Managerial and Decision Economics最新文献

This study investigates the influence of the exogenous event of Chinese GIS (Government Inspection Supervision) on corporate environmental innovation. GIS significantly enhances green innovation in state-owned enterprises (SOEs), according to difference-in-differences (DID) estimation. Moreover, executives' green perception significantly and positively moderates the constructive association between GIS and green innovation in SOEs. Additional analysis shows that inspection supervision encourages green innovation in SOEs by easing financial restrictions and boosting R&D spending. This effect is more prominent in areas where the intensity of government pollution source regulation is weaker and in enterprises with poorer performance in corporate social responsibility (CSR). Our research supports the conjecture that national governance can be a crucial determinant of green innovation, providing a valuable reference for accelerating China's green growth process and expanding the research perspective for the construction of governance systems in developing countries.

This study aims to investigate how directors' and officers' (D&O) liability insurance, legal responsibilities, and firm political connections collectively influence corporate litigation risk. D&O insurance is common, but its effectiveness in limiting litigation risk in diverse legal and political circumstances is questionable. The study employs a quantitative research approach, utilizing regression analysis and moderation techniques. Data are collected from a diverse sample of 411 individuals comprising directors, legal experts, government regulators, public company staff, and insurance providers. Regression models explore the relationships between D&O insurance, legal responsibilities, political connections, and corporate litigation risk. The findings provide practical insights for stakeholders in corporate governance, informing strategies to enhance risk management and compliance frameworks. This study contributes to the existing literature by empirically examining the comprehensive influence of D&O insurance, legal responsibilities, and political connections on corporate litigation risk. It integrates multiple variables and moderating effects to offer a nuanced understanding of corporate governance dynamics. Strategic adoption of D&O insurance can effectively mitigate litigation risks associated with legal responsibilities, although caution is warranted regarding the exacerbating effects of firm political connections. By understanding these dynamics, firms can proactively enhance their governance practices and adapt to regulatory changes, thereby improving overall corporate resilience and sustainability.

The goals of carbon peak and carbon neutrality have gained significant attention in China. Carbon-intensive corporates are tasked with decoupling economic growth from carbon emissions. This research examines their potential for financialization based on the compulsory fulfillment requirement of carbon emission allowances and the emission-free characteristics of financial assets. This research finds that carbon emission policy significantly promotes corporates to allocate more capital toward business operations in the real economy. It leads to an increase in capacity utilization efficiency and profitability for the main business. The findings support that the policy has a positive impact on the real economy.

The mismatch between production, order, and demand seriously affects supply chain performance. However, most research focus on the mismatch between the retailer's order and customer's demand, which ignores the influence of the supplier's random yield on supply chain members' decision-making. This paper investigates a two-stage optimization problem within a two-echelon supply chain, featuring a supplier with random yield and a retailer updating demand information in real-time. Faced with a long production lead time, the retailer can either place advance orders at the production season's onset (first-stage advance order) or opt for instant orders at the beginning of the sales season (second-stage instant order). To ensure timely order fulfillment, the supplier initially employs a cost-effective regular production mode with random yield during the production season. If yields are insufficient during sales, a pricier emergency production mode with guaranteed output becomes available. Utilizing a dynamic programming approach, we formulate the two-stage optimization problem to derive optimal production and order decisions. Our analysis uncovers how realized random yield and stochastic market signals influence emergency production and instant order quantities in the second stage. We compare expected profits in scenarios with perfect and imperfect market signals, probing the members' preferences regarding order strategies. An intriguing finding emerges: as instant wholesale prices rising, the supplier's preferred order strategy diverges from the retailer. By strategic adjustments to the instant wholesale price, we demonstrate the potential for unanimous agreement on preferred order strategies among supply chain members — a quality enhancing the chain's flexibility and performance. Moreover, we extend the model to hybrid order strategies and identify conditions for unanimous preference among the three strategies. To bolster our theoretical findings, we provide numerical examples, lending practical support to our study.

To explore whether and how local government implicit debts pressure (LGIDP) affects the firm performance, this paper bases on the 2012–2018 listed enterprise data and local government financing vehicles (LGFVs) data to empirically test the impact of LGIDP on the total factor productivity (TFP) of non-local government financing vehicles (N-LGFVs). The results show that LGIDP significantly reduced the TFP of N-LGFVs by transferring fiscal resources, enhancing tax collection, and transferring credit resources. But this distorting effect of LGIDP on the TFP of N-LGFVs only exists in non-state-owned enterprises, small-scale enterprises, and young enterprises. Our paper has an important policy recommendation that regulating LGFVs and alleviating LGIDP are of great significance for China to achieve sustained economic growth.

This study formulates a theoretical hypothesis regarding the intricate interplay among foreign direct investment (FDI), environmental regulation, and energy transition. To empirically validate this hypothesis, a comprehensive analysis is carried out on 38 member nations of the Organization for Economic Cooperation and Development (OECD) over the span of 2003 to 2020, utilizing a panel fixed effects model, a panel quantile model, and a panel threshold regression model. The findings of the research indicate that (1) FDI exhibits an inhibitory impact on energy transition and, according to the heterogeneity analysis, FDI significantly inhibits energy transition in developed nations. However, the inhibitory influence on energy transition in developing nations is not as pronounced. (2) A considerable amount of dampening influence is exerted by FDI on energy transition at various stages of the transition and is most apparent when the transition is in the growth phase. (3) A threshold effect is evident in FDI and environmental regulation in relation to energy transition owing to the mismatch between the two developments. Notably, the influence of FDI on energy transition significantly varies based on the stringency of environmental regulation. As formal environmental regulation surpasses a designated threshold, FDI shifted from facilitating to inhibiting the energy transition. The same conclusions were reached when informal environmental regulation was considered as the threshold variable. Drawing from the conclusions of this paper, the countries of the OECD can develop a theoretical framework to formulate foreign investment introduction policies and regulate environmental regulation efforts to promote the energy transition.

New product diffusion relies heavily on interpersonal relationships, yet the adoption chasm between the early adopters and the early majority poses a significant challenge. The pervasiveness of peer influence in social networks presents unique opportunities for businesses to effectively bridge this chasm between user groups. This study, grounded in social–psychological theory, examines the micro-processes of early adopters' peer influence on the early majority within social networks. Utilizing the stimulus–organism–response model, we propose that early adopter peer influence can enhance early majority adoption intention, thereby crossing the chasm of new product diffusion. Empirical findings reveal that early adopters' peer influence, directly and indirectly, affects the early majority's adoption decisions. When indirect effects are at play, the early majority emphasizes the emotional and social values embedded within the new product, driven by the early adopters' peer influence. These insights contribute to understanding how interactions between user types can help bridge the adoption chasm. The study augments, refines, and expands upon existing research on new product diffusion chasms and offers valuable practical guidance for businesses seeking to harness peer influence more effectively to overcome this barrier.

This study examines a manufacturer selling directly to customers has three modes for acquiring end-of-life vehicles with a key component supplier: supplier-collection, manufacturer-collection, and third-party-collection modes. We find that the supplier, who is farther away from customers, is the optimal agent to be responsible for recovery activity. Following, we design a simple transfer price contract for the supplier-collection mode such that the recovery rate achieves the centralized level. Subsequently, a fixed payment is proposed to compensate the supplier, thereby realizing Pareto improvement. Finally, we consider the supplier as the Stackelberg leader and find opposite results regarding optimal reverse channel structure.

This paper focuses on the implementation of “C-ROSS II” and utilizes an evolutionary game model to investigate regulatory issues. Based on prospect theory, a three-party evolutionary game model is constructed among regulatory agencies, insurance companies, and consumers with incomplete rationality, examining evolutionary stability strategies. Meanwhile, considering the different attitudes of policyholders in the face of loss and return, the heterogeneous risk preference is analyzed by changing the prospect parameters. The results show that increases in penalty amounts, positive incentives, and consumer sensitivity to losses will promote the evolution of the system to the optimal stable equilibrium point. However, rises in brand incomes and rectification costs, as well as decreases in capital costs, will decrease the probability of regulatory authorities enforcing strict supervision.

This study investigates the impact of banking relationships on corporate environmental, social, and governance (ESG) performance using data from A-share listed firms in China from 2009 to 2019. Results show that banking relationships negatively impact corporate ESG performance. Mechanism analysis finds that banking relationships increase agency costs and financial investment, thereby diminishing ESG performance. Corporate executives with banking backgrounds and banks holding firm shares dampen ESG performance, whereas firms holding bank shares do not yield significant impact on ESG performance. Our study also finds that the negative impact of banking relationships on ESG performance is mitigated by analyst attention and supervisory institutional investors.