Search Results (77)

This study examines the degree of alignment between the actual environmental performance and the ESG disclosures of 365 listed financial institutions in Europe for the fiscal year 2024. Although ESG reporting has become a standard practice in the financial sector, there are still concerns that the quality of the disclosure may not accurately reflect substantive environmental action, which increases the risk of greenwashing. This study addresses this issue by incorporating both ESG disclosure indicators and green accounting metrics into a multi-criteria decision-making framework. This framework is supported by entropy-based weighting to assure objectivity in criterion importance, as outlined in the PROMETHEE II method. The Greenwashing Risk Index (GWI) is a groundbreaking innovation that quantifies the discrepancy between an institution’s classification based on ESG transparency and its performance in green accounting indicators, including environmental penalties, provisions, and resource usage. The results indicate that there is a substantial degree of variation in the performance of ESGs among institutions, with a significant portion of them exhibiting high disclosure scores but insufficient environmental substance. These discrepancies indicate that reputational sustainability may not be operationally sustained. The results have significant implications for regulatory supervision, sustainable finance policy, and ESG rating methodologies. The framework that has been proposed provides a replicable, evidence-based tool for identifying institutions that are at risk of greenwashing and facilitates the implementation of more accountable ESG evaluation practices in the financial sector. Full article

As global urbanization accelerates amidst compounding risks, comprehensive urban resilience assessment has emerged as a pivotal issue in optimizing risk governance pathways. Grounded in the Pressure–State–Response (PSR) theoretical framework, this study constructs a multidimensional evaluation system for comprehensive urban resilience. Through the integration of a combined weighting method and the TOPSIS model, we systematically measure resilience levels across 13 prefecture-level cities in Jiangsu Province, with the obstacle degree model employed to identify critical resilience constraints. The findings reveal significant spatial heterogeneity in regional resilience patterns. High-resilience cities establish positive feedback mechanisms through economic foundations, innovation-driven strategies, and institutional coordination. Conversely, low-resilience cities face multidimensional constraints, including industrial structure imbalance, inadequate social security systems, and infrastructure deficiencies. The resilience disparity stems from the coupling effects of systemic multidimensional elements, with three core obstacles identified: energy consumption and population pressure in the Pressure dimension, medical resource scarcity and innovation deficit in the State dimension, and fiscal expenditure inefficiency in the Response dimension. The study proposes strategic interventions, including fiscal structure optimization, cross-regional resource coordination enhancement, and innovation–translation mechanism improvement, to facilitate urban systems’ transformation from passive resistance to proactive adaptation. This research provides novel perspectives for analyzing complex system resilience evolution and offers scientific grounds for urban agglomeration risk prevention and sustainable development. Full article

Public cultural facilities are the cornerstone of the construction of the public cultural service system. Exploring the spatial pattern of public cultural service facilities is significant for clarifying regional differences in public cultural services, optimizing the allocation of urban cultural facilities, and promoting the equalization of public cultural services. This study constructs a dual-dimensional equalization evaluation system of geographical density and per capita quantity to reveal the spatial mismatch phenomenon of public cultural facilities in Xinjiang. Using methods such as the nearest neighbor index and kernel density analysis, combined with the geodetector, the distribution patterns of public cultural facilities in 14 prefectures and cities in Xinjiang are systematically analyzed. The results show that public cultural facilities in Xinjiang exhibit significant agglomeration characteristics, with museums having the most prominent spatial agglomeration degree (NNI = 0.523) and imbalance degree (S = 0.284). A spatial pattern centered on Urumqi characterized by “dense in the northwest and sparse in the southeast” has formed. There exists a spatial mismatch phenomenon between high-density and low-per capita population and low-density and high-per capita population in terms of geographical density and population distribution. Population size is the key factor in facility distribution, while cultural demand and economic level are the main factors, and fiscal capacity and education level are secondary factors, with transportation conditions being general factors. In this paper, we analyze the spatial differentiation characteristics of public cultural facilities in Xinjiang and the influencing factors in order to provide typical cases and practical references for optimizing the allocation of urban cultural facilities and promoting their equalization. Full article

Tourism urbanization has become an important pathway for promoting regional economic growth, optimizing urban spatial structures and enhancing residents’ quality of life, especially in the context of sustainable development. Balancing the relationship between tourism urbanization and residents’ well-being in China’s Central Plains Urban Agglomeration is a key objective for the promotion of sustainable regional development in the context of rapid tourism development. However, few studies have quantitatively explored the spatiotemporal coupling dynamics between tourism urbanization and residents’ well-being at the urban agglomeration scale, leaving a significant gap in understanding their integrated evolution. Therefore, in this study, we constructed an evaluation index system for tourism urbanization and residents’ well-being. Next, we explored the coupling relationship between tourism urbanization and residents’ well-being and its influencing factors in the Central Plains Urban Agglomeration from 2005 to 2022 via the coupling coordination degree and random forest approaches. The study’s three major findings are as follows: (1) First, in terms of development level, the tourism urbanization of the Central Plains Urban Agglomeration from 2005 to 2019 generally showed a steady upwards trend, and the well-being of residents as a whole showed a steady development trend; however, there were significant regional differences in the level of development. The spatial differentiation between tourism urbanization and residents’ well-being was characterized by “high in the west and low in the east” and “high in the middle and low in the surroundings”, and the degree of spatial differentiation tended to gradually narrow over time. (2) In terms of the level of coupling coordination, the overall coordination between tourism urbanization and residents’ well-being in the Central Plains Urban Agglomeration increased annually and reached the stages of running-in and high coordination. (3) The key factors affecting the coupled coordination of tourism urbanization and residents’ well-being in the Central Plains Urban Agglomeration differed significantly over time. The importance of the number of tourists, policy support, and fiscal balance ratio increased significantly over time, whereas the importance of the vegetation index and the distance to the nearest provincial capital city decreased. These findings have valuable implications for urban planning, governance optimization, and the formulation of sustainable development strategies, highlighting the need to strengthen resilience and promote synergistic growth between tourism development and residents’ well-being. Full article

The increasing population ageing in rural China has had a far-reaching impact on agricultural production structures. However, most of the existing studies on the impact of rural ageing on NGAP are based on a micro-farmer perspective and lack consideration under macro policies. This study analyses the impact of rural ageing on NGAP within the framework of food security strategy and examines this relationship using provincial panel data based on revealing the spatial-temporal characteristics of the two. The results show that the ageing level in rural China from 2005 to 2021 exhibited a rapidly rising trend and an unbalanced distribution pattern with decreasing spatial agglomeration, while the evolution of NGAP followed an upward and then downward trend, with an increasing degree of spatial agglomeration. Under the food security strategy, rural ageing has a significant dampening effect on NGAP, which mainly stems from the partial mediating roles of the increase in the area of farmland per labourer and agricultural-related fiscal investment. In light of the future trend of population ageing in rural China, targeted measures are needed to stabilize grain production and guarantee national food security. Full article

In the process of achieving carbon neutrality, the role of government fiscal intervention is becoming more prominent. This article is based on the DPSIRM theoretical model and constructs a comprehensive evaluation index system for economic growth, energy transformation, and environmental improvement, using an improved entropy method for evaluation. Subsequently, we examined the impact of the economic, energy, and environmental systems on carbon emission reduction under the threshold effect of government fiscal intervention. The results indicate that (1) the economic development and carbon emissions in Jiangsu Province show a U-shaped trend of first decreasing and then increasing, while the energy transformation shows a positive inverted U-shaped trend of first increasing and then decreasing. Environmental improvement significantly reduces carbon emissions. (2) Government fiscal intervention has a significant impact on local carbon reduction, which is known as the regulatory effect of fiscal intervention. Specifically, with the increasing degree of government fiscal intervention, energy transformation, economic growth, and environmental improvement have promoted carbon emission reduction to varying degrees, and their impact mechanisms exhibit differentiated marginal effect characteristics. Among them, the marginal effect of energy transformation on carbon reduction increases, while the marginal effect of economic growth and environmental improvement decreases. Full article

Natural disasters are becoming increasingly frequent, as evidenced by the catastrophic floods in 2024, which marked the worst disaster in the history of Rio Grande do Sul, Brazil. This article explores fiscal sustainability through the budgetary capacity of municipalities in Rio Grande do Sul within the framework of Brazilian fiscal federalism. To assess this capacity, an indicator was employed to measure the proportion of current revenues allocated to current expenses and investments, alongside the degree of autonomy in resource transfers. The findings reveal significantly constrained fiscal sustainability among municipalities in Rio Grande do Sul, hindering their ability to respond to climate events in the region. Of the 453 municipalities analyzed, only 19% demonstrated sufficient budgetary space. Among those officially declared in a state of calamity, a mere 10% were eligible for a budgetary response. The economic losses associated with the disaster are estimated at 88.9 billion BRL, while collectively the municipalities of RS dedicated 5.6 billion BRL to investments in 2023. Given limited fiscal capacity and the enormous scale of losses from natural disasters, this article argues for financial solutions aimed at prevention and mitigation, involving federal cooperation and greater budgetary and financial commitments at the national level. Full article

Amidst severe ecological challenges and resource constraints, realizing the value of ecological products—such as timber, non-timber forest products, and ecosystem services like carbon sequestration and biodiversity conservation—has emerged as an innovative approach within the realm of paying for ecosystem services. This study examines 35 cases of ecological product value realization in China, using a comprehensive analytical framework encompassing policy support, market participation, and resource endowment utilization. Utilizing a qualitative comparative analysis method (cs-QCA), the study explores the driving mechanisms behind ecological product value realization. These findings indicate that policy guidance and planning are indispensable for realizing ecological product value. Additional factors, such as fiscal and financial support, leadership from pioneering enterprises, product innovation and promotion, and the utilization of both natural and human resources, play varying roles across different grouping paths to varying degrees. The study uncovers the following three typical driving mechanisms: government-led; government–market hybrid; and integrated type. The study reveals that each region should choose an appropriate path based on its unique conditions. This research significantly enhances the theoretical understanding of ecological product value realization and provides a scientific foundation for policy formulation and practical applications. Full article

Total factor productivity (TFP) is pivotal to driving sustainable economic growth. This study examines the relationship between fiscal policy uncertainty (FPU) and firms’ TFP with the least squares method. We measure FPU at the provincial level using government work reports from various provinces in China with text analysis and find that a higher degree of FPU is negatively associated with local firms’ TFP. This effect is more significant for firms from regions with lower levels of marketization and government fiscal transparency and those with higher managerial myopia than for other firms. The channel tests show that FPU reduces local firms’ TFP by inhibiting corporate expansionary and research and development investments, and this effect is supported by the intensified financing constraints. Overall, our results suggest that FPU impairs local firms’ production efficiency. Full article

The rapid pace of urbanization and industrialization has reshaped land use patterns globally, particularly within the interconnected domains of ‘production, living, and ecological spaces’ (PLES). Understanding the spatiotemporal evolution of these spaces is crucial for guiding sustainable development. Although a number of previous studies have explored aspects of their dynamics and driving factors, further investigation is needed to fully understand their long-term spatiotemporal evolution and the broader influences of socio-economic and environmental forces. This study aims to fill that important gap by leveraging advanced remote sensing techniques to analyze PLES transformations over a 30-year period. Using Henan Province, China, as a testbed, this study applies high-resolution Landsat data, land use transition matrices, dynamic degree analysis, Principal Component Analysis (PCA), and multiple linear regressions to uncover trends and underlying drivers. The results reveal a substantial reduction in production spaces by 3394.62 km² steady growth in living spaces by 4459.41 km² and complex, non-linear changes in ecological spaces, which decreased by 1067.43 km². Key driving forces, such as economic growth, urbanization, and fiscal policies are identified and discussed. These insights provide a robust framework for sustainable land use planning, with broader implications for rapidly urbanizing regions worldwide. Full article

There is limited analysis of the role of tourism in rural revitalization (RR) from a high-quality development perspective. To address this gap, this study analyzes the spatiotemporal patterns and coupling coordination degree (CCD) of tourism high-quality development (THD) and RR in the Silk Road Economic Belt from 2011 to 2020 using coupling coordination and gravity models. A geographic detector is employed to quantitatively elucidate the factors influencing the CCD. The findings are as follows. (1) The comprehensive RR level increased 86% from 2011 to 2020, whereas the THD level first increased and then decreased. The southwest region outperformed the northwest in RR and THD levels. (2) The CCD between RR and THD displayed various degrees of increase, with a spatial pattern of higher levels in the southwest and lower levels in the northwest. The spatial linkage strength of the CCD first increased and then decreased, with tighter linkages among the southwestern provinces. (3) Public fiscal expenditure, per capita GDP, and science and education spending significantly affected the CCD. In conclusion, the effective coordination of THD and RR requires a focus on their spatiotemporal coupling characteristics and the joint regulation of multiple factors. Full article

Amidst escalating global policy uncertainties and the painful transformation phase of the Chinese economy, studying the time-varying characteristics of risk spillover among the real economy, real estate market, and financial system holds substantial practical relevance for preventing and resolving significant systemic risks. This paper employs the TVP-VAR-DY model, selects indices from the real sectors to construct a risk spillover index for the real economy, and incorporates indices from the real estate and financial sectors to develop a trivariate SV-TVP-VAR model for empirically analyzing the time-varying nature of risk spillover relationships among these variables. This study reveals that risk spillover among different sectors of the real economy exhibits asymmetry and volatility, with the industrial sector experiencing the highest degree of risk spillover. The prosperity of the real estate market consistently aligns with that of the financial system; however, shocks during periods of risk accumulation in the real estate market significantly amplify risks in the real economy. The financial system serves the real economy, which suffers lesser impacts. Nonetheless, post-2008, the financial system’s support for the real estate market has gradually diminished. Crises exacerbate the extent of risk spillover, but the causative factors and socio-economic context create heterogeneity in fluctuations. Based on these findings, in response to the current real estate shock, the Chinese government should discuss the real economy, the real estate industry, and the financial system within the same research framework. Policies should primarily focus on fiscal measures to promote the recovery of the real economy more rapidly. Additionally, by allowing local governments to implement tailored policies based on local conditions, potential homebuying demand has been effectively stimulated. Full article

Tax expenditure management is one of the tools for conducting responsible fiscal policy. Unlike direct expenditures, tax expenditures do not consume resources, but allow the achievement of certain social and economic goals. The purpose of this study is to test the hypothesis of the expediency of using the mechanism of tax expenditures to influence investment activities and the development of priority sectors of the economy. The object of this study was a sample of nine countries of the G-20 group, whose reports provided data on the share of tax expenditures related to investment support and stimulating the development of priority sectors of the economy. The practice of generating reports on tax expenditures is quite common in developed countries, but there are several limitations for cross-country comparison: national characteristics of fiscal elements, and the level of openness and transparency of data on tax expenditures. The scale of using tax expenditures is determined by the multidimensional average method; countries are rated according to the value of the integral indicator. The scale of tax breaks determines the position in the ranking. The effectiveness of using tax breaks is assessed through the coefficient of increase in investment and the coefficient of increase in industrial production. The assessment results show whether economic indicators are outpacing the growth rate of tax benefits and preferences. A study of panel data revealed the average degree of influence of the total amount of tax expenditures on the dynamics of capital investments. The allocation of a target group of tax expenditures related to investment support showed a weak degree of influence on the dynamics of capital investment volumes. The results obtained can be explained by the fact that the allocation of a target group of tax expenditures may not reflect the full range of tax benefits provided to support investments, which is due to the peculiarities of the system of accounting and assessment of tax expenditures in a particular country. In addition, the contribution of tax expenditures may be insignificant if direct forms of support prevail. Full article

Volumetric-based pricing for irrigation water was introduced as part of a comprehensive reform of agricultural water prices in China. However, operational deficiencies and farmers’ lack of willingness to adopt the volumetric pricing policy (VPP) hinder the coordinated implementation of the reform. To address these practical challenges, we employed a binary logistic regression model to analyse farmers’ acceptance of the VPP for agricultural irrigation water usage in Suqian City, Jiangsu Province. A variable set was formed by selecting potential variables from four types of influencing factors: the subject (water users), the object (water supply departments), natural condition factors, and social condition factors. Our results revealed seven factors that determine whether farmers accept the VPP: irrigation water measurement at the water inlet of a lateral canal, the irrigation water-saving rewards scale, enforcement efforts of charging by volume, the irrigation water source type, the use of agricultural water-saving for trade, financial investment in water-saving technology, and the level of irrigation water pricing. We determined the degree of influence of the seven determining factors, among which the irrigation water-saving rewards scale and enforcement efforts of charging by volume most influence farmers’ decisions on the VPP for irrigation water. The results of this study can be used as a reference for innovation of the agricultural water-saving system in Suqian City, optimisation of an accurate fiscal subsidy scale, quantification of irrigation water rights, optimisation of the measurement facility layout, and effective implementation of agricultural water rights trading. More broadly, this study provides a valuable reference for solving the difficulties faced in the comprehensive reform of agricultural water pricing in China, which includes irrigation water pricing mechanisms, management systems, subsidy mechanisms, and water-saving incentive measures. Full article

Urban resilience provides the foundation and guarantee for the tourism economy, and the development of the tourism industry provides new opportunities and impetus for urban resilience. The coordinated development of urban resilience (UR) and the tourism economy (TE) contributes to the high-quality development of the regional economy. This study takes 27 cities in the Yangtze River Delta (YRD) urban agglomeration as an example. Various analytical techniques, including the entropy method, coupling coordination degree model (CCDM), kernel density estimation, Theil index, and obstacle degree model, are employed to investigate the spatiotemporal evolution patterns and influencing factors that affect the coupling coordination degree (CCD) between UR and TE. The findings indicate that: (1) The urban resilience and tourism economy exhibited an increasing trend denoted by “N” and “M”, respectively. (2) The coupling coordination level has undergone a development phase of “Moderate disorder–Bare coordination–Moderate disorder”. (3) The level of coordination has been enhanced, with intra-regional differences identified as the primary source of variation. (4) The number of Internet users, the number of students in institutions of higher learning, per capita public financial expenditure, science and technology expenditures as a share of fiscal expenditures, urban per capita disposable income, foreign exchange earnings from tourism, and the number of inbound tourists is the main factors affecting the CCD of urban resilience and tourism economy. Full article