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We know that, through lobbying and contributions, organizations systematically seek to influence political outcomes in liberal democracies. But what role do organizations play in an authoritarian regime's strategy for remaining in power? We argue that in order to maintain stability and consolidate control, an authoritarian regime must actively work to preempt dissent and the emergence of oppositional challengers. When potential challengers are unknown ex ante, the best guess is that they may rise from the ranks of those who run economically powerful organizations. Ability to control these organizations then minimizes the risk of instability. One way in which the regime accomplishes this control is through pro-forma cooptation—the process by which organizational leaders are assigned to positions with nominal authority in the government, thus ensuring their allegiance. We develop a theory predicting which organizations will be targeted for cooptation and posit that absolute and relative size and industry context are the key determinants. Empirical analyses of reappointment to congress of senior business executives in China offer support for the theory. The findings also offer a way to think of cooptation that is different from the conventional view that it drives adaptation (because power sharing widens representation and vested interests). By contrast, pro-forma cooptation of prominent organizations under authoritarian rule reifies the regime's dominance and solidifies its control, thus promoting inertia through the reproducibility of hierarchy in the social structure. [ABSTRACT FROM AUTHOR]

The question of how institutional entrepreneurs working on megaprojects successfully enact change in regard to logic practices remains an unsolved problem in megaproject management literature. Building on an in-depth case study of a megaproject in China, we examine how institutional entrepreneurs manage in order to transform a conventional construction logic into a new logic of “mechanization, autoassembling, and factory construction” in steel bridge industry. We present a model of institutional work conducted by entrepreneurs for institutional entrepreneurship in the megaproject platform. Based on this case, we highlight the significance of institutional compatibility and institutional governmentality in implementing the new logic practices. This article contributes to the literature by examining the different forms of institutional work conducted by entrepreneurs with the aim of driving the institutional changes, and exploring the relationship between megaproject management and institutional entrepreneurship. [ABSTRACT FROM AUTHOR]

Non-governmental organization (NGO) is one of the important non-state actors in global health governance. The importance of NGO's participation in the global health governance tend to be more prominent due to its flexibility, professionalism, voluntariness and autonomy. The World Health Organization (WHO) established a Civil Society Commission (CSC) in 2023 aiming at strengthening dialogue, facilitating collaboration so as to play its bigger role in the global health governance. This paper is to make analysis to the importance of NGO in global health governance, WHOCSC's organizational structure and operational mechanism, current status and problem of Chinese health-related NGO's participation in the global health governance, and to provide policy suggestions for strengthening Chinese health-related NGOs' participation in global health governance, including incubating Chinese NGOs into national strategy for global health, strengthening resources mobilization and coordination, as well as advocating transparency and society involvement, emphasizing international humanitarian, public welfare and propaganda.

China is one of the fastest-growing economies and has gained a leading position in terms of production or exports. China's managerial and business practices are influenced by its traditional cultural values. The article investigates, along with the influences of these values on management, the points of interest of the Chinese management model for other cultures. [ABSTRACT FROM AUTHOR]

Non-governmental organizations (NGOs) are becoming increasingly significant stakeholders in global governance and business operations. However, measuring their efficiency is a challenging task due to their mission-driven nature. While previous research has proposed financial and non-financial indicators to measure NGO efficiency, none of them has compared the differences between environmental and social NGOs. This study aims to investigate the factors influencing the program efficiency of NGOs in China and compare the differences between environmental and social NGOs. 12 indicators are employed and tested using data collected from the Chinese Research Data Services (CNRDS) platform. The study employs multiple regression analysis to examine the influential factors identified in the dataset. The findings demonstrated different influential factors of program efficiency among environmental and social NGOs. The results of the analysis provide valuable insights for NGO operators, policymakers, and researchers in the field of NGOs., Competing Interests: The author has declared that no competing interests exist., (Copyright: © 2024 Sujie Peng. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

The trend of digital transformation fosters enterprise change, helps cultivate enterprises' own competitive advantages and is crucial to the advancement of sports enterprises' sustainable development in the framework of the emerging digital economy as a national strategy. However, there have been few empirical studies on the microlevel of digital transformation and its impact on the sustainability of sports organizations. Therefore, the sustainable growth dynamic model is used to construct indicators of corporate sustainability by referencing 48 sports corporations listed on Shanghai and Shenzhen A-shares markets and the New Third Board in China from 2012 to 2021. The intrinsic relationship between digital transformation and the sustainable development of sports enterprises and the underlying mechanism of action are explored by constructing a panel fixed effects model, a chain mediating effects model, and a panel threshold model. The most important contribution is as follows: To provide a useful reference for analyzing enterprise digital transformation, a more complete indicator indicating the extent of corporate digital transformation is built. The micro viewpoint broadens our awareness of sustainable development in sports organizations and deepens our understanding of the interaction model between sustainable development and enterprise digital transformation. This study provides methodical evidence and insights for an accurate understanding of digital transformation for sustainable enterprise development, looking into the "black box" of the mechanism between digital transformation and sustainable business development. The results show that digital transformation significantly aids sports enterprises in their pursuit of long-term sustainability. Heterogeneity tests demonstrate the pivotal role of digital transformation in advancing the sustained growth of sports firms and high-tech sports enterprises situated in the eastern region of China. Regarding transmission mechanisms, the chain mediating effect of enterprises' digital transformation on improved technological innovation and TFP, which in turn promote long-term business growth, has yet to be validated. Further examination exposes that within the context of the correlation between digital transformation and the sustainability of corporations, there is a single threshold effect based on financing restrictions and operational costs and a double threshold effect based on operational efficiency., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Wang et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

With the changes of social and economic development, more and more people pay attention to the development of non-profit organizations, and the performance research of non-profit organizations has become the focus of research. As the internal governance organization of non-profit organization, the board of directors and the management organization are related internal factors that will affect the organizational performance of non-profit organization. Based on the data of Form 990 of the US Internal Revenue Service, this paper conducted an empirical study on the relationship between internal governance and organizational performance of non-profit organizations, and studied the moderating effects of board size, average weekly working hours, number of managers, members' work involvement and compensation incentives on internal governance and organizational performance of non-profit organizations. The results show that the number of managers in non-profit organizations is negatively correlated with organizational performance, the average weekly working hours of managers are significantly correlated with organizational performance, and the compensation of managers is significantly correlated with organizational performance. Through the empirical demonstration, this study promotes the management and development practice of non-profit organizations, and lays a solid foundation for the construction of socialist harmonious society in China., Competing Interests: No authors have competing interests., (Copyright: © 2024 Yuan et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Corporate energy transition is crucial for long-term sustainable development. The widely discussed Artificial Intelligence (AI), as a disruptive technological innovation, is highly potential for enhancing environment performance. However, the specific impact of AI on the process of corporate energy transition and its underlying mechanisms have not been fully explored. This study focuses on A-share listed corporates in Shanghai and Shenzhen stock markets in China spanning from 2011 to 2021. Based on corporate annual report information and information from over 200,000 patent application texts, we innovatively construct indicators for corporate energy transition and AI technology application. Furthermore, we empirically investigate the impact of AI technology on corporate energy transition and its potential mechanisms through combining information asymmetry theory and institutional theory. The empirical results indicate that: 1) AI can drive corporate energy transition and the promoting effect of AI collaborative innovation on corporate energy transition should not be ignored. 2) AI can help corporates achieve energy transition through pathways such as mitigating information asymmetry, reducing financing constraints, adjusting sustainable development concepts and practices. 3) The driving effect of AI on corporate energy transition varies depending on the characteristics of different types of corporates, industries, and regions. This study provides strategic guidance and decision support for business managers and policymakers, assisting both corporates and governments in better utilizing AI technology during the social energy transition process to achieve a dual optimization of environmental and economic goals., Competing Interests: Declaration of competing interest The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper., (Copyright © 2024 Elsevier Ltd. All rights reserved.)

This paper takes the risk preference of modern listed companies as the research object, uses the financial data of Chinese listed companies combined with the literary inquisition file in Qing Dynasty to conduct an empirical study, and examines the influence of literary inquisition on the risk preference of modern corporate CEOs in Qing Dynasty. The study found that the literary inquisition incident in Qing Dynasty significantly affected and reduced the risk preference of modern enterprises. The competitive hypothesis of the influence of Confucian culture and China City Commercial Credit Environment Index (CEI) on CEOs' risk preference is excluded. In addition, through the study of heterogeneity, this paper also verifies that the influence of literary inquisition is more significant in areas with a higher degree of marketization, indicating that the influence of informal institutions depends on the establishment of formal institutions. Finally, in the mechanism study, this paper points out that the rulers' suppression of ideas will change long-term social capital and lead to the decrease of general trust in society, which will make the enterprise managers born in the region tend to be conservative in their risk preference., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Wang et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

The study explores the impact of employee perceptions of corporate social responsibility (CSR) in improving employee loyalty by examining the direct and indirect role of person-organization fit and employee trust. A convenient sampling technique was employed to collect the data sample. A total of 338 questionnaires were collected at three different China-Pakistan Economic Corridor (CPEC) projects in Pakistan. The SmartPLS-3 was used to test the study hypotheses. The results revealed that CSR positively and significantly influenced employee loyalty. The findings indicated a partial mediating impact of P-O fit and employee trust in the relationship between CSR and employee loyalty. Discussions, implications, limitations, and future research direction are also given., Competing Interests: There is no conflict of interest., (Copyright: © 2024 Jin et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Based on Resource-based theory and Internal Control (IC) theory, this study elucidates the impacts of corporate digital transformation on total factor productivity, and IC effectiveness, as well as the mechanism among digital transformation, IC and total factor productivity. The results show that digital transformation promotes total factor productivity and IC effectiveness. And effective IC has a significant mediating effect for the impact of digital transformation on total factor productivity. Heterogeneity discussion shows that compared with high-tech enterprises, in non-high-tech ones, digital transformation increases total factor productivity, and more significantly enhances IC effectiveness, presenting a mechanism that digital transformation facilitates IC, and increases total factor productivity. For non-high-tech enterprises, with higher heterogeneity of executive education backgrounds, digital transformation promotes IC effectiveness and total factor productivity, showing the transmission effect among digital transformation, IC and total factor productivity. Finally, it is suggested that the regulatory authorities advance digital infrastructure construction, to reinforce IC and risk prevention, thereby increase total factor productivity. And enterprises grasp the opportunity of digital economy development, promote the mechanism that digital transformation facilitates IC effectiveness, and increases total factor productivity. Non-high-tech ones motivate digital elements' governance efficacy, optimize executive structure, coordinately promote digital strategy, and help the national economy acquire high-quality development. The study provides enlightenments to achieve high-quality development., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Li et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Purpose: The purpose of this study is to investigate the impact of performance feedback (performance expectation surplus, performance expectation deficit) on corporate ESG performance, and this paper also to investigate the role of environmental strategy as a mechanism in the impact of enterprises' performance feedback on corporate ESG performance., Design/methodology/approach: The study used data from 3679 companies listed on the Shanghai and Shenzhen stock exchanges for the period 2009-2021 and also measured the intensity of corporate environmental strategies through analysis. Finally, we used a fixed effects model to test the research hypothesis., Findings: This study shows that enterprise performance feedback positively affects corporate ESG performance and that environmental strategy plays a significant mechanistic role in enterprise performance feedback and corporate ESG performance. Overall, performance expectation surplus negatively affects ESG performance, performance expectation deficit positively affects ESG performance, and the mechanism of environmental strategy plays a significant role in performance expectation deficit and ESG performance., Practical Implications: The results of this study can help enterprises establish a scientific environmental management system, strengthen the supervision of enterprise environmental management, and have certain reference significance for enterprises to speed up the implementation of environmental protection measures., Originality/value: This study adds to the literature by describing corporate ESG performance using performance feedback theory and explaining the inherent role of enterprise performance feedback in corporate ESG performance utilizing environmental strategies., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Ren, Lin. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

This study actively explores the pivotal role of environment, society, and governance (ESG) ratings in optimizing corporate green innovation activities as a robust response to ongoing ESG investment divestment. It provides empirical support for implementing corporate green transitions, establishing, and refining market-driven green development framework, and attaining "carbon peaking, carbon neutrality" targets. Furthermore, the research represents a groundbreaking effort to assess the influence of ESG ratings on corporate green innovation with a specific focus on pollution disposal. Specifically, examining data from Chinese A-share listed companies spanning 2011 to 2020, this study utilizes various models, including multi-period difference-in-differences (DID), event study, staggered DID, and synthetic DID (SDID). The ensuing analysis reveals that ESG ratings significantly impact the development of corporate green innovation, catalyzing the transformation of green innovation activities from end-of-pipe to source control. Notably, ESG ratings achieve this transformation by mitigating managerial myopia, enhancing the research and development (R&D) staff ratio, and alleviating financial constraints. However, the study also identifies institutional constraints and corporate digitalization as factors leading to heterogeneous effects on green innovation and its direction. These findings not only provide enhanced theoretical support but also offer empirical validation for corporations and governments looking to implement and generalize ESG ratings, facilitating a successful green transition., Competing Interests: Declaration of competing interest The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper: The authors declare no competing financial interest., (Copyright © 2024 Elsevier Ltd. All rights reserved.)

Driving enterprises to implement carbon emission reduction actions and reduce carbon emissions is a crucial research topic in achieving the carbon peaking and carbon neutrality goals. As a significant external environment factor influencing corporate behavior, can institutional pressures effectively promote enterprises to reduce carbon emissions? This study aims to probe into the impact and mechanism of three institutional pressures, namely coercive, mimetic, and normative, on corporate carbon emissions, taking Chinese-listed companies as the research object. The results indicate that coercive pressure is positively associated with corporate carbon reduction, while normative pressure has no significant impact. Furthermore, mimetic pressure impedes corporate carbon emissions. The mechanism test shows that carbon reduction is a mediator in the influence exerted by three institutional pressures on corporate carbon emissions. In response to coercive pressure and mimetic pressure, enterprises tend to reduce their carbon emissions by cultivating concepts related to carbon emission reduction. Concepts related to carbon reduction play a more dominant role than carbon reduction actions when both are mediators, with the former even replacing the latter. This research provides a new perspective for improving corporate environmental performance and corporate sustainability., (© 2024. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

Despite increasing attention to the economic consequences of environmental, social, and governance (ESG) performance, its impact on the quantity and quality of corporate green innovation (GI) remains underexplored. This study aims to reveal the impact and underlying mechanisms of ESG performance on corporate GI using a panel dataset of Chinese-listed enterprises. Our results show that ESG performance increases the quantity and quality of corporate GI by 2.72% and 3.20%, respectively. These significant positive effects are consistent across three ESG sub-ratings and a series of robustness tests, such as the instrumental variable (IV) test based on Confucian culture intensity. Mechanism analysis reveals that ESG performance positively affects corporate GI through the resource effect, governance effect, and innovation effect. Additionally, the GI impact of ESG performance is more pronounced in large, young, growing, and mature enterprises, enterprises in clean and low-carbon industries, and those located in key environmental protection (KEP) and two control zones (TCZ) cities. Our evidence provides insights into the informal drivers of corporate GI and the micro-GI effectiveness of ESG performance in emerging markets like China., Competing Interests: Declaration of competing interest The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper., (Copyright © 2024 Elsevier Ltd. All rights reserved.)

Researchers in the field of sustainable management have recently dedicated significant efforts to understand why organizations exhibit diverse responses to environmental responsibilities. Ethical scholars assert that internal management plays a pivotal role in promoting sustainability because of its attitude toward sustainable issues. In alignment with this perspective, our study formulates a framework for internal monitoring that underscores the significance of independent, female, international, and politically connected directors. We investigate how these internal monitors influence a company's commitment to promote sustainable investments for pollution prevention. By employing fixed effect model and generalized method of moments (GMM) on a dataset obtained from the largest emerging market-China over the period 2012 to 2019, our findings indicate that the mentioned monitors demonstrate a stronger commitment to pollution prevention by promoting corporate sustainable investments. In addition, our analysis reveals that when the government withdraws its involvement in enterprises, it has a notable negative impact on the connection between internal monitors and a company's efforts in pollution prevention. Our results imply that implementation of sustainable policies for pollution prevention fundamentally result from not only internal management, but also from powerful stakeholders (like government involvement). Moreover, our study educates the policy makers regarding the social consequences of governmental withdrawal., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Khan et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

The establishment of green finance reform and innovation (GFRI) pilot zone is an important measure of the Chinese government to urge enterprises to develop green transformation. This paper explores the impact of pilot policies in the GFRI pilot zone on corporate environmental investment. Based on 819 A-share listed enterprises from 2010 to 2020, our staggered difference-in-differences (staggered DID) estimation documents revealed that enterprises in the GFRI pilot zone significantly increased the corporate environmental investment efficiency but reduced the scale of corporate environmental investment.This conclusion remained robust after Propensity Scores Matching difference-in-differences (PSM-DID), replacing dependent variables, and shortening the time window. We contend that the increased research and development (R&D) expenditure and technological innovation are the potential mechanisms at work. Heterogeneity analysis showed that the establishment of GFRI improved the environmental investment efficiency of polluting enterprises but had no effect on green enterprises.Meanwhile, the effect of GFRI exhibited heterogeneity in the type of enterprise ownership. This paper evaluates the implementation effect of GFRI from the perspective of corporate environmental investment, and provides theoretical support and an empirical basis for green finance policy to serve China's green economy., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Yang et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

This study investigates the impact of oil price uncertainty (OPU) on corporate profitability in China, the world's largest crude oil consumer. Most importantly, we examine how the Chinese government's oil price reform affects this relationship. Using the yearly data of Chinese-listed companies, we find that the uncertainty of oil prices negatively affects corporate profitability but positively impacts operating expenses from 2007 to 2020. This finding holds after robust tests, including alternative profitability metrics and endogeneity model. Most interestingly, implementing the 2013 market-oriented oil pricing reform amplifies the adverse impact of OPU on corporate profitability owing to increased operating costs in the post-2013 period. Moreover, the detrimental effect of uncertain oil prices on corporate profitability is less prominent for large-capitalized companies. This research adds to the body of knowledge on the factors affecting corporate profitability by highlighting the volatility effect of oil prices and government pricing mechanisms. The results offer grounds for legislators and corporate managers to consider how to control the uncertainty surrounding oil price matters to ensure stable corporate profitability., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Thi Huong Vuong et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Private sector plays an increasingly vital role in nature conservation globally. This study explores the concept of political embeddedness, which suggests that governments and environmental nongovernmental organizations (ENGOs) can leverage each other's strengths to achieve both formal and informal goals. Using the case of Laohegou Nature Reserve in China, this study illustrated how the complementary advantages of the government and ENGOs form the foundation of a land trust reserve. Within the case, the study found that power and interest balance between the government and ENGOs during project implementation supported their formal cooperation in nature conservation. This study proposed a political perspective to elaborate power and interest in the formal and informal dimensions of nature conservation public-private partnership (PPP) project. Moreover, it noted that a balance of power between the government and ENGOs is essential in building partnership networks with inclusive interests., (© 2023. The Author(s).)

The Chinese government has attached great importance to pollution emission reduction. Since public environmental preference plays an important role in curbing polluting emissions by companies, this paper aims to explore the impact of public environmental preference and government environmental regulation on corporate pollution emissions. The coordinating role of environmental preference in the implementation of environmental regulatory policies is analyzed using pollution emission data of Chinese enterprises. The results show that both environmental preference and environmental regulation have significant inhibitory effects on corporate pollution emissions. The inhibitory effects are achieved by promoting the green technology progress. With high environmental preference, environmental regulation can effectively curb corporate emissions. This paper is helpful for policy makers to formulate ecological and environmental protection policies and cultivate public environmental preferences., Competing Interests: Declaration of competing interest The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper., (Copyright © 2023 Elsevier Ltd. All rights reserved.)

Green credit is changing industrial structure and corporate behavior, but little attention has been paid to the relationship between green credit and corporate cash management behavior. Based on the typical fact that the allocation of traditional bank credit funds is biased towards heavily polluting industries and the exogenous impact event of green credit policy, this paper takes A-share listed companies in China's capital market from 2008 to 2015 as samples, and uses the DID model to investigate the impact of green credit policy on excess cash holdings of heavily polluting enterprises. The findings indicate that the green credit policy has reduced the excessive cash holdings of heavily polluting enterprises, suggesting that it can correct the issue and align their cash holdings with the requirements of normal production and operations. The mechanism test demonstrates that the green credit policy can alleviate agency conflicts and influence enterprise cash holdings. Moreover, a cross-sectional investigation reveals that the inhibitory effect of the green credit policy on cash holdings is more pronounced in large-scale and state-owned enterprises compared to small-scale and non-state-owned enterprises. Finally, an analysis of the economic consequences reveals that the green credit policy indirectly enhances corporate value by reducing excessive cash holdings. Based on this, banks and financial institutions continue to treat the credit granting of heavily polluting enterprises cautiously, optimize the structure of green financial products, fully consider the different types and nature of customers, and develop differentiated lending conditions and diversified evaluation mechanisms. This paper has enriched the research on the economic consequences of green credit and the influencing factors of corporate cash holdings, and provided policy enlightenment for regulators and listed companies to correctly understand and make full use of green credit policies to keep corporate cash stable through the crisis., Competing Interests: The authors declare that the research was conducted in the absence of any commercial or financial relationships that could be construed as a potential conflict of interest., (Copyright: © 2024 Ning et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Corporate water performance and sustainable development are currently vital focus areas for scholars. Therefore, this paper investigates the experience of Chief Executive Officers (CEOs) with water shortage influences corporate water performance by focusing on listed companies in water-intensive and high-water-risk industries in China between 2014 and 2019. This paper manually collected information relative to the cities and provinces where CEOs grew up to evaluate their early exposure to water shortages. Furthermore, this paper develops an evaluation scale, based on the Enterprise Water Conservation Evaluation Guide (GB/T 7119-2006), to compute the enterprise water management practices scores. These results will constitute the enterprise water performance evaluation score. Moreover, this paper focuses on CEOs who have experienced water resource shortages through a positive impact on the water resource performance of their companies. As for the findings, they demonstrate that CEOs who grew up in regions with higher water scarcity have a more pronounced positive effect on their water shortage experience through corporate water performance. Furthermore, CEO power intensity positively moderates the relationship between the CEO's water shortage experience and corporate water resource performance. Further investigation reveals generational differences in the impact of CEO water shortage experience on company water performance. CEOs, who grew up during periods with a higher incidence of droughts, demonstrate a more significant promoting effect on corporate water performance. To sum up, this study expands the understanding of factors influencing corporate water resource performance and deepens the knowledge of the early life experiences of CEOs., Competing Interests: Declaration of competing interest The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper., (Copyright © 2023 Elsevier Ltd. All rights reserved.)

The attitude of the Chinese government towards social organizations (SOs) is crucial, as it affects the management rule and development tendency of SOs. To research the rule of SOs' participation in social governance in China, this study used a new historical perspective, the institutional development perspective, to conduct its exploration. This perspective provides an accurate measure of the reality of the SOs' participation, as it involves a mixed research methodology using continuous data from 73 years of reports and content mining, as well as topic clustering analysis to reveal a macroscopic and multi-line picture. Using a co-word analysis of hundreds of reports, from 1949-2021, in the People's Daily, an official newspaper of the Communist Party of China, this study quantified changes in intensity, emotion, and content regarding social organization participation in social governance through topic distribution. Three trends were revealed: (1) "social-oriented character" and "organized-oriented character" were identified during the change in SOs; (2) the extent of being managed gradually strengthened and shifted from the Communist Youth League of China to the Community Party of China; (3) the goals of SOs shifted from general to innovated function in special charitable organizations. The institutional development perspective can complement the focus event perspective, including a new method, co-word analysis, to examine official Chinese media and validate the Administrative Absorption of Society (AAS) theory by identifying two lines of topic clustering trends. The attention distribution analysis in official media from an institutional development perspective can help explore the role of official media reports in analyzing the allocation of national attention and provide new analytical methods for big data mining to establish the social and organizational natures of SOs to optimize their roles. It offers a basis for modern social governance policy innovation in China., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2024 Liu et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Practicing ESG concept is a necessary way for sustainable development of enterprises and an important hand in realizing high-quality economic growth. This paper introduces the hypothesis of "distance attenuation effect" of geo-economics into the research field of corporate ESG performance, and systematically examines the impact of neighboring the Environmental Protection Agency (EPA) on corporate ESG performance by using the data of China's listed companies in the manufacturing industry from 2011 to 2021. It is found that being a neighbor to the EPA has a significant inhibitory effect on corporate ESG performance, which was reduced by 0.196% when the distance between the two was reduced by every 1 km. And the inhibitory effect has a stepwise decreasing characteristic, i.e., it is the strongest at the level of county EPA, followed by municipal EPA, and the smallest at the level of provincial EPA. The mechanism analysis shows that the rent-seeking behavior caused by neighboring with EPA is an important reason for the decline of ESG performance, which verifies the "distance attenuation effect" of rent-seeking difficulty. Although neighboring the EPA improves firms' financial performance, it greatly harms firms' environmental, social and governance performance, which confirms the profit-seeking motive of firms' rent-seeking. In addition, the deterrent effect generated by third-party supervision and digital supervision can inhibit corporate rent-seeking to a certain extent, which helps weaken the negative impact of neighboring the EPA on corporate ESG performance., Competing Interests: Declaration of competing interest None of the authors have a conflict of interest., (Copyright © 2023 Elsevier Ltd. All rights reserved.)

Financial performance is a critical aspect of a company's overall health and sustainability. It directly influences investor decisions, stock market performance, credit ratings, and the company's ability to access capital. Corporate financial performance is influenced by multitude of facts, both internal and external such as disclosure of the information, and social and environmental factors. On the ground of the facts, we aimed to investigate non-financial firms that belong to Asian economies affected by climate policy uncertainty and corporate social responsibility disclosures in terms of their financial performance. To conduct quantitative study analysis, we used the two effective statistical tools such as two-stage regression method and generalized method of movement (GMM). Our results show that corporate high value of social responsibility disclosure and climate policy uncertainty has significant negative impact on return on asset (ROA) of the listed organizations of China, Pakistan, and India. Moreover, CSR disclosure attributes higher values such as social (SC) and governance score (GOV), and climate policy uncertainty (CPU) has significant negative relationship with return on equity (ROE) and earning per share (EPS) respectively, while a higher value of ESG total score and the environmental (ENV) score has a significant positive impact on ROE and EPS. Additionally, the research concludes that climate policy uncertainty is a key factor that motivates CSR disclosure practices, which ultimately improves corporate financial performance. Moreover, we concluded from our finding that the climate policy uncertainty creates ambiguity surrounding government regulations, international agreements, or market mechanisms that affect financial performance. Moreover, environmental disclosure information that has the large part in total ESG scores attract the investors around the globe which leads to rise in the financial performance, while the other attributes of the CSR disclosure decrease performance. This study advocated the great implications for researchers, investors, the government, and regulatory authorities. Policy makers can make the policy about the CSR disclosure for creating the good image of the organization to attract investors around the globe., (© 2023. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

This study examines the impact of financialization and product market competition on the corporate social responsibility (CSR) engagements in sports goods manufacturing industry. Utilizing a dataset of China's listed firms, we employ textual analysis to identify organizations within this sector and create a panel data model to analyze the determinants of CSR engagements. Our empirical findings reveal that financialization and product market competition positively influence shareholder-related CSR engagements. Additionally, product market competition enhances the effect of financialization on these engagements. Conversely, a negative correlation exists between product market competition and stakeholder-related CSR engagements. Moreover, firms not categorized as State-Owned Enterprises (SOEs) or within high-pollution industries show a positive response in CSR engagements to both financialization and product market competition. Our results also highlight that managerial compensation and financial constraints modify the impacts of financialization and product market competition on shareholder-related CSR engagements. Collectively, our findings shed light on the challenges that sports goods manufacturing firms face in aligning their primary goals with CSR commitments., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2023 Guo et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Enterprise digitalization and intellectualization (EDI) is a crucial aspect of China's modernization process. However, uncertainty in market and business decisions hinders the EDI diffusion process in China. Therefore, this research aims to solve the uncertainty problem of EDI diffusion by examining market demand and government policy coordination. First, we utilize complex network game theory and establish a technology-organization-environment framework for the factors that influence the elements of EDI transformation by combining evidence from existing studies. Second, the network game model is constructed to analyze and optimize the updating rules in the network as a diffusion strategy that enterprises under the uncertain market can adopt. Finally, the impact of adjusting government subsidies and different premiums on the diffusion of EDI transformation strategies is examined. The degree of market diffusion and average revenue of EDI are higher after the optimization of network node strategy updating rules compared to before optimization. Further analysis reveals that only the premium effect of product pricing and inverted U-shaped subsidy support from the government affect the degree of market diffusion and the average revenue of EDI, while the other premium effects are not significant. These findings enrich research related to complex networks and nonlinear dynamic strategies. They also indicate recommendations for government policies to enhance diffusion efficiency and reasonable pricing for enterprises to promote returns., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2023 Hu et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

With the development of non-performing assets market and the requirement of maintaining national financial security and stability, asset management corporations (AMC) have set up in recent years, facing the dilemma of governance reform and competitiveness improvement. This paper puts forward the Governance-Performance-Competitiveness theory of asset management corporations, and constructs the comprehensive competitiveness evaluation index system of based on internal and external governance mechanisms, and studies the factors and degrees of internal and external governance affecting competitiveness by combining principal component analysis method and grey correlation analysis method. The empirical results show that the asset scale and profitability of asset management corporations directly determine their competitiveness level to a large extent, and the correlation between external governance mechanism and competitiveness is stronger than that of internal governance mechanism. Clustering and grouping are conducted based on the size of competitiveness, and China's local asset management corporation system presents a diamond structure. China's local financial asset management corporations should strengthen the top-level design of internal governance, attach importance to external governance, expand and strengthen the asset scale, and carry out full-chains business while implementing a differentiated development model to achieve sustainable development when adhering to the principal business of non-performing assets., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2023 Huang, Su. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Environmental, social, and governance (ESG) has emerged as a widespread concern for all societal segments. This study aims to explore the influence of network attention on corporate ESG practices from an investor perspective. We find that rising network attention significantly increases corporate ESG practices. Specifically, network attention plays the role of external monitoring, image promotion incentives, and mitigation of financing constraints to make companies willing to challenge ESG practices. Additionally, the promoting effect of network attention on firms' ESG practices was more significant in higher marketization processes, severely competitive industries, and non-state enterprises. In the internet era, companies must pay attention to the flow effect caused by network attention, meet stakeholder demands, and pursue long-term sustainable development., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2023 Xie, Cao. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Safety management is a key issue in the railroad industry that needs to be continuously focused on. And it is essential to study causes of accidents for preventing accidents. However, there is a limited academic discussion on the systematic study of organizations and accidents, as well as their safety-related interactions and accidents, as opposed to human-caused disasters. Thus, the model of China's railway safety supervision and management system by sorting out the existing organizations involved in management in China is established in this paper. Firstly, social forces and auxiliary enterprises are specifically added to the model. And then, the relationship between organizations and accidents, as well as the relationship between safety interactions among organizations and accidents are explored by analyzing 224 accident reports, which led to 4 principles for accident prevention. Finally, based on these principles, measures to secure organizational nodes, as well as measures to promote safe interactions among organizations are proposed. The results showed that: (1) China Railway node is not only the most critical node in the safety supervision and management system but also the most vulnerable to the influence of other nodes. (2) The accident occurred due to the simultaneous occurrence of an accident at the China Railway node and the social force node. (3) When there are often safety risks in auxiliary enterprises and social forces simultaneously, the government's management is likely to be defective. The findings in this study can provide helpful references not only for improvement of safety management system structure and supervision and management mechanism but also for the formulation of safety supervision and management policies in China and other countries., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2023 Liu et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Social responsibility fulfilment is an important part of the operation management (OM) and competitiveness of the construction industry (CIC). This study investigates the mechanisms through which social responsibility fulfilment in the construction industry affects industry competitiveness and the mediating role of industry operations management. From the intra-organizational stakeholder perspective, social responsibility fulfilment (SR) is divided into two dimensions: shareholder-dimensional (SH) and employee-dimensional social responsibility fulfilment (EM). By analysing a panel of the construction industry in 12 provinces of China from 2015 to 2020, an inverted U-shaped relationship between social responsibility fulfilment and construction industry competitiveness and between shareholder-dimensional social responsibility fulfilment and construction industry competitiveness was found, while a U-shaped relationship between employee-dimensional social responsibility fulfilment and construction industry competitiveness was found. Furthermore, social responsibility fulfilment and shareholder-dimensional social responsibility fulfilment had significant effects on operation management. Additionally, the study concludes that operation management is positively related to construction industry competitiveness and plays a partially mediating role between social responsibility fulfilment and construction industry competitiveness. The findings enrich the theoretical basis of the relationship between social responsibility fulfilment and competitiveness and demonstrates important management significance for the construction industry in managing its social responsibility behaviour and improving industry competitiveness, thus promoting high-quality development of the construction industry., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2023 Shu, Duan. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

This study addresses an under-researched area in corporate behavior by examining the impact of a CEO's cultural background on corporate overinvestment decisions. We focus on the unique cultural dichotomy between northern and southern China as our context of study. Additionally, we scrutinize the interactions between a CEO's age and the type of company ownership in influencing overinvestment tendencies. Our aim is to enrich theoretical understanding of factors influencing corporate overinvestment, offering practical implications for businesses within and beyond China. By filling this gap in the literature, our study sheds light on the nuanced determinants of overinvestment decisions, aiding businesses in refining their investment strategies and governance mechanisms., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2023 Tang et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Our paper focuses on how firms strategically respond to environmental regulations on environmental actions. Given the greater discretion in environmental information disclosure and relaxed environmental regulations enforcement in China, we propose that firms tend to say more while do less to obtain environmental legitimacy, namely corporate environmental actions decoupling. Using a sample of 5422 Chinese firm-year observations over the period of 2012-2018, we document that stringent environmental regulations contribute to a significant inconsistency between environmental reporting and actual environmental performance. Moreover, we demonstrate that this inconsistency is exacerbated when firms possess greater bargaining power and fewer financial resources. Our paper not only advances the understanding of how firms navigate external regulations by examining the tradeoffs between symbolic and substantive actions, but also sheds light on factors influencing decoupling/greenwashing practices from the perspective of government-business relations in China, and potentially in other emerging economies., Competing Interests: Declaration of competing interest The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper., (Copyright © 2023 Elsevier Ltd. All rights reserved.)

China's stimulus policies have caused overleveraging and overcapacity for the sustainable development of most industries (particularly high-pollution and energy-intensive industries). Thus, deleveraging and decapacity have become the two best options for the above industries to achieve long-term sustainable development. Based on China's A-share listed companies from 2009 to 2019, this study investigated the effect of deleveraging and decapacity on corporate capital allocation using fixed effects, propensity score matching (PSM) and difference-in-differences (DID). A homogeneity analysis of geographical and firm characteristics was also conducted. The results show that: (1) Deleveraging and decapacity can significantly increase financial capital allocation by 3.67%, and decapacity can increase investment-related capital allocation by 0.63%. This indicates asset allocation optimization for sustainable development. (2) High asset reversibility can weaken the effect of deleveraging on financial capital allocation while strengthening the effect of decapacity on capital investment. (3) The impact of deleveraging and decapacity may vary among companies due to heterogeneous asset reversibility resulting from geographical locations and technological intensities. Given the current global energy crisis, optimizing capital allocation has become essential in addressing resource shortages and achieving long-term sustainable development. This study may provide a reference for alleviating corporate capital misallocation., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2023 Jia et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Background: Publicity is a common form of governance in government and is even more important in contingency management, especially during the COVID-19 pandemic. Publicity has two sides, the main body of publicity is led by the government, the object of publicity is the response to the public. So, publicity exists in the "government-society" field. Our aim was to find out how governments have been able to achieve effective publicity in the COVID-19 and to promote the active participation of society in governance., Materials and Methods: We adopted a case study approach. Taking Chongqing Municipality as an example, we collected 201 messages from five forms of publicity, including cell phone SMS, village (community) broadcast, publicity placards or banners, official websites, and government media platforms during the period of 2020-2021, and described and analyzed the publicity content of different forms of publicity., Results: During the whole period of the COVID-19, the publicity governance under contingency management showed the characteristics of focusing on administrative efficiency, social efficiency and post-social efficiency, and showed specific publicity governance functions such as mobilization and control, education and clarification, cultivation of public consciousness and shaping government credibility., Conclusions: Publicity governance in contingency management during the COVID-19 pandemic emphasizes three effective approaches: time synchronization, organizational scale, and interaction among multiple advocacy agents. This can extend the existing government-centered research to the level of interaction between the government and society, and help the government to better use effective publicity to achieve the governance task under contingency management., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2023 Wang, Peng. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

The carbon emission reduction behaviour of enterprises is a crucial element for achieving the "double-carbon" target. Based on the panel data of China's Shanghai and Shenzhen A-share nonfinancial listed companies from 2008 to 2022, this paper explores the impact of corporate carbon emission reduction on financing constraints using the fixed effect model and further dissects the path and heterogeneity of its impact. The results show that carbon emission reduction can significantly alleviate the level of financing constraints. The path test shows that corporate carbon emission reduction alleviates financing constraints through gaining business credit, improving information transparency, and increasing government subsidies. The heterogeneity analysis shows that carbon emission reduction in less economically developed regions, non-heavily polluting industries, and nonstate-owned enterprises has a better effect on alleviating financing constraints than in economically developed regions, heavily polluting industries and state-owned enterprises. Additionally, relevant policy recommendations are put forward, which are conducive to promoting enterprises to actively reduce carbon emissions and facilitate the achievement of the dual carbon goal., (© 2023. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

Research problem: This study investigates the way in which large Chinese firms communicated occupational fatalities in corporate social responsibility (CSR) reports. Research questions: 1. Did the sample firms disclose information about workplace fatalities in their CSR reports? 2. What communicative strategies were used in the disclosure for the purpose of self-legitimation? 3. How were these strategies manifested linguistically and rhetorically? Literature review: The study is based on legitimacy theory, which suggests that when reporting bad news, firms may use communicative strategies to maintain or restore organizational legitimacy. Previous studies of negative CSR disclosures focus more on information selection and omission than on information presentation. A lack of consideration of actual organizational performance in some studies also makes it less feasible to account for strategies that firms use to misrepresent reality. Methodology: The study compared CSR reports issued by Fortune 500 Chinese firms with the firms’ reports of fatal occupational incidents to see whether the incidents were reported faithfully. An integrated analytical framework of legitimation strategies, developed from previous studies of legitimation in organizational communication, was applied to the analysis. Results and conclusions: Most firms disclosed their fatality incidents. Legitimation strategies—in particular, positive performance evaluations and corrective actions—were used by the firms to de-emphasize or minimize the bad news. This study calls for greater attention from CSR monitors and professionals to information presentation as an important indicator of report quality. The findings are limited to one type of CSR disclosure and to the firms that were examined. [ABSTRACT FROM AUTHOR]

This study employs a multilevel model, nesting firm observations within industry and province groups, to investigate the influences on corporate contributions to poverty alleviation while considering the industrial and provincial contexts. Using a sample of Chinese firms listed in Shanghai and Shenzhen Stock Exchanges between 2016 and 2019, we find that Herfindah-Hirschman Index (HHI) does not affect corporate contribution. The results show a significantly negative relationship between industry dynamism and a firm's substantial poverty contributions, as well as a significantly positive relationship between number of state-owned enterprises (SOEs) in industry and the likelihood and extent of a firm's contributions. Moreover, a firm's likelihood to participate in anti-poverty activities and make substantial contributions is affected by more intense government intervention and lower per capita GDP. A province's poverty rate is positively associated with the extent of corporate investments in poverty alleviation. Additional analyses note that firms competitive in an industry that is less dynamic environment are more likely to invest funds into poverty alleviation instead of material contribution. Moreover, for firms headquartered in an industry with more SOEs and in provinces with a stronger government, a higher poverty rate and lower per capita GDP mean it is more likely for them to make both monetary and material contributions for anti-poverty campaigns., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2023 Chen, Yang. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Local government debt plays a vital role in achieving financial financialization and regional economic growth. However, the environmental side effects of the debt-financed infrastructure development model have received little attention. Using a large panel data of Chinese enterprises from 2007 to 2016, we explored the relationship between local government debt in terms of urban investment bonds and corporate pollution emission. We observe that the increase in local government debt exaggerates the intensity of COD emission, equal to 26% of the average. This pollution-promoting effect remains after a series of robust checks. In heterogeneous analysis, local government debt is more likely to affect enterprises located in coastal areas, from pollution intensive industry, operating in regions with weak fiscal strength and operating in regions with low governance quality. The mechanistic exploration from government environmental governance and financial constraint reveals that the local government debt increases corporate pollution when the local fiscal finance emphasizes economy over environmental governance, which has been alleviated after the central government advocates the construction of an environmentally friendly and resource-saving society; An increase of corporate pollution is also possible when local government debt increases the financing constraints of enterprises. We also unveil the source of corporate pollution, and find that if enterprises do not actively adopt environmental strategies either in terms of "end-of-pipe" or "source prevention", they choose to emit more to face with the onslaught of local debt. This study uncovers the environmental impacts of government debt, and explores the potential mechanisms, which can help reduce pollution from local government debt and achieve global climate governance., Competing Interests: Declaration of competing interest The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper., (Copyright © 2023 Elsevier Ltd. All rights reserved.)

Social Media is an important means of communication with audiences around the world. The purpose of this study was to explore whether GM-a famous US auto company adapts its US Cultural values to suit the prevalent cultural values of its Chinese stakeholders on Chinese social media. Content analysis was used to evaluate the cultural content of GM Company's posts on Weibo and Twitter. Although influenced by the special features of the car industry, there is still enough evidence that the communication style of the US auto Company makes cultural adaption on Chinese social media, reflecting more Chinese prevalent cultural values., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2023 Xu, Duan. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Innovation has emerged as a crucial factor in the sustenance and growth of enterprises. Nonetheless, small and medium-sized enterprises (SMEs) confront numerous challenges in their pursuit of innovation, owing to constraints in capital, expertise, and knowledge resources. Drawing on the resource-based theory and the input-process-output (IPO) model, this study devises a mechanism model to assess the impact of knowledge heterogeneity and innovation performance on small and medium-sized manufacturing enterprises in Guizhou Province, China. The objective is to offer recommendations for the advancement and innovation of enterprises with relative knowledge resource deficiencies. A total of 324 valid questionnaires were gathered, and the acquired data were analyzed employing SPSS 23.0 and Amos 26.0. The findings reveal that knowledge heterogeneity exerts a significantly positive influence on innovation performance. Task conflict and relationship conflict serve as partial mediators in the effects of knowledge heterogeneity on innovation performance. By capitalizing on the heterogeneity of internal and external knowledge, enterprises can effectively enhance their innovation outcomes. Furthermore, the study demonstrates that knowledge sharing possesses a moderating effect on the impact of knowledge heterogeneity on task conflict, relationship conflict, and innovation performance. In a conducive sharing environment, the ultimate effect of knowledge heterogeneity on innovation is subject to alteration., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2023 Gan et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Continued conflict flare-up and lingering supply bottlenecks in recent years highlight the importance of corporate risk management. Based on stakeholder theory and legitimacy theory, this study investigates whether Environmental, Social, and Governance (ESG) disclosure, as well as its three pillars, helps hedge against the cash flow risk. Using the data of A-share listed firms in China over the period 2011-2021, our results show that ESG disclosure serves to tame the fluctuations in cash flow, especially in the long run. A one-point increase in the ESG disclosure score lowers the volatility of 1-year and 5-year cash flow rate by 0.014 and 0.020, respectively. In addition, we find that media attention, as an essential intermediary and external supervisor, strongly reverses the positive effect of environmental information disclosure on cash flow risk, while such an effect disappears for social and governance pillars. Further analysis indicates the weak performance of ESG disclosure for SOEs and SMEs., Competing Interests: Declaration of competing interest The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper., (Copyright © 2023 Elsevier Ltd. All rights reserved.)

This paper aims to examine the impact of executive compensation incentive on corporate innovation capability by dividing executive compensation incentive into short-term monetary incentive and long-term equity incentive. We also investigate the interaction between the two types of executive compensation incentive. Data are collected from China's agro-based companies during 2012-2019, and multiple regression analysis is utilized. The empirical results show that short-term monetary incentive has no impact on innovation capability, while long-term equity incentive stimulates innovation capability. Regarding company ownership, the impact of long-term equity incentive in state-owned enterprises is greater than that in private-owned enterprises. In addition, the complementary effect between short-term and long-term compensation incentive has a positive impact on innovation capability regardless of company ownership. The findings of this paper could help agribusiness managers to design the reasonable incentive system to incentivize corporate executives and enhance the capability of independent innovation., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2023 Shang et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Innovation has become the driving force behind China's economy's sustainable growth. Due to the efficient transmission of taxation leverage, preferential tax policies are frequently used to stimulate innovation. Therefore, the incentive effect of preferential tax policies on sustainable innovation has gradually become the focus of attention. This paper takes the 2016-2019 China A-share listed high-tech enterprises as a sample, calculates tax incentive intensity with the aid of B-index, and studies the incentive effect of preferential tax policies on the sustainability of corporate innovation. This study shows that: (1) Tax incentive intensity has a positive incentive effect on corporate sustainable innovation. (2) The R&D expenses plus deduction policy and the preferential tax rate policy can significantly enhance corporate sustainable innovation, but there is a substitution effect between them. (3) Based on the heterogeneity of institutional environment and enterprise characteristics, the incentive effect of tax preferential policies is more obvious in enterprises which are non-state-owned and in areas with low government intervention and sound legal system. However, the incentive effect of different types of preferential policies differs in the size of the enterprise. This study will provide reference for the improvement of preferential tax policy system and the optimization of innovation policy environment., (© 2023. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

Government (especially local government) plays an important role in China's economic growth, the government is made up of officials, corporates are participants and the driving force of market economy, therefore, ignoring officials may not be able to directly explain the mechanism of corporate growth. This paper intends to discover how officials' promotion expectation may be beneficial for corporates-directly and/or indirectly via corporate strategic deviance-in terms of corporate growth. We conduct an empirical analysis of Chinese listed companies to test these arguments, the results show that officials' promotion expectation has a significantly positive impact on corporate growth; corporate strategic deviance has a mediating effect on the relationship between officials' promotion expectation and corporate growth; compared with non-state-owned enterprises, corporate strategic deviance has less influence on state-owned enterprises' growth. Our research generates a more comprehensive understanding of the political stakeholders-corporate growth relationship, provides direct evidence for the positive role of officials in corporate growth and expands the mediating research of corporate growth., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2023 Li, Fang. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

Background and Objectives: Addressing climate change and reducing greenhouse gas emissions have emerged as shared global objectives. Enhancing the development performance of low-carbon cities has become an urgent and widely acknowledged concern for both government policy-making departments and academics. Drawing upon the complex grouping perspective and resource allocation theory, this study investigates how varying conditions related to technology, organization, and environment in Chinese low-carbon pilot cities can effectively allocate resources to shape the governance performance of low-carbon cities., Methods and Data: This paper employs a comprehensive grouping analysis perspective, treating the research object as a combination of various ways between condition variables. It integrates the advantages of case studies and variable studies, and investigates the collective relationships between elemental groupings and outcomes using the fsQCA analysis method. This approach facilitates the understanding of multiple concurrent causal relationships within the technology-organization-environment (TOE) framework, accounting for different performance levels in Chinese low-carbon pilot cities, as well as addressing complex causal issues such as asymmetry and multiple scenario equivalence. Data from 30 representative low-carbon pilot cities in China were employed to validate the TOE theoretical framework., Conclusion: No single element alone can be considered a necessary condition for low-carbon city governance performance. However, environmental enhancement plays a more prominent role in the governance performance of low-carbon cities. Additionally, the presence of "multiple concurrent" technical, organizational, and environmental conditions leads to a diverse range of governance performance in Chinese low-carbon pilot cities. In other words, the driving paths of low-carbon city performance exhibit distinct pathways., Contribution: The findings of this study can assist low-carbon pilot city managers in generating effective governance ideas, facilitating the successful implementation of low-carbon city pilot projects, and drawing valuable lessons from the experience of low-carbon city development in China., Competing Interests: The authors have declared that no competing interests exist., (Copyright: © 2023 Chen et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.)

The US is expanding public investment in the technology-based industries, including the life sciences, in a move driven by anger, fear, and hope. Anger at high drug prices is leading to downward pressures and eroding traditional private-sector funding for research and development, fear of China's technological and political ambitions is creating bipartisan support for intervention, and the successful development of COVID-19 vaccines has spurred hope for analogous publicly funded breakthroughs in other therapeutic domains. The instruments of industrial policy used by other nations include grants for scientific research, equity investments in start-ups, tax incentives for corporate research and development, credit guarantees for asset-intensive sectors, governmental procurement, and product pricing. In the face of ever-stronger competition, if the US is to retain its leading position in the life sciences, public policy must consider competition among nations as well as among firms. This article analyzes emerging innovation and industrial policy in the three principal sectors in the life sciences: research universities and laboratories; entrepreneurial startups and "scale-ups," and large pharmaceutical and medical device corporations.

Against the background of building a multi-environmental co-governance system, it is of great importance to systematically explore how public environmental attention (PEA) affects corporate green innovation (GI). Based on the panel data of Chinese A-share listed enterprises of heavily polluting industries from 2013 to 2020, this paper empirically explores the role of PEA in GI and examines the moderating impacts of media visibility and media favorability. The results indicate that the higher degree of public environmental attention, the more corporate green innovation. After adopting alternative explained variable, instrumental variable analysis and other methods, this conclusion still remains robust. This study also finds that both media visibility (MV) and media favorability (MF) generate significantly positive moderating impacts on the relationship between PEA and GI. Moreover, threshold model tests show that with the increase of MV, the promoting effect of PEA on GI is significantly enhanced, while there exists no threshold for MF. Furthermore, the heterogeneity analysis indicates that PEA mainly prompts symbolic green innovation of enterprises, and the PEA-GI relationship is more obvious in non-state-owned companies and regions with higher marketization process., (© 2023. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

This paper uses the sample of all A-share listed companies in China's securities market except insurance and financial enterprises from 2009 to 2021 to construct a long panel data, and explores whether the environmental investment of enterprises will promote their long-term sustainable development in China's unique and superior institutional and cultural environment from the perspective of Marxist ecological civilization. On the basis of controlling measurement errors, omitted variables, and endogenous problems of mutual causality to ensure the robustness of the research results, and further distinguishing the heterogeneous effects of environmental investment and sustainable development of enterprises in different degrees of market-oriented environment, the empirical study shows that (1) there is a significant positive relationship between environmental investment and sustainable development of enterprises. That is to say, environmental investment can help enterprises obtain social capital, alleviate resource constraints, enhance their market performance, and thus help their sustainable development in the future; (2) environmental protection investment has a significant positive impact on the sustainable development of enterprises in the mature market environment, while in the relatively backward market environment, environmental protection investment has no significant role in promoting the sustainable development of enterprises. This paper enriches the literature on corporate environmental investment, makes a preliminary test of the implementation effect of sustainable development in China, and provides more detailed empirical evidence for the government to further guide the implementation and implementation of corporate environmental responsibility., (© 2023. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

Under the dual pressure of environment and employment, it has been a hot topic whether government departments can achieve the double dividend of "environmental improvement" and "employment promotion" via reasonable market-based environmental regulation. In light of the exogenous policy event of the carbon emission trading scheme (ETS), this study investigates the impact of ETS on the corporate labor investment efficiency of a sample of industrial companies listed in China's A-share from 2007 to 2020. The study reveals that the ETS can significantly improve corporate labor investment efficiency. Further research finds that the promotion of green technology innovation and alleviation of financing constraints as crucial mechanisms by which ETS affects corporate labor investment efficiency; the ETS improves the corporate labor investment efficiency more significantly in enterprises with a lower marketization degree, lower labor intensity, and non-state-owned enterprises. The improvement of labor investment efficiency by the ETS is associated with the amelioration of labor under-investment and suppression of over-investment. Furthermore, the improvement of labor investment efficiency by the ETS can enhance enterprises' productivity. In light of these findings, this study provides suggestions for the improvement of ETS from the microscopic perspective of firms and offers ideas for the improvement of corporate labor investment efficiency., (© 2023. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)