Search Results (2,318)

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

This study evaluates the effectiveness of the B Impact Assessment (BIA) as a catalyst for integrating sustainability into industrial firms through a qualitative case study of LC Paper, the first B Corp-certified tissue manufacturer globally and a pioneer in applying BIA in the pulp and paper sector. Based on semi-structured interviews, organizational documents, and direct observation, this study examines how BIA influences corporate governance, environmental practices, and stakeholder engagement. The findings show that BIA fosters structured goal setting and the implementation of measurable actions aligned with environmental stewardship, social responsibility, and economic resilience. Tangible outcomes include improved stakeholder trust, internal transparency, and employee development, while implementation challenges such as resource allocation and procedural complexity are also reported. Although the single-case design limits generalizability, this study identifies mechanisms transferable to other firms, particularly those in environmentally intensive sectors. The case studied also illustrates how leadership commitment, participatory governance, and data-driven tools facilitate the operationalization of sustainability. By integrating stakeholder and institutional theory, this study contributes conceptually to understanding certification frameworks as tools for embedding sustainability. This research offers both theoretical and practical insights into how firms can align strategy and impact, expanding the application of BIA beyond early adopters and into traditional industrial contexts. Full article

This study intends to provide insights and challenges for the shape of the B movement, an emerging paradigm that fosters cross-sectoral partnerships and encourages ethical business practices through so-called purpose-driven businesses. Focusing on Italy, the first European country to adopt this managerial model, the research investigates Italian Benefit Corporations, known as Società Benefit (SB), and their most appealing sustainability claims from a consumer perspective. The analysis intends to inform theory development by assuming the cultural and creative industry (CCI) as a field of interest, utilizing a within-subjects experimental design to analyze data from a diverse consumer sample across various contexts. The results indicate that messaging centered on economic sustainability emerged as the most effective in generating positive consumer responses, highlighting a prevailing inclination toward pragmatic factors such as affordability, economic accessibility, and tangible benefits rather than social issues. While sustainable behaviors are not yet widespread, latent ethical sensitivity for authentic, value-driven businesses suggests that economic and ethical dimensions can be strategically synthesized to enhance consumer engagement. This insight highlights the role of BCs in catalyzing a shift in consumption patterns within ethical-based and creative-driven sectors. Full article

With the increasing global emphasis on sustainable development goals, and in the context of pursuing high-quality sustainable development of the economy and enterprises, this study empirically examines the effect of digital finance on corporate financing constraints and the impact on corporate green innovation with a sample of China’s A-share-listed companies in the period of 2011–2020 and explores the issue from the perspectives of management power and corporate social responsibility (CSR) at the micro level of enterprises. The empirical results show that digital finance can indeed alleviate corporate financing constraints. Still, the synergistic effect of the two on corporate green innovation produces a “quantitative and qualitative separation” effect, which only promotes the enhancement of iconic green innovation, and the effect on substantive green innovation is not obvious. The power of management and CSR performanceshave different moderating roles in the alleviation of financing constraints by the empowerment of digital finance. Management power and corporate social responsibility have different moderating effects on digital financial empowerment to alleviate financing constraints. The findings of this study enrich the research in related fields and provide more basis for the promotion of digital financial policies and more solutions for the high-quality development of enterprises. Full article

Integrating artificial intelligence (AI) and cause-related marketing has reshaped corporate social responsibility practices while triggering a conflict between technological instrumental rationality and moral value transmission. Building on the Persuasion Knowledge Model (PKM) and AI aversion literature, this research employs two experiments to reveal that AI disclosure exerts a unique inhibitory effect on consumers’ purchase intentions in cause-related marketing contexts compared to non-cause-related marketing scenarios. Further analysis uncovers a chain mediation pathway through consumer skepticism and advertisement attitudes, explaining the psychological mechanism underlying AI disclosure’s impact on purchase intentions. The study also identifies the moderating role of AI aversion within this chain model. The findings provide a new theoretical perspective for integrating AI disclosure, consumer psychological responses, and marketing effectiveness while exposing the “value-instrumentality” conflict inherent in AI applications for cause-related marketing. This research advances the evolution of the PKM in the digital era and offers practical insights for cause-related marketing enterprises to balance AI technology application with optimized disclosure strategies. Full article

This study explores how corporate governance reforms can enhance financial reporting quality and organizational transparency, focusing on Greece’s transition from Law 3016/2002 to Law 4706/2020. The legislative reform aimed to modernize governance structures, align national practices with international standards, and strengthen investor protection in a post-crisis economic environment. Moving beyond a simple legal comparison, the study examines how Law 3016/2002’s formal compliance model contrasts with Law 4706/2020’s more substantive accountability framework. We hypothesize that Law 4706/2020 introduces substantively stronger governance mechanisms than its predecessor, thereby improving transparency and investor protection, while compliance with the new law imposes materially greater administrative and financial burdens, especially on small- and mid-cap firms. Methodologically, the research employs a narrative literature review and a structured comparative legal analysis to assess the administrative and financial implications of the new law for publicly listed companies, focusing on board composition and diversity, internal controls, suitability policies, and disclosure requirements. Drawing on prior comparative evidence, we posit that Law 4706/2020 will foster governance and disclosure improvements, enhanced oversight, and clearer board roles. However, these measures also impose compliance burdens. Due to the heterogeneity of listed companies and the lack of firm-level data following Law 4706/2020’s implementation, the findings are neither fully generalizable nor quantifiable; future quantitative research using event studies or panel data is required to validate the hypotheses. We conclude that Greece’s new framework is a critical step toward sustainable corporate governance and more transparent financial reporting, offering regulators, practitioners, and scholars examining legal reform’s impact on governance effectiveness and financial reporting integrity. Full article

In the context of pursuing the goal of strategic imperatives of sustainable development, the ESG performance of enterprises has become a key yardstick for measuring their comprehensive environmental contribution and economic efficiency. Enhancing ESG performance has far-reaching significance in promoting green and sustainable development of enterprises and society. Drawing on the upper echelons theory, this paper investigates the impact of the chief executive officer’s (CEO’s) green experience on corporate environmental, social, and governance (ESG) performance, utilizing a sample of publicly listed Chinese companies from 2011 to 2023. The study demonstrates that CEOs with green experience significantly enhance corporate ESG performance, a conclusion that remains consistent following a series of rigorous robustness checks. Mechanistic analysis reveals that CEOs’ green experience primarily facilitates corporate ESG performance enhancement through green innovation initiatives. Furthermore, CEO discretion amplifies the positive influence of green experience on ESG performance. Heterogeneity analysis demonstrates that the influence of the CEOs’ green experience on ESG performance is more pronounced in high-tech enterprises, in markets characterized by lower levels of competition, and in firms situated in regions exhibiting higher degrees of social trust. These findings impart both theoretical and practical implications for enhancing corporate ESG performance and offer novel strategic perspective to advance environmental stewardship, social responsibility, and corporate governance frameworks. Full article

Background: Sustainability in supply chain management (SCM) practices is becoming increasingly important as environmental responsibility and social concerns, as well as enterprises’ competitiveness in terms of innovation, risk, and economic performance, become increasingly urgent. This paper aims to identify and prioritize concepts for implementing sustainable supply chains, drawing on sustainable supply chain management (SSCM) and green supply chain management (GSCM) techniques. Corporate supply chain managers across various industries, markets, and supply chain segments brainstormed management practices to enhance the sustainability of their supply chains. Four industry sectors were surveyed across five different value chain segments. Methods: A group concept mapping (GCM) approach incorporating multi-dimensional scaling (MDS) and hierarchical cluster analysis (HCA) was used. A hierarchy of practices is proposed, and hypotheses are developed about achievability and impact. Results: A decision-making matrix prioritizes eight solution concepts based on two axes: impact (I) and ease of implementation (EoI). Conclusions: Eight concepts are prioritized based on the optimal effectiveness of implementing the solutions. Pattern matching reveals differences between emerging and developed markets, as well as supply chain segments, that decision-makers should be aware of. By analyzing supply chains from a multi-part perspective, this research goes beyond empirical studies based on a single industry, geographic region, or example case. Full article

Ensuring sustainable food systems is an urgent global priority as populations grow and environmental pressures mount. Technological innovations such as genetic engineering (GE) and nanotechnology (nano) have been promoted as promising pathways for achieving greater sustainability in agriculture and food production. Yet, the sustainability of these technologies is not defined by technical performance alone; it hinges on how they are perceived by key stakeholders and how well they align with broader societal values. This study addresses the critical question of how expert stakeholders evaluate the sustainability of GE and nano-based food and agriculture (agrifood) products. Using a multi-method online platform, we engaged 42 experts across academia, government, industry, and NGOs in the United States to assess six real-world case studies—three using GE and three using nano—across ten different dimensions of sustainability. We show that nano-based products were consistently rated more favorably than their GE counterparts in terms of environmental, economic, and social sustainability, as well as across ethical and societal dimensions. Like prior studies, our results reveal that stakeholders see meaningful distinctions between nanotechnology and biotechnology, likely due to underlying value-based concerns about animal welfare, perceived naturalness, or corporate control of agrifood systems. The fruit coating and flu vaccine—both nano-enabled—received the most positive ratings, while GE mustard greens and salmon were the most polarizing. These results underscore the importance of incorporating stakeholder perspectives in technology assessment and innovation governance. These results also suggest that responsible innovation efforts in agrifood systems should prioritize communication, addressing meaningful societal needs, and the contextual understanding of societal values to build trust and legitimacy. Full article

In October 2024, a DANA (Isolated Depression at High Levels) triggered torrential rains across the Valencian Community, causing 227 deaths, severe infrastructure damage, and economic losses estimated at €17.8 billion. In this context of crisis, startups, despite having fewer resources and less experience than large corporations, played a significant role in crisis communication, shaping public perception and operational continuity. This study explores the communication strategies adopted by startups during and after the disaster, focusing on their activity on Instagram, TikTok, and Facebook between October 2024 and January 2025. Using a mixed-methods approach, we conducted a quantitative analysis of digital discourse through the Fanpage Karma tool, assessing metrics such as engagement, reach, and posting frequency. Sentiment analysis was performed using GPT-4, an advanced natural language processing model, and in-depth interviews with startup representatives provided qualitative insights into reputational impacts. The findings reveal that startups which aligned their discourse with the social context, prioritizing transparency and emotional proximity, enhanced their visibility and credibility. These results underscore how effective crisis communication not only mitigates reputational risk but also strengthens the local entrepreneurial ecosystem through trust-building and social responsibility. Full article

Small-scale farms deserve attention and support because they play crucial and important roles. Apart from ensuring provision of food security, they also provide other economic, environmental, and social–cultural benefits. In the United States of America, these farms are agriculturally, culturally, and geographically different. They have varied needs that trigger an array of distinct biophysical, socioeconomic, and institutional challenges. The effects of these challenges are exacerbated by economic uncertainty, technological advancements, climate change, and other environmental concerns. To provide ideal services to the small-scale farm audience, it is necessary to understand these challenges and opportunities that can be leveraged to enhance their productivity and profitability. This article reviews the challenges faced by small-scale farming in the United States of America. It then reviews possible pathways to enhance their productivity and profitability. The review revealed that U.S. small-scale farms face several challenges. They include accessing farmland, credit and capital, lack of knowledge and skills, and technology adoption. Others are difficulties to insure, competition from corporations, and environmental uncertainties associated with climate change. The paper then reviews key pathways to enhance small-scale farmers’ capacities and resilience with a positive impact on their productivity and profitability. They are enhanced cooperative extension services, incentivization, strategic marketing, annexing technology, and government support, among others. Based on the diversity of farms and their needs, responses should be targeted towards individual needs. Since small-scale farm products have an effect on human health and dietary patterns, strategies to increase productivity should be linked to nutrition and health. Full article

Energy-intensive industries (EIIs) face mounting pressure to reduce greenhouse gas emissions while maintaining international competitiveness—a balance that is central to achieving the EU’s 2030 and 2050 climate objectives. In this context, energy management (EM) emerges as a strategic instrument to decouple industrial growth from fossil energy consumption. This study proposes a redefinition of EM to support carbon-neutral supply chains within the European Union’s EIIs, addressing critical limitations of conventional EM frameworks under increasingly stringent carbon regulations. Using a modified systematic literature review based on PRISMA methodology, complemented by expert insights from EU Member States, this research identifies structural gaps in current EM practices and highlights opportunities for integrating sustainable innovations across the whole industrial value chain. The proposed EM concept is validated through an analysis of 24 EM definitions, over 170 scientific publications, and over 80 EU legal and strategic documents. The framework incorporates advanced digital technologies—including artificial intelligence (AI), the Internet of Things (IoT), and big data analytics—to enable real-time optimisation, predictive control, and greater system adaptability. Going beyond traditional energy efficiency, the redefined EM encompasses the entire energy lifecycle, including use, transformation, storage, and generation. It also incorporates social dimensions, such as corporate social responsibility (CSR) and stakeholder engagement, to cultivate a culture of environmental stewardship within EIIs. This holistic approach provides a strategic management tool for optimising energy use, reducing emissions, and strengthening resilience to regulatory, environmental, and market pressures, thereby promoting more sustainable, inclusive, and transparent supply chain operations. Full article

In an era where sustainable development is increasingly a core strategic issue for businesses, how top management, as the architects of corporate strategy, can achieve a synergy of economic, social, and environmental benefits through internal management mechanisms to promote corporate sustainability is a central focus for both academia and practice. This study aims to explore how Executive Cognitive Flexibility (CF) influences Firm Performance and to uncover the mediating effects of Non-market Strategy. We use panel data from Chinese A-share listed companies between 2016 and 2022 to examine and empirically analyze this mechanism. Our findings indicate that CF has a positive impact on Firm Performance. This relationship is realized through the pathway of Non-market Strategy, specifically manifesting as a reduction in Corporate Social Responsibility (CSR) and an increase in Corporate Political Activity (CPA). Further analysis reveals that the impact of executive cognitive flexibility on firm performance is differentially influenced by internal and external environmental contexts. The findings of this study provide important practical insights and policy recommendations for companies on cultivating executive cognitive flexibility, optimizing non-market strategies, and enhancing firm performance in various internal and external environments. Full article

This paper examines the moderating role of corporate social responsibility (CSR) on the relationship between environmental, social, and governance (ESG) dimensions and investor decision-making in Jordan. Data were collected using a structured questionnaire designed for institutional investors and financial analysts, capturing perceptions of ESG, CSR, and investment behavior. A stratified random sample of 350 professionals across the financial, industrial, and service sectors was surveyed. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4. The findings show that environmental and social dimensions have positive effects on investor decisions, with governance dimensions having a negative effect. Notably, CSR has a negative moderating effect on the governance dimensions and investor decision, with no observed statistical moderating effect for environmental or social dimensions. This research unravels the multidimensional role of CSR in building the ESG-investor decision interface and identifies a counterintuitive negative moderating impact of CSR on governance, contributing to the existing literature on sustainability alignment in emerging markets. The results offer practical implications for companies aiming to attract sustainability-oriented investors by indicating the necessity for an integrated and genuine CSR and ESG approach. Full article

Prior research often portrays Corporate Social Responsibility (CSR) as a coercive institutional force compelling firms to passively conform for legitimacy. More recent studies, however, suggest firms actively pursue CSR to gain sustainable competitive advantages. Yet, how and when CSR buffers firms against adverse shocks of crises remains insufficiently understood. This study addresses this gap by using multiple regression analysis to examine the buffering effects of CSR investments during the COVID-19 crisis, which severely disrupted capital markets and firm valuation. Drawing on signaling theory and CSR literature, we analyze the stock market performance of China’s A-share listed firms using a sample of 2577 observations as of the end of 2019. Results indicate that firms with higher CSR investments experienced significantly greater cumulative abnormal returns during the pandemic. Moreover, the buffering effect is amplified among firms with higher debt burdens, greater financing constraints, and those operating in regions with stronger social trust and more severe COVID-19 impact. These findings are robust across multiple robustness checks. This study highlights the strategic value of CSR as a resilience mechanism during crises and supports a more proactive view of CSR engagement for sustainable development, complementing the traditional legitimacy-focused perspective in existing literature. Full article