ABSTRACT
This article assesses the effects of economic uncertainty on the corporate capital structure of Chinese-listed firms using a panel dataset of 1138 firms with A-shares traded on the Shanghai Stock Exchange and Shenzhen Stock Exchange for the period 2006–2020 and fixed-effect regression analysis. Economic uncertainty had a negative influence on Chinese firms' debt ratios, especially for non-state-owned enterprises. Furthermore, firms' leverage decreased on average during the 2008 Great Recession, whereas it increased during the 2018–2019 US–China Trade War and the 2020 COVID-19 pandemic. The findings provide quantitative evidence of the effects of economic uncertainty on the capital structure of firms in a transition economy.
ABSTRACT
There is an emerging body of literature focusing on the COVID-19 livelihoods and environmental impacts, as well as the effects of the pandemics on evidence generation. However, little attention has been paid to how COVID-19 has—and is likely to continue to—affect monitoring, evaluation, and learning (MEL) systems, specifically in the context of large sustainability science research-to-policy project consortia. Here, we provide a conceptual framework of MEL responsiveness to COVID-19 effects and discuss the specific pathways to successful MEL transition. Using the UKRI GCRF TRADE Hub as a case study, we provide some examples of possible adjustments within the new context.