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学者姓名：冯根福
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Abstract ：
This research quantitatively investigates the bi-directional relationships between environmental protection expenditure and environmental performance by utilizing annual data for 34 countries during 2005–2017 and employing panel approaches like the cointegration test and VECM estimation. Our benchmark results support long-run bi-directional relationships between environmental protection expenditure and performance, but present no links between both variables in the short run. Pedroni's cointegration tests for sub-samples again confirm that both variables move together in the long run for all sample countries, but the panel VECM results support that while there are bi-directional relationships between variables among non-OECD countries, there are only unidirectional relationships from environmental performance to environmental expenditure in OECD countries. Our study offers important implications for policymakers that a better reallocation of environmental expenditure and long-term investment in environmental protection are critical for improving environmental performance. © 2021 Elsevier B.V.
Keyword ：
Benchmarking Environmental management
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| GB/T 7714 | Yang, Qi-Cheng , Feng, Gen-Fu , Chang, Chun-Ping et al. Environmental protection and performance: A bi-directional assessment [J]. | Science of the Total Environment , 2021 , 774 . |
| MLA | Yang, Qi-Cheng et al. "Environmental protection and performance: A bi-directional assessment" . | Science of the Total Environment 774 (2021) . |
| APA | Yang, Qi-Cheng , Feng, Gen-Fu , Chang, Chun-Ping , Wang, Quan-Jing . Environmental protection and performance: A bi-directional assessment . | Science of the Total Environment , 2021 , 774 . |
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Abstract ：
This paper investigates the effect of top executives' multi-background, namely political, financial, and academic backgrounds on firms' M&A decisions. Using data on M&A deals of Chinese listed firms from 2008 to 2018. The results show that top executives with political links are more likely to be involved in a firm's M&A activities. Executives' financial background has little impact on M&A decisions except that those executives having working experience in policy banks promote M&A. Executives with a broader academic background are less likely to undertake M&A. We further check the moderating effect of state ownership between executives' backgrounds and M&A decisions and find that their backgrounds have a stronger impact on M&A decisions in SOEs than that in non-SOEs. Our main results are robust after considering firms' geographic location and the policy effect of 2008 during the global financial crisis. Overall, our findings suggest that executives' political, financial, and academic backgrounds play different but significant roles in making M&A decisions.
Keyword ：
academic background A decisions financial background M& political connections Top executives
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| GB/T 7714 | Li, Shuangyan , Shahzadi, Anum , Feng, Genfu . Top Executives' Multi-Background and M&A Decisions: Evidence from Chinese-Listed Firms [J]. | EMERGING MARKETS FINANCE AND TRADE , 2021 , 58 (6) : 1602-1614 . |
| MLA | Li, Shuangyan et al. "Top Executives' Multi-Background and M&A Decisions: Evidence from Chinese-Listed Firms" . | EMERGING MARKETS FINANCE AND TRADE 58 . 6 (2021) : 1602-1614 . |
| APA | Li, Shuangyan , Shahzadi, Anum , Feng, Genfu . Top Executives' Multi-Background and M&A Decisions: Evidence from Chinese-Listed Firms . | EMERGING MARKETS FINANCE AND TRADE , 2021 , 58 (6) , 1602-1614 . |
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Abstract ：
This research empirically tests the Popper hypothesis (2012) by utilizing panel data that cover 132 countries over the time period 1980–2017 and via panel GMM estimation in order to investigate the causal link from democracy to innovation, which is captured by two comprehensive variables, patent application and trademark application. Aside from the relationship between democracy and innovation, we further explore whether or not the change of democracy significantly influences innovation, whether the influence of democracy on innovation varies among different kinds of democracy or autocracy, and hence pay more attention on factors such as economic development level, economic performance, globalization, and international trade, and how do they change the democracy's impact on technical innovation. To confirm credibility, we carry out the robustness test by changing the measurement of democracy, the measurement of innovation and deleting extreme values. In summary, while democracy promotes innovation performance, autocracy generally exhibits lower technological innovation performance. This study provides evidence on the influence of democracy on innovation being affected by other factors such as those stated above. © 2021 Elsevier Ltd
Keyword ：
Economic and social effects International trade Patents and inventions Public policy
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| GB/T 7714 | Wang, Quan-Jing , Feng, Gen-Fu , Wang, Hai-Jie et al. The impacts of democracy on innovation: Revisited evidence [J]. | Technovation , 2021 , 108 . |
| MLA | Wang, Quan-Jing et al. "The impacts of democracy on innovation: Revisited evidence" . | Technovation 108 (2021) . |
| APA | Wang, Quan-Jing , Feng, Gen-Fu , Wang, Hai-Jie , Chang, Chun-Ping . The impacts of democracy on innovation: Revisited evidence . | Technovation , 2021 , 108 . |
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Abstract ：
We investigate the effect of the governments' responses to fighting the COVID-19 pandemic on the returns in the stock market index. Panel data of 20 countries are used spanning January 2 to July 21, 2020, for the dynamic panel model. The results indicate that the overall government response, containment and health, and stringency indices have a significantly positive effect on stock market returns. Specifically, government policy responses of shutting down workplaces, canceling public events, restricting public gatherings and international travel, providing income support, and implementing fiscal measures can increase stock market returns. Our evidence shows that the stock market does not react significantly to government interventions in the health system. We believe that our findings provide valuable information for policymakers and financial investors around the world.
Keyword ：
COVID-19 government response stock returns
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| GB/T 7714 | Chang, Chun-Ping , Feng, Gen-Fu , Zheng, Mingbo . Government Fighting Pandemic, Stock Market Return, and COVID-19 Virus Outbreak [J]. | EMERGING MARKETS FINANCE AND TRADE , 2021 , 57 (8) : 2389-2406 . |
| MLA | Chang, Chun-Ping et al. "Government Fighting Pandemic, Stock Market Return, and COVID-19 Virus Outbreak" . | EMERGING MARKETS FINANCE AND TRADE 57 . 8 (2021) : 2389-2406 . |
| APA | Chang, Chun-Ping , Feng, Gen-Fu , Zheng, Mingbo . Government Fighting Pandemic, Stock Market Return, and COVID-19 Virus Outbreak . | EMERGING MARKETS FINANCE AND TRADE , 2021 , 57 (8) , 2389-2406 . |
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Abstract ：
This research examines the effect of terrorism on green technological innovation in renewable energy technologies with a panel of 87 economies between 1991 and 2017. We find that economies respond with less green innovation in renewable energy technologies when experiencing severe terrorist attacks, especially in OECD countries. Among them, wind energy green innovation witnesses the greatest collapse when facing the threat of terrorist attacks. Terrorist attacks mainly repress green innovation in renewable energy technologies of economies whose green innovation in renewable energy is lower, while having little effects on economies with strong green innovation performance. The results also show that the repressing influence of terrorist attacks on green innovation is relevant to economies with larger high-tech exports and manufacturing fundamentals. Our findings suggest that terrorism is not simply disruptive to economic performance, but also hurts one driver of sustainable growth - green innovation. © 2021 Elsevier B.V.
Keyword ：
Terrorism Wind power
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| GB/T 7714 | Zheng, Mingbo , Feng, Gen-Fu , Jang, Chyi-Lu et al. Terrorism and green innovation in renewable energy [J]. | Energy Economics , 2021 , 104 . |
| MLA | Zheng, Mingbo et al. "Terrorism and green innovation in renewable energy" . | Energy Economics 104 (2021) . |
| APA | Zheng, Mingbo , Feng, Gen-Fu , Jang, Chyi-Lu , Chang, Chun-Ping . Terrorism and green innovation in renewable energy . | Energy Economics , 2021 , 104 . |
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Abstract ：
The rapid spread of COVID-19 in 2020 has brought a profound impact on the global economy and forced countries around the world to adopt different intervention measures. Has COVID-19 and these government interventions affected exchange rate volatility? To answer the question, this research explores the impact of COVID-19 and the relevant government response policies on exchange rate volatility in 20 countries during the period of January 13, 2020 to July 21, 2020 by using system GMM estimation. The empirical results indicate that an increase in confirmed cases does significantly raise exchange rate volatility. The various policies adopted by governments in response to the pandemic, such as closing schools, restrictions on internal movements, and public information campaigns also inhibit exchange rate volatility. Furthermore, the economic response policies implemented by governments during the pandemic, including income support, fiscal measures, and international aid, have a restraining effect on exchange rate volatility. Our findings herein provide valuable information and implications for policymakers and financial investors around the world. (C) 2021 Economic Society of Australia, Queensland. Published by Elsevier B.V. All rights reserved.
Keyword ：
COVID-19 Exchange rate volatility Government response
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| GB/T 7714 | Feng, Gen-Fu , Yang, Hao-Chang , Gong, Qiang et al. What is the exchange rate volatility response to COVID-19 and government interventions? [J]. | ECONOMIC ANALYSIS AND POLICY , 2021 , 69 : 705-719 . |
| MLA | Feng, Gen-Fu et al. "What is the exchange rate volatility response to COVID-19 and government interventions?" . | ECONOMIC ANALYSIS AND POLICY 69 (2021) : 705-719 . |
| APA | Feng, Gen-Fu , Yang, Hao-Chang , Gong, Qiang , Chang, Chun-Ping . What is the exchange rate volatility response to COVID-19 and government interventions? . | ECONOMIC ANALYSIS AND POLICY , 2021 , 69 , 705-719 . |
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Abstract ：
This research utilizes hand-collected data on business groups' pyramidal equity structure to examine the impacts of internal capital markets on research and development (R&D) investments in China. Empirical findings show that the allocation efficiency of the internal capital market positively correlates with R&D investments. We further provide evidence of a U-shape relationship between pyramidal layers and R&D investments for state-owned business groups. For non-state-owned business groups, however, there is an opposite impact pattern on the relation between internal capital markets and R&D investments.
Keyword ：
capital allocation emerging markets financing channel Internal capital markets research and development
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| GB/T 7714 | Ren, Hai-Yun , Hsu, Ching-Chi , Feng, Gen-Fu et al. The impacts of internal capital allocation efficiency on R&D investments: evidence from China [J]. | APPLIED ECONOMICS LETTERS , 2020 , 28 (14) : 1195-1201 . |
| MLA | Ren, Hai-Yun et al. "The impacts of internal capital allocation efficiency on R&D investments: evidence from China" . | APPLIED ECONOMICS LETTERS 28 . 14 (2020) : 1195-1201 . |
| APA | Ren, Hai-Yun , Hsu, Ching-Chi , Feng, Gen-Fu , Jia, Jing , Tsai, Wei-Che . The impacts of internal capital allocation efficiency on R&D investments: evidence from China . | APPLIED ECONOMICS LETTERS , 2020 , 28 (14) , 1195-1201 . |
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Abstract ：
This paper investigates the influence of foreign direct investment on innovation by employing the panel cointegration method incorporating multiple structural breaks and a dynamic common correlated estimation for 34 countries over the period 1991-2016. Our findings indicate that the series of innovation and foreign direct investment are stationary' after considering the potential structural breaks and that the external shock is mainly from country-specific shocks. Our results also suggest that a long-run co-integrated relationship exists with one break between foreign direct investment and innovation. Furthermore, the estimation based on the dynamic common correlated estimation shows that foreign direct investment has a long-run significant positive influence on technological innovation. Our findings shed light on the importance of accounting for structural breaks when discussing the relationship between foreign direct investment and technological innovation.
Keyword ：
cointegration FDI Innovation patent structural breaks trademark
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| GB/T 7714 | Zheng, Mingbo , Feng, Gen-Fu , Wen, Jun et al. THE INFLUENCE OF FDI ON DOMESTIC INNOVATION: AN INVESTIGATION USING STRUCTURAL BREAKS [J]. | PRAGUE ECONOMIC PAPERS , 2020 , 29 (4) : 403-423 . |
| MLA | Zheng, Mingbo et al. "THE INFLUENCE OF FDI ON DOMESTIC INNOVATION: AN INVESTIGATION USING STRUCTURAL BREAKS" . | PRAGUE ECONOMIC PAPERS 29 . 4 (2020) : 403-423 . |
| APA | Zheng, Mingbo , Feng, Gen-Fu , Wen, Jun , Chang, Chun-Ping . THE INFLUENCE OF FDI ON DOMESTIC INNOVATION: AN INVESTIGATION USING STRUCTURAL BREAKS . | PRAGUE ECONOMIC PAPERS , 2020 , 29 (4) , 403-423 . |
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Abstract ：
© 2018 World Scientific Publishing Company Employing annual data over the period 1996–2013 for 29 OECD countries, this paper explores the impact of corruption on domestic innovative activity, measured by the number of patent and trademark applications, via a linear panel fixed effect model and a nonlinear panel smooth transition regression with all lagged explanatory variables as instrumental variables and under the consideration of potential endogeneity biases. The results indicate several important findings. First, there exists a strong threshold effect between the control of corruption and levels of innovative activity across nations. Second, we note that corruption only has a substantial positive impact on innovation when it is over the threshold level, but not when a country has a seriously corrupt government with low bureaucratic quality, no matter for patent or trademark applications. Hence, heterogeneous beliefs about low transition speed show that OECD countries may not take actions instantly and identically to pursue better bureaucratic quality. Finally, we discover that an improvement over corruption presents greater impacts on patent applications than on trademark applications. Taken together, we confirm that corruption plays a fundamental role in determining innovation activities in OECD countries, offering meaningful policy implications for those policymakers and industries in accordance with our findings.
Keyword ：
corruption Innovation OECD countries patent trademark
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| GB/T 7714 | WEN, JUN , ZHENG, MINGBO , FENG, GEN-FU et al. CORRUPTION AND INNOVATION: LINEAR AND NONLINEAR INVESTIGATIONS OF OECD COUNTRIES [J]. | Singapore Economic Review , 2020 , 65 (1) : 103-129 . |
| MLA | WEN, JUN et al. "CORRUPTION AND INNOVATION: LINEAR AND NONLINEAR INVESTIGATIONS OF OECD COUNTRIES" . | Singapore Economic Review 65 . 1 (2020) : 103-129 . |
| APA | WEN, JUN , ZHENG, MINGBO , FENG, GEN-FU , CHEN, SUNWU WINFRED , CHANG, CHUN-PING . CORRUPTION AND INNOVATION: LINEAR AND NONLINEAR INVESTIGATIONS OF OECD COUNTRIES . | Singapore Economic Review , 2020 , 65 (1) , 103-129 . |
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Abstract ：
This study investigates the relationship between government ideology and technical innovativeness of the whole country by using multinational panel data covering 110 countries from 1995 to 2015 and by employing comprehensive indicators for technical innovation, i.e. trademark and patent application in empirical research. We utilize the panel generalized method of moment (GMM) technique to introduce dynamic variables in order to avoid the bias caused by potential endogeneity. Next, we generate three cross items to examine whether the effect of government ideology on technical innovation differs under different circumstances. We then change the measurement of government ideology to assure the reliability of our empirical results, further investigate whether the changes of political ideology influence technical innovation, and carry out a robustness test by dividing the whole sample into two sub-samples based on the level of democracy, by employing two samples which limited by 3 main coalition parties in government at most, such as re-elected government and non alternated government in countries. Overall, the empirical results show that a leftist ruling party inhibits the progress of technical innovation, whereas a right-wing ruling party promotes the appearance of new technology. The effect of government ideology on innovation is not similar under some circumstances. More evidence is presented by using two dummy variables to represent left-wing and right-wing.
Keyword ：
Government ideology Innovation Panel GMM Political party
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| GB/T 7714 | Wang, Quan-Jing , Feng, Gen-Fu , Chen, Yin E. et al. The impacts of government ideology on innovation: What are the main implications? [J]. | RESEARCH POLICY , 2019 , 48 (5) : 1232-1247 . |
| MLA | Wang, Quan-Jing et al. "The impacts of government ideology on innovation: What are the main implications?" . | RESEARCH POLICY 48 . 5 (2019) : 1232-1247 . |
| APA | Wang, Quan-Jing , Feng, Gen-Fu , Chen, Yin E. , Wen, Jun , Chang, Chun-Ping . The impacts of government ideology on innovation: What are the main implications? . | RESEARCH POLICY , 2019 , 48 (5) , 1232-1247 . |
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