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This paper focuses on Ṣukūk issuance determinants in Gulf Cooperation Council (GCC) countries. Given the dual characteristic of debt and equity of Ṣukūk as well as their unique benefits of social responsibility, the author questions whether the theories of capital structure, the trade-off and the pecking order are able to well explain the Ṣukūk issuance.

First, the author verifies these theories using capital structure determinants and regresses the Ṣukūk change on these determinants. Second, the author tests the trade-off theory with the target debt model and third, verifies the pecking order theory using the fund flow deficit model.

The empirical results show that capital structure determinants fail to explain both theories. The author confirms that the Ṣukūk change is significatively linked to the deviation from a Ṣukūk target. So, issuing firms balance the marginal costs of Ṣukūk and their benefits of religiosity and social responsibility toward a target debt. The author finds no evidence of the pecking order theory.

This study contributes to corporate finance theory and corporate social responsibility. It verifies if capital structure theories proved in conventional financing can well explain Islamic bonds issuance given their social responsibility benefits.

Managers and investors would pay attention to the social factors explaining Ṣukūk issuance in their finance and investment decisions. They would be enhanced to use this financing tool knowing its social unique benefits. This also should encourage governments to enhance this socially responsible financing. Rating agencies would be motivated to evaluate Ṣukūk and firms would improve the quality and relevance of disclosure to get the best rating.

The author highlights the social factors explaining Ṣukūk issuance and enhances corporate social responsibility (CSR).

The author extends the few literature testing capital structure theories for Islamic bonds and highlights the specific social responsible features of Ṣukūk that would bridge their issuance to capital structure theories. So the author enhances the concept of Islamic CSR. Tying capital structure theories to CSR would also help developing Islamic finance theory as a unique social responsible framework.

This paper aims to clarify the complex path of negative externalities in the sharing economy and proposes corresponding policy recommendations.

This paper aims to establish an analytical framework for the negative externalities of the sharing economy and to extract the main factors that produce negative externalities, and then, through qualitative comparative analysis method find out how these factors interact to form a negative externality.

Negative externalities in the sharing economy come from the joint effect of the sharing degree of the product or service and constraint mechanism, and the current main modes of the shared economy increase the possibility of negative externalities.

The paper proposes a complex path resulting from negative externalities in the shared economy.

The purpose of this paper is to identify how project portfolio selection (PPS) methods have evolved and which approaches are more suitable for radical innovation projects. This paper addressed the following research question: how have the selection approaches evolved to better fit within radical innovation conditions? The current literature offers a number of selection approaches with different and, in some cases, conflicting nature. Therefore, there is a lack of understanding regarding when and how to use these approaches in order to select a specific type of innovation projects (from incremental to more radical ones).

Given the nature of the research question, the authors perform a systematic literature review method and analyze 48 portfolio selection approaches. The authors then classified and characterized these articles in order to identify techniques, tools, required data and types of examined projects, among other aspects.

The authors identify four key features related to the selection of radical innovation projects: dynamism, interdependency management, uncertainty treatment and required input data. Based on the content analysis, the authors identified that approaches based on different sources and nature of data are more appropriated for uncertain conditions, such as behavioral methods, information gap theory, real options and integrated approaches.

The research provides a comprehensive framework about PPS methods and how they have been evolving over time. This portfolio selection framework considers the particular aspects of incremental and radical innovation projects. The authors hope that the framework contributes to reinvigorating the literature on selection approaches for innovation projects.

This study estimated greenhouse gas emissions from aviation transportation and sought systems that could manage these emissions based on the IPCC guidelines to prepare for greenhouse gas regulations on international airlines. For this purpose, policies to reduce greenhouse gas emissions from aviation transportation were developed based on international agreements and the cases of advanced countries. In addition, marginal abatement costs and greenhouse gas reduction measures were derived for the effective execution of these policies. While estimating greenhouse gas emissions from aviation transportation, it was found that there has been an average increase of 3.9% and 12.9% for domestic and international flights, indicating that it is urgent that we prepare global greenhouse gas regulations. The estimated marginal abatement cost of greenhouse gas from airplanes was approximately. USD 123, and this amount could be used to decide the price of emission rights, the amount of carbon tax, and could be referred to when distributing incentives for voluntary agreements.

The measures to reduce greenhouse gas emissions for aviation transportation were classified into four types: voluntary agreements, international collaboration, greenhouse gas reduction technology and operation process development, and application of emission trading and carbon tax.

At present, China’s industrial spatial layout faces the predicament of over-agglomeration of Eastern China industries and the near disintegration of industrial structure in the central and western regions. The paper aims to discuss this issue.

Based on the perspective of differentiated inter-regional labor mobility, this paper constructed a model framework of quadratic sub-utility quasi-linear preference utility function, and conducted model deduction and numerical simulation on causal factors of this spatial imbalance along the two dimensions of individual and regional welfare.

The study finds that in the long run, industrial spatial layout imposes a certain threshold limit on the portfolio proportion of differentiated labor. The dilemma of China’s industrial spatial layout is attributable to the deviation of the market’s optimal agglomeration from the social optimal agglomeration, and to the disfunction of Eastern China’s role as an intermediary between the global and the domestic value chain.

To resolve this predicament of industrial layout, the unitary welfare compensation based on fiscal transfer payment has to be switched to a more comprehensive approach giving consideration to industrial rebalancing.

This paper theoretically and empirically analyzes the effects of the elderly’s physical health status on their need for care and the choice of care models in China.

Empirically, the estimation results of a large-sample randomized intervention trial with chronic obstructive pulmonary disease (COPD) patients through the difference-in-difference method indicated the following: (1) After the COPD intervention trial, the physical health status of the elderly in the treatment group improved significantly, the need for care was substantially reduced and the health improvement led to a 35.5% reduction in the probability of using elderly care. (2) The reduction in the need for care regarding the treatment group occurred mainly in social care. The probability of using social care decreased by 67.8% due to the elderly’s health improvement, while that of home care remained unchanged generally. (3) Further heterogeneity tests suggested that families with fewer potential internal resources for caregiving had a more pronounced decline in the need for social care.

Theoretically, these empirical results support the existence of the “pecking order” theory in the family’s choice of elderly care model, that is, families tend to employ all internal resources for caregiving before resorting to social care, resulting in a higher sensitivity of social care to health.

The main policy implication of this paper is that ex ante preventive health intervention policies can significantly alleviate the burden of care, especially social care, on families. And preventive health intervention policies are particularly effective in reducing the burden of the families with relatively few resources for informal internal care.