Pub Date : 2025-10-27DOI: 10.1016/j.chieco.2025.102581
Gecheng Yuan , Weijie Lu , Xinyi Wu , Li Zhou
Using a combination of manually collected data and the China Household Finance Survey from 2011 to 2019, we explore the effect of the gig economy on household financial vulnerability. To address endogeneity issues, we exploit the spatial and temporal variation in the presence of ride-hailing and food delivery services across Chinese cities. Employing a staggered difference-in-difference (DID) strategy, we find that the entry of gig platforms into a city is associated with a 5.97 % reduction in household financial vulnerability. This effect is more pronounced among households with lower wealth levels, lower female employment ratios, lower educational levels, as well as among households in poorer regions and areas with higher unemployment rates. To shed light on the mechanisms, we provide evidence that the entry of gig platforms provides households with additional income sources, reduces their liquidity constraints, and improves entrepreneurial quality. Our study contributes to the literature by highlighting the potential of the gig economy to serve as a buffer against financial instability, particularly for vulnerable populations.
{"title":"The gig economy and household financial vulnerability","authors":"Gecheng Yuan , Weijie Lu , Xinyi Wu , Li Zhou","doi":"10.1016/j.chieco.2025.102581","DOIUrl":"10.1016/j.chieco.2025.102581","url":null,"abstract":"<div><div>Using a combination of manually collected data and the China Household Finance Survey from 2011 to 2019, we explore the effect of the gig economy on household financial vulnerability. To address endogeneity issues, we exploit the spatial and temporal variation in the presence of ride-hailing and food delivery services across Chinese cities. Employing a staggered difference-in-difference (DID) strategy, we find that the entry of gig platforms into a city is associated with a 5.97 % reduction in household financial vulnerability. This effect is more pronounced among households with lower wealth levels, lower female employment ratios, lower educational levels, as well as among households in poorer regions and areas with higher unemployment rates. To shed light on the mechanisms, we provide evidence that the entry of gig platforms provides households with additional income sources, reduces their liquidity constraints, and improves entrepreneurial quality. Our study contributes to the literature by highlighting the potential of the gig economy to serve as a buffer against financial instability, particularly for vulnerable populations.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"94 ","pages":"Article 102581"},"PeriodicalIF":5.5,"publicationDate":"2025-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145415839","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-10-25DOI: 10.1016/j.chieco.2025.102579
Jialiang Zhu , Philip Akrofi Atitianti , Michael Appiah-Kubi , Joseph Amoah
This paper examines how exposure to Chinese development projects shapes economic expectations in Africa. We link AidData's geocoded project records to 70,060 Afrobarometer interviews from 2005 to 2023 and identify effects using a shift–share instrumental variables design that interacts movements in Chinese construction-input costs with pre-sample allocation patterns. We find that living within 25 km of an active Chinese project lowers the probability that respondents expect national economic conditions to improve and, more modestly, reduces optimism about their own living conditions. Mechanism tests show that exposure raises perceived corruption—especially of national officials—and erodes trust in the presidency, parliament, and local councils; higher perceived corruption is monotonically associated with lower economic optimism. Results are robust across alternative instrument lags, distance thresholds, and spatial-spillover controls, and they do not generalize to placebo outcomes or to analogous estimates for World Bank projects. The evidence reconciles mixed views of Chinese aid by highlighting governance signals as the channel through which localized experiences translate into both macro- and micro-oriented expectations.
{"title":"The paradox of assistance: Chinese aid in Africa and economic expectations","authors":"Jialiang Zhu , Philip Akrofi Atitianti , Michael Appiah-Kubi , Joseph Amoah","doi":"10.1016/j.chieco.2025.102579","DOIUrl":"10.1016/j.chieco.2025.102579","url":null,"abstract":"<div><div>This paper examines how exposure to Chinese development projects shapes economic expectations in Africa. We link AidData's geocoded project records to 70,060 Afrobarometer interviews from 2005 to 2023 and identify effects using a shift–share instrumental variables design that interacts movements in Chinese construction-input costs with pre-sample allocation patterns. We find that living within 25 km of an active Chinese project lowers the probability that respondents expect national economic conditions to improve and, more modestly, reduces optimism about their own living conditions. Mechanism tests show that exposure raises perceived corruption—especially of national officials—and erodes trust in the presidency, parliament, and local councils; higher perceived corruption is monotonically associated with lower economic optimism. Results are robust across alternative instrument lags, distance thresholds, and spatial-spillover controls, and they do not generalize to placebo outcomes or to analogous estimates for World Bank projects. The evidence reconciles mixed views of Chinese aid by highlighting governance signals as the channel through which localized experiences translate into both macro- and micro-oriented expectations.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"94 ","pages":"Article 102579"},"PeriodicalIF":5.5,"publicationDate":"2025-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145464832","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-10-25DOI: 10.1016/j.chieco.2025.102577
Weibing Li, Mingyang Li, Siyuan Chen
Existing studies have extensively examined the impact of industrial robots on the labor market but have paid relatively less attention to their effects on micro-level family behavior. This paper constructs a domestic violence risk index using court judgements and finds a significant negative impact of industrial robots on domestic violence risk. A series of robustness checks validates the credibility of this conclusion. Mechanism analysis indicates that industrial robots contribute to reducing the risk of domestic violence by promoting women's economic empowerment, increasing their educational attainment, and improving psychological well-being—particularly among men. Moreover, the negative effect of industrial robots on domestic violence risk is particularly pronounced in regions with lower levels of traditional culture or economic development, as well as higher levels of population mobility and vocational training. This research sheds light on the unforeseen social consequences of industrial intelligence and provides empirical evidence for preventing domestic violence.
{"title":"Automation and household conflict: How industrial robots reduce domestic violence risk","authors":"Weibing Li, Mingyang Li, Siyuan Chen","doi":"10.1016/j.chieco.2025.102577","DOIUrl":"10.1016/j.chieco.2025.102577","url":null,"abstract":"<div><div>Existing studies have extensively examined the impact of industrial robots on the labor market but have paid relatively less attention to their effects on micro-level family behavior. This paper constructs a domestic violence risk index using court judgements and finds a significant negative impact of industrial robots on domestic violence risk. A series of robustness checks validates the credibility of this conclusion. Mechanism analysis indicates that industrial robots contribute to reducing the risk of domestic violence by promoting women's economic empowerment, increasing their educational attainment, and improving psychological well-being—particularly among men. Moreover, the negative effect of industrial robots on domestic violence risk is particularly pronounced in regions with lower levels of traditional culture or economic development, as well as higher levels of population mobility and vocational training. This research sheds light on the unforeseen social consequences of industrial intelligence and provides empirical evidence for preventing domestic violence.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"94 ","pages":"Article 102577"},"PeriodicalIF":5.5,"publicationDate":"2025-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145415935","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-10-25DOI: 10.1016/j.chieco.2025.102576
Ning Zhu , Biyin Ma , Bing Wang , Xuan Tang , Zhiqian Yu
Digital transformation (DT), as a multidimensional indicator for reshaping the profitability models of commercial banks, has become the focus of attention in the banking sector. This paper models a two-stage banking technology that incorporates DT as an intermediate variable to measure its effects on banking earning potential (EP). Moreover, nonparametric local polynomial regression and coupling analysis are adopted to examine the mechanism through which DT affects banking EP. Additionally, a comparative analysis is conducted to assess the heterogeneous effects of three subdimensions of DT and three bank types. For the empirical analysis, 175 Chinese commercial banks are used as samples for the period 2010–2021. DT has a nonlinear positive effect on banking EP, with state-owned commercial banks outperforming joint-stock commercial banks and small commercial banks. However, there are potential conflicts among the three subdimensions of DT. With respect to the disaggregation of banking EP, DT expands banking EP primarily by increasing potential profits. However, DT has the potential to increase the degree of credit risk exposure associated with nonperforming loans. Finally, sensitivity analysis confirms the stability of the results and calculates the importance of each variable in shaping banking EP. This paper can provide theoretical insights and practical guidance for Chinese commercial banks in optimizing DT strategies while balancing profitability enhancement with risk management.
{"title":"Can digital transformation expand the boundaries of the earnings potential of commercial banks? Evidence from China","authors":"Ning Zhu , Biyin Ma , Bing Wang , Xuan Tang , Zhiqian Yu","doi":"10.1016/j.chieco.2025.102576","DOIUrl":"10.1016/j.chieco.2025.102576","url":null,"abstract":"<div><div>Digital transformation (<em>DT</em>), as a multidimensional indicator for reshaping the profitability models of commercial banks, has become the focus of attention in the banking sector. This paper models a two-stage banking technology that incorporates <em>DT</em> as an intermediate variable to measure its effects on banking earning potential (<em>EP</em>). Moreover, nonparametric local polynomial regression and coupling analysis are adopted to examine the mechanism through which <em>DT</em> affects banking <em>EP</em>. Additionally, a comparative analysis is conducted to assess the heterogeneous effects of three subdimensions of <em>DT</em> and three bank types. For the empirical analysis, 175 Chinese commercial banks are used as samples for the period 2010–2021. <em>DT</em> has a nonlinear positive effect on banking <em>EP</em>, with state-owned commercial banks outperforming joint-stock commercial banks and small commercial banks. However, there are potential conflicts among the three subdimensions of <em>DT</em>. With respect to the disaggregation of banking <em>EP</em>, <em>DT</em> expands banking <em>EP</em> primarily by increasing potential profits. However, <em>DT</em> has the potential to increase the degree of credit risk exposure associated with nonperforming loans. Finally, sensitivity analysis confirms the stability of the results and calculates the importance of each variable in shaping banking <em>EP</em>. This paper can provide theoretical insights and practical guidance for Chinese commercial banks in optimizing <em>DT</em> strategies while balancing profitability enhancement with risk management.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"94 ","pages":"Article 102576"},"PeriodicalIF":5.5,"publicationDate":"2025-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145415840","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-10-22DOI: 10.1016/j.chieco.2025.102575
ShiYi Liu, HaiYue Liu, WeiKe Li
The rapid expansion of global value chains (GVCs) has deepened interconnections among countries and regions and reshaped industrial strategies and domestic capital allocations. Using a dataset of 2600 listed manufacturing firms in China from 2005 to 2020, this study finds that firms in industries that have lower GVC positions (LGPI firms), such as new energy, aerospace, and advanced materials, obtain a greater number of bank loans, particularly medium- and long-term loans and policy bank loans. The relationship is more pronounced for firms in regional strategic pillar and technology-intensive industries, state-owned firms, and those with lower operational risks and stronger debt repayment capacity. The main mechanisms include a compensatory effect (compensation for emerging strategic firms), a strategic response effect (response to the China-U.S. trade friction), and a technological support effect (support for firm R&D and digital transformation). The economic consequence tests indicate that the higher number of bank loans allocated to LGPI firms improves their total factor productivity and innovation patent output. Collectively, our findings reveal the evolving GVC competitiveness in China's manufacturing sector and the significant role financial institutions play in strengthening these less dominant but strategically important industries.
{"title":"Global value chain position, industrial policy, and bank loan allocation: Evidence from Chinese manufacturing firms","authors":"ShiYi Liu, HaiYue Liu, WeiKe Li","doi":"10.1016/j.chieco.2025.102575","DOIUrl":"10.1016/j.chieco.2025.102575","url":null,"abstract":"<div><div>The rapid expansion of global value chains (GVCs) has deepened interconnections amon<u>g</u> countries and regions and reshaped industrial strategies and domestic capital allocations. Using a dataset of 2600 listed manufacturing firms in China from 2005 to 2020, this study finds that firms in industries that have lower GVC positions (LGPI firms), such as new energy, aerospace, and advanced materials, obtain a greater number of bank loans, particularly medium- and long-term loans and policy bank loans. The relationship is more pronounced for firms in regional strategic pillar and technology-intensive industries, state-owned firms, and those with lower operational risks and stronger debt repayment capacity. The main mechanisms include a compensatory effect (compensation for emerging strategic firms), a strategic response effect (response to the China-U.S. trade friction), and a technological support effect (support for firm R&D and digital transformation). The economic consequence tests indicate that the higher number of bank loans allocated to LGPI firms improves their total factor productivity and innovation patent output. Collectively, our findings reveal the evolving GVC competitiveness in China's manufacturing sector and the significant role financial institutions play in strengthening these less dominant but strategically important industries.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"94 ","pages":"Article 102575"},"PeriodicalIF":5.5,"publicationDate":"2025-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145415838","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-10-22DOI: 10.1016/j.chieco.2025.102578
Jianqing Ruan , Xiaobo Zhang
An industrial cluster is a geographic area with a concentration of large numbers of firms in related industries. However, many clustering measures, such as regional specialization and industrial concentration measures, often overlook the two core features of clusters: industrial relatedness and scale. A few recently developed measures which address both factors are limited to specific industries and do not provide a regional-level perspective. In this paper, we introduce a novel clustering index that incorporates both relatedness and scale. Taking China as an example, we demonstrate that our index significantly outperforms existing measures in predicting major industrial clusters, both in the short and long term. Additionally, we show a positive correlation between the initial level of our clustering index and subsequent local economic performance, as measured by nighttime light intensity, patent grants, and the number of new businesses.
{"title":"A measure of industrial clustering: Considering relatedness and scale","authors":"Jianqing Ruan , Xiaobo Zhang","doi":"10.1016/j.chieco.2025.102578","DOIUrl":"10.1016/j.chieco.2025.102578","url":null,"abstract":"<div><div>An industrial cluster is a geographic area with a concentration of large numbers of firms in related industries. However, many clustering measures, such as regional specialization and industrial concentration measures, often overlook the two core features of clusters: industrial relatedness and scale. A few recently developed measures which address both factors are limited to specific industries and do not provide a regional-level perspective. In this paper, we introduce a novel clustering index that incorporates both relatedness and scale. Taking China as an example, we demonstrate that our index significantly outperforms existing measures in predicting major industrial clusters, both in the short and long term. Additionally, we show a positive correlation between the initial level of our clustering index and subsequent local economic performance, as measured by nighttime light intensity, patent grants, and the number of new businesses.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"94 ","pages":"Article 102578"},"PeriodicalIF":5.5,"publicationDate":"2025-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145361719","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-10-17DOI: 10.1016/j.chieco.2025.102571
Siru Chen , Guangjun Shen , Li Zhang
Administrative divisions significantly influence China's economic integration and industrial layout. This study documents a stylized fact of land allocation in China: the less-developed cities are inclined to lease industrial land near their border with more-developed cities. We call it the “border effect.” Using detailed information on over a million transactions of land plots, we construct a city-level panel dataset spanning from 2007 to 2019 to explore the border effect. The empirical analysis shows that a city leases 1.49 percentage points more industrial land near its border with a more-developed city on average, as compared with its border with a less-developed city. The border effect is robust to alternative measures and various specifications, and more profound for cities left behind their adjacent cities by a wide margin. Mechanism analysis reveals that the land constraint of more-developed cities and their strategic land-use expansion to less-developed neighbors are the main causes of the border effect.
{"title":"The border effect of industrial development in China","authors":"Siru Chen , Guangjun Shen , Li Zhang","doi":"10.1016/j.chieco.2025.102571","DOIUrl":"10.1016/j.chieco.2025.102571","url":null,"abstract":"<div><div>Administrative divisions significantly influence China's economic integration and industrial layout. This study documents a stylized fact of land allocation in China: the less-developed cities are inclined to lease industrial land near their border with more-developed cities. We call it the “border effect.” Using detailed information on over a million transactions of land plots, we construct a city-level panel dataset spanning from 2007 to 2019 to explore the border effect. The empirical analysis shows that a city leases 1.49 percentage points more industrial land near its border with a more-developed city on average, as compared with its border with a less-developed city. The border effect is robust to alternative measures and various specifications, and more profound for cities left behind their adjacent cities by a wide margin. Mechanism analysis reveals that the land constraint of more-developed cities and their strategic land-use expansion to less-developed neighbors are the main causes of the border effect.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"94 ","pages":"Article 102571"},"PeriodicalIF":5.5,"publicationDate":"2025-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145361684","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-10-17DOI: 10.1016/j.chieco.2025.102574
Miao Jin , Jian Li , Juanjuan Meng , Jingwei Sun
This paper examines the role of background ambiguity in intertemporal choice. Using natural variation in background ambiguity from the uncertainty surrounding summer vacation and a within-subject difference-in-differences experimental design, we find that individuals tend to avoid allocating money to the summer period, leading to nonmonotonic changes in discount rates. To investigate the underlying mechanism, we exogenously increase summer planning efforts and find that this reduces perceived background ambiguity about summer and increases individuals' willingness to allocate money to that period. These findings suggest that background ambiguity plays an important role in shaping intertemporal preferences.
{"title":"Background ambiguity and intertemporal choice: An experimental study on the effect of summer vacation","authors":"Miao Jin , Jian Li , Juanjuan Meng , Jingwei Sun","doi":"10.1016/j.chieco.2025.102574","DOIUrl":"10.1016/j.chieco.2025.102574","url":null,"abstract":"<div><div>This paper examines the role of background ambiguity in intertemporal choice. Using natural variation in background ambiguity from the uncertainty surrounding summer vacation and a within-subject difference-in-differences experimental design, we find that individuals tend to avoid allocating money to the summer period, leading to nonmonotonic changes in discount rates. To investigate the underlying mechanism, we exogenously increase summer planning efforts and find that this reduces perceived background ambiguity about summer and increases individuals' willingness to allocate money to that period. These findings suggest that background ambiguity plays an important role in shaping intertemporal preferences.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"94 ","pages":"Article 102574"},"PeriodicalIF":5.5,"publicationDate":"2025-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145361685","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-10-12DOI: 10.1016/j.chieco.2025.102573
Tariq H. Malik , Jack W. Hou
While the Chinese narrative promotes inclusive development, shared economies and sustainable futures, the American narrative highlights its negative impact on the world. This study explores whether the narratives of the leading news media in the USA emit negative sentiments towards the BRI (Belt and Road Initiative) project over the last 10 years, from the BRI's birth in 2013 to adolescence in 2023. During this period, some 3569 articles were written in the two prominent publications in the USA—The Wall Street Journal (WSJ) and Dow Jones Newswires (DJN) concerning the BRI. This study analyzed them using media theories to discern the prevailing attitudes and perceptions expressed in these articles in terms of heuristics (taxonomy, temporality, texture, and tendency). We made four discoveries related to the sentiments contextualised in the media narratives about the BRI project. First, the WSJ embeds negative sentiments in its narrative more than the DJN does. Second, the temporal line reveals that negative sentiment increased as the BRI project grew towards youth. Third, the concrete (vs abstract) texture of the narrative is more negative and WSJ is more concrete than DJN is. Fourth, the political discourse in the context (people, groups, country) reveals negative tendencies, but business discourse in the institutional/corporate contexts reveals positive tendencies. These findings offer valuable insights into the evolving perceptions and attitudes surrounding the BRI project in influential global media outlets in America, providing a nuanced understanding of how media framing (taxonomy), temporality, texture, and tendency are driving the discourse and geopolitical influence on the public mind.
{"title":"Adverse sentiments in the American media houses towards the Belt & Road Initiative (BRI): An analysis of the taxonomy, trend, texture, and tendency","authors":"Tariq H. Malik , Jack W. Hou","doi":"10.1016/j.chieco.2025.102573","DOIUrl":"10.1016/j.chieco.2025.102573","url":null,"abstract":"<div><div>While the Chinese narrative promotes inclusive development, shared economies and sustainable futures, the American narrative highlights its negative impact on the world. This study explores whether the narratives of the leading news media in the USA emit negative sentiments towards the BRI (Belt and Road Initiative) project over the last 10 years, from the BRI's birth in 2013 to adolescence in 2023. During this period, some 3569 articles were written in the two prominent publications in the USA—The Wall Street Journal (WSJ) and Dow Jones Newswires (DJN) concerning the BRI. This study analyzed them using media theories to discern the prevailing attitudes and perceptions expressed in these articles in terms of heuristics (taxonomy, temporality, texture, and tendency). We made four discoveries related to the sentiments contextualised in the media narratives about the BRI project. First, the WSJ embeds negative sentiments in its narrative more than the DJN does. Second, the temporal line reveals that negative sentiment increased as the BRI project grew towards youth. Third, the concrete (vs abstract) texture of the narrative is more negative and WSJ is more concrete than DJN is. Fourth, the political discourse in the context (people, groups, country) reveals negative tendencies, but business discourse in the institutional/corporate contexts reveals positive tendencies. These findings offer valuable insights into the evolving perceptions and attitudes surrounding the BRI project in influential global media outlets in America, providing a nuanced understanding of how media framing (taxonomy), temporality, texture, and tendency are driving the discourse and geopolitical influence on the public mind.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"94 ","pages":"Article 102573"},"PeriodicalIF":5.5,"publicationDate":"2025-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145324545","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We examine the effect of founder control on breakthrough innovation among Chinese high-tech firms from 2008 to 2022. We measure founder control by the equity held by founders actively involved in governance and identify breakthrough innovation with Sentence-BERT (SBERT) embeddings of patent texts. We find a strong positive association between founder control and future breakthrough innovation. Using unexpected founder departures as an instrument, our identification strategy establishes a robust causal relationship. The underlying mechanisms include talent investment, internal discipline, strategic reorientation, and technological resilience. The effect is heterogeneous across founding team's size, internal structure, attributes, and tenure. Our results support a structural view of founder governance where concentrated control serves as an engine for corporate innovation.
{"title":"Founder control and breakthrough innovation: Evidence from high-tech firms in China","authors":"Zi-Qi Zhang , Bao-Jun Tang , Zhi Su , Yongji Zhang","doi":"10.1016/j.chieco.2025.102572","DOIUrl":"10.1016/j.chieco.2025.102572","url":null,"abstract":"<div><div>We examine the effect of founder control on breakthrough innovation among Chinese high-tech firms from 2008 to 2022. We measure founder control by the equity held by founders actively involved in governance and identify breakthrough innovation with Sentence-BERT (SBERT) embeddings of patent texts. We find a strong positive association between founder control and future breakthrough innovation. Using unexpected founder departures as an instrument, our identification strategy establishes a robust causal relationship. The underlying mechanisms include talent investment, internal discipline, strategic reorientation, and technological resilience. The effect is heterogeneous across founding team's size, internal structure, attributes, and tenure. Our results support a structural view of founder governance where concentrated control serves as an engine for corporate innovation.</div></div>","PeriodicalId":48285,"journal":{"name":"中国经济评论","volume":"94 ","pages":"Article 102572"},"PeriodicalIF":5.5,"publicationDate":"2025-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145415944","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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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