Pub Date : 2026-03-01Epub Date: 2026-02-11DOI: 10.1016/j.frl.2026.109630
Zijia Liu , Chenfei Jin , Bao Wu , Tongtong Shen , Qiuyang Gu
This study investigates how public scrutiny of corporate ESG controversies drives sustainable development within buyer-supplier relationships. Drawing on the embeddedness perspective and using panel data of Chinese A-share listed firms, we find that public ESG scrutiny significantly promotes green innovation in focal firms. Notably, such green innovation serves as a crucial mediator, generating positive spillover effects that enhance the green total factor productivity (GTFP) of suppliers. We further explore the contingent roles of relational and technological embeddedness in this spillover process. Our results reveal that both higher relational embeddedness and greater technological embeddedness strengthen the positive impact of focal firms’ green innovation on suppliers’ GTFP.
{"title":"Public scrutiny and green spillover in buyer-supplier relationships: Exploring contingent effect of embeddedness","authors":"Zijia Liu , Chenfei Jin , Bao Wu , Tongtong Shen , Qiuyang Gu","doi":"10.1016/j.frl.2026.109630","DOIUrl":"10.1016/j.frl.2026.109630","url":null,"abstract":"<div><div>This study investigates how public scrutiny of corporate ESG controversies drives sustainable development within buyer-supplier relationships. Drawing on the embeddedness perspective and using panel data of Chinese A-share listed firms, we find that public ESG scrutiny significantly promotes green innovation in focal firms. Notably, such green innovation serves as a crucial mediator, generating positive spillover effects that enhance the green total factor productivity (GTFP) of suppliers. We further explore the contingent roles of relational and technological embeddedness in this spillover process. Our results reveal that both higher relational embeddedness and greater technological embeddedness strengthen the positive impact of focal firms’ green innovation on suppliers’ GTFP.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"93 ","pages":"Article 109630"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146160149","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-03-01Epub Date: 2026-01-09DOI: 10.1016/j.frl.2026.109503
Zehua Guo , Xingxing Peng , Chao Yang
This study examines Chinese listed companies to empirically assess how different CEO succession patterns influence corporate ESG performance, with a particular focus on CEO turnover. The results indicate that, relative to internally promoted CEOs, externally appointed CEOs significantly enhance corporate ESG performance. Mechanism analysis reveals that this improvement is indirectly driven by the positive impact of external CEO succession on overall corporate performance. Further heterogeneity analysis shows that the beneficial effect of external CEO succession on ESG performance is more pronounced in private enterprises and among firms facing lower financing constraints.
{"title":"How CEO succession models influence corporate ESG outcomes: Evidence from CEO turnover","authors":"Zehua Guo , Xingxing Peng , Chao Yang","doi":"10.1016/j.frl.2026.109503","DOIUrl":"10.1016/j.frl.2026.109503","url":null,"abstract":"<div><div>This study examines Chinese listed companies to empirically assess how different CEO succession patterns influence corporate ESG performance, with a particular focus on CEO turnover. The results indicate that, relative to internally promoted CEOs, externally appointed CEOs significantly enhance corporate ESG performance. Mechanism analysis reveals that this improvement is indirectly driven by the positive impact of external CEO succession on overall corporate performance. Further heterogeneity analysis shows that the beneficial effect of external CEO succession on ESG performance is more pronounced in private enterprises and among firms facing lower financing constraints.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109503"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146036593","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-03-01Epub Date: 2025-12-28DOI: 10.1016/j.frl.2025.109447
Leqiong Gu , Chaoran Zhou , Ying Xie
Against the backdrop of rising volatility in global capital markets and the growing influence of media, understanding how media attention shapes stock price crash risk is of both theoretical and practical importance. Using data from Chinese A-share listed firms, this study examines the impact of media supervision on stock price crash risk. The results show that greater media attention significantly increases the likelihood of stock price crashes. Mechanism analyses suggest that media coverage amplifies investor pessimism and managerial negative sentiment, leading to the accumulation of bad news and increased information asymmetry, thereby intensifying crash risk. Media pressure also affects firms’ information disclosure quality, constituting an additional transmission channel. Moreover, the study identifies a nonlinear effect: moderate media attention enhances information transparency and reduces the probability of stock price crashes. Overall, this research advances understanding of how media influences extreme downside risk and offers policy implications for promoting more regulated media reporting, improving information transparency, and strengthening investor education.
{"title":"Information monitoring or emotional contagion? A mechanism analysis of media attention's impact on stock price crash risk","authors":"Leqiong Gu , Chaoran Zhou , Ying Xie","doi":"10.1016/j.frl.2025.109447","DOIUrl":"10.1016/j.frl.2025.109447","url":null,"abstract":"<div><div>Against the backdrop of rising volatility in global capital markets and the growing influence of media, understanding how media attention shapes stock price crash risk is of both theoretical and practical importance. Using data from Chinese A-share listed firms, this study examines the impact of media supervision on stock price crash risk. The results show that greater media attention significantly increases the likelihood of stock price crashes. Mechanism analyses suggest that media coverage amplifies investor pessimism and managerial negative sentiment, leading to the accumulation of bad news and increased information asymmetry, thereby intensifying crash risk. Media pressure also affects firms’ information disclosure quality, constituting an additional transmission channel. Moreover, the study identifies a nonlinear effect: moderate media attention enhances information transparency and reduces the probability of stock price crashes. Overall, this research advances understanding of how media influences extreme downside risk and offers policy implications for promoting more regulated media reporting, improving information transparency, and strengthening investor education.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109447"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145922503","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-03-01Epub Date: 2026-01-05DOI: 10.1016/j.frl.2026.109475
Xiaoliang Li , Shuie Sun , Yuhao Cheng , Ally Quan Zhang
This paper examines how carbon taxation, green awareness, and abatement technology jointly affect emissions and market stability in a monopolistic setting. We develop a dynamic model in which a bounded-rational firm builds green goodwill in response to environmentally conscious consumers. The analysis uncovers a counter-intuitive, market-size-dependent effect: awareness and technology reduce total emissions only when the market is sufficiently large, while in smaller markets they may increase emissions by expanding output. Carbon taxation, by contrast, consistently lowers emissions. Welfare analysis shows that awareness and technology enhance surplus, whereas excessive taxation can reduce welfare. The stability analysis further indicates that while a higher carbon tax rate tends to enhance market stability, excessively strong environmental awareness or overly low abatement costs may instead lead to instability. These findings highlight that effective climate policy must balance awareness, taxation, and technology according to market scale.
{"title":"Green goodwill and carbon emission abatement in a monopolistic market: A dynamic game approach","authors":"Xiaoliang Li , Shuie Sun , Yuhao Cheng , Ally Quan Zhang","doi":"10.1016/j.frl.2026.109475","DOIUrl":"10.1016/j.frl.2026.109475","url":null,"abstract":"<div><div>This paper examines how carbon taxation, green awareness, and abatement technology jointly affect emissions and market stability in a monopolistic setting. We develop a dynamic model in which a bounded-rational firm builds green goodwill in response to environmentally conscious consumers. The analysis uncovers a counter-intuitive, market-size-dependent effect: awareness and technology reduce total emissions only when the market is sufficiently large, while in smaller markets they may increase emissions by expanding output. Carbon taxation, by contrast, consistently lowers emissions. Welfare analysis shows that awareness and technology enhance surplus, whereas excessive taxation can reduce welfare. The stability analysis further indicates that while a higher carbon tax rate tends to enhance market stability, excessively strong environmental awareness or overly low abatement costs may instead lead to instability. These findings highlight that effective climate policy must balance awareness, taxation, and technology according to market scale.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109475"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145902441","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper utilizes micro-family data from the China Family Panel Studies (CFPS) as a research sample to explore the relationship between financial accessibility, digital skills, and family entrepreneurship. The study finds a significant positive correlation between financial accessibility and family entrepreneurship behavior; the positive impact of financial accessibility on family entrepreneurship is particularly pronounced among urban families and those with higher educational attainment. Digital skills play a mediating role in the relationship between financial accessibility and family entrepreneurship, and this mediating effect is notably significant in families headed by young and middle-aged adults, but not in families headed by older adults. This research provides new micro-level evidence to understand how inclusive finance and digital literacy can synergistically enhance family entrepreneurial vitality in the digital economy era.
{"title":"Financial accessibility, digital skills, and family entrepreneurship: Evidence from the China family panel studies (CFPS)","authors":"Shuo Qiao , Haoran Xiong , Xiaohan Wu , Jing Zhang","doi":"10.1016/j.frl.2026.109486","DOIUrl":"10.1016/j.frl.2026.109486","url":null,"abstract":"<div><div>This paper utilizes micro-family data from the China Family Panel Studies (CFPS) as a research sample to explore the relationship between financial accessibility, digital skills, and family entrepreneurship. The study finds a significant positive correlation between financial accessibility and family entrepreneurship behavior; the positive impact of financial accessibility on family entrepreneurship is particularly pronounced among urban families and those with higher educational attainment. Digital skills play a mediating role in the relationship between financial accessibility and family entrepreneurship, and this mediating effect is notably significant in families headed by young and middle-aged adults, but not in families headed by older adults. This research provides new micro-level evidence to understand how inclusive finance and digital literacy can synergistically enhance family entrepreneurial vitality in the digital economy era.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109486"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146023673","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-03-01Epub Date: 2025-12-29DOI: 10.1016/j.frl.2025.109421
Seongdeok Ko
We study how financial markets absorb predictable policy interventions when price discovery is temporarily constrained. Using the Bank of Japan’s (BOJ) equity ETF purchase program as a natural experiment, we estimate intervention probabilities from intraday returns and examine their effects on Nikkei 225 futures traded on both the Osaka Exchange (OSE) and the Singapore Exchange (SGX). During the lunch break – when the cash equity market closes but futures remain active – trading volume rises sharply on days with high predicted intervention, even though prices remain stable. No comparable reaction appears in non-targeted futures (TSE Growth Market 250), while the consistent response across OSE and SGX highlights the international transmission of BOJ policy anticipation. These findings indicate that markets internalize expected policy actions through execution timing and liquidity provision rather than price adjustment, revealing a non-price channel of information absorption shaped by market microstructure and trading incentives.
{"title":"Market anticipation and intraday trading: Evidence from BOJ ETF purchases","authors":"Seongdeok Ko","doi":"10.1016/j.frl.2025.109421","DOIUrl":"10.1016/j.frl.2025.109421","url":null,"abstract":"<div><div>We study how financial markets absorb predictable policy interventions when price discovery is temporarily constrained. Using the Bank of Japan’s (BOJ) equity ETF purchase program as a natural experiment, we estimate intervention probabilities from intraday returns and examine their effects on Nikkei 225 futures traded on both the Osaka Exchange (OSE) and the Singapore Exchange (SGX). During the lunch break – when the cash equity market closes but futures remain active – trading volume rises sharply on days with high predicted intervention, even though prices remain stable. No comparable reaction appears in non-targeted futures (TSE Growth Market 250), while the consistent response across OSE and SGX highlights the international transmission of BOJ policy anticipation. These findings indicate that markets internalize expected policy actions through execution timing and liquidity provision rather than price adjustment, revealing a non-price channel of information absorption shaped by market microstructure and trading incentives.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109421"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145882888","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-03-01Epub Date: 2026-01-01DOI: 10.1016/j.frl.2025.109468
Wen-Chi Lo , Kuan-Cheng Ko
In this study, we bring in the role of investors’ excess extrapolation associated with the recency bias as an explanation of the idiosyncratic volatility (IVOL) anomaly. We hypothesize that investors excessively extrapolate past return volatilities of high IVOL stocks if their returns have become more volatile in recent periods compared with earlier periods. Such extrapolation bias accelerates investors’ preference for high IVOL with increased volatilities and further enhances the magnitude of overvaluation. As a result, the underperformance is concentrated among such stocks. Our empirical results confirm this prediction.
{"title":"Recency biases and the idiosyncratic volatility puzzle","authors":"Wen-Chi Lo , Kuan-Cheng Ko","doi":"10.1016/j.frl.2025.109468","DOIUrl":"10.1016/j.frl.2025.109468","url":null,"abstract":"<div><div>In this study, we bring in the role of investors’ excess extrapolation associated with the recency bias as an explanation of the idiosyncratic volatility (IVOL) anomaly. We hypothesize that investors excessively extrapolate past return volatilities of high IVOL stocks if their returns have become more volatile in recent periods compared with earlier periods. Such extrapolation bias accelerates investors’ preference for high IVOL with increased volatilities and further enhances the magnitude of overvaluation. As a result, the underperformance is concentrated among such stocks. Our empirical results confirm this prediction.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109468"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145882990","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study examines the impact of science and technology finance on China’s low-altitude economy, a sector central to the ongoing Fourth Transportation Revolution. Using a sample of 428 Chinese A-share listed firms in this industry from 2013 to 2023, it constructs a comprehensive evaluation system based on the structure–conduct–performance (SCP) paradigm. Empirical analyses employing fixed effects models and mediation tests reveal that science and technology finance has a significant direct promoting effect on the development of China’s low-altitude economy—a finding that remains robust after multiple robustness tests and endogeneity corrections. Furthermore, it indirectly fosters industry growth by improving credit accessibility. The study also finds that more developed regional financial ecosystems strengthen this promoting effect, and that non-state-owned enterprises utilize resources more efficiently than state-owned enterprises. These results delineate the dual mediation pathways through which science and technology finance supports the low-altitude economy, providing empirical evidence for enhancing financial support policies for China’s strategic emerging industries.
{"title":"How sci-tech finance empowers china's low-altitude economy: Mechanisms and countermeasures","authors":"Yongdong Chai , Jinpeng Liu , Yuanchao Zhang , Huilei Zhang","doi":"10.1016/j.frl.2025.109465","DOIUrl":"10.1016/j.frl.2025.109465","url":null,"abstract":"<div><div>This study examines the impact of science and technology finance on China’s low-altitude economy, a sector central to the ongoing Fourth Transportation Revolution. Using a sample of 428 Chinese A-share listed firms in this industry from 2013 to 2023, it constructs a comprehensive evaluation system based on the structure–conduct–performance (SCP) paradigm. Empirical analyses employing fixed effects models and mediation tests reveal that science and technology finance has a significant direct promoting effect on the development of China’s low-altitude economy—a finding that remains robust after multiple robustness tests and endogeneity corrections. Furthermore, it indirectly fosters industry growth by improving credit accessibility. The study also finds that more developed regional financial ecosystems strengthen this promoting effect, and that non-state-owned enterprises utilize resources more efficiently than state-owned enterprises. These results delineate the dual mediation pathways through which science and technology finance supports the low-altitude economy, providing empirical evidence for enhancing financial support policies for China’s strategic emerging industries.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109465"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145882991","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-03-01Epub Date: 2025-12-24DOI: 10.1016/j.frl.2025.109430
Xue Wang , Shiqi Nie , Qian Liao , Xiaoyan Peng
This study draws on panel data of Chinese A-share listed firms from 2015 to 2023 to examine whether innovation-driven development enhances organizational resilience. Results show that innovation significantly positively affects resilience, with environmental, social, and governance performance and total factor productivity serving as key transmission channels. Ownership structure moderates this relationship, as state-owned enterprises capture a greater share of the resilience gains from innovation. These findings provide new empirical evidence on the role of innovation in resilience-building and offer policy implications for promoting adaptive capacity and advancing high-quality development amid increasing environmental uncertainty.
{"title":"Can innovation strengthen organizational resilience? Evidence from Chinese firms","authors":"Xue Wang , Shiqi Nie , Qian Liao , Xiaoyan Peng","doi":"10.1016/j.frl.2025.109430","DOIUrl":"10.1016/j.frl.2025.109430","url":null,"abstract":"<div><div>This study draws on panel data of Chinese A-share listed firms from 2015 to 2023 to examine whether innovation-driven development enhances organizational resilience. Results show that innovation significantly positively affects resilience, with environmental, social, and governance performance and total factor productivity serving as key transmission channels. Ownership structure moderates this relationship, as state-owned enterprises capture a greater share of the resilience gains from innovation. These findings provide new empirical evidence on the role of innovation in resilience-building and offer policy implications for promoting adaptive capacity and advancing high-quality development amid increasing environmental uncertainty.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109430"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145882993","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-03-01Epub Date: 2026-02-07DOI: 10.1016/j.frl.2026.109623
Jinfei Zhang
This study investigates whether and how strategic supply chain digitalization (SCDigital) mitigates manufacturing enterprises’ disruption risk. Using firm-level panel data from 23,005 firm–year observations from Chinese A-share manufacturing firms spanning 2013–2023, this study constructs a moderated mediation model incorporating supply chain resilience and financing constraints. Results show that SCDigital significantly reduces disruption risk, with resilience acting as a key mediating mechanism and financing constraints weakening this effect. Heterogeneity analysis reveals that the risk-mitigating impact of digitalization is strongest for capital-intensive firms, indicating that industry characteristics can influence the value of digital transformation. The findings highlight the importance of digital transformation in enhancing firms’ operational stability and provide policy insights for improving financial flexibility to support digital resilience.
{"title":"Supply chain digitalization and disruption risk: The roles of resilience and financing constraints","authors":"Jinfei Zhang","doi":"10.1016/j.frl.2026.109623","DOIUrl":"10.1016/j.frl.2026.109623","url":null,"abstract":"<div><div>This study investigates whether and how strategic supply chain digitalization (SCDigital) mitigates manufacturing enterprises’ disruption risk. Using firm-level panel data from 23,005 firm–year observations from Chinese A-share manufacturing firms spanning 2013–2023, this study constructs a moderated mediation model incorporating supply chain resilience and financing constraints. Results show that SCDigital significantly reduces disruption risk, with resilience acting as a key mediating mechanism and financing constraints weakening this effect. Heterogeneity analysis reveals that the risk-mitigating impact of digitalization is strongest for capital-intensive firms, indicating that industry characteristics can influence the value of digital transformation. The findings highlight the importance of digital transformation in enhancing firms’ operational stability and provide policy insights for improving financial flexibility to support digital resilience.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"93 ","pages":"Article 109623"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146138663","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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