High Levels Of Investment Research Articles

Cognitive effort investment: Does disposition become action?

Contrary to the law of less work, individuals with high levels of need for cognition and self-control tend to choose harder tasks more often. While both traits can be integrated into a core construct of dispositional cognitive effort investment, its relation to actual cognitive effort investment remains unclear. As individuals with high levels of cognitive effort investment are characterized by a high intrinsic motivation towards effortful cognition, they would be less likely to increase their effort based on expected payoff, but rather based on increasing demand. In the present study, we measured actual effort investment on multiple dimensions, i.e., subjective load, reaction time, accuracy, early and late frontal midline theta power, N2 and P3 amplitude, and pupil dilation. In a sample of N = 148 participants, we examined the relationship of dispositional cognitive effort investment and effort indices during a flanker and an n-back task with varying demand and payoff. Exploratorily, we examined this relationship for the two subdimensions cognitive motivation and effortful-self-control as well. In both tasks, effort indices were sensitive to demand and partly to payoff. The analyses revealed a main effect of cognitive effort investment for accuracy (n-back task), interaction effects with payoff for reaction time (n-back and flanker task) and P3 amplitude (n-back task) and demand for early frontal midline theta power (flanker task). Taken together, our results partly support the notion that individuals with high levels of cognitive effort investment exert effort more efficiently. Moreover, the notion that these individuals exert effort regardless of payoff is partly supported, too. This may further our understanding of the conditions under which person-situation interactions occur, i.e. the conditions under which situations determine effort investment in goal-directed behavior more than personality, and vice versa.

Generalist CEOs and the readability of the 10-K report

In this paper, we investigate the association between the general managerial ability of CEOs and the readability of 10-K reports. We find that the readability of 10-K reports is lower for firms managed by CEOs with general managerial ability. Our result is robust to change analysis, an alternate readability measure, various fixed effects, an instrumental variable approach, a propensity score approach, and an entropy balancing approach. Our additional analysis reveals that general managerial ability is negatively associated with the readability of management discussion and analysis (MD&A). Moreover, the disclosure tone of 10-K reports and MD&A is conservative when firms are managed by generalist CEOs. Our findings also reveal that CEO tenure moderates the positive association between the general ability index and Gunning Fog index of 10-K reports. Finally, we find that high investment level and misstatement strengthen the association between the general ability index and the readability of 10-K reports, thus supporting the obfuscation hypothesis. We, therefore, conclude that firms incur costs in the form of lower disclosure quality when they opt for a generalist CEO.

Dynamic change and evolutionary mechanism of city land leasing network—Taking the Yangtze River Delta region in China as an example

Mapping city networks has attracted scholarly attention in urban studies, while the relevant studies focusing on land elements are lacking. This study aims to address and fill this research gap by analyzing across-city land leasing relationships. Using Yangtze River Delta region (YRDR) in China as a case, we explore the dynamic change and evolutionary mechanism of city land leasing network based on urban land leasing data and temporal exponential random graph model (TERGM). The findings reveal that: 1) At the macro level, as the interconnections between cities in the YRDR grow stronger, the inter-city flow of land elements has become growingly convenient and accessible, there is a corresponding increase in the frequency of land use rights transfer between cities. This has led to the emergence of a more intricate and interconnected city land leasing network in the YRDR. 2) At the medium level, city land leasing network in the YRDR fosters land leasing communities within province boundary. Shanghai community is identified as the strongest community, which establish a compact relationship with a large number of cities in Zhejiang, Jiangsu, and Anhui provinces. The province of Zhejiang, Jiangsu, and Anhui have also foster communities with provincial capitals as the core, respectively. 3) At the individual level, Shanghai is the primary recipient city in terms of cross-city land leasing relationships, followed by provincial capital cities of Hangzhou, Nanjing, and Hefei. 4) Significant effects, including endogenous structural effects, actor-relation effects, exogenous network effects, and time effects, could be found in the city land leasing network of the YRDR. The city land leasing network in the YRDR is influenced by endogenous structural factors such as popularity, transitivity, and connectivity. Cities with low economic development levels, strong land leasing intervention, high real estate development investment levels, and high land leasing prices are more likely to lease land to other cities. Cities with higher levels of economic development, higher levels of industrial structure upgrading, higher levels of real estate development investment, and higher land prices are more likely to lease land from other cities. Furthermore, cities within the same province or within Yangtze River Delta Urban Agglomerations (YRDUR) are more likely to foster inter-city land leasing relationships, while the distance between cities negatively affects the establishment of inter-city land leasing relationships.

SOCIAL DILEMMAS OF THE SWEDISH ECONOMIC MODEL IN THE POST-WAR PERIOD

The article analyzes the stages development of the Swedish economic model from the mid-nineteenth century to the crisis in period 20082010. Sweden is the richest Scandinavian country and one of the most industrialized countries in the world. Sweden is an economically highly developed and efficiently organized country. For the last few years, the economy has been in a phase of economic growth. In the period 20182021, the gross domestic product (GDP) grew at a rate of almost 2.0% in the conditions of low inflation (approx. 3% annually) and a relatively high unemployment rate (7.0% in 2019 and 8.8% in 2021). The economic results achieved by Sweden are not accidental. This is the result of the harmonized economic policy pursued continuously by the Swedish government, which actively affects the material course of economic growth processes in this country. The development of economic policy in Sweden can be divided into two periods: the first (1970s and 1980s) was characterized by the decline of traditionally understood industrialization. The change in the political arena in the period 1976-1982, which resulted in the removal of the Social Democrats from power, did not stop the subsequent fiscalism and the increase in public and social spending. The rate of economic growth in the long-term horizon was declining. Between 1961 and 1970, the average annual growth of Swedish GDP was 8.9%, 5.6% in the 1970s and 6.9% in the 1980s, respectively.The process of internationalization of Swedish enterprises, liberal approaches to economic cooperation with foreign countries and the recovery of public finances, whose dynamic development took place in the 1990s, are the second characteristic period in Swedens economic policy. For more than two decades, Swedish governments have maintained strong fiscal discipline. After theeconomic reset in the early 1990s, the general downward trend in the share of public spending in Swedish GDP seems to have come to a halt. In the last 3 years (20192021), public spending did not exceed 50% of GDP. Moreover, Sweden has maintained a low level of public debt for years. The ratio of public debt to GDP decreased from 78% (1994) to 35.2% (2019), 39.6% in 2020 and in 2021 36.7%. One of the important factors enabling the rapid economic growth of Sweden was high expenditure on research and development (R&D). For several years, Sweden has been at the forefront of countries investing the most in the development of new technologies. An important factor in Swedens economic growth has also been the high level of foreign investment. According to UN statistics, Sweden is one of the most attractive places to invest foreign capital. The impulse of the Swedish economy over many years was the development of exports, which in 2021 reached the level of approx. PLN 176 billion. Euro, which puts Sweden at the forefront of the world. The share of exports in creating the Swedish GDP in 2021 was as much as 45.5%.The EU membership also had a positive impact on Swedens economic development.Swedens social and economic success has also been achieved on the basis of the lessons learned from the financial crisis of the early 1990s. The unchanging strategy and economic policy, together with competitiveness, innovation and a flexible approach to trade, have made Sweden today a highly competitive country with an economy that achieves measurable successes.

Effects of the digital economy on carbon emissions in China: an analysis based on different innovation paths.

As the digital economy grows rapidly around the world, how would it impact carbon emissions? This paper discusses this issue from the perspective of heterogeneous innovation. Based on the panel data of 284 cities in China from 2011 to 2020, this paper empirically examines the impact of the digital economy on carbon emissions as well as the mediating and threshold effects of different innovation modes. The study finds that the digital economy can significantly reduce carbon emissions; this conclusion holds after a series of robustness tests. Independent innovation and imitative innovation are important channels through which the digital economy affects carbon emissions, but technological introduction is not an effective way. For regions with high levels of financial investment in science and innovative talents, the reduction in carbon emissions from the digital economy is more significant. Further research shows that the effect of the digital economy on carbon emissions has a threshold feature, with an inverted U-shaped relationship between the two, and that an increase in autonomous innovation and imitation innovation can enhance the digital economy's carbon reduction effect. Therefore, it is necessary to strengthen the capacity of independent innovation and imitation innovation to exploit the carbon-cutting effect of the digital economy.

Investigating a three-way interaction of manufacturer control, retail control and dependence on salesforce performance. Does the role of frontline employees matters ?

Dependence and retailer control on manufacturer's salesforce imply several challenges in retail channels. This research addresses how they affect the relationship between manufacturer control and salesforce performance due to the high level of salesforce investment. We conduct a moderated-moderation analysis.We investigate the moderating roles of retailer control and dependence on the relationship between manufacturer control and salesforce performance. To take into account the importance of the store frontline employee, we next studied the influence of his perception of the salesforce on the sales control systems in retailing. First, our results show that salesforce performance is influenced directly by manufacturer process control and, retail control and dependence moderate this relationship in two-way and three-way interactions. The salesforce subject to process control by manufacturer improves his performance under strong retailer outcome control while the manufacturer is in a low relative dependence. Second, employee perception of the salespeople mediates the link between manufacturer process and retailer outcome controls. We test our model in two studies and theoretically integrate retailer control, dependence, and employee perception of the salesforce, in the sales control literature. In the end, we provide practical implications to further improve salesforce performance and employee perception of the salespeople and future research suggestions.

Public Investment in Short-Cycle Tertiary Vocational Education: Historical, Longitudinal, and Fixed-Effects Analyses of Developed and Less-Developed Countries

We use three analytic steps to examine public investment in short-cycle tertiary education. First, reviewing the historical development, the literature reveals that national and regional policies on educational development emphasized bachelor’s programs in vocational education in the early twenty-first century, especially in the EU. This historical background informs the longitudinal trend analysis in the second step of the educational and public investment variables (2000–2018) in our econometric analysis. The combined descriptive studies illuminate competitive advantages for EU and ASEAN nations in networks emphasizing open economic and academic exchange. Third, the fixed-effects analysis indicates a higher level of investment in general tertiary education per student, associated with a lower enrollment level in short-cycle vocational and technical tertiary programs. Using insights from this three-step process, we explore the implications of a nation’s capacity to invest in short-cycle tertiary programs as part of economic development and the pursuit of social equity within and across countries. Specifically, we conclude that short-cycle programs are a step toward integrating vocational education into programs in polytechnics and other higher education institutions.

Green Finance or Daltonic Finance?

Clean energy is currently a top priority on the global agenda, and green bonds have emerged as a key response from financial markets. However, while these bonds aim to reduce carbon emissions, they may create perverse incentives. Brazil has made significant investments in eolic parks in recent years, with players issuing green bonds to finance these activities. One region that has seen high levels of investment is the interior of Bahia state, which has historically had low levels of economic and social development. Unfortunately, the production of wind energy in this region has been marked by several social conflicts. Despite this, these conflicts have largely gone unnoticed, as the appeal of clean energy has overshadowed them. Social issues such as land disputes are critical but often overlooked in green finance mechanisms. In some cases, these financial incentives may incentivize land grabbing from vulnerable populations in the name of clean energy production.

PENGARUH EARNING PER SHARE, DEBT EQUITY RATIO, PRICE EARNING RATIO TERHADAP RETURN SAHAM

Investment in a company is very important so that the company can carry out its business activities. Companies with a high level of investment will be able to attract investors who have an effect on stock returns or profits to be obtained by investors. The object of this study is to examine the Customer Goods sub-sector companies listed on the IDX. This study aims to determine the effect of earnings per share (EPS) on stock returns, the effect of debt-equity ratio (DER) on stock returns, and the effect of price-earnings ratio (PER) on stock returns. The method used in this study is a quantitative method with secondary data. This study's population consisted of all consumer goods companies listed on the IDX from 2018 to 2021.The sample was taken using a purposive sampling technique. The analysis technique used in this study uses multiple linear regression techniques using the classical assumption test (F), multicollinear test, and t test. The results of this study indicate that EPS does not have a significant negative effect on stock returns. DER has no significant effect on stock return, so H2 is rejected. H1 is rejected because PER has no partially significant effect on stock return.

Legal Construction of Crypto Assets as Objects of Fiduciary Collateral

Crypto assets have become the commodities traded on the Futures Exchange. Based on the data from the Ministry of Trade, the number of crypto asset investors in Indonesia will reach 11 million people by the end of 2021. The high level of crypto investment and public interest in crypto as a digital asset provide excellent opportunities for Indonesia's digital industry and economic growth. This research will discuss the use of crypto assets as objects of fiduciary collaterals and the legal framework used as a legal basis for crypto assets subject to fiduciary collaterals. The research methodology is normative juridical applied using a comparative approach to the laws in Indonesia and Vietnam because the rules regarding crypto assets in Vietnam are clearer. The data collected were secondary data, and the they were analysed using qualitative data analysis. The results of the study show that crypto assets are intangible movable objects that have economic value and can be transferred due to an agreement through each user's account so that conceptually crypto assets can be used as fiduciary collateral objects. However, considering that crypto assets are digital currencies cannot be predicted, legal protection for creditors holding crypto asset collaterals is still weak. In addition to the absence of regulations that specifically regulate crypto assets that can be used as objects of fiduciary collateral, there are also difficulties in execution, so there is a need for a construction legal umbrella that regulates crypto assets to be used as fiduciary collateral objects.

Executive Partisanship and Corporate Investment

Abstract I show that an alignment in partisan affiliation, between a firm’s management and the president, is associated with higher levels of investment. Using insider trading data, I find that managers become more optimistic about their companies’ prospects when their preferred party is in power. This optimism-driven increase in investment is amplified by herding and associated with both lower profitability and stock returns. Overall, managers’ political beliefs produce heterogeneous expectations about future cash flows and distort investment decisions.

THE ABILITY OF HIGHER EDUCATION SYSTEM OF UKRAINE TO PROVIDE PERSONNEL NEEDS OF THE NATIONAL RENEWABLE ENERGY INDUSTRY

The study made it possible to establish that the current state of training specialists in the field of renewable energy will not allow in the near future to quickly achieve the goals of intensive development of renewable energy proclaimed by the country's leadership. This will not improve the energy security of the regions and the country as a whole. This conclusion is based on the fact that, firstly, the training of specialists in Ukraine in educational programs on renewable energy is carried out by a limited number of higher education institutions, a significant number of which are accredited only by mid-2024. Secondly, the number of applicants operating in the current educational mastered this specialty in all years of study is not high. This will make it possible to rejuvenate the staff of workers serving existing renewable energy facilities. However, it will not allow to achieve the rapid development of projects for the introduction and use of alternative energy sources in the country. The work systematizes the markers of success, the focus on which by the guarantors of educational programs on renewable energy will improve the quality of educational services and interest applicants. These markers define the highly professional staff of teachers in the framework of educational programs; provision of the educational process of the educational program with certified laboratories with high-tech equipment; the availability of double degree programs in the specialty of the world's leading universities and international mobility programs; conducting joint scientific research with foreign scientists; introduction of a practice-oriented approach to learning.
 The most effective directions for increasing the number of highly qualified profile specialists in renewable energy in the labor market of Ukraine in the post-war period are formulated. These areas were recognized as increasing the level of wages in the field of renewable energy; ensuring a high level of investment for the development of human capital in renewable energy enterprises; expanding opportunities for professional development in the industry; improving the quality of existing and opening new educational programs for training specialists in renewable energy; providing a full cycle of training specialized professionals on the basis of the country's leading institutions; increase in public opinion the prestige of the entire spectrum of professions related to renewable energy. This should allow solving the rather painful problem of energy security for Ukraine.

The impact of digital transformation on the total factor productivity of heavily polluting enterprises

In the digital economy, the relationship between digital transformation and a company's total factor productivity has profound implications for high-quality business development. Heavy polluters are given more environmental responsibility because of their high pollution and emission characteristics. This paper analyses the theoretical framework for the impact of digital transformation on the total factor productivity of heavily polluting firms. Using a sample of Shanghai and Shenzhen A-share heavy polluters from 2010 to 2020, we explore how the digital transformation of heavy polluters affects the total factor productivity of firms. The study found that the digital transformation of heavily polluting companies can effectively improve total factor productivity, internally by increasing their level of green technology innovation and externally by increasing their willingness and capacity for corporate social responsibility. At the same time, digital transformation can improve total factor productivity by reducing cost stickiness, revealing the "black box" in which digital transformation affects the total factor productivity of an enterprise. It was further found that the digital transformation of companies with high levels of environmental investment, large enterprises, those in non-manufacturing industries, and heavy polluters of a state-owned nature had a more significant impact on total factor productivity. The findings of the study provide empirical evidence for the digital transformation of heavily polluting companies to improve productivity and the green transformation of the economy for companies under the low carbon goal.

Government programmes for support of local governments 2018–2022

In the period of 2018–2022 Polish government implemented the record number of programs for financial support of local governments. Their aim was to improve local services, maintain the high level of investments, aid in the fight against COVID-19 pandemics and rebuilding the economy, as well as equalising the potential decline of incomes related to the taxation reforms implemented since 2019. Programs on the record amount of 135,58 billion PLN helped to remain the investments on the earlier level, as the COVID-19 pandemics caused only temporary decline in own revenues.

The Impact of Capital Investments on Firm Financial Performance – Empirical Evidence from the Listed Food and Agriculture Companies in Vietnam

Capital investment is one of the most important financial decisions of a firm, which effects the business survival. This paper investigates the impact of capital investments on firm performance to provide an insight for future capital investment decisions of companies. The study uses unbalance panel data gathered from 62 companies which covered 688 observations of listed food and agriculture sector in Vietnam stock exchange during the period 2009 – 2020. To control for unobserved individual effects, the random effect estimator was employed. Profit margin (PM) is used as a proxy for firm performance, while independent variables are capital investment rate in both short-term and long-term effect, equity to total assets ratio, firm size and tangible to fixed assets ratio. The results indicate that capital investments have statistically significant positive impact on long-term performance of the analyzed enterprises. This outcome is in accordant with many previous studies. Especially in the context of Vietnam listed food and agriculture companies have high level of capital investment, a portion increase in capital investment rate will increase the company profit margin. Other variables also have statistically significant relationship with profit margin, in details, equity ratio and size have positive effect while tangible assets ratio has negative effect on firm performance. Therefore, the research suggest firm managers should choose the appropriate capital investment strategies in long-term perspective, within the consideration of equity ratio, economics of scale and tangible assets investment ratio to get the most efficient performance.

Occasionally binding liquidity constraints and macroeconomic dynamics

What drives nonlinearities in modern macroeconomic models? Building on global methods, the present paper isolates the effects associated with an occasionally binding constraint in a widely discussed macro-finance framework. Only the proper computational treatment provides a holistic understanding of the (hidden) economics in tail events, and the full reflection of large and consecutive shocks in economic forecasts. An improper treatment provides an overestimation of asset pricing dynamics and a misleading association between high levels of capital and liquidity and high levels of investment.

Importance of mangrove plantations for climate change mitigation in Bangladesh.

Mangroves have been identified as blue carbon ecosystems that are natural carbon sinks. In Bangladesh, the establishment of mangrove plantations for coastal protection has occurred since the 1960s, but the plantations may also be a sustainable pathway to enhance carbon sequestration, which can help Bangladesh meet its greenhouse gas (GHG) emission reduction targets, contributing to climate change mitigation. As a part of its Nationally Determined Contribution (NDC) under the Paris Agreement 2016, Bangladesh is committed to limiting the GHG emissions through the expansion of mangrove plantations, but the level of carbon removal that could be achieved through the establishment of plantations has not yet been estimated. The mean ecosystem carbon stock of 5-42 years aged (average age: 25.5 years) mangrove plantations was 190.1 (±30.3)Mg C ha-1 , with ecosystem carbon stocks varying regionally. The biomass carbon stock was 60.3 (±5.6)Mg C ha-1 and the soil carbon stock was 129.8 (±24.8)Mg C ha-1 in the top 1 m of which 43.9 Mg C ha-1 was added to the soil after plantation establishment. Plantations at age 5 to 42 years achieved 52% of the mean ecosystem carbon stock calculated for the reference site (Sundarbans natural mangroves). Since 1966, the 28,000 ha of established plantations to the east of the Sundarbans have accumulated approximately 76,607 Mg C year-1 sequestration in biomass and 37,542 Mg C year-1 sequestration in soils, totaling 114,149 Mg C year-1 . Continuation of the current plantation success rate would sequester an additional 664,850 Mg C by 2030, which is 4.4% of Bangladesh's 2030 GHG reduction target from all sectors described in its NDC, however, plantations for climate change mitigation would be most effective 20 years after establishment. Higher levels of investment in mangrove plantations and higher plantation establishment success could contribute up to 2,098,093 Mg C to blue carbon sequestration and climate change mitigation in Bangladesh by 2030.

УПРАВЛІННЯ БЕЗПЕКОЮ ПІДПРИЄМСТВ ІНДУСТРІЇ ГОСТИННОСТІ В СУЧАСНИХ УМОВАХ

The article reveals the issue of guest safety for every hotel business is of primary importance. However, among the large number of security systems on the world and national markets, there is a need to organize such a security system in hotels, which should be not only effective and functional, but also economically profitable and easy to operate. Effective management of the security system should be based on the creation of integrated solutions that increase the level of security and at the same time improve it. The top management of hotel enterprises should try to ensure the international level of service quality, namely safety. Hotel security management involves not only a high level of investment in the security system itself, but also the creation of such a «safe climate» that can be achieved by effective management. The purpose of the article is to identify the main elements of hotel security management and develop a general security management methodology for further possible use in the process of operation and development of hospitality industry enterprises. The theoretical and methodological basis of the dissertation work became the provisions of economic theory, set forth in the works of leading foreign and domestic scientists. The article highlights the main characteristics of hotel security management and defines its role in the functioning and development of hotel enterprises. The essence of security has been studied and the main threats to the hotel that may arise in the process of hotel management have been considered. A general method of security management of hotel enterprises on a protocol basis is proposed. The practical significance lies in the development of scientific and practical approaches to the creation of an effective hotel management apparatus at the national level. Carrying out a theoretical justification of the choice of a certain security management system. Development of new areas of hotel security management based on the results of the specified assessment.

ANALISIS PENGARUH UPAH MINIMUM, INVESTASI DAN PENGELUARAN PEMERINTAH TERHADAP PENYERAPAN TENAGA KERJA DALAM PERSPEKTIF EKONOMI ISLAM

Abstract. 
 Absorption of labor is an important problem in national development where the number is increasing from year to year as a result of the increase in population, while the available job opportunities are limited in number, so that the unemployment rate in several cities is increasing. A high level of investment will increase production capacity which will eventually lead to the creation of new jobs. That way, the unemployment rate can be reduced and people's incomes will increase. This research is a quantitative research with secondary data in the 2015-2021 observation period. Data collection in this study uses the documentation method for data on Population 15+ Working, Investment and Minimum Wage obtained from BPS, Department of Manpower and Office of Investment. The collected data is analyzed using multiple linear regression analysis. Overall, the results of multiple linear regression analysis and hypothesis testing can be concluded that partially investment and minimum wages have no significant effect on employment in Indonesia. Simultaneously, it shows that the investment and minimum wage variables have no simultaneous effect on employment in Indonesia. The lack of effect of investment on labor absorption in Indonesia is due to the fact that more investment is channeled into the capital-intensive project sector (services) compared to the labor-intensive project sector, where the capital-intensive project sector absorbs only a small amount of labor. Meanwhile, the minimum wage has no effect on labor absorption because the majority of the working population in Indonesia have received relatively high wages or exceeded the minimum wage. Employment. Absorption of labor in the perspective of Islamic economics is that the government has made various efforts as its responsibility to provide jobs for its people. The essence of Islamic economics in reviewing the power market based on an Islamic perspective shows the potential in generating economic equality in society and realizing prosperity
 
 Keywords: national development, Investment, Minimum Wage

Health Damage of Air Pollution, Governance Uncertainty and Economic Growth

The evaluation of environmental and health governance processes is an important part of the innovation and perfection of modern governance systems. Based on the macropanel samples, this paper analyzes the impact of the health damage caused by air pollution (APHD) on economic growth and the related mechanisms accordingly using the moderate model and the threshold model. The results can be concluded as follows: (1) After locking in the health damage perspective, the APHD has a negative impact on economic growth. When other conditions are met, economic growth will significantly drop by 1.233 percent for each unit increase in the APHD index. (2) There is a moderate effect of governance uncertainty in APHD on economic growth with different characteristics. The combination of governance uncertainty and APHD can significantly inhibit economic growth, and this moderating effect has different impacts due to heterogeneous conditions. Spatially, this inhibitory effect is significantly obvious in the eastern, central, and western regions, while the negative effect is significant in areas north of the Huai River with medium and low self-defense ability. Additionally, compared with the delegating of governance power at the municipal level, when the governance power is delegated at the county level, the interaction between the governance uncertainty constructed by income fiscal decentralization and APHD has a less negative economic effect. (3) There is a threshold effect under the conditions of a low level of decentralization of prevention and control, a high level of investment in governance, and a low level of APHD. However, under the condition of a certain APHD level, when the decentralization level of pollution control is higher than 7.916 and the input level of pollution control in GDP is lower than 1.77%, the negative moderating effect can be effectively reduced.