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Purpose: The purpose of this paper is to examine the impact of corporate environmental responsibility (CER) on corporate cash holdings. This paper also investigates the moderating effects of ownership type and institutional environment between CER and corporate cash holdings. Design/methodology/approach: This study uses the data of the most polluting listed companies on the Shanghai and Shenzhen stock exchange markets over the period 2010–2019. CER data from Hexun.com (a professional CSR evaluation system) are used to measure CER performance. Two proxies are used to measure the level of cash holdings simultaneously, where CASH1 is calculated as the ratio of cash and cash equivalents to total assets, and CASH2 is calculated as the ratio of cash and cash equivalents to net assets (total assets minus cash and cash equivalents). Finally, multiple regression analysis is applied to test the research hypotheses. Findings: The results show that environmentally responsible companies hold substantially less cash, and the result is statistically significant and robust even after using firm fixed effects and applying alternative measures of cash holdings or alleviating potential endogeneity. In addition, the results of cross-sectional tests show that the negative relation between CER and corporate cash holdings is concentrated among non-state-owned enterprises, and firms in provinces with more developed institutions. Furthermore, the result of the analysis of the economic consequence shows CER significantly increases the value of cash holdings. Research limitations/implications: This study focuses on China's institutional context, which limits the generalizability of the findings to other countries. However, the objective of this research can be studied in other institutional settings, so the above limitations provide a springboard for further research. Furthermore, the environmental protection investment, green technology innovation, and even pollutant discharge of companies can also be important indicators to measure the performance of firms in fulfilling their environmental responsibilities, which can be considered in future research. Practical implications: The findings of this study may help company management in China to establish a correct view of environmental responsibility to achieve corporate value creation and corporate sustainability. And our research can also provide the policy reference value for the Chinese government to further improve environmental protection policies and systems, guide enterprises to conduct green production to realize the country's vision of an environmentally friendly society. Originality/value: Based on the current background that countries in the world advocate the development of a green economy, this is the first study to examine the impacts of the environmental responsibility of the most polluting companies on corporate cash holdings and the value of cash holdings in the context of China, an emerging market. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to analyze how mixes of COVID-19 policy responses are shaping the context in which companies will compete in the following years, defining how the crisis might impact firms' ability to keep their commitments to sustainable practices. Design/methodology/approach: European country-performance data for the years 2019 and 2020 were grouped into indicators of macro sustainability, then cross-analyzed against the policies adopted during the period (also grouped based on their impacts on sustainability pillars), using correlations, factor analysis and clustering. Findings: The influence of traditional sustainability determinants was reframed according to the novel context shaped by the policy responses to the pandemic crisis. The social and digitalization aspects gained the most relevance and appeared interconnected, with digitalization of employment attaining overall more traction. Moreover, changes in the leadership within sustainability domains were observed for each identified country-cluster, due to newly implemented emergency policies. In fact, environmental innovation, digitalization and social support policies appeared to be the main variables to be impacted by the intensity of the policy efforts. Practical implications: Businesses monitoring the developments of sustainability policies closely, will observe novel trends in technological applications. Social implications: Policymakers and researchers may gauge the efficacy of policies against the COVID-19 crisis in the domain of sustainable development and resilience. Originality/value: This paper provides a cross-analysis of quantitative macroeconomic and quantified policy responses to the 2020 pandemic crisis, linking each indicator to the pillars of sustainability that were relevant for companies between the crucial pandemic outbreak years 2019 and 2020. [ABSTRACT FROM AUTHOR]

Purpose The purpose of the paper is to set out ideas regarding the use of both first- and second-order cybernetics in reducing global energy-based emissions through energy technology innovation at multiple levels and to discuss necessary production and consumption patterns to facilitate such changes over time.Design/methodology/approach The paper uses a conceptual framework to estimate a national model of energy consumption and production, conceived as embedded hypercubes for different actor levels. The author has developed a model that elaborates on a multi-level ecosystem for low-carbon technology adoption and innovation, embedded within a sustainability transition framework.Findings The paper reviews product–process relationships at multiple levels and grounds the framework in a transition approach. With more contextually conceptualized framework grounded in theory, this research aims to inform future development in the topic area, given the embryonic emergence of advanced cybernetic technologies, by viewing such capabilities at the subsystem level as a unit of analysis.Originality/value The paper will be of interest to firm managers, ecologists and policymakers with a particular interest in system sciences. The framework can be applied for facilitating discussions or for scenario planning. [ABSTRACT FROM AUTHOR]