Search Results (333)

The application of cement-stabilized recycled aggregate (CSR) in pavement bases is constrained by the high porosity and low strength of recycled aggregate (RA), whereas sulfate transport and durability mechanisms are less reported. To address this issue, this study incorporated high-strength and potentially reactive steel slag aggregate (SSA) into CSR to develop steel slag-enhanced cement-stabilized recycled aggregate (CSRS). The mechanical performance of the mixtures was evaluated through unconfined compressive strength (UCS) and indirect tensile strength (ITS) tests, and their durability was assessed using thermal shrinkage and sulfate resistance tests. In addition, a sulfate prediction model based on a physics-informed neural network (PINN) was developed. The results showed that, compared with CSR, the 7-day and 28-day UCS of CSRS increased by 6.7% and 16.0%, respectively, and the ITS increased by 4.3% and 5.9%. Thermal shrinkage tests indicated that CSR and CSRS, incorporating RA and SSA, exhibited slightly higher thermal shrinkage strain than cement-stabilized natural aggregate (CSN). During sulfate attack, SSA significantly improved the sulfate resistance of CSR, with the sulfate resistance coefficient of CSRS increasing by 18.8% compared to CSR. Furthermore, the PINN model predicted that, in 3%, 5%, and 7% sodium sulfate solutions, the sulfate concentration at a 1 mm depth in CSRS was reduced by 35.6%, 21.8%, and 29.4%, respectively, compared to CSR, with an average relative error below 14%, confirming its reliability. Therefore, these findings demonstrate that the incorporation of SSA markedly enhances the mechanical properties and sulfate resistance of CSR, and that the PINN model provides an effective tool for accurate simulation and prediction of sulfate diffusion. Full article

With the enactment of the 2013 government mandate, Indian corporations meeting specific criteria no longer have the discretion to forgo CSR expenditures. Previous studies have reported negative capital market reactions to this regulatory intervention. In contrast, our study offers a long-term perspective on the impact of the CSR law on firms’ investment efficiency. Using a difference-in-differences framework, this study examines publicly listed Indian firms from 2011 to 2018, capturing a clean pre- and post-mandate window that isolates the structural impact of the CSR law while excluding confounding and shocks such as the COVID-19 crisis. Thus, the paper focuses on identifying the long-term institutional and structural effects of CSR rather than short-term cyclical fluctuations. We find that the CSR law leads to an increase in the investment efficiency of affected firms, driven primarily by reductions in agency conflicts and information asymmetry. This effect is more pronounced among firms with a strong presence of active monitoring groups, such as Hindu-owned promoters and institutional investors. Improved efficiency is also profound among firms located in areas with a lower Human Development Index (HDI) and Gender Diversity Index (GDI). Our findings demonstrate the positive impact of mandatory CSR law on capitalism and present insights for policymakers for regulators as ESG and CSR mandates are increasingly debated and adopted. Full article

Corporate Social Responsibility (CSR) in China has evolved from reproducing Western-centric frameworks to engaging with the institutional and political particularities that shape how CSR is reconfigured and practiced. Yet few studies have critically reviewed this growing body of literature to capture the core characteristics and mechanisms of state-corporate coordination in China. This paper fills this gap by reviewing 112 peer-reviewed English-language studies published between 2007 and 2025, synthesizing how CSR in China is conceptualized, embedded, and operationalized across cultural, economic, political, and global dimensions. This review identifies three institutional logics structuring Chinese CSR: (1) moral–cultural framing rooted in Confucian ethics and socialist collectivism; (2) economic coordination under state-led capitalism and selective neoliberalism; and (3) political signaling through Party-state governance and legitimacy negotiation. It also outlines six major research themes—CSR as a legitimacy strategy, CSR reporting, CSR in Chinese multinational enterprises, CSR’s link to financial performance, environmental CSR, and civil CSR—highlighting the mechanisms underlying each. Findings show that CSR in China is different from the managerial-stakeholder framework (e.g., explicit/implicit CSR, pyramid model or integrative model). Instead, it operates as an adaptive political technology within state-led capitalism, reinforcing moral legitimacy and political conformity as firms—especially SOEs and politically connected private enterprises—align with state-defined priorities. Through a comparative perspective, this review demonstrates how China’s CSR model fundamentally recalibrates corporate agency toward political negotiation rather than stakeholder responsiveness, offering a distinct configuration that challenges the presumed universality of Western CSR theories. Full article

This study investigates the relationship between investor sentiment (IS) and trust in sustainability reports (TSRs) in Egypt, which is an emerging market that has recently strengthened its sustainability disclosure practices. Drawing on behavioral finance and disclosure theory, this study also examines the moderating role of financial literacy (FL) in shaping this relationship. A quantitative, questionnaire-based survey was presented to 328 individual investors who are familiar with sustainability and ESG reporting. The data were analyzed using descriptive statistics, reliability tests, and both simple and hierarchical regression analysis. The results indicate that IS has a strong and significant positive effect on trust in sustainability reports, with market optimism and emotional influence emerging as the most influential dimensions. Furthermore, the hierarchical regression results reveal that FL significantly strengthens the relationship between IS and TSR, indicating that, within the present sample, more financially literate investors translate sentiment into more informed and rational trust judgments. These findings contribute to the accounting and sustainability reporting in the literature by demonstrating that trust in non-financial disclosures is not only shaped by reporting practices but is also heavily influenced by investor psychology and financial competence. This study highlights the importance of enhancing both disclosure quality and investor financial literacy to strengthen confidence in sustainability reporting in emerging markets. Full article

Background: Despite evidence of potential benefits, variability in exercise types, psychological outcomes, and methods hinders comprehensive cost-effectiveness evaluation, framed through Stimulus–Organism–Response (S–O–R) theory. In this context, Workplace Physical Activity-Based Programs (WPABPs) serve as environmental stimulation that influences employees’ emotional states, which in turn shape mental health outcomes and behavioral responses. Research Purpose: This systematic review examines WPABPs through the social dimension of the Environmental, Social, Governance (ESG-S) framework, with a focus on their impact on employees’ mental health. Methods: Following the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) 2020 guidelines, eligibility was assessed via the PICO (Population, Intervention, Comparison, Outcome) framework. The ScienceDirect, Scopus, Google Scholar, and PubMed databases were searched using Medical Subject Headings (MeSH) aligned keywords and Boolean operators. Results: Of the 961 articles identified, 15 studies (2021–2025) met the inclusion criteria. WPABPs were found to improve employee mental health, reduce stress, and enhance well-being. Individualized interventions supported targeted psychological benefits, while group formats promoted social cohesion and engagement. Variations in type, duration, and delivery, as well as accessibility barriers for underrepresented employees, were noted. WPABPs enhance employee well-being and organizational outcomes, contributing to the Sustainable Development Goals (SDGs), specifically SDG 3 (Good Health and Well-being) and SDG 8 (Decent Work and Economic Growth). Conclusions: Hybrid models combining individual and group approaches with managerial and digital support are recommended. Integrating WPABPs within ESG-S and Corporate Social Responsibility (CSR) frameworks can institutionalize sustainable workplace health promotion, while future research should focus on standardized, inclusive, and long-term evaluations. Full article

This study examines sustainability reporting practices (2010–2023) of emerging markets’ companies cross-listed in London as Global Depositary Receipts (GDRs). Despite the voluntary nature of sustainability reporting, all examined companies issued a corporate social responsibility (CSR) report. Additionally, 90 percent of companies hired an external auditor to provide assurance for CSR disclosure. Further, 99 percent of examined GDRs relied on the Global Reporting Initiative guidelines when preparing CSR reports, and 90 percent had a sustainability committee. Overall, cross-listed companies demonstrated an impressive level of CSR reporting. However, the gender diversity or independence of the board of directors is unrelated to the extent of CSR disclosure. Next, sustainability reporting scores are associated with lower liquidity position and are negatively related to reported earnings. This evidence supports the agency theory perspective in that executives of GDR cross-listed companies may use enhanced CSR reporting practices to divert attention from poor financial performance. The findings stand in contrast to previously documented results for New York cross-listed firms and have implications for regulators and global investors of European stock exchanges. Full article

Previous survey research has documented that consumers place value on socially responsible firms. This support includes the intention to be more loyal to these firms and also the willingness to pay higher prices for their products. Our study connects the customer intentions documented in survey research with actual measures of financial performance from published financial statements. The study uses gross profits scaled by total assets as a proxy for customers’ willingness to pay higher prices and sales increases as a proxy for loyalty. Additionally, the study examines differences in the aforementioned measures between customers in the business-to-business (B2B) and business-to-consumer (B2C) segments. These differences have been documented in studies that suggest customers in these segments value different characteristics of suppliers when making their purchases. Finally, customers must be made aware of a firm’s sustainability practices; therefore, the study looks at three different approaches firms use to communicate the quality of their sustainability practices. These approaches include external assurance of the social responsibility report, the auditor’s review of the firm’s internal controls, and the firm’s advertising intensity. Data used in this study includes financial performance measures of North American firms and corporate social responsibility data from disclosures collected by the Global Reporting Initiative. Using ordinary least squares, the results suggest that customers require some sort of assurance of a company’s socially responsible disclosures when making decisions about whether to support the company. Full article

A substantial proportion of patients with ischemic heart disease continue to experience recurrent or persistent angina despite optimized medical therapy and prior revascularization, highlighting the need for novel and effective treatment strategies. Device-based therapies have emerged as promising options to address this unmet clinical need. Among these, the Coronary Sinus Reducer™ (CSR) has gained particular attention, supported by randomized trials and registries demonstrating improvements in angina symptoms and quality of life, with a favorable safety profile. However, a disconnect between symptomatic relief and objective measures of myocardial perfusion has been noted, suggesting that the underlying mechanisms remain incompletely understood. Beyond the CSR, other device-based approaches—such as enhanced external counterpulsation, neuromodulation, and shockwave therapy—are either approved or under investigation. This review explores the current landscape of device-based therapies for angina, focusing on the evidence supporting the CSR and other device-based interventions. We discuss pathophysiological mechanisms, clinical outcomes, and future research directions aimed at optimizing therapeutic efficacy. Integrating patient-reported outcomes with physiological and imaging assessments will be essential to refine indications and improve long-term results. Device-based therapies represent a developing frontier in angina management, with the potential to improve outcomes in patients with persistent symptoms despite optimal medical and interventional therapy. Full article

Background: Self-regulated learning (SRL) is a key factor in academic success, with self-regulated cognitive strategies (SRCSs) playing a central role. Identifying the factors linked to low use of SRCSs is therefore essential. Socioeconomic status (SES), a well-established predictor of multiple educational outcomes, may also influence students’ engagement in SRCSs, yet very few studies have explored this issue. Grounded in the SRL framework, this study examines differences in SRCSs use across SES groups. Methods: We analyzed data from the entire population of 10th-grade Italian students (N = 261,255). To ensure that the questionnaire functions equivalently across groups and control for measurement bias and error, Multigroup Confirmatory Factor Analysis was conducted to verify the measurement invariance of the Cognitive Self-Regulation Scale across three SES groups (low, middle, and high), followed by latent mean difference tests. Results: Low-SES students reported markedly lower CSRS use than high-SES peers and also lower use than middle-SES peers. Middle-SES students reported lower use of CSRS than high-SES students. Conclusions: These findings show a clear and consistent impact of SES on the use of SRCSs, potentially contributing to persistent academic disparities, and emphasize the need for interventions to support disadvantaged students, thereby helping to break the cycle of inequality. Full article

Higher Education Institutions (HEI) face increasing expectations to engage in sustainability reporting despite limited resources and heterogeneous practices. This study explores how Joint Sustainability Reports (JSR), built on the EU Voluntary Sustainability Reporting Standard for non-listed SMEs (VSME), can serve as a cooperative and digitally supported framework to enhance transparency, comparability, and efficiency while strengthening universities’ third mission of societal engagement and knowledge transfer. Qualitative interviews with six sustainability experts from German and Austrian universities of applied sciences (UAS) highlight persistent challenges such as data gaps, staffing shortages, and weak strategic anchoring. The findings show that VSME-based JSRs, through shared data collection, centralised coordination, and modular reporting, enable resource and data pooling, standardised indicators, and cross-university synergies. By making social contributions more visible and credible, JSRs reinforce accountability and advance universities’ third mission in fostering community outreach and sustainable development. Full article

This study investigates the interconnections among sustainability reporting, social performance, and firm value across the BRICS nations (Brazil, Russia, India, China, and South Africa). Employing a quantitative research design, the study utilizes firm-level data from the Refinitiv database, covering 862 firms operating in the BRICS countries from 2017 to 2022. The analysis begins with Ordinary Least Squares (OLS) regression and extends to models incorporating year-fixed effects and firm-fixed effects to account for heterogeneity and omitted variable bias. Robustness checks are conducted using OLS regression with robust standard errors, fixed effects regression with Driscoll–Kraay standard errors, and an instrumental variable approach to address potential endogeneity concerns. To examine the moderating role of sustainability reporting, interaction terms are incorporated into the regression models and margin plots are used for visualization. The findings reveal that social performance positively impacts firm value, underscoring the role of social responsibility in driving financial performance. Furthermore, sustainability reporting strengthens this relationship, indicating that firms with well-established reporting frameworks can effectively leverage social initiatives to enhance market valuation. Therefore, this study contributes to the literature by providing empirical evidence on the moderating effect of sustainability reporting in emerging markets. The findings offer valuable implications for policymakers, investors, and corporate leaders seeking to optimize CSR strategies and enhance firm value in dynamic economic environments. Full article

Purpose: This study examines how tone management in board reports influences corporate social responsibility (CSR) performance in emerging markets, focusing on the Tehran Stock Exchange. It addresses the underexplored qualitative aspects of CSR disclosures, particularly how abnormal tone signals transparency or concealment in sustainability reporting. Design/methodology/approach: This paper is based on a postgraduate study completed in 2022. Using a dataset of 987 firm-year observations (2016–2022), we measure abnormal tone through textual analysis of board reports and assess its impact on six CSR dimensions. The methodology combines vocabulary-based tone detection with regression analysis, controlling for firm-specific factors. Findings: The results reveal a significant negative relationship between abnormal tone and CSR performance, particularly in environmental and energy dimensions. The adverse effects persist into subsequent years, highlighting the long-term consequences of tone manipulation. Originality/value: This study contributes to the social and environmental accounting literature by analysing tone management in an emerging market context. It introduces vocabulary combinations as a novel approach to detecting nuanced tone variations, offering practical insights for regulators and firms aiming to enhance CSR transparency. Full article

This paper explores the key professional and institutional factors that influence the integration of environmental, social, and governance (ESG) considerations into financial evaluation and auditing processes. The study investigates the impact of legal familiarity, ESG experience, professional qualifications, and digital competencies on ESG readiness among financial analysts, auditors, and economists. By integrating a structured review of academic literature with an in-depth analysis of European regulatory instruments, the research identifies how dual materiality principles, standardized ESG metrics, and taxonomy-aligned disclosures reshape professional practices. A structured, ethics-approved survey (10 items) was administered nationally, and 145 responses were retained for analysis across economists, analysts, and auditors. Descriptive statistics, Pearson correlations, and linear/multiple regressions were used to test three hypotheses regarding ESG experience, legislative familiarity, and multifactor effects. The results reveal that familiarity with EU legislation is the strongest predictor of ESG integration capacity, while ESG-related experience and digitalization also show moderate to strong influence. The multiple regression model confirms the multifactorial nature of ESG implementation, though not all professional predictors contribute equally. Residual analysis confirms the statistical robustness of the models. The study highlights the need for regulatory literacy, targeted training, and digital adaptation as critical components of ESG competency. Full article

Super-supportive CSR behaviors (SSCBs) are integrative actions devised to enhance the effectiveness of CSR initiatives by harmonizing social, environmental, and economic efforts. Despite their strategic role in business operations, SSCBs remain insufficiently addressed, especially within the construction sector. This study utilizes text mining and association rule mining to analyze 211 CSR reports from Chinese construction firms spanning 2010 to 2021. The key findings highlight the pivotal role of 17 SSCBs in strengthening CSR initiatives, revealing three major characteristics: foundational, synergistic, and triggering. Within the construction industry, SSCBs primarily focus on corporate governance, community development, employee welfare, and environmental sustainability, evolving from isolated practices to integrated systems over time. Notably, construction firms tend to adopt SSCB portfolios instead of standalone initiatives. Furthermore, exceeding a certain threshold of SSCBs may increase challenges in coordination and resource allocation. These insights highlight SSCBs as a dynamic, multidimensional construct and provide construction firms with a practical framework to integrate complementary CSR actions, improving coordination, optimizing resources, and strengthening sustainability outcomes in practice. Full article