Does working capital management improve financial performance in China's agri-food sector during COVID-19? A comparison with the 2008 financial crisis.

The objective of this study is to explore the impact of working capital management on firms' financial performance in China's agri-food sector from 2006 to 2021. In addition, we analyze whether this impact is the same during the 2008 financial crisis and the 2020 COVID-19 crisis. Working capital management is measured by working capital investment policy (measured by current assets to total assets ratio), working capital financing policy (measured by current liabilities to total assets ratio), cash conversion cycle, and net working capital ratio. The results reveal that current assets to total assets ratio and net working capital ratio positively influence financial performance measured through return on assets (ROA), while current liabilities to total assets ratio and cash conversion cycle negatively influence ROA. We also find that the relationship between working capital management and financial performance is more affected during COVID-19 than in the 2008 financial crisis. The findings might provide important implications for company managers to make optimal working capital management practices, depending on the economic environment.

Association of household net worth with healthcare costs after radical cystectomy using real-world data.

BACKGROUND: Financial toxicity of bladder cancer care may influence how patients utilize healthcare resources, from emergency department (ED) encounters to office visits. We aim to examine whether greater household net worth (HHNW) confers differential access to healthcare resources after radical cystectomy (RC). METHODS: This population-based cohort study examined the association between HHNW and healthcare utilization costs in the 90 days post-RC in commercially insured patients with bladder cancer. Costs accrued from the index hospitalization to 90 days after including health plan costs (HPC) and out-of-pocket costs (OPC). Multivariable logistic regression models were generated by encounter (acute inpatient, ED, outpatient, and office visit). RESULTS: A total of 141,903 patients were identified with HHNW categories near evenly distributed. Acute inpatient encounters incurred the greatest HPC and OPC. Office visits conferred the lowest HPC while ED visits had the lowest OPC. Black patients harbored increased odds of an acute inpatient encounter (OR 1.22, 95% CI 1.16-1.29) and ED encounter (OR 1.20, 95% CI 1.14-1.27) while Asian (OR 0.76, 95% CI 0.69-0.85) and Hispanic (OR 0.74, 95% CI 0.69-0.78, p < 0.001) patients had lower odds of an outpatient encounter, compared to White counterpart. Increasing HHNW was associated with decreasing odds of acute inpatient or ED encounters and greater odds of office visits. CONCLUSIONS: Lower HHNW conferred greater risk of costly inpatient encounters while greater HHNW had greater odds of less costly office visits, illustrating how financial flexibility fosters differences in healthcare utilization and lower costs. HHNW may serve as a proxy for financial flexibility and risk of financial hardship than income alone.

The network characteristics of classic red tourist attractions in Shaanxi province, China.

Red tourism is a distinctive form of tourism in China. Its network attention serves as a typical indicator to measure the level of promotion and publicity for red tourism, as well as an important reflection of its influence. Understanding the network structure of red tourism is of significant importance for optimizing the spatial pattern of tourism and promoting the development of the tourism industry. Based on this, this study takes the classic red tourism attractions in Shaanxi province, China as an example and constructs a multi-source data network attention evaluation index. Additionally, it employs social network theory to explore the network attention and tourist flow characteristics of the case study area. Research shows that: (1) Overall, the network attention to case-based destinations is relatively low, and there are significant differences in network attention among different attractions. Spatially, the distribution of network attention is uneven. This is manifested by higher network attention to attractions in Yan'an city and lower network attention to attractions in other regions. (2) There are differences in the network attention of different types of attractions. High-level attractions have a higher level of online attention, while low-level attractions have a lower level of network attention. Additionally, archaeological sites tend to receive a higher level of online attention. (3) The network density of tourist flow is low, and the tourism connections between nodes are not closely linked. The linkage between core nodes and edge nodes in tourism is poor. Developed tourism routes only exist in core nodes. (4) Nodes such as Zaoyuan revolution site, Yangjialing revolution site, and Wangjiaping revolution site have a significant influence in the network structure. In addition, the integration and development between red nodes and non-red nodes have been achieved. (5) There is a correlation between network attention and tourist flow, as well as a 'misplacement' feature. Based on the characteristics of attractions, they can be divided into four types: bright-star attractions, cash-cow attractions, thin-dog attractions, and question attractions. Based on the above conclusions, this study proposes targeted development recommendations.

Enterprise innovation and audit pricing: An evidence study from China's A-share listed companies.

Driven by innovation strategy, Chinese enterprises' innovation investment, and research and development capability have been continuously improved, and the audit risk caused by this has attracted widespread attention from the academic community. This study takes China's A-share listed companies from 2013 to 2021 as samples to empirically test the relationship between innovation input and audit pricing of Chinese enterprises. Research shows that the higher the innovation investment, the higher the audit cost. High-quality corporate governance, sufficient research and development personnel, research and development subsidies, and operating cash flow can all play a negative moderating role. A good innovation environment will weaken the positive influence between innovation input and audit fees. This study theoretically confirms the risk-oriented audit pricing mechanism, which is of great significance for optimizing enterprise innovation risk management and improving audit service levels.

Investment analysis of the private firm under different financial arrangements in infrastructure projects.

This study investigates the impact of various financial arrangements on the investment behavior of the private firm in PPP (Public-Private Partnership) projects. The results manifest that: first, the private firm will invest in the project earlier under long-term debt financing than under short-term debt financing or all equity financing; second, the investment boundary of the private sector decreasing with the probability of obtaining long-term debt financing under short-term debt financing, while increasing with the probability of obtaining long-term debt financing under long-term debt financing; third, the optimal debt level under short-term debt financing displays a U-shaped relationship with the refinancing risk probability; fourth, under short-term debt financing, the difference in the optimal capital structure between projects with different volatility of cash flow is larger when the refinancing risk probability is lower; and fifth, the private firm may exit the project earlier under short-term debt financing than under long-term debt financing. These results can help us to understand the investment behavior of the private firm under different financial arrangements.

Compiling and applying atmospheric resource balance sheet in off-office auditing of leading cadres in China.

Atmospheric resources provide important support for human economic and social systems through their unique ecosystem service functions. Implementing the off-office auditing of atmospheric resources for leading cadres holds great strategic significance for fundamentally solve air pollution problems. Exploring the compilation of an atmospheric resource balance sheet is a necessary pre-step in the implementation of outgoing audits. In this paper, atmospheric resources are innovatively divided into atmospheric capacity resources and atmospheric quality resources from the perspective of the ecosystem service functions of atmospheric resources. The value of atmospheric resource assets is calculated by combining the environmental capacity value method and the environmental loss evaluation method. This study evaluates atmospheric ecological achievements based on the atmospheric resources balance sheet and related accounts as the data carrier and opens up the key "blocking point" of the off-office auditing of atmospheric resources. This paper takes Anhui Province as an example and applies the accounting results of the prepared atmospheric resource balance sheet to evaluate the atmospheric resource ecological achievements of leading cadres from 2016 to 2020. The results clearly reflect the ecological achievements and shortcomings of local leading cadres during their tenure.

Green credit policy and corporate excess cash holdings.

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.

Out-of-Pocket Spending and Financial Equity in the Access to Medicines in Latin America: Trends and Challenges: 2010-2020.

There is evidence of persistent inequalities in household financial protection of health and drugs spending in Latin America. Despite the expansion of coverage, strong inequalities persist in access to health and family spending on drugs in the region. Out-of-pocket spending in medicines is regressive in greater need for affordable medicines.

Governance and competitiveness evaluation of China's financial asset management corporations.

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.

Role of green financial assets, financial technology and the green energy on the development of a green economy.

A major issue for governments in the past few decades has been environmental deterioration caused by economic activity. Researchers are increasingly interested in the factors that contribute to environmental deterioration. The study aims to test the role of green bond financing on energy efficiency investment and economic growth. In this investigation, we use the ARDL estimator to investigate the relationships between the financial technology, green bonds, green stock, green supply chain and the development of green energy. The importance of green supply chain, green energy, green bonds and financial technology has been identified as major variables. According to the study's findings, green supply chain, green finance and sustainable economic growth are all essential and positive indicators of a composite assessment of sustainable practices. Green bonds, reducing greenhouse gas emissions and green economic development all play a necessary part in green finance development.

Is the effect of a health crisis symmetric for physical and digital financial assets? An assessment of gold and bitcoin during the pandemic.

The emergence of the covid-19 health crisis, in this advanced technological era where connections between markets, nations, and economies have grown stronger than ever before, the shock of the COVID-19 pandemic quickly had an impact on both physical and digital financial assets. The Chinese financial market experienced the first consequences of the covid-19 pandemic, then spilled over to other financial markets, including those for cryptocurrencies and the precious metals. This study examines the impact of the covid-19 pandemic on the volatilities of the dynamics of bitcoin and gold. Both assets share some characteristics, such as online trading platforms, however, gold is a tangible financial asset unlike bitcoin, which is digitally generated without any physical form. This study argues that the similarities and differences between bitcoin and gold play major roles in how the covid-19 crisis affected their respective dynamics. Using daily data ranging from 9/22/2014 to 1/31/2023 and employing ARMA as the mean equation for GARCH model, the impact of the health crisis (covid-19) is examined on the volatilities of the prices and volumes of bitcoin and gold. Empirical evidence points out that, the pandemic has a symmetric impact on the volatilities of bitcoin and gold price returns, causing them to be more volatile. The impact of the covid-19 observed on the volume returns of the assets, however, is asymmetrical. The empirical results give evidence to the role that the vital differences existing between these assets played during the covid-19 pandemic.

Examining Financial Risk Contagion and Shock Response via Complex Network Analysis of Correlation and Causality in the Sports Industry / Examinar el contagio del riesgo financiero y la respuesta al shock a través de un análisis de red complejo de correlación y causalidad en la industria del deporte

In today's landscape of financial liberalization and economic integration, the sports industry is not immune to the complex interplay between financial and economic activities. This dynamic environment witnesses the frequent exchange of information within the sports financial market, resulting in a high degree of interaction. Such interaction has not only optimized the allocation of global financial resources in sports but has also amplified the repercussions and dissemination of financial crises within the sports sector. From the global sports financial system to individual sports entities, intricate relationships emerge in economic and financial activities among countries, forming a complex sports financial ecosystem. Understanding and characterizing the patterns of risk propagation and shock responses in the sports financial market is vital. It equips sports market participants and regulators with crucial market insights, aids in policy formulation, and enables proactive measures to prevent and address financial market crises within the sports industry. Considering the multifaceted interactions among various stakeholders in the sports financial market, this study adopts a complex network methodology to examine the dynamics of financial risk contagion and shock response, with a primary focus on the sports industry. This approach offers a valuable perspective, shedding light on the specific intricacies within the sports finance domain.(AU)

Executive compensation controls and corporate cash holdings.

As a crucial component of internal corporate governance, remuneration controls possess the potential to influence the cash holdings of firms. However, identifying the causal relationship between these controls and such holdings presents a considerable challenge. To address this research gap, this paper leverages the implementation of China's Guidance on Further Regulating the Remuneration Management of Heads of Central Enterprises as a quasi-natural experiment to investigate the relationship between executive remuneration controls and firms' cash holdings, utilizing a double-difference approach. Based on an analysis of a sample of listed companies from 2007-2012, the results indicate that firms subject to regulated executive compensation exhibit lower cash holdings. To ensure the robustness of these findings, various statistical techniques such as parallel trend tests, variable replacement, propensity score matching, and placebo tests were employed. Additionally, a mechanism test was conducted, whereby the mediating effect of executive compensation controls on firms' cash holdings was examined, revealing a reduction in internal agency costs. Finally, the analysis of heterogeneity demonstrated that the impact of executive compensation controls on firms' cash holdings was more pronounced in companies with high-quality internal controls, stronger management oversight, and lower information asymmetry.

Conditional cash transfers and violence against women - Does the type of violence matter?

While there is scholarly consensus that cash transfer programs can reduce intimate partner violence (IPV), there is little evidence on the effect on other forms of violence against women (VAW). This study uses a regression discontinuity design to examine the effects of a conditional cash transfer (CCT) program in the Philippines on three types of VAW: (i) IPV, (ii) domestic violence excluding IPV (such as own and husband's relatives), and (iii) violence outside home. Although the study finds no significant impacts on IPV or violence outside of home, it reports a measurable decline in emotional domestic violence. Suggestive evidence indicates that the impact could be driven by an increase in household wellbeing, and women's empowerment, bargaining power, and social capital. This evidence confirms the potential of CCT programs to mitigate VAW beyond IPV, such as domestic violence. At the same time, the study suggests that CCT programs' design and context in which they operate may affect their ability to mitigate IPV.

Dynamic connectedness between FinTech innovation and energy volatility during the war in time of pandemic.

We use an extended joint connectedness technique and the time-varying parameter vector autoregression (ETVP-VAR) method to examine connections between the ARK FinTech Innovation ETF (ARKF), Global X FinTech ETF (FINX), and energy volatility by connectedness as a quality of eight indicators from April 1, 2019, to September 26, 2022. Our results demonstrate that the pattern of ARKF and FINX is picked up as a crucial net shock transmitter that nearly permeates our analyzed sample. Since the COVID-19 epidemic, more people are adopting FinTech partly because of their concern about the disease spreading through social contact and cash handling. Moreover, green bonds are net shock recipients over the long term. Furthermore, during the COVID-19 duration and the Russo-Ukrainian War, shocks transmitted to green bonds soared sharply. By contrast, keeping with the clean energy and crude oil trend, these indicators transmit a network of shocks during the period under study. When considering wind power, it becomes clear that this signal first acts as a net shock transmitter before changing into a net receiver of shocks from mid-2021 onwards. We recognize that the system is a net shock receiver regarding clean power. The dynamics invariably lead the series to change to a net shock transmitter in mid-2021. By mid-2021, the developments always cause the series to transform into a net shock transmitter.

Financial Equity in Involuntary Treatment for Substance Use Disorders.

Involuntary civil commitment for individuals who are chronically impaired as a result of their substance use remains highly controversial. At present, 37 states have legalized this practice. Increasingly, states are allowing private third-parties, such as friends or relatives of the patient, to petition courts for involuntary treatment. One such approach, modeled on Florida's Marchman Act, does not determine status based on the petitioning party's willingness to commit to pay for care. In contrast, Kentucky's approach, widely known as "Casey's Law," predicates such involuntary commitment on the third party's willingness to commit in advance to pay for the patient's treatment. This article reviews the history and current status of existing law on this subject and then argues that psychiatrists should advocate strongly against involuntary substance treatment laws that rely upon third-party pledges of payment.

Does the bankrupt cheat? Impact of accounting manipulations on the effectiveness of a bankruptcy prediction.

The aim of this article is to answer the question whether the unreliability of the Altman bankruptcy prediction model may be caused by manipulations in financial statements. Our study was carried out on a group of 369 bankrupt Polish companies, with the research period covering the years 2011-2020. In the study, we divided the companies into two groups: those correctly classified by Altman's model as at risk of bankruptcy, and companies for which the model did not indicate a significant bankruptcy risk. Using a logit model, we tested whether the probability of companies being correctly classified as failed depends on the risk of a manipulation of financial statements. We use Benford's law to measure the risk of a manipulation of financial statements. We also repeated our study using panel data models. Our analyses show that the manipulation of financial statements is not the cause of the inaccurate predictions of the Altman model. On the contrary, the results of the analyses indicate that manipulations occurs for companies with a lower Z-score and therefore a worse financial situation. This means that a deterioration in the quality of financial statements can be a signal of an increasing probability of bankruptcy.

Net worth poverty and adult health.

This study broadens the traditional focus on income as the primary measure of economic deprivation by providing the first analysis of wealth deprivation, or net worth poverty (NWP), and adult health. Net worth poverty-having wealth (assets minus debts) less than one-fourth of the federal poverty line-likely exacerbates the negative effects of income poverty (IP). In 2019, one-third of US households were net worth poor, with substantially higher rates among Black (60%) relative to White (25%) households. We estimate longitudinal growth curve (i.e., linear mixed effects) models to test how NWP, IP, and the interaction of the two predict a diverse set of health measures. We also consider whether NWP resulting from either low assets or high debts is more predictive of health outcomes and test for heterogeneous associations by race. Data come from Panel Study of Income Dynamics on 8,962 individuals ages 25 to 64, observed between 2011 and 2019 (n = 26,776). Adjusting for income poverty, net worth poverty, relative to no poverty, was associated with a one-quarter to one-third increase in the likelihood of reporting poor self-rated health, psychological distress, and work limitations. Simultaneously experiencing both NWP and IP was associated with the largest deficits. Both asset-driven (low asset) and debt-driven (high debt) NWP reduced health, but asset-driven NWP had stronger associations (e.g., a 5-percentage point increase of being in poor health, twice that of debt-driven). White, relative to Black, adults exhibited statistically larger associations for psychological distress (4.3 vs 1.1 percentage points) and work limitations (3.7 vs. 1.5 percentage points). White and Black adults who were jointly net worth and income poor exhibited the most disadvantage. Findings underscore how wealth is a critical component of financial deprivation and that wealth deprivation, particularly the lack of assets, merits attention in socioeconomic studies of health inequalities.