Economic Analysis and Policy最新文献

{"title":"Experts on the board: How do IT-savvy directors promote corporate digital innovation?","authors":"Sihan Zhang ,&nbsp;Zhibin Chen","doi":"10.1016/j.eap.2024.12.032","DOIUrl":"10.1016/j.eap.2024.12.032","url":null,"abstract":"<div><div>Digital innovation has emerged as a pivotal driver for cultivating corporate competitive advantages; however, its successful implementation relies heavily on expert support. Utilizing panel data of A-share listed companies in China from 2008 to 2022, we find that IT-savvy directors can promote corporate digital innovation via facilitating digital transformation, mitigating managerial myopia, and enhancing industry-academia-research collaboration. Heterogeneity analyses indicate that IT-savvy directors’ promotive effect is more pronounced with higher director network centrality, board activeness, digital infrastructure maturity or intellectual property protection strength. Furthermore, we demonstrate that the promotion of corporate digital innovation ultimately leads to an increase in firm's market value. This study extends traditional innovation research into the digital context and provides valuable insights for optimizing corporate digital strategies and enhancing government digital economy policies.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"85 ","pages":"Pages 791-817"},"PeriodicalIF":7.9,"publicationDate":"2024-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143131746","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":"“Dual synergistic” transformation and corporate total factor productivity: Empirical evidence from China","authors":"Li Tang ,&nbsp;Teng Zhang ,&nbsp;Jinglang Wang ,&nbsp;Baoliu Liu ,&nbsp;Yujie Huang","doi":"10.1016/j.eap.2024.12.033","DOIUrl":"10.1016/j.eap.2024.12.033","url":null,"abstract":"<div><div>Enterprise for improving corthe s face fierce market competition and changing business environment as a result of globalization and technological advancements. Digital transformation and green development have emerged as critical strategies degree of synergistic transformation of digitalization and greening by using the coupled coordination model. Moreover, we explore the influence of synergistic transformation oporate competitiveness and achieve sustainable development. This study delves into the panel data of Chinese A-share listed companies in Shanghai and Shenzhen from 2007 to 2022. We construct an index of f digitalization and greening (referred to as “dual synergistic” transformation) on the total factor productivity (referred to as TFP) of enterprises by using the fixed effect model. Results showed a significant positive relationship between the degree of “dual synergistic” transformation and enterprise TFP. The regression results remain robust after a series of robustness and endogeneity discussions. Government subsidies can effectively play a moderating role, which strengthens the influence of “dual-chemistry synergy” transformation on firms’ TFP. Furthermore, we analyze the heterogeneity of the study sample and find that the positive influence of “dual synergistic” transformation on firms’ TFP is more significant in non-state-owned enterprises, heavily polluting industries, and non-high-tech and capital-intensive firms. This positive effect is weaker for SOEs, non-polluting industries, high-tech, and labor-intensive and technology-intensive firms. In addition, our study reveals that R&amp;D investment and financing constraints play critical roles in the “dual synergistic” transformation. Therefore, policy subsidies should be further increased, and the financing environment should be optimized to promote the productivity improvement of enterprises in the digital and green transformation, while strengthening the support of green social work for corporate social transformation, to help enterprises achieve environmental benefits while also addressing social responsibilities and community development.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"85 ","pages":"Pages 717-732"},"PeriodicalIF":7.9,"publicationDate":"2024-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143131747","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":"Human capital expansion and urban innovation","authors":"Yian Chen ,&nbsp;Lin Chen ,&nbsp;Guiping Li","doi":"10.1016/j.eap.2024.12.030","DOIUrl":"10.1016/j.eap.2024.12.030","url":null,"abstract":"<div><div>The issue of how human capital expansion significantly influences urban innovation initiatives, is of great importance. Yet researchers have limited causal insights into whether human capital expansion can boost urban innovation. Using data on prefecture-level urban innovation indices between 2000 and 2016, and employing an intensity Difference-in-Differences (DID) strategy, we examine how the human capital expansion policy affects urban innovation. We find that prefectures with a higher number of universities experienced a greater gain in urban innovation after 2003. We also find that the expansion of human capital in science and engineering (S&amp;E) fields plays the most significant role in promoting urban innovation. Finally, we investigate the mechanisms through which human capital expansion affects urban innovation. We find that the urban innovation-promoting effect of the human capital expansion program is partly channeled through its impact on increased innovative activities, producing a “talent agglomeration effect” and attracting immigrants.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"85 ","pages":"Pages 870-887"},"PeriodicalIF":7.9,"publicationDate":"2024-12-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143132295","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":"Unleashing the digital dividend: Exploring how the digital economy promotes the construction of new urbanization in China’s 284 prefecture-level cities?","authors":"Rui Chen ,&nbsp;Yufeng Wang ,&nbsp;Qi Wang ,&nbsp;Lingling Zhang ,&nbsp;Ruoxi Xiong","doi":"10.1016/j.eap.2024.12.028","DOIUrl":"10.1016/j.eap.2024.12.028","url":null,"abstract":"<div><div>In a “digital” era, developing the digital economy has become a key stepping stone for advancing new urbanization and common prosperity. This study explores the dynamic evolution characteristics of digital economy and new urbanization from the temporal-spatial dimensions through kernel density estimation (KDE). Spatial autocorrelation analysis and panel data spatial Durbin model (SDM) were used to empirically test the impact process, transmission path and spatial spillover effect of digital economy on new urbanization. In addition, the study further used the spatial distance threshold method and spatial difference-in-differences (SDID) to conduct detailed empirical tests on the heterogeneity of multi-distance thresholds, regional heterogeneity and robustness of the results of impact of digital economy on new urbanization. The study found that: (1) Digital economy and new urbanization both displayed a general growth tendency from 2011 to 2019, but both had significant temporal-spatial differences. (2) The improvement of digital economy not only supported local new urbanization efforts, but also generated positive spatial spillover effects on new urbanization in neighboring regions. (3) The spatial spillover of digital economy exhibited boundary and geographical attenuation characteristics effects on new urbanization, with spillover peaking at 800 km and attenuation reaching its limit at 1800km. (4) For regional heterogeneity, eastern region and urban agglomeration were more sufficient for the release of dividend and spillover spread of digital economy development. Technological innovation and industrial structure optimization were identified as crucial paths for transmission mechanism through which digital economy promote the construction of new urbanization. Therefore, to achieve regional coordination and common prosperity and further enhance spillover effects, efforts be made to integrate the digital economy with new urbanization, especially in central and western regions and non-central cities.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"85 ","pages":"Pages 818-834"},"PeriodicalIF":7.9,"publicationDate":"2024-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143131745","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":"Leading change: The impact of female officials on the rural toilet revolution in China","authors":"Andi Cao,&nbsp;Houjian Li","doi":"10.1016/j.eap.2024.12.029","DOIUrl":"10.1016/j.eap.2024.12.029","url":null,"abstract":"<div><div>With the advancement of the economy and society, the role of women in governing rural societies has become increasingly prominent. This study utilizes large-scale data from administrative villages, obtained through China's agricultural census, and employs the endogenous switching regression model and various treatment effect models to explore the impact of female officials on the rural toilet revolution and its underlying mechanisms. The results suggest that female officials can drive the rural toilet revolution, a conclusion that remains robust after a series of robust tests. Additionally, heterogeneity analysis reveals that female officials are more effective in promoting the toilet revolution in economically backward western regions, in villages with concentrated power in the hands of the village secretary, and in smaller villages. Furthermore, in villages not inclined to accept female officials, women encounter significant challenges in advancing the toilet revolution. The positive impact of female officials changes non-linearly with the increase in the proportion of women among village officials, and there is an optimal proportion. Moreover, causal mediation analysis reveals that female officials promote the toilet revolution by fostering collective action within the village and alleviating poverty. These findings provide insights for formulating policies to improve rural sanitation facilities.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"85 ","pages":"Pages 694-716"},"PeriodicalIF":7.9,"publicationDate":"2024-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143131748","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":"Unfavorable weather, favorable insights: Exploring the impact of extreme climate on green total factor productivity","authors":"Lei Li ,&nbsp;Yifan Zheng ,&nbsp;Shaojun Ma ,&nbsp;Xiaoyu Ma ,&nbsp;Jian Zuo ,&nbsp;Michael Goodsite","doi":"10.1016/j.eap.2024.12.027","DOIUrl":"10.1016/j.eap.2024.12.027","url":null,"abstract":"<div><div>Green total factor productivity (GTFP) evaluates the efficiency of economic output concerning environmental and resource input consumption, serving as a critical metric for sustainable economic development. Although existing literature has explored various determinants of GTFP, there is a lack of empirical studies examining the relationship between extreme climate (EC) and GTFP. This study investigates the impact of EC on GTFP using balanced panel data from 30 Chinese provinces from 2005 to 2022. Our findings indicate that EC significantly and negatively affects GTFP, a conclusion that remains robust after a series of tests. Significant regional heterogeneity exists in this impact, with western regions being the most severely affected. Extreme rainfall exerts the most pronounced negative effect among different extreme climate events. Mechanism tests reveal that EC reduces GTFP by undermining economic growth and diminishing knowledge spillovers. Further research indicates that the negative impact of EC on GTFP is predominantly observed in areas with high climate policy uncertainty and low human capital levels. The effect shifts from negative to positive in regions with high human capital. These findings underscore the urgent need for targeted climate resilience policies to safeguard and enhance regional GTFP.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"85 ","pages":"Pages 626-640"},"PeriodicalIF":7.9,"publicationDate":"2024-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143132214","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":"Institutional openness and city cross-border e-commerce: Evidence from China's pilot free trade zones","authors":"Mengjuan Ma ,&nbsp;Ziling Yu ,&nbsp;Lili Ma ,&nbsp;Wenyuan Guo","doi":"10.1016/j.eap.2024.12.026","DOIUrl":"10.1016/j.eap.2024.12.026","url":null,"abstract":"<div><div>Institutional openness is crucial for advancing cross-border e-commerce (CBE). While existing literature examines the micro-level factors influencing CBE development, the impact of institutional openness on CBE remains insufficiently explored. This study focuses on China's Pilot Free Trade Zones (PFTZs), a critical initiative for promoting institutional openness, and investigates their effects on CBE development across Chinese cities. The findings indicate that institutional openness has significantly fostered the rapid growth of CBE in these cities. Critical pathways for this growth include external and internal openness measures. Furthermore, institutional openness has not yet exerted substantial radiation or siphoning effects on CBE in neighboring cities. Heterogeneity analysis suggests that institutional openness can further enhance CBE development in cities with weaker informal institutions, lower administrative levels, underdeveloped digital economies, and non-participation in the Belt and Road Initiative (BRI). This study provides a theoretical foundation and policy recommendations for expediting institutional openness and promoting the growth of CBE.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"85 ","pages":"Pages 558-570"},"PeriodicalIF":7.9,"publicationDate":"2024-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143132216","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":"Interest rate liberalization and labor cost stickiness: A quasi-natural experiment from China","authors":"Tiantian Wang ,&nbsp;Qian Wei ,&nbsp;Ruiqi Sun","doi":"10.1016/j.eap.2024.12.025","DOIUrl":"10.1016/j.eap.2024.12.025","url":null,"abstract":"<div><div>Financial policy reforms can change the financing environment for enterprises, thereby affecting resource allocation. Taking the comprehensive liberalization of loan interest rates by the People's Bank of China in 2013 as a natural experiment, we investigate the relationship between interest rate liberalization and labor cost stickiness. Empirical results demonstrate that interest rate liberalization can significantly increase labor cost stickiness, and this finding remains robust even after conducting a series of rigorous tests. Further tests based on regional, industry, and enterprise characteristics reveal that the impact of interest rate liberalization on labor cost stickiness is more pronounced in regions with high bank monopoly, labor-intensive industries, and enterprises with distant bank-enterprise relationship. The Findings not only improve our understanding of cost management behavior in enterprises, but also shed light on the formulation and optimization of financial policies.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"85 ","pages":"Pages 1663-1675"},"PeriodicalIF":7.9,"publicationDate":"2024-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143454693","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":"Storms and sustainability: Assessing the impact of natural disasters on debt sustainability in the Caribbean","authors":"Akeem Rahaman ,&nbsp;Michelle Majid","doi":"10.1016/j.eap.2024.12.022","DOIUrl":"10.1016/j.eap.2024.12.022","url":null,"abstract":"<div><div>The Caribbean remains one of the most vulnerable regions in the world, facing a plethora of issues including the increasing intensity and frequency of natural disasters, limited fiscal space, difficulty in accessing financing, and elevated debt levels. We formally assess the impact of natural disasters such as storms and flooding on debt sustainability using the fiscal reaction function. Our results show that debt remains sustainable when we account for natural disasters, albeit weakly. The results remain robust when we assess natural disasters with higher intensity. We attribute the favourable movement in the primary balance to the implementation of austerity measures, obtaining external aid payouts from catastrophe insurance after natural disasters, or having restricted fiscal space. For robustness, we investigate the impact of natural disasters on the debt-to-GDP ratio and find that the overall results remain consistent with the fiscal reaction function. Policy recommendations include greater adoption of credible and flexible fiscal rules, catastrophe bonds, and climate disaster clauses on financial instruments.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"85 ","pages":"Pages 579-591"},"PeriodicalIF":7.9,"publicationDate":"2024-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143132215","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":"Green innovation in manufacturing enterprises and digital transformation","authors":"YANG Tingting ,&nbsp;XU Botong","doi":"10.1016/j.eap.2024.12.024","DOIUrl":"10.1016/j.eap.2024.12.024","url":null,"abstract":"<div><div>China's manufacturing industry accounts for the largest share of added value in the world, but there are problems such as high energy consumption and low efficiency. Digital transformation is crucial to green innovation in manufacturing and thus green transformation. Therefore, this paper selects listed manufacturing companies from 2013 to 2020 as the research object to build an empirical model to test whether digital transformation can improve the quality of enterprise green innovation. The findings are as follows: First, digital transformation can promote the improvement of green innovation efficiency and innovation quality of listed companies, but also inhibit the application of green utility model patents; Second, the digital transformation of listed companies has an important impact on the green innovation output of their subsidiaries. On the one hand, it increases the application of green invention patents of subsidiaries, and on the other hand, it significantly inhibits low-quality green patents. Third, digital transformation promotes the improvement of green innovation efficiency and the increase of green output by influencing enterprises' R&amp;D investment.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"85 ","pages":"Pages 571-578"},"PeriodicalIF":7.9,"publicationDate":"2024-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143131907","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}