Search Results (251)

Among developed-market stock exchanges, the NZX is distinctive. Its imputation credit system and capital-gains-tax exemption create financial incentives for firms to distribute earnings that have no close parallel elsewhere, yet what actually drives payout decisions at the firm level has never been tested in a multivariate panel framework. We analyzed 116 NZX-listed companies from 2017 to 2023. The results show that revenue and net profit prove to be the dominant positive predictors of dividend payout; cash flow and shareholders’ equity are negatively associated with the payout, suggesting that the firms prioritize capital retention in a manner consistent with the pecking order theory. Market capitalization adds nothing once earnings quality is accounted for in the model. Firms in which women occupied more than half of board seats paid, on average, seventeen times more in dividends than those with minimal female representation, a gap sustained without exception across all seven years. Domestic firms outpaid multinational firms throughout and, by 2023, had exceeded their own pre-period baseline, while multinationals had not. Our findings have implications for income-focused investors, for boards weighing payout strategies, and for policymakers assessing the case for diversity requirements. Full article

(1) Background: Drosophilid flies oviposit in damaged or fermenting substrates, whereas D. suzukii prefers to lay eggs in ripening fruits. This ecological shift requires females to recognize fruit-stage cues while overcoming the mechanical barrier imposed by fresh-fruit surfaces. Whether fresh-fruit exploitation requires a complete specialist syndrome or can arise through partial combinations of sensory and morphological traits remains unclear. (2) Methods: We combined field surveys with behavioral, chemical, biomechanical and morphological analyses across multiple drosophilid species to investigate potential mechanisms underlying the diversification of fresh-fruit exploitation. (3) Results: Field surveys indicated that the phylogenetically distant species D. immigrans exploits fruit-associated breeding substrates that overlap with those used by D. suzukii in natural habitats. Females of D. suzukii preferred ripe strawberry cues and avoided fermentation-associated substrates, whereas D. immigrans showed an intermediate behavioral profile. Volatile profiling revealed that fruit decay drives chemical similarity across fruits, with rotten substrates enriched in ethyl acetate and acetic acid. Firmness measurements confirmed that decay reduces the mechanical resistance of fruit substrates, while morphological comparisons revealed divergent ovipositor architectures. (4) Conclusions: Our findings are consistent with a modular framework for fresh-fruit exploitation, in which specialist and facultative strategies reflect different combinations of fermentation-cue avoidance, substrate access, and ovipositor morphology. Full article

This study examines the relationship between environmental, social, and governance (ESG) performance and investment efficiency and investigates whether board gender diversity moderates this relationship among Saudi listed firms. Using a sample of non-financial companies listed on the Saudi Stock Exchange (Tadawul) with available ESG scores over the period 2015–2023, the study employs panel regression analysis to assess the impact of ESG performance on investment efficiency. The findings indicate that higher ESG performance is associated with a greater tendency toward overinvestment rather than improved investment efficiency. However, board gender diversity significantly weakens this relationship, indicating a moderating effect of female board representation. The results remain robust across alternative specifications. This study advances to the ESG and corporate governance literature by providing empirical evidence from Saudi Arabia, an emerging market undergoing significant institutional reforms under Vision 2030 and highlights the importance of board gender diversity in improving the effectiveness of firms’ sustainability strategies. Full article

The telomere is one of the biological hallmarks of skin aging. Sodium acetylated hyaluronate (SAH) is an acetylated derivative of sodium hyaluronate, produced by a grafting technology that confers higher resistance to hyaluronidase. This study aimed to explore whether SAH is associated with telomere-related endpoints and with clinical signs of skin aging. Two vitro studies were performed, assessing telomerase activity in human adult keratinocytes and telomere length in human normal fibroblasts by quantitative PCR (qPCR) assay kits, with or without SAH. A randomized, split-face, double-centered, double-blind, placebo-controlled clinical trial was then conducted on 44 Caucasian and Asian female volunteers, comparing a facial cream containing 0.1% SAH with a placebo cream over 28 days; crow’s feet wrinkle depth, area, and volume, under-eye roughness (Rz), elasticity (R2), and firmness (F4) were measured by PRIMOS 3D and Cutometer^® MPA 580 at baseline, day 7, and day 28. In vitro, only the highest SAH concentration (0.15%) was associated with a significant increase in telomerase activity and in telomere length versus control, whereas lower concentrations had no significant effect. Clinically, the SAH cream significantly reduced crow’s feet wrinkle volume and area, improved skin elasticity, and reduced under-eye roughness versus placebo, with non-significant trends for wrinkle depth and firmness. These exploratory findings make SAH an interesting active ingredient for anti-aging skincare cosmetics, combining a curative dimension (clinical improvement of skin-aging parameters) with a preventive dimension (telomere preservation observed in vitro for the first time), and warrant further mechanistic investigation. Full article

This study examines how Female-Associated Leadership Practices (FALPs) are associated with firm performance in Ecuadorian small and medium-sized enterprises (SMEs) through organizational governance and strategic orientation. Drawing on Upper Echelons Theory, social role theory, expectation states theory, and gender and leadership research, FALPs are conceptualized as perceived leadership practices frequently linked to participative decision-making, collaboration, ethical consideration, innovation stimulation, and long-term orientation. This conceptualization avoids treating leader gender, gender diversity, women’s representation in management, and leadership style as interchangeable constructs. Using a quantitative cross-sectional design, firm-level data from 300 SMEs were analyzed through Partial Least Squares Structural Equation Modeling (PLS-SEM). The results show that FALPs are not directly associated with firm performance. Instead, they are positively associated with governance quality and strategic orientation, both of which are, in turn, positively associated with firm performance. Strategic orientation represents the strongest indirect pathway, while governance is associated with performance both directly and indirectly through strategic orientation. These findings provide a process-based explanation for inconsistent evidence on gender-related leadership practices and firm outcomes. Practically, the study suggests that participative, ethical, collaborative, innovation-oriented, and long-term leadership practices may support SMEs by strengthening governance quality and strategic capabilities. Full article

This study examines whether female governance representation and the presence of a female signing audit partner are associated with key audit matter (KAM) reporting in Japan. The descriptive sample comprises 9808 firm-year observations for Japanese listed companies from 2021 to 2023; primary multivariate analyses use 9794 complete cases. KAM headings were manually collected and classified as account- or entity-level matters. Poisson and zero-truncated Poisson models with firm-clustered standard errors are the primary KAM-count specifications; Tobit is retained only as a supplementary check. The interaction between female audit-partner involvement (FEAUD) and female governance representation (FEBOARD) is negative in both count models, but evidence is limited and model-dependent; the corresponding p-values are 0.067 in the Poisson model and 0.293 in the zero-truncated Poisson model. Supplementary estimates are also negative, although statistical significance varies across specifications. Conditional KAM-count differences are small and emerge mainly at higher levels of female governance representation. Evidence for total KAM-section length is weaker, and length checks indicate that any negative total-length association reflects fewer KAMs rather than shorter descriptions per KAM. Type-specific analyses provide only weak descriptive evidence. The findings are associational and do not directly measure communication, coordination, or disclosure quality. Full article

The study investigated the relationship between female board representation and corporate social responsibility (CSR) in Thai firms in the period between 2015 and 2021. We examined whether a higher proportion of female directors would enhance CSR and sustainable corporate development. The findings provide no empirical evidence of a relationship, suggesting that female board representation may not influence CSR in Thailand. The role and impact of female directors appear to be indirect and complex, making it difficult to assess and quantify their contribution to CSR. We also examined whether female chief executive officers (CEOs) and/or chief financial officers (CFOs) moderate the relationship between female board representation and improved CSR. The findings do not support this hypothesis, suggesting that female CEOs and/or CFOs do not moderate the relationship between the presence of female directors and CSR. The presence of a female CEO or a member of a minority group in a firm may not be enough to influence the company’s charitable giving decisions. This study contributes to the corporate governance and CSR literature by examining how female board representation and female executive leadership jointly shape ESG performance and disclosure in an emerging market context, and by distinguishing between performance-based and disclosure-based ESG outcomes using two major global databases. Full article

The role of CEO environmental leadership in the construction industry is becoming increasingly important, but there are still significant differences in the role of CEOs of different genders in corporate social responsibility (CSR) and eco-innovation decisions. Drawing on upper echelons theory and social role theory, this study examines how CEO environmental leadership is associated with CSR and eco-innovation and whether these associations differ across CEO-gender groups. This study investigates 437 companies in the Chinese construction industry and uses partial least squares structural equation modeling (PLS-SEM) and multi-group analysis (MGA). The results indicate that: (1) CEO environmental leadership is positively associated with CSR and eco-innovation, while CSR accounts for a significant indirect association between CEO environmental leadership and eco-innovation; (2) the MGA results further indicate that the CEL-related direct and indirect associations are stronger in female-CEO firms than in male-CEO firms; and (3) government support conditions the strength of the association between CEO environmental leadership and eco-innovation, with the gender difference becoming significant at the mean and high levels of government support but remaining nonsignificant at the low level. These findings enrich both theory and practice by revealing the relational pathways through which CEO environmental leadership is associated with eco-innovation across CEO-gender contexts in the construction industry and by providing construction industry policymakers with a model for addressing gender differences in corporate leadership and barriers to eco-innovation. Full article

A large body of evidence links board diversity to stronger environmental, social, and governance (ESG) outcomes, and diversity mandates rest on the premise that changing a board changes what a firm does. We test this premise within firms over time using materiality alignment, the closeness of a firm’s allocation of ESG emphasis across pillars to its industry’s materiality profile. Drawing on an unbalanced panel of ESG-rated U.S. listed firms over 2011–2022, we combine trajectory and transition analysis, between-versus-within decompositions, recovery models, formal industry-materiality checks, and measurement-robustness tests. The cross-firm relationship between female board representation and alignment is strong, yet it does not reappear within firms: once firm and year effects are absorbed, board composition changes are not followed by alignment changes, and board size is the only attribute with a consistent within-firm relationship. Alignment is instead highly persistent: firms sort into five durable trajectory classes, roughly half remain persistently aligned, and movement from weak to strong alignment occurs in under 6% of firms. Among initially misaligned firms, recovery depends on capacity already in place, namely firm size and established female representation, rather than short-run board change during the main three-year window. Five-year recovery checks suggest that board change becomes visible only over a longer horizon, and even then, modestly. Board diversity thus marks accumulated capability rather than a near-term adjustment mechanism, so mandates warrant evaluation over longer horizons. Full article

Environmental, Social, and Governance (ESG) criteria are increasingly central to corporate transparency, risk oversight, and sustainable finance, yet evidence on the governance pillar in Greece remains limited. This study examines a pooled cohort of 68 firms appearing in the Athens Stock Exchange ESG Index during 2021–2023, with annual analytical samples of 66, 68, and 65 firms. Using annual reports, corporate governance statements, and sustainability disclosures, it evaluates board size, board independence, gender diversity, CEO–Chair structure, committee architecture, internal audit disclosure visibility, and external audit concentration. Board size remained stable. Proportional board independence peaked in 2022 and remained slightly above its 2021 level in 2023. The aggregate female board seat share increased, although the 2023 rise partly reflected a smaller denominator. CEO–Chair duality was persistent but non-monotonic, internal audit disclosure visibility changed only modestly, and top-two audit provider concentration increased in 2023. The findings are interpreted as selective governance institutionalization: visible, threshold-based arrangements adjust more readily than capability-intensive mechanisms involving authority, internal controls, specialist oversight, and assurance capacity. Greek, EU, and OECD benchmarks indicate partial regulatory readiness. The study provides a longitudinal governance baseline but does not estimate causal performance effects or certify firm-level legal compliance. Full article

Objectives: Microneedling is a minimally invasive procedure intended to improve skin quality through controlled mechanical stimulation of the dermis; however, objective data on its effects remain limited. This study aimed to evaluate regional changes in skin hydration and firmness after a series of microneedling treatments of the neck and décolleté using corneometry, indentometry, and patient-reported outcomes. Methods: The study included 30 female patients who underwent three microneedling sessions performed at 4-week intervals. Instrumental measurements (corneometry and indentometry) and photographic documentation were obtained before treatment initiation and 4 weeks after completion of the treatment series. Statistical analysis included linear mixed models (LMMs), Spearman’s rank correlation, and Friedman’s test for repeated measurements. Results: Microneedling produced heterogeneous responses depending on anatomical location. In corneometry analyses excluding the control point, a significant increase in hydration was observed only at point 4, while no significant changes were detected at the remaining treatment sites. Similarly, indentometry demonstrated a localized improvement in firmness exclusively at point 4, reflected by decreased indentation values after treatment. In models including the control point, no generalized time effect was observed for either corneometry or indentometry; however, significant effects of anatomical location and location-by-time interactions persisted, indicating site-dependent variability in treatment response. Age was not associated with global treatment outcomes; however, a significant age-by-location interaction was identified for indentometry. No significant correlations were found between objective instrumental measurements and subjective assessments of hydration or firmness, despite most participants reporting perceived clinical improvement. Additionally, the depth at which pinpoint bleeding occurred increased significantly across subsequent treatment sessions. Conclusions: Microneedling of the neck and décolleté resulted in localized rather than generalized instrumental skin changes, with treatment response strongly influenced by anatomical location. Objective measurements did not correlate with patient-reported improvement, highlighting the complexity of assessing esthetic treatment outcomes. However, the results should be treated cautiously due to the exploratory nature of this study. Full article

This study aims to examine the moderating effect of board gender diversity in the relationship between the overconfidence of the CEO and corporate tax avoidance of listed firms in Jordan. Based on upper echelons theory, agency theory, and resource dependence theory, it examines the potential influence of female board representation on the tax implications of managerial overconfidence in an emerging-market context. The study uses panel data of 70 industrial and service enterprises listed on the Amman Stock Exchange (ASE) for the period (2019–2024), yielding 420 firm-year observations. To measure corporate tax avoidance, we use the effective tax rate (ETR) and cash flow effective tax rate (CFETR), and CEO overconfidence is measured by a composite index of observable executive characteristics. The level of board gender diversity is computed as the percentage of female directors, and the hypotheses are tested with panel regression models that include relevant firm-level control variables. The results indicate that CEO overconfidence is negatively and significantly related to ETR, suggesting that the overconfident CEO is more likely to engage in tax avoidance. The moderating results also indicate that the relationship between board gender diversity and tax avoidance is reshaped by enhancing accrual-based tax avoidance and curbing cash-based tax avoidance. The results contribute to the literature on executive traits, corporate governance, and tax behavior by providing evidence from Jordan and by applying a practical measure of CEO overconfidence suitable for contexts with limited data availability. Full article

This study examines the impact of corporate environmental, social, and governance (ESG) practices on corporate stock prices, with a particular focus on the mediating role of board gender diversity (BGD). Using a dataset of 9543 firm-year observations from non-financial companies across 15 countries in the S&P 1200 global index between 2012 and 2020, the analysis evaluates ESG performance through the Refinitiv ESG Combined Score, which incorporates disclosures across ESG pillars and an overlay for ESG controversies. BGD is measured as the proportion of female directors on corporate boards, while stock prices are assessed using annual closing prices. The findings reveal a positive relationship between ESG performance and corporate stock prices, both at the aggregate level and across individual ESG pillars. Additionally, BGD is shown to enhance stock price performance and serves as a mediator in the ESG-stock price relationship. These results highlight the critical role of board diversity in amplifying the financial benefits of ESG practices. Further analysis suggests that the value relevance of ESG performance varies across institutional settings, with stronger effects observed in emerging/offshore markets and in the North American and European regions. The study offers important implications for companies, investors, and policymakers, emphasizing the need to integrate ESG strategies and promote gender diversity at the board level to enhance corporate valuation and long-term sustainability. Full article

Apocrine sweat gland adenocarcinoma is an uncommon feline adnexal neoplasm, and lower-lip involvement is rarely documented. A 14-year-old spayed female Siamese cat was evaluated for a firm 1.3 cm right lower-lip mass at a documented hemorrhagic lesion site. Approximately 1 year earlier, the lesion was fluctuant and superficially erosive to ulcerative; fine-needle aspiration yielded bloody fluid with cytologically nondiagnostic material. The lesion reportedly subsided after empirical treatment, but reassessment, tissue diagnosis, and objective confirmation of resolution were not performed. Cytology of the later same-site mass supported malignant epithelial neoplasia. Contrast-enhanced computed tomography (CT) identified a 12.5 × 13.2 × 16.6 mm rim-enhancing mass without mandibular invasion or distant metastasis; the ipsilateral mandibular lymph node was mildly thickened. Histopathology supported a diagnosis of lower-lip apocrine sweat gland adenocarcinoma with lymphovascular tumor emboli, lymphatic invasion, and nodal metastasis. The diagnosis was supported by superficial dermal/subcutaneous location, adjacent adnexal structures, skeletal-muscle separation from nearby minor salivary glands, epithelial immunoreactivity, periodic acid-chiff (PAS) and Alcian blue findings without distinct intratumoral mucin/mucopolysaccharide-rich material. The cat died without necropsy on postoperative day 87. This case supports tissue-based diagnosis and regional lymph node assessment for suspicious feline lower-lip glandular epithelial lesions. Full article

Background: Patient-reported outcome comparisons require measurement equivalence, which is seldom tested in low- and middle-income country (LMIC) diabetes research. We examined equivalence of the Diabetes Self-Management Instrument-35 (DSMI-35), Diabetes Distress Scale-17 (DDS-17), and Asian Diabetes Quality of Life (AsianDQOL) scale across sex, fasting-glucose stratum, and educational attainment in Vietnamese adults with type 2 diabetes. Methods: We conducted a secondary analysis of 374 adults (female 152, male 222; lower-FBG < 154 mg/dL, n = 212; higher-FBG n = 162; secondary-or-lower n = 202; tertiary-or-higher n = 172). Multi-group CFA (lavaan) tested configural, metric, and scalar equivalence of a parcel-level three-factor model (parcel-level equivalence does not imply item-level equivalence). Path equality was evaluated with scaled Satorra–Bentler likelihood-ratio tests; indirect effects were bootstrapped (n = 5000). Results: Scalar-equivalence change-index criteria (ΔCFI ≤ 0.010; ΔRMSEA ≤ 0.015) were met for all groupings; however, for fasting glucose the configural baseline fit was weak (RMSEA 0.117–0.119), so fasting-glucose equivalence is reported only as provisional and is not interpreted at the level of the sex and education findings. McDonald’s ω was ≥ 0.959 in every subgroup. Structural paths did not differ by sex (Δχ²(3) = 1.18, p = 0.758; not powered for equivalence) but differed by education (Δχ²(3) = 71.16, p < 0.001), with the cross-sectional association structure differing by education (distress-channelled in tertiary-or-higher and partly direct in secondary-or-lower participants); because the data are cross-sectional, these are differences in association structure, not established mediation. The fasting-glucose structural comparison was not interpretable because the lower-FBG subgroup (FBG < 154 mg/dL, n = 212) had a non-positive-definite latent covariance matrix. Conclusions: Scalar equivalence criteria were met for sex and education and only preliminarily supported for fasting-glucose stratum, where elevated configural RMSEA (0.119) cautions against firm interpretation. The self-management → distress → quality-of-life pathway showed no detected sex difference but differed by educational attainment. Measurement equivalence testing, including configural-fit assessment, should be routine in LMIC patient-reported outcome validation. Full article