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This study aims to investigate the impact of the development of high-speed rail (HSR) network on earnings management, especially on the trade-off between the usage of accruals-based earnings management (AM) and real earnings management (RM) techniques, and consequently, examines the extent to which the HSR network–earnings management nexus is moderated by governance and religion factors.

Using a sample of Chinese A-listed firms over an 11-year period, this study uses regression techniques as the baseline methodology while controlling for industry and year-fixed effects. The authors also use endogeneity tests (including instrumental variable method, Generalized Methods of Moments estimation and difference-in-difference) and different robustness checks.

The key findings are threefold. First, the HSR network development reduces AM. This suggests that the presence of HSR network is effective in reducing information asymmetry. Second, the use of RM technique increases with the HSR network development. This indicates that managers do not seem to engage in less earnings management with the HSR network development but instead appear to switch from the easy-to-detect AM to the more costly RM approach. Finally, the HSR network and earnings management nexus is moderated by governance and religion factors.

This study provides new evidence on the trade-off between AM and RM by managers and pioneers in examining the impacts of governance and religion factors on the relationship between the HSR network and the trade-off of earnings management techniques.

High-speed railway (HSR) substantially affects tourism development, but this impact remains somewhat controversial. This study aims to explore the HSR–tourism nexus from the perspective of Chinese local governance. In the context of promotion tournament model in China, this study attempts to explain such controversy by including local leaders.

Based on a data set from 25 cities in China’s Yangtze River Delta region during 2005–2019, this study uses a panel data regression model to examine local leaders’ moderating role in the HSR–tourism nexus.

The tenure of local leaders has a significant moderating role in the impact of HSR implementation on tourism development. Furthermore, a shorter leaders’ tenure strengthens the boost to tourism development from HSR service.

This paper enriches theoretical framework of leaders’ tournament theory. In addition, this study provides a new perspective to understand the HSR–tourism nexus better. This study identifies the moderating role of local leaders in the HSR–tourism nexus and expands the mechanism research of HSR–tourism nexus, which helps to explain the controversy of the HSR–tourism nexus.

高速铁路（HSR）对旅游业的发展有很大的影响, 但这种影响仍有一定的争议性。本研究从中国地方治理的角度探讨了高铁-旅游之间的关系。在中国晋升锦标赛模式的背景下, 本研究试图通过将地方领导纳入其中来解释这种争论。

基于2005-2019年中国长江三角地区25个城市的数据集, 我们利用面板数据回归模型来研究地方官员在高铁-旅游关系中的调节作用。

地方官员的任期在高铁开通对旅游业发展的影响中起着重要的调节作用。此外, 较短的官员任期会加强高铁连通对旅游业发展的促进作用。

本文丰富了官员锦标赛理论的理论框架。此外, 我们的研究为更好地理解高铁与旅游的关系提供了一个新的视角。我们确定了地方领导人在高铁-旅游关系中的调节作用, 拓展了高铁-旅游关系的机制研究, 有助于解释高铁-旅游关系的争论。

El tren de alta velocidad (TAV) afecta sustancialmente al desarrollo del turismo, pero este impacto sigue siendo algo controvertido. Este estudio explora el nexo entre el TAV y el turismo desde la perspectiva de la gobernanza local china. En el contexto del modelo de torneo de promoción en China, este estudio intenta explicar dicha controversia incluyendo a los líderes locales.

Basándonos en un conjunto de datos de 25 ciudades de la región china del delta del río Yangtze durante el periodo 2005-2019, utilizamos un modelo de regresión de datos de panel para examinar el papel moderador de los líderes locales en el nexo entre el TAV y el turismo.

El mandato de los líderes locales tiene un papel moderador significativo en el impacto de la implementación del TAV en el desarrollo del turismo. Además, un mandato más corto de los líderes refuerza el impulso al desarrollo turístico del servicio de TAV.

Este trabajo enriquece el marco teórico de la teoría del torneo de líderes. Además, nuestro estudio proporciona una nueva perspectiva para entender mejor el nexo entre el TAV y el turismo. Identificamos el papel moderador de los líderes locales en el nexo TAV-Turismo y ampliamos la investigación del mecanismo de dicho nexo, lo que ayuda a explicar la controversia del nexo.

This study aims to investigate how high-speed railway (HSR) development affects urban construction investment (UCI) bond yield spreads based on China’s background.

This study constructs a quasi-natural experiment and adopts regression analyses to empirically examine the relation between HSR development and UCI bond yield spreads. The empirical analysis is based on a Chinese sample of 15,109 bond offering observations from 2008 to 2019.

The results show that HSR development reduces UCI bond yield spreads. Mechanistic analysis shows that HSR development increases land prices and the level of urbanization, which in turn lowers the UCI bond yield spreads. In addition, the impact of HSR development on UCI bond yield spreads is more significant at higher marketization levels and lower degrees of dependence on land finance cities where UCI corporations are located.

The results imply that transportation infrastructure improvement, such as HSR development, helps to enhance the credit of local governments and the solvency of UCI corporations and ultimately reduces the financing cost of UCI bonds.

This paper provides theoretical support and empirical evidence for the impact of transportation infrastructure construction on the implicit debt risks of local governments in China, which enriches the research on the “HSR economy” from a micro perspective and expands the research on the influencing factors of local governments’ debt risk.

Branching is one of the crucial strategic non-price actions for banks. Previous studies on the impact of state ownership upon banks focus on bank lending behavior. This paper aims to offer a novel investigation of how state ownership affects bank branching behavior by examining state-controlled commercial banks (SCCBs) in the context of the largest developing and transitional country China.

The two-part model (TPM) is applied to analyze the branching decision process. In the first stage, the dependent variable is the choice of bank branching dynamics and in the second stage the dependent variable is the number of new branches or the number of closed branches. For robustness check, the ordered probit selection model allowing for interdependence of the two stage decisions is also employed.

Using a unique dataset of bank branches in China, this paper finds that the branching decisions of Chinese SCCBs are driven by both profit motivated factors including population size, population density, income level, financial development and banking competition and politically motivated factors as represented with the proportion of SOEs. As a comparison, branching decisions of joint-stock banks in China are fully determined by profit motivated factors.

First, this study is the first to explore the effect of state ownership on bank branching decisions, providing a new insight on the literature regarding to the impact of state ownership on bank decisions. Second, this study explores the potential effect of politically motivated factors on bank branching decisions, filling the gap in bank branching literature. Third, this study can contribute to bank branching literature by enriching the limited understanding of how SCCBs make branching decisions. Lastly, this study applies novel empirical strategies to analyze bank branching decisions, including the TPM and the ordered probit selection model.

In the first two decades of the twenty-first century, low-cost carriers grew rapidly in many low- and middle-income economies. In this chapter, we examine the geography and network structure of low-cost carriers in such economies across Asia in 2018. We use these analyses to explore the relationship between budget airlines and economic development. Levels of disposable income and infrastructure adequacy help to account for the significance of low-cost airlines in some middle-income economies. And in turn, these airlines by fostering higher levels of accessibility and personal mobility may help catalyze faster development. However, the environmental externalities associated with aviation, especially atmospheric emissions, raise concerns about the sustainability of this mode. We assess these concerns and focus in particular on the development of low-cost carriers fleets in Asia. We ask whether the acquisition of more fuel-efficient aircraft will ameliorate aviation's environmental impact.

One of the best ways to assist China is through infrastructure investment. China might become more resilient to natural calamities by pouring more money into its transport network. Analyzing the relationship between China's degree of planned expansion and the country's current network of transport hubs can help with city development estimates. A wide range of factors were taken into consideration while evaluating China's dominance and the caliber of its transportation infrastructure. Using a geographical autocorrelation model and a coupling coordination model, the dynamic link between China's adaptability and the caliber of its transportation infrastructure is examined.

China's northwest is underdeveloped in comparison to the southeast, which has a high level of resilience and development of its transportation infrastructure. The relationship between the levels of resilience upheld by China's transport infrastructure is suggested to be coordinated.

The authors find a positive geographical autocorrelation between the degree of coupling coordination and the degree of agglomeration, despite the fact that the distance between cities increases with time. They now believe that there is a connection between an area's population density and the degree of interspousal cooperation within. The consequence is an improvement in both national security and economic prosperity. The facilities for disaster management and transportation in China have received several proposals for improvement.

The authors' Practical Implications suggests that scale inefficiency is a major contributor to the relatively poor efficiency of China's primary inland river ports. Different types of inland river ports may have vastly different water system efficiencies. Input and output congestion at China's important interior river ports has reached 51%, making it very clear that massive amounts of valuable port resources are being wasted.

Many variables, such as climate and human error, affect the total amount of goods that can be moved via inner river ports. Ports situated either higher up or lower down the same canal may perform better or worse, respectively, depending on the circumstances.

The objective of this paper is to propose a methodology to estimate the benefits and costs of stakeholder engagement (SE). Indeed, in the transport sector, it is consolidated that a good decision-making process foresees the involvement of the main stakeholders, but what are the benefits and costs of the SE? How to quantify these impacts and explicitly take them into account in a cost-benefit analysis? In this paper, an attempt to answer these questions is provided.

In this paper, a methodology is proposed to estimate the benefits and costs of SE. Moreover, the proposed methodology is applied to a case study with an attempt to identify direct and indirect cost and benefit drivers within the context.

A range of examples of the monetary costs and benefits of SE is provided through the case study of the high-speed rail corridor connecting Bari and Naples in Italy.

Limits in quantifying all the aspects of engagement.

To be adopted by public administrations when deciding whether carrying out a project.

Social inclusion is a must in any decision-making process concerning big projects affecting the community.

The original value of this paper is to provide a contribution to the current literature on the quantitative representation of the impacts of SE. Indeed, a methodology to quantify and monetize the costs and benefits of SE is proposed.

Businesses have increasingly been urged to shift their emphasis away from a purely profit-driven economic perspective to a more sustainable approach to growth that holistically captures people, the planet and profits. Indigenous businesses are well suited to creatively integrate sustainability principles within their internal culture. This enables them to cope with the dominance created by non-indigenous enterprises while also promoting long-term business success. The Triple Bottom Line (TBL) concept has been applied to explore how indigenous businesses in Uganda manifest their best practices by incorporating sustainability principles for lasting economic performance. A multiple case study approach was adopted, and three well-established female-owned indigenous businesses were investigated using in-depth interviews. Integrating sustainability in the business is a fulfiling process if done holistically by embracing a range of interdependent variables that include environmental, social and economic dimensions. The author contributes an innovative culturally sensitive sustainability scope that reflects practical insights on how internal sustainability efforts can be streamlined for long-term economic prosperity without compromising the wider social and physical environment.