As enterprises' lean management demands grow, weakly correlated expenses, which are numerous and significant, pose challenges to management. Enhancing the effectiveness of the performance evaluations of such projects has become a critical issue. Guided by contingency theory, this study explores methods to improve the post-project performance evaluation of weakly correlated expense projects in Chinese enterprises under lean management. Given the complexity and volatility of enterprises' internal and external environments, traditional performance-evaluation models fail to suit the unique features of projects with weakly correlated expenses. Therefore, it is imperative to develop a more flexible and adaptive evaluation and methodology. This study aims to boost post-project performance evaluations of weakly correlated expense project management in Chinese enterprises. The research: (1) examines the current situation and problems of performance evaluation for weakly correlated expense projects in enterprises. (2) analyzes the characteristics and requirements of the performance evaluation methods for these projects. (3) introduces the SAHP - Cloud model's project evaluation methods and models. (4) calculates the actual cases and analyze the conclusions. (5) presents conclusions and recommendations.

As AI commercialization accelerates, firms are incentivized to engage in “AI washing”—exaggerating AI capabilities to attract capital. We develop an index to measure AI washing, the discrepancy between symbolic AI disclosure and substantive AI investment, and examine the governance effect of ESG-linked executive compensation (ESG compensation). We find that ESG compensation significantly mitigates AI washing, acting as a constraining incentive that curbs symbolic disclosure rather than stimulating substantive investment. The effect is mediated by managerial long-term orientation and employee organizational identification. Additional analyses show that the governance effect of ESG compensation is stronger among firms with higher AI technology dependency, greater media attention, and stronger managerial ability. Moreover, AI washing erodes market value, and firms facing legitimacy loss are more likely to resort to symbolic practices. This study contributes by extending governance theory to the AI context and clarifying the role of ESG compensation in aligning managerial and employee interests.

Green mergers and acquisitions (GMA) serve as a key channel for promoting the sustainable transformation of high-pollution enterprises. This paper examines the impact of common institutional ownership on GMA at the firm level through two competing theoretical perspectives: collaborative governance and competitive monopoly. Drawing on data from M&A involving high-pollution firms listed on China's A-share market between 2010 and 2022, the empirical analysis demonstrates that common institutional ownership substantially constrains GMA activity, thereby supporting the competitive monopoly hypothesis. The mechanism analysis suggests that common institutional ownership diminishes firms' incentives to pursue green transformation by lowering their risk-taking capacity and reinforcing their market dominance. Further heterogeneity analysis reveals that this inhibiting effect is less pronounced in state-owned enterprises and in firms with long-term institutional investors. This study contributes to the literature on common institutional ownership in the context of green strategic behavior by highlighting its possible adverse implications beyond governance for green resource allocation. The findings provide empirical evidence for enhancing antitrust regulatory frameworks and encouraging the provision of government-backed "patient capital" to facilitate corporate green transformation.

Although the practice of linking Environmental, Social, and Governance (ESG) metrics to executive compensation (ESG compensation) has become increasingly common worldwide, consistent evidence of its economic consequences for corporate value remains limited. Drawing on agency theory and a sustainable governance perspective, this study examines how responsibility-oriented incentive mechanisms translate into corporate financial performance. Using textual data from a large sample of Chinese listed companies and employing the BERT deep learning model for empirical analysis, the results show that ESG compensation significantly improves subsequent financial performance. Further analysis reveals that this effect is primarily driven by incentives related to the environmental and social dimensions of compensation structures. In addition, ESG compensation enhances firms' ESG rating performance and reduces rating divergence, thereby lowering stakeholders' transaction costs. The moderating analysis indicates that managerial ability and financial slack both strengthen the positive effect of ESG compensation on financial performance. Overall, this study uncovers the internal mechanism through which ESG compensation promotes corporate value creation and clarifies its practical implications for sustainable corporate governance.

This study examines the impact of common institutional ownership on corporate mergers and acquisitions (M&A) within China’s emerging market. The findings suggest that, while common institutional ownership decreases the likelihood of M&A, it positively influences the merger announcement effect and merger performance. The heterogeneity analysis reveals that long-term and independent institutional investors play a more significant role in facilitating effective M&A. The mechanism analysis identifies two primary channels through which common institutional ownership exerts its influence: first, by leveraging acquisition experience and informational advantages to mitigate information asymmetry; second, by appointing directors and curbing managerial opportunism to strengthen corporate governance. These findings provide novel empirical evidence regarding the dual role of common institutional ownership in M&A, enriching the literature on its economic impact in emerging markets. Furthermore, they offer valuable insights for advancing well-structured M&A practices and refining capital market regulations.

The potential risks associated with controlling shareholders' equity pledges pose significant challenges to capital market stability and development. Therefore, effective mechanisms to constrain equity pledges have become a key focus of scholarly investigation. This study examines the impact of common institutional ownership on controlling shareholders’ equity-pledging behavior using data from Chinese A-share listed firms between 2010 and 2021. The findings reveal that common institutional ownership significantly reduces equity-pledging activities among controlling shareholders. This relationship is robust across various tests, including the Heckman two-step model and instrumental variable approach. Mechanism analysis suggests that common institutional ownership influences equity pledging mainly through scale effects, board appointments, and exit threats. Moreover, the effect is stronger when long-term independent institutional investors are involved. These findings contribute to the literature by highlighting factors influencing equity pledges and showing how common institutional ownership reduces the risks associated with controlling shareholders' equity pledges.

Environmental disclosure is a crucial method for companies to demonstrate their environmental efforts. However, in some institutional contexts, companies may be inclined to "greenwash" their environmental disclosures, strategically seeking social rewards. Anchored on impression management theory, this study delves into the relationship between environmental disclosure and corporate value. The research substantiates the premium effect of environmental information while shedding light on the adverse impact of "environmental disclosure greenwashing" (EDG) on corporate value. Moreover, EDG leads to a further devaluation in the premium effect of environmental information. A more profound analysis reveals that the market trust acts as the mediating mechanism in the premium devaluation effect caused by EDG. Notably, when information user capability and media attention are scrutinized as distinct groups, the impact of EDG displays pronounced heterogeneity. These findings provide a theoretical foundation for verifying the authenticity of corporate environmental disclosures. Additionally, they offer valuable policy insights for rectifying EDG practices and enhancing environmental disclosure mechanisms.

PurposeThis study aims to investigate whether public attention influences corporate decisions on environmental disclosure, thereby revealing how society perceives and understands environmental issues and how corporations respond to these expectations.Design/methodology/approachWe selected publicly listed Chinese firms as our sample. An “Environmental Disclosure Greenwashing” (EDG) Index was developed through textual analysis of their annual reports using natural language processing. Financial data were obtained from the CSMAR database, and multivariate regression was used for analysis.FindingsThe impact of public attention on EDG primarily manifests as an oversight pressure effect rather than a legitimacy incentive effect. As public attention intensifies, firms tend to adopt more substantial environmental actions instead of merely symbolic environmental disclosures. Formal regulatory frameworks might inadvertently trigger corporate EDG, but public attention can correct the adverse effects possibly introduced by formal regulations. Notably, in firms facing lower institutional pressure, the influence of public attention is more pronounced.Practical implicationsThe evidence suggests that public attention reduces corporate EDG. These findings have significant implications for the regulation of environmental disclosures among firms in emerging economies.Originality/valueThe study integrates research in environmental disclosure with the concept of “greenwashing”, unveiling the limitations of the “disclosure as governance” viewpoint. It elucidates the impact of an informal external oversight mechanism (i.e. public attention) on complex corporate environmental disclosure decisions.

This study focuses on addressing quality supervision issues related to opportunistic behavior within the geographical indication product supply chain. It constructs an evolutionary game model comprising suppliers, distributors, government, and network media. Through analysis, it examines the influence of key factors on the decision-making dynamics of game participants and presents management suggestions accordingly. The findings are as follows: firstly, the dual supervision model with the assistance of network media can compensate for the regulatory gaps of the government's single supervision model. Secondly, the credibility of network media plays a pivotal role in determining the efficacy of public opinion supervision. With high credibility, measures such as increasing the synergy coefficient, imposing higher fines or compensation amounts, and enhancing the impact of reputational factors can all restrain the misconduct of operating entities. Conversely, when credibility is low, not only does the supervisory function of network media falter, but it also leads to reputational damage for both the operating entities and the government. Thirdly, differentiated management should be adopted for entities in different nodes of the supply chain; higher constraint intensity should be imposed on distributors compared to suppliers. The outcomes of this study provide some analytical paths for supply chain quality supervision and corporate behavior management and underscore the significance of collaborative regulation for sustainable industry practices.

PurposeGreen technology, characterized by its environmentally friendly attributes and sustainable practices, has emerged as a crucial tool in harmonizing the economic and ecological benefits. However, the challenge lies in selecting the most effective strategies for acquiring green technology. This paper aims to explore how chemical enterprises choose green technology acquisition strategies across diverse scenarios.Design/methodology/approachConsidering the influence of competition effects, spillover effects and their interactions on selecting green technology acquisition strategies, this paper develops three decision models (independent R&D, cooperative R&D and technology introduction). Drawing on the duopoly game theory as its theoretical framework, this paper delves into the examination of the economic and environmental benefits within distinct scenarios.FindingsCooperative R&D excels in promoting green technology R&D when spillover effects are strong, while independent R&D demonstrates superiority when spillover effects are weak. The threshold for the strength of spillover effects is related to competition effects. Additionally, cooperative R&D typically yields greater financial advantages than independent R&D and technology introduction. Moreover, the economic and environmental benefits may not be optimized simultaneously. Only enterprises that satisfy low competition and spillover effects as well as high competition and spillover effects, can achieve win-win economic and environmental benefits.Originality/valueAlthough green technology R&D and introduction are alternative strategies, they have typically been considered separately in prior literature. This study attempts to incorporate green technology R&D and introduction into a strategic system to investigate the selection of green technology acquisition strategies, taking into account competition effects, spillover effects and their interactions.

Decades of debates on the economy-based effects of environmental regulations (ERs) have yet reached an agreement. The inconsistent conclusions drawn may be attributed to variations in research samples, regulatory tools, and institutional backgrounds. This study aims to provide more persuasive results by conducting a case study in China to scrutinize the correlation between regulations and economic consequences. Based on an available sample of 120 Chinese companies operating in heavily polluting industries (HPCs) between 2010 and 2017, this study clarifies whether differentiated ERs affect HPCs’ financial performance, with marketization as a possible moderator. The main findings are as follows: First, regulations exert pronounced negative impacts on HPCs’ performance regardless of the proxies used for command-and-control, market-based, and informal ERs. Second, marketization moderates the nexus between regulations and HPCs’ performance by transferring regulations to promote improved performance. Third, the moderating effects of marketization are subject to the stringency of regulations, the external development environment, and firms’ characteristics in terms of scale and ownership. This research offers two key policy implications: (1) A double-winned goal harmonizing the environment and the economy is predictable, and the performance-enhancing effects of regulations should be acknowledged in this regard. (2) The catalyst role of marketization in enhancing performance should attract considerable attention.This study enriches insights into the economic outcomes of regulations and provides theoretical evidence for developing countries to strengthen market-based institutional reforms to sustain healthy development, which could benefit other economies, especially transitional and developing economies. Additionally, policymakers should incorporate marketization into environmental regulation mechanisms to promote sustainable development.

Environmental disclosure is vital for demonstrating a corporate’s environmental initiatives and enabling external stakeholders to access relevant information effectively. However, the lack of a standardized disclosure framework and effective regulations creates an incentive for corporates to exaggerate their environmental disclosures in order to reap the benefits of environmental policies. This study focuses on the disparity between corporate environmental disclosures and actual environmental actions, employing moral hazard and strategic behavior as lenses to investigate whether corporates can exploit “environmental disclosure greenwashing” (EDG) to gain advantages from environmental policies. The findings indicate that, on the whole, corporates implementing EDG indeed receive more environmental subsidies, but this practice also entails the risk of higher pollution charges to offset the environmental non-compliance resulting from EDG activities. The empirical results show some differences in the samples that distinguish the degree of pollution of the corporates. Moreover, we explore the governance effects of internal controls, market quality, institutional investors, and media coverage on corporates’ EDG. The conclusions not only lay down a solid theoretical framework for assessing the credibility of corporate environmental reports but also deliver strategic insights aimed at bolstering the implementation of environmental policies and enhancing frameworks that support transparent environmental reporting.

This paper investigates manufacturer encroachment on a sustainable supply chain, where the manufacturer holds exclusive information on product greenness and is responsible for both corporate social responsibility (CSR) and greening. The manufacturer and the retailer play a signaling game whereby CSR effort and wholesale price serve as joint green signals. Findings reveal that, firstly, encroachment induces higher CSR efforts from manufacturers. When customers exhibit a strong CSR preference, the resulting CSR increment leads to increased offline demand and drives up both wholesale and retail prices in a mutually beneficial manner. This phenomenon is referred to as the CSR effect, yielding a win-win encroachment. Secondly, when signaling product greenness to highly CSR-sensitive customers, the high-greenness manufacturer principally distorts her CSR effort downward to an extent unprofitable for the low-greenness manufacturer to mimic and subordinately distorts the wholesale price downward to counter CSR-induced demand decrement and mitigate CSR cost pass-through downstream. Finally, the win-win encroachment pattern is characterized by encroachment profit and signal expense sharing, with encroachment strengthening downward-distorted signaling while signaling weakens the CSR effect. These insights contribute valuable guidance for green manufacturers in CSR decision-making, which functions as a component of green signaling and facilitates transitioning to dual-channel sustainable supply chains.

Using empirical data in China from 2010 to 2018, this paper investigates the relationship between management control matching patterns and different modes of innovation by introducing a text analysis method. The study found that adaptation matching pattern has a significant positive impact on radical innovation, execution matching pattern has a significant positive impact on incremental innovation, and compensatory matching has a significant positive effect on balanced innovation. Additional analyses further show that the positive ‘control-innovation’ relationship becomes more significant in high-tech firms. Environmental uncertainty and the degree of executive risk preference have a heterogeneous regulatory effect on the choice of control matching and innovation model.

Based on the data of China’s A-share listed companies from 2008 to 2019,this paper investigates the influence of the upstream and downstream relationship concentration of the supply chain on corporate green innovation. Results show that the relationship between the upstream and downstream of the supply chain has a distinct impact on corporate green innovation. A higher supplier concentration has a negative impact on firms’ green innovation, while a higher customer concentration shows a positive role in promoting firms’ green innovation, and financial performance has a positive moderating effect on the relationship between supplier/customer concentration and firms’ green innovation. Further research shows that stronger environmental regulation can weaken the impediment effect of the high supplier concentration on green innovation, and the stronger preference for environmental protection in the consumer market strengthens the promotion of high customer concentration on green innovation.

建立两业协同集聚与区域经济韧性的理论框架,探究两业协同集聚对区域经济韧性提升的理论机制,在测度和分析我国主要省份两业协同集聚水平及区域经济韧性的空间分布基础上,以省级面板数据实证分析两业协同集聚对区域经济韧性的影响.研究发现两业协同集聚程度的提高能够显著促进区域经济韧性的提升,分区域的回归结果显示这种促进作用在我国东部地区更加显著.

新型科研机构是近年来在我国出现的一种体制新颖、机制灵活的创新研发组织形式,全面系统地研究其本质特征与运行机制对指导其实践发展具有重要意义.梳理新型科研机构的演变发展过程与运行特点,从学理层面辨识新型科研机构补充观、机制观与融合观等三种本质观点,提出其本质是一种产学研深度融合模式下的创新联合体.基于系统动力学理论与分析工具,从现实过程和特点中映射出新型科研机构运行的知识输入、技术创新和成果转化三个子系统,厘清各个因素之间的互动关系并构建新型科研机构运行系统的动力学流图;从静态视角分析得出人才集聚机制、协同创新机制、风险共担与利益共享机制和保障与激励机制四种运行反馈机制.最后,从动态视角对新型科研机构的运行系统模型进行仿真演化分析,揭示科技人才集聚水平、多元化研发资金、科技成果产出与创新收益的动态演化规律.通过探索新型科研机构的本质特征与内在运行机制,为科学推进新型科研机构高质量创新、引领战略产业发展提供参考.

ESG作为一种可持续发展理念和框架,引导和推动企业积极参与长期价值增长的各项实践行动.当企业面对环境不确定性时,是否还能坚持可持续发展理念和长期价值导向,继续履行ESG责任,并且该责任的履行是否能推动企业全要素生产率的提升是一个值得探讨的理论问题.文章基于企业微观环境不确定性下的管理行为选择偏差,运用实证方法以 2011-2020年沪深A股上市公司数据为样本系统分析了ESG责任履行对企业全要素生产率的影响.研究发现:ESG责任履行能够提高企业全要素生产率;高低环境不确定性下,企业ESG责任履行对全要素生产率的影响存在成本管控水平和投资水平两种不同的机制作用.异质性分析发现:机构投资者持股水平在ESG责任履行对全要素生产率的提升中起到正向调节作用,且对低环境不确定企业的正向调节作用更显著.

This study investigates the effect of global supply chain pressures and crude oil prices on the consumer price index from October 1997 to February 2022 using panel linear and nonlinear autoregressive distributed lags (ARDLs, NARDLs). The results showed that the asymmetric effect of the global supply chain on the inflation rate is stronger when the supply chain increases than when it decreases in the long run for advanced economies and vice versa in emerging markets. A one standard deviation of the supply chain pressures has rebounded the inflation rate by about 1.7% and 0.71% for advanced economies and emerging markets, respectively. The findings establish that a 10 U.S. dollar increase in oil prices leads the inflation rate to rise by 0.1%–0.6% for all countries in the short run. However, the impact of the global supply chain index fits much better with the inflation rate than the oil prices in the short and long run, including the subprime crisis, such as the COVID‐19 outbreak, and the beginning of the Russo–Ukrainian conflict. Thus, the empirical results of the current study provide acumens for policymakers of advanced economies and emerging markets to consume green energy and make use of green technology and environmental innovations for counterbalancing the inflation issues induced by the higher rates of oil prices without halting the economic growth and sustainable development.