Mature Market Research Articles

Understanding dynamic return connectedness and portfolio strategies among international sustainable exchange-traded funds

The rapid growth of sustainable investing has led to the global expansion of environmental, social, and governance (ESG) investment products. Existing literature on sustainable investing focuses primarily on corporate social responsibility theory and risk assessment, with relatively little research on ESG investment value and portfolio strategies. Using data from six worldwide ESG exchange-traded funds (ETFs) between 2020 and 2023, we examine return connectedness and portfolio performance by employing a time-varying parameter vector autoregressive (TVP-VAR) and portfolio approaches. The findings reveal that European ETF plays a dominant role in the worldwide ESG system due to the market size and market maturity. Specifically, the European ETF can substantially reduce portfolio volatility. Moreover, the results show that minimum variance and risk-parity portfolios outperform the other portfolio strategies during periods of geopolitical turmoil. These results provide valuable insights for improving the resilience of ESG markets and enhancing sustainable investment strategies.

Performance of Improved Bell Pepper Cultivars in Southern Georgia for Mature Green Fresh Market Production

Three research trials were performed over two spring seasons to assess the performance of bell pepper (Capsicum annuum) cultivars in southern Georgia, USA. Studies were conducted in commercial production fields in Echols and Lowndes counties, which are major bell pepper production areas in Georgia, USA. Eleven cultivars were evaluated, and 10 newer bell pepper cultivars with improved disease resistances for bacterial leaf spot races 1 to 10, tomato spotted wilt virus, and/or phytophthora were compared with ‘Aristotle’, which historically was the most widely grown bell pepper hybrid in the southeastern United States. Our goal was to determine how the new and improved cultivars compared with ‘Aristotle’ for total yield, fruit size distribution, and unmarketable defects in the absence of disease pressure. There were significant differences in fruit size, marketable fruit, and culls between cultivars contrasting their adaptability for production in southern Georgia. The top performers for yield and preferred fruit size for fresh market bell pepper spring production in southern Georgia were ‘Autry’, ‘Standout’, and ‘Antebellum’. Yields and fruit size distribution of these cultivars were similar to ‘Aristotle’ but may be preferred in certain situations due to additional disease resistance. The cultivar, SV 3255 also had higher yields and low defects but had smaller average fruit sizes.

Unveiling consumer satisfaction and its driving factors of EVs in China using an explainable artificial intelligence approach

As China’s electric vehicle (EV) industry shifts from policy-driven to market-oriented development, understanding post-purchase satisfaction and its driving factors becomes imperative. This study compiled objective product attributes and consumer online reviews for 1321 EV models from China’s largest automotive website, Autohome, covering the period between 2014 and 2022. By employing data mining and sentiment analysis (SA) techniques, this research extracted consumers’ overall satisfaction with EVs and identified the subjective product attributes that garnered the most attention in consumer online comments. Utilizing a machine learning (ML)—SHapley Additive exPlanations (SHAP) framework, the research pinpointed the most impactful objective and subjective product attributes on consumer satisfaction and ranked their impact intensity both statically and dynamically. The findings reveal that Chinese consumers are generally satisfied or very satisfied with their EVs. From a static perspective, distinctive objective product attributes of EVs, such as total motor power and range, play a crucial role in influencing consumer satisfaction. In terms of subjective product attributes, aspects like space, design, handling, and comfort are the most captivating to consumers and significantly shape their satisfaction. However, the dynamic analysis indicates that range anxiety persists, despite gradually increasing consumer satisfaction as the EV market matures. Additionally, price remains a crucial factor, particularly following the widespread implementation of subsidy withdrawal policies, making it the most sensitive factor for EV consumers. This study represents the first application of an explainable artificial intelligence framework to quantify the marginal impacts of various automotive product attributes on consumer satisfaction.

Paraphrase the Obstacles to the Recycling of Construction and Demolition Waste: A Perspective of the Evolutionary Game of Three Stakeholders

With China’s urbanization, the construction industry has generated massive construction and demolition waste (C&DW), leading to severe environmental pollution and social problems. However, the currently proposed policies have not promoted the sustainable development of the C&DW recycling market. This paper constructs a tripartite evolutionary game model of construction production enterprises, construction enterprises, and the government. The decision-making evolution laws of relevant stakeholders at different stages of the development of the C&DW recycling market are identified through equilibrium stability analysis. The results show that in the initial stage, the government can help encourage enterprises to participate in C&DW recycling through appropriate subsidy and penalty measures. As the recycling market matures, enterprises achieve profits through market mechanisms and the proportion of enterprises participating in recycling increases. At this time, the government no longer plays a leading role, and the strategy evolves into non-supervision. In addition, the government should design carbon emission reduction policies for carbon quota and trading according to the market status to exert positive effects. Hence, this study provides a theoretical basis for the governments of developing countries to effectively manage C&DW market development.

Digital Government Construction and Provincial Green Innovation Efficiency: Empirical Analysis Based on Institutional Environment in China

Green innovation provides powerful incentives to achieve sustained social progress. However, the available research examines the financial drivers of green innovation, overlooking the impact of digital government development and the institutional environment. The integration of digital government construction with the institutional environment, and the coupling of the two with green innovation, will paint a picture of the future that promotes sustainable social progress and the modernization of governance. This research utilizes data from 31 provinces in China from 2018 to 2022 to study the impact of digital government construction and the institutional environment on the provincial green innovation efficiency. An empirical analysis is conducted on the basis of analyzing the spatiotemporal evolution and pattern of digital government construction, the institutional environment and the provincial green innovation efficiency. Firstly, digital government construction emphasizes data openness and sharing, and data become a key link between those inside and outside the government. The digital platform becomes an important carrier connecting the government and multiple subjects in collaborative innovation to continuously shape a new digital governance ecology. The netting of digital ecology is conducive to the institutional environment, serving to break the path dependence and create a more open, inclusive and synergistic institutional environment. Based on this, we consider that digital government construction positively affects the institutional environment, and this is verified. Secondly, a good government–market relationship, mature market development, a large market service scale, a complete property rights system and a fair legal system brought about by the improved institutional environment provide macro-external environmental support for enhanced innovation dynamics. Based on this, it is proposed that the institutional environment positively affects the provincial green innovation efficiency. Meanwhile, building on embeddedness theory, the industrial embeddedness of the institutional environment for green innovation highlights the scattered distribution of innovation components. Geographical embeddedness stresses indigenous resource distribution grounded in space vicinity and clustering. The better the institutional environment, the greater the forces of disempowerment at the industrial tier and the easier it is for resources to flow out. This may potentially have a detrimental role in improving the local green innovation efficiency. In view of this, it is proposed that the institutional environment negatively affects the provincial green innovation efficiency, and this is verified. Thirdly, digital government construction, as an important aspect of constructing a digital governance system and implementing the strategy of a strong network state, can effectively release the multiplier effect of digital technology in ecological environment governance and green innovation, continuously enhancing the provincial green innovation efficiency. In view of this, it is proposed that digital government construction positively affects the provincial green innovation efficiency, and this is verified. When the institutional environment is used as a mediating variable, digital government construction will have a certain non-linear impact in terms of provincial green innovation efficiency improvement. Building on the evidence-based analysis results, it is found that the institutional environment plays a competitive mediating role. This study integrates digital government construction, the institutional environment and the provincial green innovation efficiency under a unified analytical structure, offering theoretical inspiration and operational directions to enhance the provincial green innovation efficiency.

Financial flexibility, firm performance, and financial distress: A comparative study of China and the U.S. during pandemics

This study examines the relationship between financial flexibility, financial distress, and firm performance during pandemics, using data from 26,621 North American-listed firms and 5212 China-listed firms from 2000 to 2022. We investigate whether financial flexibility influences firm performance and financial distress, with firm performance acting as a moderator in this relationship. Our findings highlight that financial flexibility is a crucial strategic tool for mitigating economic uncertainties, effectively reducing financial distress in the U.S. In contrast, its impact in China is more complex, influenced by market maturity and regulatory interventions, especially during economic turbulence. The study also reveals differing roles of profitability and firm size between the two markets. In the U.S., larger and more profitable firms prioritize growth over financial stability, whereas in China, there is a greater emphasis on liquidity and market perception. During the SARS pandemic, China's rapid regulatory response and strong government intervention made financial flexibility more effective in reducing financial distress. Conversely, during COVID-19, the U.S. market showed robust mechanisms and corporate adaptability, with financial flexibility helping firms manage liquidity crises and market volatility. In China, stricter regulations during COVID-19 limited the role of financial flexibility, but strong government support-maintained market stability. Overall, this study underscores the different impacts of financial flexibility on Chinese and U.S. markets during pandemics and the critical role of firm performance in moderating the relationship between financial flexibility and financial distress under varying economic conditions and policy environments.

Tokenized carbon credits in voluntary carbon markets: the case of KlimaDAO

The voluntary carbon market offers a flexible and cost-effective way to reduce greenhouse gas emissions, which has led to increased interest in these markets. Within the decentralized finance ecosystem, Decentralized Autonomous Organizations leverage the tokenization of carbon credits to enhance efficiency and transparency. KlimaDAO, established in August 2021, aims to accelerate the adoption of carbon markets by integrating blockchain technology to facilitate transparent, secure, and accessible carbon trading. This study analyzes the evolution of KlimaDAO by evaluating its market capitalization, token prices, staking participation, carbon credit retirements, market participation, and concentration. The analysis reveals that while KlimaDAO initially achieved significant engagement and activity, it now faces challenges associated with market maturity and participant retention. Finally, the study highlights the importance of standardization and regulatory frameworks to enhance interoperability, transparency, and legitimacy within the tokenized carbon market.

How the “West as method” fails: A study of entrepreneurship education from the perspective of China

China's entrepreneurship education has developed a unique model that positions entrepreneurship education as a critical means of talent cultivation, resulting in the “learning through competition” model. Entrepreneurship education in China, imported primarily from the United States, exhibits significant differences. Existing research has highlighted these disparities; however, there is a notable lack of in-depth, detailed descriptions and comprehensive analyses of their underlying causes. Employing qualitative research methods, this study examines how these differences are shaped from a Chinese perspective. It reveals how Chinese higher education perpetuates an Americentric canon within the social sciences, but fails to implement “the West as method” in entrepreneurship education. However, while China has adopted the external aspects of American entrepreneurship education—such as curricula, competitions, and mentorship—the internal logic of the Chinese system differs significantly, resulting in two distinct educational landscapes. Key factor contributing to the China-US differences include market maturity, deficiencies in Chinese comparative education, China's principles of equality rooted in its socialist ideology, the politicized nature of its education system, and a pervasive hustle culture. These elements have shaped China's entrepreneurship education goals, teacher cohorts, landscape and business plan competitions in ways that are distinct from those in the United States. By adopting an ‘Eastern as method’ perspective, this research enriches the discourse on entrepreneurship education and encourages deeper reflection on current practices.

Life cycle assessment in additive manufacturing of copper alloys—comparison between laser and electron beam

Additive manufacturing is becoming increasingly important for industrial production. In this context, directed energy deposition processes are in demand to achieve high deposition rates. In addition to the well-known laser-based processes, the electron beam has also reached industrial market maturity. The wire electron beam additive manufacturing offers advantages in the processing of copper materials, for example. In the literature, the higher energy efficiency and the resulting improvement in the carbon footprint of the electron beam are highlighted. However, there is a lack of practical studies with measurement data to quantify the potential of the technology. In this work, a comparative life cycle assessment between wire electron beam additive manufacturing (DED-EB) and laser powder additive manufacturing (DED-LB) is carried out. This involves determining the resources for manufacturing, producing a test component using both processes, and measuring the entire energy consumption. The environmental impact is then estimated using the factors global warming potential (GWP100), photochemical ozone creation potential (POCP), acidification potential (AP), and eutrophication potential (EP). It can be seen that wire electron beam additive manufacturing is characterized by a significantly lower energy requirement. In addition, the use of wire ensures greater resource efficiency, which leads to overall better life cycle assessment results.

Adaptive slicing in powder bed fusion of metals using a laser beam—Investigation on productivity, laser absorption, geometrical accuracy, and thermal conditions

Powder bed fusion of metals using a laser beam (PBF-LB/M acc. to DIN EN ISO/ASTM 52900) has reached market maturity. In addition to developing new materials and enabling new applications, the industry focuses on increasing productivity and reducing costs. In this context, increasing the layer thickness can increase productivity but often leads to a deterioration of surface quality and part density. Using variable layer thicknesses depending on the manufactured geometry is well-known from filament-based material extrusion processes and is called adaptive slicing. This study investigates the manufacturing aspects of adaptive slicing using AlSi10Mg. Laser beam reflectance of the different powder layer thicknesses is quantified using diffuse reflectance infrared Fourier transform spectroscopy. The process window is identified and analyzed, focusing on the achievable productivity and required energy input. Furthermore, the suitability of layer thicknesses and processing parameters is analyzed by measuring the dimensional accuracy and process stability of overhanging structures. Heat input, heat dissipation, and potential heat-up are investigated and compared to conventional processes using part-scale thermal simulations. In this study, parameters are developed for layer thicknesses of 120 μm with an almost threefold increase in productivity in nonoverhanging structures with a part density above 99.7%. Further, adaptive slicing can increase productivity in PBF-LB/M while decreasing the impact on part quality. Future work will focus on automated algorithms to optimize and automize adaptive slicing.

Comparison of the Competitiveness of Chinese and Korean Cultural Industries Based on the Perspective of New Institutional Economics

Based on the perspective of new institutional economics, this paper compares the competitiveness of the cultural industries in China and South Korea, and analyses the similarities and differences between the two countries in terms of the institutional environment, market structure and business cases. By sorting out the theoretical framework of new institutional economics, it explores the influence of factors such as property rights system, transaction costs and cultural industry efficiency on the development of cultural industry. China's cultural industry has advantages in terms of policy support and market scale, but the problems of insufficient intellectual property protection and imperfect market mechanism still restrict its international competitiveness. In contrast, South Korea's cultural industry is known for its mature market mechanism, strong content creation ability and effective intellectual property protection, which has successfully promoted the global spread of the "Korean Wave" culture. Through case studies of typical enterprises such as Tencent and YG Entertainment, the differences in competitiveness between the two countries' cultural enterprises in the international market are revealed. Finally, puts forward suggestions to optimise the institutional environment, strengthen international cooperation and promote cultural innovation, so as to promote the sustainable development of the cultural industries in China and South Korea. The research in this paper provides theoretical basis and empirical support for an in-depth understanding of the development mode and international competitiveness of Chinese and Korean cultural industries.

Farmers’ adoption of organic agriculture—a systematic global literature review

Abstract Policymakers worldwide set ambitious targets to increase the share of organic farming. We conduct a global, systematic literature review to synthesise evidence on the adoption of organic farming and support policymakers and food-value chain actors in reaching policy goals. First, we map the existing research and identify substantial gaps regarding the research focus, methodology and geographical coverage. Second, using a conceptual framework of the farmers’ adoption process, we provide an overview of evidence-based recommendations to scale organic adoption. Finally, using regression analysis, we show that especially the organic market maturity and the level of agricultural productivity matter for the type of recommended measures.

Research on the Influencing Factors of Rental House Prices

Since the 1990s, China's real estate market has gradually recovered, and has developed into a large and mature trading market today, as the housing price increase, the demand of housing rental also increases a lot. Based on this this article aims to identify the factors that have an impact on rental price. The method of multi-linear regression is used to analyze the factors with over 10,000 samples in Guangzhou from May 2020 to June 2020 from the website of LianJia, one of the biggest real estate agencies in China. The dataset contains 10 variables in total, this research uses VIF, Pearson correlation coefficient to narrow the variables down to District, Rent Type, Area, Elevator Flag and Buld Floor these five variables and considered that they have a significant linear relationship with rental price. By focusing on these variables this study provides a view of the relationship of demand and supply of China’s renting market.

Brand loyalty, managerial delegation and position choices: Bertrand versus Cournot competition

In a mature product market, brands compete aggressively with each other using a marketing mix that includes position, pricing, and managerial delegation to win loyal customers and gain a larger market share. We examine the effects of brand loyalty on the endogenous choices of managerial compensation contracts and optimal brand positions in an uncovered market model. We analytically compare 18 symmetric and asymmetric mutual delegation cases associated with three delegation schemes—no delegation, sales delegation and relative performance (RP) delegation—in the Bertrand and Cournot competition modes. In the case of symmetric mutual contracts, under Bertrand competition, a price commitment effect resulting from the delegation decision weakens the competition, inducing higher prices and profits for both brands regardless of the type of delegation scheme. Under Cournot competition, delegation decisions can be viewed as signals to promote competition, intensifying the degree of competition. To acquire more loyal customers and higher profits, mutual RP delegation is the dominant choice under Bertrand competition, whereas mutual profit maximization is the dominant choice under Cournot competition. Furthermore, the social welfare is the highest when both brands optimally choose the RP delegation under Bertrand or optimally choose no delegation under Cournot; however, consumer surpluses are the lowest in both optimal cases.

Regulation techniques and applications of distributed load resources in urban power grids based on internet of things

The power consumption of urban power systems is increasing rapidly with two typical trends: the first one is that the daily peak-valley difference of loads is more significant, and the power supply is tight during peak hours, which threatens the system’s safe and stable operation; the second one is that the load energy efficiency in urban power systems is not high, which is the primary source of carbon emission in the power industry. Therefore, reducing the peak power and improving the system’s energy efficiency are urgent tasks for enhancing the system’s security and achieving the carbon emission goals. The rapid development of the Internet of Things (IoTs) ushers new opportunities for regulating demand-side loads. By analyzing the technical characteristics of load control based on IoTs, this paper investigates the modeling methods of load resources. On this basis, different control and optimization methods of load resources are analyzed and compared thoroughly. Besides, considering that load control is not only related to technical methods but also impacted by incentive strategies, the load control mechanisms under the mature and immature market environments are analyzed. Finally, the research gap and prospect of load regulation are proposed.

Administration or marketization: Environmental regulation, marketization and agricultural green total factor productivity

The mature market can effectively reflect the value of green agricultural products, but the market in developing countries is developing slowly, so how to implement administrative environmental policies while cultivating the market has become the key to the green development of agriculture. In this paper, the government and the market are discussed under the common goal of agricultural green development. Based on the provincial panel data of China, taking agricultural green total factor productivity (AGTFP) as a breakthrough point, the relationship between environmental regulation tools, marketization processes and agricultural green development, specific applicable conditions and transmission mechanisms are explored, and further subdivided into factor and product markets to verify their correlation with AGTFP. The results show that environmental regulation and marketization processes and AGTFP are positively correlated. The former can establish a positive relationship with AGTFP through resource reallocation and technological innovation, and the latter can do so by improving the level of information and land transfer and perfecting infrastructure construction. These findings will provide new ideas for developing countries similar to China's agricultural development and enlighten developing countries pay full attention to and cultivate the market while formulating appropriate environmental regulation policies. In addition, they also need to coordinate the development of technology and organizations.

A Holistic and Circular Approach for Managing End-of-Service Wind Turbine Blades

This paper aims to define the challenges and requirements necessary for the holistic management of wind turbine blades at the end of their service (EoS). Conducted within the Swedish research project Circublade, this study focuses on Sweden, although many challenges and findings are applicable to other countries. Various alternatives for managing EoS wind turbine blades exist at different levels of market maturity, but this paper specifically focuses on repurposing the blades into new products. The development of three concept designs—short-span pedestrian bridges, façade elements for building applications, and noise barriers for roads and railways—has been explored, along with aspects related to material sourcing, logistics, and implementation. For material sourcing, a digital platform containing blade data and tools to facilitate repurposing has been developed. An environmental evaluation of the different concepts highlights the significant impact of transportation on the overall environmental footprint, underscoring the necessity of a holistic approach to managing EoS blades.

Corporate Governance Practices and Investor Confidence: A Meta-Analytical Approach

Corporate governance practices play a crucial role in shaping investor confidence, which is fundamental for the stability and growth of financial markets. This article presents a meta-analytical approach to examining the relationship between corporate governance practices and investor confidence across various industries and regions. By synthesizing findings from a broad spectrum of empirical studies, the analysis identifies key governance mechanisms—such as board independence, transparency, shareholder rights, and executive compensation—that consistently enhance investor trust. The study also explores how variations in regulatory environments and market maturity impact the effectiveness of these governance practices in bolstering investor confidence. The findings highlight that strong corporate governance frameworks, characterized by transparency and accountability, are positively correlated with increased investor confidence, leading to higher market valuations and more stable financial performance. Additionally, the meta-analysis reveals that while the fundamental principles of good governance are universally applicable, their implementation and impact can vary significantly depending on contextual factors. The article concludes by discussing the implications for policymakers, corporate leaders, and investors, emphasizing the importance of adapting governance practices to the specific needs of the market to maximize their positive impact on investor confidence.

Exploring the stock market development and sustainable development nexus: insights from emerging market economies

PurposeSustainable development is considered a key factor in addressing environmental issues, global inequalities and poverty. This study aims to investigate the impact of stock market indicators on sustainable development across 16 emerging markets from 2003 to 2020.Design/methodology/approachThe research uses causality and cointegration analyses to explore the relationships between stock market indicators and sustainable development.FindingsUnivariate causality analysis reveals a bidirectional causal relationship between the stock market turnover ratio and sustainable development, as well as a unidirectional relationship from sustainable development to stock market capitalization and total value traded. Panel-level cointegration analysis suggests that only stock market capitalization has a weak positive influence on sustainable development. However, the impact of stock market indicators on sustainable development varies significantly among countries, as revealed by country-level cointegration analysis.Research limitations/implicationsWhile this study provides valuable insights, it is not without limitations. The findings are limited to the selected emerging markets and the specified timeframe (2003–2020). The complexity of factors influencing sustainable development suggests the need for further exploration in diverse contexts.Practical implicationsUnderstanding the nuanced relationships between stock market indicators and sustainable development can offer valuable insights for policymakers, investors and stakeholders.Originality/valueThis research contributes to the existing literature by examining the multifaceted connections between stock market indicators and sustainable development, focusing on country-specific causality relationships. The study highlights the reciprocal nature of this relationship, where financial market development can both influence and be influenced by a country's progress toward sustainability. This approach provides a more nuanced understanding of the complex interaction between stock market maturity and sustainability goals.

On the motivation for pharmaceutical manufacturer coupons: Brand loyalty or customer acquisition?

To generate evidence regarding the offensive (customer acquisition) versus defensive (customer retention) motivation for pharmaceutical manufacturer coupons. Retail prescriptions from IQVIA's Formulary Impact Analyzer data between 2017 and 2019. Ordinary least squares regression models with person, therapeutic class, drug, and time-fixed effects to measure the association between switching medications and coupon usage as well as the association between patient out-of-pocket spending and switching to a drug and using a coupon. To study switching type heterogeneity, reanalysis of associations for any type of switch, generic-brand switches, and brand-brand switches. Reestimation of baseline analyses for sodium-glucose cotransporter-2 inhibitors, anticoagulants, and inhaled corticosteroids/long-acting beta2-agonists to assess heterogeneity by drug class and market maturity. 1,167,132 privately insured patients that utilized at least one coupon between 2017 and 2019 for one or more prescriptions. Coupon usage was associated with a 1.0 percentage point reduction in any kind of drug switch in the full sample and by 0.65-2.9 percentage points for the drug class subgroups. However, these estimates are governed by market dynamics; the probability of switching increased by 40% on the first coupon usage before declining by more than 50% on subsequent coupons. Switching after the first coupon use may be explained by systematic savings implied by coupon use; we find coupons reduced patient out-of-pocket spending by $45.00 (i.e., the majority of patient out-of-pocket costs). In subgroup analyses, coupon savings were $6.43 larger than average for anticoagulants, characterized by the highest levels of brand and generic competition among the considered therapeutic classes. Pharmaceutical manufacturers may be using coupons to acquire customers and then build brand loyalty, especially in markets with more generic competition. Antitrust authorities and other regulators should scrutinize the impact of coupons on market competitiveness and drug spending.