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The primary goal of this paper is to investigate the relationship between stock market liquidity and firm dividend policy within a market implementing the tax imputation system. The main aim is to understand how the tax imputation system influences the relationship between firm dividend policy and stock market liquidity within a cross-sectional framework.

This paper investigates the relationship between stock market liquidity and the dividend payout policy under the full tax imputation system in the Australian market. This study uses the Generalized Least Squares regressions with firm- and year-fixed effects.

In contrast to the negative relationship between the liquidity of common shares and the firms' dividends documented in countries with the double tax system, the study reveals that in Australia, the dividend payout ratios are positively associated with liquidity after controlling for various explanatory variables with both the contemporaneous and lagged time periods. Such a finding is robust to the use of alternative liquidity proxies and to the sub-period tests and remains during the COVID-19 pandemic period.

The insights derived from this study have significant implications for various stakeholders within the economy. The findings provide regulators with valuable insights to conduct a more holistic assessment of how the tax system impacts the economy, especially concerning the dividend choices of firms. Within the context of a full tax imputation system, investors can make investment decisions without factoring in the taxation impact. Simultaneously, firms can be relieved of concerns about losing investors who prioritize liquidity, particularly when a high dividend payout might not align optimally with their financial strategy.

This study contributes to the literature by extending the literature on the tax clientele effects on dividend policy, providing evidence that the tax imputation system can moderate the impact of liquidity on dividend policy. This study examines the impact of the dividend tax imputation system on the substitution effect between dividends and liquidity.

The purpose of this study is to better understand the nexus between environmental taxes and other environmental management systems (EMSs) and to propose an alternative framework for implementing environmental protection tax (EPT) in China.

The study uses a multimethod approach encompassing document analysis and comparative analysis. The archival data covers laws, reports, regulations, guidelines and standards related to the EPT and EMS sub-systems in China.

The study identifies several institutional features of environmental taxes that have not been fully explored in past tax research. In addition, the study reveals that information-sharing mechanisms are key to addressing the risks and uncertainties associated with the implementation of an environmental tax and that the mechanisms are grounded in the nexus among EPT and two EMS sub-systems.

The findings of this study have implications for the understanding of China’s environmental tax system, the Environmental Impact Assessment system and the pollutants discharge permit (PDP) system. The construction of an alternative framework provides insights for approaches to environmental taxation. A limitation of this study is that the application of the framework might be undermined by the inaccurate manual sampling, as some pollutants may be non-replicable.

The findings of this study are relevant to policymakers who are designing, improving or abandoning environmental taxes for alternate solutions to environmental issues.

The insights gained from this study may be of assistance to lower the risks and uncertainties associated with the implementation of an environmental tax.

The study contributes to approaches to environmental taxes by constructing an alternative framework that connects an environmental tax system with two EMSs. The framework lays the groundwork for some promising research opportunities. Additionally, the study extends the tax accounting literature (Hanlon and Heitzman, 2010) by connecting accounting and environmental knowledge and developing a transdisciplinary approach. The study also contributes to the emerging body of literature that addresses the challenges in implementing environmental taxes in China.

This study examines the impact of the $60 billion tariff announcement of the US government on the Chinese exporting firms. In particular, it focuses on the firms whose revenues are highly dependent on the US economy.

This study uses an experimental analysis and the event study methodology. The sample includes firms listed in mainland China and Hong Kong Stock Exchanges that have the highest revenues from exporting to the USA. The data are obtained from China Stock Market and Accounting Research (CSMAR) and DataStream.

The authors find that the tariff announcement has significantly negative impacts on stock performance both before and after the announcement, and the impacts are heterogeneous across all sample firms. For A shares listed in Mainland China, firms with more revenues from the US experience greater price drops on the announcement day, regardless of being in the targeted industry or not. But such finding is absent from H shares listed in Hong Kong. The authors also find that for all the firms, greater pricing power can alleviate the impacts of the tariff announcement.

The results provide implications to investors, policymakers and regulators on the further US-China cooperation in the future.

This is the first study documenting the heterogeneity of the impact of the tariff announcement and thus contributes to the prosperous studies on the varied firm-level responses in the Chinese stock market, and to the burgeoning literature by filling the gap of the financial market responses to the protectionist policy announcement.

China has experienced a fast economic growth and shown a significant rise in income inequality in the past decades. During the same period, fluid milk consumption in urban areas has rapidly expanded. The objective of this paper is to analyze and simulate the influence of income distribution changes on fluid milk consumption of households in urban China.

This study applies an inverse hyperbolic sine (IHS) double-hurdle model to modeling at-home fluid milk consumption of households across different income strata based on a sample of 11,861 urban households in five provinces in China, and simulating the impact of changing income distribution, including five income growth patterns, on fluid milk consumption of total households as well as specific household groups.

The fluid milk consumption in urban China will continue to increase, with the unconditional income elasticity being 0.334 for the full sample and 0.347, 0.335 and 0.162 for the low-, middle-, and high-income groups, respectively. The simulation results show an evidence that, compared with distribution-neutral and disparity-enlarging income growth patterns, a rising income equality would lead to a more significant increase in fluid milk consumption. And the inequality-reducing income growth pattern has a larger impact on fluid milk consumption of households with seniors and no children, as well as households having no local urban household registration (hukou).

The government should strengthen the supply measures of fluid milk in urban areas, enlarge domestic dairy production, and diversify the sources of milk imports. It is also necessary to subsidize low-income families, especially households with seniors or households migrated from other areas without getting local urban hukou, which could simultaneously improve nutritional benefits and alleviate financial pressures.

A simulation considering the evolution of income distribution as well as different household groups is conducted. Widely distributed data with a large sample size and detailed demographic information are used. The problems of zero consumption and non-normal distribution are addressed by the IHS double-hurdle model.

The purpose of this paper is to examine whether the framework of Prospect Theory and Mental Accounting proposed by Grinblatt and Han (2005) can be applied to analyzing the relationship between the disposition effect and momentum in the Chinese stock market.

The paper applies the methodology proposed by Grinblatt and Han (2005).

Using firm-level data, with a sample period from January 1998 to June 2013, the authors find evidence that the momentum effect in the Chinese stock market is not driven by the disposition effect, contradicting the findings of Grinblatt and Han (2005) concerning the US stock market. The discrepancies in the findings between the Chinese and US stock markets are robust and independent of sample periods.

The findings suggest that Grinblatt and Han’s model may not be applicable to the Chinese stock market. This is possibly because of the regulatory differences between the two stock markets and cross-national variation in investor behavior; in particular, the short-selling prohibition in the Chinese stock market and greater reference point adaptation to unrealized gains/losses among Chinese compared to Americans.

This study provides evidence of the inapplicability of Grinblatt and Han’s model for the Chinese stock market, and shows the differences in the relationship between disposition effect and momentum between the Chinese and US stock markets.

This paper aims to investigate the tensile strength of partially filled fused filament fabrication (FFF) printed parts with respect of cross-sectional geometry of partially filled test pieces. It was reported in the authors’ earlier work that the ultimate tensile strength (UTS) is inversely proportional to the cross-sectional area of a specimen, whereas the number of shells and infill density are directly proportional to the UTS with all other parameters being held constant. Here, the authors present an in-depth evaluation of the phenomenon and a parametric model that can provide useful estimates of the UTS of the printed part by accounting for the dimensions of the solid floor/roof layers, shells and infills.

It was found that partially filled FFF printed parts consist of hollow sections. Because of these voids, the conventional method of determining the UTS via the gross cross-sectional area given by A = b × h, where b and h are the width and thickness of the printed part, respectively, cannot be used. A mathematical model of a more accurate representation of the cross-sectional area of a partially filled part was formulated. Additionally, the model was extended to predict the dimensions as well as the lateral distortion of the respective features within a printed part using input values from the experimental data.

The result from this investigation shows that to calculate the UTS of a partially filled FFF part, the calculation based on the conventional approach is not sufficient. A new meta-model is proposed which takes into account the geometry of the internal features to give an estimate of the strength of a partially filled printed part that is closer to the value of the strength of the material that is used for fabricating the part.

This paper investigates the tensile strength of a partially filled FFF printed part. The results have shown that the tensile strength of a partially filled part can be similar to that of a solid part, at a lower cost: shorter printing time and lower material usage. By taking into account the geometries within a printed part, the cross-sectional area can be accurately represented. The mathematical model which was developed would aid end-users to predict the tensile strength for a given set of input values of the process parameters.

With rapid urbanization, cities are facing various ecological and environmental problems. Living in harmony with nature is more important than ever. This paper aims to evaluate the ecosystem and ecological features of Azheke village, a key component of the Hani Rice Terraces World Cultural Heritage in China. The focus is on exploring effective ways to improve the relationship between humans and the natural environment through urban design in order to create a livable and sustainable city that can promote the development of sustainable smart urban ecology design.

This study conducted a systematic literature review to answer the following research questions: (1) How does Azheke design achieve harmony between humans and nature? (2) What are the effective approaches to improve the relationship between humans and nature within urban ecosystems? (3) How can urban design learn and integrate from Azheke’s ecological features to improve the relationship between humans and nature?

Azheke sustains long-term human-nature harmony through traditional ecological knowledge (TEK) and efficient natural resource use. By incorporating biophilic design and nature-based solutions from Azheke, along with biodiversity-friendly urban planning, we can boost urban ecosystem health and create unique Azheke-inspired urban designs.

This research primarily focuses on the human-nature relationship, exploring design strategies based on biodiversity without delving into the interactions between other components of urban ecosystems, such as social-cultural and economic components.

This paper provides a new perspective and strategies for developing sustainable and smart urban ecology design. These findings can provide theoretical references for urban planners, designers and decision-makers.

This study aims to focus on the analysis of the internal mechanism of farmers’ ecological cognition and the behaviour of Grain for Green Project (GGP), and the further relationship between ecological cognition and ecological aspiration, proposing climate change strategies and management from the perspective of farmers.

Theory of planned behaviour and social exchange theory were used to construct a theoretical framework and an ecological cognition under the influence of external factors, the aspiration and the behaviour of GGP, using ecological fragile areas in Bazhou and Changji, Xinjiang of 618 peasant households’ survey data. The structural equation model and Heckman two-step model were applied to analyse the relationship between ecological cognition and ecological aspiration of farmers, the impact of peasant households’ ecological cognition and aspiration to the behaviour of GGP and the influence factors of GGP behaviour.

This research’s results show that the three characterizations of ecological cognitive variables, attitude towards the behaviour (AB), subjective norms (SN) and perceived behaviour control (PBC), have significant positive impact on farmers’ GGP ecological aspiration. The comprehensive impact path coefficients of ecological cognition are PBC (0.498) > SN (0.223) > AB (0.177). Also, income change is a moderating variable, which has a significant moderating effect on the influence of AB and SN on ecological aspiration. Further, farmers’ ecological cognition has an influence on the behaviour of GGP, and the change of farmers’ income has a significant positive effect on farmers’ choice of returning farmland to forests.

The ecological protection policy suggestions and countermeasures can be drawn from the research conclusions, adapted to China’s ecologically fragile regions and even similar regions in the world to response the climate change.

Combining the theory of planning behaviour and social exchange, this paper empirically analyses the path of farmers’ ecological cognition and ecological aspiration, as well as the influencing factors.

An emerging, globally Web‐based Chinese language virtual library offers unprecedented content availability and user accessibility. Virtual and physical libraries are defined, and compared, in terms of bibliographical searching. Then, the size of the Chinese language virtual library is estimated and its future development is predicted. The quantitative analysis concentrates on the content of this virtual library through examining the subject directories of more than 100 of its search engines. The findings show that 20 percent of the subject categories provide 80 percent of online access activities. Many subject categories characterise values of the Chinese‐speaking world. Discussion continues with structural and functional analyses of Chinese language search engines that support this virtual library. Further, an analytic overview is presented of Chinese language applications that render the necessary and sufficient computational linguistic conditions for utilising Chinese language online resources.