IDEAS home Printed from https://ideas.repec.org/a/eee/reveco/v96y2024ipcs1059056024007147.html
   My bibliography  Save this article

Investment efficiency of renewable energy enterprises when exposed to air pollution: Evidence from China

Author

Listed:
  • Wu, Jiayi
  • Lai, Aolin
  • Li, Zhenran
  • Wang, Qunwei

Abstract

Previous research has focused on the impacts of air pollution on individual health and economic development, but has not considered its impacts on the investment efficiency of renewable energy enterprise (IERE). Therefore, this paper empirically analyzes the impact of air pollution on IERE using panel data for 200 non-hydroelectric renewable energy (RE) firms listed on China's A-share market from 2008 to 2021. This study shows that air pollution improves investment efficiency by mitigating under-investment in wind and photovoltaic enterprises. This effect is not significant in biomass energy enterprises. Investor attention and enterprise environmental engagement are the mechanisms by which air pollution improves IERE. In addition, the impact of air pollution on IERE is higher for state-owned enterprises, companies with environmentally background executives, areas with less market segmentation, and areas with higher levels of environmental justice. RE policies and media attention can increase the positive impact of air pollution on IERE. This study clarifies the relationship between air pollution and IERE, and highlights important implications for improving the RE policy system and informing corporate investment decisions.

Suggested Citation

  • Wu, Jiayi & Lai, Aolin & Li, Zhenran & Wang, Qunwei, 2024. "Investment efficiency of renewable energy enterprises when exposed to air pollution: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 96(PC).
    • Handle: RePEc:eee:reveco:v:96:y:2024:i:pc:s1059056024007147
    DOI: 10.1016/j.iref.2024.103722
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1059056024007147
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.iref.2024.103722?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Koengkan, Matheus & Fuinhas, José Alberto & Kazemzadeh, Emad & Alavijeh, Nooshin Karimi & de Araujo, Saulo Jardim, 2022. "The impact of renewable energy policies on deaths from outdoor and indoor air pollution: Empirical evidence from Latin American and Caribbean countries," Energy, Elsevier, vol. 245(C).
    2. Biddle, Gary C. & Hilary, Gilles & Verdi, Rodrigo S., 2009. "How does financial reporting quality relate to investment efficiency?," Journal of Accounting and Economics, Elsevier, vol. 48(2-3), pages 112-131, December.
    3. Hao, Jing, 2023. "Retail investor attention and corporate innovation in the big data era," International Review of Financial Analysis, Elsevier, vol. 86(C).
    4. Ye, Fanglin & Paulson, Nicholas & Khanna, Madhu, 2022. "Are renewable energy policies effective to promote technological change? The role of induced technological risk," Journal of Environmental Economics and Management, Elsevier, vol. 114(C).
    5. Yang, Xiaoping & Cao, Dongmei & Andrikopoulos, Panagiotis & Yang, Zonghan & Bass, Tina, 2020. "Online social networks, media supervision and investment efficiency: An empirical examination of Chinese listed firms," Technological Forecasting and Social Change, Elsevier, vol. 154(C).
    6. Alexandre Garel & Arthur Petit-Romec, 2021. "Investor rewards to environmental responsibility: Evidence from the COVID-19 crisis," Post-Print hal-03204216, HAL.
    7. Kirsten A. Cook & Andrea M. Romi & Daniela Sánchez & Juan Manuel Sánchez, 2019. "The influence of corporate social responsibility on investment efficiency and innovation," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 46(3-4), pages 494-537, March.
    8. Tom Y. Chang & Joshua Graff Zivin & Tal Gross & Matthew Neidell, 2019. "The Effect of Pollution on Worker Productivity: Evidence from Call Center Workers in China," American Economic Journal: Applied Economics, American Economic Association, vol. 11(1), pages 151-172, January.
    9. Teklay, Belaynesh & Yu, Wei & Zhu, Keying, 2024. "The effect of superstitious beliefs on corporate investment efficiency: evidence from China," International Review of Economics & Finance, Elsevier, vol. 92(C), pages 1434-1447.
    10. Siqi Zheng & Jianghao Wang & Cong Sun & Xiaonan Zhang & Matthew E. Kahn, 2019. "Air pollution lowers Chinese urbanites’ expressed happiness on social media," Nature Human Behaviour, Nature, vol. 3(3), pages 237-243, March.
    11. Lai, Aolin & Du, Qian & Wang, Qunwei, 2024. "One region's gain is another's loss: The impact of market segmentation on renewable energy development in China," Energy Policy, Elsevier, vol. 192(C).
    12. Zhang, Dongyang & Kong, Qunxi, 2022. "Green energy transition and sustainable development of energy firms: An assessment of renewable energy policy," Energy Economics, Elsevier, vol. 111(C).
    13. Zhidong Tan & Jianhua Tan & Kam C. Chan, 2021. "Seeing is believing? The impact of air pollution on corporate social responsibility," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 28(1), pages 525-534, January.
    14. Riccardo Torelli & Federica Balluchi & Arianna Lazzini, 2020. "Greenwashing and environmental communication: Effects on stakeholders' perceptions," Business Strategy and the Environment, Wiley Blackwell, vol. 29(2), pages 407-421, February.
    15. Qi, Xiaoyan & Guo, Yanshan & Guo, Pibin & Yao, Xilong & Liu, Xiuli, 2022. "Do subsidies and R&D investment boost energy transition performance? Evidence from Chinese renewable energy firms," Energy Policy, Elsevier, vol. 164(C).
    16. Zhu, Qingyuan & Xu, Chengzhen & Chen, Qingjuan & Wu, Liangpeng, 2024. "Oil price distortion and its impact on green economic efficiency in China’s transportation: A spatial effect perspective," Renewable and Sustainable Energy Reviews, Elsevier, vol. 191(C).
    17. Chen, Zhongfei & Jiang, Kangqi, 2024. "Digitalization and corporate investment efficiency: Evidence from China," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 91(C).
    18. Yinpeng Zhang & Ying Chen & You Wu & Panpan Zhu, 2022. "Investor attention and carbon return: evidence from the EU-ETS," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 35(1), pages 709-727, December.
    19. Zhang, Qi & Yu, Zhi & Kong, Dongmin, 2019. "The real effect of legal institutions: Environmental courts and firm environmental protection expenditure," Journal of Environmental Economics and Management, Elsevier, vol. 98(C).
    20. Irfan, Muhammad & Rehman, Mubeen Abdur & Razzaq, Asif & Hao, Yu, 2023. "What derives renewable energy transition in G-7 and E-7 countries? The role of financial development and mineral markets," Energy Economics, Elsevier, vol. 121(C).
    21. Wang, Liukai & Li, Min & Wang, Weiqing & Gong, Yu & Xiong, Yu, 2023. "Green innovation output in the supply chain network with environmental information disclosure: An empirical analysis of Chinese listed firms," International Journal of Production Economics, Elsevier, vol. 256(C).
    22. Dongmin Kong & Jia Liu & Yanan Wang & Ling Zhu, 2024. "Employee Stock Ownership Plans and Corporate Environmental Engagement," Journal of Business Ethics, Springer, vol. 189(1), pages 177-199, January.
    23. Lin, Tao & Zhang, Ling & Li, Jianglong, 2024. "Coupling and coordinated development of green finance and renewable energy industry in China: Spatiotemporal differentiation and driving factors," Renewable Energy, Elsevier, vol. 235(C).
    24. Chen, Xing & Wu, Chongfeng, 2022. "Retail investor attention and information asymmetry: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 75(C).
    25. Ana Nave & João Ferreira, 2019. "Corporate social responsibility strategies: Past research and future challenges," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 26(4), pages 885-901, July.
    26. He, Guanming & Lin, Tiantian, 2022. "Does air pollution impair investment efficiency?," Economics Letters, Elsevier, vol. 215(C).
    27. Lai, Aolin & Wang, Qunwei, 2024. "How coal de-capacity policy affects renewable energy development efficiency? Evidence from China," Energy, Elsevier, vol. 286(C).
    28. Zhang, Lixiao & Pang, Mingyue & Bahaj, AbuBakr S. & Yang, Yongchuan & Wang, Changbo, 2021. "Small hydropower development in China: Growing challenges and transition strategy," Renewable and Sustainable Energy Reviews, Elsevier, vol. 137(C).
    29. Liu, Fengqi & Kang, Yuxin & Guo, Kun & Sun, Xiaolei, 2021. "The relationship between air pollution, investor attention and stock prices: Evidence from new energy and polluting sectors," Energy Policy, Elsevier, vol. 156(C).
    30. Lai, Aolin & Li, Zhenran & Hu, Xiurong & Wang, Qunwei, 2024. "Does digital economy improve city-level eco-efficiency in China?," Economic Analysis and Policy, Elsevier, vol. 81(C), pages 1198-1213.
    31. Liu, Haiyue & Jiang, Jie & Xue, Rui & Meng, Xiaofan & Hu, Shiyang, 2022. "Corporate environmental governance scheme and investment efficiency over the course of COVID-19," Finance Research Letters, Elsevier, vol. 47(PB).
    32. Dong, Dayong & Wu, Keke & Fang, Jianchun & Gozgor, Giray & Yan, Cheng, 2022. "Investor attention factors and stock returns: Evidence from China," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 77(C).
    33. Zhao, Lei & Li, Na & Wu, Yanjun, 2023. "Institutional investors' site visits, information asymmetry, and investment efficiency," International Review of Financial Analysis, Elsevier, vol. 88(C).
    34. Mohammed Benlemlih & Mohammad Bitar, 2018. "Corporate Social Responsibility and Investment Efficiency," Journal of Business Ethics, Springer, vol. 148(3), pages 647-671, March.
    35. Wang, Shengbin & Zheng, Jiafeng & Tu, Yongqian, 2023. "The Communist Party of China embedded in corporate governance and enterprise value: Evidence from state-owned enterprises," Finance Research Letters, Elsevier, vol. 54(C).
    36. Acar Berkan & Becchetti Leonardo & Manfredonia Stefano, 2021. "Media coverage, corporate social irresponsibility conduct, and financial analysts' performance," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 28(5), pages 1456-1470, September.
    37. Jiang, Dequan & Li, Weiping & Shen, Yongjian & Zhang, Ying, 2022. "Does air quality affect firms’ investment efficiency? Evidence from China," International Review of Economics & Finance, Elsevier, vol. 79(C), pages 1-17.
    38. Tan, Zhidong & Yan, Lina, 2021. "Does air pollution impede corporate innovation?," International Review of Economics & Finance, Elsevier, vol. 76(C), pages 937-951.
    39. Kong, Dongmin & Ji, Mianmian, 2024. "Individual investors’ dividend tax reform and investment efficiency," International Review of Economics & Finance, Elsevier, vol. 89(PA), pages 1102-1119.
    40. Elisabeth Kempf & Alberto Manconi & Oliver Spalt, 2017. "Distracted Shareholders and Corporate Actions," The Review of Financial Studies, Society for Financial Studies, vol. 30(5), pages 1660-1695.
    41. Li, Yanqiong & He, Jie & Xiao, Min, 2019. "Risk disclosure in annual reports and corporate investment efficiency," International Review of Economics & Finance, Elsevier, vol. 63(C), pages 138-151.
    42. Garel, Alexandre & Petit-Romec, Arthur, 2021. "Investor rewards to environmental responsibility: Evidence from the COVID-19 crisis," Journal of Corporate Finance, Elsevier, vol. 68(C).
    43. An, Yunbi & Jin, Han & Liu, Qingfu & Zheng, Kaixin, 2022. "Media attention and agency costs: Evidence from listed companies in China," Journal of International Money and Finance, Elsevier, vol. 124(C).
    44. Zhou, Bo & Ding, Hao, 2023. "How public attention drives corporate environmental protection: Effects and channels," Technological Forecasting and Social Change, Elsevier, vol. 191(C).
    45. Mohammed Benlemlih & Mohammad Bitar, 2018. "Corporate Social Responsibility and Investment Efficiency," Post-Print halshs-01321227, HAL.
    46. HUO, Peng & WANG, Luxin, 2022. "Digital economy and business investment efficiency: Inhibiting or facilitating?," Research in International Business and Finance, Elsevier, vol. 63(C).
    47. Zhi Cao & Jingbo Zhou & Meng Li & Jizhou Huang & Dejing Dou, 2023. "Urbanites’ mental health undermined by air pollution," Nature Sustainability, Nature, vol. 6(4), pages 470-478, April.
    48. Lai, Aolin & Wang, Qunwei & Cui, Lianbiao, 2022. "Can market segmentation lead to green paradox? Evidence from China," Energy, Elsevier, vol. 254(PC).
    49. Cao, Hong & Guo, Litian & Zhang, Lin, 2020. "Does oil price uncertainty affect renewable energy firms’ investment? Evidence from listed firms in China," Finance Research Letters, Elsevier, vol. 33(C).
    50. Xue, Qihang & Wang, Huimin & Wei, Jian & Bai, Caiquan, 2024. "Does the digital economy improve female autonomy?," Structural Change and Economic Dynamics, Elsevier, vol. 71(C), pages 193-207.
    51. Xu, Chang & Jin, Long, 2024. "Effects of government digitalization on firm investment efficiency: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 92(C), pages 819-834.
    52. Zafar, Muhammad Wasif & Sinha, Avik & Ahmed, Zahoor & Qin, Quande & Zaidi, Syed Anees Haider, 2021. "Effects of biomass energy consumption on environmental quality: The role of education and technology in Asia-Pacific Economic Cooperation countries," Renewable and Sustainable Energy Reviews, Elsevier, vol. 142(C).
    53. Shen, Haomin & Cheng, Xiaoke & Ouyang, Caiyue & Li, Ya & Chan, Kam C., 2022. "Does share pledging affect firms' use of derivatives? Evidence from China," Emerging Markets Review, Elsevier, vol. 50(C).
    54. Zyglidopoulos, Stelios C. & Georgiadis, Andreas P. & Carroll, Craig E. & Siegel, Donald S., 2012. "Does media attention drive corporate social responsibility?," Journal of Business Research, Elsevier, vol. 65(11), pages 1622-1627.
    55. Li, Zhenran & Wang, Meng & Wang, Qunwei, 2023. "Job destruction and creation: Labor reallocation entailed by the clean air action in China," China Economic Review, Elsevier, vol. 79(C).
    56. Cheung, Chun Wai & He, Guojun & Pan, Yuhang, 2020. "Mitigating the air pollution effect? The remarkable decline in the pollution-mortality relationship in Hong Kong," Journal of Environmental Economics and Management, Elsevier, vol. 101(C).
    57. Chen, Qingjuan & Wang, Qunwei & Zhou, Dequn & Wang, Honggang, 2023. "Drivers and evolution of low-carbon development in China's transportation industry: An integrated analytical approach," Energy, Elsevier, vol. 262(PB).
    58. Xue, Shuyu & Zhang, Bohui & Zhao, Xiaofeng, 2021. "Brain drain: The impact of air pollution on firm performance," Journal of Environmental Economics and Management, Elsevier, vol. 110(C).
    59. Szerena Szabo & Jane Webster, 2021. "Perceived Greenwashing: The Effects of Green Marketing on Environmental and Product Perceptions," Journal of Business Ethics, Springer, vol. 171(4), pages 719-739, July.
    60. Xu, Chengzhen & Zhu, Qingyuan & Li, Xingchen & Wu, Liangpeng & Deng, Ping, 2024. "Determinants of global carbon emission and aggregate carbon intensity: A multi-region input−output approach," Economic Analysis and Policy, Elsevier, vol. 81(C), pages 418-435.
    61. Poursoleyman, Ehsan & Mansourfar, Gholamreza & Rezaee, Zabihollah & Homayoun, Saeid, 2024. "Corporate social responsibility and investment efficiency: The roles of national stakeholder orientation and legal origins," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 889-911.
    62. Yuan, Huaxi & Zou, Longhui & Feng, Yidai, 2023. "How to achieve emission reduction without hindering economic growth? The role of judicial quality," Ecological Economics, Elsevier, vol. 209(C).
    63. He, Feng & Yan, Yulin & Hao, Jing & Wu, Ji (George), 2022. "Retail investor attention and corporate green innovation: Evidence from China," Energy Economics, Elsevier, vol. 115(C).
    64. Wang, Jie & Wang, Wanwan & Yuan, Fang, 2023. "Air pollution and corporate risk-taking: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 86(C), pages 570-586.
    65. Ali Meftah Gerged, 2021. "Factors affecting corporate environmental disclosure in emerging markets: The role of corporate governance structures," Business Strategy and the Environment, Wiley Blackwell, vol. 30(1), pages 609-629, January.
    66. Lin, Yongjia & Lu, Zhenye & Wang, Yizhi, 2023. "The impact of environmental, social, and governance (ESG) practices on investment efficiency in China: Does digital transformation matter?," Research in International Business and Finance, Elsevier, vol. 66(C).
    67. Li, Jianglong & Meng, Guanfei, 2023. "Pollution exposure and social conflicts: Evidence from China's daily data," Journal of Environmental Economics and Management, Elsevier, vol. 121(C).
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Yu, Lianchao & Sha, Haobin & Liu, Qiang & Yan, Guowan, 2024. "Environmental judicial independence and corporate investment efficiency: Evidence from a quasi-natural experiment in China," International Review of Economics & Finance, Elsevier, vol. 96(PA).
    2. Hao, Jing & Ren, Xingzi & Bi, Huining & Wu, Ji (George), 2025. "How does digital transformation predict the investment cycle in family enterprises?," Technological Forecasting and Social Change, Elsevier, vol. 210(C).
    3. Zhe Li & Oksana Pryshchepa & Bo Wang, 2023. "Financial experts on the top management team: Do they reduce investment inefficiency?," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 50(1-2), pages 198-235, January.
    4. Rayed Obaid Hammoud Alobaid & Ameen Qasem & Adel Ali Al-Qadasi, 2024. "Corporate Social Responsibility, Ownership Structure, and Firm Investment Efficiency: Evidence from the Saudi Stock Market," Sustainability, MDPI, vol. 16(15), pages 1-25, August.
    5. He Xiao, 2023. "Institutional investors' corporate site visits and corporate investment efficiency," International Review of Finance, International Review of Finance Ltd., vol. 23(2), pages 359-392, June.
    6. Rehana Anwar & Jaleel A. Malik, 2020. "When Does Corporate Social Responsibility Disclosure Affect Investment Efficiency? A New Answer to an Old Question," SAGE Open, , vol. 10(2), pages 21582440209, June.
    7. Iman Harymawan & Mohammad Nasih & Dian Agustia & Fajar Kristanto Gautama Putra & Hadrian Geri Djajadikerta, 2022. "Investment efficiency and environmental, social, and governance reporting: Perspective from corporate integration management," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 29(5), pages 1186-1202, September.
    8. Xiaopeng Wang & Xueyao Shen & Yongliang Yang, 2020. "Does Environmental Information Disclosure Make Firms’ Investments More Efficient? Evidence from Measure 2007 of Chinese A-Listed Companies," Sustainability, MDPI, vol. 12(5), pages 1-16, March.
    9. Zhang, Hua & Lai, Jie & Kang, Chenyi, 2024. "Green signalling under environmental pressure: Does local government environmental regulatory pressure promote corporate environmental information disclosure?," Economic Analysis and Policy, Elsevier, vol. 83(C), pages 813-844.
    10. Yu, Chang, 2023. "Board gender diversity and investment inefficiency," Journal of Economics and Business, Elsevier, vol. 124(C).
    11. Maha Faisal Alsayegh & Rashidah Abdul Rahman & Saeid Homayoun, 2022. "Corporate Sustainability Performance and Firm Value through Investment Efficiency," Sustainability, MDPI, vol. 15(1), pages 1-13, December.
    12. Cao, Zhangfan & Rees, William, 2020. "Do employee-friendly firms invest more efficiently? Evidence from labor investment efficiency," Journal of Corporate Finance, Elsevier, vol. 65(C).
    13. Arvidsson, Susanne & Eierle, Brigitte & Hartlieb, Sven, 2024. "Job satisfaction and investment efficiency – Evidence from crowdsourced employer reviews," European Management Journal, Elsevier, vol. 42(2), pages 266-280.
    14. Ijaz Ur Rehman & Faisal Shahzad & Khawaja Fawad Latif & Noman Nawab & Abdul Rashid & Shabir Hyder, 2021. "Does corporate social responsibility mediate the influence of national culture on investment inefficiency? Firm‐level evidence from Asia Pacific," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(3), pages 3484-3503, July.
    15. Tadesse Getacher Engida & Christopher F. Parmeter & Xudong Rao & Alfons G.J.M. Oude Lansink, 2022. "Investment Inefficiency and Corporate Social Responsibility," Journal of Productivity Analysis, Springer, vol. 58(1), pages 95-108, August.
    16. Lai, Aolin & Du, Qian & Wang, Qunwei, 2024. "One region's gain is another's loss: The impact of market segmentation on renewable energy development in China," Energy Policy, Elsevier, vol. 192(C).
    17. Kun Liu & Ying Zhu & Xiao Su & Lingchen Lu & Rui Fu, 2025. "Research on the impact of cross-border mergers and acquisitions on investment efficiency: evidence from Chinese listed companies," Palgrave Communications, Palgrave Macmillan, vol. 12(1), pages 1-18, December.
    18. Di Xiao & Xinyu Yu, 2025. "How do credit ratings affect corporate investment efficiency?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 30(1), pages 330-351, January.
    19. Anagnostopoulou, Seraina C. & Trigeorgis, Lenos & Tsekrekos, Andrianos E., 2023. "Enhancement in a firm's information environment via options trading and the efficiency of corporate investment," Journal of Banking & Finance, Elsevier, vol. 149(C).
    20. Karim Ben Khediri, 2021. "CSR and investment efficiency in Western European countries," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 28(6), pages 1769-1784, November.

    More about this item

    Keywords

    Air pollution; Renewable energy enterprise; Investment efficiency; Investor attention; Enterprise environmental engagement;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:reveco:v:96:y:2024:i:pc:s1059056024007147. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/620165 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.