Earticle

As high-quality economic and social development progresses continuously and the average life expectancy steadily rises, China has entered a phase of profound aging, significantly intensifying the pressure on pension services. While improving the quality of elderly care services, ensuring universal accessibility for all senior citizens has emerged as a pressing practical challenge confronting governments at all levels. Leveraging advanced financial technology, digital inclusive finance bridges the digital divide, lowers financial barriers, and dismantles information silos, thereby aligning financial services more closely with the practical needs of the elderly and providing robust support for inclusive elderly care. This paper theoretically analyzes the mechanism and functioning pathways of digital inclusive finance that influence inclusive elderly care. To empirically validate the theoretical framework, micro-level survey data from five prefecture-level cities in Zhejiang Province were collected using a multi-stage sampling approach, and an ordered Probit model was employed for the analysis. The results reveal that digital inclusive finance positively enhances inclusive elderly care. Willingness to invest and finance, financial support, and financial accessibility emerge as three key mechanisms. Financial literacy plays a significant positive moderating role, whereas the digital divide exhibits a notable negative moderating effect. Digital financial inclusion exerts a more substantial favourable influence on inclusive elderly care for urban residents than rural residents, and its positive impact is more significant for residents in regions with higher economic development levels than those in less developed areas. Additionally, digital inclusive finance exerts a positive influence on the transformation of elderly care concepts, the enhancement of residents' consumption levels, and the improvement of family resilience. Finally, this paper puts forward five policy inspirations: Firstly, to encourage the advancement of digital inclusive finance to foster a more comprehensive development of inclusive elderly care; Secondly, to strengthen guidance on investment and wealth management to bolster financial support for pension plans; Thirdly, to overcome barriers posed by the digital divide and enhance the accessibility of financial services; Fourthly, to augment policy backing and fortify the efficacy of financial oversight to guarantee the enduring and robust advancement of digital inclusive finance within the framework of inclusive elderly care; Lastly, to refine the pension security system to achieve diversification in elderly care services.

In digital marketing, sports influencers now play a key role in influencing consumer purchase intentions.They impact consumers' perceptions and choices of sports products with professional content and charisma. As social media use grows, their recommendations and reviews play an increasingly important role in consumers' purchasing decisions.While existing research has explored influencer marketing broadly, limited studies have examined how sports influencers’ credibility trustworthiness, expertise, and attractiveness affects consumer behavior. This study investigates the impact of sports influencer credibility on consumer purchase intentions (PI) by integrating social identity theory and electronic word-of-mouth (eWOM) dynamics as mediating mechanisms. Using survey data from 326 Douyin users in China, the study employs structural equation modeling (SEM) to test its hypotheses. Results reveal that all three dimensions of credibility positively influence PI. Furthermore, both consumer identification and eWOM significantly mediate the relationship between influencer credibility and PI. Through mediation analysis, this study finds that influencer expertise has the largest indirect impact on purchase intention via consumer identification and electronic word-of-mouth (eWOM). Also, consumer identification has a more significant mediating effect on purchase intention than eWOM. This highlights the key role of expertise and influencer identification in influencer marketing.The study extends source credibility theory by demonstrating that influencer credibility fosters identification and eWOM, which in turn drive purchase intentions. From a practical perspective, brands should prioritize influencers with high expertise and credibility, fostering deeper consumer engagement and positive eWOM. By strategically aligning their influencer partnerships with consumer identification mechanisms, marketers can enhance consumer trust and optimize influencer marketing effectiveness. This approach not only strengthens the connection between consumers and the brand but also drives purchase decisions by leveraging the influencer's authoritative status and the collective influence of community feedback.

Grounded in Trait Activation Theory (TAT), and considering the multifaceted nature of leader humor (LH), this study is the first to examine the effects of affiliative leader humor (AFF) and aggressive leader humor (AGG) on employees’ innovation performance (IP), with perceived overqualification (PO) as a mediating variable and political skills (PS) as a moderating variable. Data were collected through an online survey administered via the Credamo platform, yielding valid responses from 298 employees in China. Using SPSS 26 and AMOS 26.0 for data analysis, the study revealed the following key findings: (1) AFF is positively associated with employees’ IP; (2) PO mediates the relationship between LH and IP; and (3) PS moderates the indirect effect of LH on IP via PO. Specifically, the mediating effect of PO becomes weaker when individuals possess higher levels of PS, thereby demonstrating a moderated mediation mechanism. This study is based on TAT and uses LH as a situational cue to explore how it affects IP by activating or inhibiting employees' PO, thereby deepening the application of TAT in organizational behavior. The research indirectly verifies the “double-edged sword effect” of PO, namely that it can function either as resistance to innovation or as a driving force, depending on the context. In addition, this study identifies the boundary conditions of LH on IP by introducing PS as a moderating variable, providing new theoretical insights into the role of individual differences in “trait situation” interactions. The study finds that employees with high PS are better able to cope with the uncertainty brought about by LH, which reduces the negative impact of PO on IP. These findings offer new empirical evidence for the mechanism through which PS influences employee behavior within organizational settings. By revealing the influence path (the mediating role of PO) and boundary conditions (the moderating role of PS) of LH on IP, this study not only expands the theoretical perspective on LH but also provides valuable insights for both the theoretical framework and practical applications in organizational behavior. It holds particular significance for LH talent management and the development of an innovative organizational culture.

After three years of the COVID-19 pandemic, tourism markets around the world have gradually recovered, and some places have even seen retaliatory consumption by tourists. Part of the reason for the recovery can be attributed to the rise of the millennial generation, which is currently the influencer of the world's main consumer groups. Millennial tourists are different from other tourist groups. Due to the changes of the times, they have unique preferences in consumption, experience and choice. Because they were born in the most prosperous period of the development of the times, as well as the economic policies of some regions, compared with people from other times, they have a more unique side in overseas consumption and their own consumption. This study examines the travel patterns of millennials born in the Chinese region (Mainland China, Hong Kong, Macao and Taiwan). The millennial population composed of mainland China, Hong Kong, Macao and Taiwan in this study cannot be ignored. These main forces of consumption have an impact on the consumption of the Korean tourism market. The questionnaire survey time for this study is from December 20, 2023 to February 20, 2024. The online questionnaire survey form of "Wenjuan.com" is adopted. A total of 471 questionnaires were collected, and 442 valid questionnaires were finally analyzed (142 from Mainland China, 150 from Hong Kong and Macao, and 150 from Taiwan). By analyzing the collected data, we can fully understand their travel habits and consumption structure, and we can also further understand the millennials in different regions. The expenditures of tourists in this study include accommodation, transportation, tourist activities, catering, shopping, sports activities and other expenses. It is worth noting that this study uses the Tobit model for data analysis. The study investigated various aspects of millennial travel habits, including expenditure and behavior. In the past, there have been many related studies on millennial consumption, economy, etc. Different from previous studies, the main purpose of this study is: 1) What are the characteristics of millennials in Mainland China, Hong Kong, Macao, and Taiwan in demographics. 2) After demographic research, explore the characteristics of millennials in Mainland China, Hong Kong, Macao, and Taiwan in overseas travel consumption. 3) Comparative study of millennials in Mainland China, Hong Kong, Macao, and Taiwan in overseas travel consumption. This will help understand the preferences of millennial tourists from Mainland China, Hong Kong, Macao and Taiwan as the times change, which will help develop Korean tourism and establish new marketing strategies to promote the overall economic development of Korea.

This study examines the impact of institutional investors on the performance of Chinese enterprises, utilizing data from 1,110 firms and 2,375 investment cases spanning 2011 to 2020. Institutional investors are classified into venture capital (VC), private equity (PE), and government-led venture capital (GVC) to analyze their distinct roles. The findings demonstrate that VC significantly enhances long-term profitability, with an average increase in Return on Assets (ROA) of 0.495% one year post-IPO, while its impact on short-term profitability is limited. PE prioritizes short-term financial gains, showing a notable ROA increase of 1.141% within a year of investment. GVC, driven by policy mandates, negatively affects profitability, with ROA decreasing by 2.156% in the same period. In terms of stock performance, VC-backed firms achieve significantly higher post-IPO stock returns, with a positive coefficient of 0.221 (p < 0.01). Conversely, neither PE nor GVC has a notable effect on stock returns. These results highlight the diverse roles of institutional investors. VC focuses on fostering innovation and long-term growth, especially in early-stage firms. PE emphasizes rapid profitability improvements and operational efficiency, targeting mature enterprises. GVC, as a policy-driven entity, prioritizes national strategic objectives over financial outcomes, often supporting sectors critical to economic development. This research provides valuable insights for policymakers and investors. Policymakers are encouraged to foster a balanced institutional investment ecosystem that promotes both innovation and financial stability. Investors can leverage these findings to align their strategies with the unique characteristics and performance impacts of various investor types. By analyzing the differentiated roles of institutional investors, this study contributes to the understanding of their influence in emerging markets and offers strategic guidance for optimizing investment practices in China’s capital market. It underscores the need for tailored strategies to maximize the effectiveness of each investor type and addresses the broader implications of institutional investment for economic transformation. Additionally, the findings emphasize the critical role of institutional investors in supporting market growth and innovation, while addressing challenges such as policy misalignment and resource inefficiencies. These insights are essential for designing investment frameworks that align with both market and national development goals.

Reverse consumption refers to consumers consciously not pursuing the most expensive or best products, but prioritizing the cost-effectiveness and practicality of products or services. This approach involves selecting second-hand goods, shared products, and low-cost alternatives to achieve the dual goals of economic savings and environmental protection. The emergence of reverse consumption is based on the backdrop of intensifying global environmental issues and increasing economic uncertainty, leading to a shift in consumer behavior towards more sustainable and affordable consumption patterns. Reverse consumption has begun to emerge in China and has become an important option, although there is currently little research on it. To fill this research gap, this study constructs a new second-order structural equation based on the extended Theory of Consumption Values (TCV) and the Value-Attitude-Behavior (VAB) theory, to explore how extended consumption values influence consumers' two-dimensional attitudes (cognitive attitude and emotional attitude), environmental concerns, and trust, thereby affecting their willingness to engage in reverse consumption. The research results indicate that extended consumption values and attitudinal factors positively influence the willingness to participate in reverse consumption. Among the second-order variables of consumption values, functional value and emotional value have the most significant impacts, while materialistic values have a negative effect on the outcome. In addition, the two-dimensional attitudes play a crucial mediating role between extended consumption values and the willingness to engage in reverse consumption, while trust negatively moderates the relationship between these two-dimensional attitudes and the willingness to engage in reverse consumption, providing a deeper psychological explanation for reverse consumption. This study explores the factors leading to reverse consumption behavior from a consumer perspective and comprehensively explains these stimulating factors. This study not only delves deeply into the internal mechanisms of reverse consumption behavior but also provides vital support for formulating effective market strategies and policies. These findings assist governments and enterprises in understanding consumers' psychological changes during times of uncertainty, seizing the new trend of reverse consumption, and promoting the development of the market in a more environmentally friendly and healthy direction.

In the new stage of development where the "dual carbon" strategy and the goal of common prosperity are being advanced in parallel, China's new-type urbanization and rural revitalization strategies are undergoing a paradigm shift from geographic spatial expansion to a multidimensional integration of ecological, social, and economic systems. This study focuses on the key ecological barrier regions of the Yellow River Basin, taking Henan Province located at the core of the Central Plains Economic Zone as a case study. Based on complex system theory, a three-dimensional evaluation system is constructed. Using the Coupling Coordination Degree Model, Kernel Density Estimation, and Spatial Markov Chain Analysis, the coupling coordination degree between new-type urbanization, rural revitalization, and the ecological environment system from 2011 to 2022 is calculated and analyzed. The study explores the evolution characteristics of coupling coordination development from a spatial-temporal perspective. The results indicate that: (1) The coupling coordination level in Henan Province has shown a stable development trend over time. The coupling coordination degree of cities has gradually improved from a near-disequilibrium state to a primary coordination state. Spatially, the Central Plains Urban Agglomeration centered around Zhengzhou exhibits a higher level of coupling coordination, while the southern and eastern parts of Henan Province show relatively lower coupling coordination levels. However, the disparity between regions is gradually narrowing. (2) The coupling coordination types of cities in Henan Province show synergistic effects with those of neighboring regions. The neighborhood effect significantly influences the regional coupling coordination degree, with regions in a low-coordination type showing a significantly higher probability of upward transition. (3) In view of the unbalanced development in Henan Province, it is necessary to strengthen the radiating leading role of core cities, accurately support backward regions, build cross-regional coordination mechanisms, and promote balanced development of all regions. This study innovatively constructs an evaluation framework for the coordinated development of multiple systems, revealing the spatial interaction mechanisms of regional complex system co-evolution. It provides a scientific basis for the implementation of high-quality development strategies in Henan Province.

As the spatial carrier of the long-term evolution of civilization, traditional villages preserve regional cultural genes through their stable settlement patterns, while their cultural landscape systems embody diachronic interaction characteristics of human-land relationships. In this study, thirty typical traditional villages in Yanbian Korean Autonomous Prefecture were selected as research samples. By establishing a three-level analytical structure of "gene element-gene chain-gene shape", four types of cultural landscape gene maps were systematically constructed and visualized. The genetic information map identifies core gene units of traditional villages by deconstructing the cultural coding mechanism of "gene element" and reveals their semantic function as carriers of cultural memory. The spatial sequence map investigates the spatial correlation of "gene chain" and analyzes the coupling mechanism between village spatial organization and ecological foundations. The distribution pattern map summarizes five gene combination paradigms (including Mass, Axis, Tie-branch style, scatter and group) through multi-village cluster analysis, thereby confirming the driving effect of watershed adaptability on settlement spatial differentiation. The spatial pattern map elucidates the propagation trajectory of cultural genes at regional scales and discloses the cultural-geographical characteristics of rice cultivation technology diffusion. The study reveals that traditional villages in the Yanbian area exhibit a tripartite gene arrangement paradigm integrating "ecological base-construction technology-social organization": At the ecological base level, settlement site selection demonstrates adaptive strategies to cold temperate monsoon climates; at the construction technology level, architectural design and decoration not only fulfill anti-seismic and cold-proof functional requirements but also transmit ethnic aesthetic consciousness; at the social organization level, village layouts and seasonal rituals form cultural identity gene chains that sustain collective memory within cross-border immigrant communities. Spatial distribution characteristics adhere to dual logics of watershed adaptability and ethnic-cultural communication. These research outcomes systematically delineate the constituent dimensions and spatial differentiation principles of cultural landscapes in multi-ethnic frontier regions of Northeast China, while providing a scientific foundation for cultural space restoration and living heritage preservation within rural revitalization strategies.