Do political connections facilitate or inhibit firms' digital transformation? Evidence from China's A-share private listed companies.

Given the advent of the digital era, digital transformation has become necessary for enterprise development. Political connections are the most important resources for enterprise development in most countries. However, the impact of political connections on corporate digital transformation has yet to be verified. This study uses ERNIE, a large language model, to construct a measurement of corporate digital transformation from the perspective of digital technology application through a textual analysis of the annual reports of A-share privately listed companies from 2008 to 2020 and analyzes the impact of political connections on corporate digital transformation and its mechanism of action. The findings demonstrate that political connections have a significant inhibitory effect on corporate digital transformation. This conclusion still holds after a series of robustness and endogeneity tests. The mechanism analyses demonstrate that political connections primarily affect corporate digital transformation through three mechanisms: weakening risk, inhibiting innovation, and enhancing resource crowding. We theoretically expand the understanding of the economic impact of political connections and provide new ideas for accelerating enterprise digital transformation from the perspective of policy makers.

Comparison of Sales From Vending Machines With 4 Different Food and Beverage Messages: A Randomized Trial.

Importance: Point-of-sale food messaging can encourage healthier purchases, but no studies have directly compared multiple interventions in the field. Objective: To examine which of 4 food and beverage messages would increase healthier vending machine purchases. Design, Setting, and Participants: This randomized trial assessed 13 months (February 1, 2019, to February 29, 2020) of vending sales data from 267 machines and 1065 customer purchase assessments from vending machines on government property in Philadelphia, Pennsylvania. Data analysis was performed from March 5, 2020, to November 8, 2022. Interventions: Study interventions were 4 food and beverage messaging systems: (1) beverage tax posters encouraging healthy choices because of the Philadelphia tax on sweetened drinks; (2) green labels for healthy products; (3) traffic light labels: green (healthy), yellow (moderately healthy), or red (unhealthy); or (4) physical activity equivalent labels (minutes of activity to metabolize product calories). Main Outcomes and Measures: Sales data were analyzed separately for beverages and snacks. The main outcomes analyzed at the transaction level were calories sold and the health status (using traffic light criteria) of each item sold. Additional outcomes were analyzed at the monthly machine level: total units sold, calories sold, and units of each health status sold. The customer purchase assessment outcome was calories purchased per vending trip. Results: Monthly sales data came from 150 beverage and 117 snack vending machines, whereas 1065 customers (558 [52%] male) contributed purchase assessment data. Traffic light labels led to a 30% decrease in the mean monthly number of unhealthy beverages sold (mean ratio [MR], 0.70; 95% CI, 0.55-0.88) compared with beverage tax posters. Physical activity labels led to a 34% (MR, 0.66; 95% CI, 0.51-0.87) reduction in the number of unhealthy beverages sold at the machine level and 35% (MR, 0.65; 95% CI, 0.50-0.86) reduction in mean calories sold. Traffic light labels also led to a 30-calorie reduction (b = -30.46; 95% CI, -49.36 to -11.56) per customer trip in the customer purchase analyses compared to physical activity labels. There were very few significant differences for snack machines. Conclusions and Relevance: In this 13-month randomized trial of 267 vending machines, the traffic light and physical activity labels encouraged healthier beverage purchases, but no change in snack sales, compared with a beverage tax poster. Corporations and governments should consider such labeling approaches to promote healthier beverage choices. Trial Registration: ClinicalTrials.gov Identifier: NCT06260176.

Impact of COVID-19 pandemic on food availability and affordability: an interrupted time series analysis in Ghana.

BACKGROUND: In Africa, approx. 675 million people were at risk of food insecurity. COVID-19 pandemic is likely to have exacerbated this situation, by damaging populations' access to and affordability of foods. This study is aimed at estimating the impacts of the COVID-19 pandemic on availability and prices of essential food commodities at 20 large markets in Ghana. METHODS: Data on food availability and food retail prices collected through weekly market-level data during the period from July 2017 to September 2020 were used in this study. We performed interrupted time-series analyses and estimated the percentage increases between the observed and predicted food prices by food group and by region to assess the impact of COVID-19 pandemic on food prices. RESULTS: As a result, the impact of COVID-19 on food availability was limited. However, the results of interrupted time-series analyses indicate a significant increase in overall mean food prices in Greater Accra, Eastern and Upper East regions. It was also found that mean price of starchy roots, tubers and plantains significantly increased across regions. DISCUSSION: The impact of COVID-19 pandemic on food availability and prices was significant but varied by food type and regions in Ghana. Continuous monitoring and responses are critical to maintain food availability and affordability.

A blueprint for a new commercial driving epidemiology: An emerging paradigm grounded in integrative exposome and network epistemologies.

Excess health and safety risks of commercial drivers are largely determined by, embedded in, or operate as complex, dynamic, and randomly determined systems with interacting parts. Yet, prevailing epidemiology is entrenched in narrow, deterministic, and static exposure-response frameworks along with ensuing inadequate data and limiting methods, thereby perpetuating an incomplete understanding of commercial drivers' health and safety risks. This paper is grounded in our ongoing research that conceptualizes health and safety challenges of working people as multilayered "wholes" of interacting work and nonwork factors, exemplified by complex-systems epistemologies. Building upon and expanding these assumptions, herein we: (a) discuss how insights from integrative exposome and network-science-based frameworks can enhance our understanding of commercial drivers' chronic disease and injury burden; (b) introduce the "working life exposome of commercial driving" (WLE-CD)-an array of multifactorial and interdependent work and nonwork exposures and associated biological responses that concurrently or sequentially impact commercial drivers' health and safety during and beyond their work tenure; (c) conceptualize commercial drivers' health and safety risks as multilayered networks centered on the WLE-CD and network relational patterns and topological properties-that is, arrangement, connections, and relationships among network components-that largely govern risk dynamics; and (d) elucidate how integrative exposome and network-science-based innovations can contribute to a more comprehensive understanding of commercial drivers' chronic disease and injury risk dynamics. Development, validation, and proliferation of this emerging discourse can move commercial driving epidemiology to the frontier of science with implications for policy, action, other working populations, and population health at large.

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.

Direct interaction in digital interactive media and stock performance: Evidence from Panorama.

Media information plays an essential role in the stock market. Recent financial research has verified that media information could shock stock price by influencing investors' expectation. Now, a new type of interactive media, called Digital Interactive Media (DIM), is popular in Chinese stock market and becomes the main channel for investors to understand listed companies. Unlike general news media or investor forums, DIM enables direct interaction between listed companies and investors. In the modern society where digital economy is booming, media information would largely affect investors' decisions. Therefore, it is urgent to use natural language processing (NLP) technology to deconstruct the massive questions and answers (Q&A) interactive information in DIM and extract valuable factors that affect stock prices and stock performances to explore the influence mechanism of digital interactive information on stock performances. This paper firstly uses web crawling technology to obtain approximately 110000 Q&A text information from the digital interactive platform ('Panoramic Network') from 2015 to 2021. Then we use big data text analysis technology and emotional quantification technology to extract valuable influencing factors from the massive text. A Multiple Linear Regression (MLR) model was created to explore specific influence mechanism of digital interactive information on stock price performance. The empirical results show that the emotions implicit in investors' questions do not significantly impact stock performance. However, the emotions and attitudes of the answers by listed companies can significantly affect corresponding stock prices, which indirectly confirms the Proximate Cause Effect of behavioral finance. This effect is particularly evident in the stock prices on the current trading day and the next trading day. In the Robustness Test, this paper replaces dependent variable and adds relevant control variables, and the conclusion remains valid. In the Endogeneity Test, this paper selects sample data before the launch of Panorama Network in 2014 as a comparison, and uses a Difference-in-Difference (DID) model to prove the significant impact of the launch of Panorama Network on Chinese stock market. In the Heterogeneity Test, the paper classifies the market value, region, and industry of listed companies and regressed the sub samples, once again confirming the reliability of the empirical conclusions. The results of Robustness Test, Endogeneity Test, and Heterogeneity Test conducted in this paper all support empirical conclusions.

Impacts of financial development and green trade on the shadow economy: An insight of eagle countries using Bayesian approaches.

The existence of a shadow economy is recognized as an impediment to sustainable development. By applying the Bayesian approaches, the current article investigates the linkage between financial development, green trade, and the scope of the shadow economy, aiming to contribute to a comprehensive understanding of how these factors address the challenge posed by the shadow economy in Emerging and Growth-Leading Economies (EAGLE) from 2003 to 2016. The results demonstrate that (i) The progress of the financial sector is expected to diminish the scale of the shadow economy. Specifically, the expansion of financial institutions and markets has a strong and negative influence on the shadow economy. (ii) Increased involvement in green trade is likely to result in a decreased shadow economy. Empirical findings provide evidence for effective policymaking in simultaneously promoting sustainable trade practices, strengthening financial systems, and curtailing informal economic activities for inclusive economic development.

Dynamics of a Cournot game with bounded rational firms and various scale effects.

In this paper, we focus on a dynamic Cournot game in the market with a nonlinear (isoelastic) demand function. In our model, there are N competing firms featured by nonlinear cost functions, which enhances our model's resemblance to real-world scenarios. Firstly, we focus on the homogeneous case where firms' marginal costs change at equal rates. We establish analytical expressions of the market supply at equilibrium and perform comparative static analysis. In addition, we investigate the local stability under different economies of scale and show that there could be multiple stable equilibria if firms face economies of scale. The heterogeneous case where firms' marginal costs change at distinct rates is much more complex, thus we investigate the duopoly game with only two firms involved. Methods of symbolic computations such as triangular decomposition and partial cylindrical algebraic decomposition are employed in the analytical investigations of the equilibrium, which is nearly impossible by using the pencil-and-paper approach since the closed-form equilibrium is quite complicated. According to the computational results, we derive that two stable positive equilibria may coexist if both firms face economies of scale. Additionally, we conduct preliminary numerical simulations and find two different types of complex dynamics of the model considered in this paper: complex trajectories such as periodic and chaotic orbits may appear; the topological structure of the basins of attraction may be complex.

Local trade, spatial occurrence and conservation of hypostomus soniae (siluriformes, loricariidae), an ornamental fish endemic to the tapajos river, Brazil.

Hypostomus soniae is a small sized armored catfish endemic to the Tapajos River basin and ranked as one of the most exploited ornamental fish in the Santarem export marketplace. This study aims to evaluate distributional patterns of Hypostomus soniae and contribute to the species conservation in the face of development of the ornamental fish trade in the Amazon region. We compiled data associated with geographic coordinates in public repositories, supplemented with original field records. We compared our data to published records in the literature and museum collections to check for accuracy. To investigate the fishery and commercialization of H. soniae, we conducted interviews with ornamental fish stakeholders from the local trade. We also made direct observations in the fishing sites and export facilities in Santarem. A cluster analysis of the geolocation data was carried out to explore the spatial distribution patterns. The volume of captures and exportation of H. soniae decreased during the period 2020-2023. The occurrence of H. soniae was associated with annual rainfall ranging from 2,000 mm to 2,500 mm and concentrated in two municipalities of the State of Mato Grosso and two of the Para State. The species distribution area has been threatened, unfortunately, by fishermen who do not respect the laws that support artisanal fishing in the Amazon.

Cognitive influence on the evaluation of wine: The impact and assessment of price.

Price is one of the most important product-extrinsic factors influencing the consumers' response to, and presumably experience of, wine. This is ironic inasmuch as the research tends to highlight either no, or else even a slightly negative relationship between price and liking in typical consumers when they taste wines blind. Nevertheless, providing price information, especially when it is high leads to enhanced taste ratings, especially for low to mid-priced wines. Similarly, bottle and label information (that makes a wine look cheaper or more expensive) has also been shown to influence the evaluation of wine by regular consumers (i.e., non-experts). Indeed, product-extrinsic information often appears to outweigh the product-intrinsic sensory attributes of wine in people's hedonic (in not necessarily in their sensory-discriminative) ratings. Such findings therefore highlight the importance of cognitive as compared to direct sensory cues in the evaluation of wine. This narrative historical review critically reviews and evaluates the published experimental literature that has examined the impact of price on wine ratings.

Modern models for predicting bankruptcy to detect early signals of business failure: Evidence from Montenegro.

This paper explores predicting early signals of business failure using modern models for bankruptcy prediction. It reviews how continuous operations enhance market value, strengthening competitiveness and reputation among stakeholders. The study involves medium and large companies in the Montenegrin market from 2015 to 2020, comprising 30 bankrupt and 70 financially stable firms. Logistic regression is also employed to create a logit model for early detection of bankruptcy signals in companies. This research establishes the empirical validity of modern models in predicting business failure in the Montenegrin market, particularly through logistic regression. Significant indicators, such as the Degree of Indebtedness (DI) and turnover ratio of business assets (TR), exhibit strong predictive power with a p-value less than 0.001 according to Likelihood ratio tests. The paper underscores the potential benefits of bankruptcy prediction for both internal and external stakeholders, especially investors, in enhancing the competitiveness of Montenegro's large and medium-sized companies. Notably, the research contributes by bridging the gap between theory and practice in Montenegro, as bankruptcy prediction models have not been extensively applied in the market. The authors suggest the possible applicability of the created logit model to neighboring countries with similar economic development levels. In that sense, the concept of predicting bankruptcy is positioned as integral to corporate strategy, impacting the overall reduction of bankruptcies. The paper concludes by highlighting its role as a foundation for future research, addressing the literature gap in the application of bankruptcy prediction models in Montenegro. The created logit model, tailored to the specific needs of Montenegrin companies, is presented as an original contribution, emphasizing its potential to strengthen the competitiveness of companies in the market.

Long-term oriented culture, performance pressure and corporate innovation: Evidence from China.

This paper extracts culture element of long-term orientation from Chinese listed firm's annual report, then argue and testify whether long-term orientation can help firms to hang on risky decision especially as innovation, when firms are under performance pressure. There are three main conclusions. First, we report that the higher degree of long-term oriented culture a firm has, the stronger innovation capability the firm shows. Second, we find that long-term oriented culture can improve employee's educational qualification to promote corporate innovation, as well as improve the corporate internal control to promote innovation. Third, when firms are subjected to internal or external performance pressure in their business process, higher long-term oriented culture will make firms more innovative.

How the German cockroach conquered the world.

DNA study implicates medieval warfare and colonial trade.

Traded Plastic, Traded Impacts? Designing Counterfactual Scenarios to Assess Environmental Impacts of Global Plastic Waste Trade.

The global trade of plastic waste has raised environmental concerns, especially regarding pollution in waste-importing countries. However, the overall environmental contribution remains unclear due to uncertain treatment shares between handling plastic waste abroad and domestically. Here, we conduct a life cycle assessment of global plastic waste trade in 2022 across 18 countries and six plastic waste types, alongside three "nontrade" counterfactual scenarios. By considering the required cycling rate, which balances importers' costs and recycling revenues, we find that the trade resulted in lower environmental impacts than treating domestically with the average treatment mix. The trade scenario alone reduced climate change impact by 2.85 million tonnes of CO2 equivalent and mitigated damages to ecosystem quality, human health, and resource availability by 12 species-years, 6200 disability-adjusted life years (DALYs), and 1.4 billion United States dollars (USD in 2013), respectively. These results underscore the significance of recognizing plastic waste trade as a pivotal factor in regulating global secondary plastic production when formulating a global plastics treaty.

Customer discourse power and green innovation in industrial chain enterprises: A theoretical and empirical approach.

Leading enterprises in the industry chain play a demonstrative role, and promoting green innovation among leading enterprises is a meaningful approach to unlocking industry chain dividends. According to an analysis of the game process between customers and leading firms that incorporates the open innovation theory, we find a nonlinear role for the consumer discourse power in the leading firms' innovation. Furthermore, using data from Chinese A-share listed companies between 2012 and 2021, we observe an inverted "U" relationship between customer discourse power and green innovation. Notably, this effect is more pronounced in leading non-technology-intensive enterprises, industries with a high degree of industrial innovation, or regions with a high marketization degree. Our analysis also reveals that leading enterprises' client leads to financial limitations that influence green innovation. Additionally, leading enterprises play a driving role in achieving "joint progress" in green innovation with local non-leading firms, and this effect exhibits spatial spillover.

Too Good to be Nice: The interplay between the Cause marketing and information acquisition.

Cause marketing (CM) has become an important tool for firms to fulfill their social responsibility strategies. However, in reality, although some consumers have responded positively to the firm's CM strategies, others have doubts due to their lack of trust in the effectiveness of the firm or business. Therefore, in this paper, we consider a case that the supplier is a dual-purpose corporation that engage in a CM campaign and the consumer social preference is uncertainty and is unknown initially but can be resolved by the retailer's acquisition behaviour. By examining the two information acquisition strategies: committed acquisition and contingent acquisition. We find that, under either strategy, the retailer would like to acquire information only when the cost of information acquisition is small. Moreover, compared to contingent acquisition, the retailer is more willing to prefer committed acquisition. Additionally, we show that the supplier always prefers the committed acquisition strategy. However, the retailer's preference toward these two information acquisition strategies is related to the acquire cost. Specifically, when acquisition cost is small or large, the retailer is indifferent between these two strategies, when acquisition cost is in an intermediate range, the retailer will shift her strategy from the contingent strategy to the committed strategy. We also use numerical studies to illustrate main results. These findings provide theoretical support and management insights for managers to integrate CM into business transactions.

Food price trends during the COVID-19 pandemic in Brazil.

The present study aims to analyze the trends in food price in Brazil with emphasis on the period of the Covid-19 pandemic (from March 2020 to March 2022). Data from the Brazilian Household Budget Survey and the National System of Consumer Price Indexes were used as input to create a novel data set containing monthly prices (R$/Kg) for the foods and beverages most consumed in the country between January 2018 and March 2022. All food items were divided according to the Nova food classification system. We estimated the mean price of each food group for each year of study and the entire period. The monthly price of each group was plotted to analyze changes from January 2018 to March 2022. Fractional polynomial models were used to synthesize price changes up to 2025. Results of the present study showed that in Brazil unprocessed or minimally processed foods and processed culinary ingredients were more affordable than processed and ultra-processed foods. However, trend analyses suggested the reversal of the pricing pattern. The anticipated changes in the prices of minimally processed food relative to ultra-processed food, initially forecasted for Brazil, seem to reflect the impact of the Covid-19 pandemic on the global economy. These results are concerning as the increase in the price of healthy foods aggravates food and nutrition insecurity in Brazil. Additionally, this trend encourages the replacement of traditional meals for the consumption of unhealthy foods, increasing a health risk to the population.

Characteristics of built food environments associated with alternative protein food choices: a systematic review.

BACKGROUND: This systematic review contributes to the understanding of the characteristics of built food environments that may be associated with choices of alternative protein foods (APF). Using the built food environment typology proposed by Downs et al., we investigated various environmental structures (e.g., supermarkets, other retailers, farmers' markets, restaurants, schools, and online vendors) and the characteristics that may facilitate or hinder consumers' choices. For example, facilitators and barriers may refer to the physical characteristics of environmental structures, food presentation practices, the organizational strategies or policies operating in the setting, or the actions that retailers or consumers engage in while selling, serving, choosing, trying, or purchasing APF in these environmental structures. METHODS: A systematic review (PROSPERO database preregistration; no. CRD42023388700) was conducted by searching 13 databases for peer-reviewed journals focusing on the fields of economics and business, agriculture, medical sciences, and social sciences. Data searches, coding, and quality evaluations were conducted by at least 2 researchers. A total of 31 papers (36 original studies) were included. The risk of bias was evaluated with the Joanna Briggs Institute quality evaluation tool, with 24 publications presenting low risk of bias. RESULTS: The findings indicate that perceived and actual availability facilitate consumers' APF choices across a built food environment. Several barriers/facilitators were associated with APF choices in specific types of built food environments: the way food is presented in produce sections (supermarkets), consumer habits in terms of green and specialty shopping (grocery stores), and mismatches among retailer actions in regard to making APF available in one type of food environment structure (e-commerce) and consumers' preferences for APF being available in other food environment structures (supermarkets, grocery stores). The effect of a barrier/facilitator may depend on the APF type; for example, social norms regarding masculinity were a barrier affecting plant-based APF choices in restaurants, but these norms were not a barrier affecting the choice of insect-based APF in restaurants. CONCLUSIONS: Addressing barriers/facilitators identified in this review will help in developing environment-matching interventions that aim to make alternative proteins mainstream. TRIAL REGISTRATION: PROSPERO database registration: #CRD42023388700.

Evaluation of China's live streaming e-commerce industry policies based on a three-dimensional analysis framework.

As an emerging business modality and Internet format, live streaming e-commerce has developed rapidly since its emergence in 2016, especially since the outbreak of the COVID-19 epidemic in late 2019, when an increasing number of businesses from other industries attracted participation. However, with the development of the live streaming e-commerce industry, the industry's market environment is becoming increasingly chaotic. Therefore, during this period, government departments continuously formulate and implement relevant industry policies. In order to exploring the cooperation network structure, policy content distribution, and implementation effectiveness characteristics among publishers, this paper constructs a three-dimensional analysis framework of policy from the perspective of policy tools, policy effectiveness evaluation and policy publishers. The results show that in terms of policy tools, the overall structure of policy tools in the live streaming e-commerce industry is unreasonable, and different types of policy tools are significantly diverse. The proportion of environmental policy tools is greater than that of demand-based and supply-based policy tools, accounting for 62.97%, and among them, the tools related to industry regulation and management account for the largest proportion of the total, which greatly suppresses the enthusiasm of various entities in the industry for development. In terms of policy effectiveness evaluation, most of the policies do not formulate detailed long-, medium-, or short-term goals, nor are the policy priorities, incentive measures, or action modes perfect, indicating that the government's pushing and pulling forces for the live streaming e-commerce industry are insufficient. Finally, in the subject dimension of policy release, the synergy of relevant subjects is constantly improving, but there is also a phenomenon of over-concentration in the synergistic departments.