时间：2022年10月6日 14:30

地点：邵逸夫科学馆东二层第六会议室

主讲人一：Muhammad Zahid Rafique

题目：Does inclusive growth contribute towards sustainable development? Evidence from selected developing countries

摘要：In recent years, debates on sustainable economic development have highlighted the importance of comprehensive growth especially in developing countries. Inclusive growth is widely seen as a key ingredient for sustainable development. However, there is little empirical evidence to support this claim. The current study examines the level of inclusive growth (IG) and sustainable development(SD) and association among them in 11 selected developing countries for the year 2008 and 2018. We extract key factors on variables of interest from 7 pillars of inclusive growth level and United Nations’ Sustainable Development Goals(SDGs) by using the Principal Components Analysis and the Multivariate Analysis. The key results highlight that Turkey and China have achieved highest while Pakistan and Indonesia represent the lowest level of inclusive growth. Similarly, Brazil and Pakistan show the lowest while Cambodia and Thailand hold the highest rank on sustainable development level. The empirical findings show high value of negative correlation coefficients between social inclusion of inclusive growth and prevalence of poverty with life-threatening factors of sustainable development. Similarly, a high positive value between unsatisfactory medical services, education and state transparency of inclusive growth; poverty and its consequences of sustainable development further confirms the robustness of association among variables of interest. A strong recommendation on improving the inclusive growth as policy strategy is suggested in developing countries to further enhance the sustainable development.

主讲人二：William Mbanyele

题目：Peer performance and short-termism: Evidence from green patenting activities

摘要：Theory and empirical studies suggest short-termism endangers long-term corporate performance and economic growth. However, little is known about whether and how short termism impacts the environment and society. This study examines how short-term peer performance shapes green patenting activities. Exploiting competitors’ idiosyncratic stock performance as an exogenous short-term peer return variation, we document that firms adjust their green innovation productivity downwards in response to higher short-term peer returns. We also document that higher peer short-term performance provides strong incentives for short-termism as firms strategically cut their R&D and SG&A expenditure to boost their short-term performance. Overall, our study documents the negative externalities that near-term returns can impose on competitors’ investment decisions.

主讲人三：侯麟科

题目：Political competition, spatial interactions, and default risk of local government debts in China

摘要：The paper investigates the institutional mechanism behind increasing local government debts and default risk in the last decade in China. Using prefectural-level data from 2010 to 2017, we study the default risk on local government debts through the lens of spatial interactions. Empirical results identify positive spatial interactions of default risk among political neighbouring cities, but not for merely geographic or economic neighbours. Moreover, the spatial interactions vary with local leader's political incentives. These findings altogether suggest the spatial interactions of default risk is driven by political competition among local leaders. The study also rules out alternative explanations such as resource flow effects.