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A special issue of Sustainability (ISSN 2071-1050). This special issue belongs to the section "Economic and Business Aspects of Sustainability".

Deadline for manuscript submissions: closed (16 January 2024) | Viewed by 5938

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Prof. Dr. Xinzheng Shi

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School of Economics and Management, Tsinghua University, Beijing 100084, China
Interests: econometrics; microeconomics; development economics; labor economics; public economics

Special Issue Information

Dear Colleagues,

Together with the process of economic development, environmental issues have attracted attention from researchers and policy makers. To achieve sustainable development, governments across the world have taken different approaches. This Special Issue focuses on research using cutting-edge econometrics methods to evaluate the impacts of sustainable economic policies adopted not only by developed countries but also by developing countries. By doing so, researchers and policy makers can have a better understanding of the implications of current policies, and such insights can have important implications for making future policies. The topics include but are not limited to the following: effectiveness of pollution-controlling policies; impacts on human capital; lasting effects of sustainable policies; sustainable policies and firm behaviors; sustainable policies and trade.

In this Special Issue, original research articles and reviews are welcome. Research areas may include (but are not limited to) the following: development economics; labor economics; public economics; international economics.

I look forward to receiving your contributions.

Dr. Xinzheng Shi
Guest Editor

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Keywords

sustainable economic policy
evaluation
econometrics methods

Published Papers (6 papers)

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24 pages, 1495 KiB

Open AccessArticle

Identifying the Role of Knowledge-Intensive Business Services in the Korean Economy as a Sustainable Innovation Tool Using Input–Output Analysis

by Yong Jae Shin

Sustainability 2024, 16(5), 1823; https://doi.org/10.3390/su16051823 - 22 Feb 2024

Viewed by 484

Abstract

This study aimed to determine the role of KIBSs as a tool for sustainable innovation in a country’s economic system. Specifically, the degree and role of their impact on the Korean economy were analyzed and compared for the entire KIBS sector, T-KIBSs (a new technology-based professional service), P-KIBSs (a traditional professional service), and every subsector. For this purpose, the demand inducement model, supply inducement model, and interlinkage effects method were applied using the 2019 input–output table published in 2022. The analysis showed that the indirect production inducement effect of the entire KIBS industry on other industries was KRW 0.800, the indirect added value inducement effect was KRW 0.330, and the supply disruption effect was KRW 1.144. For T-KIBS, the indirect production inducement effect was KRW 0.687, the indirect added value inducement effect was KRW 0.272, and the supply disruption effect was KRW 0.730. For P-KIBSs, the indirect production inducement effect was KRW 1.472, the indirect added value inducement effect was KRW 0.646, and the supply disruption effect was KRW 2.657. Finally, regarding the economic ripple effect of the KIBS subsector, legal and management support services and advertisements corresponding to P-KIBSs showed higher figures than the T-KIBS subsectors in all sectors, including production inducement, the added value inducement effect, and the supply disruption effect. These results revealed that in the South Korean economic system, KIBSs contribute to production and value addition across all industrial sectors. It is apparent that the absence of supply significantly disrupts other industries. Furthermore, production inducement effects are evenly distributed among all the KIBS subsectors in the secondary and tertiary sectors, while the value-added effects have a greater impact on the tertiary sector. In terms of the supply shortage effects, the secondary sector experiences a more significant impact. This underscores the crucial role of KIBSs in sustaining and enhancing overall economic activity in South Korea. Full article

(This article belongs to the Special Issue Sustainable Economic Policy and Econometrics Strategy)

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23 pages, 1669 KiB

Open AccessArticle

How Does Fertility Policy Relaxation Affect Household Financial Asset Allocation? Evidence from the Universal Two-Child Policy in China

by Yujie Wang, Run Ge, Wenjing Gao and Dunzhe Tang

Sustainability 2024, 16(3), 1018; https://doi.org/10.3390/su16031018 - 24 Jan 2024

Viewed by 706

Abstract

Both fertility policy and the healthy development of financial markets are important topics for sustainable economic and social development. By using the difference-in-difference (DID) model, this paper investigates how the universal two-child policy (UTCP) in China aiming to improve fertility affects household financial asset allocation, based on the China Family Panel Studies (CFPS) data from 2010 to 2018. The results show that the implementation of UTCP has a significant negative impact on household risk asset holdings. Specifically, the policy decreases the probability of households participating in the financial market by 3.1 percentage points, reduces the total value of risk assets held by 50.2%, and lowers the proportion of risk asset investment by 1.76 percentage points. Mechanism analysis suggests that the implementation of the policy has a significantly negative impact on labor market outcomes for women, which decreases household income and increases the time and effort spent on caring for children. As a result, the financial resources available for household financial asset investment are diminished, and the time for activities such as information gathering and financial asset transactions is squeezed out, ultimately leading to a decrease in household risk asset investment. Heterogeneity analysis reveals that households with self-employed wives (higher income instability), households without a co-resident status with grandparents (more time spent on childcare), and high-income households (stronger willingness to have more children) are more affected by the policy. This study provides new supplements on how fertility policies affect the allocation of household financial assets and proposes constructive suggestions on how to establish a comprehensive system of childcare welfare and alleviate the economic pressure of family childcare in developing countries. Full article

(This article belongs to the Special Issue Sustainable Economic Policy and Econometrics Strategy)

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20 pages, 992 KiB

Open AccessArticle

Mandatory Disclosure of Corporate Social Responsibility and the Quality of Earnings Management

by Qunpeng Fan, Dongphil Chun, Qi Ban, Yitong Jiang, Huiting Li and Luyuan Xu

Sustainability 2023, 15(17), 13026; https://doi.org/10.3390/su151713026 - 29 Aug 2023

Cited by 1 | Viewed by 989

Abstract

Using the exogenous shock caused by the mandatory corporate social responsibility (CSR) information disclosure policy in 2008, this paper examines the impact of mandatory CSR information disclosure on the earnings management activities of listed firms in China from the perspective of external corporate regulation based on the Difference-in-Differences (DID) method. The results show that mandatory CSR information disclosure can significantly improve the quality of firms’ earnings management. The mechanism analysis shows that the policy’s enhancement of the effectiveness of external regulation by regulators and the media played an important role in curbing firms’ earnings management activities. The heterogeneity analysis shows that the inhibitory effect of mandatory CSR disclosure policy on firms’ earnings management activities is better in firms with lower analyst coverage and lower institutional ownership. The study further extends the mechanism of the impact of mandatory CSR disclosure on firms’ earnings management activities, and provides practical guidance on how to improve the quality of firms’ earnings management and enhance the efficiency of corporate governance. Full article

(This article belongs to the Special Issue Sustainable Economic Policy and Econometrics Strategy)

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21 pages, 562 KiB

Open AccessArticle

Role of Digital Inclusive Finance for High-Quality Business Development: A Study of China’s “Five Development Concept” Policy

by Ruixin Su, Tong Zheng, Yuzhao Zhong and Weizhou Zhong

Sustainability 2023, 15(15), 12078; https://doi.org/10.3390/su151512078 - 07 Aug 2023

Cited by 1 | Viewed by 1103

Abstract

The “Five Development Concept” policy is the foundation of high-quality development in China, and enterprises should base their high-quality development on this new paradigm. Can digital inclusive finance play a vital role in the high-quality growth of those businesses? This paper examines the relationship between digital inclusive finance and high-quality corporate development and its mechanism of action. This study demonstrates that digital financial inclusion can facilitate high-quality business development. Heterogeneity analysis shows that the contribution of digital inclusion to high-quality businesses development is more evident among non-state, large growth capacity and small-scale enterprises. An investigation of the mechanism reveals three pathways through which high-quality enterprise development is facilitated via digital inclusive finance, namely improving innovation, easing financing constraints, and improving risk taking, and a triple internal drive mechanism of innovation, capital, and risk is extant. This paper enhances the research related to the micro-level of digital inclusive finance on the high-quality development of enterprises, which is conducive to the construction of a long-term mechanism of digital inclusive finance under the new development pattern, so as to effectively facilitate the high-quality development of enterprises in developing countries. Full article

(This article belongs to the Special Issue Sustainable Economic Policy and Econometrics Strategy)

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19 pages, 1100 KiB

Open AccessArticle

Does Direct Monetary Policy Affect the Supply of Bank Credit to Small and Medium-Sized Enterprises? An Analysis Based on Chinese Data

by Ruishi Jiang and Jia Ruan

Sustainability 2023, 15(15), 11674; https://doi.org/10.3390/su151511674 - 28 Jul 2023

Cited by 1 | Viewed by 952

Abstract

In order to develop the real economy and solve the problems of enterprise financing and lending, banks should increase their support for SMEs (small and medium-sized enterprises). The People’s Bank of China introduced two direct monetary policy tools in June 2020, which are important for alleviating the financing problems of SMEs, improving the construction of financial support for the real economy and promoting the recovery of economic development. This paper manually collects annual data on the loan balances of SMEs from listed commercial banks in China from 2011 to 2021, and it empirically tests the implementation effects of the direct monetary policy tools using the double-difference model and the moderating effect model. The results of the study indicate that the implementation of the direct monetary policy tools can increase the credit supply of commercial banks to SMEs. The moderating effect of digital inclusive finance on the impact of direct monetary policy on the credit supply of SMEs is not statistically significant for the time being. Therefore, it is necessary to improve the transmission mechanism of structural monetary policy, establish a sustainable development mechanism for digital inclusive finance, and guide commercial banks to improve their capital strength and profitability so that structural monetary policy tools can be most effective. Full article

(This article belongs to the Special Issue Sustainable Economic Policy and Econometrics Strategy)

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19 pages, 5363 KiB

Open AccessEssay

Evaluation of Supply and Demand Balance and Spatial Spillover Effect of Age-Friendly Environment

by Zheng Qi, Qingling Li, Qiang Huang and Tianyan Wu

Sustainability 2023, 15(15), 11810; https://doi.org/10.3390/su151511810 - 01 Aug 2023

Viewed by 945

Abstract

Given the rapid development of population aging, regions face significant challenges in providing diverse public service resources for the elderly. Constructing an age-friendly environment actively addresses population aging and ensures the well-being of the elderly. This study employed panel data from 31 provinces (municipalities) in China spanning the years 2014 to 2020. The research utilized a coupling coordination degree model, Theil index, Moran index method, and spatial econometric model to empirically examine the level of coupling coordination development, regional differences, and spatial spillover effects of age-friendly environments. The findings indicate the following: (1) In terms of coupling and coordination development, the degree of coupling and coordination of age-friendly environments in China shows a consistent upward trend over the years. The eastern region exhibits the highest level of development, surpassing the national average, while the western region has the lowest level, followed by the northeast and central regions. (2) In terms of regional development disparities, inter-regional differences gradually intensify due to variations in development status and resource endowment, playing a significant role in overall variations. Within regions, the highest intra-regional differences occur in the eastern region, while the lowest occur in the western region. (3) Considering the spatial spillover effect, the coupling coordination degree of age-friendly environments demonstrates positive spatial autocorrelation. Various development clusters and variables exert diverse influences on the coupling coordination degree of age-friendly environments within the region, while the spatial spillover effect of surrounding regions manifests distinct development patterns. The findings of this study contribute to enhancing the quality of age-friendly environment construction and promoting coordinated development among different regions. Full article

(This article belongs to the Special Issue Sustainable Economic Policy and Econometrics Strategy)

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