Tropospheric ozone - hidden cost for the financial performance of French wineries.

The paper investigates how tropospheric ozone affects the financial performance of French wine companies by influencing their operating income, using the Structural Equation Modeling (SEM) methodology. The study encompasses 487 active French wine industry companies from 2010 to 2022, considering various market, climate, and financial factors. The main findings show that high concentrations of tropospheric ozone negatively affect both the quality and quantity of grapes, thereby reducing the operating income of French wine companies and, consequently, their financial performance. More precisely, within the current market conditions and climate context, a 1% rise in tropospheric ozone levels leads to a 10.4% decrease in the operating income of French wine companies, which translates to a 0.7-0.8% decline in their financial performance. A strong market position enables French wine companies to achieve higher revenues, increased profit margins, and sustainable growth. Additionally, lower soil wetness, humidity, and temperature under higher atmospheric pressure improve grapevine growth and grape quality, further boosting revenue. Policy implications for wine producers include adopting site selection, irrigation, and canopy management strategies to enhance grape quality and financial health. Public authorities can address tropospheric ozone pollution through air quality standards, monitoring systems, financial incentives, and educational programs to mitigate its adverse effects.

Beyond transparency: Unpacking the financial effects of third-party environmental disclosure in China's semiconductor sector.

This study aims to investigate the impact of third-party environmental information disclosure (EiD) on the corporate financial performance (CFP) of Chinese semiconductor companies listed on the Shanghai and Shenzhen Stock Exchanges from 2008 to 2022. Utilizing the two-way fixed effects model and method of moments quantile regression (MMQR), the results reveal that for each unit increase in third-party EiD index, there is a corresponding 0.87% increase in investments returns. However, this impact is moderated by the presence of female executives and strengthened by CEO political ties. The findings further identify financial constraints and green subsidies as mediating mechanisms, indicating that while financial constraints can deter third-party EiD adoption, green subsidies can facilitate it. High transparency does not always result in financial gains despite the general benefits. This study contributes to understanding the role of third-party EiD in driving corporate sustainability and provides empirical evidence regarding the financial and operational implications of voluntary engagement of the public in environmental governance. Such findings can inform corporate decision-making and policy formulation, encouraging more firms to participate in environmental regulation initiatives voluntarily.

Let Us Talk Money: Subjectively Reported Financial Performance of People Living with Neurodegenerative Diseases-A Systematic Review.

Neurodegenerative diseases (NDDs) form a heterogeneous, widespread group of disorders, generally characterized by progressive cognitive decline and neuropsychiatric disturbances. One of the abilities that seems particularly vulnerable to the impairments in neurodegenerative diseases is the capability to manage one's personal finances. Indeed, people living with neurodegenerative diseases were shown to consistently present with more problems on performance-based financial tasks than healthy individuals. While objective, performance-based tasks provide insight into the financial competence of people living with neurodegenerative diseases in a controlled, standardized setting; relatively little can be said, based on these tasks, about their degree of success in dealing with the financial demands, issues, or questions of everyday life (i.e., financial performance). The aim of this systematic review is to provide an overview of the literature examining self and informant reports of financial performance in people living with neurodegenerative diseases. In total, 22 studies were included that compared the financial performance of people living with mild cognitive impairment (MCI), Alzheimer's disease (AD), Parkinson's disease, or multiple sclerosis to a (cognitively) normal control group. Overall, the results indicate that people living with neurodegenerative diseases are more vulnerable to impairments in financial performance than cognitively normal individuals and that the degree of reported problems seems to be related to the severity of cognitive decline. As the majority of studies however focused on MCI or AD and made use of limited assessment methods, future research should aim to develop and adopt more comprehensive assessments to study strengths and weaknesses in financial performance of people living with different neurodegenerative diseases.

Environmental, social, and governance (ESG) performance and financial outcomes: Analyzing the impact of ESG on financial performance.

BACKGROUND: Environmental Social Governance (ESG) investment had entered a phase of rapid development in the past few decades as most nations had put forward "carbon neutral" initiatives. ESG would receive more attention from the industry and academia in a global environment full of uncertainties. Companies benefit from the sharing of ESG data by improving their brand image, which attracts funding, lowers financing costs, and increases valuation. PURPOSE: To explore how ESG drives corporate financial performance. Also, the research examines the interrelation of ESG presentation and corporate presentation. DESIGN: /methodology/approach: Over an interval of 10 years (2011-2020) using a sample of 3332 listed organizations worldwide. The theory of the research is on the basis of stakeholder and transmitting signal theory and multiple regression and categorized regression were applied with STATA 16.0 software. RESULTS: The study utilizes a large dataset of 24,076 valid observations, providing robust statistical power for the analysis. The study findings proved that ESG performance is positively interrelated with corporate performance (p < 0.01). According to the findings of the study, at 1% of the level related to significance (p < 0.01), the regression coefficient for ESG is considerably positive. Thus, the influence of ESG rating on corporate performance is significant for large-scale companies and insignificant for small-scale companies. The results demonstrate that the positive impact of ESG rating on corporate financial performance is more pronounced in the high risk case than in the low risk case (p < 0.01). The results highlight the importance of ESG performance in today's world. Overall, the study gives precious perception about the interrelation between ESG and corporate financial performance (CFP). POLICY IMPLICATIONS: The researchers believe that the results of this study are beneficial to companies and governments in the development of environmentally conscious industries since they demonstrate corporate success through ESG. More realistically, the ESG can boost corporate firm performance by enabling businesses to maintain sustainability, establish a solid reputation, win the trust of stakeholders, and contribute to solving national sustainable development issues. Additionally, the researchers believe that the results of this study can boost management effectiveness, which in turn can help firms succeed. ORIGINALITY/VALUE: In the context of environmentally sensitive industries, this study findings provide empirical insights to the association between the corporate firms success and ESG performance. In addition, the findings provide insights to the business organizations development and the significance of ESG integration in the business organizations.

Performance effects of green production capability and technology in manufacturing firms.

The proclamation of the sustainable development goals is driving companies to implement protective measures that favour the environment, thereby occupying a strategic place in the creation of green product innovation (GPI). This new management paradigm could be impacting capabilities, techniques, technologies, efficient energy use and green-oriented production policies and systems. Therefore, one of the challenges is to configure green production capabilities (GPC) coordinated with the technology dimension (TECH) because the design of ecological products and their manufacture requires the backup of capabilities and the possible support of green technology. To this effect, this article aims to establish the impact of the association of GPC and TECH on organisational performance. To do so, we test whether the adoption and high implementation of GPC and TECH affect environmental and financial performance. Empirical evidence is supported by the European Manufacturing Survey (EMS), using a sample of 1018 manufacturing companies from seven European countries. Our results show that the adoption of GPC and TECH and their high levels of implementation have a significant impact on environmental and financial performance. Regarding the association between the implementation of GPC and TECH, its contribution to environmental performance but not financial performance is evidenced. Furthermore, at high levels of implementation of this association, there is no significant effect on either environmental or financial performance. These findings drive theoretical and practical implications and provide opportunities for academics, managers and government bodies.

Predicting the effects of supply chain resilience and robustness on COVID-19 impacts and performance: Empirical investigation through resources orchestration perspective.

This study investigates the effects of supply chain (SCRE) and robustness (SCRO) on COVID-19 super disruption impacts and firm's financial performance by mobilizing the resources orchestration theory (ROT) as the main theoretical framework. We adopt structural equation modeling analysis of data collected from 289 French companies. The findings reveal the significantly positive influence of resources orchestration on SCRE and SCRO and the role of the latter in mitigating the pandemic disruption impacts. Notwithstanding, depending on whether the measures are objective or subjective, the effects of SCRE and SCRO on financial performance vary. Overall, this paper presents empirical evidence of the influence of both of SCRE and SCRO on pandemic disruption impacts and financial performance. Furthermore, this research provides insights to guide practitioners and decision makers regarding resources orchestration and the deployment of SCRE and SCRO.

The role of political connections in bad times: Evidence from the COVID-19 pandemic.

This study investigates the relationship between political connections and firm financial performance during the COVID-19 pandemic. Using a difference-in-differences methodology, we found that politically connected enterprises paid more taxes, employed more employees, and suffered financial performance. This study enriches the literature on the impact of COVID-19 on enterprises and provides suggestions for regulators.

The COVID-19 pandemic and family business performance.

This study examines the impact of the COVID-19 pandemic on corporate financial performance using a unique, cross-country, and longitudinal sample of 3350 listed firms worldwide. We find that the financial performance of family firms has been significantly higher than that of nonfamily firms during the COVID-19 pandemic, accounting for pre-pandemic business conditions. This effect is pertinent to firms with strong family involvement in management or in both management and ownership. We also identify the role of firm-, industry-, and country-level contingencies for family business financial performance during the COVID-19 pandemic. This study offers a novel understanding of the financial resilience across different types of family business and sets an agenda for future research on the drivers of resilience of family firms to adverse events. It also provides important and novel evidence for policymakers, particularly for firms with different ownership and management structures.

Financial performance of China's listed firms in presence of coronavirus: Evidence from corporate culture and corporate social responsibility.

Motivated from the shortage of the existing research studies on impacts of dangerously contagious diseases on firms' financial performance, this study sheds light on the impacts of Coronavirus (Covid-19) outbreak on financial performance upon on the quarterly data of 126 Chinese listed firms across 16 industries. Overall, the Covid-19 outbreak reduced Chinese listed firms' financial performance proxied by the revenue growth rate, ROA, ROE, and asset turnover. This outbreak's negative effects on Chinese firms' profitability were much smaller than that on their revenue growth rates. While this outbreak's negative effects on financial performance of Chinese listed firms were bigger for those that were seriously affected by this pandemic like airlines, travel, and entertainment (ATE), this pandemic's effects were positive for the medicine industry. In the meanwhile, Chinese listed firms that located in high-risk regions suffered a bigger financial loss during the outbreak, and especially there was a strong Hubei effect. The corporate culture and CSR moderated the inverse relationship between this outbreak and Chinese firms' financial performance. Findings of this study contribute to enrich the existing literature on impacts of the Covid-19 outbreak on firms' financial performance worldwide and suggest helpful practical and theoretical implications.

Impact of energy saving on the financial performance of industrial enterprises in China: An empirical analysis based on propensity score matching.

Does energy-saving have a positive effect on the long-term development of enterprises? To answer this question, this study uses the propensity score matching (PSM) method to determine the impact of enterprises completing energy-saving objectives on their financial performance based on data from an industrial enterprise database in China. The results show that industrial enterprises that have completed the energy-saving target have advantages in profitability, operational and financial indicators but have deficiencies in debt indicators, and there is no significant difference in the ratio of profits to cost and expense. The research results of high energy-consuming industry are the same as the overall sample of industrial enterprises in terms of operational and financial indicators, and debt ratio indicators. Nevertheless, energy saving has no significant impact on profit and ratio of profits to cost of high energy-consuming industry.

Improving pharmacy performance through market orientation and the implementation of expanded pharmacy services.

This study seeks to extend the limited knowledge of market orientation's effects in retail pharmacy. Specifically, this study explores market orientation's role in the implementation of expanded pharmacy services and resulting performance implications among Canadian retail pharmacies. The results of the structural equation model showed that market orientation directly influenced the implementation of expanded pharmacy services and professional performance. The implementation of expanded pharmacy services was linked to professional performance and ultimately furthered financial performance. This study highlights the importance of how a market-oriented strategy and a pharmacy's decision to implement expanded pharmacy services can increase the dual objectives of the retail pharmacy.

The influence of financial performance on marketing expenditures among U.S. hospitals participating in the Medicare program.

The Centers for Medicare and Medicaid Services (CMS) require hospitals participating in these programs to submit an annual Medicare Cost Report (MCR). This information is utilized to set rates, regulations, and future payment models. CMS defines marketing expenditures as non-reimbursable. Prior research has evaluated the influence of marketing expenditures on financial performance, but not the reverse. This analysis evaluates the influence of this reverse lens, as well as the influence of provider type. Although the results of this analysis determine significance for these constructs, the variance explained is minimal. Therefore, further research is needed to determine additional factors influencing marketing decisions.

Does it pay to go green? The environmental innovation effect on corporate financial performance.

The current global economy demands synergies between ecological responsiveness and business models. To analyse this dynamic, this study investigates the relationship between green innovation and corporate financial performance for German HDAX companies from 2008 to 2019 by constructing an green innovation measure. A two-step GMM system and penalised-spline estimation are used to test the linear relationship between green innovation and financial proxies (return on assets, return on invested capital, and the market-to-book ratio). The results indicate a linear positive effect of green innovation on different financial performance measures. This suggests that green innovation drives resource efficiency and enhances corporate reputation, which, in turn, boosts financial performance.

Top management team faultlines, green technology innovation and firm financial performance.

Focusing on green technology innovation, the paper researches its motivation and implementation results from the perspective of internal corporate management. The impact of top manager team faultlines on green technology innovation and the moderating role of environmental information disclosure in the relationship between green technology innovation and financial performance are discussed. Using listed manufacturing corporate data obtained from China Stock Market & Accounting Research database, the hypotheses are tested. It is found that there is an inverted U-shaped relationship between task-related faultline and green technology innovation, while bio-demographic faultline has no significant influence on green technology innovation. In addition, both green technology innovation and environmental information disclosure have positive effects on financial performance, while the moderating effect of environmental information disclosure on innovation-performance doesn't exist. Combined with the research results, the practical implications for policy makers and managers and future research avenue are proposed.

Financial performance of hospitals: A critical obligation of corporate governance dimensions.

BACKGROUND: This paper aims to investigate the effects of corporate governance mechanisms on the financial performance of hospitals. The statement, "good corporate governance" has been incorporated in the health care sector over the last decade, as an element to improve financial performance. METHODS: The researchers relied on both primary and secondary data in the study. For the primary data, the authors used structured and nonstructured questionnaires to obtain data from 125 hospitals. The secondary data used emanated from board meetings, financial statements and relevant reports of the selected hospitals from 2010 to 2017. However, the data was then sorted out to get the required information on Chief Executive Officer (CEO) presence, board relationship, governance dynamics, gender diversity and financial performance. RESULTS: On the basis of empirical evidence provided in this study, the results show that the Independent Directors (INDPDR) variable has a positive effect on Return on Assets and Net Profit Margin and also a high statistically significant value of 0.000 for both performance measures. This is an indication that the variable, INDPDR, is highly capable of improving hospital financial performance. From our studies, Board Size and CEO Duality exhibited a negative relationship with the financial performance measures. CONCLUSIONS: Every hospital needs money to maintain a standard health facility and to sustain in operation. However, the inclusion of board of directors improves hospital financial management and enhances performance. Corporate governance mechanisms influence the behavior of health systems in ways that are associated with financial performance.

Economics of Disagreement-Financial Intuition for the Rényi Divergence.

Disagreement is an essential element of science and life in general. The language of probabilities and statistics is often used to describe disagreements quantitatively. In practice, however, we want much more than that. We want disagreements to be resolved. This leaves us with a substantial knowledge gap, which is often perceived as a lack of practical intuition regarding probabilistic and statistical concepts. Here, we propose to address disagreements using the methods of financial economics. In particular, we show how a large class of disagreements can be transformed into investment opportunities. The expected financial performance of such investments quantifies the amount of disagreement in a tangible way. This provides intuition for statistical concepts such as the Rényi divergence, which becomes connected to the financial performance of optimized investments. Investment optimization takes into account individual opinions as well as attitudes towards risk. The result is a market-like social mechanism by which funds flow naturally to support a more accurate view. Such social mechanisms can help us with difficult disagreements (e.g., financial arguments concerning the future climate). In terms of scientific validation, we used the findings of independent neurophysiological experiments as well as our own research on the equity premium.

Financial Performance Analysis in European Football Clubs.

The financial performance of football clubs has become an essential element to ensure the solvency and viability of the club over time. For this, both the theory and the practical and regulatory evidence show the need to study financial factors, as well as sports and corporate factors to analyze the possible flow of income and for good management of the club's accounts, respectively. Through these factors, the present study analyzes the financial performance of European football clubs using neural networks as a methodology, where the popular multilayer perceptron and the novel quantum neural network are applied. The results show the financial performance of the club is determined by liquidity, leverage, and sporting performance. Additionally, the quantum network as the most accurate variant. These conclusions can be useful for football clubs and interest groups, as well as for regulatory bodies that try to make the best recommendations and conditions for the football industry.

A quantitative case study assessment of biophysical and economic effects from altering season of calving in temperate pasture-based dairy systems.

In theory, a late winter-early spring calving date in temperate grazing systems best matches pasture supply and herd demand, thereby minimizing the need for nonpasture feeds and maximizing profitability. We used a quantitative case study approach to define the effects of season of calving on biophysical and financial performance in a grazing system without the confounding effects of imported feeds (i.e., milk production directly from grazed pasture). A 2-yr production system experiment was established to quantify the effects of changing onset of seasonal calving (i.e., planned start of calving; PSC) from winter (July in the Southern Hemisphere) to spring (October), summer, (January), or autumn (April) on pasture and animal production and profitability. Eighty Holstein-Friesian cows were randomly allocated to 1 of 4 PSC treatments, each of which had a different PSC [mean calving date of January 10 (JAN), April 10 (APR), July 10 (JUL), or October 10 (OCT)]. Data were analyzed for consistency of treatment response over years using ANOVA procedures with year, PSC treatment, and year × PSC treatment interactions as fixed effects. Collated biological data and financial data extracted from a national economic database were used as fixed variables to model the financial performance for the different treatments. A stochastic risk analysis was undertaken, where historical pasture growth and milk price data were used to estimate the probability distributions for stochastic input variables. Gross farm revenue and operating profit per hectare were modeled under 2 scenarios: (A) milk price did not include a premium for milk supplied during the winter, and (B) milk price included a realistic premium for milk supplied in winter. Annual and seasonal pasture growth did not differ between treatments, but the pasture growth (kg of dry matter/ha) and profile of the JUL treatment best matched the lactation nutrient demand profile. In comparison, profiles for JAN, APR, and OCT calving treatments had periods of greater surplus and deficit due to the time of calving and herd demand relative to the pasture growth profile. As a result, the JAN and OCT treatments conserved more pasture as silage and cows consumed a larger proportion of their annual diet as silage. Although the amount of silage conserved and consumed did not differ between the JUL and APR calving treatments, the timing of the silage consumption was different, with silage making up a greater proportion of the diets in the APR treatment 1 to 90 and 91 to 180 d postcalving and being offered to the JUL calving treatment only 271 to 365 d postcalving. As a result of differences in the quantity and proportion of pasture and pasture silage in the lactating diet, the JUL treatment herd tended to produce greater milk, 4% fat-corrected milk, fat, protein, and lactose yields (kg/cow) than the other PSC treatments, which did not differ from each other. Operating expenses per hectare did not differ materially between calving date scenarios, but operating expenses per kilogram of fat-corrected milk and kilogram of fat and protein were 15 to 20% less in the JUL treatment. With or without a realistic winter milk premium, gross farm revenue and operating profit per hectare were greater in the JUL treatment than in the APR treatment, which had greater revenue and profitability than the remaining 2 calving date treatments. In summary, our results indicate that a PSC in late winter is most profitable in a grazing system not importing feed, with or without a realistic price incentive scheme.

The Role of Assisted Living Capacity on Nursing Home Financial Performance.

The rapid growth of the assisted living industry has coincided with decreased levels of nursing home occupancy and financial performance. The purpose of this article is to examine the relationships among assisted living capacity, nursing home occupancy, and nursing home financial performance. In addition, we explore whether the relationship between assisted living capacity and nursing home financial performance is mediated by nursing home occupancy. This research utilized publicly available secondary data, for the state of Florida from 2003 through 2015. General descriptive statistics were used to assess the relationships among financial performance, assisted living capacity, and occupancy. To explore the relationships among financial performance, assisted living capacity and occupancy, and test potential mediation of occupancy, we followed Baron and Kenny's approach and estimated 3 models examining the relationships between (1) assisted living capacity and nursing home financial performance, (2) assisted living capacity and nursing home occupancy, and (3) nursing home occupancy and financial performance after assisted living capacity is included in the model. We used generalized estimating equations, to adjust for repeated measures and to model the above relationships. Year fixed effects control for time trend. The independent variable, assisted living beds, was lagged for 1 year to account for the potential influence on financial performance. The final analytic sample consisted of 7688 nursing home-year observations from 657 unique nursing homes. Our findings suggest that assisted living capacity does have a negative impact on nursing homes' financial performance. Even though, assisted living capacity seems not to significantly decrease nursing home occupancy. The relationship between assisted living capacity and financial performance was not mediated through occupancy. These findings suggest that assisted living communities may not be able to significantly reduce nursing home occupancy; however, the presence of assisted living communities may create additional financial/competitive pressures that result in decreased nursing home financial performance.

'Too-much-of-a-good-thing'? The role of advanced eco-learning and contingency factors on the relationship between corporate environmental and financial performance.

Inspired by the natural-resource-based view (NRBV) theory, we attempt to shed light on a controversy which has been persistent over the last decade, concerning the relationship between corporate environmental performance (CEP) and corporate financial performance (CFP). Using the 'too-much-of-a-good-thing' (TMGT) concept, which suggests that "too much can be worse than too little," we link mixed results and consider the roles of advanced eco-learning and contingency factors in influencing the CEP-CFP relationship. Based on a sample composed of ISO 14001 certified companies in Indonesia, and analyzing the data using consistent Partial Least Squares (PLSc), we found that: the CEP-CFP relationship follows an inverted U-shape; advanced eco-learning is a significant predictor of the CEP-CFP relationship, meaning that organizations able to develop higher eco-learning capability will be better able to identify the ideal boundaries of investment in environmental performance without reducing their financial performance; and that contingency factors such as environmental strategy and firm size have a significant role in influencing the CEP-CFP relationship. The study's limitations, implications for practitioners and a future research agenda are also detailed.