Can the Sci-Tech Innovation Increase the China's Green Brands Value?-Evidence from Threshold Effect and Spatial Dubin Model

Based on the perspective of the innovation value chain, sci-tech innovation is divided into two stages: R&D and achievement transformation. This paper uses panel data from 25 provinces in China as the sample. We utilize a two-way fixed effect model, spatial Dubin model, and panel threshold model to discuss the impact of two-stage innovation efficiency on the value of the green brand, the spatial effect of this impact, and the threshold role of intellectual property protection in the process. The results indicate that: (1) the two stages of innovation efficiency have a positive impact on the value of green brands, and the effect of the eastern region is significantly better than that of the central and western regions. (2) The spatial spillover effect of the two stages of regional innovation efficiency on the value of green brands is evident, especially in the eastern region. (3) The innovation value chain has a pronounced spillover effect. (4) The single threshold effect of intellectual property protection is significant. When the threshold is crossed, the positive impact of the two stages of innovation efficiency on the value of green brands is significantly enhanced. (5) The influence of economic development level, openness, market size, and marketization degree on the value of green brands shows remarkable regional differences. In conclusion, this study contributes to understanding green brands' growth and provides important implications for developing independent brands in various regions of China.

The Relationship between Environmental Regulation, Industrial Transformation Change and Urban Low-Carbon Development: Evidence from 282 Cities in China

Environmental regulation (ER) plays an important role in urban low-carbon development (ULCD). First of all, we evaluate the ULCD level of 282 cities in China from 2005 to 2020 by constructing an index group and entropy method. Two panel models are then used to test the spillover effects and threshold effects of ER and industrial structure on ULCD. The results show that the ULCD level of most cities is still in grade III (0.27-0.38) or IV (0.38-0.49), and the level of central-western cities is generally lower than that of eastern cities. Furthermore, the spillover effect of ER and industrial structure upgrading (UIS) on ULCD is positive in eastern cities (0.038) but opposite in central or western cities (-0.024). Further results show that the positive effects of optimization of industrial structure (OIS) and UIS are gradually increasing with the improvement of ER. However, the positive effects are more beneficial to the eastern cities. Therefore, the conclusions of this study can provide a decision-making reference for local government to comprehensively formulate environmental and industrial policies to enhance the low-carbon development of cities.

Does Clean Energy Use Have Threshold Effects on Economic Development? A Case of Theoretical and Empirical Analyses from China

Increasingly serious energy security and environmental problems have become the main constraints to China's economic development. Therefore, it is critical to explore the threshold effect of clean energy use on China's economic growth. Based on the panel data of 30 Chinese provinces from 2000 to 2019 and using energy intensity (EI) as the threshold variable, this study adopts a panel threshold model to explore the threshold effect of clean energy development on the economy. Empirical results indicate that clean energy has a significant threshold effect on economic development, with the threshold value of EI being 0.7655. When EI is less than 0.7655, clean energy development has a more positive effect on economic growth. When the EI exceeds 0.7655, the impact is significantly positive but with a smaller coefficient. EI weakens the role of clean energy development in promoting economic growth. After 2015, the EI of most provinces in the sample was below the threshold value, which indicates that in recent years, with the economic cost of developing clean energy decreasing, the role of clean energy development in promoting the economy has become more significant. Therefore, we propose policy implications to better promote the effect of clean energy development in promoting economic growth.

What Mechanisms Do Financial Marketization and China's Fiscal Decentralization Have on Regional Energy Intensity? Evidence Based on Spatial Spillover and Panel Threshold Effects Perspectives

Energy efficiency and energy intensity are gradually gaining attention, and it is now an important proposition to reconcile financial marketization, fiscal decentralization, and regional energy intensity. Using Chinese mainland provincial panel data (except Tibet) from 2007 to 2019, this study applied the dynamic panel system generalized method of moments model, the spatial Durbin model, and the panel threshold model to investigate the mechanisms of financial marketization and fiscal decentralization on regional energy intensity. The study found that financial marketization can play a significant role in suppressing regional energy intensity, while fiscal decentralization promotes energy intensity. Meanwhile, financial marketization in one province can have a negative spatial transmission effect on energy intensity in other provinces, while fiscal decentralization in one province has a negative spatial spillover effect on energy intensity in other provinces. Based on the analysis of the moderating and threshold effects, financial marketization not only moderates the negative externality of fiscal decentralization, making it inhibit energy intensity in the opposite direction, but also gradually increases the moderating effect on fiscal decentralization as the degree of financial marketization increases, showing a nonlinear inhibiting effect on regional energy intensity.

Impact of Resource on Green Growth and Threshold Effect of International Trade Levels: Evidence from China

International trade levels can change the relationship between resource endowments and green economic growth. Therefore, this study tested the resource curse hypothesis from the perspective of green growth in China using provincial-level panel data for 2005–2017. Energy conservation and environmental improvement were considered under green growth to further analyze the regional mechanism of the resource curse. A panel threshold model was used to identify the impact of import and export threshold effects on the transformation of this mechanism. The resource curse hypothesis was found to be valid nationwide; it hindered green economic growth mainly by impeding energy conservation and curbing environmental improvement. In terms of regional differences in green growth, resource endowment had a positive impact on the eastern region, a negative impact on the central region, and no effect on the western region. When the levels of import and export trade exceeded the threshold values, the resource curse effect was enhanced by reducing energy conservation and weakened by promoting environmental improvement, respectively. Therefore, the Chinese government should establish a more reasonable import and export trade structure, promote changes to the energy structure and green technological innovation, and reduce the negative impact of resource endowment on green growth.

Does Technological Innovation Promote Green Development? A Case Study of the Yangtze River Economic Belt in China

The role of technological innovation (TI) in green development is controversial. Based on 2003-2017 panel data of 108 cities in the Yangtze River Economic Belt (YREB), this study constructed an index system to evaluate urban green development and analyzed the role of TI on urban green development with the help of a panel econometric model. The results show that: (1) From 2003 to 2017, the levels of TI and green development of cities in the YREB have gradually improved, but the core-periphery structure is obvious, and the levels of TI and green development in the lower reaches are significantly higher than those in the middle and upper reaches. (2) TI has a significant positive role in promoting green development, showing a U-shaped nonlinear relationship, and this relationship varies from region to region. (3) TI has a significant impact on green development with direct and indirect effects. In the economic and social dimensions, TI has a positive impact on green development, while in the ecological dimension, the direct effect and indirect effect have opposite relationships. (4) TI has a significant threshold effect on green development, and there are differences in threshold characteristics between the three dimensions. These findings provide a scientific basis for policymaking about innovation-driven regional green development, and it can enrich the related theories of environmental economic geography.

Effect of Environmental Regulation on Industrial Solid Waste Pollution in China: From the Perspective of Formal Environmental Regulation and Informal Environmental Regulation

To address the concern of environmental pollution, it is necessary to study the effect of environmental regulation on industrial solid waste emission reduction in China. This paper aimed to analyze the effectiveness of provincial environmental regulation (both formal and informal) on the industrial solid waste emission reduction. The results show that both the effect of formal and informal environmental regulations on industrial solid waste emission intensity present an inverted "U" shape. The threshold value of per capita GDP as an indicator variable is CNY 16,299 and CNY 15,572 respectively. The effect on pollution emission reduction will appear when the value is higher than the threshold, and the two-way transmission mechanism between formal and informal environmental regulations does exist. When GDP per capita exceeds CNY 27,961, there is a phenomenon of "rebound" in the effect of informal environmental regulation on pollution reduction. Based on the findings, it was suggested that both formal and informal environmental regulation should be promoted to achieve the goal of industrial solid waste emission reduction. The coordination between formal and informal environmental regulation should be considered when the government makes policies. Different environmental regulation policies should be implemented in different regions. Informal regulation should be enriched and further promoted. Environmental law should play an important role in maintaining the public's participation in environmental regulation to prevent the failure of informal environmental regulation.

Fine Particulate Air Pollution, Public Service, and Under-Five Mortality: A Cross-Country Empirical Study

The impacts of fine particulate matter (PM_2.5) air pollution on health outcomes, especially those of children, have attracted worldwide attention. Based on the PM_2.5 concentration data of 94 countries, including the least developed countries estimated by satellite observations in nearly 20 years, this paper investigated the impacts of PM_2.5 pollution on under-five mortality rate (U5MR) and analyzed the role of public service in moderating the PM_2.5-mortality relationship. Results indicated that PM_2.5 pollution had significantly positive influence on U5MR globally. However, the effects of fine particulate pollution on child mortality were heterogeneous in terms of their significance and degrees in countries with different levels of development. A further test based on panel threshold model revealed that public service, measured by public education spending and sanitation service, played a positive moderating role in the PM_2.5-mortality relationship. Specifically, when the ratio of public education expenditure in GDP of a country exceeded the first threshold value 3.39% and the second threshold value 5.47%, the magnitude of the impacts of PM_2.5 pollution on U5MR significantly decreased accordingly. When the percentage of population with access to improved sanitation facilities in a country was over 41.3%, the health damaging effects were reduced by more than half. This paper fills the current gap of PM_2.5 research in least developed countries and provides key policy recommendations.

Threshold Effects of PM2.5 Exposure on Particle-Related Mortality in China

Ambient air pollution from energy use and other sources is a major environmental risk factor in the incidence and progression of serious diseases, such as cardiovascular and respiratory diseases. This study elucidates the health effects of energy consumption from air pollution in China based on multiple threshold effects of the population-weighted exposure to PM2.5 (fine particles less than 2.5 microns in diameter) on particle-related mortality rate. We firstly estimate the causal relationship between coal consumption and PM2.5 in China for 2004-2010 using a panel regression model. Panel threshold models are applied to access the non-linear relationships between PM2.5 and cause-specific mortality rates that indicate the health effects are dependent on the PM2.5 ranges. By combining these steps, we calculate the health impacts of coal consumption based on threshold effects of PM2.5. We find that a 1% coal consumption increase induces a 0.23% increase in PM2.5. A triple threshold effect is found between PM2.5 and cardiovascular mortality; for example, increasing PM2.5 exposure causes cardiovascular mortality rate to increase when PM2.5 lies in 17.7-21.6 μg/m3 and 21.6-34.3 μg/m3, with the estimated increments being 0.81% and 0.26%, respectively, corresponding to 1% PM2.5 increase. A single threshold effect of SO2 on respiratory mortality rate is identified and allows the estimation of the mortality effects of PM2.5 regarding the two regimes of SO2. Finally, we access the health impacts of coal consumption under specific estimated thresholds. This study provides a better understanding of sources contributing to related-air pollution mortality. The multi-threshold effect of PM2.5 could be considered for further applications in harmonizing emission standards in China and other developing countries.

NonLinear Effects of Environmental Regulation on Eco-Efficiency under the Constraint of Land Use Carbon Emissions: Evidence Based on a Bootstrapping Approach and Panel Threshold Model

Eco-efficiency has been receiving attention worldwide, and the effective implementation of environmental regulations (ERs) has become crucial to regional eco-efficiency. This paper uses a method combining mixed directional distance function and bootstrapping approach to investigate the spatial and temporal distribution characteristics of eco-efficiency under the constraint of land use carbon emission in China from 2004 to 2016. The nonlinear relationship between ER and eco-efficiency is observed with a panel threshold model. Results from empirical tests reveal that eco-efficiency in China during the study period has an upward trend, and the spatial and temporal distribution of eco-efficiency is unbalanced and concentrated. Technical innovation and land marketization (LM) shows double threshold, whereas industrial structure (IS) has a single threshold effect. LM has a promotional effect on eco-efficiency, which differs in the promotion before and after promotion across the threshold value. Reasonable ER can reduce cost by stimulating the innovation of green production technology and achieves a win-win situation between environment and output. This finding further verifies that the ER for eco-efficiency under the constraint of land use carbon emission conforms to the Porter hypothesis. The effect of ER on eco-efficiency changes from negative to positive with the increase of IS level. Adjusting the ownership structure and increasing the proportion of green achievements in the promotion and assessment of officials are important measures in the upgrading of eco-efficiency.

Asymmetric effects of investor sentiment on industry stock returns: Panel data evidence

This article employs a state-of-the-art panel threshold model by allowing for regime intercepts, in order to shed new light on the asymmetric/nonlinear effects of local and global sentiments on expected industry stock returns among 11 Asian countries during the period from 1996 to 2010. Empirical evidence demonstrates that once the regime intercept is included, the asymmetric effects of global sentiment on oil & gas, financials, and health care industry returns become less under optimism, as compared with under pessimism. More critically, the positive (negative) impact of global sentiment above (under) the threshold turns significant, indicating that global optimism leads industry returns to be overvalued, while pessimism leads them to be undervalued. For local market sentiment, our results support that higher local sentiment enhances the returns of basic materials, telecommunications, and utilities industries. The empirical results confirm that the nexus of industry returns and investor sentiments is subject to change between different sentimental intervals.