ISSN 2959-6130(Print) ISSN 2960-1312(Online) Editor-in-chief ： Rana Muhammad Ammar ZAHID （The Business School, RMIT University） Associate Editor： Hadi Hussain （Xi'an Jiaotong University） Editorial Board Member： Muhammad Waleed Younas（Xi'an Jiaotong University） Zi Mu（The University of Manchester） Finance & Economics that provides a platform for scholars, practitioners, and students to share their latest research and insights in the fields of finance and economics. One of the journal's strengths is its coverage of a wide range of topics, from traditional finance topics such as investment, banking, and financial markets, to emerging fields such as behavioral finance, fintech, and sustainable finance. This ensures that readers are exposed to the latest and most relevant research in finance and economics. Finance & Economics also emphasizes practical applications of research findings, promoting research that has real-world implications for policy and business decision-making. This focus on practical applications makes it an invaluable resource for finance and economics professionals All articles will be submitted to Google Scholar, Crossref, U.S. Librarian Database, ProQuest(part of Clarivate’s Web of Science), Ulrich's Periodicals Directory, SEMANTIC SCHOLAR, OpenAlex.
Bitcoin’s Evolution: Institutional Adoption, Volatility Dynamics, and Market Narratives
This study examines the evolving characteristics of the Bitcoin market amid increasing institutional capital inflows. Employing an integrated analytical framework, it combines public market data, advanced financial econometric models, a significant institutional case study, and peerreviewed academic research. Key findings indicate that while Bitcoin exhibits substantial price appreciation potential, its volatility can be effectively characterized and forecast using Generalized Autoregressive Conditional Heteroskedasticity (GARCH) models, revealing strong persistence. The allocation decision by Stanford University’s Blyth Fund serves as a signalling event, denoting a qualitative shift in Bitcoin’s perception as a legitimate alternative asset class. Furthermore, empirical academic research on the volume-volatility nexus provides theoretical substantiation for the narrative that institutional participation alters market microstructure. The paper concludes that Bitcoin is undergoing a critical transformation from a speculative digital asset towards a novel store of value within institutional portfolios, with its persistent volatility acting as both a risk metric and a lens to understand evolving market dynamics.
Effectuation or Prediction? Dynamic Blends of Entrepreneurial Decision Logics under Knightian Uncertainty
Entrepreneurs typically operate within a context characterized not only by high uncertainty but also by an environment where planning rooted in predictive reasoning may not always be the most effective. This paper examines two diametrically opposed logics in entrepreneurshiprelated decision-making, specifically causal (or predictive) strategies and effectuation. It draws on Knight’s (1921) theories of uncertainty and effectuation theory, formulated by Sara V. Saravathy in 2001. The analysis compares the applicability of planning as a mechanism for achieving predetermined goals with effectuation throughout the entrepreneurial process. It investigates two empirical case studies in entrepreneurship to explore how effectuation operates during the early stages of ventures such as Airbnb. Conversely, Tesla offers insights into a hybrid approach integrating predetermined outcome planning and effectuation. The findings imply that both methods are applicable at distinct stages of an entrepreneurial venture’s growth.
The performance of the UK’s public transport system has become a growing concern, as rising fares, unreliable services, and unequal access increasingly affect both economic efficiency and social fairness. These issues make it important to study how market forces in the transport sector may not be working properly. This report focuses on the main forms of market failure in the UK, including monopoly power in rail services, reduced bus provision in rural areas, and environmental costs that are not fully priced into transport choices. Using basic economic ideas such as monopoly behaviour, externalities, and information problems, the report reviews government statistics, academic research, and recent industry data to explain why these failures continue. The findings show that high fares, poor performance, and unequal transport access are linked to long-standing structural problems. The report concludes that the UK needs both short-term protections for passengers and long-term reforms that improve oversight and support low-carbon transport.
Data Analytics in ESG-Oriented Strategic Consulting: Drivers, Challenges and Optimization Pathways—A Case Study of Haier
Today’s firms must recognize that data analytics are vital to the future of many strategic consulting practices. For global manufacturing giant Haier, advances in ESG practices and performance are crucial amid tightening international requirements, China’s dual carbon goals and organizational optimization needs. In examining the role of data analytics in supporting the ESG transformation and operational optimisation at Haier, the current study will examine the link between digital capabilities and the implementation and management of the ESG performance. The data analysis and ESG performance data provided by the company will be the two primary sources of data, and the case study method will be employed to assess the links between the digital capacity of Haier and the implementation and management of the ESG performance of the company. The findings show that regulatory pressure, market demand and corporate digital transformation drive ESG progress, yet key challenges persist, such as insufficient intraorganisational data-sharing, supply chain sustainability gaps and data fragmentation. Recommendations to enhance Haier’s ESG performance include unified ESG data governance, organisational restructuring, strengthened supplier monitoring and better alignment with international reporting standards. These findings will provide guidance for organisations integrating data analytics into their ESGdriven strategic transformation initiatives.
Research on Valuation Revision of Chinese Steel Enterprises under the Dual Carbon Background — Core Indicator Analysis from a Quantitative Finance Perspective
Against the backdrop of China’s dual carbon goals of “peaking carbon before 2030 and achieving carbon neutrality before 2060,” the traditional price-to-book ratio (PB) valuation method for steel companies is insufficient to quantify the long-term value generated by green transformation, leading to serious distortions in corporate valuation. This paper takes 32 listed steel companies on the Shanghai and Shenzhen A-share markets from 2019 to 2024 as a sample. It employs a three-stage quantitative framework of “core indicator screening - weight calculation - valuation correction,”combined with random forest models and multiple regression analysis, to identify key valuation drivers and construct a corrected valuation model. The results show that the core valuation indicators are: green investment ratio (27.3%), capital turnover rate (24.6%), carbon emissions per unit of output (19.8%), and credit loan ratio (16.2%). These indicators account for a cumulative 87.9% of the valuation fluctuations. After using the corrected model , the valuation error of the traditional PB model (14.3%) is reduced to within 1%, and for every 1 percentage point increase in the green investment ratio, the corporate valuation premium increases by 1.7% (p<0.01).
ByteDance’s Development Strategy Analysis
This paper aims to conduct an in-depth analysis of ByteDance’s development strategy, exploring the underlying drivers of its rapid ascent in the global Internet sector and the efficacy of its strategic execution. The research adopts a mixed-methods approach integrating case study and data analysis methods. Through an examination of ByteDance’s market positioning, technological innovation, content ecosystem construction, and global layout, the paper elucidates the core factors underpinning its success and offers actionable insights for its future strategic trajectory. The research results indicate that ByteDance has attained extraordinary success in the global Internet market by virtue of its unique development strategy, which is characterized by a powerful data-driven algorithmic engine, a meticulously cultivated content flywheel, and a flexible “Glocalization” approach. Concurrently, the company confronts emerging challenges and opportunities pertaining to data privacy, international regulations, and intense market competition.
The Influence of Xiaomi’s Marketing Strategy in China under the New Media Environment
This study looks into how Xiaomi’s marketing strategy affects its performance in the Chinese market under the new media environment, with a key focus on analyzing the company’s competitive standing through the lens of Porter’s Five Forces framework. As a significant player in the global smartphone and Internet of Things (IoT) sectors, Xiaomi has experienced rapid growth since its establishment in 2010. And this expansion is primarily driven by its strategic commitment to providing “high-quality products at affordable prices” and its distinctive ecosystem-oriented business model. The analysis shows that Xiaomi has mitigated supplier bargaining power via bulk procurement and collaboration with multiple suppliers. However, it continues to face vulnerabilities concerning critical components, such as high-end chips, due to its limited in-house development capabilities. In competing with existing market players, Xiaomi stays competitive by offering cost-effective products with a wide range of features. Nevertheless, it runs into challenges from rivals like Huawei, Apple, OPPO, and vivo, particularly in areas including technological innovation, brand premium, and offline distribution channels. Market entry for new firms is difficult due to high barriers in technology, patents, and distribution, thus resulting in a relatively low threat from new entrants. Regarding customer switching, Xiaomi benefits from a loyal user base and the strong ecosystem integration, which help mitigate this risk. While buyers do possess some bargaining power due to market competition and product homogeneity, Xiaomi’s strategic pricing and brand loyalty serve to counterbalance this influence.
A Review of Financial Information Security Technologies Based on Blockchain and Artificial Intelligence
As FinTech advances rapidly, information security plays a key role in maintaining the stability of the modern financial system. Yet, traditional centralized security systems are increasingly revealing their limitations when facing new attacks like Advanced Persistent Threats (APTs), data tampering, and identity theft. In response, blockchain and artificial intelligence (AI), as two disruptive technologies, provide new ways to ensure data integrity and boost intelligent defense, respectively. Blockchain achieves data tamper-proofing and transparent traceability via decentralized ledgers, encryption mechanisms, and consensus algorithms, while AI utilizes machine learning and deep learning to enable smart detection, real-time monitoring, and risk alerting. Through the literature review and case studies, this paper explores the core connotations and risk environment of financial information security, systematically elucidating the application mechanisms, synergistic effects, and integration paths of blockchain and AI in the financial field. The study finds that the combination of the two significantly improves the security and intelligence level of the system in areas such as fraud prevention, risk control, privacy protection, and compliance auditing, demonstrating scalable innovation potential. In light of persistent issues like privacy protection, algorithm credibility, and regulatory standardization, this paper outlines potential future enhancements, offering theoretical guidance and practical insights for developing an intelligent and reliable financial information security framework.
A Study on the Resilient Design of Coastal Urban Parks
In the context of rapid urbanization and the growing emphasis on sustainable “Park Cities,” coastal urban parks act as critical socio-ecological interfaces that provide both environmental and social value. However, these spaces face pressures from environmental change and evolving urban demands, which traditional static designs struggle to address. This study develops a comprehensive framework for resilient coastal park design that integrates ecological integrity with social functionality, emphasizing both sustainability and long-term public value. Using Qingdao’s coastal parks as case studies, the research combines literature review, comparative analysis, and practical design guidelines to examine adaptive management strategies that enhance ecological performance, community engagement, and economic and social benefits. The findings highlight that shifting from static, resistance-based design to dynamic, resilience-oriented management can improve urban waterfronts’ adaptability, optimize public resource use, and foster sustainable urban development. This framework provides actionable insights for planners, policymakers, and stakeholders to maximize the ecological, social, and economic returns of urban coastal spaces.
Exploration of Confirmation Bias and Its Effects on Financial and Marketing Decisions
In a globalized, information-rich era, individuals’ investment and consumption decisions are increasingly shaped by psychological and social factors. Confirmation bias, a pervasive cognitive distortion, causes individuals to favor information that supports their beliefs while ignoring contradictory evidence, thus influencing both judgment and behavior. This paper reviews the cognitive foundations and evolution of confirmation bias, examining its effects in financial decisions and advertising. Individually, it drives selective processing and emotional reinforcement, causing overconfidence, overtrading, and irrational behavior. At the group and market levels, social learning and algorithmic amplification intensify herd behavior and price volatility. In advertising, marketers leverage confirmation bias through message consistency, targeting, and contextual cues to influence consumer attitudes and memory. The results demonstrate that to mitigate these effects, individuals should broaden information sources and critical thinking; organizations should use structured analysis, build diverse teams, and foster critical evaluation; society should promote media literacy, policy regulation, and tech-based fact-checking. By integrating these strategies, confirmation bias can be better managed, improving investor behavior, consumer decisions, and information ecosystem governance.
Does Stricter Environmental Regulation Curb Corporate Greenwashing? Evidence from China’s 2014 Environmental Protection Law
Amid growing public concern regarding climate change and environmental sustainability, corporate greenwashing, defined as the practice of misleadingly portraying firms as environmentally responsible, has emerged as a pivotal challenge in environmental governance. Understanding how regulatory interventions shape such behavior is crucial to fostering authentic corporate environmental responsibility. This paper investigates the impact of the 2014 revision of China’s Environmental Protection Law on listed firms’ greenwashing practices. Utilizing panel data from A-share listed companies spanning 2008 to 2024, this study employs a difference-in-differences (DID) approach to evaluate the law’s effectiveness. A novel greenwashing index is constructed by integrating positive environmental information disclosure (PEID, from 8 environmental management disclosure items in annual reports), green investment (from “Construction in Progress” notes), and environmental violation penalties (from the CSMAR database). Empirical results demonstrate a significant reduction in greenwashing following the law’s enactment, with the effect being particularly pronounced among state-owned enterprises. These findings underscore the effectiveness of stricter environmental regulation in mitigating symbolic corporate environmental claims and offer methodological and policy insights for future research and governance strategies.
2014 Environmental Protection Law Amendment
Consumer Downgrading in China: Drivers, Consequences and Policy Responses
In recent years, China has witnessed a noticeable shift in consumer spending patterns, often characterized as “consumption downgrading.” This phenomenon describes a pronounced tendency among consumers to prioritize purchasing more affordable goods and services, stemming from a confluence of factors, such as slower income growth, rising cost of living, employment uncertainty, evolving consumer attitudes, and changes in the global financial environment. This study endeavors to conduct a comprehensive analysis of the underlying causes, multifaceted economic and social impacts, and potential policy responses associated with this trend. The research is predicated on a diverse array of sources, including official statistics from the National Bureau of Statistics, industry reports, and academic literature, and is supplemented by an in-depth analysis of contemporary consumer behavior. The findings indicate that consumption downgrading is not merely a transient reaction to macroeconomic pressures but potentially signifies a deeper, structural transformation in China’s consumption patterns[1]. While this trend creates opportunities for budget-oriented producers and domestic brands, it also constitutes a significant challenge to maintaining domestic demand in its role as a primary engine of economic growth. The study concludes by proposing actionable recommendations for governments, market participants, and social actors, designed to tackle both pressing immediate concerns and facilitate long-term structural reforms.
The Relationship Between Government Sustainable Investment and Corporate Finance: Findings from Three Industries in China
This study examines the impact of Government Sustainable Investment (GSI) on corporate financial performance. Using the Environmental Ratio (ER) as a proxy to measure the intensity of regional policies, we perform linear regression analysis on financial data of 15 firms spanning three sectors: technology, finance, and automotive. Key findings reveal: the finance sector demonstrates a positive effect on efficiency first, though revenue and profit trends remain unstable; the technology sector exhibits overall neutrality in the short term, largely influenced by its globalized revenue structure and the time lag between R&D and commercialization; Automotive manufacturing, which is undergoing compliance-related investments and production line transformation, shows no significant improvement. Overall, GSI influences finance through structural channels such as governance, asset allocation, and operational efficiency, exhibiting distinct time lags and industry-specific heterogeneity. We recommend shifting evaluation metrics from short-window profits to efficiency and risk exposure indicators, while extending observation periods. Limitations include sample size, proxy variables, and window length; future research should expand multinational samples and incorporate sustainability performance metrics such as carbon efficiency indices.
Research on Stakeholder Rights and Interests Protection in Corporate Governance
By studying how to protect the interests of the company’s stakeholders, the distribution of power and division of responsibilities can be clarified, the interests of all parties can be better balanced, and sound corporate governance aims to pursue the long-term interests and sustainable development of enterprises. This paper constructs a theoretical framework based on agency theory and oriented by stakeholder theory, compares the shareholder-dominated governance model with the stakeholder co-governance model, studies the basic roles and responsibilities of stakeholders, and proposes specific pathways for optimizing the corporate governance structure. The results show that effective stakeholder equity protection is not only the core strategy for enterprises to achieve longterm sustainable development, but also the cornerstone for building a harmonious capitalism and a responsible market economy. Furthermore, the findings indicate that successful corporate governance reform needs to seek a dynamic balance between shareholders’ interests and the rights and interests of other stakeholders, and implement it through systematic institutional arrangements such as conceptual transformation, structural optimization, mechanism innovation, and information transparency.
Research On The Impact of Green Credit Policy On Debt Financing Costs of Green Enterprises
This study examines the impact of China’s green credit policies on the debt financing costs of green enterprises. Using a difference-in-differences (DID) approach, the research empirically analyzes the relationship between financing costs and the implementation of green credit policies. The results indicate that these policies significantly reduce loan financing costs for green firms. Moreover, the findings show no substantial differences in financing costs across firms of varying sizes, highlighting the inclusive and equitable effects of the policy. Multiple robustness tests confirm the reliability of the results. Overall, the study suggests that green credit policies effectively alleviate financial constraints faced by green enterprises and enhance their access to affordable credit. It further emphasizes the need to refine the green credit framework to ensure equitable financial opportunities for firms of all sizes.
Option Pricing Model Comparison between Black Scholes Merton Model and Monte Carlo Simulation
The rapid growth of global option markets underscores the importance of accurate option pricing models for effective risk management and trading strategies. This paper focuses on two cornerstone methods: the Black–Scholes–Merton (BSM) model and Monte Carlo simulation. The central question is how the analytical efficiency of the BSM model compares with the flexibility of Monte Carlo simulation when applied to standard and complex options. The paper introduces the theoretical foundations of both models, highlighting the BSM model’s closed-form precision under strict assumptions and Monte Carlo simulation’s ability to handle stochastic, path-dependent payoffs. A case study of a three-month European call option on Apple Inc. illustrates the respective strengths and limitations of the two models. The findings of this paper conclude that the Black Scholes Merton model is still the benchmark for the standard option pricing market. In contrast, the Monte Carlo simulation provides better flexibility in pricing exotic options and adapting to a more volatile market. By combining these two methods, this study provides a more robust basis for valuation and decision-making in modern finance.
The Impact of E-commerce on the Financial Performance of Small Enterprises: Evidence from Official Trade Data
This research conducts a quantitative evaluation of how the adoption of e-commerce influences the financial performance of Small and Medium-sized Enterprises (SMEs), We utilize a comprehensive panel dataset sourced from U.S. official trade statistics spanning from 2018 to 2024, One crucial challenge we confront is selection bias, that is, more prosperous firms might be more likely to embrace e-commerce. To handle this issue, we integrate Propensity Score Matching (PSM) with a Differencein- Differences (DID) framework, This methodological approach aims to identify the causal impact of e-commerce adoption, The research findings are notable. Compared to a meticulously selected control group, the adoption of e-commerce is associated with approximately a 15.2% rise in revenue growth and simultaneously a 5.8% decrease in operational costs, This twofold effect leads to a substantial enhancement in overall profitability, Our results offer solid, data-based evidence for the transformative significance of digital platforms. They also highlight the importance of formulating policies that can expedite the digitalization process of SMEs.
Small and Medium-sized Enterprises (SMEs)
Family Strategy with Professional Execution: Improving Daily Reliability in Family-Owned Service Small and Mediumsized Enterprises
Decision-making power shared between owners and frontline employees influences daily reliability in family-owned service Small and Medium-sized Enterprises(SMEs). This paper proposes a model termed “Family Strategy with Professional Execution” and undertakes a comparative analysis against over-centralized family control. On-time task completion (finishing routine tasks within a target window) is used as a practical, observable indicator. Three hypotheses are articulated regarding delegation, service intensity, and role clarity. The approach integrates a literature review with a documented before–after case of Din Tai Fung to illustrate how standard operating procedures (SOPs) and bounded frontline authority can reduce waiting, stabilize customer journeys, and improve completion. Contexts of highest effectiveness are clarified—particularly service segments with relatively homogeneous demand and brand sensitivity to service quality. A measurement framework and actionable implications are outlined for future empirical tests.
The Challenges of Aligning Green Finance with SMEs under the Dual Carbon Goals and the Resolving Role of Supply Chain Finance
In the context of global initiatives to address climate change and advance the agenda of sustainable development, the “carbon neutrality” objective is exerting a profound impact on socio-economic transitions. Small and medium-sized enterprises (SMEs), as a vital component of the national economy, play a pivotal role in the realization of the “dual carbon” goals. This paper examines the integration of green finance and supply chain finance as a mechanism for enhancing SME ESG performance and drive sustainable development by alleviating financing constraints and optimizing resource allocation. It analyzes the current development status and inherent challenges within the green finance system, outlines the structural barriers that SMEs face in green transformation, and constructs a theoretical framework for how supply chain finance impacts SME ESG performance. The study concludes that by leveraging the credit strength of core enterprises, mitigating information asymmetry, and enhancing supply chain coordination efficiency, supply chain finance can effectively channel green capital to SMEs and systematically elevate their ESG standards across environmental, social, and governance dimensions.
The Influence of Merchant’s Marketing Strategies on Consumers’ Decision
In today’s consumer market, advertisements have become increasingly pervasive, serving as a crucial bridge between merchants and consumers. However, many of these advertisements are designed not merely to inform but to persuade—often in ways that may mislead individuals into making purchases they might otherwise avoid. Consumer purchasing decisions are highly susceptible to external influences, with advertising being one of the most powerful. Among the psychological mechanisms leveraged by marketers, the framing effect stands out due to its close connection with loss aversion—a cognitive bias in which potential losses exert a stronger emotional impact than equivalent gains. The findings reviewed in this study suggest that the framing effect can significantly distort consumer judgment, reinforcing the asymmetry between risk aversion and risk seeking. The conclusion emphasizes that while framing is an effective marketing strategy, consumers must adopt critical awareness and decision-making strategies—such as evaluating numerical information independently of its wording—to mitigate undue influence and make more rational purchasing decisions.
Overview and application of Endowment Effect, Anchoring and Hindsight Bias
This paper systematically examines three core cognitive biases in behavioral economics: the endowment effect, anchoring effect, and hindsight bias, delving into their respective applications and impacts across diverse economic scenarios. Research indicates that the endowment effect causes individuals to assign higher value to possessions they already own, exerting a significant influence on investors’ stock-holding behaviors and the formulation of environmental policies. The anchoring effect reveals the significant influence of initial information on judgments, manifesting prominently in areas such as real estate pricing, art auctions, and project management—even affecting the estimation behaviors of professional practitioners. Hindsight bias manifests as an overestimation of the predictability of outcomes after they become known, subsequently influencing entrepreneurs’ reflections on failure, judgments of audit responsibility, and investors’ ability to learn from market dynamics. This paper employs a literature review methodology to systematically synthesize existing empirical research. It not only provides a theoretical foundation for understanding irrational factors in economic decision-making but also offers robust empirical support for policymakers, facilitating the development of more effective market mechanisms and behavioral intervention strategies.
Research on the Application of Security- Weighted Aggregation in Federated Learning for Financial Risk Control
Federated learning is a privacy-preserving distributed machine learning approach that enables collaborative training by keeping data local and sharing only model parameters. This effectively addresses the challenges of “data silos” and privacy regulations in the field of financial risk control. This paper systematically elaborates on the concepts, development history, architecture, and core mechanisms of federated learning, with a focus on analyzing the principles and implementation of securityweighted aggregation technology, including its reliance on key technologies such as homomorphic encryption, differential privacy, and secure multi-party computation. Besides, this study examines how this technology applies to fintech, outlines common practices, and highlights challenges in technical performance, cross-platform collaboration, and compliance, with possible solutions. The results show that federated learning, using secure aggregation, enables the financial industry to share data and conduct joint risk modeling while staying compliant.
Family Business Governance Evolution during Intergenerational Succession
Intergenerational succession stands as one of the most complex and defining junctures in the life cycle of family enterprises. It is during this phase that the firm’s governance structure, management philosophy, and cultural underpinnings undergo rigorous testing and strategic transformation. As control shifts from the founder to the successor generation, family firms must evolve from relationship-oriented, centralized models of governance toward more institutionalized, professional systems capable of balancing family values with business efficiency. By drawing on socioemotional wealth (SEW) theory, institutional theory, and agency theory, this study develops a multi-dimensional analytical framework to examine the evolutionary trajectory of governance during intergenerational succession. It focuses on the interaction between emotional attachment and rational management, exploring how family cohesion, successor capability, and external pressures collectively delineate governance outcomes. Using China’s Midea Group as the primary case and Fotile Group as a comparative reference, this paper identifies three dominant governance pathways of family firms during intergenerational succession—progressive hybridization, transformative professionalization, and conservative family reinforcement. These findings underscore that sustainable intergenerational transition necessitates the harmonization of socioemotional wealth with institutional adaptation.
The Correlation Between Business Management Methods and Enterprise Economic Benefits
In the fierce market competition, enterprises take improving economic benefits as their core goal. There is a close correlation between business management methods and economic benefits, and scientifically appropriate management methods are crucial to the development of enterprises at different stages. This paper aims to study the practical application of business management methods in enterprises, explore the feasibility of these methods, and analyze the gaps in daily research. By integrating literature and theories related to business management methods and conducting comparative case analysis, this paper systematically sorts out the implementation paths of typical business management methods, proposes the research theme of the correlation between business management methods and enterprise economic benefits, and empirically analyzes the specific impact of business management methods on enterprises. The experimental results show that scientifically appropriate business management methods can increase enterprise economic benefits by an average of 15% to 20%. The research conclusions reveal the positive driving mechanism of business management methods on enterprise economic benefits, providing a theoretical basis and practical reference for enterprises to enhance their core competitiveness by optimizing management models.
The Long-Term Impact of Push Notification Timing and Frequency on Customer Loyalty: A Causal Analysis of ROI and User Behavior
This study investigates the causal effects of promotional push notifications on short-term ROI, long-term retention, and user heterogeneity. Results show that while promotions drive short-term revenue growth (H1), these effects are mediated by repeat purchases (H2) and fail to sustain longterm loyalty (H3). Theoretically, this work bridges the gap between short-term promotional gains and lasting customer outcomes, while practically emphasizing precision targeting to maximize ROI and preserve loyalty. Despite limitations in proxy user identification, dataset generalizability, and potential confounding, the study highlights future directions such as real user data, randomized testing, multichannel strategies, and adaptive algorithms to balance immediate profit with enduring engagement.
The Impact of ESG Performance on Corporate Debt Financing
Recently, the focus of global businesses has expanded from solely concentrating on financial results to incorporating sustainability assessments. Environmental, Social, and Governance (ESG) principles have now become crucial in evaluating long-term corporate value. Although an increasing number of firms are adopting ESG practices, the impact of ESG on debt financing—specifically in terms of costs, terms, and access to capital—remains unclear, particularly across different regions and industries. To address this gap, the present study examines nine key academic studies spanning from 2011 to 2022, as well as case studies of non-financial listed firms in both developed (EU, US) and emerging (China) markets, such as Nestle, Microsoft, and Toyota. Utilizing ESG ratings from MSCI, Sustainalytics, and Bloomberg, the study analyzes various debt indicators, including interest rates and bond yields. The study reveals that strong ESG performance significantly reduces financing costs by 10 to 25 basis points through lower credit risk and attracts more ESG - aligned capital, as seen in Toyota’s oversubscribed 2022 ESG bonds. Additionally, ESG’s impact varies by industry, with the energy sector benefiting from environmental improvements and the retail sector from strong social practices. Overall, ESG serves as both a “risk mitigator” and a “capital magnet” in debt financing. This study underscores the importance of integrating ESG into financial strategies and offers valuable guidance for lenders, investors, and regulators.
Nvidia in the AI Chip Market Competition: Based on SWOT Model and Financial Analysis
The semiconductor industry is the core of the digital information age and the technological linchpin of global connectivity. Its technological innovation and application expansion represent the cutting edge of contemporary scientific and technological advancement. In recent years, with the rise and proliferation of artificial intelligence technologies, particularly generative AI, the global semiconductor technology industry is undergoing unprecedented transformation, giving rise to numerous industry giants and emerging players. Among these industry leaders, NVIDIA has leveraged its years of technological accumulation and strategic positioning in the GPU field to gain significant competitive advantages. It has emerged as a core participant in the new wave of AI, surging to become the world’s most valuable company by market capitalization. Its development trajectory and market performance have drawn widespread societal attention. This article focuses on NVIDIA’s data center business, analyzing its development trajectory and the characteristics of the AI chip industry. It employs a SWOT model to examine NVIDIA’s internal strengths and external environment, concluding with a summary of NVIDIA’s performance and financial status, providing an objective overview of its market position and current development. Through this analysis, NVIDIA is expected to maintain its market position by sustaining R&D investment, deepening its software ecosystem, optimizing supply chain management, and proactively addressing geopolitical challenges. This strategic approach positions the company to sustain high-growth momentum in the increasingly competitive AI chip market.
The Value Reconstruction of Traditional Culture in the Modern Game Industry: A Case Study of Black Myth: Wukong
In the digital era, the deep integration of traditional culture and modern industries has become a crucial issue for cultural inheritance and development. Black Myth: Wukong, one of China’s most internationally successful games in 2024, embodies abundant traditional Chinese cultural elements and has attracted wide public attention. Adopting a literature review approach combined with case analysis, this study takes Black Myth: Wukong as an example to explore the mechanisms of value reconstruction of traditional culture in the modern game industry. The findings reveal that traditional cultural symbols, through modern reinterpretation, innovative dissemination models, and the integration of technology and culture, generate a threefold pathway of value creation, thereby achieving the transformation from cultural capital to economic capital. The game industry provides new expressive forms for traditional culture, constructing unique cultural identity through immersive experiences and cross-media representation. This study offers a renewed theoretical perspective on the modernization of cultural heritage, providing significant reference value for both the development of the gaming industry and the innovation of cultural industries.
Analysis of the Impacts and Counterstrategies of the U.S.-China Trade War Based on David Ricardo’s Model
Against the backdrop of deepening economic globalization, U.S.-China trade relations have emerged as a central issue in international trade. In recent years, research on the U.S.-China trade war has made significant progress, as scholars have analyzed its causes and impacts from multiple dimensions—including trade imbalances, industrial competition, and political factors—providing rich perspectives for understanding this complex economic phenomenon. However, existing research predominantly focuses on descriptive analysis and policy evaluation. A significant gap remains in systematic studies, rooted in David Ricardo’s theory of comparative advantage, that examine the losses suffered by both China and the United States due to tariff measures, as well as the impact of these measures on the global trade system. This study centers on the core theme of “The Economic Impact of Tariff Measures in the U.S.-China Trade War from the Perspective of the David Ricardo Model,” aiming to deeply analyze two critical questions: First, how tariff measures undermine core assumptions of the Ricardo model—such as free trade and fixed factors—thereby distorting the international division of labor based on comparative advantage. Second, what specific losses the escalating tariff barriers impose on China-U.S. trade volumes, industrial development, consumer welfare, and producer surplus, and whether they lead to a significant decline in global resource allocation efficiency. This study holds significant theoretical and practical implications. Theoretically, by revealing how tariff measures undermine classical trade theory assumptions, this study further validates the explanatory power of free trade theory in today’s complex trade environment and offers new perspectives for the development of international trade theory. Practically, the findings provide theoretical grounding for China, the United States, and other countries in addressing trade frictions, warn against the risks of trade protectionism, and advocate for a return to rational cooperation among countries to improve the global trade governance system.
A Business Analysis of Temu: The Rock-Bottom Pricing Strategy and Its Associated Risks
Leveraging China’s vast manufacturing base, customerto- manufacturer direct production (C2M), consignment inventory, and a factory-to-consumer operating model, Temu achieves exceptionally low prices. This paper analyzes the business model, growth drivers, and risks of Temu, a rapidly expanding cross-border e-commerce platform. The paper also highlights how a user growth flywheel, driven by targeted marketing, amplifies economies of scale. However, its aggressive price competition strategy has given rise to structural vulnerabilities, including supply chain instability, inconsistent product quality, and heavy after-sales burdens. Simultaneously, the platform faces intensifying regulatory scrutiny from the United States and the European Union and fierce market competition. Based on these findings, the paper offers strategic suggestions for Temu, aiming to transition it from a price-driven model to a value-driven growth model. Specific actions include strengthening supplier partnerships, enhancing quality control, improving compliance capabilities, and building long-term brand loyalty to ensure sustainability in global markets.