This study investigates the impact of blockholder and institutional ownership on stock sentiment sensitivity in China. Results show that blockholder ownership makes stock prices less susceptible to fluctuating market sentiment, while institutional ownership has the opposite effect. This contrast in effects is caused by performance pressure faced by mutual funds, the majority of institutional investors. Compared with blockholders, institutional investors in China generally hold more dispersed shares with shorter holding periods, thereby amplifying the impact of investor sentiment on stock prices.

Under the context of megacity decentralization, street vitality in urban fringe commercial districts becomes a key indicator for assessing population attraction and sustainability. However, most existing studies focus on central urban areas, with limited attention to the vitality characteristics of urban fringe streets and the nonlinear relationship between the built environment and street vitality. Methods for quantifying street vitality also remain underdeveloped. This study examines streets in commercial districts located in Wuhan's urban fringe areas. Street vitality is quantified using mobile signaling data. Based on multi-source data, a “5D” built environment indicator system is constructed. Machine learning combined with SHAP algorithms is employed to reveal the nonlinear effects and interaction mechanisms of built environment variables. Finally, hierarchical clustering is used to identify different types of street vitality. The results show that: (1) Location distance is the dominant factor influencing street vitality, with time-varying effects; (2) Built environment variables affect vitality in nonlinear ways; (3) There are interactive effects among indicators of different dimensions of built environment; (4) Streets with similar contribution patterns from built environment variables tend to have similar vitality levels. Vitality formation mechanisms vary by street type and show spatial clustering. Findings support refined urban fringe street design.

The extent to which independent directors are informed is unobservable. Assessing director informedness is also difficult because CEOs control the flow of private information to independent directors and the information CEOs transfer could be biased depending on their career incentives. We propose a new, observable measure of directors' informedness, arguing that contemporaneous opportunistic trading by CEOs and independent directors indicates that CEOs share private information, and that, as CEOs trade on it, the information is reliable. We conduct multiple tests that validate the hypothesis that our measure captures information sharing. Specifically, we find that information sharing enables independent directors to time the market and that opportunistic trading is more prevalent in complex firms where advice is more valuable. Opportunistic trading, and in particular opportunistic selling, occurs in firms with powerful CEOs, where the impact of information sharing on board monitoring and CEOs' career concerns is likely reduced. Given the endogeneity of the CEO's decision to share information, we show that informing directors can positively impact the firm through enhanced future innovation, M&A, and investment outcomes, and improved firm performance, despite having a negative impact on monitoring outcomes. Our measure is period-specific rather than static, and our results are obtained while controlling for characteristics of firms' information environments and directors' experiential and biographical traits that prior research has used as proxies for independent directors' informedness. Finally, our proxy for information sharing enables a re-measurement of board independence beyond co-option and social ties, which is of interest to those assessing corporate governance.

Using intraday peer-to-peer issuance data, we investigate the impact of secondary market existence on primary market liquidity. We find that the closure of Prosper’s secondary market reduces its primary market liquidity, resulting in longer times to fund loans, a smaller fraction of loans funded in the first hour, and a lower percentage of loan listings ultimately funded. Furthermore, prices decrease for high-risk loans and increase for low-risk loans after Prosper’s secondary market closes. We find positive spillovers on the primary market liquidity of Prosper’s main competitor, Lending Club, and robust results when its secondary market unexpectedly closed four years later.

We examine the consequences of an intrusive debt-collection tactic that targets delinquent borrowers’ social circles. Our identification strategy relies on the fact that some of the delinquent loans are not worked on because of collection agents’ excessive workload. Using two approaches to estimate the local treatment effect, we show that this social-shaming tactic backfires and substantially increases the borrowers’ default rate. Borrowers with better outside options for credit access and male borrowers respond more strongly after they are shamed socially. These findings are in general consistent with the negative reciprocity interpretation; angered borrowers retaliate by defaulting on their loans. This paper was accepted by Lin William Cong, finance. Supplemental Material: The data files are available at https://doi.org/10.1287/mnsc.2023.00681 .

The urgency of addressing global warming necessitates rapid carbon emission reductions, a goal increasingly pursued through engagement with global value chains (GVCs). This paper investigates the complex interplay between a country's GVC participation and its impact on the global economic and environmental landscape. Employing a novel assessment framework grounded in a global multi-regional input-output model and counterfactual analysis, we analyze the effects of one country's GVC engagement on global economic and environmental outcomes. Our analytical framework accommodates inter-country differences in price levels and production structures, and it tracks intermediate inputs besides final demands in the global network. Drawing on the world-systems theory, we utilize China-a semi-peripheral nation-as a case study to explore how dynamic GVC participation can exacerbate or alleviate the tension between national and global economic and environmental goals. Our findings demonstrate that China's GVC engagement has been evolving. From 1995 to 2022, China consistently contributed to the reduction in global carbon emissions. Since 2015, however, the impacts of China's GVC participation have diverged considerably, yielding six distinct impact patterns on other countries. The evidence suggests that China is undergoing a transition towards a hybrid semi-peripheral/core status.

This study examines the impact of mixed-ownership reform on total factor productivity (TFP) of Chinese state-owned enterprises (SOEs), based on panel data of 1,211 firms from 1998 to 2007. The analysis identifies two primary reform pathways: reducing the share of state-owned capital and removing the SOE identity. Results reveal that eliminating SOE identity significantly improves TFP, while merely reducing the state-owned capital share exerts a negative effect. The positive impact of identity removal is linked to reductions in agency costs and policy burdens, whereas the adverse effect of ownership dilution may stem from alternative mechanisms unrelated to governance improvement.

This study explores the financial implications of digital transformation by examining its effect on export duration among Chinese listed firms. Drawing on heterogeneous firm trade theory, we argue that digital transformation enhances productivity and demand responsiveness, allowing firms to sustain longer export relationships and strengthen financial outcomes. Using firm-level panel data from A-share listed companies in China spanning 2007-2016, we employ a complementary log-log (clog-log) survival model to estimate the effect of digital transformation on export duration. The results indicate that digital transformation significantly extends export spells, particularly for large firms, technology-intensive industries, and firms in competitive markets. Further analysis reveals that prolonged export duration is positively associated with firm profitability, revenue growth, and financial stability. These findings underscore the strategic financial value of digital investments in enhancing export resilience and long-term performance in emerging markets.

Like any other important aspect of the economy, international energy trade is easily affected by legislation. Yet, there is no research on the relationship between the two in the currently available literature. This paper examines the impact of climate legislation on the international energy trade patterns (IETP) for 88 importing and 65 exporting countries for the period 2001-2020 respectively, using complex network theory (CNT) and econometric model. The main findings indicate a significant influence of climate legislation on IETP. For exporting countries, climate legislation is detrimental to the increase in total fossil energy exports. But it helps exporting countries to establish trade relations with more core countries. For importing countries, climate legislation diversifies their energy importing channels and intensifies their relations with core countries. Moreover, strict legislation is more likely to increase a country's influence in the international market. The study provides new perspectives for countries to develop strategic plans to stabilize their position in international energy trade.

This paper examines the influence of economic policy uncertainty (EPU) on matching between venture capital institutions (VCs) and startups. Working on data from the venture capital sector in China between 2002 and 2021, our analysis reveals that EPU notably improves the matching level between VCs and startups. EPU has a stronger positive impact on matching for VCs deeply integrated into China's economy and for mid-to-late-stage startups. We further show that EPU enhances matching by encouraging syndicated investments. Moreover, VCs' risk-taking positively moderates the impact of EPU on matching. Lastly, EPU exerts a negative impact on VCs' exit outcomes, but improved matching between VC firms and startups helps alleviate this impact.

This study aims to unveil the impact of the data factors on population quality and the economy. We construct a semi-endogenous growth model that includes the production, research, and education sectors and distinguish between production and consumption data according to the data source. Simultaneously, we introduce two types of data as input factors for production and research, and portray the mechanisms through which the data factors promote the improvement of population quality and economic growth. Our conclusions are as follows. First, when the education level is sufficiently high, an improvement in population quality can compensate for the decrease in population quantity, achieve the accumulation of human capital, and promote economic growth. Second, both types of data have a facilitating effect on population quality and the economy; the facilitating effect of consumption data is more significant on the economy. Third, compared with the optimal allocation, the proportion of labour allocation and data sales in a decentralised economy is seriously distorted and can only yield inefficient population quality and economic growth rates. Relying on improved data utilisation efficiency can only partially alleviate this inefficiency, and policy intervention is essential for realising the optimal allocation. Finally, when the education level is low, the facilitating effect of data on the economy is suppressed, suggesting that the contribution of data is limited and population quality improvement is crucial for sustained economic growth.

Digitalization offers tremendous potential for low-carbon development in China, yet the carbon rebound effect it triggers remains controversial. This paper develops China's Digital-Economy-Energy-Environment Analysis/ Computable General Equilibrium (CDEEEA/CGE) model, which assesses the actual input of ICT and its factor characteristics for the first time. On this basis, the digitalization process of China is modeled based on the endogenous drive of digital industrialization, and the carbon emission effect of digitalization is innovatively decomposed, thereby revealing the formation mechanism of the carbon rebound effect. Research results indicate that in the digital industrialization scenario, through the substitution effect, the share of ICT factor input and the share of the tertiary industry increase, which leads to a favorable performance of carbon intensity (-3.61 % in 2060). However, the extra carbon emissions (256.64 Mt. in 2060) resulting from the output effect and the income effect completely counteract the expected emission reductions (116.4 Mt. in 2060), triggering a backfire effect. Nevertheless, policymakers should not narrowly pursue a low rebound effect, as its essence represents the redistribution of the digitalization dividend. This paper further points out that the complementary environmental policy can largely retain the economic benefits of digitalization while eliminating the environmental impact of the carbon rebound effect. This research offers novel theoretical grounds and practical routes for sustainable development in the digitalization backdrop.

This study investigates the impact of IPO suspensions on the matching relationship between venture capital firms (VCs) and startups in China’s venture capital market. We find that IPO suspensions significantly improve the degree of matching between VCs and startups. This effect is particularly pronounced for lower-quality VCs and startups with limited growth potential. Moreover, the positive impact of IPO suspensions on matching is stronger when VCs are domestic or state-backed, when VCs and startups are located in the same region, or when startups are in the middle or late stages of development. Our analysis reveals that IPO suspensions reduce VCs’ risk-taking behavior and facilitate information exchange in the venture capital market, thereby enhancing the matching process. These findings provide novel evidence on the role of government policy interventions, such as IPO suspensions, in shaping the investment and financing activities of VCs and startups in China’s venture capital market.

Data factor is the foundation of digital empowerment for economic development. This paper studies data factor and its integration with other production factors by theoretically deducing and empirically testing its impacts on economic development. Working with provincial level data from China, the investigation reveals a positive and nonlinear impact of data factor on economic development. When applied at an advanced level, data factor can transform capital and labor into digital production factors, which boost economic development. The effects of data and digital production factors vary across regions and industries. Mechanism analysis shows that the effects of data factor and digital production factors on economic development are mediated by total factor productivity. These results offer clear evidence that all countries can benefit from digital transformation of the economy.

China's commitment to fighting air pollution has propelled the greening of supply chains to the forefront of its long-term strategy. This study proposes a coordinated policy approach to greening supply chains. It investigates how strategic interactions between the government, manufacturers, and retailers can be shaped by various policy mixes (involving subsidies, environmental tax, and carbon trading) to promote sustainable practices in supply chains. Employing a non-cooperative evolutionary game model, simulations reveal that retailers' active green promotion can facilitate bottom-up green technology innovation among manufacturers. While individual policies often yield limited or heterogeneous impacts, coordinated policies demonstrate much better potential for stimulating green innovation. However, achieving policy success is contingent on addressing critical vulnerabilities, including regulatory gaps, greenwashing, and illicit emissions activities. Ultimately, effective execution of green policies depends on not only robust design but also competence and integrity of the actors charged with implementation. The findings suggest that a combination of retailer engagement, policy complementarity, and dynamic policy adaptation is crucial for successful green transformation of supply chains.

Recognizing how climate-induced disasters influence firm performance is crucial for managers to build corporate resilience against climate risks. Using the panel data of 2,112 China's listed firms from 2007 to 2022 and treating climate-induced natural disasters as a quasi-natural experiment, this article empirically examines the impact of natural disasters on firm performance and explores potential mechanisms through a multi-period difference-in-differences (DID) model. Our findings indicate that climate-induced disasters significantly undermine firm performance. Mechanism analysis further reveals that climate-induced disasters adversely affect firms' cash holdings and production by restricting financing capabilities and disrupting supply chains, thereby deteriorating their financial performance. Consistent with dynamic capability theory, our results confirm the crucial role of asset liquidity and digital transformation in shaping the resilience of firm performance to natural disasters. Heterogeneity analysis further reveals that the impact of climate-induced disasters is more pronounced for non-manufacturing firms, private firms, and low-tech firms. Additionally, firms located in poorer regions and high-temperature areas exhibit much greater sensitivity to natural disasters. Our findings contribute to enhancing firms' awareness of disasters prevention and strengthening their management strategies, providing valuable insights for promoting corporate sustainable development.

Recently, many countries have vigorously developed a variety of renewable energy to provide sufficient energy support for low-carbon development. The aim of this study is to identify the key renewable energy sectors (RWS) for global energy transition by using a global multi-regional input-output model and industrial linkage analysis. We found that: (1) the developments of RWS in global countries present different picture. Of these, RWS in Norway, Brazil, and India are the cleanest, while those in Belgium, Estonia, and Czech perform the worst; (2) there are disparities in key RWS in different countries. For example, for Russia, the key RWS are wind and geothermal energy sectors, while for Bulgaria it is the bioenergy sector, and for India they are the solar PV and the bioenergy sectors; (3) Among the renewable energy sources studied, bioenergy performs best; (4) as the sectors of non-metallic mineral products, production of electricity by coal, and mining of fuel are closely linked to RWS, further carbon emissions reduction requires coordinated management of key RWS and these sectors. To transit to a sustainable energy system, decision makers need to introduce systematic policy guidelines for these key sectors identified.