Qiaochu Li, Yuehan Liu, Qinghe Yang, Jianhui Jian, Tao Li
{"title":"Economic policy uncertainty and ESG performance","authors":"Qiaochu Li, Yuehan Liu, Qinghe Yang, Jianhui Jian, Tao Li","doi":"10.1016/j.asieco.2025.102083","DOIUrl":"10.1016/j.asieco.2025.102083","url":null,"abstract":"<div><div>This study examines how economic policy uncertainty (EPU) affects Environmental, Social, and Governance (ESG) performance. The results demonstrate that EPU reduces overall ESG scores, specifically weakening governance (G) but enhancing social (S) performance, indicating that firms tend to prioritize social initiatives over governance under uncertainty. The effects are moderated by firms’ life cycle, ownership, and cash holdings. Mechanism analyses suggest that EPU reduces ESG performance through heightening investor pessimism, whereas it enhances ESG performance through R&D investments. In addition, stronger ESG lowers stock price crash risk during EPU but slightly reduces firm value. Overall, our findings highlight EPU’s influence on corporate sustainability strategies.</div></div>","PeriodicalId":47583,"journal":{"name":"Journal of Asian Economics","volume":"101 ","pages":"Article 102083"},"PeriodicalIF":3.4,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145623804","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":"Land titling: Promoting internal migration in China?","authors":"Xingshu Ma , Fung Kwan","doi":"10.1016/j.asieco.2025.102036","DOIUrl":"10.1016/j.asieco.2025.102036","url":null,"abstract":"<div><div>Land tenure security is widely recognized as a critical factor in facilitating labor reallocation across many developing economies. This study examines the impact of China’s latest land titling programme (LTP), which aimed to increase land tenure security by issuing certificates after measuring and registering agricultural land across rural households. Using nationally representative household-level data, we employ a triple difference approach (comparing households with land endowment to those without) and find that, in general, the LTP exerts a significantly positive effect on rural households’ migration for non-farm work. We further observe that such influences on migration are largely affected by regional differences and the sectoral composition. Additionally, transportation construction and rising housing prices do not significantly affect the policy effectiveness, while government expenditure for people’s livelihood is critical to the LTP's effectiveness, though the effects vary across distinct categories of livelihood expenditure: social security and employment, education, and healthcare. Finally, the regional variations in policy effect can be attributed to the relative strength of two countervailing mechanisms: the “labour absorption effect” and the “migration promotion effect”—differences driven by sectoral disparities across regions.</div></div>","PeriodicalId":47583,"journal":{"name":"Journal of Asian Economics","volume":"101 ","pages":"Article 102036"},"PeriodicalIF":3.4,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145060284","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":"R&D activity, employment and employment composition: Evidence from India","authors":"Cangfeng Wang, Tian Wang","doi":"10.1016/j.asieco.2025.102018","DOIUrl":"10.1016/j.asieco.2025.102018","url":null,"abstract":"<div><div>This paper examines the employment effects of R&D activity using firm-level data from two India surveys collected by the World Bank. To tackle the potential endogeneity, we use the innovation-reason indicator as the instrumental variable for R&D activity. Both OLS and IV estimates show three findings. First, consistent with the literature, R&D activity has significantly positive effect on employment of permanent workers. Second, different from the literature, R&D activity has no significant effect on the share of nonproduction workers in permanent employment. However, firms with R&D activity hire relatively more skilled production workers in permanent production employment than those without. Third, firms with R&D activity hire relatively less temporary workers than those without. The last two novel findings provide evidence of skill-biased technological change for populous less-developed countries like India.</div></div>","PeriodicalId":47583,"journal":{"name":"Journal of Asian Economics","volume":"101 ","pages":"Article 102018"},"PeriodicalIF":3.4,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144989475","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":"Corporate political activities and emerging MNCs’ internationalization: Interplay of CEO narcissism and gender","authors":"Hamad Aldawsari , Muhammad Saad Baloch","doi":"10.1016/j.asieco.2025.102073","DOIUrl":"10.1016/j.asieco.2025.102073","url":null,"abstract":"<div><div>Multinational Corporations (MNCs) from emerging markets face various socio-political and institutional challenges in their domestic markets owing to their engagement in global markets. To navigate these challenges and secure favorable legislative and institutional support, they increasingly adopt nonmarket strategies in their domestic markets. Drawing on the institutional and upper echelons theories, this study examines why Chinese and Indian emerging MNCs (EMNCs) perform corporate political activities (CPAs) as a strategic nonmarket response in their domestic markets. Utilizing data from 159 EMNCs from 2011 to 2022, we find that engagement in CPAs serves as a buffering and bridging mechanism to support their degree of internationalization. Moreover, CEO narcissism and the presence of female CEO positively moderate this relationship. These findings offer both theoretical insights and strategic implications.</div></div>","PeriodicalId":47583,"journal":{"name":"Journal of Asian Economics","volume":"101 ","pages":"Article 102073"},"PeriodicalIF":3.4,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145465813","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":"Surname distance and inter-city collaborative innovation","authors":"Weijie Jiang , Yike Shan","doi":"10.1016/j.asieco.2025.102038","DOIUrl":"10.1016/j.asieco.2025.102038","url":null,"abstract":"<div><div>As a basic factor, cultural differences exert long-term impacts on regional collaborative innovation and knowledge spillovers. This paper estimates the causal effect of surname distance on inter-city collaborative innovation in China. The findings indicate that greater surname distance significantly impedes collaborative innovation between cities over time. These conclusions remain robust even when core explanatory variables are substituted, geographical distance is controlled for, and are particularly pronounced in interprovincial collaborations. Notably, surname distance exerts its most substantial inhibitory effect on collaborative innovation between large and small cities, as well as in partnerships involving industry-university collaboration and top-tier universities. Mechanistic analysis suggests that the increase in surname distance may hinder innovation activities through two principal pathways: it reduces inter-regional communication and exacerbates the trust gap between regions. Further analysis reveals that as surname distance increases, both the quality and foundational aspects of interurban collaborative innovation deteriorate.</div></div>","PeriodicalId":47583,"journal":{"name":"Journal of Asian Economics","volume":"101 ","pages":"Article 102038"},"PeriodicalIF":3.4,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145049589","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":"Reforming external debt governance in Turkey to reach external debt sustainability","authors":"Aslı Togan , Sübidey Togan","doi":"10.1016/j.asieco.2025.102020","DOIUrl":"10.1016/j.asieco.2025.102020","url":null,"abstract":"<div><div>The paper argues that the attainment and maintenance of external debt sustainability is challenging, and that it is not a choice. A country whose government fails to respect external debt sustainability would eventually default on its external debt. But in the case of default the penalty is the inability to borrow in international markets, and hence the cost of defaulting could be extremely high. The paper emphasizes the importance of having a functioning external debt governance system that will reduce the probability of explosive debt trajectories over time requiring solutions to the following three issues. First, in policy circles minds should be clear about the importance of achieving sustainability of external debt. Second, policy makers have to agree on the way to attain external debt sustainability. Based on empirical analysis, the paper recommends implementing legal reforms, reducing inflation, and devaluing when necessary the real exchange rate. Finally, the country needs to find a way to translate the concept of external debt sustainability into policy technicality. In particular, such a translation requires the development of an institution that when established will enable the country to avoid facing external debt problems over time. The paper proposes the creation of an independent public advisory body, the External Debt Council, equipped with adequate resources to ensure sustainable debt management, and building and sustaining social consensus in the society on the achievement of external debt sustainability that will bind not only the officials in the present government but also the officials in future governments.</div></div>","PeriodicalId":47583,"journal":{"name":"Journal of Asian Economics","volume":"101 ","pages":"Article 102020"},"PeriodicalIF":3.4,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145049591","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":"Hidden cost of automation: Do industrial robots take a toll on our mental health?","authors":"Yueqing Zou , Yuanyuan Chen","doi":"10.1016/j.asieco.2025.102078","DOIUrl":"10.1016/j.asieco.2025.102078","url":null,"abstract":"<div><div>The news media often associates robots with anxiety, yet there is limited empirical evidence regarding the actual impact of robots on mental health. This study employs individual-level survey data from the China Family Panel Studies (CFPS) and robot data from the International Federation of Robotics (IFR) to examine the influence of robot adoption on the mental health of the working-age population in China. Using a Bartik instrument variable constructed from foreign industry-level robot data, we find that robot adoption increases individual psychological depression levels. Further investigations illuminate that robot adoption adversely affects individual mental health by reducing current family income, exacerbating family income inequality, and lowering family expectations for future income. Furthermore, our findings indicate that the effects are stronger among men, individuals with lower education levels, manufacturing workers, migrants, and residents of large cities who have greater exposure to robots, as well as prime-age individuals, those with lower household economic conditions, and married individuals who face higher economic pressures. Our study highlights the need to enhance career transition support and social security systems to mitigate the hidden mental health cost of automation.</div></div>","PeriodicalId":47583,"journal":{"name":"Journal of Asian Economics","volume":"101 ","pages":"Article 102078"},"PeriodicalIF":3.4,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145578543","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}
Xi Peng , Yanhong Li , Runcheng Jin , Guangjun Shen
{"title":"Debt maturity and firms’ environmental behavior: Evidence from the establishment of city commercial banks in China","authors":"Xi Peng , Yanhong Li , Runcheng Jin , Guangjun Shen","doi":"10.1016/j.asieco.2025.102062","DOIUrl":"10.1016/j.asieco.2025.102062","url":null,"abstract":"<div><div>This study investigates the impact of debt maturity on firms’ environmental behavior by matching data from the Chinese Annual Survey of Industrial Firms and the Environmental Survey and Reporting database. We employ the staggered difference-in-differences approach by exploiting the establishment of city commercial banks (CCBs) in China as a natural experiment. The results reveal that the establishment of CCBs reduced the emission intensity of industrial wastewater and waste gas by 8.3 % and 18.0 %, respectively. Mechanism analysis indicates that the CCBs intensified competition in the banking sector and increased the share of long-term debt in firms’ total debt, which facilitated investments in wastewater and waste gas treatment equipment. These findings underscore the critical role of financial development in environmental protection, as the shift from polluting to cleaner production requires financial support, particularly long-term financing, for the upgrade of production technology and/or production equipment.</div></div>","PeriodicalId":47583,"journal":{"name":"Journal of Asian Economics","volume":"101 ","pages":"Article 102062"},"PeriodicalIF":3.4,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145362414","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":"Research on the diffusion effects of data value in supply chains","authors":"Jiajia He , Qianyao Yang , Yuhan Zhao","doi":"10.1016/j.asieco.2025.102064","DOIUrl":"10.1016/j.asieco.2025.102064","url":null,"abstract":"<div><div>While existing literature has extensively examined value creation from firms' internal data assets, the interorganizational diffusion of data value across supply chains remains poorly understood. This paper develops an innovation diffusion framework to analyze how data value propagates across firm boundaries. Using a novel dataset of Shanghai and Shenzhen A-share listed firms (2008–2023) and Double Machine Learning (DML) methods, we document the presence of significant upward diffusion effects: a customer firms' data value enhancement improves their suppliers' operational and financial performance. We identify governance coordination and learning imitation as key transmission channels. Heterogeneity analysis reveals stronger effects among suppliers facing lower financing constraints and employing a higher share of technical workers, highlighting the moderating role of absorptive capacity. These findings advance the data economics literature by mapping supply chain diffusion pathways and informing policies to enhance cross-firm data synergies.</div></div>","PeriodicalId":47583,"journal":{"name":"Journal of Asian Economics","volume":"101 ","pages":"Article 102064"},"PeriodicalIF":3.4,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145416584","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":"How e-commerce reshape rural industrial transition: Evidence from China’s rural e-commerce demonstration counties program","authors":"Dandan Liu , Jin Liu , Qing Xu , Qing Yang","doi":"10.1016/j.asieco.2025.102034","DOIUrl":"10.1016/j.asieco.2025.102034","url":null,"abstract":"<div><div>In the new context of the digital economy, e-commerce based on digital platforms has become an important driving force for rural industrial transformation especially in developing countries. Based on the quasi-natural experiment of the Rural E-Commerce Demonstration County (REDC) program, the study uses the county-level data from China (2000–2020), and employs a time-varying DID method combined with machine learning techniques to explore the impact of rural e-commerce on industrial structure transformation. The findings indicate that the REDC program significantly fosters industrial upgrading, with varying effects across regions due to differences in resource endowments and development levels. Mechanism analysis suggests that rural e-commerce drives industrial upgrading through three primary channels: labor reallocation, dynamic adjustment of entrepreneurial resources, and industrial agglomeration. Further analysis indicates that rural e-commerce also plays a role in promoting coordinated industrial development. Utilizing machine learning methods, we identify a nonlinear relationship between rural e-commerce and industrial upgrading, which unfolds in three distinct stages: initial adaptation, rapid upgrading, and stable development. This paper proposes that differentiated e-commerce programs, smooth factor mobility systems, and industrial planning will assist rural areas in adapting to the e-commerce context and thereby facilitate rural economic transformation.</div></div>","PeriodicalId":47583,"journal":{"name":"Journal of Asian Economics","volume":"101 ","pages":"Article 102034"},"PeriodicalIF":3.4,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145004934","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}