Search Results (262)

This paper examines whether CEO green experience shapes firms’ responses to China’s environmental protection tax (EPT) under the 2018 “fee-to-tax” reform. Using a panel of Chinese A-share listed firms from 2013 to 2023, we construct a firm–year measure of the effective environmental payment burden by harmonizing pollution discharge fees (pre-2018) with EPT payments (post-2018) and scaling by operating revenue. This measure is intended to capture firm-level response patterns under the EPT regime, rather than represent firms’ underlying environmental outcomes directly. CEO green experience is measured through keyword-based text analysis and manual verification of publicly available CEO résumés and coded as an indicator variable. Employing a two-way fixed effects framework with firm and year fixed effects and firm-clustered standard errors, we find that firms led by green-experienced CEOs exhibit a significantly lower effective EPT burden. Mechanism tests suggest that environmental information disclosure—proxied by the issuance of a standalone environmental report—serves as an important channel in this relationship: green-experienced CEOs are more likely to promote environmental reporting, which is associated with a lower effective tax burden. A battery of robustness checks, including alternative measures of CEO green experience and restricting the sample to the post-2018 period, supports the stability of the main results. Heterogeneity analyses further suggest that the association is stronger among highly educated CEOs, large firms, and firms in heavily polluting industries. The findings highlight the role of executive characteristics and disclosure institutions in shaping firm-level responses to market-based environmental regulation. Full article

This study investigates how CEO demographic characteristics, including age, gender, and nationality, and cognitive characteristics, including tenure, education, and multiple directorships, influence firms’ ESG performance, with a focus on the moderating role of Worldwide Governance Indicators (WGIs). Using a regime/smooth transition approach with panel data from STOXX Europe 600 firms spanning the years 1999 and 2023, the results show that demographic characteristics exert a more consistent effect than cognitive effects in the full sample and in non-sensitive industries. In sensitive industries, however, both demographic and cognitive CEO traits significantly affect ESG performance. Older and female CEOs enhance ESG performance under strong worldwide governance indicators (WGIs) in the full sample and sensitive industries, whereas foreign CEOs perform better under weaker worldwide governance conditions. In non-sensitive industries, the patterns for female and foreign CEOs are reversed. Cognitive traits such as tenure and multiple directorships show limited influence, while higher educational qualifications improve ESG outcomes under weak governance but reduce them under strong governance across all samples. Overall, the findings highlight the importance of aligning CEO characteristics with the institutional governance environment to enhance corporate sustainability performance. This study contributes by examining how CEO demographic and cognitive characteristics affect ESG performance under varying country-level governance conditions. It also highlights sectoral differences between sensitive and non-sensitive industries and, by using a nonlinear (PSTR) approach, uncovers regime-dependent effects with implications for governance-aware CEO selection and ESG strategy. This study extends upper echelons and institutional theories by showing that the effect of CEO characteristics on ESG performance depends on country governance quality, offering insights for boards and policymakers seeking to align leadership selection with governance contexts to strengthen sustainability and accountability. Full article

This study explores how board characteristics impact corporate cash flow risk in an emerging market setting. While previous research has examined firm risk, crash risk, and earnings quality, there is limited evidence on cash flow risk and its governance factors, especially in developing economies. To fill this gap, this study differentiates between volatility-based and distortion-based measures of cash flow risk and assesses how board attributes influence these aspects. Using a balanced panel of 327 non-financial firms listed in Vietnam from 2013 to 2023, cash flow risk is measured by the rolling five-year volatility of operating cash flows and short-term distortions shown in earnings–cash flow mismatches. To address endogeneity and dynamic persistence, the analysis uses the system generalized method of moments estimator, along with fixed-effects and feasible generalized least squares models for robustness. The findings suggest that board independence, gender diversity, and financial expertise are linked to lower cash flow risk, highlighting the importance of effective monitoring. Conversely, board meeting frequency is positively linked to risk, suggesting that boards tend to increase meeting frequency as a reactive response to heightened uncertainty. Board size and CEO duality do not show consistent effects. Focusing on Vietnam’s institutional context, this study provides evidence that governance mechanisms influence different dimensions of cash flow risk through separate channels, offering valuable insights for enhancing board effectiveness in emerging markets. Full article

This research examines Jordanian risk disclosure policies and how board size, meeting frequency, CEO duality, and board expertise affect them, exploring how political ties moderate the link between board features and risk disclosure. In 2014–2023, the research examined 90 non-financial enterprises registered on the Amman Stock Exchange, yielding 900 firm-year observations. Word-based manual content analysis quantifies risk disclosure. The postulated associations are tested using moderate regression. The board’s competence positively affects risk disclosure. CEO dual function hurts risk disclosure. However, the findings did not suggest that board size or meeting frequency affect risk disclosure. Political ties modify the board of directors’ relationship with business risk disclosure, according to the research. This research examines how board of directors’ characteristics affect risk disclosure processes in non-financial enterprises in Jordan, adding to the little knowledge. This research is one of the first empirical studies of political ties as a moderating factor in Jordan’s non-financial sector. The 2014–2023 study examines governance trends before and after the 2018 corporate governance rule reform. The findings improve understanding of board oversight systems and business risk disclosure. Full article

Cerium oxide nanoparticles (CeO₂NPs) possess unique physicochemical properties that make them promising compounds for medical and industrial applications. However, variations in synthesis methods, particle size, and surface characteristics may influence their potential toxicity. This study provides a comparative analysis of CeO₂NPs synthesized via three methods (citric, dextran, and uncoated modifications) to evaluate their toxicity, antioxidant mechanisms, and genoprotective potential using a panel of Escherichia coli-based lux-biosensors. Our data indicate that all of the tested CeO₂NPs exhibit high biocompatibility with no significant toxicity or genotoxicity at physiological concentrations (10⁻⁴–10⁻² M). The citrate-modified nanoparticles demonstrated pronounced catalase-mimetic activity, acting as the most effective scavengers against hydrogen peroxide. Conversely, the dextran-modified nanoparticles exhibited the highest antimutagenic potential, reducing dioxidine-induced DNA damage by over 56%. Thus, beyond establishing biocompatibility, this study highlights the potential of using specific CeO₂NP modifications for targeted therapy depending on the oxidative pathway involved. This suggests their potential for application as antioxidant and antimutagenic agents in both human and veterinary medicine. Full article

This study presents a comprehensive comparative analysis of the performance, combustion, and emission characteristics of a single-cylinder, four-stroke spark-ignition engine fueled by commercial gasoline and raw biogas enhanced with cerium oxide (CeO₂) nanoparticles. Raw biogas containing 58% methane was tested without carbon dioxide removal to reflect practical rural applications, while CeO₂ nanoparticles were ultrasonically dispersed in the fuel to promote homogeneous suspension and catalytic activity. Experiments were conducted under wide-open and part-throttle conditions across a range of engine speeds, with simultaneous measurement of brake thermal efficiency, brake-specific fuel consumption, volumetric efficiency, in-cylinder pressure, heat release rate, combustion phasing, and regulated emissions. The results showed that while gasoline consistently outperformed biogas in torque and power due to its higher heating value and flame speed, the addition of CeO₂ significantly reduced the performance gap. For the biogas mode, CeO₂ addition increased brake thermal efficiency by up to 5%, lowered brake-specific fuel consumption by up to 8%, and shifted the start of main combustion to earlier crank angles, indicating faster and more complete combustion, particularly at high loads where higher temperatures activate CeO₂’s catalytic behavior. Emission analysis revealed that CeO₂-blended biogas reduced carbon monoxide emissions by approximately 25% and unburned hydrocarbons by up to 55% compared with gasoline, while nitrogen oxide emissions were consistently 15–22% lower. These reductions were observed across both wide-open and part-throttle conditions, confirming improved combustion completeness and lower peak flame temperatures. These improvements are attributed to CeO₂’s oxygen-storage capability, catalytic oxidation activity, and enhanced thermal conductivity, which collectively strengthen combustion completeness and cyclic stability. The findings demonstrate that nanoparticle-enhanced biogas can substantially improve the environmental and operational viability of spark-ignition engines, offering a practical pathway for integrating renewable gaseous fuels into existing transportation systems. Full article

This study evaluates the effects of Al₂O₃ and CeO₂ nanoparticles as additives to standard diesel and biodiesel fuels on the combustion and emissions characteristics of a CR diesel engine with split injection (pilot and main injections). Three nanoparticle dosing levels (50 ppm, 100 ppm, and 150 ppm) were compared with undoped standard diesel and biodiesel fuels. The results showed that the presence of both Al₂O₃ and CeO₂ in biodiesel increased the ignition delay of the pilot fuel by about 8.0% at low load and about 3.5% at high load. The addition of both nanoparticles to diesel and biodiesel fuels had an insignificant effect on the main injection fuel’s ignition delay, MBF50 position and combustion duration. The thermal efficiency was up to 1.0% lower. Al₂O₃ additive in diesel had no significant effect on NO_x emissions. CO emissions were higher by 4.4–7.5% in most cases. The Al₂O₃ additive in biodiesel reduced NO_x emissions by an average of 38%, 17.1%, and 9.4% at low, medium, and high engine loads, respectively. The reduction in CO emissions averaged 15%. The addition of CeO₂ nanoparticles to diesel fuel reduced NO_x emissions by 22.5%, 8.5%, and 3.1% on average across the corresponding load ranges. When the engine was operated on CeO₂-doped biodiesel, NO_x emissions were lower by an average of 25.7%, 9.6%, and 2.5% at low, medium, and high loads, respectively. Adding CeO₂ nanoparticles to diesel fuel increased CO emissions, whereas adding them to biodiesel significantly reduced CO emissions. Full article

This study empirically investigates how Environmental, Social, and Governance (ESG) discourses among major Korean Business-to-Business (B2B) corporations (POSCO, LG Chem, and HD Hyundai) were reconfigured in the context of former President Trump’s re-election campaign and the 2024 U.S. presidential election. The observation periods were divided into the Pre-Trump period (1 May 2023 to 30 April 2024) and the Post-Trump period (1 May 2024 to 30 April 2025). External discourses were examined using social media, news, and blog posts, while internal discourses were analyzed through the CEO’s New Year addresses from 2021 to 2025. Keyword frequency analysis and co-occurrence network analysis, conducted via the ‘Sometrend’ platform, were combined to trace structural transitions in corporate discourses. The results show that: (1) the relative share and network centrality of environmental (E) keywords declined in the Post-Trump period, with several environmental terms losing core positions and becoming peripheral or bridging nodes, while policy- and economic-related terms increased; (2) social (S) and governance (G) keywords appeared only sporadically and remained peripheral across periods; (3) temporal concentrations of policy–economic keywords coincided with significant political and market-related events, such as financial volatility in 2023 and the tariff policy announcement in February 2025, indicating temporal alignment rather than deterministic causality; (4) firm-level differences were evident: POSCO exhibited the most pronounced structural shift, LG Chem’s discourses increasingly emphasized supply chain and investment-related terms alongside environmental keywords, and HD Hyundai showed a shift toward more risk- and operation-oriented keywords in the later period; and (5) CEO New Year addresses displayed directionally consistent patterns with external discourse, supporting cross-textual alignment. These findings demonstrate that ESG discourse is not a fixed normative language but a strategically adaptive frame that varies according to political–economic contexts and industrial conditions. The relative weakening of the environmental frame in terms of discourse centrality, alongside the strengthening of the policy–economic frame, differed by industry, reflecting variations in regulatory exposure and operational characteristics. By observing ESG discourses longitudinally and comparatively, this study provides empirical evidence of how political and industrial dynamics reshape corporate discourses and CEO communication. Moreover, keyword frequency and co-occurrence network analysis are validated as effective methods for identifying discourse shifts, offering both academic contributions and practical implications for corporate communication analysis. Full article

CeO₂ particles were synthesized via a hydrothermal method to investigate the influence
of precursor molarity and reaction time on their structural, optical, and adsorption characteristics. Ce(NO₃)₃·6H₂O served as the cerium source, while PVP and Triton X-100
acted as surfactants to regulate nucleation and particle growth. XRD and Raman analyses
confirmed the formation of single-phase cubic fluorite CeO₂, whereas FTIR spectra verified
the presence of Ce–O bonding. SEM observations revealed that a decreasing precursor
molarity led to smaller and more uniform particles, while prolonged reaction times enhanced crystallinity. UV–Vis DRS and XPS analyses indicated that both the band gap
(3.06–3.12 eV) and the Ce³⁺/Ce⁴⁺ ratio were governed by oxygen vacancies, demonstrating defect-mediated redox behavior. Adsorption studies using methyl orange (MO) dye followed pseudo-second-order kinetics (R² > 0.99), indicating chemisorption as the dominant mechanism. The CP1-8 sample exhibited the highest dye removal efficiency (87%) under acidic conditions (pH < pHPZC). These findings demonstrate that controlled hydrothermal synthesis enables precise tuning of CeO₂ morphology, defect density, and surface chemistry, yielding efficient adsorbent materials for environmental remediation applications. Full article

This research developed an active food packaging system featuring a tailored controlled-release mechanism. The system was fabricated using temperature-responsive poly(N-vinylcaprolactam) (PNVCL) nanofibers with a core-shell architecture. The resulting film incorporated cinnamon essential oil (CEO) as a natural preservative within a composite structure consisting of PNVCL, polyvinyl alcohol (PVA), polylactic acid (PLA) and CEO. The nanofiber film obtained via coaxial electrospinning exhibited a sandwich-like structure; the obtained fiber membrane is abbreviated as PP/PC, and the number represents the essential oil content. The PP/PC-4 composite demonstrated exceptional physical barrier properties and mechanical strength, with a WVP as high as 5.74 ± 0.37 (g·mm)/(m²·h·kPa). It also achieved the highest maximum force, elastic modulus, and tensile strength, recorded at 3.08 ± 0.31 N, 228.86 ± 15.46 MPa, and 5.26 ± 0.72 MPa, respectively, along with superior thermal stability. FTIR spectroscopy confirmed molecular interactions, specifically through C–H bonding, between the PLA/CEO core and the PNVCL shell layers. After 5 d of storage at 40 °C, the PP/PC-4 film retained substantial antibacterial efficacy. The antifungal efficacy demonstrated the highest performance, exceeding the control group by 32%. The weight loss rate on day four was 28%, significantly lower than other groups, while the hardness retention rate was 73% higher than the control group and 44% higher than PLA/CEO (4%). Application of this material prolonged the shelf life of Chinese bayberry (Myrica rubra) by 4 d while enhancing key preservation metrics. Owing to its advanced barrier properties, mechanical performance and temperature-modulated release characteristics, this PNVCL-based nanofiber film demonstrated strong potential as an intelligent packaging material for prolonging the freshness of perishable food products. Full article

The debate over CEO compensation persists despite extensive efforts by academics and technocrats to understand its determinants. Most research has focused on how firm-specific characteristics and CEO-specific traits influence CEO compensation. However, the results have been contradictory, indicating that other factors may also play a role. This study examines the impact of macroeconomic factors on the compensation of CEOs. It examines how price variables such as interest rates, inflation, and exchange rates affect the fixed salaries and total compensation of CEOs at six South African banks listed on the Johannesburg Stock Exchange. Conducted over a 15-year period, this quantitative longitudinal study utilized secondary data from annual reports and the IRESS database. Panel data regression analysis was employed to interpret the data. The findings reveal a positive relationship between interest rates and fixed salaries, as well as between exchange rates and fixed salaries. Additionally, interest rates and total compensation are positively related, and exchange rates also have a positive relationship with fixed salaries. Understanding how macroeconomic conditions influence CEO pay helps Compensation Committees contextualize performance. It allows them to differentiate between achievement driven by a CEO’s abilities and that resulting from external factors, ensuring fair compensation and minimizing excessive rewards for “luck”. This knowledge supports the adjustment of incentive plans based on relative performance and economic-adjusted metrics, reducing the cyclical influence of macroeconomic variables on firm performance and, ultimately, CEO compensation. Full article

Both managers and researchers closely examine the factors that motivate firms to explore new domains and acquire new knowledge in pursuit of greater innovation. Considering the role of demand-side factors in innovation, in this study, we investigate how customer concentration influences exploratory innovation based on Chinese listed firms from 2009 to 2019. As the characteristics of the top management team (TMT) may affect the influential mechanism, we further investigated the moderating effects of board interlocks and the CEO’s research background. Our results demonstrate that with the increase in customer concentration, the exploratory innovation level shows an inverted U-shaped trend. The board interlocks strengthen the positive effects of customer concentration on exploratory innovation, while a CEO’s research background mitigates the negative effects. Our findings offer key insights and serve as a benchmark for companies that aim to achieve innovation in their approach to managing customer relationships and organizing their top management teams. Full article

Tax-aggressive behavior by firms can undermine tax revenues, corporate transparency, and overall economic governance. Corporate governance mechanisms are increasingly recognized as critical tools for mitigating such behavior, particularly in emerging markets such as Morocco. This study investigates how corporate governance structures influence the reduction in tax aggressiveness in a developing-country context, while also assessing the moderating role of audit quality. Using financial data from firms listed on the Casablanca Stock Exchange, the hypotheses are tested through OLS regression with firm and year fixed effects to examine the impact of board characteristics and audit quality on tax aggressiveness. The results show that the separation of the CEO and chairman roles and larger board size significantly reduce tax-aggressive behavior. Moreover, audit quality strengthens the negative relationship between board size and tax aggressiveness, with higher-quality audits further constraining aggressive tax practices. Additionally, ownership concentration is associated with higher tax aggressiveness, reflected in lower effective tax rates, whereas board independence exhibits no significant association with tax aggressiveness (p-value = 0.500879). Overall, the findings suggest that robust corporate governance and high-quality audits effectively mitigate tax-aggressive practices among Moroccan listed firms. This study contributes novel evidence from the Moroccan context, highlighting governance structures and audit mechanisms most effective at curbing such behavior. Policymakers and regulators are encouraged to promote stronger governance frameworks and enhance audit quality standards, while firms should reinforce these mechanisms to improve tax compliance and transparency Full article

CeO₂-ZnO nanocrystalline powders were prepared using Pluronic-assisted precipitation, followed by calcination at 500 °C. Different amounts of tri-block Pluronic copolymer (P123—2.5 g (P2.5), 5 g (P5), and 0 g (P0)) were used. PXRD, XPS, TEM, EDS, DRS, EPR, FT-IR spectroscopy, and the BET method were performed to determine the physicochemical characteristics of the prepared samples. They showed that the increased amount of P123 leads to an increased degree of crystallinity and polarity. The addition of the polymer in appropriate quantity plays a role as a structure-directing agent, thus preventing agglomeration processes and leading to changes in the structural features of the composites, which result in an increase in the band gap values. The adsorption edges of P0, P2.5, and P5 are 389.5 nm, 386.2 nm, and ~385.3 nm, which prove a blue shift. The photocatalytic discoloration of the Reactive Black 5 dye in the presence of all powders under UV-A illumination was studied. The P5 powder possessed the highest degree of discoloration (86% for 2 h illumination). These results could be assigned to the increased band gap value, polarity, and degree of crystallinity, as well as the increased quantity of Ce³⁺, oxygen vacancies, and hydroxyl groups of the Pluronic-modified powders. Full article

Understanding how ESG performance and corporate governance practices influence financial policies has become increasingly critical for investors, regulators, and other stakeholders. This study specifically examines the simultaneous independent effects of corporate social responsibility (CSR) performance and board characteristics on the dividend payouts (DIV) of European companies. To control for unobserved heterogeneity within firms, we initially used fixed and random effects models (FE and RE). Additionally, to address potential endogeneity issues and capture the dynamic nature of dividend behavior, the System Generalized Method of Moments (SGMM) approach was performed as a robustness check. The analysis is based on a comprehensive panel dataset covering 1376 firms across 23 European countries over the period 2014–2023. Empirical results from both FE and RE models and SGMM indicate that CSR performance, gender diversity, cultural diversity, and financial expertise on the board positively influence dividend payouts, while larger board size, greater board independence, and CEO duality are associated with lower dividend payouts. These findings highlight the critical role of ESG and governance factors in shaping corporate financial policies and provide valuable insights for policymakers, investors, and corporate managers. Full article