Journal of Applied Economics and Policy Studies

Open access

Print ISSN: 2977-5701

Online ISSN: 2977-571X

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JAEPS@ewapublishing.org Guide for authors

About JAEPS

Journal of Applied Economics and Policy Studies (JAEPS) is an open-access, peer-reviewed academic journal hosted by Peking University Research Centre for Market Economy (RCME) and published by EWA Publishing. JAEPS is published monthly. JAEPS present latest theoretical and methodological discussions to bear on the scholarly works covering economic theories, econometric analyses, as well as multifaceted issues arising out of emerging concerns from different industries and debates surrounding latest policies. Situated at the forefront of the interdisciplinary fields of applied economics and policy studies, this journal seeks to bring together the scholarly insights centering on economic development, infrastructure development, macroeconomic policy, governance of welfare policy, policies and governance of emerging markets, and relevant subfields that trace to the discipline of applied economics, public policy, policy studies, and combined fields of the aforementioned. JAEPS is dedicated to the gathering of intellectual views by scholars and policymakers. The articles included are relevant for scholars, policymakers, and students of economics, policy studies, and otherwise interdisciplinary programs.

For more details of the JAEPS scope, please refer to the Aim&Scope page. For more information about the journal, please refer to the FAQ page or contact info@ewapublishing.org.

Aims & scope of JAEPS are:
·Economics
·Finance
·Management

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Editors View full editorial board

Xuezheng Qin
Peking University Research Center for Market Economy
Beijing, China
Editor-in-Chief
qin.econpku@gmail.com
Canh Thien Dang
King's College London
London, United Kingdom
Associate Editor
Canh.Dang@kcl.ac.uk
Ben Adamolekun
Edinburgh Napier University
Edinburgh, UK
Associate Editor
B.Adamolekun@napier.ac.uk
Ursula Faura-Martínez
University of Murcia
Murcia, Spain
Associate Editor
faura@um.es

Latest articles View all articles

Research Article
Published on 15 May 2025 DOI: 10.54254/2977-5701/2025.22892
Ruoyao Li

In recent years, with the continuous advancement of the dual-carbon goals, sustainable development has become a crucial issue in the global economy and corporate governance. Environmental, Social, and Governance (ESG) ratings have emerged as a focal point for both practitioners and academics. However, discrepancies in ESG ratings pose challenges for investor decision-making and significantly impact corporate governance efficiency and long-term sustainable development strategies. Using a sample of A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2015 to 2022, this study examines the impact and underlying mechanisms of ESG rating discrepancies on stock liquidity. The findings reveal that greater ESG rating discrepancies lead to lower stock liquidity, and this conclusion remains robust after a series of endogeneity and robustness tests. Mechanism tests indicate that ESG rating discrepancies exacerbate corporate information asymmetry, increase business risk, and heighten financing constraints, thereby reducing stock liquidity. Heterogeneity analysis shows that the impact of ESG rating discrepancies on stock liquidity is more pronounced among non-state-owned enterprises, firms operating in regions with a higher degree of marketization, and heavily polluting industries. This study not only enriches research on the relationship between ESG rating discrepancies and capital market performance but also provides empirical evidence for investors, regulatory agencies, and corporate managers to better understand the economic consequences of ESG rating discrepancies.

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Li,R. (2025). The impact of ESG ratinge discrepancies on corporate stock liquidity. Journal of Applied Economics and Policy Studies,18(3),120-132.
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Research Article
Published on 20 June 2025 DOI: 10.54254/2977-5701/2025.23856
Yongkang Wang

With the growing global importance of Environmental, Social, and Governance (ESG) standards, corporate ESG performance has become a key indicator in assessing sustainable development capabilities. Governments utilize policy tools such as tax incentives to encourage corporate investment in green innovation, social responsibility, and corporate governance. However, a gap often exists between a company’s actual ESG performance and its reported disclosures, with some firms merely complying in form without implementing substantive sustainable practices. Against this backdrop, this study examines Chinese A-share listed companies from 2009 to 2023, adopting a dual principal framework encompassing both government and market perspectives. It investigates how tax incentives, by lowering the costs associated with green innovation and social responsibility investments, promote genuine ESG performance. Empirical findings indicate: (1) Tax incentives significantly enhance corporate ESG performance, confirming their positive effect on ESG-related actions; (2) Excessive short-term performance focus in capital markets undermines the long-term effectiveness of tax incentives on ESG investment, supporting the hypothesis that capital market attention negatively moderates the relationship between tax incentives and ESG behavior; (3) Ownership concentration positively moderates the relationship between tax incentives and ESG performance—firms with higher ownership concentration allow major shareholders to more effectively coordinate internal resources and promote strategic implementation, thereby amplifying the effect of tax incentives on ESG outcomes. Moreover, heterogeneity analysis shows that tax incentives have a significantly stronger positive effect on the ESG performance of non-state-owned enterprises, while the effect is weaker in state-owned firms, indicating that ownership structure plays a crucial role in the effectiveness of tax incentives. Further analysis reveals a marginal increasing effect of tax incentives on ESG performance—i.e., as the level of tax incentives rises, firms’ ESG performance improves accordingly. This study provides empirical support for governments in formulating more effective tax incentive policies and offers investors a fresh perspective in ESG-related investment decision-making.

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Wang,Y. (2025). Tax incentives, marginal effects, and ESG performance: a dual principal perspective of government and market. Journal of Applied Economics and Policy Studies,18(4),127-144.
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Research Article
Published on 15 May 2025 DOI: 10.54254/2977-5701/2025.22891
Dashun Li

With the changes in the global economic environment, economic policy uncertainty (EPU) has had a profound impact on corporate operations and investment decisions. This study explores the impact of EPU on corporate Environmental, Social, and Governance (ESG) scores. Based on data from Chinese listed companies from 2000 to 2020, empirical analysis is conducted using a panel data regression model. The results show that economic policy uncertainty significantly increases corporate ESG scores, especially in the environmental and social dimensions. The study finds that policy uncertainty encourages companies to increase investments in these areas to enhance their social image and long-term competitiveness. Further analysis reveals that company size and industry characteristics play a moderating role in this impact. When facing economic policy uncertainty, companies optimize resource allocation by adjusting their financial structures (reducing financial leverage) to improve ESG performance. Policy recommendations include encouraging companies to continue enhancing their ESG performance in response to policy uncertainty in order to seize the opportunities for improvement brought about by this uncertainty.

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Li,D. (2025). The impact of economic policy uncertainty on corporate ESG scores and their subcategories. Journal of Applied Economics and Policy Studies,18(3),108-119.
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Research Article
Published on 20 June 2025 DOI: 10.54254/2977-5701/2025.23855
Ziyi Xiong

With the proliferation of social media, its role in information dissemination and sentiment transmission in capital markets has increasingly highlighted its impact on securities analysts' forecast behavior. This study, based on data from Chinese A-share listed companies from 2008-2023 and social media data from the East Money stock forum, systematically explores the mechanism by which social media attention affects analyst forecast quality. It also introduces an analysis of the moderating effects of investor sentiment and firm size. By constructing multiple regression models, conducting mediation effect tests, and employing subgroup regression methods, the study finds: (1) Social media interaction has a nonlinear effect on analyst forecast quality. A moderate volume of posts, readership, and comments can improve forecast accuracy by reducing information asymmetry (e.g., the coefficient of Post on forecast error is -0.042^(***) ), but excessive interaction triggers information noise, significantly increasing forecast dispersion (e.g., the coefficient of Post on forecast dispersion is 0.090***); (2) The transmission of investor sentiment is asymmetric. Negative sentiment fully mediates the positive impact of social media on forecast dispersion (accounting for 62.3% of the mediation effect), while positive sentiment does not pass significant tests due to analysts' "good news immunity"; (3) Firm size has a significant moderating effect. Small-cap firms, which rely more on social media due to information substitution effects, experience a stronger suppression of the impact of comment volume on forecast error (coefficient -0.033** vs. large firms' -0.015), but they are also more susceptible to negative sentiment interference (with an elasticity coefficient 2.3 times that of large firms). Large firms, due to business complexity, face an "information overload trap," where fragmented information exacerbates forecast disagreement. Theoretically, this study innovatively constructs an "information diffusion-sentiment transmission-size heterogeneity" chain framework, revealing the nonlinear mechanisms and boundary conditions of social media’s impact on analyst behavior. Practically, it proposes regulatory suggestions such as "sentiment circuit breakers" and "precision targeted disclosures," providing empirical evidence for optimizing capital market information governance. The findings deepen the theoretical understanding of information intermediary behavior in the new media environment and offer important references for preventing sentiment-driven market risks.

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Xiong,Z. (2025). The impact of social media attention on analyst forecast behavior. Journal of Applied Economics and Policy Studies,18(4),112-126.
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2025

Volume 18May 2025

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Volume 18June 2025

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Volume 18July 2025

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2024

Volume 14December 2024

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Volume 13November 2024

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Volume 12November 2024

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