摘要 : Purpose This study examined the influence of corporate governance (CG) in relation to venture capital (VC) investment on invested firm's corporate social responsibility (CSR) performance in the Chinese context. More specifically, this paper examined the mediation of the proportion of independent directors (INDD), management shareholding (MSH) and executives' political connections (POLC) in the above-mentioned relationship. Design/methodology/approach This empirical study performed multiple mediation testing and bootstrap mediation robustness test on data from Chinese A-class shares IPO companies between 2010 and 2018. Findings The results of direct relationship analysis showed that VC support is detrimental to firm' CSR performance, consistent with previous research studies. The indirect effect analysis showed that VC reduced firm' CSR through reduction of INDD on board and increased MSH. Conversely, VC contributed to firm's CSR through higher POLC, which confirmed the significance of the joint mediation model. Practical implications This study offers stakeholders the opportunity to develop a deeper understanding of the role of VC institutions, independent directors and executives, in terms of firm's CSR, as well as provides insights on control rights allocation and policy drafting on independent directors when considering accessing VC support. Originality/value By analyzing the mediation model of the VC–CSR relationship, this paper provides evidence to enrich the debate on the role of CG in the relation between VC and firm's CSR.

摘要 : Low-carbon is a part of China's efforts to pursue the national strategy of "carbon peaking and carbon neutrality." Meanwhile, the path of low-carbon transformation of logistics has become a topic of global concern. This study constructs a technical framework of logistics carbon emissions (LCE), which is composed of carbon emission evaluation, carbon emission prediction and low-carbon strategy. All 13 prefecture-level cities in Jiangsu, China, are the application objects in empirical research. Then, the influence analysis of the LCE efficiency based on the panel Tobit model and the evolution of LCE under different scenarios are explored. The results show that: (i) during the study period (2013–2020), the LCE in Jiangsu showed an overall upward trend, with Xuzhou, Suzhou and Nanjing being the cities with the highest carbon emissions' (ii) the static efficiency of LCE in Jiangsu is at a medium level, with fluctuations in Suzhou, Changzhou, Zhenjiang, Nantong, and Suqian caused by the technical change index' (iii) economic level, industrial structure, fixed asset utilization rate, and ecological environment in Jiangsu are significantly positively correlated with LCE efficiency, while education popularization and energy intensity are negative' (iv) LCE in Jiangsu has been drastically reduced in the low-carbon scenario compared to the baseline scenario. On the above basis, this study proposes suggestions for the low-carbon development strategies of logistics in Jiangsu.

摘要 : The mechanisms underlying the relationship between firms' digitalization transformation and environmental, social, and governance (ESG) are underexplored. Using a sample of Chinese listed firms from 2011 to 2020, this research explores the mechanisms whereby digitalization affects firms' ESG performance. We found: (i) digitalization transformation can effectively promote firms' ESG performance' (ii) digital transformation promotes firms' ESG performance by enhancing internal control and green innovation' and (iii) the positive effects between digital transformation and ESG performance are more pronounced in non-state-owned-enterprises (non-SOEs) and firms of the manufacturing industry, and hi-tech firms, as well as firms with a higher ratio of independent directors and higher analyst coverage. (iv) The government's supportive attitude towards industrial policy has a positive moderating effect on the impact of digital transformation on ESG performance, and the degree of marketization in the region where the firm is located has a negative moderating effect on the relationship between digital transformation and ESG performance. Our research deepens the understanding of the nuanced mechanism underlying the positive relationship between firms' digital transformation and their ESG performance.

摘要 : The traditional view is that local governments are inclined to ease environmental regulations in response to fiscal pressure (FP) and alleviate FP by sacrificing the environment for economic development (ED). This paper takes Chinese Mainland resource-based cities (RBC) as the research sample but draws different conclusions. The research results are as follows: firstly, for RBC, although FP reduces environmental pollution (EP), it is not conducive to ED. Compared with non-resource-based cities (NRBC), the economic negative effect of FP in RBC is more obvious. Secondly, FP is detrimental to ED by reducing EP, and RBC have not sacrificed the environment to promote ED in the context of FP. This paper summarizes that the development path of RBC should be "optimizing government behavior → increasing FP → improving environmental quality → reducing ED level." Thirdly, the impact of FP on cities with slower economic growth and smaller economic gap is greater, and the impact of FP on cities with better environment is more obvious. This paper argues that facing FP, RBC in China will not trade EP for ED; at the same time, we suggest RBC in other countries in the face of the FP, not only thinking of promoting ED at the expense of the EP and ease the FP, but also the development of green ecological requirement, overall consideration of the relationship between EP and ED, and then achieve green and sustainable ED without degrading the environment as far as possible. © 2023. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.

摘要 : This study aims to predict financial distress in an emerging country using data on ST listed companies in China from 2001 to 2021. A new Aalen hazard model with mixed data sampling (MIDAS) is adopted to investigate the impact of monthly macroeconomic variables and quarterly financial variables on financial distress. The empirical results show that the current ratio, operating profit ratio, current capital ratio, retention ratio, profit ratio and income ratio of listed companies have a significant impact on the time-varying intensity of financial distress. The consumer price index has a negative relation with the intensity of financial distress, while the production price index and credit spreads have a positive influence. Finally, the results of the robustness tests are consistent with those with different lag orders.

摘要 : The higher the financing constraints (FC), the more unfavourable to the high-quality development of enterprises (HDE). Is this really the case? Through the data of listed companies, this paper finds that: (1) FC do not necessarily inhibit HDE, which is mainly manifested in the asymmetric inverted U-shaped relationship. (2) The initial FC are conducive to HDE by promoting R&D expenditure, and the later FC are unfavourable to HDE by inhibiting R&D expenditure. (3) The R&D expenditure of heterogeneous enterprises has mediating effects in varying degrees, and the role of R&D expenditure in promoting the high-quality development of non-state-owned enterprises (Non-SOE) is higher than that of state-owned enterprises (SOE), the impact on enterprises of different sizes is basically the same, and the role in promoting eastern and central enterprises is slightly higher than that of western enterprises. (4) The phased characteristics of the mediating role of technological progress (TP) under different measurement standards are quite opposite. The initial FC promotes HDE by reducing the R&D intensity, and the later FC are not conducive to HDE by improving the R&D intensity. © 2024 Informa UK Limited, trading as Taylor & Francis Group.

摘要 : For the issue of carbon emission mitigation within the automotive supply chain, the cooperation between the vehicle manufacturers and the retailers has been proved to be an efficient measure to enhance emission reduction endeavors. This paper aims to evaluate the effectiveness of the cooperations between a vehicle manufacturer and multiple retailers based on the differential game method. By utilizing the Hamilton–Jacobi–Bellman equation, the equilibrium strategies of the participants under two different cooperation models, i.e., the decentralized model and the Stackelberg leader–follower cooperation model, are analyzed. To be specific, in the decentralized model, each participant independently decides its strategies, whereas the manufacturer cooperates with retailers by offering subsidies in the Stackelberg leader–follower model. Unlike previous studies that solely focused on participants' decision-making in carbon emission reduction efforts, this paper also examines the retail pricing decisions of the retailers. Additionally, carbon trading is introduced to enhance the realism of our model. Through the theoretical analysis and the numerical experiments on the carbon emission reduction efforts of manufacturers and retailers, as well as the low-carbon reputation of vehicles and the overall system profit under both models, we conclude that the cooperative Stackelberg model outperforms the decentralized model in providing benefits to both parties. Furthermore, such a cooperative approach can foster the long-term development of the automotive supply chain, ultimately contributing to a more sustainable low-carbon future.

摘要 : The aim of this study is to investigate the fair allocation of multi-objective cooperative games (MOCGs) using a preemptive goal programming (PGP). First, this research establishes the PGP model, where the priority factors of PGP describe the importance degrees of different objectives in MOCGs, the positive and negative deviations of PGP present the relation between the overall payoff and the worth of a coalition, and the weighting factors of negative deviations of PGP express the coalition weights of MOCGs. Second, we investigate the relationships between the solutions of the PGP model and the cores of MOCGs, including the preference core, preference (Formula presented.) -core, and dominance core. Our analysis shows that the optimal solution of PGP belongs to the preference core, and the satisfactory solution of PGP satisfying certain conditions belongs to the dominance core or preference (Formula presented.) -core. Finally, we demonstrate the practical and managerial relevance of our results by applying our findings to a multi-objective linear production to produce certain kinds of goods using different resources for multi-firms with varying objectives and illustrate them numerically. © 2022 The Authors. International Transactions in Operational Research © 2022 International Federation of Operational Research Societies.

摘要 : The common grey prediction models include the GM(1, 1) model, the GM(1, 1) power model, the GM(1, N) model, the GM(N, 1) model and so on, and they have different applicable scopes. The paper proposes a method to build a novel grey Riccati model and gives a general analytic expression of time response equation for simulation and predictions and the parameter optimization method of grey Riccati model. To improve the modeling precision of the grey Riccati model and the adaptability of data to the model, the paper improves the accumulated generating sequence of original data, i.e. making a new data transformation, and the parameters in its data transformation are simultaneously optimized with the generation coefficients of the 2 background values, which greatly improves the modeling accuracy. The paper builds the grey Riccati models for China's total electricity consumption and China's private car ownership. The results show that the grey Riccati models built with the method proposed have high simulation and prediction precision. The model proposed enriches the grey model system and has great significance for the in-depth research and generalized application of grey model.

摘要 : This study examines the influence of the reduction in value-added tax (VAT) rates in China during 2018 and 2019 on corporate financialization. By employing a difference-in-differences model and utilizing data from Chinese A-share listed companies between 2017 and 2020, we assess the effects of tax reduction policies. Moreover, it achieves this outcome through three main pathways: alleviating financing constraints, boosting fixed asset investment, and weakening corporate financial arbitrage motives. Further analysis demonstrates that the inhibitory effect of VAT rate reduction on corporate financialization is more pronounced for non-manufacturing companies, businesses reliant on the basic tax rate as their primary revenue source, companies with low intermediate input rates, and those with a strong ability to shift the tax burden. Additionally, debt financing costs play a crucial role in moderating the relationship between tax reduction policies and corporate financialization. The conclusions drawn from this study provide valuable empirical evidence that can contribute to the refinement of VAT reduction policies and the prevention and resolution of financialization at the micro-level.