IF 5.2 1区经济学

中国经济评论 Pub Date : 2024-09-11 DOI: 10.1016/j.chieco.2024.102281

Yixiao Zhou , Sudyumna Dahal

{"title":"Has R&D contributed to productivity growth in China? The role of basic, applied and experimental R&D","authors":"Yixiao Zhou , Sudyumna Dahal","doi":"10.1016/j.chieco.2024.102281","DOIUrl":"10.1016/j.chieco.2024.102281","url":null,"abstract":"<div><p>Since the early 2000s, R&D expenditure in China has increased rapidly, with the country having the third highest R&D expenditure, next only to the OECD and USA, and having surpassed Japan since 2009. Furthermore, policies in China in recent years have emphasized the need to conduct more basic and applied R&D in order to overcome technological bottlenecks and risks in access to advanced technologies when faced with international geopolitical tension. However, in the meantime, the trend in measured total factor productivity (TFP) in China has been downward since 2010. A lack of TFP growth despite the significant investment in R&D raises the question of the impact of R&D expenditure on productivity growth in China. Therefore, this study aims to investigate this issue and estimate the effects of three types of R&D stocks (basic, applied and experimental R&D stock) on TFP in China, using newly constructed provincial panel data in China from 1998 to 2018. Various empirical models and control variables are adopted to take into account non-stationarity and spatial spill-over of the provincial R&D stock values over time. The analysis results are robust to various specifications and reveal a significant positive effect of overall R&D and experimental R&D on TFP in China, but basic R&D exerts no significant results, and the effects of applied R&D are mixed across specifications. Further analyses using the 1991–2018 national data demonstrated largely consistent results. These results suggest that experimental R&D has been crucial for enhancing TFP growth in China during the decades investigated, but evidence of basic and applied R&D driving TFP growth in China is lacking.</p></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"88 ","pages":"Article 102281"},"PeriodicalIF":5.2,"publicationDate":"2024-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1043951X24001706/pdfft?md5=89df088151391e58e28a0bbce4587d7d&pid=1-s2.0-S1043951X24001706-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142241244","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Impacts of CEO-employee pay disparity on investor behavior and market dynamics: Evidence from laboratory asset markets 首席执行官与雇员薪酬差距对投资者行为和市场动态的影响：来自实验室资产市场的证据

IF 5.2 1区经济学

中国经济评论 Pub Date : 2024-09-10 DOI: 10.1016/j.chieco.2024.102282

Xiaolan Yang , Jiaqi Wang , Shu Chen

{"title":"Impacts of CEO-employee pay disparity on investor behavior and market dynamics: Evidence from laboratory asset markets","authors":"Xiaolan Yang , Jiaqi Wang , Shu Chen","doi":"10.1016/j.chieco.2024.102282","DOIUrl":"10.1016/j.chieco.2024.102282","url":null,"abstract":"<div><p>This study explores the impacts of CEO-to-employee pay disparity on investor behavior and market dynamics using an experimental methodology. We employed two laboratory asset markets with identical company valuations but differing CEO-employee pay ratios. Our findings reveal that a higher pay ratio leads investors to quote higher prices for the company's stock. This effect is driven by two conflicting mechanisms of social preference: inequality aversion, which motivates investors who value fairness to quote lower prices for stocks of companies with high pay ratios, and social comparison, where the high pay ratio prompts investors to compare their wealth with that of CEOs, thus becoming more risk-seeking and quoting higher prices. Moreover, higher pay ratios contribute to increased stock prices, fostering larger market bubbles, enhancing the dispersion of investor opinions, boosting trading volumes, and escalating market volatility. This study enriches our understanding of how asset markets react to CEO-to-employee pay disparities, providing valuable insights for policymakers and market participants.</p></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"88 ","pages":"Article 102282"},"PeriodicalIF":5.2,"publicationDate":"2024-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142230221","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

Does survey mode matter? An experimental evaluation of data quality in China 调查模式重要吗？中国数据质量的实验评估

IF 5.2 1区经济学

中国经济评论 Pub Date : 2024-09-05 DOI: 10.1016/j.chieco.2024.102271

Shihan Feng, Feng Huang

引用次数: 0

Does air pollution cause more car accidents? Evidence from auto insurance claims 空气污染会导致更多车祸吗？来自汽车保险理赔的证据

IF 5.2 1区经济学

中国经济评论 Pub Date : 2024-09-02 DOI: 10.1016/j.chieco.2024.102261

Yongheng Deng , Jia He , Bingqing Li , Xixi Shen

{"title":"Does air pollution cause more car accidents? Evidence from auto insurance claims","authors":"Yongheng Deng , Jia He , Bingqing Li , Xixi Shen","doi":"10.1016/j.chieco.2024.102261","DOIUrl":"10.1016/j.chieco.2024.102261","url":null,"abstract":"<div><p>Using a proprietary data set of auto insurance claims from May 2014 to December 2016, this paper examines the influence of air pollution on the number and severity of traffic accidents in China. Combining an instrumental variable strategy with high-dimensional fixed effects, we find that air pollution significantly increases the occurrence of traffic accidents, with each 1 μg/m<sup>3</sup> increase in the particulate matter 2.5 (PM2.5) resulting in a 0.12 % increase in traffic accident probability and a 0.40 % increase in traffic accident number within one day. A different pattern is revealed in our analysis of accident severity, evidenced by a decrease of 1.20 % in the average claim ratio compared to its mean value and a reduction of 26 yuan in the average claim amount made with an increase of 1 μg/m<sup>3</sup> in PM2.5. Combining the effect on the number and severity of traffic accidents, for each 1 μg/m<sup>3</sup> increase in daily PM2.5, the district daily claim amount decreases by approximately 34 yuan. Further analysis indicates that this may be related to cautious driving behavior resulting from the driver's increased risk aversion. By exercising caution and care on the road, drivers can reduce the negative influence of air pollution on road safety and avoid non-subjective behavioral biases.</p></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"88 ","pages":"Article 102261"},"PeriodicalIF":5.2,"publicationDate":"2024-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142161777","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

Lights dim, exports down: Examining the trade effects of power shortages on Chinese manufacturing firms 灯光暗淡，出口下降：考察电力短缺对中国制造业企业的贸易影响

IF 5.2 1区经济学

中国经济评论 Pub Date : 2024-09-02 DOI: 10.1016/j.chieco.2024.102270

Bingpeng Bao , Dahai Fu , Jian Yu , Ying Zhang

引用次数: 0

Local government debt and corporate asset-debt maturity mismatches: Evidence from China 地方政府债务与企业资产债务期限错配：来自中国的证据

IF 5.2 1区经济学

中国经济评论 Pub Date : 2024-08-30 DOI: 10.1016/j.chieco.2024.102269

Xi Wen , Wanli Li , Zhixuan Shen

引用次数: 0

Gender difference in leaders framed with responsibility or authority: An experimental study 以责任或权力为框架的领导者的性别差异：一项实验研究

IF 5.2 1区经济学

中国经济评论 Pub Date : 2024-08-30 DOI: 10.1016/j.chieco.2024.102267

Xu Jiang , Xianghong Wang

引用次数: 0

How to encourage consumers' ongoing participation in physical exercise via feedback: Evidence from a longitudinal field experiment 如何通过反馈鼓励消费者持续参与体育锻炼？来自纵向实地实验的证据

IF 5.2 1区经济学

中国经济评论 Pub Date : 2024-08-30 DOI: 10.1016/j.chieco.2024.102268

Yifang Zhou, Yi Zhou, Lingfang Ivy Li, Liyin Jin

{"title":"How to encourage consumers' ongoing participation in physical exercise via feedback: Evidence from a longitudinal field experiment","authors":"Yifang Zhou, Yi Zhou, Lingfang Ivy Li, Liyin Jin","doi":"10.1016/j.chieco.2024.102268","DOIUrl":"10.1016/j.chieco.2024.102268","url":null,"abstract":"<div><p>Improving consumers' ongoing participation in physical activity is crucial to enhance consumer well-being. While many consumers may begin an exercise program, sustaining their continued participation often presents a significant challenge. This study tests the effectiveness of providing different <em>ex post</em> feedback reminders to motivate consumers' ongoing exercise. We developed feedback reminders across two dimensions. One dimension varied the feedback messages according to whether the messages attributed performance to participants' own efforts, and the other dimension used different personal pronouns to examine whether the deictic relational framing of the feedback mattered. We developed an exercise recording application embedded in WeChat to conduct an 8-week longitudinal field experiment in China. We find that when feedback messages were provided, participants in the “I/We” frame and “You frame + effort emphasized” treatment groups achieved their weekly exercise goals more frequently, especially for subjects with low self-regulation. However, when feedback was no longer provided, the influence of the “You frame + effort emphasized” treatment was even reversed.</p></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"88 ","pages":"Article 102268"},"PeriodicalIF":5.2,"publicationDate":"2024-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142150093","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

Effect of parenting centers on caregiver mental health ——Evidence from a large scale randomized controlled trial in rural China 父母中心对照顾者心理健康的影响--来自中国农村大规模随机对照试验的证据

IF 5.2 1区经济学

中国经济评论 Pub Date : 2024-08-29 DOI: 10.1016/j.chieco.2024.102259

Ai Yue, Qiannan Song, Yuan Gao, Shibin Liang, Xinyue Zhang, Yali Zhang, Yuxiu Ding, Yaojiang Shi

{"title":"Effect of parenting centers on caregiver mental health ——Evidence from a large scale randomized controlled trial in rural China","authors":"Ai Yue, Qiannan Song, Yuan Gao, Shibin Liang, Xinyue Zhang, Yali Zhang, Yuxiu Ding, Yaojiang Shi","doi":"10.1016/j.chieco.2024.102259","DOIUrl":"10.1016/j.chieco.2024.102259","url":null,"abstract":"<div><p>In the context of economic development, the escalating prevalence of depression, anxiety and stress poses substantial challenges, not only impacting individuals' physical and mental well-being but also exerting a profound influence on future human capital. This study conducts an exploratory analysis of the effects of a center-based early childhood development intervention on the mental health of the caregivers, utilizing data from a cluster randomized controlled trial involving 1652 caregivers in rural China. Over the course of two years, caregivers and children in 50 villages received individualized parenting training, one-on-one parenting classes, and access to open play spaces in village parenting centers. Our findings reveal sustained and significant intervention effects on caregivers' anxiety and stress symptoms. The primary mechanisms driving these effects include increased parenting time investment, alterations in parenting styles, and changes in the level of trust in others. Furthermore, our research demonstrates that the positive treatment effects on mental health outcomes are more pronounced among caregivers of children who initially lower development skills. The intervention exhibits a stronger impact on caregivers with lower educational attainment, particularly when the caregivers are grandmothers. These results underscore the importance of governmental attention to mental health issues in rural China, suggesting avenues for intervention through the provision of parenting knowledge and spaces facilitating caregiver-child interactions. This research contributes valuable insights into addressing mental health challenges in rural settings, promoting effective strategies for future policy implementation.</p></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"87 ","pages":"Article 102259"},"PeriodicalIF":5.2,"publicationDate":"2024-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142099359","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

Regulation-induced digitalization 监管引发的数字化

IF 5.2 1区经济学

中国经济评论 Pub Date : 2024-08-25 DOI: 10.1016/j.chieco.2024.102262

Yunqi Zhang , Xiaoyu Zhang

引用次数: 0

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