Pub Date : 2025-06-26DOI: 10.1016/j.strueco.2025.06.016
Akanksha Mishra , Amlendu Dubey
We study the sacrifice ratios for 465 disinflationary episodes in emerging market and developing economies using a dataset of 123 countries during 1979 to 2023. We find that average output cost of disinflation was significantly higher during COVID-19 period as compared to the previous disinflationary episodes, suggesting that supply side disruptions elevated the output costs of monetary tightening during the period. Further, we find that speed of disinflation and peak inflation significantly reduce sacrifice ratios suggesting a role for “cold turkey” approach as against the gradualism.
{"title":"The impact of restrictive monetary policy in emerging countries","authors":"Akanksha Mishra , Amlendu Dubey","doi":"10.1016/j.strueco.2025.06.016","DOIUrl":"10.1016/j.strueco.2025.06.016","url":null,"abstract":"<div><div>We study the sacrifice ratios for 465 disinflationary episodes in emerging market and developing economies using a dataset of 123 countries during 1979 to 2023. We find that average output cost of disinflation was significantly higher during COVID-19 period as compared to the previous disinflationary episodes, suggesting that supply side disruptions elevated the output costs of monetary tightening during the period. Further, we find that speed of disinflation and peak inflation significantly reduce sacrifice ratios suggesting a role for “cold turkey” approach as against the gradualism.</div></div>","PeriodicalId":47829,"journal":{"name":"Structural Change and Economic Dynamics","volume":"74 ","pages":"Pages 915-927"},"PeriodicalIF":5.0,"publicationDate":"2025-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144523665","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 : 2025-06-26DOI: 10.1016/j.strueco.2025.06.014
Yuzhe Bai , Gaoxiang Gu
This study developed a multi-regional input-output model to analyse the international transfer patterns of trade embodied labour for the years 2004, 2007, 2011, 2014 and 2017. Considering the skill level, labour was divided into skilled and unskilled labour. The trends of China’s role in international division of labour were also explored from the perspective of global supply chains. The results indicate that China was the primary exporter of trade embodied labour. The USA and EU were not only the main importer but also exported significant effective skilled labour. From 2004 to 2017, the proportion of China’s outflow of effective skilled labour increased rapidly. Consequently, those of the USA, EU and Japan declined. The primary and secondary industries were the focus of China’s trade embodied labour outflows in the early stages. After 2011, influenced by policies such as “supply-side structural reform”, it became the tertiary industries.
{"title":"Dynamic change of transnational labour transfer embodied in trade and China’s participation from the perspective of global supply chains","authors":"Yuzhe Bai , Gaoxiang Gu","doi":"10.1016/j.strueco.2025.06.014","DOIUrl":"10.1016/j.strueco.2025.06.014","url":null,"abstract":"<div><div>This study developed a multi-regional input-output model to analyse the international transfer patterns of trade embodied labour for the years 2004, 2007, 2011, 2014 and 2017. Considering the skill level, labour was divided into skilled and unskilled labour. The trends of China’s role in international division of labour were also explored from the perspective of global supply chains. The results indicate that China was the primary exporter of trade embodied labour. The USA and EU were not only the main importer but also exported significant effective skilled labour. From 2004 to 2017, the proportion of China’s outflow of effective skilled labour increased rapidly. Consequently, those of the USA, EU and Japan declined. The primary and secondary industries were the focus of China’s trade embodied labour outflows in the early stages. After 2011, influenced by policies such as “supply-side structural reform”, it became the tertiary industries.</div></div>","PeriodicalId":47829,"journal":{"name":"Structural Change and Economic Dynamics","volume":"74 ","pages":"Pages 928-943"},"PeriodicalIF":5.0,"publicationDate":"2025-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144563984","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 : 2025-06-23DOI: 10.1016/j.strueco.2025.06.004
Konstantinos Voutsinas , Richard A. Werner
This paper investigates the explanatory power of the two predominant theories of capital structure, the trade-off theory and the pecking order hypothesis, in accounting for financial policy decisions of Japanese corporations. We conduct a “horse race” test similar to the one utilized in the seminal papers of Shyam-Sunder and Myers (1999) and Frank and Goyal (2009). This is the first paper to take into consideration the effect of monetary conditions and financial constraints on the performance of these two theories. The data set used includes 1528 public and 2143 private companies and covers the period of 1980–2007, thus employing 60,037 observations. We show that economic conditions affect the performance of the two models. The pecking order hypothesis works best during the high growth period of the 1980s, while the trade-off theory is the best performer during the stagnant growth period of the 1990s and the subsequent credit crunch. Our results also indicate that the explanatory power of these two theories varies for different groups of firms. The trade-off theory works best for companies with low levels of leverage while the pecking order hypothesis performs best for private companies and companies with high levels of leverage.
本文考察了两种主要的资本结构理论——取舍理论和啄序假说在日本企业财务决策中的解释力。我们进行了一个“赛马”测试，类似于Shyam-Sunder and Myers（1999）和Frank and Goyal（2009）的开创性论文中使用的测试。这是第一篇考虑货币条件和金融约束对这两种理论表现的影响的论文。使用的数据集包括1528家上市公司和2143家私营公司，涵盖1980-2007年期间，因此使用了60,037个观测值。我们证明了经济条件会影响两种模型的性能。啄食顺序假说在20世纪80年代的高增长时期最为有效，而权衡理论在20世纪90年代的停滞增长时期和随后的信贷紧缩时期表现最佳。我们的研究结果还表明，这两种理论对不同的企业群体的解释能力是不同的。权衡理论最适用于低杠杆水平的公司，而优先顺序假说最适用于私营公司和高杠杆水平的公司。
{"title":"Trade-off theory vs. the pecking order hypothesis: Japanese evidence on capital structure under financial constraints","authors":"Konstantinos Voutsinas , Richard A. Werner","doi":"10.1016/j.strueco.2025.06.004","DOIUrl":"10.1016/j.strueco.2025.06.004","url":null,"abstract":"<div><div>This paper investigates the explanatory power of the two predominant theories of capital structure, the trade-off theory and the pecking order hypothesis, in accounting for financial policy decisions of Japanese corporations. We conduct a “horse race” test similar to the one utilized in the seminal papers of Shyam-Sunder and Myers (1999) and Frank and Goyal (2009). This is the first paper to take into consideration the effect of monetary conditions and financial constraints on the performance of these two theories. The data set used includes 1528 public and 2143 private companies and covers the period of 1980–2007, thus employing 60,037 observations. We show that economic conditions affect the performance of the two models. The pecking order hypothesis works best during the high growth period of the 1980s, while the trade-off theory is the best performer during the stagnant growth period of the 1990s and the subsequent credit crunch. Our results also indicate that the explanatory power of these two theories varies for different groups of firms. The trade-off theory works best for companies with low levels of leverage while the pecking order hypothesis performs best for private companies and companies with high levels of leverage.</div></div>","PeriodicalId":47829,"journal":{"name":"Structural Change and Economic Dynamics","volume":"74 ","pages":"Pages 944-962"},"PeriodicalIF":5.0,"publicationDate":"2025-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144556899","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 : 2025-06-20DOI: 10.1016/j.strueco.2025.06.011
Meiting Fan , Kaili Ma , Shuai Shao , Hui Wang , Ying Zhang
Urban sprawl often occurs during the process of urbanization. This paper uses environmentally sensitive total factor productivity (ETFP) growth to characterize economic-environmental coordination, and investigates how urban sprawl shapes ETFP growth by combining macro-level and micro-level data from China during 2001‒2019. Employing a modified Data Envelope Analysis (DEA) model to calculate ETFP growth, we find that urban sprawl has an inverted U-shaped effect on ETFP growth. The negative effect of urban sprawl on ETFP growth is more pronounced in developed cities, tertiary-industry-oriented cities, and cities with slow urban population growth, low road densities, and a high dependence on land finance. The inverted U-shaped impact of urban sprawl on ETFP growth stems from the nonlinear effects of urban sprawl on technological innovation and energy efficiency. To balance economic growth and environmental protection, it is suggested to foster compact urbanization through urban renewal and enhancing the economic density of sub-centers.
{"title":"Urban sprawl and environmentally sensitive productivity: Is urban sprawl a green spread?","authors":"Meiting Fan , Kaili Ma , Shuai Shao , Hui Wang , Ying Zhang","doi":"10.1016/j.strueco.2025.06.011","DOIUrl":"10.1016/j.strueco.2025.06.011","url":null,"abstract":"<div><div>Urban sprawl often occurs during the process of urbanization. This paper uses environmentally sensitive total factor productivity (ETFP) growth to characterize economic-environmental coordination, and investigates how urban sprawl shapes ETFP growth by combining macro-level and micro-level data from China during 2001‒2019. Employing a modified Data Envelope Analysis (DEA) model to calculate ETFP growth, we find that urban sprawl has an inverted U-shaped effect on ETFP growth. The negative effect of urban sprawl on ETFP growth is more pronounced in developed cities, tertiary-industry-oriented cities, and cities with slow urban population growth, low road densities, and a high dependence on land finance. The inverted U-shaped impact of urban sprawl on ETFP growth stems from the nonlinear effects of urban sprawl on technological innovation and energy efficiency. To balance economic growth and environmental protection, it is suggested to foster compact urbanization through urban renewal and enhancing the economic density of sub-centers.</div></div>","PeriodicalId":47829,"journal":{"name":"Structural Change and Economic Dynamics","volume":"74 ","pages":"Pages 895-914"},"PeriodicalIF":5.0,"publicationDate":"2025-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144522210","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 : 2025-06-20DOI: 10.1016/j.strueco.2025.06.013
Mucahid Samet Yilmaz, Umut Uzar
The phenomenon of profit inflation has gained considerable attention in explaining the global surge in inflation following the pandemic crisis. Türkiye represents an important case study of cost shocks driving profit inflation. With its high dependency on imported inputs and volatile exchange rates, Türkiye has been experiencing chronic cost shocks and persistently high inflation rates. Due to these chronic problems, it is thought that the phenomenon of profit inflation is not limited to the pandemic period. In this context, this study utilizes balance sheet data from Türkiye’s real sector to analyze whether producer prices affect sectoral profit across 73 subsectors during the 2009-2023 period, employing the Panel-Corrected Standard Errors (PCSE) estimator. In addition, the findings are validated by Driscoll-Kraay's standard errors. The findings reveal that Türkiye’s real sector has not only preserved but also increased its profit margins in response to rising costs. Thus, it can be argued that profit inflation is valid for Türkiye in the relevant period.
{"title":"Do cost increases push up profit mark-ups? Evidence from Türkiye on profit inflation","authors":"Mucahid Samet Yilmaz, Umut Uzar","doi":"10.1016/j.strueco.2025.06.013","DOIUrl":"10.1016/j.strueco.2025.06.013","url":null,"abstract":"<div><div>The phenomenon of profit inflation has gained considerable attention in explaining the global surge in inflation following the pandemic crisis. Türkiye represents an important case study of cost shocks driving profit inflation. With its high dependency on imported inputs and volatile exchange rates, Türkiye has been experiencing chronic cost shocks and persistently high inflation rates. Due to these chronic problems, it is thought that the phenomenon of profit inflation is not limited to the pandemic period. In this context, this study utilizes balance sheet data from Türkiye’s real sector to analyze whether producer prices affect sectoral profit across 73 subsectors during the 2009-2023 period, employing the Panel-Corrected Standard Errors (PCSE) estimator. In addition, the findings are validated by Driscoll-Kraay's standard errors. The findings reveal that Türkiye’s real sector has not only preserved but also increased its profit margins in response to rising costs. Thus, it can be argued that profit inflation is valid for Türkiye in the relevant period.</div></div>","PeriodicalId":47829,"journal":{"name":"Structural Change and Economic Dynamics","volume":"74 ","pages":"Pages 841-854"},"PeriodicalIF":5.0,"publicationDate":"2025-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144501720","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 : 2025-06-20DOI: 10.1016/j.strueco.2025.06.010
Xiaoke Li, Zhipeng Xu, Xiaoping Li
Economic freedom has an important impact on total factor productivity (TFP) growth; however, the impact of different sources that comprise economic freedom is not clear and the effect of biased technological change has not been considered. This paper presents an exploration of the impact of economic freedom on TFP growth with biased technological change in terms of heterogeneity in the composition of economic freedom. This paper uses the Economic Freedom Index and its five subdimension indices from the Fraser Institute, introduces the biased technological change hypothesis, and demonstrates the impact of economic freedom and its aggregate effects on TFP growth with biased technological change. Panel analysis was conducted using data from 64 sample economies between 1980 and 2019. The empirical test results indicate the following: First, an increase in the level of economic freedom has significantly promoted TFP growth with biased technological chang but excessive economic freedom leads to a reversal in TFP growth with biased technological change, which can be mitigated by effective improvements in government size. Second, economic freedom in different dimensions and sectors not only independently influences TFP growth with biased technological change as an individual factor within a systemic whole but also collaboratively affects TFP growth with biased technological change to produce complex aggregation effects. Especially when promoting international trade and investment freedom, choosing to indiscriminately relax credit, labor, and business regulations may stimulate excessive flows of international capital and speculative activities, thereby worsening TFP growth with biased technological change.
{"title":"Aggregation effect of economic freedom and total factor productivity growth with biased technological change","authors":"Xiaoke Li, Zhipeng Xu, Xiaoping Li","doi":"10.1016/j.strueco.2025.06.010","DOIUrl":"10.1016/j.strueco.2025.06.010","url":null,"abstract":"<div><div>Economic freedom has an important impact on total factor productivity (TFP) growth; however, the impact of different sources that comprise economic freedom is not clear and the effect of biased technological change has not been considered. This paper presents an exploration of the impact of economic freedom on TFP growth with biased technological change in terms of heterogeneity in the composition of economic freedom. This paper uses the Economic Freedom Index and its five subdimension indices from the Fraser Institute, introduces the biased technological change hypothesis, and demonstrates the impact of economic freedom and its aggregate effects on TFP growth with biased technological change. Panel analysis was conducted using data from 64 sample economies between 1980 and 2019. The empirical test results indicate the following: First, an increase in the level of economic freedom has significantly promoted TFP growth with biased technological chang but excessive economic freedom leads to a reversal in TFP growth with biased technological change, which can be mitigated by effective improvements in government size. Second, economic freedom in different dimensions and sectors not only independently influences TFP growth with biased technological change as an individual factor within a systemic whole but also collaboratively affects TFP growth with biased technological change to produce complex aggregation effects. Especially when promoting international trade and investment freedom, choosing to indiscriminately relax credit, labor, and business regulations may stimulate excessive flows of international capital and speculative activities, thereby worsening TFP growth with biased technological change.</div></div>","PeriodicalId":47829,"journal":{"name":"Structural Change and Economic Dynamics","volume":"74 ","pages":"Pages 855-877"},"PeriodicalIF":5.0,"publicationDate":"2025-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144501718","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 : 2025-06-19DOI: 10.1016/j.strueco.2025.06.002
Qiming Zhang , Xuan Zhao
This article has been retracted: please see Elsevier Policy on Article Withdrawal (https://www.elsevier.com/about/policies/article-withdrawal).
This article has been retracted at the request of the Editors-in-Chief.
Structural Change and Economic Dynamics was alerted to potential plagiarism issues with the paper on 15th January, 2025. The Editors-in-Chief of Structural Change and Economic Dynamics substantiated the plagiarism allegation as the evidence clearly shows that this paper is merely a replication of the first paper listed below, featuring nearly identical equations, tables, and even similar conclusions and implications, albeit with a different dataset, and without appropriate citations for both the two papers listed below.
数字经济,创业活跃度与高质量发展——来自中国城市的经验证据
数字金融与资源型地区产业结构转型升级——基于109个资源型城市的实证分析
The authors disagreed with the finding of plagiarism, and stated that it is common practice for Chinese scholars to remove Chinese references before publishing articles in English journals. The Editors-in-Chief do not find the authors' justification convincing, and have lost confidence in the integrity and validity of the article. Consequently, the Editor-in-Chief team have therefore decided to retract the article. The scientific community takes a very strong view on this matter and apologies are offered to readers of the journal that this was not detected during the publication process.
{"title":"Retraction notice to “Can the digital economy facilitate the optimization of industrial structure in resource-based cities?” [Structural Change and Economic Dynamics 71 (2024) 405-416]","authors":"Qiming Zhang , Xuan Zhao","doi":"10.1016/j.strueco.2025.06.002","DOIUrl":"10.1016/j.strueco.2025.06.002","url":null,"abstract":"<div><div>This article has been retracted: please see Elsevier Policy on Article Withdrawal (<span><span>https://www.elsevier.com/about/policies/article-withdrawal</span><svg><path></path></svg></span>).</div><div>This article has been retracted at the request of the <strong>Editors-in-Chief</strong>.</div><div><strong><em>Structural Change and Economic Dynamics</em></strong> was alerted to potential plagiarism issues with the paper on 15<sup>th</sup> January, 2025. The Editors-in-Chief of <strong><em>Structural Change and Economic Dynamics</em></strong> substantiated the plagiarism allegation as the evidence clearly shows that this paper is merely a replication of the first paper listed below, featuring nearly identical equations, tables, and even similar conclusions and implications, albeit with a different dataset, and without appropriate citations for both the two papers listed below.</div><div><span><span>数字经济,创业活跃度与高质量发展——来自中国城市的经验证据</span><svg><path></path></svg></span></div><div><span><span>数字金融与资源型地区产业结构转型升级——基于109个资源型城市的实证分析</span><svg><path></path></svg></span></div><div>The authors disagreed with the finding of plagiarism, and stated that it is common practice for Chinese scholars to remove Chinese references before publishing articles in English journals. The Editors-in-Chief do not find the authors' justification convincing, and have lost confidence in the integrity and validity of the article. Consequently, the Editor-in-Chief team have therefore decided to retract the article. The scientific community takes a very strong view on this matter and apologies are offered to readers of the journal that this was not detected during the publication process.</div></div>","PeriodicalId":47829,"journal":{"name":"Structural Change and Economic Dynamics","volume":"74 ","pages":"Page 1047"},"PeriodicalIF":5.5,"publicationDate":"2025-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144841045","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}
This study analyses the Brazilian labour market from 2014 to 2019, focusing on the impact of the country's growth pattern on rising informal and self-employment. After a period of economic growth, Brazil faced a recession (2015–2016) and stagnation (2016–2019). Austerity-driven reforms were implemented, weakening policies aimed at stimulating growth, reducing unemployment, and improving formalization. Using structural decomposition analysis within a demand-driven input-output model, the study examines how changes in demand components affected employment by sector, formalization, and occupational status. Key findings reveal that the slow economic recovery, characterized by limited investment and government spending, led to a significant shift from formal to informal employment and self-employment, especially in service sectors. While discussing the diversity hidden within the occupational category of self-employed workers, the research also explores the specific characteristics of this category, providing insights to understand possible disguised employment as part of a structural transformation.
{"title":"Beyond informal employment: Stagnation and disguised employment in Brazil","authors":"Carolina Troncoso Baltar , Esther Dweck , Marília Bassetti Marcato , Camila Unis Krepsky","doi":"10.1016/j.strueco.2025.06.009","DOIUrl":"10.1016/j.strueco.2025.06.009","url":null,"abstract":"<div><div>This study analyses the Brazilian labour market from 2014 to 2019, focusing on the impact of the country's growth pattern on rising informal and self-employment. After a period of economic growth, Brazil faced a recession (2015–2016) and stagnation (2016–2019). Austerity-driven reforms were implemented, weakening policies aimed at stimulating growth, reducing unemployment, and improving formalization. Using structural decomposition analysis within a demand-driven input-output model, the study examines how changes in demand components affected employment by sector, formalization, and occupational status. Key findings reveal that the slow economic recovery, characterized by limited investment and government spending, led to a significant shift from formal to informal employment and self-employment, especially in service sectors. While discussing the diversity hidden within the occupational category of self-employed workers, the research also explores the specific characteristics of this category, providing insights to understand possible disguised employment as part of a structural transformation.</div></div>","PeriodicalId":47829,"journal":{"name":"Structural Change and Economic Dynamics","volume":"74 ","pages":"Pages 814-828"},"PeriodicalIF":5.0,"publicationDate":"2025-06-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144480654","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 : 2025-06-16DOI: 10.1016/j.strueco.2025.06.007
Haoyu Wang , Kefu Lyu
Environmental awareness and attitudes are critical for carbon neutrality and emission reduction, yet they often receive inadequate attention. This study addresses this by analyzing the environmental tone in MD&A reports of Chinese listed energy supply companies from 2000 to 2022 and assessing its impact on carbon emission allowance (CEA) price return and volatility, through regime heterogeneous autoregressive regression (regime-HAR) model with alternative models to confirm robustness, and discussing the related mechanisms. Our findings reveal that a positive environmental tone drives higher CEA returns and volatility while reducing autocorrelations, largely due to increased market participation during such periods. Additionally, rising CEA prices reinforce future positive environmental tones among companies. The positive tone accelerates environmental fees while hindering green investments. In addition, the environmental tone also signals regulatory compliance, policy, and investor expectations. Through these channels, environmental tone in general reduces local district air pollution. We also identify a negative relationship between government green subsidies and environmental tone, probably due to the moral hazard of companies exploiting subsidies. This study provides fresh evidence on how environmental attitudes shape key environmental variables and offers valuable insights for policymakers.
{"title":"Environmental tone and carbon market behavior: Understanding market dynamics through corporate environmental attitudes in China","authors":"Haoyu Wang , Kefu Lyu","doi":"10.1016/j.strueco.2025.06.007","DOIUrl":"10.1016/j.strueco.2025.06.007","url":null,"abstract":"<div><div>Environmental awareness and attitudes are critical for carbon neutrality and emission reduction, yet they often receive inadequate attention. This study addresses this by analyzing the environmental tone in MD&A reports of Chinese listed energy supply companies from 2000 to 2022 and assessing its impact on carbon emission allowance (CEA) price return and volatility, through regime heterogeneous autoregressive regression (regime-HAR) model with alternative models to confirm robustness, and discussing the related mechanisms. Our findings reveal that a positive environmental tone drives higher CEA returns and volatility while reducing autocorrelations, largely due to increased market participation during such periods. Additionally, rising CEA prices reinforce future positive environmental tones among companies. The positive tone accelerates environmental fees while hindering green investments. In addition, the environmental tone also signals regulatory compliance, policy, and investor expectations. Through these channels, environmental tone in general reduces local district air pollution. We also identify a negative relationship between government green subsidies and environmental tone, probably due to the moral hazard of companies exploiting subsidies. This study provides fresh evidence on how environmental attitudes shape key environmental variables and offers valuable insights for policymakers.</div></div>","PeriodicalId":47829,"journal":{"name":"Structural Change and Economic Dynamics","volume":"74 ","pages":"Pages 792-813"},"PeriodicalIF":5.0,"publicationDate":"2025-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144338539","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 : 2025-06-16DOI: 10.1016/j.strueco.2025.06.006
Qiuyue Guo , Jiaxing Wang , Yiwei Liu
Household entrepreneurship significantly enhances resident well-being. This study analyzes China Family Panel Studies (CFPS) data from 2010–2020 to assess the "Broadband China" initiative (2014–2016). Using a difference-in-differences (DID) approach, it establishes a causal link between digital infrastructure expansion and increased household entrepreneurship. Results reveal that broadband access notably boosts entrepreneurial activities, verified by rigorous robustness checks. Key mechanisms include greater risk tolerance, improved entrepreneurial information access, enhanced credit financing, and stronger social capital. Digital infrastructure particularly favors opportunity-driven entrepreneurship over necessity-driven. These findings highlight digital infrastructure’s vital role in nurturing household entrepreneurial ecosystems.
{"title":"Connecting opportunities: The role of digital infrastructure in household entrepreneurship under China’s ‘broadband China’ initiative","authors":"Qiuyue Guo , Jiaxing Wang , Yiwei Liu","doi":"10.1016/j.strueco.2025.06.006","DOIUrl":"10.1016/j.strueco.2025.06.006","url":null,"abstract":"<div><div>Household entrepreneurship significantly enhances resident well-being. This study analyzes China Family Panel Studies (CFPS) data from 2010–2020 to assess the \"Broadband China\" initiative (2014–2016). Using a difference-in-differences (DID) approach, it establishes a causal link between digital infrastructure expansion and increased household entrepreneurship. Results reveal that broadband access notably boosts entrepreneurial activities, verified by rigorous robustness checks. Key mechanisms include greater risk tolerance, improved entrepreneurial information access, enhanced credit financing, and stronger social capital. Digital infrastructure particularly favors opportunity-driven entrepreneurship over necessity-driven. These findings highlight digital infrastructure’s vital role in nurturing household entrepreneurial ecosystems.</div></div>","PeriodicalId":47829,"journal":{"name":"Structural Change and Economic Dynamics","volume":"74 ","pages":"Pages 738-749"},"PeriodicalIF":5.0,"publicationDate":"2025-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144330694","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}
扫码关注我们
求助内容：
应助结果提醒方式：
京公网安备 11010802042870号