Search Results (321)

This research focuses on analyzing the determinants of financial performance for the companies included in the Standard & Poor’s 500 index over the period from 2014 to 2023. To guide managerial decisions aimed at enhancing company performance, this study examines, as key drivers, the main financial indicators, core corporate governance characteristics, and U.S. public governance indicators. The investigation begins with a retrospective review of the specialized literature, highlighting the findings of previous studies in the field and providing the basis for selecting the variables used in the present empirical analysis. The research method employed is fixed-effects panel-data regression. The dependent variables are financial performance measures, such as the EBITDA margin, EBIT margin, net profit margin, and ROA. This study’s main results show that the price-to-book ratio, liquidity, sales growth, CEO duality, board gender diversity, ESG score, and U.S. regulatory quality exert a positive influence on financial performance. In contrast, the price-to-earnings ratio, net debt, capital intensity, R&D intensity, weighted average cost of capital, board independence, and the COVID-19 pandemic crisis have a negative impact on the financial performance of U.S. companies. The findings of this investigation could serve as benchmarks for supporting managerial decisions at the company level regarding the improvement of their financial performance. Full article

To address water sustainability challenges, this study investigates how public water concern influences corporate water responsibility (CWR) and how managerial green cognition moderates this relationship. Drawing on institutional theory and cognitive theory, we analyze a panel of 1292 publicly listed high-water-consuming firms in China from 2015 to 2024. The results show that public water concern significantly improves CWR by increasing legitimacy pressure, while its effect through government water governance attention is not statistically significant. Furthermore, managerial green cognition—including both economic and moral dimensions—positively moderates this relationship. Heterogeneity analysis reveals that the moderating effect is stronger in firms with more female directors, older executives, and internationally experienced teams. These findings contribute to refining institutional theory in the context of environmental responsibility and highlight the critical role of executive cognition and demographic structure in corporate sustainability behavior. Full article

Green public procurement (GPP) is a pivotal policy instrument for advancing urban low-carbon transitions. Using panel data from 285 Chinese cities (2015–2023), this study employs a panel fixed-effects model, mediation analysis, and spatial Durbin model to assess the impact, influencing mechanisms, and spatial spillover effects of GPP on urban carbon emissions intensity. The key findings reveal the following: (1) a 1% increase in GPP implementation is associated with a 1.360% reduction in local urban carbon emissions intensity. (2) GPP reduces urban carbon emissions intensity through urban green innovation, corporate sustainability performance, and public ecological awareness. (3) GPP exhibits significant cross-boundary spillovers, where a 1% reduction in local carbon emissions intensity induced by GPP leads to a 14.510% decline in that in neighboring cities. These results provide robust empirical evidence for integrating GPP into the urban climate governance framework. Furthermore, our findings offer practical insights for optimizing the implementation of GPP policies and strengthen regional cooperation in carbon reduction. Full article

Procedural physician-scientists have made significant contributions to medicine and science, with twelve proceduralists receiving a Nobel Prize. Unfortunately, several systemic challenges have jeopardized the existence, let alone the flourishing, of procedural physician-scientists: the widening gap in the National Institutes of Health salary cap, decreasing funding from nonfederal public and private agencies, and shifting priorities among U.S. hospitals, payers, and policymakers toward relative value unit productivity-based compensation and fee-for-service models. Additional pressures include prolonged training pathways and the need to maintain clinical continuity. Adopting a team science approach may offer a powerful strategy to mitigate these competing demands, support rigorous scientific inquiry, and address the growing complexity of biomedical research. Concerted efforts by the federal government, policymakers, corporations, institutions, and procedural departments will also be crucial to restoring the vitality of this diminishing workforce. Full article

Cross-docking operations in Eastern and Central European markets face increasing complexity amid persistent uncertainty and inflationary pressures. This study provides the first comprehensive comparative analysis integrating economic efficiency with sustainability indicators across strategic locations. Using mixed-methods analysis of 40 bibliographical sources and quantitative modeling of cross-docking scenarios in Bratislava, Prague, and Budapest, we integrate environmental, social, and governance frameworks with activity-based costing and artificial intelligence analysis. Optimized cross-docking achieves statistically significant cost reductions of 10.61% for Eastern and Central European inbound logistics and 3.84% for Western European outbound logistics when utilizing Budapest location (p < 0.01). Activity-based costing reveals labor (35–40%), equipment utilization (25–30%), and facility operations (20–25%) as primary cost drivers. Budapest demonstrates superior integrated performance index incorporating operational efficiency (94.2% loading efficiency), economic impact (EUR 925,000 annual savings), and environmental performance (486 tons CO₂ reduction annually). This is the first empirically validated framework integrating activity-based costing–corporate social responsibility methodologies for an emerging market cross-docking, multi-dimensional performance assessment model transcending operational-sustainability dichotomy and location-specific contingency identification for emerging market implementation. Findings support targeted infrastructure investments, harmonized regulatory frameworks, and public–private partnerships for sustainable logistics development in emerging European markets, providing actionable roadmap for EUR 142,000–EUR 187,000 artificial intelligence implementation investments achieving a 14.6-month return on investment. Full article

Under the international globalized environment, the impact of the financial crisis of 2008 and the recent financial effect of the COVID-19 economic recession have generated a new role for the state aimed at reducing vulnerability to a new financial shock. Cost analysis is currently an issue among public authorities, inhibiting enhanced productivity and the effectiveness and utility of public services and goods. This article aims to showcase that the basic priorities of a high degree of transparency and accountability of public spending are becoming more and more essential. The need for cost allocation is essential for states to be resilient under the current ‘spin’ of crises. Full article

Urgency and severity of climate change impacts have become increasingly prominent, making the enhancement of corporate climate risk disclosure (CCRD) a shared demand among regulators, investors, and the general public. From the perspective of irrational behavioral traits, this paper utilizes a sample of A-share-listed companies in China from 2008 to 2022 to empirically examine the impact of executives’ overseas experiences on CCRD and its underlying mechanisms. To measure firm-level climate risk disclosure, we employ machine learning-based textual analysis techniques and match the constructed disclosure indicators with firms’ financial data. The results demonstrate that executives with overseas experience significantly enhance the level of CCRD, and this effect remains consistent after a series of robustness tests. This effect operates through the dual paths of “climate attention allocation enhancement” and “management myopia mitigation”. Moreover, the positive impact of overseas experience is more pronounced among firms in climate-sensitive industries and regions with lower climate awareness. A further analysis of executive overseas experience characteristics shows that executives with experience in developed economies and those with international educational backgrounds exhibit a stronger influence in promoting CCRD. Additionally, an investigation into the economic consequences demonstrates that executives with overseas experiences not only improve firms’ ESG performances but also help reduce ESG rating discrepancies, reinforcing the beneficial role of overseas exposure in corporate governance. The findings not only provided micro-level empirical evidence for the effectiveness of talent recruitment policies in emerging economies but also yielded critical policy implications for regulatory bodies to refine climate disclosure frameworks and enable enterprises to leverage opportunities in low-carbon transition. Full article

Under the “Dual Carbon” strategy, collaborative governance of port atmospheric pollutants and carbon emissions is critical for low-carbon transformation. Focusing on Ningbo-Zhoushan Port (48% regional ship emissions), this study examines government, port enterprises, and public interactions. A tripartite evolutionary game model with numerical simulation reveals dynamic patterns and key factors. The results show the following: (1) A substitution effect exists between government incentive costs and penalty intensity—increased environmental governance budgets reduce the probability of government incentives, whereas higher public reporting rewards accelerate corporate emission reduction convergence. (2) Public supervision exhibits cyclical fluctuations due to conflicts between individual rationality and collective interests, with excessive reporting rewards potentially triggering free-rider behavior. (3) The system exhibits two stable equilibria: a low-efficiency equilibrium (0,0,0) and a high-efficiency equilibrium (1,1,1). The latter requires policy cost compensation, corporate emission reduction gains exceeding investments, and a supervision benefit–cost ratio greater than 1. Accordingly, the study proposes a three-dimensional “Incentive–Constraint–Collaboration” governance strategy, recommending floating penalty mechanisms, green financial instrument innovation, and community supervision network optimization to balance environmental benefits with fiscal sustainability. This research provides a dynamic decision-making framework for multi-agent collaborative emission reduction in ports, offering both methodological innovation and practical guidance value. Full article

With the increase in greenwashing, corporate greenwashing governance has become a crucial component of urban environmental management. Industrial clusters are a key form of urban economic organization, yet the mechanisms through which they affect corporate greenwashing remain unclear. This study examines how different types of industrial agglomeration influence corporate greenwashing using a sample of Chinese A-share listed companies. The key findings include the following: (1) Specialized agglomeration inhibits corporate greenwashing through a “supervision” effect generated by intra-industry competition, while diversified agglomeration exacerbates greenwashing via a “collusion” effect arising from inter-industry cooperation. (2) The inhibitory role of specialized agglomeration is amplified under conditions of low public and strong government environmental concern, while the promotional effect of diversified agglomeration becomes more pronounced in contexts of high public and weak government environmental concern. Government environmental concern can be categorized into “general” and “specific” types, with the former being more effective in governing corporate greenwashing. (3) Specialized agglomeration demonstrates superior efficacy in curbing greenwashing among firms with green innovations related to energy-saving, alternative energy production, waste management, and transportation, while diversified agglomeration intensifies greenwashing tendencies in firms without green innovations. (4) Collusive greenwashing under diversified agglomeration yields short-term firm value gains but incurs hidden costs, including elevated operational risks and declining profit margins. This research provides critical insights for promoting corporate green transition and fostering zero-carbon industrial clusters. Full article

This paper examines the impacts of observed versus uncertain (stochastic) institutional quality of corporate debt financing. This paper compares the impacts of two distinct levels of institutional quality in developed and developing economies. World governance indicators (WGIs) are used as proxies for institutional quality. Stochastic Geometric Brownian Motion (GBM) is used to quantify the institutional uncertainty of WGIs. The results of GLS estimates using a sample of 309 nonfinancial listed firms in G8 countries and 373 nonfinancial listed firms in MENA countries covering the years 2016–2022 show (a) positive (negative) stochastic impacts of voice and accountability (government effectiveness and political stability) on debt financing in the G8 and MENA regions; (b) although potential improvements in institutional quality are shared concerns among G8 and MENA countries, the former outperforms the latter in terms of creditors’ contract protection and enforcement, paving the way for public policy makers in the MENA region to enhance regulations that protect debt contractual obligations; (c) macroeconomic variables have sporadic impacts; GDP growth is significant in G8 but not in MENA countries; (d) the negative impacts of inflation rates are consistent in both regions; and (e) unemployment plays a negative signaling role in the G8 region only. This paper contributes to the related literature by examining the uncertain impact of institutional quality on corporate debt financing. This paper offers implications for policy makers, directing them to focus on institutional endeavors in a way that helps companies secure the debt financing required to support investment growth. Full article

Faced with mounting pressure to achieve high-quality green transformation, manufacturing enterprises are increasingly scrutinized for greenwashing behaviors. This study develops a novel hybrid modeling framework that combines evolutionary game theory with the SEIR epidemic model to investigate the dynamic interactions between environmental regulation, media pressure, and green innovation behavior. The model captures how strategic decisions among boundedly rational actors evolve over time under dual external pressures. Simulation results show that stronger environmental regulatory intensity accelerates the adoption of substantive green innovation and concurrently reduces the media pressure associated with greenwashing. Moreover, while social media disclosure has a limited impact during the early stages of greenwashing information diffusion, its influence becomes significantly amplified once a critical dissemination threshold is surpassed, rapidly transforming latent information into widespread public concern. This amplification triggers significant public opinion pressure, which, in turn, incentivizes local governments to enforce stricter environmental policies. The findings reveal a synergistic governance mechanism where environmental regulation and media scrutiny jointly curb greenwashing and foster genuine corporate sustainability. Full article

In today’s complex business environments, integrating strategic corporate social responsibility (SCSR) is essential for aligning business objectives with societal interests and strengthening organizational resilience. Using Tesla as a case study, we applied stakeholder theory, grounded theory, and the Stimulus-Organism-Response (S-O-R) model to construct a theoretical framework on the impact of SCSR on organizational resilience and to examine the mechanisms underpinning this process. Through the implementation of SCSR, enterprises deeply engage with primary and public stakeholders, establish resilient relationships, and enhance organizational resilience through seven dimensions: development governance, strategic management, relationship, financial, product, cultural, and social. The theoretical framework developed in this study provides a reference for subsequent research on SCSR and organizational resilience, and offers management insights for enterprises to integrate SCSR, enhance organizational resilience, and improve long-term competitiveness. Full article

This study employs a critical perspective: aiming to provide a subjective and socially constructed view on the impact of corporate governance and the corporate social responsibility (CSR) choices on the environmental Kuznets curve (EKC) in terms of CO₂ emissions in Brazil. This research paper bridges the gap in the literature on the EKC by toeing a qualitative approach to what has been presented using quantitative methods, and offers insights on how the trends shape organisational policies. Furthermore, it enumerates the relationship between CSR, CO₂ choices, and EKC in the Brazilian aviation industry using one particular airline as a case study. It aims to provoke further conversation on decarbonisation. It seeks to show how EKC has been treated and to contextualise the impact of the airline sector’s CSR and corporate governance on EKC. A combination of a content analysis of the narratives of sustainability reports and a semi-structured interview with a sustainability expert from the aviation sector was used in data gathering, while critical discourse analysis (CDA) was employed in demonstrating the ideological and social contexts that shape organisational narratives and decisions in practices and governance structures that are driving CO₂ reduction strategies. The findings not only confirmed the crucial role that corporate governance plays in the implementation and monitoring of CSR practices within the sector but also shows the impact of integrating sustainability goals into corporate strategies. The policies nurtured by CSR are supported by the company’s ESG and Social Responsibility Committees. In the context of the case study, the corporate decision to transit to biofuels is contributing not only to the reduction in CO₂ emissions but is also seen as an economically viable strategy with public policies and regulatory frameworks. This paper further explains the impact of geopolitical factors and the need for international cooperation because the traditional U-shaped EKC is not supported in the context of the Brazilian aviation sector. Finally, this spurs the need for collaboration among various stakeholder companies, policymakers, and nations in the global context for sustainable development to have a lasting impact. Full article

The energy transition is not only a technological or market-driven process but also a discursive and institutional challenge. While conventional research emphasizes financial incentives and regulatory frameworks, the role of policy narrative intensity in shaping renewable energy innovation has received limited empirical attention. This study addresses this gap by analyzing 8837 provincial-level policy documents (2005–2023) from 31 regions across China. We construct a policy narrative intensity index using the PMC framework to systematically assess how institutional discourse influences the direction and intensity of renewable energy development. The results reveal that a 1% increase in policy narrative intensity corresponds to a 4.60% rise in renewable energy innovation, as measured by renewable electricity generation, with robustness confirmed through IV and IHS methods. Regional heterogeneity is also evident: executive-led regions such as Jiangxi, Shandong, and Fujian exhibit higher narrative strength and stronger renewable energy outcomes, while market-driven provinces like Shanghai and Guangdong show weaker narrative alignment. Mechanism testing demonstrates that policy narratives enhance renewable energy innovation by (1) strengthening environmental regulation enforcement (β = 0.37), (2) increasing green patent activity by 23.6%, and (3) raising public adoption of renewable energy by 17.2 percentage points. This study highlights the governing value of policy narratives as institutional public goods and reveals their crucial role in aligning administrative capacity, corporate innovation, and public engagement to drive energy transition. These insights contribute to the broader discourse on SDG7/SDG13-aligned sustainability governance. Full article

In the era of digital economy, the open sharing of public data elements has become a key engine driving the digital transformation of enterprises. This article is based on a quasi-natural experiment using government data platforms launched from 2011 to 2022, and it uses the asymptotic difference-in-differences method to empirically test the mechanism and impact of public data elements on enterprise digital transformation. It has been discovered that making data items publicly available dramatically increases the degree of enterprise digital transformation. According to mechanism analysis, corporate digital transformation is primarily impacted by releasing public data elements through two channels: information resource sharing and removing financial restraints. According to heterogeneity analysis, public data elements significantly impact enterprise digital transformation when they are located in regions with high data openness quality, when they are located in regions with substantial levels of digital economic vitality, and when they are available during businesses’ growth and maturity stages. The enabling influence of public data elements on organizational digital transformation was positively mitigated via a fully functional digital infrastructure and cutting-edge digital products. This study has confirmed the driving value of the market-oriented allocation of data elements in the digital transformation of enterprises, providing a theoretical basis for improving the government’s data openness system and unleashing the productivity of data elements. It also provides practical inspiration for enterprises to seize digital opportunities. Full article