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19 pages, 1011 KB  
Article
Uprooting Technostress: Digital Leadership Empowering Employee Well-Being in the Era of Industry 4.0
by Panteha Farmanesh, Asim Vehbi and Niloofar Solati Dehkordi
Sustainability 2025, 17(19), 8868; https://doi.org/10.3390/su17198868 (registering DOI) - 4 Oct 2025
Abstract
This study investigates the influence of technostress (Tech) on the well-being (WB) of employees in manufacturing sectors employing Industry 4.0 in Turkey, examining the effect of work exhaustion (WE) as a mediator in the association between technostress and well-being. How digital leadership (Dg) [...] Read more.
This study investigates the influence of technostress (Tech) on the well-being (WB) of employees in manufacturing sectors employing Industry 4.0 in Turkey, examining the effect of work exhaustion (WE) as a mediator in the association between technostress and well-being. How digital leadership (Dg) moderates these relationships is analyzed and discussed accordingly. This article also presents strategies for digital leaders to mitigate employees’ technostress in the digital transformation era and discusses their positive role. Using the Job Demands–Resources (JD-R) framework and Conservation of Resources (COR) theory, data were gathered from 329 workers employed at three manufacturing firms located in Istanbul. Structural equation modeling (SEM) was employed to test this study’s hypothesis. The results indicate that increased technostress notably reduces employee well-being, primarily because it heightens work exhaustion. Moreover, robust digital leadership effectively lessens these negative impacts, underscoring its value in managing technological stress. This research explains the importance of the Sustainable Development Goal (SDG 3) for better health and well-being practices in workplaces. It suggests practical implications for organizations, including developing digital leadership skills, routinely assessing technostress, and applying targeted actions to sustain employee health during digital shifts. Full article
(This article belongs to the Special Issue New Trends in Organizational Psychology—2nd Edition)
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39 pages, 1103 KB  
Article
Digitalization and Culture–Tourism Integration in China: The Moderated Mediation Effects of Employment Quality, Infrastructure, and New-Quality Productivity
by Kahaer Abula and Yusupu Aihemaiti
Sustainability 2025, 17(19), 8792; https://doi.org/10.3390/su17198792 - 30 Sep 2025
Abstract
The digital economy is significantly transforming the global economic environment and has emerged as the primary driver behind China’s high-quality development. The comprehensive melding of the cultural and tourism sectors (CTI) serves as a strategic approach to boost regional competitiveness and enhance public [...] Read more.
The digital economy is significantly transforming the global economic environment and has emerged as the primary driver behind China’s high-quality development. The comprehensive melding of the cultural and tourism sectors (CTI) serves as a strategic approach to boost regional competitiveness and enhance public welfare. This study investigates the mechanisms and boundary conditions through which the growth of the digital economy across China’s 31 provinces from 2011 to 2023 impacts CTI, aiming to address existing research gaps related to micro-level transmission mechanisms and the analysis of contextual variables. Utilizing a two-way fixed-effects moderated mediation model complemented by instrumental variable (IV-2SLS) regression for testing endogeneity, the research uncovers intricate interactions among the digital economy, CTI, and significant influencing factors. The results strongly suggest that advancements in the digital economy substantially facilitate the integration of cultural and tourism sectors. This beneficial effect is partially mediated through two primary channels: the construction of new infrastructure and enhancements in employment quality, underscoring the critical role of both material and human capital in digital empowerment. Significantly, this research uniquely identifies that new quality productive forces (NQP) have a notable negative moderating impact on the link between the digital economy and cultural–tourism integration. This indicates that in provinces exhibiting high levels of NQP, the positive influence of the digital economy on cultural–tourism integration is considerably diminished. This unexpected finding can be interpreted through mechanisms such as resource dilution, varied integration pathways or maturity effects, along with differences in developmental stages and priorities. Furthermore, it resonates well with the resource-based view, innovation ecosystem theory, and dynamic capability theory. Instrumental variable regression further substantiates the notable positive influence of the digital economy on the integration of cultural tourism. This approach effectively tackles potential endogeneity concerns and reveals the upward bias that may exist in fixed-effects models. The findings contribute significantly to theoretical frameworks by enhancing the understanding of the intricate mechanisms facilitating the digital economy and, for the first time, innovatively designating NQP as a surprising key boundary condition. This enriches theories related to industrial advancement and resource allocation in the digital age. On a practical note, the research provides nuanced and differentiated policy guidance aimed at optimizing pathways for integration across various Chinese provinces at different stages of development. Additionally, it underscores significant implications for other developing nations engaged in digital tourism growth, thereby improving its global relevance. Full article
37 pages, 849 KB  
Article
How Business Environments Affect Enterprise Vitality: A Complex Adaptive Systems Theory Perspective
by Xiaolin Wang, Zhenyang Li and Feng Cheng
Systems 2025, 13(10), 864; https://doi.org/10.3390/systems13100864 - 30 Sep 2025
Abstract
As a complex ecosystem, a business environment plays a structural role in shaping enterprise vitality, yet its multidimensional mechanisms remain underexplored, particularly within transitioning economies. This study employs a time-series Global Principal Component Analysis (GPCA) model to measure the vitality levels of 1475 [...] Read more.
As a complex ecosystem, a business environment plays a structural role in shaping enterprise vitality, yet its multidimensional mechanisms remain underexplored, particularly within transitioning economies. This study employs a time-series Global Principal Component Analysis (GPCA) model to measure the vitality levels of 1475 A-share listed enterprises and the quality of business environments across 284 cities between 2008 and 2022 in China. Based on Complex Adaptive Systems (CAS) theory, we propose a three-dimensional “institution–resource–capability” theoretical framework to analyze the impact of a business environment on enterprise vitality and its underlying complex mechanisms. Our results reveal that, (1) a business environment and its constituent subsystems significantly enhance enterprise vitality, with the market environment and innovation ecosystem exhibiting the strongest effects; (2) the revitalizing impact of a business environment is more pronounced for enterprises in the tertiary industry, manufacturing, regulated sectors, and foreign-invested enterprises (FIEs), as well as those operating in Eastern China; (3) mechanistically, the positive association between a business environment and enterprise vitality is consistent with the following three core pathways: mitigating enterprise risks, restructuring resource provision, and cultivating enterprise capability. This research enriches theoretical frameworks for enterprise sustainable development within complex economic systems, while providing valuable policy implications for optimizing business environments in global transitioning economies. Full article
(This article belongs to the Section Complex Systems and Cybernetics)
21 pages, 1478 KB  
Article
Working Capital Management and Profitability in India’s Cement Sector: Evidence and Sustainability Implications
by Ashok Kumar Panigrahi
J. Risk Financial Manag. 2025, 18(10), 541; https://doi.org/10.3390/jrfm18100541 - 25 Sep 2025
Abstract
This study investigates the impact of working capital management (WCM) on profitability in the Indian cement industry, an energy-intensive sector central to the country’s infrastructure growth. Using a balanced panel of listed firms over 2010–2024, we employ pooled OLS, two-way fixed effects, quantile [...] Read more.
This study investigates the impact of working capital management (WCM) on profitability in the Indian cement industry, an energy-intensive sector central to the country’s infrastructure growth. Using a balanced panel of listed firms over 2010–2024, we employ pooled OLS, two-way fixed effects, quantile regressions, and dynamic system GMM to address heterogeneity and endogeneity concerns. The results demonstrate that reductions in the cash conversion cycle (CCC), accelerated receivables collection, leaner inventories, and prudent use of payables significantly improve profitability. Quantile regressions reveal that highly profitable firms capture larger absolute gains from CCC reductions, while size-split analysis indicates that smaller and liquidity-constrained firms achieve proportionally greater marginal relief. These findings represent complementary perspectives rather than unified statistical relationship, a limitation we acknowledge. Dynamic estimates confirm the robustness of results after accounting for persistence and reverse causality. Beyond firm-level outcomes, the study contributes conceptually by linking WCM efficiency to sustainability financing: liquidity released from shorter operating cycles can be redeployed into green and energy-efficient investments, offering a potential channel for ESG alignment in carbon-intensive industries. Policy implications highlight the role of digital reforms such as TReDS and e-invoicing in strengthening liquidity efficiency, particularly for mid-sized firms. The findings extend the international WCM profitability literature, provide sector-specific evidence for India, and suggest new avenues for integrating financial and sustainability strategies. Full article
(This article belongs to the Section Business and Entrepreneurship)
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23 pages, 3291 KB  
Article
Construction Safety Management: Based on the Theoretical Approach of BIM and the Technology Acceptance Model
by Chen Yuan, Afaq Rafi Awan and Amir Khan
Buildings 2025, 15(19), 3444; https://doi.org/10.3390/buildings15193444 - 23 Sep 2025
Viewed by 196
Abstract
The construction industry in Pakistan faces persistent challenges due to uncertainties such as behavioral intention, risk identification, and stakeholder perception, which often lead to significant losses in construction activities and human resources. This study aims to quantitatively evaluate these critical factors within the [...] Read more.
The construction industry in Pakistan faces persistent challenges due to uncertainties such as behavioral intention, risk identification, and stakeholder perception, which often lead to significant losses in construction activities and human resources. This study aims to quantitatively evaluate these critical factors within the theoretical framework of Building Information Modeling (BIM) and the Technology Acceptance Model (TAM). Specifically, key constructs—Behavioral Intention (BI), Hazard Identification (HI), and Stakeholder Perception (SP)—are analyzed to assess their influence on construction safety management practices. A structured questionnaire was distributed electronically to construction professionals across various ongoing projects in Pakistan. The questionnaire items were based on a five-point Likert scale, and reliability was confirmed with high Cronbach’s alpha values for BI (0.82), HI (0.92), and SP (0.91). To evaluate the relationships between constructs, descriptive statistics and multiple regression analysis were employed. The regression results showed strong model fit for BI and HI (R2 = 0.945), and near-perfect fit for SP (R2 = 0.998), demonstrating robust predictive power. Significant correlations were found among independent variables such as Perceived Usefulness (PU), Perceived Ease of Use (PEOU), Attitude Toward Use (ATU), and others. This study further identifies Trust (TR) and Organizational Culture (OC) as critical predictors of stakeholder perception in the BIM context. A conceptual framework was developed incorporating statistical parameters (e.g., p-values, R2, t-stats) to categorize the effectiveness of BIM and TAM theoretical integration for safety risk management. This approach is novel in its use of TAM-based constructs to evaluate BIM-related safety outcomes in the Pakistani construction sector—a context where such empirical evidence is limited. The findings provide predictive insights into how behavioral, perceptual, and organizational variables influence construction safety performance, offering practical implications for BIM adoption and safety policy design. Full article
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19 pages, 8019 KB  
Article
Experimental Comparison of Water-Based Cooling Methods for PV Modules in Tropical Conditions
by Nam Quyen Nguyen, Hristo Ivanov Beloev, Huy Bich Nguyen and Van Lanh Nguyen
Energies 2025, 18(19), 5054; https://doi.org/10.3390/en18195054 - 23 Sep 2025
Viewed by 169
Abstract
It is well known that temperature strongly affects the photovoltaic (PV) performance. Raising the working temperature leads to a significant decrease in PV output of the power capacity, and it also lowers power conversion efficiency. This issue is highly important for the PV [...] Read more.
It is well known that temperature strongly affects the photovoltaic (PV) performance. Raising the working temperature leads to a significant decrease in PV output of the power capacity, and it also lowers power conversion efficiency. This issue is highly important for the PV systems operating in tropical climate areas such as southern Viet Nam. Developing the cooling methods applied for reducing the PV module temperature might be the solution to this problem and has attracted many researchers and industrial sectors. However, the existing research might not sufficiently address the comparative evaluation of multiple active water-based cooling methods on power conservation efficiency, power output, and cost implications under high-temperature conditions in tropical areas. This study is a case study that aims at conducting some experimental investigations for active water-based cooling methods applied to PV modules in Ho Chi Minh City, South Viet Nam. There are four active water-based cooling methods, including the spraying liquid method (SL), the dripping droplet method (DD), tube heat exchanger method (TE), and the liquid flowing on the PV surface method (LF), that have been developed and experimentally investigated. The voltage, current, temperature, and humidity of the PV cells have been automatically recorded in every one-minute interval via sensors and electronic devices. The experimental results indicate that the surface temperature, the power conversion efficiency, and the output power of PV module are developed toward the useful and positive direction with four cooling methods. In detail, the SL is the best one, in which it leads the PV temperature to reduce from 52 °C to 34–35 °C, the output power increases up to 6.3%, its power conversion efficiency improves up to 2%, while the water flow rate is at its lowest with 0.65 L/min. Similarly, LF also creates results that are similar to SL, but it needs a higher amount of cooling water, which is up to 3.27 L/min. The other methods, like DD and TE, have less power conversion efficiency compared to the SL; it improves only around 1 to 1.3%. These results might be useful for improving the benefits of PV power generation in some tropical regions and contributing to the green energy development in the world. Full article
(This article belongs to the Section A2: Solar Energy and Photovoltaic Systems)
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23 pages, 773 KB  
Article
The Role of Higher Education Institutions in Shaping Sustainability and Digital Ethics in the Era of Industry 5.0: Universities as Incubators of Future Skills
by Celina M. Olszak and Anna Sączewska-Piotrowska
Sustainability 2025, 17(19), 8530; https://doi.org/10.3390/su17198530 - 23 Sep 2025
Viewed by 209
Abstract
The transition toward human-centered innovation models, as reflected in Industry 5.0 frameworks, calls for the integration of sustainability and digital ethics into higher education. Despite the growing international discourse, little is known about how systematically these dimensions are embedded in curricula in Central [...] Read more.
The transition toward human-centered innovation models, as reflected in Industry 5.0 frameworks, calls for the integration of sustainability and digital ethics into higher education. Despite the growing international discourse, little is known about how systematically these dimensions are embedded in curricula in Central and Eastern Europe. This study addresses this gap by analyzing the extent to which Polish higher education institutions (HEIs) incorporate elements of sustainable development and digital ethics into their educational programs. Drawing on survey data from 187 Polish HEIs, we employed Cramér’s V and chi-square tests to explore bivariate associations, multiple correspondence analysis (MCA) to examine patterns among categorical variables, and ordinal logistic regression to identify key predictors of curricular integration. The results reveal that institutions offering Industry 5.0-oriented specializations and maintaining regular cooperation with enterprises are significantly more likely to achieve full integration of sustainability and ethics, whereas many others remain at a stage of only partial adoption. These findings underscore the uneven progress of curricular reforms and highlight the importance of institutional capacity and external partnerships. This study contributes to theory by extending institutional and resource-based perspectives to curriculum innovation, and it contributes to practice by recommending targeted accreditation standards, cross-sector partnerships, and interdisciplinary modules (e.g., “Artificial Intelligence and Society,” “Sustainable Technology Futures”) as concrete mechanisms for embedding ethical and sustainable innovation competencies in higher education. Implications for policy, institutional practice, and future research are discussed. Full article
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22 pages, 542 KB  
Article
Navigating Uncertainty: How Climate Policy Uncertainty Drives Firms’ Green Transformation
by Zhi Zhang, Yuan Hong, Ziyao Yang, Liming Chen and Yanhong Feng
Sustainability 2025, 17(18), 8370; https://doi.org/10.3390/su17188370 - 18 Sep 2025
Viewed by 332
Abstract
As climate change intensifies, climate-related policy instruments have become essential tools for governments to mitigate climate risks. The formulation of such policies typically involves balancing economic growth and ecological goals while ensuring fairness and feasibility, often resulting in frequent policy adjustments. Drawing on [...] Read more.
As climate change intensifies, climate-related policy instruments have become essential tools for governments to mitigate climate risks. The formulation of such policies typically involves balancing economic growth and ecological goals while ensuring fairness and feasibility, often resulting in frequent policy adjustments. Drawing on panel data from A-share listed firms in China between 2008 and 2023, this study conducts a comprehensive investigation into how climate policy uncertainty affects corporate green transformation, with a particular focus on the underlying mechanisms. The empirical evidence shows that climate policy uncertainty serves as a significant catalyst in promoting firms’ green upgrading. Mechanism analysis indicates that this uncertainty has enhanced enterprises’ environmental awareness, encouraged their green investment, and promoted strategic planning oriented towards environmental sustainability. Further heterogeneity analysis reveals that the positive effect is especially pronounced in state-owned enterprises, labor-intensive industries, and firms exposed to high levels of climate risk. This study enriches the understanding of corporate behavioral responses under climate-related policy uncertainty and offers practical implications for optimizing policy design to support sustainable transformation in the corporate sector. Full article
(This article belongs to the Section Air, Climate Change and Sustainability)
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39 pages, 1466 KB  
Article
Determinants of Tropical Hardwood Lumber Exports to the ITTO Market: Econometric Evidence and Strategic Pathways for Sustainable Development in Producing Regions
by Junior Maganga Maganga, Pleny Axcene Ondo Menie and Pamphile Nguema Ndoutoumou
Sustainability 2025, 17(18), 8292; https://doi.org/10.3390/su17188292 - 15 Sep 2025
Viewed by 377
Abstract
This study investigates the structural and cyclical determinants of tropical hardwood exports among member countries of the International Tropical Timber Organization (ITTO) over the period 1995–2022—a sector historically characterized by persistent value imbalances. The central research issue addresses the enduring asymmetries in the [...] Read more.
This study investigates the structural and cyclical determinants of tropical hardwood exports among member countries of the International Tropical Timber Organization (ITTO) over the period 1995–2022—a sector historically characterized by persistent value imbalances. The central research issue addresses the enduring asymmetries in the global value chain, shaped by unequal industrial capacities, limited access to environmental certifications, and entrenched North–South trade relations. The study pursues three main objectives: (1) to develop a typology of exporting countries; (2) to estimate heterogeneous trade elasticities; (3) to propose a policy framework that reconciles equity with sustainability. The empirical findings identify four export profiles: (i) raw producers with minimal local processing; (ii) marginal players with weak trade integration; (iii) high-value-added re-export platforms (notably in Asia); (iv) major consumer markets. Trade effects vary across regions. In the short term, imports boost exports (+0.33%), particularly in re-export models seen in Asia, the USA, and the EU, while local production remains limited in Africa due to weak industrial capacity. In the long term, both domestic production and imports have a positive impact (+0.38% and +0.37%), but only countries with strong industrial bases fully benefit. Population size (+1.29%) also reinforces the advantage of large markets like China and India, supported by short-term economic growth elasticity (+1.1%), likely driven by improved logistics or rising demand from importing countries. In response, the policy implications converge around the proposal of a “Fair and Digital Timber Trade Model” (F&DTTT), structured around three pillars: (a) specialized economic zones aligned with SDGs 8, 12, and 15; (b) blockchain-based traceability systems to enhance supply chain transparency; (c) South–South cooperation strategies aimed at commercial, regulatory, and institutional rebalancing, including potential cartelization initiatives among Southern countries. Supported by a robust methodological framework, this study provides a forward-looking pathway for transforming the tropical timber trade into a vector of equity and sustainability. Full article
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36 pages, 1263 KB  
Review
Beyond Sugar: A Holistic Review of Sweeteners and Their Role in Modern Nutrition
by Nela Dragomir, Daniela-Mihaela Grigore and Elena Narcisa Pogurschi
Foods 2025, 14(18), 3182; https://doi.org/10.3390/foods14183182 - 12 Sep 2025
Viewed by 1299
Abstract
This manuscript provides an in-depth review of both artificial and natural sweeteners, including polyols and plant-derived alternatives, examining their sweetening potency, glycemic index, modes of action, and applications in the food sector. The rising demand for sugar substitutes, fueled by health concerns such [...] Read more.
This manuscript provides an in-depth review of both artificial and natural sweeteners, including polyols and plant-derived alternatives, examining their sweetening potency, glycemic index, modes of action, and applications in the food sector. The rising demand for sugar substitutes, fueled by health concerns such as obesity and diabetes, has prompted significant research into low-calorie and non-nutritive sweeteners. This work categorizes sweeteners into synthetic options (such as aspartame, sucralose, saccharin) and naturally occurring ones (such as stevia, monk fruit, and polyols like sorbitol, xylitol, erythritol), focusing on physico-chemical characteristics, relative sweetness (ranging from 100 to 220,0000 times sweeter than sucrose), and glycemic index, important for their use in diabetes-friendly food products. The current manuscript examines how these sweeteners interact with taste receptors to induce sweetness perception without contributing significant calories. It also discusses their health implications and controversies and limitations regarding healthy and safety data, process feasibility, market application trends, environmental stability, and commercialization challenges. The review also addresses challenges in scaling production and ensuring the economic viability of plant-based sweeteners, offering a forward-looking perspective on their commercialization in the food industry. Full article
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34 pages, 3016 KB  
Article
Ammonia from Hydrogen: A Viable Pathway to Sustainable Transportation?
by Gaydaa AlZohbi
Sustainability 2025, 17(18), 8172; https://doi.org/10.3390/su17188172 - 11 Sep 2025
Viewed by 562
Abstract
Addressing the critical need for sustainable, high-density hydrogen (H2) carriers to decarbonize the global energy landscape, this paper presents a comprehensive critical review of ammonia’s pivotal role in the energy transition, with a specific focus on its application in the transportation [...] Read more.
Addressing the critical need for sustainable, high-density hydrogen (H2) carriers to decarbonize the global energy landscape, this paper presents a comprehensive critical review of ammonia’s pivotal role in the energy transition, with a specific focus on its application in the transportation sector. While H2 is recognized as a future fuel, its storage and distribution challenges necessitate alternative vectors. Ammonia (NH3), with its compelling advantages including high volumetric H2 density, established global infrastructure, and potential for near-zero greenhouse gas emissions, emerges as a leading candidate. This review uniquely synthesizes the evolving landscape of sustainable NH3 production pathways (e.g., green NH3 from renewable electricity) with a systematic analysis of technological advancements to investigate its direct utilization as a transportation fuel. The paper critically examines the multifaceted challenges and opportunities associated with NH3-fueled vehicles, refueling infrastructure development, and comprehensive safety considerations, alongside their environmental and economic implications. By providing a consolidated, forward-looking perspective on this complex energy vector, this paper offers crucial insights for researchers, policymakers, and industry stakeholders, highlighting NH3’s transformative potential to accelerate the decarbonization of hard-to-abate transportation sectors and contribute significantly to a sustainable energy future. Full article
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25 pages, 1399 KB  
Article
How Wine Reaches Consumers: Channel Relevance and a Typology of Multichannel Strategies
by Marc Dressler and Katharina Kleiner
Beverages 2025, 11(5), 136; https://doi.org/10.3390/beverages11050136 - 10 Sep 2025
Viewed by 616
Abstract
The beverage industry is undergoing a dynamic transition in terms of how and where consumers buy products. In an era of rapid digitalization and shifting consumer behaviors, this study investigates how Germany’s wine producers reach consumers and how the distribution landscape of German [...] Read more.
The beverage industry is undergoing a dynamic transition in terms of how and where consumers buy products. In an era of rapid digitalization and shifting consumer behaviors, this study investigates how Germany’s wine producers reach consumers and how the distribution landscape of German wine has transformed. A survey of more than 1000 German wine producers allowed us to explore multichannel strategies. Home-country distribution stands for 84% of the production, while export represents 16% of sales. Indirect sales via food retail safeguard a large portion of distribution, but direct sales to consumers matter in value-driven sales. The findings confirm the continued dominance of indirect retail, particularly food retail, while also highlighting a rebound in direct-to-consumer sales, value market approaches, and on-premises distribution. The results of this study contribute to closing data gaps by underlining that gastronomy has been re-established as a relevant distribution channel and that German wine has not profited from global growth in wine trading. Multichannel strategies are increasingly common, but they vary significantly in their depth and reach depending on different business models. We conducted a cluster analysis and identified three strategic groups: (1) consumer-centric, predominantly direct-to-consumer-oriented estates (63%); (2) industrial, multichannel producers with a strong presence in food retail and export (8%); and (3) hybrid operators balancing value and volume strategies (29%). This study contributes to the development of a more nuanced understanding of multichannel distribution in the wine sector and provides empirical insights into the strategic implications of firm heterogeneity. Full article
(This article belongs to the Section Wine, Spirits and Oenological Products)
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18 pages, 257 KB  
Article
The Impact of ESG on Corporate Value Under the ‘Dual Carbon’ Goals: Empirical Evidence from Chinese Energy Listed Companies
by Pengwei He, Qiutong Chen and Li Chen
Energies 2025, 18(18), 4811; https://doi.org/10.3390/en18184811 - 10 Sep 2025
Viewed by 384
Abstract
As China pursues its dual carbon goals—peaking carbon emissions by 2030 and achieving carbon neutrality by 2060, the energy sector is central to the country’s climate strategy. This study investigates the impact of Environmental, Social, and Governance (ESG) performance on firm value in [...] Read more.
As China pursues its dual carbon goals—peaking carbon emissions by 2030 and achieving carbon neutrality by 2060, the energy sector is central to the country’s climate strategy. This study investigates the impact of Environmental, Social, and Governance (ESG) performance on firm value in China’s energy sector, an industry critical to national carbon emissions and energy consumption. Using a panel dataset of 20,225 firm-year observations from A-share listed firms between 2016 and 2023, we apply regression models to assess how ESG performance affects firm value, with controls for industry characteristics and policy effects. The results show that ESG performance significantly enhances firm value, especially among non-state-owned firms and those in high-pollution industries. ESG performance also facilitates access to green bond financing, providing firms with enhanced capital for green investments, thereby boosting market value. Furthermore, we find that firms in regions with higher green development attention benefit more from ESG practices, with local carbon trading policies playing a key role in improving firm competitiveness and market performance. This study provides critical insights into how ESG strategies and carbon governance policies influence firm performance in the energy sector. The findings offer practical implications for policymakers aiming to support low-carbon industrial transformation and for firms seeking to integrate sustainability into their long-term strategic planning. These insights are crucial for driving the successful implementation of China’s dual carbon strategy. Full article
(This article belongs to the Section B: Energy and Environment)
32 pages, 2819 KB  
Article
The Development of the Modern Logistics Industry and Its Role in Promoting Regional Economic Growth in China’s Underdeveloped Northwest, Driven by the Digital Economy
by Jiang Lu, Soo-Cheng Chuah, Dong-Mei Xia and Joston Gary
Economies 2025, 13(9), 261; https://doi.org/10.3390/economies13090261 - 6 Sep 2025
Viewed by 565
Abstract
The digital economy is a key driver of industrial upgrading and regional growth. Focusing on Gansu Province—an under-represented, less-developed region in northwest China—this study constructs a multidimensional digital economy index (DEI) for 2009–2023 under a unified normalisation and weighting scheme. Two complementary MCDA [...] Read more.
The digital economy is a key driver of industrial upgrading and regional growth. Focusing on Gansu Province—an under-represented, less-developed region in northwest China—this study constructs a multidimensional digital economy index (DEI) for 2009–2023 under a unified normalisation and weighting scheme. Two complementary MCDA approaches—entropy-weighted TOPSIS and SESP-SPOTIS—are implemented on the same 0–1 normalised indicators. Robustness is assessed using COMSAM sensitivity analysis and is benchmarked against a PCA reference. The empirical analysis then estimates log-elasticity models linking modern logistics production (MLP) and the DEI to the provincial GDP and sectoral value added, with inferences based on White heteroskedasticity–robust standard errors and bootstrap confidence intervals. Results show a steady rise in the DEI with a temporary dip in 2021 and recovery thereafter. MLP is positively and significantly associated with GDP and value added in the primary, secondary, and tertiary sectors. The DEI is positively and significantly associated with GDP, the primary sector, and the tertiary sector, but its effect is not statistically significant for the secondary sector, indicating a manufacturing digitalisation gap relative to services. Cross-method agreement and narrow sensitivity bands support the stability of these findings. Policy implications include continued investment in digital infrastructure and accessibility, targeted acceleration of manufacturing digitalisation, and the development of a “digital agriculture–smart logistics–green development” pathway to foster high-quality, sustainable regional growth. Full article
(This article belongs to the Section International, Regional, and Transportation Economics)
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31 pages, 1536 KB  
Article
Digital Economy Development, Environmental Regulation, and Green Technology Innovation in Manufacturing
by Ku Liang and Yujie Hu
Sustainability 2025, 17(17), 7955; https://doi.org/10.3390/su17177955 - 3 Sep 2025
Viewed by 748
Abstract
The development of the digital economy has become a significant driving force for the innovation of green technology in the manufacturing sectors. Green technology innovation in the manufacturing sectors is not only a key engine for realizing economic green transformation and achieving the [...] Read more.
The development of the digital economy has become a significant driving force for the innovation of green technology in the manufacturing sectors. Green technology innovation in the manufacturing sectors is not only a key engine for realizing economic green transformation and achieving the goal of achieving peak carbon emissions by 2030 and carbon neutrality by 2060, but also an important path for cultivating new quality productivity. Based on Schumpeter’s endogenous growth theory, in this study, we constructed an analytical model with a unified framework of digital economic development and environmental regulation, systematically explored the mechanism of digital economic development with respect to green technological innovation in the manufacturing sectors and the moderating effect of environmental regulation, and carried out empirical research based on panel data at the provincial level and the level of the subdivided manufacturing sectors in China. We found that the development of the digital economy promotes green technology innovation in the manufacturing industry. However, according to the theory of increasing marginal information costs, it shows a significant nonlinear relationship. Absorptive capacity is the key means of support that manufacturing enterprises can leverage to improve their level of green technological innovation. Environmental regulation plays a crucial role in guiding green technological innovation in the manufacturing sectors. A further heterogeneity analysis showed that the development of the digital economy exerts a stronger positive impact on green technological innovation in cleaner-production-oriented manufacturing sectors and those located in regions with more advanced financial regions and in technology-intensive industries. This study provides theoretical support for understanding the driving mechanisms of green technological innovation in the manufacturing sector against the backdrop of the digital economy, offering practical implications for optimizing environmental regulation policies and enhancing the level of green development in manufacturing. Full article
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