Green technology innovation is an effective way through which to achieve carbon neutrality and sustainable development. Based on provincial panel data of 30 provinces in China from 2005 to 2018, this work examines the tripartite relationship among green technology innovation, resource misallocation, and carbon emission performance by constructing panel regression models and a dynamic threshold panel model. The research results show that green technology innovation significantly improves carbon emission performance. Further analysis shows that both capital and labour misallocation have a negative impact on carbon emission performance and hinder the contribution of green technology innovation to the improvement of carbon emission performance. The regression results show that there is a threshold effect of green technology innovation on carbon emission performance: as the degree of resource misallocation increases, the positive impact of green technology innovation on carbon emission performance gradually decreases. This study provides an important reference for policy-makers in implementing policies to improve carbon emission performance. Policy-makers should continue to promote the level of green technology innovation and improve the efficiency of labour and capital allocation.

The sustainable development of the digital economy has attracted wide attention. To ex-plore how to improve the operational performance of China's digital firms, this paper conducts an influence mechanism model to test the nonlinear effect, ...

The institutional environment is critical to economic growth. A favorable business environment can reduce unnecessary transaction costs. This study examined the impact of institutional friction costs on economic growth, based on panel data for 38 OECD countries from 2004 to 2020. The contribution of this paper is that, first, we explore methods to measure the cost of institutional friction, and the measurements show that the total cost of institutional friction tends to be lower in high-income countries than in upper-middle-income countries. Second, we find that reducing the cost of institutional friction helps to promote economic growth through an empirical fixed-effects analysis approach with panel data. The empirical results remain significant after robustness and endogeneity tests. Third, we find that the effect of institutional friction costs on economic growth is more pronounced in high-income countries and even more pronounced in countries with inefficient governments. Fourth, the mediation effect test finds that institutional friction costs affect economic growth by increasing firm innovation. Overall, reducing the costs of institutional friction helps promote economic growth, and this study suggests that policy makers in each country should develop measures to reduce the costs of institutional friction to improve efficiency and economic development.

This study performed comprehensive investigations of the complex interconnections between investor attention and cotton futures price volatility under different term structures. In this paper, in-sample analysis, out-of-sample forecast, influencing mechanisms, as well as nonlinear connections are fully explored using several linear model specifications. The results can be summarized as follows: first, investor attention is the Granger causality of the cotton futures volatility and shows significant linear impacts on cotton volatility; second, models incorporated with investor attention significantly improve the prediction accuracy of cotton volatility in the long term compared with the commonly used AR benchmark model; third, the influence of investor attention on cotton volatility may occur through open interest; and fourth, investor attention presents nonlinear impacts on cotton volatility as well. Overall, the results of this article can provide strong supporting evidence for the important roles of investor attention in asset pricing applications.

The Chinese yogurt market has seen strong growth in recent years. To meet consumers’ diverse demand, yogurt manufacturers have invested substantially in product and brand strategies – they not only introduce new attributes to yogurt, but also create sub-brands with distinct product positioning. However, little is known regarding the effectiveness of these strategies. We fill this research gap by estimating the price premiums associated with main yogurt attributes and brands using a hedonic analysis framework. Our main findings are that plain flavored yogurt and yogurt with sugar are associated with negative price premiums while having fat, having probiotics, ambient and being designed for kids are associated with positive price premiums. Moreover, sub-brand effect plays an important role in consumer’s valuation of yogurt due to their distinct product positioning, and sub-brands that position themselves as natural, ambient, European-style, traditional style, fruits and grains, and for children have high price premium.