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Agricultural Land-Use Production Efficiency Considering Global Warming in European Countries

A modified undesirable exogenous dynamic data envelopment analysis model was used for the analysis of the agricultural production efficiency of European countries. We considered average temperature changes as an exogenous variable to account for global warming. The agricultural efficiency of nearly half of the European countries will be underestimated if evaluations do not account for the exogenous condition of global warming. According to the efficiency of every input and output, inefficiencies in agricultural production were identified in several countries' agricultural land use, CO2 emission, and energy use efficiencies.

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Empowering Taiwan's Climate Financial Risk Management: A Perspective

This perspective explores the complex interplay between climate risks and Taiwan's financial system, emphasizing the critical role of data-driven approaches for resilience and policy development. The paper outlines the unique challenges that Taiwan faces in mitigating climate risks within its financial sector. Despite a delayed focus on this issue, the author identifies potential pathways for policy interventions, namely Data Assisted Techniques for Adaptation (D.A.T.A), underlining the need for robust climate data collection and smart interface. This approach aims to provide a nuanced understanding of how Taiwan can strengthen its financial system against vulnerabilities induced by climate extremes.

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Chinese Economic Policy Uncertainty and Corporate Investment: Evidence from Taiwanese Firms with Chinese Operations

This paper examines how Chinese economic policy uncertainty (CEPU) influences corporate investment for Taiwanese companies with Chinese operations. Using a sample period of 1997 to 2018, we show that, when the degree of CEPU is higher, those Taiwanese firms with business operations in mainland Chinese markets stand to lower their investment. Our findings are robust to endogeneity tests using U.S. EPU as an instrumental variable. Using 2008 financial crisis as a proxy for CEPU also supports our findings.

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Does Quality of Primary Education Affect Total-factor Productivity? Evidence from OECD Countries

Total-factor productivity (TFP) is a critical driving force for economic growth. Education plays an important role in improving human capital which can promote TFP growth. This study tries to investigate how the quality of primary education affects TFP changes among OECD countries during the period of 2014-2020. This study first evaluates country's TFP change based on the Cobb-Douglas production function method and further discusses how the quality of primary education, such as pupil-teacher ratio (PTR) and class size, affects the TFP change by using panel data regression analysis. Also, this study collects some policy variables of the public sector such as total educational expenditure, foreign direct investment as well as trade openness into the empirical model to control the determinants of TFP change. Empirical findings are shown as follows: First, TFP growth has a critical influence on economic growth among OECD countries. Second, quality of primary education indeed has influences on the TFP change, representing that higher peer motivation attributes the TFP growth. Third, the viewpoint of peer learning can also explain why the quality of primary education affect TFP growth. Lastly, these results can be the reference for further discussion when investigating the effect of educational quality on TFP growth for other economies.

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Revisiting Behavior for Luxury Resorts in Northern Taiwan: A Case Study of Three Hot Spring Resorts

Repeat visitation constitutes a crucial indicator of the earnings and popularity of a tourist attraction. Revisiting behavior, which represents consumer loyalty, is a key variable in business operations. This study examined the critical elements that influence revisiting hot spring resorts. This case study investigated three hot spring resorts through on-site consumer surveys during peak tourist seasons. A total of 500 visitors were approached on-site, and 436 complete survey responses were obtained for use in this study. The values of Cronbach's α indicated satisfactory reliability. Descriptive data analysis and factor analysis were implemented to analyze the effects of consumption motivation, satisfaction, and demographic characteristics on revisiting behavior; in addition, the determinants for revisiting were estimated and examined by constructing a revisiting function, which implemented count data regression with Tobit, Poisson, and negative binomial models. The results offer several insights for business management as well as suggest policy recommendations for luxury hot spring resorts. The three selected hot spring resorts do not have significant substitute or complementary relationships due to their niche markets, and their visitors exhibit a high revisiting intention. They return to the resorts to escape from the burdens of daily life, to immerse themselves in high-quality natural amenities, and to enjoy the luxury facilities. Individuals with higher revisiting intention and income tend to have higher self-reported revisiting frequency. Consistent with geographic effects, visitors who live in proximity to the resorts tend to have a higher visiting frequency. Visitors in large travel groups and with shorter visit times also have a higher visiting frequency. The results indicate a positive relationship between the cost per visit and visiting frequency. Because expenditure levels were associated with the purchase of a variety of products, this positive association does not indicate a Veblen effect in the consumer demand for luxury travel destinations. The estimated positive slope indicated that the visitors with high expenditures have high consumption loyalty and return more often than those with lower expenditures. The results reveal varied behavior due to consumer heterogeneity; customers' behaviors were not indicative of conspicuous consumption as a method of signaling social status.

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Valuation of Urban Ecosystem Services: Toward Sustainable Cities

The coexistence of cities and nature has become a critical issue in the quest for sustainable development. Traditionally, cities have placed great pressure on the natural environment and often tend to destroy it. However, the concept of ecosystem services and related studies have revealed that urban residents cannot enjoy a high quality of life without these services. Visualization and mainstreaming are important for ecosystem conservation. We highlight the problems in implementing such visualization and mainstreaming, especially in urban areas, and conducted empirical research. This study points out that there are ecosystem services and disservices in which urban residents have diverse preferences for biodiversity, and that an optimal mix, rather than a uniform conservation policy, should be considered for their management. Regarding policy implications, the conservation targets at COP15 in 2022 and the availability of ecosystem service accounts promoted mainly by the United Nations were examined.

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Performance Ranking and Style Drift of Public Offering Funds Based on The DGTW Approach

Due to the information asymmetry between investors and fund managers, under the pressure of performance ranking, some public fund managers would take advantage of their own information advantages, deviate from the investment direction agreed in the contract, and change the original investment style. In order to protect the rights and interests of investors, regulators have recently restricted the phenomenon of fund style drift and the behavior of "style drift" and "high turnover rate" to gain short-term trading profits. In this context, the research on the relationship between performance ranking and style drift of public funds has strong practical significance. By constructing DGTW style index and using position-based fund style identification method, this paper identifies the actual investment style of Chinese public funds from 2011 to 2021. Through the relationship between interim performance ranking and fund style drift, and taking the change of fund manager, market environment, fund size and the proportion of fund shares held by institutional investors as moderating variables, this paper analyzed the moderating factors between interim performance ranking and fund style drift. Then the influence of fund style drift on fund flow is also analyzed. The results shown that style drift is common in China's public funds, and the net inflow of funds could be promoted through fund style drift. Among them, the change of fund manager had a positive moderating effect on the relationship between interim performance ranking and fund style drift, and the proportion of institutional investors had a negative moderating effect on the relationship. Based on this, our country should further improve and perfect the fund style monitoring mechanism. All fund managers and fund custodians shall adhere to the spirit of the contract, fulfill their fiduciary obligations, and abide by various laws and regulations. It is prohibited to mislead investors and damage the credibility of the industry. In addition, the risk committee of the fund company should carry out irregular inspection and supervision, and punish the fund manager who frequently happens to drift the style of the fund, so as to prevent and control the risk of the fund operation.

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Economy-Wide Impact Analysis on Renewable Energy Industry Supply Chain: A Case Study of Offshore Wind Farms in Taiwan

In line with the policy of nuclear phase-out and achieving net-zero emissions by 2050 in Taiwan, offshore wind power has been recognized as a significant energy alternative. Developing a local supply chain not only facilitates the construction of renewable energy infrastructure but also benefits the macroeconomy. This study aims to elucidate the extent of economic benefits associated with offshore wind power development and to quantitatively assess the economic impacts during the construction and operation phases. Our numerical results support the economic significance of developing offshore wind power during both phases, as it promotes economic growth and employment. Furthermore, a comparison of the economic gains between the two phases reveals that the gain during the construction phase, primarily driven by local content supplied by domestic manufacturing, is much higher.