Search Results (10,899)

This paper explores how green digital technologies (GDTs)—ERP systems, cloud software, IoT, artificial intelligence, and big data analytics—can be used to improve the quality of ESG disclosures of industrial listed companies in the Amman Stock Exchange (ASE). Based on the institutional isomorphism theory, we examine how the relationship between coercive, mimetic, and normative institutional pressures and adopting green technology interacts to effect sustainability reporting practices. Using panel data pertaining to 30 ASE-listed industrial companies during the 2020–2024 period (N = 146 firm-year observations), we applied pooled OLS and random effects frameworks characterized by a strong clustering of standard errors. The findings show that the Green Digital Technology Index is positively and significantly associated with ESG disclosure scores (Pooled OLS: β = 5.448, t = 2.367, p = 0.019; Random Effects: β = 5.941, t = 2.507, p = 0.024), with adopting firms having an average score that is 1.73 points higher. Its largest effect is on the environmental dimension (β = 3.460, p = 0.074). Institutional pressures do not moderate the GDT–disclosure relationship; however, mediation analysis indicated that institutional pressure significantly predicts GDT adoption (β = 0.098, p < 0.001), suggesting that institutional forces are linked to disclosure quality through their association with technology adoption rather than through direct effects, indicating that institutional forces exert their influence through technology adoption. Disclosure quality is negatively associated with CEO duality (β = −4.863, p < 0.001). These results are consistent with the interpretation that green digital technologies serve as a transmission channel through which institutional pressures are associated with enhanced sustainability disclosure in emerging markets. Full article

The rapid adoption of financial technology (fintech) is transforming the financial ecosystem. Understanding how these technologies influence financial development is crucial given that the institutional conditions shaping the fintech–financial development relationship remain insufficiently examined. To address this, a panel data regression model for 30 emerging and developing countries is utilized during 2011–2024 to examine the direct effect of fintech adoption on financial development and to test whether institutional quality moderates this relationship through an interaction-based FE/RE model, supplemented by country-specific marginal effect analysis. Composite indices are constructed to more accurately represent the levels of financial development, fintech adoption, and institutional quality. The results show that fintech adoption has a positive association with financial development at the average level of institutional quality and, as a more significant insight, this association becomes stronger as the level of institutional quality improves above a specific threshold level. The empirical strategy combines panel-wide econometric analysis with descriptive cross-country case studies to illustrate how the same conceptual mechanism manifests under different macro-financial and institutional contexts. Overall, a mechanism-focused interpretation of the fintech–financial development association is provided that emphasizes institutions as a central determinant of the pace and effectiveness of fintech adoption. Full article

County economic growth in multi-tiered fiscal systems depends not only on the volume of transfers but also on whether those transfers pass through intermediary governments. This paper separates administrative delegation from fiscal chain redesign in province-managed county reforms in China. We study 1537 counties from 2000 to 2023 and compare D2, which creates direct province–county fiscal accounts, with D1, which delegates administrative authority but keeps the prefectural intermediary. The empirical design uses panel difference-in-differences estimators, synthetic difference-in-differences, double machine learning robustness checks, and exploratory heterogeneity diagnostics. Based on a placebo-corrected lower bound and a cross-estimator upper bound, D2 is associated with a conservative growth range of 0.35 to 1.0 percentage points per year, while the D1 estimate is imprecise. D2 is also associated with higher contemporaneous per capita fiscal expenditure, but the one-year lagged mediator check does not support a fully identified expenditure mechanism. Heterogeneity patterns are consistent with stronger effects in transfer-dependent counties, but they remain exploratory. The outcome is county economic growth, not a composite sustainability index. The results support a focused governance claim. More reliable transfer delivery is consistent with improved local growth capacity, while fiscal, social, and environmental sustainability remain outside the measured outcome space. Full article

The objectives of this study are to examine the direct relationships among perceived ethics, perceived sustainability, customer trust, customer engagement, and customer loyalty; and to investigate the mediating roles of customer trust and customer engagement in explaining the relationship between ethical and sustainability perceptions and customer loyalty. Using the Stimulus–Organism–Response (SOR) framework and the Theory of Planned Behavior (TPB) as theoretical foundations, this research examines how ethical and sustainability perceptions within social commerce environments influence customers’ psychological states and behavioral responses. A quantitative approach was used, involving data collection from 360 Thai consumers who had previously bought sustainable fashion items through social media. The proposed model was then evaluated using partial least squares structural equation modeling (PLS-SEM). The results suggest that consumers’ evaluations of seller ethics significantly enhance their perceptions of product sustainability, customer trust, and engagement. Furthermore, perceived sustainability of fashion products affects both trust and engagement. Customer trust subsequently promotes both engagement and loyalty; however, customer engagement exhibits the most substantial direct effect on customer loyalty. Mediation analysis confirms the essential functions of trust and engagement in mediating the impacts of ethical and sustainability perceptions on loyalty. These findings highlight the importance of ethical transparency and proactive customer engagement in fostering trust and long-term customer loyalty within social media-based sustainable fashion commerce. Therefore. This study provides both theoretical and practical insights for sustainable fashion enterprises functioning within digital contexts. Full article

In the digital era, sustainable finance is increasingly expected not only to expand financial access, but also to strengthen ESG transparency, accountability, and the alignment between corporate disclosure and actual practice. Against this backdrop, this study examines whether digital finance enhances corporate ESG disclosure–practice consistency by mitigating corporate ESG decoupling. Using Chinese A-share listed firms from 2011 to 2024 as the sample, we further investigate the moderating roles of corporate digitalization and executives’ digital background. The results show that digital finance significantly reduces corporate ESG decoupling, and this finding remains robust after alternative variable specifications, sample adjustments, stricter fixed-effects settings, and instrumental-variable estimation. Across the environmental, social, and governance dimensions, digital finance exhibits a stronger mitigating effect on social and governance decoupling. Corporate digitalization and executives’ digital background, acting as key micro-level enabling mechanisms through which regional digital finance translates into firm-level governance improvement, both significantly strengthen the mitigating effect of digital finance on corporate ESG decoupling. Further analysis shows that this effect mainly operates through easing financing constraints and reducing information asymmetry. This study contributes to the literature on sustainable finance, digital governance, and corporate sustainability by providing new evidence on how digital finance can narrow the ESG disclosure–practice gap and improve the consistency between corporate ESG disclosure and actual performance. It also offers practical implications for advancing the high-quality development of digital finance, strengthening firms’ digital capabilities, and enhancing the digital literacy of corporate executives. Full article

This study examines the relationship between Environmental, Social, and Governance (ESG) and financial performance in the United Kingdom context, an area of increasing importance in both academic and practical domains. ESG is measured using the London Stock Exchange Group (LSEG) disclosure score. Using a dataset of firms in the FTSE 350 index over a 5-year period from 2020 to 2024, a panel regression model is employed to analyse the relationship between ESG and financial performance. The results of this study are mixed. When using ROA as a proxy for financial performance, the results suggest a statistically significant and positive relationship between ESG and financial performance, although the ESG coefficient indicates a relatively modest effect. However, when ROE is used as a proxy, the results are insignificant, suggesting that the impact of ESG may vary depending on the financial performance measure used. These findings contribute to the literature by providing evidence from the UK during a period of economic disruption, highlighting ESG’s role in operational performance rather than shareholder returns. However, the results should be interpreted with caution due to the use of disclosure-based ESG measures and a limited set of control variables. Full article

The transition towards a circular economy (CE) has emerged as a key strategy for promoting sustainable development, particularly in resource-intensive industries. Representing such an industry, the automotive sector offers substantial CE potential. However, its practical implementation remains fragmented, and the theoretical discourse lacks consistency. This study addresses these gaps through a scoping review. The analysis first identifies key industry-specific research gaps in the CE transition. A subsequent evaluation of practical case studies reveals significant heterogeneity in the implementation of circular practices across companies and value chain positions. In addition, the summary of recommendations from the existing literature provides a structured overview of necessary measures in the areas of management, research, and policy. The results indicate a strong concentration on two CE-related areas: electric vehicle (EV) batteries and recycling strategies, while higher-value circular strategies remain underrepresented. Moreover, the maturity of circular practices varies considerably across value chain actors, with suppliers in particular lagging behind OEMs and downstream actors. Based on these findings, the study critically discusses the roles of industry, research institutions, and policymakers in enabling a more comprehensive and systemic transition towards circularity in the automotive sector. By systematically linking theoretical developments, empirical evidence, and stakeholder-specific implications, the study advances the field of automotive-related CE research. Full article

To address the “greenwashing” trust crisis induced by information asymmetry in sustainable supply chains, this study develops a comprehensive game-theoretic model integrating Stackelberg and evolutionary game theories (EGT). We quantitatively investigate the dynamic interactions among multi-dimensional consumer preferences, blockchain implementation costs, and boundedly rational government interventions. Our analysis yields three core contributions. First, we analytically reveal the “double-edged sword effect” of blockchain adoption. While structural transparency unlocks a trust dividend, exorbitant technological costs trigger a “budget crowding-out effect.” Quantitative results demonstrate that breaching the absolute Feasibility Threshold completely cannibalizes the environmental budget, driving substantive green investments strictly to zero. Second, EGT analysis proves that isolated punitive carbon taxes trap supply chains in a suboptimal “shallow greening” equilibrium. A composite tax-subsidy policy is structurally required to expand the feasible cost space and hedge against technological risks. Finally, we formulate a dynamic policy exit mechanism. As blockchain infrastructure matures and the endogenous green premium effectively offsets implementation costs, regulators must systematically phase out subsidies and converge toward a single-taxation regime to prevent corporate policy arbitrage and alleviate long-term public financial burdens. Full article

Industrial transformation in resource-based regions (RBRs) is a global challenge. Shanxi is a typical resource-based province in China. The long-term exploitation of coal resources has posed huge challenges to its ecological protection and high-quality development. Breaking away from the single-city perspective, this study focuses on the regional scale and comparative analysis and attempts to construct a novel three-dimensional analytical framework, namely, “industrial characteristics, industrial layout, and industrial policies”, to explore the industrial transformation path of typical RBRs. The results indicate the following: (1) Shanxi does not have obvious advantages in terms of resource endowment, with a severely heavy industrial structure and strategic emerging industries still in the initial stage of development. At the national strategic level, it is still necessary to strengthen the application of the “pioneer and pilot” policies and mechanisms for innovation. (2) In the context of high-quality development, Shanxi needs to clarify the industrial transformation orientation. For agriculture, the focus should be placed on characteristic and efficient development. For industrial development, priority should be given to upgrading advantageous industries and cultivating emerging industries. For the tertiary industry, it is necessary to form a development pattern of “new producer services + characteristic tourism”. In terms of regional development layout, Shanxi should establish a macro-pattern to promote inter-regional coordinated development. (3) In the new period, Shanxi should accelerate the construction of transportation systems to improve the convenience of inter-regional cooperation. It is essential to increase investment in education and scientific research so as to enhance the overall social innovation capacity. Meanwhile, differentiated regional development policies should be adequately supplied to drive the high-quality evolution of local industries. Focusing on the regional scale, the new logical analysis paradigm can provide theoretical references for RBRs to clarify the direction of industrial transformation and formulate transformation policies. Full article

The transition toward a circular economy (CE) in the plastic recycling sector requires integrated management frameworks that align technical performance with organizational governance. This study proposes an exploratory diagnostic framework for formalized recycling SMEs, integrating Latent Dirichlet Allocation (LDA) and Random Forest (RF) algorithms. Given the specialized nature of the sector, a purposive sample of 16 ‘pioneer’ SMEs in Bogotá was analyzed. Data were standardized through a 5-point ordinal scale, and the Spearman rank correlation analysis ($\rho \ge 0.85)$ revealed high internal consistency and structural synchronization. This high correlation reflects the operational homogeneity of the analyzed vanguard rather than a universal statistical claim. The findings suggest that, for these leading firms, circularity is driven by social impact, collaborative networks, and systemic process reengineering. Consequently, the proposed framework is presented as an exploratory diagnostic tool tailored to the specific structural characteristics of formalized recycling SMEs, providing a methodological basis for understanding circularity within this specialized niche. Full article

Rural e-commerce is treated as a lever for common prosperity, but its welfare effect turns non-monotonic across digital-development gradients, raising concerns about the widening urban–rural gap in sustainable regional development. We built a county-year panel of 2725 Chinese counties from 2014 to 2022, with Taobao village density as the treatment, land-based agricultural value conversion efficiency as the county-level mediator, and the Peking University digital financial inclusion digitization sub-index as the moderator. The estimations combine two-way fixed-effect regressions, continuous-interaction moderation, Hansen panel-threshold regression, Callaway–Sant’Anna difference-in-differences, Bartik shift-share instrumentation with Rotemberg-weight diagnostics, and multiple imputation by chained equations supplemented by propensity-score sensitivity checks. Taobao village density linearly depresses rural per-capita disposable income and produces a significant U-shape in the nightlight Gini with an in-sample turning point. The marginal effect on Sen welfare moves from approximately $+0.99$ log-units at low digitization to approximately $-0.95$ at high digitization, with the sign-reversal becoming statistically significant only above the 55th percentile of the moderator (Hansen threshold at the 85th percentile), so the trap is a tail regime rather than a generalized reversal; over the panel window, however, 80.5% of counties cross into the trap zone in at least one year. Approximately 28 percent of the welfare squeeze passes through the land-based ecological efficiency channel, with parallel mediators delivering 19–90 percent. The deepest squeeze appears in cash-crop counties that platform theory predicted to benefit most, where the welfare effect at high digitization is roughly $3.1$ times the staple-grain effect. We label this pattern the Digital Saturation Trap and argue that sustainable urban–rural policy should shift from uniform platform access toward differentiated platform governance in counties beyond the saturation threshold. Full article

Adopting a circular economy approach requires new business models, multi-stakeholder engagement, and tailored financial models and mechanisms as core pillars. This paper examines the conditions needed to scale circular economy initiatives in Europe by analysing insights collected from the DECISO project and conducting a comparative analysis of 38 European projects. The study adopts a mixed methods approach that integrates an online stakeholder survey with inputs generated through participatory workshops and discussions of selected use cases. This combined approach is used to identify the main structural barriers limiting the maturity and investment readiness of circular economy projects, such as regulatory complexity, difficulties in accessing funding, and weak stakeholder dialogue mechanisms. The approach was also used for enabling factors that can support development of circular economy. Particular attention is given to the role of project development assistance, modular financing strategies, and de-risking tools, which are highlighted as crucial elements for supporting the technical and economic credibility of projects and attracting public and private investors. The article also identifies and addresses seven unresolved research gaps in the literature, including the lack of interoperable policy instruments, the absence of business models capable of integrating investor expectations, the paucity of integrated methodologies for assessing technical and economic regulatory feasibility, and the need for trust-building procedures. The findings suggest that the transition to a regenerative economy requires a systemic approach based on coherent policies, de-risking financial instruments, collaborative governance, and strategic technical support throughout the project development cycle. Full article

The Gulf Cooperation Council (GCC) countries consistently rank among the highest per capita CO₂ emitters globally, yet rigorous empirical analysis of the structural drivers of these emissions in the post-Paris Agreement era remains scarce. This study investigates the determinants of CO₂ emissions per capita across six GCC economies—Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates—over the period 2015–2022, using pooled ordinary least squares (OLSs) and country fixed effects (FEs) panel regression models with country-clustered standard errors. The focal explanatory variable is energy use per capita, complemented by GDP per capita, trade openness, urbanization, foreign direct investment (FDI), and industry value added as controls. A quadratic income term explicitly tests the environmental Kuznets curve (EKC) hypothesis. Results consistently show that energy use is the dominant driver of emissions. The EKC hypothesis is supported in the FE framework. The implied turning point of approximately USD 85,500 per capita (constant 2015 USD) is already exceeded by Qatar (panel mean: USD 114,835) and approached by the UAE (USD 71,434), while Bahrain (USD 55,681), Kuwait (USD 51,531), Saudi Arabia (USD 61,232), and Oman (USD 38,591) remain on the EKC’s rising slope, consistent with their continued emissions’ growth trajectories. Urbanization exerts a significant positive within-country effect on emissions. Trade openness reduces emissions in cross-sectional specifications, while FDI is systematically insignificant. These findings support energy efficiency reforms, renewable energy expansion, and low-carbon urban planning as the most effective policy levers for GCC decarbonization. Full article

Against the backdrop of the global green development concept, scientifically assessing the level of urban green transformation (UGT) in China and revealing its spatiotemporal evolution are critical for promoting high-quality development in the country. We constructed an evaluation index system based on four dimensions: economic, social, resource, and environmental transformation. Using the entropy method, we determined the scores for a comprehensive green transformation development index for 285 prefecture-level-and-above cities in China from 2000 to 2023. We further employed kernel density estimation, standard deviation ellipses, the Dagum Gini coefficient, and convergence models to systematically examine the dynamic evolution, regional disparities, and convergence characteristics pertaining to UGT. The key findings are as follows: (1) There is a steady upward trend in the overall level of UGT in China, with intra-regional differences gradually converging. However, a “better–getting-better” differentiation pattern exists, while there is no observable multi-peak polarization. (2) Based on the UGT level, cities in China can be classified into four types: leading areas, potential areas, catching-up areas, and lagging areas. Spatially, a gradient pattern consisting of “high in coastal areas and low in inland areas” was identified. The overall centroid of green transformation has shifted southward, with a northeast–southwest distribution direction. The spatial agglomeration pattern exhibits a transition from dispersion to concentration. (3) There is a decreasing trend in overall disparity among the eight major economic regions, with inter-regional disparity being the primary source, while intra-regional disparity in coastal areas has increased. (4) Regarding convergence characteristics, σ-convergence can be observed in all economic regions except the Eastern Coastal, Southern Coastal, and Middle Yangtze River economic regions. Both absolute β-convergence and conditional β-convergence were found for China overall and its eight comprehensive economic regions, with the highest convergence speed in the Northeast region and the lowest in the Middle Yangtze River region. Furthermore, spatial absolute β-convergence and conditional β-convergence are also present, indicating strong spatial dependence among cities. This study provides empirical evidence and policy references for promoting UGT and optimizing regional development layouts in China. Full article