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Risk attitudes across the life course: Evidence from China 跨越生命历程的风险态度：来自中国的证据
IF 5.2 1区 经济学
中国经济评论 Pub Date : 2024-09-18 DOI: 10.1016/j.chieco.2024.102283
Lingguo Cheng, Yunfeng Lu
{"title":"Risk attitudes across the life course: Evidence from China","authors":"Lingguo Cheng,&nbsp;Yunfeng Lu","doi":"10.1016/j.chieco.2024.102283","DOIUrl":"10.1016/j.chieco.2024.102283","url":null,"abstract":"<div><div>This study aims to estimate the age profile of risk attitudes in China while addressing the age-period-cohort (APC) identification problem. Using a nationally representative longitudinal household survey dataset from 2011 to 2019, we tackle the identification problem by proxying for the period effect with a variable that affects risk attitudes across periods while controlling for age and birth cohorts. We find that people’s willingness to take risks decreases almost linearly from early adulthood to old age in China. Heterogeneity analyses across demographic or socioeconomic groups reveal that the negative age pattern holds for all subgroups, though the rates of decline vary considerably across groups. In general, the age profile of risk attitudes in China aligns with the findings in Western countries while demonstrating a considerable discrepancy in the slope size.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"88 ","pages":"Article 102283"},"PeriodicalIF":5.2,"publicationDate":"2024-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142357747","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
Who gains, who loses? – The impact of the belt and road initiative on bilateral agricultural trade 谁得谁失？- 一带一路 "倡议对双边农产品贸易的影响
IF 5.2 1区 经济学
中国经济评论 Pub Date : 2024-09-18 DOI: 10.1016/j.chieco.2024.102284
Yongzhi Zhao , Changjing Ji , Yangfen Chen , Xueqin Zhu
{"title":"Who gains, who loses? – The impact of the belt and road initiative on bilateral agricultural trade","authors":"Yongzhi Zhao ,&nbsp;Changjing Ji ,&nbsp;Yangfen Chen ,&nbsp;Xueqin Zhu","doi":"10.1016/j.chieco.2024.102284","DOIUrl":"10.1016/j.chieco.2024.102284","url":null,"abstract":"<div><div>The Belt and Road Initiative (BRI), a global development strategy proposed by China, has received extensive attention from researchers in the field of international trade and development economics. However, little is known about the BRI's effect on bilateral agricultural trade. This paper quantifies the effect of BRI on global agricultural trade, especially between China and BRI participating countries, based on structural gravity models and the General Equilibrium Poisson Pseudo Maximum Likelihood (GEPPML) method. Our results show that BRI has a significant and positive impact on global agricultural trade. BRI not only improves the agricultural trade between China and its BRI partners but also stimulates agricultural trade between BRI participating and non-participating countries, indicating a pure trade creation effect. We find the heterogeneous effect of BRI in participating countries regarding per capita income, showing an increase in agricultural exports from China to non-high-income BRI countries but a reduction in exports from China to high-income BRI countries. It highlights the importance of considering specific economic status when formulating trade agreements with trade partners. We find the significant positive impact of BRI on welfare gains, particularly for consumers in China and producers in BRI participating countries. Meanwhile, BRI leads to a reallocation of China's agricultural imports away from the United States and Brazil towards neighboring BRI participating countries.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"88 ","pages":"Article 102284"},"PeriodicalIF":5.2,"publicationDate":"2024-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142318667","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
Internet development and entrepreneurship 互联网发展与创业
IF 5.2 1区 经济学
中国经济评论 Pub Date : 2024-09-11 DOI: 10.1016/j.chieco.2024.102280
Jia Guo , Zhiming Cheng , Ben Zhe Wang
{"title":"Internet development and entrepreneurship","authors":"Jia Guo ,&nbsp;Zhiming Cheng ,&nbsp;Ben Zhe Wang","doi":"10.1016/j.chieco.2024.102280","DOIUrl":"10.1016/j.chieco.2024.102280","url":null,"abstract":"<div><div>We examine the relationship between Internet development and entrepreneurship in China, using survey data from the China Family Panel Studies on individual entrepreneurship and administrative data on new firm registration. Employing instrumental variable (IV) and difference-in-differences (DID) approaches to address the endogeneity of Internet development, we find that Internet development increases the likelihood of individual entrepreneurship and the number of new firm registrations. Our IV model suggests that a one standard deviation increase in the Internet development index increases the likelihood of becoming an entrepreneur by 0.588 standard deviations. Our DID model finds that the Broadband China Program – the inaugural national broadband infrastructure initiative – increases annual new firm registrations by 14,358 in the selected prefectures. These results are robust to a battery of robustness checks. We find that improved access to information and finance are the key mechanisms through which Internet development affects entrepreneurship.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"88 ","pages":"Article 102280"},"PeriodicalIF":5.2,"publicationDate":"2024-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142423124","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
Has R&D contributed to productivity growth in China? The role of basic, applied and experimental R&D 研发是否促进了中国生产力的增长？基础研发、应用研发和实验研发的作用
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 ,&nbsp;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&amp;D expenditure in China has increased rapidly, with the country having the third highest R&amp;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&amp;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&amp;D raises the question of the impact of R&amp;D expenditure on productivity growth in China. Therefore, this study aims to investigate this issue and estimate the effects of three types of R&amp;D stocks (basic, applied and experimental R&amp;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&amp;D stock values over time. The analysis results are robust to various specifications and reveal a significant positive effect of overall R&amp;D and experimental R&amp;D on TFP in China, but basic R&amp;D exerts no significant results, and the effects of applied R&amp;D are mixed across specifications. Further analyses using the 1991–2018 national data demonstrated largely consistent results. These results suggest that experimental R&amp;D has been crucial for enhancing TFP growth in China during the decades investigated, but evidence of basic and applied R&amp;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 ,&nbsp;Jiaqi Wang ,&nbsp;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
{"title":"Does survey mode matter? An experimental evaluation of data quality in China","authors":"Shihan Feng,&nbsp;Feng Huang","doi":"10.1016/j.chieco.2024.102271","DOIUrl":"10.1016/j.chieco.2024.102271","url":null,"abstract":"<div><p>This study employs experimental data from the Labor Force Survey (LFS) to compare the data quality of computer-assisted web interviewing (CAWI) and computer-assisted personal interviewing (CAPI). The experiment was conducted in 2023 as part of the LFS, an ongoing longitudinal face-to-face survey of Chinese adults aged 16 and above in a mega city. Using the identical questionnaire, respondents were randomly assigned to either the control group (CAPI mode only) or the treatment group (optional CAPI and CAWI modes). The characteristics of households and individuals obtained using mixed-mode design do not significantly differ from those obtained from single-mode design (CAPI), indicating no mode effect on data quality for mixed-mode surveys. Additionally, there are no significant differences in data quality between CAWI and CAPI. CAWI respondents tend to take more time to answer the questions compared to CAPI respondents. Our findings offer valuable insights into enhancing mode-specific targeting and improving the quality of survey data collection by leveraging both existing survey data and paradata.</p></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"88 ","pages":"Article 102271"},"PeriodicalIF":5.2,"publicationDate":"2024-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142161775","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 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 ,&nbsp;Jia He ,&nbsp;Bingqing Li ,&nbsp;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
{"title":"Lights dim, exports down: Examining the trade effects of power shortages on Chinese manufacturing firms","authors":"Bingpeng Bao ,&nbsp;Dahai Fu ,&nbsp;Jian Yu ,&nbsp;Ying Zhang","doi":"10.1016/j.chieco.2024.102270","DOIUrl":"10.1016/j.chieco.2024.102270","url":null,"abstract":"<div><p>While existing research extensively investigates the repercussions of demand shocks on export performance, limited attention has been given to understanding the trade implications of supply-side input shocks. Utilizing a city-level power shortage index and firm-level data from 2006 to 2014 for the Chinese manufacturing sector, we provide novel evidence of a significant negative impact of power shortages on export performance. This finding remains robust across alternative measurements and in addressing endogeneity concerns. Furthermore, we find that power shortages curtail firms' inventory and innovation activities, which are linked to export performance. Heterogeneity tests reveal insignificant impacts on state-owned firms, those in inland areas and high-energy-consuming industries as well. Additionally, our findings indicate that power shortages exclusively affect the intensive margins of exports rather than the extensive margins. This research offers valuable insights for policymakers and managers in devising strategies to mitigate the adverse effects of power shortages.</p></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"88 ","pages":"Article 102270"},"PeriodicalIF":5.2,"publicationDate":"2024-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142150090","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
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
{"title":"Local government debt and corporate asset-debt maturity mismatches: Evidence from China","authors":"Xi Wen ,&nbsp;Wanli Li ,&nbsp;Zhixuan Shen","doi":"10.1016/j.chieco.2024.102269","DOIUrl":"10.1016/j.chieco.2024.102269","url":null,"abstract":"<div><p>In the context of the rapid accumulation of public debt inducing tightened credit supply for firms in China, this paper empirically estimates the effects of local government debt on corporate financing and investment maturity decisions. We find that the increasing local government debt significantly intensifies corporate asset-debt maturity mismatches. Mechanism tests conducted from both the demand and supply side of credit resources indicate that local government debt will enhance corporate maturity mismatches by decreasing firms' availability to long-term credit and increasing the cost of debt financing. Heterogeneity analyses show that the positive relation between government debt and corporate asset-debt maturity mismatches is more pronounced in non-state-owned firms, firms with smaller sizes, higher growth rates, and higher R&amp;D intensity. This study highlights the crucial role of public debt in shaping corporate financing maturity policy and provides important implications for government debt governance reform.</p></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"88 ","pages":"Article 102269"},"PeriodicalIF":5.2,"publicationDate":"2024-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142150091","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
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
{"title":"Gender difference in leaders framed with responsibility or authority: An experimental study","authors":"Xu Jiang ,&nbsp;Xianghong Wang","doi":"10.1016/j.chieco.2024.102267","DOIUrl":"10.1016/j.chieco.2024.102267","url":null,"abstract":"<div><p>The underrepresentation of women in top leadership positions may result in a potential loss in efficiency. In this study, we examine gender differences in leadership emergence and efficiency when a leadership task is framed as authority or responsibility. In a public good game, the group leader is entitled to punish low contributors among the group members in order to increase the group welfare. The experimental design includes a basic treatment—framing the leader's task as authority or responsibility—in occasions where group leaders emerge through self-promotion or voting. We find a more pronounced framing effect among females compared to males. Although women are generally less willing and less voted to lead than men, the responsibility framing enhances female leaders' effectiveness to a larger extent than male leaders': they contribute more to the public good, and are more inclined to punish low contributors when they are voted as leaders. Therefore, when leadership tasks emphasize responsibility, female leaders could enhance social welfare in the provision of public goods.</p></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"88 ","pages":"Article 102267"},"PeriodicalIF":5.2,"publicationDate":"2024-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142161774","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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