Search Results (327)

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

Public–private partnership (PPP) logistics infrastructure projects have become increasingly prevalent globally. Consequently, the effective management of these projects as their concession periods expire presents a crucial challenge for governments, vital for the sustainable management of PPP logistics infrastructure. This study addresses this challenge by focusing on the pivotal post-concession decision: whether the government should self-operate the mature logistics infrastructure or re-delegate its management to a private entity. Our theoretical model, built on a principal–agent framework, first establishes a social welfare baseline under government self-operation and then analyzes delegated operation under symmetric information, identifying efficiency frontiers. Under symmetric information, we find that government self-operation is more advantageous when its own operational efficiency is sufficiently high, irrespective of the private enterprise’s efficiency; conversely, delegating to an efficient private enterprise is optimal only when government operational efficiency is low. We also demonstrate that if the government can directly specify the demand quantity and service level and delegates operation via a fixed fee, the enterprise can be incentivized to align with the social optimum. However, under asymmetric information, potential welfare gains from delegation are inevitably offset by informational rent and output distortion. We further uncover non-monotonic impacts of parameters like the proportion of low-cost firms on social welfare loss and demonstrate how information asymmetry can indirectly compromise the long-term resilience of the infrastructure. Ultimately, our work asserts that delegation is only superior if its potential efficiency gains sufficiently offset the inherent losses stemming from information asymmetry. Full article

To respond to China’s sustainable development goals, this study uses a dynamic panel data set (2009–2023) and the PSM-DID model to examine how blockchain adoption impacts corporate sustainable development performance (CSDP). The results show that blockchain significantly enhances CSDP by 9.8–12.3%, primarily through two channels (reducing financing constraints by improving transparency and decreasing chairman-CEO duality) to optimize governance. Regional environmental regulation strengthens this relationship. Heterogeneity analysis reveals stronger impacts in unregulated industries, private firms, and central–western regions, while state-owned firms show policy-driven governance improvements. The study enriches the understanding of blockchain’s dual role in balancing efficiency and sustainability, offering insights for integrating digital technology into green policy frameworks. Full article

This paper explores the effectiveness of an innovative FinTech risk-scoring model to predict the risk-appropriate return for short-term credit sales. The risk score serves to mitigate the information asymmetry between the seller of receivables (“Seller”) and the purchaser (“Funder”), at the same time providing an opportunity for the Funder to earn returns as well as to diversify its portfolio on a risk-appropriate basis. Selling receivables/credit to potential Funders at a risk-appropriate discount also helps Sellers to maintain their short-term financial liquidity and provide the necessary cash flow for operations and other immediate financial needs. We use 18,304 short-term credit-sale transactions between 23 April 2020 and 30 September 2022 from the private FinTech startup Crowdz and its Sustainability, Underwriting, Risk & Financial (SURF) risk-scoring system to analyze the risk/return relationship. The data includes risk scores for both Sellers of receivables (e.g., invoices) along with the Obligors (firms purchasing goods and services from the Seller) on those receivables and provides, as outputs, the mutual gains by the Sellers and the financial institutions or other investors funding the receivables (i.e., the Funders). Our analysis shows that the SURF Score is instrumental in mitigating the information asymmetry between the Sellers and the Funders and provides risk-appropriate periodic returns to the Funders across industries. A comparative analysis shows that the use of SURF technology generates higher risk-appropriate annualized internal rates of return (IRR) as compared to nonuse of the SURF Score risk-scoring system in these transactions. While Sellers and Funders enter into a win-win relationship (in the absence of a default), Sellers of credit instruments are not often scored based on the potential diversification by industry classification. Crowdz’s SURF technology does so and provides Funders with diversification opportunities through numerous invoices of differing amounts and SURF Scores in a wide range of industries. The analysis also shows that Sellers generally have lower financing stability as compared to the Obligors (payers on receivables), a fact captured in the SURF Scores. Full article

This article presents a comparative analysis of digital manufacturing laboratories (DMLs) in Mexico and Spain. It is argued that DMLs, also known as makerspaces or FabLabs, play a key role in innovation and experimentation, but that their success depends on the relationships they establish with social actors, such as local governments, universities, and firms. Key concepts of the transformative innovation approach such as “protective space” and “embeddedness” are introduced, which allow us to understand how DMLs operate within a complex system. The comparative analysis of a DML in Mexico City (Mexico) and a DML in Valencia (Spain) allows us to identify similarities and differences in their operational contexts. While the Mexican DML faces a lack of government support and dependence on the private sector, the Spanish one benefits from strong institutional support and public policies that facilitate its development. This results in greater stability and capacity for action for the Valencian FabLab VLC compared to the Mexican FabLab Finally, we reflect on how the embeddedness received from different social actors affects the autonomy and transformative capacity of DMLs, suggesting that while both labs have the potential to innovate, their contexts and relationships determine their effectiveness and sustainability in the digital sociotechnical system. Full article

In the context of China’s “dual carbon” goals and rising green trade barriers, green transformation is key to improving total factor productivity (TFP) and competitiveness in marine industries. This study uses panel data of Chinese listed marine enterprises (2014–2023) and a multidimensional fixed-effects model to examine how green innovation, export, and R&D investment jointly affect TFP. Results show that (1) green innovation has an inverted “S”-shaped nonlinear effect on TFP, with marginal returns rising, then accelerating, and finally declining; (2) positive synergies exist between green innovation and both exports and R&D, while the export–R&D interaction negatively affects TFP, indicating coordination challenges.; and (3) ownership heterogeneity matters, as state-owned enterprises benefit from stronger institutional support, mitigating negative effects, while private firms are more vulnerable due to weaker green technology mechanisms. This study emphasizes green innovation as a driver for sustainable productivity growth in marine enterprises and suggests policies that improve institutional frameworks, incentives, and resource allocation to support high-quality green innovation. Full article

The European Union’s Artificial Intelligence Act (EU AI Act) is expected to be a major legal breakthrough in an attempt to tame AI’s negative aspects by setting common rules and obligations for companies active in the EU Single Market. Globally, there is a surge in investments to encourage research, development and innovation in AI that originates both from governments and private firms. The EU recognizes that the new Regulation (EU) 2024/1689 is difficult for start-ups and SMEs to cope with and it announced the release of tools, in the near future, to ease that difficulty. To facilitate the active participation of SMEs in the AI arena, we propose a framework that could assist them to better comply with the challenging EU AI Act during the development life cycle of an AI system. We use the spiral SDLC model and we map its phases and development tasks to the legal provisions of Regulation (EU) 2024/1689. Furthermore, the framework can be used to promote innovation, improve their personnel’s expertise, reduce costs and help the companies avoid the proposed substantial fines described in the Act. Full article

The forestry industry, both primary (sawn wood production) and secondary (output of reels, pallets, boxes, cooperage, and tool handles), is growing in importance in Honduras. In 2023, exports from this industry were mainly destined for Central America (58.19%), followed by North America (22.92%) and the Caribbean region (17.20%), with hardly any Honduran wood reaching Asia or Europe. Objective: The goal of this paper is to analyze the current situation of the Honduran timber industry, which is defined by its environmental deterioration caused by the overexploitation of timber resources. Methodology: Using secondary data from official national and international sources regarding the forestry industry in Honduras, we conducted a Welch’s ANOVA analysis added to two post hoc tests (Tukey and Bonferroni), complemented by a linear regression analysis using JASP software, version 0.19.3.0. to carry on our analysis. Findings: The results of our analysis underscore the urgent need to implement a series of public policies in both the medium and short term to strengthen the forestry industry in Honduras. One of Honduras’ greatest strengths is its civil society, particularly its indigenous communities, which are actively working to protect their land from deforestation and soil degradation. If public policies are not implemented in collaboration with private firms to foster the Honduran forest industry cluster, it could lead to significant socioeconomic and environmental consequences. These may include increased pressure on natural forests, rising unemployment, and the loss of an essential income source for forest owners, ultimately exacerbating poverty. Full article

The impact of climate risk on corporations is both complex and systemic. This study finds that an increase in climate risk exposure prompts firms to restructure their strategies, primarily leading to a strengthening of their strategic defensiveness and a decline in their strategic aggressiveness. Mechanism analyses reveal that this shift is primarily driven by the intensification of financing constraints, elevated operational risks, and reduced risk-taking capacity associated with increased climatic risk exposure. These effects are especially pronounced in private firms, firms with lower environmental performance, and those undergoing aggressive digital transformation or exhibiting a high degree of internationalization. Further analysis shows that although firms tend to adopt more passive defensive strategies in response to climate risk, they also actively pursue vertically integrated strategies rather than relying on specialization. This study provides new insights into how firms can strategically adapt to the challenges posed by climate risks. Full article

Restrictive conditions that financial institutions require on credit allocation remain the main constraints to developing and creating new businesses. In this context, the concept of private equity came to fill this problem. However, because it is a riskier business, investors thoroughly assess before investing in a firm’s capital. This work aims to analyze the criteria of private equity investment and explore how Tunisian private equity investors make investment decisions. The methodology applied aligns with prior works studying investment criteria used by private equity investors. Results show that 100% of investors prefer to invest in firms that aim to achieve some growth and are in the development phase. In addition, under informational asymmetry between entrepreneurs and investors, the latter place greater importance on the business plan, information gathered during interviews with promoters, and information on the products. Full article

In the context of increasing consumer environmental awareness (CEA), firms are progressively adopting corporate social responsibility (CSR) strategies that seek to align profitability with environmental objectives. This paper develops a mathematical model to explore the implications of CSR under two distinct scenarios: one that incorporates both social and environmental impacts and another that focuses solely on environmental concerns. The analysis is situated within a spatial mixed duopoly, where a CSR-oriented firm competes with a purely profit-maximising rival. A game-theoretical framework is employed, in which the CSR firm’s objective function is modelled as a weighted sum of private profits and the environmentally driven welfare of consumers. Equilibrium analysis demonstrates that CSR engagement improves market outcomes relative to a benchmark without CSR and generates positive externalities for the non-CSR firm. Moreover, the scenario prioritising environmental impact alone yields superior sustainability and welfare outcomes for both consumers and firms, despite identical demand and product differentiation conditions. These findings enhance our understanding of how CEA interacts with CSR strategies in imperfectly competitive markets, offering valuable insights for managerial decision-making and the formulation of environmental policy. Full article

This study investigates how managers choose between alternative earnings management mechanisms among syndicated loan borrowers. Specifically, it examines the trade-off between accrual-based earnings management (AEM) and real activities manipulation (RAM) during the period leading up to syndicated loan origination. The study also explores whether lender monitoring mechanisms influence subsequent earnings management behavior. The syndicated loan market, positioned between the private and public fixed income markets, offers a distinctive context for analyzing these strategic decisions. Using a propensity score-matched sample of syndicated and bilateral loans issued between 1989 and 2005, the study finds that firms obtaining syndicated loans are more likely to engage in earnings manipulation beforehand, relying more heavily on AEM than on RAM. Further analysis reveals that monitoring mechanisms—such as lender reputation, the number of syndicate members, loan size, and loan maturity—are significantly associated with future changes in AEM but show a weaker relationship with changes in RAM. Full article

Based on the Chinese government’s regulation that imposes a pay cap on the CEOs of state-owned enterprises (SOEs), we investigated how a change in institutional conditions affects firms’ green innovation. Drawing on the career concern theory, we suggest that political promotion incentives are likely to substitute for monetary incentives and influence these CEOs’ decisions and actions because the regulation reduces not only their current but also their future monetary incentives. Given that Chinese governments strongly encourage SOEs to engage in green innovation to solve environmental problems, CEOs who are more successful in this respect can demonstrate a higher level of alignment with government objectives and thus have better chances of political promotion. Therefore, we hypothesized that CEOs of SOEs generate more green innovation than CEOs of privately owned firms. We further argued that the positive relationship between the pay cap regulation and SOE green innovation is stronger in the case of CEOs with political connections and weaker in the case of younger CEOs and CEOs of firms in more munificent industries. Difference-in-difference analyses of a panel dataset including 11,061 firm–year observations of 1549 firms provide support for our hypotheses. Our study contributes to the literature on why and how institutional conditions affect firms’ green innovation. Moreover, our results imply the huge potential of the government in encouraging SOEs to promote green technology development, considering the critical incentivizing role of the political promotion concern of CEOs of SOEs. Full article

The changes in market structures in post-socialist economies have led to a significant increase in interest in the dynamics of corporate concentration and its broader socio-economic impacts. This study aimed to assess Hungary’s food industry over a 30-year period (1993–2022), with a primary focus on corporate concentration, by analyzing nine main sectors and their 38 subsectors using grounded theory, trend analysis, and sparse partial least squares-discriminant analysis. The findings reveal that the Hungarian food industry has been moderately to highly concentrated across all sectors (three and six major sectors, respectively). Two distinct periods of increasing corporate concentration were identified: 1996–1998 and 2004–2007, coinciding with post-communist economic reforms and Hungary’s accession to the European Union. These structural shifts led to a decline in the number of active firms, a reduction in workforce size, and increased challenges for smaller competitors; meanwhile, larger domestic companies expanded, and ownership structures transitioned toward privatization and internationalization. In the later years, market concentration showed a declining trend and then gradually stabilized. Full article

Corporate social responsibility (CSR) disclosure plays a pivotal role in mitigating “blue” (labor standard) and “green” (environmental standard) trade barriers, optimizing the foreign trade ecosystem, fostering sustainable development of export-oriented enterprises, and advancing societal welfare objectives—all critical to maintaining high-quality social order in China. Grounded in institutional and strategic management theories, this study systematically investigates the effects of CSR disclosure on corporate export performance, focusing on mediating and moderating mechanisms, and conducts rigorous empirical testing using comprehensive firm-level CSR disclosure data from Chinese listed companies. The results reveal the following key findings: (1) CSR disclosure positively influences corporate exports; (2) enterprise financing capacity and innovation output serve as dual mediating mechanisms, through which CSR disclosure enhances export performance by improving access to external capital and stimulating product/service innovation; (3) environmental regulations amplify the export-promoting effect of CSR disclosure, indicating that institutional environmental constraints incentivize firms to leverage disclosure as a strategic response to global sustainability demands; (4) heterogeneity analysis reveals that large enterprises derive the strongest export benefits from CSR disclosure, followed by medium-sized and small enterprises; and (5) private enterprises exhibit significantly greater export gains from CSR disclosure compared to state-owned enterprises. These results underscore the context-specific and multi-dimensional nature of CSR disclosure’s impact on exports, highlighting how firm size and ownership structure shape the efficacy of disclosure strategies in global markets. This study contributes to both academic literature on corporate sustainability and practical policy by demonstrating how strategic CSR disclosure can serve as a tool for overcoming institutional barriers and enhancing international competitiveness. Full article