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Purpose: This paper examines firm-level accountability and performance implications under a state-dominated institutional environment, China, for firms engaged in the space economy. Extant studies on the rapidly evolving civil space economy predominantly focus on developed Western economies at national or sector levels, frequently ignoring alternative institutional contexts. Additionally, limited attention has been given to firm-level empirical evidence and analysis, including corporate social responsibility (CSR) practice-R&D quality relationships in the space economy. The paper addresses each of these areas. Design/methodology/approach: This paper utilises multiple regression, propensity score matching and split sampling methods applied to a proprietary dataset of Shanghai and Shenzhen Stock Exchange-listed A-share firms. Results are robust to endogeneity issues, alternative measurement of dependent variables and sampling. Findings: China's space firms demonstrate superior CSR performance to their counterparts in other sectors, supporting CSR's role in maintaining legitimacy. Their CSR practices also positively contribute to firm patent quality. The link is more pronounced among firms facing higher economic policy uncertainty and for state-owned enterprises (SOEs). The latter is due to SOEs' government support, advantages in financing and attracting and retaining a high-quality workforce. Originality/value: This paper adds to discussion on major space power's, by examining China's state-dominated civil space sector. It also addresses a lack of empirical firm-level evidence on space firm behaviour by examining the impact of firm-level CSR practices on R&D quality outcomes, areas in which there is a limited literature. [ABSTRACT FROM AUTHOR]

Chinese firms simultaneously have high levels of loans and cash holdings. Through listed firms on the Shanghai and Shenzhen Stock Exchanges, we establish a negative link between cash holdings and a firm's loan bargaining power, especially in regions with less bank competition, through a firm's passive response to bank requests rather than its voluntary excess cash reserves. Furthermore, state ownership, collateral, economic contribution, and reduced information asymmetry may effectively strengthen firm bargaining power and moderate the link. However, better marketisation strengthens the link. The banking sector may need to improve its efficiency through better credit rationing in future reforms. [ABSTRACT FROM AUTHOR]

This study demonstrates the design and field implementation of an innovative servo concrete bracing system in foundation pit excavation. The bracing system comprises concrete struts, revised purlins, and hydraulic jacks, and its field performance is evaluated in a deep foundation pit project in Shanghai, China. The field measurements demonstrate that the servo bracing system effectively reduces the maximum lateral displacement of the retaining wall by up to 31%. Moreover, the servo jacks modify the wall's flexural behavior by introducing local inflection points at certain depths and driving the displacement peak upward. Furthermore, the system's performance varies with strut configuration, and servo forces influence not only the corresponding acting strut but also the adjacent struts' behavior, implying that the monitoring scope should be expanded when applying the servo bracing system in actual engineering. This study provides a meaningful technical reference for future servo concrete bracing system applications in foundation pit engineering. [ABSTRACT FROM AUTHOR]

Firms have widely participated in financial technology (Fintech) in recent years. Through a proprietary dataset of listed firms on the Shanghai and Shenzhen Stock Exchanges, we find that Fintech positively contributes to firm access to bank loans, and such link is stronger among private firms, non‐manufacturing firms or those in regions of better marketisation. Further tests suggest that enhanced trust underlies our primary findings, and that Fintech also positively contributes to loans without collateral, longer maturity and lower costs. In addition, Fintech may effectively curb firm's overinvestment. Our findings may have policy implications for firm investment behaviour and financing activities. [ABSTRACT FROM AUTHOR]

China's historical mixed-ownership reform (the Reform) has prioritized enhancing the efficiency and financial performance of its large state-owned enterprises (SOEs) through introduction of partial private-sector equity ownership. However, the presence of a significant gap between China's private enterprises' corporate social responsibility (CSR) practices and those of its SOEs suggests potential for Reform-related ownership changes to negatively impact economy-wide CSR performance. We therefore examine the Reform's impact on private acquirer firms' CSR practices. We use a proprietary data set of firms listed on the Shanghai and Shenzhen Stock Exchanges, covering the 2011–2015 period. Our findings identify that private firms can enhance their economic and political status through acquiring equity in state-controlled or SOEs and, following this, improve their CSR practices. Our findings have policy implications in the context of the world's largest emerging market and, more generally, for SOE ownership reform in emerging and transition economies. [ABSTRACT FROM AUTHOR]

Using the 2013 China Education Panel Survey (CEPS), we study the impact of accessing better schools – a 2008 inclusive education policy through which the central government mandated urban public schools to exempt migrant children from tuition and temporary schooling fees. Whereas the non-disclosure rule regarding geographical location of CEPS sampling units precludes the control of locational characteristics, we identify the causal effect of the policy by exploiting constituent elements of CEPS's primary sampling units. Namely, we only use non-migrant rural hukou children living in counties in the nationally representative sample as the control group (the never-takers), while, in the treatment group, we only include migrant children who are currently living in China's top 120 migrant-receiving counties or city districts, and Shanghai. We also distinguish migrant children who started urban schooling before and after 2008 as separate treatment groups of always-takers and compliers , respectively. Using the Inverse Probability Weighted Regression Adjustment (IPWRA) approach, we find that the average treatment effect of the policy on migrant children is around 0.18 SD, as measured by a standardised cognitive test score – a large effect. We also present complementary evidence that the average treatment effect tends to be larger for municipalities and provincial capitals, consistently with the notion that the (potential) value-added of attending urban schools is higher the larger the initial gap with rural schools. [ABSTRACT FROM AUTHOR]

• Energy technology patents are used to characterize energy technology innovation. • LCCP policy can make energy technology innovation generate clean direction. • LCCP policy has produced crowding out effect on other technological innovation. • The quality of energy technology innovation has not been improved. Energy technology composed of renewable and fossil energy is not entirely beneficial to the environment. Consequently, we believe that the direction of energy technology innovation should be clean to achieve sustainable development. This paper takes the low-carbon city pilot as a quasi-natural experiment, employs the difference-in-difference method and the energy technology patent data with A-share listed enterprises in Shanghai and Shenzhen from 2007 to 2019 to explore the incentive effect, mechanism, and heterogeneity of low-carbon city pilot on the direction of energy technology innovation. We found that (1) the low-carbon city pilot has an incentive effect on the direction of energy technology innovation by promoting renewable energy technology, which indicates that the clean direction of energy technology innovation is taking shape. (2) The incentive effect of low-carbon city pilot on energy technology innovation is not the leverage effect superimposed on the established innovation activities of enterprises, but the crowding out effect on other technological innovation. This means that the pilot policy is suspected of negatively the productivity of enterprises. (3) The quality of energy technology innovation has not been stimulated, renewable energy technologies that are easy to generate high economic benefits are favored by enterprises, and environmental information disclosure profits to improve the policy effect of low-carbon city pilot. This study provides implications for the effective implementation of environmental policy and the synergistic of renewable and fossil energy technologies. [ABSTRACT FROM AUTHOR]

This study investigated the occurrence and removal of 29 pesticides in 4 drinking water treatment plants (DWTPs) with conventional and advanced treatment processes (i.e., ozonation + biological activated carbon, and ultrafiltration) in Shanghai, China from 2018 to 2019. The concentration levels of target pesticides in raw waters ranged from below the limit of quantification (

To investigate the occurrence and risk of pesticides in the Huangpu River basin, spatial and temporal concentration variations of 29 commonly used pesticides and their risk quotient (RQ) values for three different trophic organisms (fish, daphnia, green algae) from 16 sampling sites were conducted in 2018–2019. These 29 pesticides include 4 carbamates, 2 benzimidazoles, 6 neonicotinoids, 2 organophosphates, 9 triazoles, and 6 others. Of the 29 pesticides analyzed, 18 were present in every sample taken from the Huangpu River. The concentration of target pesticides in water samples ranged from < LOQ (for buprofezin in summer, autumn, and winter) to 607.30 ng L−1 (for carbendazim in spring). From the source (i.e., Taihu Lake) to the estuary of the Huangpu River, with the exception of isocarbophos and isoprothiolane (gradual decrease), the spatial variation of target pesticide concentrations firstly exhibited an increasing trend and then a decreasing trend. Peak spatial variation was seen in metropolitan area, which is closely related to the type of land use and the discharge of tributaries. In addition, the total summed concentration of the 29 pesticides during winter (1037.60 ng L−1) was higher than summer (788.82 ng L−1) in rural and metropolitan areas. For the ecological risk assessments of fish, daphnia, and green algae, the triazoles, carbamates, neonicotinoids were risk-dominant pesticides, respectively. Notably, carbendazim had a 100% detection frequency and the highest concentration of the 29 pesticides analyzed, indicating its high consumption in the Huangpu River basin. Image 1 • Carbendazim showed the highest concentration of the 29 pesticides. • The type of land use and the contribution of tributaries impacted the spatial variations. • The highest pesticide concentration and risk were observed in metropolitan area. [ABSTRACT FROM AUTHOR]

Through a proprietary dataset of listed firms on the Shanghai and Shenzhen Stock Exchanges, we establish a positive link between firms' financial technology (Fintech) business and their corporate social responsibility (CSR) practices. Such a link can be more pronounced among firms of stronger political connections, lower agency costs, and better internal control. Enhanced supply of bank loans, internal capital market, public scrutiny, and firms' strategic differences are underlying the link. Fintech business may also effectively curb firms' corporate social irresponsibility (CSI) behaviour. Fintech business may have become a strategic endeavor to sustain long-term economic growth in the digital age. • Fintech business positively contributes to firm CSR practices. • The impact is strengthened by political connections, lowered agency costs, and internal control. • Bank loans, internal capital market, public scrutiny, and strategic differences are underlying elements. • Fintech business also curbs corporate social irresponsibility behaviour. [ABSTRACT FROM AUTHOR]

Background: Although few studies show that vitamin D (VitD) deficiency has a negative effect on children's emotion and behavior, the effects of the excessive VitD and the appropriate 25(OH)D concentration have never been reported. We investigated the effect of the deficient and excessive VitD on emotion, behavior and attention.Methods: 351 preschool children in a multicenter study in Shanghai, China that had serum 25(OH)D measurements and emotion, behavior and attention measures were included in the analyses. In animal experiments, C57 mice were randomly assigned to three groups (n = 8): control (C) group, VitD deficiency (VDD) group, and VitD overdose (VDO) group. The emotion, behavior and attention of juvenile mice were evaluated through the behavioral experiments.Results: There was an "U" relationship between serum 25(OH)D concentration and emotion, behavior and attention. Compared with 20-40 ng/mL group, the odds ratios (ORs) were 1.5 (1.0, 4.8) for emotional problem, 3.8 (1.2, 12.1) for conduct problem and 1.8 (1.1, 5.7) for inattention in <20 ng/mL group. Meanwhile, compared with 20-40 ng/mL group, ORs were 9.5 (2.9, 31.4) for impulsive hyperactivity, and 3.9 (1.2, 12.9) for conduct problem in >40 ng/mL group. Consistent with the results in children, animal experiments showed that the attention level decreased in VDD group, while the anxiety level, hyperactive level and aggressiveness in VDD group and VDO group were significantly increased, respectively.Limitations: 25(OH)D measurements were only available in one season.Conclusion: The deficient and excessive VitD status both adversely affected children's emotion, behavior and attention. [ABSTRACT FROM AUTHOR]