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Industrial organization economists and financial analysts often employ firm level Tobin's q, typically interpreted as the firm's market value divided by its book value. The measurements, applications, and interpretations vary considerably enough to warrant the questioning of its usefulness. This paper develops a conceptual framework for Tobin's q and, in doing so, offers some useful interpretations that hopefully clear up some of the past misunderstandings regarding this useful metric. [ABSTRACT FROM AUTHOR]

Rice quality, which is intricately connected to market value and human nutrition, is sensitive to weather conditions. However, the relative importance of the different climatic factors is poorly understood, and the impact of climate change on rice quality has been little studied on a large scale. Here, using more than 35 years of rice quality data, we present the first effort to determine the key climate variables driving rice quality in China and Japan. Results show a significant decline in high quality rice rate (HRR, an indicator of rice quality), mainly driven by warm nighttime temperatures when they exceed a critical threshold estimated at 18°C and 12°C in China and Japan, respectively. Climate projections suggest a continuing decreasing trend in HRR under moderate and high emission scenarios by 2100. These findings emphasize the importance of breeding new heat tolerant cultivars to maintain stable rice quality in the future. Plain Language Summary: Food security is not only related to yield, but also to quality, which is closely related to human nutrition and market value. Although crop quality is generally controlled by breed genes, climate change also has an important impact. Unfortunately, existing studies on the impact of climate change on rice quality mostly performed at sites scale, the knowledge on a large scale such as the global or national scale is still limited. This is partly related to the incompleteness of relevant data, and also it is related to the current focus primarily on yield and neglect of quality. Our findings highlight that food security should consider both yield and quality aspects. Key Points: We find a significant decline in rice quality in both China and JapanNighttime temperature is the key driver of rice quality declineClimate projections suggest a continuing decreasing trend in rice quality in future [ABSTRACT FROM AUTHOR]

This paper discusses the work of two twentieth‐century liberal economists, Friedrich Hayek and James Buchanan, who have made lasting contributions to our understanding of the role of the market in a free society. I argue that they offer significantly different but complementary visions of the value of the market as a system of individual freedom. Hayek's vision is of the price system as a marvel of spontaneous order which solves a fundamental economic problem – that of making efficient use of a totality of knowledge that is divided between individuals. Buchanan's vision is of the market as a space in which individuals are free to make voluntary exchanges. In his words, 'this is all that there is to it': the market is not a solution to any collective problem. These visions have a common blind spot. Both writers recognise the need for programmes of social insurance and consider how they should structured so as to be as compatible as possible with the workings of a market economy and a liberal democracy. But, I argue, neither sees the full importance of social insurance in a justification of the market system. [ABSTRACT FROM AUTHOR]

Wuyi rock teas of different storage duration have different flavor, bioactivity, and market value, Shuixian is a main variety of Wuyi rock tea. In this study, metabolites composition of Shuixian with different storage years were analyzed using Ultrahigh Performance Liquid Chromatography‐Quadrupole‐Time of Flight‐Mass Spectrometry (UPLC‐Q‐TOF‐MS). A total of 1201 compounds were identified, and 104 differential compounds (VIP > 1.5) were determined. Furthermore, the results showed that five compounds exhibited a positive correlation with storage time, such as alpha‐terpineol formate, carnosol, 2‐phenethyl‐D‐glucopyranoside, Ellagic acid, and D‐ribosyl nicotinic acid, while 24 compounds showed a negative correlation, such as Ethyl linoleate, leucocyanidin, cis‐3‐hexenyl acetate. In total, 29 signature compounds significantly correlated with storage time. These findings shed light on the patterns and mechanisms of changes in the composition of Wuyi rock tea during storage and provide a theoretical foundation for distinguishing the storage years. [ABSTRACT FROM AUTHOR]

This study examines the influence of risk disclosure (RD) in the annual reports on Firm Value (FV) in the UK context. Furthermore, it addresses the moderating role of the analyst information environment in shaping this relation. Our study distinguishes between favourable and unfavourable information and examines whether the different nature of risk information could affect the FV differently. Our study contributes to the existing literature by providing empirical evidence on the value relevance of the narrative risk information. In particular, using a sample of UK listed firms, we find a positive relation between risk information and FV. We also contribute to the dilemma of risk disclosure measurement by using four different RD proxies. Our study has important implications for academics, standard setters, investors and managers. [ABSTRACT FROM AUTHOR]

This paper finds that investors evaluate cash holdings differently based on the source of cash flows. Using cash flows from related‐party sales as a proxy for diverse sources, we find that shareholders discount the value of cash holdings for firms with higher cash flows from related‐party sales. We find that firms use related‐party sales cash flows differently; cash flows from related‐party sales are more likely to be retained as internal cash reserves or distributed as dividends, rather than utilised for necessary investments. We further document a negative valuation of investments for firms with more related‐party sales. [ABSTRACT FROM AUTHOR]

The lack of convergence between rating agencies in the assessment of environmental, social, and governance (ESG) aspects of companies leads to the so‐called ESG rating disagreement. Although this phenomenon causes confusion and uncertainty among investors, it is still little investigated. Previous research has only focused on some determinants of the disagreement, mainly related to nonfinancial disclosure and corporate aspects, while broader determinants remain unexplored. This study aims to fill this gap by analysing the effects of market value, industry sensitivity, and institutional context on disagreement between two different rating providers. To achieve this goal, a cross‐sectional analysis was conducted for 1809 companies from the S&P 1200 Global Index. The results show that companies with a better market rating, belonging to critical sectors and located in countries with a better institutional environment, have a lower level of ESG disagreement. [ABSTRACT FROM AUTHOR]

Asphaltene, often regarded as an undesirable by‐product of petroleum processing, possesses abundant reserves but limited market value. In this study, a simple and environmentally friendly solvent extraction method is conducted under ambient conditions to convert low‐value asphaltene into high‐value asphaltene‐based fluorescent carbon nanosheets (a‐FCS). This approach yields dual‐switch a‐FCS capable of emitting orange‐red fluorescence in solid‐state or water environment and exhibiting blue‐to‐yellow fluorescence in organic solvents. Moreover, the redshift observed in the fluorescence emission wavelength in the solvent is attributed to its intrinsic self‐assembly behavior, which becomes more pronounced with increasing concentration. Upon introduction to water, hydrophobic interactions induce the aggregation of a‐FCS. This aggregation triggers the orange‐red fluorescence by restricting intramolecular rotation on the surface, a phenomenon facilitated by the entanglement of aliphatic chains from asphaltene molecules. This unique property makes them applicable in anti‐counterfeiting and determination of ethanol content in aqueous solution. [ABSTRACT FROM AUTHOR]

Charitable food aid is gaining new relevance in mature welfare states: the number of beneficiaries increases while the subsidization by and collaboration with the state intensifies. We distinguish three rationales to this further institutionalization: poverty mitigation, and ecological and paternalistic reasonings. In this explorative study we assess the validity of these rationales in the actual set‐up of food aid in Belgium. Specifically, we apply three different in‐kind transfer valuation methods (production cost, market and recipient value) to robustly estimate the value of food aid. This mixed‐methods study builds on purpose‐collected field work data on distributed food aid packages, Household Budget Survey data on common consumption patterns, and a thorough document analysis into food aid spending data. The estimated value of food aid strongly depends on the valuation method: the annual total value of food aid in Belgium ranges from 57 to 148 million euros. Importantly, we observe a discrepancy between prevalent rationales and the actual set‐up of food aid. In contrast to the ecological reasoning of fighting food waste, large part of the total value stems from new food purchases, which involve paternalistic choices. Yet, the composition of food aid packages only partly complies with nutritional recommendations. Moreover, they do not fully meet recipients' preferences and needs, which generates a welfare loss. Food aid may nonetheless seem efficient from a policy perspective: a ‘charity multiplier effect’ appears to translate the government production cost in a higher market value. Still, its unpredictable and mismatched nature likely reduces its poverty mitigating effect. [ABSTRACT FROM AUTHOR]

BACKGROUND: Seasonal late‐season water deficits negatively affect the yield and quality of sweet potatoes in northern China. However, the amount of late‐season irrigation to achieve high yield and consistent quality storage root remains undetermined. We assessed the yield and some qualitative traits of sweet potatoes such as size, shape, skin/flesh colour and nutritional content, as influenced by five irrigation levels (T0: unirrigated control; T1: 33% ETc; T2: 75% ETc; T3: 100% ETc; and T4: 125% ETc). RESULTS: Late‐season irrigation significantly increased yield and marketable yield. Yields for T2 and T3 were significantly higher than other treatments, whereas T2 had the highest Grade A rating in a 2‐year test. The vertical length of storage roots gradually increased with an increase in irrigation level, whereas the maximum width remained unchanged. The proportion of long elliptic and elliptic storage roots also increased, whereas the proportion of ovate, obovate and round storage roots gradually decreased. The skin and flesh colours became more vivid as the level of irrigation increased, with the skin colour becoming redder and the flesh colour becoming more orange–yellow. The levels of carotenoids, vitamin C and soluble sugar were significantly higher in irrigated crops, with the highest vitamin C and soluble sugar levels in T2 and the highest carotenoid levels in T3 treatment. CONCLUSION: Taken together, these results demonstrate the potential of moderate irrigation in the late‐season to improve both yield production and quality potential. The results are of great importance for improving the market value of sweet potatoes and increasing grower profits. © 2024 Society of Chemical Industry. [ABSTRACT FROM AUTHOR]

Environmental regulations are important organizational strategic drivers. Environmental regulatory mechanisms include "carrots" or "sticks"—they can be incentive or coercion‐based. This study empirically investigates stock market reactions to various environmental regulatory mechanisms. Using a sample of 334 environmental regulatory events reported by 212 listed Chinese firms between 2010 and 2020, we find that monetary reward has a greater positive market reaction towards governmental reward than non‐monetary reward. We also find that governmental operational disruption penalties have a greater negative market reaction than operational non‐disruption penalties. Governmental levels of the environmental regulation implementation subject do not play a moderating role in the relationship between governmental regulations and firm market value. These findings provide various policy and organizational insights as businesses seek to meet legitimacy gains in response environmental regulatory mechanisms. [ABSTRACT FROM AUTHOR]

The primary purpose of this study is to explore the internal drivers (i.e., board monitoring, financial slack, and shareholder‐orientedness) of corporate social responsibility (CSR) reporting persistence over the years and to test the value relevance of CSR reporting persistence. We also investigate whether internal factors moderate the relationship between CSR reporting persistence and corporate market value. The study draws on a sample of 52,948 observations between 2002 and 2021, and a country‐industry‐year fixed effect regression was executed. The results indicate that board monitoring, financial slack, and shareholder‐orientedness all predict CSR reporting persistence. We also find that CSR reporting persistence enhances corporate market value, and board monitoring, financial slack, and shareholder‐orientedness positively moderate the relationship between CSR reporting persistence and corporate market value. The findings are largely robust to the instrumental variable probit regression, entropy balancing, propensity score matching, alternative firm value proxy, alternative samples, and pre‐ and post‐European Union Directive 95/2014 periods. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to comprehensively review the literature on the value and impact of the US Department of Agriculture (USDA) reports and discuss theoretical issues and empirical evidence. Only a handful of studies provide direct estimates of the welfare benefits of USDA information using a rational expectations framework in storable commodity markets. Most studies examine partial evidence of welfare benefits associated with market response to USDA information. These studies include examinations of the impacts of USDA report releases on cash and futures price volatility and other market dynamics, impacts of report releases on options implied volatility, impacts of unanticipated information in USDA reports, as well as informational value, returns, and survey‐based studies. We discuss the methodological and empirical contributions of these studies as well as their shortcomings and potential opportunities for future work. [ABSTRACT FROM AUTHOR]

The paper explores the partial and integrated influence of corporate sustainability practices on the financial execution of Indian‐listed firms. The study considered a sample of 569 listed firms, and the study period spans from 2010 to 2022. Using estimates of feasible generalized least square and quintile regression, the study finds a positive association between the environmental, social, and governance (ESG) score and the financial performance of firms. All the individual dimensions of the ESG score positively affect the firm's internal and external values. Environmental practices have the highest impact on improving balance sheet values through return on asset (ROA). In contrast, social practices have the highest impact on creating market value through Tobin's Q (TQ) compared with other dimensions. However, for large firms, excess investment in ESG may not support their balance sheet through ROA but generates market value through TQ. ESG disclosers negatively impact the internal earnings of firms that are financially inflexible but, in the aggregate, support the firm's market value. In addition, the study finds a significant moderating effect of size, earnings, value, and financial flexibility on the association between ESG scores and the financial performance of the firms. [ABSTRACT FROM AUTHOR]

We investigated whether the market places a higher value on banks with employee share ownership plans (ESOPs) than on those without them. Using a variety of empirical models, we found that ESOPs increased the market value of banks. However, this positive effect occurred only when banks were transparent or located in countries with strong shareholder protection. Our findings demonstrated that if banks were opaque or shareholder protection was weak, outside investors' concerns about managerial entrenchment in widely held banks and behind‐the‐scenes relationships between majority shareholders and managers in closely held banks outweighed the perceived benefits of ESOPs. Our study contributes to the literature by proposing a novel approach to study the effects of ESOPs through the prism of conflict of interest theory. Our findings also shed light on stakeholders' rationales for opposing or adopting ESOPs. [ABSTRACT FROM AUTHOR]

Cardamom (Elettaria cardamomum Maton) is an important spice crop with high market value. In this study, we describe the phenological growth stages of cardamom using a three‐digit extended Biologische Bundesanstalt, Bundessortenamt und CHemische Industrie (BBCH) scale, which includes eight principal growth stages, comprising four vegetative, two reproductive and two capsule development stages. Additionally, we identified 45 secondary stages within these principal growth stages, providing a comprehensive characterisation of the crop's growth progression, including bud development, leaf emergence, tillering and shoot development, while the reproductive stages included inflorescence emergence and flowering. The capsule development stage details the maturation process of capsules. The study also highlights the parallel occurrence of tillering, shoot development and inflorescence emergence stages during specific growth phases. The knowledge of growth stages facilitates timely interventions, optimising crop management strategies and enhancing overall crop productivity. Additionally, these findings offer valuable insights for breeding programmes and the selection of superior genotypes, contributing to the sustainable cultivation and economic viability of cardamom as an important export‐oriented spice crop. Highlights: BBCH scale provides uniform coding for different growth stages of cardamom.Identified and described eight principal growth stages (PGS).PGS comprises of 4 vegetative, 2 reproductive and 2 capsule development stages.45 secondary stages were identified within 8 principal growth stages.Tillering, shoot development and inflorescence emergence occurs parallelly. [ABSTRACT FROM AUTHOR]

Modern agriculture is a complex system that demands real‐time and large‐scale quantification of trait values for evidence‐based decisions. However, high‐profile traits determining market values often lack high‐throughput phenotyping technologies to achieve this objective; therefore, risks of undermining crop values through arbitrary decisions are high. Because environmental conditions are major contributors to performance fluctuation, with the contemporary informatics infrastructures, we proposed enviromic prediction as a potential strategy to assess traits for informed decisions. We demonstrated this concept with wheat falling number (FN), a critical end‐use quality trait that significantly impacts wheat market values but is measured using a low‐throughput technology. Using 8 years of FN records from elite variety testing trials, we developed a predictive model capturing the general trend of FN based on biologically meaningful environmental conditions. An explicit environmental index that was highly correlated (r = 0.646) with the FN trend observed from variety testing trials was identified. An independent validation experiment verified the biological relevance of this index. An enviromic prediction model based on this index achieved accurate and on‐target predictions for the FN trend in new growing seasons. Two applications designed for production fields illustrated how such enviromic prediction models could assist informed decision along the food supply chain. We envision that enviromic prediction would have a vital role in sustaining food security amidst rapidly changing climate. As conducting variety testing trials is a standard component in modern agricultural industry, the strategy of leveraging historical trial data is widely applicable for other high‐profile traits in various crops. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to examine the effect of corporate social responsibility (CSR) on the performance of ISO 9001‐certified manufacturing firms in Ghana. Specifically, we explore the effect of CSR on the market value and profitability of manufacturing firms in Ghana that have adopted ISO 9001. We use panel data estimation techniques to examine the empirical link between CSR activities and the performance of ISO 9001 certified manufacturing firms. Our panel data was pooled from a total of 65 ISO 9001‐certified manufacturing firms in Ghana observed over 5 years yielding a total of 325 firm‐year observations. Our empirical results show that there is a positive relationship between CSR, market share and profitability of ISO 9001‐certified manufacturing firms. The results are indicative that firms stand to gain if they adopt a more deliberate strategy toward CSR activities. This study provides significant input to the extant literature and offers a comprehensive guide to policy makers and management of ISO 9001‐certified manufacturing firms on CSR engagement in emerging economies like Ghana. [ABSTRACT FROM AUTHOR]

We analyze the causal effect of air pollution (acute fine particulate matter) exposure on the commercial real estate (CRE) market. We instrument for air pollution using changes in local wind direction to find that an increase in fine particulate matter exposure leads to a contemporaneous decrease in CRE market values and (net) income as well as an increase in capital expenditures. Heterogeneous treatment analysis within a building‐level fixed effects framework uncovers that the negative effect on market values is concentrated in the office sector, consistent with the notion that air pollution‐induced decreases in CRE values are driven by a reduction in CRE assets' productive capacity. Additionally, we document that the negative impact on (net) income is concentrated in the apartment sector, which is consistent with a broad set of local disamenity mechanisms identified in previous residential real estate literature. [ABSTRACT FROM AUTHOR]

There is much public anxiety about how today's students use chatbots to complete assignments. But AI's integration within schools will more deeply impact the next generation of college graduates. The market value of future college degrees is far from certain. [ABSTRACT FROM AUTHOR]

Summary: Hidakakombu (Saccharina angustata) is an edible brown alga produced in the Hidaka region of Hokkaido. It is graded at the time of processing, and low‐grade products have a low market value. New ways to utilise Hidakakombu are needed to increase producer profits. In this study, Hidakakombu was fermented with Lactiplantibacillus plantarum 002 to determine its functional properties. Fermentation of the Hidakakombu increased its γ‐aminobutyric acid (GABA) content. The addition of trehalose to L. plantarum 002 in Hidakakombu inhibited the decrease in the number of L. plantarum 002, while maintaining a high level of GABA. L. plantarum 002 in trehalose‐supplemented and fermented Hidakakombu remained viable in simulated gastric juice and grew in simulated intestinal juice. L. plantarum 002‐fermented Hidakakombu has an antihypertensive function that is attributed to GABA. The addition of trehalose protected L. plantarum 002 in fermented Hidakakombu and enhanced freeze‐drying and digestive juice tolerance. [ABSTRACT FROM AUTHOR]

Firms are under increasing pressure from external forces to do what is right and behave ethically. However, we have only a limited understanding of how ethical and responsible business practices impact the value of the firm, both in the short and the long term. In this study, we examine 196 firms that were recognized as the world's most ethical firms from 20 countries over a 14‐year span. Results show that ethical behavior may have little effect on a firm's profitability in the short term. However, it has a positive effect on a firm's market value, reflecting the market's positive assessment of its long‐term performance. We also find that firms frequently listed among the world's most ethical companies tend to have higher market value than firms listed only once. [ABSTRACT FROM AUTHOR]

Football players represent the key assets of football clubs, and their value determination is therefore at the heart of clubs' investment and decision‐making processes. Unsurprisingly, the topic of player value has attracted the attention of scholars from various disciplines for decades. Despite this, there is a corpus of academic literature, which, although it works empirically with the relevant data, does not discuss any of the concepts related to the terms 'value' and 'price' in depth. Conversely, there are studies that do so but do not present a unified and coherent concept of the terminologies used. Consequently, no comprehensive definition of the value of football players seems to emerge from the literature. The central aim of this paper is to fill this gap. Based on a critical review of existing literature, we propose a unified framework embedded in subjective value theory, particularly as formulated by the Austrian school of economics. As a result, this work presents a theoretical basis for defining the use value and market value of football players, the comparison of which can improve clubs' decision‐making. In this context, we also discuss the conceptual validity of Transfermarkt values, a widely used crowd‐sourced valuation tool. Overall, we seek to strengthen the link between economic theory and practical management problems in the football industry. Furthermore, our results are not solely limited to football but are also applicable to athlete valuation in other sports. [ABSTRACT FROM AUTHOR]

The practice of offering refurbished products has become increasingly prevalent, yet limited research has studied the potential consequences of this emerging product strategy on the market performance of the corresponding brand‐new products. This study addresses this gap by examining the impact of refurbished products in markets characterized by network effects and standards competition, while considering the developmental stage of the technology standard employed by the products. Introducing refurbished products, primarily remanufactured from returned items, can pose challenges such as sales cannibalization and negative perceptions of product quality. We propose that introducing refurbished products can also generate positive effects, because the availability of refurbished products can be perceived as an indication of sizable prior sales of the brand‐new counterparts, alleviating consumers' concerns regarding an insufficient user base and limited availability of complementary products. Our empirical and experimental studies consistently demonstrate that the availability of refurbished products adversely affects the market value and purchase intention of the corresponding brand‐new products employing established technology standards. In contrast, the introduction of refurbished products does not have such a detrimental effect on products utilizing unestablished standards. Moreover, for a specific group of consumers, this green product strategy increases their purchase intention of brand‐new products. The managerial implications of the findings are discussed. [ABSTRACT FROM AUTHOR]

Using HILDA survey data, we document a strong positive relationship between post‐retirement financial market participation and retiree income sufficiency in Australia. We find a 17% improvement in the income replacement ratio and a 3.26 times higher annuitised net wealth for financial market participants compared to non‐participants. We further investigate how age, residence area, relationship status, education, health, and employment affect the main finding in all and female retirees. The results highlight the value of financial market participation in facilitating household retirement security and provide further support for the active promotion of household financial market participation, both in Australia and globally. [ABSTRACT FROM AUTHOR]

This study analyzes the impact of sustainable development leadership on firm performance. The context of the empirical analysis is the European region between 2010 and 2018. Sustainable development leaders are defined as the firms included in the Dow Jones Sustainability Index for Europe. To control for endogeneity problems caused by self‐selection bias in the sample, the research design relies on Heckman two‐stage model. The results show that stock market participants do not perceive sustainability leadership as an asset that adds value to the firm. Our findings also suggest that corporate governance shapes the relationship between sustainable development leadership and performance as common‐law countries have a more positive perception sustainable development leadership than civil‐law countries. Additionally, the study reveals a decline in stock market sentiment toward sustainability leadership over the research period, indicating a potential loss of competitive advantage for sustainable development leaders as sustainability initiatives become more widespread. [ABSTRACT FROM AUTHOR]

Recent decades have witnessed the proliferation of alternative food networks (AFNs) in the US and Europe. While social scientists classify heterogenous practices as AFNs, their participants share the desire to work against the existing food system, and efforts to access food from outside this system. Many analysts have captured these features of AFNs by using concepts from Karl Polanyi's The Great Transformation. Yet while Polanyi's framework has been productive, it has also contributed to binary representations of alternative food movements as either advancing non‐market values or in service to commodification and hegemony. We scrutinize San Francisco‐based independent contractors who sell food alternatives and health supplements produced by a multi‐level marketing company we call NatureRise. The marketers of NatureRise products are committed to working against an industrial food system that they consider corrupt. They promote food alternatives that they regard as more natural than food in the conventional system, and embed sales in face‐to‐face relations in which a family‐like concern for human wellbeing is expressed. Yet, they also engage in sales for what Polanyi calls "the motive of gain." Our case highlights a shortcoming in Polanyi's thought, one that characterizes many social analyses, while supporting the continued relevance of his work. [ABSTRACT FROM AUTHOR]

This study investigates the value relevance of corporate governance and anti‐corruption policies from a sustainable value perspective, basing the analysis on institutional and stakeholder theories. Using a sample of annual and sustainability reports of 110 listed companies of the world, published between 2018 and 2020, the study documents piecewise dependence between some components of sustainable value (i.e., governance and anti‐corruption) and market value for shareholders. Based on our findings, these components exert a significant positive influence on market performance for the sample of companies with an initial low level of these practices (beginners). However, companies with an already developed framework for sustainable governance and anti‐corruption (advanced) do not experience any significant fluctuations in market value in response to developments in respect of these components. Overall, the results suggest that unexpected activities and disclosure in respect of sustainable governance and anti‐corruption mechanisms are valued more highly by the market than new developments in initiatives and reporting where these mechanisms are already at mature levels. The research bridges the gap in the literature by explaining the influence of sustainable governance and anti‐corruption actions on market prices using piecewise regression; this contrasts with previous single‐model studies. Additionally, anti‐corruption is incorporated as a characteristic of sustainable governance in this research for the first time. [ABSTRACT FROM AUTHOR]

This study investigates the relationship between environmental performance and market values of firms exposed to environmental risk that manage effectively to reduce it. Using a sample of 8112 US firm‐year observations during 2012–2020, we document a positive relationship between firms' environmental performance and market‐to‐book value. Moreover, we show that this relationship holds primarily when firms are more vulnerable to environmental risk and proactively manage to reduce it. Our paper not only agrees with the previous literature showing that it pays to be good but, most importantly, shows that such an approach is reflected in higher valuation mostly when companies use sound environmental risk‐control strategies. Contributions and implications are discussed. [ABSTRACT FROM AUTHOR]

We examine the interrelationships among board sustainability committees, process‐based climate change initiatives, outcome‐based carbon performance, and market value through the lens of economic‐ and social‐based theoretical perspectives. Using a panel dataset of 8408 observations from 35 countries between 2002 and 2019, we find that higher levels of actual greenhouse gas (GHG) emissions are negatively associated with market value. Further, we reveal a positive association between process‐based climate change initiatives and market value. We then provide evidence that process‐based climate change initiatives are positively related to increased levels of GHG emissions. We also observe that the presence of a board sustainability committee has a positive impact on market value, but does not seem to improve outcome‐based carbon performance. Finally, we show that the predicted relationships vary across different country‐groups, sector‐groups, and periods. Our empirical findings are robust to alternative measures, endogeneities, and sample selection bias. Overall, our evidence supports the symbolic legitimation/greenwashing view, in that firms are likely to employ process‐based climate change initiatives under a symbolic approach to create positive impressions among stakeholders and protect their legitimacy. [ABSTRACT FROM AUTHOR]

This article aims to shed light on the effects of financial constraints on the value shareholders attribute to cash holdings in firms listed on the Brazilian stock exchange, where corporate law determines that publicly listed companies set aside part of their annual profits for dividend payments. While prior empirical literature provides evidence that cash holdings are more valuable for financially constrained companies than for their unconstrained counterparts, we cannot support the hypothesis that the market value of cash increases as obtaining access to external funds becomes more difficult. Our analysis also reveals that constrained companies do not hold significantly higher cash savings than their unconstrained peers. This last result, in turn, is not in line with the precautionary motive for having cash. Moreover, although the principal argument for adopting mandatory dividend rules in Brazil was to increase the protection of minority shareholders, we observe that the contribution of cash holdings to firm value is still small in Brazil, especially in dual‐class companies, because investors expect cash holdings to be partly consumed as private benefits due to the presence of significant agency problems. This research is relevant because it serves as an additional step in understanding how a legal mechanism established by a government to protect investors affects the contribution of cash holdings to firm value. Governments that intend to adopt mandatory dividend rules to safeguard the cash‐flow rights of minority shareholders can use our findings to make better decisions regarding whether to enforce compulsory dividend payments. [ABSTRACT FROM AUTHOR]

Scholars have investigated the effect that top management team (TMT) status has on several organizational dimensions, including strategic decision, risk propensity, and, ultimately, performance. However, the existing literature is relatively silent on the effect of TMT status on innovation. Our scope is to cover that research gap. Grounding our reasoning on two different yet intertwined literature streams – one on the TMT status and the other on innovation – we predict that TMT status should be positively correlated with innovation and its market value, but not with its scientific value. Relying on a unique, hand‐crafted dataset composed of 833 firm‐years' observations for the period 2005–2010, we can validate our hypotheses. Our study contributes to a better understanding of the relationship between TMT status and innovation generated by the respective firm. Finally, the study discusses limitations and recommendations for further research. [ABSTRACT FROM AUTHOR]

The rising demand of OLED products in the mobile market gradually shrink the market shares for LCD products, which seriously affects the competitiveness of a‐Si products. This article proposes a‐Si fine‐HD (fHD) display system solution， combines high‐definition image quality， super high refresh rate, ultra narrow border ， light sensing TFT driver integrated ， and other performance features. Compared to existing HD display system, fHD display system can open up new opportunities, increase market value and product iteration for a‐Si products. At the same time, it has a significant cost effectiveness advantage, attracting head customers of mobile phone. [ABSTRACT FROM AUTHOR]

The stone mining and construction sectors are crucial for Thailand's economic advancement. Yet, they face issues such as substantial stone waste accumulation, causing environmental pollution and the resource‐intensive nature of concrete production. Existing studies lack comprehensive coverage of Thailand's specific environmental challenges related to these industries and their sustainable solutions. There is also a knowledge gap concerning region‐specific influences and the relationship between stone dust and concrete sustainability within Thailand's unique geographical and socio‐economic context. Furthermore, sustainable practices in stone dust concrete within Thailand are insufficiently investigated. To bridge these gaps, this study examines the viability of the stone dust concrete business and its potential to mitigate social and environmental challenges. The research reveals alignment between the stone dust concrete business model and stakeholder needs through interviews with industry stakeholders. Subsequently, barriers like the absence of sustainable concrete standards, higher costs, and limited consumer demand for eco‐friendly products are identified. [ABSTRACT FROM AUTHOR]

This study investigated the value of investor communication in a firm's market valuations. The higher the frequency of communication and degree of investor involvement, the greater the increase in firm value. This effect is more prominent in companies with less information transparency, more volatile performance, and investor relations officers holding multiple executive positions and are highly experienced. Furthermore, investor relations (IR) activities can affect market valuations, including liquidity, market visibility, and institutional holdings. This study provided a new approach to measuring IR management and practical implications for governments to actively encourage companies to improve IR. [ABSTRACT FROM AUTHOR]

For sweet cherry, fruit size is one of the main targets in breeding programs owing to the high market value of larger fruits. KLUH/CYP78A5 is an important regulator of seed/fruit size in several plant species, but its molecular mechanism is largely unknown. In this study, we characterized the function of PavKLUH in the regulation of sweet cherry fruit size. The ectopic overexpression of PavKLUH in Arabidopsis increased the size of its siliques and seeds, whereas virus‐induced gene silencing of PavKLUH in sweet cherry significantly decreased fruit size by restricting mesocarp cell expansion. We screened out an AP2/ERF transcription factor containing a B3‐like domain, designated as PavRAV2, which was able to physically interact with PavKLUH promoter in a yeast one‐hybrid (Y1H) system. In Y1H assays, electrophoretic mobility shift assays, and dual‐luciferase reporter analyses, PavRAV2 directly bound to the promoter of PavKLUH in vitro and in vivo, and suppressed PavKLUH expression. Silencing of PavRAV2 resulted in enlarged fruit as a result of enhanced mesocarp cell expansion. Together, our results provide new insights into signaling pathways related to fruit size, and outline a possible mechanism for how the RAV transcription factor directly regulates CYP78A family members to influence fruit size and development. [ABSTRACT FROM AUTHOR]

Starting from the assumption that citizenship is property that would be more valuable if it were transferable, the paper explores the idea of commodification of citizenship. The paper provides arguments in favor of commodification and recommendations to how the market for citizenships should be designed. A market for citizenships could result in an improved matching between employer and employee when citizens swap citizenship with each other. Successful States could issue new citizenships and thus make it possible for a greater share of the world population to live and work within the countries with the best institutions. The combined effect would be a higher global productivity. Additionally, market prices on citizenships would provide information on institutional quality and thus provide politicians with information on voters' preferences as well as voters with information on the quality of the work of the government. The market value of a tradable citizenship is also found to be a candidate as tax base for a redistributive tax on a global level that could address some of the inherent inequality with birthright citizenships. Those potential benefits aside, several problems with a market for citizenship are also found and discussed, among those the age-dependent value of citizenships. Received: 14 June 2021 Revised: 31 March 2022 Accepted: 25 February 2023 DOI: 10.1111/kykl.12347 This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited. © 2023 The Author. Kyklos published by John Wiley & Sons Ltd. Kyklos. 2023;76:705--723. wileyonlinelibrary.com/journal/kykl 705 [ABSTRACT FROM AUTHOR]

This paper introduces a moderated‐mediation model to investigate the relationship between green innovation, as measured by green patent stocks, and firms' stock market value, as measured by Tobin's Q. Using longitudinal data drawn from 351 heavily polluting firms in China's A‐share market from 2007 to 2018, we find that green innovation is likely to affect firms' stock market value positively. A 1% increase in the green innovation over assets index will enhance by 0.18% the Tobin's Q at the firm level. Environmental compliance costs significantly mediate the green innovation‐firms' stock market value association by 8.5%. We also emphasize the positive moderating role of technological collaboration with public research organizations on green innovation‐environmental compliance costs linkage. Our results emphasize that the recurrent question in the extant literature "does it pay to be green?" should be substituted by "how and under what conditions does it pay to be green for firms?" and further stress how firms obtain sustainable development in the environment and economy through green innovation. Implications for firms and investors are also proposed. [ABSTRACT FROM AUTHOR]

This paper investigates the relationship between the ESG score and market values. Specifically, we test the moderating role of CSR committee defined as organizational subcommittees of boards of directors that make social and environmental recommendations to the boards of directors and support members in their CSR‐related tasks. We built a panel data set with all the listed companies in STOXX Europe 600, covering the period 2014–2020. Firms' data come from Refinitiv Eikon database which contains financial and ESG scores data of all EU listed companies. Our sample of firm‐level data contains a dataset of 600 European listed companies which are part of the STOXX Europe 600 Index. We included ESG data of STOXX Europe 600 Index components in the period 2014–2020. Our dataset contains a total of 4800 firm‐year observations. We found a negative relationship between ESG score and stock prices while the presence of CSR committee as moderating variable generates no significant evidence of ESG score. The presence of CSR committee is not considerably supporting ESG in achieving higher market performance. The CSR committee plays an essential role in monitoring management activities. This may support management practitioners in better understanding and reacting to stakeholder expectations. [ABSTRACT FROM AUTHOR]

Employing panel data analysis, the study investigated the impact of risk on speed and costs of adjustments on target leverage on listed firms from the African markets—a panel data set of 2790 observations for 12 years spanning from 2008 to 2019. Based on the results of the Unit root test and Granger causality test, there are bidirectional relationships between risk and capital structure and vice versa. Additionally, Panel DOLS and System GMM were applied for regression and comparison analysis between the African markets and South Africa. The estimates disclose that when companies experience lower risk, the costs of adjustment toward the target are higher. Hence, companies can re‐adjust their capital structure more easily by issuing external capital over periods of stable economic environments, thereby improving their market value. Considering the case of South Africa, the first DOLS results outlined similar estimates compared to the African market. Conversely, when measured with System GMM, the estimates imply that firms incur difficulties in adjusting costs, thus reducing leverage due to unfavorable macroeconomic indicators in line with the pecking order theory stating that in African economies, companies spend more on expenses and adjust their capital structure slowly to reach their optimal target position. [ABSTRACT FROM AUTHOR]

Bond issues often result in negative revaluations of the market value of equity. These market reactions are usually explained by negative signals and asymmetric information about the use of the proceeds. In industries with rather transparent investment opportunities these arguments are not applicable and we expect to find no negative revaluations. Consequently, analysing the stock price reactions to 2299 bond issues by real estate companies between 1996 and 2019, we observe none to positive reactions on the announcement of an upcoming bond issue. The findings underpin the necessity for controlling of industry effects in empirical studies on capital structure decisions. [ABSTRACT FROM AUTHOR]

We examine how the peer effects arising not only from the leading firm but also from a slightly better performing firm affect the capital structure decisions of a firm. There is a large body of literature documenting the importance of peer effects, but it is unclear whether managers pay close attention to activities of slightly better performers. This study uses both book‐ and market‐value based approaches to estimate the peer effect measures. Our analysis shows that: (1) our peer effect measures induce the convergence of the follower firms' capital structure towards better performing firms; and (2) the capital structure converges more towards a slightly better performer. [ABSTRACT FROM AUTHOR]

The Financial Accounting Standards Board (FASB) enacted Statement of Financial Accounting Standards No. 131 (now Accounting Standards Codification 280) to improve the valuation of firms' future growth opportunities through changes to segment disclosures. Prior research on foreign investment relies primarily on levels analyses. Using both changes and levels analyses, we provide evidence that investments in foreign fixed assets by US firms is significantly and positively related to operating income and net cash flows from operations. Foreign fixed assets are also significantly and positively related to stock prices, returns, and stock liquidity. Generally, our results suggest that increases in international diversification are related to increased operating performance and liquidity, while our price and returns results suggest that investors incorporate geographic asset data in their valuation models. [ABSTRACT FROM AUTHOR]

Three highly cited studies with over 6000 citations collectively report a negative relationship between the market value of the firm and leverage. Such empirical findings clearly contradict the hypothesis of leverage adding value to the firm and an optimal capital structure that maximizes firm value—these findings have yet to be resolved. Employing a sample of 3,768 firms consisting of 39,015 observations, a stochastic frontier analysis was used to assess the relationship of leverage among other capital structure factors with firm value. It was found that in general the use of leverage promotes firm value, consistent with the trade‐off theory and that the inverse relationship between leverage and firm value was a temporary occurrence and is likely attributable to firms employing tax loss carrybacks in response to the 1986 Tax Reform Act. The estimates of technical efficiency indicate that many firms can do more to increase their value, the sample as a whole improves efficiency (value) over the sample period. The findings reconcile the reports of leverage decreasing firm value as reported in Baker and Wurgler, Fama and French, and Habib and Ljungqvist. The empirical findings suggest prior observation was a due to a decline in the value of the tax shield generated by leverage after the Tax Reform Act of 1986. Specifically, tax carrybacks extended the pre‐Tax Reform Act of 1986 tax shield value to 1991 and after 1991 the tax shield value declined. [ABSTRACT FROM AUTHOR]

Some freshwater teleost fish have pigment cells whose arrangement and shape are affected by the environment. Natural light has a wide range of light intensity. Fish are sensitive to the background and exposed light colour. Fish body colour is a significant criterion in fixing its market value, whether it is ornamental or edible. By favourable light exposure, a culturist may get a good market value of fish on most ethical grounds. In this study, we recorded the changes in melanophore response with the changes in light colour on Channa punctata. Adult fish were treated with monochromatic lights (darkness, white, blue and red light) for 5 and 28 days. After treatment, their body colour and melanophore size, number, length and the number of dendrites were studied. The results showed a significant influence of monochromatic light on melanophore arrangement in fish skin. The data showed that blue light is appropriate for the overall species colour of photic C. punctata. Continuous black or white light caused severe damage to the fish's appearance. [ABSTRACT FROM AUTHOR]

The price of most food products is a function of attributes related to the product itself and signals associated with product features. Using a novel data source, online restaurant menus, this study examines the impact of various attributes on raw, half shell oyster prices in the United States. We find that oyster value is significantly affected by region, as well as the amount and type of information provided. West coast oysters, oysters sold in the Pacific region, and oysters sold on menus with additional information receive the highest price premiums. These findings suggest significant market segmentation exists within the United States. [ABSTRACT FROM AUTHOR]

We investigate the wealth effects of the Takeover Bids Directive, enacted by the European Union (EU), on mergers and acquisitions. The directive aims at protecting target minority shareholders by restricting antitakeovers provisions and preventing managerial entrenchment. We test the regulation impact using a treatment sample of EU public acquisitions and a control sample from outside the EU. Our results suggest diverse effects of the regulation across treatment countries: acquirers from countries with better shareholder protection engage in more value‐enhancing acquisitions postregulation that could otherwise be too costly. The regulation also increases the likelihood of firms becoming targets and raises market value. [ABSTRACT FROM AUTHOR]

This study examines the heterogeneous effects of the COVID‐19 outbreak on stock prices in China. We confirm what is already known, that the pandemic has had a significant negative impact on stock market returns. Additionally, we find, this effect is heterogeneous across industries. Second, fear sentiment can directly cause stock prices to fall and panic exacerbates the negative impact of the pandemic on stock returns. Third, and most importantly, we demonstrate the underlying mechanisms of four firm characteristics and find that those with high asset intensity, low labor intensity, high inventory‐to‐revenue ratio, and small market value are more negatively affected than others. For labor‐intensive state‐owned firms, in particular, stock performance worsened because of higher idle labor costs. Finally, we created an index to measure the relative position of an industry in the supply chain, which shows that downstream companies were more vulnerable to the effects of the pandemic. [ABSTRACT FROM AUTHOR]