Results Of Heterogeneity Test Research Articles

Does Regional Gambling Culture Affect Long-term Corporate Operational Risk? - Empirical Evidence from Lottery Sales

The findings of this paper indicate that regional gambling culture can increase the long-term performance volatility of enterprises. The results of heterogeneity tests show that the impact of regional gambling culture on the long-term performance volatility of enterprises is more pronounced in companies with higher information asymmetry and those in regions with lower levels of marketization. This discovery of variability offers targeted suggestions for enterprises to formulate cultural industry development strategies under different economic backgrounds and industry characteristics, providing practical guidance for policymakers and corporate managers.

The Effect of Student-Centered Strategies, Methods and Techniques Used in Mathematics Teaching on Problem Solving Skills: A Meta-Analysis Study

The main purpose of this research is to synthesize the experimental studies which refer to the effect of student-centred strategies, methods and techniques used in mathematics lessons on problem solving skills in mathematics. Publication bias was tested to evaluate the validity of the study and no bias was found out. Meta-analysis results show that student- centred strategy methods or techniques are more effective than traditional teaching methods. 69 effect sizes from 55 studies were analyzed under the random effects model according to heterogeneity test results. Since the experimental and control groups had different sample sizes, Hedge's g was used to calculate the effect size and it was calculated as g=0.868. The overall effect value achieved shows a large effect according to the classifications of Cohen (1988). In order to examine the factors that will change the effect size, moderator variables were determined and sub-analysis was performed. In the analyzes of the moderator variables; while there was a significant difference for the learning areas and research design moderators, no significant difference was found for the other moderators.

The level of digitalization in Commercial banks and bank liquidity creation

This paper takes all banking enterprises among Chinese listed companies as the research sample and examines the impact of the level of digitalization in commercial banks on bank liquidity creation through constructing an empirical econometric model. The research results show that the level of digitalization in commercial banks can significantly enhance the level of bank liquidity creation. Additionally, the results of heterogeneity tests indicate that the effect of commercial banks' digitalization level on the enhancement of bank liquidity creation varies with the size of the commercial banks and the degree of integration between industry and finance.

The impact of urban green business environment on FDI quality and its driving mechanism: Evidence from China

The world's leading recipient of foreign direct investment (FDI), China should pay attention to both the volume and quality of FDI as it seeks to integrate more fully into globalization. At this stage of development, establishing an environmentally friendly business environment has become a critical strategy for improving the quality of FDI. So, this paper constructs the index system of the urban green business environment and the measurement of FDI quality to test the driving mechanism of the urban green business environment on FDI quality. The study draws the following conclusions. Firstly, the green business environment can significantly enhance FDI quality, and this impact exhibits a positive spatial spillover effect overall. However, regionally, only the eastern region demonstrates a positive spillover effect. Secondly, the mechanism test results reveal that public services, financial services, market environment, ecological environment, human resources, and legal environment are the key driving factors of the urban green business environment on FDI quality. Moreover, the intermediary effect test establishes that the urban green business environment enhances FDI quality by mitigating risks. Thirdly, the heterogeneity test results indicate that the green business environment can enhance FDI quality for cities with varying income and pollution levels. The research results provide a new perspective for improving FDI quality and optimizing the green business environment. They hold significant implications for enlightening the coordinated development of the urban green business environment and FDI quality in different regions, as well as for maximizing the influence of the green business environment on FDI quality.

Shaping corporate ESG performance: role of social trust in China's capital market

PurposeThis study investigates the influence of social trust on the attainment of corporate environmental, social and governance (ESG) objectives.Design/methodology/approachThis study conducts panel regression analysis on a distinctive dataset for 2009–2017 on Chinese firms.FindingsThe analysis reveals a significant positive association between social trust and firm-level ESG practices. Moreover, the impact of social trust on shaping ESG outcomes is further amplified by factors such as economic growth, corporate governance standards and institutional quality. This relationship remains statistically positive when the authors employ alternative measures and methodologies, such as the instrumental variables, propensity score matching and difference-in-differences approaches. Notably, the results of heterogeneity tests indicate that the Trust–ESG nexus is more prominent for state-owned enterprises and firms with substantial market capitalization, superior profitability and higher leverage.Originality/valueThis study expands the comprehension of the determinants of ESG and underscores the influential role of social trust as an informal institution in enhancing a firm's ESG performance.

The effect of tax credit reporting on the efficiency of enterprise labor investment

This paper uses the data of A-share listed enterprises in Shanghai and Shenzhen from 2010 to 2022 as samples for empirical analysis. The empirical research finds that tax credit reporting has A significant positive impact on the labor investment efficiency of enterprises, and this impact is achieved by reducing the internal and external financing constraints of enterprises. In addition, the heterogeneity test results show that the labor investment efficiency of private enterprises is more likely to be affected by the change of corporate tax credit rating.

Spatial spillover effects of a carbon trading policy on green technology innovation in China.

A carbon market is a widely used policy tool worldwide. This study employs a difference-in-differences (DID) model to estimate the impact of a carbon trading policy on green technology innovation and applies a spatial DID (SDID) model to investigate its spatial spillover effects. The findings suggest that China's carbon market effectively promotes green technology innovation, as green invention patent applications for listed enterprises increase by 28.8% when implementing the carbon trading policy. Moreover, implementing a carbon trading policy promotes local green technology innovation and has spatial spillover effects on neighboring cities. Furthermore, heterogeneity test results show that the spatial spillover effects differ by geographical region, economic development levels, ownership type (state-owned and non-state-owned enterprises), and degree of government intervention. Therefore, we suggest enhancing enterprises' technological innovation by providing policy support and prioritizing the development of carbon markets in regions with high economic development levels.

The impact of sports participation on individuals’ subjective well-being: the mediating role of class identity and health

Although studies have explored the relationship between physical activity and subjective well-being, exploration of the mechanisms underlying the effects of sports participation on subjective well-being remains limited. In the context of promoting the deep integration of national fitness and national health in China, we explore the patterns and differences in the effects of sports participation on the subjective well-being of different populations and explore the underlying mechanisms of the effects of sports participation on individual subjective well-being based on body and society theory. Using data from the China General Social Survey, this study used multiple linear regression models, propensity score matching methods, quantile regression and chain mediation models to explore the relationship between sport participation and subjective well-being, and further elaborated the mediating role of subjective class identity and health in it. The results of the study showed that sports participation significantly and positively affected individual subjective well-being. The results of quantile regression and heterogeneity tests showed that the effect of sports participation on individual subjective well-being showed a significant quantile effect and group heterogeneity. Sports participation had a more significant effect on the well-being of older adults. The results of the mediation effect test showed that sports participation increased subjective well-being by enhancing individuals’ subjective class identity and health, respectively, while subjective class identity and health had a significant chain mediation effect. Based on the findings of the study this paper provides some practical suggestions for improving the subjective well-being of residents, especially the elderly, which will provide some valuable references for the next studies on residents’ well-being and life satisfaction.

The Path to Green Development: The Impact of a Carbon Emissions Trading Scheme on Enterprises’ Environmental Protection Investments

The Carbon Emissions Trading Scheme (CETS) is an important part of China’s environmental reform agenda, which aims to facilitate the green development of enterprises. Using data from listed companies from 2008 to 2020, this study adopts the CETS as a quasi-natural experiment. This study empirically examines the impact of CETS implementation on corporate environmental protection investment (EPI) and explores the underlying mechanisms using the difference-in-difference (DID) method. The results show that: (1) The implementation of CETS significantly promotes firms’ EPI. A series of robustness tests confirms the findings. (2) This study further analyses the impact mechanism of the CETS in promoting the enterprises’ EPI, which is mainly manifested in an increase in emission costs and enforcement rigidity. (3) The heterogeneity test results show that the CETS has a more significant positive effect on the environmental investment of state-owned, large, and heavily polluting enterprises. The conclusions of this study provide both theoretical support and empirical evidence for the implementation of carbon emissions trading policies.

Environmental protection fee-to-tax and enterprise investment efficiency: Evidence from China

This study takes an environmental protection tax as its research background and uses the difference-in-differences method to study the effect of environmental taxes on the investment efficiency of enterprises. The results show that the implementation of environmental taxes significantly reduces the investment efficiency of enterprises. Further evidence shows that the negative effect of environmental taxes on investment efficiency is partly due to a blind increase in the scale of green investment after the policy is implemented and partly because the overall efficiency of green investment is low. Heterogeneity test results show that there are significant differences in the effect of the implementation of environmental taxes policy on the enterprises with various firm ownership characteristics, geographical locations and enterprise sizes. The conclusions of this study provide a basis for China to achieve the goal of carbon emissions peaking and carbon neutrality, and also provide theoretical guidance for other countries.

Housing prices and green innovation: evidence from Chinese enterprises

PurposePromoting enterprises' green innovation is vital to realize the sustainable growth of cities and environmental protection and the rise of urban housing prices might affect the green innovation of enterprises to a certain extent. This study aims to discuss the aforementioned objective.Design/methodology/approachBased on the data of listed companies and urban housing prices of main cities in China from 2011 to 2019, this paper examines the impact of housing prices on enterprises' green innovation and analyzes the mechanism of rising housing prices on enterprises' green innovation.FindingsThe rise of urban housing prices can significantly promote the quality of green innovation of enterprises, but it has no significant impact on the quantity of green innovation. The heterogeneity test results show that the rising house prices have a more significant role in promoting the green innovation of non-state-owned enterprises, enterprises listed on the main board, enterprises in the central and western regions, and enterprises in non-first-tier cities. The mechanism research finds that the rise of urban housing prices has a financing relief effect and cost-pushing effect on the green innovation of enterprises.Originality/valueFirstly, it thoroughly examines the influence of housing prices on corporate green innovation. Second, it explores the differential impact of housing prices on enterprises' green innovation based on variations among enterprises and regions, offering valuable insights for the government to formulate proper policy. Lastly, it elucidates the influencing mechanism of housing prices on enterprise green innovation from the perspectives of corporate financing and costs, providing empirical support for enterprises to appropriately perceive the opportunities and challenges posed by rising housing prices and actively promote green innovation.

An empirical analysis of the impact of ESG on financial performance: the moderating role of digital transformation

Introduction: Environmental, social, and governance (ESG) considerations have become increasingly important in the financial market and serve as concrete manifestations of sustainable development within a sector. Most corporate leaders have adopted ESG concerns as an important strategy to enhance their financial performance. Therefore, this study investigated whether ESG affects corporate financial performance, and if this relationship is moderated by digital transformation.Method: We used A-share listed companies in China from 2015 to 2021 as samples to test this mechanism.Results: Regression analysis showed that ESG positively and significantly affects corporate financial performance, and digital transformation drives this promoting effect. Furthermore, we found that the positive effect of current ESG on financial performance in the lag period will gradually weaken. Specifically, the heterogeneity test results show that the enhancement effect of ESG on financial performance is significant for non-state-owned companies but insignificant for state-owned companies; the same is true for companies located in the eastern region compared with those in the midwestern region. Finally, the enhancement effect of ESG on the financial performance of polluting firms is stronger than that on non-polluting firms.Conclusion: These findings will be useful for firms and government departments in formulating relevant policies.

How does digital economy affect energy poverty? Analysis from the global perspective

As an emerging engine of economy development, the potential impact of digital economy on energy poverty are worth to explore for alleviation. Using a balanced panel dataset of 61 countries, this study empirically examined the impact of digital economy on energy poverty and relative transmission mechanisms. Specifically, we first assess the digital economy and energy poverty level across the globe, and then explore whether the development of digital economy can help alleviate energy poverty. The heterogeneity and mediating roles in the digital economy-energy poverty nexus are also discussed. We conclude that: (1) Global energy poverty index shows a decreasing trend, and global digital economy index shows an increasing trend during the sample period. (2) There is a negative relationship between the digital economy and energy poverty, demonstrating that the development of the digital economy has a positive impact on energy poverty alleviation. In addition, the heterogeneity test results demonstrated that positive alleviation impacts exist in high-income countries, whereas middle-income countries experience negative impacts, and heterogeneities also exist in different regions. (3) The analysis of the mediation effects showed that government governance, economic growth, and urban development mediate the nexus of the digital economy on energy poverty. Based on the above findings, this study proposes several policy implications to reduce energy poverty.

Can ESG ratings mitigate managerial myopia? Evidence from Chinese listed companies

Managerial myopia has an important impact on the future development of companies and the legitimate rights of stakeholders; however, the impact of ESG ratings on managerial myopia is unclear. Based on the ESG rating data of Chinese listed companies from 2009 to 2021, we constructed indicators of managerial myopia through text analysis and found that ESG ratings can significantly inhibit managerial myopia. The results of the mechanism tests show that ESG ratings inhibit managerial myopia by alleviating financing constraints, improving accounting information quality, and enhancing analysts' attention. The results of heterogeneity tests show that a higher degree of market competition indicates a more significant inhibitory effect of ESG ratings on managerial myopia. The economic consequences test revealed that ESG ratings can improve company performance by inhibiting managerial myopia. These conclusions provide important empirical evidence and suggestions for emerging market countries to use ESG ratings effectively to inhibit managerial myopia.

Meta-Analysis of Forecast Analysis on Stock Price

Analysts' views on economic risk can be an important part of an investor's investment decision-making process. Several researchers have conducted research on analyst forecasts and stock prices. However, we need to look at the consistency of the results of previous studies in order to draw general conclusions. This must be done to prove whether analyst forecasts affect stock prices. The consistency of results in this study was determined using a meta-analysis method. This method is supported by the CMA (Comprehensive Meta-Analysis) software. Meta-analysis provides an estimate of the effect size to measure the relationship between the independent variable (analyst forecast) and the dependent (stock price). The heterogeneity test results show that I-squared is > 50 percent, which means high heterogeneity. The correlation analysis results show a p-value of 0.004, meaning that analyst forecast studies on stock prices are heterogeneous. Heterogeneity refers to differences in data within each study or between major studies. The results in this study are heterogeneous, caused by high sampling error when the research location for each sample is different due to differences in economic conditions. Therefore, analyst forecasts have an effect on stock prices.

Investigating spatio-temporal characteristics and influencing factors for green energy consumption in China

The green transformation of energy consumption is beneficial for promoting green development in China. This study constructed a green energy consumption evaluation index system and measured the green energy consumption levels in 30 provinces of China from 2000 to 2019 using the fuzzy comprehensive evaluation method. This study further employed the spatial Durbin model to examine influencing factors and spillover effects of green energy consumption. The results showed that, temporally, China’s green energy consumption levels had a fluctuating upward trend. While, spatially, the overall levels of green energy consumption in China showed apparent characteristics of “high in the west and low in the east”. In terms of influencing factors, environmental regulations played an important role in promoting green energy consumption in the region, while economic development, opening up, and industrial structure had considerably inhibiting effects. Additionally, economic development, opening up, and industrial structure of neighboring regions showed marked positive spillover effects, while urbanization level and technological innovation showed substantial negative spillover effects. The regional heterogeneity test results showed that environmental regulation and industrial structure rationalization were the important factors for promoting green energy consumption in the eastern region, environmental regulation played an important driving role in the central region, and opening to the outside world and technological innovation helped improve the level of green energy consumption in the western region.

Regulator as a minority shareholder and corporate fraud: Quasi-natural experiment evidence from the pilot project of China Securities Investor Services Center

The China Securities Investor Services Centre (CSISC) is a unique governance mechanism in China, backed by the Chinese regulator. This institution holds 100 shares of each public firm in the pilot regions and monitors large shareholders by exercising its rights. Using a difference-in-difference (DID) methodology, the study investigates a sample of Chinese listed firms from 2013 to 2017 to evaluate the role of regulatory minority shareholders in curbing corporate fraud, yielding consistent and robust results. The findings of the mechanism tests indicate that CSISC shareholding significantly reduces the propensity for fraud while increasing the probability of fraud detection. The results of heterogeneity tests show that the effect of CSISC shareholdings on corporate fraud is more pronounced in firms with severe internal agency problems and poorer external governance environments. Additional analyses examine the impact of CSISC shareholdings on different types of corporate fraud and show that it significantly reduces disclosure and operational fraud. This research has important implications for improving minority shareholder protection in countries with concentrated ownership structures and for constraining corporate fraud.

Does digital service trade boost technological innovation?: International evidence

Digital technology is profoundly changing the international economic and trade pattern, and digital service trade is increasingly becoming an important carrier of transnational knowledge spillover. This study investigates the relationship between digital service trade and technological innovation. Based on the panel data of 131 countries from 2005 to 2020, empirical results show that digital service trade significantly promotes technological innovation. This study shows that digital service trade can promote technological innovation through four mechanisms: increasing income incentives, accelerating knowledge spillover, triggering trade liberalization, and promoting financial deepening. The results of panel threshold model show that economic development, urbanization, and population aging can lead to regime changes in the innovation effect of digital service trade. In addition, the results of heterogeneity test show that national characteristics such as economic development, per capita income, industrialization, and economic freedom, influence the innovation effect of digital service trade. Our findings have implications for developing an international innovation cooperation system based on digital service trade.

The impact of platform economy on enterprise value mediated by technological innovation

Platform economy, a new economic form using an internet platform as the primary carrier to promote digital economy, could enhance the enterprise value. The existing researches mainly focus on the platform economy's micro-level effect, such as the performance of the industries. This paper empirically examines the platform economy's micro-level effect, i.e., on enterprise value as mediated by technological innovation, based on data from the listed enterprise from 2015 to 2020. The modeling results show that platform economy improves enterprise value, as supported by the positive value of the regression coefficient. The positive impact was mediated by the technological innovation ability of the enterprises, with a mediating effect of 27.30%. The heterogeneity test results show that platform economy positively impacts the enterprise value of state-owned and non-state-owned enterprises, where the impact is more significant in the former. The government should provide policy and financial assistance to non-state enterprises.

The Impact of the Belt and Road Infrastructure Development on the Economic Growth of the Partner Countries

As of July 2022, China has signed more than 200 cooperation agreements on the Belt and Road Initiative (BRI) with 149 countries and 32 international organizations. This research aims to explore the impact of the infrastructure development of this initiative on the economic growth of countries participating in the BRI. Based on the panel data of 130 participating countries and 46 other countries from 2006 to 2019, the difference-in-difference (DID) model and multiple robustness tests were used for empirical evaluation. We found a positive correlation between BRI and the economic growth of BRI-cooperating countries. The heterogeneity test results show that BRI has a more prominent role in promoting the economic growth of upper-middle-income and high-income countries with relatively good industrial foundations. The impact of improved infrastructure development through BRI accounted for 88.42% of the total mediating effect, which is much more significant than promoting industrial upgrading and enhancing innovation capacity. These results support the view that BRI should continue to advance infrastructure development to boost the economic growth of developing countries.