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• Focuses on the role of digital finance in the TFP of manufacturing enterprises. • Tests the mediating role of financing constraints, human capital, and risk-taking. • Analyzes digital finance's dynamic impact on firm productivity through entry/exit. The development of digital finance offers numerous development opportunities, particularly in the accessing of funds for enterprises that traditionally face financial constraints. The economic downturn globally and especially in China requires new policies for stimulating economic growth. The manufacturing industry in particular is apt for this kind of intervention. Although studies have examined these topics, several gaps exist in the literature, specifically in the area of the effect mechanism. Therefore, this study examines the direct relationship between digital finance and the total factor productivity (TFP) of manufacturing enterprises and discusses the mechanism of action between the two from the intermediary and entry/exit perspectives. The findings show that digital finance affects manufacturing TFP positively and significantly. The promotion effect of digital finance is more evident from the enterprise heterogeneity analysis, particularly for small- and medium-sized private and manufacturing enterprises with better growth. The effect mechanism analysis shows that digital finance affects manufacturing TFP positively by reducing financing constraints, improving the level of human capital, and enhancing enterprise risk-taking ability. From the perspective of enterprise entry and exit, the entry of high-productivity enterprises enhances market competition and is an important way that digital finance promotes the improvement of industry TFP. [ABSTRACT FROM AUTHOR]

Based on the perspective of digital empowerment, this study aims to examine the impact and mechanism of digital finance on corporate environmental strategy upgrade. We use listed companies in Chinese heavily polluting industries from 2014 to 2020 as study samples and construct a fixed effect model for empirical testing. The findings reveal that the upgrading of corporate environmental strategy is positively incentivized by digital finance, and the influence channel of this incentive is to alleviate financing constraints. Meanwhile, lower managerial myopia and higher media attention can strengthen digital finance's contribution to the corporate environmental strategy upgrade. Furthermore, heterogeneity analysis indicates that the empowering role of digital finance in the corporate environmental strategy upgrade is more pronounced in non-state-owned enterprises, central and western regions, as well as areas with high environmental governance intensity. The research conclusions provide a practical basis for vigorously developing digital finance and accelerating the environmental strategy upgrade of heavily polluting enterprises. [ABSTRACT FROM AUTHOR]

With ongoing advancements in financial technology, digital finance has experienced rapid development in China, leveraging big data, cloud computing, and social platforms. Service consumption plays a crucial role as an indicator of households' ability to achieve consumption upgrades and overall happiness. Internet financing and payment represent two primary types of digital finance. This article aims to assess their impacts on household service consumption. Both types of digital finance have a significant potential to increase household service consumption, which is categorized into seven distinct categories in this article. Digital finance demonstrates a notable ability to enhance consumption in various categories, including daily services, transportation and communication, healthcare, education, entertainment, and tourism. However, it has no significant impact on medical consumption. Finally, the empirical results reveal that digital finance exhibits heterogeneous effects on the service consumption of households with different characteristics. [ABSTRACT FROM AUTHOR]

Digital finance provides new possible ways to promote innovation-driven development strategies. Using data of 257 prefecture-level cities in China from 2011 to 2019, this paper examines the impact of digital finance on regional innovation, as well as the mediating effect of resource mismatch underlies it. The empirical results are as follows. First, digital finance can significantly boost innovation, both in terms of the quantity and quality. Second, the incentive effects of innovation have been more obviously observed in the eastern cities and the cities with high financial levels or light digital divides in China. Third, the mechanism effect implies that digital finance works positively on innovation through improving the factor allocation efficiency by alleviating the misallocation of labour and capital. These conclusions indicate that to better promote regional innovation, it is crucial to encourage the digital transformation of the financial industry, enhance digital infrastructure development, and facilitate the free flow of resources among regions. The paper offers both theoretical and empirical evidence that digital finance influences regional innovation by alleviating resource mismatches. It also examines the role of the ‘digital divide’ in shaping innovation through digital finance. These two points constitute the key innovations of the paper. [ABSTRACT FROM AUTHOR]

Green innovation is inevitable for improving the environment and achieving sustainable economic development. Using panel data of 3,076 enterprises listed on the Shenzhen and Shanghai stock from 2012 to 2021, the research employs the zero-inflated negative binomial (ZINB) regression to examine the impacts of government subsidies on corporate green innovation and the moderating effect of digital finance. Moreover, this paper investigates the impacts of ownership structure and industry heterogeneity. We find reliable evidence indicating a positive U-shape correlation between government subsidies and corporate green innovation. Moreover, the overall U-shape curve is elevated under the moderation of digital finance. Further analysis indicates that government subsidies significantly enhance the green innovation of non-state-owned and industrial enterprises. The findings herein provide new guidance for the government to stimulate corporate green innovation, balancing environmental quality and high-quality economic development. [ABSTRACT FROM AUTHOR]

With the rapid progression of urbanization, Chinese cities are encountering an increasingly severe shortage of land resources. To examine the role of digital finance (DF) in promoting economic agglomeration (EA) and subsequently improving urban land use efficiency (ULUE), this paper focuses on 274 prefecture-level cities from 2013 to 2020. By employing an interaction effect model, the study analyzes how DF influences the relationship between EA and the enhancement of ULUE. The findings demonstrate that DF positively moderates the effect of EA on enhancing ULUE. The analysis reveals that DF can accelerate resource flows and more effectively promote the enhancement of ULUE by amplifying the positive influence of EA on regional innovation ability (IA) and the rationalization of industrial structures (RIS). Furthermore, the heterogeneity analysis indicates that this moderating effect is particularly pronounced in China's central and eastern regions, areas with higher rates of internet penetration, and regions with stronger innovation capacities. Based on these findings, this paper proposes policy recommendations such as promoting regional integration and supporting innovation in DF. These insights contribute to the theoretical discourse on EA in the digital era and provide critical and practical guidance for optimizing the development of agglomeration economies and constructing a high-quality development framework. [ABSTRACT FROM AUTHOR]

The development of renewable energy is a strategic deployment to address climate change and ensure energy security. Frontier research generally focuses on the impact of renewable energy development and technological innovation on environmental protection and neglects the inequality in renewable energy technology innovation. This paper constructs a renewable energy technology innovation inequality index and analyzes the impact of digital finance on renewable energy technology innovation inequality using panel data from 30 regions in China from 2011 to 2018. The study found that digital finance can alleviate inequality in renewable energy technology innovation. The mechanism test results show that digital finance can optimize green credit allocation, promote technology flow, and optimize energy consumption structure, thus reducing inequality in renewable energy technology innovation. Further analysis shows that the differences in local government governance, environmental regulation, financial supervision, marketization, digital divide, and renewable energy category affect the relationship between digital finance and inequality in renewable energy technology innovation. This paper clarifies the relationship between digital finance and inequality in renewable energy technology innovation and provides new ideas for renewable energy technology innovation. [ABSTRACT FROM AUTHOR]

Existing research on finance mainly focuses on credit, and there are few studies on the pollution reduction effects of digital finance. Based on a sample of 278 cities from 2011 to 2019, this article empirically examines the impact of digital finance on greener emissions. We find that digital finance, particularly in its usage depth, reduces industrial waste gas emissions, and exhibits a significant green emission effect. After using robustness tests such as Bartik instrument as an instrumental variable for digital finance, our conclusions still hold. Mechanism analysis finds that supporting green credit projects and promoting public energy conservation are the critical path for digital finance to enhance greener emissions. Furthermore, we compare the roles of traditional finance and digital finance in greener emissions, and find that digital finance reduces industrial waste gas emissions, while traditional finance is not conducive to emission reduction. [ABSTRACT FROM AUTHOR]

This study investigates the impact of digital finance on the sustainability and expansion of small and micro-sized enterprises (SMEs) in China. The findings reveal that regional digital finance significantly improves SMEs' prospects for survival and growth, particularly in terms of business income. Digital finance primarily facilitates SMEs growth by alleviating credit constraints, expanding online operations, and enhancing access to information and knowledge. This benefit is most pronounced for entrepreneurs with limited capital, and early-stage enterprises. However, this transformation necessitates higher prerequisites for regional traditional financial foundation and digital competencies. This paper contributes to a deeper understanding of how digital finance plays a crucial role in enhancing SMEs prospects in emerging markets. [ABSTRACT FROM AUTHOR]

This insightful study delves into the intricate relationship between key digital finance adoption indicators and the stability of the banking sector in Ethiopia, an emerging economy undergoing rapid digitalization. Covering annual data from 1991 to 2022 and utilizing an autoregressive distributed lag (ARDL) approach alongside Fully Modified Ordinary Least Squares (FMOLS) and Dynamic Ordinary Least Squares (DOLS) techniques, the researchers uncover thought-provoking findings that challenge conventional wisdom. Contrary to expectations of a positive long-term association, the analysis reveals a statistically significant negative relationship between both internet usage and mobile phone subscriptions and Ethiopia's banking system's financial stability. This robust result, validated through rigorous robustness checks, suggests that the breakneck pace of digital transformation may outpace the development of robust regulatory frameworks and risk management practices, ultimately undermining the overall stability of the financial sector. Interestingly, the short-term analysis presents a more nuanced picture, with mobile phone subscriptions exhibiting a stabilizing effect in the immediate aftermath. This intriguing dichotomy highlights the complex and evolving dynamics at play, where the challenges of integrating digital finance with the traditional banking infrastructure and the persistence of informal financial activities potentially offset the benefits of enhanced financial inclusion and transaction efficiency. These thought-provoking findings carry crucial implications for policymakers and industry stakeholders navigating the digital revolution. Policy implications emphasize the need for robust regulatory frameworks, enhanced cyber security measures, and improved financial literacy. The findings underscore the importance of a nuanced approach to digital finance in emerging economies, advocating for continuous adaptation of policies to address the evolving landscape of financial technology. Continued inquiry can better guide policies that foster digital transformation while safeguarding stability, especially in rapidly developing regions like sub-Saharan Africa. Article Highlights: Digital finance growth may harm bank stability in Ethiopia. Short-term benefits from mobile money exist, but long-term risks outweigh them. Strong regulations and financial education needed to balance digital growth and stability. [ABSTRACT FROM AUTHOR]

Exploring the impact of digital finance on environmental pollution is of great significance for realising regional sustainable development and promoting digital finance strategies. This paper uses the balanced panel data of 274 prefecture-level cities in China collected between 2011 and 2018, empirically studies the impact of digital finance on environmental pollution, and analyses its direct, mediating, nonlinear and heterogeneity effects. The results show that digital finance reduces environmental pollution and the effect gradually increases with time. The sub-indicators of digital finance significantly reduce environmental pollution, among which the usage-depth has the greatest impact on environmental pollution, while digitalisation level has the least. Digital finance reduces environmental pollution through production technology and industrial structure, while pollution control technology does not play an intermediary role. The pollution control effect of digital finance is more prominent in cities with a high level of Internet development and human capital. Furthermore, the inhibitory effect is more significant in western region and medium-small sized cities. [ABSTRACT FROM AUTHOR]

This study offers detailed recommendations on strengthening government support without harming digital finance benefits, especially in negatively affected areas, which is critical for enhancing the inclusiveness of the digital financial landscape and reducing social disparities. This paper uses year 2011–2022 panel data from China's 31 provinces to empirically analyze digital finance's effects, mechanisms, and heterogeneity on agricultural economy resilience with a two-way, fixed-effect model. It further explores each feature's impacts using machine learning methodologies like the random forest, GBRT, SHAP value method, and ALE plot. The findings show that digital finance boosted agri-economy resilience, varying by food-producing status and marketization. Among all the features analyzed, government input, urbanization level, and planting structure emerged as the most critical factors influencing agri-economy resilience. Notably, government input negatively moderated this relationship. The ALE plot revealed non-linear effects of digital finance and planting structure on agri-economy resilience. [ABSTRACT FROM AUTHOR]

The fact that financial exclusion leads to income inequality is detrimental to sustainable economic growth. Digital finance facilitates the provision of financial services to poor people and has the potential to promote income mobility so that to reduce income inequality. This study uses the Digital Financial Inclusion Index and household data from the China Household Finance Survey to examine the association between digital finance and households' income mobility. Results show a significantly positive association between digital finance and upward income mobility. Underlying mechanism analyses suggest that digital finance is positively associated with upward mobility through the channels of equal opportunity and financial capability. Further heterogeneous analyses find that asset, education, and age can be moderators in the relationship between digital finance and income mobility. The findings demonstrate the importance of digital finance in promoting the income mobility of disadvantaged people and achieving the goal of inclusive and sustainable development. [ABSTRACT FROM AUTHOR]

Based on the data of China A-share listed enterprises, this paper examines the actual effect and mechanism of the development of digital finance on different innovation behaviors of enterprises, by using the panel data model and regression-based mediation analysis. It is found that the development of digital finance not only promotes the R&D investment of enterprises but also improves the quantity and quality of enterprise innovation output. The incentive effect of digital finance on enterprise R&D investment is stronger than that on innovation output, while the incentive effect of digital finance on enterprise breakthrough innovation is stronger than that of incremental innovation. Both the 'broadening' and the 'deepening' of digital finance have a significant positive effect on enterprise innovation, while the 'digitalization degree' of digital finance has no significant effect on enterprise innovation, and even may hinder the improvement of innovation quality. The incentive effect of digital finance on the innovation output of state-owned enterprises is reflected in 'quantity', while the incentive effect on innovation of non-state-owned enterprises is reflected in 'quality'. Digital finance can stimulate enterprise innovation by easing the financing constraints of enterprises, optimizing the government subsidy system, and improving the business environment. [ABSTRACT FROM AUTHOR]

The global spread of the COVID-19 epidemic has caused increasingly grievous issues such as poverty, inequality and economic recession, which has hindered the realization of inclusive growth (IG) and disrupted the sustainable development trajectory. Meanwhile, with the vigorous development of digital finance (DF) based on advanced digital technologies such as big data, the Internet of things and artificial intelligence, new vitality has been injected into China's growth model. Thus, whether DF could affect IG and to what extent has drawn attention from scholars to policymakers. This study examines whether DF significantly contributes to IG using the XGBoost machine learning (ML) algorithm for the first time. Using a panel of 281 prefecture-level cities from 2005 to 2020, we employ the Entropy-VIKOR model to assess cities' inclusive growth index and reveal the spatial–temporal evolution and regional differences characteristics. We find that DF plays an indispensable role in promoting urban IG and influences the three sub-dimensions of IG: economic growth, opportunity equity and achievement sharing. The heterogeneous analyses based on geographic location and population size show that digital finance plays a more significant role in promoting inclusive growth of cities in central and western China than cities in eastern China; however, cities with different population sizes have little difference. Our findings using ML algorithms are robust to using traditional econometric models. This study sheds light on how DF could help achieve the IG in developing countries similar to China. [ABSTRACT FROM AUTHOR]

Digital inclusive agriculture refers to an agricultural development model that integrates various digital technologies into the agricultural production process, aiming to deliver benefits for all stakeholders throughout the agricultural value chain. This paper draws on the ecological symbiosis theory, embeds the concepts of digital finance and social responsibility into the goal of green development in agriculture, selects 395 agribusiness enterprises in China from 2013 to 2022 as the analysis sample, and examines the impact by adopting an improved weighted least squares (WLS) fixed effects model. Results show that digital finance has a significant effect on the quantity and quality of green innovation in agribusiness enterprises, and good social responsibility performance can enhance the innovation promotion effect of digital finance. Heterogeneity analysis reveals that agribusiness belonging to the processing and distribution type, located in the eastern region, and in the growth stage benefit more clearly. This paper provides theoretical references and practical guidelines for solving agricultural financing problems, boosting their green innovation capacity in the digital age. It is of great practical significance for realizing the green symbiotic ecology of responsible agricultural industry, promoting the win–win situation between enterprises and society, and the high-quality development of agriculture. [ABSTRACT FROM AUTHOR]

This article examines the impacts of traditional and digital finance on the financing of small and micro family businesses (SMFBs) in China. Based on a comprehensive sample of 8625 SMFBs from China Household Financial Survey (CHFS) data, our results from Tobit regressions showed that traditional finance did not reduce the financing constraints of SMFBs, while digital finance significantly promoted SMFBs' access to credit. Further analyses revealed that additional credit from digital finance helped SMFBs increase their business scale and operational capability, but decreased their profitability due to the high loan cost associated with digital finance. Our findings imply on the one hand that government policies aiming at encouraging commercial banks to provide loans to small and micro enterprises in China have been producing very limited effects. On the other hand, digital finance is an effective micro-loan provider for SMFBs thanks to its strong ability in collecting and integrating individuals' credit history data, although more measures are needed to take for turning this financing enhancement of SMFBs into their profit growth. These findings enrich the literature on family business by comparing the effectiveness of different financing sources for SMFBs in China. It provides important insights for future policy design on how to ease financial constraints in SMFBs and support the development of SMFBs. Plain English Summary: This study investigated the effects of traditional finance and digital finance on the financing of SMFBs in China. Tobit regression results indicated that traditional finance did not alleviate the financing constraints experienced by SMFBs. Despite the use of advanced financial technologies and the encouragement from government policies, commercial banks are still unwilling to extend credit to SMFBs. Digital credit, by contrast, enhanced the financial accessibility for SMFBs. Moreover, increased financing from digital finance was positively associated with SMFBs' business expansion and operational ability, although it did not enhance the profitability of SMFBs in a short run. To effectively promote the financing and business success for SMFBs, efforts from multiple agents need to be taken. The owners of SMFBS should involve more in-depth in business operation and take greater responsibility for enterprise management. Policymakers should consider commercial banks' objectives and interests, when encouraging them to lend to small and micro businesses, and monitor the true interest rate of digital financial services. [ABSTRACT FROM AUTHOR]

Digital finance has become one of the most important factors that drives the transformation toward a low-carbon economy. Although some researchers have examined the association between digital finance and low-carbon development, the indirect effect and asymmetric effect of digital finance on low-carbon development still needs to receive more attention. Taking 71 cities in the Yellow River Basin as an empirical area, this study analyzed how digital finance accelerates low-carbon development, proving that digital finance can directly boost low-carbon development. Moreover, technological innovation and industrial upgrading driven by digital finance can also reduce carbon emission intensity and accelerate low-carbon development. Furthermore, the results of the asymmetric test indicate that cities with higher carbon emission intensity have a more substantial positive influence. The recommendations presented in this study are beneficial for accelerating the progress of low-carbon development in the Yellow River Basin. [ABSTRACT FROM AUTHOR]

AbstractEffective savings mechanisms are crucial for household resilience and economic growth. Savings accounts, whether from banks or mobile-phone based, offer an alternative to informal saving mechanisms as they provide safe and private cash storage. However, there is still no clear evidence on how the use of digital tools can contribute to increasing farmers’ savings, compared with other financial tools such as bank accounts or keeping cash at home. To address this gap, we investigate factors affecting cocoa farmers’ decisions to save, as well as their savings amounts. Shedding light on saving determinants, we answer the question of whether formal and semi-formal accounts play a major role in savings accumulation. For our study, we employ data from a structured telephone survey conducted in 2021 among 405 randomly sampled cocoa farmers. Results from an interval regression suggest that bank account usage is associated with higher savings amounts. In contrast to male cocoa farmers, females seem to use mobile savings tools to their benefit. Our analysis further reveals the importance of education in household financial resource management. We provide valuable results for public policymakers and the private sector towards responsible financial inclusion and pro-poor development of digital financial services. [ABSTRACT FROM AUTHOR]

The past few years have been marked by significant global uncertainties triggered by continuous "black swan" events. This symposium examines economic uncertainties from these events, policy risk, and the role of digital finance in surmounting these uncertainties. The main themes comprise digital finance and economic resilience; blockchain and corporate performance; digital finance and risk; digital financial services and pandemic; Fintech and economic resilience; and sustainable digital finance. The findings have significant research and policy ramifications on the role of digital finance in dealing with global economic uncertainties resulting from both natural and human-made crises. [ABSTRACT FROM AUTHOR]

The Sustainable Development Goals (SDGs) have made it necessary for us to reevaluate the connection between environmental preservation and economic growth. The article uses Chinese city-level panel data from 2011 to 2019 to analyze the relationship between digital finance (DF) and environmental performance (EP), relaxing the linear relationship in the conventional empirical model and applying the partial linear functional-coefficient (PLFC) model, in order to better understand the factors influencing EP. The findings indicate as follows: (i) DF can greatly improve EP, and the robustness analysis confirms this statement. (ii) Science, technology, and innovation (STI) influence the promotion effect of DF on EP; when the level of STI exceeds a certain threshold, the promotion effect of DF on EP increases, and this effect increases with the level of STI. (iii). There is substantial geographical variation in the moderating influence of STI level. It has a larger role in eastern coastal cities. Finally, policy suggestions are offered to promote DF and increase EP based on the nonparametric link between those two variables. [ABSTRACT FROM AUTHOR]

This paper investigates whether and how digital economy (especially digital platforms and digital finance) restrains the informal economic activities in China measured by the MIMIC (multiple indicators multiple causes) model. Using Chinese provincial panel data from 1995 to 2020, we find that the average size of China's provincial informal economy displays a five-stage fluctuation, ranging from 13.63 % to 17.53 %. More importantly, we uncover a robust "inverted U-shaped" nonlinear relationship between the digital platform development and the informal economy, with a turning point of 0.4189. Initially, the development of digital platforms increases informal economic activities by disrupting traditional sectors, causing new types of tax evasion, challenging regulators and raising digital crime. However, beyond a certain threshold, digital platforms can overcome these problems through more job creations and improved regulation. Meanwhile, the digital financial development is proved to have a negative impact on the informal economy because it can offer much more advantages in addressing informality such as making payments transparent, easing credit constraints, raising total income, helping governments reach people and businesses. Our study provides convincing evidence and valuable advice for policymakers when developing digital economy to curb the informal economy. [ABSTRACT FROM AUTHOR]

This study investigates the role of automated controls and streamlined compliance in managing risk in digital finance institutions. Through a mixed-methods approach, combining quantitative analysis and qualitative insights from leading Indian digital finance companies (CRED, ZEST MONEY and PHONE PAY), the research examines the effectiveness of advanced technologies in enhancing risk management practices. The study found strong positive correlations between the adoption of automated controls and key performance metrics, including the fraud detection rate (0.68), regulatory reporting accuracy (0.72), and overall risk management effectiveness (0.75). Regression analysis revealed that automated control implementation was the strongest predictor of risk management effectiveness. A comparative analysis of different digital finance models highlights the varying challenges and benefits of implementing these technologies. This study proposes a holistic, future-proof framework that integrates AI, machine learning and blockchain for real-time risk monitoring, automated regulatory reporting and dynamic compliance management. This framework addresses the limitations of the current fragmented approaches and offers a scalable solution that is adaptable to evolving regulatory landscapes. The findings of this study have significant implications for practitioners and policymakers, emphasizing the need for investment in strong automated systems and adaptive regulatory frameworks. While acknowledging the limitations in sample size and longitudinal scope, this research provides a foundation for future studies and offers practical insights for enhancing risk management in the rapidly evolving digital finance sector. The study concludes that effective integration of automated controls and streamlined compliance is crucial for ensuring the resilience, integrity and sustainable growth of the digital finance ecosystem. [ABSTRACT FROM AUTHOR]

With the worsening of global climate change, balancing economic development with the ecological environment has become an important concern and topic of research across the world. It is worthwhile to study digital finance as a product of the organic combination of finance and digital technology; moreover, the study would include how it affects indirect household carbon emissions while increasing income and promoting consumption. Based on a theoretical analysis, panel data on 30 Chinese provinces from 2014 to 2020 are used to empirically test the impact of digital financial development on indirect household carbon emissions and the underlying mechanism. The impact of digital financial development on the inequality in indirect carbon emissions between urban and rural households is further explored. The research findings show that the development of digital finance increases indirect household carbon emissions. Heterogeneity analysis shows that digital financial development has a greater impact on indirect household carbon emissions in central and western regions and urban areas than in eastern and rural areas. The mechanism analysis shows that the development of digital finance reduces indirect household carbon emissions by promoting green technological innovation; furthermore, it increases indirect household carbon emissions by increasing household income levels. Further analysis shows that the development of digital finance aggravates the inequality in indirect carbon emissions between urban and rural households, and that the urban–rural inequality in household income is an important channel for this effect. The above research conclusions indicate that the development of digital finance results in economic growth at the expense of increasing indirect household carbon emissions and aggravating the urban–rural inequality of such emissions. The above results not only enrich relevant theories of digital finance but also help coordinate the relationship between the development of digital finance and household carbon emissions, which is of great importance for addressing climate change and ensuring sustainable economic development. [ABSTRACT FROM AUTHOR]

This study explores the transformative impact of the convergence of digital finance, technological innovation, and human development on the utilization of natural resources. Employing panel data from 1995 to 2019 for developing Asian nations and utilizing the CS Autoregressive Distributed Lag (CS‐ARDL) model, the research unveils a positive and significant relationship between all independent variables and the utilization of natural resources. The collaborative interplay among these variables has led to remarkable progress, profoundly influencing the sustainable management of the Earth's finite resources. Positioned at the forefront of the digital revolution, financial technologies (fintech) have emerged as potent instruments, facilitating access to financial services and fostering comprehensive economic growth. Within developing Asian nations, the intricate dynamics among digital finance, technological innovation, and human development hold substantial potential to optimize natural resource efficiency, promoting sustainable economic growth and environmental stewardship. The amalgamation of these factors plays a pivotal role in nurturing sustainable practices, mitigating environmental degradation and propelling fair socioeconomic development. [ABSTRACT FROM AUTHOR]

The massive CO2 emission has caused frequent occurrence of climate problems, and a typical response to climate change has reached international consensus. Digital finance and green finance, as a subversion of the traditional financial model, have become significant drivers of global carbon emissions reduction efforts. Based on the panel data, this paper profoundly compares the effects of carbon emissions reduction, mechanisms, and heterogeneous results of two forms of finance. Research finds that technology-centered digital finance focuses on suppressing carbon emissions through technological innovation, and the higher the level of regional economic is, the stronger the role of digital finance in suppressing carbon emissions through technological innovation. The concept-centered green finance focuses on carbon emissions reduction through industrial ecologization, and government-led environmental regulation plays a positive regulatory role. Although the paths of affecting carbon emissions are different, there is a natural fit between the two in terms of the essential goal of carbon emissions reduction. Based on the consideration of the differences in geographic location and financial development level, the carbon emission reduction effects of two forms of finance show apparent heterogeneity. Based on the spatial characteristics of digital finance and carbon emissions, this paper further finds that the digital finance's carbon emission reduction effects have apparent spatial spillovers. These findings provide an essential direction to formulate a reasonable carbon emissions reduction plan and accelerate realizing the "double carbon" goal. [ABSTRACT FROM AUTHOR]

This paper examines how the level of development of digital finance affects corporate cash holdings. By utilising the Digital Finance Inclusive Finance Index compiled by the Internet Finance Research Center of Peking University and data from China's listed companies, this paper finds that the development level of digital finance where a company is located is negatively correlated with corporate cash holdings. Furthermore, the negative effect of digital finance is more pronounced for non-state-owned enterprises and companies in the early stages of their life cycles. Additional tests show that digital finance can reduce a corporation's financial constraints and debt costs, and the coverage breadth and usage depth of digital finance have also significantly reduced the level of cash holdings for enterprises. Our findings provide insights for understanding the role of digital finance in firm behaviour in emerging economies. [ABSTRACT FROM AUTHOR]

Digital finance is a driving force for enhancing the resilience of the animal husbandry supply chain, and can provide important support for the resilience of the animal husbandry supply chain. Digital finance helps to break through industrial financing constraints, empower the development of the animal husbandry insurance market, and build a financing ecosystem, thereby effectively enhancing the robustness, stability, and availability of the animal husbandry supply chain, and enhancing its resilience. From the perspective of Chinese-style modernization, the key task of digital finance to improve the resilience of the animal husbandry supply chain is to improve the level of emergency collaborative response, promote the integration of digital technology applications and promote the digital upgrading of animal husbandry, so as to enhance the resistance, resilience and adaptability of the supply chain. Therefore, the paper puts forward suggestions on speeding up digital infrastructure construction, improving digital financial regulatory policies, and optimizing digital information sharing mechanism, with a view to providing help for comprehensively improving the resilience of animal husbandry supply chain and accelerating the process of Chinese-style modernization. [ABSTRACT FROM AUTHOR]

Crypto-finance is becoming increasingly popular, but the area is still unregulated in many ways. Its innovations promise to bring benefits by decreasing costs and increasing choices for intermediaries and customers. At the same time, and among other things, the breakdown of important exchanges and lawsuits against prominent figures illustrate potential challenges for investors, financial stability, and monetary sovereignty. How does the EU navigate the crypto verse? In this article, we analyse three regulations of the EU's Digital Finance Package through the lenses of discursive and historical institutionalism to understand when and where concerns about digital sovereignty motivate action. We argue that EU actors aim to regulate digital finance and retain sovereignty by employing different narratives that justify their policy choices. EU regulators upgrade existing regulations to cover digital finance areas that resemble traditional financial services and justify it by existing rationales on investor protection and financial stability. Digital finance poses security challenges that are new to financial regulation. EU actors employ a narrative of security threats to increase control in areas traditionally dealt with in cybersecurity. [ABSTRACT FROM AUTHOR]

In the context of the new era, the promotion of rural revitalization has become an important strategic goal for China to achieve common prosperity, and financial services play a crucial supporting role in this process. This paper discusses the synergy between digital finance and traditional finance in rural revitalization in Shaanxi Province and its optimization strategy. By analyzing the financial practices in Shaanxi Province's rural revitalization, including the improvement of financial policies, the improvement of basic rural financial services, the supply and innovation of financial resources, and the development of special financial products, it reveals the key role of financial services in promoting rural economic development and achieving balanced regional development. The study found that the application of digital financial technologies, such as big data and blockchain, is conducive to improving credit assessment and risk management capabilities. And, the continued promotion of new financial products will further support the diversification and sustainable development of the rural economy. [ABSTRACT FROM AUTHOR]

Using the data from the China's Digital Inclusive Finance Index and the China Household Finance Survey, this paper analyzes the relation between digital finance and happiness of residents. We find that digital finance can significantly increase the probability of happiness and the degree of happiness. We also find that digital finance can significantly increase the probability of being very happy, as well as making residents living in town areas and non-risk appetites happier. We expand the evidence for the inclusive role of digital finance. [ABSTRACT FROM AUTHOR]

A super-efficient SBM model was constructed using Chinese provincial panel data from 2011 to 2018 to explore the impact of digital finance on sustainable total factor eco-efficiency (STFEcE) and its mechanisms of action. The results show that digital finance can promote the improvement of STFEcE, and this promotion is heterogeneous. Western regions with more backward financial development, ecologically inefficient regions, and financially weakly regulated regions have more significant eco-efficiency improvements from digital financial services. Digital finance influences STFEcE by expanding the scale of green credit and enhancing the level of green and digital technology innovation. Therefore, the government should support the efficient integration of digital technology and financial services in macro policies, accelerate the infrastructure construction of digital finance, eliminate the digital divide, and create a favourable financial environment for improving STFEcE. [ABSTRACT FROM AUTHOR]

The development of digital finance represents a new paradigm for the delivery of financial services that has exerted an external shock on the off-balance sheet (OBS) activities of traditional commercial banks. In response, commercial banks have embarked on a digital transformation to mitigate the challenges posed by digital finance. However, the impact of external shocks and internal responses on banks' OBS activities, especially the effect of internal responses, needs to be further clarified in order to inform commercial banks' decision-making. Using a dataset consisting of 42 Chinese commercial banks' operating data from 2013 to 2022, this paper employs a two-way fixed effects model and a moderation analysis to conduct an empirical analysis. The results show that digital finance has a significant inhibitory effect on OBS activities; furthermore, digital transformation of commercial banks strengthens this inhibitory effect, indicating that its benefits are outweighed by costs of investment and competitive losses. Additionally, the net interest margin significantly amplifies the inhibitory effect, suggesting a trade-off between income from core business activities and OBS activities under external competitive pressure. Based on these research findings, it is recommended that commercial banks seek differentiated competitive strategies and optimize the product structure of their OBS activities. Furthermore, digital transformation strategies should take into account the overall interests of the bank and strike a balance between long-term and short-term benefits. [ABSTRACT FROM AUTHOR]

It is of critical importance to address energy poverty in rural areas if inclusive prosperity is to be achieved. Digital finance offers new opportunities to alleviate energy poverty in these regions. However, previous studies have mainly focused on the impact of digital finance on poverty, neglecting research on its impact in rural areas and on specific forms of poverty. This study aims to fill this gap by investigating the impact of digital finance on rural energy poverty. The period 2011–2021 was selected as the observation period, with 31 provinces serving as the study objects. The fixed effects model was employed to investigate the impact of digital finance on rural energy poverty, while exploring the mediating effect. The results indicate that digital finance alleviates the level of rural energy poverty, and this conclusion remains valid following a series of robustness tests. Furthermore, digital finance can indirectly alleviate rural energy poverty through technological innovation and agricultural entrepreneurship activities. Further research indicates that the impact of digital finance on rural energy poverty is more pronounced in regions with abundant human capital, robust government intervention, and minimal urban–rural disparities. This study extends the theoretical support for digital finance to indirectly support rural energy to alleviate poverty. Likewise, this finding provides a new perspective for the government and relevant departments to improve the welfare of residents and alleviate rural energy poverty. [ABSTRACT FROM AUTHOR]

As global warming's impact on humanity surpasses initial predictions, numerous countries confront heightened risks associated with escalating urban carbon footprints. Concurrently, digital finance has flourished, propelled by advancements in digital technology. This convergence underscores the urgency of exploring digital finance's role in mitigating urban carbon footprint pressures. This study analyzes data spanning 277 Chinese cities from 2011 to 2020, yielding several key findings: Firstly, we developed a dataset detailing the carbon footprint pressures in these cities, revealing that variations in these pressures predominantly correlate with economic growth. Secondly, our analysis indicates that digital finance has a significant impact on reducing urban carbon footprint pressures, through mechanisms such as reducing the number of physical bank branches and enhancing residents' environmental awareness. Thirdly, the study identifies that the efficacy of digital finance in reducing carbon footprint pressures varies according to factors like sunshine duration and geographic location. The insights from this research aim to contribute substantively to strategies for sustainable urban development. [ABSTRACT FROM AUTHOR]

The study examines the digital finance (DF) and regional sustainable development (RSD) across 90 cities within six major city clusters in China over the period from 2011 to 2020. By constructing an evaluation index system for DF and RSD, we employed the entropy value method to assess their levels, and the coupling coordination degree (CCD) model to evaluate their interplay. Our analysis extended to temporal and spatial disparities, distribution dynamics, and the convergence of CCD through kernel density estimation, Markov chain analysis, σ -convergence, and β -convergence techniques. The results indicate a consistent upward trend in CCD, yet it remains at a low level with pronounced regional disparities and temporal characteristics. The kernel density distribution's central tendency has shifted rightward progressively, albeit with a decelerating pace annually. The Markov transition probability matrix suggests a stable CCD across various levels, hinting at "club convergence". Furthermore, both σ -convergence and β -convergence analyses reveal significant convergence trends in CCD, enhanced by economic growth factors. Using the Quadratic Assignment Procedure (QAP) method, we found that regional economic growth disparities significantly influence the CCD's regional variances. [ABSTRACT FROM AUTHOR]

Digital finance emerges from the fusion of financial expertise with the advancements in computer science and technology. Computer technology provides strong data processing and analysis capabilities for digital finance, and provides strong support and guarantee for the e-commerce's high-quality progress. In order to investigate the correlation between digital finance, consumption enhancement and e-commerce's high-quality progress, and to explore the influencing factors and policy paths of the high-quality advancement of ecommerce in the contemporary era. This study examines the impact of digital money from a theoretical perspective, the channel effect of consumption enhancement and the regulation effect of consumer psychology in the process of enhancing e-commerce quality, and builds an econometric model for quantitative empirical research. Using panel data to digital finance as the breakthrough point, this study discusses the important drivers of electronic commerce high quality development, refinement study the computer technology for electronic commerce infrastructure support, analysis of "digital finance, consumption upgrade, and e-commerce's high-quality progress" channel influence and transmission mechanism. This paper also explores the regulating effect of consumer psychology on the correlation between digital finance, consumption enhancement and e-commerce's high-quality progress. The research results show that the e-commerce's high-quality progress can be promoted by expanding the exploration of digital finance and enhancing digital finance depth, while digital financial services, bolstered by computer technology, are increasingly instrumental in advancing regions with robust development profiles, and consumption enhancement can play a channel role and transmission effect. Consumer psychology plays a negative role in regulating the e-commerce's high-quality progress. With the improvement of residents' marginal propensity to consume, the positive impact of digital finance on advancing high-quality e-commerce progress is compromised. Therefore, the e-commerce's high-quality progress under the new situation should be actively promoted to promote the upgrading of household consumption. By focusing on the psychological needs of consumers, e-commerce can achieve high-quality development. [ABSTRACT FROM AUTHOR]

Improving agricultural green total factor productivity (AGTFP) is the key to achieving sustainable agricultural development and empowering agricultural modernization. Based on the panel data of 30 provincial levels in China from 2011 to 2021, AGTFP is measured using the non-expected MinDS super-efficiency—MetaFrontier Malmquist model, and the impact of environmental regulation (ER) and digital finance on AGTFP is analyzed using the spatial Durbin model (SDM). The results show the following: (1) ER can increase local AGTFP and has a positive spatial spillover effect. Command-based ER has the highest impact on AGTFP, followed by market-incentive and public-voluntary ER. (2) Digital finance has a direct promotional effect on local AGTFP, while it has an inhibitory effect on AGTFP in neighboring regions due to the siphon effect. (3) Digital finance is an important regulatory variable affecting AGTFP concerning command-based, market-incentive and public-voluntary ER. Digital finance plays a significantly moderating role in the effectiveness of the three ERs on AGTFP, with the market-incentive ER being the highest in eastern China. Nonetheless, digital finance has a significantly moderating effect on the effectiveness of command-based and public-voluntary ER on AGTFP, with command-based ER being higher in central China. Meanwhile, digital finance only plays a significantly moderating role in the effectiveness of command-based environment regulation on AGTFP in western China. This study provides valuable reference for policymakers concerning agriculture green production in varied regions. [ABSTRACT FROM AUTHOR]

Purpose: The aim of this study is to discern the role of digital finance in driving rural industrial integration and revitalization. Specifically, it intends to shed light on how the deep development of digital finance can contribute to the optimization and transformation of the rural industrial structure. The research further explores the particular effects of this financial transformation in the central and western regions of China. Design/methodology/approach: This research studies the influence of digital finance on rural industrial integration across 30 Chinese provinces from 2011 to 2020. Utilizing the entropy weight method, a comprehensive evaluation index system is established to gauge the level of rural industrial integration. A two-way fixed effects model, intermediary effect model, and threshold effect model are employed to decipher the relationship between digital finance and rural industrial integration. Findings: Findings reveal a positive relationship between digital finance and rural industrial integration. A single threshold feature was identified: beyond a traditional finance development level, the marginal effect of digital finance on rural industrial integration increases. These effects are more noticeable in central and western regions. Originality/value: Empirical outcomes contribute to policy discourse on rural digital finance, assisting policymakers in crafting effective strategies. Understanding the threshold of traditional finance development provides a new perspective on the potential of digital finance to drive rural industrial integration. [ABSTRACT FROM AUTHOR]

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The spread of digitalisation has led to the global penetration of digital finance in all sectors of the economy. The high relevance of the problem of digital finance necessitates deepening research in this area, in particular by carrying out a comprehensive analysis of the accumulated knowledge in it. The aim of the present research is to reveal the main trends and determinants of the evolution of scientific investigations in the field of digital finance by means of a bibliometric analysis of publications in the journals indexed by the Scopus scientometric database. This study was carried out in accordance with the traditional approach to bibliometric analysis and is aimed at the following objectives: determining the features of the scientific landscape in the field of digital finance by carrying out an evolutionary analysis of publication activity; identification of the main determinants for the development of research by mapping and clustering the existing array of publications using VOSviewer software. The time frame of the study was set as 2008 - 1st quarter of 2024. The results showed that the term «digital finance» is of an interdisciplinary nature. It is found that China is leading in the number of publications in this area, followed by the United States, Great Britain, and India by a notable margin. 8 clusters have been selected that characterise the key research areas. The results of the bibliometric analysis showed that the most significant development of research in the field of digital finance was in 2021-2023, with an emphasis on the development of fintech, banking services and cryptocurrencies. In 2023, it was found that the number of studies on the following issues increased: the Green Deal, COVID-19, ecosystem formation, and green energy. They are considered to be research areas that require further development in the near future. [ABSTRACT FROM AUTHOR]

Today, one of the main technological challenges of the financial market is digitalization. Allied Research estimates that global investment in financial technology will amount to $150 billion in 2023, and the market is expected to grow to nearly $700 billion by 2030. The transfer of existing traditional financial objects is one of the key factors in optimizing processes. In parallel, DFAs are considered by financial market players as one of the key facts of its development. Therefore, the development and implementation of components for working with them are one of the most pressing tasks. Based on the goals of the scientific work, the following hypotheses were formed: 1. In Russia, a legal and technological infrastructure has been created that allows the full use of DFA as a financial instrument. 2. The digital assets segment in Russia is at the stage of rapid development and there is potential to increase demand for digital assets in the medium term. 3. It is possible to create your own information system operator to issue digital financial assets with profit in the medium term. To achieve this goal, it is necessary to solve the following tasks: Platform, its economic efficiency; Drivers of income, expenses and risks; Risk-based Monte Carlo model. As a result, we assume that in the case of the predicted growth of the DFA market, creation of a platform to ensure work will be profitable even in a conservative version of the market share, but the remaining risks of ensuring demand by the market and regulatory restrictions may put such forecast at risk. [ABSTRACT FROM AUTHOR]

The rapid development of digital finance has effectively reduced financial challenges in rural regions and created new prospects for agricultural production. This article examines the impact of digital financial development on rice production in Sichuan Province using the 2011–2021 Peking University Digital Financial Inclusion Index and data from 20 prefecture-level cities, as well as a fixed effects model. The mechanism of action is also discussed. The findings reveal that the advancement of digital finance plays an important role in boosting the expansion of rice production, and that digital finance influences rice output by increasing farmers' willingness to participate in insurance and increasing the availability of credit. A heterogeneity analysis reveals that digital finance has a substantial effect on mountainous and economically poor areas. As a result, this article suggests that the breadth and depth of usage of rural digital finance, as well as the development of rural digital financial services in underdeveloped areas, should be expanded. [ABSTRACT FROM AUTHOR]

Research background: Achieving a jointly stable and inclusive financial system represents an important pillar of the call for action among Sustainable Development Goals. Considerable attention from previous research has been given to traditional financial inclusion (FI) and its implications on financial stability and overall development, but the findings are mixed. Furthermore, there is limited evidence related to the implications of digital financial inclusion on banking system stability. Therefore, the present study tends to address two main research questions, as follows: Can traditional financial inclusion protect banking stability? Can digital finance inclusion become a new driving force to promote banking stability? Purpose of the article: The paper aims to assess the influence of both traditional and digital financial inclusiveness on banking stability, using quantile regression, across a panel of 81 countries. We also examine the potential transmission channels through which financial inclusiveness influences banking stability. Methods: We construct three different financial inclusion indices, which capture the degree of access and usage of financial services, based on a three-stage Principal Component Analysis. Next, based on quantile analysis, we test the role of these financial inclusion indices in shaping banking stability. Findings & value added: We provide international evidence on the non-linear relationship between traditional and digital FI and banking stability, respectively. Our empirical findings suggest that FI indices are negatively related to banking stability until a certain threshold, after which, increases in financial inclusiveness have a positive effect on banking stability. The magnitude of the impact is more sizeable for low-range quantiles, meaning that the effect of digital inclusiveness is more pronounced in countries with excessive risk-taking tendencies. We find support for operational efficiency transmission channels and uncover new evidence on the association between digital FI and banking stability. [ABSTRACT FROM AUTHOR]

Despite extensive research on the relationship between financial inclusion and macroeconomic growth, little is known about the role of financial inclusion as a significant driver of macroeconomic growth in developing countries. Financial inclusion could boost sustainable macroeconomic growth, which has been a key policy goal for governments worldwide because it affects employment, population, inequality, and poverty. This study explores the influence of crucial financial inclusion indicators on developing countries' macroeconomic growth. The study shows that digital finance, financial technologies, financial outreach, financial literacy, demographics access to finance, microfinance and financial stability are the ways through which financial inclusion affects macroeconomic growth. We used the Scopus database to get information from 419 research articles and analyzed those to figure out how financial inclusion affected macroeconomic growth from 2006 to 2020. The study will help policymakers, governments, and marketers develop policies to involve everyone in the financial system, which results in macroeconomic growth. [ABSTRACT FROM AUTHOR]

To explore the core mechanisms of green synergistic development in China in the context of transition, this study takes 30 Chinese provinces and cities as a sample. Additionally, it is the first study to include digital finance, green finance, and ecological governance in the same research framework, and it innovatively explores the internal linkages between them from the perspective of systemic coupling and dynamic correlation. The study finds that the levels of digital finance, green finance, and ecological governance at the provincial level in China are all increasing to a certain extent. The coupling coordination degree between the three shows a development trend first rising and then falling in a transitional stage between barely coordinated and high-quality coordination, with developed regions having a higher coupling coordination degree, and less developed regions having a lower coupling coordination degree. From the dynamic correlation perspective, digital finance, green finance, and ecological governance all have a positive self-reinforcing effect, with the interaction effects being positively significant, except for the non-significant contribution of green finance to the level of digital finance and ecological governance. This study makes a series of theoretical suggestions that can optimize the transition path based on the reality of China's green development. [ABSTRACT FROM AUTHOR]

In this study, we analyze panel data from 285 Chinese cities at the prefectural level or above for the period 2011 to 2019 to empirically investigate how digital finance influences the efficiency of green economic development using the GML score within the SBM model. The study revealed a significant enhancement in the efficiency of urban green economic growth through the utilization of digital financing. Furthermore, the article offers additional evidence that the efficiency of urban green economies is enhanced by the innovative impact of digital finance. The findings of this research suggest that for the promotion of green innovation and the enhancement of urban green innovation effectiveness, China should focus on strengthening its digital infrastructure, facilitating the growth of regional digital inclusive finance, and establishing a diverse digital inclusive finance system. [ABSTRACT FROM AUTHOR]

This paper explains how financial industry agglomeration promotes the upgrading of manufacturing servitization in the digital economy era. Then, it measures both the level of financial industry agglomeration and manufacturing servitization from the supply side and the relationship among financial industry agglomeration, digital finance, and manufacturing servitization for empirical testing. The research results show that financial industry agglomeration promotes the development of manufacturing servitization; financial industry agglomeration reduces digital finance, but digital finance promotes manufacturing servitization. Although there is a game at play between financial agglomeration and digital finance, the gaining effect of digital finance on the servitization of manufacturing is greater than the cutting effect of financial agglomeration on digital finance, so digital finance has a facilitating effect on the agglomeration of productive services for the servitization of manufacturing. [ABSTRACT FROM AUTHOR]

Copyright of Transformations in Business & Economics is the property of Vilnius University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This research aims to find empirical evidence of influence digital finance, managerial biases, and financial literacy on the MSMEs financial behavior. The population of this research is all MSMEs in DKI Jakarta. The sample used in this research was 200 respondents (MSME owners) from all 210 MSMEs who were willing to become respondents. Sampling was carried out using random techniques. Data collection was carried out by manually and online distributing questionnaires using Google Forms, and measured using a 5- point Likert scale. Data processing was carried out using Partial Least Square (PLS) software. The results of this research show that digital finance and financial literacy positively affect the MSMEs financial behavior. However, managerial biases does not affect the MSMEs financial behavior. [ABSTRACT FROM AUTHOR]