Search Results (14,260)

The purpose of this paper is to analyze how China’s outward foreign direct investment (OFDI), driven by different motivations, affects the bilateral global value chain (GVC) relationship between the home country (China) and host countries, evaluating both bilateral GVC trade value and relative GVC positions. Employing the OECD Trade in Value Added (TiVA) database combined with Chinese listed firm data, we found the following results: (1) Strategic asset-seeking OFDI strengthens the GVC relationship between China and host countries while enhancing China’s GVC position relative to host countries. (2) Efficiency-seeking OFDI increases the domestic value-added exported from host countries to China but does not improve China’s relative GVC position. (3) Natural resource-seeking OFDI enhances bilateral GVC trade volumes but has no significant impact on the relative GVC positions of China and host countries. (4) China’s OFDI, not driven by these motivations, generates a trade substitution effect between home and host countries. We also examined the heterogeneity of these effects. Our findings suggest that China’s OFDI fosters equitable and sustainable international cooperation, supports mutually beneficial GVC trade and host-country economic growth, and therefore, progresses toward Sustainable Development Goal (SDG) 8. Full article

This study uses financial data from 872 Chinese listed companies (2018–2022). It tests the triple dividend effect and threshold effect of China’s environmental protection tax (EPT) using high-dimensional fixed effects models and panel threshold models. We document that (1) EPT creates an environmental dividend for Chinese listed companies. It significantly reduces pollution emissions. A 1-unit tax increase reduces LnTPPE by 2.5%. (2) EPT creates a significant innovation dividend. It forces enterprises to improve the quality of authorized patents. A 1-unit tax increase raises patent technological complexity by 0.79%. (3) EPT creates an economic dividend. It significantly improves firm performance. A 1-unit tax increase raises relative corporate revenue by 38.1%. (4) EPT exerts significant threshold effects on micro-level triple dividend outcomes among Chinese listed companies. A heterogeneity analysis shows significant differences in threshold effects between non-heavily polluting and heavily polluting industries. This study confirms that China’s EPT generates a micro-level triple dividend effect alongside coexisting threshold effects for listed companies. This provides literature references for China to design and implement differentiated policies and offers a quantitative empirical case for implementing globally sustainable EPT strategies. Full article

Drosophila melanogaster is one of the most known and used organisms worldwide, not just to study general biology problems but above all for modeling complex human diseases. During the decades, it has become a central tool to understand the genetics of human disease, how mutations alter the behavior and health of cells, tissues, and organs, and more recently to test new compounds with a potential therapeutic use. But how did this small insect become so crucial in genetics? And how is it currently used in the study of human conditions affecting millions of people? In this review, we retrace the historical origins of its adoption in genetics laboratories and list all the advantages it provides to scientific research, both for its daily usage and for the fine tuning of gene regulation through genetic engineering approaches. We also provide some examples of how it is used to study human diseases such as cancer, neurological and infectious diseases, and its importance in drug discovery and testing. Full article

This study investigates the influence of corporate governance on reducing financial statement fraud (FSF) in Jordanian service and industrial companies listed on the Amman Stock Exchange from 2018 to 2022. To achieve this, the study employed the Beneish M-score model to assess the likelihood of FSF and logistic regression to examine the influence of corporate governance structure on fraud mitigation. The study identified 13 independent variables, including board size, board director’s independence, board director’s compensation, non-duality of CEO and chairman positions, board diversity, audit committee size, audit committee accounting background, number of annual audit committee meetings, external audit fees, board family business, the presence of women on the board of directors, firm size, and market listing on FSF. The study included 74 companies from both sectors—33 from the industrial sector and 41 from the service sector. Primary data was collected from financial statements and other information published in annual reports between 2018 and 2022. The results of the study revealed a total of 295 cases of fraud during the examined period. Out of the 59 companies analyzed, 21.4% demonstrated a low probability of fraud, while the remaining 78.6% (232 observations) showed a high probability of fraud. The results indicate that the following corporate governance factors significantly impact the mitigation of financial statement fraud (FSF): independent board directors, board diversity, audit committee accounting backgrounds, the number of audit committee meetings, family business involvement on the board, and firm characteristics. The study provides several recommendations, highlighting the importance for companies to diversify their boards of directors by incorporating different perspectives and experiences. Full article

In this study, we examine the impact of mergers and acquisitions (M&As) on firm environmental performance, aiming to address the gap in research and guide firms, investors, and policymakers toward more environmentally conscious decision-making in M&A. Using panel data from Chinese A-share listed firms (2008–2022), we estimate a two-way fixed effect model. The Propensity Score Matching and the instrumental variable method address potential endogeneity concerns, and robustness checks validate the findings. We found that M&As have a significantly positive effect on firm environmental performance, with heterogeneous impacts across regions, industries, and M&A types. The environmental benefits are most pronounced in heavily polluting industries and hybrid M&A deals. Eastern China shows more modest improvements. The results of mechanism tests revealed that M&As enhance environmental performance primarily by boosting total factor productivity and fostering innovation. This study offers a novel perspective by linking M&A activities to environmental sustainability, enriching the literature on both M&As and corporate environmental performance. We show that even conventional M&A deals (not sustainability-focused) can improve environmental performance through operational synergies. Expanding beyond polluting industries, we reveal how sector characteristics shape M&A’s environmental impacts. We identify practical mechanisms through which standard M&A activities can advance sustainability goals, helping firms balance economic and environmental objectives. It provides empirical evidence from China, an emerging market with distinct institutional and regulatory contexts. The findings offer guidance for firms engaging in M&A to strategically improve sustainability performance. Policymakers can leverage these insights to design incentives for M&A in pollution-intensive industries, aligning economic growth with environmental goals. By demonstrating that M&As can enhance environmental outcomes, this study supports the potential for market-driven mechanisms to contribute to broader societal sustainability objectives, such as reduced industrial pollution and greener production practices. Full article

Natural fiber-based biocomposites are rapidly gaining traction in sustainable manufacturing. However, their supply chain (SC) designs at the feedstock pre-processing stage often lack robust multicriteria decision-making evaluations, which can impact downstream processes and final product quality. This case study proposes a sustainability-driven multicriteria decision-making framework for selecting pre-processing equipment configurations within a hemp-based biocomposite SC. Using a cradle-to-gate system boundary, four alternative configurations combining balers (square vs. round) and hammer mills (full-screen vs. half-screen) are evaluated. The analytical network process (ANP) model is used to evaluate alternative SC configurations while capturing the interdependencies among environmental, economic, social, and technical sustainability criteria. These criteria are further refined with the inclusion of sub-criteria, resulting in a list of 11 key performance indicators (KPIs). To evaluate ranking robustness, a non-linear programming (NLP)-based sensitivity model is developed, which minimizes the weight perturbations required to trigger rank reversals, using an IPOPT solver. The results indicated that the Half-Round setup provides the most balanced sustainability performance, while Full-Square performs best in economic and environmental terms but ranks lower socially and technically. Also, the ranking was most sensitive to the weight of the system reliability and product quality criteria, with up to a 100% shift being required to change the top choice under the ANP model, indicating strong robustness. Overall, the proposed framework enables decision-makers to incorporate uncertainty, interdependencies, and sustainability-related KPIs into the early-stage SC design of bio-based composite materials. Full article

Background and Objectives: The management of type 2 diabetes (T2D) extends beyond glycemic control, requiring a more global strategy that includes optimization of body composition, even more so in the context of sarcopenia and visceral adiposity, as they contribute to poor outcomes. Past reviews have typically been focused on weight reduction or glycemic effectiveness, with limited inclusion of new therapies’ effects on muscle and fat distribution. In addition, the emergence of incretin-based therapies and dual agonists such as tirzepatide requires an updated synthesis of their impacts on body composition. This review attempts to bridge the gap by taking a systematic approach to how current blood-glucose lowering therapies affect lean body mass, fat mass, and the risk of sarcopenia in T2D patients. Materials and Methods: Between January 2015 and March 2025, we conducted a narrative review by searching the PubMed, Scopus, and Web of Science databases for English-language articles. The keywords were combinations of the following: “type 2 diabetes,” “lean body mass,” “fat mass,” “body composition,” “sarcopenia,” “GLP-1 receptor agonists,” “SGLT2 inhibitors,” “tirzepatide,” and “antidiabetic pharmacotherapy.” Reference lists were searched manually as well. The highest precedence was assigned to studies that aimed at adult type 2 diabetic subjects and reported body composition results. Inclusion criteria for studies were: (1) type 2 diabetic mellitus adult patients and (2) reporting measures of body composition (e.g., lean body mass, fat mass, or muscle function). We prioritized randomized controlled trials and large observational studies and excluded mixed diabetic populations, non-pharmacological interventions only, and poor reporting of body composition. Results: Metformin was widely found to be weight-neutral with minimal effects on muscle mass. Insulin therapy, being an anabolic hormone, often leads to fat mass accumulation and increases the risk of sarcopenic obesity. Incretin-based therapies induced substantial weight loss, mostly from fat mass. Notable results were observed in studies with tirzepatide, demonstrating superior reduction not only in fat mass, but also in visceral fat. Sodium-glucose cotransporter 2 inhibitors (SGLT2 inhibitors) promote fat loss but are associated with a small yet significant decrease in lean muscle mass. Conclusions: Blood-glucose lowering therapies demonstrated clinically relevant effects on body composition. Treatment should be personalized, balancing glycemic control, cardiovascular, and renal benefits, together with optimal impact on muscle mass along with glycemic, cardiovascular, and renal benefits. Full article

Recent theoretical and empirical studies highlight that information asymmetry and owner–manager conflict of interest can distort corporate investment decisions. Building on this premise, we hypothesize that superior environmental, social, and governance (ESG) performance mitigates these frictions by (H1) alleviating financing constraints and (H2) intensifying external analyst scrutiny. To test these hypotheses, we examine all Shanghai and Shenzhen A-share non-financial firms from 2009 to 2023. Using panel fixed-effects and two-stage least squares with an industry–province–year instrument, we find that higher ESG performance significantly reduces investment inefficiency; the effect operates through both lower financing constraints and greater analyst coverage. Heterogeneity analyses reveal that the improvement is pronounced in small non-state-owned, non-high-carbon firms but absent in large state-owned high-carbon emitters. These findings enrich the literature on ESG and corporate performance and offer actionable insights for regulators and investors seeking high-quality development. Full article

Background/Objective: The most effective strategy for addressing users’ prosthetic needs is a comprehensive clinical assessment that provides a holistic understanding of the individual’s symptoms, health, function, and environmental barriers and facilitators. A standardized evaluation form would provide guidance for a structured approach to comprehensive clinical assessments of people with LLA. The objective of this study was to determine a list of relevant elements to be included in prosthetic evaluation for adults with lower limb amputation. Methods: Three independent focus group discussions were conducted with prosthetists (n = 15), prosthesis users (n = 11), and decision makers (n = 4) to identify all relevant elements that should be included in the clinical assessment of prosthetic services. The final content was then determined using the Delphi technique, with 35 panelists (18 prosthetists and decision makers, and 17 prosthesis users) voting in each round. Results: A total of 91 elements were identified through the focus group, of which 78 were included through the Delphi process. The identified elements are mostly related to the physical health of the prosthesis user (e.g., mobility, pain, and medical information), while others address personal or psychosocial aspects (e.g., activities of daily living, goals, and motivation) or technical aspects (prosthesis-related). Conclusions: Through a Delphi consensus, a list of relevant elements to be included in a prosthetic evaluation was generated. These results will inform the development of a standardized clinical prosthetic assessment form. This form has the potential to improve the quality of clinical evaluations, guide interventions, and enhance the well-being of prosthetic users. Full article

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

The depletion of water resources caused by climate change and human activities is a pressing global issue. Lake Ereen is one of the ten natural landmarks of the Gobi-Altai of western Mongolia is included in the list of “important areas for birds” recognized by the international organization Birdlife. However, the construction of the Taishir Hydroelectric Power Station, aimed at supplying electricity to the western provinces of Mongolia, had a detrimental effect on the flow of the Zavkhan River, resulting in a drying-up and pollution of Lake Ereen, which relies on the river as its water source. This study assesses the pollution levels in Ereen Lake and determines the feasibility of its rehabilitation by redirecting the flow of the Zavkhan River. Field studies included the analysis of water quality, sediment contamination, and the composition of flora. The results show that the concentrations of ammonium, chlorine, fluorine, and sulfate in the lake water exceed the permissible levels set by the Mongolian standard. Analyses of elements from sediments revealed elevated levels of arsenic, chromium, and copper, exceeding international sediment quality guidelines and posing risks to biological organisms. Furthermore, several species of diatoms indicative of polluted water were discovered. Lake Ereen is currently in a eutrophic state and, based on a water quality index (WQI) of 49.4, also in a “polluted” state. Mass balance calculations and box model analysis determined the period of pollutant replacement for two restoration options: drying-up and complete removal of contaminated sediments and plants vs. dilution-flushing without direct interventions in the lake. We recommend the latter being the most efficient, eco-friendly, and cost-effective approach to rehabilitate Lake Ereen. Full article

Based on firm-level data of Japanese listed companies for the period of 2013–2022, this study conducts an empirical analysis to investigate how the issuance of green bonds influences corporate environmental and financial performance. The results show that the green bond issuance demonstrates a reduction in corporate greenhouse gas emission intensity and energy consumption intensity in the long term. Moreover, the issuance of green bonds enhances the financial performance of firms in the long run. However, the positive effect of green bond issuance on corporate environmental and financial performance is significant only among firms that have set specific quantitative environmental targets. In addition, for manufacturing and transportation green bond issuers that have set specific quantitative environmental targets, the improvement in environmental performance is evident in both the long and short term. Full article

Amid intensifying global ESG regulations and the expanding influence of green finance, China’s digital economy policies have emerged as key institutional instruments for promoting corporate sustainability. Leveraging the implementation of the National Big Data Comprehensive Pilot Zone as a quasi-natural experiment, this study utilizes panel data of Chinese listed firms from 2009 to 2023 and applies multi-period Difference-in-Differences (DID) and Spatial DID models to rigorously identify the policy’s effects on corporate ESG performance. Empirical results indicate that the impact of digital economy policy is not exerted through a direct linear pathway but operates via three institutional mechanisms, enhanced information transparency, eased financing constraints, and expanded fiscal support, collectively constructing a logic of “institutional embedding–governance restructuring.” Moreover, disruptive technological innovation significantly amplifies the effects of the transparency and fiscal mechanisms, but exhibits no statistically significant moderating effect on the financing constraint pathway, suggesting a misalignment between innovation heterogeneity and financial responsiveness. Further heterogeneity analysis confirms that the policy effect is concentrated among firms characterized by robust governance structures, high levels of property rights marketization, and greater digital maturity. This study contributes to the literature by developing an integrated moderated mediation framework rooted in institutional theory, agency theory, and dynamic capabilities theory. The findings advance the theoretical understanding of ESG policy transmission by unpacking the micro-foundations of institutional response under digital policy regimes, while offering actionable insights into the strategic alignment of digital transformation and sustainability-oriented governance. Full article

An important element in the Constitution of the People’s Republic of China is the guarantee of gender equality in all fields. The principle is not reflected in terms of corporate governance and senior management, however. A study of the largest 400 companies listed on Chinese stock exchanges shows far fewer female board members and senior managers than male counterparts and only a small improvement over the course of a decade. A comparison of gender balances in terms of a range of variables, including stock exchange listing, industry type, and ownership type, reveals better balances in wholly privately owned firms than in those with controlling state interests. Subject to intervening government policies to promote state-owned enterprises over private sector counterparts, the pattern over the decade studied suggests there is a possibility privately owned enterprises may gradually displace state-owned companies in the largest 400 group and gender balances in senior roles in the largest 400 group will consequently improve. Full article