The moderating role of CEO power on the relationship between environmental, social and governance disclosure and financial performance in emerging market.

The study proposes to examine how environmental, social and governance disclosure (ESG) affect the financial performance (FP) of Indian firms. Furthermore, it aims to evaluate the moderation impact of CEO power (CEOP) on the association between ESG on the FP. The study's target population is all firms indexed in NIFTY 100, representing the top one hundred firms by market capitalisation from 2017 to 2021. Data relating to ESG were collected and built based on the available data on Refinitiv Eikon Database. Results reveal that EDI positively and significantly impacts the ROE and TQ of Indian firms. Furthermore, SDI and GDI negatively and significantly affect the ROE and TQ of Indian firms. Moreover, ESG and CEOP have a significant impact on ROE. Nevertheless, ESG has a negative but highly significant impact on ROE, whilst it has a negative and low considerable impact on the TQ of Indian firms. Nonetheless, CEOP does not moderate the association between ESG and FP measured by ROE and TQ. This research contributes to the existing literature by introducing a moderator variable that has not been used in the Indian context; CEO power, which provides stakeholders and regulators with useful findings that would encourage firms to create an ESG committee to enhance ESG disclosure to compete on the world market and reach the United Nations (UN) Sustainable goal 2030. Furthermore, this paper provides insightful recommendations for creating an ESG legal framework for decision-makers.

The link between green innovations, corporate performance, ESG activities, and sharing economy.

In current years (environment, social, and governance), ESG activities in various countries have been focus more attention their stakeholders by enterprises. The world largest developing country China. The Chinese registered Enterprises ESG performance helps to apprehend the deficiencies of their sustainable ability and development for boost the organizations value. Furthermore, enterprises must balance the allocation of resources between green innovation investment and ESG activities in the future as a result of the interaction effect between these two factors. This research examines the effects of environmental, social, and governance issues on financial and non-financial performance at registered Chinese manufacturing firms since 2009 to 2019. Green innovation is also tested as a moderating factor. Results show that environment, common, and governance performance has negative influence on the firm financial performance. On the other hand, its negative effects on financial performance will be enhanced. The environmental activities have negatively affected financial performance but green innovation has positively regulated them. Non-financial performance is positively impacted by the ESG performance. The ESG general performance and the environmental performance have positive influence on corporate reputation with the improvement of green innovation levels increase. Corporate financial performance is influenced by green innovation and social activities in a substitutional manner.

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.

Hope-hype of green innovation, corporate governance index, and impact on firm financial performance: a comparative study of Southeast Asian countries.

The current production and conception have impacted the environmental hazards. Green innovation (GI) is the ideal solution for sustainable production, consumption, and ecological conservation. The objective of the study is to compare comprehensive green innovation (green product, process, service, and organization) impact on firm financial performance in Malaysia and Indonesia, along with the first study to measure the moderation role of the corporate governance index. This study has addressed the gap by developing the green innovation and corporate governance index. Collected panel data from the top 188 publicly listed firms for 3 years and analyzed it using the general least square method. The empirical evidence demonstrates that the green innovation practice is better in Malaysia, and the outcome also shows that the significance level is higher in Indonesia. This study also provides empirical evidence that board composition has a positive moderation relationship betwixt GI and business performance in Malaysia but is insignificant in Indonesia. This comparative study provides new insights to the policymakers and practitioners of both countries to monitor and manage green innovation practices.

Quantifying an influence of green credit on digital technology innovation: financial perspective of a China's case study.

This paper examines the impact of green credit (GC) on digital technology innovation based on Chinese enterprises using panel data from 1990 to 2016. The study collected panel data from the 40 Chinese firms listed on the Beijing and Wuhan stock markets. Manufacturing companies were selected because they mainly contribute to green credit from pre- and post-policy periods. First, in the "two high and one surplus" sectors, the application of China's Green Credit 2012 could significantly increase total factor digital technology innovation by 1.21%. Results show a considerable drop in the variable values of digital technology innovation, 61.3%; green credit policy, 10.45%; leverage, 21.0%; and green innovation, 85.4%. The results of the absolute value of standard error after matching is much lower than 20.0%, demonstrating that the variable features of the two sets of samples are similar. In conclusion, GC's impact on the FDI of capital was asymmetrical, reflecting various impacts on businesses with various types of property rights and sizes.

Energy efficiency evaluation, changing trends and determinants of energy productivity growth across South Asian countries: SBM-DEA and Malmquist approach.

Energy efficiency is widely regarded as the most efficient means of supplying additional energy to meet the rising demand. However, extensive energy consumption causes greenhouse emissions, environmental destruction, and a decrease in energy efficiency (EE). This study investigates the role of energy efficiency and productivity growth in the ecological improvement of South Asia. Moreover, it evaluates the determinants (efficiency change or technology change) of energy productivity change across different SA (South Asian) countries. To estimate the energy efficiency and productivity change, we employed SBM-DEA and Malmquist Productivity Index methods with three inputs (capital stock, labor, and energy consumption), a single desirable output (gross domestic product) and a single undesirable output (CO2 emissions) on the well-extended dataset (2001-2019) for 6 South Asian countries. Furthermore, to check the impact of energy policy (2010) over the study period, the statistical significance of the change in mean scores for energy efficiency and productivity over two time periods (2001-2010 and 2011-2019) and six countries was examined using the Mann-Whitney U and Kruskal-Wallis tests. Results reveal that the average EE score of all 6 SA countries for the study period is 0.7278. This score shows that SA countries still have the potential of 27.22% to improve their energy efficiency to minimize the inputs to get the optimum output level with the least emissions. The primary determinant of energy productivity growth is technological change instead of efficiency. The average energy efficiency level is significantly different for two time periods, 2001-2010 and 2011-2019. Results conclude that energy efficiency and productivity in SA declined over the period, and potential causes are an inefficiency in the energy conversion process, extensive utilization of inputs, and less output growth.

O financiamento da infraestrutura urbana de esporte no Brasil: fontes, magnitude e direcionamento do orçamento federal de 2004 a 2019 / Financing urban sports infrastructure in Brazil: sources, magnitude and direction of the federal budget from 2004 to 2019

O objetivo desta investigação científica foi analisar o financiamento e gasto do orçamento público federal com a infraestrutura urbana de esporte de 2004 a 2019. O estudo se caracteriza como uma pesquisa descritivo-exploratória, de cunho quantiqualitativo, desenvolvida a partir de levantamento documental no Siga Brasil, tendo sido os dados analisados a partir dos indicadores "fontes de financiamento", "magnitude" e "direção do gasto". A maioria dos recursos para infraestrutura de esporte foi proveniente do Ministério do Esporte/Secretaria Especial do Esporte e de recursos ordinários advindos de emendas parlamentares. Ao longo do tempo oscilaram bastante os referidos gastos, tendo eles sofrido contingenciamentos. O direcionamento dos recursos se deu, principalmente, com grandes eventos esportivos e esteve concentrado na região Sudeste.

The objective of this scientific investigation was to analyze the financing and expenditure of the federal public budget on urban sports infrastructure from 2004 to 2019. The study is characterized as descriptive-exploratory research, with a quantitative and qualitative nature, developed from a survey document in Siga Brasil, the data having been analyzed based on indicators of funding sources, magnitude and direction of expenditure. Most of the resources for sports infrastructure came from the Ministério do Esporte/Secretaria Especial do Esporte and from ordinary resources arising from parliamentary amendments. Over time, these expenses fluctuated a lot, having suffered restrictions. The allocation of resources took place, mainly, with major sporting events and were concentrated in the Southeast region.

A financeirização das políticas sociais no 'neodesenvolvimentismo': estratégias de ampliação do capital financeiro / The financialization of social policies in 'neodesenvolvimentism': strategies for expanding financial capital / Financialización de políticas sociales en 'neodesenvolvimentismo': estrategias paraampliar el capital financiero

O objetivo deste artigo foi o de, primeiramente, problematizar o modelo político socioeconômico adotado pelo governo do Partido dos Trabalhadores - PT, sob a liderança de Luís Inácio Lula da Silva (2003-2006 e 2007-2010) e Dilma Rousseff (2011-2014), denominado de 'neodesenvolvimentista'. Secundariamente, o texto busca apontar alguns elementos presentes das políticas sociais nesse contexto, com foco na primeira gestão deste período e articulá-los às transformações sofridas pelo capitalismo nas últimas décadas, como o processo de financeirização e monetarização, enquanto estratégias de reduzir as contradições sociais, por meio do estímulo ao consumo de bens e serviços e sua articulação com o modelo 'neodesenvolvimentista'. O artigo foi elaborado a partir da revisão de literatura sobre alguns dos principais teóricos que discorreram sobre a temática, tais como Behring e Boschetti (2011), Pereira (2012), Paulani (2014), Pfeifer (2017), Brettas (2017) Boito Jr. (2018), Antunes (2018), Silva (2012), Oliveira (1998) e Salvador (2017).(AU)

The objective of the article was to, firstly, problematize the socio-economic political model adopted by the Workers Party - PT government, under the leadership of Luís Inácio Lula da Silva (2003-2006 and 2007-2010) and Dilma Rousseff (2011-2014), called 'neo-developmentalist'. Secondarily, the text seeks to point out some elements present in social policies in this context, focusing on the first administration of this period and linking them to the transformations undergone by capitalism in recent decades, such as the process of financialization and monetization, while directed to reduce social contradictions, through the stimulus to the consumption of goods and services and its articulation with the 'neodevelopmentalist' model. The article was elaborated from a literature review on some of the main theorists who spoke on the subject, such as Behring and Boschetti (2011), Pereira (2012), Paulani (2014), Pfeifer (2017), Brettas (2017) Boito Jr. (2018), Antunes (2018), Silva (2012), Oliveira (1998) and Salvador (2017).(AU)

El objetivo del artículo fue, en un primer momento, discutir el modelo político socio-económico adoptado por el gobierno del Partido de los Trabajadores - PT, bajo el liderazgo de Luís Inácio Lula da Silva (2003-2006 y 2007-2010) y Dilma Rousseff (2011-2014), llamado 'neodesarrollista'. En segundo lugar, el texto busca señalar algunos elementos presentes en las políticas sociales en este contexto, enfocándose en la primera administración de este período y vinculándolos a las transformaciones que ha experimentado el capitalismo en las últimas décadas, como el proceso de financiarización y monetización, mientras dirigido a reducir las contradicciones sociales, a través del estímulo al consumo de bienes y servicios y su articulación con el modelo 'neodesarrollista'. El artículo fue elaborado a partir de una revisión de la literatura sobre algunos de los principales teóricos que hablaron sobre el tema, como Behring y Boschetti (2011), Pereira (2012), Paulani (2014), Pfeifer (2017), Brettas (2017) Boito Jr. (2018), Antunes (2018), Silva (2012), Oliveira (1998) y Salvador (2017).(AU)

Genetic predispositions moderate the effectiveness of tobacco excise taxes.

BACKGROUND: Tobacco consumption is one of the leading causes of preventable death. In this study, we analyze whether someone's genetic predisposition to smoking moderates the response to tobacco excise taxes. METHODS: We interact polygenic scores for smoking behavior with state-level tobacco excise taxes in longitudinal data (1992-2016) from the US Health and Retirement Study (N = 12,058). RESULTS: Someone's genetic propensity to smoking moderates the effect of tobacco excise taxes on smoking behavior along the extensive margin (smoking vs. not smoking) and the intensive margin (the amount of tobacco consumed). In our analysis sample, we do not find a significant gene-environment interaction effect on smoking cessation. CONCLUSIONS: When tobacco excise taxes are relatively high, those with a high genetic predisposition to smoking are less likely (i) to smoke, and (ii) to smoke heavily. While tobacco excise taxes have been effective in reducing smoking, the gene-environment interaction effects we observe in our sample suggest that policy makers could benefit from taking into account the moderating role of genes in the design of future tobacco control policies.

Natural language processing and network analysis provide novel insights on policy and scientific discourse around Sustainable Development Goals.

The United Nations' (UN) Sustainable Development Goals (SDGs) are heterogeneous and interdependent, comprising 169 targets and 231 indicators of sustainable development in such diverse areas as health, the environment, and human rights. Existing efforts to map relationships among SDGs are either theoretical investigations of sustainability concepts, or empirical analyses of development indicators and policy simulations. We present an alternative approach, which describes and quantifies the complex network of SDG interdependencies by applying computational methods to policy and scientific documents. Methods of Natural Language Processing are used to measure overlaps in international policy discourse around SDGs, as represented by the corpus of all existing UN progress reports about each goal (N = 85 reports). We then examine if SDG interdependencies emerging from UN discourse are reflected in patterns of integration and collaboration in SDG-related science, by analyzing data on all scientific articles addressing relevant SDGs in the past two decades (N = 779,901 articles). Results identify a strong discursive divide between environmental goals and all other SDGs, and unexpected interdependencies between SDGs in different areas. While UN discourse partially aligns with integration patterns in SDG-related science, important differences are also observed between priorities emerging in UN and global scientific discourse. We discuss implications and insights for scientific research and policy on sustainable development after COVID-19.

Interest on reserves, helicopter money and new monetary policy.

We build a nonlinear dynamic model with currency, demand deposits and bank reserves. Monetary base is controlled by central bank, while money supply is determined by the interactions between central bank, commercial banks and public. In economic crises when banks cut loans, monetary policy following a Taylor rule is not efficient. Negative interest on reserves or forward guidance is effective, but deflation is still likely to be persistent. If central bank simultaneously targets both interest rate and money supply by a Taylor rule and a Friedman's k-percent rule, inflation and output are stabilized. An interest rate rule policy is just a subset of a more general monetary policy framework in which central bank can move interest rate and money supply in every direction.

Threshold effect of government subsidy, corporate social responsibility and brand value using the data of China's top 500 most valuable brands.

An increasing number of firms have begun to attach importance to corporate social responsibility (CSR) to obtain sustainable strategic advantages in the competitive market. On the basis of nonlinear perspective, panel data of A-share listed companies in the ranking list of China's Top 500 Most Valuable Brands in 2012-2018 and Hansen panel threshold regression technology were adopted. With government subsidy and CSR being threshold variables, the internal mechanism about the influence of government subsidy and CSR on brand value was explored. Results show that the following. (1) CSR has a significantly inverted U-type threshold effect on brand value. (2) Government subsidy facilitates CSR with diminishing marginal utility. (3) When a difference exists in the strength of government subsidy, the influence of CSR on brand value presents a significant N-type law. Furthermore, threshold regression method was used to innovatively explore the complex nonlinear relationship among government subsidy, CSR, and brand value. This relationship has a significantly practical significance for listed firms for weighing the business decisions regarding the input of CSR and brand value, as well as subsidy policies for enterprises by the government.