Economic Analysis and Policy最新文献_第5页

Government power delegation and the policy burden of state-owned enterprises

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2025-01-05 DOI: 10.1016/j.eap.2025.01.009

Mengchao Yao , Qianwei Ying

{"title":"Government power delegation and the policy burden of state-owned enterprises","authors":"Mengchao Yao , Qianwei Ying","doi":"10.1016/j.eap.2025.01.009","DOIUrl":"10.1016/j.eap.2025.01.009","url":null,"abstract":"<div><div>State-owned enterprises (SOEs) constitute a pivotal component of the Chinese economy and maintain a robust relationship with the government. While existing literature predominantly examines the effects of governance and policy burdens on SOEs, the exploration of policy burden transmission through government intervention mechanisms remains underexplored. To clarify the transmission mechanisms and potential impacts of policy burdens, we scrutinize the impact of government power delegation on the policy burdens of SOEs in China. Government power delegation is designed to curtail the government's authority through comprehensive internal reforms. This investigation evaluates the intensity of government power delegation employing a novel textual analysis methodology termed “words net”. Our findings corroborate that local government power delegation alleviates policy burdens in SOEs. The robustness of our findings is affirmed through comprehensive robustness checks and addressing endogeneity concerns via instrumental variables and difference-in diference. Furthermore, this effect is markedly amplified in the context of local SOEs and those with diminished promotional opportunities. Moreover, it attenuates the detrimental impact on firm value engendered by policy burdens. The reconfiguration of the government's role elucidated in this paper yields valuable insights into economic development strategies for China and regions with analogous conditions.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"85 ","pages":"Pages 912-927"},"PeriodicalIF":7.9,"publicationDate":"2025-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143132017","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

Encouraging or inhibiting: Can analyst attention reduce corporate greenwashing behavior?

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2025-01-05 DOI: 10.1016/j.eap.2025.01.007

Mengzhi Zhang , Wenjian He

{"title":"Encouraging or inhibiting: Can analyst attention reduce corporate greenwashing behavior?","authors":"Mengzhi Zhang , Wenjian He","doi":"10.1016/j.eap.2025.01.007","DOIUrl":"10.1016/j.eap.2025.01.007","url":null,"abstract":"<div><div>As an essential mechanism of corporate external governance, it is worth considering whether analyst attention can inhibit corporate greenwashing behavior. Based on the theoretical exploration of the mechanism of analyst attention on corporate greenwashing behavior, this paper, using the data of Chinese A-share non-financial listed companies, quantitatively finds that analyst attention does not inhibit but rather encourages corporate greenwashing. After a series of robustness tests, the baseline regression results remain consistent. The mechanism test reveals that analyst attention encourages greenwashing due to the information asymmetry, which creates short-term performance pressure. This pressure displaces investments in environmental governance, ultimately increasing the motivation for greenwashing, rather than being driven by collusion between the two parties. Heterogeneity analysis indicates that analyst attention contributes more significantly to corporate greenwashing behavior among non-state-owned firms and firms with a high shareholding ratio of short-term institutional investors. These findings offer valuable insights for developing analyst practices and promoting genuine corporate environmental responsibility.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"85 ","pages":"Pages 943-962"},"PeriodicalIF":7.9,"publicationDate":"2025-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143132016","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 effect of tax enforcement digitalization on corporate digital transformation: Evidence from China's listed companies

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2025-01-05 DOI: 10.1016/j.eap.2025.01.008

Yanhui Xu , Fuhua Deng , Qianbin Feng

{"title":"The effect of tax enforcement digitalization on corporate digital transformation: Evidence from China's listed companies","authors":"Yanhui Xu , Fuhua Deng , Qianbin Feng","doi":"10.1016/j.eap.2025.01.008","DOIUrl":"10.1016/j.eap.2025.01.008","url":null,"abstract":"<div><div>In China, the policy of tax enforcement digitalization has been introduced with the implementation of the CTAIS-3 project. In this policy context, we study the impact of tax enforcement digitization on corporate digital transformation (CDTM) from both theoretical and empirical perspectives. Our results suggest that the introduction of tax enforcement digitalization inhibits CDTM, and further mechanism investigation indicates that this impact is realized through two channels: increasing the tax burden on firms and reducing firms' risk preference. Heterogeneity analysis shows that at the provincial level, the negative impact of tax enforcement digitalization on CDTM is greater in provinces with greater fiscal pressure and worse marketization level. At the firm level, the negative effect of tax enforcement digitalization on CDTM is more significant for firms with lower levels of governance and firms with greater fiscal constraints. In addition, we find that the CTAIS-3 project does help governments to provide more subsidies to innovative firms, but does not further reduce or improve CDTM. Our study reveals the potential economic consequences of the implementation of tax enforcement digitalization policies at the micro-firm level, which provides a useful reference for future tax reforms in developing countries.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"85 ","pages":"Pages 1105-1134"},"PeriodicalIF":7.9,"publicationDate":"2025-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143132023","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

On ESG and corporate employment decision: Evidence from Chinese listed firms in 2009–2022

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2025-01-04 DOI: 10.1016/j.eap.2025.01.004

Yichi Jiang , Xuanyue Zhang , Shujie Yao

{"title":"On ESG and corporate employment decision: Evidence from Chinese listed firms in 2009–2022","authors":"Yichi Jiang , Xuanyue Zhang , Shujie Yao","doi":"10.1016/j.eap.2025.01.004","DOIUrl":"10.1016/j.eap.2025.01.004","url":null,"abstract":"<div><div>Implementing effective ESG management may enable firms to improve performance and create employment opportunities. This paper investigates the relationship between ESG practices and corporate employment decisions in the context of Chinese listed firms, aiming to understand how sustainability initiatives affect workforce dynamics. With unbalanced panel data of Chinese A-share listed firms spanning 2009–2022, the empirical results show that heightened ESG practices are positively associated with larger employment scales and a greater proportion of highly-skilled and highly-educated employees within firms. Channel analysis reveals that ESG practices contribute to optimizing employment structure through easing financing constraints, mitigating operational risks, and enhancing production efficiency. In addition, the impact of ESG practices on corporate employment is more pronounced in state-owned, large firms in non-labor-intensive industries, and firms in the growth phase. Furthermore, ESG practices could also enhance corporate innovation capabilities through expanding employment scale and optimizing employment structure. The research results provide valuable insights for corporate leaders and other stakeholders, highlighting the importance of integrating sustainability considerations into corporate strategies to drive innovation, to mitigate risks, and to promote inclusive growth.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"85 ","pages":"Pages 854-869"},"PeriodicalIF":7.9,"publicationDate":"2025-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143132020","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

Climate finance for energy security: An empirical analysis from a global perspective

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2025-01-04 DOI: 10.1016/j.eap.2025.01.006

Chi-Chuan Lee , Yuzhu Fang

{"title":"Climate finance for energy security: An empirical analysis from a global perspective","authors":"Chi-Chuan Lee , Yuzhu Fang","doi":"10.1016/j.eap.2025.01.006","DOIUrl":"10.1016/j.eap.2025.01.006","url":null,"abstract":"<div><div>Energy security has always been a global concern. Based on the OECD project database and employing a new data processing method, this research takes 80 countries as a sample to empirically analyze climate finance's impact on energy security from 2010 to 2020. The results indicate that climate finance significantly positively affects energy security of recipient countries. Particularly, its effect at enhancing energy security is more pronounced in lower-income countries, whereas in contrast its impact on high-income countries is not significant. Additionally, countries with balance of payments deficits benefit more from climate finance. Regarding potential impact mechanisms, technological progress is important through which climate finance affects energy security, while no significant correlation appears with private sector energy investment. Moreover, quantile regression analysis demonstrates a more pronounced positive impact of climate finance on countries with lower energy security levels. Conversely, the threshold regression model indicates a negative effect of climate finance on energy security in nations with weaker global governance capacity. Drawing upon these findings, this paper presents targeted policy recommendations aimed at optimizing the distribution of global climate finance and resources, fostering the attainment of international climate objectives, and promoting sustainable economic development.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"85 ","pages":"Pages 963-978"},"PeriodicalIF":7.9,"publicationDate":"2025-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143132297","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 impact of environmental policy stringency and oil prices on innovation: Evidence from the new energy vehicle industry in China

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2025-01-04 DOI: 10.1016/j.eap.2025.01.003

Jianhua Huangfu , Weixian Wei , Lei Yu , Guoliang Li

{"title":"The impact of environmental policy stringency and oil prices on innovation: Evidence from the new energy vehicle industry in China","authors":"Jianhua Huangfu , Weixian Wei , Lei Yu , Guoliang Li","doi":"10.1016/j.eap.2025.01.003","DOIUrl":"10.1016/j.eap.2025.01.003","url":null,"abstract":"<div><div>New Energy Vehicles (NEVs) have emerged as a critical technological strategy for decarbonizing road transport. This study examines the drivers of innovation in China's NEVs sector, with a particular focus on the induced innovation effects of environmental policy stringency (EPS) and oil prices. Utilizing the Autoregressive Distributed Lag (ARDL) model, we investigate the key drivers of NEVs innovation in China from 1990 to 2020. To further capture the dynamic nature of innovation processes, we employ the novel Dynamic Autoregressive Distributed Lag (DYARDL) simulations model, investigating the response of innovations in the NEVs industry to counterfactual changes in oil prices and EPS. The findings reveal that NEVs innovation in China is significantly influenced by EPS, oil prices, and potential market conditions in the short term. While EPS and potential market conditions continue to be key drivers of NEVs innovation, the induced innovation effect of oil prices in the NEVs industry is eroding in the long term, suggesting China's NEVs sector is becoming increasingly resilient to oil price fluctuations. Furthermore, the DYARDL simulations further validate this pattern, demonstrating that increasing EPS consistently fosters NEVs innovation across both short- and long-term horizons, whereas oil price fluctuations exhibit only transient effects. Our empirical results provide valuable policy insights, emphasizing the importance of maintaining stringent and consistent environmental policies to ensure continuous innovation in the NEVs sector, which is crucial for China's transition towards sustainable transportation.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"85 ","pages":"Pages 979-996"},"PeriodicalIF":7.9,"publicationDate":"2025-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143132021","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 determinants and blocking countermeasures of Chinese officials ‘being preyed on’

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2025-01-03 DOI: 10.1016/j.eap.2025.01.002

Huihui Luo , Zhaohui Niu

引用次数: 0

The carbon tax as an automatic stabilizer in a commodity-producing Small Open Economy

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2025-01-03 DOI: 10.1016/j.eap.2024.12.034

Cristian Espinosa , Pablo Gutierrez Cubillos , Bastián Castro Nofal

引用次数: 0

Does China's national carbon market play a role? Evidence from corporate ESG performance

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-12-31 DOI: 10.1016/j.eap.2024.12.037

Chun Tang , Yizhong Wu , Xiaoxing Liu

引用次数: 0

Public data openness and corporate total factor productivity

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-12-31 DOI: 10.1016/j.eap.2024.12.036

Yifan Qian

{"title":"Public data openness and corporate total factor productivity","authors":"Yifan Qian","doi":"10.1016/j.eap.2024.12.036","DOIUrl":"10.1016/j.eap.2024.12.036","url":null,"abstract":"<div><div>Public data openness is a crucial initiative in advancing the development of digital government and the digital economy strategy. This study utilizes data from China's A-share listed companies from 2010 to 2022 and employs a multi-period difference-in-differences (DID) model to analyze the impact of public data openness on corporate total factor productivity (TFP). The conclusions are as follows: (1) Public data openness can enhance corporate total factor productivity. This conclusion remains robust after considering the heterogeneous treatment effects and addressing endogeneity issues. (2)Public data openness improves corporate total factor productivity by reducing information asymmetry, enhancing corporate operational capabilities, and optimizing the market environment. (3)Heterogeneity analysis reveals that public data openness has a more significant impact on improving TFP for companies in eastern regions and non-manufacturing industries. Moreover, this improvement is more pronounced in firms with higher market positions and greater resilience. Based on these findings, this research provides empirical evidence and policy insights for advancing public data openness, improving corporate productivity, and strengthening the stability and resilience of the socio-economic system.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"85 ","pages":"Pages 733-753"},"PeriodicalIF":7.9,"publicationDate":"2024-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143131749","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