R&D Investments, Debt Capital, and Ownership Concentration: A Three-Way Interaction and Lag Effects on Firm Performance in China's Pharmaceutical Industry.

The existing literature has yet to provide consistent evidence on the relationship between R&D investments and firm performance. The current study attempted to fill this gap in the literature by examining the effect of lag structure and the moderating role of financial governance, in terms of debt capital and ownership concentration, on the returns of R&D. Analyzing a sample of China's pharmaceutical firms from 2009 to 2018, we found that the effect of R&D upon growth begins in the second year after R&D spending and increases thereafter. There exists a vigorous debate about the choice between debt and ownership structure. To fill this gap, we proposed a three-way interactive effect. The results suggest that firms that invest heavily in R&D may achieve their highest performance when the use of debt capital and the extent of ownership concentration are both low. This study contributes to the R&D investments and financial governance literature by reconciling previous mixed evidence about the returns of R&D and the debt-equity choices on R&D investment decisions.

Assessing the environmental impact of five Pd-based catalytic technologies in removing of nitrates.

Emerging technologies involving chemical catalytic processes to remove nitrate from water have proven efficient and cost-effective. However, the environmental impact of noble metals and metals at the nanoscale used in these processes has become a topic of serious concern. The aim of this research was to develop a system for evaluating the environmental impact of technologies associated with Pd-based catalytic denitrification. This research performed life cycle assessment (LCA) based on a detailed analysis of the technologies to examine the environmental burden associated with all stages of the removal process. We then applied analytical hierarchy process (AHP) to determine the weights of various burdens. We implemented the proposed system to determine the relative environmental friendliness of 5 processes used for the removal of nitrate. These five methods use Cu-Pd/TNTs, H(2)+Pd-Cu/TiO(2), Pd-Cu/TiO(2), Pd/ZnO, and Pd-Cu/FeO as catalysts for the removal of nitrate. The results indicate that the use of palladium and the consumption of electricity have a major environmental impact; while the use of Pd-Cu/TiO(2) as catalyst was the most environmentally friendly of the five processes evaluated.