Search Results (122)

Environmental, social and governance (ESG) metrics increasingly inform sustainable investment yet suffer from inter-rater heterogeneity and incomplete reporting, limiting their utility for forward-looking allocation. In this study, we developed and validated a two-level stacked-ensemble machine-learning framework to predict total ESG risk scores for S&P 500 firms using a comprehensive feature set comprising pillar sub-scores, controversy measures, firm financials, categorical descriptors and geospatial environmental indicators. Data pre-processing combined median/mean imputation, one-hot encoding, normalization and rigorous feature engineering; models were trained with an 80:20 train–test split and hyperparameters tuned by k-fold cross-validation. The stacked ensemble substantially outperformed single-model baselines (RMSE = 1.006, MAE = 0.664, MAPE = 3.13%, $R^2$ = 0.979, CV_RMSE_Mean = 1.383, CV_R²_Mean = 0.957), with LightGBM and gradient boosting as competitive comparators. Permutation importance and correlation analysis identified environmental and social components as primary drivers (environmental importance = 0.41; social = 0.32), with potential multicollinearity between component and aggregate scores. This study concludes that ensemble-based predictive analytics can produce reliable, actionable ESG estimates to enhance screening and prioritization in sustainable investment, while recommending human review for extreme predictions and further work to harmonize cross-provider score divergence. Full article

Over the last decade, there has been a significant increase in banks’ investment in technology, alongside a substantial rise in CEO compensation. Research on executive compensation has primarily focused on traditional performance metrics, such as return on assets and return on equity, as well as governance factors. Investigating the nexus between fintech adoption and CEO compensation introduces a new perspective on the determinants of CEO pay and how technological transformation influences executive remuneration structures. This study investigated the relationship between Chief Executive remuneration and fintech adoption among banks listed on the Johannesburg Stock Exchange. There is a lack of literature on the impact of technology adoption on CEO compensation in developing and emerging economies. The quantitative longitudinal study, conducted over 15 years from 2010 to 2024, collected secondary data from the annual reports of six banks and the IRESS database. A panel data fixed effects regression analysis was employed to analyze the data. CEO compensation included both salary and total compensation. Fintech variables used for the study included automated teller machines, mobile banking, and internet banking. The findings revealed a positive relationship between CEO salary and the rollout of ATMs and mobile banking, while an inverse relationship was noted between salary and internet banking. Similarly, total compensation showed an inverse relationship with the adoption of ATMs and internet banking, whereas mobile banking had a positive effect on total compensation. Understanding how technology impacts CEO compensation can help remuneration committees ensure that CEO pay is linked to the value that infrastructure investments bring to an organization, rather than simply the number of innovations introduced. This understanding will also help solve the principal-agent problem, as it will ensure technology innovations that enhance firm performance are rewarded. In the context of emerging markets, the study’s findings suggest that organizations should recognize and formalize pay linked to digital transformation, rather than focusing solely on short-term financial metrics. This also suggests the need to develop guidelines for executive remuneration disclosure related to the technology sector. The close connection between fintech adoption and technological and regulatory risks highlights the need to balance incentive structures that reward innovation with risk-adjusted performance measures. Full article

The use of financial derivatives to hedge economic risks presents several operational and financial reporting challenges to corporations. Special hedge accounting treatment is stringent and complex; different accounting treatments may be used for similar instruments, and risk management strategies, expertise, and judgment are necessary in valuing certain instruments; and careful monitoring and internal controls processes and procedures are necessary to ensure that risks are properly hedged. This study examines whether the use and the extent of the use of financial derivatives are associated with audit risk, financial restatements, and internal control weaknesses. Using a sample of over 6000 firms across non-financial industries from 2012 to 2022, I find that derivative use is associated with an increase in audit fees, restatements, and internal control weaknesses. The fair value of total derivatives used is associated with an increase in audit fees and internal control weaknesses. These findings provide evidence on the hidden costs of derivatives; the auditor’s price increased audit risk in audit fees, and the additional resources needed to support derivative hedges expose firms to additional financial reporting and internal control risks. Full article

Metabolic syndrome (MetS), one of the major global health concerns, represents a cluster of cardiometabolic risk factors along with chronic low-grade inflammation and oxidative stress as essential features. Lifestyle changes, including the health quality of the foods, are recommended as the initial interventions for the management and eventual reversal of metabolic syndrome. Considering the heterogeneity of the studies in evaluating the health benefits of polyphenol-rich foods, there is a lack of quantitative and even qualitative analysis of their potential impact on this pathophysiological condition. This review aimed to provide a coherent, clinically oriented appraisal of the potential role of polyphenol-rich juices and beverages in the management of metabolic syndrome and related cardio-metabolic conditions. Twenty-three human intervention studies, encompassing randomized controlled, crossover, and parallel-group designs, as well as non-randomized or uncontrolled intervention studies that prospectively evaluated a defined beverage. The collective evidence indicates polyphenols could improve anthropometric parameters and blood lipid levels, while data on insulin and blood pressure seemed inconsistent and limited. Regarding the antioxidant effects, most beverages beneficially affected lipid peroxidation and total antioxidant activity. Findings across the studies portray polyphenol-rich juices and beverages as consistent, though not uniformly potent, modulators of low-grade inflammation in cardiometabolic contexts. To draw any firm conclusions, future trials are recommended. These should adopt consistent polyphenol quantification and dosage applied, standardize analyzed parameters including inflammatory and oxidative stress panels, stratify participants by baseline status and medication use, and extend follow-up to evaluate reliability and clinical significance. Full article

Background and Objectives: We performed a systematic review and meta-analysis using trial sequential analysis (TSA) to investigate the potential preventive postoperative antiadhesive effects of local anesthetics (LA). Materials and Methods: A comprehensive search was conducted using Ovid-MEDLINE, Ovid-EMBASE, Web of Science, and Google Scholar to identify animal studies that explored the postoperative antiadhesive effect of LA applied in the surgical area. The primary outcome was the macroscopic adhesion score, including adhesion quality, quantity, and total adhesion score, whereas the secondary outcome was the microscopic adhesion score, including adhesion severity, inflammation, and fibrosis. Certainty of evidence was assessed using a GRADE-adapted framework for animal studies. Results: The comprehensive analysis involved 227 rats across 6 animal studies, with 158 rats subjected to LA and the remaining 69 administered a placebo or received no treatment. For macroscopic adhesion score, LA were associated with reductions in the total adhesion score (standardized mean difference (SMD) −1.528; 95% confidence interval (CI) −2.081 to −0.976; I² = 30.0%) and adhesion quality (SMD: −0.996; 95% CI −1.906 to −0.085; I² = 72.6%), while no significant difference was observed in adhesion quantity (SMD −0.544; 95% CI −1.452 to 0.365; I² = 77.6%). For the microscopic adhesion score, LA appeared to reduce adhesion severity (SMD −1.304; 95% CI −1.862 to −0.746; I² = 31.7%) and fibrosis (SMD: −2.373; 95% CI −3.400 to −1.346; I² = 60.4%), whereas the effect on inflammation was inconsistent. Across all macroscopic outcomes, TSA demonstrated that the accrued sample size was far below the required information size, and the certainty of evidence remained low to very low. Most included studies had unclear or high risks of bias, which reduces confidence in the synthesized estimates. Conclusions: LA may have a potential association with reduced postoperative adhesion formation; however, the certainty of evidence was low to very low, and TSA indicated insufficient required information size to draw firm conclusions. Full article

This study employs a quantile-on-quantile connectedness approach to analyze the asymmetric, distribution-dependent, and time-varying spillovers between FinTech indices and traditional financial markets. The results show that spillovers are concentrated in the distribution tails, with FinTech indices exhibiting strong co-movements with equities and Bitcoin under extreme conditions, while linkages with U.S. Treasury bonds are weaker and often inverse. Net connectedness analysis reveals that the S&P 500 and Bitcoin act as the primary transmitters of shocks into FinTech indices, whereas Treasuries generally serve as receivers, except during stress episodes when safe-haven flows or heightened credit risk reverse the direction of spillovers. The dynamic ∆TCI (Difference between the total direct connectedness and the reverse total connectedness) further demonstrates that FinTech indices serve as net transmitters in stable markets but become receivers during crises such as the COVID-19 pandemic, the Federal Reserve’s tightening cycle of 2022–2023, and the FTX-driven crypto collapse. Segmental heterogeneity is also evident: distributed ledger firms are highly sensitive to cryptocurrency dynamics, alternative finance providers respond strongly to both equity and bond markets, and digital payments firms are primarily influenced by equity spillovers. Overall, the findings underscore FinTech’s dual role—transmitting shocks during tranquil periods but amplifying systemic vulnerabilities during crises. For investors, diversification benefits are state-dependent and largely disappear under adverse conditions. For regulators and policymakers, the results highlight the systemic importance of FinTech–equity and crypto–ledger linkages and the need to integrate FinTech exposures into macroprudential surveillance to contain volatility spillovers and safeguard financial stability. Full article

This study examines how supply chain structure diversification drives high-quality enterprise development in the digital economy. Using panel data from Chinese listed non-financial firms (2009–2023), we find that diversification of both suppliers and customers significantly improves firms’ total factor productivity (TFP), and the results remain robust after controlling for endogeneity. Mechanism analyses show that diversification enhances innovation capability, sustainability performance, and risk resilience, while digital supply chains strengthen these effects by improving information flow and coordination. Heterogeneity tests reveal that the impact is greater for firms with higher operational efficiency, cultural synergy, and information transparency. Overall, the findings highlight that diversified and digitally integrated supply chains are essential for innovation-driven, resilient, and sustainable enterprise growth. Full article

In the context of global sustainable development, ESG has assumed a pivotal role in evaluating corporate performance. To identify the causal effect of ESG disclosure on firm value, we implement a difference-in-differences (DID) analysis using panel data from A-share listed tourism companies between 2012 and 2020. The study revealed that ESG disclosure has significantly increased tourism corporate value by alleviating financing constraints, reducing financial risks, and attracting green investors. The validity of our conclusion is affirmed through a series of robustness checks, including the parallel trend test, placebo test, bacon decomposition, propensity score matching (PSM), and system generalized method of moments (GMM). Heterogeneity analysis indicates that the positive impact of ESG disclosure on the value of tourism firms is more pronounced in samples with state-owned property nature, a separation of CEO and chairman roles, and low green total factor productivity. Furthermore, this effect is significantly stronger for firms in the accommodation and catering and tourism sightseeing sectors. This study contributes by empirically validating the internal transmission channels through which ESG performance affects firm value in the tourism sector, while also demonstrating the heterogeneous nature of this relationship, thereby providing nuanced evidence for developing differentiated ESG strategies. Full article

Background: Laparoscopic subtotal cholecystectomy (LSTC), either fenestrating or reconstituting, offers potential benefits for the “difficult gallbladders” in terms of reduced bile duct injury (BDI) risk. Methods: This single-center retrospective cohort study analyzed data from patients who underwent reconstituting or fenestrating LSTC at a tertiary care center. We excluded patients who were converted to open cholecystectomy or had incomplete medical records. The data examined included demographic and clinical characteristics, preoperative assessments, operative details, and postoperative outcomes. No multivariable regression was performed because of the limited sample size. Results: The study included 46 patients (reconstituting: 20 patients; fenestrating: 26 patients). The severity of cholecystitis assessed by the Tokyo guidelines showed a higher proportion of Grade 2 severity in the reconstituting group than the fenestrating group (90% vs. 56.5%; p = 0.027). Both surgical techniques were similarly challenging and showed no significant differences in operative difficulty, operative duration, blood loss, or total hospital stay. Fenestrating procedures had non-significantly higher incidences of BDI (7.7% vs. 0%; p = 0.21), bile leakage (23.1% vs. 10%; p = 0.246), and intraoperative drain placement (88.5% vs. 75%; p = 0.232). Postoperative complications such as bile leaks were also comparable between the two techniques. Nevertheless, given the small sample, these observations are descriptive and should not be interpreted as evidence of comparability or superiority. Conclusions: Despite limitations, our analysis suggests that fenestrating and reconstituting approaches have comparable postoperative outcomes, although fenestrating procedures were associated with slight but non-significant increases in BDI and drain placement due to leaks. The choice of LSTC technique should depend on intraoperative findings, surgical expertise, and familiarity with each technique, but further studies are needed to obtain firm conclusions. Full article

Environmental, Social, and Governance (ESG) performance has become a vital instrument for corporations to integrate sustainable development principles into business operations. Against the dual backdrop of disruptions in the international order and economic instability, investigating the impact of corporate ESG performance on total factor productivity (TFP) under environmental uncertainty is of significant importance. Utilizing data from Chinese A-share listed companies spanning the period 2011 to 2022, this study employs a baseline regression model, a mediation effect model, a moderation effect model, and a moderated mediation model to examine the impact of corporate ESG performance on TFP under conditions of environmental uncertainty. The results indicate that (1) corporate ESG performance exerts a positive influence on TFP, particularly in tertiary industry firms, state-owned enterprises (SOEs), and enterprises with lower environmental risks; (2) improving ESG performance helps alleviate financing constraints, enhance human capital, and boost innovation capability, thereby strengthening TFP; and (3) environmental uncertainty moderates the pathway through which ESG performance affects TFP, amplifying its positive effect. Based on these findings, it is recommended that countries collaborate to establish a global, cross-industry platform for sharing ESG practices, develop a stable ESG policy framework and incentive mechanisms, and encourage enterprises to enhance their ESG management and resilient governance capabilities to promote sustainable economic development. Full article

Land-use change and its interaction with petrochemical accident risk are critical for sustainable coastal development. This study established a multi-source data-integrated risk assessment framework, employing fuzzy C-means clustering to stratify petrochemical accident risk into six distinct levels. The analysis revealed the relationship between these risk levels and land-use type changes. Furthermore, the Takagi–Sugeno fuzzy dynamic model was applied to evaluate potential risks at representative coastal petrochemical enterprises. The findings were as follows: (1) Risk concentrates in small-to-medium private, newly established firms, primarily as explosion accidents. (2) The highest risk occurs in Bohai Bay, followed by Jiangsu, Zhejiang, and Guangdong; national policies have reduced affected zones from 352.61 km² (2019) to 43.67 km² (2022). (3) The total potential risk zone spans 2986.21 km², with high-risk cores in Hebei, Zhejiang, and Fujian (36.52%) and medium-risk in Shandong Peninsula (32.01%). (4) Risk primarily affects farmland and construction land; urban expansion has increased affected built-up areas from 16.36% (2012) to 47.02% (2022), shifting effects from ecological to combined socio-ecological consequences. These findings provide critical theoretical support and actionable management recommendations for integrating coastal land-use planning, urban expansion control, and coordinated petrochemical risk governance. Full article

The increasing number of catastrophic events has relentlessly disrupted production and distribution processes across the globe. To address this issue, the current study developed a research model that combines factors such as human capital, relational capital, structural capital, HR practices, risk management capability, and artificial intelligence to investigate logistic firm resilience capability. The research design was based on quantitative methods. Data were collected from logistic managers. A total of 213 questionnaires were retrieved for the research survey. Statistical findings revealed that human capital, relational capital, structural capital, HR practices, and artificial intelligence explained $R^2$ 86.5% of the variance in logistic firm resilience capability. Nevertheless, the relationship between risk management and resilience capabilities was found to be insignificant. On the other hand, logistic service quality and firm resilience capability explained $R^2$ 79.5% of the variance in logistic firm performance. Practically, this study suggests that adequate logistic service quality, appropriate intellectual capital, good HR practices, and the deployment of artificial intelligence in logistic operations could boost firm resilience capability, resulting in better performance during catastrophic events. The present study is original in that it investigated logistic firms’ resilience capability with intellectual capital, HR practices, and artificial intelligence. Another unique aspect of this study is that it established the moderating impact of logistic service quality on the relationship between logistic firm resilience capability and firm performance. Full article

This study investigates the influence of adaptive leadership on crisis management effectiveness in complex construction engineering projects in Saudi Arabia. Adaptive leadership was conceptualized through six core dimensions: Flexibility in Decision-Making, Emotional Intelligence, Leader-Follower Communication, Problem-Solving Adaptability, Resilience in Leadership, and Fostering Collaboration. The study aimed to evaluate the impact of these leadership dimensions on crisis response effectiveness and safety outcomes within the high-risk, dynamic environment of the Saudi construction sector. A quantitative cross-sectional survey was conducted among managerial and supervisory personnel across major engineering and construction firms in Saudi Arabia. A total of 183 valid responses were obtained using a non-probability convenience sampling technique. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). Results indicated that five adaptive leadership dimensions—Flexibility in Decision-Making, Emotional Intelligence, Problem-Solving Adaptability, Resilience in Leadership, and Fostering Collaboration—had significant positive effects on crisis management effectiveness. However, Leader-Follower Communication did not demonstrate a statistically significant relationship with crisis outcomes. The findings contribute theoretical value by validating an adaptive leadership framework tailored to engineering project crises. Practically, the study underscores the importance of enhancing leadership flexibility, emotional intelligence, and collaborative engagement to strengthen crisis responsiveness and project continuity in Saudi construction firms. Recommendations include the development of targeted leadership training programs and the integration of digital technologies to support adaptive decision-making in real-time crisis conditions, resulting in better Safety and Crisis Management. Although, study limitations include reliance on self-reported data and the context-specific focus on the Saudi construction sector, which may affect generalizability, the findings are contextualized through comparison with international literature to support broader relevance. Full article

Under the pressure of global low-carbon transformation, the sustainable development initiative of the United Nations has gradually become an essential orientation of corporate Environmental, Social, and Governance (ESG) performance. Based on the integrated theoretical framework of sustainable development finance, this work explores the relationships among corporate ESG performance, its financing constraints in China, and its influencing mechanism, as well as the role played by green innovation in this relationship. Using a comprehensive panel dataset of 1038 A-share listed companies from 2013 to 2023, totaling 11,418 observations, we find that corporate ESG performance and financing constraints exhibit a significant negative relationship, indicating that strong corporate ESG performance can effectively alleviate corporate financing constraints. To address endogeneity concerns, we employ a systematic generalized method of moments (GMM) and a two-stage least squares regression using lagged instrumental variables. The results of the mechanism test show that ESG performance mitigates financing constraints by reducing perceived financial risks, improving information transparency, and increasing access to government green subsidies. Furthermore, moderating effect analysis reveals that green innovation strengthens the mitigating effect of corporate ESG performance on financing constraints in this process, based on SDG 9. Heterogeneity analysis reveals that this mitigating effect of corporate ESG performance on financing constraints is more pronounced for firms in China’s economically advanced eastern region, for companies facing harder budget constraints, and in the period following the implementation of the stringent new Environmental Protection Law. Distinguishing between genuine and symbolic corporate actions, we provide evidence that only substantive ESG improvements, as opposed to “greenwashing,” are rewarded by capital providers. The findings provide insights for the formulation of government policies and corporate sustainability strategies in emerging markets. Full article

Background: This review aimed to assess the association between upper molar distalization using clear aligners (CAs) and structural changes in the temporomandibular joint (TMJ). Methods: On February 20, 2025, the following databases were searched: PubMed, Embase, BASE, Web of Science, and Scopus. Studies were included if they reported on orthodontic treatment with CAs involving upper molar distalization and presented TMJ parameter measurements before and after treatment. The JBI Critical Appraisal Checklist for Quasi-Experimental Studies was used to assess the risk of bias. The collected data were analyzed using the paired t-test, mean difference assessment, and Spearman correlation matrix. Results: A total of 4 articles out of 238 records retrieved were included in the review. The mean age of patients was 23.18–29.80 years, and the treatment duration was 1.90–2.21 years. The most important changes were in the posterior and superior joint spaces (PJS and SJS) (p < 0.05), with SJS increasing in two studies (0.56 and 0.7 mm) and PJS increasing in one and decreasing in another (−0.94 and 0.36 mm). Conclusions: Limited evidence suggests that molar distalization with CAs may influence TMJ dimensions to a small extent. However, the results are inconsistent and require further validation with high-quality studies to draw firm conclusions. Registration: The review was pre-registered using the OpenScience Framework (OSF) on 17 April 2025—osf.io/9xyr8. No funding or conflicts of interest were reported. Full article