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This study delves into the nuanced relationship between financial constraints, ownership structures (state-owned and foreign) and innovation engagement within China’s A-share market, aiming to uncover how these dynamics vary across different industries and regional contexts.

By retrieving data from various datasets in China (2010–2022), this study analyzed the effectiveness of each variable, employing various dimensions to reflect innovation engagement among Chinese listed companies. Meanwhile, for the measurement of financial constraints, this study tested all four typical ones and opted for the KZ Index, as it is the most suitable for China’s A-share market. Then, by fixing the industry and year effects, the study examined the main and moderating effects. At last, in order to address endogeneity issues and capture the dynamic nature of innovation activities, this study follow the suggestion of Khatib (2024) and employed the two-step system Generalized Method of Moments (GMM) estimation.

The results demonstrate that while the government has introduced many policies to promote innovation, state-owned ownership does not consistently enhance innovation engagement as expected, especially when firms are in financial dilemma. Particularly, in Hi-tech industries, foreign ownership demonstrates greater interest and confidence in the innovation capabilities of China’s A-share market. Findings also reveal significant regional heterogeneity in the moderating role of ownership structures. While state-owned and foreign ownerships have a buffering effect against financial constraints in the eastern and western regions, but this effect is notably different in the middle part, even though it is China’s political heartland.

The findings offer a different insight for policymakers and corporate strategists, suggesting that targeted financial and regulatory policies that leverage specific ownership structures can foster innovation in different ways, particularly in financially constrained environments. However, how to stimulate innovation vitality in the middle part of China still requires further research.

This paper aims to provide a reference for the development of digital transformation from the perspective of manufacturing process links.

This paper applies canonical correlation analysis based on digital technology patents in the key links of manufacturing industries (product design, procurement, product manufacturing, warehousing and transportation, and wholesale and retail) and the related indicators of economic benefits of regions in China.

(1) The degree of digitalization of manufacturing process links is significantly correlated with economic benefits. (2) The improvement of the degree of digitalization in the “product design” link, the “warehousing and transportation” link, the “product manufacturing” link and the “wholesale and retail” link has significant impacts on the economic benefits of manufacturing industry. (3) The digital degree of the “procurement” link has no obvious influence on the economic benefits of manufacturing industry.

The research results can provide reference for the formulation and implementation of micro policies. The strategy of improving the level of digital transformation of key links of manufacturing industry is put forward to better promote both the digital transformation of manufacturing industry and economic development.

This paper innovatively studies the relationship between digitalization of manufacturing process links and economic benefits. The findings can provide theoretical and empirical support for the digital transformation of China's manufacturing industry and high-quality development of economy.

Coordinating low-carbonization and digitalization is a practical implementation pathway to achieve high-quality economic development. Regions are under great emission reduction pressure to achieve low-carbon development. However, why and how regional emission reduction pressure influences enterprise digital transformation is lacking in the literature. This study empirically tests the impact of emission reduction pressure on enterprise digital transformation and its mechanism.

This article takes the data of non-financial listed companies from 2011 to 2020 as a sample. The digital transformation index is measured by entropy value method. The bidirectional fixed effect model was used to test the hypothesis.

The research results show that emission reduction pressure forces enterprise digital transformation. The mechanism lies in that emission reduction pressure improves digital transformation by promoting enterprise innovation, and digital economy moderates the nexus between emission reduction pressure and digital transformation. Furthermore, the effect of emission reduction pressure on digital transformation is more significant for non-state-owned, mature and high-tech enterprises.

This paper discusses the mediating role of enterprise innovation between carbon emission reduction pressure and enterprise digital transformation, as well as the moderating role of digital economy. The research expands the body of knowledge about dual carbon targets, digitization and technological innovation. The author’s findings help update the impact of regional digital economy development on enterprise digital transformation. It also provides theoretical guidance for the realization of digital transformation by enterprise innovation.

In the face of escalating urban populations, the quest for seamless mobility in cities becomes increasingly complex, even in regions where transit options are presumably accessible within the developing world. The imperative to confront urban mobility challenges and forge sustainable cities equipped with adept transportation and traffic management systems cannot be overstated. This study delves into the technological paradigms employed by developed nations and evaluates their pertinence in the current milieu for mitigating urban mobility challenges. Simultaneously, it scrutinizes the deployment of smart city technologies (SCTs) within developing nations, investigating potential technological strides that can be harnessed to achieve sustainable urban transportation. By dissecting the intricacies of SCTs in developing countries, the study aims to unearth viable technological advancements that can be judiciously implemented to foster sustainable urban mobility. It aspires to provide nuanced recommendations for the integration of latent SCTs, unlocking untapped potential to augment the sustainability of urban transportation in the developing world. The research also elucidates strategies geared towards fostering international collaborations which are instrumental in propelling the development of cities characterized by equity and inclusivity. The study underscores the significance of a global alliance in overcoming urban challenges, emphasizing the need for shared knowledge, resources and experiences to propel the evolution of cities towards a more sustainable and equitable future. This research serves as a comprehensive exploration of the intricate interplay between technology, urbanization and international cooperation, offering insights and recommendations pivotal to steering the trajectory of urban development in developing nations.

With the continuous deepening of China's mixed-ownership reform, the participants in the reform have gradually expanded from state-owned enterprises to private enterprises. Whether state-owned equity participation in private enterprises can facilitate the development of environmental, social and governance (ESG) performance in private enterprises is a question that needs urgent examination. This study aims to investigate the impact of state-owned equity participation on the ESG performance of private enterprises.

Using Chinese listed companies as the research sample, this study uses econometric methods such as multiple regression to analyze the relationship between state-owned equity and the ESG performance of private enterprises. Additionally, it explores the underlying mechanisms and influencing factors of this relationship.

There is a significant inverted U-shaped relationship between state-owned equity and the ESG performance of private enterprises. Mechanism analysis reveals that resource effects and governance effects play a mediating role in this nonlinear relationship. Furthermore, the authors find that environmental regulation and managers' attention to the environment positively moderate the relationship between state-owned equity participation and ESG performance.

A reasonable equity structure is crucial for enhancing corporate ESG performance. Moderate state-owned equity participation helps to leverage resource integration and governance advantages, which will assist private enterprises in maximizing ESG performance and achieving sustainable development.

In advancing the process of mixed-ownership reform, the government should maintain an appropriate proportion of state-owned equity to avoid excessive intervention in enterprise decision-making. At the same time, it should ensure that enterprises can genuinely undertake their social and environmental responsibilities while pursuing economic benefits. This is of great significance for promoting sustainable economic and social development.

This study integrates state-owned equity, ESG and nonlinear relationships into a single research framework. It explores the internal mechanisms and influencing factors of their relationship, overcoming the limitations of previous studies and provides a new perspective for understanding the impact of state-owned equity on corporate ESG performance.

This study aims to explore the differences in the tourists’ perceived destination image on travel e-commerce platforms (e.g. Ctrip and Fliggy) and social media platforms (e.g. Xiaohongshu and Weibo).

This study analyzes the performance implications of adopting blockchain to support supply chain business processes. The technology holds as many promises as implementation challenges, so interest in its impact on operational performance has grown steadily over the last few years.

Drawing on transaction cost economics and the contingency theory, we built a set of hypotheses. These were tested through a long-term event study and an ordinary least squares regression involving 130 adopters listed in North America.

Compared with the control sample, adopters displayed significant abnormal performance in terms of labor productivity, operating cycle and profitability, whereas sales appeared unaffected. Firms in regulated settings and closer to the end customer showed more positive effects. Neither industry-level competition nor the early involvement of a project partner emerged as relevant contextual factors.

This research presents the first extensive analysis of operational performance based on objective measures. In contrast to previous studies and theoretical predictions, the results indicate that blockchain adoption is not associated with sales improvement. This can be explained considering that secure data storage and sharing do not guarantee the factual credibility of recorded data, which needs to be proved to customers in alternative ways. Conversely, improvements in other operational performance dimensions confirm that blockchain can support inter-organizational transactions more efficiently. The results are relevant in times when, following hype, there are signs of disengagement with the technology.

An emerging body of literature has pinpointed the role of supply chain structure in influencing the extent to which supply chain members disclose information about their internal practices and performance. Nevertheless, empirical research investigating the effects of firm-level relational embeddedness on network-level transparency still lags. Drawing on social network analysis, this research examines the effect of relational embeddedness on supply chain transparency and the contingent role of digitalization in the context of environmental, social and governance (ESG) information disclosure.

In their empirical analysis, the authors collected secondary data from the Bloomberg database about 2,229 firms and 14,007 ties organized in 107 extended supply chains. The authors employed supplier and customer concentration metrics to measure relational embeddedness and performed multiple econometric models to test the hypothesis.

The authors found a positive effect of supplier concentration on supply chain transparency, but the effect of customer concentration was not significant. Additionally, the digitalization of focal firms reinforced the impact of supplier concentration on supply chain transparency.

The study findings contribute by underscoring the critical effect of relational embeddedness on supply chain transparency, extending prior literature on social network analysis, providing compelling evidence for the intersection of digitalization and supply chain management, and drawing important implications for practices.

The purpose of this paper was to prepare a ternary hierarchical rough particle to accelerate the anti-corrosive design for coastal concrete infrastructures.

A kind of micro-nano hydrophobic ternary microparticles was fabricated from SiO₂/halloysite nanotubes (HNTs) and recycled concrete powders (RCPs), which was then mixed with sodium silicate and silane to form an inorganic slurry. The slurry was further sprayed on the concrete surface to construct a superhydrophobic coating (SHC). Transmission electron microscopy and energy-dispersive X-ray spectroscopy mappings demonstrate that the nano-sized SiO₂ has been grafted on the sub-micron HNTs and then further adhered to the surface of micro-sized RCP, forming a kind of superhydrophobic particles (SiO₂/HNTs@RCP) featured of abundant micro-nano hierarchical structures.

The SHC surface presents excellent superhydrophobicity with the water contact angle >156°. Electrochemical tests indicate that the corrosion rate of mild steel rebar in coated concrete reduces three-order magnitudes relative to the uncoated one in 3.5% NaCl solution. Water uptake and chloride ion (Cl^-) diffusion tests show that the SHC exhibits high H₂O and Cl^- ions barrier properties thanks to the pore-sealing and water-repellence properties of SiO₂/HNTs@RCP particles. Furthermore, the SHC possesses considerable mechanical durability and outstanding self-cleaning ability.

SHC inhibits water uptake, Cl^- diffusion and rebar corrosion of concrete, which will promote the sustainable application of concrete waste in anti-corrosive concrete projects.