Search Results (2,268)

Corporate greenwashing has emerged as a pervasive and systemic threat to global sustainability efforts, undermining regulatory effectiveness and obstructing progress toward multiple United Nations Sustainable Development Goals. As environmental opportunism increasingly diffuses across interconnected industrial supply networks, it evolves from isolated corporate misconduct into a chain-level governance challenge with significant systemic risks. Traditional governance mechanisms—whether market-based self-regulation or top-down administrative control—have proven insufficient, while the effectiveness of hybrid approaches integrating administrative coordination with market dynamics remains largely unexplored. This study investigates China’s Chain Leader Policy, a novel hybrid governance model that combines formal administrative authority with market coordination mechanisms to systematically address environmental opportunism across industrial supply networks, and its impact on mitigating greenwashing. Employing a multi-period difference-in-differences design on 12,334 firm-year observations of Chinese A-share listed companies from 2011 to 2023, we find that the policy reduces corporate greenwashing by 10.8% through four pathways: stabilizing supply–demand relationships, reducing coordination costs, fostering green collaborative innovation, and enhancing external scrutiny via social networks. Coercive isomorphism strengthens these effects, while mimetic isomorphism weakens them; impacts are more pronounced in state-owned enterprises, firms with stronger green awareness and higher levels of internationalization, and in more concentrated industries. By operationalizing embedded autonomy theory in an environmental governance context, this research extends theoretical understanding of hybrid governance mechanisms, offers robust empirical evidence for designing policies to curb greenwashing, and provides a replicable framework for achieving corporate environmental sustainability worldwide. Full article

Against the backdrop of the rapid proliferation of electric vehicles (EVs), gender-oriented behavioral mechanisms remain underexplored, particularly the unique pathways of female users in usage experience, value assessment, and purchase decision-making. This study constructs an integrated framework based on the Stimulus–Organism–Response (SOR) model, leveraging social media big data to analyze in depth how gender differences influence EV users’ purchase intentions. By integrating natural language processing techniques, grounded theory coding, and structural equation modeling (SEM), this study models and analyzes 272,083 pieces of user-generated content (UGC) from Chinese social media platforms, identifying key functional and emotional factors shaping female users’ perceptions and attitudes. The results reveal that esthetic value, safety, and intelligent features more strongly drive emotional responses among female users’ decisions through functional cognition, with gender significantly moderating the pathways from perceived attributes to emotional resonance and cognitive evaluation. This study further confirms the dual mediating roles of functional cognition and emotional experience and identifies a masking (suppression) effect for the ‘intelligent perception’ variable. Methodologically, it develops a novel hybrid paradigm that integrates data-driven semantic mining with psychological behavioral modeling, enhancing the ecological validity of consumer behavior research. Practically, the findings provide empirical support for gender-sensitive EV product design, personalized marketing strategies, and community-based service innovations, while also discussing research limitations and proposing future directions for cross-cultural validation and multimodal analysis. Full article

Global efforts to achieve carbon neutrality increasingly rely on institutional green policy that reshape corporate environmental behavior. This study examines whether green policy improves corporate environmental performance (EP). Using panel data of the A-share listed firms from 2010 to 2022, we exploit the rollout of pilot cities as a quasi-natural experiment and apply a difference-in-differences (DID) framework, supplemented by double machine learning (DML) and robustness tests. The results show that the New Energy Demonstration City (NEDC) policy notably increases EP, with stronger effects for state-owned enterprises, large firms, and regulated industries. Mechanism analysis indicates that artificial intelligence innovation capacity and the stringency of regional environmental regulation amplify the policy’s effectiveness, revealing a “innovation–regulation” dual mechanism. By focusing on integrated EP rather than single outcomes, this paper extends the literature on green policy instruments. It demonstrates that structural policies combining fiscal incentives and regulatory constraints can correct market failures and foster long-term green transition. Beyond China, the findings provide insights for other developing economies where market-based instruments alone may be insufficient to trigger low-carbon transformation. Full article

Vilobelimab, a first-in-class, human–mouse chimeric immunoglobulin G4 (IgG4) kappa monoclonal antibody, targets human complement component 5a (C5a) in plasma. Unlike upstream complement inhibitors, vilobelimab does not inhibit the generation of the membrane attack complex (C5b-9), necessary to mitigate certain infections. C5a is a strong anaphylatoxin and chemotactic agent that plays an essential role in both innate and adaptive immunity. Elevated levels of C5a have been associated with pathologic processes, including sepsis and inflammatory respiratory disorders such as acute respiratory distress syndrome (ARDS). Blocking C5a with vilobelimab has shown therapeutic promise. A randomized, multicenter placebo-controlled Phase III study of vilobelimab in patients with severe COVID-19 (PANAMO) found that patients treated with vilobelimab had a significantly lower risk of death by day 28 and 60. Based on this study, the United States Food and Drug Administration (FDA) issued an Emergency Use Authorization (EUA) for Gohibic^® (vilobelimab) injection for the treatment of COVID-19 in hospitalized adults when initiated within 48 h of receiving invasive mechanical ventilation (IMV) or extracorporeal membrane oxygenation (ECMO). In January 2025, the European Commission (EC) granted marketing authorization for Gohibic^® (vilobelimab) for the treatment of adult patients with severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2)-induced ARDS who are receiving systemic corticosteroids as part of standard of care and receiving IMV with or without ECMO. Herein, we review the mechanism of action of vilobelimab in selectively inhibiting C5a-induced inflammation, outlining its bench-to-bedside development from the fundamental biology of the complement system and preclinical evidence through to the clinical data demonstrating its life-saving potential in the management of COVID-19–induced ARDS. Full article

Aroma volatiles constitute the primary molecular basis of fruit flavor quality, governing sensory attributes and marketability. Based on their chemical states, aroma compounds are categorized into bound and free forms. Bound aroma compounds predominantly exist as non-volatile glycosides, which can be hydrolyzed enzymatically or through acid treatment to release volatile free aroma compounds, thereby enhancing fruit fragrance. Although the dynamic interconversion between free and bound aroma compounds is pivotal for fruit flavor development, the governing mechanisms, including the principal controlling factors, regulatory networks, and external influences, are still under investigation. This review primarily synthesizes recent advances regarding the structural diversity, analysis, biosynthesis, and regulation of bound aroma compounds. Additionally, it examines how key regulatory networks and environmental factors modulate the synthesis and transformation of these compounds. The integrated overview provides new insights for future regulation of aroma metabolism in fruits. Full article

Existing research on live-streaming e-commerce consumption behavior is mostly limited by a single disciplinary framework, unable to systematically parse the mechanism of macro-policies and cultural values on intergenerational consumer psychology. This study takes ASEAN cross-border live-streaming e-commerce as a scenario, integrates theories of economics, political science, and sociology, and constructs an innovative three-layer analysis model of “macroeconomic system–meso-market–micro-behavior” based on multi-source data from 2020 to 2024. It empirically explores the formation mechanism of intergenerational differences in impulse buying. The results show that the behavior differences of different groups are significantly driven by income gradient, cross-border policies (tariff adjustment and consumer protection regulations), and collectivism/individualism cultural orientations. The innovative contribution of this study is reflected in three aspects: Firstly, it breaks through the limitation of a single discipline, and for the first time, it incorporates structural variables such as policy synergy effect and family structure change into the theoretical framework of impulse buying, quantifying and revealing the differentiated impact of institutional heterogeneity in ASEAN markets on intergenerational behavior. Secondly, it reconstructs the transmission path of “cultural values–family structure–intergenerational behavior” and finds that the inhibitory effect of collectivism on impulse buying tends to weaken with age. Thirdly, it proposes a “policy instrument–generational response” matching model and verifies the heterogeneous impact of the same policy (such as tariff reduction) on different generations. This study fills the gaps in related research and can provide empirical support for ASEAN enterprises to formulate stratified marketing strategies and for policymakers to optimize cross-border e-commerce regulation. which is of great significance to promote the sustainable development of the regional live-broadcast e-commerce ecology. Full article

This study presents a comprehensive assessment of the energy systems in eight Eastern European countries—Bulgaria, Croatia, the Czech Republic, Hungary, Poland, Romania, Slovakia, and Slovenia—focusing on their energy transition, security of supply, decarbonisation, and energy efficiency. Using principal component analysis (PCA) and clustering techniques, we identify three different energy profiles: countries dependent on fossil fuels (e.g., Poland, Bulgaria), countries with a balanced mix of nuclear and fossil fuels (e.g., the Czech Republic, Slovakia, Hungary), and countries focusing mainly on renewables (e.g., Slovenia, Croatia). The sectoral analysis shows that industry and transport are the main drivers of energy consumption and CO₂ emissions, and the challenges and policy priorities of decarbonisation are determined. Regression modelling shows that dependence on fossil fuels strongly influences the use of renewable energy and electricity consumption patterns, while national differences in per capita electricity consumption are influenced by socio-economic and political factors that go beyond the energy structure. The Decarbonisation Level Index (DLI) indicator shows that Bulgaria and the Czech Republic achieve a high degree of self-sufficiency in domestic energy, while Hungary and Slovakia are the most dependent on imports. A typology based on energy intensity and import dependency categorises Romania as resilient, several countries as balanced, and Hungary, Slovakia, and Croatia as vulnerable. The projected investments up to 2030 indicate an annual increase in clean energy production of around 123–138 TWh through the expansion of nuclear energy, the development of renewable energy, the phasing out of coal, and the improvement of energy efficiency, which could reduce CO₂ emissions across the region by around 119–143 million tons per year. The policy recommendations emphasise the accelerated phase-out of coal, supported by just transition measures, the use of nuclear energy as a stable backbone, the expansion of renewables and energy storage, and a focus on the electrification of transport and industry. The study emphasises the significant influence of European Union (EU) policies—such as the “Clean Energy for All Europeans” and “Fit for 55” packages—on the design of national strategies through regulatory frameworks, financing, and market mechanisms. This analysis provides important insights into the heterogeneity of Eastern European energy systems and supports the design of customised, coordinated policy measures to achieve a sustainable, secure, and climate-resilient energy transition in the region. Full article

Sustainability concerns and rising consumer environmental awareness (CEA) have fundamentally reshaped competitive dynamics in modern supply chains. This study examines the influence of CEA on pricing and environmental effort competition between store brand (SB) and national brand (NB) products in a two-stage supply chain with one manufacturer and one retailer. We develop a mathematical model to evaluate strategic interactions under three power structures: Manufacturer Stackelberg (MS), Retailer Stackelberg (RS), and Vertical Nash (VN), considering two environmental investment scenarios: NB-only investment and bilateral SB-NB investment. Our findings indicate that (i) when only NB products invest environmentally, CEA increases environmental effort levels, wholesale prices, and retail prices for both brands, expanding total channel value rather than merely redistributing profits; (ii) CEA and channel competition on jointly determine optimal channel power structure, with MS dominating in differentiated markets with low CEA while RS yields superior outcomes under high competition and high CEA; (iii) retailers consistently achieve maximum profits under VN structure through balanced negotiation positions; and (iv) bilateral environmental investment causes price convergence across structures, shifting competitive focus from governance to operational excellence. By integrating environmental investment, channel power structure, and channel competition into a unified framework, this study offers managers practical decision tools for selecting optimal channel structures based on observable market conditions. Furthermore, it demonstrates how grocery retail chains and consumer goods manufacturers can transform environmental initiatives from compliance costs into value creation mechanisms that enhance both profitability and sustainability. Full article

Statistical factor models are widely applied across various domains of the financial industry, including risk management, portfolio selection, and statistical arbitrage strategies. However, conventional factor models often rely on unrealistic assumptions and fail to account for the fact that financial markets operate under multiple regimes. In this paper, we propose a regime-switching factor model estimated via a particle filtering algorithm, which is a Monte Carlo-based method well-suited for handling nonlinear and non-Gaussian systems. Our empirical results show that incorporating dynamic structure and a regime-switching mechanism significantly enhances the model’s ability to detect structure breaks and adapt to evolving market conditions. This leads to improved performance and reduced drawdowns in the equity statistical arbitrage strategies. Full article

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

Cannabidiol (CBD) is a chemical produced by the cannabis plant that acts as an allosteric modulator of cannabinoid receptors resulting in non-competitive receptor antagonism in the central nervous system. This mechanism of action leads to anti-convulsant, anti-anxiety, and analgesic properties with minimal psycho-activity, which has led to significant interest in the use of CBD as a medication. Legislation around cannabis has changed in recent years, with many states permitting the use of CBD-based products as “medication” without approval from the Federal Drug Administration. This has led to a proliferation of products with associated marketing claims that are often unsubstantiated. This review summarizes the evidence for cannabidiol as a medical treatment, focusing on epilepsy, mental health, behavioral and substance use disorders occurring in pediatric and adolescent populations for which information is available. CBD preparations have been approved by the FDA to treat epilepsy in childhood; no other indications currently exist, and the literature remains inconclusive. Few adverse effects related to CBD use have been reported. However, endogenous cannabinoids play an important role in guiding brain development, and the long-term impact of modulating the endocannabinoid system during periods of brain growth during childhood and adolescence is unknown. While there is excitement about the potential for the development of CBD medications, currently, there is very limited information about the long-term safety of CBD, especially in children and adolescents, and caution is recommended regarding the use of unregulated, unapproved CBD preparations that are currently available over the counter. Full article

Pricing catastrophe (CAT) bonds in incomplete markets poses persistent challenges, particularly in converting risk from the real-world measure to the pricing measure. The commonly used Wang transform focuses on distorting the loss severity distribution, which may underestimate catastrophe risk. This paper proposes a new distortion operator based on the Esscher transform that distorts the aggregate loss distribution rather than focusing solely on the severity or frequency components. The proposed approach provides more comprehensive risk adjustment, making it well-suited for the distributional characteristics of catastrophic loss indicators. Its applicability is demonstrated via an application to Chinese earthquake data. Monte Carlo simulation was used to compare pricing results via the distortion of different components. By reformulating the proposed distortion method into the form of a distortion operator and comparing it with the Wang transform, this paper demonstrates that the proposed approach offers significantly enhanced analytical tractability for complex distributions. It enables a more transparent analysis of the transformed distribution and its implications for bond pricing mechanisms. Full article

Skin color is a crucial phenotypic trait in poultry that influences consumer preference, market value, and breed identification. However, the mechanisms underlying skin color variation in Lingshan chickens remain poorly understood. This study aimed to elucidate the physiological, metabolic, and microbial characteristics associated with skin color differences in male Lingshan chickens. A total of 210 castrated male Lingshan chickens were categorized into white-shanked (WS), yellow-shanked (YS), and red-shanked (RS) groups based on the Roche color fan scores. The results showed that chickens in the YS and RS groups exhibited significantly higher body weights and pigmentation levels in the shank, breast, and abdominal skin compared to those in the WS group (p < 0.05). Serum concentrations of triglycerides (TG), total cholesterol (TC), high-density lipoprotein (HDL), low-density lipoprotein (LDL), and very-low-density lipoprotein (VLDL) were markedly elevated in RS chickens. Additionally, carotenoid profiles revealed higher deposition of lutein and β-carotene in the skin and adipose tissues of YS and RS birds. Gene expression analysis indicated differential regulation of carotenoid transport and metabolism-related genes among groups. Furthermore, 16S rRNA sequencing of cecal microbiota revealed significant compositional shifts in microbial communities associated with shank pigmentation. Collectively, these findings suggest that differences in shank color in Lingshan chickens are closely linked to lipid metabolism, carotenoid transport, and gut microbiota composition. This study provides novel insights into the biological mechanisms driving skin pigmentation, offering valuable implications for breeding and functional trait selection in indigenous chicken populations. Full article

Background: Sustained-release (SR) formulations of non-steroidal anti-inflammatory drugs (NSAIDs) aim to prolong therapeutic activity, reduce dosing frequency, and improve patient adherence. However, currently marketed SR NSAIDs exhibit persistent limitations, including incomplete control over release kinetics, high interpatient variability in bioavailability, limited reduction in gastrointestinal adverse effects, and insufficient dose flexibility for individualized therapy. In many cases, conventional excipients and release mechanisms remain predominant, leaving drug-specific physicochemical and pharmacokinetic constraints only partially addressed. These gaps highlight the need for a comprehensive synthesis of recent technological advances to guide the development of more effective, patient-centered delivery systems. Methods: A narrative literature review was conducted using Web of Science and PubMed databases to identify original research articles and comprehensive technological studies on oral SR formulations of NSAIDs and paracetamol published between January 2020 and March 2025. Inclusion criteria focused on preclinical and technological research addressing formulation design, excipient innovations, and manufacturing approaches. Results: Sixty-four studies met the inclusion criteria, encompassing polymeric matrices (31%), lipid-based carriers (18%), microspheres/hydrogel beads/interpenetrating polymer networks (30%), nanostructured systems (11%), and hybrid platforms (10%). The most common strategies involved pH-dependent release, mucoadhesive systems, and floating drug delivery, aiming to optimize release kinetics, minimize mucosal irritation, and sustain therapeutic plasma levels. Advances in manufacturing—such as hot-melt extrusion, 3D printing, electrospinning, and spray drying—enabled enhanced control of drug release profiles, improved stability, and in some cases up to 30–50% prolongation of release time or reduction in Cmax fluctuations compared with conventional formulations. Conclusions: Recent formulation strategies show substantial potential to overcome long-standing limitations of SR NSAID delivery, with expected benefits for patient compliance and quality of life through reduced dosing frequency, better tolerability, and more predictable therapeutic effects. Nevertheless, integration of in vitro performance with pharmacokinetic and clinical safety outcomes remains limited, and the translation to clinical practice is still in its early stages. This review provides a comprehensive overview of current technological trends, identifies persisting gaps, and proposes future research directions to advance SR NSAID systems toward safer, more effective, and patient-focused therapy. Full article

The transition of electric systems from a centralized, fossil-based model toward a decentralized, renewable-powered architecture is reshaping the way electricity is generated, managed and consumed. As distributed energy resources (DERs) proliferate, grid management becomes increasingly complex, especially at the distribution level. In this context, flexibility emerges as a key enabler for more stable and efficient grid operation, while also facilitating greater integration of DER and supporting the electrification of energy demand. Local flexibility markets (LFMs) are gaining importance as structured mechanisms that allow grid operators to procure flexibility services from prosumers, aggregators and other actors. However, to ensure widespread participation, it is essential to develop digital tools that accommodate users of different profiles, regardless of their size, technical background or market experience. The REEFLEX project addresses this challenge by designing and developing 14 interoperable flexibility tools tailored to diverse stakeholder needs. To ensure that these tools are aligned with real market conditions and user expectations, REEFLEX conducted extensive stakeholder-centric surveys. This paper presents the methodology and key findings of those surveys, providing insights into user perceptions, technical requirements and adoption barriers. Results are contextualized within existing literature and other funded initiatives, highlighting implications for the design of inclusive and scalable flexibility markets. Full article