Search Results (24)

This paper presents a cluster analysis of 20 spa enterprises operating in Slovakia, based on key financial indicators for the years 2018 and 2023. A comparative time-based approach was adopted to capture changes in financial performance over time. The primary objective is to group the spas into homogeneous clusters to better understand their financial performance and strategic positioning. Ten financial indicators were selected across five dimensions: profitability (return on assets, return on sales), efficiency (assets turnover), cost efficiency (personnel cost ratio, cost-to-sales ratio, return on costs), liquidity (net working capital, current ratio), and indebtedness (equity to total liabilities ratio, debt ratio). Hierarchical cluster analysis—a widely used statistical method in unsupervised machine learning and a foundational technique in artificial intelligence—was employed, serving as a robust tool for data-driven decision making. The analysis identified distinct clusters of spas with similar financial characteristics. The results reveal meaningful segmentation that can inform resource allocation, performance benchmarking, and strategic planning. The findings provide spa managers, investors, and policy makers with a clearer understanding of financial patterns in the Slovak spa sector and offer practical implications for enhancing competitiveness and operational effectiveness. Full article

This paper examines the effect of digital innovation on cost stickiness in manufacturing firms, focusing on the underlying mechanisms and contextual factors. Using data from Chinese A-share listed manufacturing firms from 2012 to 2023, we find that, first, for each one-unit increase in the level of digital technology, the cost stickiness index of enterprises decreases by an average of 0.4315 units, primarily through digital process innovation and digital business model innovation, whereas digital product innovation does not exhibit a statistically significant impact. Second, manufacturing servitization and the optimization of human capital structure are identified as key mediating mechanisms. Digital innovation promotes servitization by transitioning firms from product-centric to service-oriented business models, thereby reducing fixed costs and improving resource flexibility. It also optimizes human capital by increasing the proportion of high-skilled employees and reducing labor adjustment costs. Third, the effect of digital innovation on cost stickiness is found to be heterogeneous. Firms with high financing constraints benefit more from the cost-reducing effects of digital innovation due to improved resource allocation efficiency. Additionally, mid-tenure executives are more effective in leveraging digital innovation to mitigate cost stickiness, as they balance short-term performance pressures with long-term strategic investments. These findings contribute to the understanding of how digital transformation reshapes cost behavior in manufacturing and provide insights for policymakers and firms seeking to achieve sustainable development through digital innovation. Full article

In this study, we explore the impact of land investment introduction on efficiency loss at both the enterprise and urban levels and discuss the role of factor-biased technological progress in minimizing these losses. Using a nested constant elasticity of substitution (CES) production function, we theoretically validate the premise that land investment introduction disrupts the optimal allocation of productive factors and reduces the “threshold selection” effect of land cost, leading to efficiency losses. Empirically, the systematic generalized method of moments (GMM) is applied to analyze panel data from 284 prefecture-level cities in China between 2007 and 2019. The findings reveal that land investment introduction brings about efficiency losses and prolonged land investment strategies that deepen enterprise efficiency loss, while urban efficiency loss may be temporarily alleviated but tends to deepen over the long term. Enterprise efficiency loss can be reduced by selecting land-biased, labor-biased, and capital-biased technological progress; however, its impact on urban efficiency loss remains uncertain. These findings provide insights into the optimal selection of factor-biased technological progress for industrial enterprises and provide policy-oriented recommendations for enhancing production and improving efficiency. Full article

As the primary force driving the sustainable development of the rural economy, the improvement of the total factor productivity (TFP) of agricultural enterprises (AEs) is of great strategic significance. This study innovatively zeroes in on AEs, leveraging micro-level data from agricultural listed companies in China’s A-share market spanning from 2007 to 2023. It aims to investigate the impact of supply chain finance (SCF) on the TFP of these enterprises and elucidate the underlying mechanisms. Uniquely, this study incorporates enterprise digital transformation and innovation capability as moderating variables into the mechanism analysis framework. Furthermore, it examines the heterogeneous effects across different characteristics of AEs. The findings reveal that SCF significantly boosts the TFP of AEs. Specifically, a one-standard-deviation increase in the level of SCF is associated with a 0.2658% increase in TFP relative to the mean. This conclusion holds robustly across various tests. Moreover, the interaction terms of SCF with both enterprise digital transformation and innovation capability are significantly positive. This indicates that greater digital transformation and stronger innovation capability amplify the positive effect of SCF on TFP. The heterogeneous analysis further indicates that for AEs with highly optimized human capital, higher financing constraints, and more efficient credit resource allocation, the positive impact of SCF on TFP is particularly pronounced. Full article

Corporate environmental, social, and governance (ESG) performance has become an increasingly critical driver of sustainable development. Investigating the impact of ESG performance on corporate green development is of great significance for achieving green transformation and sustainability goals. This study examines the effects and underlying mechanisms of ESG performance on the green development of Chinese A-share listed companies in the agricultural and forestry sectors from 2013 to 2023. The empirical results show that higher ESG performance significantly promotes corporate green development. Further heterogeneity analysis reveals that this effect varies markedly across ownership structures, geographic regions, and levels of ESG rating uncertainty. Mechanism testing indicates that ESG performance fosters green development primarily through three pathways: stimulating green innovation, improving resource allocation efficiency, and enhancing the structure of human capital. In addition, by decomposing green total factor productivity, this study further quantifies the contribution of ESG performance to green growth. These findings offer new insights into the ESG–green development nexus and provide valuable policy implications for the green transformation and sustainable development of agricultural and forestry enterprises. Full article

The proper allocation of corporate capital is critical to sustainable business development, and misallocation of resources can impede sustainable economic growth and competitive markets. This study investigates the relationship between market power and capital misallocation in Chinese A-share listed companies, with a novel focus on the mediating role of total factor productivity (TFP). Using a comprehensive dataset of 20,818 firm-year observations from 2009 to 2021, we employ linear regression analysis to elucidate the mechanisms through which market power influences capital allocation efficiency. The results reveal a significant positive correlation between market power and capital misallocation, with TFP partially mediating this relationship. Specifically, a one-unit increase in the market power index is associated with a 1.106 unit decrease in TFP, and a 0.028 unit increase in the capital misallocation, indicating potential threats to long-term sustainability. This effect is more pronounced in non-state-owned enterprises, firms located in eastern regions, and those without shareholdings in financial institutions. These results contribute to the literature on market structure and resource allocation by providing empirical evidence of the detrimental effects of market power on capital allocation efficiency, operating through the channel of reduced productivity. Our findings have important implications for policymakers and firm managers, suggesting the need for targeted antitrust measures, promotion of market competition, and strategies to enhance TFP. This research advances our understanding of the complex interplay between market power, productivity, and capital allocation in emerging economies, offering valuable insights for addressing market failures, improving allocative efficiency and actively promoting sustainable business and sustainable socio-economic development in the Chinese context. Full article

Quality improvement is essential for a nation’s economy to transition from large to strong. In the 21st century, a new wave of quality development has emerged globally, and upgrading the quality of enterprise export products is a key measure for driving exports and supporting high-quality economic development. The development of artificial intelligence, as the new core engine driving technological revolution and industrial transformation, will profoundly alter various aspects of economic activities, including production, distribution, exchange, and consumption. Exploring and cultivating new artificial intelligence-driven momentum to enhance the quality of enterprise export products is inevitably a major theoretical and practical issue of common interest to governments, enterprises, and academia. This paper uses China, a major developing and export-oriented economy, as a case study to explore the policy measures for stimulating new momentum in artificial intelligence development and their effects and transmission mechanisms on improving the quality of enterprise export products. Specifically, it constructs a theoretical model to examine the relationship between smart city construction, artificial intelligence development, and the quality of enterprise export products. By considering the smart city construction projects launched by the Chinese government as a quasi-natural experiment to facilitate artificial intelligence development, the study employs matched city-enterprise data from 2007 to 2015 and utilizes a difference-in-differences (DID) methodology to empirically test the impact of smart city construction on enhancing the quality of enterprise export products. According to the study, the policy-driven nature of smart city construction significantly enhances the quality of enterprise export products. This beneficial impact is particularly evident in the eastern regions, as well as in labor-intensive and capital-intensive industries, and among foreign-invested and private enterprises. Mechanism tests and additional analyses indicate that artificial intelligence development is significantly more advanced in smart cities than in non-smart cities, with the gap between them steadily widening. The construction of smart cities significantly advances artificial intelligence development, which subsequently enhances the quality of enterprise export products. Furthermore, smart cities can substantially contribute to this improvement by facilitating a more efficient, market-oriented allocation of resources. Full article

Taking the innovation chain (IC) as the perspective, we discuss the effect of digital transformation (DT) on enterprises’ green innovation (GI) using data from Chinese listed companies from 2013 to 2021. The results show that DT has a positive effect on enterprises’ GI, and this effect is not only reflected in the quantity of green patent applications but also the GI efficiency and quality. Heterogeneity analysis shows that DT has a positive effect on GI for both large firms and small and medium-sized enterprises (SMEs), but the effect is greater for SMEs. Relative to enterprises that have received governmental incentive-based industrial policies, the effect is smaller in the enterprises that have no incentive-based industrial policies and are subjected to command-based environmental regulations. As the level of industry competition increases from low to high, the impact of DT on GI will grow. However, when the level of industry competition becomes excessively high, the impact will decrease. DT positively affects enterprises’ GI behaviors by facilitating the cultivation of human capital, improving the allocation of innovation resources, and increasing the level of cooperative green innovation. Full article

In contemporary academia and industry, the commercialization of technology through licensing has emerged as a prevalent strategy. This paradigmatic shift has prompted numerous industrial firms to intensify their focus on technology commercialization as a mechanism to optimize the returns on their research and development investments, while concurrently leveraging their comprehensive technology portfolios. However, despite growing interest in this area, there exists a conspicuous gap in scholarly literature exploring how small and medium-sized enterprises (SMEs) can effectively and efficiently capitalize on this opportunity in a global context. The objective of the present study is to fill this void by offering an in-depth analysis of the key determinants that contribute to the successful commercialization of technology via licensing. Employing a qualitative research methodology, this paper presents a comparative case study that explores four separate international licensing alliances, each formed between the same licensor, specializing in solar mounting system engineering, and four different licensees, all engaged in the production and marketing of this specialized technology. Data were meticulously gathered through a triangulated approach that incorporated interviews with both licensor and licensees, extensive desk research, and on-site observations. Our empirical findings reveal that the critical success factors identified in existing literature are not uniformly significant. Specifically, four elements—relational dynamics, cultural considerations, human capital, and resource allocation—emerged as pivotal in ensuring the successful implementation of technology commercialization strategies. By elucidating these nuanced factors, this study contributes to both academic discourse and practical applications, thereby serving as a valuable resource for SMEs aiming to navigate the complexities of technology commercialization in international settings. Full article

Environmental information disclosure has become a widely-used tool to encourage the participation of multiple market players in environmental governance. However, it remains unclear whether it can promote the efficiency of capital allocation in enterprises. This study uses econometric modeling and data from heavily polluting enterprises in Chinese A-shares between 2013 and 2020 to explore the impact of environmental information disclosure on capital allocation efficiency, as well as its mechanisms. It is found that environmental information disclosure significantly and robustly enhances the efficiency of capital allocation, and the effect varies by firm’s size, ownership, life cycle, and region. Nevertheless, employees and creditors are found to have a negative moderating role in this effect. These findings have important implications for the simultaneous improvement of environmental performance and capital allocation efficiency in the context of China’s ecological civilization system and high-quality economic development and for promoting a “win-win” situation for environmental protection and economic growth. Full article

The government’s intervention under the approval system seriously affects the healthy and sustainable development of the financial market. An IPO is an important way for a venture capitalist (VC) to gain income, which impacts the efficiency of resource allocation in the capital market. From the perspective of resource allocation efficiency, this paper compares the influence of venture capital on the IPO process of startup enterprises under registration and approval systems. The findings are as follows: (1) after the trial registration system, the speed of passing and listing of VC-owned startup enterprises can be significantly accelerated. (2) Venture capitalists can accelerate the startup enterprises’ speed of passing by sending directors to startup enterprises and improving the level of risk disclosure, which is only significant under the registration and issuance system. (3) Further research shows that VC-supported startups perform better after listing. (4) VCs can help startup enterprises to choose hot season listing, which has a good timing effect. The conclusion of this text study is still robust after using propensity score matching (PSM) and Heckman to eliminate endogeneity. The conclusion of this study provides a theoretical basis and empirical support for emerging market countries to promote market-oriented reform. Full article

Human capital is the driving force of enterprise innovation. By clarifying the impact of the digital economy on enterprise innovation from the perspective of human capital allocation, we can understand the underlying mechanisms that enable high-quality development dividends on a more nuanced scale. This study incorporated the ‘Broadband China’ strategy to construct a quasi-natural experiment, empirically investigating the impact of digital economy development on micro-level enterprise innovation from a human capital perspective. The findings show that digital economy development can effectively reduce the demand gap and recruitment costs for research and development personnel and significantly improve their efficiency, thereby promoting corporate innovation. Heterogeneity tests show that the micro-level effects of the digital economy are more pronounced for firms with younger entrepreneurs, those registered in eastern Chinese cities, or those that are strongly influenced by Confucian culture. Further analysis shows that by streamlining these channels of human capital, the digital economy can not only boost the overall output of corporate innovation but also significantly improve its quality. Full article

Whether Fintech enabled by big data technology can improve the efficiency of credit allocation and how it would do has always been the focus in the capital market, especially the intermediary mechanism, which has not yet been convincingly explained. This paper empirically tests the logical relationship and micro mechanism between Fintech and the corporate financing constraint dilemma by using the data of China’s A-share non-financial listed companies from 2011 to 2018. The research found that Fintech has a significant mitigation effect on corporate financing constraints, and the coverage capability of Fintech has a stronger mitigation effect compared to the depth of use. Mechanism research shows that the “technology enabling” role of Fintech can alleviate the financing constraints of enterprises by reducing the degree of information asymmetry between capital supply and demand sides and reducing financing costs. Heterogeneity research shows that the mitigation effect of Fintech on corporate financing constraints is more significant in enterprises with private property, non-main board listing, senior executives with high financial literacy, and enterprises with strong competitive positions in the industry. Further research shows that, in order to identify the impact of Fintech on corporate financing types under an environment without internal control defects, Fintech enables enterprises facing financing constraints to obtain more commercial credit and bank loans; at a time when it is difficult to obtain bank loans, commercial credit has become an alternative financing method of bank loans, promoting the transfer of credit resources from traditional mortgage guarantees to enterprise commercial credit. This study provides a perspective for the research on how Fintech alleviates corporate financing constraints, and it reveals the characteristics of digital empowerment in the development of China’s capital market, providing a theoretical basis and evidence supporting the formulation of relevant policies. Full article

Based on the data of A-share listed companies in China, this paper examines how China’s regional carbon emissions trading scheme (ETS) affects the resource allocation efficiency of China’s provincial heavily polluted industries through the DID method. The empirical results show that China’s regional carbon ETSs have reduced the TFP dispersion of enterprises in the industry, thus improving the industries’ resource allocation efficiency. The heterogeneity analysis shows that China’s regional carbon ETSs have more significantly promoted the resource allocation efficiency in industries with high competition and high external financing dependence, while the policy effects in industries with low competition and low external financing dependence are less significant. Further mechanism analysis shows that, on the one hand, China’s regional carbon ETSs have promoted the flow of capital resources from low-TFP enterprises to high-TFP enterprises. On the other hand, China’s regional carbon ETSs have promoted low-TFP enterprises to improve TFP to a higher degree than high-TFP enterprises, which reduces the TFP dispersion among different enterprises in the industry. In addition, China’s regional carbon ETSs have promoted the market share of high-TFP enterprises and restricted low-TFP enterprises entering the market, which raises the TFP threshold for new enterprises entering the market. Full article

A study of the efficiency of the energy companies that are listed on the Polish capital market, which will be the object of the analysis in this paper, is focused on assessing the degree of accomplishment of their basic financial objectives, namely, the maximization of their market values. The main research methods that are used in the article are methods for analyzing and evaluating the literature (in order to present the current scientific achievements in the field under study) and descriptive statistics and mathematical statistical methods for analyzing the interdependence of the phenomena (used to characterize and compare the analyzed energy-sector companies, as well as to quantify the determinants of the value-creation efficiency of these companies). This article is focused on the conditions and problems that are related to the decision-making processes that are aimed at increasing efficiency in the area of building enterprise-value. These require the use of tools for efficiency measurement that enable management to quantify and assess changes in an enterprise’s market value and the efficiency of its creation. Within the conducted research, it has also been proven that this is the market perspective that is of key significance from the point of view of the criteria of making financial management decisions. The market perspective reflects the expectations of the majority of company stakeholders, to the fullest. The study showed that the allocation of capital in the listed energy companies during the period of 2014–2020 was subject to a relatively high risk of losing the economic value of the invested capital. In terms of asset value, dividing the studied group of companies into portfolios of two groups of companies additionally showed that the volatility of the market and equity returns for the smaller companies was higher than it was for the larger companies. Full article