Zhejiang Financial College

Enhancing farmers’ cognition of forest carbon sequestration management and strengthening their agency in project participation are crucial strategies for addressing global climate change. Drawing on empirical evidence from bamboo industry clusters in Zhejiang Province, China, this study integrates cognitive behavioral theory with the Unified Theory of Acceptance and Use of Technology (UTAUT) framework. Using bivariate probit models and moderated mediation analysis, we examine how multidimensional cognitive factors shape farmers’ participation intentions and actual engagement in forest carbon sequestration projects. Results show that economic, ecological, and social cognition significantly increase participation probability by 1.6%, 2.8%, and 3.0%, respectively, whereas risk cognition reduces it by 2.7%. Policy cognition exerts the strongest effect, raising participation likelihood by about 10%. Land transfer significantly moderates the relationship between policy cognition and participation, enhancing farmers’ ability to act on policy awareness. Heterogeneity analysis indicates that cognitive effects vary across age groups and village leadership status, with elderly farmers and village cadres exhibiting distinct participation mechanisms. The study concludes with targeted policy recommendations to promote smallholder engagement in forest carbon sequestration, contributing to sustainable agroforestry governance and regional carbon sequestration goals.

Abstract We develop a new test for conditional moment restrictions via nonparametric series regression, with approximating functions selected by Lasso. A key novelty of our approach is to account for the effect of the data-driven selection, yielding a new critical value constructed on the basis of a nonstandard truncated-Gaussian asymptotic approximation. We show that the test is correctly sized and attains a well-defined sense of adaptiveness that may result in better power than existing methods. The improvement afforded by the new test is demonstrated in a Monte Carlo study and an empirical application on the conditional evaluation of inflation forecasts.

The deployment of autonomous delivery vehicles (ADVs) is undergoing unprecedented expansion in China, fueled by escalating investments from online retail and logistics enterprises. Despite the multifacted benefits of ADVs, i.e. enhanced delivery efficiency, cost savings, and environmental sustainability, academic inquiry into consumes' intention to utilize such innovative technologies remains relatively scarce. To address this research gap, the study enhances and extends the Normative Activation Model (NAM) by integrating two critical constructs: perceived behavioral control (PBC) and perceived risk (PR). Using a structural equation model (SEM), we empirically analyze survey data collected from 354 online consumers via Wenjuanxing, a reputable online sampling platform. The results reveal that personal norms (PN) and PBC significantly affect consumers' intentions to adopt ADVs, while the impact of PR is statistically non-significant. Furthermore, ascription of responsibility (AR) partially mediates in the relationships between awareness of consequences (AC) and PN, and PN serves as a partial mediator in the relationships linking AC, AR, PBC and behavioral intention. These findings provide valuable theoretical and practical insights for logistics service providers - guiding the optimization of ADVs service design and risk mitigation strategies - and relevant government departments - informing the formulation of supportive policies for ADVs deployment and consumer protection regulations.

ABSTRACT This study empirically investigated the influence of the carbon trading mechanism (CTM) on firms' total factor productivity (TEP). It also examined the mediating roles of digital technology, ESG performance, and innovation attention. The study used a sample of 3209 manufacturing enterprises listed on the Shanghai and Shenzhen A‐share markets from 2010 to 2023. A difference‐in‐differences (DD) approach was employed by treating the implementation of carbon trading pilots as a quasi‐natural experiment. Digital technology was examined from two dimensions: digital technology management (DTM) and digital technology innovation (DTP). The results showed that the CTM significantly increased enterprises' TEP by 7.5%. Further analysis indicated that carbon trading improved TEP by incentivizing firms to strengthen both DTM and DTP. The results also show that a strong focus on ESG performance and innovation may inhibit the impact of CTMs on enhancing enterprises' TEP. The heterogeneity analysis revealed that state‐owned enterprises and low‐carbon‐emission enterprises were more responsive to the CTM. The results provide valuable insights for businesses pursuing sustainable growth strategies in response to carbon pricing policies and deepen our understanding of how market‐based environmental regulation can boost productivity through digital transformation.

ABSTRACT This paper examines the role of sustainability in crowdfunding outcomes across Asian emerging markets, where institutional frameworks vary widely. We show that sustainable projects enjoy a higher success rate, particularly in the environment category, as sustainability functions as a salient signal that reduces uncertainty and builds legitimacy among backers. However, its impact on total funding amount is modest. The performance advantage of sustainable projects is significantly amplified in countries with weaker governance and lower environmental performance. Negative and significant interactions between sustainability and institutional indicators reveal a substitution effect: in institutional voids, voluntary sustainability commitments serve as credible alternatives to formal oversight. This effect diminishes in developed economies, where such claims are normative and less distinctive. The results emphasize that signaling efficacy is context-dependent, which advances understanding of sustainable finance in emerging markets. It offers practical guidance for entrepreneurs, platforms, and policymakers seeking to harness sustainability as a strategic tool for financial inclusion and impact.