As a new combination of finance and technology, fintech not only makes people's daily life more convenient but also brings new opportunities for firm growth. Yet, although multiple parties in society have benefited tremendously from the development of fintech, its actual impact on FTIE remains unclear. For this purpose, we adopted a two-way fixed-effect model and considered the data of A-share-listed companies from 2011 to 2019 to analyze the impact of fintech development on FTIE in China and its associated mechanism. We found that fintech development negatively affected FTIE by increasing business risks and debt pressures through risk transmission and regulatory arbitrage, respectively. This finding remains robust after using instrumental variable tests and adopting Poisson and Tobin regression models. Furthermore, such negative impacts are higher for firms in the eastern region, nonmanufacturing firms, and state-owned enterprises. Our findings contribute significantly to the literature on technological innovation and financial regulation by shedding light on the negative impacts of the dominating fintech development on FTIE.

The COVID-19 pandemic has significantly changed our daily life, especially in the food industry. This study aims to examine the sustainable factors that influence the reuse intention in China’s online-to-offline (O2O) food delivery industry, using “Meituan Waimai” app users as the objects of investigation. Meituan had great success in the initial stage of business due to the rapid urbanization of the major Chinese cities, and thus it is planning to enter the second and third level of cities in China. However, this may not be sustainable because beginner’s luck does not hold unless it is supported by sustainable governance. To evaluate the online and offline governance of O2O business, we used five service quality factors (convenience, safety, economy, accuracy, and speed) in a structural equation model. Customer satisfaction and reuse intention are used as mediating and dependent variables, respectively. The main findings are as follows. First, among the service characteristics, economy and speed factors did not perfectly mediate satisfaction, implying that the initial stage of success may not be sustainable. O2O service providers in China should put more effort into customizing economic incentives as well as making an appropriate impression regarding the delivery speed. Second, satisfaction is fully supported by other factors, implying that O2O service providers should take into account feedback from the people in the market and consumers.

Since South Korea has implemented its emissions trading scheme (ETS) in 2015, several studies have explored the sustainable performance of ETS in terms of production efficiency. However, few studies focused on Korean company-level data in their model. Thus, this study focuses on data from firms in the steel industry, which is a representative greenhouse gas emitter. Based on the slack-based measure (SBM) approach, we find the following implications: First, this paper evaluates both environment energy efficiency (EEE) and traditional energy efficiency and discovers that the efficiency value, in general, is overestimated, when greenhouse gas emissions are ignored. EEE still shows a decreasing efficiency value over time, implying that strong regulation is needed to increase efficiency. Second, this paper provides the return to scale status of decision-making units in the steel industry, through decomposing EEE. Results show that many steel firms are in the state of increasing returns to scale, so they can enhance their efficiency by increasing their scale. Finally, this paper provides benchmark information with which an inefficient firm can enhance its performance.