Search Results (1,562)

Digital transformation (DT) has emerged as a key strategic lever for enhancing firm resilience and competitiveness, yet its influence on non-productive investment behaviors, such as corporate financial investment, remains underexplored. Existing studies have largely focused on DT’s role in innovation and operational efficiency, leaving a significant gap in understanding how DT reshapes firms’ financial asset allocation. Drawing on a unique panel dataset of A-share main board-listed firms in China from 2011 to 2023, this study provides novel empirical evidence that DT significantly restrains financial investment, with pronounced heterogeneity across ownership types. More importantly, this paper uncovers a multi-layered mechanism: DT enhances the corporate information environment, which subsequently reduces financial investment. In addition, the analysis reveals a moderated mediation mechanism wherein economic uncertainty dampens the information-enhancing effect of DT. Unlike previous research that treats corporate risk-taking as a parallel mediator, this study identifies a sequential mediation pathway, where improved information environments suppress financial investment indirectly by influencing firms’ risk-taking behavior. These findings offer new theoretical insights into the financial implications of DT and contribute to the broader understanding of enterprise behavior in the context of digitalization and economic volatility. 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

In 1961, Los Angeles experienced the disastrous Bel Air fire, which swept through an affluent neighborhood situated in a hilly, WUI (wildland–urban interface) location. In January 2025, the city was devastated again by a nearly-simultaneous series of wildfires, the most severe of which took place close to the 1961 fire location. Disastrous WUI fires are, unfortunately, an anticipatable occurrence in many U.S. cities. A number of issues identified earlier remained the same. Some were largely solved, while other new ones have emerged. The paper examines the Palisades Fire of January, 2025 in this context. In the intervening decades, the population of the city grew substantially. But firefighting resources did not keep pace. Very likely, the single-most-important factor in causing the 2025 disasters is that the Los Angeles Fire Department operational vehicle count shrank to 1/5 of what it was in 1961 (per capita). This is likely why critical delays were experienced in the initial attack on the Palisades Fire, leading to a runaway conflagration. Two other crucial issues were the management of vegetation and the adequacy of water supplies. On both these issues, the Palisades Fire revealed serious problems. A problem which arose after 1961 involves the unintended consequences of environmental legislation. Communities will continue to be devastated by wildfires unless adequate vegetation management is accomplished. Yet, environmental regulations are focused on maintaining the status quo, often making vegetation management difficult or ineffective. House survival during a wildfire is strongly affected by whether good vegetation management practices and good building practices (“ignition-resistant” construction features) have been implemented. The latter have not been mandatory for housing built prior to 2008, and the vast majority of houses in the area predated such building code requirements. California has also suffered from a highly counterproductive stance on insurance regulation. This has resulted in some residents not having property insurance, due to the inhospitable operating conditions for insurance firms in the state. Because of the historical precedent, the details in this paper focus on the Palisades Fire; however, many of the lessons learned apply to managing fires in all WUI areas. Policy recommendations are offered, which could help to reduce the potential for future conflagrations. Full article

Digital technology has become an essential engine of green development and economic progress due to the meteoric rise of new technologies. Our paper seeks to explore the impact of digitalization on environmental, social and governance (ESG) performance in different business contexts. Data were collected from listed firms across 19 Asian countries from 2015 to 2024, covering 1839 firms, yielding 18,390 firm-year observations and establishing a balanced panel data set. We used the dynamic panel data model to test the proposed hypotheses. The findings revealed that digitalization has a significant and positive impact on ESG performance. It also revealed that environmental uncertainty moderates this relationship. Moreover, our analysis indicated that the impact of digitalization on ESG performance is stronger for product (vs. service) firms, stronger for B2B (vs. B2C) firms and stronger for firms in IT-intensive industries. In addition, the analysis indicated that the impact of digitalization on ESG performance is stronger in more dynamic, complex and munificent environments. Our examination offers meaningful implications for theory and practice by expanding our knowledge of the complex mechanism underpinning the positive correlation between digitalization and ESG performance. Full article

In response to the problems of wire detachment, insulation layer damage, and low construction efficiency in the traditional hand tied wire fixing method for 10 kV overhead lines, this paper develops a new type of 10 kV overhead line fixing device. The device mainly consists of a buckle type base and an infinitely adjustable gripper. The base is quickly installed through mechanical interlocking buckles, supplemented by auxiliary buckles to enhance stability, and the edge arc design improves operational safety. The clamp is equipped with a raised diamond-shaped structure to increase the friction coefficient and meshing strength. Combined with an arc-shaped inner surface and an infinitely adjustable screw, it can adapt to insulated wires of different diameters. The fixed device has a simple structure, easy installation, and advantages such as firm fixation and adaptability to overhead lines of different diameters. The fixed device of the overhead power line has been subjected to finite element mechanical simulation and electronic universal testing machine tension and pressure testing, and can meet the on-site mechanical performance, effectively improving the construction efficiency and safety of the overhead power line in the distribution network. Full article

The study relies on an extensive dataset (≈1.86 million news headlines) to investigate the heterogeneity and predictive power of explicit sentiment signals (TextBlob, VADER, and FinBERT) and implied sentiment (VIX) for stock market trends. We find that news content predominantly consists of objective or neutral information, with only a small portion carrying subjective or emotive weight. There is a structural market bias toward upswings (bullish market states). Market behavior appears anticipatory rather than reactive: forward-looking implied sentiment captures a substantial share (≈45–50%) of the variation in stock returns. By contrast, sentiment scores, even when disaggregated into firm- and non-firm-specific subscores, lack robust predictive power. However, weekend and holiday sentiment contains modest yet valuable market signals. Algorithm-wise, Gradient Boosting Machine (GBM) stands out in both classification (bullish vs. bearish) and regression tasks. Neither FinBERT news sentiment, historical returns, nor implied volatility offer a consistently exploitable edge over market efficiency. Thus, our findings lend empirical support to both the weak-form and semi-strong forms of the Efficient Market Hypothesis. In the realm of exploitable trading strategies, markets remain an enigma against systematic alpha. Full article

The rapid development of the digital economy and the pursuit of green transformation are reshaping the innovation landscape of Chinese firms. However, limited attention has been paid to how digital industry agglomeration (DIA) influences corporate green innovation (CGI) at the firm level. Drawing on panel data from China’s A-share listed firms between 2017 and 2021, this study examines the differential effects of specialized agglomeration and diversified agglomeration of digital industry on CGI. The results indicate that DIA can promote CGI, with a 1% increase in DIA associated with a 1.503% increase in green innovation output. Further analysis reveals that specialized agglomeration exerts a significant positive effect, while diversified agglomeration has no evident impact. Our mechanism analysis indicates that knowledge spillovers serve as the key channel through which DIA fosters CGI. Moreover, heterogeneous effects analysis indicates that DIA exerts a stronger influence on non-high-tech enterprises and in regions where environmental regulation is less stringent. Drawing on these insights, fostering specialized digital clusters and strengthening knowledge-sharing mechanisms can help alleviate existing constraints on innovation diffusion, accelerating green innovation and supporting long-term sustainability. Full article

For high-growth firms, designing and implementing strategies to ensure the long-term sustainability of business models is a key priority. Although these strategies are carefully planned to achieve specific outcomes, these firms also encounter contextual factors inherent to entrepreneurship, as well as the potential negative consequences of operating as small- and medium-sized enterprises (SMEs). Consequently, they adapt emergent outcomes to secure positive scaling-up processes. A comprehensive analysis of 69 studies from 1978 to 2023 revealed that 34.8% used sales as the main indicator of high-growth outcomes, 18.8% considered employment to be the most important outcome, and 37.7% incorporated both. The assessment period for these studies spanned three to seven consecutive years. A subsequent review of the existing literature yielded 56 potential new outcomes, emphasising the existence of a diverse array of concepts and metrics with which to assess high-growth performance. The study confirmed sales and positive profits arising during the planning process as strategic outcomes. However, it was also demonstrated that geographical expansion and innovation become emergent outcomes in critical situations. The research also identified that external factors, including an adverse public environment, business context difficulties, and a favourable business environment, may influence the effect of the firm’s high growth. Full article

This article concerns a Cournot duopoly game with homogeneous expectations. The cost functions of the two players are assumed to be asymmetric to capture possible asymmetries in firms’ technologies or firms’ input costs. Large values of the speed of adjustment of the players destabilize the Nash Equilibrium (N.E.) and cause the appearance of a chaotic trajectory in the Discrete Dynamical System (D.D.S.). The scope of this article is to control the chaotic dynamics that appear outside the stability field, assuming asymmetric cost functions of the two players. Specifically, one player uses linear costs, while the other uses nonlinear costs (quadratic or cubic). The cubic cost functions are widely used in the Economic Dispatch Problem. The delayed feedback control method is applied by introducing a new control parameter at the D.D.S. It is shown that larger values of the control parameter keep the N.E. locally asymptotically stable even for higher values of the speed of adjustment. Full article

China’s national strategies emphasize both achieving carbon peaking and neutrality (“dual carbon” objectives) and fostering high-quality economic development. This dual focus highlights the critical importance of the Green and Low-Carbon Transition (GLCT) of the economy and the development of New Quality Productive Forces (NQPF). Firms are central actors in this transformation, prompting the core research question: How does corporate engagement in GLCT contribute to the formation of NQPF? We investigate this relationship using panel data comprising 33,768 firm-year observations for A-share listed companies across diverse industries in China from 2012 to 2022. Corporate GLCT is measured via textual analysis of annual reports, while an NQPF index, incorporating both tangible and intangible dimensions, is constructed using the entropy method. Our empirical analysis relies primarily on fixed-effects regressions, supplemented by various robustness checks and alternative econometric specifications. The results demonstrate a significantly positive relationship: corporate GLCT robustly promotes the development of NQPF, with dynamic lag structures suggesting delayed productivity realization. Mechanism analysis reveals that this effect operates through three primary channels: improved access to financing, stimulated collaborative innovation and enhanced resource-allocation efficiency. Heterogeneity analysis indicates that the positive impact of GLCT on NQPF is more pronounced for state-owned enterprises (SOEs), firms operating in high-emission sectors, those in energy-efficient or environmentally friendly industries, technology-intensive sectors, non-heavily polluting industries and companies situated in China’s eastern regions. Overall, our findings suggest that corporate GLCT enhances NQPF by improving resource-utilization efficiency and fostering innovation, with these effects amplified by specific regional advantages and firm characteristics. This study offers implications for corporate strategy, highlighting how aligning GLCT initiatives with core business objectives can drive NQPF, and provides evidence relevant for policymakers aiming to optimize environmental governance and foster sustainable economic pathways. Full article

Amid the rapid development of the digital economy, data elements—emerging as a new type of production factor—are gradually becoming a key resource for enhancing corporate efficiency and promoting high-quality development. The marketization of data elements is also steadily progressing and playing an increasingly important role. Based on data from Chinese A-share listed companies spanning 2007 to 2023, this study systematically evaluates the impact of data element marketization on corporate investment efficiency using a Double Machine Learning approach. The findings reveal that data element marketization significantly improves investment efficiency. Mechanism analysis further demonstrates that such improvement is primarily driven by reduced information dispersion, enhanced risk-bearing capacity, and improved operational efficiency. Heterogeneity analysis indicates that these effects are more pronounced for firms in high-tech industries, high growth potential firms, enterprises located in regions with strong digital infrastructure, and firms experiencing overinvestment problems. This study provides empirical evidence on how the marketization of data elements in China enhances economic outcomes, improving corporate investment decisions, which could serve as a reference for other countries undergoing digital transformation. Full article

Against the backdrop of the accelerated transition to sustainable development in global emerging markets, the synergistic mechanism between environmental governance innovation and corporate green transformation has become a key issue in realizing high-quality development. As the world’s largest emerging economy, China’s new Environmental Protection Law (EPL), implemented in 2015, has promoted green technology innovation and performance improvement of heavily polluting enterprises by strengthening environmental regulation. This paper takes Chinese A-share listed companies as samples from 2012–2023, treats the EPL as a quasi-natural experiment, and applies the DID method to explore the path of its impact on the performance of heavily polluting firms, with a focus on analyzing the mediating effect of green technological innovation and the moderating role of firm size and regional differences. The study revealed the following findings: the implementation of the EPL significantly improves the performance of heavily polluting enterprises, which verifies the applicability of “Porter’s hypothesis” in emerging markets; green technological innovation plays a partly intermediary role in the process of policy affecting enterprise performance, indicating that environmental regulation achieves win–win economic and environmental benefits by driving the innovation compensation mechanism; and there is significant heterogeneity in policy effects, with large-scale firms and firms in the eastern region experiencing more pronounced performance improvements, reflecting differences in resource endowments and institutional implementation strength within emerging markets. This study provides empirical evidence for emerging market countries to optimize their environmental governance policies and construct a “regulation–innovation–performance” synergistic mechanism, which will help green economic transformation and ecological civilization construction. Full article

This paper presents platforms as a solution to rethink how we build, addressing the pressing paradox between meeting growing housing demands. The construction sector has not fully grasped the advantages of platforms beyond standardisation and efficiency. In contrast, other sectors have begun acknowledging that platforms can capture increased value through interactions among firms within a networked ecosystem. Learning from other sectors, this paper investigates platforms in the construction context, aiming to define, classify, and assess their impact on the construction value chain. The research approach was abductive, involving a cross-sectoral review of 190 platforms across 16 Australian and New Zealand Standard Industrial Classification (ANZSIC) industries and semi-structured interviews with stakeholder groups of the construction value chain in Australia. The findings categorise platforms as physical, digital, or hybrid, highlighting their potential to move value-added activities upstream, facilitate collaboration, and foster innovation through data-driven insights. The paper’s novelty lies in the exhaustive cross-sectoral review, the classification of platforms in the construction context, and the proposition of a platform approach as a versatile framework tailored to diverse needs and circumstances that offers a fresh perspective on sustainable building practices. The practical contribution of this study lies in offering guidelines for industry practitioners aiming to develop or refine a platform-based approach tailored to the construction context. Full article

This study examines the deferred tax valuation allowance disclosures of a sample of venture-capital-backed IPO firms that incurred a net operating loss (NOL) in the period prior to their public offering (IPO). I find that 82 percent of these firms record an allowance that reduces the associated deferred tax asset to zero, that the choice to record the allowance is largely driven by a firm’s history of losses, and that the allowance is associated with lower future book income. I further propose a new explanation for the presence of the allowance: the Section 382 ownership change limitation, which can cause firms to record an allowance independent of their past profitability or expectations about future earnings. I find that firms consider this limitation when recording the allowance, and that controlling for it can enhance the signal regarding future income. Full article

Climate change and environmental degradation necessitate green innovation (GI) to provide new solutions for sustainable economic growth. As many firms allocate scarce resources to green innovation, researchers, practitioners, and policymakers are keen to understand information disclosure on green innovation, particularly in company financial statements. This study empirically investigates the relationship between GI and conservative financial reporting. Using a dataset of 8945 unique firms, from 2001 to 2024, we discover a negative relationship between GI and conservative financial reporting. We further document that firms with high exposure to climate change exhibit a more pronounced negative relationship between GI and conservative financial reporting. In addition, we find that the presence of regulatory risks and public awareness, particularly after the adoption of the Paris Agreement, weakens the negative association between GI and conservative financial reporting. Our findings shed further light on information disclosure on green innovation, which is crucial for various stakeholders to utilize such information and make relevant decisions. Full article