Physarum polycephalum, a unicellular and multiheaded slime mould, can form highly efficient networks connecting separated food sources during the process of foraging. These adaptive networks exhibit a unique characteristic in that they are optimized without the control of a central consciousness. Inspired by this phenomenon, we present an efficient exploration and navigation strategy for a swarm of robots, which exploits cooperation and self-organisation to overcome the limited abilities of the individual robots. The task faced by the robots consists in the (...) exploration of an unknown environment in order to find a path between two distant target areas. For the proposed algorithm, we experimentally present robustness tests and obstacle tests conducted to analyse the performance of our algorithm and compare the proposed algorithm with other swarm robot foraging algorithms that also focus on the path formation task. This work has certain significance for the research of swarm robots and Physarum polycephalum. For the research of swarm robotics, our algorithm not only can lead multirobot as a whole to overcome the limitations of very simple individual agents but also can offer better performance in terms of search efficiency and success rate. For the research of Physarum polycephalum, this work is the first one combining swarm robots and Physarum polycephalum. It also reveals the potential of the Physarum polycephalum foraging principle in multirobot systems. (shrink)

The COVID-19 pandemic has pressed a pause button on global economic development, and induced significant mental health problems. In order to demonstrate the progressed relationship between the pandemic, economic slowdown, and mental health burden, we overviewed the global-level gross domestic product changes and mental problems variation since the outbreak of COVID-19, and reviewed comprehensively the specific sectors influenced by the pandemic, including international trade, worldwide travel, education system, healthcare system, and individual employment. We hope to provide timely evidence to help (...) with the promotion of policymakers’ effective strategies in mitigating economic losses induced by the pandemic; we suggest different governments or policy makers in different countries to share information and experience in dealing with COVID-19-induced economic slowdown and promote COVID-19 vaccine popularization plan to protect every individual worldwide against the coronavirus essentially; and we appeal international information share and collaboration to minimize stigmatization related to adverse mental consequences of COVID-19 and to increase mental health wellbeings of people all over the world. (shrink)

In order to solve a series of problems brought about by rapid development of science and technology, it is necessary not only to conduct in-depth research on science and technology ethics, but also to strengthen ethics education in science and technology. China’s five technical universities exemplify the specific situation and characteristics of ethics at Chinese technical universities, and can be compared to the situation in South Africa. China’s ethics education in the 5TU emphasizes the use of traditional ideological and cultural (...) resources, and practical cases. The teaching methods focus on combining traditional Chinese ethics with foreign experience and teaching methods, aiming at cultivating students’ ability to solve specific problems in the real world. This paper also evaluates and reflects on the short-term and long-term effects of China’s ethics education in science and technology, revealing some special problems. Ethics education in science and technology at the 5TU is based on the principle of “unity of knowledge and behaviour”. It is hoped that China’s ethics education founded on traditional Chinese thought, can make a valuable contribution to the development of global engineering ethics. (shrink)

This article explores the notion of the unconscious (das Unbewusste) in terms of its nature and constitutive manifestations in consciousness. In contrast to the psychoanalytic formulation, the unconscious is conceptualized here distinctively as sedimentation (die Sedimentierung) within the Husserlian framework. All `experiences sediment and are “stored” in a darkened, affectless region of the psyche, which is nonetheless not in any sense separated from the sphere of consciousness. Rather, the sedimented experiences move dynamically between the unconscious and consciousness, constantly affecting and (...) manifesting in the upcoming conscious activities of the subject. Based on this conceptualization, I suggest a schematic understanding of the manifestations of the unconscious, or sedimentation, in consciousness. The conceptual division of consciousness into the sphere of understanding (Verstandessphäre), sphere of affect (Gemütssphäre) and sphere of volition (Willenssphäre) allows us to speak of the corresponding threefold manifestations of the unconscious in each of these spheres as type (Typus), mood (Stimmung) and habits (Habitus). Having their genetic “origin” in sedimented experiences, these structural moments play a constitutive role in upcoming conscious activities of the intentional subject. Furthermore, I demonstrate that each of these moments is characterized by a distinctive kind of horizonality, in light of which a deepened understanding of the genetic concept of horizon-consciousness (Horizontbewusstsein) is obtained. Despite the conceptual tripartition, I emphasize at the end the essential intertwinement of the three structural moments in such conscious performance as association. (shrink)

This paper aims to clarify and reformulate the conceptual relationship between emotions and moods in light of recent researches in philosophy and cognitive psychology. I argue that the mechanism of mood may produces cognitive biases that affect the appraisals involved in emotions, whereas the mechanism of emotion may produce physiological and behavioral responses that affect the energy level being monitored by mood. These two distinct mechanisms can affect each other repeatedly and continuously, which form the mood-emotion loop. I argue that (...) this model may help explain the interaction between emotions and mood, and may shed light on the understanding of the regulation of emotion and mood disorders. (shrink)

Employee innovation is the cornerstone of the organization, and the motivation for employee innovative behavior largely depends on the leadership style of the leader. With the economic development of society, the traditional authoritative style of leadership can no longer adapt to the psychological characteristics of employees, who use new-era work concepts, techniques, and social rules (hereafter, new generation workers). Inclusive leadership is based on the concept of “fully inclusive and equitable” in traditional Chinese culture, and it can adapt to the (...) independent needs of new generation employees. At present, the research on the relationship between the traditional leadership style and employee innovative behavior is relatively extensive, but there is little research on the relationship between inclusive leadership style and employee innovative behavior, and this needs further exploration. This paper takes new generation employees as the sample and uses psychological capital as an intermediary variable to explore the influence of inclusive leadership style on the innovative behaviors of new generation employees. We found that inclusive leadership is significantly and positively related to new generation employees’ innovative behaviors. Theoretical and practical implications are discussed. (shrink)

The category $\mathbb {DRDL}{'}$, whose objects are c-differential residuated distributive lattices satisfying the condition $\textbf{CK}$, is the image of the category $\mathbb {RDL}$, whose objects are residuated distributive lattices, under the categorical equivalence $\textbf{K}$ that is constructed in Castiglioni et al. (Stud Log 90:93–124, 2008). In this paper, we introduce weak monadic residuated lattices and study some of their subvarieties. In particular, we use the functor $\textbf{K}$ to relate the category $\mathbb {WMRDL}$, whose objects are weak monadic residuated distributive lattices, (...) and the category $\mathbb {WMDRDL}{'}$, whose objects are pairs formed by an object of $\mathbb {DRDL}{'}$ and a center weak universal quantifier. (shrink)

In light of Laura Sizer's and Robert Thayer's models of mood, I propose a functional theory to explain in what sense moods are adaptive. I argue that mood involves a mechanism which monitors our physical and mental energy levels in relation to the perceived energy demands of our environment, and generates corresponding cognitive biases in our reasoning style, attention, memory, thought, and creativity. The function of this mechanism is to engage us in the right task with the right amount of (...) energy by maintaining equilibrium between the energy we possess and the energy our environment demands. (shrink)

Purpose:On the background of innovation-driven growth strategy of the Chinese government, this study aims to explore the impact of the knowledge base on innovation-driven growth of a firm, which is moderated by organizational character.Design/methodology/approach:Based on the data of 965 Chinese listed companies, some hypotheses were tested using the method of hierarchical regression analysis.Findings:Organizational growth relies on both technological and business model innovations and their interactive effect. Knowledge base, both breadth and depth, makes a positive impact on the innovation-driven growth of (...) an enterprise. In the impacting mechanism, an explicit organizational character not only has direct positive effects on business model innovation, it also strengthens the effect of knowledge breadth on business model innovation. On the contrary, an implicit organizational character is not significantly related to innovation.Research limitations/implications:In order to achieve growth, enterprises are suggested to adopt such dual innovation strategy, led by technological innovation and supplemented with business model innovation, which is supported by the integrated management of intangible resources, deep and broad knowledge, and explicit organizational character.Originality/value:A new theoretical framework of organizational innovation-driven growth was proposed. The realization paths of innovation-driven growth were explored. The idea of collaborative governance between the knowledge base and organizational character was raised. (shrink)

Grounded in Bandura’s social cognitive theory of moral thought and action, we develop a conceptual model linking supervisors’ perceptions of organizational injustice and abusive supervision with moral disengagement mechanisms acting as the underlying process. Specifically, we elaborate why and how supervisors’ experiences of each type of injustice would trigger their adoption of distinctive moral disengagement mechanisms, which in turn lead to their abusive supervisory conduct. The present conceptual model sheds new light on linking organizational injustice to abusive supervision from a (...) moral perspective. In addition, it also provides important theoretical and managerial implications to our current understanding of why and how abusive supervision happens. (shrink)

Comprehensive work on ancient and modern Indic philosophy; with some reference to religious movements and reforms of Marathi and other Indian saints.

This study aimed to explore the influence the value modularity and a firm’s innovation performance, directly and indirectly, using knowledge management as mediating variable. Moreover, in this study, we used the resource integration ability as a moderator between the relationship value modularity and firm innovation performance. We collected data from the Chinese state-owned and state-controlled high-tech firms from 2011 to 2018. In this study, we used the gray comprehensive evaluation method to test the degree of value modularity, and hierarchical regression (...) analysis is used to analyze the relationship among variables. The outcomes of this study indicate that value modularity and firm innovation performance has inverted U-shaped and significant association. Similarly, results also confirm that knowledge acquisition and knowledge internalization mediate the relationship between value modularity and firm innovation performance. The finding of this research also confirms that resource integration ability negatively affects the relationship between value modularity and firm innovation performance. This paper enriches the research of the value modularity and gives certain inspiration to knowledge management. At the end of this study, we also suggest some significant practical implications. (shrink)

Background: Doctors should disclose the diagnosis to patients according to the principle of autonomy. However, not disclosing the diagnosis and prognosis to cancer patients remains common in mainland China. Objective: The study explored the experiences and attitudes of patients with cancer, family members, and the medical staff in truth-telling. Research design: A quantitative survey with three closed-ended questionnaires was conducted. Participants: In all, 137 patients with cancer, 134 family members caring for cancer cases, and 54 medical staff were surveyed. Descriptive (...) statistics were used to summarize all characteristics, and the chi-square test was performed to analyze group differences in attitudes toward cancer disclosure. Ethical considerations: This study was approved by the Committee on Ethics of Biomedicine Research, at the Second Military Medical University (HJEC-2018-YF-001). Informed consent was obtained from all participants prior to study commencement. Findings: A total of 59.8% of patients were informed about their diagnosis within 1 week, and 19.7% inferred theirs. The medical staff preferred to prioritize family members in informing about patient diagnosis while 77.4% of patients preferred to be told the whole truth at the time of initial diagnosis. More patients than family members and medical staff wanted the patients to be informed about the diagnosis ( p < 0.001). A significant difference was found between the patients and family members regarding who should tell the patients. Discussion: The willingness of patients in knowing the truth was underestimated by their family members as well as the medical staff. Guessing the truth indirectly may exert negative effects on the patients, and not telling the truth is inappropriate in patients who want to be informed. Conclusion: Disclosure of a cancer diagnosis is a complex process involving medical practice, as well as a range of cultural, ethical, and legal factors. The medical staff should first assess each patient’s willingness in truth-telling and inform about disease diagnosis with respect. Emotional support and comfort from family members are encouraged. Anyone in the patient’s care team, especially nurses, could be integrated in the process of truth-telling. (shrink)

Compare with other professions, teachers are reported to have a higher risk of poor mental health. This study examined the relationships between emotional intelligence, perceived organizational justice, and mental health among Chinese high school teachers. Three hundred and eighty-one high school teachers, with their age range between 21 and 50 years, were administered the Emotional Intelligence Scale, Perceived Organizational Justice Scale, and Mental Health Scale. The result found that emotional intelligence and perceived organizational justice directly influence the mental health of (...) high school teachers. In addition, perceived organizational justice mediated the association between emotional intelligence and mental health. Moreover, the present study analyzes the different role of subtypes of perceived organizational justice on the relationships between emotional intelligence and mental health, and the results showed that the mediating effects of perceived distributive justice and interactive justice on emotional intelligence and mental health are not significant, only the perceived procedural justice mediated the relationships between emotional intelligence and teachers’ mental health. The results are discussed in a conceptual context. (shrink)

BackgroundAt present, tic disorder has attracted the attention of medical researchers in many countries. More clinicians choose non-drug therapy, especially cognitive-behavioral therapy because of the cognitive side effects of drug therapy. However, few studies had assessed its efficacy. It is necessary to have a more comprehensive understanding of the literature quality of CBT and its intervention effect.MethodsIn this study, MEDLINE, Embase, and Cochrane were searched from the beginning to June 15, 2021 to study the efficacy of -CBT on tic disorder. (...) Only studies using the Yale Global Tic Severity Scale and the control group were included.ResultsA total of 12 randomized controlled trials, including 536 patients with tic disorders, were identified. The results showed that the effect of CBT was better than that of the control group. The pooled standardized mean difference was −0.34. The effect size of CBT differs from different intervention conditions. In seven studies, the subjects’ motor tic scores were counted. The sample size of the experimental group was 224 and that of the control group was 218. The pooled SMD was −0.43. Seven studies counted the vocal tic scores of subjects, 224 in the experimental group and 218 in the control group. The pooled SMD was −0.22. Seven studies counted the tic impairment scores of subjects, 220 in the experimental group and 214 in the control group. The pooled SMD was −0.48.ConclusionThe literature shows that different CBTs can significantly reduce the total score of tic disorder and the score of motor tic, but cannot significantly reduce the score of vocal tic. In the future, more new interventions were needed to improve the symptoms of different patients, especially vocal tic. (shrink)

Seafood consumption is crucial for global nutrition, but the decline of wild marine fisheries necessitates aquaculture to meet the rising demand. Nevertheless, the pervasive preference for wild seafood among Chinese consumers, especially in Qingdao, has not been comprehensively explored. This study investigates the preference for wild seafood in Qingdao, China, challenging the notion of wildness as a mere characteristic and revealing its active role in influencing consumer behavior. Employing the relational perspective of new materialism, the study unravels the dynamic interactions (...) between humans and non-human actors, providing a comprehensive understanding of the multifaceted nature of food. The research uncovers how wild seafood is entangled within the social fabric, labor relations, and consumer choices. It demonstrates that wildness is not a static social fact but rather is constantly emerging and transforming through interactions among seafood, people, places, nature, and technology. By examining the affective and subjective dimensions of seafood consumption, the findings indicate that the subjectivity of wild seafood impacts consumers’ physical and emotional states. The study also highlights the importance of social relations in food systems and calls for increased transparency and consumer education to promote sustainable consumption practices. (shrink)

With only two to five slots of visual working memory (VWM), humans are able to quickly solve complex visual problems to near optimal solutions. To explain the paradox between tightly constrained VWM and impressively complex human visual problem‐solving ability, we propose several principles for dynamic VWM allocation. In particular, we propose that complex visual information is represented in a temporal manner using only a few slots of VWM that include global and local visual chunks. We built a model of human (...) traveling salesman problem solving based on these principles of VWM allocation and tested the model with eye‐movement data. Exactly as the model predicted, human eye movements during traveling salesman problem solving have precise quantitative regularities with regard to both the general statistical pattern of attentional fixations and how they vary across individuals with different VWM capacities. Even though VWM capacity is very limited, eye movements dynamically allocate VWM resources to both local and global information, enabling attention to fine details without loss of the big picture. (shrink)

Previous studies have confirmed that individual waste management behavior is influenced by both rational-based and altruistic-oriented beliefs and attitudes. Scholars incorporated personal norms in Ajzen’s theory of planned behavior and confirmed its usefulness in predicting waste management behavior. However, limited attention has been paid to the interactions between the variables in the model. Scholars also commented that the cognitive dimension was largely neglected in the current socio-psychological framework of waste management behavior. This study intends to address this issue by incorporating (...) environmental concern and environmental knowledge in the model and examining the psychological paths linking these variables to waste management behavior within the expanded model of planned behavior. Based on a cross-sectional survey among 434 university students in China, the results showed that subjective norms, perceived behavioral control, personal norms, and environmental knowledge were essential predictors of waste management behavior, whereas the direct effect of attitude was not statistically significant. Environmental concern and subjective norms could influence waste management behavior through personal norms. Environmental knowledge could influence waste management behavior indirectly through environmental concern, personal norms, and perceived behavioral control. Moreover, perceived behavioral control served as a mediator between the relationship of personal norms and waste management behavior. (shrink)

This study examines the impact of corporate social responsibility activities on insider trading. While opponents of insider trading claim that the buying or selling of a security by insiders who have access to non-public information is illegal, proponents argue that insider trading improves economic efficiency and fairness when corporate insiders buy and sell stock in their own companies. Based on extensive U.S. data of insider trading and CSR engagement, we find that both the number of insider transactions and the volume (...) of insider trading are positively associated with CSR activities.We also find that legal insider transactions are positively related to CSR engagement even after controlling for potential endogeneitybias and various firm characteristics. Furthermore, our evidence suggests that firms perceive adjustment to CSR dimension of product as being efficient, while adjustment to diversity and environmental CSR as being inefficient. Our results of bad and illegal insider trading proxies are consistent with the interpretation that firms with high CSR ratings do not attempt to engage in unethical or bad insider trading in a significant fashion. Combined together, we consider our empirical evidence supportive of the fairness and efficiency explanation, but not the unfairness and inefficiency hypothesis. (shrink)

The power of music to arouse garden-variety emotions has attracted attention from musicians, psychologists, and philosophers over decades. Despite its widespread acknowledgement, there is no agreement on how pure music with no propositional content can induce such a wide range of emotions. Jenefer Robinson coined this 1 problemthepuzzleofmusicalemotion. Inthisessay,Iwillfirstdiscusswhymusical emotion is a puzzle. Then, Jesse Prinz’s perceptual theory of emotion and his solution 2 to the puzzle will be discussed. Prinz regards an emotion as an embodied appraisal, and a musical (...) emotion as an illusory embodied appraisal which is a by-product of the adaptive emotion system. I argue that it is problematic to regard musical emotions as illusions for two reasons: 1) the bodily responses aroused by music are not specific enough to produce an illusion of a real emotion; 2) musical emotion is adaptive by itself in the sense that it is a mirroring-based simulation of the emotion represented by music, and such mirroring system plays an important role in interpersonal emotion communications. (shrink)

This paper describes a scoping review of China’s academic resource databases, relevant official websites, news reports and public accounts spanning a period from the end of 2019 to the end of 2022, to investigate the challenges in scientific integrity and ethical soundness of research conducted during and immediately after the COVID-19 pandemic in China. By conducting the scoping review with keywords related to the research questions in Chinese, relevant data were extracted and classified into four categories: challenges in research, challenges (...) in ethics review, challenges in publishing academic work, and research ethics guidelines during and after the pandemic. The paper points out that problematic studies and findings increased with the escalation in medical research projects during the pandemic in China. The situation faced by researchers was more difficult than before the pandemic. The mode of informed consent, and ethics review and oversight systems also underwent changes. In addition, Traditional Chinese Medicine as an alternative medical treatment for COVID-19, attracted attention from the research community and became a topic of discussion. We conclude that the various challenges and concerns identified indicate a need for a proper and timely response system be formulated in preparation for possible future occurrences of new pandemics or other critical situations. (shrink)

Volume 46, Issue 6, November 2020, Page 658-675.

Consumers often feel embarrassed when buying products like condoms, hemorrhoid cream, and beriberi cream in crowded pharmacies. There is an interesting phenomenon in life: Some beriberi creams use the images of a “real foot”, while others use the images of a “cartoon foot.” Imagine if a young woman needed to go to a retail store for beriberi cream that would embarrass her, she would choose a “real foot image” or a “cartoon foot image” beriberi cream? It has been shown that (...) the embarrassment of these products has a strong negative impact on consumer buying behavior. Previous researches have explored how changing packaging elements of embarrassing products can effectively reduce consumer embarrassment. However, few have examined the impact of different image types of embarrassing product packaging with embarrassment. Therefore, this research explores the effect of image types on consumers’ willingness to purchase embarrassing products and reveals the mechanisms of the underlying effects. The results show that natural images can lead to lower purchase intention of embarrassing products when the advertisement uses first-person pronouns due to the mediating role played by negative body imagery. However, there is no significant difference in purchase intention between different image types in the third-person pronouns. Finally, this paper discusses its contributions and limitations. (shrink)

This study investigates how abnormally hot temperatures affect firms’ environmental behaviors in China. We find that firms exposed to abnormally hot temperatures participate in more environmental engagement. We also find that this improvement effect is driven mainly by environmental concerns, including public concerns, CEOs, and governments. Our results remain intact after an array of robustness tests. Further analysis shows that the effect of abnormally hot temperatures on corporate environmental engagement is more pronounced in SOEs, heavily polluting firms, and firms located (...) closer to local environmental protection agencies. Based on the political pressure channel, our results indicate that the improvement effect is more prominent in politically connected firms, cities where local officials can wield more influence, local governments have larger financial slack, and local governments disclose their environmental targets. Moreover, the positive impact of environmental engagement on firm value is stronger when firms are exposed to abnormally hot temperatures. Overall, this study sheds light on the potential stimulation of firms’ environmental actions by global warming, which is yet to be fully understood. (shrink)

Based on a sample of heavily polluting firms listed in China, we examine the impact of environmental taxes on the green M&A behavior of these firms. Our findings underscore that environmental taxes have significantly increased the likelihood of heavily polluting firms engaging in green M&A endeavors. This impact is particularly pronounced in areas with high media attention, low financing constraints, and high environmental investment. However, our examination of the economic consequences shows that green M&A does not improve the green innovation (...) performance and ESG performance of firms. The analysis of M&A motivations shows that the majority of heavy polluters' green M&A targets are located in regions with weak environmental regulation, confirming that green M&A under the environmental tax burden is a tool used by firms to engage in pollution transfer. In addition, green M&A under the environmental tax burden is characterized by financial investment, connected M&A, and nonsignificant M&A, confirming that green M&A under the environmental tax burden may be a tool used by companies seeking only the appearance of “greenwashing.” Therefore, green M&A under the environmental tax burden tends to be underpinned by opportunistic motives of pollution transfer and “greenwashing,” rather than substantive green transformation and upgrading. We provide evidence from emerging markets on the impact of environmental taxes on green M&A, which adds to the literature in this area and has policy implications for government regulation of corporate environmental governance practices. (shrink)

Financial market and economic growth and development trends can be regarded as an extremely complex system, and the in-depth study and prediction of this complex system has always been the focus of attention of economists and other scholars. Emotion recognition algorithm is a pattern recognition technology that integrates a number of emerging science and technology, and has good non-linear system fitting capabilities. However, using emotion recognition algorithm models to analyze and predict financial market and economic growth and development trends can (...) yield more accurate prediction results. This article first gives a detailed introduction to the existing financial development and economic growth status and development trend forecasting problems, and then gives a brief overview of the concept of emotion recognition algorithms. Then, it describes the emotion recognition methods, including statistical emotion recognition methods, mixed emotion recognition methods, and emotion recognition methods based on knowledge technology, and conducts in-depth research on the three algorithm models of statistical emotion recognition methods, they are the support vector machine algorithm model, the artificial neural network algorithm model, and the long and short-term memory network algorithm model. Finally, these three algorithm models are applied to the financial market and economic growth and development trend prediction experiments. Experimental results show that the average absolute error of the three algorithms is below 25, which verifies that the emotion recognition algorithm has good operability and feasibility for the prediction of financial market and economic growth and development trends. (shrink)

Social media has been widely applied by major religions throughout the world to enhance cohesion among believers. Although a considerable amount of research has focused on the effect of social media on the beliefs of Christianity and Islam, East Asian religions have seldom been featured in current research. This study, therefore, took a representative sample of individuals participating in the celebration of the festival of the goddess Mazu and measured their attitudes towards and perceptions of social media’s influence on folk (...) religion. I also explored how social media stimulates transformation in Chinese folk religion, its influence on the preservation of cultural values, and the cross-industry alliance between folk temples and local businesses. Moreover, this study proposes suggestions for further research. (shrink)

As an innovative financing activity, online crowdfunding is characterized by extremely high information asymmetry. To reduce this information asymmetry, crowdfunding companies typically use information presentation, feedback, and other means to convey more information about the fundraising project to investors. Whether the information presentation and feedback affect the investment behavior of nonprofessional ordinary investors is yet to be determined. Moreover, the method by which the information presentation and feedback influence the investment behavior and consequently, the financing performance of crowdfunding companies, has (...) to be identified as well. Currently, research on this subject remains deficient. Therefore, with signal theory and the difference in the cost of information transmission considered, this study classifies the information released by fundraisers on the crowdfunding platform into two categories: low-quality signal and high-quality signal. Projects on the JD.com Crowdfunding website are then used as research samples to explore how the difference in signal quality in the information presentation and feedback of crowdfunding projects influences financing performance from the perspective of investors. The results show that low-quality signals such as video duration, the number of updates, and the number of comments on projects positively affect the success of crowdfunding; meanwhile, crowdfunding experience, which represents high-quality signals, positively moderates the relationship between project video duration, project updates, and crowdfunding success. (shrink)

Addressing the productivity challenge of climate technology (ClimTECH) firms and avoiding the “green trap” is crucial for decoupling economic growth from carbon emissions and achieving sustainable development. This study uses the establishment of green finance reform and innovation pilot zones as a quasi-natural experiment and employs a difference-in-differences model to explore the impact of green finance policies on the total factor productivity (TFP) of ClimTECH firms and its spillover effects. The results show that (1) Green finance policies significantly increase TFP, (...) especially in state-owned firms, firms that actively disclose environmental information, firms led by long-tenure CEOs, and those in regions with strong intellectual property protection. (2) The channel analysis shows that green finance policies enhance firms' TFP by easing financing constraints, encouraging green technology improvements, and improving capital allocation efficiency. (3) The spillover effect analysis shows that the TFP increase driven by green finance policies not only enhances firm value but also stimulates local green innovation and reduces regional carbon emissions. This research offers theoretical insights and policy implications for strengthening green finance frameworks and enhancing the environmental responsibility of ClimTECH firms. (shrink)