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Artificial intelligence algorithms and cloud computing technologies in blockchain-based fintech management 基于区块链的金融科技管理中的人工智能算法和云计算技术
1区 经济学 Q1 ECONOMICS Pub Date : 2023-09-30 DOI: 10.24136/oc.2023.021
George Lăzăroiu, Mădălina Bogdan, Marinela Geamănu, Lăcrămioara Hurloiu, Luminița Luminița, Roxana Ștefănescu
Research background: Fintech development shapes corporate investment efficiency and economic growth with innovative tools, and can decrease financing constraints of enterprises, enabling direct and indirect financing and furthering inter-bank competition. Crowdfunding- and blockchain-based fintech operations harness deep and maching learning algorithms, augmented and virtual reality technologies, and big data analytics in mobile payment transactions. Purpose of the article: We show that fintechs have reconfigured financial service delivery by harnessing AI-based data-driven algorithms and cloud and blockchain technologies. Fintech optimizes financial organization and services, economic structures and growth, data analysis, and digital banking performance. Machine learning algorithms can streamline payment operation capabilities and process promptness, ensuring smooth operational flows, assessing risks, and detecting frauds and money laundering by historical data and customer behavior analysis across instant payment networks and infrastructures. Methods: Quality tools: AXIS, Eppi-Reviewer, PICO Portal, and SRDR. Search period: July 2023. Search terms: “fintech” + “artificial intelligence algorithms”, “cloud computing technologies”, and “blockchain technologies”. Selected sources: 40 out of 195. Published research inspected: 2023. Data visualization tools: Dimensions and VOSviewer. Reporting quality assessment tool: PRISMA. Findings & value added: Fintech development enables organizational innovation by mitigating information asymmetry and financing limitations while providing financial assistance and tax incentives in relation to products and services. The fintech growth has influenced the dynamic intermediary function of financial institutions in terms of sustainability and economic development. Fintech and natural resources negatively influence, while green innovations and financial development further, environmental sustainability.
研究背景:金融科技的发展以创新的工具塑造企业投资效率和经济增长,降低企业融资约束,实现直接融资和间接融资,促进银行间竞争。基于众筹和区块链的金融科技业务利用深度和机器学习算法、增强和虚拟现实技术以及移动支付交易中的大数据分析。本文的目的:我们表明,金融科技通过利用基于人工智能的数据驱动算法以及云和区块链技术,重新配置了金融服务交付。金融科技优化了金融组织和服务、经济结构和增长、数据分析和数字银行绩效。机器学习算法可以简化支付操作能力和处理及时性,确保流畅的操作流程,评估风险,并通过跨即时支付网络和基础设施的历史数据和客户行为分析来检测欺诈和洗钱。方法:质量工具:AXIS、Eppi-Reviewer、PICO Portal、SRDR。搜索期:2023年7月。搜索词:“金融科技”+“人工智能算法”、“云计算技术”、“区块链技术”资料来源:195人中的40人。已发表研究:2023年。数据可视化工具:Dimensions和VOSviewer。报告质量评估工具:PRISMA。的发现,增加价值:金融科技的发展通过缓解信息不对称和融资限制,同时提供与产品和服务相关的金融援助和税收优惠,促进组织创新。金融科技的发展影响了金融机构在可持续性和经济发展方面的动态中介功能。金融科技和自然资源会产生负面影响,而绿色创新和金融发展会进一步影响环境的可持续性。
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引用次数: 1
The impacts of dynamic capabilities on SMEs' digital transformation process: The resource-based view perspective 动态能力对中小企业数字化转型的影响:基于资源的视角
IF 8.5 1区 经济学 Q1 ECONOMICS Pub Date : 2023-07-28 DOI: 10.24136/oc.2023.019
M. Civelek, V. Krajčík, A. Ključnikov
Research background: SMEs' concern for the digital literacy of their workforce, their interest in increasing digital literacy among employees, and securing their digital platforms, have been major issues in their digital transformation process. To reduce those obstacles, the dynamic capabilities of SMEs included in the Resource-based View (RBV) might be an effective solution since they help companies be more competitive and proactive against the threats they face in the digitalization process.Purpose of the article: This research aims to investigate whether SMEs' dynamic capabilities positively contribute to their digital transformation process.Methods: In line with the proposed relationships, this paper analyzes SMEs from Czechia by running Ordinal Logistic Regression analyses. The research sample is created by stratified random sampling and purposive sampling methods. The research data is collected via telephone surveys.Findings & value added: This research does not find a positive relationship between the dynamic capabilities of SMEs and the digital transformation process. While the results related to digital literacy are negatively associated with digital transformation, no significant relationship exists between security actions and the digital transformation of SMEs. This paper extends the scope of RBV on the digital transformation of SMEs by analyzing various dynamic capabilities of SMEs that have not been included in a sole study. Moreover, the perceptions of SME executives are considered by this research to provide effective solutions for the problems they face in digital transformation. Having a joint venture agreement with well-experienced IT companies, having a network with partner firms, looking for funding opportunities in the EU, participating in some practical training, and providing internships for bachelor students might enable SMEs to hit their targets in digital transformation.
研究背景:中小企业对其员工数字素养的关注,对提高员工数字素养的兴趣,以及确保其数字平台的安全,一直是其数字化转型过程中的主要问题。为了减少这些障碍,资源基础观(RBV)中包含的中小企业动态能力可能是一种有效的解决方案,因为它们可以帮助企业更具竞争力,并主动应对数字化过程中面临的威胁。本文目的:本研究旨在探讨中小企业的动态能力是否对其数字化转型进程有积极的促进作用。方法:根据本文提出的关系,运用有序Logistic回归分析对捷克中小企业进行分析。研究样本采用分层随机抽样和目的抽样的方法。研究数据是通过电话调查收集的。研究发现与增加值:本研究未发现中小企业动态能力与数字化转型过程之间存在正相关关系。虽然与数字素养相关的结果与数字化转型呈负相关,但安全行动与中小企业的数字化转型之间不存在显著关系。本文通过分析中小企业的各种动态能力,拓展了RBV对中小企业数字化转型的研究范围。此外,本研究认为中小企业高管的看法可以为他们在数字化转型中面临的问题提供有效的解决方案。与经验丰富的IT公司签订合资协议,与合作伙伴公司建立网络,在欧盟寻找融资机会,参加一些实践培训,并为本科学生提供实习机会,这些都可能使中小企业实现数字化转型的目标。
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引用次数: 7
Attributes influencing responsible tourism consumer choices: Sustainable local food and drink, health-related services, and entertainment 影响负责任的旅游消费者选择的属性:可持续的当地食品和饮料、与健康相关的服务和娱乐
IF 8.5 1区 经济学 Q1 ECONOMICS Pub Date : 2023-06-30 DOI: 10.24136/oc.2023.018
Dolores Gallardo Vázquez
Research background: This research focused on identifying attributes of tourism services which are guided by a responsible vision and which seek to achieve consumer satisfaction with products that respect sustainability principles. Responsible consumer choices were defined as those formed by an orientation toward sustainable local food and drink, health-related services, and entertainment.Purpose of the article: This research had two aims. The first was to create and validate a measurement scale assessing tourists' motivations with regard to three responsible tourism service dimensions. The second was to evaluate how tourists' responsible choices affect their satisfaction.Methods: The methodology included exploratory factor analysis, confirmatory factor analysis, and structural equation modeling to test the hypothesis developed based on a literature review. The convenience sample was made up of tourism service users.Findings & value added: The results include a broad measurement tool that can be applied in other fields of research to detect which variables influence consumer satisfaction. The proposed model incorporates significant determining factors, namely, key aspects affecting tourism service selection by clients focused on sustainability and responsible consumption. Based on a market orientation (MO) perspective, the findings contribute to the existing literature on stakeholder theory (ST) and dynamic capability theory (DCT). The value added comprises a better understanding of responsible tourism consumers' choices based on a three-part theoretical framework (i.e., MO, ST, and DCT).
研究背景:本研究的重点是确定旅游服务的属性,这些属性以负责任的愿景为指导,并寻求通过尊重可持续性原则的产品来实现消费者满意度。负责任的消费者选择被定义为那些以可持续的当地食品和饮料、与健康相关的服务和娱乐为导向而形成的选择。本文的目的:本研究有两个目的。第一个是创建并验证一个测量量表,评估游客在三个负责任的旅游服务维度上的动机。第二个是评估游客负责任的选择如何影响他们的满意度。方法:该方法包括探索性因素分析、验证性因素分析和结构方程建模,以检验基于文献综述的假设。便利样本由旅游服务用户组成。研究结果和附加值:研究结果包括一个广泛的测量工具,可以应用于其他研究领域,以检测哪些变量影响消费者满意度。所提出的模型包含了重要的决定因素,即影响客户选择旅游服务的关键方面,重点是可持续性和负责任的消费。基于市场导向(MO)的观点,研究结果有助于现有的利益相关者理论(ST)和动态能力理论(DCT)文献。增值包括基于三部分理论框架(即MO、ST和DCT)更好地理解负责任的旅游消费者的选择。
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引用次数: 1
The role of the Lendtech sector in the consumer credit market in the context of household financial exclusion 在家庭金融排斥的背景下,Lendtech部门在消费信贷市场中的作用
IF 8.5 1区 经济学 Q1 ECONOMICS Pub Date : 2023-06-30 DOI: 10.24136/oc.2023.017
Krzysztof Waliszewski, E. Cichowicz, Łukasz Gębski, Filip Kliber, J. Kubiczek, Paweł Niedziółka, Małgorzata Solarz, Anna Warchlewska
Research background: According to the World Bank (2020), about 60% of adults in developing countries do not use formal financial services. Furthermore, according to the Polish Association of Loan Institutions (2022), about 3 million Poles use loans, most of them obtained online. Among the reasons for more than a decade of growth of interest in the non-bank consumer lending market there are the development of modern technology applications in finance and the establishment of the Lendtech sector. Purpose of the article: The main goal of the paper is to verify the role played by the Lendtech (LT) sector in the consumer credit market in the context of household financial exclusion. The following research questions were asked: Do credit-excluded households take advantage of LT services and, if so, to what extent? What are the behaviours and preferences of those who use consumer credit offered by LT? Do socio-demographic characteristics determine consumer use of loans offered by LT and, if so, what are they? Is the use of loans offered by LT due to credit exclusion or other factors? What action should be taken by participants in the digital consumer loan market interested in its inclusive direction? Methods: The paper uses the following methods: critical analysis of the literature, Kruskal-Wallis test, Mann-Whitney test, and nonparametric regression algorithm: k-nearest neighbors, as well as inductive inference methods. The data used is primary in nature and comes from a nationwide survey, September 2022 (CAWI method) of 1,200 Poles, of whom 200 respondents are Lendtech customers. The quota selection applied made it possible to reflect characteristics corresponding to the population of customers of lending institutions registered in BIK databases. Findings & value added: The article is a pioneering study based on an independent scientific survey, devoted to the Polish LT services market considered in terms of its relationship with one of the types of financial exclusion: credit exclusion. The most important conclusion is that people at risk of credit exclusion find a financing substitute in the LT sector, and thus it plays an important role in reducing financial exclusion, while maintaining the principle of creditworthiness verification.
研究背景:根据世界银行(2020)的数据,发展中国家约60%的成年人不使用正规金融服务。此外,根据波兰贷款机构协会(2022)的数据,约有300万波兰人使用贷款,其中大多数是在线获得的。十多年来,人们对非银行消费贷款市场的兴趣不断增长,其中包括金融领域现代技术应用的发展和Lendtech部门的建立。文章的目的:本文的主要目标是验证Lendtech(LT)部门在家庭金融排斥的背景下在消费信贷市场中发挥的作用。提出了以下研究问题:被信贷排除在外的家庭是否利用了LT服务?如果是,在多大程度上?使用LT提供的消费信贷的人的行为和偏好是什么?社会人口特征是否决定了消费者对LT提供的贷款的使用?如果是,它们是什么?LT提供的贷款的使用是否由于信贷排斥或其他因素?对其包容性方向感兴趣的数字消费贷款市场参与者应该采取什么行动?方法:采用以下方法:文献批判性分析、Kruskal-Wallis检验、Mann-Whitney检验、非参数回归算法:k-近邻,以及归纳推理方法。所使用的数据本质上是主要的,来自2022年9月对1200名波兰人进行的一项全国性调查(CAWI方法),其中200名受访者是Lendtech的客户。所采用的配额选择可以反映与BIK数据库中登记的贷款机构客户群体相对应的特征。调查结果和附加值:这篇文章是一项基于独立科学调查的开创性研究,专门针对波兰LT服务市场,从其与金融排斥类型之一的关系来看:信贷排斥。最重要的结论是,面临信贷排斥风险的人在LT部门找到了融资替代品,因此它在减少金融排斥方面发挥了重要作用,同时保持了信用验证原则。
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引用次数: 0
Investigating the double-edged sword effect of environmental, social and governance practices on corporate risk-taking in the high-tech industry 调查环境、社会和治理实践对高科技行业企业风险承担的双刃剑效应
IF 8.5 1区 经济学 Q1 ECONOMICS Pub Date : 2023-06-30 DOI: 10.24136/oc.2023.014
Xiaodong Teng, Kun-Shan Wu, Lopin Kuo, Bao-Guang Chang
Research background: Corporate risk-taking (CRT) is crucial to a business's survival and performance and is a driving force for sustainable development. Environmental, social and governance (ESG) practices are critical to firm profits when considering sustainable economic growth; however, they can also be the cause of financial burdens. It is, therefore, crucial to assess the relationship between a company's ESG performance and its risk-taking.Purpose of the article: Considering the controversial results of empirical studies on the relationship between ESG and CRT, this study aims to theoretically and empirically investigate the curvilinear nexus between ESG practices and CRT within Taiwan's high-tech industry.Methods: Ordinary least square regression and quantile regression analysis was applied to investigate the curvilinear ESG-CRT relationship. The empirical studies were conducted in 38 high-tech companies on the Taiwan Stock Exchange that disclosed ESG information between 2005 and 2020, with a total of 437 firm-year observations.Findings & value added: Quantile regression estimation results reveal the ESG-CRT nexus is U-shaped (convex). Both the environmental and social pillar's relationship with CRT is nonlinear and U-shaped, whereas the governance pillar has no significant relationship with CRT. Overall, a comprehensive view is provided that shows ESG practices can have a double-edged sword effect on CRT. It is suggested that high-tech companies in Taiwan should avoid ESG practices becoming a tool for managements' self-interest. More information of ESG practices should be disclosed to stakeholders to ensure they are given full credit for the positive impact they have on capital allocation. Regulators guide firms to surpass the threshold of the U-shaped effect and take into consideration the whole benefits of stakeholders when they allocate existing resources toward environmental and social endeavors.
研究背景:企业风险承担(CRT)对企业的生存和绩效至关重要,是可持续发展的驱动力。在考虑可持续经济增长时,环境、社会和治理(ESG)实践对企业利润至关重要;然而,它们也可能是造成财政负担的原因。因此,评估企业的ESG绩效与其风险决策之间的关系至关重要。本文目的:考虑到ESG与CRT之间关系的实证研究结果存在争议,本研究旨在从理论和实证上研究台湾高科技产业中ESG实践与CRT之间的曲线关系。方法:采用普通最小二乘回归和分位数回归分析研究ESG-CRT曲线关系。实证研究在台湾证券交易所的38家高科技公司中进行,这些公司在2005年至2020年期间披露了ESG信息,共有437个固定年的观察结果。研究结果和附加值:分位数回归估计结果显示ESG-CRT关系为U型(凸)。环境和社会支柱与CRT的关系都是非线性和U型的,而治理支柱与CRT没有显著关系。总体而言,提供了一个全面的观点,表明ESG实践可能对CRT产生双刃剑效应。建议台湾的高科技企业应避免ESG实践成为管理层谋取私利的工具。应向利益相关者披露更多ESG实践的信息,以确保他们对资本分配产生的积极影响得到充分赞扬。监管机构引导企业超越U型效应的阈值,并在将现有资源分配给环境和社会事业时考虑利益相关者的整体利益。
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引用次数: 0
Understanding the role of institutions and economic context on entrepreneurial value creation choice 理解制度和经济背景对创业价值创造选择的作用
IF 8.5 1区 经济学 Q1 ECONOMICS Pub Date : 2023-06-30 DOI: 10.24136/oc.2023.011
Julián Andrés Diaz Tautiva, Erica Salvaj Carrera, Felipe Vásquez-Lavín, Roberto D. Ponce Oliva
Research background: The observable discrepancies in entrepreneurship activity across countries have motivated both researchers and policymakers to comprehend the sources of these variations. Certain scholars have suggested that the answer to this empirical puzzle lies in the macrolevel processes that influence entrepreneurial endeavours.Purpose of the article: As the understanding of macrolevel processes that shape entrepreneurial behaviour is limited, this research aims to answer how institutions and the economic context influence entrepreneurial value creation choices (i.e., for-profit, non-profit, and mixed).Methods: Using a cross-country sample of 7,891 entrepreneurs in 58 countries, we employ a multilevel ordered probit to evaluate a novel conceptual framework. Our analysis models the direct impact of the regulative framework, the normative pillar, and the cultural pillar, alongside the moderating influence of income inequality and economic uncertainty on value creation choices.Findings & value added: Our findings show that the regulative framework has a positive marginal effect on for-profit and mixed-value creation, but a negative effect on non-profit value creation. Meanwhile, the normative pillar has a negative marginal effect on for-profit and mixed-value creation, but a positive effect on non-profit value creation. The cultural pillar has a negative marginal effect on for-profit and mixed-value creation, but a positive effect on non-profit value creation. Furthermore, income inequality moderates positive the relationship between normative pillar and for-profit and mixed-value creation, while economic uncertainty moderates negative the relationship between normative pillar and for-profit and mixed-value creation. Our research contributes to the literature by providing a nuanced understanding of how institutional pillars can act as drivers or barriers for different entrepreneurial forms, evidence of how uncertainty interacts with institutional forces to shape value creation decisions, and insights into the distinctive attributes of different entrepreneurial forms. Our findings have implications for public policy development.
研究背景:各国创业活动的显著差异促使研究人员和政策制定者理解这些差异的来源。某些学者认为,这个经验难题的答案在于影响创业努力的宏观层面的过程。文章目的:由于对塑造创业行为的宏观层面过程的理解有限,本研究旨在回答制度和经济环境如何影响创业价值创造选择(即营利性、非营利性和混合性),我们使用一个多级有序probit来评估一个新的概念框架。我们的分析模拟了监管框架、规范支柱和文化支柱的直接影响,以及收入不平等和经济不确定性对价值创造选择的调节影响。研究结果与增值:我们的研究结果表明,监管框架对营利性和混合型价值创造具有正向边际效应,但对非营利价值创造具有负向效应。同时,规范支柱对营利性和混合型价值创造具有负边际效应,但对非营利价值创造具有正效应。文化支柱对营利性和混合型价值创造具有负边际效应,但对非营利价值创造具有正效应。此外,收入不平等对规范支柱与营利性和混合价值创造之间的关系起正向调节作用,而经济不确定性对规范支柱和营利性及混合价值创造的关系起负向调节作用。我们的研究通过细致入微地理解制度支柱如何成为不同创业形式的驱动因素或障碍,提供不确定性如何与制度力量相互作用以塑造价值创造决策的证据,以及对不同创业形式独特属性的见解,为文献做出了贡献。我们的研究结果对公共政策的制定具有启示意义。
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引用次数: 0
Is green finance capable of promoting renewable energy technology? Empirical investigation for 64 economies worldwide 绿色金融有能力推广可再生能源技术吗?对全球64个经济体的实证调查
IF 8.5 1区 经济学 Q1 ECONOMICS Pub Date : 2023-06-30 DOI: 10.24136/oc.2023.013
Mingbo Zheng, Genfu Feng, Chun-ping Chang
Research background: As an outcome of a global consensus on combating climate change, green finance is expected to play an important role in promoting green growth and innovation progress. Some studies note that green credit policy yields a negative influence on green innovation, while how green finance affects renewable energy innovation has received scant attention in academia. This study focuses on the impact of green finance on renewable energy innovation.Purpose of the article: This research investigates the influence of green finance on an economy's renewable energy innovation by using green bond data from the Climate Bonds Initiative. This research further tests whether it varies for different kinds of energy types and economic development levels. Given that policies are key to renewable energy technology development, this research checks whether government stability changes the relationship between green finance and renewable energy innovation.Methods: Using the panel fixed effects model and big-scale data from 64 economies worldwide during the period 2014-2019, we investigate green finance's impact on renewable energy innovation. In the robustness test, the dynamic panel model and the panel Tobit model are employed.Findings & value added: This research finds that green finance has a positive effect on renewable energy innovation. This effect is prominent in non-OECD economies as well as middle-income and low-income economies. Government stability enhances the influence of green finance on renewable energy innovation. Moreover, the results indicate that green finance mainly promotes innovation progress for wind energy and produces little effect for other renewable energies. The subsample analysis also sheds light on the heterogeneity of the role of green finance in promoting renewable energy innovation.
研究背景:作为全球应对气候变化共识的成果,绿色金融有望在促进绿色增长和创新进步方面发挥重要作用。一些研究指出,绿色信贷政策对绿色创新产生了负面影响,而绿色金融如何影响可再生能源创新在学术界很少受到关注。本研究的重点是绿色金融对可再生能源创新的影响。文章目的:本研究利用气候债券倡议的绿色债券数据,调查了绿色金融对经济体可再生能源创新的影响。本研究进一步检验了不同能源类型和经济发展水平的能源利用率是否存在差异。鉴于政策是可再生能源技术发展的关键,本研究考察了政府稳定性是否会改变绿色金融与可再生能源创新之间的关系。方法:利用面板固定效应模型和2014-2019年期间全球64个经济体的大规模数据,研究绿色金融对可再生能源创新的影响。在鲁棒性测试中,采用了动态面板模型和面板Tobit模型。研究结果与附加值:本研究发现,绿色金融对可再生能源创新具有积极影响。这种影响在非经合组织经济体以及中等收入和低收入经济体中尤为突出。政府稳定性增强了绿色金融对可再生能源创新的影响。此外,研究结果表明,绿色金融主要促进风能的创新进步,对其他可再生能源的影响较小。子样本分析还揭示了绿色金融在促进可再生能源创新方面作用的异质性。
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引用次数: 9
What drives the preferences for cleaner energy? Parametrizing the elasticities of environ-mental quality demand for greenhouse gases 是什么推动了人们对清洁能源的偏好?参数化温室气体环境质量需求的弹性
IF 8.5 1区 经济学 Q1 ECONOMICS Pub Date : 2023-06-30 DOI: 10.24136/oc.2023.012
J. Sánchez García, Emilio Galdeano Gómez
Research background: The heterogeneity in the factors that affect demand for environmental quality implicates a diverse set of policies and actions aimed at achieving cleaner production to address the challenges posed by pollution and damage to the natural environment. Even though this topic has been widely addressed, mainly from the traditional perspective of the Environmental Kuznets Curves hypothesis (EKC), it has been assumed that the environment is a luxury good with an income elasticity greater than unity. However, it has recently been recognized that the relationship between income and demand for cleaner energy may be more complex and that further inquiry may be needed for a better understanding.Purpose of the article: This research work, employing a panel of European countries, offers direct explicit parameters for the elasticity of income-environmental quality demand for Greenhouse Gases (GHG), as well as its relationship with other important factors. It provides quantitative novel insights into the complex relationship between income and the preferences for cleaner energy.Methods: A hierarchical regression equations approach is used to analyze the evolution of the elasticity of income-environmental quality demand with the inclusion of further co-variates that are relevant for the preferences side of the EKC, such as consumption, R+D investment and BERD (Business Enterprise Research and Development). The data for the empirical study comes from a panel of 16 European countries for the period from 2010 to 2020.Findings & value added: The results show robust evidence that the elasticity of environmental quality demand, which although positive and significant, does not exceed one. To obtain an elasticity above unity, two more variables are needed, namely the R+D expenditure of business enterprises and the exposure of citizens to air pollution. These two factors have a similar or even higher effect on the preferences of agents for cleaner energy, which also means that the preferences of the citizens are endogenous to technological development. At the theoretical level, this work shows that the technological and preferences arguments are not substitute explanations of the EKC, but that technological development exerts a positive effect on the preferences of inhabitants, whose demand for environmental quality is heavily conditioned by their capabilities to see pollution, even more than by their income level. This also means that public policies directed to improve environmental awareness should be directed first towards those regions where the exposure of the citizens to pollution is lower.
研究背景:影响环境质量需求的因素的异质性意味着一系列旨在实现清洁生产的政策和行动,以应对污染和对自然环境的破坏所带来的挑战。尽管这个话题已经被广泛讨论,主要是从环境库兹涅茨曲线假说(EKC)的传统角度来看,但人们认为环境是一种奢侈品,其收入弹性大于统一性。然而,最近人们认识到,收入和清洁能源需求之间的关系可能更加复杂,可能需要进一步调查才能更好地理解。文章目的:这项研究工作采用了一个欧洲国家小组,为温室气体(GHG)的收入环境质量需求弹性及其与其他重要因素的关系提供了直接明确的参数。它为收入和清洁能源偏好之间的复杂关系提供了定量的新见解。方法:采用层次回归方程方法分析收入-环境质量需求弹性的演变,包括与EKC偏好方相关的其他协变量,如消费、R+D投资和BERD(企业研究与发展)。这项实证研究的数据来自一个由16个欧洲国家组成的小组,涵盖了2010年至2020年期间的数据。研究结果和附加值:研究结果有力地证明,环境质量需求的弹性虽然是积极和显著的,但并不超过1。为了获得高于统一的弹性,还需要两个变量,即商业企业的研发支出和公民暴露在空气污染中的程度。这两个因素对代理商对清洁能源的偏好有着相似甚至更高的影响,这也意味着公民的偏好是技术发展的内生因素。在理论层面上,这项工作表明,技术和偏好的论点并不能替代EKC的解释,但技术发展对居民的偏好产生了积极影响,他们对环境质量的需求在很大程度上取决于他们看到污染的能力,甚至超过了他们的收入水平。这也意味着,旨在提高环境意识的公共政策应首先针对公民受污染程度较低的地区。
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引用次数: 2
A grouping of the Sustainable Development Goals (SDGs) and their influence on business results: An analysis for Spanish companies 一组可持续发展目标(sdg)及其对业务结果的影响:对西班牙公司的分析
IF 8.5 1区 经济学 Q1 ECONOMICS Pub Date : 2023-06-30 DOI: 10.24136/oc.2023.015
Isidro Peña, Silvia M. Andrade, R. M. Muñoz, I. Martínez
Research background: In 2015, the United Nations (UN) set the 2030 Agenda for Sustainable Development and established 17 Sustainable Development Goals (SDGs) containing the social, economic, and environmental pillars of sustainable development. These focus on governments, society, non-profit organisations, and the private sector. This last pillar plays a key role in the pursuit of these goals, but there remains a lack of knowledge regarding how companies achieve the SDGs.Purpose of the article: Some authors have analysed the effect of companies' adoption of the SDGs on their business performance. However, there is a gap in the analysis of this influence when considering the groups of SDGs. This study examines the level of commitment of a sample of Spanish companies with a grouping of the SDGs and their effects on business results.Methods: We obtained information on companies from the UNGC and developed a panel regression.Findings & value added: We concluded that all the SDGs do not have the same effect on companies that incorporate them into their activities. Although it is possible to make progress in all the SDGs, complementarities and trade-offs influence companies' results. The results obtained in this study incorporate new ideas into this issue and provide a new vision of how companies should incorporate sustainability into their businesses. It is not a question of achieving as many sustainable development goals as possible, but rather of focusing on those that can contribute the most to improving business performance. The clustering of the SDGs that we have undertaken and their subsequent analysis facilitates this work.
研究背景:2015年,联合国制定了2030年可持续发展议程,并确立了17个可持续发展目标(sdg),其中包含可持续发展的社会、经济和环境支柱。这些重点是政府、社会、非营利组织和私营部门。最后一个支柱在实现这些目标方面发挥着关键作用,但人们对企业如何实现可持续发展目标仍然缺乏了解。文章目的:一些作者分析了公司采用可持续发展目标对其业务绩效的影响。然而,在考虑可持续发展目标组时,对这种影响的分析存在差距。本研究考察了一组西班牙公司的可持续发展目标的承诺水平及其对业务结果的影响。方法:我们从UNGC中获得公司信息,并进行面板回归。研究结果和附加价值:我们的结论是,所有可持续发展目标对将其纳入其活动的公司的影响并不相同。虽然有可能在所有可持续发展目标中取得进展,但互补性和权衡会影响公司的结果。本研究的结果为这个问题提供了新的思路,并为公司如何将可持续发展纳入其业务提供了新的视角。这不是实现尽可能多的可持续发展目标的问题,而是关注那些能够对改善业务绩效贡献最大的目标的问题。我们已开展的可持续发展目标的分类及其后续分析有助于这项工作。
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引用次数: 0
Impact of corporate social responsibility on cost of debt in Scandinavian public companies 企业社会责任对斯堪的纳维亚上市公司债务成本的影响
IF 8.5 1区 经济学 Q1 ECONOMICS Pub Date : 2023-06-30 DOI: 10.24136/oc.2023.016
V. Aleknevičienė, Sandra Stralkutė
Research background: In recent decades, companies have paid increasing attention to corporate social responsibility (CSR) and its related performance. Scandinavian countries lead the world in CSR and sustainability. The good CSR performance of Scandinavian companies has motivated studies on this phenomenon, particularly on the connection between a company's CSR and its performance. One of the most important performance indicators and value drivers is the cost of debt.Purpose of the article: This study assessed the impact of CSR on the cost of debt in Scandinavian public companies.Methods: The research was divided into two stages. In the first stage, Scandinavian public companies were divided into two groups (with and without ESG (environmental, social, governance) disclosure scores) to reveal differences in the cost of debt. In the second stage, a fixed-effects regression model for balanced panel data sets was applied from 2011 to 2020 to assess the impact of ESG and its pillars on the cost of debt.Findings & value added: The results revealed that the cost of debt of companies in Scandinavian countries with ESG disclosure scores was significantly lower. The ESG disclosure scores of these companies have increased significantly over the past 10 years. We found a positive impact of CSR on the cost of debt in Scandinavian public companies. The increase in ESG disclosure and pillar scores reduced the cost of debt. These findings are valuable from a scientific perspective. Scandinavian public companies with ESG scores have higher financial risk, but lower cost of debt. These results support the importance of investors' behavior, information asymmetry, and signaling. The findings have several implications for shareholders, managers and creditors. They suggest that creditors consider ESG disclosures when determining a borrower's creditworthiness. Additionally, it is a message to regulators that the debt market values ESG disclosures.
研究背景:近几十年来,企业越来越关注企业社会责任及其相关绩效。斯堪的纳维亚国家在企业社会责任和可持续发展方面处于世界领先地位。斯堪的纳维亚公司良好的企业社会责任表现促使人们对这一现象进行研究,特别是对公司企业社会责任与其绩效之间的联系的研究。债务成本是最重要的绩效指标和价值驱动因素之一。文章目的:本研究评估了社会责任对斯堪的纳维亚上市公司债务成本的影响。方法:本研究分为两个阶段。在第一阶段,斯堪的纳维亚上市公司被分为两组(有ESG(环境、社会、治理)披露分数和无ESG(环境)披露分数),以揭示债务成本的差异。在第二阶段,2011年至2020年应用了平衡面板数据集的固定效应回归模型,以评估ESG及其支柱对债务成本的影响。调查结果和附加值:结果显示,斯堪的纳维亚国家ESG披露得分较高的公司的债务成本明显较低。这些公司的ESG披露得分在过去10年中大幅上升。我们发现,社会责任对斯堪的纳维亚上市公司的债务成本有积极影响。ESG披露和支柱得分的增加降低了债务成本。从科学的角度来看,这些发现是有价值的。具有ESG评分的斯堪的纳维亚上市公司财务风险更高,但债务成本更低。这些结果支持了投资者行为、信息不对称和信号传导的重要性。调查结果对股东、管理人员和债权人有几点启示。他们建议债权人在确定借款人的信用度时考虑ESG披露。此外,这也是向监管机构发出的一个信息,即债务市场重视ESG披露。
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引用次数: 0
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Oeconomia Copernicana
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