This article presents evidence that land finance has a significant intermediary effect on housing price and local government debt in China. It is found that the mediating effect accounted for 88.06% of the total effect. Due to the mismatch between their discretionary fiscal resources and mandatory expenditures, local governments have a strong incentive to borrow with land-related fiscal revenue as the collateral for repayment, making land finance an intermediate mechanism in which the real estate boom eventually leads to the expansion of local government debt. And this conclusion is steady, and intermediary role of land finance is still significant in different areas and different periods. This provides a new perspective on the risks in China’s local government debt and property markets.

HRMARS is well established journal publisher based in Pakistan. It is publishing prominent journals in social sciences since 2011.

HRMARS is well established journal publisher based in Pakistan. It is publishing prominent journals in social sciences since 2011.

As sportswear becomes everyday attire, brands are increasingly investing in Environmental, Social, and Governance (ESG) initiatives. However, the psychological mechanisms linking these multidimensional efforts to consumer behavior remain insufficiently integrated in the existing literature and have rarely been tested simultaneously within a unified framework, particularly regarding the transition from green brand loyalty to green brand evangelism. This study addresses this gap by disaggregating perceived ESG initiatives into three distinct dimensions and modeling dual behavioral outcomes (green brand loyalty and green brand evangelism), while also examining the moderating role of self-green brand congruity. By integrating Stimulus-Organism-Response (SOR) and Self-Congruity Theories, data from 308 Chinese consumers were analyzed using PLS-SEM by SmartPLS 4.1. Results indicate that all three perceived ESG dimensions significantly enhance green brand attachment, with environmental initiatives exerting the strongest effect. Green brand attachment serves as a key mediator linking perceived ESG stimuli to behavioral responses, and green brand loyalty is found to be positively associated with brand evangelism. Furthermore, self-green brand congruity plays a moderating role in the relationship between ESG perceptions and green brand attachment, suggesting that identity alignment amplifies the impact of sustainability cues. These findings provide actionable strategies for managers to leverage perceived ESG and identity-based marketing to transform loyal consumers into vocal brand advocates.