Search Results (128)

Drawing on a panel dataset of 27,972 firm-year observations from Chinese A-share listed companies spanning 2009 to 2022, this study employs fixed-effects models to examine the nonlinear relationship between firm-level climate policy uncertainty (FCPU) and corporate green governance expenditure (GGE). The results reveal a robust inverted U-shaped pattern: moderate levels of FCPU encourage firms to increase GGE, while excessive uncertainty discourages it. Financing constraints mediate this relationship; specifically, FCPU exhibits a U-shaped impact on financing constraints, initially easing and then tightening them. Older top management teams accelerate the GGE downturn, while government environmental expenditure delays it, acting as a buffer. Heterogeneity analyses reveal the inverted U-shaped effect is more pronounced for non-polluting firms and state-owned enterprises (SOEs). This study highlights the complex dynamics of FCPU on corporate green behavior, underscoring the importance of climate policy stability and transparency for advancing corporate environmental engagement in China. Full article

Background/Objectives: We aimed to determine how baseline TSH levels relate to clinical outcomes over a three-year follow-up in euthyroid patients with T2DR. Methods: This single-center retrospective cohort study included 363 euthyroid T2DR patients who were followed for three years after baseline TSH measurement. Patients were stratified into tertiles based on TSH values belonging to the standard clinical limits (0.35–4.50 mIU/L). Binary and multivariate logistic regression analyses, along with non-linear modeling, were used to evaluate the prognostic impact of TSH and its interaction with age on mortality. The study adhered to the STROBE guidelines. Results: In the first year of follow-up, Group 1 (TSH 0.35–1.24 mIU/L) had significantly higher rates of mortality and combined outcomes compared to Group 2 (TSH 1.24–1.94 mIU/L; p = 0.025 and p = 0.041, respectively). Group 2 had a lower risk (OR for mortality = 0.349, p = 0.004; OR for combined outcome = 0.358, p = 0.007). Between TSH and TSH tertiles, a non-linear, inverted U-shaped relationship was observed, with the lowest mortality risk near 2.0 mIU/L. A significant interaction between TSH and age was found for third-year mortality (p = 0.016). Conclusions: TSH values showed a non-linear association with outcomes in euthyroid T2DR patients. Group 2 was linked to the lowest risk. Given the significantly higher mortality and combined complications identified within Group 1, closer monitoring and individualized follow-up strategies may be warranted for these patients. Additionally, TSH’s impact on long-term mortality increased with age, supporting its use alongside age for risk stratification in T2DR. Full article

The digital economy has profoundly reshaped industrial organizational structures and the spatial distribution of cooperative agglomerations in the manufacturing and productive service sectors. To support the coordinated and sustainable development of China’s industries, it is essential to clarify how the digital economy influences industrial cooperative agglomeration. This study first constructs a comprehensive index system capturing the quality, quantity, and synergy of industrial cooperative agglomeration, enabling an evaluation of collaborative agglomeration levels across 30 Chinese provinces. Second, the relationship between the digital economy and industrial collaborative agglomeration is examined using both static and dynamic spatial panel models. Finally, the paper investigates regional disparities in this relationship across eastern, central, and western China. The results reveal the following findings: (1) The digital economy has a significant inhibitory effect on industrial collaborative agglomeration overall. (2) Dynamic spatial lag model results show an inverted U-shaped relationship, where the digital economy initially promotes but later inhibits industrial agglomeration, with notable temporal lags and spatial spillover effects. (3) In eastern China, digital economy growth suppresses local agglomeration while promoting it in neighboring regions; in the central region, it enhances local agglomeration but dampens it in adjacent areas; and in the western region, the relationship is nonlinear and U-shaped. Full article

This study examines the impact of corporate venture capital (CVC) on the labor income share of science and innovation enterprises, focusing on data from China’s Science and Technology Innovation Board (STIB) and Growth Enterprise Market (GEM) between 2010 and 2022. Empirical results reveal a significant inverted U-shaped relationship between CVC shareholding and the labor income share of invested firms. CVC increases the labor income share by enhancing corporate governance, encouraging digital transformation, and improving human capital quality, but this effect diminishes when CVC shareholding exceeds a certain threshold. The moderating role of media attention and the heterogeneity of this relationship across regions and financial conditions are further explored. Additionally, the study identifies a positive U-shaped connection between CVC shareholding and the corporate pay gap, highlighting CVC’s complex role in influencing income inequality within firms. This research contributes to the literature by unveiling the nonlinear effects of CVC on income distribution, offering new insights into its dual role in promoting innovation and equity. Practically, it provides actionable recommendations for firms to optimize CVC ownership and for policymakers to design targeted interventions that address regional and financial disparities. By bridging the gap between CVC investment strategies and labor income fairness, this study lays the foundation for a balanced approach to sustainable economic development. Full article

Based on the PRISMA systematic review framework, this study screened relevant literature from the Web of Science database and selected 102 studies for analysis. Using CiteSpace for bibliometric analysis, this study identified three core research areas: (1) measurement methods for carbon emissions and digital economy, (2) the nonlinear relationship between digital economy and carbon emissions, and (3) mediating mechanisms. The results demonstrate that while digital technologies can reduce carbon emissions by improving energy efficiency, promoting green technology innovation, and upgrading industrial structure, the energy-intensive nature of digital infrastructure may conversely increase emissions. Notably, the relationship may exhibit nonlinear characteristics (inverted U-shaped or N-shaped curves). Three key mechanisms are summarized: energy efficiency effects, green technology innovation effects, and industrial structure effects. Future research should focus on optimizing evaluation systems, applying remote sensing technology, conducting micro-level studies, and examining digital divide impacts. This study provides both a comprehensive theoretical framework and practical policy insights for understanding the digital economy-carbon emissions relationship. Full article

Large-scale photovoltaic (PV) development has been widely promoted in northwest China and has yielded notable economic and industrial outcomes. However, the existing literature has not adequately examined the relationship between large-scale PV development and regional economic growth, particularly in high-altitude and ecologically fragile areas. This study selects eight prefecture-level cities in Qinghai Province from 2014 to 2023 and employs a static fixed-effects panel regression model to empirically investigate the association between solar PV generation and regional economic performance. The findings indicate a significant positive correlation between PV power generation and regional GDP, with clear regional heterogeneity. In developed regions, the association is stronger, while in less developed regions, the effect is positive but comparatively weaker. Furthermore, the analysis reveals a nonlinear (inverted U-shaped) relationship between PV generation and economic growth in less developed areas, with a critical threshold beyond which the marginal economic benefit declines. These results provide empirical insights into optimizing PV development strategies based on local economic conditions. Notably, the study focuses on identifying statistical associations rather than establishing causality. Full article

Results of studies have varied significantly regarding the effect of ESG investment on firm value. This paper weighs in on this issue by analyzing how changes in ESG scores impact excess stock market returns (alpha) and risk-adjusted returns (Sharpe ratio). We also analyze the differential impact of ESG investments on financial performance among US manufacturing and banking firms. Using quantile regression analysis, our results show a nonlinear relationship, characterized by a U-shaped relationship between ESG ratings and alpha but an inverted U-shaped relationship between ESG and the Sharpe ratio. These findings, along with results pertaining to the impact of ESG components, help explain conflicts in the literature regarding the effect of ESG investment on firm value. Full article

Amid China’s “dual carbon” goals of achieving carbon peaking and carbon neutrality, understanding the spatial dynamics of carbon emissions is essential for promoting coordinated regional decarbonization. This study takes a systems perspective to investigate the drivers and network structures of carbon emissions across 31 Chinese provinces from 2000 to 2022. Utilizing a Spatial Durbin Model (SDM) alongside social network analysis (SNA), it examines both the spatial spillover effects of key economic and innovation-related factors and the structural characteristics of interprovincial carbon transmission networks. The main findings include the following: (1) a significant spatial autocorrelation in provincial carbon emissions, indicating strong cross-regional spillover effects; (2) a nonlinear, inverted U-shaped relationship between green innovation and carbon emissions, where emissions initially rise before declining as innovation matures; (3) a dual impact of human capital, which increases local emissions but reduces emissions in neighboring regions through knowledge diffusion; and (4) the identification of key provinces such as Shaanxi, Henan and Hubei as central nodes within the carbon emission network, acting as influential hubs in the transmission of carbon emissions. This study highlights the importance of differentiated policy design based on regional network centrality and advocates for a systemic governance framework that promotes technology diffusion, talent mobility, and collaborative emission control across provinces. The integrated SDM-SNA approach provides a novel perspective for understanding the complexity of carbon governance in large economies and offers a flexible framework that can be adapted to other national or subnational settings. Full article

Reducing the carbon intensity of well-being (CIWB) is essential for advancing environmental sustainability and socio-economic development. The expansion of digital service trade has emerged as a novel engine of global economic growth and a promising pathway for pollution reduction and carbon mitigation. This study investigates the nonlinear impact of digital service trade on CIWB, identifying an inverted U-shaped relationship—initially increasing CIWB, then reducing it beyond a certain threshold. In the financial digital service trade sector, this effect is mediated by energy structure transition, whereas in the technology-intensive sector, it is driven by green technological innovation. In contrast, digital service trade in the insurance, pension, and audiovisual sectors directly suppresses CIWB. Moreover, rising public environmental awareness helps leverage and strengthen the inhibitory effect of digital service trade on CIWB. Regionally, except for North America (which displays a consistently inhibitory effect), Asia, Africa, Europe, and Oceania reflect patterns similar to the overall sample. In regions with higher economic and internet development levels, the inverted U-shaped curve is steeper, and its turning point is located further to the left. Temporally, the relationship mirrors the full-sample patterns prior to the enforcement of the Paris Agreement, while an inhibitory effect emerges afterward. These findings offer policy implications for achieving the United Nations’ 2030 Sustainable Development Goals. Full article

Global efforts to reduce climate change have increased, necessitating more comprehensive research. However, empirical evidence of the implication of synergizing foreign direct investment (FDI) and renewable energy consumption (REC) to reduce environmental pollution, specifically with nitrous oxide (N₂O) and methane (CH₄) emissions, is missing in the literature. This research investigates the impact of FDI, REC and their synergy in facilitating technological leapfrogging, analyzing their linear, non-linear and indirect effects on environmental pollution (CO₂, N₂O and CH₄ emissions). The analysis focuses on 81 developing countries, analyzing them at both the general level and by income groups—low-income countries (LICs), middle-income countries (MICs) and high-income countries (HICs), with government effectiveness and economic growth serving as mediating variables. Using Canonical Correlation Regression (CCR), Fully Modified Ordinary Least Squares (FMOLS) and clustered Pooled Least Square (PLS) techniques, the analysis covers data from 2003 to 2023. The results indicate that at the general level, FDI and REC increase N₂O and CH₄ emissions individually. However, their integration mitigates N₂O and CH₄ emissions. Additionally, the relationships remain consistent even when government effectiveness and economic growth are considered mediators. However, economic growth is more pronounced than government effectiveness in reducing environmental pollution. The non-linear analysis also reveals that FDI and REC have a significant U-shaped effect on CO₂ emissions. However, their synergy demonstrates an inverted U-shaped nexus with CO₂ emissions. At the income group levels, the interplay of FDI and REC reduces N₂O and CH₄ emissions in MICs; however, in LICs and HICs, it increases N₂O and CH₄ emissions. Full article

Against the backdrop of the “dual carbon” goals, the transformation and upgrading of the manufacturing industry play a crucial role in achieving the dual objectives of controlling both total carbon emissions and carbon intensity. This study first defines the connotation of the integrated development of high-end, intelligent, and green manufacturing (referred to as “Three Modernization”) and constructs a conceptual framework illustrating its impact mechanisms on carbon emission dual control, with particular emphasis on intermediary pathways such as technological progress and energy structure optimization. Subsequently, based on provincial panel data from China covering the period 2009–2023, this paper employs fixed effects and spatial Durbin models to empirically examine the impact of the integrated development of “Three Modernization” on total carbon emissions and carbon emission intensity. The results show that the integration of high-end, intelligent, and green manufacturing significantly suppresses carbon emissions, with a more pronounced effect observed in economically developed regions. Mechanism tests further reveal that technological innovation enhances the application capacity of low-carbon technologies, while an increased share of clean energy usage effectively reduces reliance on fossil fuels, thereby indirectly facilitating the realization of the dual control targets. The spatial effect analysis indicates that the integration of “Three Modernization” exhibits significant spatial spillover effects, whereby regional synergies contribute to improved carbon reduction performance in neighboring areas. Furthermore, threshold model analysis confirms a notable nonlinear relationship moderated by technological complexity: when technological complexity is at a lower level, the emission-reduction effect of the “Three Modernization” integration is more substantial; however, once a certain threshold is exceeded, the marginal abatement effect diminishes, suggesting that in high-technology phases, the carbon-reduction efficiency of additional technological inputs declines. This nonlinear pattern indicates an inverted U-shaped relationship between the “Three Modernization” integration and carbon emission control. Therefore, differentiated dual control policies should be formulated to promote the region-specific integration of high-end, intelligent, and green development in manufacturing. This should be accompanied by continuous enhancement of technological innovation and green technology adoption, along with energy structure optimization, to ensure the sustainability of both total carbon emission control and intensity reduction. Full article

Background: Alpha-1-acid glycoprotein (AGP) is a glycoprotein synthesized mainly by the liver. Nonalcoholic fatty liver disease (NAFLD) and liver fibrosis (LF) are associated with metabolic disorders. The aim of this study was to examine the potential correlation between AGP and both NAFLD and LF. Methods: The data were derived from the 2017–2023 National Health and Nutrition Examination Survey (NHANES). The linear association between AGP and NAFLD and LF was examined by multivariate logistic regression models. Non-linear relationships were described by fitting smoothed curves and threshold effect analysis. Subgroup analysis was also performed to assess potential regulatory factors. Results: The study included 2270 females. AGP was found to be significantly and positively associated with NAFLD [OR = 12.00, 95% CI (6.73, 21.39), p < 0.001] and LF [OR = 2.20, 95% CI (1.07, 4.50), p = 0.042]. Furthermore, the association between AGP and NAFLD was significantly different in the diabetic subgroup (p < 0.05 for interaction). Additionally, we found an inverted U-shaped relationship between AGP and controlled attenuation parameter (CAP), with an inflection point at 1.20 g/L. Conclusions: We found a significant positive correlation between AGP and both NAFLD and LF, and there was an inverted U-shaped relationship between AGP and CAP. Full article

Foreign direct investment (FDI), as a key driver of global factor mobility, significantly influences urban sustainable competitiveness (USC). This study investigates whether FDI can enhance USC amid potential environmental externalities and the moderating role of environmental regulation. Using panel data from 281 Chinese cities (2012–2020), we employ fixed-effects regression models with quadratic terms to capture the nonlinear relationship between FDI and USC. Our empirical analysis finds an inverted U-shaped relationship between FDI and USC, where FDI boosts USC up to a threshold beyond which its impact turns negative, aligning with the pollution haven hypothesis. Notably, environmental regulation moderates this relationship, with lax regulation enhancing FDI’s positive effects more effectively than strict policies. Regionally, this threshold effect is pronounced in China’s eastern cities but is less significant in the northeastern, central, and western regions due to limited FDI inflows. These findings offer essential insights for policymakers: implementing balanced environmental regulations can optimize FDI’s contributions, encouraging high-quality, sustainable investment that strengthens USC. Full article

China’s unique economic growth target system exerts significant economic growth pressure (EGP) on local officials, leading to notable economic and environmental consequences for urban land use. Consequently, this system is theoretically expected to have a significant impact on urban land green utilization efficiency (ULGUE). This study investigates the invisible institutional factors that shape ULGUE within China’s distinct economic growth target system. The results indicate an inverted U-shaped relationship between EGP and ULGUE, and this nonlinear relationship is statistically significant in central, western, and northeastern cities but not in eastern cities. EGP influences ULGUE in a non-monotonic manner by affecting land marketization, green technology innovation, and industrial structure upgrading. Furthermore, environmental regulation and financial technology investment moderate the relationship between EGP and ULGUE. Heterogeneity analysis reveals that the inverted U-shaped relationship is more pronounced in resource-dependent cities and cities with stringent target constraints. This study contributes empirical evidence on the interaction between EGP and ULGUE while offering both theoretical insights and practical implications. Full article

Energy efficiency plays a vital role in the transition towards carbon neutrality. The rapid rise of the digital economy as an emerging growth engine raises important questions about its capacity to enhance energy efficiency. Understanding this relationship is essential for advancing sustainable development and minimizing carbon emissions. Using spatial Durbin models, mediation models, and panel threshold models, this paper empirically examines the nonlinear impact of digital economy development on energy utilization efficiency, taking Chinese cities as case study areas. This research shows that there is a nonlinear U-shaped relationship between the digital economy and energy efficiency, characterized by initial suppression followed by promotion, while the digital economy’s impact on energy efficiency improvement in surrounding cities shows an inverted U-shaped relationship, demonstrating initial promotion followed by suppression. Heterogeneity studies found that digital economy development in eastern Chinese cities has a significant positive promotional effect on energy efficiency, while cities in central and western regions show a suppressive effect. Mechanism tests indicated that the digital economy enhances energy efficiency by promoting industrial structure upgrading and improving green technological progress. However, its impact is significantly affected by external factors and exhibits threshold effects—only when urban development levels cross specific threshold values can the digital economy generate a positive promotional effect on energy efficiency. Full article