Pub Date : 2026-06-01Epub Date: 2026-02-01DOI: 10.1016/j.ejpoleco.2026.102815
Shaowen Shu , Yinghao Pan , Hao Liu , Jingxian Zou
Can government talk move private capital? We study this question using city-level private entrepreneur symposiums across 293 Chinese cities from 2009 to 2021. Exploiting variation in symposium timing, we find that hosting a symposium increases local private firm investment by 0.24 percentage points—a 5 percent rise relative to the mean. The effect operates through four channels: improved entrepreneurial expectations, expanded credit access, accelerated accounts receivable collection, and reduced transaction costs. Crucially, communication effectiveness depends on follow-through: cities enacting concrete post-symposium policies generate significant investment responses, while those offering only rhetoric see no measurable effect. Effects are strongest during economic downturns, in less-developed cities, and where the private sector is weakest. These findings demonstrate that government communication can coordinate private investment when backed by credible commitment.
{"title":"The Governor’s Gambit: Does government-business communication move private capital?","authors":"Shaowen Shu , Yinghao Pan , Hao Liu , Jingxian Zou","doi":"10.1016/j.ejpoleco.2026.102815","DOIUrl":"10.1016/j.ejpoleco.2026.102815","url":null,"abstract":"<div><div>Can government talk move private capital? We study this question using city-level private entrepreneur symposiums across 293 Chinese cities from 2009 to 2021. Exploiting variation in symposium timing, we find that hosting a symposium increases local private firm investment by 0.24 percentage points—a 5 percent rise relative to the mean. The effect operates through four channels: improved entrepreneurial expectations, expanded credit access, accelerated accounts receivable collection, and reduced transaction costs. Crucially, communication effectiveness depends on follow-through: cities enacting concrete post-symposium policies generate significant investment responses, while those offering only rhetoric see no measurable effect. Effects are strongest during economic downturns, in less-developed cities, and where the private sector is weakest. These findings demonstrate that government communication can coordinate private investment when backed by credible commitment.</div></div>","PeriodicalId":51439,"journal":{"name":"European Journal of Political Economy","volume":"93 ","pages":"Article 102815"},"PeriodicalIF":2.4,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146189044","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-06-01Epub Date: 2025-11-27DOI: 10.1016/j.gfj.2025.101223
WeiWei Li , Prasad Padmanabhan , Chia-Hsing Huang
This paper aims to investigate how climate change risks affect firms’ financing and investment decisions. Using annual data from Chinese firms listed on the Shanghai and Shenzhen Stock Exchanges from 2007 to 2021, this study finds a statistically significant positive relationship between firm-level climate risk and asset-liability maturity mismatches, even after multiple robustness tests. Climate risks heighten mismatches by tightening financial constraints, worsening information asymmetry between insiders and outsiders, and increasing environmental, social, and governance-related investments. The effect is stronger among firms with weak banking relationships, no political connections, fewer institutional investors, smaller size, nonstate ownership, heavy pollution output, and higher proportions of female managers. Results further show that transition (policy) risks—rather than physical risks—drive the increase in mismatches. Finally, the 2015 Paris Climate Agreement appears to have weakened this linkage.
{"title":"Climate risk and asset-liability maturity mismatches","authors":"WeiWei Li , Prasad Padmanabhan , Chia-Hsing Huang","doi":"10.1016/j.gfj.2025.101223","DOIUrl":"10.1016/j.gfj.2025.101223","url":null,"abstract":"<div><div>This paper aims to investigate how climate change risks affect firms’ financing and investment decisions. Using annual data from Chinese firms listed on the Shanghai and Shenzhen Stock Exchanges from 2007 to 2021, this study finds a statistically significant positive relationship between firm-level climate risk and asset-liability maturity mismatches, even after multiple robustness tests. Climate risks heighten mismatches by tightening financial constraints, worsening information asymmetry between insiders and outsiders, and increasing environmental, social, and governance-related investments. The effect is stronger among firms with weak banking relationships, no political connections, fewer institutional investors, smaller size, nonstate ownership, heavy pollution output, and higher proportions of female managers. Results further show that transition (policy) risks—rather than physical risks—drive the increase in mismatches. Finally, the 2015 Paris Climate Agreement appears to have weakened this linkage.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"69 ","pages":"Article 101223"},"PeriodicalIF":5.5,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145685472","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}
Pub Date : 2026-06-01Epub Date: 2026-02-06DOI: 10.1016/j.ecolecon.2026.108946
Cécile Ezvan , Fiona Ottaviani
In this conceptual and methodological contribution, we focus on indicators of the good life and examine how an embodied form of universalism in qualitative and quantitative methods of evaluating the good life may be promoted. We aim to explore what type of universalism can align with a localized understanding of the good life. To achieve our purpose, we propose a gnoseological and ethical framework, grounded in an Aristotelian perspective. This framework supports a universalist goal while avoiding the homogenization often linked to the commensuration process.
Our study main results consists in an ethical and gnoseological framework for understanding the good life based on 4 principles: (1) considering plural dimensions of the good life (not just well-being) as a purpose, (2) analyzing the plurality of causes and effects, (3) identifying sufficient thresholds (rather than focusing solely on exponential growth), and (4) practicing evaluation as an art for citizens (instead of mere calculations by technical experts).
We emphasize how indicators based on our framework can foster collective reflection on values, rather than reducing qualitative aspects to quantitative measures. While the embodied universalism highlighted in this paper helps avoid some of the pitfalls of abstract universality, this art of composition required for evaluating the good life implies both to respect these universal principles and to adopt a tailor-made evaluation process to embody the approach in each specific context.
{"title":"Embodied universalism: An Aristotelian perspective for evaluating the good life","authors":"Cécile Ezvan , Fiona Ottaviani","doi":"10.1016/j.ecolecon.2026.108946","DOIUrl":"10.1016/j.ecolecon.2026.108946","url":null,"abstract":"<div><div>In this conceptual and methodological contribution, we focus on indicators of the good life and examine how an embodied form of universalism in qualitative and quantitative methods of evaluating the good life may be promoted. We aim to explore what type of universalism can align with a localized understanding of the good life. To achieve our purpose, we propose a gnoseological and ethical framework, grounded in an Aristotelian perspective. This framework supports a universalist goal while avoiding the homogenization often linked to the commensuration process.</div><div>Our study main results consists in an ethical and gnoseological framework for understanding the good life based on 4 principles: (1) considering plural dimensions of the good life (not just well-being) as a purpose, (2) analyzing the plurality of causes and effects, (3) identifying sufficient thresholds (rather than focusing solely on exponential growth), and (4) practicing evaluation as an art for citizens (instead of mere calculations by technical experts).</div><div>We emphasize how indicators based on our framework can foster collective reflection on values, rather than reducing qualitative aspects to quantitative measures. While the embodied universalism highlighted in this paper helps avoid some of the pitfalls of abstract universality, this art of composition required for evaluating the good life implies both to respect these universal principles and to adopt a tailor-made evaluation process to embody the approach in each specific context.</div></div>","PeriodicalId":51021,"journal":{"name":"Ecological Economics","volume":"244 ","pages":"Article 108946"},"PeriodicalIF":6.3,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146135566","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}
Pub Date : 2026-06-01Epub Date: 2026-02-13DOI: 10.1016/j.worlddev.2026.107348
Juan Camilo Cardenas
The intertwined dynamics of promoting development and preserving the environment has increasingly been affected by global structures and processes. It is not sufficient that communities engage in local collective action processes when global dynamics in economic and ecological systems are threatening them, even if they solve their local cooperation problems. The recent debate generated by the i-frame/s-frame controversy by Chater & Loewenstein (2023) is used here as a start to propose a framework for solving such divide and offer an approach where elements of the individual behavior (i-frame mechanisms) are brought together in the c2-frame community level, and trigger dynamics that bring change in the s-frame. A c2-frame dynamic involves the scaling up of local collective action processes achieving an s-frame transformation. Behavioral sciences can offer cues on how these processes reach transformational change.
{"title":"The development revolution will not be nudged: The c2-frame approach as a proposal","authors":"Juan Camilo Cardenas","doi":"10.1016/j.worlddev.2026.107348","DOIUrl":"10.1016/j.worlddev.2026.107348","url":null,"abstract":"<div><div>The intertwined dynamics of promoting development and preserving the environment has increasingly been affected by global structures and processes. It is not sufficient that communities engage in local collective action processes when global dynamics in economic and ecological systems are threatening them, even if they solve their local cooperation problems. The recent debate generated by the i-frame/s-frame controversy by <span><span>Chater & Loewenstein (2023)</span></span> is used here as a start to propose a framework for solving such divide and offer an approach where elements of the individual behavior (i-frame mechanisms) are brought together in the c<sup>2</sup>-frame community level, and trigger dynamics that bring change in the s-frame. A c<sup>2</sup>-frame dynamic involves the scaling up of local collective action processes achieving an s-frame transformation. Behavioral sciences can offer cues on how these processes reach transformational change.</div></div>","PeriodicalId":48463,"journal":{"name":"World Development","volume":"202 ","pages":"Article 107348"},"PeriodicalIF":4.8,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146193126","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-06-01Epub Date: 2026-01-09DOI: 10.1016/j.ejpoleco.2026.102806
Maria Montero , Alex Possajennikov , Yuliet Verbel
This paper studies responsibility attribution for outcomes of collusive bribery. In an experiment, participants labeled as either citizens or public officials can propose a bribery transaction to another participant (labeled as either public official or citizen, respectively), who decides whether to accept the proposal. We then let either the victims of the corrupt transaction or the bystanders of it judge the individual decisions of proposing and accepting. We interpret these judgments as a measure of responsibility attribution. We find that labels (citizen or public official) have a stronger effect than positions in the decision sequence (proposer or responder): public officials are consistently regarded as more responsible for corruption than citizens, while those accepting a bribery transaction are regarded as only somewhat more responsible than those proposing it. Further, we find that victims judge corruption decisions more severely than bystanders, although bystanders’ judgments are also consistently negative. In treatments with a neutral context, we find that judgments are less harsh than in the corruption context, bystanders’ judgments are much less harsh than those of victims, and responders are judged more severely than proposers. Our results suggest that people judge corrupt actors in context, more harshly when they are labeled as law enforcers (i.e., public officials), and that unaffected parties (i.e., bystanders) react nearly as negatively to corruption as those directly affected by it (i.e., victims).
{"title":"Attribution of responsibility for corrupt decisions","authors":"Maria Montero , Alex Possajennikov , Yuliet Verbel","doi":"10.1016/j.ejpoleco.2026.102806","DOIUrl":"10.1016/j.ejpoleco.2026.102806","url":null,"abstract":"<div><div>This paper studies responsibility attribution for outcomes of collusive bribery. In an experiment, participants labeled as either citizens or public officials can propose a bribery transaction to another participant (labeled as either public official or citizen, respectively), who decides whether to accept the proposal. We then let either the victims of the corrupt transaction or the bystanders of it judge the individual decisions of proposing and accepting. We interpret these judgments as a measure of responsibility attribution. We find that labels (citizen or public official) have a stronger effect than positions in the decision sequence (proposer or responder): public officials are consistently regarded as more responsible for corruption than citizens, while those accepting a bribery transaction are regarded as only somewhat more responsible than those proposing it. Further, we find that victims judge corruption decisions more severely than bystanders, although bystanders’ judgments are also consistently negative. In treatments with a neutral context, we find that judgments are less harsh than in the corruption context, bystanders’ judgments are much less harsh than those of victims, and responders are judged more severely than proposers. Our results suggest that people judge corrupt actors in context, more harshly when they are labeled as law enforcers (i.e., public officials), and that unaffected parties (i.e., bystanders) react nearly as negatively to corruption as those directly affected by it (i.e., victims).</div></div>","PeriodicalId":51439,"journal":{"name":"European Journal of Political Economy","volume":"93 ","pages":"Article 102806"},"PeriodicalIF":2.4,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145980309","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-06-01Epub Date: 2026-01-13DOI: 10.1016/j.ejpoleco.2025.102805
Masafumi Fujita , Haewon Youn
While global governance through public-private cooperation covers various issues, financial crisis management usually sees private financial institutions (PFIs) prioritize autonomy, leading to only limited and non-institutionalized cooperation. However, the Vienna Initiative (VI), created during the 2008–2009 Central and Eastern European (CEE) crisis, notably established institutionalized cooperation between PFIs and public actors led by the International Monetary Fund (IMF). Why PFIs agreed to formal collaboration that limited their autonomy in this case remains unclear. Previous research suggests public sector pressure and PFIs' strategic interests in the CEE market. However, the former is challenged by the fact that PFIs' voluntary cooperation preceded the VI, and the latter fails to explain the need for extensive institutionalization. This study introduces a new model of global governance and explains the VI case through it: PFIs, aiming to address the crisis but facing the public sector's collective action problem in sharing crisis management costs, adopted a strategy of “reverse orchestration” to resolve this challenge. Specifically, PFIs utilized the IMF as an intermediary to help establish the VI, and the extensive institutionalization reflected PFIs' preference for constraining public actors rather than themselves. This argument is supported through process tracing, which includes original interviews. This study reinterprets the VI case and enhances the broader literature on global governance by illustrating how resourceful private actors can implement reverse orchestration—leveraging international organizations as intermediaries—to influence state behavior according to their interests.
{"title":"Bank–public sector cooperation in the Vienna Initiative: Addressing the collective action problem through “reverse orchestration”","authors":"Masafumi Fujita , Haewon Youn","doi":"10.1016/j.ejpoleco.2025.102805","DOIUrl":"10.1016/j.ejpoleco.2025.102805","url":null,"abstract":"<div><div>While global governance through public-private cooperation covers various issues, financial crisis management usually sees private financial institutions (PFIs) prioritize autonomy, leading to only limited and non-institutionalized cooperation. However, the Vienna Initiative (VI), created during the 2008–2009 Central and Eastern European (CEE) crisis, notably established institutionalized cooperation between PFIs and public actors led by the International Monetary Fund (IMF). Why PFIs agreed to formal collaboration that limited their autonomy in this case remains unclear. Previous research suggests public sector pressure and PFIs' strategic interests in the CEE market. However, the former is challenged by the fact that PFIs' voluntary cooperation preceded the VI, and the latter fails to explain the need for extensive institutionalization. This study introduces a new model of global governance and explains the VI case through it: PFIs, aiming to address the crisis but facing the public sector's collective action problem in sharing crisis management costs, adopted a strategy of “reverse orchestration” to resolve this challenge. Specifically, PFIs utilized the IMF as an intermediary to help establish the VI, and the extensive institutionalization reflected PFIs' preference for constraining public actors rather than themselves. This argument is supported through process tracing, which includes original interviews. This study reinterprets the VI case and enhances the broader literature on global governance by illustrating how resourceful private actors can implement reverse orchestration—leveraging international organizations as intermediaries—to influence state behavior according to their interests.</div></div>","PeriodicalId":51439,"journal":{"name":"European Journal of Political Economy","volume":"93 ","pages":"Article 102805"},"PeriodicalIF":2.4,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145980311","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Gender-based violence in the U.S. is a silent epidemic. Twenty percent of women experience rape, yet only one in three reports it. Using FBI data and a regression discontinuity design, we examine the impact of female U.S. House Representatives on reported rapes and intimate femicides. Our findings suggest an increase in reporting, rather than higher levels of violence. Our setting and additional analysis allow us to rule out policy channels. We argue that female politicians serve as role models, influencing reporting through symbolic and social pathways. Congressional speech data support this argument: female legislators advocate more against gender-based violence, and their speeches correlate with higher reporting in their districts.
{"title":"Women in office: The impact of female politicians on gender-based violence reporting","authors":"Veronica Frisancho , Evi Pappa , Camila Ramírez , Chiara Santantonio","doi":"10.1016/j.ejpoleco.2025.102794","DOIUrl":"10.1016/j.ejpoleco.2025.102794","url":null,"abstract":"<div><div>Gender-based violence in the U.S. is a silent epidemic. Twenty percent of women experience rape, yet only one in three reports it. Using FBI data and a regression discontinuity design, we examine the impact of female U.S. House Representatives on reported rapes and intimate femicides. Our findings suggest an increase in reporting, rather than higher levels of violence. Our setting and additional analysis allow us to rule out policy channels. We argue that female politicians serve as role models, influencing reporting through symbolic and social pathways. Congressional speech data support this argument: female legislators advocate more against gender-based violence, and their speeches correlate with higher reporting in their districts.</div></div>","PeriodicalId":51439,"journal":{"name":"European Journal of Political Economy","volume":"93 ","pages":"Article 102794"},"PeriodicalIF":2.4,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145897925","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study investigates key features of stock returns – including the leverage effect, contemporaneous leverage effect, volatility clustering, and feedback effect – using a vine copula framework. Unlike traditional copula models, our approach enables the joint examination of these features simultaneously, particularly under extreme market conditions when they are most critical for risk management. Based on high-frequency data from major global stock markets and large-cap U.S. firms, we find strong evidence of volatility clustering, characterized by nonlinearity and marked asymmetry: the clusters of high volatility occur more frequently than those of low volatility, with the effect more pronounced for indices than for individual firms. We also identify significant asymmetric leverage and contemporaneous leverage effects, both of which occur only at market downturn. At extremes, the contemporaneous leverage effect is slightly stronger than the leverage effect, suggesting both immediate and persistent volatility responses to adverse news. Moreover, these stylized features intensified during the 2008 financial crisis and the COVID-19 pandemic. Our Value at Risk (VaR) analysis and backtesting further demonstrate the superior performance of the vine copula model relative to linear dependence models and pair copula alternatives. These findings provide important insights for enhancing risk management practices and improving option pricing.
{"title":"Are the stylized features of stock returns the same in market downturns and upturns?","authors":"Bowen Cheng , Wanling Huang , Cathy Ning , Dinghai Xu","doi":"10.1016/j.jempfin.2026.101695","DOIUrl":"10.1016/j.jempfin.2026.101695","url":null,"abstract":"<div><div>This study investigates key features of stock returns – including the leverage effect, contemporaneous leverage effect, volatility clustering, and feedback effect – using a vine copula framework. Unlike traditional copula models, our approach enables the joint examination of these features simultaneously, particularly under extreme market conditions when they are most critical for risk management. Based on high-frequency data from major global stock markets and large-cap U.S. firms, we find strong evidence of volatility clustering, characterized by nonlinearity and marked asymmetry: the clusters of high volatility occur more frequently than those of low volatility, with the effect more pronounced for indices than for individual firms. We also identify significant asymmetric leverage and contemporaneous leverage effects, both of which occur only at market downturn. At extremes, the contemporaneous leverage effect is slightly stronger than the leverage effect, suggesting both immediate and persistent volatility responses to adverse news. Moreover, these stylized features intensified during the 2008 financial crisis and the COVID-19 pandemic. Our Value at Risk (VaR) analysis and backtesting further demonstrate the superior performance of the vine copula model relative to linear dependence models and pair copula alternatives. These findings provide important insights for enhancing risk management practices and improving option pricing.</div></div>","PeriodicalId":15704,"journal":{"name":"Journal of Empirical Finance","volume":"87 ","pages":"Article 101695"},"PeriodicalIF":2.4,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146192397","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}
Radical Ecological Economics is a more appropriate way for collaboration with communities in the Global South. It transcends the conceptual and methodological premises of Ecological Economics, integrating realities that are not commonly considered, but exist and actively resist throughout the world. The text addresses three major areas: 1) the broadening of the understanding of the social, not only as “the human” but as the encounter of complex structures of organization, of biological and cultural reproduction, of identity reaffirmation and even the search for autonomy in the face of historical oppressions whose leadership is entrusted to a Revolutionary Communitarian Subject; 2) the understanding that, within this social complexity, there are realities that are not generally considered, in which the natural endowment and goods for consumption and enjoyment are not allocated by market mechanisms; where production is organized as part of the social fabric; in which surpluses take multiple material and non-material forms, and are distributed for the common good (human and non-human); and in which socioecological metabolic configurations are nourished by historical cosmovisions that respect the biophysical limits of ecosystems; 3) REE has clear ontological, epistemological, methodological, and political foundations, taking into account a diversity of realities. This formulation offers a comprehensive method to understand the multiple worlds and approaches of millenarian societies that now are forging worlds outside the capitalist model by communities committed to alleviating the multi-scale crisis that afflicts them.
{"title":"Radical ecological economics: A paradigm from the global south","authors":"David Barkin , Erika Carcaño , Claudia Camacho , Alejandra Sánchez","doi":"10.1016/j.ecolecon.2026.108939","DOIUrl":"10.1016/j.ecolecon.2026.108939","url":null,"abstract":"<div><div>Radical Ecological Economics is a more appropriate way for collaboration with communities in the Global South. It transcends the conceptual and methodological premises of Ecological Economics, integrating realities that are not commonly considered, but exist and actively resist throughout the world. The text addresses three major areas: 1) the broadening of the understanding of the social, not only as “the human” but as the encounter of complex structures of organization, of biological and cultural reproduction, of identity reaffirmation and even the search for autonomy in the face of historical oppressions whose leadership is entrusted to a Revolutionary Communitarian Subject; 2) the understanding that, within this social complexity, there are realities that are not generally considered, in which the natural endowment and goods for consumption and enjoyment are not allocated by market mechanisms; where production is organized as part of the social fabric; in which surpluses take multiple material and non-material forms, and are distributed for the common good (human and non-human); and in which socioecological metabolic configurations are nourished by historical cosmovisions that respect the biophysical limits of ecosystems; 3) REE has clear ontological, epistemological, methodological, and political foundations, taking into account a diversity of realities. This formulation offers a comprehensive method to understand the multiple worlds and approaches of millenarian societies that now are forging worlds outside the capitalist model by communities committed to alleviating the multi-scale crisis that afflicts them.</div></div>","PeriodicalId":51021,"journal":{"name":"Ecological Economics","volume":"244 ","pages":"Article 108939"},"PeriodicalIF":6.3,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146102559","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}
Pub Date : 2026-06-01Epub Date: 2026-01-15DOI: 10.1016/j.gfj.2026.101235
Zimo Tao , Yi Zhang , Yongjian Huang
This study explores the effect of zero-cost employee stock ownership plans (zero-cost ESOPs) on corporate innovation. Based on staggered Difference-in-Differences (DID) method, the empirical results demonstrate that zero-cost ESOPs significantly promote corporate innovation, and the result is validated by a series of robustness and endogeneity tests. Mechanism analysis reveals that zero-cost ESOPs enhance corporate innovation by improving the human capital structure through attracting more highly educated and technically skilled employees, which widens the salary gap. Furthermore, the positive effect is more pronounced for firms with lower average salaries, industry competition, and executive shareholding. Most importantly, compared with traditional ESOPs, zero-cost ESOPs exhibit a stronger positive influence on corporate innovation, particularly in fostering independent innovation rather than collaborative innovation with external firms.
{"title":"Zero-cost employee stock ownership incentive and corporate innovation","authors":"Zimo Tao , Yi Zhang , Yongjian Huang","doi":"10.1016/j.gfj.2026.101235","DOIUrl":"10.1016/j.gfj.2026.101235","url":null,"abstract":"<div><div>This study explores the effect of zero-cost employee stock ownership plans (zero-cost ESOPs) on corporate innovation. Based on staggered Difference-in-Differences (DID) method, the empirical results demonstrate that zero-cost ESOPs significantly promote corporate innovation, and the result is validated by a series of robustness and endogeneity tests. Mechanism analysis reveals that zero-cost ESOPs enhance corporate innovation by improving the human capital structure through attracting more highly educated and technically skilled employees, which widens the salary gap. Furthermore, the positive effect is more pronounced for firms with lower average salaries, industry competition, and executive shareholding. Most importantly, compared with traditional ESOPs, zero-cost ESOPs exhibit a stronger positive influence on corporate innovation, particularly in fostering independent innovation rather than collaborative innovation with external firms.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"69 ","pages":"Article 101235"},"PeriodicalIF":5.5,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146023062","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}
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