Pub Date : 2026-02-05DOI: 10.1016/j.jfineco.2026.104249
Francesco Sannino
{"title":"Committing to trade: A theory of intermediation","authors":"Francesco Sannino","doi":"10.1016/j.jfineco.2026.104249","DOIUrl":"https://doi.org/10.1016/j.jfineco.2026.104249","url":null,"abstract":"","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"89 1","pages":""},"PeriodicalIF":8.9,"publicationDate":"2026-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146134344","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 : 2026-02-05DOI: 10.1007/s11187-026-01176-w
Carolin Maaßen, Tatiana Lopez, David Urbano
Understanding how sustainable entrepreneurs can effectively drive change is inherently tied to the institutional environment, as incentives, regulations, and social norms can either be supportive or hindering. Moreover, individual-level factors, such as beliefs, values, and perceptions, shape behaviours, especially in the sustainability domain. Using original empirical data and drawing on a mixed-methods approach that includes 205 survey responses, 7 in-depth interviews, and secondary data from Catalonia in Spain, a region known for strong sustainable initiatives and entrepreneurial vibrancy, this study analyses founders’ perceptions of institutional dimensions (normative, cultural-cognitive, and regulative) and their role in shaping sustainable entrepreneurship. Results show that both perceptions on the normative dimension, reflected in a strong sustainability culture, and on the cultural-cognitive dimension, understood as the abilities and knowledge to address sustainability issues, positively influence sustainable entrepreneurship. Results show that both perceptions of the normative dimension, reflected in a strong sustainability culture, and of the cultural-cognitive dimension, understood as the abilities and knowledge to address sustainability issues, positively influence sustainable entrepreneurship. In contrast, perceptions of the regulative dimension, measured through government support, show an unexpected negative effect, with increased government support associated with lower levels of sustainable entrepreneurship. The results underscore the need to move the sustainability debate beyond technological and regulative fixes, instead highlighting the underlying sociocultural imaginaries that drive meaningful, sustainable change. These findings could be instrumental for policymakers in re-politicising economic activity, embedding sustainability knowledge into business education, and realigning regulatory frameworks to better support sustainable entrepreneurship.
{"title":"Culture over regulation: institutional dimensions driving sustainable entrepreneurship","authors":"Carolin Maaßen, Tatiana Lopez, David Urbano","doi":"10.1007/s11187-026-01176-w","DOIUrl":"https://doi.org/10.1007/s11187-026-01176-w","url":null,"abstract":"Understanding how sustainable entrepreneurs can effectively drive change is inherently tied to the institutional environment, as incentives, regulations, and social norms can either be supportive or hindering. Moreover, individual-level factors, such as beliefs, values, and perceptions, shape behaviours, especially in the sustainability domain. Using original empirical data and drawing on a mixed-methods approach that includes 205 survey responses, 7 in-depth interviews, and secondary data from Catalonia in Spain, a region known for strong sustainable initiatives and entrepreneurial vibrancy, this study analyses founders’ perceptions of institutional dimensions (normative, cultural-cognitive, and regulative) and their role in shaping sustainable entrepreneurship. Results show that both perceptions on the normative dimension, reflected in a strong sustainability culture, and on the cultural-cognitive dimension, understood as the abilities and knowledge to address sustainability issues, positively influence sustainable entrepreneurship. Results show that both perceptions of the normative dimension, reflected in a strong sustainability culture, and of the cultural-cognitive dimension, understood as the abilities and knowledge to address sustainability issues, positively influence sustainable entrepreneurship. In contrast, perceptions of the regulative dimension, measured through government support, show an unexpected negative effect, with increased government support associated with lower levels of sustainable entrepreneurship. The results underscore the need to move the sustainability debate beyond technological and regulative fixes, instead highlighting the underlying sociocultural imaginaries that drive meaningful, sustainable change. These findings could be instrumental for policymakers in re-politicising economic activity, embedding sustainability knowledge into business education, and realigning regulatory frameworks to better support sustainable entrepreneurship.","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"44 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2026-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146138655","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 : 2026-02-05DOI: 10.1016/j.enpol.2026.115125
Abdullah Albijadi
Residential energy storage systems can reduce grid stress, support renewable integration and enhance household resilience, yet their adoption remains costly. Governments and utilities therefore offer upfront rebates and tax incentives, but there is limited evidence on how these subsidies influence adoption and their cost-effectiveness. This study examines California’s Self-Generation Incentive Program, which offers declining rebates for household batteries, using data on all rebate applications and installations from 2017–2022. By exploiting step-downs in the rebate schedule across utility territories and over time, and controlling for fixed effects and other factors that affect adoption, I estimate the responsiveness of installations with respect to the rebate rate. A reduction of five cents per watt hour—the typical program step-down—reduces the daily installations by roughly 15 %. Counterfactual predictions suggest that, without the program, storage installations would have been about 42 % lower. Of the $177 million in rebates awarded, around $74 million accrued to infra-marginal adopters who would have installed storage anyway. The cost-effectiveness of this policy would imply $182 per tCO2 under baseline assumptions. These findings indicate that upfront rebates can meaningfully accelerate home battery adoption but also generate substantial rents, highlighting the need for carefully calibrated incentives.
{"title":"Energy storage adoption: Evidence from self-generation incentive program in California","authors":"Abdullah Albijadi","doi":"10.1016/j.enpol.2026.115125","DOIUrl":"10.1016/j.enpol.2026.115125","url":null,"abstract":"<div><div>Residential energy storage systems can reduce grid stress, support renewable integration and enhance household resilience, yet their adoption remains costly. Governments and utilities therefore offer upfront rebates and tax incentives, but there is limited evidence on how these subsidies influence adoption and their cost-effectiveness. This study examines California’s Self-Generation Incentive Program, which offers declining rebates for household batteries, using data on all rebate applications and installations from 2017–2022. By exploiting step-downs in the rebate schedule across utility territories and over time, and controlling for fixed effects and other factors that affect adoption, I estimate the responsiveness of installations with respect to the rebate rate. A reduction of five cents per watt hour—the typical program step-down—reduces the daily installations by roughly 15 %. Counterfactual predictions suggest that, without the program, storage installations would have been about 42 % lower. Of the $177 million in rebates awarded, around $74 million accrued to infra-marginal adopters who would have installed storage anyway. The cost-effectiveness of this policy would imply $182 per tCO<sub>2</sub> under baseline assumptions. These findings indicate that upfront rebates can meaningfully accelerate home battery adoption but also generate substantial rents, highlighting the need for carefully calibrated incentives.</div></div>","PeriodicalId":11672,"journal":{"name":"Energy Policy","volume":"212 ","pages":"Article 115125"},"PeriodicalIF":9.2,"publicationDate":"2026-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146116483","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 : 2026-02-05DOI: 10.1016/j.frl.2026.109616
Anh Ngoc Mai, Lien Phuong Thi Vu, Cuong Nguyen Le, Thanh Minh Nguyen, Luong Ngo Van, Ngo Anh Cuong
{"title":"CEO overconfidence, ESG, and corporate financial performance: Evidence from an emerging country","authors":"Anh Ngoc Mai, Lien Phuong Thi Vu, Cuong Nguyen Le, Thanh Minh Nguyen, Luong Ngo Van, Ngo Anh Cuong","doi":"10.1016/j.frl.2026.109616","DOIUrl":"https://doi.org/10.1016/j.frl.2026.109616","url":null,"abstract":"","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"44 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2026-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146134345","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 : 2026-02-05DOI: 10.1177/00420980251398376
Morag Rose, Dee Heddon, Clare Qualmann, Harry Wilson, Maggie O’Neill
This article discusses the impact of Covid-19 on disabled people’s experiences of walking in the UK, using survey and interview data from the project Walking Publics/Walking Arts: Walking, Wellbeing and Community During Covid-19 . Built environments are often encountered by disabled people as hostile and exclusionary. Our research identifies ways that this inequality was significantly magnified during the pandemic, including through overcrowded public spaces, increased street furniture and lack of facilities. Alongside attending to everyday walking experiences, we draw upon creative walking tactics and the work of walking artists, which enable imaginative encounters at multiple scales. These demonstrate how creativity can iterate alternative trajectories which embed accessible infrastructures and facilitate different ways of encountering, moving through and being in the city.
{"title":"Cripping desire lines: Disabled people, creative walking and the right to walk the city","authors":"Morag Rose, Dee Heddon, Clare Qualmann, Harry Wilson, Maggie O’Neill","doi":"10.1177/00420980251398376","DOIUrl":"https://doi.org/10.1177/00420980251398376","url":null,"abstract":"This article discusses the impact of Covid-19 on disabled people’s experiences of walking in the UK, using survey and interview data from the project <jats:italic toggle=\"yes\">Walking Publics/Walking Arts: Walking, Wellbeing and Community During Covid-19</jats:italic> . Built environments are often encountered by disabled people as hostile and exclusionary. Our research identifies ways that this inequality was significantly magnified during the pandemic, including through overcrowded public spaces, increased street furniture and lack of facilities. Alongside attending to everyday walking experiences, we draw upon creative walking tactics and the work of walking artists, which enable imaginative encounters at multiple scales. These demonstrate how creativity can iterate alternative trajectories which embed accessible infrastructures and facilitate different ways of encountering, moving through and being in the city.","PeriodicalId":51350,"journal":{"name":"Urban Studies","volume":"31 1","pages":""},"PeriodicalIF":4.7,"publicationDate":"2026-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146122006","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}
With the deep integration of rural industry and digital economy, rural e-commerce has developed as an effective way which transforming the mode of agriculture and increasing farmers’ income. Because of the comprehensive promotion of the digital technology and agriculture project, the rural network retail sale in China has reached 2.8 trillion yuan in 2024. Rural e-commerce provided a core driving force for rural industrial upgrading and rural innovation and entrepreneurship development. This study uses the two-way fixed effect model with the panel data of 26 provinces in China from 2014 to 2022 to examine the relationship of rural e-commerce and innovation and entrepreneurship. Results show that: (1) Rural e-commerce has a positive effect on rural innovation and entrepreneurship, and the conclusion is robust; (2) Rural e-commerce positively promotes rural innovation and entrepreneurship through capital-sinking effect and resource-integrated effect; (3) According to regional characteristics, the rural e-commerce boosts the innovation and entrepreneurship in different ways. The following suggestions are put forward: (1) Optimize the top-level design layout and continuously release the potential of rural e-commerce; (2) Increase the inclusiveness of digital finance and extend the agro-industry chain to attract innovative and entrepreneurial talents; (3) Increase R&D funding to stimulate entrepreneurial activity in rural areas; (4) Strengthen basic social security and employment support.
{"title":"How does rural e-commerce affect innovation and entrepreneurship","authors":"Hanyue Li, Ruihan Liu, Jiayun Zheng, Shuaigang Dong","doi":"10.1016/j.frl.2026.109606","DOIUrl":"10.1016/j.frl.2026.109606","url":null,"abstract":"<div><div>With the deep integration of rural industry and digital economy, rural e-commerce has developed as an effective way which transforming the mode of agriculture and increasing farmers’ income. Because of the comprehensive promotion of the digital technology and agriculture project, the rural network retail sale in China has reached 2.8 trillion yuan in 2024. Rural e-commerce provided a core driving force for rural industrial upgrading and rural innovation and entrepreneurship development. This study uses the two-way fixed effect model with the panel data of 26 provinces in China from 2014 to 2022 to examine the relationship of rural e-commerce and innovation and entrepreneurship. Results show that: (1) Rural e-commerce has a positive effect on rural innovation and entrepreneurship, and the conclusion is robust; (2) Rural e-commerce positively promotes rural innovation and entrepreneurship through capital-sinking effect and resource-integrated effect; (3) According to regional characteristics, the rural e-commerce boosts the innovation and entrepreneurship in different ways. The following suggestions are put forward: (1) Optimize the top-level design layout and continuously release the potential of rural e-commerce; (2) Increase the inclusiveness of digital finance and extend the agro-industry chain to attract innovative and entrepreneurial talents; (3) Increase R&D funding to stimulate entrepreneurial activity in rural areas; (4) Strengthen basic social security and employment support.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"93 ","pages":"Article 109606"},"PeriodicalIF":6.9,"publicationDate":"2026-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146135470","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 : 2026-02-05DOI: 10.1016/j.eneco.2026.109149
Yongji Zhang, Yankai Zhang, Ke Wang
{"title":"Climate change and corporate financialization: International evidence","authors":"Yongji Zhang, Yankai Zhang, Ke Wang","doi":"10.1016/j.eneco.2026.109149","DOIUrl":"https://doi.org/10.1016/j.eneco.2026.109149","url":null,"abstract":"","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"58 1","pages":""},"PeriodicalIF":12.8,"publicationDate":"2026-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146135462","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}
{"title":"Fishery management for food and nutrition security in Peru under a changing climate","authors":"Biao Huang, Ricardo Oliveros-Ramos, Marie-Catherine Riekhof, Renato Salvatteci","doi":"10.1016/j.ecolecon.2026.108941","DOIUrl":"https://doi.org/10.1016/j.ecolecon.2026.108941","url":null,"abstract":"","PeriodicalId":51021,"journal":{"name":"Ecological Economics","volume":"156 1","pages":""},"PeriodicalIF":7.0,"publicationDate":"2026-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146135182","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 : 2026-02-05DOI: 10.1007/s11187-026-01175-x
David B. Audretsch, Erik E. Lehmann, Matthias Menter, Nikolaus Seitz
The relationship between knowledge and entrepreneurship has been extensively studied, with the knowledge spillover theory of entrepreneurship (KSTE) providing a key theoretical framework. However, the assumption that increasing knowledge stocks and flows inevitably leads to higher levels of entrepreneurship remains contested. This study examines how the mix of science and cluster policies in Germany influences entrepreneurial activity by shaping knowledge spillovers. While science policies aim to advance research and knowledge creation, cluster policies primarily enhance knowledge flows by fostering collaboration among firms, universities, and research institutions. Following the rationale of KSTE, we test whether regions exposed to both types of policy exhibit higher levels of innovation and innovative entrepreneurship than control groups, that is, regions treated only by one or by neither policy. Contrary to KSTE predictions, our findings reveal that knowledge spillovers do not automatically result in increased innovative entrepreneurship but instead primarily fuel intrapreneurship. We thus argue that simply increasing knowledge production is insufficient to drive innovation and innovative entrepreneurship; rather, the way in which knowledge is transferred and absorbed plays a crucial role.
{"title":"More knowledge, more entrepreneurs? An investigation of the science and cluster policy mix in Germany","authors":"David B. Audretsch, Erik E. Lehmann, Matthias Menter, Nikolaus Seitz","doi":"10.1007/s11187-026-01175-x","DOIUrl":"https://doi.org/10.1007/s11187-026-01175-x","url":null,"abstract":"The relationship between knowledge and entrepreneurship has been extensively studied, with the knowledge spillover theory of entrepreneurship (KSTE) providing a key theoretical framework. However, the assumption that increasing knowledge stocks and flows inevitably leads to higher levels of entrepreneurship remains contested. This study examines how the mix of science and cluster policies in Germany influences entrepreneurial activity by shaping knowledge spillovers. While science policies aim to advance research and knowledge creation, cluster policies primarily enhance knowledge flows by fostering collaboration among firms, universities, and research institutions. Following the rationale of KSTE, we test whether regions exposed to both types of policy exhibit higher levels of innovation and innovative entrepreneurship than control groups, that is, regions treated only by one or by neither policy. Contrary to KSTE predictions, our findings reveal that knowledge spillovers do not automatically result in increased innovative entrepreneurship but instead primarily fuel intrapreneurship. We thus argue that simply increasing knowledge production is insufficient to drive innovation and innovative entrepreneurship; rather, the way in which knowledge is transferred and absorbed plays a crucial role.","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"17 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2026-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146138654","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}
{"title":"A climate stress testing exercise on loans to European small and medium enterprises","authors":"Yujia Chen, Zhenghong Ding, Luca Barbaglia, Raffaella Calabrese, Serena Fatica","doi":"10.1016/j.eneco.2026.109177","DOIUrl":"https://doi.org/10.1016/j.eneco.2026.109177","url":null,"abstract":"","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"107 1","pages":""},"PeriodicalIF":12.8,"publicationDate":"2026-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146135459","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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