Market Efficiency of Collective Bonds for Small- and Medium-Sized Enterprises in China

Yang, Anhua; Li, Kun; Guang-bin, Bai

doi:10.2753/ces1097-1475460604

Cited by 3 publications

(1 citation statement)

References 4 publications

(2 reference statements)

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“…According to the research of Yang et al (2022) [115], we measure environmental soft constraint (ER3) by whether the enterprise has passed the ISO14001 environmental management system certi cation. The larger the value, the better the effect of environmental soft constraint.…”

Section: Independent Variable: Heterogeneous Environmental Regulation...mentioning

confidence: 99%

A Study on the Differential Effects of Heterogeneous Environmental Regulations on the Green Transformation of Chinese Manufacturing Enterprises under "Double Carbon" Target

Tang,

Qi,

Zhou

et al. 2023

Preprint

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Using panel data of Chinese manufacturing enterprises listed in Shanghai and Shenzhen A-shares from 2015 to 2021, we examine the effects of heterogeneous environmental regulations on the green transformation of Chinese manufacturing enterprises under "Double Carbon" target, and reveal the mediating role played by managers' green perception in the process from an intra-firm perspective. We find that three environmental regulation tools, namely environmental administrative supervision, environmental economic regulation and environmental soft constraint, all contribute significantly to the green transformation of manufacturing enterprises. Among them, environmental economic regulation is the most effective in promoting the green transformation of manufacturing enterprises, followed by environmental soft constraint and environmental administrative supervision. The mechanism analysis shows that managers' green perception is partially mediated between heterogeneous environmental regulations and the green transformation of manufacturing enterprises. Moreover, environmental administrative supervision is the most effective in raising managers' green perception among them, followed by environmental economic regulation and environmental soft constraint. Further analysis shows that the positive effect of heterogeneous environmental regulations on the green transformation of Chinese manufacturing enterprises is more significant when the enterprises locate in regions with high policy uncertainty, in the eastern part of the country, or when the enterprises are state-owned enterprises. The conclusions provide a theoretical basis for Chinese environmental policymakers to flexibly adopt differentiated environmental regulation tools.

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Section: Independent Variable: Heterogeneous Environmental Regulation...mentioning

confidence: 99%

A Study on the Differential Effects of Heterogeneous Environmental Regulations on the Green Transformation of Chinese Manufacturing Enterprises under "Double Carbon" Target

Tang,

Qi,

Zhou

et al. 2023

Preprint

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Bonds and investment securities for SMEs in Italy: news introduced by the Development Decree

Caputo

Tron

2015

IJBG

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The Italian Law Decree of June 22, 2012, N. 83 (converted into law with amendments by Law of 7 August 2012, N. 134), the so-called Development Decree (or Decreto Sviluppo in Italian), with the introduction of Article 32 intervened in order to overcome the difficulties of access to credit for businesses, including small and medium-sized enterprises (SMEs), increasing the possibility of direct access to the capital markets through finance bills that now will have a duration of 36 months. The objective is to align the financial opportunities of the national system with those offered by the most advanced industrial and financial systems in Europe, but also to counter the introduction of Basel III which will lead to a rationing of credit to the economy. In addition to expanding the possibilities of exploiting such a financial instrument that is not yet widespread, the so-called Development Decree allows for issuance in 'paperless' form to promote the circulation and exchange between operators, and changes the tax regime by extending the one applied to bonds which is more favourable

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Systematic Review of Small and Medium Enterprises (SMEs) in Nigeria

Onuwa

Mailumo

Okeke-Agulu

2022

Advances in Human Resources Management and Organizational Development

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Small and medium enterprises (SMEs) are critical for the development of any economy since they contribute to the business growth and economic development of countries. Financing for SMEs is crucial for economic growth. Although, inadequate SME financing persists. This chapter is a literature review that aims to present different financing sources of SME, and its main constraints, presenting the specific case of Nigeria. Main financing sources to SMEs include angel investors, private funds, retained earnings, individual savings, family and associates, debt capital, bootstrapping, trade credits, banks, commercial institutions, initial public offering, securities markets, and venture capital (VC). Crowdfunding also provided an alternative source of financing SMEs. Regarding constraints, SMEs have limited access to credit due to the absence of collateral security, poor record keeping, poor creditworthiness, inadequate project proposals, etc. The solutions proffered are not exhaustive to mitigate barriers to SME financing.

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Market Efficiency of Collective Bonds for Small- and Medium-Sized Enterprises in China

Cited by 3 publications

References 4 publications

A Study on the Differential Effects of Heterogeneous Environmental Regulations on the Green Transformation of Chinese Manufacturing Enterprises under "Double Carbon" Target

A Study on the Differential Effects of Heterogeneous Environmental Regulations on the Green Transformation of Chinese Manufacturing Enterprises under "Double Carbon" Target

Bonds and investment securities for SMEs in Italy: news introduced by the Development Decree

Systematic Review of Small and Medium Enterprises (SMEs) in Nigeria

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