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Social responsibility fulfillment helps modern enterprises achieve sustainable development. Based on empirical data on China's A-share listed companies in 2013–2016, this paper examines the impact of corporate social responsibility performance on a company's financing costs from the perspective of targeted poverty alleviation. Specifically, we find that enterprises' engagement in poverty alleviation social responsibility helps to reduce the cost of equity capital. The result is robust to using alternative indicators of the cost of equity capital, propensity score matching method, change model and sample removed financial sector. Furthermore, we find that the negative relationship between enterprises' engagement in poverty relief and the cost of equity capital is mainly concentrated in private enterprises and in the central and eastern regions of China. Moreover, the negative relationship mainly exists after China's listed companies were forced to disclose information on poverty alleviation. This paper also finds that institutional investors' shareholding plays a partial mediating role in this reduction effect and that enterprises' poverty alleviation efforts help companies improve their financial performance and firm value. This study enriches the relevant literature on corporate social responsibility and the cost of equity capital and has reference value for corporate sustainable development. It also provides a theoretical basis for corporate poverty alleviation work in developing countries and the economic results of CSR. [ABSTRACT FROM AUTHOR]

Based on monthly economic data spanning from January 2015 to December 2022, we have established an analytical framework to examine the "Russia-Ukraine conflict—financial market pressure and energy market—China carbon emission trading prices." To achieve this objective, we developed indices for financial system pressure, the energy market, and investor sentiment, applying a mediation effects model to validate their transmission mechanisms. Subsequently, the TVP-SV-VAR model was employed to scrutinize the nonlinear impact of the Russia-Ukraine conflict on the valuation of China's carbon emission trading rights. This model integrates time-varying parameters (TVP) and stochastic volatility (SV), utilizing Markov Chain Monte Carlo (MCMC) technology for parameter estimation. Finally, various wavelet analysis techniques, including continuous wavelet transform, cross-wavelet transform, and wavelet coherence spectrum, were applied to decompose time series data into distinct time-frequency scales, facilitating an analysis of the lead-lag relationships within each time series. The research outcomes provide crucial insights for safeguarding the interests of trading organizations, refining the structure of the carbon market, and mitigating systemic risks on a global scale. [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]