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The fashion industry has been criticized for its significant negative environmental and labor rights impacts. In response, some fashion brands are now seeking to address these concerns by integrating ethical values into their operations and forming alliances with consumers to promote ethical consumption. While they have constructed ethical values and aim to communicate them to their consumers, the

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The increasing integration of Bitcoin with traditional stock markets makes understanding its impact on stock market volatility crucial. This paper constructs a GARCH-MIDAS model using data from the Shanghai Composite Index, the S&P 500 Index, and Bitcoin to investigate Bitcoin's influence under different regulatory environments. The results show that Bitcoin has a significant negative rela