{"title":"Research on the tax compliance effects of corporate platform transformation","authors":"Shi Chen","doi":"10.1016/j.eap.2025.02.026","DOIUrl":"10.1016/j.eap.2025.02.026","url":null,"abstract":"<div><div>As a new form of economic organisation, the platform economy has had a significant impact on corporate behaviour. This study takes an incomplete contract perspective and examines whether the corporate platform transformation process incentivises tax compliance by constructing indicators for platform transformation. These results indicate that corporate platform transformation significantly promotes tax compliance behaviour. This conclusion holds, even after a series of robustness tests. The aforementioned effects are also constrained by management incentive levels, tax incentives, corporate nature, and the level of platform economy development. Further mechanism tests reveal that platform transformation generates tax compliance effects by addressing the incompleteness of contracts between shareholders and management, as well as between the enterprise and external investors. The regression results of the moderating effect model suggest that media supervision and executive academic backgrounds positively motivate the relationship between corporate platform transformations and tax compliance. This study provides valuable insights and implications for optimising the internal governance structures of platform enterprises, reducing tax losses, improving the tax system, and promoting the healthy development of the platform econcomy.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"85 ","pages":"Pages 1931-1948"},"PeriodicalIF":7.9,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143509882","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}
João Pedro Gonçalves dos Santos , Vítor Manuel Ferreira Moutinho , Mara Madaleno , Zélia Maria da Silva Serrasqueiro Teixeira
{"title":"Examining the Effect of Macroeconomic, Institutional, and Capital Market Drivers on Infrastructure Investment","authors":"João Pedro Gonçalves dos Santos , Vítor Manuel Ferreira Moutinho , Mara Madaleno , Zélia Maria da Silva Serrasqueiro Teixeira","doi":"10.1016/j.eap.2025.02.038","DOIUrl":"10.1016/j.eap.2025.02.038","url":null,"abstract":"<div><div>This work aims to identify the key drivers that have propelled infrastructure investment in the European Union. Using econometric analysis of panel data, we investigate the relative importance of macroeconomic, capital market, and institutional factors in determining infrastructure investment. All EU countries were selected (except Malta), and the data used centered on 1997 and 2020. Specifically, we use the Generalized Method of Moments (GMM) command to estimate the parameters in dynamic panel models. The use of the GMM econometric command in this research ensures more accurate and robust results, allowing for handling endogeneity and unobserved heterogeneity problems commonly encountered in panel data analysis. The results indicate that the macroeconomic variables overlap institutional issues and the local capital market's maturity level. Our findings shed light on the factors most relevant in driving infrastructure investment in the European Union and can inform the development of more effective public policies in this area.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"86 ","pages":"Pages 165-190"},"PeriodicalIF":7.9,"publicationDate":"2025-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143641863","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"From algorithms to green growth: Can artificial intelligence drive enterprise energy transformation?","authors":"Meiying Huang, Quan Li, Bowen Li","doi":"10.1016/j.eap.2025.02.029","DOIUrl":"10.1016/j.eap.2025.02.029","url":null,"abstract":"<div><div>As global priorities shift towards sustainability and climate change mitigation, the impact of artificial intelligence (AI) as an emerging technological force on enterprise energy transformation (EET) remains insufficiently explored. This study treats the “Smart Manufacturing Pilot Policy” as a quasi-natural experiment, uses data from A-share listed companies between 2007 and 2022, and applies the standard Difference-in-Differences model to examine the impact of AI on EET. The findings reveal that AI adoption significantly enhances EET, with more pronounced effects observed in state-owned enterprises, firms in eastern and coastal regions, and those with advanced digital transformation. Four key mechanisms are identified: fostering green technology innovation, enhancing human capital structure, improving environmental information disclosure, and reducing financing constraints. Overall, this study provides novel insights into the economic impact of AI and offers a framework for sustainable, energy-efficient development that can be applied to countries with similar economic structures and development trajectories.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"85 ","pages":"Pages 1846-1866"},"PeriodicalIF":7.9,"publicationDate":"2025-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143487768","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}
{"title":"Can digital infrastructure improve corporate productivity? Evidence from a quasi-natural experiment in China✰","authors":"Shunjie Meng , Xiaoxin Xu","doi":"10.1016/j.eap.2025.02.030","DOIUrl":"10.1016/j.eap.2025.02.030","url":null,"abstract":"<div><div>Digital infrastructure, as the basis for the development of the digital economy, has a significant impact on corporate activities. Based on China's enterprises data from 2007 to 2020, we construct a three-sector theoretical model and study the impact of digital infrastructure on firms' total factor productivity (TFP) using the Big Data Pilot Zone (BDP) policy as an exogenous shock. We adopt the difference-in-differences (DID) model and find that the BDP policy increases corporate TFP. The mechanism shows that the BDP policy improves corporate information technology capabilities. Meanwhile, the BDP policy helps firms better match talent and stimulates firms to engage in innovative activities. Furthermore, non-state-owned firms, high management quality firms, competitive industries, and highly digitized industries benefit more from the BDP policy. Our research highlights the significance of digital infrastructure for social change and offers empirical evidence and policy recommendations for advancing the close integration of the real and digital economies.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"85 ","pages":"Pages 1867-1884"},"PeriodicalIF":7.9,"publicationDate":"2025-02-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143487772","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}
{"title":"Balancing export intensity and innovation: Uncovering the inverted-U relationship in Chinese manufacturing firms","authors":"Hua Zhou , Xiaodong Zhang , Lun Yang","doi":"10.1016/j.eap.2025.02.028","DOIUrl":"10.1016/j.eap.2025.02.028","url":null,"abstract":"<div><div>Understanding the trade-innovation relationship is crucial for assessing how exporting firms in developing countries adapt to global markets. This paper examines how export intensity (EXI) influences innovation using data from 854,925 Chinese manufacturing firms (1998–2014). We identify two opposing forces: a learning effect, where knowledge spillovers facilitate technology adoption and skill upgrading, and a capture effect, where competition from advanced firms constrains innovation. Using human capital and technology gaps as moderators, we find that at low EXI levels, firms with higher human capital benefit more from knowledge diffusion, boosting innovation. However, as EXI exceeds 50 %, the capture effect dominates, limiting innovation. Our findings reveal an inverted-U relationship between EXI and innovation, highlighting the need for firms to strategically manage export intensity to maximize learning while mitigating competitive pressures.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"85 ","pages":"Pages 1830-1845"},"PeriodicalIF":7.9,"publicationDate":"2025-02-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143487771","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}
{"title":"The Impact of China’s Digital Aid on Income Inequality: Evidence from 127 Developing Economies","authors":"Rui Wang, Shanshan Yang","doi":"10.1016/j.eap.2025.02.020","DOIUrl":"10.1016/j.eap.2025.02.020","url":null,"abstract":"<div><div>While the global economy is on a clear path to recovery, the issue of inequality persists, particularly within developing countries. Based on the panel data of 127 developing economies around the world from 2000 to 2021, this study employs the multi-period DID model to investigate the role of China's foreign digital aid in influencing the level of income inequality in developing economies. The study finds that China's foreign digital aid has significantly reduced income inequality among recipient economies. Further analysis shows that there is an intriguing correlation between digital aid modalities and its effectiveness of implementation. When China's foreign digital aid is an OOF-like program, it can significantly improve income inequality in recipient economies, yet when it is an ODA-like program, it can increase income inequality. In addition, the effectiveness of aid is influenced by the income levels of the recipient economies. Digital aid proves to be more effective in nations with high to middle income economies in comparison to nations with low-income economies. Therefore, the acceptance of China's digital aid has an important role to play in reducing the level of income inequality in developing economies that cannot be ignored.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"85 ","pages":"Pages 1760-1775"},"PeriodicalIF":7.9,"publicationDate":"2025-02-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143474671","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}
{"title":"Regulator as a minority shareholder: How does public-plus-private enforcement affect investment-to-price sensitivity?","authors":"Yi Hu , Shuchang Jin , Zhitao Xiong","doi":"10.1016/j.eap.2025.02.025","DOIUrl":"10.1016/j.eap.2025.02.025","url":null,"abstract":"<div><div>In February 2016, the China Securities Regulatory Commission (CSRC) launched a pilot program for investor protection, allowing the China Securities Investor Service Center (CSISC), an affiliate of the CSRC, to hold 100 shares of listed companies in the pilot regions. This pilot program combines public and private enforcement by allowing a regulatory agency to participate in corporate governance as a minority shareholder. Leveraging the enforcement of the CSISC shareholding program, we investigate the influence of the public-plus-private enforcement on investment-to-price sensitivity. We find that the CSISC shareholding program significantly increases the investment-to-price sensitivity of pilot firms. We further show that the CSISC shareholding program facilitates managerial learning from stock prices by improving corporate governance and increasing the amount of private information in stock prices. In addition, we find that the impact of the CSISC shareholding program, as a form of public-plus-private enforcement, is unlikely to be distorted by political connections and is also unlikely to crowd out the oversight from minority shareholders. We provide direct evidence on the enforcement theory of regulation and expand the economic consequence of the CSISC shareholding program from the perspective of investment-to-price sensitivity.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"85 ","pages":"Pages 1790-1815"},"PeriodicalIF":7.9,"publicationDate":"2025-02-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143480531","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}
{"title":"Trade liberalization and energy efficiency: Quasi-natural experiment evidence from the pilot free trade zones in China","authors":"Minzhe Du , Chukun Huang , Liping Liao","doi":"10.1016/j.eap.2025.02.019","DOIUrl":"10.1016/j.eap.2025.02.019","url":null,"abstract":"<div><div>Amidst the challenging international scenario and the profound ecological crisis, free trade zones serve as crucial avenues for enhancing the efficiency of energy utilization and fostering high-quality development. Drawing upon panel data covering 265 Chinese cities between 2006 and 2020, we employ a multi-period spatial difference-in-differences framework to examine the effect of the pilot free trade zones policy on energy efficiency, along with its underlying driving forces. The results show that the pilot free trade zone policy characterized by trade liberalization have a positive effect on energy efficiency gains in pilot cities. Simultaneously it creates a slight spatial spillover effect on energy efficiency improvements in non-pilot neighboring cities with strong economic ties. Trade liberalization is more likely to promote energy efficiency in cities with low foreign trade dependence and in non-provincial cities. Economies of scale through industrial agglomeration, foreign trade and technological innovation are important channels for the role of trade liberalization on energy efficiency. The findings of this paper shed novel insights into enhancing energy efficiency and addressing the imbalance between energy supply and demand, specifically from the lens of trade liberalization.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"85 ","pages":"Pages 1739-1751"},"PeriodicalIF":7.9,"publicationDate":"2025-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143471221","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}
Yaxian Wang , Xiaoyu Wang , Tomas Baležentis , Yuanying Chi , Dalia Streimikiene
{"title":"Disentangling the effects of green finance in reducing CO2 emission from energy systems: Evidence from a novel factor decomposition mechanism","authors":"Yaxian Wang , Xiaoyu Wang , Tomas Baležentis , Yuanying Chi , Dalia Streimikiene","doi":"10.1016/j.eap.2025.02.022","DOIUrl":"10.1016/j.eap.2025.02.022","url":null,"abstract":"<div><div>Green finance is a potentially important factor for upgrading energy structures and thereby controlling CO<sub>2</sub> emissions. However, previous research ignored it in the decomposition mechanism of CO<sub>2</sub> emissions from energy systems. Accordingly, a novel decomposition model integrating green finance and energy is developed under the Generalized Divisia Index (GDI) framework. Furthermore, the integration of GDI, coupled scenarios, and Monte Carlo techniques facilitates the introduction of a novel approach for dynamically simulating prospective CO<sub>2</sub> emission trajectories. The decomposition results imply that carbon factor and energy consumption stand out as the positive driving forces of CO<sub>2</sub> emission, with relative contributions of 0.95 % and 8.29 %. The green finance scale exhibits insignificant impetus in mitigating CO<sub>2</sub> emission, with a contribution of only -0.04 % in the last decade. However, the energy efficiency of green finance demonstrates substantial potential in all regions, contributing by -1.38 %. The forecasting results indicate that green finance will propel China's eastern region to achieve a steady decline in CO<sub>2</sub> emissions by 2026 in the sustainability-driven scenario, whereas the central and western areas fail to achieve carbon peaking. Both top-level design and region-specific policies are required to curb energy-related CO<sub>2</sub> emissions.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"85 ","pages":"Pages 1721-1738"},"PeriodicalIF":7.9,"publicationDate":"2025-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143471212","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}
Junhong Bai , Qishuo Cai , Nengzhi Yao , Qiaozhe Guo
{"title":"Government industrial priorities, public corporate governance and corporate innovation: A political push perspective","authors":"Junhong Bai , Qishuo Cai , Nengzhi Yao , Qiaozhe Guo","doi":"10.1016/j.eap.2025.02.023","DOIUrl":"10.1016/j.eap.2025.02.023","url":null,"abstract":"<div><div>This study develops a “political push” framework, largely rooted in institutional theory, to explain how government can foster corporate innovation through designating firms as industrial priorities and using public governance tools. Leveraging the sudden release of national prioritized industries under the Made in China 2025 (MiC2025) policy, our difference-in-difference analysis shows that government industrial priorities can significantly improve the innovation output of the prioritized firms. In addition, we find that the impact is strengthened when firms are governed more closely by the government in the forms of political appointment, party monitoring and state ownership. Our mechanism analysis further suggests that the positive impact of government industrial priorities is primarily achieved through enhanced human capital, improved tax incentives and increased government subsidies. Our findings offer a novel perspective and robust empirical evidence on the interplay between government industrial policy, public governance, and corporate innovation.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"85 ","pages":"Pages 1885-1900"},"PeriodicalIF":7.9,"publicationDate":"2025-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143487770","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}