Search Results (402)

High-dimensional prediction problems with complex non-linear feature interactions present significant algorithmic challenges in machine learning, particularly when dealing with imbalanced datasets and multicollinearity issues. This study proposes an innovative Shapley Additive Explanations (SHAP)-enhanced machine learning framework that integrates SHAP with advanced ensemble methods for interpretable financialization prediction. The methodology simultaneously addresses high-dimensional feature selection using 40 independent variables (19 CSR-related and 21 financialization-related), multicollinearity issues, and model interpretability requirements. Using a comprehensive dataset of 25,642 observations from 3776 Chinese A-share companies (2011–2022), we implement nine optimized machine learning algorithms with hyperparameter tuning via the Hippopotamus Optimization algorithm and five-fold cross-validation. XGBoost demonstrates superior performance with 99.34% explained variance, achieving an RMSE of 0.082 and R² of 0.299. SHAP analysis reveals non-linear U-shaped relationships between key predictors and financialization outcomes, with critical thresholds at approximately 10 for CSR_SocR, 1.5 for CSR_S, and 5 for CSR_CV. SOE status, EPU, ownership concentration, firm size, and housing prices emerge as the most influential predictors. Notable shifts in factor importance occur during the COVID-19 pandemic period (2020–2022). This work contributes a scalable, interpretable machine learning architecture for high-dimensional financial prediction problems, with applications in risk assessment, portfolio optimization, and regulatory monitoring systems. Full article

An important element in the Constitution of the People’s Republic of China is the guarantee of gender equality in all fields. The principle is not reflected in terms of corporate governance and senior management, however. A study of the largest 400 companies listed on Chinese stock exchanges shows far fewer female board members and senior managers than male counterparts and only a small improvement over the course of a decade. A comparison of gender balances in terms of a range of variables, including stock exchange listing, industry type, and ownership type, reveals better balances in wholly privately owned firms than in those with controlling state interests. Subject to intervening government policies to promote state-owned enterprises over private sector counterparts, the pattern over the decade studied suggests there is a possibility privately owned enterprises may gradually displace state-owned companies in the largest 400 group and gender balances in senior roles in the largest 400 group will consequently improve. Full article

Background/Objectives: Pumpkin seed pulp from processing plants offers high nutritional value due to its rich β-carotene content, making it a potential functional feed ingredient. This study investigated the effects of pumpkin seed pulp, which has already been administered as livestock feed, on key physiological parameters in cattle, including the concentration of β-carotene in the blood measured during routine health monitoring. Methods: Here, pumpkin waste cultivated in various fields was processed into cattle feed (pumpkin seed pulp flakes, PSPFs) by grinding and drying, and residual pesticide (heptachlor) and β-carotene contents were measured. A pilot feeding trial was conducted with 13 cattle (7 in the treatment group and 6 in the control group) and blood component analysis was performed, and findings were contextualized with a literature review. Results: Heptachlor concentrations varied depending on the cultivation site of raw pumpkins. Among the six lots produced using raw materials sourced from fields not contracted by the Air Water Group—a collective of companies in which Air Water Inc. holds more than 51% ownership—three exceeded the regulatory limits for animal feed established in Japan. PSPFs contained high levels of β-carotene, as expected. Blood tests before and after the feeding trial indicated absorption of β-carotene in the cattle. Maintaining high plasma β-carotene concentrations in cattle has been associated with improved immune function and reproductive performance. Conclusions: Our study demonstrates that PSPFs are a promising, environmentally friendly, and natural β-carotene-rich feed ingredient. Tracing the cultivation fields of raw pumpkins can help ensure feed safety. Full article

Ride-pooling, as a sustainable mode of ride-hailing services, enables different riders to share a vehicle while traveling along similar routes. The COVID-19 pandemic led to the suspension of this service, but Transportation Network Companies (TNCs) such as Uber and Lyft resumed it after a significant delay following the lockdown. This raises the question of what determinants shape ride-pooling in the post-pandemic era and how they spatially influence shared ride-hailing compared to the pre-pandemic period. To address this gap, this study employs geospatial analysis and machine learning to examine the factors affecting ride-pooling trips in pre- and post-pandemic periods. Using over 66 million trip records from 2019 and 43 million from 2023, we observe a significant decline in shared trip adoption, from 16% to 2.91%. The results of an extreme gradient boosting (XGBoost) model indicate a robust capture of non-linear relationships. The SHAP analysis reveals that the percentage of the non-white population is the dominant predictor in both years, although its influence weakened post-pandemic, with a breakpoint shift from 78% to 90%, suggesting reduced sharing in mid-range minority areas. Crime density and lower car ownership consistently correlate with higher sharing rates, while dense, transit-rich areas exhibit diminished reliance on shared trips. Our findings underscore the critical need to enhance transportation integration in underserved communities. Concurrently, they highlight the importance of encouraging shared ride adoption in well-served, high-demand areas where solo ride-hailing is prevalent. We believe these results can directly inform policies that foster more equitable, cost-effective, and sustainable shared mobility systems in the post-pandemic landscape. Full article

This study explores the relationship between institutional shareholders and climate-related disclosure (CRD) and how sustainability committees influence this relationship among publicly listed Malaysian firms. For the analysis, 990 firm-year observations were studied from 198 highly polluting firms from 2021 to 2024. A strong CRD index was designed using the recognized climate reporting frameworks and well-grounded literature to assess the level of climate-related disclosure. Fixed-effects and hierarchical panel regression models show that CRD increases when institutional investor ownership increases, meaning firms with more institutional investors disclose more information on climate-related topics. In addition, a sustainability committee at the board level greatly improves this relationship by highlighting the positive impact of strong internal governance. As a result, such committees establish climate management and improve communication with investors, making the firm’s actions more transparent. The findings of this study are consistent with agency and legitimacy theories because institutional investors assist in monitoring firms’ environmental performance, and sustainability committees help the company maintain these standards internally. Further, this study helps grow the understanding of corporate governance (CG) and sustainability by pointing out that the presence of institutional owners and sustainability committees can promote openness about climate matters. Accordingly, these findings can guide policymakers, investors, and business leaders in boosting responsible environmental reporting and sustainable business practices in developing countries. Full article

Debt financing is important for financing major investments in the biopharmaceutical industry. Debt financing allows companies to raise funds without giving up ownership or control through indenture and covenants of the company. In this study, I analyze the effects of debt financing decisions on profitability in the biopharmaceutical industry. I find that short-term debt, long-term debt, and total debt negatively impact the return on assets (ROA) as a firm’s profitability measure. A comparison is made between American and European biopharmaceutical firms, and the result shows the negative effects of short-term and long-term debt on profitability persist more for US biopharmaceutical firms than European firms. Short-term and long-term debt both impact profitability negatively with 10-year lagged R&D intensity and financial distress. Short-term debt’s negative impact is stronger post-COVID-19, indicating increased financial strain. Long-term debt consistently affects profitability negatively, with relatively stable effects during the pre- and post-COVID-19 pandemic. Full article

As we move toward a more digitalized and interconnected world, new cybersecurity challenges emerge. While most related research has focused on large companies, this study aims to fill a gap in the literature by exploring cybersecurity issues in small and medium-sized enterprises (SMEs), particularly in relation to nontechnical, soft-skill, and intellectual capital aspects. This study examines the interplay between cybersecurity awareness and perception and ownership structure in SMEs in the Silesian region of Poland. Unlike the majority of cybersecurity literature, our focus is on how ownership structure influences cybersecurity perception. We surveyed 200 SMEs at random within the respective region and utilized hierarchical and simple linear regression analyses to assess the relationships between these factors and financial performance. Our results indicate that larger enterprises and those without a family-owned structure exhibit significantly greater levels of cybersecurity. Additionally, we found a positive correlation between cybersecurity and a firm’s financial performance and overall health. These findings underscore the importance of cybersecurity awareness and practices for the growth and stability of SMEs. Full article

Achieving organizational efficiency requires the selection of an appropriate operating model. To date, no objective indicators, methods of measuring, or criteria for evaluating the effectiveness and efficiency of forest management organizations have been developed. In the heterogeneous forest management of the European Union (EU), multiple objectives and functions—from production to social and ecological services—coexist at regional and national levels. This study provides an overview of the organizational and legal forms of EU forestry, taking into account environmental conditions, ownership structures, and the role of the forestry sector in national economies. The legal information of EU countries on forest management was verified. We examine the impact of the entity’s organizational and legal form on the implementation of sustainable forest management and the objectives of the New EU Forest Strategy 2030, particularly in terms of absorbing external capital for forest protection and climate-related activities. Joint stock companies, public institutions, and enterprises are the most relevant. The private sector is dominated by individual farms, associations, chambers of commerce, and federations. A clear trend toward transforming state-owned enterprises into joint-stock companies and expanding their operational scope has been confirmed. Multifunctional forest management is practiced in both state and private forests. Economic efficiency, legal and property liability, and organizational goals depend on the chosen organizational and legal form. Full article

In the modern corporation, understanding sustainable cost management practices is essential for promoting economic resilience and resource efficiency. This study investigates how ownership structures influence the behavior of selling, and general and administrative (SG&A) costs during periods of sales fluctuations in South Korean firms, with particular attention to Chaebols. Drawing upon agency theory and corporate governance perspectives, we examine whether proxies for agency costs, namely, free cash flow, asset utilization ratios, and operating expense ratios, explain variations in SG&A cost responses to changes in revenue. Utilizing a panel dataset of 4279 firm-year observations from KOSPI-listed companies over the period 2011–2021, we employ Pooled Ordinary Least Squares (OLS), Fixed Effects, Random Effects, and Generalized Method of Moments (GMM) estimations to model SG&A cost behavior. The analysis incorporates regression-based interaction terms that capture asymmetric cost adjustments during sales declines, commonly referred to as cost stickiness. Our findings indicate that firms with concentrated ownership, such as Chaebols, exhibit significantly lower SG&A cost stickiness, reflecting stronger financial discipline and more efficient resource allocation. In contrast, firms with dispersed ownership demonstrate more pronounced cost stickiness, consistent with governance frictions and managerial discretion. These results emphasize the moderating role of ownership structure in cost behavior and highlight its implications for sustainable corporate governance. Our study contributes to the literature on cost management and financial sustainability by offering empirical insights from a distinctive institutional setting. Policy recommendations include enhancing internal controls, promoting transparent cost practices, and encouraging shareholder oversight to reinforce long-term efficiency. Full article

The relative dominance of government and market forces in enterprise digital transformation remains underexplored. This paper aims to provide new insights into this topic. Using data from China’s A-share-listed companies (2007–2023), we test the short- and long-term impacts of government subsidies and market strength on enterprise digital transformation, quantify their relative contributions, explore substitution effects, investigate synergistic interactions, and examine heterogeneous impacts across different enterprise ownership types and life cycle stages, using the fixed effects regression model, exponential smoothing, interaction term, coupling coordination model, and group regression. The results indicate that both government subsidies and market forces drive digital transformation in enterprises, with government subsidies having a slightly stronger effect. There is a substitutive relationship between the two, and their synergy significantly promotes digital transformation. However, their impact varies across different types of enterprises. Stronger market forces do not always lead to greater transformation; in fact, for non-state-owned enterprises, market strength can hinder digital transformation. Similarly, government subsidies do not consistently promote digital transformation. Their effect is less pronounced for growth and maturity-stage enterprises, while declining enterprises are more motivated to pursue digital transformation to benefit from subsidies. Full article

This study explores how corporate social responsibility (CSR) disclosure contributes to sustainable value creation by enhancing intellectual capital (IC) and investigates the moderating role of institutional ownership (IIOW) in this relationship. Using a panel dataset of 828 firm-year observations from non-financial Saudi companies listed on the Saudi Stock Exchange (Tadawul) between 2016 and 2021, the analysis applies feasible generalized least squares (FGLS) regression to test the proposed relationships. The findings reveal a significant positive association between CSR disclosure and IC, underscoring the strategic importance of CSR in building intangible corporate assets. Moreover, IIOW strengthens this association, suggesting that IIOW plays a critical role in promoting sustainability-oriented practices. Robustness checks using alternative proxies and estimation techniques confirm the validity of the results. This study provides novel empirical evidence from Saudi Arabia, contributing to the CSR and IC literature in emerging markets and offering practical insights for policymakers, investors, and corporate leaders aiming to foster long-term organizational resilience. Full article

Corporate environmental, social, and governance (ESG) performance has become an increasingly critical driver of sustainable development. Investigating the impact of ESG performance on corporate green development is of great significance for achieving green transformation and sustainability goals. This study examines the effects and underlying mechanisms of ESG performance on the green development of Chinese A-share listed companies in the agricultural and forestry sectors from 2013 to 2023. The empirical results show that higher ESG performance significantly promotes corporate green development. Further heterogeneity analysis reveals that this effect varies markedly across ownership structures, geographic regions, and levels of ESG rating uncertainty. Mechanism testing indicates that ESG performance fosters green development primarily through three pathways: stimulating green innovation, improving resource allocation efficiency, and enhancing the structure of human capital. In addition, by decomposing green total factor productivity, this study further quantifies the contribution of ESG performance to green growth. These findings offer new insights into the ESG–green development nexus and provide valuable policy implications for the green transformation and sustainable development of agricultural and forestry enterprises. Full article

The changes in market structures in post-socialist economies have led to a significant increase in interest in the dynamics of corporate concentration and its broader socio-economic impacts. This study aimed to assess Hungary’s food industry over a 30-year period (1993–2022), with a primary focus on corporate concentration, by analyzing nine main sectors and their 38 subsectors using grounded theory, trend analysis, and sparse partial least squares-discriminant analysis. The findings reveal that the Hungarian food industry has been moderately to highly concentrated across all sectors (three and six major sectors, respectively). Two distinct periods of increasing corporate concentration were identified: 1996–1998 and 2004–2007, coinciding with post-communist economic reforms and Hungary’s accession to the European Union. These structural shifts led to a decline in the number of active firms, a reduction in workforce size, and increased challenges for smaller competitors; meanwhile, larger domestic companies expanded, and ownership structures transitioned toward privatization and internationalization. In the later years, market concentration showed a declining trend and then gradually stabilized. Full article

Corporate sustainable development, as a critical component of Chinese-style modernization, is essential for achieving high-quality economic growth, yet the influence of institutional cross-ownership—a prevalent phenomenon in stock markets—on corporate sustainability performance remains contested. Using a sample of Chinese A-share listed companies from 2012 to 2023, this study innovatively employs micro-level data on the degree of the achievement of the United Nations Sustainable Development Goals (SDGs) to measure corporate sustainability performance and investigate the influence of institutional cross-ownership on corporate sustainability performance. This study presents the following findings: (1) Institutional cross-ownership undermines corporate sustainability performance, a finding that remains robust to a series of endogeneity and robustness tests. (2) Mechanism analysis reveals a triple erosion effect: short-termism driven by institutional investors’ preference for immediate financial returns, market power through cross-ownership that dampens competitive pressures, and reduced green innovation investments that weaken sustainability. (3) This negative effect is more pronounced in firms located in high-productivity regions or central and eastern China, in firms facing lax environmental regulations, and in state-owned enterprises. (4) The impact of cross-ownership on sustainability performance varies across dimensions, with the negative effects concentrated in the economic and social dimensions. This study enriches the literature on the factors influencing corporate sustainability performance, providing new empirical evidence for governments to guide institutional investors in long-term value investment and firms to implement effective sustainable development strategies. Full article

Under the growing threat of global warming, green bonds have become a pivotal financial instrument to deal with climate change and promote sustainable development. However, the research on the affecting factors of green bond issuance remains scarce in the existing literature, particularly regarding the external influencing factors. In order to study the impact of climate risks faced by enterprises on green bond issuance and its influence mechanism, this paper takes A-share listed companies issuing green bonds in China as samples from 1 January 2000 to 31 December 2022, adopting the Probit model to study how climate risk faced by enterprises influences green bond issuance. The key findings of the research are as follows: the climate risk positively enhances green bond issuance through green transformation and green innovation. In addition, ownership concentration positively moderates the relationship between climate risk and green bond issuance, while managerial overconfidence negatively moderates the relationship. The effect of climate risk on green bond issuance is greater for larger firms, labor-intensive firms and firms with better environmental performance. Moreover, our research enriches green bond issuance theory, further supports the signal theory of green bonds, and provides theoretical guidance for the development of green bonds in China and other emerging market countries. Full article