经济学最新文献

{"title":"Can artificial intelligence curb greenwashing? Firm-level evidence based on large language model","authors":"Ling-Yun He ,&nbsp;Liang Wang","doi":"10.1016/j.eneco.2025.108954","DOIUrl":"10.1016/j.eneco.2025.108954","url":null,"abstract":"<div><div>Amid growing scrutiny of corporate environmental disclosures, concerns have intensified regarding the prevalence of greenwashing. Although the rapid advancement of artificial intelligence (AI) has drawn increasing attention for its transformative potential in corporate governance, its implications for environmental disclosure have only begun to receive scholarly attention and warrant further investigation. This paper investigates the impact of artificial intelligence adoption on corporate greenwashing using a panel dataset of Chinese A-share listed firms from 2011 to 2022. Leveraging a novel AI adoption index derived from a fine-tuned large language model (LLM), we conduct empirical tests to assess the relationship between AI use and firms’ greenwashing strategies. Our findings reveal that AI adoption significantly reduces the incidence of greenwashing, which remains robust across multiple validation checks. Decomposition analysis across different technological categories shows that planning and decision systems constitute the most influential strand of AI in curbing greenwashing. Mechanism analysis indicates that this effect operates through enhanced operational efficiency, improved human capital structure, and increased green innovation. Additional heterogeneity analysis across subsamples reveals that the deterrent impact exhibits greater intensity in firms characterized by non-state-owned firms, polluting sectors, and technology-intensive enterprises. By highlighting the governance potential of AI in promoting credible environmental disclosure, this study provides new empirical evidence on the intersection of digital transformation and corporate sustainability.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"152 ","pages":"Article 108954"},"PeriodicalIF":14.2,"publicationDate":"2025-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145278318","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":"Dynamic investment strategy and optimal capital structure under risk and ambiguity","authors":"Dandan Song, Wenwei Wang, Pengfei Luo","doi":"10.1016/j.frl.2025.108643","DOIUrl":"https://doi.org/10.1016/j.frl.2025.108643","url":null,"abstract":"This paper introduces model uncertainty and risk management into a levered firm’s decision-making model based on a real option framework, and demonstrates the implications of ambiguity aversion to the optimal project initiation investment, productivity improved investment, hedging and financing decisions. The numerical results provide several important implications. Model uncertainty leads to underinvestment and reduces the firm value, the optimal coupon and also the leverage ratio. Besides, the firm value is enhanced and investment is accelerated accordingly with hedging. Especially, the more ambiguity-averse the manager is, the more significant the impact of hedging is.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"139 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2025-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145311756","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":"Green innovation drives the realization of carbon neutrality and the weak Porter effect","authors":"Yuwen Zhou, Lixin Tian, Xiaoguang Yang","doi":"10.1016/j.eneco.2025.108967","DOIUrl":"https://doi.org/10.1016/j.eneco.2025.108967","url":null,"abstract":"Achieving carbon neutrality involves complex economic, social, and environmental systems. At first, this paper categorizes goods into ordinary, low-carbon, and zero-carbon goods based on extended carbon footprint labels. Second, based on the green Schumpeterian endogenous growth model, it establishes an economic dynamical system by modeling the production of different goods to explore the effects of four key points for emission reduction – carbon tax, green values dissemination rate, new energy extraction capacity, and carbon emission control rate – on the evolution of the three core elements of carbon neutrality: green innovation, energy structure, and green consumption preferences. Finally, it explores the pathways to achieving carbon neutrality and economic growth. The findings highlight two points. Firstly, there exists a pathway to achieve carbon neutrality while maintaining economic growth. Green innovation is the foundation for carbon neutrality, and its combination with higher carbon tax and faster dissemination of green values creates dominant role in achieving carbon neutrality and producing resultant force in reducing both carbon emission and carbon intensity. Meanwhile, enhancing both new energy extraction capacity and carbon emission control rates (as part of the combination of emission reduction points) are effective supplementary approach to attaining carbon neutrality. Lowering the discount rate facilitates achieving carbon neutrality while maintaining economic growth. Finally, the relationship between optimal carbon tax and green innovation exhibits a weak Porter effect, i.e., an inverted U-shaped relationship between these two elements, and the incentive effect of carbon tax on green innovation gradually weakens as green innovation advances.","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"58 1","pages":""},"PeriodicalIF":12.8,"publicationDate":"2025-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145314868","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":"Revisiting density: The impact of CIAM on Zurich's plans for sustainable urban growth","authors":"Tanja Herdt ,&nbsp;Sibylle Wälty","doi":"10.1016/j.cities.2025.106539","DOIUrl":"10.1016/j.cities.2025.106539","url":null,"abstract":"<div><div>In recent years, the compact city model has gained prominence as a strategy for sustainable urban development, with urban densification at its core. While densification is recognized as a key planning tool, questions remain about how to use it effectively to achieve broader sustainability goals.</div><div>This study explores the role of density through the case of Zurich, a global city known for balancing competitiveness with quality of life. Using Campbell's (2007) triangle of conflicts in sustainable urban development, the research evaluates whether built, population, and functional density contribute to balancing the effects of intensified land-use processes, such as the provision of housing, proximity, and mix of uses.</div><div>Focusing on Zurich's Aussersihl district, the study analyzes three planning phases: the industrial city, the modernist functional city, and the sustainable city era. By integrating historical and current GIS data with projections for 2040, the findings reveal a transition from mixed-use residential areas to service-based areas. This shift is driven by modernist planning instruments promoting functional separation and de-densification. These approaches may impede sustainability goals, including functional diversity and density of use. The study calls for updated planning instruments and a redefinition of how density is conceptualized and operationalized in urban planning.</div></div>","PeriodicalId":48405,"journal":{"name":"Cities","volume":"169 ","pages":"Article 106539"},"PeriodicalIF":6.6,"publicationDate":"2025-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145270209","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":"Social protection and social distancing during the pandemic: Mobile money transfers in Ghana","authors":"Dean Karlan ,&nbsp;Matt Lowe ,&nbsp;Robert Osei ,&nbsp;Isaac Osei-Akoto ,&nbsp;Benjamin N. Roth ,&nbsp;Christopher Udry","doi":"10.1016/j.jdeveco.2025.103657","DOIUrl":"10.1016/j.jdeveco.2025.103657","url":null,"abstract":"<div><div>We randomized mobile money transfers to a sample of low-income Ghanaians during the COVID-19 pandemic. Treated households received eight transfers that sum to roughly one month’s income, while control households only received one transfer. The mere announcement of upcoming transfers has no effect. Once disbursed, transfers increase contemporaneous food expenditure by 8% and income by 20%, but do not affect psychological well-being. Over 40% of the transfers are spent on food. We find suggestive evidence that transfers increased social distancing. The positive effect on income does not persist to two years after the last transfer, and surprisingly, two-year effects on consumption and psychological well-being are negative. Together, we learn that pandemic-era cash transfers can support households economically without diminishing adherence to public health protocols, though with null or negative long-term effects.</div></div>","PeriodicalId":48418,"journal":{"name":"Journal of Development Economics","volume":"179 ","pages":"Article 103657"},"PeriodicalIF":4.6,"publicationDate":"2025-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145267681","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":"Caste identity and teachers’ biased expectations: Evidence from Bihar, India","authors":"Ritwik Banerjee ,&nbsp;Satarupa Mitra ,&nbsp;Soham Sahoo ,&nbsp;Ashmita Gupta","doi":"10.1016/j.jdeveco.2025.103650","DOIUrl":"10.1016/j.jdeveco.2025.103650","url":null,"abstract":"<div><div>We investigate whether teachers hold systematically biased expectations about students based on caste identity, using data from a large, detailed, and representative survey of public schools in Bihar, India. Students take standardized tests that determine their actual academic rank, while teachers independently rate each student’s relative standing within the class. The gap between a student’s actual rank and their teacher’s perceived rating gives us a measure of the teacher’s <em>Evaluation Bias</em>. Using a teacher fixed-effect approach, we find that forward caste teachers systematically underestimate the performance of backward caste students compared to forward caste peers taught in the same class. These caste-based differences in <em>Evaluation Bias</em> remain robust to alternative definitions of backward caste status and different measures of students’ performance.</div></div>","PeriodicalId":48418,"journal":{"name":"Journal of Development Economics","volume":"179 ","pages":"Article 103650"},"PeriodicalIF":4.6,"publicationDate":"2025-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145267974","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":"Urban heatwaves and mortality: A socioeconomic and environmental study using a novel building heat vulnerability index","authors":"Jiwei Zou ,&nbsp;Guowei Zhong ,&nbsp;Liangzhu Leon Wang ,&nbsp;Ali Katal ,&nbsp;Abhishek Gaur ,&nbsp;Shujie Yan ,&nbsp;Maher Albettar ,&nbsp;Ahmed Marey","doi":"10.1016/j.cities.2025.106558","DOIUrl":"10.1016/j.cities.2025.106558","url":null,"abstract":"<div><div>Climate change has significantly increased the frequency, intensity, and magnitude of heatwaves, leading to numerous deaths in recent decades. While environmental parameters are known contributors to heat-related mortality, the specific impacts of socioeconomic factors remain less clear. This study introduces a new Building Heat Vulnerable Index (BHVI) to assess and map urban overheating mortality risk during heatwaves at the building level. Using data from the 2018 Montreal heatwave, we employed penalized logistic regression (PLR) to analyze the correlation between heat-related mortality and both environmental and socioeconomic parameters across Montreal. The City Building Energy Model (CityBEM) was used to simulate indoor overheating conditions, providing detailed exposure data. Socioeconomic variables were collected from Censusmapper and Geoportail Quebec. Our analysis revealed that “dwelling density” and “average income” are the most significant factors affecting heat-related mortality. Utilizing the BHVI, we generated a detailed heat vulnerability map identifying risk regions across Montreal, highlighting vulnerable areas with high dwelling density and low average income. Additionally, we thoroughly evaluated the impacts of increasing air conditioning (AC) capacity on mitigating heat vulnerability through bootstrap simulations. The results demonstrated that enhancing AC capacity significantly reduces heat-related mortality risk, particularly in high and critical risk areas. The findings underscore the importance of integrating socioeconomic factors and building-level data into heatwave mortality risk assessments. They suggest that targeted interventions, such as improving AC accessibility in vulnerable neighborhoods, can effectively mitigate heat-related health risks. This study provides valuable insights for policymakers to implement effective heat mitigation strategies in urban environments facing escalating climate challenges.</div></div>","PeriodicalId":48405,"journal":{"name":"Cities","volume":"169 ","pages":"Article 106558"},"PeriodicalIF":6.6,"publicationDate":"2025-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145270334","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":"Microwork as a development project: An ethnographic study of data annotators in Guizhou, China","authors":"Yu Huang ,&nbsp;Yidan Kuang","doi":"10.1016/j.worlddev.2025.107187","DOIUrl":"10.1016/j.worlddev.2025.107187","url":null,"abstract":"<div><div>This paper adopts an ethnographic approach to explore microwork as a development project, focusing on the dynamic relations between the state, labor recruiting agency and workers. The Chinese state has made big investments to turn the poor and remote region of Guizhou into a big data hub, laying high hopes for high-tech to contribute to poverty alleviation. Soon the big data industry attracted the concentration of data annotation firms that vowed to train unskilled rural residents to work. We present the case of G Firm, a “complementary organizations to algorithms” (COTA) that conducts data annotation for AI platforms and meets the government’s demand for job creation. Conventional research on microwork largely focuses on how platforms such as AMT and Clickfarm exploit labor, but has paid little attention to the role of outsourced agencies in taking up the tasks of labor training and management. This paper looks at how G Firm offered a space of worker copresence to facilitate the social learning of labelling skills. However, whether annotation work is qualified or not is decided less on annotator’s individual embodied experience or peers’ social expertise than on the requirement of the inspectors. Therefore, COTA serves as an intermediary for the coding elites to exert indirect control over the cybertariat who often have to endure unpaid work due to the fast iteration process of AI. However, the fast turnover rate and fragmented division of labor made them difficult to build solidarity and assert better labor rights. Although data annotators can accomplish tasks that algorithms fail to do, given their lack of solidarity, their skills have not endowed them with high bargaining power. Our study has demonstrated the indispensable role of human labor to technological growth and would like to call for development studies to take into consideration the central role of labor as an agency for change.</div></div>","PeriodicalId":48463,"journal":{"name":"World Development","volume":"197 ","pages":"Article 107187"},"PeriodicalIF":4.8,"publicationDate":"2025-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145270775","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":"Work hour flexibility and job mobility","authors":"Yong Hyun Shin ,&nbsp;Ho-Seok Lee","doi":"10.1016/j.frl.2025.108573","DOIUrl":"10.1016/j.frl.2025.108573","url":null,"abstract":"<div><div>The right to arrange flexible work hours provides workers with increased utility and productivity. A job that allows employees to schedule their own work hour provides job satisfaction, and employees tend to have less mobility towards another job. We present a model that is compatible with these effects of flexible work hours. Our worker is assumed to have a Cobb–Douglas utility from consumption and leisure and maximizes expected discounted lifetime utility.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108573"},"PeriodicalIF":6.9,"publicationDate":"2025-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145267501","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":"Does profitability explain the low-risk anomaly in India?","authors":"Divya P. Tulsyan ,&nbsp;Mayank Joshipura ,&nbsp;Anil V. Mishra","doi":"10.1016/j.qref.2025.102060","DOIUrl":"10.1016/j.qref.2025.102060","url":null,"abstract":"<div><div>This study investigates the presence of a risk anomaly in the Indian stock market and examines whether profitability can explain this anomaly. Using Nifty 500 index companies from March 2003 to June 2022, the study concludes that: a) the risk anomaly is present in the Indian stock markets and manifests in the form of a lack of a risk-return relationship; b) higher profitability enhances absolute and risk-adjusted performance; c) high-volatility stocks tend to have lower profitability, while low-volatility stocks often exhibit higher profitability; d) the positive risk-return relationship is not restored after controlling for profitability; e) after accounting for profitability, the risk anomaly moderates but still fails to resolve the puzzle. The study is relevant for investors, scholars, and money managers, and it offers insights into the existing debate on the role of profitability in the emerging market context.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"104 ","pages":"Article 102060"},"PeriodicalIF":3.1,"publicationDate":"2025-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145267522","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}