The impact of green finance policy on green innovation performance: Evidence from Chinese heavily polluting enterprises.

Green innovation (GI) is increasingly recognised as an effective strategy for tackling climate change, mitigating environmental issues, and promoting sustainable development. Using panel data of the Chinese listed firms from 2007 to 2019, this study adopts the difference-in-differences approach to assess the impact of the green finance policy (GFP) initiated by the Chinese government in 2012 on the green innovation performance of firms. The findings reveal that the GFP significantly boosts the green innovation performance of heavily polluting enterprises (HPEs). Notably, this effect is more pronounced in state-owned enterprises and firms with high dependence on external finance. Compared with penalty-based regulations, incentive-based and voluntary environmental regulations demonstrate more significant moderating effects on the relationship between the GFP and green innovation performance for HPEs. We also identify improved efficiency in the usage of green investments as a potential mechanism through which the GFP enhances the green innovation performance of HPEs. Further comparative analysis shows that green enterprises can achieve simultaneous improvement in both the quality and quantity of green innovation, whereas HPEs predominantly exhibit enhancements in innovation quantity. To maximise the GFP's positive effects, it is recommended to facilitate more targeted bank lending towards HPEs to support their structural transformation. Additionally, the coordinated deployment of diverse environmental policy instruments is advised to exploit their synergistic effects.

KCl Treatment of CdS Electron-Transporting Layer for Improved Performance of Sb2(S,Se)3 Solar Cells.

Antimony sulfoselenide (Sb2(S,Se)3) is a promising light absorption material because of its high photoabsorption coefficient, appropriate band gap, superior stability, and abundant elemental storage. As an emerging solar material, hydrothermal deposition of Sb2(S,Se)3 solar cells has enabled a 10% efficiency threshold, where cadmium sulfide (CdS) is applied as an electron transport layer (ETL). The high-efficiency Sb2(S,Se)3 solar cells largely employ CdS as the ETL. In terms of efficiency improvement, there are two questions regarding the CdS substrate: (1) the high roughness of CdS grown on F-doped tin oxide glass which increases the roughness of the absorber layer and (2) the low conductivity of CdS films because of low purity of CdS film grown by chemical bath deposition. In this study, we demonstrate an effective potassium chloride (KCl) post-treatment to modify the CdS ETL for improving the Sb2(S,Se)3 solar cell efficiency. We found that KCl plays dual roles that reduce roughness and enhance conductivity of the CdS films, thus acquiring a maximum efficiency of 9.98%, which is 9.2% higher than the control device. This study provides a new method for the surface engineering of CdS layer to improve the morphological and electrical properties, which is significant for improving the performance of CdS-based thin-film solar cells.

Effect of twitter investor engagement on cryptocurrencies during the COVID-19 pandemic.

This study aims to examine whether the prices and returns of two cryptocurrencies, Dogecoin and Ethereum, are affected by Twitter engagement following the COVID-19 pandemic. We use the autoregressive integrated moving average with explanatory variables model to integrate the effects of investor attention and engagement on Dogecoin and Ethereum returns using data from December 31, 2020, to May 12, 2021. The results provide evidence supporting the hypothesis of a strong effect of Twitter investor engagement on Dogecoin returns; however, no potential impact is identified for Ethereum. These findings add to the growing evidence regarding the effect of social media on the cryptocurrency market and have useful implications for investors and corporate investment managers concerning investment decisions and trading strategies.

African swine fever outbreaks in China led to gross domestic product and economic losses.

African swine fever (ASF) is a fatal and highly infectious haemorrhagic disease that has spread to all provinces in China-the world's largest producer and consumer of pork. Here we use an input-output model, partial equilibrium theory and a substitution indicator approach for handling missing data to develop a systematic valuation framework for assessing economic losses caused by ASF outbreaks in China between August 2018 and July 2019. We show that the total economic loss accounts for 0.78% of China's gross domestic product in 2019, with impacts experienced in almost all economic sectors through links to the pork industry and a substantial decrease in consumer surplus. Scenario analyses demonstrate that the worst cases of pig production reduction and price increase would trigger 1.4% and 2.07% declines in gross domestic product, respectively. These findings demonstrate an urgent need for rapid ASF containment and prevention measures to avoid future outbreaks and economic declines.

Decomposing the global carbon balance pressure index: evidence from 77 countries.

Understanding the relationship between carbon emissions and vegetation carbon sequestration is essential for reducing the greenhouse effect. In this study, we constructed a carbon balance pressure index to measure the eco-environment pressure caused by carbon emissions in 77 countries from 2000 to 2015, and the logarithmic mean Divisia index decomposition method was used to identify the key factors related to carbon balance pressure. As the change in vegetation carbon sequestration is relatively stable, carbon emissions have become the direct cause of the rise in the global carbon balance pressure. The carbon balance pressure in advanced economies decreased slowly, while that in emerging economies increased but the growth rate decreased. The decomposition results showed that carbon intensity is the main factor restraining the rise of carbon balance pressure, while GDP per capita and land population pressure are the main driving forces, and vegetation carbon sequestration intensity plays only a small role. Further analysis showed that the restraining effect of carbon intensity can offset the incremental effect of GDP per capita in advanced economies, and the vegetation carbon sequestration intensity also has a positive impact, but not in emerging economies. Besides, different factors play different roles depending on the country. The conclusions were also supported by various robustness tests.