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In this paper, we investigate the downside and upside risk spillovers from three kinds of commercial banks (state-owned commercial banks (SOCBs), joint-stock commercial banks (JSCBs) and city commercial banks (CCBs)) to China's financial system by proposing a new copula quantile regression-based CoVaR model. We find that (i) the dynamic risk spillovers show heterogeneity over time, specifically that its downward trend is significant after the stock market disaster in 2015; (ii) JSCBs display the largest risk spillovers, indicating that JSCBs are the main contributors to systemic risk in China's financial system; and (iii) the risk spillovers are not symmetrical, as the upside risk spillovers are smaller than the downside risk spillovers. Our results have crucial implications for financial regulators and investors who want to measure and prevent systemic financial risk and optimise their investment strategies. [ABSTRACT FROM AUTHOR]

Corporate social responsibility (CSR) and corporate environmental responsibility (CER) are important determinants of a firm's investment efficiency and financial performance. However, there is scant literature using the financial sector, and studies have excluded the financial sector due to its different capital structure. Therefore, this study investigates the effect of corporate social and environmental responsibility on China's financial institutions' investment efficiency and financial performance from 2010 to 2019. The data analysis consists of multivariate Driscoll and Kraay regression analysis, while a two-stage least squares regression is also used for robustness purposes. The results show a significant positive relationship between corporate social responsibility, investment efficiency, and the performance of financial institutions. The results also show that environmentally responsible firms perform better in terms of investment efficiency and financial performance. Furthermore, for non-state-owned enterprises, this impact is higher as compared to state-owned enterprises. Therefore, managers should strategically consider corporate social and environmental responsibility to reduce agency problems and improve their investment efficiency and performance. [ABSTRACT FROM AUTHOR]

The definition of property rights, as an interactive process between the parties concerned to establish or change a contract of rights, is without doubt an important social activity in the history of economic life. Ever since the mid 1990s, certain developments from the transformation of township collective enterprises indicate that community collective property rights mainly comprise a property right that is socially contractual instead of market contractual. This kind of social contract is neither some kind of consciously designed system nor a natural expression of social relations. Instead, it is the outcome of relations and specific coordinated actions that represents a harmonious social order. Under an imperfect market contract, it might be possible to handle and solve cooperation issues and property rights conflicts within a community in an informal manner and therefore this could play a role in defining and maintaining the order of community property rights. However when there are drastic changes in the institutional environment, such a role for the social contract is very limited. Today, when institutional transformations still need to be backed by administrative force, severels' harmful consequences for sustainable community development would result if the informal rules of social contract were merely replaced with some institutional design that did not take into consideration the extension or replacement of the social contract. [ABSTRACT FROM AUTHOR]