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Divergent outcomes of large-scale land transactions in Ethiopia: A quantitative comparative analysis
IF 7 2区 经济学
Ecological Economics Pub Date : 2025-01-24 DOI: 10.1016/j.ecolecon.2025.108531
Chuan Liao, Arun Agrawal
{"title":"Divergent outcomes of large-scale land transactions in Ethiopia: A quantitative comparative analysis","authors":"Chuan Liao, Arun Agrawal","doi":"10.1016/j.ecolecon.2025.108531","DOIUrl":"https://doi.org/10.1016/j.ecolecon.2025.108531","url":null,"abstract":"Large-scale land transactions (LSLTs) for agricultural development represent changes in inherently complex and coupled socio-ecological systems. This is particularly so in lower- and middle-income countries where land is the principal basis of livelihoods and generates substantial but diverse ecosystem services, and tenure arrangements affect both livelihoods and ecosystem provision simultaneously. Despite decades of research on LSLTs, a significant epistemological gap persists between broad quantitative analyses and in-depth case studies, and systematic empirical research investigating the joint economic, social, and environmental outcomes remains rare. We analyze 24 LSLTs in Ethiopia, selected carefully to represent variations in LSLT characteristics and local contexts. Across these 24 cases, outcomes diverge markedly from the pessimistic conclusions identified in much existing empirical research. Considering such diversity, we classify LSLT outcomes into four categories: synergy, tradeoff, struggle, and failure. We then perform qualitative comparative analysis to examine the specific conditions that correlate with these outcomes. Our findings highlight the importance of moving beyond monoconsequential predictions for land tenure changes and of more comparative analysis of LSLTs to attend to variations across social, economic, and environmental outcomes considered in relation to each other. An integrated epistemological approach, our study shows, is necessary to understand the diverse pathways through which land tenure changes drive human-nature interactions and affect the broader landscape of coupled socio-ecological systems.","PeriodicalId":51021,"journal":{"name":"Ecological Economics","volume":"138 46 1","pages":""},"PeriodicalIF":7.0,"publicationDate":"2025-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143031441","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}
引用次数: 0
ESG: A panacea for market power?
IF 8.9 1区 经济学
Journal of Financial Economics Pub Date : 2025-01-24 DOI: 10.1016/j.jfineco.2024.103991
Philip Bond, Doron Levit
{"title":"ESG: A panacea for market power?","authors":"Philip Bond, Doron Levit","doi":"10.1016/j.jfineco.2024.103991","DOIUrl":"https://doi.org/10.1016/j.jfineco.2024.103991","url":null,"abstract":"We study the equilibrium effects of the “S” dimension of ESG under imperfect competition. ESG policies are pledges made by firms that constrain managers to treat their stakeholders better than market conditions alone dictate. Moderate policies limit market power and prompt managers to be more competitive; aggressive polices backfire, both for adopting firms and intended beneficiaries. In contrast to the “shareholder primacy” paradigm, competition in ESG policies under the “stakeholder capitalism” paradigm is a panacea for market power, delivering the first-best outcome in equilibrium. We discuss drivers behind the recent rise in ESG, ESG-linked compensation, and disclosure practices.","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"14 1","pages":""},"PeriodicalIF":8.9,"publicationDate":"2025-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143050008","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}
引用次数: 0
Population concentration in high-complexity regions within city during the heat wave
IF 4.4 2区 经济学
Cambridge Journal of Regions Economy and Society Pub Date : 2025-01-24 DOI: 10.1093/cjres/rsae044
Hyoji Choi, Jonghyun Kim, Donghyeon Yu, Bogang Jun
{"title":"Population concentration in high-complexity regions within city during the heat wave","authors":"Hyoji Choi, Jonghyun Kim, Donghyeon Yu, Bogang Jun","doi":"10.1093/cjres/rsae044","DOIUrl":"https://doi.org/10.1093/cjres/rsae044","url":null,"abstract":"This study investigates the impact of the 2018 summer heat wave on urban mobility in Seoul and the role of economic complexity in the region’s resilience. Analysis of subway and mobile phone data reveals a significant decrease in the floating population during the extreme heat wave, underscoring the thermal vulnerability of urban areas. However, urban regions with higher complexity demonstrate resilience, attracting more visitors despite high temperatures. Our results suggest the centrality of economic complexity in urban resilience against climate-induced stressors. Additionally, high-complexity small business clusters appear to serve as focal points for sustaining urban vitality in the face of thermal shocks within the city. From a long-term perspective, our results imply that people might become more concentrated in highly complex regions in the era of global warming.","PeriodicalId":47897,"journal":{"name":"Cambridge Journal of Regions Economy and Society","volume":"113 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2025-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143030906","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}
引用次数: 0
Small and vulnerable during crises? Firm size and financing constraint dynamics
IF 6.4 1区 经济学
Small Business Economics Pub Date : 2025-01-24 DOI: 10.1007/s11187-024-00996-y
David Heller, Pantelis Karapanagiotis, Øivind A. Nilsen
{"title":"Small and vulnerable during crises? Firm size and financing constraint dynamics","authors":"David Heller, Pantelis Karapanagiotis, Øivind A. Nilsen","doi":"10.1007/s11187-024-00996-y","DOIUrl":"https://doi.org/10.1007/s11187-024-00996-y","url":null,"abstract":"<p>This study analyzes the dynamics of financing constraints under changing economic conditions and the role of firm size in this context. Using administrative data from Germany, we quantify financing constraints expressed as the probability that a firm encounters excess demand or excess supply. On average, small- and medium-sized enterprises (SMEs) are indeed more likely than larger firms to face excess demand for loans. Using the Great Financial Crisis as an empirical setting, we show that tightening financing conditions do not affect smaller firms disproportionally, but generally risky borrowers. Importantly, post-crisis trends in debt-ratios, profitability, investments, and employment are similar irrespective of firm size, while smaller firms respond to the economic slowdown by persistently building up cash buffers. Our results urge policymakers to consider specific characteristics of bank-dependent firms to assess their exposure to economic crises—instead of focusing on size as vulnerability criteria per se.</p>","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"120 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2025-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143027148","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}
引用次数: 0
Translating Fairtrade. Contact zones and discursive power in the global production network of certified Darjeeling tea
IF 2.9 2区 经济学
Journal of Economic Geography Pub Date : 2025-01-24 DOI: 10.1093/jeg/lbaf004
Miriam Wenner, Andri Heidler
{"title":"Translating Fairtrade. Contact zones and discursive power in the global production network of certified Darjeeling tea","authors":"Miriam Wenner, Andri Heidler","doi":"10.1093/jeg/lbaf004","DOIUrl":"https://doi.org/10.1093/jeg/lbaf004","url":null,"abstract":"The mechanisms through which voluntary sustainability standards (VSS) become effective as means of private governance and how they influence power relations in global production networks (GPNs) of certified goods are not well understood. Focussing on the last mile of VSS’ travel, we scrutinize the discursive dimension of power as it operates through the translation of Fairtrade in a local contact zone, namely Fairtrade trainings with workers at Indian tea plantations. Drawing on insights from postcolonial translation studies and actor-network-theory we show that the ways in which VSS are translated by cultural brokers are critical to processes of (dis)empowerment of workers. By showing how translation informs discursive power, our research offers a novel framework to unpack the power structures associated with private regulation as set within the context of multi-polar governance structures and the postcolonial legacies of places.","PeriodicalId":48251,"journal":{"name":"Journal of Economic Geography","volume":"120 1","pages":""},"PeriodicalIF":2.9,"publicationDate":"2025-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143030847","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}
引用次数: 0
Bit by bit: colocation and the death of distance in software developer networks
IF 2.9 2区 经济学
Journal of Economic Geography Pub Date : 2025-01-24 DOI: 10.1093/jeg/lbaf002
Moritz Goldbeck
{"title":"Bit by bit: colocation and the death of distance in software developer networks","authors":"Moritz Goldbeck","doi":"10.1093/jeg/lbaf002","DOIUrl":"https://doi.org/10.1093/jeg/lbaf002","url":null,"abstract":"Digital work environments potentially facilitate remote collaboration, thereby decreasing geographic friction in knowledge work. I examine spatial collaboration of 190,637 software developers in the USA on the largest coding platform, GitHub. Using a gravity framework that accounts for cluster size, I find that colocated developers collaborate about nine times more frequently than non-colocated developers. This colocation effect is about two to four times smaller than in less digital settings in inventor or social networks. Increased distance beyond colocation has little impact on collaboration. Heterogeneity analyses demonstrate the colocation effect is smaller within large organizations, among experienced developers, and for sporadic interactions. Results suggest geographic proximity is less important for collaboration in digital knowledge work.","PeriodicalId":48251,"journal":{"name":"Journal of Economic Geography","volume":"139 1","pages":""},"PeriodicalIF":2.9,"publicationDate":"2025-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143030849","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}
引用次数: 0
The volatility puzzle of the beta anomaly
IF 8.9 1区 经济学
Journal of Financial Economics Pub Date : 2025-01-24 DOI: 10.1016/j.jfineco.2025.103994
Pedro Barroso, Andrew Detzel, Paulo Maio
{"title":"The volatility puzzle of the beta anomaly","authors":"Pedro Barroso, Andrew Detzel, Paulo Maio","doi":"10.1016/j.jfineco.2025.103994","DOIUrl":"https://doi.org/10.1016/j.jfineco.2025.103994","url":null,"abstract":"This paper shows that leading theories of the beta anomaly fail to explain the anomaly’s conditional performance. Abnormal returns and Sharpe ratios of betting-against-beta (BAB) factors rise following months with below-median realized volatility, even controlling for mispricing, limits to arbitrage, lottery preferences, analyst disagreement, and sentiment. Moreover, the leverage constraints theory counterfactually predicts that market and BAB Sharpe ratios increase with volatility. We further show that institutional investors shift their demand from high- to low-beta stocks as volatility increases, and the resulting price impact is sufficient to explain the difference in abnormal BAB returns between high- and low-volatility states.","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"133 1","pages":""},"PeriodicalIF":8.9,"publicationDate":"2025-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143050007","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}
引用次数: 0
Trade Policy Dynamics: Evidence from 60 Years of US-China Trade
IF 8.2 1区 经济学
Journal of Political Economy Pub Date : 2025-01-23 DOI: 10.1086/733420
George Alessandria, Shafaat Yar Khan, Armen Khederlarian, Kim J. Ruhl, Joseph B. Steinberg
{"title":"Trade Policy Dynamics: Evidence from 60 Years of US-China Trade","authors":"George Alessandria, Shafaat Yar Khan, Armen Khederlarian, Kim J. Ruhl, Joseph B. Steinberg","doi":"10.1086/733420","DOIUrl":"https://doi.org/10.1086/733420","url":null,"abstract":"Journal of Political Economy, Ahead of Print. <br/>","PeriodicalId":16875,"journal":{"name":"Journal of Political Economy","volume":"38 1","pages":""},"PeriodicalIF":8.2,"publicationDate":"2025-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143026450","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}
引用次数: 0
The symbolic dimensions of waterfront regeneration projects: inter-referencing, legitimating strategies and circulating practices in three Latin American megaprojects
IF 4.4 2区 经济学
Cambridge Journal of Regions Economy and Society Pub Date : 2025-01-23 DOI: 10.1093/cjres/rsaf001
Guillermo Jajamovich, Gabriel Silvestre, Isabel Duque Franco
{"title":"The symbolic dimensions of waterfront regeneration projects: inter-referencing, legitimating strategies and circulating practices in three Latin American megaprojects","authors":"Guillermo Jajamovich, Gabriel Silvestre, Isabel Duque Franco","doi":"10.1093/cjres/rsaf001","DOIUrl":"https://doi.org/10.1093/cjres/rsaf001","url":null,"abstract":"This paper provides a comparative analysis of three symbolic dimensions of waterfront regeneration projects in Latin American cities: the inter-referencing practices alluded to in relation to projects from elsewhere, legitimating strategies that are discursively and materially constructed to present these projects as socially distributive, and subsequent approaches to leverage lessons from these experiences and re-circulate practices to other places. Following recent literature on urban megaprojects, policy mobility and inter-referencing we postulate that urban megaprojects production and legitimation involves material and symbolic, as well as territorial and relational processes, including the mobilisation of symbols, representations and images that generate consensus and mitigate criticism and resistance.","PeriodicalId":47897,"journal":{"name":"Cambridge Journal of Regions Economy and Society","volume":"22 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2025-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143027150","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}
引用次数: 0
The influence of venture capital and university ownership on spin-off’s bank loan access: a synergistic effect 风险投资和大学所有权对分拆企业获得银行贷款的影响:协同效应
IF 6.4 1区 经济学
Small Business Economics Pub Date : 2025-01-23 DOI: 10.1007/s11187-024-00995-z
Nicola Del Sarto, Elisa Bocchialini, Lorenzo Gai, Federica Ielasi
{"title":"The influence of venture capital and university ownership on spin-off’s bank loan access: a synergistic effect","authors":"Nicola Del Sarto, Elisa Bocchialini, Lorenzo Gai, Federica Ielasi","doi":"10.1007/s11187-024-00995-z","DOIUrl":"https://doi.org/10.1007/s11187-024-00995-z","url":null,"abstract":"<p>University spin-offs (USOs) often face difficulties obtaining bank loans due to the perceived riskiness of their technologies. This study investigates the role of venture capitalists (VCs) and university ownership in facilitating bank debt for USOs, focusing on their impact on access to long-term financing. Using a fixed-effect panel data model on 1594 Italian USOs between 2012 and 2022, the findings indicate that VC support enhances access to bank loans, particularly long-term ones. Moreover, the presence of university equity ownership further strengthens the effect of VC support by serving as an additional positive signal to banks. The results highlight the synergistic role of VCs and universities in increasing the creditworthiness of spin-offs. This study contributes to entrepreneurial finance and academic entrepreneurship by showing that the combination of VC and university involvement significantly improves access to bank debt, thereby promoting the sustainable growth of university spin-offs.</p>","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"7 1 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2025-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143020482","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}
引用次数: 0
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