Fixed-effects Model Research Articles

Efficacy and safety of different progestogens in women with first threatened miscarriage: A network meta-analysis.

Threatened miscarriage is defined as early vaginal bleeding before 12 weeks of gestational age and can occur in any pregnancy regardless of maternal age, race, comorbidities, lifestyle, or socioeconomic status, and about one-quarter of threatened miscarriages proceed to complete miscarriage. To assess the relative effectiveness and safety of different progestogens in women with first threatened miscarriage, using a network meta-analysis. A systematic search was conducted in PubMed, EMBASE, and Cochrane Library databases from inception to April 2023. Randomized controlled trials (RCTs) assessing the effectiveness or safety of placebo or different progestogens for the treatment of threatened miscarriage were eligible for inclusion, including dydrogesterone (oral), progesterone (oral, vaginal, rectal), and 17-α-hydroxyprogesterone (intramuscular). A Bayesian network meta-analysis with Markov chain Monte-Carlo simulation was performed in this study. A pairwise meta-analysis was carried out by synthesizing studies that compared the same interventions using a fixed-effects model. The primary outcome was the percentage of miscarriage (defined as delivery before 24 weeks of gestation) and preterm birth (defined as birth before 37 weeks of gestation), and the secondary outcomes were live birth rate, congenital abnormalities, neonatal outcomes (low birth weight <2500 g), and adverse events. The risk of bias was assessed by using the Cochrane Risk of Bias Tool. In total, 18 RCTs with six different interventions were included. Oral dydrogesterone can reduce the risk of miscarriage compared with both placebo (odds ratio [OR] 0.5, 95% confidence interval [CI] 0.32-0.76) and vaginal progesterone (OR 0.57, 95% CI 0.36-0.89) in women with first threatened miscarriage. In women with first threatened miscarriage, oral progesterone also reduced the risk of miscarriage compared with placebo (OR 0.61, 95% CI 0.39-0.93). However, from the available evidence, there was no statistically significant difference between progestogens and placebo in preterm birth, congenital abnormality, and live birth rate. Oral dydrogesterone was safe and better at reducing miscarriage than vaginal progesterone and placebo for women with first threatened miscarriage, and better at reducing miscarriage compared with placebo for women with threatened miscarriage.

Placental Pathology and Blood Pressure at Age 7: A Longitudinal Discordant Twin Analysis.

Evidence suggests that the intrauterine environment shapes offspring cardiovascular disease risk. Although placental dysfunction may be an important pathophysiologic pathway, numerous parental and pregnancy characteristics that influence offspring blood pressure are strong confounders of the mechanistic role of the placenta in observational analyses of singletons. Therefore, we leverage twin- and sibling-based comparison designs to determine whether placental pathology is associated with offspring blood pressure at age 7 while mitigating major sources of confounding. Data are from pregnant participants and their offspring in the Collaborative Perinatal Project, a longitudinal pregnancy cohort conducted from 1959 to 1965 in the United States. After delivery, placentas were systematically examined for lesions indicative of maternal vascular malperfusion (MVM) and acute inflammation. Blood pressure was assessed at a follow-up research visit when the offspring were 7 years old. Linear fixed-effects models were used to estimate associations between within-twin or sibling discordance in placental pathology and differences in blood pressure at age 7. Overall, 193 twin pairs were eligible for inclusion, and 23.3% had placentas discordant for MVM. In a fixed-effect analysis, a twin with high-grade MVM had a higher systolic blood pressure Z score by 0.56 SDs than their co-twin without MVM (95% CI, 0.06-1.05) or a 5.7-mm Hg difference (95% CI, 0.6-10.8). Associations were consistent in a sensitivity analysis restricted to dichorionic twins and in a secondary analysis of 759 MVM-discordant sibling pairs. Acute placental inflammation was not associated with blood pressure at age 7. MVM in the placenta is associated with higher offspring blood pressure in mid-childhood, independent of parental and pregnancy characteristics that twins have in common. The findings support the role of the placenta and the intrauterine environment in the developmental origins of cardiovascular health.

The relationship between geographic distance to environmental protection agencies and industrial pollution emissions

ABSTRACT The distance between governments and firms is associated with firms’ economic activities, while the association of geographic proximity to environmental agencies with industrial pollution emissions is unclear. To explore the effects of geographic distance on firms’ pollution emissions, we use the fixed-effect models with data from the China Industrial Enterprise Database. Our results show that the firms located further away from environmental agencies release more SO2 (β = 0.102, p < 0.01) than those close to those environmental agencies. Subsequent investigations reveal that geographic distance has a positive correlation with the short-term performance of firms (total production value and fixed investment) but a negative correlation with firms’ long-term performance (green innovation, technological updates and clean energy use). Heterogeneous checks show that the influence of geographic distance on SO2 emissions is mainly found in non-local firms, suggesting a possibility of collusion between proximate firms and local government. This study highlights how the firm-agency distance relation affects pollution emissions and suggests that policymakers should consider more efficient instruments for environmental management.

Risk factors for complications of Mycoplasma pneumoniae pneumonia in hospitalized children in China: a systematic review and meta-analysis

BackgroundMycoplasma pneumoniae pneumonia (MPP) is a common respiratory disease in children. Some patients may develop long-term respiratory issues such as chronic cough and wheezing due to complications. These complications increase the health burden for children with MPP, highlighting the need to understand their risk factors in order to improve disease prognosis. This study aims to assess the risk factors for complications in hospitalized children with MPP in China.MethodsA comprehensive review of Chinese and English databases was conducted up to April 2024 to retrieve studies focusing on complications in hospitalized children with MPP. Pooled effect sizes were calculated using random-effects or fixed-effects models. Statistical analyses were performed using R software and RevMan 5.3.ResultsThis meta-analysis encompassed a total of 17 studies. We analyzed multiple risk factors associated with complications, including prolonged fever (OR: 3.79, aOR: 1.64), pleural effusion (OR: 3.71, aOR: 6.70), extensive lung infiltration (OR: 5.52, aOR: 3.57), ≥ 2/3 consolidation in a single lung lobe (OR: 4.29, aOR: 4.52), right upper lung lesion (OR: 4.84, aOR: 3.57), extrapulmonary manifestations (OR: 3.20, aOR: 1.89), hypoxemia (OR: 7.58, aOR: 12.43), delayed administration of glucocorticoids (OR: 7.93, aOR: 6.67), and delayed administration of macrolides (OR: 2.75, aOR: 3.84).ConclusionHospitalized children with SMPP and RMPP may have a higher risk of complications, and it is important to identify risk factors early and provide appropriate treatment to minimize complications. The current level of evidence is relatively low and may not accurately reflect the actual clinical situation in China. Further high-quality studies are needed to validate and clarify these findings.Trial registrationOur protocol was registered in the International Prospective Register of Systematic Reviews (PROSPERO) (registration number: CRD42024534397).

Can crop production agglomeration reduce carbon emissions?—empirical evidence from China

Reducing carbon emissions is crucial for environmental protection and the survival of humankind, particularly in agricultural growth, as it ensures the sustainability of the food supply. This study examines the import of the crop production agglomeration on carbon emissions across several areas of China. It employs panel data spanning from 2012 to 2022. The crop production agglomeration was assessed using the average industrial agglomeration rate, whereas the carbon emissions were evaluated using the IPCC carbon emission factors. Empirical analyses were conducted using the panel fixed effects model and the Spatial Durbin Model . The results indicate that crop production agglomeration directly reduces carbon emissions. Moreover, the concentration of crop production has a geographical demonstration effect on carbon emissions, where greater levels of crop production agglomeration result in a more efficient decrease of carbon emissions in nearby regions. An analysis of heterogeneity indicates that the impact of crop production agglomeration on carbon emissions is more pronounced in the eastern and northeastern regions of China compared to the central and western areas. The study advocates for the formulation of tailored carbon reduction methods that align with the distinct attributes of crops in various locations. It promotes variety and low-carbon development in crop production to drive industrial advancement. The study advocates for enhancing cooperation among crop production enterprises across various areas to provide platforms for information exchange and technical innovation. Furthermore, it advocates for governments to design efficient methods and regulations to reduce carbon emissions in crop production.

Association of Protein Intake with Sarcopenia and Related Indicators Among Korean Older Adults: A Systematic Review and Meta-Analysis

Objectives: Due to variations in the standards for optimal protein intake and conflicting results across studies for Korean older adults, this study aimed to quantitatively integrate existing research on the association of protein intake with sarcopenia and related indicators in Koreans aged 65 and older through meta-analysis. Methods: A total of 23 studies were selected according to the study selection criteria (PICOS). Sixteen cross-sectional studies, 5 randomized controlled trials (RCTs), and 2 non-RCTs were included in the review, with 9 out of 23 studies included in the meta-analysis. We used fixed-effects models and performed subgroup and sensitivity analyses. Results: A meta-analysis found that the risk of sarcopenia was significantly higher in the &lt;0.8 g/kg/day protein intake group compared to the 0.8–1.2 g/kg/day and ≥1.2 g/kg/day groups, with odds ratios (ORs) of 1.25 (95% confidence interval (CI), 1.10 to 1.42; I2 = 55%) and 1.79 (95% CI, 1.53 to 2.10; I2 = 71%), respectively. For low hand grip strength (HGS), the risk was higher in the &lt;0.8 g/kg/day group compared to the 0.8–1.2 g/kg/day or ≥1.2 g/kg/day groups (OR 1.31; 95% CI, 1.03 to 1.65; I2 = 28%). No significant associations were found with other sarcopenia indicators, such as skeletal muscle mass, short physical performance battery score, balance test, gait speed, and timed up-and-go test. Conclusions: Lower protein intake is associated with a higher risk of sarcopenia and low HGS in Korean older adults. To establish protein intake recommendations for the prevention and management of sarcopenia in this population, further well-designed RCTs incorporating both protein supplementation and resistance training are necessary.

The prevalence of obstructive sleep apnea-hypopnea syndrome in patients with multiple sclerosis: a systematic review and meta-analysis

ObjectiveObstructive sleep apnea-hypopnea syndrome is the most common respiratory disorder in patients with multiple sclerosis. The purpose of this meta-analysis was to evaluate the prevalence of OSAHS in MS patients and to analyze their sleep monitoring indicators of patients.MethodsOnline databases such as PubMed, EMBASE, Web of Science, CNKI, and WanFang were used to review the Chinese and English literature about OSAHS in MS patients in detail. Two researchers analyzed the Quality of included studies based on the Quality Assessment of Diagnostic Accuracy Studies. The prevalence and sleep monitoring data were analyzed using STATA 11.0 software. Based on the I2 values, pooled analyses were performed using either random (I2 &amp;gt; 50%) or fixed-effect models (I2 ≤ 50%).ResultsFourteen articles were selected for the final analysis. Our study shows that different diagnosis methods of OSAHS lead to different incidences. When the screening method was PSG, the incidence of OSAHS in MS patients was 36%; when the method was STOP-BANG, the incidence of OSAHS in MS patients was 26%; when the method was Berlin questionnaire, the incidence of OSAHS in MS patients was 30%. We performed subgroup analyses based on race, age, OSAHS severity, and BMI of patients with MS. The results suggested that the incidence of OSAHS was different in different subgroups of MS patients. In addition, we found that patients with MS generally had poorer sleep monitoring indicators.ConclusionThe current literature shows that the incidence of OSAHS is higher in MS patients. MS may affect the progression of OSAHS.Systematic Review Registrationhttps://www.crd.york.ac.uk/PROSPERO/display_record.php?RecordID=551500, CRD42024551500.

How Can Digital–Real Economy Integration Affect Urban Green Innovation? Evidence from China

As the integration of the digital economy into the real economy accelerates and the goals of green and low-carbon development become increasingly clear, promoting green innovation (GI) through digital–real economy integration (DRI) is of great practical significance for achieving green, high-quality urban development. This study, based on a sample of 284 prefecture-level cities and above in China, used the entropy method to measure the development levels of the digital economy and real economy in each city and employed a coupling coordination model to calculate the degree of DRI. By constructing a bidirectional fixed effects model, a mediation effect model, a threshold regression model, and a spatial Durbin model, this study explored the impact of DRI on GI in cities. The research found that DRI has a non-linear promoting effect on GI. When a city’s DRI level surpasses the second threshold, each 1% increase in DRI leads to a 1.439% rise in GI. This effect also shows heterogeneity based on city location and resource endowment. In this process, transaction costs and the upgrading of the industry structure serve as mediating factors, with each 1% increase in DRI reducing transaction costs by 0.163% and enhancing industrial upgrading with a coefficient of 0.176. Additionally, DRI in one city can significantly enhance the level of GI in neighboring cities through spatial spillover effects. For instance, under the geographic distance weighting matrix, the indirect effect of DRI reaches 4.693, and similar significant spillover effects are observed under the economic distance and economic geography weighting matrices.

Can new quality productive forces promote inclusive green growth: evidence from China

Inclusive green growth (hereafter “IGG”), as a green and intensive development mode that considers both fairness and efficiency, environmental protection and development, is crucial for achieving sustainable development. New quality productive forces (hereafter “NQPFs”) have become a novel and significant factor in promoting IGG. This study aims to examine the connection between NQPFs and IGG. Based on the data from 283 Chinese cities between 2010 and 2021, the “CRITIC-entropy value” objective combination weighting method is adopted to establish comprehensive indicator system of NQPFs and IGG in this paper. The spatiotemporal characteristics, mutual relationship and influencing mechanism of NQPFs and IGG are evaluated based on kernel density function, panel fixed effect model and spatial Durbin model. The results show that both NQPFs and IGG in China have shown a steady upward trend. NQPFs can significantly promote IGG, and economic agglomeration and technological innovation are important approaches to their interaction. In the period of high Internet penetration and in developed cities, the role of NQPFs in promoting IGG is more obvious. There is also a double threshold effect of financial development in this promotion process. With financial development improving, this promotion effect is significantly enhanced. Our research advocates promoting IGG by enhancing NQPFs, thereby protecting the earth’s ecological environment and attaining long-term sustainability of human society.

Determinants of Formal Agricultural Credit Flow to Districts in India: An Econometric Analysis

Aims: This study investigates the determinants of formal agricultural credit flow at the district level in India, using region-wise fixed effects models. Study Design: Panel data regression technique. Place and Duration of Study: Data from districts across Indian states from 2000 to 2021 were analyzed. Methodology: Districts categorized into high, medium, and low credit exposure groups based on average outstanding agricultural credit by Scheduled Commercial Banks (SCBs) through a clustering technique. One district from each category in each state was selected for analysis. The study examined outstanding agricultural advances by SCBs, the number of SCB branches, gross sown area, gross irrigated area, area under commercial crops, and annual rainfall using an unbalanced panel model. Results: The findings reveal that an increased number of SCB branches in a district significantly enhances agricultural credit availability. The share of gross irrigated area positively impacts credit flow, especially in the southern, western, and central regions, highlighting the importance of irrigation in accessing credit for high-value crops. In contrast, a higher share of area under commercial crops negatively affects credit flow in the southern and western regions, possibly due to limited financing for rainfed commercial crops. Rainfall was found to have no significant impact on agricultural credit at the district level. Additionally, there is a noticeable trend of increasing urban branches, particularly in the southern, northern, and northeastern regions, alongside a decline in rural branches in most regions except the eastern region. Conclusion: The study emphasizes the need for targeted policy measures to improve agricultural credit distribution. Policymakers should focus on the number of SCB branches, the share of irrigated area in total sown area, and address the rural-urban branch shift while considering region-specific agricultural requirements to ensure equitable and efficient credit allocation.

EFFECTS OF GREEN FINANCE ON NON PERFORMING LOAN OF BANKS: EVIDENCE FROM BANGLADESH

The banking sector in Bangladesh has been suffering from a high level of non-performing loans (NPLs). In recent years, incorporating green finance (GF) practices within banking institutions has received considerable attention as a potential solution to improve their loan performance. However, despite the extension of GF practices, there have been very few studies on the impact of GF on NPL and the relationship between GF and NPL in Bangladesh. This study, therefore, seeks to examine the effects of bank’s green finance schemes on their loan performance. This quantitative study employs the panel data of the banks from 2015 to 2023 and focuses on variables related to GF and NPL to serve this objective. Data validity was justified using the unit roots and collinearity tests, such as variance influence factor and tolerance level. Accordingly, this study employs the panel least square (PLS), panel ordinary least square (POLS) and fixed effect model (FEM), and quantile regression to examine the impact between these sets of variables. The correlation between GF schemes and NPL has been determined. The study reveals that GF has significant effects on NPL since p values for the significant green finance variables are less than 0.10 (P ≤.10) at the 0.10 level, less than 0.05 (p≤0.05) at the 0 .05 level and less than 0.01 (p≤0.01) at the 0.01 level. The results of this study suggest that taking the GF scheme into the banking investment would reduce NPLs and help design the policymaking of the government, banks, and other stakeholders.

Labour Market Impacts of Renewable Portfolio Standards

This paper examines how the U.S. Renewable Portfolio Standards (RPS) policy affects the jobs of renewable energy (RE) (solar, hydropower and wind) and conventional energy (CE) (coal and natural gas) industries through panel data. Exploiting the state-level variations in the RPS target rates, this paper also investigates if any spillover effects of the RPS exist from neighbouring states using a fixed-effects vector decomposition model. Findings indicate that an escalation in the RPS target rate increases employment opportunities within the RE sector, while simultaneously causing a decline in employment within the CE sector. Establishing a positive RPS target rate is crucial because the spillover effect from each state has a significantly positive impact. The decision of a state to set its own RPS target plays a crucial role in shaping the level of spillover effects on job creation.

How penetration of e-commerce in rural areas drives consumption in China

PurposeThis paper explores how rural e-commerce drives consumption in both urban and rural residents; further, it presents evidence from the perspective of e-commerce penetration in rural areas and among farmers to assess the contribution of e-commerce to China’s economic strategy goal of fostering an economy driven by domestic demand.Design/methodology/approachData of Taobao villages from 2014 to 2021 are matched with data on prefecture-level cities. A two-way fixed effect model, instrumental variable model and group comparison method are employed to explore the role and mechanism of e-commerce penetration in rural areas in stimulating residents’ consumption through consumption propensity, purchasing power and consumer population.FindingsThe findings confirm that e-commerce penetration of rural areas can stimulate residential consumption, and residents generally adhere to the consumption concept of “living within their means.” The driving effect on residents’ consumption is achieved by expanding the urban consumer population and improving the purchasing powers of both urban and rural residents. The spatial dispersion of e-commerce villages strengthens the positive impact of e-commerce penetration in rural areas on consumption; this strengthening is caused by the increasing consumer population of urban residents and the purchasing power of both urban and rural residents. The agriculture-oriented e-commerce penetration of rural areas negatively impacts residents’ consumption, consumption propensity and consumer population; however, industrial-oriented penetration positively affects residents’ consumption, consumption propensity, purchasing power and consumer population.Originality/valueTo the best of our knowledge, this paper is the first to analyze the role and mechanism of e-commerce penetration in rural areas in stimulating residents’ consumption through consumption propensity, purchasing power and consumer population. This study contributes to advancing e-commerce and consumer theory by exploring the realm of rural e-commerce while also presenting empirical evidence from China.

Empowerment or ornament? Gender diversity’s impact on cash holdings amid quota enforcement in an emerging market

Purpose This study examines the impact of female directors on cash holdings in Egyptian listed firms, particularly in light of Decree 123/2019, which mandates female board representation. This study aims to determine if female directors mitigate agency conflicts related to cash holdings and how these dynamics shift post-quota implementation. Design/methodology/approach Using a panel fixed-effects model, the research analyzes 1,563 firm-year observations from 223 non-financial Egyptian firms listed on the EGX between 2014 and 2022. The robustness of the findings is tested through additional analyses using alternative proxies for cash holdings, different sample periods and a two-stage least squares approach to address endogeneity concerns. Findings This study finds a significant negative association between female directors and cash holdings, suggesting that female board members may promote more conservative cash management practices. However, this relationship weakens post-quota implementation, becoming statistically insignificant. This implies that while quotas increase female representation, they do not necessarily enhance corporate governance effectiveness regarding cash management. The pre-quota positive link between female directors and excess cash holdings also becomes insignificant post-quota. Research limitations/implications The study focuses on female directors’ impact on cash holdings, excluding potential effects on other board subcommittees or functions. It does not capture long-term benefits of increased female representation, which may emerge as the pool of qualified female directors grows. Future research should explore broader implications of gender diversity guidelines and other diversity dimensions across various corporate governance aspects and institutional contexts. Originality/value This research provides empirical evidence from an emerging market context on the understudied impact of gender diversity on cash holdings. It critically evaluates the unintended consequences of mandatory gender quotas, highlighting the complexity of regulatory interventions in corporate governance. The study stresses the need for policymakers to address factors limiting the effectiveness of such quotas and to consider potential suboptimal outcomes when increasing female board representation without a corresponding increase in the supply of qualified female directors.

Does trade uncertainty in US and China influence Indian banking stability: An analysis through the lens of banking regulation and compliance

Purpose A recent literature has documented the real effect of Trade Policy Uncertainty (TPU) on trade, stock markets and unemployment; however, there is no specific study that has examined how trade uncertainty influences banking sector stability. In this quest, this study aims to bridge this gap by examining the impact of TPU in the USA and China on the stability of the Indian banking sector. Additionally, the study aims to assess the moderating influence of banking regulation and supervision on the aforementioned relationship. Design/methodology/approach To quantify the above objectives, the study uses a robust set of econometric estimates, i.e. system generalised method of moments (Sys-GMM), fixed effect model and pair-wise Granger causality test on the alternative proxies of banking stability from 2000 to 2023. Findings The empirical estimates validate that TPU has a negative impact on the Indian banking stability. Moreover, the impact of the USA. TPU is much more significant on the Indian banking sector’s stability in comparison to the Chinese TPU. The empirical model further suggests that banking regulation and supervision moderate the negative influence of trade uncertainties on the Indian banking sector’s stability and assist in improving it. Finally, the pairwise causality test confirms a unidirectional causal relationship between the TPU in the USA and China and the stability of the Indian banking sector, thereby validating the transmission effect of trade uncertainty on this sector. Originality/value To the best of the author’s study, this study is original and offers useful policy recommendations for understanding the implications of trade uncertainty for banking stability. The study also offers insight to comprehend the role of banking regulation and compliance in mitigating the adverse repercussion of trade uncertainties on the banking sector’s stability.

The Role Foreign Direct Invesment, Financial Development and Institutions Quality of Economic Growth Empirical Evidence From WANA Countries

Research Aims: The study investigates the impact of foreign direct investment, financial development, and institution quality on economic growth in nations located in western Asia and North Africa Methodology: This study methodology employs a panel data regression model using a fixed effect model (FEM) strategy. The study data is collected using the information that was available between the years 2000 and 2022. The WANA nations include Saudi Arabia, Iran, Israel, Jordan, Kuwait, Lebanon, Morocco, Egypt, Oman, Qatar, Tunisia, and the United Arab Emirates. Research Findings: The findings indicated that foreign direct investment (FDI), financial development (FD), and intellectual quotient (IQ) had an impact on economic growth. Specifically, foreign direct investment (FDI) has a beneficial and statistically substantial impact on economic development, but the quality of institutions has an adverse and statistically substantial impact on economic growth. However, financial development does not affect economic growth. Originality: The grand theory used in this research Economic Growth, Foreign Direct Investment, Institutions Quality, Financial Development, and Export and population growth variables are controlled. variables in this study by testing three variables consisting of independent variables, dependent variables and control variables. Research limitation and implication: The findings in this study suggest that policies implemented by governments, public institutions and academics aimed at increasing FDI, FD, and institutional quality can help improve economic growth in WANA countries.

The joint effect of earnings management and efficiency of cash management on firms’ financial well-being: evidence from Egypt

Purpose This study aims to investigate the association between earnings management and the efficiency of cash management as well as the extent to which this relationship affects a firm’s financial well-being (FWB). Design/methodology/approach Using fixed-effects models and quarterly financial statements of 178 nonfinancial firms, this study analyzes 3,376 firm-quarter observations listed on the Egyptian stock market from 2005 to 2019. Findings The empirical findings suggest that optimal cash holdings and cash holding excess increase with lower real earnings management (REM) of operating activities or higher accrual earnings management (AEM). This relationship positively impacts firms’ FWB but is negatively influenced by REM. Research limitations/implications This study’s findings have two key implications for standards regulators and decision-makers. First, the study reveals the link between opportunistic earnings management and cash management, emphasizing the need for stricter oversight in corporate governance to prevent risky long-term decisions. Furthermore, these findings suggest that regulators, specifically in emerging markets, should proactively develop policies to limit earnings management. Second, this study demonstrates how accounting discretion affects both earnings management and short-term working capital management, underscoring the potential erosion of stakeholders’ confidence when financial statements are misleading. Originality/value This study examines the impact of sales manipulation and overproduction on cash holdings. To the best of the author’s knowledge, this is also the first study to explore how managerial discretion over both earnings and excess cash holdings influences a firm’s FWB. This study provides new empirical evidence of the joint effects of managerial opportunism in earnings and cash management on a firm’s financial health.

Research on the Spatiotemporal Evolution Characteristics and Capital Driving Factors of Sustainable Economic Development in Northwest China

Frontier research has focused more on the sustainable economic development (SED) of developing countries, with slightly less attention paid to the SED of underdeveloped regions in developing countries, especially without analyzing their driving factors from the dual perspectives of domestic and international capital. In fact, as an important factor in economic growth, capital is also the core driving force for achieving SED. This paper takes the five provinces (autonomous regions) of northwest China (NC) as a case study based on unbalanced panel data from 26 cities from 2000 to 2020 and employs the dynamic degree and MSAR model to analyze the spatiotemporal evolution characteristics of SED; the results indicate that the SED of NC exhibits an irregular pattern overall, the differences between provinces at the same time point are relatively small, and the same applies to prefecture-level cities. The spatial agglomeration characteristic of SED in NC is evident, with significant room for improvement. Additionally, this paper evaluates the impact of capital on the SED of NC through the two-way fixed effects model and the mediation effect model and finds that foreign direct investment (FDI) inflows have a “first-rising-then-declining” impact on the SED of NC, while financing constraints (FC) play a promoting role in the SED of NC. Furthermore, FDI inflows subsequently impact the SED of NC by affecting regional FC, with FC acting as a mediating variable in the influence of FDI on the SED of NC. In terms of policy implications, NC should make rational use of FDI, control the pace of easing FC, and precisely promote the SED of NC from a capital-driven perspective. Other underdeveloped areas in developing countries can take this as a reference to promote SED.

Urban Management for Building-Sector Decarbonization: Focusing on the Role of Low-Carbon Policies

The building sector is a major source of anthropogenic carbon emissions worldwide. While existing studies have extensively explored the socioeconomic and technological impacts on carbon emissions generated from building operations, few have assessed the effectiveness of low-carbon policies in curbing the increasing trend of building sector carbon emissions. This study examines the impacts of low-carbon policy intensity on building sector carbon emissions using a two-way fixed effects model on a 6-year panel (2015–2020) dataset for 286 cities in China. Our findings indicate that, on average, the aggregated intensity of low-carbon policies fails to pose any significant impacts on carbon emissions from building operations. This is partly due to the variations in different types of policy. Specifically, a 10% increase in the intensity of energy conservation policy results in a 0.05% decrease in carbon emissions, whereas capacity utilization policies are associated with an increase in building-operation carbon emissions. Moreover, these policy–emission relationships vary across building types and end-use sources. In particular, energy conservation policies are negatively associated with emissions from cooking and heating, but positively related to emissions generated from appliances and cooling. In comparison, capacity utilization policies tend to encourage additional emissions from most sources. This study highlights the partial effectiveness of energy conservation policies in curbing building sector carbon emissions and underscores the need for additional efforts in tackling the rebound effects to realize building sector decarbonization.

Exploring the Trajectories of Depressive Symptoms Associated With Bullying Victimization: The Intersection of Gender and Family Support.

Children from multicultural families in South Korea are at high risk of bullying victimization, highlighting the need for a deeper understanding of the challenges they face. This study explores the gendered dynamics of depressive symptoms associated with persistent exposure to bullying victimization among these youths, as well as the role of family support. This study utilizes data from nine waves of the Multicultural Adolescents Panel Study (MAPS), spanning from 2011 (Wave 1) to 2019 (Wave 9). MAPS is a nationally representative longitudinal survey of adolescents with multicultural backgrounds and their mothers. Participants include 1375 families (51.1% girls; grade 4-13). Fixed-effects models were estimated to address the possibility of bias due to unobserved time-invariant confounders. Gender-stratified analyses and interaction models were employed to examine the moderating role of gender and family support. Depressive symptoms among girls were higher with persistent bullying victimization; however, this association was observed up to two consecutive waves of exposure (an immediate and short-term pattern). In contrast, persistent bullying victimization was associated with a cumulative increase in depressive symptoms up to three or more consecutive waves of exposure in boys (an immediate and cumulative pattern). Moreover, while family support was associated with lower levels of depressive symptoms among bullied girls, bullied boys exhibited a similar pattern of a cumulative increase in depressive symptoms regardless of the level of family support. The study's findings suggest potential considerations for gendered interventions related to mental health outcomes of bullying victimization among multicultural family youth in Korea.