client evaluations before issuing loans. To mitigate the impact of NPLs and support both local and global growth, banks must adopt effective risk management strategies. This study investigates the effect of NPLs on bank growth and the moderating of bank size and Capital Adequacy Ratio (CAR) through the lens of the Resource-Based View (RBV) theory. A sample of 253 banks listed on the New York Stock Exchange from 2006 to 2023 was selected using specific inclusion criteria from the Thomson Reuters Eikon DataStream. To address cross-sectional dependence and endogeneity, advanced estimation techniques—Feasible Generalized Least Squares (FGLS), Driscoll and Kraay standard errors, and the Generalized Method of Moments (GMM)—were employed. The results show that NPLs have a significant negative impact on banks’ asset and income growth. Furthermore, bank size and capital adequacy ratio (CAR) negatively and significantly moderate this relationship. These findings underscore the need for banks to enhance credit risk management by strengthening loan approval processes and leveraging advanced analytics to assess borrower risk more accurately. Full article

As urbanization progresses rapidly, cities face growing challenges of land resource scarcity and the pressure on green ecological spaces. This not only affects the sustainable development of cities but also presents a major challenge to the resilience of urban ecosystems (UER). As an emerging land use model, land financialization (LF), which involves the circulation and financing of land as a financial asset, has become an important means to promote UER. Therefore, this paper examines 221 prefecture-level cities across mainland China to explore the impact of land financialization on urban ecological resilience and aims to reveal the specific pathways through which land financialization improves urban ecological resilience through mechanisms like resource reallocation, industrial structure rationalization, green innovation, green signals, and environmental regulation. This paper employs a two-way fixed effects model, robustness tests, and endogeneity tests, supplemented by mechanism and heterogeneity analysis, to explore the impact of LF on UER. The findings show that LF plays a significant role in improving UER. Mechanism analysis reveals that LF significantly boosts UER by optimizing the distribution of land and financial resources, as well as enhancing the rationalization of the industrial structure. Additionally, enterprise green technology innovation, green value, and the intensity of environmental regulation play a positive moderating role in this process. In addition, the heterogeneity analysis reveals the inclusive characteristics of LF on urban ecological transformation. In cities with higher levels of land price distortion, as well as in old industrial cities, small cities, and peripheral cities with poorer resource characteristics and administrative resources, LF has a more significant impact on promoting the improvement of UER. Based on the findings, this paper proposes policy recommendations to promote the improvement of urban green ecology and support the innovation of land financialization. These insights contribute to the theoretical discourse on greenization and provide essential, practical guidance for optimizing the allocation of land and financial resources, as well as establishing a framework for green and high-quality development. Full article

Under the background of global green sustainable development and the urgent need to understand complex regional innovation systems, it is crucial to scientifically assess China’s Tourism Green Innovation Efficiency (TGIE) as a dynamic networked system and reveal its system-level evolution driving mechanism. This article presents the construction of the TGIE evaluation indicator system, measures the inter-provincial TGIE in China in 2011–2023 based on the three-stage super-efficiency SBM-DEA model, analyzes the spatial correlation network characteristics of TGIE by using the motif analysis method and the social network analysis method, and explores the evolutionary driving mechanism by using the time-exponential random graph model (TERGM). The study shows the following: (1) The TGIE of China exhibits a regional distribution pattern characterized by “high in the east and low in the west.” The efficiency of the eastern coastal region is significantly higher than that of the central and western regions, and the overall efficiency shows a fluctuating upward trend. (2) The local structure of China’s TGIE network is dominated by the chain structure, and the partially closed structure is gradually enhanced. It indicates that the bridge role of intermediary nodes in the cross-regional flow of innovation resources is becoming more and more significant. (3) The overall network evolves from a single center to a polycentric collaboration model. High-efficiency regions attract low-efficiency regions to collaborate through high connectivity, and intermediary nodes play a key role in connecting high- and low-efficiency regions. (4) The evolution of China’s TGIE network is driven by both exogenous and endogenous dynamics, showing significant path dependence and path creation characteristics. This study enhances the theoretical framework of complex systems in tourism innovation and offers theoretical support and policy insights for optimizing the network structure of China’s TGIE as a complex adaptive system and maximizing regional cooperation networks. Full article

Over the past several decades, old industrialized regions worldwide have faced immense pressure to adapt to global economic shifts. Using one of China’s major industrial provinces, Hebei, as a representative case study, this study examines how the evolution of one of China’s old industrial provinces, Hebei’s industrial structure has influenced its economic growth from 1990 to 2023. Drawing on theories of structural transformation and endogenous growth, we argue that the reallocation of resources from lower-productivity sectors (e.g., agriculture) to higher-productivity sectors (manufacturing and services) can act as an engine of growth. We employ a shift-share analysis (SSA) to decompose Hebei’s economic growth into components attributable to national trends, industrial structure, and regional competitive performance. The results reveal a globally relevant pattern of stagnation: while Hebei’s growth largely benefited from nationwide economic expansion (national effect), its heavy industrial structure initially posed a drag on growth (negative structural effect) and its regional competitive advantage in steel and energy sectors has eroded over time (weakening competitive effect). Our regression analysis further shows that growth was overwhelmingly dependent on capital accumulation while the contribution of labor was statistically insignificant, pointing to a low-productivity trap common in such regions. By integrating these methods, this study provides a robust diagnostic framework for identifying the root causes of economic distress in legacy industrial regions both within and outside China. These findings underscore the importance of structural upgrading for sustainable growth and offer critical lessons for policymakers globally, highlighting the necessity of moving beyond extensive, capital-driven growth toward an intensive model focused on industrial diversification, innovation, and human capital to ensure the sustainable revitalization of post-industrial economies. Full article

This study examines the impacts of Enterprise Resource Planning (ERP) systems on financing costs from the dual perspectives of risk management and relative value creation based on corporate value maximization objectives. Data were manually collected from the listed companies in China. It is found that the equity financing cost and debt financing cost of enterprises implementing ERP systems are both significantly higher than those without, and the impact of the ERP systems on equity financing cost is more significant than on debt financing cost. The endogeneity problems are addressed using the fixed effect, the instrumental variables in the two-stage least squares (2SLS) regression test, and the Heckman two-stage regression test. Further exploration into the underlying reasons for these results through mechanism analysis reveals that ERP systems can systematically and effectively enhance risk management levels and corporate value returns, bringing higher returns for investors and achieving a win-win situation. These research findings fundamentally help alleviate the agency problems between companies and investors, and also explain the advantages of an investment-oriented capital market in resolving conflicts among its various participants. Additionally, heterogeneity analysis further shows that the ownership structure and age structure of enterprises have a significantly negative moderating effect on the above results, and the moderating effect on equity financing cost is stronger than on debt financing cost. Full article