Examining a cross section of seven regional Emission Trading System (ETS) and thenational ETS in China, we explore the interplay between firms and governments. We find heterogeneous adaptation among firms. Firms in regions anticipating stringentpolicies reduce emissions and invest in decarbonization technology, whereas expecta-tions of lenient policies lead to increased emissions. Meanwhile, governments set upmore stringent carbon policies when firms decarbonize more proactively. The resultsare robust to allowance allocation policies, such as cap-and-trade or tradable perfor-mance standards. Our findings underscore the importance of strategic interactionsbetween firms and governments in decarbonization.

Breaking away from being “large but not strong” and accelerating the internal “dual circulation” reform to integrate the manufacturing and service industries is a daunting challenge. This study examines how environmental regulations and financial instruments can simultaneously drive servitization evolution and green transformation. Utilizing the Green Credit Guidelines (GCG) policy rollout by China in 2012 as a quasi-natural experiment, we analyze 2007-2021 data from A-share listed manufacturing corporations through DID model to evaluate the policy ramifications and investigate servitization direction. The results show that: (1) While GCG generally promotes overall servitization, it biases firms toward traditional rather than modern servitization pathways. (2) Contrary to typical innovation compensation effects, GCG induces short-sight in managerial decisions, favoring quick wins over innovation-driven progress. These results highlight why firms have tended to advance traditional servitization while constraining modern servitization efforts. (3) Heterogeneity analysis shows stronger policy impacts in firms with domestically-oriented executives and domestic ownership, where both overall and traditional servitization are significantly enhanced.

The parking reservation systems (PRS), as an intelligent system, was adopted to address urban parking difficulties. However, the parking reservation system has not been widely adopted in China due to the reasons such as the imperfect system and the uncontrollable parking behaviour of users. This study examines the impact of users' non-compliant behaviour on intentions to reuse PRS. Non-compliant behaviours include not arriving or leaving parking spaces not as scheduled, negatively affecting subsequent users. The Technology Acceptance Model (TAM) was expanded by adding perceived risk, social influence, and behavioral attitude. A survey involving 702 PRS users from multiple Chinese cities was conducted. Structural Equation Modelling (SEM) was used for analysis Results show that perceived risk—such as occupied reserved spaces and extra fees from time deviations—significantly reduces behavioral attitudes and reuse intentions. Conversely, perceived usefulness, ease of use, and social influence positively influence both attitudes and reuse intentions. Importantly, the findings highlight that behavioral uncertainty, particularly users’ deviations from scheduled parking times, is a critical source of perceived risk that undermines trust and long-term engagement. Effectively managing this uncertainty through improved system flexibility and reliability is therefore essential to promoting the sustained adoption of PRS.

This study challenges democratic citizenship theory by examining altruistic behaviour in authoritarian China. We find that financial resources influence prosocial engagement primarily through psychological mediators such as long-term planning and self-discovery, rather than directly providing material means for participation. Communist Party membership shapes specific domestic ideological orientations, but not attitudes toward market regulation or income equality, while cultural tradition emerges as a stronger predictor of certain political attitudes than party affiliation. Cluster analysis identifies three distinct citizen profiles: (1) future-oriented altruists; (2) status-driven contributors; and, (3) short-termpragmatists, revealing motivational heterogeneity within authoritarian publics. These findings suggest that authoritarian citizenship operates through psychological mediation and plural motivational pathways fundamentally different from democratic societies, with potential applicability to other single-party regimes where states actively structure prosocial behaviour. The study contributes to comparative authoritarianism literature by theorizing how regime type moderates the relationship between socio-economic resources, political identity, and civic engagement.

With the rapid development of the global shipping industry, maritime traffic continues to grow, and maritime traffic risks are becoming increasingly prominent, posing serious threats to economic development, the ecological environment, and public safety. In this context, this study develops an environmental data-driven dynamic Bayesian network (DBN) model to simulate the dynamic evolution process of maritime traffic risks from the massive data of complex shipping systems. Firstly, based on the systems theoretic accident model and processes (STAMP) accident causation analysis framework, risk influencing factors (RIFs) are identified through the analysis of maritime accident report systems. Secondly, addressing the dynamic nature of maritime risks, a novel transition probability matrix (TPM) learning mechanism integrating environmental data is proposed, constructing a DBN model capable of characterizing temporal risk performance. Finally, a case study of typical routes along the Chinese coast reveals that risk performance evolution exhibits significant spatiotemporal heterogeneity across sea areas, with the East Sea and South China Sea regions being the most prominent. Their fluctuations are highly correlated with seasonal meteorological and hydrological changes, and the distribution of accident risks is also closely associated with extreme weather events such as typhoons. Sensitivity analysis validates the model's reliability. This study provides a quantitative tool for the dynamic risk management of intelligent shipping systems and offers policy insights for intelligent maritime transportation safety regulation.

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The COVID-19 pandemic has reshaped regional economic landscapes. However, academic research has not yet sufficiently addressed how external investment in regions has been transformed under the impact of the COVID-19 pandemic and its influence on industrial evolution patterns. In this paper, we integrate insights from economic geography literature and develop a conceptual framework to further theorise the relationship between external shocks, changes in the industrial heterogeneity of investment from regional core cities, and local industrial dynamics. Using the COVID-19 pandemic and the Yangtze River Delta region as a case study, we employ an intensity-based Difference-in-Differences (DID) approach and draw on business registration and enterprise investment databases to estimate the impact of the pandemic shock on the evolution of local industrial dynamics between 2018 and 2024. Our findings indicate that after the core cities underwent the shock of the COVID-19 pandemic, the path dependence of industrial evolution in their surrounding areas significantly increased. The stronger the economic linkage with Shanghai, the more pronounced this effect. However, this impact also exhibits spatial heterogeneity across the Yangtze River Delta, associated with regional industrial division of labour and cooperation. This paper offers an innovative examination of how changes in the industrial heterogeneity of investment inflows from core cities—specifically, dimensions such as relatedness to local industries, industrial upgrading, and diversification—shape the mechanisms of local industrial evolution following the COVID-19 shock. Our findings offer important implications for regional development and adaptive responses in the post-pandemic era.

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Bankruptcy abuse prevention has been criticized for increasing foreclosure rates, imposing negative impacts on housing markets, and aggravating the financial crisis. By contrast, this paper documents that bankruptcy abuse prevention reduces household debt overhang, a phenomenon harmful to home values and housing markets. Using a difference-in-differences analysis, we find that households in recourse states increased their home improvement and maintenance expenditures after the Bankruptcy Abuse Prevention and Consumer Protection Act, a period during which the households paid considerable attention to the downside risk of the housing market, and that the effects vary by home equity level. The results remain unchanged with alternative specifications and cannot be explained by credit changes, judicial and nonjudicial foreclosures, homestead exemption, house sales, or heterogeneous expectations. Last but not least, we use entropy balancing to eliminate the differences between the treatment and control groups and get similar results. 预防破产滥用的政策被认为推高止赎率、对住房市场造成负面影响以及加剧金融危机而饱受批评。与之相反，本文证明破产滥用预防能够缓解家庭债务积压（debt overhang）—— 而债务积压恰恰是一种损害房屋价值与住房市场的现象。采用双重差分（DID）分析，我们发现：在《破产滥用预防与消费者保护法案》（BAPCPA）实施后，**追索权州（recourse states）**的家庭增加了住房改善与维护支出；该时期家庭对住房市场的下行风险高度关注，且上述效应因房屋净值水平的不同而存在异质性。在多种替代设定下结果依然稳健，且不能被信贷变化、司法与非司法止赎、宅基地豁免、房屋销售或异质性预期所解释。最后，我们使用熵平衡（entropy balancing）方法消除处理组与控制组之间的差异，同样得到了一致的结果。

his article investigates the value of access to alcohol consumption by examining housing price changes after a liquor ban that was catalyzed by an unexpected riot in Singapore. The ban restricts alcohol consumption in liquor control zones further than in areas outside such zones. We find that the housing price changes in the liquor control zones were weak, which implies that the utility and disutility of alcohol consumption almost cancel each other out. In contrast, housing prices increased for houses within 800 m of but outside the liquor control zones. We investigate potential explanations for these phenomena.