Author

Jian-Xiang Zhang

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Open access Sep 2026

Climate Risk and Firms' Shadow Relocation: Evidence From China

Using recruitment big data matched to Chinese listed firms and their subsidiaries, covering 26,439 firm‐year observations from 2014 to 2023, we find that parent firms exposed to higher climate risk rarely relocate their registered locations. Instead, they reallocate employment toward subsidiaries located in lower‐ris...

Xin-Zi Xia, Jian-Xiang Zhang, Peng Xiao · Sustainable Development · 0 citations

Aug 2026

Public Digital Infrastructure Investment and Corporate Digital Transformation: Evidence from New Infrastructure Special Bonds in China

Digital transformation has become a critical source of corporate competitiveness, yet the role of public digital infrastructure investment in facilitating this process remains underexplored. This study examines whether new infrastructure special bonds promote corporate digital transformation in China. Using a sample of...

Jian-Xiang Zhang, Maoguang Wang, Xin-Zi Xia · Singapore Economic Review · 0 citations