The impact of green credit legislation on business financing: Insights from Chinese polluting firms.

Introducing sustainable credit protection by companies depends on eco-friendly funding that accelerate businesses' technical development and transformation. This study investigates the sustainable financing roles through green credit legislation which impacted state owned enterprises and non state owned enterprises. We have investigated our hypothesis using the Propensity Score Matching Difference-in-Differences (PSM-DID) model. For this purpose we collected data of businesses listed on the Shanghai and Shenzhen stock exchanges that are country's most polluting publicly listed enterprises between 2009 and 2021. The results of the study reveals that liquid Finance and industrial Credit experienced a meteoric rise while the use of illiquid debt financing has dropped significantly among highly polluting organizations. This pattern has intensified after China introduced its "sustainable credit guidelines." Additionally, businesses in areas with lower sustainable development indices are more likely to feel the consequences of sustainable credit programs. However, there is still a need for prudent capital flow allocation in response to the personalized financing preferences resulting from the sustainable credit policy at the business level, even if China's sustainable credit rules have unquestionably reduced the use of illiquid debt financing by severely polluting enterprises. Policy implications include improving the direction signalled to these businesses via sustainable funding.

How does green finance impact carbon emissions in China: Evidence from the fintech perspective.

In light of China's objectives for carbon peak and carbon neutrality, there is an opportunity for fintech to leverage its technological advantages and enhance its integration with green finance (GF). This can bring about enhanced coverage and precision of financial services for green industries, facilitating the transformation towards a sustainable, greener, and low-carbon real economy. We investigate how fintech development influences the carbon emission reduction effects of GF utilizing a two-way fixed effects model with a panel dataset covering 30 provinces in China from 2011 to 2020. Our findings indicate that the negative impact of GF on carbon emissions (CE) is heightened in areas with high levels of fintech development. Furthermore, we notice regional disparities in how fintech development impacts the effectiveness of GF in reducing CE. Specifically, fintech has a statistically significant impact in the central and western regions, whereas its significance is absent in the eastern region. Lastly, our mechanism analysis reveals that fintech plays a vital role in enhancing GF's capacity to mitigate CE, which is achieved through channels of promoting green technology innovation (GTI), alleviating corporate financing constraints (FC), and optimizing energy structure (ES). These findings provide compelling evidence for the positive effect of fintech on the environment and offer justification for promoting the development of fintech and GF.

The impact of digital inclusive finance on the collaborative reduction of pollutant and carbon emissions: spatial spillover and mechanism analysis.

In light of the escalating global climate risks threatening human survival, there is a global consensus on the necessity for collaborative reduction of pollutant and carbon emissions (CRPC). Within this context, digital inclusive finance (DIF) is recognized for its unique inclusiveness and digital characteristics as a critical factor in promoting environmentally friendly and sustainable development. DIF provides advantageous channels for environmental governance, thereby making the achievement of CRPC objectives feasible. However, the impact of DIF on CRPC has not been fully explored. This study employs a spatial econometric model to investigate the impact of DIF on CRPC in 278 prefecture-level cities in China from 2011 to 2020. The findings indicate that DIF has a positive impact on CRPC, with significant spatial spillover effects. The analysis highlights the pivotal mediating roles played by technology effect and electrified effect of the energy mix, while environmental regulation effect plays a moderating role. Notably, disparities in the impact of DIF on CRPC are evident, particularly in non-resource-based cities, cities with low carbon intensity, and eastern regions where spatial spillover effects are more pronounced. These experiences enrich the relevant thesis in terms of DIF on CRPC, providing a theoretical basis for formulating CRPC schemes.

Can green finance promote the low-carbon transformation of the energy system? New evidence from city-level data in China.

This study explores the comprehensive effects of green finance (GF) on the low-carbon transition of the energy system (LTES) by analyzing panel data from 281 cities in China from 2006 to 2021. It is found that GF significantly reduces overall energy consumption and exhibits a U-shaped association with energy efficiency, while its relationship with the energy consumption structure is inverted U-shaped. After accounting for endogeneity in the robustness tests, these findings remain consistent and are therefore deemed reliable. A mechanistic analysis reveals that GF promotes industrial upgrading, technological progress, and economic agglomeration, collectively facilitating the LTES. The impact of GF on LTES shows considerable variation among regions, influenced by their levels of economic growth, extents of marketization, and governmental environmental preferences. Our findings provide new evidence for the relationship between GF and LTES, offering a scientific basis for formulating GF policies to accelerate this transformation.

Financial and Business Literacy Among Urology Residents: Is this a Problem and How Can We Better Prepare Residents for their Careers?

PURPOSE OF REVIEW: Although financial wellness is a predictor of physician burnout, we are yet to optimize financial education or wellness of Urology trainees. We assessed existing studies, compared them to those of other specialties, and discussed resources and methods to address this deficiency. RECENT FINDINGS: Urology residents tend to be less fiscally savvy (carry significant debt, and lack retirement savings or disability insurance), and 90% of trainees and young Urologists do not feel comfortable with the business of practice, including skills like coding and billing, contract negotiation, and self-value assessment. Financial and business literacy are deficiencies of Urology training, as in other specialties. Eventually, the goal should be universal adoption of a formal curriculum that is graded in nature. In the interim, we need to propose and endorse adoption of a formal curriculum, and we should support trainees by promoting a space for easily accessible and transparent information regarding best practices in personal finance and the business of healthcare.

Market-based solution in China to finance the clean from the dirty.

Financial incentives play a key role in promoting renewable energy investments that can help China achieve the 'dual carbon' goal. The national emissions trading scheme (ETS) and the renewable energy portfolio standard (RPS) are two existing market-based policy instruments that can generate stable expected returns for low-carbon projects. This paper studies the interactive distribution effects of these two market-based instruments. We use the micro-level thermal power plant data to investigate the abatement effects of the national ETS, in which the details show that the existing rate-based ETS will result in higher negative impacts on power units, whose installed capacities are smaller than 400 MW. The interactive distribution effects between the two markets will occur when the permit allocation standards of the national ETS become stricter than the existing ones. Provinces in Eastern China and Northern China will face high pressure on costs in both ETS and RPS markets. When the levels of the permit allocation standards are set as 70% of the existing ones and the carbon price is assumed to be 200 yuan/ton in 2030, the annual market size of the national ETS will be nearly 100 billion yuan, and the annual market size is predicted to be 250 billion yuan. In the existing rate-based national ETS, the China Certified Emission Reduction (CCER) mechanism will have an offsetting effect, which should be taken into serious consideration during the policy-making processes in the future.

Developing Financial Acumen as a Breast Imaging Radiologist.

The economics of health care and payment policy are complex and continually evolving. Breast imaging radiologists may not feel equipped to understand the financial aspect of their practice, but this is a critical competency from residency to senior leadership, especially for breast imaging radiologists. From conducting effective negotiations for new equipment as technology evolves to understanding how insurance benefit design affects patient access to care, breast imaging radiologists need to grasp the financial structures that underpins their practice. Fortunately, resources exist that are appropriate for each career stage, and this article directs the breast imaging radiologist to those resources.

Can major public health emergencies increase the participation of commercial insurance? Evidence from China.

Background: Public health emergencies have a lasting impact on a country's economic and social development. However, commercial insurance can disperse these negative consequences and reduce risk losses. Method: Based on the Chinese Household Tracking Survey and Peking University Digital Inclusive Finance Index, this study employed a difference-in-differences model to test the impact of the COVID-19 outbreak on commercial insurance participation and the impact mechanism. Results: The analysis showed that the outbreak of COVID-19 improved residents' risk perception, risk preference and digital finance and promoted their participation in commercial insurance, commercial endowment insurance, and commercial medical insurance. Conclusion: Major public health emergencies can increase commercial insurance participation, but the promotional effect of commercial insurance on rural and low-income individuals is relatively limited. To tap into potential customers, financial institutions should focus on vulnerable societal groups. This study supplements the relevant literature on the impact of major public health emergencies on commercial insurance participation.

Z-number based fuzzy MCDM models for analyzing non-traditional security threats to finance supply chains: A case study from Vietnam.

Non-traditional security (NTS) threats have a vast and profound impact on many aspects of economic, political, social, and many other areas, especially supply chain finance (SCF), particularly in countries like Vietnam, which potentially affects the economic efficiency of businesses' supply chain financial, thereby affecting the general economy of the country and the world. In order to prevent and minimize the negative impacts caused by NTS threats to SCF, this study was conducted to identify NTS threats affecting SCF in Vietnam, at the same time calculate the weight of the impact level and find out the cause and effect relationship between them. Solution strategies are also proposed and ranked, thereby serving as a reference basis for relevant parties to choose appropriate response solutions. Due to the multi-criteria nature of NTS threats, the multiple criteria decision-making (MCDM) method is used in combination with the Z-number concept and Fuzzy set theory to approach the problem of certainty and increase the accuracy of study. The NTS threats are first identified through a literature review and then validated for suitability using the DELPHI technique (DELPHI). Suitable threats will be determined by relationship, weighted by Decision Making Trial And Evaluation Laboratory (DEMATEL) method. Proposed strategies are ranked using the Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) method. The results indicate that there are 19 NTS factors affecting SCF in Vietnam, and the global economic downturn, pandemic and health crisis, financial crisis and cybersecurity risk are the four root cause factors with the most decisive influence. Businesses and concerns need to prioritize addressing these four threats because they not only have a strong impact but also entail many other threats. The two strategies considered to be the most effective are a sustainable practice and a risk-hedging strategy. Businesses, governments, and stakeholders also should pay attention to the macroeconomic environment, technology, and environment and build sustainable businesses, regularly monitoring economic fluctuations and creating plans to prevent risks.

Linking policies and regulations to sustainable finance for the promotion of urban agriculture: Evidence from micro and small businesses.

Urban agriculture is closely tied to several of the Sustainable Development Goals. It can play a critical role in helping to achieve these goals by promoting sustainable food production and consumption, reducing greenhouse gas emissions, and creating more sustainable cities. It is also considered a pathway for overcoming food security in urban areas. However, this needs to be integrated with policies and regulations supported by sustainable finance. Due to COVID-19, conflict, and lack of infrastructure in Ethiopia, several challenges must be addressed to promote urban agriculture to aid food security. Hence, this study is conducted to examine how government policies and regulations promote urban agriculture through sustainable finance in Ethiopia. The study employed both an explanatory research design and a mixed research approach. Multi-stage sampling techniques that include (Simple random sampling techniques and judgmental sampling were used. The data was collected from selected micro and small enterprises engaged in urban agriculture. The structural and measurement model is estimated with the help of smart-pls software version 4. The study's finding implies that government policies and regulations have an insignificant effect on urban agriculture. At the same time, the study finding implies that sustainable finance has an important mediating role between urban agriculture and government policies. Hence, the impact of government policies and regulations on urban agriculture is found to have an indirect effect. Based on the study's findings, the study recommends that all stakeholders promote innovation and entrepreneurship that promote urban agriculture through sustainable finance.

Unlocking a greener future: The role of digital finance in enhancing green total factor energy efficiency.

The development of digital finance provides new opportunities for improving energy efficiency and promoting green development. This paper calculates green total factor energy efficiency (GTFEE) using the super-efficiency SBM model and examines the impact of digital finance on GTFEE. Digital finance has a significant positive impact on GTFEE. Under a bank-dominated financial structure, the positive impact of digital finance on GTFEE is quite significant. In regions with intense banking competition, a large amount of green credit, and lower resource dependence, digital finance is conducive to enhancing GTFEE. Optimizing the allocation efficiency of production factors is an essential mechanism for digital finance to encourage improvements in GTFEE. Digital finance alleviates distortions in factor markets and enhances the matching of the marginal output and the price of capital, labor, and energy factors, thereby facilitating improvements in GTFEE. Further analysis indicates that digital finance has a significant, positive spatial spillover effect on GTFEE, enhancing GTFEE levels in both local and neighboring regions. This study enriches the research on the relationship between digital finance and energy efficiency and provides theoretical foundations and policy references for how digital finance can better serve the green transition of the economy.

Impact of green financing on CSR and environmental policies and procedures.

Despite increasing global attention towards sustainable development, the empirical linkage between green financing and the enhancement of environmental and social governance (ESG) practices within industries remains underexplored. This study investigates the influence of green financing on Corporate Social Responsibility (CSR) and environmental policies and procedures in 40 Chinese industries from 2010 to 2020. By employing a baseline regression and a difference-in-differences methodology, this paper aims to quantify the extent to which green financing initiatives have impacted CSR activities and the adoption of rigorous environmental policies and procedures in the Chinese industrial sector. The results indicate that industries with access to green financing have shown significant improvements in their CSR engagements and the stringency of their environmental policies and procedures compared to those without such financial incentives. Specifically, the difference-in-differences analysis reveals a positive and statistically significant effect of green financing on the adoption of more stringent environmental policies and the enhancement of CSR practices. We identify the specific areas within CSR and environmental policies that are most influenced by green financing. We assess the effectiveness of green financing as a tool for promoting sustainable industrial practices. The analysis utilizes a comprehensive dataset, including industry-specific financing and ESG performance indicators, to conduct a longitudinal assessment over the decade in question. Based on these findings, the study concludes with a policy implication that emphasizes the critical role of green financing as a catalyst for improving CSR and environmental standards in industries. It suggests that policymakers and financial institutions should consider expanding green financing mechanisms to accelerate the transition towards more sustainable industrial practices.

How digital inclusive finance promotes social entrepreneurship: Evidence from 282 cities in China.

Social entrepreneurship (SE) plays a positive role in addressing a range of social issues, and thus it is essential to study how to promote SE. Using panel data from 282 Chinese cities from 2011 to 2021, this study explores the mechanism through which digital inclusive finance affects SE. The results indicate that digital inclusive finance has a positive impact on SE, which still holds after considering endogeneity and undergoing a series of robustness tests. In addition, mechanism analysis shows that digital inclusive finance affects SE by alleviating financing constraints and promoting common prosperity. Furthermore, the effect of digital inclusive finance is stronger in cities with a strong Buddhist culture and more judicially civilized. Policy recommendations are also proposed.

Can green finance improve eco-efficiency? New Insights from China.

Achieving economic development and ecological protection simultaneously is an inevitable selection for sustainable development in today's world, so it is crucial to improve eco-efficiency (EE). According to Chinese panel data at the provincial level between 2010 and 2020, this research explores the nexus between green finance (GF) and EE. The results denote that GF can significantly improve EE, and the higher the level of EE, the stronger the effect of improvement. The upgrading of industrial structure, optimization of energy structure, enterprises' concern for environmental protection and the public's attention to the environment are all favorable factors that can enhance the promotion effect of GF on EE. Additionally, this facilitation can only be played under a good external environment and mature internal conditions. Our findings can provide new insights for improving EE by developing GF.

Digital Tools for Boosting the Impact of Fiscal Decentralization in Africa's Local Economies.

Background: Fiscal decentralization offers potential for stimulating local economic development in Africa, empowering subnational governments to control revenue and spending. However, challenges such as urbanization, poverty, inequality, insufficient infrastructure, and governance issues hinder the successful implementation of the core tenets of fiscal decentralization. This paper explores the role of digital technologies in promoting greater fiscal decentralization and revenue enhancement, as a strategic response to these local economic development challenges in Africa. Method: Through a systematic literature review, this study explores the role of fiscal decentralization in driving local economic development, with a focus on leveraging digital technologies to boost revenue generation and strengthen governance and institutional capacity at the subnational level. Results: The research underscores the importance of investing in digital infrastructure, skill development, and regulatory frameworks, while addressing data privacy and security concerns. Conclusion: By emphasizing the transformative impact of digital technologies fiscal decentralization and property taxation, this paper contributes to the existing literature and highlights avenues for promoting local economic development across Africa.

Exploring the Impact of Device Sourcing on Real-World Adherence and Cost Implications of Continuous Glucose Monitoring in Patients With Diabetes: Retrospective Claims Analysis.

BACKGROUND: Insurance benefit design influences whether individuals with diabetes who require a continuous glucose monitor (CGM) to provide real-time feedback on their blood glucose levels can obtain the CGM device from either a pharmacy or a durable medical equipment supplier. The impact of the acquisition channel on device adherence and health care costs has not been systematically evaluated. OBJECTIVE: This study aims to compare the adherence rates for patients new to CGM therapy and the costs of care for individuals who obtained CGM devices from a pharmacy versus acquisition through a durable medical equipment supplier using retrospective claims analysis. METHODS: Using the Mariner commercial claims database, individuals aged >18 years with documented diabetes and an initial CGM claim during the first quarter of 2021 (2021 Q1, index date) were identified. Patients had to maintain uninterrupted enrollment for a duration of 15 months but file no CGM claim during the 6 months preceding the index date. We used direct matching to establish comparable pharmacy and durable medical equipment cohorts. Outcomes included quarterly adherence, reinitiation, and costs for the period from 2021 Q1 to the third quarter of 2022 (2022 Q3). Between-cohort differences in adherence rates and reinitiation rates were analyzed using z tests, and cost differences were analyzed using 2-tailed t tests. RESULTS: Direct matching was used to establish comparable pharmacy and durable medical equipment cohorts. A total of 2356 patients were identified, with 1178 in the pharmacy cohort and 1178 in the durable medical equipment cohorts. Although adherence declined over time in both cohorts, the durable medical equipment cohort exhibited significantly superior adherence compared to the pharmacy cohort at 6 months (pharmacy n=615, 52% and durable medical equipment n=761, 65%; P<.001), 9 months (pharmacy n=579, 49% and durable medical equipment cohorts n=714, 61%; P<.001), and 12 months (pharmacy 48% and durable medical equipment n=714, 59%; P<.001). Mean annual total medical costs for adherent patients in the pharmacy cohort were 53% higher than the durable medical equipment cohort (pharmacy US $10,635 and durable medical equipment US $6967; P<.001). In nonadherent patients, the durable medical equipment cohort exhibited a significantly higher rate of therapy reinitiation during the period compared to the pharmacy cohort (pharmacy 61/613, 10% and durable medical equipment 108/485, 22%; P<.001). CONCLUSIONS: The results from this real-world claims analysis demonstrate that, in a matched set, individuals who received their CGM through a durable medical equipment supplier were more adherent to their device. For individuals who experienced a lapse in therapy, those whose supplies were provided through the durable medical equipment channel were more likely to resume use after an interruption than those who received their supplies from a pharmacy. In the matched cohort analysis, those who received their CGM equipment through a durable medical equipment supplier demonstrated a lower total cost of care.

An assessment on the new impetus of green energy development and its impact on climate change: a non-linear perspective.

The purpose of this article is to investigate the new driving forces behind China's green energy and further assess the impact of green energy on climate change. The existing literature has used linear methods to investigate green energy, ignoring the non-linear relationships between economic variables. The nonparametric models can accurately simulate nonlinear relationships between economic variables. This paper constructs a nonparametric additive model and uses it to explore green energy. The empirical results show that the impact of green finance on green energy is more prominent in the later stage (a U-shaped impact). Fiscal decentralization also exerts a positive U-shaped impact, meaning that expanding local fiscal autonomy has contributed to green energy growth in the later stage. Similarly, the impact of oil prices and foreign direct investment demonstrates a positive U-shaped pattern. However, the nonlinear impact of environmental pressure displays an inverted U-shaped pattern. Furthermore, this article explores the impact of green energy on climate change and its impact mechanisms. The results exhibit green energy generates a positive U-shaped impact on climate change, meaning that the role of green energy in mitigating climate change gradually becomes prominent over time. Mechanism analysis exhibits that industrial structure and energy structure both produce a nonlinear influence on climate change.

Impact of behavioral biases on investment decisions and the moderation effect of financial literacy; an evidence of Pakistan.

Th is study offers empirical insights into investor behavior and its correlation with various behavioral biases in the context of investment decisions in the Pakistan Stock Exchange (PSX). Data was collected through a structured questionnaire from 261 individual investors in Pakistan. The study employs hierarchical regression analysis to test the hypothesis. It considers several behavioral biases, and statistically, anchoring and adjustment, overconfidence, and herding show a significant impact. The study uses financial literacy to examine its moderating effects on these biases, and the result suggests that it significantly influences behavioral biases related to investment decisions. The results underscore the unique investment behaviors in emerging markets, contrasting with established norms in well-developed financial markets. These findings can inform policymakers and stock market authorities about investor decision-making in emerging economies.

The impact of geopolitical risk, institutional governance and green finance on attaining net-zero carbon emission.

This research investigates the impact of geopolitical risk, institutional governance and green finance on environmental outcomes, specifically focusing on carbon emissions and ecological footprint. Utilizing the dynamic CS-ARDL method and aggregated mean group analysis on a panel dataset covering 21 nations from 2000 to 2021, our findings reveal that heightened geopolitical risk leads to both short and long run increases in carbon emissions and the ecological footprint. Our study finds both a direct as well as indirect connection between governance, green finance and environmental outcomes in both the short and long run, highlighting the nuanced impact of governance on the formulation of environmental policies and regulatory frameworks. The results emphasize the need for targeted strategies, including focused investments and incentives for sustainable finance, particularly in conflict-affected regions. Furthermore, our research underscores the enduring impact of historical events, such as wars, on contemporary environmental indicators, emphasizing the importance of proactive conflict prevention measures. Our research suggests that policymakers should adopt comprehensive strategies that prioritize emission reduction during short-run spikes in geopolitical risk while maintaining a steadfast commitment to long-run sustainability.

Assessing the impact of green finance on sustainable tourism development in China.

The escalating urgency to address environmental degradation and promote sustainable development globally has emphasized the critical role of Green Finance (GF) in fostering responsible practices across industries. The tourism sector has drawn significant attention due to its substantial environmental impact, necessitating the implementation of robust financial mechanisms to mitigate its ecological footprint. China, recognized as a key player in the global tourism arena, the convergence of rapid economic expansion and the imperative for environmental conservation presents a distinctive set of challenges and opportunities. The study employed the Fuzzy Analytic Hierarchy Process (AHP) and Fuzzy Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) methodologies to systematically evaluate the impact of GF. The findings of fuzzy AHP indicate the critical role of environmental sustainability measures (GF2) as the topmost impacting factor. This refers to the practice of utilizing financial mechanisms and instruments to support initiatives that promote environmental conservation, minimize ecological footprints, and foster sustainable development. While financial allocation and effectiveness (GF1) and policy and regulatory framework impact (GF4) also hold significant importance in shaping sustainable tourism development. Moreover, the results of fuzzy TOPSIS identified top strategies such as green bond innovation for ecosystem regeneration (S1) and circular economy integration (S4), which can play a significant role in promoting sustainable tourism practices by facilitating initiatives aimed at ecosystem regeneration and integrating circular economy principles into the tourism industry.