This study investigates the effects of innovation reform on wealth inequality by analyzing China’s Comprehensive Innovation Reform Pilot Zones (CIRPZs). Employing a difference-in-differences methodology, we assess the impact of CIRPZs on urban wealth distribution among China’s prefecture-level cities. Our findings reveal a paradox: although CIRPZs are designed to stimulate economic growth and technological advancement, they inadvertently exacerbate wealth inequality. This outcome is confirmed through a series of rigorous robustness checks. We identify two key mechanisms driving this phenomenon: the virtual wealth effect, whereby technological progress disproportionately benefits tech-savvy individuals and firms, and wage stratification, leading to increased income disparities within innovative sectors. Additionally, we find that the impacts of CIRPZs vary across regions, with significant widening of wealth inequality observed in Beijing-Tianjin-Hebei, the middle reaches of the Yangtze River, and Chengdu-Chongqing, while a moderating effect is noted in the Central Plains. These insights emphasize the nuanced effectiveness of innovation reform policies and their implications for policymakers in developing economies. We advocate for policy frameworks that balance technological advancement with equitable economic outcomes, a crucial step for fostering sustainable and inclusive development.

The digital economy exerts both positive and negative influences on urban sustainable development, yet there is a notable gap in the existing research concerning its impact on energy intensity and the underlying mechanisms. this study pioneers the investigation of a nonlinear relationship between the digital economy and energy intensity, revealing a significant inverted U-shaped relationship. Specifically, we observe a noteworthy reduction in energy intensity when the digital economy index surpasses 0.286. Our empirical findings indicate that the digital economy not only directly influences energy intensity but also exerts an indirect impact through initiatives such as the promotion of green innovation and the agglomeration of high-tech industries. Importantly, the promotional effects of the digital economy exhibit heterogeneity with respect to geographical location, resource endowment, and urban scale. This paper contributes to the theoretical understanding of information technology in urban green development by analyzing the mechanisms of the digital economy at the urban level and its intricate impact on energy intensity.

We investigate the impact of strategic alliances on corporate green innovation by collecting and collating announcements of Chinese A-share listed enterprises related to their participation in strategic alliances from 2007 to 2022, and yields three main findings: Strategic alliances significantly improve corporate green innovation, and it contributes more to symbolic green innovation than to substantive green innovation, using the proportion of other enterprises in the same industry and same province that participated in strategic alliances in the previous year as an instrumental variable, we find that this positive impact is likely to be causal. Mechanism analysis indicates that public attention and productivity play an important moderating role in this process. The research results also show that the impact of strategic alliances on corporate green innovation is heterogeneous in terms of industry competitiveness, enterprise categories and strategic alliances types. Our research sheds mechanisms of strategic alliances on corporate green innovation, and provides a theoretical reference for enterprises to improve their green innovation level and enhance their core competitiveness.

Risk management strategies protect the company as a whole as well as employees from unexpected financial impacts. As is the case in personal finance, preparing for certain scenarios helps confront any difficulties the company may face and allows it to get out of this predicament. For any project to be successful, it must be determined how the agency implementing the project will deal with potential risks so that it can identify, mitigate or avoid problems when it needs to do so. Successful project managers realize the importance of risk management, because achieving project objectives depends on planning, preparation, results and evaluation that contribute to achieving strategic objectives, especially sustainable development of communities. To ensure the success of your project, determine how you will handle potential risks so that you can identify, mitigate, or avoid problems when you need to do so.

This paper investigates the impact of new quality productivity on corporate innovation, and empirically analyzes it using A-share data from 2012-2022. New quality productivity, which includes emerging industries, future industries and digital transformation of traditional industries, has a significant positive effect on corporate innovation. The study shows that new quality productivity promotes innovation by enhancing innovation incentives and improving ESG performance. Improvements in the institutional environment can enhance its role in promoting innovation. It is recommended to enhance new quality productivity, stimulate innovation in SMEs, focus on ESG performance and develop differentiated strategies to support sustained innovation in corporate technology.

Grain trade plays a critical role in global grain security and the balance of grain supply and demand across countries. As globalization progresses, the complexity and diversity of grain trade have become increasingly prominent. Its significance extends beyond the economic sphere, directly impacting social stability and international relations. The dynamic development of grain trade is influenced by a variety of factors, including climate change, international economic policies, technological advancements, and geopolitics. At the same time, the complexity of global grain supply chains, the uncertainty of international trade policies, and the frequent occurrence of extreme climate events pose significant challenges to the smooth operation of grain trade. In recent years, there has been growing attention in the international community on how to achieve the sustainable development of grain trade by optimizing policies, strengthening international cooperation, and promoting technological innovation. This study systematically reviews the existing literature on grain trade, providing a comprehensive summary of the research landscape, covering factors influencing grain trade, development trends, supply chain management, and risk management. The goal is to provide a systematic analysis and insights for both academics and policymakers, as well as directions and references for future research. Additionally, the study explores how grain trade has maintained resilience amid global crises such as the COVID-19 pandemic and climate change, and offers strategic recommendations for achieving global grain security. This research aims to further promote the sustainable development of grain trade systems and provide strong support for global grain security and socioeconomic stability.

Based on the behavioral theory of the firm, we investigate the impact of performance negative feedback on R&D efficiency. The results show that when performance falls below aspirations, firms pay more attention to R&D projects with high R&D efficiency to get rid of the operating pressure, reputation pressure and resource constraints caused by the decline in performance. This effect may be influenced by institutional differences. In the case of negative feedback, a good regional institutional environment is conducive to the improvement of R&D efficiency, while a weak regional institutional environment weakens this effect. Specifically, the higher the degree of IPR enforcement and financial market development, as well as the lower the degree of local government intervention, the more inclined firms are to increase R&D efficiency. The findings provide insights into understanding R&D efficiency improvement in the context of emerging markets.

This study investigated the response of currency outside the banking system to the rise in the use of the e-payment outlets in Nigeria. The study is motivated by the recent rise in the use of e-payment systems and their likely tendency to reduce the currency outside the banking system. Using monthly series over the period from 2012M12 to 2022M12, the study applied the VAR model. The study found that currency outside the banking system responded negatively to shocks in the three e-payment channels included in the study, even though such responses were short-lived. The study equally revealed that while bank reserves responded positively to shocks in e-bills payment only in period one, its response to shocks in both NIP and POS was positive up to periods six and eight, respectively. These outcomes found support in the results of the variance decomposition. On grounds of the findings, the study concludes that the e-payment system led to a reduction in the currency outside the banking system with the likely implication of causing much liquidity in the banking system. It is the view of the study that the monetary authorities should encourage the use of the e-payment systems in order to reduce the currency outside the banking system, but should monitor the various e-payment channels to avoid financial instability.

Strategic entrepreneurship (SE) emphasizes synchronous advantage-seeking and opportunity development, an important mode for enhancing the core competitive advantage of scientific and technological innovation in enterprises and realizes sustainable innovation in a dynamic and uncertain environment. Through a questionnaire survey of 308 small- and medium-sized science and technology innovation enterprises in the Chinese Pearl River Delta region, this study explores how managers’ cross-border capability (MCC) affects the SE of science and technology innovation enterprises. Research shows an inverted U-shaped relationship between the MCC and SE of scientific and technological innovation enterprises. Organizational learning (OL) plays an intermediary role in the relationship between MCC and SE, while attention to policy positively adjusts the inverted U-shaped relationship between the MCC and SE of science and technology innovation enterprises. The regulatory effect of cross-border efforts on the relationship between MCC and SE of scientific and technological innovation enterprises is insignificant; however, they positively regulate the role of MCC in OL, which can positively impact the SE of scientific and technological innovation enterprises through OL. This study has implications for optimizing the internal and external resources of the organization, promoting the capture of innovation opportunities, and constructing competitive advantages for scientific and technological innovation enterprises.

This study examined whether enterprise digital transformation impacts the relationship between managerial overconfidence and cash holdings. As its quantitative analysis approaches, it employed the fixed effect method and the generalized method of moments. Firstly, a positive relationship can be found between managerial overconfidence and cash holdings. This study uses behavioural finance to explain why overconfident managers always hold more cash. Secondly, this study aims to contribute further to the field of investigation, providing additional insight into this matter. This study highlights the significance of digital transformation in mitigating the cognitive bias of overconfident managers and ensuring the organization’s successful development in a highly competitive market. This study finds that enterprise digital transformation effectively mitigates overconfident managers holding excess cash during operations. This research not only enhances the understanding of enterprise digital transformation in relation to economic repercussions but also contributes to the affection of digital economic transformation on the corporate governance of Chinese listed companies.