Search Results (294)

Emerging markets face growing pressures to integrate sustainable English business practices while maintaining economic growth, particularly in addressing environmental challenges and achieving carbon neutrality goals. English Financial information extraction becomes crucial for supporting green finance initiatives, Environmental, Social, and Governance (ESG) compliance, and sustainable investment decisions in these markets. This paper presents FinATG, an AI-driven autoregressive framework for extracting sustainability-related English financial information from English texts, specifically designed to support emerging markets in their transition toward sustainable development. The framework addresses the complex challenges of processing ESG reports, green bond disclosures, carbon footprint assessments, and sustainable investment documentation prevalent in emerging economies. FinATG introduces a domain-adaptive span representation method fine-tuned on sustainability-focused English financial corpora, implements constrained decoding mechanisms based on green finance regulations, and integrates FinBERT with autoregressive generation for end-to-end extraction of environmental and governance information. While achieving competitive performance on standard benchmarks, FinATG’s primary contribution lies in its architecture, which prioritizes correctness and compliance for the high-stakes financial domain. Experimental validation demonstrates FinATG’s effectiveness with entity F1 scores of 88.5 and REL F1 scores of 80.2 on standard English datasets, while achieving superior performance (85.7–86.0 entity F1, 73.1–74.0 REL+ F1) on sustainability-focused financial datasets. The framework particularly excels in extracting carbon emission data, green investment relationships, and ESG compliance indicators, achieving average AUC and RGR scores of 0.93 and 0.89 respectively. By automating the extraction of sustainability metrics from complex English financial documents, FinATG supports emerging markets in meeting international ESG standards, facilitating green finance flows, and enhancing transparency in sustainable business practices, ultimately contributing to their sustainable development goals and climate action commitments. Full article

The renovation of old urban residential areas is and will continue to be an important part of urban renewal in China. The renovation of existing old urban residential areas focuses more on the physical level of renovation and pays insufficient attention to the improvement of collaborative community governance. However, collaborative community governance is the key to sustainable renovation. This study aims to explore the formation mechanism of multiple subjects’ collaborative governance in the renovation of old urban residential areas. A general collaborative governance theoretical framework was adopted and adjusted by innovatively introducing the improvement of collaborative community governance in old urban residential areas as an important variable in collaborative results. Data were collected through 853 questionnaires in 16 provinces across China and analyzed using Structural Equation Modeling. Data analysis reveals the following conclusions: (1) institution design and the collaborative process have significant positive impacts on collaborative results, while facilitative leadership has a negative impact; (2) the collaborative process is an important mediating variable on collaborative results; (3) government departments’ and residents’ self-governing organizations play important roles in improving collaborative community governance. Face-to-face dialogue and consultation, information disclosure and transparency, and reaching an intermediate consensus are important mediator variables. The research results provide theoretical support and practical suggestions for promoting the improvement of multiple-subject collaboration through old urban residential area renovation. Full article

This study investigates the impact of environmental, social, and governance (ESG) disclosure on value creation in a balanced panel of 100 non-financial Sharia-compliant firms listed on the Saudi Stock Exchange over the period 2014–2023. The analysis employs a combination of econometric techniques, including fixed effects models with Driscoll–Kraay standard errors, Pooled Ordinary Least Squares (POLS) with Driscoll–Kraay standard errors and industry and year dummies, and two-step system generalized method of moments (GMM) estimation to address potential endogeneity and omitted variable bias. Value creation is measured using Tobin’s Q (TBQ), Return on Assets (ROA), and Return on Equity (ROE). The models also control for firm-specific variables such as firm size, leverage, asset tangibility, firm age, growth opportunities, and market capitalization. The findings reveal that ESG disclosure has a positive and statistically significant effect on firm value across all three performance measures. Furthermore, firm size significantly moderates this relationship, with larger Sharia-compliant firms experiencing greater value gains from ESG practices. These results align with agency, stakeholder, and signaling theories, emphasizing the role of ESG in enhancing transparency, reducing information asymmetry, and strengthening stakeholder trust. The study provides empirical evidence relevant to policymakers, investors, and firms striving to achieve Saudi Arabia’s Vision 2030 sustainability goals. Full article

This study examines the influence of ethical leadership on corporate sustainability and financial performance, highlighting the moderating effect of firms’ commitment to the United Nations Sustainable Development Goals (SDGs). Utilizing panel data from 420 automotive companies spanning 2015 to 2024, the analysis applies the System Generalized Method of Moments (GMM) to control for endogeneity and unobserved heterogeneity. All data were gathered from the Refinitiv Eikon Platform (LSEG) and annual reports. Panel GMM regression is used to estimate the relationship to deal with the endogeneity problem. The results reveal that ethical leadership significantly improves corporate sustainability performance—measured by ESG scores from Refinitiv Eikon and Bloomberg—as well as financial indicators like Return on Assets (ROA) and Tobin’s Q. Additionally, firms that demonstrate breadth (the range of SDG-related themes addressed), concentration (the distribution of non-financial disclosures across SDGs), and depth (the overall volume of SDG-related information) in their SDG disclosures gain greater advantages from ethical leadership, resulting in enhanced ESG performance and higher market valuation. This study offers valuable insights for corporate leaders, policymakers, and investors on how integrating ethical leadership with SDG alignment can drive sustainable and financial growth. Full article

Corporate environmental claims often neglect the substantial ecological impact of land-use changes. This case study examines the spatial dimension of retail-driven land-use transformation by analyzing supermarket expansion in the Veneto region (northern Italy), with a focus on a large grocery retailer. We evaluated its corporate environmental claims by assessing land consumption patterns from 1983 to 2024 using Geographic Information Systems (GIS). The GIS-based methodology involved geocoding 113 Points of Sale (POS—individual retail outlets), performing photo-interpretation of historical aerial imagery, and classifying land-cover types prior to construction. We applied spatial metrics such as total converted surface area, land-cover class frequency across eight categories (e.g., agricultural, herbaceous, arboreal), and the average linear distance between afforestation sites and POS developed on previously rural land. Our findings reveal that 65.97% of the total land converted for Points of Sale development occurred in rural areas, primarily agricultural and herbaceous lands. These landscapes play a critical role in supporting urban biodiversity and providing essential ecosystem services, which are increasingly threatened by unchecked land conversion. While the corporate sustainability reports and marketing strategies emphasize afforestation efforts under their “We Love Nature” initiative, our spatial analysis uncovers no evidence of actual land-use conversion. Additionally, reforestation activities are located an average of 40.75 km from converted sites, undermining their role as effective compensatory measures. These findings raise concerns about selective disclosure and greenwashing, driving the need for more comprehensive and transparent corporate sustainability reporting. The study argues for stronger policy frameworks to incentivize urban regeneration over greenfield development and calls for the integration of land-use data into corporate sustainability disclosures. By combining geospatial methods with content analysis, the research offers new insights into the intersection of land use, business practices, and environmental sustainability in climate-vulnerable regions. Full article

This study explores the relationship between institutional shareholders and climate-related disclosure (CRD) and how sustainability committees influence this relationship among publicly listed Malaysian firms. For the analysis, 990 firm-year observations were studied from 198 highly polluting firms from 2021 to 2024. A strong CRD index was designed using the recognized climate reporting frameworks and well-grounded literature to assess the level of climate-related disclosure. Fixed-effects and hierarchical panel regression models show that CRD increases when institutional investor ownership increases, meaning firms with more institutional investors disclose more information on climate-related topics. In addition, a sustainability committee at the board level greatly improves this relationship by highlighting the positive impact of strong internal governance. As a result, such committees establish climate management and improve communication with investors, making the firm’s actions more transparent. The findings of this study are consistent with agency and legitimacy theories because institutional investors assist in monitoring firms’ environmental performance, and sustainability committees help the company maintain these standards internally. Further, this study helps grow the understanding of corporate governance (CG) and sustainability by pointing out that the presence of institutional owners and sustainability committees can promote openness about climate matters. Accordingly, these findings can guide policymakers, investors, and business leaders in boosting responsible environmental reporting and sustainable business practices in developing countries. 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

This study investigates voluntary compliance with the Task Force on Climate-Related Financial Disclosures (TCFD) framework in 64 financial, Environmental, Social, and Governance (ESG) reports from six Spanish IBEX-35 energy firms (2020–2023) and explores the implications for intangible assets and corporate reputation, employing empirical quantitative text mining and Natural Language Processing (NLP) in Python. A validated scale-based taxonomy within the TCFD framework applies query-driven rules to extract relevant text. This enables an evaluation of aspects of the reports, facilitating the development of a compliance index measuring each company’s adherence to TCFD recommendations. All companies showed year-on-year improvements (2023 was the most comprehensive), yet none fully adhered due to information gaps. Disparities in the disclosures of Scope 1,2 and 3, persisted, suggesting reputational risks. A replicable methodological model generating a compliance index that assesses the ‘being’ (‘true performance’) versus ‘seeming’ (‘external perception’) dichotomy within sustainability reports and acts as a potential reputational barometer for stakeholders. By providing unprecedented evidence of TCFD reporting in the Spanish energy sector, this study closes a significant academic gap. Future research may analyze ESG reports using AI agents, study the impact of ESG on energy-intensive companies from AI data centers, supporting services like Copilot, ChatGPT, Claude, Gemini, and extend this methodology to other industrial sectors. Full article

This study adopts an evolutionary game theory framework and focuses on the strategic interaction between brands and KOLs. It examines how the two parties interact under conditions of uncertainty and risk, especially when the KOLs’ contract fulfillment capability is low, and how they adjust strategies to achieve sustainable collaboration. Different from previous studies, this paper not only examines objective parameters such as commission rate, brand value, return cost, and reputation risk, but also introduces behavioral factors, including risk preference, loss aversion, and the psychological perception of gains and losses. By modeling the decision-making process of KOLs and brands under uncertainty and risk, the key factors affecting the evolution of cooperation strategies are identified. The simulation results show that although the cooperation strategy (such as information disclosure and truthful promotion) can achieve stability under certain conditions, the system is highly sensitive to external factors (such as environmental uncertainty) and internal psychological factors (such as risk preference and loss sensitivity). This study provides practical suggestions for brands and KOLs to promote long-term cooperation, emphasizing the importance of incentive coordination, reputation risk management, commission structure optimization, and psychological perception regulation. These findings provide practical guidance for enhancing the sustainability of brand–KOL collaborations. Full article

This study examines the impact of capital market openness on corporate green total factor productivity (GTFP) using a quasi-natural experiment based on the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect policies. Employing a multi-period difference-in-differences (DID) approach, the findings reveal that capital market openness significantly enhances corporate GTFP through two primary mechanisms: strengthening firms’ green financial resources and technological innovation (green “hard strength”) and improving corporate environmental governance, green information disclosure, and managerial green expertise (green “soft strength”). Further heterogeneity analysis suggests that firms with greater institutional investor engagement, higher market competition, and non-state ownership exhibit stronger responses. These results provide policy insights into leveraging financial liberalization to drive corporate sustainability and green economic growth. This study highlights the role of financial markets in supporting global carbon neutrality and sustainable development goals. Full article

This study investigates the influence of exposure to climate change on the readability of narrative disclosures in annual reports. Analyzing a sample of 38,229 firm-year observations from 2002 to 2022, the study provides evidence supporting the information obfuscation hypothesis. Specifically, it finds that exposure to climate change is linked to less readable annual reports. This effect is both statistically and economically significant; a one standard deviation increase in climate change exposure leads to an 8.5% reduction in readability. Moreover, this effect is particularly evident among firms operating in environmentally sensitive industries, as well as those characterized by weak corporate culture. Additional tests indicate that the different aspects of climate change exposure (opportunity, physical, and regulatory) are individually associated with a decrease in readability of annual reports, with the physical dimension exerting the most significant impact. The findings underscore the necessity of implementing measures to mitigate climate change exposure and enhance sustainable business environments, such as transitioning to renewable energy sources (such as solar, wind, and hydro), minimizing dependence on fossil fuels, minimizing emissions from industries and transportation, sourcing low-carbon materials, adopting circular economy models, directing capital toward climate-friendly projects, and managing climate risks through catastrophe bonds and climate insurance. The significance of these actions is underscored by the impact of climate change on firms’ information environments, as documented in the current study. Full article

This study examines the causal and dynamic effects of carbon information disclosure on firm value, using a policy-driven setting in China’s carbon-intensive industries. In 2018, the Ministry of Ecology and Environment implemented a regulatory policy requiring internal carbon accounting and third-party verification for carbon-intensive enterprises, without mandating public disclosure. This exogenous policy shock offers a quasi-natural experiment to investigate how firms in carbon-intensive industries respond to environmental mandates through voluntary disclosure and how such disclosure affects their market valuation. Employing a difference-in-differences framework combined with two-stage least squares estimation, we identify a significant increase in carbon information disclosure following the policy intervention. This disclosure leads to a positive and growing effect on firm value, particularly when sustained over multiple years. Moreover, the valuation effect is moderated by regional environmental regulation: firms in areas with lower enforcement intensity benefit more from disclosure, as the signal is perceived to be more voluntary and credible. These findings provide robust causal evidence on the role of carbon information disclosure in shaping market outcomes under regulatory pressure. The study contributes to the literature on environmental regulation and corporate financial behavior in emerging markets. Full article

Faced with mounting pressure to achieve high-quality green transformation, manufacturing enterprises are increasingly scrutinized for greenwashing behaviors. This study develops a novel hybrid modeling framework that combines evolutionary game theory with the SEIR epidemic model to investigate the dynamic interactions between environmental regulation, media pressure, and green innovation behavior. The model captures how strategic decisions among boundedly rational actors evolve over time under dual external pressures. Simulation results show that stronger environmental regulatory intensity accelerates the adoption of substantive green innovation and concurrently reduces the media pressure associated with greenwashing. Moreover, while social media disclosure has a limited impact during the early stages of greenwashing information diffusion, its influence becomes significantly amplified once a critical dissemination threshold is surpassed, rapidly transforming latent information into widespread public concern. This amplification triggers significant public opinion pressure, which, in turn, incentivizes local governments to enforce stricter environmental policies. The findings reveal a synergistic governance mechanism where environmental regulation and media scrutiny jointly curb greenwashing and foster genuine corporate sustainability. Full article

Integrated Reporting (IR) has gained prominence as a comprehensive approach to corporate disclosure, yet theoretical clarity is still developing regarding how governance mechanisms shape IR quality and its relation to ESG risk ratings. Addressing this gap, this study explores the influence of board and audit committee characteristics on IR quality and whether an improved IR quality is associated with a lower ESG risk. Drawing on different theories, this research examines how governance structures enhance transparency and accountability in line with societal expectations. Based on panel data from 158 firms across four years (2019–2022), a random effects Panel EGLS regression model is employed along with an endogeneity check. Findings show that board independence and the presence of women members significantly enhance the IR quality, while board size is not a determining factor. Similarly, audit committee independence and meeting frequency positively influence the IR quality, whereas committee size does not. Furthermore, firms with a higher IR quality demonstrate significantly lower ESG risk scores. These results underscore the theoretical proposition that effective governance improves disclosure credibility and reduces information asymmetry. This study suggests that reinforcing board independence and diversity can enhance reporting quality and stakeholder trust, offering a strategic path toward more sustainable and transparent corporate behavior. Full article

Environmental information disclosure, a key tool in modern environmental governance, drives green technology innovation and sustainable development. In this study, we examined how air information disclosure, induced by the issuance of China’s Ambient Air Quality Standards (AAQSs), drives urban sustainable development (USD) through environmental information disclosure. Using a multi-period difference-in-differences model and panel data from 278 cities (2005–2022), we analyzed causal effects, mechanisms, and urban heterogeneity. The findings offer insights for leveraging disclosure to advance urban sustainability. The results showed that AAQSs’ implementation significantly increases USD. Mechanism analysis revealed two mediating pathways: stimulating green technological innovation and enhancing governmental environmental concern. Climate policy uncertainty positively moderates this relationship. Heterogeneity analysis revealed stronger impacts in non-provincial capital cities, non-resource-dependent cities, and regions with weaker sustainable development foundations. The findings provide empirical evidence for leveraging information disclosure to promote green transitions and strengthen environmental concerns. Full article