Search Results (1,052)

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

As global agriculture seeks to reconcile the dual imperatives of food security and environmental sustainability, this study examines the role of Internet access in promoting green agricultural production, specifically by reducing fertilizer and pesticide use. Using a panel dataset from 16 rural fixed observation points in Henan Province from 2009 to 2022, we find that Internet access significantly lowers per-unit farmland expenditures on fertilizers and pesticides by 6.0% and 7.3%, respectively. Mechanism analysis reveals that these positive effects operate through three main channels: improved information accessibility delivers timely agricultural data and guides input decisions; enhanced technical learning efficiency reduces barriers to adopting green technologies; and stronger market connectivity via e-commerce platforms shortens supply chains and provides price incentives. Heterogeneity analysis further identifies more pronounced effects among farmers with higher human capital (higher education, better health, younger age), higher production capital (greater mechanization, larger farmland, stronger decision-making capacity), lower livelihood capital (lower income, lower consumption, less communication expenditure), and higher spatial capital (residing in urban suburbs, poverty registration villages, and traditional villages). This study provides micro evidence for digital technology to empower sustainable agricultural development and provides policy implications for building a sustainable agri-food system. Full article

Employer-funded education and training (EFET) has gained increasing attention as a strategic human resource practice for developing human capital and enhancing organizational performance. However, empirical evidence on its effectiveness remains limited in emerging economies, particularly within the Kingdom of Saudi Arabia (KSA), where workforce localization and human capital development are central to Vision 2030. This study examines the associations between EFET participation and three key employee outcomes: motivation, retention intention, and productivity. Using a quantitative research design, data were collected from 200 employees and managers across multiple sectors in KSA through a structured questionnaire. Structural Equation Modeling (SEM) was employed to test the hypothesized relationships while controlling for gender, age, sector, and years of experience. The results indicate that EFET participation is positively and significantly associated with employee motivation, retention intention, and self-reported productivity, with the strongest association observed for retention intention. Model fit indices demonstrate an excellent overall fit, supporting the proposed model’s robustness. By integrating Human Capital Theory with empirical evidence from the Saudi context, this study contributes to the literature by extending understanding of how employer-funded education functions within a non-Western labor market. The findings offer practical implications for organizations and policymakers seeking to optimize education and training investments in support of sustainable workforce development and Vision 2030 objectives. Full article

During the global low-carbon transition, technology transfer serves as a crucial channel for the dissemination of knowledge and innovations, which is essential for increasing overall Green Total Factor Energy Efficiency (GTFEE). Leveraging the establishment of national technology transfer centers (NTTCs) in China as a quasinatural experiment, this study employs a multiperiod difference-in-differences (DID) framework and utilizes data from 280 prefecture-level cities (2006–2022) to identify the causal effect of technology transfer on GTFEE. The results demonstrate that this policy substantially boosts city-level GTFEE. Mechanistic tests reveal that technology transfer improves GTFEE primarily via improvements in industrial structure, innovations in green technology, and the accumulation of human capital. Furthermore, well-functioning markets positively moderate the policy effect, not only strengthening the direct impact but also reinforcing the two transmission mechanisms. Heterogeneity analysis reveals a more pronounced impact in municipalities with nascent digital economies, stronger intellectual property protection, nonresource-based profiles, and those serving as transportation hubs. These findings provide empirical support for improving national technology transfer systems and advancing regional green development, offering policy insights for achieving synergistic economic-environmental progress. Full article

Background/Objectives: Digital transformation is increasingly essential for healthcare organizations to improve operational efficiency and service quality. However, in developing countries such as Indonesia, many lower-middle-class hospitals lag due to limited financial, human, and infrastructural resources. This study examines how environmental dynamism—comprising regulatory changes, market pressures, and technological shifts—affects the digital capabilities of these hospitals. Methods: A quantitative, cross-sectional survey was conducted in Class C and D hospitals across Indonesia. Respondents included hospital directors, deputy directors, and IT heads. Data were collected through structured questionnaires measuring environmental dynamism and digital capability using a six-point Likert scale. Reliability testing yielded Cronbach’s alpha values above 0.96 for both constructs. Correlation analysis was performed to examine the relationship between environmental dynamism and digital capability. Results: Findings reveal a weak positive correlation (r = 0.1816) between environmental dynamism and digital capability. Although external factors such as policy regulations and technological competition encourage digital adoption, hospitals with limited internal resources struggle to translate these pressures into sustainable transformation. Key challenges include low ICT budgets, inconsistent staff training, and insufficient infrastructure. Conclusions: The results suggest that environmental change alone cannot drive digital readiness without internal capacity development. To foster resilient digital healthcare ecosystems, policy interventions should integrate regulatory frameworks with practical support programs that strengthen resources, leadership, and human capital in lower-middle-class hospitals. Full article

In response to recent policies on sustainable finance, nature restoration, soil protection, and biodiversity conservation, it is increasingly important for projects to assess their impacts on natural capital to safeguard Ecosystem Services (ES). Nature-Based Solutions (NBSs) are recognized as strategic tools for fostering cost-effective, nature- and people-centered development. Yet, standard economic and financial assessment methods often fall short, as many ES lack market prices. Indirect, ecosystem-based approaches—such as ES monetization and environmental cost accounting—are therefore critical. This study evaluates the feasibility of investing in NBSs by estimating their economic and financial value through indirect ES valuation. An empirical methodology is applied to quantify environmental costs relative to ES delivery, using Willingness to Pay (WTP) as a proxy for the economic relevance of NBSs. The proposed ES-Cost Accounting (ES-CA) framework was implemented across major NBS categories in Europe. Results reveal that the scale of NBS implementation significantly influences both unit environmental costs and ES provision: larger interventions tend to be more cost-efficient and generate broader benefits, whereas smaller solutions are more expensive per unit but provide more localized or specialized services. The findings offer practical guidance for robust cost–benefit analyses and support investment planning in sustainable climate adaptation and mitigation from an ES perspective. Full article

As global sustainable development progresses and the United Nations Sustainable Development Goals (SDGs) gain increasing prominence, pharmaceutical manufacturing firms face mounting challenges in implementing environmental, social, and governance (ESG) practices; these include high environmental compliance costs, limited drug accessibility, and governance inefficiencies. Patient capital, characterized by long investment horizons and high tolerance for risk, is well aligned with the long-term nature of ESG-oriented activities in this industry. Using a sample of pharmaceutical manufacturing companies listed on the Shanghai and Shenzhen A-share markets from 2015 to 2024, this study systematically examines the impact of patient capital on corporate ESG performance and explores the underlying mechanisms. The empirical results show that patient capital significantly improves ESG performance among pharmaceutical manufacturing firms. These findings remain robust across a series of robustness checks, including alternative variable measurements, sample adjustments, propensity score matching, instrumental variable estimation, and changes in the sample period. Further analysis reveals that patient capital enhances ESG performance through two primary channels: alleviating financing constraints and increasing R&D investment intensity. By focusing on the pharmaceutical manufacturing industry, this study extends the literature on patient capital to a highly regulated and socially sensitive sector, providing empirical evidence on how long-term, value-oriented capital can support sustainable development and improve ESG performance in industries with strong public welfare attributes. Full article

Minimum wage is an important tool for reducing income inequality and supporting social welfare. Consequently, governments around the world have established minimum wage systems. As such, minimum wage policies connect distributive justice with the economy’s capacity to sustain broad-based welfare over time, placing the equity–efficiency trade-off at the center of societal sustainability. However, the micro-level impact of the minimum wage system on firms has always been an important topic for scholars. This study uses panel data from listed Chinese manufacturing firms over a period from 2005 to 2021 to construct an indicator of the minimum wage standards implemented in the firm locations. Employing the multiple linear regression model, this paper empirically examines the effects of minimum wage on labor productivity. The empirical findings demonstrate that minimum wage significantly reduced the sample firms’ labor productivity. Moreover, the negative impact of the minimum wage was primarily concentrated among non-state-owned firms, labor-intensive firms, firms operating in industries characterized by intense product market competition, firms situated in regions with strong legal protections, firms with comparatively low average employee wages, and export-oriented firms. Subsequently, this study delves into the mechanism through which minimum wage negatively affects labor productivity. We find that implementation of minimum wage leads to a reduction in corporate investment, indicating that there is no significant substitution relationship between capital and labor. These adjustment margins provide microfoundations through which statutory wage floors can influence the resilience and inclusiveness of development, indicating that the pace and design of wage increases should balance income protection with the preservation of productive capacity to support sustainable human development—grounded in steady productivity growth, equitable income distribution, and stable firm investment. Our findings contribute to a better understanding of the mechanism through which minimum wage affects labor productivity in theory, while concurrently furnishing policy insights for the optimization of the minimum wage system and maintaining sustainable societal development in practice. Full article

The world has fully entered the era of the intangible economy, in which intangible capital serves as the primary driver for achieving sustainable development. This paper employs a nonparametric dynamic distribution approach to analyze the short-term transitional patterns and long-term steady-state trends of intangible capital investment across 30 developed economies, shedding light on pathways for national sustainable development from the perspective of intangible capital. Meanwhile, this paper examines the impact of industrial structure, income structure, and external-demand dependence on intangible capital investment. The results show that (1) intangible capital investment exhibits persistence, and its long-term development shows signs of unconditional convergence; (2) the tertiary industry significantly promotes the development of intangible capital, highlighting the crucial role of industrial structure upgrading in fostering intangible-driven sustainability; (3) the development of intangible capital does not necessarily substitute for human capital or reduce the labor income share; and (4) extremely high reliance on the external market may hinder the growth of intangible capital. Full article

Our work develops the structural mathematical framework of the REGENerative Agriculture (REGENA) Production Function, contributing to the limited global literature of regenerative farming production functions with consistency to the 2nd Law of Thermodynamics and the underlying biophysical processes for ecosystem services’ generation. The accurate structural economic modeling of regenerative farming practices comprises a first vital step for the shift of global agriculture from conventional farming—utilizing petrochemical fertilizers, pesticides and intensive tillage—to regenerative farming—utilizing local agro-ecological capital forms, such as micro-organisms, organic biomasses, no-tillage and resistant varieties. In this context, we empirically test the REGENA structural change patterns with data from eight experimental plots in six Mediterranean countries in Southern Europe and Northern Africa for three crop compositions: (a) with exclusively conventional practices, (b) with exclusively regenerative practices and (c) with mixed conventional and regenerative practices. Finally, we discuss in detail the scientific, institutional, economic and financial engineering challenges for the market uptake of regenerative farming and the contribution of REGENA for the achievement of this goal. In addition, as regenerative farming is knowledge-intensive, we review the vital aspect of Open Innovation (OI) and protected Intellectual Property (IP) business models as essential parts of regenerative farming knowledge-sharing clusters and trading alliances. Full article

Smallholder rice farmers in sub-Saharan Africa face persistent livelihood challenges due to declining returns from monocropping, limited diversification opportunities, and vulnerability to climate and market shocks. This study integrated the Drivers–Pressures–State–Impact–Response (DPSIR) framework with the sustainable livelihood approach to evaluate how the transition from rice monocropping to integrated rice–fish farming influences productivity, profitability, and household welfare in Nigeria’s leading rice-producing region. Using a mixed-methods, three-year panel (2021–2023) of 228 households across three communities in Kebbi State, descriptive statistics, regression models, and thematic analyses were combined to assess changes in livelihood capitals, system pressures, and response mechanisms. Adoption of rice–fish systems was associated with substantial improvements: 96.1% of farmers reported increased income, 56.3% improved food security, and 30.6% greater dietary diversity. Regression analyses confirmed that access to more land (p < 0.001 for healthcare and education; p = 0.011 for social status), labor affordability (p < 0.001), and farm size (p < 0.05) were consistent predictors of gains in healthcare, education, and social status, while pesticide and herbicide use negatively affected food access and wellbeing (p < 0.05). The DPSIR assessment revealed that rice–fish integration altered the state of rice production systems through reductions in input-related pressures and generated positive livelihood impacts. The results align with Sustainable Development Goals (SDGs) related to poverty reduction, food and nutrition security, sustainable production, and biodiversity conservation, and provide the first large-scale, longitudinal evidence from West Africa that integrated rice–fish systems support food security, income diversification, and sustainable resource management. Full article

In recent years, guided by the sustainable development strategy and ecological civilization strategy, the concept of green environmental protection has gradually become popular. Increasingly, enterprises are enhancing their environmental investment practices after recognizing the importance of environmental protection. From the perspective of enterprise groups, improving the environmental investment efficiency of enterprises is of great significance for boosting sustainable development and optimizing resource allocation. Based on a research sample of listed companies in China’s heavy pollution industry from 2003 to 2020, this paper theoretically analyzes the impact of enterprise groups on environmental investment efficiency and the corresponding influence mechanisms. This paper finds that enterprise groups play a significantly positive role in promoting environmental investment efficiency. Further research indicates that this improvement primarily stems from two key aspects: On the one hand, the capital market within the enterprise group effectively alleviates the financing constraints in environmental investment. On the other hand, environmental investment efficiency is improved by optimizing innovation resources. In addition, the study identified two important moderating factors: firm executive characteristics and the degree of regional environmental regulation. This research enriches the existing research results regarding organizational management theory and the environmental investment efficiency of enterprises and provides theoretical and empirical references for promoting sustainable socio-economic development and the green transformation of enterprises. Full article

Voluntary carbon markets (VCMs) are growing rapidly but remain structurally fragmented due to verification delays, lifecycle opacity, inconsistent metadata, and capital mobilisation bottlenecks. While blockchain is often proposed as a digitalisation layer to improve transparency and traceability, this paper reframes tokenisation as a sector-aware financial infrastructure capturing the full lifecycle of carbon credits. Rather than treating it as a digital overlay, this study argues that tokenisation functions as a modular, automated architecture capable of absorbing sector-specific frictions within VCMs. Drawing on 1495 registry-compliant projects from the Berkeley Voluntary Offsets Database (BVOD v2025-06), the study develops the sector tokenisation opportunity matrix (STOM). This diagnostic framework maps registry-derived indicators—issuance volume, credit retirement ratio, and average credits per project—to three tokenisation functions: market expansion, retirement acceleration, and structuring for scale and fragmentation. STOM reveals how tokenisation can address VCM fragmentation by mobilising capital, reinforcing lifecycle integrity, and enabling assets to be packaged across diverse project types. By linking friction diagnostics to governance-sensitive infrastructure design, the research proposes a sector-aware blueprint for climate finance infrastructure and positions tokenisation as a strategic tool for scaling high-integrity climate action. Full article

Enhancing forestry management efficiency is critical for global sustainable development goals, yet how institutional arrangements can effectively incentivize farmers’ performance requires deeper investigation. This study constructs an integrated framework to examine the effects of well-defined property rights and market certification on the output and technical efficiency of household bamboo management. Utilizing survey data from 1090 households in China, we employ stochastic frontier analysis (SFA), propensity score matching (PSM), and mediation models. The findings reveal a key divergence: (1) Forest tenure certificates significantly increased bamboo output but not technical efficiency. This “quantity-driven” effect stemmed from increased capital and land inputs. (2) Market certification enhanced both output and technical efficiency, operating via a “quality-driven” mechanism of standardized management. (3) Significant technical efficiency losses persist, indicating substantial potential for productivity gains through optimized practices. This study concludes that singular property rights institutions are insufficient to overcome the “output-without-efficiency” bottleneck. Complementary, market-based mechanisms are essential for a dual-pillar policy system. This research offers theoretical support for optimizing forestry policies and provides insights for other developing countries seeking sustainable resource management. Full article

The intangible accessibility of real estate markets via platforms like Airbnb profoundly influences the urban development industry, propelled by the dynamics of short- to medium-term rentals for tourists. The suggested study aims to examine the association between the prices of listed properties and the influence of proximity to tourist attractions on location-driven pricing. The city of Rome acts as a case study from which to derive pertinent conclusions and proof on the phenomena intended for exploration. The methodological approach relies on a comprehensive classification of locations recognized as tourist attractions, drawn from public resources, travel guides, search engines, and online trends. The identified attractionswere subsequently classified to analyze how spatial proximity influences price formation. Data on short-term rental listings were obtained from the Inside Airbnb platform. The results enable the characterization of Rome as a polycentric urban system, composed of multiple tourism hubs whose spatial interactions are closely associated with prevailing hotel pricing patterns. This study emphasizes the influence of tourist demand on land values, a phenomenon intricately connected to urban gentrification and the capitalization of the real estate market. These findings enhance comprehension of tourism’s impact on the geographical and economic structure of cities. Full article