Journal of Asian Economics最新文献_第2页

Policy intervention and stock market stability risks: Evidence from carbon emission trading policy on energy firms in China 政策干预与股票市场稳定风险：来自中国能源企业碳排放交易政策的证据

IF 2.9 3区经济学

Journal of Asian Economics Pub Date : 2025-04-24 DOI: 10.1016/j.asieco.2025.101934

Chuanglian Chen , Cheng Ye , Haonan Wang , Shujie Yao

{"title":"Policy intervention and stock market stability risks: Evidence from carbon emission trading policy on energy firms in China","authors":"Chuanglian Chen , Cheng Ye , Haonan Wang , Shujie Yao","doi":"10.1016/j.asieco.2025.101934","DOIUrl":"10.1016/j.asieco.2025.101934","url":null,"abstract":"<div><div>Stock market volatility, crucial for financial risk management and investment decisions, is significantly influenced by carbon emissions trading policies. This study applies the GARCH-MIDAS-EPU model to estimate the long- and short-term volatilities of 30 A-share energy firms and employs the HD-TVP-VAR model to assess contagion effects. Using carbon emissions trading policy as a quasi-natural experiment, it examines the policy’s impact on firm-level volatility and net spillovers. The results indicate that short-term volatility exhibits strong clustering, while long-term volatility follows a non-linear adjustment path with regime shifts. Increased short-term volatility spillovers amplify contagion risks, whereas persistent long-term spillovers suggest sustained investor focus. Carbon emissions trading heightens firm-level volatility and influences short-term spillover dynamics but has an insignificant effect on the long-term net spillover index. The policy’s impact varies by firm characteristics, with centrally state-owned firms facing fewer financial constraints benefiting most from incentives.</div></div>","PeriodicalId":47583,"journal":{"name":"Journal of Asian Economics","volume":"98 ","pages":"Article 101934"},"PeriodicalIF":2.9,"publicationDate":"2025-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143886753","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}

引用次数: 0

Green public procurement, external pressures and enterprise green transition: Evidence from China 绿色公共采购、外部压力与企业绿色转型：来自中国的证据

IF 2.9 3区经济学

Journal of Asian Economics Pub Date : 2025-04-21 DOI: 10.1016/j.asieco.2025.101936

Jinqi Gao, Fan Lu

引用次数: 0

Is the transition to electric vehicles a crisis or an opportunity? The South Korean automotive industry experience 向电动汽车过渡是危机还是机遇？韩国汽车行业的经验

IF 2.9 3区经济学

Journal of Asian Economics Pub Date : 2025-04-20 DOI: 10.1016/j.asieco.2025.101938

Seoyoung Lee , Hongbum Kim , Junseok Hwang

引用次数: 0

Seeking gains but incurring losses: A study on the employment effect of zombie firms in China 损人利己：中国僵尸企业就业效应研究

IF 2.9 3区经济学

Journal of Asian Economics Pub Date : 2025-04-19 DOI: 10.1016/j.asieco.2025.101935

Lei Sheng , Xi Zhang , Na Hong , Mingqi Zou

{"title":"Seeking gains but incurring losses: A study on the employment effect of zombie firms in China","authors":"Lei Sheng , Xi Zhang , Na Hong , Mingqi Zou","doi":"10.1016/j.asieco.2025.101935","DOIUrl":"10.1016/j.asieco.2025.101935","url":null,"abstract":"<div><div>The behavior of local governments continuously \"infusing blood\" into zombie firms to \"stabilize employment\" may lead to \"unintended consequences\". This paper empirically examines the impact of zombie firms on employment and its mechanism of action at the regional level in China. The research findings show that the deepening of the degree of zombification significantly suppresses the growth rate of local enterprise labor employment. The results of a series of robustness tests based on the instrumental variable method have strengthened this conclusion. The results of the mechanism analysis indicate that zombie firms intensify the financing constraints and tax burdens of normal firms, reduce their working capital, internal cash flow, investment scale, and output level, and then impede their job creation, which is not conducive to the net employment growth of normal firms. The heterogeneity analysis reveals that the employment suppression effect of zombie firms is more prominent in regions with a higher degree of government intervention, in central and western provinces, as well as in small and medium-sized enterprises and non-export enterprises. The study also finds that zombie firms have a significant inhibitory impact on the wages of employees and the share of labor income in normal firms. This research confirms that local governments' bailout of zombie firms comes at the expense of the employment interests of other firms. Instead of stabilizing employment, it will undermine the long-term stability and continuous growth of employment. While providing new literature and empirical evidence for the labor market effects of zombie firms, this paper also offers important decision-making references for continuously stabilizing and expanding employment from the perspective of zombie firms.</div></div>","PeriodicalId":47583,"journal":{"name":"Journal of Asian Economics","volume":"98 ","pages":"Article 101935"},"PeriodicalIF":2.9,"publicationDate":"2025-04-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143852273","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}

引用次数: 0

Constraints and incentives: Promoting air pollution governance through performance evaluation system 约束与激励：通过绩效评价体系推进大气污染治理

IF 2.9 3区经济学

Journal of Asian Economics Pub Date : 2025-04-18 DOI: 10.1016/j.asieco.2025.101933

Wen-Quan Hu , Yunqing Su , Hongsheng Fang

{"title":"Constraints and incentives: Promoting air pollution governance through performance evaluation system","authors":"Wen-Quan Hu , Yunqing Su , Hongsheng Fang","doi":"10.1016/j.asieco.2025.101933","DOIUrl":"10.1016/j.asieco.2025.101933","url":null,"abstract":"<div><div>This paper examines the impact of simultaneously strengthening environmental data authenticity constraints and targeted environmental incentives in officials’ performance evaluation system on local air pollution governance. To do so, we construct a simple theoretical model to illustrate the behaviors of local governments under strengthened environmental constraints and incentives in the context of China’s new air quality standards (NAQS). We then evaluate the effectiveness of NAQS using the 2008–2016 Chinese city-level panel data and the staggered difference-in-differences (DID) method. We find that the implementation of NAQS resulted in an average decrease of 1.50 % in PM<sub>2.5</sub> concentration in pilot cities, and exhibits heterogeneity under different levels of environmental decentralization, local environmental protection tendencies, and officials’ promotion incentives. Mechanism analysis suggests that this effect may be achieved by increasing the share of local government environmental expenditures and promoting industrial greening. Cost-benefit analysis shows that the Chinese government is willing to pay a premium for immediate pollution reductions. We also further discuss the impacts of NAQS on other air pollutants and carbon emissions. Our findings provide empirical evidence for simultaneously strengthening constraints and incentives related to environmental protection in officials’ evaluation system to promote pollution control. This provides a valuable reference for developing countries to consider similar policies.</div></div>","PeriodicalId":47583,"journal":{"name":"Journal of Asian Economics","volume":"98 ","pages":"Article 101933"},"PeriodicalIF":2.9,"publicationDate":"2025-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143860568","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}

引用次数: 0

Air pollution, defensive behaviors, and medical expenditures 空气污染、防御行为和医疗支出

IF 2.9 3区经济学

Journal of Asian Economics Pub Date : 2025-04-10 DOI: 10.1016/j.asieco.2025.101931

Zaikun Hou , Moon Joon Kim , Ning Zhang

引用次数: 0

Market access and educational inequality in China 中国的市场准入和教育不平等

IF 2.9 3区经济学

Journal of Asian Economics Pub Date : 2025-04-04 DOI: 10.1016/j.asieco.2025.101927

Zhe Yang , Lijuan Yin

引用次数: 0

Transition to a greener economy: Climate change risks and resilience in a state-space framework 向绿色经济转型：国家空间框架下的气候变化风险和复原力

IF 2.9 3区经济学

Journal of Asian Economics Pub Date : 2025-04-04 DOI: 10.1016/j.asieco.2025.101928

Soumya Bhadury, Bhanu Pratap, Dhirendra Gajbhiye

{"title":"Transition to a greener economy: Climate change risks and resilience in a state-space framework","authors":"Soumya Bhadury, Bhanu Pratap, Dhirendra Gajbhiye","doi":"10.1016/j.asieco.2025.101928","DOIUrl":"10.1016/j.asieco.2025.101928","url":null,"abstract":"<div><div>Transitioning to a low-carbon economy is a long and challenging process requiring a well-planned policy mix to achieve net-zero emissions. This paper proposes a country-agnostic, empirical framework to analyse a country’s preparedness for mitigating climate change risks. Utilizing a dynamic factor model (DFM), we create composite indices to measure climate change 'exposure' and 'resilience' by integrating diverse datasets on renewable and non-renewable production, energy consumption, structural and economic factors. Further, we employ a flexible ‘predator-prey’ species interaction model to capture the dynamic interaction between exposure and resilience. We apply our proposed framework in the context of India, a large developing economy. Our analysis indicates that, while India’s climate change exposure has declined relative to the world, its resilience towards climate change has significantly diminished over time. We also find that an increase in resilience leads to a direct decline in future exposure to climate change. Our framework underscores the need for policies that foster climate change resilience such as expanding renewable energy production, ensuring accessible finance for the renewables sector, developing climate financing infrastructure and increasing investment in research and development for a smoother transition.</div></div>","PeriodicalId":47583,"journal":{"name":"Journal of Asian Economics","volume":"98 ","pages":"Article 101928"},"PeriodicalIF":2.9,"publicationDate":"2025-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143890881","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}

引用次数: 0

Digital empowerment to reduce air pollution: The impact of urban network infrastructure construction on PM2.5 数字赋能减少空气污染：城市网络基础设施建设对PM2.5的影响

IF 2.9 3区经济学

Journal of Asian Economics Pub Date : 2025-04-03 DOI: 10.1016/j.asieco.2025.101930

Kangjuan Lv , Heyun Zheng , Liming Ge

引用次数: 0

Can digital economy narrow the regional economic gap? Evidence from China 数字经济能缩小区域经济差距吗？来自中国的证据

IF 2.9 3区经济学

Journal of Asian Economics Pub Date : 2025-04-02 DOI: 10.1016/j.asieco.2025.101929

Jie Huang , Hongyang Lu , Minzhe Du

引用次数: 0