经济学最新文献

{"title":"The impact of sanctioning in the nonprofit sector","authors":"Jennifer Mayo","doi":"10.1016/j.jebo.2025.107198","DOIUrl":"10.1016/j.jebo.2025.107198","url":null,"abstract":"<div><div>This paper studies charity responses to alleged or confirmed misconduct. Using advisory notices published by Charity Navigator, I find that charities take steps to improve and change following these events, especially when misconduct is severe, or attracts more media attention. On average, the publication of an advisory prompts organizations to increase their program spending by over 20 percent in the years following a scandal. This response is not driven by the withdrawal of donor support, but instead could be due to concerns over long-term reputational damage. These findings help to quantify the value of a crucial accountability tool in the nonprofit sector.</div></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":"238 ","pages":"Article 107198"},"PeriodicalIF":2.3,"publicationDate":"2025-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145019585","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Emissions pricing instruments with intermittent renewables: Second-best policy","authors":"Nandeeta Neerunjun","doi":"10.1016/j.enpol.2025.114840","DOIUrl":"10.1016/j.enpol.2025.114840","url":null,"abstract":"<div><div>I analyze emissions pricing to support the integration of prevailing renewable resources into an electricity mix composed of polluting technologies. I consider the intermittent nature of the resources such as wind energy and externalities due to emissions-intensive production. I show that an emissions tax is inefficient when consumers are on flat-rate electricity tariffs and do not necessarily adapt their consumption to varying production. The tax is inefficient even with flexibility in the markets when consumers are on variable tariffs. The renewable resource induces variability in the polluting electricity production and associated marginal damage that is not efficiently internalized by a predetermined tax. I then study an Emissions Trading Scheme that provides flexibility at the policy level: emissions permits are traded at market prices. Since the emissions cap must still be predetermined, I show that it leads to inefficient permit prices as they do not match the marginal damages. The two emissions pricing instruments are not necessarily equivalent since I find that the tax differs from the prices of permits.</div></div>","PeriodicalId":11672,"journal":{"name":"Energy Policy","volume":"208 ","pages":"Article 114840"},"PeriodicalIF":9.2,"publicationDate":"2025-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145020494","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"CEO earnings: Evidence from Danish twins","authors":"Martin Conyon ,&nbsp;Juyeong Jeong ,&nbsp;Steen Thomsen","doi":"10.1016/j.econlet.2025.112562","DOIUrl":"10.1016/j.econlet.2025.112562","url":null,"abstract":"<div><div>We estimate the CEO earnings premium using Danish twin data. Ordinary least squares indicate CEOs earn 59.5% more than comparable non-CEOs. Controlling for twin-pair and firm fixed effects, which capture shared family, genetic, and workplace factors, reduces the premium substantially to 15.9%. A series of sensitivity analyses — varying income definitions, sample restrictions, firm-size interactions, and environmental controls — confirm that this reduced premium remains robust. These results suggest that a significant portion of the CEO earnings gap is explained by unobserved background factors rather than by the causal effect of CEO status itself.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"256 ","pages":"Article 112562"},"PeriodicalIF":1.8,"publicationDate":"2025-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145027362","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Appreciation to Article Reviewers","authors":"","doi":"10.1111/1467-8268.70030","DOIUrl":"https://doi.org/10.1111/1467-8268.70030","url":null,"abstract":"","PeriodicalId":47363,"journal":{"name":"African Development Review-Revue Africaine De Developpement","volume":"37 3","pages":""},"PeriodicalIF":3.1,"publicationDate":"2025-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145012223","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Analysing the prospects for place-based micro-missions: the role of challenge complexity and regional capacity","authors":"Dylan Henderson, Rick Delbridge","doi":"10.1093/cjres/rsaf027","DOIUrl":"https://doi.org/10.1093/cjres/rsaf027","url":null,"abstract":"Mission-oriented innovation policies have come to the forefront of debates in both research and policymaking. While attention has focused on top-down, science, technology and innovation missions, research has increasingly begun to explore their spatial and societal dimensions. The concept of micro-missions has been advanced to highlight the potential for smaller-scale, place-based responses to societal challenges. This paper exf the circumstances in which micro-missions are formulated and implementedplores the role of capacity to mobilise and challenge complexity in such missions and highlights the diversity of models for their design. A conceptual framework is advanced and tested with the case of public food micro-missions in Malmö, and strategic implications are identified.","PeriodicalId":47897,"journal":{"name":"Cambridge Journal of Regions Economy and Society","volume":"34 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2025-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145017155","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Embedding city revival into state-driven innovation system: unravelling the state–local entrepreneurial toolkits for innovation","authors":"Ziming Li, Yiqing Zhao, Zhang Zhang","doi":"10.1093/cjres/rsaf025","DOIUrl":"https://doi.org/10.1093/cjres/rsaf025","url":null,"abstract":"What spatial interactions exist between state-driven innovation system building and regional rebalancing locally? Xi'an's resurgence via the development of the Xi'an–Xianyang New Area demonstrates how state's pursuit of the mission of national rejuvenation through indigenous innovation and regional rebalance intersects with state entrepreneurialism. Using our framework of dual entrepreneurialism, we investigate the evolutionary multi-scalar governance of Xi'an–Xianyang New Area from 2002 to the present. As a national project driven by subnational governments, it supports regional integration of urban development, industries and innovation. We find the instrumental role of an entrepreneurial province in mitigating local conflicts and the importance of entrepreneurial initiatives in assembling pro-innovation factors. Our findings enrich understanding of state–local entrepreneurial toolkits for innovation in mission-oriented economy.","PeriodicalId":47897,"journal":{"name":"Cambridge Journal of Regions Economy and Society","volume":"35 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2025-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145017156","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Can government policies tackle maturity mismatches? Evidence from a quasi-natural experiment in China","authors":"Xiao Chen ,&nbsp;Narisa Tianjing Dai ,&nbsp;Ming Liu ,&nbsp;Raymond H.Y. So ,&nbsp;Zhiyuan Simon Tan","doi":"10.1016/j.jcorpfin.2025.102889","DOIUrl":"10.1016/j.jcorpfin.2025.102889","url":null,"abstract":"<div><div>Investment-financing maturity mismatches are common among firms worldwide, yet little is known about how government interventions can tackle them. This paper investigates China's Industry-Finance Cooperation Pilot Program as a quasi-natural experiment to examine whether, to what extent, and through what mechanisms government policies can address maturity mismatches. Using a multi-period difference-in-differences (DID) model and a sample of publicly listed A-share firms in China from 2014 to 2022, we find that the pilot program significantly reduces maturity mismatches by improving bank-firm information flows, reducing banks' concerns over moral hazard, and narrowing the term spread between short- and long-term interest rates. These findings provide empirical evidence that government policies can simultaneously tackle both supply and demand causes of maturity mismatches. Cross-sectional analyses reveal that the mismatch alleviation effect is strongest among non-state-owned enterprises, firms with low collateral availability, financially constrained firms, and those in highly competitive industries. Further, we find that alleviating maturity mismatches enhances firm stability, lowers financial distress, and improves market valuation, suggesting that these mismatches often reflect firms' “forced choices” rather than strategic preferences. Finally, analysis of bank-level data shows that the pilot program not only benefits firms but also reduces banks' credit and financial risks. Overall, this paper offers novel insights for policymakers by demonstrating how government interventions can improve corporate financing decisions while reducing systemic financial risks. It contributes to the broader corporate finance literature by highlighting the importance of credit availability in fostering financial stability and sustainable growth, particularly in emerging markets.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"95 ","pages":"Article 102889"},"PeriodicalIF":5.9,"publicationDate":"2025-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145044986","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Mapping urban-rural divide of disaster vulnerability and implications for community resilience building in China","authors":"Yuheng Li ,&nbsp;Wenjing Cheng ,&nbsp;Yun Zhang ,&nbsp;Monika Stanny ,&nbsp;Guoming Du","doi":"10.1016/j.habitatint.2025.103580","DOIUrl":"10.1016/j.habitatint.2025.103580","url":null,"abstract":"<div><div>Globally, the climate disasters have swept human society and exerted long lasting impact on sustainability issues. Taking Zhuozhou, north China's Hebei Province as the study area which suffered flood in 2023, the study integrates the exposure-sensitivity-adaptability model with multi-source geospatial and socioeconomic data, and investigates the urban-rural divide in disaster vulnerability and its implications for community resilience building in the context of China's climate crisis. Research results show that: (1) there exist critical disparities between urban and rural communities in terms of disaster vulnerability. (2) urban areas exhibit lower vulnerability due to superior infrastructure, governance, and disaster preparedness, while rural regions face heightened exposure and sensitivity driven by low-lying topography, proximity to rivers, and socioeconomic marginalization. (3) communities with higher government revenue and proximity to relief agencies demonstrate greater adaptive capacity, underscoring the role of fiscal resources and infrastructure accessibility in mitigating flood risks. The study highlights systemic inequalities in disaster resilience, where rural communities—despite similar exposure and sensitivity—suffer disproportionately due to limited financial and institutional conditions. The paper calls for targeted interventions, including equitable infrastructure investment, early-warning systems, and community-led resilience planning, to bridge the urban-rural divide of community vulnerability to disasters and enhance collective adaptive capacity in the face of escalating climate extremes.</div></div>","PeriodicalId":48376,"journal":{"name":"Habitat International","volume":"165 ","pages":"Article 103580"},"PeriodicalIF":7.0,"publicationDate":"2025-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145018424","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Examining the roles of perceived neighbourhood environments in shaping social capital and the happiness of older adults in a super-aged Asian City","authors":"Jinhyun Hong,&nbsp;Dongwoo Lee,&nbsp;Jihwan Ham","doi":"10.1016/j.cities.2025.106437","DOIUrl":"10.1016/j.cities.2025.106437","url":null,"abstract":"<div><div>As society transitions into super-aged populations, new urban challenges, such as the mobility and health of older adults, have emerged. These challenges can significantly impact quality of life, potentially leading to reduced happiness and highlighting the need for evidence-based policies. Various disciplines have proposed innovative approaches to address these challenges, with land use policies increasingly emphasised in the urban and transport sectors to enhance the happiness of older adults. Previous studies indicate that neighbourhood environments, including mixed land use, walkability, and green spaces, can improve accessibility and promote active travel, such as walking and cycling. This fosters participation in diverse activities and helps reduce stress, thereby enhancing social interactions and contributing to greater happiness. In particular, neighbourhood characteristics, such as walkability and green spaces, provide residents with opportunities for social engagement, strengthening social ties and promoting a sense of belonging. Despite growing evidence of these complex links, few studies have examined these relationships comprehensively, especially among older adults in super-aged cities. Using the 2023 Seoul Survey and a Recursive Probit-Linear model, this study investigates how perceived neighbourhood environmental factors correlate with social capital, and how they relate to the happiness of older adults. Our findings reveal that perceived walkability, quality green spaces, and safety are significantly and positively associated with both social capital and happiness among older adults. Furthermore, while social capital significantly enhances the happiness of older adults, this association is not observed among younger and middle-aged adults. These results underscore the crucial role of perceived neighbourhood environments in shaping both social capital and happiness in later life, offering valuable insights for urban and transport planners committed to developing age-friendly cities.</div></div>","PeriodicalId":48405,"journal":{"name":"Cities","volume":"168 ","pages":"Article 106437"},"PeriodicalIF":6.6,"publicationDate":"2025-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145019748","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Design of multi-attribute procurement auction for the Korean clean hydrogen power generation auction market","authors":"Jisu Sim ,&nbsp;Jihyeok Jung ,&nbsp;Deok-Joo Lee ,&nbsp;Kiho Yoon","doi":"10.1016/j.eneco.2025.108871","DOIUrl":"10.1016/j.eneco.2025.108871","url":null,"abstract":"<div><div>This paper presents a procurement auction mechanism for the Korean clean hydrogen power generation auction market, addressing the limitations of the existing auction design. We design a multi-attribute auction framework with a Vickrey-score sealed-bid auction rule consisting of scoring, allocation, and payment rules, allowing sellers to bid on both price and non-price attributes. We adopt the hydrogen co-firing rate and capacity factor as non-price attributes to comprehensively evaluate the contributions to greenhouse gas reduction and fuel supply reliability. Through equilibrium analysis, we demonstrate that the proposed mechanism induces a weakly dominant bidding strategy for sellers. This strategy leads to optimal price bids based on their levelized cost of energy (LCOE) and independently determined non-price attributes. Numerical analysis using real-world parameters from the Korean hydrogen industry highlights the importance of carefully structuring the score function. Moreover, the results confirm that the proposed auction mechanism achieves higher market efficiency and a greater share of clean hydrogen in fuel usage compared to single-attribute price-only auctions.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"150 ","pages":"Article 108871"},"PeriodicalIF":14.2,"publicationDate":"2025-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145026731","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}