{"title":"Can environmental regulation synergy inhibit the differentiation of the Porter effect in carbon markets?","authors":"Zhihao Zhang , Zhi Gao","doi":"10.1016/j.eap.2025.08.008","DOIUrl":"10.1016/j.eap.2025.08.008","url":null,"abstract":"<div><div>With the continuous advancement of China’s comprehensive green economic and social transformation, high-carbon emission enterprises are gradually differentiating into green innovation and non-green innovation enterprises. Optimizing the collaborative design of environmental regulations to promote green innovation in both types of enterprises has become a critical issue that urgently needs addressing. This paper endogenizes prospect theory and mental accounting theory within an evolutionary game model to explore the differentiation of the Porter effect in carbon markets and its formation mechanism from the perspective of asymmetric risk preferences. Our findings indicate the following: (1) Benefit-side incentives and cost-side constraints from the carbon market lead to differences in the perceived value of the carbon market due to valence and cost-risk preferences in enterprises’ mental accounts, resulting in the differentiation of the Porter effect. (2) Environmental regulation synergy leverages cumulative effects to mitigate the environmental benefit differentiation caused by asymmetric risk preferences in the carbon market, gradually increasing the total environmental benefits. Additionally, the total economic benefit transitions from negative to positive through mutual compensation mechanisms among policies. This forms a Porter effect that accommodates sustained green innovation among heterogeneous high-carbon emission enterprises.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 2254-2278"},"PeriodicalIF":8.7,"publicationDate":"2025-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144879761","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}
Laijun Zhao , Juntao Zhen , Chenchen Wang , Youfeng Cheng , Hongru Yi , Ke Wang , Lijun Zeng , Jian Xue
{"title":"An inter-provincial spontaneous cooperation mechanism design for renewable energy electricity consumption under the weight of consumption responsibility policy","authors":"Laijun Zhao , Juntao Zhen , Chenchen Wang , Youfeng Cheng , Hongru Yi , Ke Wang , Lijun Zeng , Jian Xue","doi":"10.1016/j.eap.2025.08.017","DOIUrl":"10.1016/j.eap.2025.08.017","url":null,"abstract":"<div><div>The spatial mismatch between renewable power supply and demand in China creates various costs and pressures for provinces to meet their green electricity consumption targets under the current independent consumption model (ICM). To address this dilemma, this study designs an inter-provincial spontaneous cooperation consumption mechanism, which includes constructing a cooperative consumption model (CCM) and designing incentive mechanisms to promote spontaneous cooperation. Firstly, a Generalized Nash Equilibrium (GNE) model is constructed for inter-provincial cooperative consumption of green electricity, considering the \"certificate-electricity integration\" mechanism for green electricity trading. Secondly, we analyzed the existence and uniqueness of solutions for the GNE model and developed a method for solving it. In addition, we established a consumption volume transfer fee to promote spontaneous cooperation. Finally, we conducted an empirical study in a cooperative region that consisted of Beijing, Shandong, Shaanxi, and Inner Mongolia. Under the CCM, the provinces' total cost decreased by 141.646×10<sup>8</sup> CNY (9.618 %), and found that a unit consumption volume transfer fee priced between 0.476 CNY/kWh and 0.550 CNY/kWh effectively promoted the spontaneous cooperation. Our cooperation mechanism would help Chinese provinces develop economically viable consumption strategies and alleviate the pressure on provinces scarce in renewable energy to meet their consumption targets.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 2311-2329"},"PeriodicalIF":8.7,"publicationDate":"2025-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144888758","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}
Fang Wei , Siyao Yan , Yanrong Zeng , Qi Yang , Yang Wang
{"title":"The impact of the Belt and Road Initiative on China's New Industrialization: An empirical analysis based on a difference-in-differences model","authors":"Fang Wei , Siyao Yan , Yanrong Zeng , Qi Yang , Yang Wang","doi":"10.1016/j.eap.2025.08.016","DOIUrl":"10.1016/j.eap.2025.08.016","url":null,"abstract":"<div><div>As a crucial initiative for constructing a new pattern of high-level opening up, the Belt and Road Initiative (BRI) provides a strategic opportunity for China's cities to integrate global resources for new industrialization. Based on this, this paper selects panel data from 275 prefecture-level cities across China from 2010 to 2023, and employs the difference-in-differences (DID) method to examine the impact, mechanism, and heterogeneity of BRI on the new industrialization of Chinese cities. The results indicate that BRI has a significant positive impact on the development of new industrialization in cities, and the baseline regression results remain robust after a series of tests, including the placebo test and PSM-DID. Mechanism analysis reveals that BRI significantly enhances the level of new industrialization in cities through three channels: innovation-driven effects, optimization of industrial structure, and promotion of market integration. Heterogeneity analysis demonstrates that BRI's promotion of new industrialization is more pronounced in central and western cities, cities within the Yangtze River Economic Belt, old industrial base cities, and cities with more complete new infrastructure construction. Therefore, it is necessary to continue deepening and promoting new industrialization policies, stimulating innovation vitality, and promoting the dual circulation of domestic and international markets based on local conditions, which is of great significance for ultimately achieving Chinese-style modernization.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 2298-2310"},"PeriodicalIF":8.7,"publicationDate":"2025-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144886315","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":"Is too much green investment a good thing for corporate sustainable development performance?","authors":"Aiping Zhu, Qing Chen","doi":"10.1016/j.eap.2025.08.015","DOIUrl":"10.1016/j.eap.2025.08.015","url":null,"abstract":"<div><div>This paper explores how green investment impacts corporate sustainable development using data from China's A-share listed companies (2009–2023). It finds an inverted U-shaped relationship, suggesting moderate green investment best enhances sustainability. Strict environmental regulations and low financing constraints boost positive effects. The study innovatively examines green investment's impact on financial and environmental performance, revealing its complex mechanisms. This research expands understanding of performance outcomes and offers insights for optimizing green investment strategies to promote sustainable enterprise development.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 2164-2182"},"PeriodicalIF":8.7,"publicationDate":"2025-08-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144852929","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 impacts of household splitting on migrants' subjective well-being: Evidence from China","authors":"Tianshu Jiang , Rui Qi","doi":"10.1016/j.eap.2025.08.013","DOIUrl":"10.1016/j.eap.2025.08.013","url":null,"abstract":"<div><div>Massive rural-urban migration in China has led to millions of split households and has the potential to impact the subjective well-being (SWB) of migrants. We examine the effects of various family arrangements—including parent-child separation, spousal separation, and separation from either a spouse or a child—on migrants' happiness. Separation from children leads to a decrease in happiness, whereas the effect of spousal separation is not statistically significant. When spouses migrate together, parent-child separation harms migrant happiness. However, when individuals migrate with their children, even when their spouse stays behind, their SWB remains unaffected. Our results regarding the domains of SWB show that household splitting reduces marital satisfaction and satisfaction with spousal contributions, which further worsens migrants' happiness. In the context of large-scale internal rural-urban migration in China, household splitting results in massive welfare losses, signaling to policymakers the need to adopt effective measures to ensure family co-migration. We examine how current welfare policies help reduce the incidence of household splitting among rural-urban migrants. For migrants in split households, effective welfare policies also contribute to improvements in their well-being. Moreover, mechanism analysis reveals that loneliness, reduced recreational activities, and unhealthy lifestyle habits are mediators between household splitting and SWB. Lastly, we conduct heterogeneity analyses based on gender and family economic status. Our findings reveal the negative effects of household splitting among rural-urban migrants in China, providing empirical evidence to inform welfare measures and social security system reforms for this vulnerable group.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 2223-2238"},"PeriodicalIF":8.7,"publicationDate":"2025-08-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144866656","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 green trade promotion lessen energy poverty in Sub-Saharan Africa? The role of macroeconomic performance index","authors":"Shaohua Yang, Elias Gakuru, Yuting Wang","doi":"10.1016/j.eap.2025.08.014","DOIUrl":"10.1016/j.eap.2025.08.014","url":null,"abstract":"<div><div>This study explores the effect of green trade (GT) on energy poverty (EP) moderating the macroeconomic performance (MP) levels in this nexus. It examined panel data from 28 Sub-Saharan Africa (SSA) countries covering the years 2000 to 2021. Reflecting the non-normal distribution of the data, a panel quantile regression technique (PQR) was applied to address both distribution characteristics and unobserved individual differences. The Partial Linear Functional Coefficient (PLFC) method was adopted for deep nonlinearity analysis. First, both PQR and PLFC results indicate that GT has significant positive nonlinear impacts on EP alleviation. Second, the PQR findings indicate that GT positively impacts EP alleviation more in countries with lower EP than in those with high EP. The PLFC results indicated that countries with MP that surpass the established threshold experience a significant increase in the positive impacts of GT on EP alleviation. Considering the heterogeneity of regional and settlement patterns, the Eastern and Southern regions exert a greater adverse effect of GT on EP than the Western and Central regions of SSA, with urban areas experiencing higher impacts than rural areas. The results remain consistent even when considering variable substitution, various heterogeneity, and endogeneity issues, demonstrating that GT exerts nonlinear positive heterogeneous impacts on EP alleviation. Our results advocate for focused efforts to reduce EP, promote MP and enhance GT within the four established power pools in SSA. The governments should negotiate more green products trade agreements, green joint ventures and green bonds promotion in SSA. In addition, governments should enhance macroeconomic conditions by investing in hands-on skills training development through more partnerships with industries and effective governance.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 2103-2125"},"PeriodicalIF":8.7,"publicationDate":"2025-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144827864","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}
Fujun Lai , Fuxiang Wang , Yunzhong Li , Wai Yan Shum
{"title":"Global geopolitical risk and stock price informativeness","authors":"Fujun Lai , Fuxiang Wang , Yunzhong Li , Wai Yan Shum","doi":"10.1016/j.eap.2025.08.010","DOIUrl":"10.1016/j.eap.2025.08.010","url":null,"abstract":"<div><div>This study uses a sample of Chinese listed companies from 2007 to 2021 to investigate the impact of global geopolitical risk (GPR) on stock price informativeness. Our paper finds that GPR significantly reduces stock price informativeness. We propose herding behavior as a potential mechanism. When GPR is elevated, investors may become more sensitive to the actions of others, resulting in a reduction in stock price informativeness. We also find that the impact of GPR on stock price informativeness is more pronounced for companies with poorer information environments, overseas operations, unfavorable market conditions, and lower institutional investor ownership. Further analysis reveals that unexpected GPR can reduce stock price informativeness, whereas expected GPR may actually increase stock price informativeness. Our study is of significant value to policymakers and investors in addressing GPR, as it helps optimize investment decisions and enhance market efficiency.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 2279-2297"},"PeriodicalIF":8.7,"publicationDate":"2025-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144886314","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 E-commerce alleviate household financial vulnerability?","authors":"Cong Li, Yajie Zheng, Xueliang Lv","doi":"10.1016/j.eap.2025.08.012","DOIUrl":"10.1016/j.eap.2025.08.012","url":null,"abstract":"<div><div>E-commerce, as a crucial component of the digital economy, plays a vital role in reinforcing and broadening the successes of poverty alleviation efforts. Utilizing data from the China Household Finance Survey (CHFS) covering 2015 to 2019 and the China Family Panel Studies (CFPS) from 2014 to 2020, this paper employs a multi-stage differential model system. It examines how the establishment of e-commerce demonstration counties impacts household financial vulnerability and the mechanisms involved, regarding the National Rural E-commerce Comprehensive Demonstration Project (NRECDP) as a natural experiment. The findings indicate that e-commerce can significantly alleviate household financial vulnerability. This effect occurs through three channels: employment enhancement, entrepreneurship promotion, and consumption structure upgrading. Furthermore, variations appear based on region, age, material capital, and human capital. This study has significant implications for maintaining the successes of poverty alleviation efforts and realizing shared prosperity.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 2043-2058"},"PeriodicalIF":8.7,"publicationDate":"2025-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144827865","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}
Yi Wang , Xinyao Wang , Huijie Zhou , Xiaohan Chen , Xiaoyan Mao
{"title":"Industrial digitalization and urban-rural income gap: An empirical analysis based on data from 30 provinces in China","authors":"Yi Wang , Xinyao Wang , Huijie Zhou , Xiaohan Chen , Xiaoyan Mao","doi":"10.1016/j.eap.2025.08.001","DOIUrl":"10.1016/j.eap.2025.08.001","url":null,"abstract":"<div><div>Based on the panel data of 30 provincial regions in China from 2011 to 2022, this paper first constructs an evaluation index system of industrial digitalization by using the entropy method, then systematically analyzes the impact mechanism of industrial digitalization on the urban-rural income gap by applying a multi-dimensional econometric model, and finally deeply explores the influence of industrial digitalization on the urban-rural income gap and its underlying mechanism. The empirical results show that the development of industrial digitalization has significantly narrowed the urban-rural income gap, and its effect presented a regional heterogeneity characteristic of \"central province regions> western province regions> eastern province regions.\" Innovation level, as a key mediating variable, generates a masking effect in the transmission process, and the result shows that industrial digitization has improved innovation level, indirectly widening the urban-rural gap by 3.1%. The moderation effect of industrial agglomeration exhibits dual characteristics, strengthening the direct poverty reduction effect of industrial digitization and weakening the negative impact of innovation level through intermediary pathways. Further analysis reveals the heterogeneity generation mechanism through spatial agglomeration-spillover effects. This research reveals the complex mechanism of urban-rural coordinated development in the era of the digital economy and proposes implementing differentiated regional digital strategies, constructing a three-dimensional policy system for urban-rural coordinated development consisting of infrastructure construction, innovation achievement transformation, and industrial chain collaboration, and promoting common prosperity through optimizing the digital dividend distribution mechanism.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 2023-2042"},"PeriodicalIF":8.7,"publicationDate":"2025-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144813869","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":"Study on the factors and paths of optimizing and upgrading the regional industrial structure: A hybrid analysis based on extended NCA and fsQCA","authors":"Wenwan Wei , Sini Yang","doi":"10.1016/j.eap.2025.08.009","DOIUrl":"10.1016/j.eap.2025.08.009","url":null,"abstract":"<div><div>To achieve high-quality development, China needs to continue to optimize and upgrade its industrial structure in light of actual factors and effectively release its hidden growth potential. This paper takes 31 provinces and cities in China as cases and adopts the extended NCA and fsQCA methods to investigate the configuration and paths that affect the upgrading of regional industrial structure. The findings show: First, none of the contributing factors to industrial structure optimizing and upgrading can, in isolation, serve as a necessary condition for achieving such advancement. Second, enhancing the structure of human capital and the level of intellectual property is of great significance. Third, each region should combine its own characteristics and adapt its measures to local conditions.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 2083-2102"},"PeriodicalIF":8.7,"publicationDate":"2025-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144827866","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}