Investment Efficiency Research Articles

Spatial differentiation and influencing factors of red tourism resources transformation efficiency in China based on RMP-IO analysis

This study employs modified data envelopment analysis (DEA) models and spatial autocorrelation methods to analyze the characteristics of red tourism transformation efficiency and categorize them into efficiency zones. By utilizing geographic detector models, the interactive driving mechanisms behind spatial differentiation are revealed, providing valuable insights for the high-quality transformation and development of China's red tourism economy. The application of modified DEA models facilitates the evaluation of red tourism resource transformation efficiency by decomposing comprehensive efficiency into single-factor efficiency for individual input and output variables. The results indicate that: (1) Expansion of tourism factors is crucial for achieving red tourism resource transformation in China, with low efficiency in resource endowment investment acting as the primary constraint. (2) Local spatial correlation between production efficiency and resource transformation efficiency demonstrates a decreasing trend from east to west, leading to the classification of China’s red tourism resources into five types of efficiency zones. (3) Endogenous ability factors predominantly affect red tourism resource transformation efficiency, with interaction between internal and external factors driving spatial differentiation.

Economic Effectiveness and Forecasting of Scientific Activity in Azerbaijan

In the conditions of increasing international competition, sustainable development of the economy is considered to be one of the priority areas of scientific activities in the country. Since science and high technologies are the fundamental basis of innovative development, the strengthening of scientific, technical, and innovative potential for countries is considered as the goal of economic policy. In this context, the ability to achieve achievements related to scientific activity and to implement the obtained results becomes one of the factors that ensure the competitiveness of both the economy and fields and subjects in the global competitive environment. The effectiveness of scientific activity directly depends on the funding of research and development. The comparison of costs and results is closely related to the consideration of different time intervals between financing and the achievement of commercial results. Therefore, investments related to the commercialization of science appear as investments in the future. Thus, the application of the results of scientific activity to production, being considered an important factor of production intensification, ensures the increase of labor productivity, the reduction of production costs, and the improvement of the efficiency of capital investments. These, in turn, are the main conditions for the effectiveness of the integration of science and production. In the research, the effectiveness of scientific activity, the factors affecting it, the possibilities of expanding the application of scientific activity to production, and the forecast indicators of the volume of scientific and technical works shortly are determined.

From advanced hydraulic modelling to performance indicator for the efficiency of investments in leakage management of pressurized water systems

IntroductionThe digital transition is meant as the review of processes using digital technologies and strategies to increase efficiency based on a simpler collection of representative data. The process of interest here is the leakage management in systems distributing water. ObjectiveTo develop a novel key performance indicator (KPI) for leakage management considering the needs of ongoing digital transition in the water sector, which is opening a new era in the management of drinking water infrastructures. MethodologyThe novel KPI, named Asset Management Support Indicator, is developed starting from advanced hydraulic modelling and the physical laws governing leakage outflows, in order to be physically based and rational for increasing the efficiency of leakage management activities using representative process data. ResultsThe Asset Management Support Indicator supports effective leakage management strategies by driving towards efficiency, as discussed and demonstrated using several real case studies. ConclusionThe novel indicator is consistent with the digital transition perspective and current need of increasing the efficiency of water utilities, and it is also suitable to be adopted by water authorities to benchmark their performances, because it overcomes the weaknesses of traditional KPIs.

Green credit, financing constraints, and corporate investment: From the perspectives of scale and efficiency

Green credit plays a crucial role in resource allocation as it serves as a link between financial systems and environmental protection. This study utilizes the “Green Credit Guidelines” issued by the China Banking Regulatory Commission in 2012 as an exogenous shock, employing the Difference-in-Differences (DID) approach to examine the impact of green credit policies on corporate investment levels. The findings reveal that green credit enhances investment efficiency by reducing the investment scale of high-pollution enterprises. Furthermore, considering the temporal nature of policy impact and strategic responses from enterprises, these effects become evident and increasingly strengthened two years after policy implementation. The financing constraint intermediary mechanism suggests that financing constraints only serve as an intermediary factor between green credit policies and investment efficiency, exerting relatively weak control over short-term investment scales. Additionally, internal and external regulatory mechanisms along with enterprise heterogeneity indicate asymmetric effects resulting from green credit policies. Policy implications derived from this research emphasize the necessity for a rational combination of command-and-control environmental regulations with green credit policies while also improving upon existing green credit measures to prevent strategic corporate behavior.

The Impact of Digital Economy on Domestic Trade and Investment Efficiency Measurement and Heterogeneity Analysis

Against the backdrop of a new round of booming technological revolution, the digital economy has brought about high-quality development for trade. This paper is based on the 2011-2019 China's trade and investment in China, which will have a profound impact on China's trade and investment. This paper is based on the2011-2019 China. The spatial panel data of 30 provinces (excluding Tibet, Hong Kong, Macao and Taiwan) were analysed by using OLS model, panel solid model and panel data. Construct correlation regression models using fixed effects model, panel random effects model, differential GMM and systematic GMM methods. type and "Digital Economy Development Level Indicator System" to study the impact of the digital economy on the efficiency of domestic trade and investment.so as to contribute to the promotion of high-level opening up to the outside world, the deepening of domestic demand strategy, and the construction of " trade power".

Mapping the exposure of tourism to weather extremes: the need for a spatially-explicit gridded dataset for disaster risk reduction

Abstract Tourism is a highly important economic sector worldwide, yet it is often less than optimally represented in terms of detailed spatial information. An accurate spatial representation of tourism can provide valuable insights into the spatial distribution of tourism vulnerabilities and exposure, allowing policymakers to make informed decisions and develop effective strategies for disaster risk reduction and climate change adaptation policies. Here, we stress the need for and propose a first prototype of an open-access spatially-explicit gridded database based on social media data for over 150 different tourism-related classes that depicts tourism density (supply and demand) and perceived satisfaction in Europe. We showcase the potential benefits of such database by mapping the exposure of specific tourism sectors to a range of weather extremes, including floods, windstorms, and heat stress. Based on these results, we argue that a homogeneous spatially-explicit database of tourism is essential to support efficient investments in preparedness and disaster resilience.

Price Delay and Market Efficiency of Cryptocurrencies: The Impact of Liquidity and Volatility during the COVID-19 Pandemic

The rise of cryptocurrencies as alternative financial investments, with potential safe-haven and hedging properties, highlights the need to examine their market efficiency. This study is the first to investigate the combined impact of liquidity and volatility features of cryptocurrencies on their price delays. Using a wide spectrum of cryptocurrencies, we investigate whether the COVID-19 outbreak has affected market efficiency by studying price delays to market information. We find that as liquidity increases and volatility decreases, cryptocurrencies demonstrate stronger market efficiency. Additionally, we show that price delay differences during the COVID-19 outbreak increase with higher levels of illiquidity, particularly for highly volatile quintiles. We suggest that perceived risks and high transaction costs in illiquid and highly volatile cryptocurrencies reduce active traders’ willingness to engage in arbitrage trading, leading to increased market inefficiencies. Our findings are relevant to investors, aiding in improving their decision-making processes and enhancing their investment efficiency. Our paper also presents significant implications for policymakers, emphasizing the need for reforms aimed at enhancing the speed at which information is incorporated into cryptocurrency returns. These reforms would help mitigate market distortions and increase the sustainability of cryptocurrency markets.

The Optimal Infrastructure Design for Grid-to-Vehicle (G2V) Service: A Case Study Based on the Monash Microgrid

The electrification of the transport sector has emerged as a game changer in addressing the issues of climate change caused by global warming. However, the unregulated expansion and simplistic approach to electric vehicle (EV) charging pose substantial risks to grid stability and efficiency. Intelligent charging techniques using Information and Communication Technology, known as smart charging, enable the transformation of the EV fleets from passive consumers to active participants within the grid ecosystem. This concept facilitates the EV fleet’s contribution to various grid services, enhancing grid functionality and resilience. This paper investigates the optimal infrastructure design for a smart charging system within the Monash microgrid (Clayton campus). We introduce a centralized Grid-to-Vehicle (G2V) algorithm and formulate three optimization problems utilizing linear and least-squares programming methods. These problems address tariff structures between the main grid and microgrid, aiming to maximize aggregator profits or minimize load fluctuations while meeting EV users’ charging needs. Additionally, our framework incorporates network-aware coordination via the Newton–Raphson method, leveraging EVs’ charging flexibility to mitigate congestion and node voltage issues. We evaluate the G2V algorithm’s performance under increasing EV user demand through simulation and analyze the net present value (NPV) over 15 years. The results highlight the effectiveness of our proposed framework in optimizing grid operation management. Moreover, our case study offers valuable insights into an efficient investment strategy for deploying the G2V system on campus.

The impact of investment in human capital on investment efficiency: a PLS-SEM approach in the context of Bangladesh

The impact of investment in human capital on investment efficiency: a PLS-SEM approach in the context of Bangladesh

Navigating The Impact of Outsourcing Rule Changes Under the Omnibus Law on Job Creation

The Job Creation Law introduces fundamental changes in employment in Indonesia. This article discusses the impact of changes in outsourcing rules in the Omnibus Law on job creation. Using research methodology involves an in-depth analysis of legislation and secondary data from the legal literature. The results show that changes to outsourcing rules have complex impacts, with the potential for increased investment and efficiency, but also the risk of decreasing workers' rights. The paper concludes the need for responsive regulation to maintain a balance between the interests of companies and workers, ensuring fairness in labor relations. A better understanding of the complexity of changes to outsourcing rules in the Omnibus Law is expected to help improve policies to support sustainable economic growth and worker welfare. Concluded that changes to outsourcing rules can improve a company's investment and operational efficiency, but also create uncertainty and potential impairment of workers' rights and protections. Therefore, responsive legal protection and transparency of information are crucial to maintaining fairness in employment relations. This journal contributes to a better understanding of the complexity of changes to outsourcing rules in the Omnibus Law and raises awareness for better regulatory adjustments to support economic sustainability and worker welfare.

Too scared to make mistakes at home: CEO hometown identity and corporate risk-taking

While prior conceptualizations acknowledge that CEOs’ psychological traits influence firm outcomes, it remains unknown whether and how hometown identity as an important character of CEOs affects corporate risk-taking. Drawn upon place identity theory, our study investigates whether CEO hometown identity mitigates or encourages firms' risk-taking. Using a sample of Chinese listed firms between 2008 and 2020, we show that CEO hometown identity significantly reduces corporate risk-taking, and this finding holds after a battery of robustness checks. Our cross-sectional analyses further reveals that this effect is stronger for female CEOs but weaker for CEOs with international experiences. Additionally, we demonstrate that the reduction in firm risk-taking is achieved through lower financial leverage, enhanced investment efficiency, and reduced earnings management. Collectively, by highlighting the importance of CEO hometown identity, our study furthers the understanding of how CEO psychological traits influence corporate risk-taking.

Does CEO's disaster experience affect corporate maturity mismatch?—Evidence from the Great Famine in China

This paper studies the impact of CEO's childhood famine experience on corporate maturity mismatch. We find that such experience significantly exacerbates maturity mismatch, which is attributed to CEO's overconfidence and rising risk appetite caused by the Great Famine. Subsequent analysis provides the evidence of active mismatches by famine CEOs, and reveals that this proactive behavior results in a reduction in investment efficiency. Furthermore, we reveal that both internal control and institutional shareholding significantly restrain maturity mismatch caused by the famine experience, while oversight from insurance institutions instead amplifies the maturity mismatch issue.

Does News Media Affect Firm Innovation in Emerging Markets? Evidence from China

We examine whether and how news coverage affects innovation using an extensive collection of more than 188,000 firm‐specific press articles written by journalists from the most influential Chinese newspapers. We find that news coverage has a positive impact on firm innovation outputs. This positive effect is more pronounced for firms with weak internal governance and external monitoring, opaque corporate disclosure, high R&D intensity, and limited access to financing for innovation, for news articles that are related to innovation and corporate governance, and for news articles that are issued by news media that are subject to less political intervention and by socially unconnected news media. Our analysis of firm innovation strategies shows that the increased innovation outputs are a result of an increase in in‐house R&D investment and innovation efficiency, rather than acquisition of innovation from external channels that can quickly increase quantifiable innovation outputs. We also find that news coverage reduces analyst earnings forecast dispersion and insiders’ tunnelling of corporate resources and managerial perks, while increasing firms’ investor base. Overall, our research provides new insights into the role of the news media in firm innovation in an emerging market, especially when firms have a poor information environment and corporate governance mechanisms, and when news coverage has high informativeness and independence.

Functional subsidies, selective subsidies and corporate investment efficiency: Evidence from China

We investigate the relationship between functional subsidies, selective subsidies, and investment efficiency through meticulous compilation of information on government subsidies, and the implementation of an innovative categorization methodology based on the nature and timing of funds (ex-ante versus ex-post). Our findings suggest that the effects of subsidies exhibit asymmetry by alleviating underinvestment while exacerbating overinvestment, and functional subsidies exert a stronger influence compared to selective subsidies. Financial constraints are found to serve as the major mechanism, and firms with easier access to financing may not effectively utilize subsidies, while those facing severe financial constraints are less prone to misusing them.

Optimization method for renewable energy investment planning in the electricity carbon coupling market environment considering economy

China is developing rapidly in renewable energy development, electricity market reform, and carbon market construction, using market mechanisms for efficient planning and investment. The electricity and carbon markets are interrelated for market entities. This context has led to a dual-level optimization model for renewable energy investment planning, considering cost recovery and new power system goals. The model includes deriving electricity carbon coupling quotations for conventional units based on dynamic carbon emission characteristics and proposing an electricity spot market mechanism influenced by carbon quota trading. The model’s upper level maximizes renewable energy investment capacity, determining its size and location, while the lower level simulates electricity spot and voluntary emission reduction market trading to guide investment decisions. The model transformed into a mixed integer linear programming problem for optimal solutions was validated numerically, examining various factors affecting optimal renewable energy investment capacity.

Unlocking Flexible Electric Vehicle Charging via New Rate Design

A high penetration of electric vehicles (EVs) will deeply impact the management of electric power systems. The risk of not providing adapted EV pricing signals can lead to inefficient investments in grid infrastructure. To avoid costly grid reinforcements and to ensure proper guidance for EV charging, a solution allowing customers to access EV-only rates without installing a separate meter, which we refer to as submetering, is an attractive option for EV owners and grid operators. We develop a game-theoretical model expressed and treated as a mathematical program with equilibrium constraints (MPEC) to capture the interaction between a national regulatory authority (NRA) designing these tariffs and heterogeneous agents. This framework represents a stylized regulatory setup applicable to several European countries. First, we analyse the conditions in which EV-only tariffs can be applied for domestic charging by comparing different energy profiles. Second, we study the impact of EV charging on different tariff structures to identify the most efficient way of recovering network costs. We found that the adoption of submetering under a pure volumetric tariff can bring yearly gains varying from [Formula: see text] to [Formula: see text] to consumers with EV. Finally, we derive policy implications from the results.

Labor Mobility Networks and Green Total Factor Productivity

Population migration continues to reshape the spatial pattern of China’s population and regional economic development. During this internal migration process, production and consumption patterns often change, ultimately leading to changes in green total factor productivity. This paper, based on the Chinese population census data and 1% sampling survey data from 2005 to 2015, utilizes social network analysis methods to measure the labor mobility network indicators of 284 prefecture-level cities. Further, this paper analyzes the impact and mechanisms of regional network status on green total factor productivity using a panel fixed effects model. We find that as network density increases, the interpersonal connections between regions become closer, and the network exhibits a clear pattern of “concentrated inflows” and “dispersed outflows”, with the trend of forming strong alliances becoming increasingly apparent. Regions positioned centrally either in terms of network in-degree or out-degree exhibit higher green total factor productivity. Among these, the labor mobility network plays a crucial role in enhancing green total factor productivity through the channel of technology diffusion effects, which improve investment efficiency via knowledge exchange and material capital accumulation. The promotive effect of labor network status on green total factor productivity is more pronounced in the eastern regions, where talent quality is higher, and in areas with fewer restrictions from the household registration system.

컨테이너터미널의 이송장비 자동화(YT·AGV) 경제적 타당성 분석

Purpose - The purpose of this study is to understand the limitations of yard transfer equipment composition through the economic feasibility analysis of yard transfer equipment by examining the transport equipment operation algorithm and work process composition of terminals. Design/Methodology/Approach - Yard Transfer Equipment YT is widely used at domestic and international terminals. The Domestic G terminal is interested in the construction of yard transfer equipment automation. In the study, the actual transport equipment operation algorithm process and work process composition of Gwangyang G Terminal and L Terminal in China were investigated, and economic feasibility was investigated. Findings - As a result of economic feasibility analysis, it was shown that e terminal operated by YT transfer equipment lacked economic feasibility, but the terminal operated by AGV transfer equipment attained economic feasibility. In the case of terminals operated by AGV transfer equipment, the B/C ratio was 1.8, NPV was about 27 billion won, and IRR was 13. Therefore, the terminal operated by AGV transfer equipment has economic feasibility. Research Implications - It is expected that safety accidents, cost reduction, and efficient transfer equipment management will be possible through the economic performance of yard transfer equipment. In addition, an economic feasibility analysis was presented so that terminal managers can decide on efficient investments when deciding to introduce and build yard transfer equipment, and reflect this to actively cope with the automation of yard transfer equipment.

The Impact of Green Mergers and Acquisitions on Corporate Environmental Performance: Evidence from China’s Heavy-Polluting Industries

This study examined the impact of green mergers and acquisitions (green M&As) on corporate environmental performance. Applying the Differences-in-Differences (DID) model to a sample of Chinese heavy-polluting-industry companies listed on the Shanghai and Shenzhen stock exchanges from 2010 to 2022, our study results show that the adoption of green M&As by the listed Chinese heavy polluters can lower corporate environmental capital expenditure and significantly improve corporate environmental performance. Meanwhile, the positive effects of green M&As on environmental performance are also found to be stronger for state-owned enterprises, young enterprises, and enterprises located in areas with low financial investments in energy efficiency and environmental protection, according to a heterogeneity study conducted for this paper. The analysis of mediating effects shows that the green M&A of heavily polluting firms will have a catalytic effect on the improvement of firms’ environmental performance by promoting their green technological innovation and, in turn, their environmental performance. Furthermore, the moderating effect analysis demonstrates that the quality of the firm’s internal controls and the CEO’s prior environmental experience are both factors that can support the beneficial impact of green M&A on the enhancement of the firm’s environmental performance. This paper enriches the theoretical research system of green M&A and green investment driving mechanisms, and at the same time provides empirical support and strategic reference for the green strategy decision of heavy-polluting enterprises.

Market instrument for the first fuel and its role in decarbonizing Indian industrial production

India introduced Perform, Achieve, and Trade (PAT) scheme in 2012; it assigns targets to energy-intensive industries with estimated energy savings of 11–16% to enhance energy efficiency and allows energy-saving certificates trading. We qualitatively review India's energy efficiency policy landscape, including the institutional structure, operational trajectory, and outcomes of the PAT scheme's completed cycles. We identify four research themes: 1) Industry-wise specific energy consumption correlation with various factors of the industrial sector under PAT should be identified; 2) PAT scheme impact on aluminium, chlor alkali, textile, etc. Lacks exploration; 3) Realistic baseline target setting should be done for designated consumers under PAT scheme, and 4) machine learning based monitoring and verification for PAT scheme is still nascent but appears promising. We find a lack of ambition in the targets, which are easily met and could harm future investments in energy efficiency.