The indicator system for evaluating the development level of the digital economy is multidimensional and dynamic. Accurate and scientific evaluation of the digital economy's development level is crucial. This study, based on the characteristics of the digital economy's development stages, evaluates the value creation dimension of the digital economy from the perspective of the global digital value chain. Additionally, it considers the access and usage dimensions to construct a comprehensive indicator system for evaluating the global digital economy development level. The results reveal significant disparities in digital economy development between countries, but also show that some developing countries have experienced rapid improvements in their digital economy development levels. In theoretical and empirical research, this paper utilizes the Barro Rule and the Cobb-Douglas production function, employing mathematical derivations combined with empirical regression analysis to explore the relationship and mechanisms between asymmetric fiscal policies and digital economy development during economic downturns. It finds that in the new era of the digital economy, governments often implement proactive asymmetric fiscal expenditure policies during downturns. Continuously promoting the development levels of national digital economies is an important mechanism for forming these characteristics of fiscal expenditures. Finally, this study proposes relevant policy recommendations, enriching academic research and policy discussions in the fields of financial fiscal policy and digital economy development.
We identify a robust and significant relationship, both statistically and economically, between the rise in a firm's stock price crash risk and the occurrence of terrorist attacks in the vicinity of the firm's headquarters. The empirical findings support the idea that terrorist attacks often trigger increased performance pressures and elevated investor sensitivities, thereby initiating the information manipulation activities of firm managers. Additionally, we examine the heterogeneous effects of corporate governance quality and firm transparency, indicating that firms with superior corporate governance and transparency are less vulnerable to the impact of terrorist attacks. We offer insights into the economic consequences of managerial behavior responses because of the traumatic shock of terrorist attacks.
In alignment with China's “dual carbon” goals - peak carbon by 2030 and carbon neutrality by 2060, this strategy underlines the necessity for economic transmutation and advancement to realize more sustainable economic growth. Concurrently, it draws attention to the imperative of the green development philosophy and the significance of climate change. In light of these policy directives, more rigorous standards of environmental conservation and social responsibility are imposed on publicly listed companies, particularly those in the pharmaceutical manufacturing industry. The objective of this paper is to explore the synergistic effect of Environmental, Social, and Governance (ESG) factors and technological innovation on firm value in this context. This research is grounded on panel data from A-share listed pharmaceutical manufacturing companies surveyed over a decade - 2012 to 2021, incorporating 98 firms as the research sample. The findings reveal that: (1) there is a considerable positive correlation between a company's ESG factors and its value. This suggests an escalating interest from investors and the market in corporate social responsibility and sustainable development capacity; (2) technological innovation serves as a conduit, playing a partially mediating role, through which corporate ESG performance not only directly influences firm value but also indirectly boosts it by fostering innovation. The robustness test further validates our findings, demonstrating the reliability of the research outcomes. Advanced research indicates that the synergistic effect of ESG factors and technological innovation on increasing firm value is conspicuously significant in non-state-owned enterprises and those grappling with lower financing constraints. This suggests the role of ESG and technological innovation in enhancing firm value is more pivotal in specific contexts.
The VAR-LASSO connectedness method and VAR-X-LASSO connectedness method are employed in this study to explore the intricate spillover relationships between international crude oil markets and global energy stock markets while also examining the impact of geopolitical risks on these spillover relationships. By comparing the connectedness indices derived from the VAR-X-LASSO connectedness method and the VAR-LASSO connectedness method, this paper yields some intriguing empirical findings. First, the net transmitter of systemic shocks mainly appears in energy stock markets within developed countries. Second, we observed the net spillover direction from energy stock markets in most developed countries, especially those in the United States, Canada, France, Italy, Norway and Spain, to international crude oil markets, and the net spillover direction from international crude oil markets to energy stock markets in most developing countries. Third, geopolitical risks have been observed to strengthen the unidirectional spillover intensity from international crude oil markets to energy stock markets, and their influence intensified after 2015. However, there is minimal influence of geopolitical risks on the unidirectional spillover effects from energy stock markets to international crude oil markets.
Environmental, social, and governance (ESG) performance is an essential indicator of sustainable corporate behaviour that balances short-term gains with long-term societal growth and ecological preservation. We scrutinise the influence of ESG performance on corporate risk-taking and the resulting impacts on firm productivity. Using data from Chinese listed firms from 2009 to 2020, our analysis indicates a significant negative relationship between corporate ESG performance and risk-taking, with a resultant increase in total factor productivity. Regional green innovation and environmental regulatory frameworks significantly augment the effects of ESG performance on risk management. The results extend the understanding of the intricate role of ESG commitments in risk management, and offer constructive insights for corporate decision-making and policy development aimed at confronting the environmental challenges of the 21st century.
Taxation constitutes a fundamental element in the administration of a country. The environmental protection tax, an essential green tax system in China, offers enhanced flexibility compared to regulatory measures predicated on administrative orders. It performs a crucial and substantial role in enabling organizations to progress toward superior growth. This research endeavor aims to analyze the impact of green taxation on corporate financial misconduct. Data about China's A-share listed companies from 2011 to 2022 is analyzed to achieve this. A difference-in-differences model is developed by integrating the 2018 Environmental Protection Tax Law implementation into a quasi-natural experiment. Implementing the Environmental Protection Tax Law reduces the quantity and propensity of financial fraud within organizations. The results of the mechanism test suggest that the enforcement of the Environmental Protection Tax Law may hinder the involvement of businesses in financial misconduct through the promotion of information transparency and the strengthening of managerial pressure. The effect of enforcing the Environmental Protection Tax Law on mitigating corporate financial fraud is more significant for organizations that have adopted equity incentives for their CEOs and have greater degrees of digitization, according to a heterogeneity analysis.