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This paper aims to investigate how information and communication technology (ICT) services and digital finance affect the development of international tourism.

The two-way fixed effect panel regression model, spatial econometric model, panel threshold regression model and panel quantile regression model are used. Data on tourism, economic and social development in 198 Chinese cities from 2011 to 2020 are analyzed.

This study finds that digital economy including ICT services and digital finance has significantly promoted the development of international tourism industry, while there is a negative spatial spillover effect. The promotion effect of international tourism increases significantly after digital innovation reaches the threshold value. International tourism is benefiting more from digital economy with the development of international tourism industry.

The development quality of international tourism industry has not been analyzed due to data limitations, and the mechanism has not been tested.

This study creatively reveals the development of international tourism industry in the digital economy era from ICT services and digital finance perspectives. This study also shows the spatial, nonlinear and asymmetric relationship between digital economy and international tourism.

The purpose of the paper is to assess the systemic risk in the new energy stock markets of China.

This paper first uses the VaR method to study individual stock market risks. It then introduces the DCC model to capture the dynamic conditional correlation among the new energy stock markets.

The paper shows a generally upward trend of the stock market risk over time in the recent decade. Among all the markets considered, the solar power market demonstrates the highest risk, closely followed by the wind power market, while the hydropower market exhibits the lowest risk. Furthermore, the average dynamic conditional correlations among the new energy markets stay high during the period under investigation though daily correlations vary and significantly declined in 2020.

To the best of the authors’ knowledge, this paper is the first of its kind to study the systemic risk within the new energy stock market context. In addition, it not only investigates individual new energy stock market risks but also examines the dynamic linkages among those markets, thus providing comprehensive and unprecedented evidence of systemic risk in China new energy markets, which have useful implications for both regulators and investors.

The purpose of this paper is to propose a new dynamic margin setting method for margin buying in China and evaluate the validity of its performance with the current margin system adopted by stock exchanges in extreme episodes.

This paper adopts the dynamic conceptual model of Huang et al. (2012) (which is based on Figlewski (1984)) but incorporates Markov chain to describe the data generation process of stock price changes. By applying the model to margin buying contracts for the period of March 16, 2018, to May 2, 2018 (baseline study) and June 15, 2015, to July 27, 2015 (robustness test), the model’s superiority to the current margin system adopted by stock exchanges is also tested.

The paper has several important findings. First, the margins derived by this system vary with market conditions, rising (declining) when stock prices go down (up), and are generally lower than the requirements imposed by stock exchanges. Second, this margin system induces lower overall percentage of costs than that adopted by stock exchanges. Third, parameter estimation plays an important role on shaping empirical results.

The primary limitation of this paper lies in the fact that it does not solve the issue of determining optimal parameters of the Markov chain model. On the implication of findings, policy-makers and regulators on supervising margin buying activities may need a tune-up on the current margin system which features static margin requirements. Dynamic margins that incorporate market factors are virtually useful to balance the trade-off between liquidity and prudence.

To the best of the authors’ knowledge, this study is the first of its kind to develop a dynamic margin setting method for margin buying in China, aiming to balance the trade-off between liquidity and prudence. It not only takes into account the uniqueness of Chinese markets but also allows for time variations in both initial and maintenance margins.

The purpose of this paper is to re‐examine the long‐run co‐movement and causal relationship between GDP and social security expenditures.

The paper uses panel data unit root tests and panel cointegration tests, as well as estimation techniques appropriate for heterogeneous panels such as fully modified OLS. Data are employed on 12 Asian countries from 1972 to 2000.

The cointegration test results show strong evidence in favor of the existence of a long‐run equilibrium cointegrating relationship between GDP, capital stock and social security expenditures after allowing for heterogeneous country effects. Regarding the panel‐based error correction model and the Granger causality test, there are long‐run, bi‐directional causal linkages between social security expenditures and economic growth. In addition to the robust test, they display similar results.

The paper shows that in every moment, economic growth must be based in the social welfare policy contiguously, and the economic growth process can allow the social welfare policy to proceed contiguously

The need for an efficient enterprise risk management (ERM) has never been greater than today when organisations face complex and interconnected risks targeting their business models. Macroeconomics and geopolitical uncertainties, digital transformations of industries and sectors, cybersecurity, and climate change, among other trends, present significant uncertainties. This article aims to analyse the scientific papers on research specific to ERM and review the links between the researched area and market or corporate governance topics. Risk management is underdeveloped in many organisations; the current standard for risk management is a reactive approach. It is usually treated in isolation rather than as a core competency and a strategic asset. As a result, risk management processes are ineffective and seen as adding value to decision-making and responding to uncertainties. Based on the literature, the scope is to set up the framework for future research on ERM by building a bibliometric analysis and examining articles collected from the Web of Science Core Collection database. The study identified the essential research on this topic based on the citations of the papers and the author’s countries with the highest number of publications and citations. VOSviewer software analysed the ERM system based on keywords, citations, geographical distribution, and authorships. The research proves a strong connection between the ERM and corporate governance topics considering the stage where most countries are regarding this subject.

In an attempt to reduce tax distortions and increase economic efficiency, in 2002 and 2003 Brazil promoted changes in the PIS/COFINS tax, the main federal tax on consumption. Thus, in addition to the old cumulative regime calculated on company revenues, the noncumulative regime was created with higher rates and the added value as a tax basis.

This paper analyzes the effects of the PIS/COFINS reform in a context of deindustrialization in the Brazilian economy, using a neoclassical model with two sectors.

The results suggest that after a small improvement in the aggregate economy in the short term, in the long term there was a worsening of the macroeconomic indicators. From the sector perspective, the PIS/COFINS reform may have contributed to the loss of industry participation in the Brazilian economy.

The study of the impact of the PIS/COFINS reform on industry through a neoclassical model is unprecedented in the national literature and contributes to the investigation of changes in the tax regime that occurred in the country.

This study aims to highlight the key aspects of sustainable finance using bibliometric analysis of the relevant literature extracted from two separate databases, Scopus and Dimensions.ai. The present study contributes towards the achievement of sustainable development by providing directions to align financial decision-making with different sustainability aspects.

The author conducted bibliometric analysis for 1,220 articles from Scopus and 1,437 publications from Dimensions.ai. The most frequently occurring terms in sustainable finance research are explored and visualised using the VOSviewer.

Bibliometric findings revealed a dynamic evolution of research focus over time. The social component dominated from 2012 to 2016, however a shift to environmental and climate change considerations is noticed from 2016 to 2020. Recent studies (2020–2022) exhibited heightened attention to green finance and renewable energy. Overlay visualisations highlighted similar trends in both databases, indicating a contemporary emphasis on green finance.

This study enriches theoretical discourse by mapping the trajectory of sustainable finance research, contributing to a deeper understanding of its evolution.

Insights from this study guide researchers and practitioners in identifying trends, that can help the integration of green finance principles into corporate strategies.

Findings also raise awareness among stakeholders, and help facilitate socially responsible corporate cultures and informed policymaking.

The originality of this study lies in its comprehensive bibliometric analysis of sustainable finance research in management studies, drawing data from two major databases and spanning over three decades.

This paper aims to analyze how smart city construction affects destination competitiveness and elucidates the potential mechanisms of digital economy. Also, the regional heterogeneity of smart city construction’s influence on destination competitiveness is discussed.

Given the quasi-natural experiment characteristics of China's smart city construction pilot, this study applies a time-varying difference-in-differences approach using a panel dataset of 272 Chinese prefectural-level cities to examine the causal effects of smart city construction on destination competitiveness.

Results indicate substantial enhancement of urban destination competitiveness from smart city construction, with this effect escalating annually. Digital infrastructure and digital finance serve as influence mechanisms. The positive impacts of smart city construction on urban tourism competitiveness do not differ by geographic location, rather there are significant differences between cities of different administrative levels. The impact of smart city construction on destination competitiveness is more significant in low administrative level cities. The improvement of economic development level and innovation ability helps to exert the positive impact of smart cities on tourism competitiveness.

This study constructs a new panel data set for smart city construction and destination competitiveness based on multi-source data and posits a theoretical linkage among smart city construction, digital economy and destination competitiveness. This paper provides invaluable insights on how to boost destination competitiveness by creating smart cities and leveraging the digital economy. Tourism sectors should proactively engage in smart city construction and foster the digital transformation of tourism.

本文旨在分析智慧城市建设如何影响目的地竞争力, 并阐明数字经济的潜在机制。此外, 还讨论了智慧城市建设对目的地竞争力影响的区域异质性。

鉴于中国智慧城市建设试点的准自然实验特征, 本研究基于272个中国地级城市的面板数据集, 采用双重差分方法检验了智慧城市建设对目的地竞争力的因果影响。

研究结果表明, 智慧城市建设显著增强了城市目的地竞争力, 这种影响每年都在增加。数字基础设施和数字金融是影响机制。智慧城市建设对城市旅游竞争力的积极影响不因地理位置而异, 不同行政级别的城市之间存在显著差异。智慧城市建设对低行政级别城市目的地竞争力的影响更为显著。经济发展水平和创新能力的提高有助于发挥智慧城市对旅游竞争力的积极影响。

本研究基于多源数据构建了一个新的智慧城市建设和目的地竞争力面板数据集, 并在智慧城市建设、数字经济和目的地竞争之间建立了理论联系。本文就如何通过创建智慧城市和利用数字经济来提高目的地竞争力提供了宝贵的见解。旅游部门应积极参与智慧城市建设, 促进旅游业的数字化转型。

El objetivo de este artículo es analizar cómo afecta la construcción de ciudades inteligentes a la competitividad de los destinos y dilucidar los posibles mecanismos de la economía digital. Se aborda también la heterogeneidad regional de la influencia de la construcción de ciudades inteligentes en la competitividad de los destinos.

Dadas las características de experimento casi natural del proyecto piloto de construcción de ciudades inteligentes en China, este estudio aplica un enfoque de diferencias en diferencias temporales utilizando un conjunto de datos de panel de 272 ciudades chinas de nivel de prefectura para examinar los efectos causales de la construcción de ciudades inteligentes sobre la competitividad de los destinos.

Los resultados indican una mejora sustancial de la competitividad de los destinos urbanos gracias a la construcción de ciudades inteligentes, efecto que aumenta cada año. La infraestructura digital y las finanzas digitales actúan como mecanismos de influencia. Los efectos positivos de la construcción de ciudades inteligentes sobre la competitividad Del turismo urbano no difieren en función de la ubicación geográfica, sino que las diferencias significativas se producen entre ciudades de diferentes niveles administrativos. El impacto de la construcción de ciudades inteligentes en la competitividad de los destinos es más significativo en las ciudades de bajo nivel administrativo. La mejora del nivel de desarrollo económico y la capacidad de innovación contribuyen al impacto positivo de las ciudades inteligentes en la competitividad turística.

Este estudio construye un nuevo conjunto de datos de panel para la construcción de ciudades inteligentes y la competitividad de los destinos basado en datos de múltiples fuentes y plantea un vínculo teórico entre la construcción de ciudades inteligentes, la economía digital y la competitividad de los destinos. Este artículo ofrece un valioso conocimiento sobre cómo impulsar la competitividad de los destinos mediante la creación de ciudades inteligentes y el aprovechamiento de la economía digital. Los sectores turísticos deberían participar de forma proactiva en la construcción de ciudades inteligentes y fomentar la transformación digital del turismo.

This study compares the motives of holding cash between developed (Australian) and developing (Malaysian) financial markets.

For the period 2006–2020, the t-test, fixed-effect and generalised method of moment (GMM) model have been applied to a sample of 1878 (1,165 Australian and 713 Malaysian) firms.

The empirical results reveal that firms in developed financial markets hold higher cash compared to the developing financial markets. The findings confirm that motives to hold cash differ between developed and developing financial markets. The GMM findings further show that cash holdings (CH) in Australia are higher due to higher ratios of cash flow, research and development (R&D) and return on assets (ROA), and lower due to larger dividend payments. In the Malaysian market, however, cash flows and R&D are ineffectual, ROA falls and dividend payments rise CH.

The study helps managers, practitioners and investors understand that firms' distinct economic, institutional, accounting and financial environments are important. To attain the desired outcomes, they must thus comprehend and consider these considerations while developing suitable liquidity strategies.

To the authors' best knowledge, this is the initial research demonstrating how varied cash motives and their ramifications are in developed and developing financial markets. Therefore, this study identifies the importance that CH motives varied among financial markets and that findings from a particular market cannot be generalised to other markets because of the market and financial structural variations.