Pub Date : 2025-12-01Epub Date: 2025-10-21DOI: 10.1016/j.strueco.2025.10.009
Franziska Klügl , Hildegunn Kyvik Nordås
This paper develops a dynamic Agent Based Model to study the role of cross-border data flows for the joint uptake of artificial intelligence enabled software in manufacturing and engineering. The model features two technology-related business models: engineering as a face-to-face consultancy service, and engineering as a software licensing service. Engineering agents harvest data from their software clients in the home country and abroad and use the data for quality assurance and software updates. We compare scenarios along two dimensions: (i) harvesting data from own clients only versus from open data repositories, (ii) the strength of competition measured by the probability that a contract will be extended by another period. We find that restrictions on cross-border data flows slow down the speed of adoption considerably, particularly in small countries. The simulations generate an S-shaped technology uptake path for manufacturers and a U-shaped relationship between competition and technology uptake in engineering. Interestingly, cross-border data flows flatten the U.
{"title":"Cross-border data flows and AI adoption: Agent-based model simulations","authors":"Franziska Klügl , Hildegunn Kyvik Nordås","doi":"10.1016/j.strueco.2025.10.009","DOIUrl":"10.1016/j.strueco.2025.10.009","url":null,"abstract":"<div><div>This paper develops a dynamic Agent Based Model to study the role of cross-border data flows for the joint uptake of artificial intelligence enabled software in manufacturing and engineering. The model features two technology-related business models: engineering as a face-to-face consultancy service, and engineering as a software licensing service. Engineering agents harvest data from their software clients in the home country and abroad and use the data for quality assurance and software updates. We compare scenarios along two dimensions: (i) harvesting data from own clients only versus from open data repositories, (ii) the strength of competition measured by the probability that a contract will be extended by another period. We find that restrictions on cross-border data flows slow down the speed of adoption considerably, particularly in small countries. The simulations generate an S-shaped technology uptake path for manufacturers and a U-shaped relationship between competition and technology uptake in engineering. Interestingly, cross-border data flows flatten the U.</div></div>","PeriodicalId":47829,"journal":{"name":"Structural Change and Economic Dynamics","volume":"75 ","pages":"Pages 676-688"},"PeriodicalIF":5.5,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145361013","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 : 2025-12-01Epub Date: 2025-09-16DOI: 10.1016/j.strueco.2025.09.005
Haotian Luo , Jinlei Yu , Tong Mu , Peng Zhou
Drawing on the NEBIC framework, this study constructs a supply chain network using data on China’s A-share listed firms from 2010 to 2021. It examines how the digital transformation of focal firms affects the supply chain carbon emissions. IV-2SLS, DID and System-GMM are used to deal with endogeneity. The analysis reveals that digital transformation significantly reduces supply chain carbon emissions through environmental information spillovers and green innovation spillovers. Moreover, the effects are strengthened by greater environmental regulatory intensity and executives’ environmental awareness. Heterogeneity analysis indicates that the reduction impact of digital transformation is more pronounced in the eastern and western regions, and is stronger among high-tech and low-pollution industries. Furthermore, the effect is greater for upstream suppliers than for downstream customers. These findings underscore the broader environmental benefits of digital transformation from a network perspective and offer theoretical support for both government policy design and corporate supply chain decarbonization strategies.
{"title":"Spillover effects of enterprise digital transformation on supply chain carbon emissions: Evidence from China","authors":"Haotian Luo , Jinlei Yu , Tong Mu , Peng Zhou","doi":"10.1016/j.strueco.2025.09.005","DOIUrl":"10.1016/j.strueco.2025.09.005","url":null,"abstract":"<div><div>Drawing on the NEBIC framework, this study constructs a supply chain network using data on China’s A-share listed firms from 2010 to 2021. It examines how the digital transformation of focal firms affects the supply chain carbon emissions. IV-2SLS, DID and System-GMM are used to deal with endogeneity. The analysis reveals that digital transformation significantly reduces supply chain carbon emissions through environmental information spillovers and green innovation spillovers. Moreover, the effects are strengthened by greater environmental regulatory intensity and executives’ environmental awareness. Heterogeneity analysis indicates that the reduction impact of digital transformation is more pronounced in the eastern and western regions, and is stronger among high-tech and low-pollution industries. Furthermore, the effect is greater for upstream suppliers than for downstream customers. These findings underscore the broader environmental benefits of digital transformation from a network perspective and offer theoretical support for both government policy design and corporate supply chain decarbonization strategies.</div></div>","PeriodicalId":47829,"journal":{"name":"Structural Change and Economic Dynamics","volume":"75 ","pages":"Pages 606-617"},"PeriodicalIF":5.5,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145227231","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 : 2025-12-01Epub Date: 2025-09-22DOI: 10.1016/j.strueco.2025.09.006
Shufen Dai , Chen Wang , Fei Meng , Wei Gu , Jian Tian
This study addresses the challenge of incentivizing carbon reductions in supply chains under carbon pricing mechanisms. Focusing on upstream raw materials, we propose a cradle-to-cradle life cycle assessment (LCA)-based carbon accounting model and a cooperative game model to optimize the fair allocation of carbon responsibility across a multi-level, multi-agent supply chain. Using a steel-construction supply chain case, we validate the model and uncover key insights: 1) High-performance products, with high production emissions but lower use-phase emissions, face unfair responsibility allocation when only production-stage emissions are considered; 2) Focusing on production-stage reductions leads to emission responsibility transfer from downstream to upstream and from larger to smaller companies; 3) Factors such as material-saving rates, product lifespan, and recycling have a greater impact on life cycle emissions than production-stage reductions alone. Based on these findings, we recommend enhancing the carbon labeling system and optimizing responsibility allocation to balance production and use-phase emissions.
{"title":"Optimizing carbon responsibility allocation in the steel supply chain: A cradle-to-cradle life cycle assessment approach","authors":"Shufen Dai , Chen Wang , Fei Meng , Wei Gu , Jian Tian","doi":"10.1016/j.strueco.2025.09.006","DOIUrl":"10.1016/j.strueco.2025.09.006","url":null,"abstract":"<div><div>This study addresses the challenge of incentivizing carbon reductions in supply chains under carbon pricing mechanisms. Focusing on upstream raw materials, we propose a cradle-to-cradle life cycle assessment (LCA)-based carbon accounting model and a cooperative game model to optimize the fair allocation of carbon responsibility across a multi-level, multi-agent supply chain. Using a steel-construction supply chain case, we validate the model and uncover key insights: 1) High-performance products, with high production emissions but lower use-phase emissions, face unfair responsibility allocation when only production-stage emissions are considered; 2) Focusing on production-stage reductions leads to emission responsibility transfer from downstream to upstream and from larger to smaller companies; 3) Factors such as material-saving rates, product lifespan, and recycling have a greater impact on life cycle emissions than production-stage reductions alone. Based on these findings, we recommend enhancing the carbon labeling system and optimizing responsibility allocation to balance production and use-phase emissions.</div></div>","PeriodicalId":47829,"journal":{"name":"Structural Change and Economic Dynamics","volume":"75 ","pages":"Pages 590-605"},"PeriodicalIF":5.5,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145227232","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 : 2025-12-01Epub Date: 2025-09-14DOI: 10.1016/j.strueco.2025.08.016
Laura Heras-Recuero
This paper examines the relationship between the middle class and the pattern of consumption imports in fifteen Latin American economies over the period 1996–2019, which includes the latest commodity boom. The consumption patterns of the middle class, which are likely to be different from those of lower classes, could be reflected in the imports in the case of countries with little diversified productive structures, such as those of Latin America. In the context of highly unequal countries, the middle class may not only consume according to its own preferences, but may also be driven by emulation and status motives. My results show that the middle class has become the main income group driving both aggregate consumption imports and imports disaggregated by product type, including luxury imports. The estimated coefficients are particularly large for the lower-middle class and during the period of the commodity boom, when this income group expanded most rapidly. This finding points to a significant role of the middle class as a determinant of consumption imports and their composition, with implications for the region’s fragile balance of payments dynamics.
{"title":"The rise of the middle class and the pattern of consumption imports in Latin America","authors":"Laura Heras-Recuero","doi":"10.1016/j.strueco.2025.08.016","DOIUrl":"10.1016/j.strueco.2025.08.016","url":null,"abstract":"<div><div>This paper examines the relationship between the middle class and the pattern of consumption imports in fifteen Latin American economies over the period 1996–2019, which includes the latest commodity boom. The consumption patterns of the middle class, which are likely to be different from those of lower classes, could be reflected in the imports in the case of countries with little diversified productive structures, such as those of Latin America. In the context of highly unequal countries, the middle class may not only consume according to its own preferences, but may also be driven by emulation and status motives. My results show that the middle class has become the main income group driving both aggregate consumption imports and imports disaggregated by product type, including luxury imports. The estimated coefficients are particularly large for the lower-middle class and during the period of the commodity boom, when this income group expanded most rapidly. This finding points to a significant role of the middle class as a determinant of consumption imports and their composition, with implications for the region’s fragile balance of payments dynamics.</div></div>","PeriodicalId":47829,"journal":{"name":"Structural Change and Economic Dynamics","volume":"75 ","pages":"Pages 464-485"},"PeriodicalIF":5.5,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145104468","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 : 2025-12-01Epub Date: 2025-11-06DOI: 10.1016/j.strueco.2025.11.003
Wenling Liu, Ziqing Ma, Shuwen Xiao, Yuedong Xiao
During the COVID-19 pandemic, external shocks like social distancing, supply chain disruptions, and economic uncertainty reshaped consumption patterns, accelerating the shift from offline dependence toward digital, contactless, and precautionary savings-oriented habits. However, it remains unclear whether these changes represent temporary adaptations or persistent structural transformations. Using panel data on urban and rural household consumption across 115 prefecture-level cities from 2016 to 2022, supplemented by transaction records from the Taobao platform, this study employs difference-in-differences (DID) and regression discontinuity design (RDD) methodologies to identify the causal impact of the pandemic. By controlling for per capita disposable income, levels of digital economic development, and other confounding factors, we isolate the net effect of COVID-19 and evaluate both its short- and long-term influences. The analysis shows the pandemic reduced consumption across urban and rural residents, with gradual recovery. Urban areas experienced larger declines than rural regions, demonstrating a dichotomy between “structural contraction in cities versus adaptive recovery in rural areas”. Structurally, the pandemic induced a dual short-term phenomenon: consumption downgrading (a shift toward essential goods under survival pressure, reflected in a rising Engel coefficient) coexisted with consumption upgrading (a shift toward higher-quality, green products, and digital services driven by health and ecological awareness), while the long-term trajectory pointed toward upgrading. Offline consumption gave way to online platforms, with digital spending normalizing from emergency shifts. These findings reveal the shift from reactive reaction to habit formation, informing retail channel optimization, unlocking rural demand, and advancing green–digital integration to support high-quality post-pandemic economic recovery efforts.
{"title":"Habit formation under stress: How COVID-19 reshaped Chinese consumer behavior — short-term disruptions and long-term behavioral entrenchment","authors":"Wenling Liu, Ziqing Ma, Shuwen Xiao, Yuedong Xiao","doi":"10.1016/j.strueco.2025.11.003","DOIUrl":"10.1016/j.strueco.2025.11.003","url":null,"abstract":"<div><div>During the COVID-19 pandemic, external shocks like social distancing, supply chain disruptions, and economic uncertainty reshaped consumption patterns, accelerating the shift from offline dependence toward digital, contactless, and precautionary savings-oriented habits. However, it remains unclear whether these changes represent temporary adaptations or persistent structural transformations. Using panel data on urban and rural household consumption across 115 prefecture-level cities from 2016 to 2022, supplemented by transaction records from the Taobao platform, this study employs difference-in-differences (DID) and regression discontinuity design (RDD) methodologies to identify the causal impact of the pandemic. By controlling for per capita disposable income, levels of digital economic development, and other confounding factors, we isolate the net effect of COVID-19 and evaluate both its short- and long-term influences. The analysis shows the pandemic reduced consumption across urban and rural residents, with gradual recovery. Urban areas experienced larger declines than rural regions, demonstrating a dichotomy between “structural contraction in cities versus adaptive recovery in rural areas”. Structurally, the pandemic induced a dual short-term phenomenon: consumption downgrading <em>(a shift toward essential goods under survival pressure, reflected in a rising Engel coefficient)</em> coexisted with consumption upgrading <em>(a shift toward higher-quality, green products, and digital services driven by health and ecological awareness)</em>, while the long-term trajectory pointed toward upgrading. Offline consumption gave way to online platforms, with digital spending normalizing from emergency shifts. These findings reveal the shift from reactive reaction to habit formation, informing retail channel optimization, unlocking rural demand, and advancing green–digital integration to support high-quality post-pandemic economic recovery efforts.</div></div>","PeriodicalId":47829,"journal":{"name":"Structural Change and Economic Dynamics","volume":"75 ","pages":"Pages 926-936"},"PeriodicalIF":5.5,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145525553","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 : 2025-12-01Epub Date: 2025-08-31DOI: 10.1016/j.strueco.2025.08.014
Yanwei Wang , Kedong Yin , Xue Jin
The green development coordination of land economy (LE) and marine economy (ME) is an inevitable choice to respond to the requirements of sustainable development. This paper measures the level of LE and ME green development synergy in China from 2010 to 2023, and further analyzes the regional differences and convergence characteristics in coordination by using Dagum Gini coefficient method and convergence model. The research shows that LE and ME green development synergy level in all regions has risen to good coordination. The main source of the difference of LE and ME green development synergy has changed from hypervariation density to inter-regional differences, and the internal difference of southern marine economic circle is the largest. Only the northern marine economic circle exists convergence in stage 1, and it maintains stable convergence with coastal area, which is affected by different factors in different periods. Therefore, make policy recommendations.
{"title":"Spatio-temporal evolution and convergence analysis of China's land economy and marine economy green development synergy","authors":"Yanwei Wang , Kedong Yin , Xue Jin","doi":"10.1016/j.strueco.2025.08.014","DOIUrl":"10.1016/j.strueco.2025.08.014","url":null,"abstract":"<div><div>The green development coordination of land economy (LE) and marine economy (ME) is an inevitable choice to respond to the requirements of sustainable development. This paper measures the level of LE and ME green development synergy in China from 2010 to 2023, and further analyzes the regional differences and convergence characteristics in coordination by using Dagum Gini coefficient method and convergence model. The research shows that LE and ME green development synergy level in all regions has risen to good coordination. The main source of the difference of LE and ME green development synergy has changed from hypervariation density to inter-regional differences, and the internal difference of southern marine economic circle is the largest. Only the northern marine economic circle exists <span><math><mi>σ</mi></math></span> convergence in stage 1, and it maintains stable <span><math><mi>β</mi></math></span> convergence with coastal area, which is affected by different factors in different periods. Therefore, make policy recommendations.</div></div>","PeriodicalId":47829,"journal":{"name":"Structural Change and Economic Dynamics","volume":"75 ","pages":"Pages 423-438"},"PeriodicalIF":5.5,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145060185","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 : 2025-12-01Epub Date: 2025-09-16DOI: 10.1016/j.strueco.2025.09.004
Isaac K. Ofori , Emmanuel Y. Gbolonyo , Andrea Vezzulli
The Fourth Industrial Revolution is ushering economies into a new era of technological transition, driven primarily by frontier technologies. While the adoption of these technologies is growing rapidly in the Global South, empirical evidence concerning their economic impacts in Africa are hard to find. This study advances the innovation and growth literature in this regard by analysing macro data from 39 African countries. Findings from quantile regression reveal that frontier technology adoption (FTR) has a modest positive effect on growth. Second, democracy amplifies the impact of FTR, but only at higher levels of egalitarianism. Third, although FTR is growth-enhancing across all growth quantiles, its impact diminishes from the 1st to the 9th. However, in the presence of egalitarian democracy, FTR significantly boosts growth from the 1st to the 9th quantiles. We conclude that progress in egalitarianism and investment in frontier technology readiness are essential for sustained economic growth in Africa.
{"title":"Heterogeneous effects of frontier technology adoption on economic growth in Africa","authors":"Isaac K. Ofori , Emmanuel Y. Gbolonyo , Andrea Vezzulli","doi":"10.1016/j.strueco.2025.09.004","DOIUrl":"10.1016/j.strueco.2025.09.004","url":null,"abstract":"<div><div>The Fourth Industrial Revolution is ushering economies into a new era of technological transition, driven primarily by frontier technologies. While the adoption of these technologies is growing rapidly in the Global South, empirical evidence concerning their economic impacts in Africa are hard to find. This study advances the innovation and growth literature in this regard by analysing macro data from 39 African countries. Findings from quantile regression reveal that frontier technology adoption (FTR) has a modest positive effect on growth. Second, democracy amplifies the impact of FTR, but only at higher levels of egalitarianism. Third, although FTR is growth-enhancing across all growth quantiles, its impact diminishes from the 1st to the 9th. However, in the presence of egalitarian democracy, FTR significantly boosts growth from the 1st to the 9th quantiles. We conclude that progress in egalitarianism and investment in frontier technology readiness are essential for sustained economic growth in Africa.</div></div>","PeriodicalId":47829,"journal":{"name":"Structural Change and Economic Dynamics","volume":"75 ","pages":"Pages 526-540"},"PeriodicalIF":5.5,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145157156","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 : 2025-12-01Epub Date: 2025-08-26DOI: 10.1016/j.strueco.2025.08.010
Johan Willner, Sonja Grönblom
We analyse the impact of ownership, market structure, and quality of governance on sustainable industry growth as driven by process innovations generated by salaried agents under asymmetric information. The agent faces uncertainty because of performance-related pay and random punishments, which can be imposed by the employer (as arguably in the case of Nokia’s demise as a producer of mobile phones) or by external forces. Intermediate concentration yields the highest growth when firms maximise profits, but innovation costs increase with the market size. This can lead to monopolisation, and hence to non-creative destruction. A welfare-maximising public monopoly outperforms the oligopoly, but not necessarily under bad governance. An oligopoly can reach reasonable growth, but only under stringent conditions if the discount rate is low. Public ownership might then be an attractive alternative, but interventions to improve governance and to ensure decent working conditions, job security, and long-termism may then be necessary. (#149)
{"title":"Innovation and industry growth under private and public ownership: non-creative destruction versus welfare maximisation","authors":"Johan Willner, Sonja Grönblom","doi":"10.1016/j.strueco.2025.08.010","DOIUrl":"10.1016/j.strueco.2025.08.010","url":null,"abstract":"<div><div>We analyse the impact of ownership, market structure, and quality of governance on sustainable industry growth as driven by process innovations generated by salaried agents under asymmetric information. The agent faces uncertainty because of performance-related pay and random punishments, which can be imposed by the employer (as arguably in the case of Nokia’s demise as a producer of mobile phones) or by external forces. Intermediate concentration yields the highest growth when firms maximise profits, but innovation costs increase with the market size. This can lead to monopolisation, and hence to non-creative destruction. A welfare-maximising public monopoly outperforms the oligopoly, but not necessarily under bad governance. An oligopoly can reach reasonable growth, but only under stringent conditions if the discount rate is low. Public ownership might then be an attractive alternative, but interventions to improve governance and to ensure decent working conditions, job security, and long-termism may then be necessary. (#149)</div></div>","PeriodicalId":47829,"journal":{"name":"Structural Change and Economic Dynamics","volume":"75 ","pages":"Pages 513-525"},"PeriodicalIF":5.5,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145104465","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 : 2025-12-01Epub Date: 2025-05-22DOI: 10.1016/j.strueco.2025.05.023
Lifang Hu, Xiangyu Li, Yang Su
Enhancing total factor productivity (TFP) is critical for driving high-quality economic development in China. This study examines whether industrial–financial integration—a key strategy for advancing large corporate conglomerates—contributes to boosting corporate TFP. Drawing on analysis of panel data from non-financial corporations listed on China’s A-share market (2008–2023), this study demonstrates three main empirical findings. First, industrial–financial integration positively influences corporate TFP, particularly benefiting corporations in the maturity stage, as opposed to those in the growth or decline stages. Second, industrial–financial integration enhances corporate TFP through three primary channels: compensation incentive, innovation input, and operational capacity. Third, the positive effects are more pronounced for corporations with low financing constraints, those in highly competitive or non-high-tech industries, and those located in provinces with advanced financial development. This study’s findings provide a theoretical framework guiding policy development and corporate strategies aiming to leverage financial mechanisms in advancing the real economy.
{"title":"Can industrial–financial integration boost corporate TFP? Evidence from listed corporations holding financial institutions’ shares","authors":"Lifang Hu, Xiangyu Li, Yang Su","doi":"10.1016/j.strueco.2025.05.023","DOIUrl":"10.1016/j.strueco.2025.05.023","url":null,"abstract":"<div><div>Enhancing total factor productivity (TFP) is critical for driving high-quality economic development in China. This study examines whether industrial–financial integration—a key strategy for advancing large corporate conglomerates—contributes to boosting corporate TFP. Drawing on analysis of panel data from non-financial corporations listed on China’s A-share market (2008–2023), this study demonstrates three main empirical findings. First, industrial–financial integration positively influences corporate TFP, particularly benefiting corporations in the maturity stage, as opposed to those in the growth or decline stages. Second, industrial–financial integration enhances corporate TFP through three primary channels: compensation incentive, innovation input, and operational capacity. Third, the positive effects are more pronounced for corporations with low financing constraints, those in highly competitive or non-high-tech industries, and those located in provinces with advanced financial development. This study’s findings provide a theoretical framework guiding policy development and corporate strategies aiming to leverage financial mechanisms in advancing the real economy.</div></div>","PeriodicalId":47829,"journal":{"name":"Structural Change and Economic Dynamics","volume":"75 ","pages":"Pages 131-146"},"PeriodicalIF":5.0,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144196382","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 : 2025-12-01Epub Date: 2025-09-04DOI: 10.1016/j.strueco.2025.09.001
Samuele Bibi
Peru and Kazakhstan have often been presented as success stories—respectively, in Latin America and Central Asia—due to their sustained economic growth since the early 2000s. Despite their distinct histories, geographies, and cultural contexts, both countries exhibit comparable economic features: a heavy reliance on natural resource exports, significant foreign ownership in strategic sectors, and persistent dependence on external financial inflows. These shared characteristics raise concerns about a common pattern of dependency and subordination. While the 2003–2014 commodity supercycle enabled both countries to reduce poverty and transition into upper-middle-income status, this growth was primarily driven by extractive sectors and fuelled by foreign capital. Beneath this apparent success lies a more troubling reality: structural current account deficits, driven by negative primary income balances despite strong trade surpluses. These deficits were increasingly financed through pro-market policies aimed at attracting foreign direct investment, particularly in copper extraction in Peru and oil in Kazakhstan. Although commodity prices have experienced partial revivals, long-term sustainability remains questionable—especially given rising social unrest and mounting geopolitical tensions. This paper explores the financial underpinnings of this subordination by analysing balance of payments dynamics and international investment position statistics for both countries and further contrasting it with Mexico as a third country. In doing so, it critically assesses the viability of development strategies based on natural resource extraction and foreign capital inflows, situating the analysis within broader geopolitical and historical frameworks.
{"title":"Patterns of subordination in the Global South between natural resources, foreign ownership and financial inflows","authors":"Samuele Bibi","doi":"10.1016/j.strueco.2025.09.001","DOIUrl":"10.1016/j.strueco.2025.09.001","url":null,"abstract":"<div><div>Peru and Kazakhstan have often been presented as success stories—respectively, in Latin America and Central Asia—due to their sustained economic growth since the early 2000s. Despite their distinct histories, geographies, and cultural contexts, both countries exhibit comparable economic features: a heavy reliance on natural resource exports, significant foreign ownership in strategic sectors, and persistent dependence on external financial inflows. These shared characteristics raise concerns about a common pattern of dependency and subordination. While the 2003–2014 commodity supercycle enabled both countries to reduce poverty and transition into upper-middle-income status, this growth was primarily driven by extractive sectors and fuelled by foreign capital. Beneath this apparent success lies a more troubling reality: structural current account deficits, driven by negative primary income balances despite strong trade surpluses. These deficits were increasingly financed through pro-market policies aimed at attracting foreign direct investment, particularly in copper extraction in Peru and oil in Kazakhstan. Although commodity prices have experienced partial revivals, long-term sustainability remains questionable—especially given rising social unrest and mounting geopolitical tensions. This paper explores the financial underpinnings of this subordination by analysing balance of payments dynamics and international investment position statistics for both countries and further contrasting it with Mexico as a third country. In doing so, it critically assesses the viability of development strategies based on natural resource extraction and foreign capital inflows, situating the analysis within broader geopolitical and historical frameworks.</div></div>","PeriodicalId":47829,"journal":{"name":"Structural Change and Economic Dynamics","volume":"75 ","pages":"Pages 349-368"},"PeriodicalIF":5.5,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145048733","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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