The environment is one of the most fundamental factors that affects human economic activities. This article investigates whether good environment affects firms’ productivity. Using the urban public green spaces as the proxy of good environment, we find that firms located in cities with more public green spaces have relatively higher productivity, and the result remains robustness after considering the endogeneity problem. We also find that the productivity of those firms with more high-skilled employees are more likely to be affected by urban public green spaces, and they also have more innovation output which is believed as one of the important factors that affect firms’ productivity.

This paper employs a novel database to investigate the influence of pressure-sensitive institutional investors (PSIIs) in China on the relationship between managerial climate awareness and firms’ sustainability performance. The paper demonstrates that an increase in pressure-sensitive institutional investors shareholding strengthens the positive impact between managerial climate awareness and firms’ sustainability performance. The existence of robust commercial ties between the majority of pressure-sensitive institutional investors and listed companies enables the transmission of pressure to management teams in the form of constraints on companies’ access to capital. This ultimately promotes firms’ sustainable development. Subsequent research demonstrated that the alignment of interests and risk preferences exerts a more pronounced effect in firms characterized by high managerial ownership. Furthermore, financial support from PSIIs manifests as greater intensity in firms grappling with high financial constraints. The utilization of environmental regulations as a competitive strategy, coupled with the capacity for early implementation, serves to amplify the aforementioned positive effect, particularly in contexts where environmental regulation is minimal.

Purpose: One of the important characteristics of the hotel business is uncertainty of lodging demand, which can jeopardize hotel operation and ultimately even threaten a hotel’s survival during an economic recession. The purpose of this paper is to propose an approach to determine optimal hotel investment issues under uncertain lodging demand.Design/methodology/approach: Uncertainty of lodging demand is classified into two types: the impact of unexpected economic recession and the temporary imbalance between supply of hotel rooms and lodging demand. A jump-diffusion real option approach is proposed to analyze how these two types affect optimal investment timing and the potential value of new hotel projects. The case of hotel investment in Macao is used to illustrate the jump-diffusion real option approach.Findings: The results of numerical analysis show that the uncertainty induced by temporary imbalance between supply of hotel rooms and lodging demand increases the threshold of investment and hotel value, while the uncertainty induced by unexpected economic recession has ambiguous effects on the value and optimal investment timing of new hotel projects.Practical implications: The jump-diffusion real option approach increases managerial flexibility for managers when making investment decisions on new hotel projects, allowing greater value to be generated than is possible with the conventional discounted cash flow method.Originality/value: The approach separates the impact of unexpected economic recession on lodging demand from that of “normal” fluctuations in lodging demand, and it considers the impact of both types of uncertainty on hotel investment.

This paper aims at the dynamic properties of the proposed globally planned economic systems named after CPE proposed by Loo-Keng Hua who is one of the worldwide famous Chinese mathematicians. First, we give new existence conditions of growth balanced solution to the model. Second, we lead into the concept of stability for balanced output and carry out a theorem that deals with some equivalent conditions for judging a solution of output starting from the fact that any initial input can whether approach the existing balanced solution or not. Third, a new dynamic price system related to interest factors is proposed here and it is demonstrated that the new price equation is a much generalized one in comparison with the original price one which is only a special case of this new price equation. Also, relationships of the balanced solutions between the price and the output equation are investigated and the stability analysis is studied as well for the new price system. Finally, two examples are employed to illustrate the technical operation of input-output method and some new contributions of this article.