This study examines the impact of non-executive employee stock ownership plans (ESOP) on corporate environmental engagement. We show that granting ESOPs to non-executive employees promotes greater corporate ecological engagement from the perspectives of environmental protection expenditures, environmental information disclosure quality, and environmental, social, and governance (ESG) ratings. ESOPs unite members in a common interest, empowering them to put pressure on management to reduce carbon emissions, which benefits their physical wellbeing and increases their residual interest in long-term corporate wealth. Further, our (...) analysis reveals that companies investing in environmental protection forgo short-term profit as a consequence of high initial costs, while increasing long-term firm value. These positive effects are attributable to ESOP schemes with higher employee subscription rates, those granted to a larger number of non-executive employees, and those with longer validity periods of ownership, whose incentive effect is sufficiently powerful to offset the free-rider problem. In addition, the impact of ESOPs is more pronounced in companies with greater media exposure, those confronting intense labor market competition, and those in heavily polluting industries. Fundamentally, our study provides novel evidence of the incentive effect of ESOPs on corporate environmental engagement and of stakeholder dynamics driving the implementation of carbon reduction strategies. (shrink)

With the further acceleration of urbanization in China, the proportions of both urban residents’ energy consumption and energy-consuming terminal electricity are showing an increasing trend at the same time. In view of the dynamic and time-varying complex system characteristics of power system, it is of great significance to study the impact mechanism of urbanization residents’ electricity consumption on the realization of demand-side management and environmental protection. Based on the one-year follow-up survey data obtained from household meter reading, this paper studies (...) the impact mechanism of urban residents’ electricity consumption in different seasons and terminals by descriptive analysis and multiple linear regression model. The results show that, on the whole, electricity is a necessity for urban households and does not change significantly with changes in income. At the turn of summer and autumn and the turn of winter and spring, high-income families tend to use higher levels of energy in pursuit of comfort, while low- and middle-income families do not have luxury consumption. In different seasons, the influence mechanism of household electricity consumption at different terminals is different. (shrink)

Solvency assessment is the core content of insurance supervision. In this paper, from the perspective of capital flow, the insurance company’s capital flow is regarded as a dynamic system, the stochastic differential equations model is established to describe its flow characteristics, and the existence of positive equilibrium point of the system is proved, as well as the conditions of stability at equilibrium point, that is, the requirements of the insurance company’s solvency. Furthermore, by using the numerical simulation method, we get (...) the strategy of insurance companies to deal with the solvency shortage when facing the change of external environment, and the strategy of insurance company to deal with solvency shortage is obtained. (shrink)