Does local government competition aggravate haze pollution? A new perspective of factor market distortion

Haze pollution has become a new threat to China's sustainable development, but it may be that local government behaviour can play an important role in the prevention and control of pollutants. A dynamic spatial autoregressive (SAR) model is used to study the relationship between local government competition and haze pollution. To further explore the indirect impact of factor market distortion on haze pollution and control potential endogeneity problems, a newly developed intermediary effect model that incorporates the characteristics of the generalized method of moments (GMM) is utilized to explore how factor market distortion indirectly affects haze pollution. The research results show that regional haze pollution in China is characterized by significant spatial correlation, and local government competition has a positive impact on haze pollution; that is, local government competition exacerbates haze pollution. In general, local government competition not only directly leads to an increase in haze pollution but also further intensifies it by distorting the local factor market, and the intermediary role of factor market distortion is approximately 7.04%. The results of the regional inspection found that competition among local governments in the eastern region did not lead to haze pollution, and distortion of the factor market did not exist as an intermediary effect. However, both direct and intermediary effects are significant in the central and western regions. Therefore, an official performance appraisal system that includes ecological constraints should be established to guide the benign transformation of local government competition, and an environmental management mechanism must be developed for joint prevention and control to reduce haze pollution. In addition, the free flow of factors and marketization are equally important.     

"特朗普税改政策"的溢出效应及中国的应对策略

特朗普税改使美国成为税收洼地,各国为争夺国际资本竞相效仿降税,加剧了全球税收竞争,为世界经济复苏增加了更多的不确定性.因此,有必要通过构建利润转移视角的税收竞争模型,揭示特朗普税改对全球经济产生溢出效应的作用机制及赤字约束问题,并运用一般均衡模型(CGE)模拟特朗普税改对世界经济溢出效应的长短期影响.特朗普税改是以邻为壑的经济政策,但长期内对中国等世界主要经济体的负面影响不断减弱,并会对出口产生一定的正面影响.因此,我国应构建国际税务交互管理体制,强化企业税收激励的法制保障,完善税改冲击的应急运行机制.     

Overcapacities in banking: Measurement,trends and determinants

Global banks face profitability challenges since the global financial crisis. Besides cyclical factors, structural features such as overcapacities have been identified as root causes. While policymakers agree on the need for bank consolidation, there is less consensus on the definition and measurement of overcapacities in banking. This paper contributes by conceptualising and formalising the different dimensions of overcapacities in banking and by constructing a novel measure thereof. In addition, it empirically tests the main determinants of overcapacities in banking from 2006 to 2017 and assesses their relative importance. The results indicate that non-bank competition, the interest rate environment and bank business models are the most important driving factors of banking sector overcapacities. This is because shadow banks, benefitting from regulatory arbitrage, have altered banks’ capacity needs, low rates compressed margins and increased pressure to improve cost efficiencies, and retail-oriented business models have operated extensive branch networks entailing heavy fixed costs.     

Beyond antitrust populism: Towards robust antitrust

The populist use of competition policies is on the rise again, associated with the growth of big-tech companies in the era of digital platforms. This article sees antitrust populism as a re-emerging force in the United States and Europe via greater politicisation of competition law enforcement. It addresses the basic tenets of antitrust populism in order to expose the fundamental problems that populist use of competition law entails. I argue for a rethink of antitrust policy on the intellectual foundations laid down by what Mark Pennington describes as ‘robust political economy’. We need greater regulatory humility and antitrust enforcement which takes both innovation and welfare seriously.     

Financial analyst coverage for U.S. firms facing foreign competition: Evidence from trade liberalization

This study examines financial analyst coverage for U.S. firms following an increase in foreign product market competition. To capture exogenous shocks to domestic firms' competitive environments, we exploit a quasi‐natural experiment from large import tariff reductions over the 1984 to 2005 period in the manufacturing sector. Using data for the years before and after large tariff reductions, our difference‐in‐differences analysis shows evidence of a significant decrease in analyst coverage for incumbent U.S. firms when they face greater entry threat from foreign competitors. We also find that analysts with less firm‐specific experience and less accurate prior‐period forecasts are more likely to stop following the domestic firm when foreign competition intensifies. Overall, the findings suggest that foreign product market competition from global trade liberalization is an important determinant of financial analysts' coverage decisions.     

Going green,going clean: Lean‐green sustainability strategy and firm growth

Despite the widespread recognition of the paybacks of “going green” and “going clean,” limited research has focused on the impact of lean‐green strategy on firm growth. In this study, we contribute to strategy and environmental sustainability literatures by investigating the possibility that the influence on lean‐green strategy and firm growth is driven by different levels of industry competition, managerial power, and family ties. Using panel data from 732 firms in four major industrialized economies (the United States, Germany, France, and the United Kingdom), we found that lean‐green strategy positively relates to firm growth and this relationship is amplified at higher levels of competition, managerial power, and family ties. Theoretical and practical implications of the study are also discussed.     

财政分权对城市创新的影响 ——基于地方政府竞争视角

本文利用2003—2016年中国278个城市的面板数据，基于地方政府竞争视角，探讨财政分权对城市创新水平的影响。结果表明：财政分权显著抑制城市创新水平的提升，且经过一系列稳健性检验后该结论依然成立；财政分权对城市创新水平的影响具有异质性，如在科教水平较低、级别较低及中小城市，财政分权显著抑制城市创新，而在科教水平较高、级别较高及大城市却并未抑制城市创新；财政分权通过促进地方政府“为增长而竞争”“为引资而竞争”、抑制地方政府“为创新而竞争”等途径对城市创新水平产生负向影响。研究结论为从政府财政体制改革视角促进城市创新提供启示。     

服务贸易视角下中日韩贸易竞争与互补分析

作为东亚地区经济发展的核心,中日韩三国服务贸易的发展一直备受关注。日本服务贸易的竞争力水平是中日韩三国中最强的,其次是中国,最后是韩国。中国具有竞争力的行业主要是建筑、电信、计算机和信息以及其他商业服务,韩国具有竞争力的行业主要是旅游和建筑服务,日本具有竞争力的行业主要是运输、建筑、专业权利和特许服务以及政府服务。进一步对中日韩服务贸易的影响因素进行分析发现:人均国内生产总值、外商直接投资、货物贸易出口额和服务贸易开放水平与中日韩服务贸易竞争力水平都呈显著正相关关系,其中,服务贸易开放度水平对中日韩服务贸易竞争力水平的影响最大,外商直接投资对中日韩服务贸易竞争力水平的影响最小。     

家族涉入方式的差异如何影响企业双元创新意愿?

文章以2012-2017 年中国上市家族企业的数据，基于社会情感财富理论，分析了家族在股权与管理层两种不同涉入方式下的战略偏好与目标导向，进而探究出其对于双元创新的影响，并结合产品市场竞争环境下的情形，进一步分析了市场竞争的加剧对于股权涉入和管理层涉入与双元创新关系的调节效应。结果发现：家族在股权涉入与利用式创新呈显著的正相关，但与开发式创新呈负相关，而家族管理层涉入与利用式创新和开发式创新均呈现显著的正相关；产品市场环境的竞争能够加强家族股权涉入与利用式创新的正向关系和家族管理层涉入与开发式创新的正向关系。