Fixed-effects Model Research Articles

Exploring the role of trade credit in facilitating low-carbon development: Insights from Chinese enterprises

As the world's largest emitter of carbon, China is proactively addressing climate change in a responsible manner. The country has set an ambitious goal of achieving the most significant reduction in carbon emission intensity globally within approximately 30 years. In light of the transition to a new low-carbon environment, it is imperative that Chinese enterprises assume a more proactive role in embracing carbon neutrality as a social responsibility. The question of how to supplement the green transformation funds that have not yet been covered by green finance has become a significant issue for Chinese enterprises seeking to achieve sustainable development and promote high-quality development. This study employs hand-collected data on companies' carbon emissions from 2018 to 2023, using the fixed effects model to conduct a comprehensive investigation of the role of trade credit embedded within the supply chain in driving the green evolution of Chinese companies and reducing their carbon dioxide emissions. The findings demonstrate that trade credit has a significant impact on reducing CO2 emissions for Chinese businesses while also enhancing their commitment to adopting greener practices, their capacity for investing in green transformation, and the quality of their green outputs. The results of the heterogeneity analysis indicate that the acquisition of trade credit exerts a more pronounced suppressive influence on carbon emissions for heavy-polluting enterprises, non-state-owned enterprises, low-supplier concentration enterprises, and maturity stage enterprises. Similarly, the supply of trade credit notably curtails the carbon emissions for non-heavy polluting enterprises, non-state-owned enterprises, low-medium customer concentration enterprises, and maturity stage enterprises. The empirical findings of this study contribute to reconciling the substantial dilemma between corporate goals for energy conservation, emissions reduction, and production growth. This research offers key insights to support businesses in achieving a gentle transition towards energy efficiency and reduced carbon footprint in line with the overarching trend of sustainable and low-carbon development.

062. Satisfying Outcome of 24-Hours Post Operation Feeding Following Bowel Anastomosis Surgery: A Systematic Review and Meta-Analysis

Background: Gastrointestinal anastomosis surgery does not have standardized postoperative feeding practices. The majority of surgeons used to believe that early enteral feeding (EEF) after bowel resection and anastomosis could be harmful and cause stress on the anastomosis site, increasing the risk of leakage. This study compared EEF patients whose nutrition started for the first 24 hours with delayed enteral feedings (DEF) during bowel anastomosis surgery Case: This systematic review and meta-analysis used the Preferred Reporting Items for Systematic Reviews and Meta-analyses (PRISMA) guidelines. All extracted data was presented in the table, summarized narratively, and analyzed statistically using forest plots through a relative risk (RR) with a fixed effect model test. Results: This research included 444 participants from 6 studies, including 196 in the EEF group and 248 in the DEF group. From the analysis, the incidence of leakage, gastrointestinal symptoms of abdominal distention and vomiting, fever, and surgical site infection (SSI) were lower in the EEF group although not significant, with statistical values in order namely; leakage (RR 0.39, p=0.10); abdominal distention (RR 0.67, p=0.11), vomiting (RR 0.88, p=0.53); fever (RR 0.61, p=0.005) and SSI (RR 0.42; p=0.002). Length of stay (LOS) was found to be statistically significant shortened in the EEF group (Mean Difference 2.23 days; P < 0.00001). Conclusion: The EEF group had a statistically insignificant lower incidence of leakage, gastrointestinal symptoms, fever, and SSI and statistically significant shorter LOS. Twenty-four hours post-operation enteral feeding showed a satisfactory outcome, so we recommend it in either small or large bowel anastomosis surgery.

Public Service Equalization, Digital Financial inclusion and the Rural Revitalization: Evidence from Chinese 283 prefecture-level cities

While China has made significant strides in poverty alleviation, the persistent urban-rural divide poses challenges for sustainable development. Previous studies have explored various factors influencing rural revitalization, yet the interplay between public service equalization, digital financial inclusion, and rural development remains understudied. This research investigates how public service equalization impacts rural revitalization in China and examines the moderating role of digital financial inclusion. Using panel data from 283 prefecture-level cities from 2011 to 2021, we employ a fixed-effects model and conduct robustness checks including endogeneity tests and alternative specifications. Our findings reveal that public service equalization positively influences rural revitalization, with both accessibility and beneficiality dimensions playing crucial roles. Importantly, digital financial inclusion enhances this positive impact, suggesting a synergistic effect. These results underscore the need for a holistic approach integrating public service provision and digital financial services to promote inclusive growth in rural China. By elucidating the mechanisms through which these factors interact, our study contributes to the broader literature on rural development and offers policymakers valuable insights for designing effective rural revitalization strategies.

The smarter the cleaner: Evaluating the impact of artificial intelligence on haze pollution

This paper innovatively evaluates the level of artificial intelligence (AI) by counting AI firms and employs a two-way fixed-effects model to analyze the impact of AI on haze pollution (HP), using panel data of 264 Chinese cities from 2006 and 2021. It is found that AI is an effective means to reduce urban HP, and that for every 1 % increase in the number of urban AI firms, PM 2.5 is reduced by about 2.22 %. Regarding mechanisms, AI mainly reduces urban HP through two ways: stimulating technology innovation and promoting industrial structure upgrading. Heterogeneity tests show that the haze reduction effect of AI varies due to urban HP level, urban location and urban characteristics, and is more pronounced in cities with high HP, as well as in western cities, northern cities, cities of high administrative levels, and resource-based cities. Our findings provide new insights for policy makers to better utilize AI technology to reduce HP.

The Effect of the Number of Poor People, the Rate of Economic Growth, and the Level of Education on the Number of Stunting on the Island of Sulawesi

This study alims to alnallyze how much influence the number of poor people (X1), the ralte of economic growth (X2), alnd the level of Educaltion (X3) on the number of stunting (Y) on the islalnd of Sulalwesi. The Daltal used is secondalry daltal, nalmely palnel daltal for five yealrs from 2019-2023 alnd als malny als 6 regions on the islalnd of Sulalwesi in Indonesial sourced from the Centrall Staltistics ALgency alnd Ministry of heallth of the Republic of Indonesial. The method of alnallysis used is qualntitaltive. The model used is fixed effect model. The results showed thalt the number of poor people alnd the level of Educaltion hals al positive influence on the number of Stunting, while the ralte of economic growth hals al negaltive influence on the number of stunting. The conclusion of the study is the number of poor people, the ralte of economic growth, alnd the level of educaltion contribute to the occurrence of stunting on the islalnd of Sulalwesi. The government needs to strive to increalse humaln resources (HR) through educaltion alnd tralining so thalt sustalinalbility increalses productivity alnd lalbor palrticipaltion ralte in order to get al good income alnd halve good finalnces to meet the needs alnd seek knowledge relalted to ballalnced nutrition, heallth, alnd nutritionall problems in the community to prevent stunting with regulalr promotions alnd counseling through heallth workers.

Kinerja Keuangan Terhadap Return Saham

This research aims to see the effect of financial performance on stock returns. Stock returns in this study are the dependent variable while financial performance is represented by liquidity and leverage proxies.This type of research is quantitative. The research sample is companies that issue sukuk listed on the Indonesia Stock Exchange in 2017-2021, consisting of 7 companies with five years of observation and the sample determination method used is purposive sampling. The analytical method in this research uses panel data regression analysis with a fixed effects model using Eviews version 10.0. The research results show that the variables liquidity and leverage simultaneously influence stock returns. Meanwhile, partially the Liquidity variable has an effect on Stock Returns. The leverage variable influences stock returns.

The Impact of FDI On Economic Growth: Evidence from Different Sectors and Economic Conditions

The objective of this study is to examine how the foreign direct investment (FDI) influence China's economic expansion and evaluate its diverse role in various sectors and economic circumstances. This study uses multiple regression panel data Fixed Effects models with the robust standard errors to investigate further the potential significant impacts of both FDI inflows and outflows on economic development in China. The study employs panel data from 29 provinces in China, spanning the period from 2003 to 2021 for its analysis. This study found that FDI inflow contribute significantly and positively on growth in three different sectors, while outflow of FDI shows insignificant but positively correlated with growth. The results of coefficients reveal that FDI inflow in secondary sector has the strongest impact on growth, followed by primary and tertiary sector. Additionally, by including crisis in the models, the positive and significant impact of FDI inflow remain unchanged with the domestic investment became significantly and positively affect the economic growth. Hence, this study recommends the policy makers to promote and encourage more foreign investors to invest in China by giving some incentives such as reduction in capital gains taxes and more subsidies to the domestic firms especially in secondary sector.

Foot Reflexology for Managing Menopausal Symptoms in Women: A Systematic Review and Meta-Analysis

Background: Menopause can cause a variety of unpleasant symptoms, such as hot flashes, night sweats, mood swings, and sleep disturbances. Although hormone replacement therapy is frequently utilized to help manage these issues, long-term use of this treatment approach carries certain potential risks. Objective: This study aims to examine the effects of foot reflexology, a type of massage therapy that focuses on applying pressure to specific reflex points on the feet, on menopausal symptoms (primary outcome) and anxiety, fatigue, and depression (secondary outcomes). Methods: A systematic electronic search for relevant studies was conducted in PubMed, Scopus, Web of Science, the Cochrane Library, SID, Magiran, and Google Scholar until September 21, 2023. In addition to the electronic database searches, manual searches were also performed. This manual search process included scanning the reference lists of the included studies and handsearching key journals in the topic area. The risk of bias was assessed via the RoB 2.0 and ROBIN-I tools. Heterogeneity was evaluated via the I² statistic, and in cases of high heterogeneity, a random effects model was used instead of a fixed effects model. Subgroup analyses were performed for the primary outcome on the basis of menopausal symptoms (vasomotor/psychosocial/physical/sexual). The certainty of evidence was assessed via the GRADE approach. Results: A total of 186 articles were retrieved from database searches, and an additional 9 articles were identified through manual searches. Ultimately, 8 studies were included in the systematic review, and 6 studies were included in the meta-analysis. The meta-analysis revealed that foot reflexology had a significant effect on menopausal symptoms, with an average reduction of 3.41 points on the associated measurement scale (95% confidence interval (CI): -4.81 to -2.01; low-certainty evidence). It also significantly reduced fatigue, with an average reduction of 5.84 points (95% CI: - 11.61 to -0.06; very low-certainty evidence). However, there was no significant impact on anxiety (SMD: -0.89, 95% CI: -1.96--0.18; very low-certainty evidence) or depression (SMD: -0.73, 95% CI: -1.80--0.34; very low-certainty evidence) compared with the control group. Conclusion: The present study demonstrated that the use of foot reflexology as a nonhormonal and noninvasive intervention led to a significant reduction in menopausal symptoms and fatigue among women. Given the limited number of studies available in this area and the low to very low-level certainty of the evidence for the desired outcomes, further research with appropriate methodologies to ensure accurate conclusions in this field is strongly recommended.

Determinan Proporsi Dana Tabarru’ pada Lembaga Keuangan Asuransi Jiwa Syariah

Financial management in Islamic insurance companies uses a split fund system. It is also supported by PMK Number 18/PMK.010/2020, which emphasizes that operators or sharia insurance companies must separate wealth by tabarru' fund obligations from the obligations and assets of company funds. The separation of funds has been carried out since participants pay contributions (premiums) at the beginning of the transaction. The purpose of this study is to analyze the factors that influence the proportion of tabarru' funds in Sharia Life Insurance companies. This research is a quantitative research, and the source of the data obtained is secondary data. The population is 21 Sharia Life Insurance companies registered with OJK. The sample of this study uses a purposive sampling technique by producing 16 sharia life insurance companies registered with the OJK, using annual financial statements according to the variables used during the period (2017-2019). Data analysis uses panel data regression analysis with fixed effects model which is processed using eviews 9. The findings from this research show that claims, sharia reinsurance, and operating expenses have a significant effect, while the growth of tabarru' funds and investment returns of tabarru' funds have no significant effect. With the coefficient of determination (R square) 0.775396 which means claims, sharia reinsurance, operating expenses, growth of tabarru' funds and investment returns of tabarru' funds can explain 77% of the proportion of tabarru' funds and the rest is influenced by other variables outside the study.. Keywords: Proportion of Tabarru' Funds, Sharia Life Insurance, Separation of Funds

Economic Growth Targets, Innovation Transformation, and Urban Carbon Emissions: An Empirical Study of the Yangtze River Delta

In the face of carbon emissions reduction efforts, which are a common but differentiated global responsibility, it is crucial to explore the potential synergistic path between economic growth and carbon emissions reduction. This study integrates economic growth management and carbon emissions into a theoretical framework, based on city-level panel data from 2005 to 2019 in the Yangtze River Delta and the fixed effects model. We explore the impact of economic growth targets on urban carbon emissions. Then, we explore the mechanism by which economic growth target affects carbon emissions with the mediation effect model and moderation effect model. The results reveal that economic growth targets are beneficial for carbon reduction, and innovation development from innovation transformation is an important mechanism driving carbon emissions reduction, but the effects of different innovation outputs exhibit notable variations. In addition, marketization and industrial structure affect the relationship between economic growth targets and carbon emissions. The heterogeneity analysis reveals substantial spatial and temporal differences. Based on the realities of developing countries’ ongoing economic targets, this study provides a new explanation for the relationship between government policies and carbon emissions, establishing a scientific basis for policymakers to formulate strategic green development policies.

Association Between Long-Term Exposure to Ambient Air Pollution and Fasting Blood Glucose: A Systematic Review and Meta-Analysis

Increasing studies are indicating a potential association between ambient air pollution exposure and fasting blood glucose (FBG), an indicator of prediabetes and diabetes. However, there is inconsistency within the existing literature. The aim of this study was to summarize the associations of exposures to particulate matters (PMs) (with aerodynamic diameters of ≤1 μm (PM1), ≤2.5 μm (PM2.5), and ≤10 μm (PM10), respectively) and gaseous pollutants (sulfur dioxide (SO2), nitrogen dioxide (NO2) and ozone (O3)) with FBG based on the existing epidemiological research for a better understanding of the relationship between air pollution and diabetes. Up to 2 July 2024, we performed a comprehensive literature retrieval from various electronic databases (PubMed, Web of Science, Scopus, and Embase). Random-effect and fixed-effect models were utilized to estimate the pooled percent changes (%) and 95% confidence intervals (CIs). Then, subgroup meta-analyses and meta-regression analyses were applied to recognize the sources of heterogeneity. There were 33 studies eligible for the meta-analysis. The results showed that for each 10 μg/m3 increase in long-term exposures to PM1, PM2.5, PM10, and SO2, the pooled percent changes in FBG were 2.24% (95% CI: 0.54%, 3.96%), 1.72% (95% CI: 0.93%, 2.25%), 1.19% (95% CI: 0.41%, 1.97%), and 0.52% (95% CI:0.40%, 0.63%), respectively. Long-term exposures to ambient NO2 and O3 were not related to alterations in FBG. In conclusion, our findings support that long-term exposures to PMs of various aerodynamic diameters and SO2 are associated with significantly elevated FBG levels.

Multichannel Healthcare: Impact of Asynchronous Telemedicine Adoption on Patient Flow

Problem definition: This paper studies a multichannel healthcare system where physicians diagnose patients and prescribe treatment in-person or through asynchronous telemedicine (AT), a widely adopted yet relatively under-explored form of telemedicine. In collaboration with physicians at the Veterans Healthcare Administration (VHA), we examine the impact of introducing an AT channel on the existing in-person channel and on overall system performance. Methodology/results: VHA implemented AT at select clinics in the state of Georgia in 2012. Using a difference-in-differences design, we find that the introduction of the AT channel led to a sorting process whereby more complex patients were seen in the in-person channel. AT implementation led to a 20% increase in recommended visit time and an 8.5% increase in required clinical resources for in-person consultations. In addition, the adoption of AT resulted in higher throughput—more patients seen by the specialists per month across both channels. Using a fixed-effects model we find a reduction in average wait time for in-person referrals (37.5%), and for the most common medically necessary procedure (43%) despite an increase in the total number of consultations at the specialist clinic. We attribute the improved efficiency to early patient triage, better match between patient needs and treatment modality, and reduction of setup and switching costs in physicians’ workflow. Managerial implications: This paper contributes to our understanding of a rapidly expanding form of healthcare delivery: multichannel healthcare with in-person and AT channels. Our results suggest that healthcare managers and physicians can adopt AT to improve overall system efficiency. At the same time, they should take into account the additional impact of AT on the in-person channel when making capacity decisions and developing guidance on patient referrals. Supplemental Material: The online appendix is available at https://doi.org/10.1287/msom.2022.0235 .

The Impact of Cryptocurrency Exposure on Corporate Tax Avoidance Among US Listed Companies

This study examined the association between corporate cryptocurrency activities and tax avoidance outcomes, utilizing data from US public firms covering the period from 2015 to 2023. Financial data were sourced from Compustat, while details regarding cryptocurrency activities were manually extracted from 10-K and 10-Q filings. Our analysis employed a fixed-effects regression model to examine the impact of these activities on cash effective tax rates (ETR). The findings indicate that firms engaged in cryptocurrency activities tend to have a lower ETR compared with those without such involvement. Notably, this effect was predominantly observed in companies directly engaged in cryptocurrency activities, such as accepting cryptocurrency as a payment method or actively trading cryptocurrency on an exchange platform. In contrast, firms involved in crypto mining or initial coin offerings did not exhibit a similar association. Our findings offer significant regulatory insights for governance bodies concerned with the implications of corporate cryptocurrency activities on tax strategies.

Psychological needs and social comparison: a dual analysis of the life satisfaction of local workers with agricultural hukou

BackgroundBased on their place of employment, workers with agricultural hukou (WAH) are categorized into local workers with agricultural hukou (LWAH) and migrant workers with agricultural hukou (MWAH). Research shows that although LWAH often find themselves at a disadvantage in terms of labour income and access to public services, the significant growth of this group in recent years has drawn attention to their choice of workplace and the factors influencing it. Guided by the theories of self-determination and social comparison, this study aims to explore the impact of the differences between LWAH and MWAH in psychological needs and social comparisons on life satisfaction, as well as the underlying mechanisms.MethodsThis study utilizes data from the China Family Panel Studies (CFPS) from 2014 to 2020, employing a two-way fixed effects model to investigate the differences in life satisfaction between 1,976 LWAH and MWAH. Additionally, propensity score matching (PSM) is used to conduct regression analysis on the matched sample, providing a more accurate comparison of life satisfaction between LWAH and MWAH under similar individual characteristics. Finally, the study further examines the mediating effects of perceived social status and job satisfaction and analyses the differences in life satisfaction between LWAH and MWAH across dimensions such as generation, region, and work conditions.ResultsThe baseline regression results indicate that LWAH have significantly higher life satisfaction compared to MWAH, and this finding is robust to various tests. Mediation analysis reveals that perceived social status plays a mediating role in the difference in life satisfaction between LWAH and MWAH, while job satisfaction does not have a significant mediating effect. Heterogeneity analysis further shows that intergenerational, regional, and work condition differences have varying impacts on the life satisfaction of two groups.ConclusionsThis study provides important insights into understanding the workplace choices and quality of life of Chinese workers with agricultural hukou. Finally, to effectively promote situ urbanization processes, local governments need to prioritize enhancing workers with agricultural hukou (WAH)’s autonomy, sense of competence, and social status, thereby improving their perceived social status in society and attracting more labourers to return to their hometowns for work and entrepreneurship.

A measurement study of the environmental quality and medical expenditures of elderly individuals: causal inference based on machine learning

BackgroundThe global surge of environmental pollution exacerbates health issues, disease incidence, and economic strain. In China, the increasing healthcare costs of the elderly population necessitate addressing this challenge as part of the “Healthy China” strategy. We explore the impact of environmental quality on elderly healthcare expenses.MethodsThis study devised a comprehensive environmental quality index for 30 Chinese provinces, excluding Tibet, which was correlated with medical expenses for individuals older than 60 years, using China Family Panel Studies (CFPS) data. Because the traditional econometric model cannot solve the endogeneity problem and the selection of instrumental variables is subjective, a new machine learning algorithm is adopted based on the traditional ordinary least squares (OLS) model and the fixed effect model to conduct causal analysis to ensure the reliability of the results. Finally, heterogeneity analysis was conducted based on the generalized random forest algorithm.ResultsSouthern provinces such as Jiangxi and Guangxi exhibited superior environmental qualities. A regional analysis revealed a gradient where environmental quality decreased from west to east and from south to north. Both conventional and machine learning methodologies underscored a pivotal finding: enhanced environmental qualities significantly curtail elderly healthcare expenses. A heterogeneity assessment revealed that such improvements predominantly benefit elderly people in the eastern and central regions, with marginal impacts in the west. For different groups, the improvement of environmental quality can significantly reduce the medical expenditure of people aged 60 to 75, with bedtime hours between 9 and 11 PM and a lower household income.ConclusionsThis study, employing machine learning and traditional models, demonstrates that enhancements in environmental quality significantly reduce medical costs for the elderly in China, especially in the eastern and central regions, and among demographics such as individuals aged 60–75 and low-income households. These findings underscore the potential of environmental policies to lower medical costs within the “Healthy China” initiative framework. However, the study’s scope is limited by the environmental quality index and the extent of data coverage, indicating a need for further research expansion.

Effects of Agricultural Insurance on Water Pollution in China

Water pollution is the most serious environmental problems in China now, water pollution directly affects people's quality of life and the sustainable development of agriculture, and the biggest source of water pollution is agricultural non-point source pollution, so we need to pay more attention to the environmental impact of agricultural production and reduce agricultural non-point source pollution. This paper examines the environmental impact of agricultural insurance on water pollution. Using annual data from 30 provinces across China between 2011 and 2019, this paper employs a two-way fixed-effects model to examine the correlation between agricultural insurance development and agricultural pollutant emissions. Additionally, it takes agricultural carbon emissions and agricultural output value as dependent variables to comprehensively investigate the environmental and economic impacts of agricultural insurance. The research results indicate that the development of agricultural insurance has a significant effect on reducing agricultural water pollution and carbon emissions. The pollutant reduction effect is more significant in the major grain-producing areas. The positive environmental effect of agricultural insurance is based on the fact that the development of agricultural insurance is conducive to reducing the use of pesticides and chemical fertilisers and does not come at the expense of increased agricultural output.

Enterprise digitization and marine economic performance: An empirical study of listed enterprises in China's maritime economy.

The scale and connectivity of marine resources make them more complex than land resource management. Although digitization has been recognized as an organizational change process that can effectively improve resource efficiency and enhance network resilience, however, gaps remain in establishing the theoretical links between digitization and marine economic performance. Based on a panel fixed-effects model, this study evaluates the interrelationships and potential mechanisms of different firms with data from annual reports of listed firms in the marine economy in the eastern coastal region of China. The results indicate that there is a 'U-shaped' relationship between digitalization and enterprise efficiency in the maritime sector, and significant heterogeneity exists in the characteristics of these enterprises. Notably, firms' technological innovation capability can modulate the 'U-shaped' relationship through the interaction of economies of scale and economies of scope. This paper highlights how digitization mitigates the fragmentation and sectionalization of marine information and addresses the digital overload and productivity paradox that firms may face in the early stages of digitization. The study suggests that institutional diversity shapes resilience. Governments need to promote top-down regulation and industry collaboration, while marine enterprises need to coevolve collaboratively with them through bottom-up internal communication and external interaction to enhance the value chain of marine enterprises.

Studying the impact of profitability, bankruptcy risk, and pandemic on narrative tone in annual reports in an emerging market in the East

The purpose of this paper is to investigate whether the narrative tone of annual reports is influenced by profitability, bankruptcy risk, and pandemic in the context of Vietnam. The study applies the necessary regression analysis steps such as ordinary least squares (OLS), random effects model (REM), fixed effects model (FEM), and feasible generalized least squares (FGLS). Bootstrapping and System Generalized Method of Moments (SGMM) methods are used to test the robustness and address endogeneity and dynamic relationships in the data. The findings show that net tones increase while negative tones decrease in companies with high profitability. Companies at risk of bankruptcy use more negative tone and less net tone than companies that are not at risk of bankruptcy. The study also affirms that bankruptcy risk moderates the relationship between profitability and negative tone. During the COVID-19 pandemic, companies used more positive and negative tones than they did before the pandemic. After the COVID-19 situation stabilized, positive tones were used more, and negative tones were used less than during the outbreak. The research results also recognized that companies do not intend to hide information through impression management when faced with difficult economic conditions. This study has practical implications for investors and information users when considering management disclosures through the narrative tone of annual reports. To our knowledge, this is the first study (1) in an emerging market in the East—where there are fundamental cultural and linguistic differences compared to Western countries, (2) to build a list of Vietnamese words and phrases expressing emotional nuances used in finance and accounting, and (3) refers to the narrative tone of annual reports across different groups of companies.

Board diversity and firm performance in Chinese manufacturing firms: Moderating role of CEO duality

This study explores the relationship between board diversity and firm performance, with a focus on the moderating role of CEO duality in Chinese manufacturing firms. This study applies panel fixed-effect regression models for the period 2008–2022, and findings show that board diversity is positively associated with firm performance, and CEO duality negatively moderates the relationship. However, the findings also show that a highly diversified board can minimize the negative effect of CEO duality and increase the firm’s performance. Furthermore, the findings broaden the understanding of board attributes, showing that the education index is more evident among other board attributes for firm performance. This study verifies its results using the two-step system generalized method of moments approach and different board attributes in robust tests. The findings suggest that strategic efforts to promote board diversity may increase the board’s monitoring function and control managerial opportunism, ultimately improving firm performance in the Chinese business landscape. JEL CLASSIFICATIONS: G30; G34; L25

Exploring the Influence of Digital Economy Growth on Carbon Emission Intensity Through the Lens of Energy Consumption

Exploring the impact of new economic forms such as the digital economy (DE) on carbon emissions is crucial for China’s “dual carbon” goals. This paper assesses the impact of the DE on carbon emission intensity (CI) from a 2011–2021 perspective on energy consumption in 30 provinces (Hong Kong, Macao, Taiwan, and Tibet are excluded) by using a double fixed-effects model for evaluating the DE. Based on the results from 2011 to 2021, (1) China’s DE and CI differ spatially and temporally. In contrast to CI, DE shows a pattern of low in the northwest and high in the southeast. The changes are similar to Hu Huanyong’s line, with considerable changes in the southeast, especially the coastal region. (2) Chinese DE’s carbon control effects (−0.027) vary by region. A significant negative effect is seen in both the eastern and western regions, with the western region having the greatest negative effect (−0.030), and a positive but insignificant impact in the central region. (3) Total energy consumption (TEC), structure (EC) and efficiency (EI) are all pathways of its influence. Path changes in China are mainly dominated by dual paths (Accounting for over 47%), with fewer single and multiple paths. Among them, the main dual path types are TEC and EC in the east and central regions, TEC and EC, and EC and EI in the western regions; meanwhile, the paths are unchanged in most of the provinces in China, and the changed provinces are mainly in the west. Based on these findings, DE development policies based on regional energy consumption differentiation are crucial to reducing carbon emissions.