Search Results (4,454)

Enterprise green innovation driven by the market is a requirement in the new era to implement the new development concept and fulfill the “dual carbon” goals, integrate them into the new development pattern of “dual circulation”, and boost sustainable economic development. Using the moderated effect regression model and selecting data on manufacturing companies listed on the Shenzhen Stock Exchange from 2014 to 2023, this paper empirically examines the impact of the most important dimension of market orientation—customer orientation—on enterprise green innovation and its internal mechanism. Research findings: Firstly, customer orientation affects corporate green innovation via demand identification, knowledge acquisition, and optimal resource allocation. Reactive customer orientation boosts incremental green innovation through economies of scale, while a proactive one drives radical green innovation via the substitution effect. The alternating effect of the two makes the impact of customer orientation on green innovation exhibit an inverted U-shaped-curve relationship, first rising and then falling. Secondly, corporate operational capacity influences the realization of customer orientation’s effect on green innovation through the following four pathways: learning capability, financial capability, managerial capability, and decision-making capability. Enterprises with a strong operational capacity exhibit a flatter inverted U-shaped curve with a right-shifted inflection point, whereas those with a weaker operational capacity demonstrate a steeper curve with a left-shifted inflection point. Thirdly, heterogeneity analysis by enterprise type reveals that customer orientation does not exert a statistically significant direct impact on green innovation in state-owned enterprises. Conversely, an inverted U-shaped relationship exists between customer orientation and green innovation in private enterprises, with operational capacity serving as a moderating effect. Finally, regional heterogeneity analysis indicates that the moderating effect of operational capacity results in a rightward shift of the inflection point in the inverted U-shaped curve for enterprises in eastern regions, while causing a leftward shift for those in central and western regions. Therefore, when enterprises choose green innovation strategies, they should clearly identify the customer-oriented type, pay attention to the trend in demands, optimize supporting measures, enhance operational capabilities, and build an innovative enterprise. Full article

The surging integration of volatile renewable energy severely exacerbates power grid frequency fluctuations, yet conventional frequency regulation (FR) market clearing mechanisms fail to efficiently coordinate heterogeneous energy storage systems (ESSs) due to the complete decoupling of multi-dimensional physical performance from economic dispatch. To resolve this critical industry bottleneck, this paper proposes a novel Stackelberg game-based clearing mechanism tailored for diverse ESS participation. A bi-level optimization framework is constructed to internalize physical FR characteristics into market economics; the upper level minimizes the system operator’s total procurement costs by transforming multi-dimensional physical metrics—including dynamic response rates, time delays, and control accuracy—into endogenous performance penalty factors. Concurrently, the lower level maximizes the individual revenues of heterogeneous ESS aggregators under a Gini coefficient-based fairness constraint to mitigate profit monopolization and promote a more sustainable market ecology. To address the computational challenges of high-dimensional non-convexity, an enhanced hybrid Genetic Algorithm and Quadratic Programming (GA-QP) solver is developed to secure robust convergence to the Stackelberg equilibrium. Comprehensive simulation results confirm that the proposed Stackelberg game-based clearing mechanism enables a highly rational, quality-driven allocation of frequency regulation capacity. By dynamically linking physical performance metrics with economic benefit factors, it successfully achieves an optimal balance of interests between heterogeneous energy storage aggregators and the overarching market. Crucially, compared to conventional purely economic models, this mechanism structurally prevents absolute technology monopoly—drastically reducing the market Gini coefficient from a hazardous 0.85 to a healthy 0.32—while sustaining multi-party equity at a negligible system cost increase of only 1.64%. Ultimately, this framework offers a highly feasible and resilient solution for the efficient clearing of multi-type energy storage in modern power systems. Full article

Wind power producers face increasing market risks in electricity spot markets because output uncertainty may lead to large imbalance penalties and unstable revenues. This study aims to improve the market participation performance of wind farm consortia by coordinating day-ahead bidding, real-time deviation correction, and internal revenue allocation. The main novelty of this study is the integration of consortium-level bidding, shared energy storage leasing, and post-settlement revenue-cost allocation within a unified decision-allocation framework. A two-stage coordinated bidding model is developed for a wind farm consortium that leases shared energy storage to mitigate real-time power deviations. A Shapley value-based allocation mechanism is further introduced to distribute consortium revenue, while the shared energy storage leasing cost is allocated using an additional revenue-proportional fairness rule. Case studies show that the proposed strategy can reduce deviation penalties, increase the final net revenue after leasing cost, and maintain fair incentives among consortium members. Sensitivity analyses further demonstrate that the economic performance of the consortium is affected by storage size, charging/discharging efficiency, and wind farm output correlation. The proposed framework provides a practical decision-making reference for wind power aggregation, shared energy storage utilization, and coordinated participation in electricity spot markets. Full article

Geopolitical uncertainty represents a growing source of systemic risk that reshapes international markets, disrupts cross-border operations, and challenges firms’ ability to sustain financial performance. This research examines the mechanisms through which geopolitical instability relates to firm financial outcomes in Southeast Asian economies by assessing the mediating roles of supply chain resilience, currency volatility, and foreign investment confidence. Based on a quantitative cross-sectional design, data were collected from 308 firms across Southeast Asian Economies and analyzed using partial least squares structural equation modeling (PLS-SEM). The findings indicate that geopolitical risks significantly influence financial performance, with the strongest effects transmitted through financial channels. Currency volatility and foreign investment confidence emerge as critical mediators, demonstrating that exchange rate instability and investor risk perceptions substantially shape firm performance under geopolitical pressure. While supply chain resilience enhances firms’ capacity to adapt to external disruptions, its direct contribution to financial performance remains insignificant. The model explains 66.7% of the variance in financial performance, reflecting strong explanatory capability. These findings extend existing knowledge by integrating financial, operational, and institutional mechanisms to clarify how geopolitical disruptions propagate into firm-level outcomes. The results underscore the importance of financial preparedness, institutional effectiveness, governance quality, and adaptive capabilities in managing geopolitical uncertainty. Full article

The authorization and operation of the public data supply chain is an important pathway for unlocking the value of public data and cultivating the data element market. However, in practice, it faces challenges such as insufficient data supply and insufficient stakeholder incentives. This paper focuses on the differentiated subsidy policies of the fiscal department, constructing a differential game model involving multiple participants, including data providers, data managers, and data operators. The paper systematically compares the optimal effort decisions of each stakeholder, the evolution trajectory of public data product value, and the trajectory of overall system profits under two subsidy models: cost subsidies and transaction subsidies. It further analyzes the regulatory role of revenue distribution ratios and cost-sharing contracts in shaping the effectiveness of these subsidy mechanisms. The study finds that: (1) cost subsidies provide more balanced and stable incentives for all stakeholders and contribute more to the final value trajectory of public data products; transaction subsidies are more effective in improving overall system profits but offer weaker incentives for the supply and management sides, requiring flexible use in conjunction with cost-sharing contracts; (2) cost-sharing contracts play a regulatory role under different subsidy models and effectively reduce the data provider’s dependence on fiscal subsidies under the transaction subsidy mechanism; (3) the revenue distribution ratio only positively affects the effort decisions of the supply and management sides under the transaction subsidy model, and the optimal subsidy ratio of the fiscal department is closely related to the revenue distribution ratio. Therefore, differentiated subsidy strategies should be implemented based on specific decision-making contexts and internal revenue distribution ratios. This paper reveals the synergistic incentive mechanism between differentiated subsidy models and cost-sharing contracts, providing a theoretical basis for the design of subsidy policies for public data authorization and operation. Full article

The accelerating energy transition and growing geopolitical uncertainty have strengthened the strategic importance of hydrogen within future low-carbon energy systems. Green hydrogen is increasingly recognized as a key energy carrier supporting industrial decarbonization, renewable energy integration, long-term energy storage and energy security. However, existing hydrogen market assessment approaches remain fragmented and frequently focus on isolated technological, regulatory, or investment-related dimensions without sufficiently integrating the systemic interactions that shape hydrogen market maturity. To address this research gap, this study proposes the Integrated Green Hydrogen Market Development Index (IGHMDI), a multidimensional composite indicator framework designed to evaluate hydrogen market development through the integration of regulatory, technological, infrastructural, financial and strategic dimensions. This methodological framework is based on established principles of composite indicator construction, including indicator selection, normalization, weighting, and aggregation procedures adapted to the characteristics of emerging hydrogen markets. The proposed framework incorporates six principal dimensions: regulatory and policy development, technological readiness, infrastructure and market integration, investment and financial readiness, market demand and industrial adoption, and international cooperation and strategic positioning. An illustrative pilot application comparing Croatia and Germany is used to demonstrate the operational logic of the framework and its ability to distinguish between hydrogen markets at different stages of development. The illustrative assessment produced composite IGHMDI scores of 65.0 for Croatia and 91.7 for Germany, demonstrating the framework’s capability to distinguish hydrogen markets at different stages of structural development while providing a transparent basis for comparative assessment. The results indicate that hydrogen market development increasingly depends on the interaction between regulatory stability, infrastructure readiness, technological innovation, investment support mechanisms, market demand, and international coordination. The study also acknowledges that broader empirical validation, sensitivity analysis, and longitudinal application across a larger set of countries are required in future research. Overall, the IGHMDI framework contributes to the development of multidimensional hydrogen market assessment methodologies and provides a transparent analytical tool for comparative benchmarking, policy evaluation, infrastructure prioritization, and future hydrogen transition governance. Full article

Against the backdrop of the dual convergence of the digital economy and sustainable development strategies, digital innovation has emerged as a pivotal driver for reshaping firms’ competitive advantages and fulfilling social responsibilities. In this study, the analysis draws on a sample of Chinese listed firms from 2014 to 2023. ESG performance is measured with Hua Zheng ESG scores, digital innovation is captured via digital patent identification, and a dual-mediation framework is employed to examine internal organizational and external supply chain mechanisms, along with heterogeneity analysis. The findings indicate that digital innovation exerts a significant positive effect on ESG performance and reveal a unique dual mediating mechanism: within the internal boundary of the firm, digital innovation releases available organizational slack significantly through internal resource orchestration, and this abundant slack provides a necessary resource buffer for ESG investment; within the external network of the firm, digital innovation reduces supplier concentration significantly, thereby enhancing bargaining and supply chain discourse power, which in turn improves corporate ESG performance. Heterogeneity analysis further demonstrates that the promoting effect of digital innovation on ESG performance is more pronounced in subsamples characterized by CEO duality, low technological intensity, and high levels of marketization. By drawing on the resource-based view and resource dependence theory respectively to explain internal and external mediating pathways, this study advances understanding of the complementary mechanisms through which digital innovation enhances ESG performance. It demonstrates how digital innovation comprehensively reshapes firm capabilities, providing valuable insights for formulating strategic ESG initiatives in the digital era. Full article

This original empirical study examines how online discourse on fair tourism in Korea was structured and transformed during the post-pandemic tourism transition. Using unstructured online text data collected from Korean digital platforms, the study compares two periods: the pandemic continuation and early tourism recovery period (1 June 2020–31 May 2023) and the post-endemic tourism restructuring period (1 June 2023–31 May 2026). Fair tourism is conceptualized as a practical and policy-oriented discourse that connects local participation, benefit distribution, market fairness, destination governance, and tourism justice, rather than as a simple synonym for sustainable or responsible tourism. After text cleaning, morphological analysis, and keyword refinement, the top 50 core keywords for each period were analyzed using frequency analysis, degree and closeness centrality analysis, semantic network visualization, and CONCOR analysis. The results show that first-period discourse centered on regions, public policy, support projects, fair ecotourism, the social economy, resident participation, and local recovery. In contrast, second-period discourse was more strongly associated with foreign tourists, international tourism recovery, accommodation and service use, price fairness, overcharging and unfairness controversies, and sustainable destination governance. This study extends fair tourism research by revealing how fair tourism is constructed and rearticulated through digitally mediated public discourse. Full article

Cross-border e-commerce in the European Union remains operationally heterogeneous despite Digital Single Market integration, which complicates first-stage market comparison. This study develops a portfolio-first public-data framework for EU-27 cross-border e-commerce market-entry screening using 2023 as the common reference year. The framework derives PC1_EF, a PCA-derived execution-condition screening axis, from enterprise e-sales penetration, a digital financial participation proxy and the World Bank Logistics Performance Index. Market potential is calculated by multiplying the population aged 16–74 by online-shopping incidence, while cross-border buying openness remains a separate demand-side overlay. The first component explains 67.84% of backbone variance, with all loadings being positive. The portfolio distinguishes country positions across execution conditions, market scale and cross-border openness. Auxiliary rule-based screening bands serve as a compact summary. PC1_EF is positively associated with enterprise-side e-commerce turnover intensity (Spearman ρ = 0.486, p = 0.014, N = 25), providing partial criterion-consistency evidence. GDP_PPS rank differences provide interpretive context. Equal-weight and leave-one-variable-out checks assess the sensitivity of the continuous ordering, while LPI gate-family and no-LPI/no-gate checks assess the sensitivity of the band summaries. The framework provides a transparent and reproducible basis for comparing EU-27 cross-border e-commerce markets. Full article

Identifying the spatio-temporal evolutionary patterns and driving mechanisms of rural tourism network attention is essential for predicting the development trends of the rural tourism industry and delivering refined industrial governance. Taking 356 prefecture-level cities in China from 2015 to 2024 as basic research units, this paper constructs a comprehensive evaluation system for rural tourism network attention based on multi-source data. Furthermore, its spatio-temporal evolution characteristics and internal influencing factors are systematically investigated by means of spatial autocorrelation analysis and geographically weighted regression. The results indicate that the overall level of rural tourism network attention in China shows an obvious fluctuating growth trend, which can be divided into three successive stages, namely steady growth (from 0.8530 in 2015 to 1.2028 in 2019), explosive growth (from 1.9563 in 2020 to 3.7471 in 2021) and high-level fluctuation (maintained in the high range of 2.4–3.4). In addition, with the continuous iteration of internet communication media, the guiding influence of traditional search platforms has gradually weakened, while emerging social media and short-video platforms have become the core carriers of online tourism traffic. Correspondingly, media innovation persistently reshapes the spatial distribution pattern of rural tourism network attention. In terms of spatial characteristics, rural tourism network attention has undergone a significant transformation from geographical gradient polarization to overall regional equilibrium. Specifically, from 2015 to 2024, the overall Moran’s I index remained positive, with values ranging from 0.0116 to 0.1358, indicating an overall trend of gradual decline. High-attention areas are predominantly concentrated in economically developed urban agglomerations, whereas remote and economically underdeveloped regions exhibit contiguous low-value aggregation characteristics, which reveals a remarkable trend of balanced development nationwide. In view of driving mechanisms, highway network density, tourism income, rural tourism resource and enrollment of university students are identified as the core driving factors dominating the spatio-temporal evolution of rural tourism network attention. Moreover, the intensity of the influence of each factor presents distinct spatial heterogeneity. This study further reveals that the spatial heterogeneity of rural tourism network attention calculated using multi-source fused data shows a remarkable convergent characteristic, which can reflect the actual distribution of the rural tourism market more objectively and accurately. Meanwhile, rural tourism network attention is typically characterized by scale-dependent with the spatial distribution at the macro-scale being more balanced than that at the meso- and micro-scales. Full article

The Brazilian Amazon is a contested frontier, shaped by destructive and conservationist forces. Most forest clearing is driven by agro-extractivism, an agrarian pathway based on raw commodity production. The socio-biodiversity economy (SBE) has emerged in response, widely regarded as a transformative agrarian pathway capable of reconciling environmental conservation and rural livelihoods. However, recent research suggests that, as socio-biodiversity products scale up, agro-extractivist dynamics can be reproduced within the SBE. We examine this tension in the cocoa frontier of the Transamazon, where cocoa is institutionally promoted as an SBE alternative. We conduct an exploratory, mixed-methods study combining a geospatial analysis of land use and land cover (LULC) change (2020–2025, random forest classification) with a qualitative analysis drawing on participatory mapping and 87 semi-structured interviews with farmers, cooperatives, buyers, and institutional actors. Using a gradient framework, we read LULC transitions and farmers’ land use practices along an agro-extractivism–SBE continuum. The cocoa frontier emerges as a hybrid geography. The landscape is predominantly stable but internally reorganizing: anthropogenic forest declines while full-sun monoculture expands over pasture, with intensification concentrated in peri-urban areas and restoration in remote ones. Land use practices form five recurring configurations, two firmly anchored at the socio-biodiversity or agro-extractivist poles and three whose alignment with the SBE depends on access to markets, knowledge, and institutions. We argue that the frontier contestation unfolds not only between distinct economies but within the cocoa economy itself, and we identify the policy areas relevant to sustaining SBE-oriented practices in the Transamazon. More broadly, this study suggests that the classification of Amazonian forest-based economies as inherent alternatives to agro-extractivism should be treated as an empirical question rather than an assumption. Full article

Consumption is a basic driver of economic growth and a key part of the new development paradigm centered on the dual circulation of domestic and international markets. Treating the establishment of National E-Commerce Demonstration Cities as a quasi-natural experiment, this paper employs a multi-period difference-in-differences (DID) model and draws on panel data from Chinese prefecture-level cities spanning 2009 to 2023 to estimate the impact of the demonstration city policy on residents’ consumption levels and its transmission mechanisms. The findings are as follows: First, the National E-Commerce Demonstration City Policy significantly promotes residents’ consumption. Compared with the control group, consumption levels in demonstration cities increased by approximately 6.6%, and this result is robust to various specification checks. Second, mechanism analysis shows that the policy boosts consumption through three channels: stimulating urban entrepreneurship, upgrading smart logistics, and improving digital infrastructure. These channels together help build a more efficient consumption system. Third, heterogeneity analysis indicates that the policy effect is stronger in large cities, central and western regions, non-old industrial base cities, and cities with higher urbanization rates. These findings provide theoretical insights and practical implications for refining the e-commerce demonstration policy, tailoring it to local conditions, and unlocking consumption potential. Full article

This study asks whether, and through which firm-level channels, the green data center (GDC) pilot improves corporate sustainability, and it aims to quantify the policy effect and identify its transmission pathways. Under the dual shift in digital transformation and low-carbon transition, the energy demand and emissions generated by data centers have become important constraints on the sustainability performance of firms. This study regards the 2015 “National Green Data Center Pilot Work Plan” as a quasi-experimental policy shock. In terms of methods, using panel observations of Chinese A-share companies listed in Shanghai or Shenzhen during 2010–2024, a difference-in-differences (DID) strategy is employed to estimate the effect of GDC policy and to identify its transmission pathways for corporate sustainability. In terms of results, the empirical estimates indicate that the GDC pilot improves corporate sustainability, and the effect is robust to fixed-effects specifications, an instrumental-variable strategy, propensity-score matching, and a placebo test. Mechanism tests show that the pilot works through three channels: greater green innovation output and technical value, reduced financing frictions, and enhanced green governance capacity. Heterogeneity tests further show that the effect is stronger among firms with a higher level of digital transformation, a larger share of skilled technical personnel, stronger internal control, and greater executive green awareness, and that it is clearer where regional environmental regulation is stricter and market competition is more intense. In terms of conclusions, by integrating institutional pressure theory with the resource-based view, this study explains how the GDC pilot is translated into a firm-level sustainability advantage, and it offers evidence for refining GDC policy design and advancing the coordinated digital and green transformation of enterprises. The novelty of the study lies in providing firm-level causal evidence within a unified “pressure-to-capability” framework, in opening the three transmission channels, and in specifying the technological, organizational, and environmental conditions under which the effect is stronger. Full article

Türkiye’s ratification of the Paris Agreement and the subsequent enactment of Climate Law No. 7552 mark a critical phase in the institutionalization of national climate policy. The law’s reliance on market-based mechanisms, particularly the Emissions Trading System, has generated substantial public and media debate. This study examines how three ideologically distinct news outlets, Yeni Şafak, Evrensel, and Deutsche Welle Turkish, represented the legislative process between June and July 2025. Drawing on Teun A. van Dijk’s critical discourse analysis, this study analyses 14 news texts at the microstructural level, focusing on headlines, word choice, actor representation, and legitimization strategies. The findings reveal three distinct discursive roles articulated around a shared market-based logic of climate governance: pro-government coverage legitimizes the law as an economic opportunity and a national achievement, oppositional coverage contests it as ecological exploitation and neoliberal environmental governance, and international coverage audits it against international commitments and standards of technical adequacy. The analysis shows that climate legislation becomes a site of ideological struggle in news discourse, even when debate remains largely organized around a shared market-based understanding of climate policy. Journalism may support, challenge, or scrutinize this framework in different ways. Full article

The findings of this study indicate that although artificial intelligence (AI) is increasingly embedded in operational practices across the Australian insurance sector, explicit engagement with ethical AI principles remains limited. Based on an analysis of 156 AI-related web pages from Australian insurers, the results show that 58% of companies do not reference any AI Ethics Principles, highlighting a gap between AI adoption and ethical governance. The predominance of operational themes over governance-oriented discourse suggests that ethical considerations are not yet systematically integrated into public-facing communication strategies. While certain principles, particularly human wellbeing and privacy, receive greater attention, others such as accountability and contestability remain comparatively underrepresented. This imbalance indicates a structural gap between technological implementation and transparent ethical articulation. From an actuarial and governance perspective, strengthening the visibility and consistency of responsible AI commitments may enhance stakeholder trust and support sustainable innovation. This study provides one of the first empirical assessments of publicly articulated ethical AI governance in the Australian insurance sector; future research could extend the analysis to international markets and additional data sources. Full article