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Purpose This study aims to explore the moderating role of board gender diversity (BGD) in the relationship between corporate governance mechanisms (i.e. board size, board independence, chief executive officer (CEO) gender, CEO duality and ownership concentration) and firm risk-taking. Design/methodology/approach Using a sample of 192 non-financial publicly traded Italian firms over 2014–2018, this study tests the proposed research hypotheses and assess the moderating effect of BGD. Findings Drawing on agency theory and resource dependence theory, this study finds a significant relationship between corporate governance mechanisms and firm risk-taking, which is significantly moderated by BGD. BGD accentuates the negative effect of board size, independent directors, CEO gender and CEO duality on firm systematic risk and attenuates the positive impact of CEO duality on firm unsystematic risk. The results, which are consistent with the risk-reduction effect of BGD, are robust to the use of alternative measures of firm risk-taking. Practical implications Women’s presence on corporate boards plays a critical role in the board’s involvement in risk-taking. Hence, investors and stakeholders should consider women on corporate boards as a crucial risk-mitigating factor. Originality/value This paper contributes to our knowledge on risk management by demonstrating the moderating role of BGD while relating corporate governance mechanisms and firm risk-taking.

This paper examines the role of debt financing in the relationship between corporate governance and research and development (R&D) investment using a sample of publicly traded U.S. pharmaceutical firms from 2009 to 2018. The results show a positive and significant association between corporate governance mechanisms (such as board size, board independence, board gender diversity, and ownership concentration) and R&D investment and a negative and significant association between debt financing and R&D investment. In addition, we show that debt financing plays a moderating role and a partial mediating role in the relationship between corporate governance mechanisms and R&D investment. Specifically, debt financing attenuates the negative effect of board size on R&D investment and accentuates the positive effect of ownership concentration on R&D investment. Our study helps to shed light on a close and complex relationship existing between the firm’s choices of corporate governance, debt financing, and R&D investments, which the previous literature has so far examined in a partial and fragmented way. To ensure effective R&D investment, firms need to consider the effect of debt financing on corporate governance decisions.

The polio is the longest PHEIC and the continued occurrence of outbreaks of cVDPV would put further risks globally. The binary nature of PHEIC declarations would not support the continued polio PHEIC due to the requirement of tiered or graded strategies to combat such diseases.

This paper aims to analyze bank credit risk disclosure practices in two different geographical contexts characterized by a homogeneous regulatory framework (Canada and Italy), by means of a qualitative content analysis methodology. We employ an innovative approach, which allows us to investigate both the qualitative and quantitative profiles of disclosures. Unlike an entirely quantitative approach, this comprehensive methodology allows us to analyze in depth the disclosure practices of Canadian and Italian banks and detect their commonalities, differences, points of strength, and weaknesses. Our results show that although there are some variations in the disclosure practices of Canadian and Italian banks, the quality of their disclosures is not significantly different. Among the most relevant differences, it emerges that while Italian banks provide more comprehensive disclosures, Canadian banks offer a more holistic view on credit risk. We contribute to the scant literature on credit risk disclosure by identifying room for improvement for both Canadian and Italian banks.

Depuis la nuit des temps, les plantes ont été la source principale de molécules bioactives, tels les composés phénoliques, capables de remédier à diverses maladies. Cependant, le contenu et l’activité des polyphénols dépendent d’un certain nombre de facteurs intrinsèques et extrinsèques. Dans le but d’optimiser les procédés d’obtention des principes actifs de la verveine (Verbena officinalis), les effets de la provenance de la plante, du solvant et de la méthode d’extraction ont été évalués. Ainsi, la partie aérienne de V. officinalis a été collectée dans deux régions différentes de la Tunisie (Bizerte et Ain Draham). L’extraction a été réalisée par macération, décoction et par l’appareil de Soxhlet tantôt avec de l’eau tantôt avec de l’éthanol pur. Une variabilité significative des teneurs en composés phénoliques ainsi que des capacités antioxydantes et antimicrobiennes des extraits a été observée en fonction des facteurs étudiés. De manière générale, les extraits éthanoliques sont plus riches en composés phénoliques et présentent des activités antioxydantes plus fortes que les extraits aqueux. Cependant, vis-à-vis de différentes souches pathogènes, les extraits aqueux sont souvent au moins aussi puissants que les extraits éthanoliques pour inhiber la croissance bactérienne in vitro. De plus des différences notables sont observées selon que V. officinalis provient de la région de Bizerte ou d’Ain Draham. Ces résultats montrent que la prise en compte de plusieurs paramètres est nécessaire pour optimiser l’efficacité des procédures d’extraction des molécules bioactives de V. officinalis.

Highlights • GVAP provided a comprehensive and coherent global framework for immunization. • Much progress was achieved under GVAP, although most GVAP goals will not be met. • GVAP was perceived as top-down, with too little consideration of country context. • GVAP was only partially implemented, and it had limited levers to influence country actions. • Many targets were seen as unrealistic, particularly in the absence of additional funding. • Lessons learned from GVAP can inform the Immunization Agenda 2030., The Global Vaccine Action Plan 2011–2020 (GVAP) was developed to realize the ambitions of the Decade of Vaccines – that all individuals and communities enjoy lives free from vaccine-preventable diseases. It included a comprehensive monitoring and evaluation/accountability framework to assess progress towards global targets with recommendations for corrective actions. While many of the GVAP targets are very unlikely to be met by the end of 2020, substantial progress has nevertheless been made, establishing a strong foundation for a successor global immunization strategy, the Immunization Agenda 2030 (IA2030). The Strategic Advisory Group of Experts on immunization has made a series of recommendations to ensure that the lessons learned from GVAP inform the development and implementation of IA2030.

Several countries have started to introduce the HPV vaccine into their national immunisation programme, with the majority of these countries being high or upper-middle income countries. Currently, 91 countries have introduced the HPV vaccine globally. One of the regions lagging behind in the introduction of the HPV vaccine is the Eastern Mediterranean Region, with currently only Libya and the United Arab Emirates having introduced the HPV vaccine. In order to support countries in the Eastern Mediterranean Region with their decision-making process for HPV vaccine introduction, a regional workshop was organised to explore the current status of HPV vaccine introduction plans in the Eastern Mediterranean countries, gaps in information about HPV disease burden in the region and the need for quality HPV data to make an informed decision to introduce the HPV vaccine, socio-cultural and religious challenges with HPV vaccine introduction, and the role of NITAGs in formulating recommendations for HPV vaccine introduction. Participating countries reflected on their respective status of decision making process about HPV vaccine introduction; they discussed any needs for operational research to support the decision-making process; and highlighed technical and financial support that might be required from partners to assist with HPV vaccine introduction. Recommendations were made on how to advance the decision-making process for HPV vaccine introduction. The workshop increased the awareness of the need of data on burden of disease and the associated benefits of HPV vaccination in Eastern Mediterranean countries. The importance of collaboration between different programmes including: immunisation, adolescent health, school health, sexual and reproductive health and cancer control programmes was clearly emphasized. (C) 2019 Elsevier Ltd. All rights reserved.

In this work an arc model is employed along with electric and spectroscopic measurements to study DC electric arcs in Ar and CO2. The model is aimed at describing the arc and the electrodes. Simulation and experimental results are shown for currents between 150 A and 210 A.

Since ancient times, plants have been the main source of bioactive molecules, such as phenolic compounds, capable of remedying various diseases. However, polyphenols' content and efficiency vary greatly as a function of several intrinsic and extrinsic factors. To optimize the procedure for the extraction of active molecules from the medicinal plant Verbena officinalis, effects of the plant origin, selected solvent, and extraction method were assessed. V. officinalis aerial parts were collected in two different regions of Tunisia (Bizerte and Ain Draham), and their bioactive molecules were extracted by maceration, decoction, and by the Soxhlet apparatus, either with water or with ethanol. Significant variability in the extracts' contents of phenolic compounds as well as their antioxidant and antimicrobial capacities were noted depending on the different studied factors. In particular, ethanol extracts were found to generally contain higher concentrations of phenolic compounds and more potent antioxidant capacities than water extracts. However, when tested against various pathogenic bacteria, water extracts were most often at least as active as ethanol extracts to inhibit bacteria growth in vitro. Finally, differences were also observed between V. officinalis samples from Bizerte compared to Ain Draham area. All of these results emphasize the need of adapting various parameters for the optimal extraction of bioactive molecules from a medicinal plant such as V. officinalis.Évaluation de différents procédés d’extraction des composés phénoliques d’une plante médicinale : Verbena officinalis.Depuis la nuit des temps, les plantes ont été la source principale de molécules bioactives, tels les composés phénoliques, capables de remédier à diverses maladies. Cependant, le contenu et l’activité des polyphénols dépendent d’un certain nombre de facteurs intrinsèques et extrinsèques. Dans le but d’optimiser les procédés d’obtention des principes actifs de la verveine (Verbena officinalis), les effets de la provenance de la plante, du solvant et de la méthode d’extraction ont été évalués. Ainsi, la partie aérienne de V. officinalis a été collectée dans deux régions différentes de la Tunisie (Bizerte et Ain Draham). L’extraction a été réalisée par macération, décoction et par l’appareil de Soxhlet tantôt avec de l’eau tantôt avec de l’éthanol pur. Une variabilité significative des teneurs en composés phénoliques ainsi que des capacités antioxydantes et antimicrobiennes des extraits a été observée en fonction des facteurs étudiés. De manière générale, les extraits éthanoliques sont plus riches en composés phénoliques et présentent des activités antioxydantes plus fortes que les extraits aqueux. Cependant, vis-à-vis de différentes souches pathogènes, les extraits aqueux sont souvent au moins aussi puissants que les extraits éthanoliques pour inhiber la croissance bactérienne in vitro. De plus des différences notables sont observées selon que V. officinalis provient de la région de Bizerte ou d’Ain Draham. Ces résultats montrent que la prise en compte de plusieurs paramètres est nécessaire pour optimiser l’efficacité des procédures d’extraction des molécules bioactives de V. officinalis.

La détérioration de l’environnement et les menaces graves pour la planète, notamment les changements climatiques, l’appauvrissement de la couche d’ozone, les taux d'extinction des espèces et le défi d’alimenter une population croissante, figurent parmi les nombreux problèmes non résolus et qui mettent l'humanité en danger, et dépassent la capacité et la souveraineté des États. En droit international de l’environnement, on ne peut pas parler du principe de souveraineté étatique absolue. Dans le contexte des problèmes environnementaux globaux, l’interdépendance écologique ne permet pas l’imperméabilité du territoire, ce qui a des impacts sur l’exercice de la souveraineté de l’État. L’environnement est un bien commun qui n’a pas de frontières, ce qui a des répercussions sur les considérations légales de souveraineté étatique. Les écosystèmes ignorent les États et leurs frontières, et pour lutter contre les atteintes à l’environnement qui mettent en cause à terme la survie même de l’humanité, les États ne peuvent plus limiter leur action au cadre national. Dans ce contexte, une sorte de conciliation parait nécessaire entre les exigences de la souveraineté et celles de l'environnement que le droit international de l'environnement cherche à établir. D'où notre étude sur l'adaptation de la souveraineté étatique aux impératifs de sauvegarde de la biosphère et par là même de l'humanité tout entière., Environmental degradation and serious threats to the planet, including climate change, depletion of the ozone layer, the extinction rate of species and the challenge of feeding a large population, are among the various unsolved problems that endanger humanity and that go beyond the capacity and sovereignty of States. In international environmental law, one cannot speak of the principle of absolute State sovereignty. In the context of the global environment, ecological interdependence does not allow territorial impermeability, which impacts on the exercise of State sovereignty. The environment is by nature a common good, not defined by borders, which has legal repercussion on State sovereignty. Ecosystems ignore States and their borders, and to fight against environmental damages that affect the very survival of humanity, States can no longer limit their action to their national context. In such context, a sort of reconciliation seems necessary between the requirements of sovereignty and those of the environment that international environmental law seeks to establish. Hence our study on the adaptation of state sovereignty to the imperatives of safeguarding the biosphere and thereby humanity as a whole.

We examine the impact of passive trading on firm performance using, as a quasi-natural experiment the merger between the Osaka Stock Exchange (OSE) and the Tokyo Stock Exchange (TSE) and the attendant inclusion of firms listed on the first section of the Osaka Stock Exchange in the TOPIX, a well-known market index covered by many ETFs and mutual funds. We document a positive market reaction for the first tercile OSE-only listed firms and marginally significant positive abnormal returns for the first tercile OSE firms that were also dual listed on the TSE around the merger announcement date. In addition, we observe a significantly positive reaction for the first tercile OSE-only listed firms in the weeks preceding index inclusion. The percentage of financial institutions investing in the first tercile, OSE1-only firms also increased in the post-inclusion period. The incumbents of the TOPIX Index experienced negative abnormal returns on the merger announcement date. In the long run, firms added to TOPIX exhibit neither higher firm value nor better operating performance than their counterparts that were already in the index. Our results are consistent with the strand of literature that finds no long-term significant impact of passive investors on firm performance.