“…First, a macro perspective, scholars examining the policy effect of the establishment of PFTZ have used empirical analysis methods such as counterfactual analysis, synthetic control, and DID to evaluate the economic effect of PFTZ construction. They have revealed that institutional dividends released with the construction of PFTZ have effectively stimulated regional economic growth (Cai et al, 2021 ; Huang et al, 2017 ; Wang, 2013 ; Zheng et al, 2016 ; Zhang et al, 2018 ), facilitated the free flow of international capital (Yao and Whalley, 2015 ; Yao and Whalley, 2016 ; Chen et al, 2021 ), reinforced the spillover effect of regional knowledge (Li et al, 2020 ), promoted the development of e-commerce industry (Yang et al, 2021 ), maintained the sustainable development of regions (Liu et al, 2021a , b ), and elevated the efficiency of port operation (Liu et al, 2021a , b ; Fan et al, 2022 ). From a micro perspective and based on the previous analysis that focused on the regional port operation efficiency impact of PFTZ construction, Li et al ( 2021a , b ) further shed light on the effects of the construction of PFTZ on the performance of listed companies and conducted empirical researches using the DID method on it.…”