Piercing the corporate veil system and creditors protection: Based on the investigation of debt paying ability--Empirical evidence from the 2005 Company Law amendment.

This paper uses the difference-in-differences model to research how the "piercing the corporate veil" system marked by the 2005 Company Law amendment affects the level of corporate creditor protection. The research results show that private enterprises and local state-owned enterprises are sensitive and significant to this legal amendment. In contrast, local state-owned enterprises are more sensitive and have a stronger motivation to protect the interests of creditors. The motivation of companies with weaker profitability for creditor protection lasts not only for the year of law revision but also extends to the year of implementation. With the law's implementation, the growth effect of creditor protection for local state-owned enterprises has become more significant. Further analysis shows that the main findings of this article are more significant in companies with larger debt scales, companies with a higher year-on-year growth rate of operating income, companies with controlling shareholders, and companies with higher stock market capitalization. From an empirical research view, this paper explains the economic effect and mechanism of the whole corporate personality under the complete system and adds economic evidence for how the law acts on the capital market.

European Technical Democracy? How Consumer Associations Did-or Did Not-Shape the 1980s Automotive Environmental Standards.

Did the 1980s automotive standards reflect the European Economic Community's move toward a "technical democracy" or a broader democratic deficit? In the early 1980s, Europe's automotive sector faced multiple challenges: the European Commission's desire to harmonize technical standards and achieve greater European integration, intense competition between manufacturers, and environmental issues like acid rain. Debates on reducing air pollution focused on unleaded petrol and catalytic converters. Two associations representing civil society in Brussels responded to the increase in environmental concerns with a 1982 joint campaign. Despite a rich historiography on pollutant emission standards, highlighting the strategies of governments and companies, no study has dealt with the role nongovernmental organizations played. Based on public and private archives, particularly those of the European Bureau of Consumers' Unions, this article argues the new regulations did not result from the EU's consultation with civil society organizations like consumer groups but rather with the automotive industry.

Country-specific net-zero strategies of the pulp and paper industry.

The pulp and paper industry is an important contributor to global greenhouse gas emissions1,2. Country-specific strategies are essential for the industry to achieve net-zero emissions by 2050, given its vast heterogeneities across countries3,4. Here we develop a comprehensive bottom-up assessment of net greenhouse gas emissions of the domestic paper-related sectors for 30 major countries from 1961 to 2019-about 3.2% of global anthropogenic greenhouse gas emissions from the same period5-and explore mitigation strategies through 2,160 scenarios covering key factors. Our results show substantial differences across countries in terms of historical emissions evolution trends and structure. All countries can achieve net-zero emissions for their pulp and paper industry by 2050, with a single measure for most developed countries and several measures for most developing countries. Except for energy-efficiency improvement and energy-system decarbonization, tropical developing countries with abundant forest resources should give priority to sustainable forest management, whereas other developing countries should pay more attention to enhancing methane capture rate and reducing recycling. These insights are crucial for developing net-zero strategies tailored to each country and achieving net-zero emissions by 2050 for the pulp and paper industry.

Comparative analysis of rule elements for transportation of cell therapy products among regulations and standards.

Aim: This study aimed to identify the elements involved in the transportation of cell therapy products by conducting a comparative analysis of four related international standards for temperature-controlled delivery and good distribution practice (GDP). Methods: An analytical framework was constructed to cover the entire transportation process. The descriptions of each element in the Pharmaceutical Inspection Convention and Pharmaceutical Inspection Co-operation Scheme (PIC/S) GDP, International Organization for Standardization (ISO) 21973, Foundation for the Accreditation of Cellular Therapy Common Standards for Cellular Therapies and ISO 23412 were compared. Results: The study identified some elements that were present in the PIC/S GDP and other standards but were absent in ISO 21973, and vice versa. These elements are crucial in view of the increasing opportunities to transport allogeneic cells in the future. Conclusion: The study identified the necessary elements that should be included in the development of transport regulations for cell therapy products.

The quality of cell therapy products needs to be ensured during transportation to the hospital, just like during their manufacture. However, cell therapy products are living cells, and ensuring their quality during transportation is challenging. The International Organization for Standardization (ISO) has published ISO 21973 to address this issue, but transport regulations for cell therapy products have not been modified yet. To create draft guidance for the transportation of cell therapy products, it is necessary to analyze the relationship between ISO 21973, good distribution practice, Foundation for the Accreditation of Cellular Therapy Common Standards and ISO 23412. We compared these regulations and standards and identified some elements that are necessary for transporting cell therapy products. These elements are crucial in view of the increasing opportunities to transport allogeneic cells in the future. This study proposed elements to be included in the development of transport regulations for cell therapy products.

Understanding the nexus between environmental, social, and governance (ESG) and financial performance: evidence from Chinese-listed companies.

Before discussing how to balance and decide on environmental, social, and corporate governance (ESG) and traditional revenue enhancement projects, it is crucial to clarify the relationship between corporate financial performance (CFP) and ESG. However, little attention has been paid to the nexus of ESG and CFP. This paper attempts firstly to investigate the bidirectional causality of ESG and CFP, followed by the micro-foundations, and finally, the moderating effect of intrinsic factors. A GMM-PVAR method was used to examine the research hypotheses, which can effectively deal with endogenous problems that have been ignored by traditional literature. The findings of this research demonstrate that CFP promoted ESG growth, but ESG did not boost CFP. This asymmetric causality was because CFP had a supportive effect on the environment and society pillars, while the social pillar cannot promote CFP, and the environment pillar negatively affects CFP. The relationship between ESG and CFP was moderated by total quality management, environmental sensitivity, and the pay gap. Furtherly, a panel threshold model was constructed to access the threshold effects of ESG on CFP, showing an inverted U-shape. Based on these findings, the theoretical implications, managerial prescriptions, and limitations are also discussed.

The impact of bank's engagement in shadow banking activities on bank's sustainability: Evidence from Chinese commercial banks.

The economic and environmental consequences of bad banking practices have aroused much attention. In China, banks are at the center of shadow banking activities through which they avoid regulation and support environmentally unfriendly businesses such as fossil fuel companies and other high-pollution enterprises. In this paper, we study the impact of bank's engagement in shadow banking activities on its sustainability by using annual panel data of Chinese commercial banks. The result shows that bank's engagement in shadow banking activities has a negative impact on its sustainability and the negative impact of bank's engagement in shadow banking activities is more pronounced for city commercial banks and unlisted banks which are less regulated and lack corporate social responsibility (CSR). Furthermore, we explore the underlying mechanism of our findings and prove that bank's sustainability is impeded because it transforms high-risk loan into shadow banking activities which are less regulated. Finally, by using difference-in-difference (DiD) approach, we find that bank's sustainability improved after the financial regulation on shadow banking activities. Our research provides empirical evidence that the financial regulation on bad banking practices is beneficial for bank's sustainability.

The spatiotemporal effects of environmental regulation on green innovation: Evidence from Chinese cities.

Environmental regulation is expected to stimulate green innovation for the promotion of urban sustainability, while the effectiveness of this stimulus has long been debated under the Porter hypothesis and the crowding out theory. Empirical studies under different contexts have not reached a consistent conclusion yet. Based on the data of 276 cities in China from 2003 to 2013, this study captures the spatiotemporal non-stationarity in the effects of environmental regulation on green innovation with the combination of Geographically and Temporally Weighted Regression (GTWR) and Dynamic Time Warping (DTW) algorithm. The results show that environmental regulation has an overall U-shape impact on green innovation, indicating that the Porter hypothesis and the crowding out theory are not in conflict, but are theoretical interpretations of different stages of local responses to environmental regulation. Specifically, the effects of environmental regulation on green innovation present to be diverse in patterns that include enhancing, stagnant, undermining, U-shape, and inverted U-shape. These contextualized relationships are shaped by local industrial incentives and innovation capacities of pursing green transformations. The spatiotemporal findings allow policymakers to better understand the multi-staged and geographically diverse impacts of environmental regulation on green innovations, and formulate targeted policies for different localities.

Environmental regulation and green innovation of polluting firms in China.

The main objective of this paper is to study the impact of the Ambient Air Quality Standard (2012) on the green innovation of Chinese firms in polluting industries. The analysis features "leverage effect" of Porter Hypothesis imposed by environmental regulations and exploits exogenous variations caused by the promulgation of the new policy. Based on the exogenous variations, this paper uses the time varying PSM-DID method. The findings of this study suggest that the implementation of the new policy improves firms' green innovation. Increments in R&D investment and environmental protection investment are channels through which the new standard positively affects firms' green innovation. The cross-sectional heterogeneity analysis exhibits that the effect of this environmental regulation is stronger for firms with bigger size and lower financial constraints. The contribution and significance of this study are as follows: our study enriches understanding of the impact of environmental regulation on firms' green innovation by empirically confirming the influencing channels of the impact of environmental regulations on green innovation. In addition, this paper contributes to the firms' green innovation literature by empirically validating the role of corporate characteristics in moderating the effect of environmental regulations.

Non-linear effects of heterogeneous environmental regulations on industrial relocation: Do compliance costs work?

Reasonably designing environmental regulations for compliance-driven industrial relocation can avoid new pollution havens. The Cournot duopoly model simulates that the necessary condition for industrial relocation is differentiated market costs. Then, based on the province-industrial data of six Chinese pollution-intensive industries during 2005-2019, this study applies spatial Durbin model to explore the non-linear effects of heterogeneous environmental regulations on industrial relocation. Results shown that command-and-control environmental regulation manifests a U-shaped curve with local industrial relocation, with inverted U-shaped spillover effect radiating a road distance of 650 km, and both internal and external costs play the mediating roles; Market incentive environmental regulation has inverted U-shaped curves with industrial relocation in local and neighboring regions, it creates dual costs and works well in both short and long terms, which is the most potential regulatory tool to avoid pollution relocation accompanying industrial relocation; Voluntary environmental regulation exhibits inverted U-shaped relationships with industrial relocation in direct and spillover effects, and works through increased external cost rather than internal cost. Its spatial spillover radiates the longest 1250 km due to rapid spread of public opinions, but this effect takes more than 3 years to be effective.

Environmental administrative penalty, environmental disclosures, and the firm's cash flow: evidence from manufacturing firms in China.

Environmental administrative penalty is a strong tool for the government to regulate environmental pollution. The influence of an environmental administrative penalty on a firm's cash flow has become a hot topic in academics and industry. By employing ordinary least square and the bootstrap method, it is established that the penalty significantly reduces the firm's cash flow in the succeeding year through incremental disclosures which play a mediating role. Further, we distinguished environmental information's nature and then measured it from negative, sensitive (hard) information and positive (soft) information aspects. However, it is found that the mediating effect of the two types of disclosure increment did not exist, respectively. These results help us to comprehend the significance of environmental management to the stability of corporate cash flow and have practical illumination to corporate environmental management and environmental pollution control.

The effect of different government subsidies on total-factor productivity: Evidence from private listed manufacturing enterprises in China.

Private enterprises play an increasingly important role in China. They can improve the total-factor productivity (TFP) and help transform and upgrade industrial structures. This study uses data for private listed manufacturing companies from 2009 to 2017 to examine the effects of different types of subsidies on TFP. We also analyze the heterogeneity and specific mechanism of subsidy effects. We find that R&D subsidies and production subsidies positively affect private enterprises' TFP. Moreover, R&D subsidies and production subsidies lagged by one period can also significantly increase private enterprises' TFP. In terms of industry, R&D subsidies have more obvious effects on technology-intensive industries, while production subsidies have more significant effects on labor-intensive and capital-intensive industries. In terms of scale, R&D subsidies' effects on the TFP of medium-sized enterprises are the largest, while production subsidies have the greatest effect on small enterprises' TFP. Government subsidies increase private enterprises' TFP through two mechanisms: improving technological innovation capability and alleviating financing constraints. Our results suggest that governments should formulate different subsidy policies according to industry and enterprise scale.

Green credit, environmental protection investment and debt financing for heavily polluting enterprises.

The paper takes listed companies in the heavily polluting industry from 2009-2017 as a research sample to explore whether heavy pollution enterprises' environmental protection investment helps their debt financing under the institutional background of China's continuous implementation of green credit policy. It is found that, in general, the environmental protection investment of heavy pollution enterprises helps them to obtain more and relatively long-term new loans; in terms of time, this effect is more evident after the release of China's Green Credit Guidelines in 2012; in addition, the level of regional environmental pollution, the level of financial development and the green fiscal policy also have a moderating effect on this. This paper enriches the study of the economic consequences of corporate environmental protection investment from the perspective of debt financing. It examines the effects of the implementation of China's green credit policy and other institutional factors to provide a reference for the heavy pollution enterprises' environmental protection investment and the implementation of green credit policy by local governments in China.

Financial disclosure quality and sustainability disclosure quality. A case in China.

This paper empirically examines whether there is an association between financial reporting disclosure quality and sustainability disclosure quality of the top 100 socially reputed Chinese listed firms. The paper computed financial disclosure quality by empirically combining earning qualities of accrual, persistence, predictability, and smoothness. Using content analysis and survey questionnaire research methods, it calculated sustainability quality by combining disclosure quantity (through quantitative weightings), disclosure type (through qualitative weightings), and disclosure item importance (through qualitative weightings) of economic, social, and environmental disclosures made in annual and sustainability reports, ascertained using the Global Reporting Initiative sustainability framework. The study finds that sustainability disclosure in the current period is sufficiently associated with financial disclosure quality of the current period and future period. Consistent with stakeholder theory, firms with a social reputation are perceived as trustworthy by stakeholders and shareholders. The findings lead to a cultural stakeholder theory where underlying values of societal culture create a condition supporting mutual stakeholder relationships between firm and various stakeholders. Demonstrating trustworthiness through disclosures can help boost consumer confidence and foreign trade relations for Chinese firms. The Chinese government can design innovative schemes to reward and promote trustworthiness in firms, such as regulating base-point reductions in interest rates on borrowing or raising funds.

Alcohol Industry Arguments for Liberalizing Alcohol Policy in Finland: Analysis of Twitter Data.

OBJECTIVE: The aim of this study was to investigate the arguments used by the alcohol industry and actors aligning with it as a lobbying strategy on Twitter to influence the reform of the Finnish alcohol law during its preparation phase between 2014 and 2017, when the original purpose of the law reform was changed from reducing alcohol-related harm to liberalizing alcohol policy. METHOD: Primary data were collected on Twitter between 2014 and 2017 from six alcohol industry actors (n = 1,085 tweets). The Twitter data were analyzed by coding using Microsoft Excel and by content and thematic analyses using a modified version of the European Centre for Monitoring Alcohol Marketing's (2011) seven key messages of the alcohol industry. RESULTS: The findings identified three main arguments used on Twitter by the alcohol industry and actors aligning with it, namely: (1) application of liberal alcohol policies generates more revenue, (2) liberties should be generally prioritized above bureaucracy and control, and (3) education about responsibility is the best solution to alcohol-related problems. CONCLUSIONS: Social media applications such as Twitter offer the alcohol industry unlimited opportunities for promoting its traditional public relations arguments.

Alcohol Labeling Regulations and Industry Compliance in Nigeria: Evidence to Guide Policy Implementation.

OBJECTIVE: Alcohol labeling raises consumers' awareness of a product's composition and the risks associated with alcohol consumption. We identified mandatory elements and health warnings in alcohol regulations in Nigeria and evaluated selected product labels on alcoholic beverages produced in Nigeria to determine their compliance with the requirements. METHOD: A descriptive case study was used. Labeling requirements were extracted from two alcohol regulations and one related document retrieved from the website of the National Agency for Food and Drug Administration and Control (NAFDAC). The information on the product labels of 59 selected beers and spirit drinks produced in Nigeria was assessed based on six mandatory elements: list of ingredients, allergens, nutritional information, percentage of alcohol by volume (ABV), "drink responsibly" statement, and age restrictions. Five health warnings were also assessed: standard drinks per container, drinking guidelines, link to an alcohol education website, a "drinking during pregnancy" logo/text, and drink driving logo/text. RESULTS: Different regulations exist for beer and spirit drinks in Nigeria. Health warnings are not mandatory on labels of alcoholic beverages. No single product label included all six mandatory elements. Four mandatory elements--list of ingredients, ABV, drink responsibly statement, and age restrictions--were present on 61% of the product labels examined. CONCLUSIONS: The alcohol labeling regulations in Nigeria fall short of the World Health Organization labeling recommendations. The alcohol industry does not fully comply with labeling requirements in Nigeria. Enhanced labeling inclusive of health warnings should be mandatory as a strategy to create awareness of alcohol-related risks while monitoring industry-labeling practices to ensure compliance.

Production of Bulk Chemicals with Biocatalysis: Drivers and Challenges Reflected in Recent Industrial Granted Patents (2015-2020).

The application of biocatalysis and White Biotechnology tools in chemical areas concerning the production of bulk compounds and other related low-added value products (with high volumes) has been gaining importance in recent years. The expected drivers of biocatalysis for these sectors are energy savings, regioselectivity (leading to cleaner products), the possibility of using thermolabile substrates, as well as the generation of less by-products and manageable wastes. This paper explores some recent industrial granted patents related to biocatalysis and bulk chemicals. Several patents have been identified in fields such as biodiesel and esterification reactions, and sugar or furan chemistry. Overall, innovative strategies involve the identification of novel enzymes, the set-up of improved immobilization methods, as well as novel reactor designs that can offer improved performances and economics. The reported examples indicate that biocatalysis can certainly offer opportunities for these areas as well, far from the typical pharmaceutical and fine chemical applications often reported in the literature.