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The high-quality development of SRDI enterprises is crucial for China to overcome critical technological bottlenecks and thereby achieve technological independence and strength. However, the factors driving the high-quality development of SRDI enterprises are not isolated elements, but rather a complex system of interconnected antecedents. This study employs the TOE framework and fuzzy set Qualitative Comparative Analysis (fsQCA) with 141 Chinese SRDI "little giant" listed companies as samples to explore how various factors contribute to their high-quality development. The findings indicate: (1) No single factor is necessary for SRDI enterprises' high-quality development. (2) It is the synergy of multiple factors, in various combinations, that drives their high-quality development. (3) Technological innovation plays a key role in these pathways; SRDI enterprises should leverage their resources and capabilities for a synergistic technology-organization-environment match, selecting the most suitable development path. The results of this study not only enrich our understanding of the factors influencing SRDI enterprises' high-quality development but also offer insights for both the enterprises and government policy-making. [ABSTRACT FROM AUTHOR]

Employing the "Green Credit Guidelines" implemented in 2012 as the basis for a quasi-natural experiment, this study applies the method of Difference-in-Differences(DID) to investigate the influence of the Green Credit Policy on both the quantity and quality of enterprise innovation. The outcomes of our analysis reveal that the policy has significantly boosted both the quantity and quality of innovation among enterprises identified as heavy polluters. It is noteworthy that the policy's positive impact on innovation quantity surpasses its positive effect on innovation quality. This substantiates that the Green Credit Policy effectively generates incentivizing outcomes for innovation among the heavy polluters, thereby verifying Porter's hypothesis within the domain of green credit in China. Furthermore, we find that the positive impact is more significant for enterprises with lower innovation capabilities, large-scale enterprises, state-owned enterprises, and those situated in both the Eastern and Western regions. Through these findings, this study illuminates a novel perspective on the interplay between the Green Credit Policy and enterprise innovation dynamics in China. [ABSTRACT FROM AUTHOR]

Recognition of the key text of the Chinese seal can speed up the approval of documents, and improve the office efficiency of enterprises or government administrative departments. Due to image blurring and occlusion, the accuracy of Chinese seal recognition is low. In addition, the real dataset is very limited. In order to solve these problems, we improve the differentiable binarization detection algorithm (DBnet) to construct a model DB-ECA for text region detection, and propose a model named LSTR (Lightweight Seal Text Recognition) for text recognition. The efficient channel attention module is added to the differentiable binarization network to solve the feature pyramid conflict, and the convolutional layer network structure is improved to delay downsampling for reducing semantic feature loss. LSTR uses a lightweight CNN more suitable for small-sample generalization, and dynamically fuses positional and visual information through a self-attention-based inference layer to predict the label distribution of feature sequences in parallel. The inference layer not only solves the weak discriminative power of CNN in the shallow layer, but also facilitates CTC (Connectionist Temporal Classification) to accurately align the feature region with the target character. Experiments on the homemade dataset in this paper, DB-ECA compared with the other five commonly used detection models, the precision, recall, F-measure are the best effect of 90.29, 85.17, 87.65, respectively. LSTR compared with the other five kinds of recognition models in the last three years, to achieve the highest effect of accuracy 91.29%, and has the advantages of a small number of parameters and fast inference. The experimental results fully prove the innovation and effectiveness of our model. [ABSTRACT FROM AUTHOR]

Against the background of sustainable development policies, the ESG performance of Chinese manufacturing enterprises is still generally poor. As the leading enterprises in the manufacturing industry, state-owned enterprises should take the lead in responding to the national call for sustainable development and actively explore the path to improve their ESG performance. This study aims to explore whether and how state-owned manufacturing enterprises can improve their poor ESG performance through digital transformation in the digital economy. This study takes Shanghai and Shenzhen A-share state-owned listed manufacturing enterprises as the research sample and constructs an unbalanced panel. OLS regression analysis is used to empirically test the impact of digital transformation on the ESG performance of the sample firms. Further attempts are made to discuss the influence mechanism of digital transformation from the perspectives of dynamic capabilities and the institutional environment through stepwise and hierarchical regression methods, respectively. The study shows that, firstly, digital transformation is an important influencing factor in promoting the improvement of enterprises' ESG performance, and at the same time, there are significant structural differences in this influence. Second, under the dynamic capability perspective, digital transformation can improve corporate ESG performance through an absorptive feedback mechanism, matching response mechanism, and innovation efficiency enhancement mechanism. Third, from the perspective of the institutional environment, the informal system has a significant positive moderating effect on the relationship between digital transformation and ESG performance, i.e., the informal system and digital transformation have a synergistic governance effect on corporate ESG performance. The moderating effect of the formal institutional environment on digital transformation and ESG performance is not significant. The findings of the study clarify the controversy over the relationship between digital transformation and ESG performance of manufacturing state-owned enterprises and enrich the research on the influencing factors of corporate ESG performance. It also provides a theoretical foundation and empirical evidence for manufacturing SOEs to improve ESG performance and lead to sustainable development. [ABSTRACT FROM AUTHOR]

To stimulate economic growth, China has launched multiple economic stimulus plans in recent years, intensifying corporate debt financing and subsequently elevating the leverage levels. Addressing and effectively reducing the leverage levels of our country's enterprises has emerged as a pressing issue in the trajectory of our economic development. This paper primarily investigates the drivers, pathways, and mechanisms for reversing the over-leveraged values of enterprises. Key findings include: (1) Excessive indebtedness exerts a negative impact on corporate value, with the suppressing effect intensifying as the degree of over-leverage increases; (2) Over-leveraged enterprises can effectively decrease their debt levels and enhance their value through private placement. Further research suggests that this mechanism operates by amplifying the operational leverage of over-leveraged enterprises post private placement and alleviating financing constraints, thereby elevating corporate value. (3) Compared to non-state-owned enterprises, state-owned enterprises exhibit higher levels of indebtedness. Among over-leveraged firms, enhancements in corporate governance and increased investment efficiency can positively transform corporate value. This study offers valuable insights for the ongoing supply-side structural reforms and governance guidance from the regulatory bodies. [ABSTRACT FROM AUTHOR]

This paper uses the difference-in-differences model to research how the "piercing the corporate veil" system marked by the 2005 Company Law amendment affects the level of corporate creditor protection. The research results show that private enterprises and local state-owned enterprises are sensitive and significant to this legal amendment. In contrast, local state-owned enterprises are more sensitive and have a stronger motivation to protect the interests of creditors. The motivation of companies with weaker profitability for creditor protection lasts not only for the year of law revision but also extends to the year of implementation. With the law's implementation, the growth effect of creditor protection for local state-owned enterprises has become more significant. Further analysis shows that the main findings of this article are more significant in companies with larger debt scales, companies with a higher year-on-year growth rate of operating income, companies with controlling shareholders, and companies with higher stock market capitalization. From an empirical research view, this paper explains the economic effect and mechanism of the whole corporate personality under the complete system and adds economic evidence for how the law acts on the capital market. [ABSTRACT FROM AUTHOR]

With an increasing number of heterogeneous shareholders participating in corporate governance in reality, the assumption of shareholder homogeneity in agency theory is gradually relaxing in the modern field of corporate governance. The policy of mixed ownership reform in China provides empirical evidence for studying heterogeneous shareholder governance. To fully understand the governance effects of non-state shareholders, we employ the ownership proportion held by non-state shareholders among the top ten shareholders and the appointment of directors as measures for non-state shareholder governance. Using a panel fixed-effect model from the perspective of state-owned enterprises (SOEs) party organizations, we examine the impact of non-state shareholder governance on the governance level of SOEs. The study reveals that non-state shareholder governance positively affects the governance level of SOEs, with board resolutions playing a crucial role in this relationship. When party members serve as directors, the governance effect of non-state shareholders is more significant. Based on the aforementioned research findings, we recommend further refining corporate governance measures for SOEs within the context of SOE reforms. It is advisable to optimize the party organizational governance structure and leverage the synergistic effects of non-state shareholder governance and party organizational governance. Advancing reforms along the Pareto improvement path will contribute to establishing a distinctive corporate governance system for Chinese SOEs. [ABSTRACT FROM AUTHOR]

With the predicament of sustainable improvement in traditional cities, the low-carbon city pilot policy (LCCPP), as a novel development mode, provides thinking for resolving the tensions of green development, resource conservation and environmental protection among firms. Using Chinese A-share listed companies panel data during 2007–2019, this study adopts the difference-in-differences model to explore the impact of LCCPP on firm green innovation. Based on theoretical analysis, LCCPP-driven environmental rules have the impact of encouraging business green innovation. The relationship between LCCPP and green innovation is strengthened by external media attention and organizational redundancy resources. The mechanism study shows that the incentive effect of LCCPP on firm green innovation is mainly due to the improvement of enterprises' green total factor productivity and financial stability. In addition, the heterogeneity analysis shows that the LCCPP has significantly positive effects in promoting green innovation in high-carbon industries and state-owned enterprises. This research contributes to the understanding of city-level low-carbon policies as a driving force for corporate green innovation, offering practical implications for policymakers and businesses striving for sustainability. [ABSTRACT FROM AUTHOR]

In light of the long-term constraints posed by the "dual carbon" objective, can digital technology emerge as a transformative solution for enterprises to embark on a sustainable development trajectory? The existing body of research has yet to reach a consensus. In order to shed further light on the intricate relationship between digital transformation and ESG performance of enterprises, this study empirically examines the mechanisms and boundaries through which digital transformation influences ESG performance, based on observational data from A-share manufacturing listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange spanning from 2011 to 2021. The findings demonstrate that digital transformation exerts a significant positive impact on the ESG performance of manufacturing enterprises. Mechanism analysis reveals that the enabling effect of digital transformation primarily enhances company transparency, thereby fostering continuous improvements in ESG performance among manufacturing enterprises. The performance expectation gap will give rise to the phenomenon of "stop-loss in time" and impede the promotional impact of digital transformation. Further investigation into industrial characteristics and industry competition intensity indicates that state-owned enterprises and those operating within highly competitive environments experience more pronounced effects of digital transformation on their ESG performance. This study expands the mechanism and boundary of digital transformation on ESG performance of manufacturing enterprises, and provides a new perspective for manufacturing enterprises to realize the collaborative transformation of digital and green. [ABSTRACT FROM AUTHOR]

An enterprise's ownership structure is crucial for factor allocation efficiency. We used Chinese firm-level data to investigate whether changes in state-owned enterprise ownership structure contribute to resource misallocation, leading to high-quality economic development. We found a U-shaped relationship between non-state shareholding and state-owned enterprises' resource allocation efficiency. An optimal range exists for non-state shareholding. When the shareholding of non-state shareholders reaches 10%–20%, the efficiency of resource allocation is at its highest. Additional research has revealed that mixed shareholding has varying impacts on resource allocation, displaying substantial heterogeneity. These insights offer valuable guidance for future mixed-ownership reforms and serve as a practical reference for economic reforms in other nations, particularly developing countries. [ABSTRACT FROM AUTHOR]

The ESG scores of corporations is a crucial manifestation of their long-term strategic goals, attracting significant attention from society. The impact and underlying mechanisms of the enhancement of the social credit atmosphere on the ESG performance of corporations remain unclear. This study utilizes a sample of Chinese A-share listed companies from 2010 to 2020, employing the Difference-in-Differences (DID) methodology to investigate the relationship of the establishment of the social credit system on company ESG scores. This study reveals that the establishment of the social credit system significantly advances corporate ESG scores. Heterogeneity results indicate that the positive effect is more pronounced in state-owned enterprises or companies having substantial institutional shareholding. Furthermore, the implementation of the social credit system amplifies corporate ESG scores through three key mechanisms: fostering green technology innovation, cultivating ethical and moral corporate cultures, and optimizing the overall business environment. This paper enriches the informal institutional researches about the driving factors of corporate ESG scores, providing valuable insights for policymakers and corporate decision-makers. [ABSTRACT FROM AUTHOR]

In order to foster a modern economic system and facilitate high-quality economic development, it is crucial to establish a conducive business environment. Undoubtedly, the evaluation of the business environment for enterprises constitutes a prominent area of research. Nevertheless, ensuring the authenticity and security of the raw data sources provided by participating enterprises poses a challenge, thereby compromising the accuracy of the evaluation. To tackle this issue, an enterprise composite blockchain construction method for business environment is proposed in this paper, which stores the raw data of enterprises by the means of hybrid on-chain and off-chain. Initially, the enhanced hash function SHA256 is introduced to encrypt the raw data of enterprises. The encrypted data is subsequently stored in an off-chain Level DB database, which is based on non-volatile memory. This approach effectively alleviates the burden on communication and storage. Secondly, a composite storage strategy on-chain is adopted: the key values from the Level DB are stored in the DAG-based Conflux public blockchain, while the enterprise state data is stored in the consortium blockchain, so as to provide trusted evidence of business environment evaluation data. Finally, it is demonstrated through a large number of experimental comparisons that the enterprise composite blockchain construction method proposed in this paper exhibits better read and write performance, lower storage efficiency and storage overhead, and outperforms both the before-improved Level DB database and existing blockchain storage models. [ABSTRACT FROM AUTHOR]

The green credit policy serves as a crucial instrument for achieving the dual objectives of optimal resource allocation and green development. It plays a pivotal role in curbing inefficient investments in innovation by enterprises. This research employs the PSM-DID method to effectively explore the practical effects of the green credit policy on the innovation inefficiency investments of heavily polluting enterprises in China. Examining the impact from the perspectives of environmental regulation and financial constraints, the study utilizes panel data from listed companies on the Shanghai and Shenzhen A-shares markets spanning from 2010 to 2020. The following conclusions are drawn: (1) Green credit policy has proven effective in inhibiting the inefficient investment in innovation by heavily polluting enterprises when compared to non-heavily polluting enterprises. (2) Moreover, this effect is more pronounced in state-owned enterprises and regions with less financial development. (3) Mechanism testing reveals that the green credit policy can discourage corporate over-investment by influencing financing constraints and can alleviate under-investment through commercial credit. [ABSTRACT FROM AUTHOR]

This study used the entropy weight method to develop an index of green transition and empirically examined the influence of analyst coverage on green transitions by manufacturing enterprises in China. We examined A-share listed manufacturing firms from 2010–2020, using patent data, media reports from Chinese Research Data Services, and other data from the Cathay Capital Database. After excluding cases with missing data, our final sample comprised 16,576 observations. The following conclusions were drawn. First, analyst coverage significantly contributed to green transition. Second, the analysis of the impact mechanism showed that improving information transparency, weakening principal-agent conflict, and increasing environmental legitimacy pressure are the paths through which analyst coverage affects manufacturing's corporate green transition. Third, the effect of analyst coverage was stronger for large-scale and state-owned manufacturing companies. [ABSTRACT FROM AUTHOR]

In the era of the digital economy, building an internationally competitive manufacturing industry with intelligent manufacturing as its main focus is the only way to promote the transformation of a country into a manufacturing power and achieve high-quality economic development. To explore whether Digital transformation can improve the core competitiveness of traditional manufacturing enterprises, and what factors affect this process, this study establishes the core competitiveness system of enterprises through the principal component analysis(PCA) method and discusses the above issues through the construction of a double difference model. The results of this research from China's traditional manufacturing industry are as follows. (i) The digital transformation of enterprises has significantly improved their core competitiveness and has a certain time lag effect. (ii) In the process of enterprise digital transformation, enterprise management capabilities, environmental uncertainty, and enterprise operational efficiency will positively enhance the results of enterprise digital transformation. (iii) The enhancement of core competitiveness caused by digital transformation is more significant for the market leaders and laggards. (iv) Compared with non-state-owned enterprises, the Digital Transformationn of state-owned enterprises has a more obvious effect on promoting their core competitiveness. (v) In comparison with enterprises with low government subsidies, the Digital Transformation of enterprises with high government subsidies plays a more significant role in promoting their core competitiveness. In addition, this study proposes policy guidance and practical guidance for digital transformation to accelerate the promotion of core competitiveness of traditional manufacturing industry. [ABSTRACT FROM AUTHOR]

Cash holding is an important strategic decision of enterprises. As a macro-level factor, economic policy uncertainty causes risks, affecting enterprises' cash holdings. Taking the quarterly financial data of China's A-share non-financial listed firms for 2010–2020 as a sample, this study adopts the OLS and fixed effect models to investigate how corporate cash holdings are affected by economic policy uncertainty. The findings indicate that economic policy uncertainty is directly proportional to the level of cash that listed corporations hold. The higher the uncertainty, the more cash the company holds. Among them, state-owned enterprises and the manufacturing industry are more significantly affected by economic policy uncertainty. Finally, considering the regional marketization level and the differences in financing constraints enterprises face, it is concluded through grouping empirical studies that enterprises located in regions with lower marketization levels are more susceptible to policy uncertainty, while financially constrained enterprises are more susceptible to economic policy uncertainty. The study of economic policy uncertainty is helpful to guide enterprises to realize the importance of coping strategies in advance under the background of intensifying economic policy uncertainty. Therefore, this paper proposes to introduce policies on the premise of fully considering the smoothness of the economy and the differences in the conditions of firms of different natures, as well as some proposals to alleviate financing constraints, reduce the adverse effects of uncertainty on firms, and bolster the marketization process. [ABSTRACT FROM AUTHOR]

The inconsistency of existing findings on the relationship between institutional investors' shareholdings and the level of corporate Environmental, Social and Governance (ESG) disclosure may lie in the insufficient consideration of the heterogeneity of institutional investors and investee firms. In this paper, from the perspective of institutional investor heterogeneity, we use a two-way fixed effects model to examine the impact of institutional investors on corporate ESG disclosure and the possible mechanism of this impact using a sample of Chinese A-share-listed firms from 2012 to 2020. We show that institutional investor shareholding can improve the level of corporate ESG information disclosure by enhancing auditor supervision and analyst attention to these external supervision. In terms of institutional investor heterogeneity, it is found that independent institutional investors and stable institutional investors play a stronger role in promoting the level of ESG information disclosure. Moreover, the positive net effect of the institutional investors on improving the level of ESG information disclosure is more pronounced in non-heavily polluting industries and state-owned enterprises. This paper enriches the impact of institutional investors' shareholding on corporate ESG disclosure from a heterogeneity perspective. [ABSTRACT FROM AUTHOR]

This study employs a multilevel model, nesting firm observations within industry and province groups, to investigate the influences on corporate contributions to poverty alleviation while considering the industrial and provincial contexts. Using a sample of Chinese firms listed in Shanghai and Shenzhen Stock Exchanges between 2016 and 2019, we find that Herfindah-Hirschman Index (HHI) does not affect corporate contribution. The results show a significantly negative relationship between industry dynamism and a firm's substantial poverty contributions, as well as a significantly positive relationship between number of state-owned enterprises (SOEs) in industry and the likelihood and extent of a firm's contributions. Moreover, a firm's likelihood to participate in anti-poverty activities and make substantial contributions is affected by more intense government intervention and lower per capita GDP. A province's poverty rate is positively associated with the extent of corporate investments in poverty alleviation. Additional analyses note that firms competitive in an industry that is less dynamic environment are more likely to invest funds into poverty alleviation instead of material contribution. Moreover, for firms headquartered in an industry with more SOEs and in provinces with a stronger government, a higher poverty rate and lower per capita GDP mean it is more likely for them to make both monetary and material contributions for anti-poverty campaigns. [ABSTRACT FROM AUTHOR]

Financial subsidies and tax incentives play essential roles in the innovation efficiency of enterprises. This paper selects Chinese listed NEV enterprises from 2010 to 2022 as a research sample and investigates various impacts under various circumstances. We find that both financial subsidies and tax incentives can promote the innovation efficiency of NEV enterprises. Compared to financial subsidies, tax incentives are more effective; the interaction between financial subsidies and tax incentives has a weaker impact on the innovation efficiency of NEV enterprises. Both financial subsidies and tax incentives have more potent innovation effects on enterprises with higher financing constraints. In addition, financial subsidies and tax incentives have a stronger innovation efficiency effect on private enterprises than state-owned enterprises. Further research shows that marketization and market distortion affect the innovation efficiency of NEV enterprises. This study provides a new perspective for understanding the effects of financial subsidies, tax incentives, and innovation efficiency of NEV enterprises, and the conclusions and suggestions are relevant references for the government to improve the quality of policy-making. [ABSTRACT FROM AUTHOR]

Environmental protection and social obligation fulfillment have become hot subjects as the "dual carbon" approach has been developed and deepened. The ESG system is consistent with China's current policies, abandoning the traditional business philosophy of economic supremacy in favor of comprehensively measuring corporate social responsibility and sustainable development capability across three dimensions: environmental (E), social (S), and corporate governance (G), which receive widespread attention from all sectors of society. Based on observational data from A-share listed businesses in Shanghai and Shenzhen from 2011 to 2020, this study empirically evaluates the influence and mechanism of ESG on government subsidies. The research results indicate that enterprises can receive more government subsidies by improving ESG performance. Mechanism analysis found that corporate transparency plays a positive mediating role in the process of ESG affecting government subsidies. Further research on political affiliation and property rights has found that companies without political affiliation are more inclined to receive more government subsidies by improving ESG performance, and the impact of political affiliation and ESG performance on government subsidies is mutually complementary. Enterprises with different property rights have different strengths of motivation to increase government subsidies by improving ESG performance. State owned enterprises (excluding central enterprises) are the strongest, followed by non-state-owned enterprises, and central enterprises are the weakest. Therefore, enterprises should be further encouraged to strengthen ESG construction, improve the quality of ESG information disclosure, improve resource allocation efficiency, and promote high-quality development of enterprises. [ABSTRACT FROM AUTHOR]

Does government audit affect employee allocation of enterprises? Using the quasi natural experiment and differences-in-differences(DID) model, this paper empirically tests the impact of government audit on employees efficiency and labor cost stickiness of state-owned enterprises (SOEs) in China. The results show that after the implementation of government audit, excess employees and labor cost stickiness of the audited enterprise is significantly reduced, which confirms the supervision and governance function of government audit on employee efficiency of SOEs. However, labor costs of the audited enterprise are not significantly reduced. These indicate from the side that the compensation system of SOEs conforms to market mechanisms, and there is no problem of employee over payment in China. This study enriches the relevant literature on the impact of government audit on employee policy of SOEs, and also provides empirical support for the full coverage of government audit. [ABSTRACT FROM AUTHOR]

Government (especially local government) plays an important role in China's economic growth, the government is made up of officials, corporates are participants and the driving force of market economy, therefore, ignoring officials may not be able to directly explain the mechanism of corporate growth. This paper intends to discover how officials' promotion expectation may be beneficial for corporates—directly and/or indirectly via corporate strategic deviance—in terms of corporate growth. We conduct an empirical analysis of Chinese listed companies to test these arguments, the results show that officials' promotion expectation has a significantly positive impact on corporate growth; corporate strategic deviance has a mediating effect on the relationship between officials' promotion expectation and corporate growth; compared with non-state-owned enterprises, corporate strategic deviance has less influence on state-owned enterprises' growth. Our research generates a more comprehensive understanding of the political stakeholders-corporate growth relationship, provides direct evidence for the positive role of officials in corporate growth and expands the mediating research of corporate growth. [ABSTRACT FROM AUTHOR]

This paper takes the financial independent directors' compensation of listed companies from 2014 to 2020 as the research object and uses empirical analysis to study whether the compensation of financial independent directors promotes or inhibits stock price collapse. The research results show that there is a significant positive correlation between the compensation of financial independent directors of listed companies and stock price collapse. In state-owned enterprises, the compensation of financial independent directors has an inhibitory effect on stock price collapse, but it is not significant. In non-state-owned enterprises, the compensation of financial independent directors has a significant promoting effect on stock price collapse. Further research finds that the improvement of internal control quality can weaken the promoting effect of financial independent directors' compensation on stock price collapse to a certain extent, and the weakening effect is particularly evident in non-state-owned enterprises. The attendance frequency of financial independent directors cannot effectively suppress stock price collapse, but instead has a promoting effect. [ABSTRACT FROM AUTHOR]

With the rapid growth and wide application of digital technology, enterprises have entered the digital era with both opportunities and challenges existing. Mergers and acquisitions are one of the most efficient ways to integrate resources and achieve profit growth, giving enterprises advantages in competing in the new mode of economic growth. Based on this, this research tries to explore whether the development of digital finance will contribute to the emergence of M&As activities through combining M&As data of the Chinese stock market with the digital finance inclusion index between 2012 and 2020. The results show that the development of digital finance largely influences M&As activities through lower acquirers' financial constraints. We further replace digital finance with three sub-indexes including coverage breadth, usage depth, and digitalization level to explore the impact of different dimensions of digital finance on M&As. Results show that coverage breadth plays a more important role. In addition, heterogeneity tests reveal that the relationship between the development of digital finance and M&As activities varies significantly. The influences of digital finance on private and western and central enterprises are more significant compared with state-owned and eastern enterprises. According to the study, since the development of digital finance can be an efficient way to ease financial constraints and boost M&As activities, the government should promote the development of digital finance while companies strive to make the most use of it. [ABSTRACT FROM AUTHOR]

Income inequality is a good indicator reflecting the quality of people's livelihood. There are many studies on the determinants of income inequality. However, few studies have been conducted on the impacts of industrial agglomeration on income inequality and their spatial correlation. The goal of this paper is to investigate the impact of China's industrial agglomeration on income inequality from a spatial perspective. Using data on China's 31 provinces from 2003 to 2020 and the spatial panel Durbin model, our results show that industrial agglomeration and income inequality present an inverted "U-shape" relationship, proving that they are the non-linear change. As the degree of industrial agglomeration increases, income inequality will rise, after it reaches a certain value, income inequality will drop. Therefore, Chinese government and enterprises had better pay attention to the spatial distribution of industrial agglomeration, thereby reducing China's regional income inequality. [ABSTRACT FROM AUTHOR]

Environmental protection tax is an important tool for directing environmentally friendly growth in heavily polluting enterprises, but existing research has yet to provide consistent conclusions on whether and how environmental protection tax can promote green innovation in heavily polluting industries. The paper uses a double difference model based on data from Chinese listed companies in heavily polluting industries from 2012 to 2021 to empirically investigate whether environmental protection tax drives green innovation behavior of heavily polluting enterprises. The findings show that the environmental protection tax increases the degree of green innovation in heavily polluting enterprises, primarily through the anti-driving effect, in which an increase in environmental management expenses forces firms to increase their R&D investment, which improves the degree of green technical innovation. Furthermore, the environmental protection tax has a strong promotion effect on heavy polluters' green innovation for state-owned enterprises and those in growing period or located in high marketization regions. However, this promotion effect is insignificant for non-state-owned enterprises and those in recession period, and environmental protection tax hinders green innovation of enterprises in mature period and those located in low marketization regions. Accordingly, it is suggested to improve preferential tax policies, increase investment in corporate green innovation and strengthen the supervision of environmental tax. [ABSTRACT FROM AUTHOR]

The logistics industry is closely related to the high-quality economic development. At different levels of industrial structure, the relationship between high-quality development of the logistics industry and the high-quality economic development will vary, resulting in different roles and paths in promoting economic development. However, there is still a lack of research on the relationship between high-quality development of the logistics industry and high-quality economic development at different levels of industrial structure, and further empirical research is needed. It used the benchmark regression model to analyze the impact of the high-quality development of the logistics industry on high-quality economic development, and the panel threshold model was used to analyze the impact of the logistics industry on high-quality economic development at different levels of industrial structure development. The results show that the high-quality development of the logistics industry has a positive role in promoting the high-quality economic development, and in different levels of industrial structure development, the impact of high-quality development level of logistics industry on the high-quality economic development is different. Therefore, it is necessary to further optimize the industrial structure, promote the deep integration and development of logistics and related industries, and continue to promote the high-quality development of the logistics industry. And when formulating development strategies for the logistics industry, governments and enterprises need to consider factors such as changes in industrial structure, the overall goals of national economy, people's livelihood, and social development, in order to provide solid support for achieving high-quality economic development. This paper demonstrates the importance of high-quality development of the logistics industry in high-quality economic development, and it encourages the adoption of different strategies at different stages of industrial structure development to promote high-quality development of the logistics industry, and achieve high-quality economic development. [ABSTRACT FROM AUTHOR]

The strategic choice of state-owned enterprises (SOEs) is crucial to the sustainable development of China's economy. This paper explores the impact of mixed-ownership reform on the strategic choice of SOEs from the shareholder power and the board power. We find that the greater the diversity of mixed shareholders, the depth of mixed equity, the control of mixed equity, and the excess control of mixed equity, the higher the degree of mixed-ownership reform, and the more likely it is to promote SOEs to choose the prospector strategy. The mechanism test states that the impact of mixed-ownership reform on enterprise strategy is achieved through the balance effect between non-state-owned shareholders and state-owned controlling shareholders with the same power, and the synergy effect between different powers of non-state shareholders. Further research indicates that the mixed-ownership reform has a stronger driving effect on the prospector strategy in SOEs under strict external supervision, competitive industries, and local areas. This study clarifies the governance logic of non-state-owned shareholders on the strategic positioning of SOEs by dual control rights, and it provides empirical evidence for the formulation of enterprises' market-oriented strategic objectives. [ABSTRACT FROM AUTHOR]

This study investigates the changes in quantity and cost of bank loans after a private placement of common stocks by A-share listed companies in China from 2011 to 2021. This research is derived from the signaling theory and is based on a difference-in-difference design. Through propensity score matching, the sample comprises companies that placed equity privately in the experiment group and companies that did not place equity privately in the control group. We find evidence that the increase in bank loans slowed down, and the cost of bank loans increased after the private placement. The signaling effect of private placements is robust to various additional tests. Further analysis indicates that when state-owned enterprises place equity privately, their access to bank loans is not affected. When institutional investors participate in the private placement, the company's access to bank credit does not go through significant changes. In addition, private placements by companies located in regions with higher levels of marketization of the financial market do not reduce the cost of bank loans. [ABSTRACT FROM AUTHOR]

It is an important measure in the reform of state-owned enterprises to improve the efficiency of capital operation by introducing non-state-owned shareholders. This paper explores the impact of non-state shareholder governance on capital structure decision-making by using the data of 2008–2021 A-share state-owned listed companies from the perspective of the speed and deviation of capital structure adjustment. The results reveal that only non-state shareholding has no significant impact on the capital structure adjustment of a company. However, the appointment of senior management by non-state shareholders can speed up the capital structure adjustment and lower the degree of capital structure deviation. Moreover, when the capital structure goes down, the appointment of non-state-owned shareholders plays a larger role in accelerating the capital structure adjustment, which makes the deviation from the actual capital structure and the target capital structure smaller. Further research shows that the above relationship between non-state shareholder governance and the optimization and adjustment of the capital structure only exists in local SOEs and competitive SOEs. In addition, the path test found that non-state shareholder governance affects the dynamic adjustment of capital structure by reducing opportunism behavior of management rather than by financing constraints. [ABSTRACT FROM AUTHOR]

While corporate charitable giving(CG) can help firms obtain external innovation resource support, it can also crowd out internal innovation resources. The purpose of this study is to clarify the mechanism of CG and government green subsidies(GS) on green innovation(GI). In this regard, we integrated signaling theory and principal-agent theory to provide a new theoretical perspective for simultaneously focus on the impact of external resource acquisition and internal resource allocation on GI. We conducted a threshold regression analysis on the balanced panel data of 863 listed companies of China from 2016 to 2019 to clarify the input boundary between the promoting and inhibiting effects of corporate CG on corporate GI. And we further explored the relationship between GS and GI under the effect of different CG thresholds. Our findings indicate that there is an inverted U-shaped threshold effect of CG on GI. The impact of GS on GI shows a decreasing marginal benefit as the intensity of CG increases. Based on the findings, we propose corresponding countermeasures for the management of enterprises and the government. [ABSTRACT FROM AUTHOR]

Based on the resource allocation optimization theory, from the perspective of internal control (IC) and financial mismatch jointly affecting technological innovation, this study selects the listed enterprises in China's capital market from 2012 to 2020 as the sample, and explores the mechanism among IC, financial mismatch and technological innovation. The results show that effective IC significantly promotes corporate innovation, and mitigates financial mismatch. The mitigation of financial mismatch presents a significant mediating effect between effective IC and innovation output. In Discussion, this study finds that the effects are significantly reflected in non-state-owned enterprises, but not in state-owned enterprises. Finally, it is suggested to improve IC effectiveness continuously, to stimulate innovation vitality, optimize financial resources allocation, and foster new momentum for economic development. And it is suggested to facilitate the transmission effect that effective IC mitigates financial mismatch, and enhances innovation output. Also, the innovation activities in state-owned and non-state-owned enterprises should be coordinated to promote the steady and healthy development of the economy. [ABSTRACT FROM AUTHOR]

This paper tests the impact of local government debt on enterprise innovation based on 2011–2017 A-share non-financial enterprise data from Shanghai and Shenzhen Stock Exchanges. The results show that the relationship between government debt and enterprise innovation relationship follows an inverted U-shaped pattern. Endogeneity processing and robustness test result confirm the results of the model built for this study. Heheterogeneity analysis finds that the inflection points of local government debt in large enterprises, non-SOEs (non-state-owned enterprises) and poorly financialized regions are lower. Financing constraints and corporate profits play a part of the intermediary effect in the inverted U-shaped relationship between local government debt and enterprise innovation. Further research shows that Digital finance plays a moderating role in the impact of local government debt on enterprise innovation. Therefore, to keep local government debt scale compliant and to maximize the efficiency of digital finance are of great significance in terms of boosting enterprise innovation and improve economic development. [ABSTRACT FROM AUTHOR]

With the advancement of urbanization and the expansion of urban areas, NIMBY (not in my back yard) environmental public facilities are increasing day by day. It is meaningful to incorporate public participation into the regulatory process for the existing pollution NIMBY facility enterprises. Through the establishment of the tripartite game model of local government, polluting NIMBY facility enterprises and the public, the evolution stability analysis and simulation analysis of their strategies are carried out, and the Pareto optimal solution is obtained. The results show that: The strategy choices of the players of the three-party game are different under different stability conditions. The system can be broken out of the bad state by increasing government punishment, local governments strictly controlling the potential profits, the potential losses of polluting enterprises not rebuilding, the long-term public benefits and reducing the cost of public participation, etc., and the three-party common governance mode can be formed. The strategy evolution speed of a player in a three-party game is affected by his own strategy choice proportion and the strategy choice proportion of the other two players, but no matter how the strategy choice proportion of the player in a three-party game changes, it will not change the final game result. On the basis of comprehensive analysis, a series of relevant suggestions are put forward from the three aspects of government, enterprises and the public, so as to provide certain reference for the design of the public participation system of polluting NIMBY facilities. [ABSTRACT FROM AUTHOR]

Enterprise group is an important promoter to break the segmentation and achieve economies of scale. Technological innovation within the group is the key to improving market competitiveness, which has attracted common attention from academia and practitioners, but the decision-making mechanism of technology innovation in subsidiary is still needed. Based on the background of Chinese enterprises, through empirical analysis of panel data of 773 listed manufacturing companies for 5 consecutive years, we found: Parent-subsidiary executives' synergistic allocation has a positive impact on the technological innovation of subsidiary; Parent-subsidiary executives' synergistic allocation has a positive impact on the organizational slack of the subsidiary; The positive effect of executives' synergistic allocation in parent-subsidiary corporations on the technological innovation of the subsidiary is realized by increasing organizational slack; Compared with private enterprise group, the positive influence of parent-subsidiary executives' synergistic allocation on the technological innovation of subsidiary in state-owned enterprise groups is weaker; The longer the executive tenure is, the weaker the positive impact of organizational slack on technological innovation of subsidiary will be. On the one hand, this study enriches the theoretical research of technological innovation decision-making motivation; on the other hand, it provides empirical thinking for the improvement of parent-subsidiary executive collaborative governance mechanism and the improvement of governance efficiency. [ABSTRACT FROM AUTHOR]

Based on the special stock exchange comment letter system in China, this paper explores the relationship between the exchange tax-related comment letters and corporate tax avoidance behavior from the standpoint of securities regulation. We document that firms that engage in more aggressive tax avoidance are more likely to receive a tax-related exchange comment letter. Also, relative to firms receiving a non-tax-related comment letter, firms receiving a tax-related comment letter reduce their tax avoidance behaviors in subsequent years. Further study shows that the more the number of questions and the greater the level of detail in the comment letter, the stronger the effect of tax-related comment letters on corporate tax avoidance. After examining the sample with different degrees of political connection, we find that tax-related comment letters inhibit tax avoidance among state-owned enterprises and private enterprises with close political connections. Finally, the monitoring effect of comment letters on corporate tax avoidance is more pronounced in regions where tax administration is weak, suggesting that the comment letter system can be used as a complementary mechanism for tax administration. [ABSTRACT FROM AUTHOR]

This paper examines the relation between continuous cash dividends, ownership structure and firm value across a sample of 1503 firms listed on Chinese A-share market from 2009 to 2017. The empirical results reveal (1) the positive effect of continuous cash dividends on firm value and that (2) values of both state-owned enterprises controlled by central government (SOECGs) and state-owned enterprises controlled by local governments (SOELGs) that distribute continuous cash dividends increase more with ownership concentration than values of those that distribute discontinuous cash dividends; continuous cash dividends fail to mediate the effect of ownership concentration on firm value in private firms (PFs). The results are robust. [ABSTRACT FROM AUTHOR]

Prefabricated construction has attracted worldwide concern and promotion due to its environmental friendliness, high quality, and high efficiency. In China, the application of prefabricated construction still lags due to its high cost. To improve prefabricated construction development, the Chinese government and provinces have launched subsidy policies for different objects that offer subsidies to the assembler, the manufacturer, or consumers. Subsidy policies for different subsidy objects have different impacts on the manufacturer wholesale price and assembler retail price and assembly rate and make their decisions more complicated. Therefore, this study uses game theory and builds three models to analyze the effects of government subsidies on manufacturer pricing, assembler pricing, assembly rate decisions, and profit. We find that government subsidy policies can bring more profit to prefabricated construction enterprises, reduce their costs, and benefit the promotion of prefabricated construction. Through comparison and numerical analysis, we also find that when the government subsidizes enterprises more, it is better to subsidize the assembler, because it is good for all three parties. First, consumers can obtain a lower retail price. Second, enterprises can obtain more profits. Finally, for the government, this approach can increase the demand for prefabricated construction and increase the assembly rate, which is conducive to the promotion of prefabricated construction. When the government subsidizes customers more, it is better for the assembler and the manufacturer to subsidize customers, because they can obtain more profits. It is better for the government and customers to subsidize the assembler or the manufacture, because consumers can get the lower retail price. Although the assembly rate and enterprises' profits are not optimal, they have also been improved. In addition, when the government directly subsidizes enterprises, the enterprises will actively cooperate with the subsidy policy and are more willing to adopt prefabricated construction. This approach will benefit the promotion of prefabricated construction. [ABSTRACT FROM AUTHOR]

Demographic changes can be observed all over the world. The number of seniors located in the societies of well-developed countries continues to rise. Both enterprises and governments need to be prepared for such changes. Consequently, public spaces need to evolve to reduce problems related to ageism and be friendly to all. Much attention is currently being paid to finding solutions for redesigning public spaces and adjusting them to the needs and requirements of senior citizens. To identify the preferences of seniors in relation to the characteristics of furniture in indoor public spaces, a survey study with 1539 respondents aged 60+ was conducted in Denmark, Finland, Latvia, Poland, Russia and Sweden. The gathered data were coded and implemented to the unified database. The statistical grouping method was used to recognize the characteristics of the needs and attitudes of seniors related to the use of public space furniture. The main variables taken into consideration in the analysis were the age and gender of respondents and their country of living. Among the most important findings are those indicating the necessity to provide the increased number of furniture for sitting in the public spaces and making sure they are not located too far away from each other. As the main disadvantages of public space furniture respondents indicated the lack of armrests or other solutions to facilitate getting up and/or sitting down, as well as profiled backrests that constitute solid support for the spine. The implementation of these data in the process of rethinking and redesigning public spaces may support the adaptation of indoor public furniture according to the requirements of a very large group of customers, namely, seniors. [ABSTRACT FROM AUTHOR]

It is an effective expansion of the research on the Board of Directors to do the research based on different board meeting forms and their effects sampling A-share companies listed in 2007–2017, the article empirically tests the impact of the times of board meetings, the proportion of on-site board meetings on listed companies' over-investment. Consequently and significantly, the times of board meetings is positively correlated with over-investment, while the proportion of on-site board meetings is negatively correlated with over-investment. That is, the on-site meeting for the Board decision-making will better inhibit the enterprises' over-investment behaviors. Further research shows that when there is a controlling shareholder in the company or in a dual position, the on-site board meeting no longer has a significant inhibitory effect on over-investment. By research on the independence of the Board of Directors, it is found that when selecting on-site board decision-making, the existence of independent directors has an over-investment suppression effect, and the higher the proportion of independent directors, the more obvious the inhibitory effect is. The samples are divided into state-owned enterprises and private enterprises, the study found that when choosing on-site board meetings, state-owned enterprises have a greater inhibitory effect on over-investment than private enterprises. The findings of this study will enrich the research of the board meeting and provide a new testing method for the relevant research of the Board of Directors. [ABSTRACT FROM AUTHOR]

Ecological compensation is an important means of basin pollution control, the existing researches mainly focus on the government level ignoring the important role of enterprises. Therefore, this paper introduces enterprises into the process of ecological compensation. Firstly, suppose the ecological compensation system composed of government and enterprises, the government is in the dominant position. The ecological compensation input of the government and enterprise will produce social reputation, and the ecological compensation of enterprise will also produce advertising effect. Consumer demand will be affected by social reputation and advertising effect. Then, the compensation strategies of the government and enterprise are analyzed by constructing the differential game model. The research shows that under certain conditions, the cost-sharing mechanism can realize the Pareto improvement of the benefits of government, enterprise and the whole system. Under the cooperative mechanism, the benefit of the government, enterprise and the whole system is optimal. Finally, the validity of the conclusion is verified by case analysis, and the sensitivity analysis of the relevant parameters is carried out. The conclusion can provide reference for government to establish sustainable watershed ecological compensation mechanism. [ABSTRACT FROM AUTHOR]

In the poverty alleviation supply chain, subsidies for enterprises or farmers are widely implemented as part of government policy. However, subsidy fraud often occurs, such as misreporting cost information to secure subsidies. Inspired by this, our study aims to explore the optimal decision-making problem of the three-level (government + enterprises + farmers) poverty alleviation supply chain under asymmetric cost information. Four-stage models are constructed to capture the interactions among these three players. Additionally, numerical examples are used to analyze the implications of key parameters, such as cost coefficient and punitive measures coefficient, on supply chain members' optimal decision and profit. Our findings demonstrate that both the enterprise and the farmer can obtain maximum profit from the misreporting behavior. Unfortunately, this behavior always damages the profit of other participants and weakens the efficiency of subsidy policy. Moreover, to mitigate the negative implication of misreporting behavior, the government can establish punitive measures to curtail misreporting. Our work provides important policy implications for governments and enterprises. To ensure that more consumers have access to poverty alleviation products, government organizations should prioritize such projects. In addition, the provision of public facilities and technical guidance should be more effective and prompt to share enterprises' and farmers' costs. We further recommend that subsidy policies be formulated according to recipients' performance in poverty alleviation projects, with corresponding supervision and punitive measures. Finally, in cooperating with farmers in poverty alleviation, enterprises should maximize their interests and reduce costs through technological innovation and channel sharing. [ABSTRACT FROM AUTHOR]

This study proposes a model in which organizational identification mediates the correlations among state-owned enterprises (SOEs), authentic leadership, Christian religiousness, and unethical pro-organizational behavior (UPB). The proposed theoretical framework is based on moral identity theory, social identity theory, and social exchange theory. We tested the hypothesized model using data (N = 389) from employees of various companies and industries in Poland. Of the respondents, 49.1% worked in SOEs. The reliability and validity of the measures were established. The correlation coefficients among the analyzed variables were obtained using the bootstrap confidence interval method. To thoroughly examine the causal relationships among the variables, covariance-based structural equation modeling (CB-SEM) was adopted. Path analysis was conducted and used to verify a model in which organizational identification mediated the correlations among state involvement in the ownership of an enterprise, authentic leadership, Christian religiousness, and UPB. State involvement in the ownership of an enterprise, authentic leadership, and Christian religiousness were linked to increased organizational identification, which in turn was linked to the intensification of UPB. With the level of organizational identification controlled, state ownership of an enterprise was linked to lower UPB intensity. Limitations, implications and future research directions are discussed. [ABSTRACT FROM AUTHOR]

Environmental protection regulations adopted by governments affect the microeconomic behavior of enterprises. The Chinese government began piloting the outgoing leading officials' accountability audit of natural resources assets (OANRA) in some regions in 2014. Based on this quasi-natural experimental setting, this paper chose heavy-polluting and resource-based enterprises in pilot regions of China from 2011 to 2016 as examples for studying the impact of the OANRA on enterprise innovation and further examines the role of government subsidies in this process. The study finds that the OANRA has no significant impact on enterprise innovation. However, with support from government subsidies, the OANRA dramatically accelerates enterprise innovation investment. The results are still seen after applying propensity matching analysis (PSM), balancing panel data and deleting special provinces. Further analysis shows that this effect is more obvious among small-scale, state-owned enterprises that are located in areas with high degrees of marketization and high bank credit constraints. This study advances the research of the OANRA's effects on the microeconomic behavior of enterprises. Moreover, the adjustment effect of government subsidies also provides great reference value to making rational use of policy to cooperate with the OANRA. [ABSTRACT FROM AUTHOR]

This study assesses the degree of internationalization of Chinese firms along the Belt and Road initiative countries. Most of the extant studies of the Belt and Road initiative have been qualitative, and where there have been quantitative studies, they have usually been at the aggregate level, and only a handful have used firm-level data to study initiative. Using a composite measure of the degree of internationalization, DOIBRI, that composed of variables capturing the performance, structural and attitudinal dimensions of internationalization, comparative analysis of State-owned enterprises and privately owned enterprises turned up counter-intuitive results. Firstly, given that state ownership could be positively associated with the degree of internationalization of firms and because of the significance of the Belt and Road initiative, we expected the State-owned enterprises to dominate the DOIBRIrankings. We assessed the firms, and contrary to expectations, privately owned firms had a higher average degree of internationalization. Furthermore, we expected both state-owned enterprises and privately-owned enterprises to have similar levels of psychic dispersion. However, state-owned enterprises were more psychically dispersed. Suggesting that along the belt and road countries, the advantages of state ownership of Chinese multinationals may be attenuated. [ABSTRACT FROM AUTHOR]

From the perspective of the effectiveness of internal control, this study analyzes the influence of internal control on innovation performance and internal control on corporate social responsibility (CSR), and then analyzes the intermediary effect of CSR between internal control and innovation performance. The results show that the improvement of the effectiveness of internal control has a significant promoting effect on innovation performance, and promotes enterprises to strengthen CSR performance. Meanwhile, CSR activities take a significant intermediary effect in the process of improving innovation performance through internal control. Finally, it is suggested that state-owned enterprises and non-state-owned enterprises should communicate and cooperate, strengthen the construction of internal control system, and improve innovation performance and CSR practices. Furthermore, the intermediary effect of CSR activities in the process of improving innovation performance through internal control should be brought into play, so as to return the expectations and demands of stakeholders. [ABSTRACT FROM AUTHOR]

Based on the database data of Chinese industrial enterprises from 2000 to 2007 and the LP method, this paper measures the total factor productivity of enterprises and investigates the effect of different mixed ownership forms on enterprises’ efficiency and the effect of heterogeneous ownership balance on the mixed ownership enterprises’ efficiency. The state-owned enterprise and mixed ownership enterprise are identified by the enterprise’s paid-up capital. The results show that, on the whole, for the mixed ownership enterprise, the higher the diversification degree of the shareholders is, the higher the efficiency becomes, and in different types of industries, the mixed forms of shareholders have different effects on the efficiency of enterprises. The heterogeneous ownership balance and the enterprise efficiency show nonlinear U-type relationships. Both the higher and lower heterogeneous ownership balance degrees will promote the enterprise’s efficiency. However, when the ownership balance degree is in the range of [0.2 0.5], the increase in ownership balance will lead to the decline of enterprise efficiency. Therefore, when introducing non-state-owned capital, state-owned enterprises should take full account of their own characteristics by rationally controlling the shareholding ratio of non-state-owned capital and play the positive role of a mixed ownership structure in corporate governance with appropriate ownership balances. [ABSTRACT FROM AUTHOR]

The joint venture of many members is common both in animal world and human society. In these public enterprizes, highly cooperative groups are more likely to while low cooperative groups are still possible but not probable to succeed. Existent literature mostly focuses on the traditional public goods game, in which cooperators create public wealth unconditionally and benefit all group members unbiasedly. We here institute a model addressing this public goods dilemma with incorporating the public resource foraging failure risk. Risk-averse individuals tend to lead a autarkic life, while risk-preferential ones tend to participate in the risky public goods game. For participants, group's success relies on its cooperativeness, with increasing contribution leading to increasing success likelihood. We introduce a function with one tunable parameter to describe the risk removal pattern and study in detail three representative classes. Analytical results show that the widely replicated population dynamics of cyclical dominance of loner, cooperator and defector disappear, while most of the time loners act as savors while eventually they also disappear. Depending on the way that group's success relies on its cooperativeness, either cooperators pervade the entire population or they coexist with defectors. Even in the later case, cooperators still hold salient superiority in number as some defectors also survive by parasitizing. The harder the joint venture succeeds, the higher level of cooperation once cooperators can win the evolutionary race. Our work may enrich the literature concerning the risky public goods games. [ABSTRACT FROM AUTHOR]