Green credit policy (GCP) relies on financial means to promote environmental governance. Whether it can achieve the goals of economic development and environmental protection, especially in the context of different institutional supplies, remains to be scientifically tested. Based on the implementation of China’s Green Credit Guidelines in 2012, this study uses panel data of Chinese companies from 2009 to 2019 to explore the influence of GCP on green technology innovation and the role of institutional supply in it. The results show that GCP is instrumental in promoting green innovation in heavily polluting enterprises, and the promotion effect is heterogeneous based on green patent types, firms’ ownership, and regional financial development levels. Further analysis finds that the supply of environmental protection systems by local governments can strengthen the green innovation effect of GCP. However, the institutional supply of innovation has not yet released a promotional effect. This paper finds that green credit can be used as an environmental governance tool and provides inspiration for local governments to issue environmental protection policies scientifically.

It's critical for environmental governance to understand the effectiveness of policy interventions as well as their working mechanisms. This paper focuses on the vehicle license plate-based management, a sort of policy intervention understudied in environmental governance literature. Specifically, we study the automobile purchase restriction (APR), a major method of license management to address urban air pollution and traffic congestion recently launched by the authorities of China. However, limited studies have quantified the environmental impact of such purchase restriction. Based on the panel data of PM2.5 concentration in 330 cities in China during 1998-2016, this study aims to explore the causal impact of Beijing automobile purchase restriction on air quality, using the regression control method and high-dimensional data regression of machine learning. The average PM2.5 concentration did not decrease but increased because of the purchase restriction. Over time, the deterioration effect on urban air quality will not alleviate. Besides, the restriction cannot enhance urban air quality by decreasing the increase of PM2.5. Despite excluding the impact of driving restriction, the purchase restriction markedly aggravate urban air quality. This paper has some policy implications for policymakers on the impact of urban vehicle license management with caution. Hence, it is essential to promote urban economy, production, and lifestyle to attain the win-win goal of air pollution control and urban development.

The vigorous development of the digital economy has brought new opportunities and challenges to the construction of local fiscal revenue efficiency. Based on the panel data from 2011 to 2020, this paper uses the fixed effect model, instrumental variable method and other empirical studies to investigate the impact of the development of the digital economy on the efficiency of local fiscal revenue. The research results show that the development of the digital economy has directly improved the efficiency of local fiscal revenue, and the regression results of instrumental variables are still significant. The mechanism analysis shows that the development of digital economy mainly promotes local fiscal revenue such as efficiency improvement by cultivating tax sources.

Information leakage in the stock market has been widely proven. Information disclosure is sometimes uneven, and there is significant information asymmetry between ordinary investors and professional institutional investors. In this paper, Regression Discontinuity design (RDD) model is first employed to analyze the information leakage issues. Based on the daily closing stock prices of 15 capital service listed companies, we analyze the difference between the market reaction time and the disclosure time of two stamp tax policies. We found that the sample policies information may leaked to the market about two days earlier. This paper provides a new method analyzing information leakage.

In this paper I will show that budget deficit (or fiscal deficit) is necessary to achieve full employment under constant prices or inflation, using a model of endogenous growth in which consumers hold money for the reason of liquidity and live forever. Budget deficit need not be offset by future budget surpluses. I consider the continuous time case by taking the limit of the discrete time case when the time interval approaches zero. A continuous time dynamic model seems to be more general than a discrete time model. When the actual budget deficit is greater (smaller) than the value which is necessary and sufficient for full employment under constant prices, an inflation (a recession) occurs. The main argument of this paper is that a growing economy requires the continuation of budget deficit, and that we should not think of paying off the resulting government debt with taxes.

Overall development of a country largely depends on the economic policy instruments particularly fiscal and monetary policy to streamline the development and continue the developmental progress. These two policies have significant effects on long-term growth. It is noticed that policy adoption and reforms in both fiscal and monetary policies undertaken by Southeast Asian nations during the 1960s through 1990s have contributed to their advancement. This paper discusses the strategies for flourishing as emerging economies. Examples from Singapore, Thailand and Vietnam are highlighted in this study. It is found that prudent fiscal and monetary policy, effective discounting and interest rate; modernized tax system and most importantly policy regime are the contributing factors of these emerging economies. However, in spite of high-income growth and development because of supportive these policy initiatives, administrative and politico-economic constraints challenged the path of economies. Long-term development strategies are suggested to sustain the growth and continue the development pace.

Carbon emissions trading is an important part of emission reduction policy tools, and manufacturing is the foundation of a strong country. This paper explores the impact of carbon emissions trading pilot on the high-quality development of manufacturing industry by using the double difference method. It is found that carbon emissions trading can significantly promote the high-quality development of manufacturing industry, in which the government's will of ecological environment governance, technological progress and industrial structure rationalization have significant intermediary effects. Heterogeneity analysis reveals that the impact of carbon emissions trading on the high-quality development of the manufacturing industry is most significant in the western region. Accordingly, the study proposes suggestions on how to further improve China's carbon emissions trading market and realize the high-quality development of the manufacturing industry.

Investment funds are increasingly focusing on ESG issues, seeking to contribute to improving environmental, social, and governance concerns. ESG-focused investing involves promoting good ESG performance and may result in a decrease in expected financial returns. This may lead to a conflict between solely profit-focused shareholders and ESG-focused investors, who may respond accordingly. As such, a firm's ESG commitment may trigger several events that can affect the stock price. A firm's ESG commitment may increase its stock price; however, the end of such commitment may also positively affect the stock price. Hedge funds may consider this in their activism which may reshape the way hedge funds target firms and influence their actions accordingly.

The global financial crisis has affected all countries during the period 2007-2014. Tourist companies, especially in Italy, play a significant role in the economy of a country. The performance of tourism companies, and in particular hotels and travel agencies and tour operators, will be analysed in this paper, relative to the period of the crisis. The aim of this paper is to analyze profitability dynamics of the aforementioned tourist companies, to check whether they have suffered the effects of the global crisis. To this end, data from AIDA database relating to Italian companies in the sector were used. The profitability of these companies has been analyzed using the main profitability ratios, ROI and ROS ratios. An analysis of the trends and ANOVA of these ratios was carried out for the period 2007-2015. In this way, it has been verified whether the global crisis has affected profitability dynamics of hotels and travel agencies and tour operators in Italy. There is a parallelism in the trends of the main operators' indices in the three Italian macro-regions. The best performance is in the South, in a less developed economic context. The crisis has reduced the income indices in the first three years, even if the figure remains positive. Since 2012 there is a clear recovery, especially for hotels; intermediaries, on the other hand, suffer from competition from websites. However, the indices confirm the close relationship between travel agencies, tour operators and hotels. ROI mainly rewards first, while ROS intermediaries.

With the development of information technology and its application in environmental governance, the role of the internet in improving energy efficiency and reducing energy-saving potential (ESP) has attracted more attention. In this study, the slack-based model (SBM) and the unexpected model, along with the entropy method, were applied to measure China's energy-saving potential and internet development. Further, we empirically analyzed the direct effect, mediating effect, threshold effect, and regional heterogeneity of the internet on ESP. Our conclusion shows that there is a significant spatial correlation between internet penetration and ESP. Internet penetration has become an important tool for reducing ESP, but this effect shows regional heterogeneity. Human capital accumulation, financial development, and industrial upgrading are important influencing mechanisms, but indirect effects are weaker than direct effects. The impact of internet penetration on ESP is non-linear, and for improving human capital accumulation, financial development, and industrial upgrading, the role of internet popularization in energy conservation is more obvious.

Bank capital requirements would entail large social costs if they made resource allocation suboptimal and banking services costly by unduly limiting the banks’ ability to lend. This paper considers three main factors that may make capital requirements relevant, namely, deposit insurance subsidies, stock valuation errors, and tax shields derived from debt financing. The theoretical model analyzes the combined effects of the three factors on the banks’ incentives to make fairly priced loans, which should also be socially optimal loans. A key finding is that the long-term cost of capital requirements is likely to be very small when deposit insurance is underpriced. Increased funding costs resulting from higher capital requirements are absorbed by shareholders of banks, rather than passed on to borrowers. Under some reasonable assumptions, higher capital requirements improve resource allocation by countervailing distortionary effects of deposit insurance subsidies. Short-term adjustment costs can still be large, but it should be relatively easy to mitigate the short-term effects.

With the continuous advancement of technological revolution and industrial transformation, digital finance supported by big data and artificial intelligence has become an important engine for promoting carbon neutrality. We measured the industrial structure transformation index (ISU) of 30 provinces in China, and discussed the spatial spillover effect and transmission mechanism between digital finance and ISU using the spatial Durbin model. The research results demonstrate that the digital finance development can significantly improve the local ISU. Interestingly, the impact of digital finance on the ISU of adjacent areas has a significantly negative spatial spillover effect, which still exists under the different spatial weight matrix. Digital finance can improve ISU by improving green technology innovation, upgrading industrial structure, and alleviating capital allocation. We also found that the higher degree of marketization and environmental regulation can increase the positive influences of digital finance on ISU. This research proves the effectiveness of the digital finance in improving energy efficiency, and it encourages policymakers around the world to rely on digital finance to promote ecological governance and achieve high-quality economic development.

As the underlying institutional design for enterprise risk management, it is important to study whether and how internal control affects enterprise technological innovation in the current context of increased economic policy uncertainty. Based on the principal-agent theory and information asymmetry theory, this paper explores the impact of internal control on corporate technological innovation using the listed company data from 2009-2019 CSMAR database, and obtains the following research conclusions: (1) the quality of internal control positively affects the corporate technological innovation. (2) The operational risk plays an intermediary role in the relationship between the internal control affecting the corporate technological innovation. (3) The degree of market competition positively moderates the impact of internal control on enterprise technological innovation. (4) Relative to non-stateowned enterprises and non-high-tech enterprises, the quality of internal control of state-owned enterprises and high-tech enterprises has a more significant impact on enterprise technological innovation. This paper enriches the consequences of the study of internal control on the one hand, and on the other hand, it provides a new perspective for improving technological innovation, and it provides certain guidance for further improving the level of corporate governance.

Public diplomacy is a significant factor in promoting policy communication, people-to-people bonds, and the protection of foreign assets between two nations, but there is little research on the economic worth of public diplomacy. Python was used to crawl the daily search frequency of "China", "African countries", and related terms to construct the heat index of China-Africa public diplomacy during 2011-2019, and a two-way fixed effect model was developed to examine the impact of public diplomacy on China’s outward foreign direct investment (OFDI) in Africa. The empirical results show that public diplomacy has a considerable favorable effect on China’s OFDI in Africa, and after a series of robustness tests, the basic conclusion still holds. Heterogeneity tests show the investment promotion effect of public diplomacy is more pronounced in sub-Saharan Africa and that the promotion mechanism exhibits the characteristics of poverty alleviation and risk aversion. In addition, the promotion effect of public diplomacy on China’s OFDI becomes greater as time goes on. In terms of impact mechanisms, public diplomacy may promote OFDI by enhancing financing capacity and improving national governance. The research conclusion has policy implications for promoting China-Africa public diplomacy and investment cooperation in the new era.

Banks operating within a free economic environment and with constructive regulatory frameworks can function with enhanced efficiency, augmenting their profitability. This study aimed to examine the influence of economic freedom and financial restrictions on banks' profitability within the Organization of Islamic Cooperation member nations. The study used a sample of 1453 banks, collecting panel data spanning 13 years. The System-GMM methodology was justified based on the enduring characteristics of the data and the profitability metrics. The dependent variables, namely the Net Income Margin, Return on Average Assets, and Return on Average Equity were individually examined. The research findings indicate that most economic freedom indicators, except for investment freedom, harm bank profitability. The influence of the rule of law on profitability indicators is mostly adverse, although regulatory quality within the financial system has a comparatively favorable effect on profitability. Furthermore, bank-specific performance indicators had a negative impact on profitability, except for bank size. Moreover, country-specific variables substantially impact banks' profitability, including inflation, tax, and interest rates. The presence of Islamic banking has been shown to substantially impact the profitability performance of banks within the Organization of Islamic Cooperation. OIC banks' profitability is adversely impacted by the ongoing health crises, including the Covid-19 pandemic.

The digital economy industry plays a transformative role in reshaping the global production networks, the local division of production, and the integration and innovation of business forms. However, to what extent the industry enables the high-quality development and upgrading of urban economies is unclear. Based on the census data of digital economy enterprises in Hangzhou in 2008, 2013 and 2018, this paper verifies the characteristics of the digital economy industry and its enabling mechanism for high-quality urban economic development. It is found that: firstly, the digital economy industry has three main forms for the economy, namely, the sharing, scale and scope economy. Secondly, the industry has four major mechanisms to improve the quality of urban economies. That is, it can restructure the global industrial division of labor and value chains, promote the transformation of scale economy from the supply side to the demand side, enable the softening and servitization of industrial structure, and generate the scale of economies. This paper thus contributes to understanding the evolution of enterprise organizational structure and industrial competitiveness and the endogenous technological change under the digital economy.

At present, global warming poses the greatest threat to the planet's ecosystem. China is the greatest CO2 emitter, expected to account for roughly 33% of overall emissions in 2021, and this has caused authorities to express significant concern in the most latest Paris accord, when they decided to cut global emissions to a particular level. In comparison, 55% of China's power in 2021 appears from coal. As a result, investigating the ecological elements that affect China's CO2 output is essential. This analysis utilizes the autoregressive distributed lag (ARDL) technique to investigate the relationships concerning fossil fuels, renewables, and economic growth from 1990 to 2021. According to the data, using fossil fuels to generate energy and increase GDP significantly increases CO2 emissions. Yet, the use of renewable energy reduces CO2 emissions both in the long run and in the short term. Overall, the outcomes imply that using renewable energy sources is key to reaching sustainable environmental goals and deters the usage of fossil fuels in the energy mix. This study suggests that China take into account empirical findings and undertake long-term initiatives to reduce carbon emissions in favor of sustainable environmental outcomes.

Giving full play to the interaction of multi-dimensional environmental regulation is an important method to accelerate the green transformation of manufacturing enterprises which is a significant way to achieve carbon peaking and carbon neutrality goals. Based on the theory of evolution game, a green transformation strategy evolution game model participated by the government, consumers, and manufacturing enterprises has been constructed. Stability research is conducted based on the behavioral mode of the three parties participating subjects and the paper uses MATLAB for numerical simulation to analyze the impact of environmental regulations of different dimensions on the green transformation of enterprises. The research shows that: (1) When the government adopts a single environmental regulation of carbon emission right transaction or green consumption subsidy, it will not affect the choice of green transformation strategies of the enterprise. (2) When the government adopts a single environmental regulation of environmental protection tax, it only promotes enterprises to choose green transformation strategies under limited conditions. (3) Under the multi-dimensional environmental regulations of the government, by affecting the cost and income of enterprise green technology innovation, consumers’ green consumption behavior, and the manufacturing enterprises choose green transformation as a stable strategy. Therefore, the government should give full play to the role of multi-dimensional environmental regulations in promoting consumers' green consumption and enterprises’ green technology innovation to accelerate the green transformation of manufacturing enterprises.

This study compares return and volatility performance of exchange-traded funds (ETFs) with high-ESG (Environment, Social, and Governance) rating vs. low-ESG rating. The paper also examines time-series data predictability by identifying their positive dependence and volatility asymmetry properties, and examines the performance of two combinations of short-memory models i.e., autoregressive moving average and exponential generalized autoregressive conditional heteroskedasticity (ARMA-EGARCH); autoregressive moving average and asymmetric power autoregressive conditional heteroskedasticity (ARMA-APARCH) and two long-memory models, autoregressive moving average and fractionally integrated exponential generalized autoregressive conditional heteroskedasticity (ARFIMA-FIGARCH); and autoregressive fractionally-integrated moving average and asymmetric power autoregressive conditional heteroskedasticity (ARFIMA-APARCH). The study found that low-ESG rating ETFs on average have slightly significant higher returns and also lower volatility compared to their high-ESG rating counterparts. Evidence of asymmetric volatility properties are also present on both high-ESG and low-ESG rating ETFs returns. The study also observed that for both high-ESG and low-ESG rating ETFs denote a stationarity, but non-invertible process in their returns. Results can provide fresh understanding in the topic of leverage effects and volatility that can open future research channels to academicians.

When human civilization is thriving to the rapid economic and social development, the deteriorating ecological environment has also pressured the society to put environmental protection issues on the agenda future development. Therefore, green innovation is not merely a requirement for a corporate’s long-term development but the basics of sustainable development of human society. As an objective indicator to measure a company's commitment to social responsibility, corporate environmental responsibility has an extremely important impact on a corporate's business philosophy and innovation strategy. However, the existing literature rarely studies between these two variables. This paper collects the data of listed companies from 2010 to 2019 and empirically tests the impact of corporate environmental responsibility on corporate green innovation. The study finds that corporate environmental responsibility can promote green innovation by reducing financing constraints, improving corporate governance and increasing government subsidies and R&D investment, and the result is still significant under a series of robustness checks. The placebo test suggests that the Jiangsu enterprise responsibility construction pilot has facilitated the development of enterprises' green innovation to a great extent. The conclusions enrich existing literature on corporate environmental responsibility and corporate green innovation, providing implications for government policy orientation, social atmosphere guidance and corporate strategic decision-making process.