Analyzing the nexus between Chinese industrial policy and cross-border M&As.

In recent years, as China experiences economic expansion and its corporations become more global, it has notably become a central hub for cross-border mergers and acquisitions (M&A) on the world stage. The Chinese government, in tandem, leverages these international M&A operations to drive industrial transformation and progress in technology. This research investigates the role of China's industrial policies in shaping cross-border M&A activities by examining recent instances. Findings indicate that relaxing financial barriers and applying specific industrial tactics bolster companies' abilities to secure funding, consequently energizing cross-border M&A initiatives. Several firms in these international mergers and acquisitions are intricately connected to political strategies, markedly affecting the formulation of industrial policies. This assertion is corroborated through the analysis of relevant statistical evidence. The study methodically collects and scrutinizes data to quantitatively depict the current landscape and influencing elements of cross-border M&A, thus providing concrete evidence for policy and business strategy formulation.

Geographic information system-based determination of priority monitoring areas for hazardous air pollutants in an industrial city.

Industrial cities are hotspots for many hazardous air pollutants (HAPs), which are detrimental to human health. We devised an identification method to determine priority HAP monitoring areas using a comprehensive approach involving monitoring, modeling, and demographics. The methodology to identify the priority HAP monitoring area consists of two parts: (1) mapping the spatial distribution of selected categories relevant to the target pollutant and (2) integrating the distribution maps of various categories and subsequent scoring. The identification method was applied in Ulsan, the largest industrial city in South Korea, to identify priority HAP monitoring areas. Four categories related to HAPs were used in the method: (1) concentrations of HAPs, (2) amount of HAP emissions, (3) the contribution of industrial activities, and (4) population density in the city. This method can be used to select priority HAP monitoring areas for intensive monitoring campaigns, cohort studies, and epidemiological studies.

Piercing the corporate veil system and creditors protection: Based on the investigation of debt paying ability--Empirical evidence from the 2005 Company Law amendment.

This paper uses the difference-in-differences model to research how the "piercing the corporate veil" system marked by the 2005 Company Law amendment affects the level of corporate creditor protection. The research results show that private enterprises and local state-owned enterprises are sensitive and significant to this legal amendment. In contrast, local state-owned enterprises are more sensitive and have a stronger motivation to protect the interests of creditors. The motivation of companies with weaker profitability for creditor protection lasts not only for the year of law revision but also extends to the year of implementation. With the law's implementation, the growth effect of creditor protection for local state-owned enterprises has become more significant. Further analysis shows that the main findings of this article are more significant in companies with larger debt scales, companies with a higher year-on-year growth rate of operating income, companies with controlling shareholders, and companies with higher stock market capitalization. From an empirical research view, this paper explains the economic effect and mechanism of the whole corporate personality under the complete system and adds economic evidence for how the law acts on the capital market.

Moss as a passive biomonitoring tool for the atmospheric deposition and spatial distribution pattern of toxic metals in an industrial city.

Anthropogenic pollution impacts human and environmental health, climate change, and air quality. Karabük, an industrial area from the Black Sea Region in northern Türkiye, is vulnerable to environmental pollution, particularly soil and air. In this research on methodological aspects, we analyzed the concentrations of six potential toxic metals in the atmospheric deposition of the city using the passive method of moss biomonitoring. The ground-growing terrestrial moss, Hypnum cupressiforme Hedw., was collected during the dry season of August 2023 at 20 urban points. The concentrations of Cr, Cu, Cd, Ni, Pb, and Co were determined in mosses by the ICP-MS method. Descriptive statistical analysis was employed to evaluate the status and variance in the spatial distribution of the studied metals, and multivariate analysis, Pearson correlation, and cluster analysis were used to investigate the associations of elements and discuss the most probable sources of these elements in the study area. Cd and Co showed positive and significant inter-element correlations (r > 0.938), representing an anthropogenic association mostly present in the air particles emitted from several metal plants. The results showed substantial impacts from local industry, manufactured activity, and soil dust emissions. Steel and iron smelter plants and cement factories are the biggest emitters of trace metals in the Karabük area and the primary sources of Cr, Cd, Ni, and Co deposition.

Do political connections facilitate or inhibit firms' digital transformation? Evidence from China's A-share private listed companies.

Given the advent of the digital era, digital transformation has become necessary for enterprise development. Political connections are the most important resources for enterprise development in most countries. However, the impact of political connections on corporate digital transformation has yet to be verified. This study uses ERNIE, a large language model, to construct a measurement of corporate digital transformation from the perspective of digital technology application through a textual analysis of the annual reports of A-share privately listed companies from 2008 to 2020 and analyzes the impact of political connections on corporate digital transformation and its mechanism of action. The findings demonstrate that political connections have a significant inhibitory effect on corporate digital transformation. This conclusion still holds after a series of robustness and endogeneity tests. The mechanism analyses demonstrate that political connections primarily affect corporate digital transformation through three mechanisms: weakening risk, inhibiting innovation, and enhancing resource crowding. We theoretically expand the understanding of the economic impact of political connections and provide new ideas for accelerating enterprise digital transformation from the perspective of policy makers.

Coordination between scientific and technological innovation and the high-quality development of Baijiu industry: The coupling and decoupling perspective.

The Baijiu industry is a significant contributor to both the food industry and the light industry. Its high tax characteristics effectively promote the sustainable development of the regional economy. First, the evaluation index system of scientific and technological innovation (STI) and high-quality development of Baijiu industry (HQDBI) were constructed. The entropy-improved CRITIC method was used to measure the weights. Second, the coordination relationship and evolution trend of STI and HQDBI were explored using the coupling coordination model and the Tapio decoupling model. Then, the transfer law and key influencing factors were further investigated using the Markov chain and grey correlation, respectively. The main contribution is the dynamic evolution of the coupling and decoupling relationships from the perspective of multiple Baijiu provinces, and deeply depicts the coordination relationship and evolutionary trends of STI and HQDBI. The results show that: the spatial distribution of the coupling coordination degree shows high values in the east-west and low values in the north-south characteristics. In 2021, a pattern of coordinated development in Baijiu provinces has emerged along the Yangtze River basin. The decoupling state is mainly strong decoupling, but it remains poor in Shanxi. The coordination process is unstable and difficult to achieve leapfrog development. Coordination, sustainability and innovation environment have a greater impact on the coordination of subsystems.

Critical learning from industrial catalysis for nanocatalytic medicine.

Systematical and critical learning from industrial catalysis will bring inspiration for emerging nanocatalytic medicine, but the relevant knowledge is quite limited so far. In this review, we briefly summarize representative catalytic reactions and corresponding catalysts in industry, and then distinguish the similarities and differences in catalytic reactions between industrial and medical applications in support of critical learning, deep understanding, and rational designing of appropriate catalysts and catalytic reactions for various medical applications. Finally, we summarize/outlook the present and potential translation from industrial catalysis to nanocatalytic medicine. This review is expected to display a clear picture of nanocatalytic medicine evolution.

Can energy saving and emission reduction policies promote green transformation of industrial enterprises--The Case of China.

In the context of the continued advancement of the green economy transition, the proactive pursuit of carbon emissions reduction and the early attainment of carbon neutrality goals have emerged as essential components in promoting high-quality economic development. Not only does it contribute to the creation of a community of human destiny, but it is also vital to the realization of sustainable development for human civilization. A dynamic evolutionary game model, which encompasses the interactions among government, enterprises, and the public, was constructed to examine the inherent impact mechanisms of the behavior of three players on the development of a green economy under the context of energy saving and emission reduction subsidies. The results showed that the incentive and punishment mechanisms served as effective tools for harmonizing the interests of system members. Within the mechanisms, the public demonstrated a higher sensitivity to rewards, while enterprises exhibited greater responsiveness to fines. Consequently, the government could influence the behavior of enterprises by incentivizing the public to serve as a third-party inquiry and oversight body. Simultaneously, the government could encourage enterprises to expedite green technology innovation by employing a combination of incentive and punishment mechanisms.

How can industrial intelligence change the employment structure of the floating population?

As the wave of industrial intelligence (AI) swept, the demographic dividend era in the Chinese labor market continued to decrease. This study aimed to explore how AI reshaped the labor employment structure of the floating population. Additionally, it clarified the internal mechanism of AI on the employment structure of the floating population based on the existing AI model and the theoretical model of AI technology. At the same time, the workforce was divided into high-, medium-, and low-skilled groups according to education level. Empirical analysis was conducted using relevant data from 31 Chinese provinces spanning from 2012 to 2018. The aim was to test the impact of AI technology on the employment of different types of floating populations. The results indicated that: (1) industrial robots impacted heterogeneous skilled floating population labor by bipolar promotion and central substitution. (2) The application of industrial robots had a promotion effect on unfinished school and primary school groups, a substitution effect on middle school, high school/technical secondary school, and college specialties, and a promotion effect on college undergraduate and graduate students. (3) Distinguish employment status, industrial robot application had a significant negative impact on low-skilled employees and significant positive effects on high-skilled employers. Hence, it was recommended to put forward corresponding policy suggestions to address this issue.

Systematic evaluation of integration between China's digital economy and sports industry: Two-stage grey relational analysis and vector autoregressive model.

OBJECTIVES: The development of the digital economy constitutes a key component of China's endeavors to advance towards "Digital China." The sports industry functions as a new catalyst for high-quality economic growth. This study systematically evaluated the integration between these two sectors. METHODS: First, we conducted two levels of grey relational analysis to assess their integration between 2016 and 2021. Second, we conducted a VAR analysis to determine whether their integration between 2009 and 2021 represents a causal relationship. RESULTS: At the macro level, the grey relational analysis reveals that the sports industry (grade = 0.770) ranked second among China's eight key economic sectors in terms of digital economy integration. At the meso level, a wide variation (ranging from 0.606 to 0.789) existed in the grade of integration between the digital economy and the sub-sectors of the sports industry. According to the VAR model, the digital economy does not Granger cause (p = 0.344) the growth of the sports industry. CONCLUSIONS: This study yielded two added values to the existing literature: First, there exists a sectoral imbalance in the digitization process; second, the explosive growth of the sports industry was not primarily caused by the digital economy. Accordingly, the "sports + digital" complex is still in the first wave of technological integration. We propose three policy recommendations, namely, sectoral synergistic development, overtaking via esports IP, and new economy and new regulation. Collectively, these findings provide updated insights for the digital transformation towards "building a leading sports nation" and "Digital China."

The role of regulatory policies in organizational culture: Insights from the education industry.

On February 26, 2018 and July 24, 2021, the Chinese government respectively issued two significant regulatory policies to address the problems caused by off-campus training institutions in terms of students' extra-curricular and family financial burdens. These policies have had a tremendous and far-reaching impact on the off-campus training industry in China. With the help of these two events, we explored the role of industry-level regulatory policies in shaping and forming organizational culture. This paper adopts a text analysis method, combined with the dimensions of the Denison Organizational Culture Survey (DOCS) and MAXQDA 18 software, to obtain data on corporate culture. Then, the approaches of regression discontinuity in time (RDiT) and regression discontinuity (RD) designs with multiple cutoffs are used to estimate the policy treatment effect. This empirical research suggests that regulatory policies have a significant impact on corporate culture. Moreover, regulatory policies of varying degrees of strictness have differential effects on different dimensions of corporate culture. The research findings contribute to the theories of corporate culture and can guide enterprises to evaluate the impact of policies on corporate culture more clearly, thereby enabling them to make wiser operation decisions.

Collaborative servitization in service-oriented company: The case study of telco company.

There is a growing interest in the subject of product-service system (PSS) and collaborative servitization in academia and practice. However, the focus is on exploring the growth of manufacturing companies without specifically analyzing the growth of service companies in applying PSS. There are companies, especially in the telco industry, that expand their service business to complex bundles of products and services. The paper investigates PSS in the service company and the role of collaboration in different PSS development phases: idea generation, development and go to market phase. The study adopted case-based research conducted in international Telco organization. The research demonstrates how a company creates and commercializes integrated packets of products and services, it identifies partners company works with and the benefits and challenges of their cooperation. The study addresses collaboration with customers and identifies five different customer profiles according to their openness to participate in the development of PSS. The study highlights the importance of (1) collaboration models, (2) customer involvement, and (3) strategic focus in successful application of collaborative servitization. The findings complement the literature for collaborative servitization and offer concrete input for companies in terms of how to better organize business, profit from collaboration models and gain market advantage.

Measurement of efficiency and its drivers in the Chilean banking industry.

This paper estimates efficiency measures for the banking system in Chile for the period 2000-2019. In contrast to previous studies, we use input-distance functions, introduce the nonparametric slack-based model, and choose the intermediate inputs approach in determining inputs and outputs. Our results suggest that the Chilean system has achieved relatively high levels of efficiency, although with no significant variation over the sample period. Ownership (government, foreign and public) and size had a positive impact on efficiency. On average, mergers and acquisitions seem to have targeted highly efficient banks in order to improve the overall efficiency of the controlling institution in the short run. Other sources of efficiency gains could be an increase in bond funding or a reduction in expenses and capital holdings. The latter could be induced by deepening the local derivatives market.

Open innovation and confidentiality agreements as key factors of innovative performance in the manufacturing and service industries.

The innovative performance of manufacturing and service companies can be impacted by the existing relationship between open innovation (OI) and the generation of confidentiality agreements (NDAs) as a tool for the protection of intellectual property. Based on the analysis of a cross-sectional sample of 6,798 industrial companies (2019-2020) and 9,304 companies in the service sector (2017-2019) that are part of the directory of the National Administrative Department of Statistics (DANE) in its Technological Innovation and Development Survey (EDIT and EDITS), it can be suggested that the interaction of these two variables (OI and NDAs) generate positive effects for the manufacturing industry but negative ones for the service sector. It could be deduced that the positive effect is due to the greater tradition of OI in the manufacturing industry and the negative effect to the caution that the service sector presents when collaborating with external actors.

Environmental regulation, industrial structure and energy efficiency: Evidence from 30 provinces in China.

The government's environmental protection policy can significantly contribute to alleviating resource shortages and curbing environmental pollution, but the impact of various policy instruments implemented by the government on energy efficiency is unclear. Based on the panel data of 30 provinces in China from 2005 to 2021, this paper analyses the impact of environmental regulation and the industrial structure on energy efficiency from the perspective of resource taxes. The U-shaped relationship between environmental regulation and energy efficiency and between the optimization of industrial structure can significantly improve energy efficiency, and the optimization of industrial structure is conducive to weakening the initial inhibitory effect of environmental regulation. In addition, the analysis of regional heterogeneity showed that the impact of environmental regulation was stronger in the central and western regions, while the impact of industrial structure was stronger in the eastern and western regions. The conclusions of this study can help to expand the understanding of the relationship between environmental regulation and industrial structure on energy efficiency, provide policy enlightenment for the realization of green development and high-quality development, and provide Chinese examples and experiences for developing countries to improve energy efficiency.

Hazardous alcohol consumption in slow- and fast-privatized Russian industrial towns.

Hazardous drinking, defined as the consumption of homemade, unofficially made alcohol and non-beverages, is prevalent and accounts for a high proportion of alcohol-related deaths in Russia. Individual-level characteristics are important explanations of hazardous drinking, but they are unlikely to explain spatial variation in this type of alcohol consumption. Areas that attracted insufficient attention in the research of hazardous drinking are the legacy of industrialization and the speed of economic reforms, mainly through the privatization policy of major enterprises in the 1990s. Applying mixed-effects logistic regressions to a unique dataset from 30 industrial towns in the European part of Russia, we find that in addition to individual-level characteristics such as gender, age, marital status, education, social isolation, labor market status, and material deprivation, the types of towns where informants' relatives resided such as industrial structure and speed of privatization also accounted for the variance in hazardous alcohol consumption among both male and female populations of the analyzed towns.

Customer discourse power and green innovation in industrial chain enterprises: A theoretical and empirical approach.

Leading enterprises in the industry chain play a demonstrative role, and promoting green innovation among leading enterprises is a meaningful approach to unlocking industry chain dividends. According to an analysis of the game process between customers and leading firms that incorporates the open innovation theory, we find a nonlinear role for the consumer discourse power in the leading firms' innovation. Furthermore, using data from Chinese A-share listed companies between 2012 and 2021, we observe an inverted "U" relationship between customer discourse power and green innovation. Notably, this effect is more pronounced in leading non-technology-intensive enterprises, industries with a high degree of industrial innovation, or regions with a high marketization degree. Our analysis also reveals that leading enterprises' client leads to financial limitations that influence green innovation. Additionally, leading enterprises play a driving role in achieving "joint progress" in green innovation with local non-leading firms, and this effect exhibits spatial spillover.

The coupling coordination relationship between sports industry agglomeration and economic resilience in the Yangtze River Delta region.

With a rapidly growing sports industry worldwide, one may argue that sports industry agglomeration can play a crucial role in the economy of the sports industry. In particularly, the coupling linkage between sports industry agglomeration and economic resilience can be leveraged to promote both economic quality and efficiency. Based on data on three provinces and one city in the Yangtze River Delta region during the 2011-2020 period, this study uses the entropy-weighted TOPSIS method, coupling coordination degree model, and relative development models to explore the coupling coordination relationship between sports industry agglomeration and economic resilience in this region. The results show that: (1) Sports industry agglomeration shows an overall increasing albeit fluctuating trend with inter-provincial differences. (2) Economic resilience has steadily increased, while the economic resilience kernel density curve generally shows a "dual peaks" trend. (3) The coupling coordination between sports industry agglomeration and economic resilience remains in a fluctuating, albeit coordinated state. These findings are relevant for the integration and high-quality development of the sports industry in the Yangtze River Delta region.

How air pollution affects corporate total factor productivity?

To explore the relationship between air pollution and total factor productivity and new pathways, This paper examines the impact of air pollution on total factor productivity of A-share listed companies in Shanghai and Shenzhen between 2015 and 2019. It investigates this relationship by considering two pathways: investor sentiment and government attention. The findings indicate that air pollution suppresses total factor productivity of firms. However, air pollution stimulates investor sentiment, which in turn increases R&D investment and total factor productivity, reducing to some extent the dampening effect of air pollution on total factor productivity. There exists a notable positive correlation between air quality and government attention, acting as a mediating variable. This implies that air pollution has the potential to capture the attention of governmental entities, leading to the implementation of appropriate measures aimed at managing and mitigating the occurrence of air pollution caused by industrial enterprises.And the relevant governments should formulate a series of policies to meet the different needs of different enterprises. These two approaches have varying impacts depending on the type of enterprises, thus governments should develop laws to cater to the various demands of different types of enterprises.

Characterizing the emission trends and pollution evolution patterns during the transition period following COVID-19 at an industrial megacity of central China.

After the resumption of work and production following the COVID-19 pandemic, many cities entered a "transition phase", characterized by the gradual recovery of emission levels from various sources. Although the overall PM2.5 emission trends have recovered, the specific changes in different sources of PM2.5 remain unclear. Here, we investigated the changes in source contributions and the evolution pattern of pollution episodes (PE) in Wuhan during the "transition period" and compared them with the same period during the COVID-19 lockdown. We found that vehicle emissions, industrial processes, and road dust exhibited significant recoveries during the transition period, increasing by 5.4%, 4.8%, and 3.9%, respectively, during the PE. As primary emissions increased, secondary formation slightly declined, but it still played a predominant role (accounting for 39.1∼ 43.0% of secondary nitrate). The reduction in industrial activities was partially offset by residential burning. The evolution characteristics of PE exhibited significant differences between the two periods, with PM2.5 concentration persisting at a high level during the transition period. The differences in the evolution patterns of the two periods were also reflected in their change rates at each stage, which mostly depend on the pre-PE concentration level. The transition period shows a significantly higher value (8.4 µg m-3 h-1) compared with the lockdown period, almost double the amount. In addition to local emissions, regional transport should be a key consideration in pollution mitigation strategies, especially in areas adjacent to Wuhan. Our study quantifies the variations in sources between the two periods, providing valuable insights for optimizing environmental planning to achieve established goals.