Due to the serious increase of environmental pollution in China, environmental regulations have become significantly stringent. Such regulations are playing an increasingly important role in the development of small enterprises (SEs) in China, especially in SEs' market entry. However, existing studies pay little attention to this issue. This paper investigates for the first time the effect of environmental regulations on SEs' market entry and the mechanism of environmental regulation effects in China. We consider two sets of panel data for the periods 2003–2010 and 2012–2015 in China. We also use the fixed effect model and the instrumental variable method to explore the role of environmental regulations in SEs' market entry. The results show that, overall, environmental regulations play a significantly positive and robust role in SEs' market entry. However, the mechanisms associated with the effect of environmental regulations on different innovative types of SEs differ. Environmental regulations promote the market entry of SEs with product innovation, but this impact is not significant for SEs with research and development (R&D) activities and R&D institutions. Our findings indicate that China's SEs prefer product innovation, which is a lower level innovative type, over R&D innovation, as a means to avoid the negative impact of stringent environmental regulations. 相似文献
When it comes to experiments with multiple-round decisions under risk, the current payoff mechanisms are incentive compatible with either outcome weighting theories or probability weighting theories, but not both. In this paper, I introduce a new payoff mechanism, the Accumulative Best Choice (“ABC”) mechanism that is incentive compatible for all rational risk preferences. I also identify three necessary and sufficient conditions for a payoff mechanism to be incentive compatible for all models of decision under risk with complete and transitive preferences. I show that ABC is the unique incentive compatible mechanism for rational risk preferences in a multiple-task setting. In addition, I test empirical validity of the ABC mechanism in the lab. The results from both a choice pattern experiment and a preference (structural) estimation experiment show that individual choices under the ABC mechanism are statistically not different from those observed with the one-round task experimental design. The ABC mechanism supports unbiased elicitation of both outcome and probability transformations as well as testing alternative decision models that do or do not include the independence axiom.
As the COVID-19 pandemic spread across the world, governments introduced significant containment measures to control the spread of the virus. In this paper, we leverage inputs from IMF desk economists to construct a novel narrative index of containment measures for 11 countries in the Asia-Pacific region. A key innovation in our index is that it distinguishes between economic sectors (services, industry, retail), thus providing a more granular view of restrictions related to economic activity. Using this index, along with other high-frequency data, we find that containment measures have been successful in reducing the spread of the virus (though with some heterogeneity) but have also been associated with large short-term economic costs. Furthermore, exploiting the granularity of our index, we find that differences in strategies across countries regarding the closing of the industrial sector have mattered: imposing less severe restrictions on industry has been associated with lower economic costs without leading to worse health outcomes, possibly reflecting the less contact intensive nature of industrial activity. 相似文献
During the COVID-19 pandemic, different nations have adopted a variety of response strategies to fight and contain the new coronavirus. Such national response strategies can be classified into three categories based on their underlying philosophy: strict control with unlimited resources, relentless contribution with limited resources, and rough rationality with limited resources. We discuss the philosophies, characteristics, and performances of the three response strategies and when they should be adopted. We also examine what marketing innovation strategies enterprises should adopt to survive and grow their businesses in both the short and long term. This study provides important strategic implications for national policymakers and enterprises on the use of response strategies as well as marketing innovation tactics and strategies to be used both during and after the pandemic. 相似文献
China's political and economic systems are often discussed in combination. It is generally believed that under the political system of centralization, the economic system had to be a state monopoly. This article challenges that view by providing an economic perspective. The period 1949–1984 is selected to explore the causes of successive periods of strengthening and weakening of the state's monopoly power over the economy. Scholars have generally assumed that the period of state monopoly originated from socialist ideology or the personal will of the leaders. But economic conditions severely limited the options available. After the new China was established, the Chinese Communist Party (CCP) did not try to create a fully socialist economy in the short run. Instead, the CCP formulated a New Democracy platform that pragmatically allowed many types of enterprise to function side by side, including private industry, household ventures, and state‐owned enterprises. The original plan of the CCP was to allow private enterprise to develop in order to build up capital to rebuild the war‐damaged economy so that a strong foundation could be established for creating a socialist economy. But the Korean War from 1950 to 1953 and an influx of Soviet capital caused a shift from a mixed economy to state capitalism by 1956. From that point on, Mao Zedong and other Chinese leaders had to change course again and again as fiscal crises limited available options. A reversal occurred in 1958 when the Soviets withdrew both their advisors and their capital subsidies, leaving the state capitalist system weakened. The crisis in the Chinese economy from 1959 to 1961 required decentralization of economic authority and efforts to promote rural capital formation. The next shift occurred after 1963 as the economy was organized to prepare for a possible military invasion. The required mobilization of industrial resources in remote regions of China inevitably reinforced state management of the economy. The final reversal occurred in the late 1970s, when imports of Western technology and equipment created another fiscal crisis for the central government, which then had to shift the burden of capital formation from the state to private entities. The reform of the rural household contract system, the adjustment of economic structures, and an increase in exports to gain foreign exchange all took place as part of “de‐monopolization” reforms. The reforms that occurred after 1979 were not an aberration or a radical break from the past. They were part of a pattern that evolved from 1949 to 1984, with fluctuations dependent on the weakening and strengthening status of state finances. The shifts that occurred during this period have either been ignored by observers, or they have been misinterpreted as being motivated by ideology. In fact, new policies were created to enable the government to adjust to changes in the internal and external environment. 相似文献
ABSTRACTThis article identifies the breakdowns in the covariance of three benchmark crude oil futures markets (WTI, Brent and Dubai) and investigates the changes of market connectedness across the breakdown periods. As the crude oil futures are traded in different regions, this article eliminates the non-synchronous trading data by employing the Vector Moving Average structure and the Bayesian data augmentation approach, which keeps the integrity of original data without changing its properties. The results show that there are significant breaks in the covariance structure of crude oil futures markets. The breakdown periods are consistent with the periods when the market volatilities are at high level and the returns are volatile. The changes of market connectedness are independent of the covariance states, which supports the globalization hypothesis for the crude oil market. The results also suggest that there is more information flow out of the WTI than to the WTI during the sample period, particularly during the breakdown periods in 2008–2009. 相似文献