No abstract

Drawing on the existing debate on the link between the governance of local production systems (i.e. clusters or industrial districts) and the development of localities, this paper analyses the structure of interfirm networking and co-operation, as well as the structure of governance, in the jewellery district in the Birmingham Jewellery Quarter (BJQ). The BJQ was an historical urban Marshallian industrial district at the turn of the 20th century; even today, in a small web of streets, there are still a large number of jewellery firms and allied jewellery trades. In fact, the BJQ is still a remarkable example of a localised industry with a pool of highly skilled labour, an extensive external division of labour across specialised firms and a fabric of social relationships. Since World War II, technological shocks and the emergence of tougher competition have damaged the organisation of production of the district, as well as impacting on its ability to be innovative and competitive in domestic and foreign markets. The sustainability of the jewellery district in the BJQ is one of the main targets of local policy-makers and agencies. However, as it is in the process of reinventing itself from a stagnant manufacturing industrial district into an urban creative district, its very existence is threatened by the transformation of parts of the area into a popular place in which to live, eat and drink. In this context, the participation of jewellery firms in the processes of decision-making is of paramount importance to ensure that the interests and needs of all stakeholders are voiced and taken on board.

No abstract

Using a large proprietary database of intraday high-frequency trading, we investigate the trading strategies of institutional investors in dealing with the negative environmental event disclosure of listed companies and their impact on markets, aiming to reveal the mechanism of the lack of "green efficiency" in China's capital market from the perspective of institutional investors. The results show that institutional investors react to negative environmental events prior to the announcements, indicating premature information leakage in the market; in addition, their trading behaviors mitigate the immediate effect of negative environmental event announcements on stock price.After the event is disclosed, institutional investors engage in short-term selling and long-term buy and hold. This trading strategy undermines the irrational selling of individual investors in the event of disclosure, short-term decline in stock price, and long-term reversal of market overreaction. In a China context, institutional investors generally take environmental information into consideration. However, they fail to recognize the long-term value effect of negative environmental events and instead cater to trading strategies towards market volatility.

Low-carbon transformation has become a key priority in China, as demonstrated in the implementation of the Carbon Peak, Carbon Neutralization policy, leading to increasing concern of environmental performance at the corporate level. This paper measures the carbon emission of 1,089 Chinese companies through the EIO-LCA-based approach. Then we examine the impacts of international crude oil price fluctuations and the corporate development level on carbon emissions of individual companies. Our results indicate that an increase in international crude oil price uncertainty could inhibit the company’s carbon emission. In parallel, we find that there might exist an environmental Kuznets curve (EKC) inverted U-shaped correlation between the company’s development level and its environmental performance. However, some exceptions to corporate carbon performance may emerge, resulting from specific corporate characteristics such as the state-owned nature and whether the firm is listed on the stock exchange. Our results could help companies optimize their internal carbon emission structure during the low-carbon transition process and contribute to effective policy regulations towards the target of carbon reduction.