Using a sample consisting of China’s listed manufacturing companies which issue A-shares on the Shenzhen and Shanghai stock exchanges from 2008–2014, this study empirically tests the relationship between board chairman’s political connections and the amount of energy conservation and emission reduction investment. The results show that the existence of politically-connected board chairmen positively affects green investment. In addition, marketization degrees negatively moderate the relationship between political connection and green investment, which supports an institutional logic perspective. The amount of redundant resources also has the same moderating effect, which is consistent with the resource exchange perspective.

The association between religion and health is well debated and receives continuous attention in research. Selection bias is often a major concern among the observatory data routinely used worldwide to examine this topic. Adopting the propensity score matching (PSM) method, the present study tries to assess the treatment effects of religion on self-reported health status. The final sample from the 2007 Spiritual Life Study of Chinese Residents (SLSC) contains 6194 valid responses. The average treatment effects (ATEs) estimated by the PSM method show that respondents with religious affiliations are on average significantly more likely to report being very healthy by 5.2 percentage points (by 3.6 and 9.6 percentage points among Buddhists and Protestants), especially, by 16.2 percentage points among those regarding religion as being very important in their lives. Meanwhile, ATEs of religion on reporting being very happy is 17.0 among Protestants and 13.4 among those regarding religion with high importance and 11.3 among those with “regular religious attendance”.

This paper investigates the influence of effective tax payment on the CEO promotion in local State Owned Enterprise (SOE) in China. Based on the analysis of listed local SOEs in China from 2004 to 2010, this paper tests the relationship between CEO promotion and tax payment. In addition, the moderating effect of pyramid layer is tested. This paper finds that there is a significant positive relationship between Effective Tax Rate (ETR) and CEO promotion, which suggests that CEOs may be aggressive in tax payment to please the local governments, who ultimately own the local SOEs. The current paper also finds that the relationship between ETR and CEO promotion is weakened as pyramid layers increase. Our conclusions enrich the literature on CEO turnover and the role of pyramid structure. The conclusions are also helpful for the SOEs’ reform in China and other developing countries. First, this paper is among the first to investigate the relationship between ETR and CEO turnover. Second, this paper highlights the function of pyramid structure in mitigating government intervention. Third, this paper also adds to the research on effective tax.

Behavioral economics believes that weather could influence the investor’s sentiment, which in turn interferes with the investor’s investment behavior and trigger the volatility of the stock market. This paper takes this as the research direction and combines China’s weather variables with the stock market to conduct an empirical analysis. We collect the weather variables and calculate the weighted average to test the effects of temperature, humidity, dew point, wind speed, pressure. In addition, we establish a link between these weather variables and Shanghai Composite Index, from January 4, 2016, to January 4, 2019. The generalized autoregressive conditional heteroscedasticity (GARCH) model is used to fit the volatility of each weather variable with the stock index of the Shanghai Composite Index. The empirical results show that weather effect exists in China’s securities market. This paper gives investors some suggestions to help them to view their investment behavior rationally and provides some reference value for market regulators and meteorological departments.