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Foreign direct investment (FDI) has become an important factor influencing corporate operational strategies, yet the impact of its inclusiveness on corporate environmental, social, and governance (ESG) performance remains unclear. In this study, the correlation of city-level FDI inclusiveness with corporate-level ESG performance was investigated based on data from 1258 Chinese A-share listed companies between 2011 and 2021. The effects of FDI inclusiveness on corporate ESG performance and its underlying mechanisms were investigated. The findings indicate that an increase in FDI inclusiveness significantly improves corporate ESG performance. Additionally, the moderating role of corporate competitive advantage and urban entrepreneurial vitality was analyzed, and the findings indicate that an increase in urban FDI inclusiveness significantly improves corporate ESG performance. Managerial green attention and corporate innovation capability play intermediary roles in the overall impact, with the total impact being positively moderated by investor attention. Furthermore, the influence of FDI inclusiveness on corporate ESG performance exhibits significant heterogeneity resulting from variations in digital policies, environmental policies, and ownership structures. Full article

This research critically examines the underlying anxieties surrounding artificial intelligence (AI) that are often concealed in public discourse, particularly in the United Kingdom. Despite an initial reluctance to acknowledge AI-related fears in focus groups, where 86% of participants claimed no significant concerns, further exploration through anonymous surveys and interviews uncovered deep anxieties about AI’s impact on job security, data privacy, and ethical governance. The research employed a mixed-methods approach, incorporating focus groups, a survey of 867 participants, and 53 semi-structured interviews to investigate these anxieties in depth. The study identifies key sources of concern, ranging from the fear of job displacement to the opacity of AI systems, particularly in relation to data handling and the control exerted by corporations and governments. The analysis reveals that anxieties are not evenly distributed across demographics but rather shaped by factors such as age, education, and occupation. These findings point to the necessity of addressing these anxieties to foster trust in AI technologies. This study highlights the need for ethical and transparent AI governance, providing critical insights for policymakers and organisations as they navigate the complex socio-technical landscape that AI presents. Full article

This study, with its practical implications, is a valuable resource for organisations. It examines the impact of Sustainable Management Accounting (SMA) practices on the implementation and effectiveness of Sustainable Corporate Governance (SCG) within organisations. It also investigates the various dimensions of SMA and explores the mediating roles of the Internal Control System (ICS) in the relationships between SMA and SCG. The empirical data, collected from 512 individuals across India using a purposive sampling technique, represent a diverse cross-section of the population, including shareholders, investors, finance officers, executives, and professionals such as chartered accountants, lawyers, bankers, and company secretaries. The findings of this study are actionable, indicating that SMA has a positive and significant impact on SCG. Furthermore, it was found that SMA is influenced by factors such as the accounting system, reporting method, transparency policy, and stakeholder involvement. Moreover, the results suggest that companies with well-developed sustainable accounting systems have enhanced ICS and corporate governance metrics, which in turn result in improved board oversight and stakeholder engagement. Finally, the outcome of this study not only assists in developing sustainable corporate governance through sustainable accounting management but also contributes to the UN’s sustainable goals through accounting and governance in the corporate culture and approach. Full article

With the rapid growth of the electric vehicle industry, the recycling of power batteries has attracted significant attention. In light of current circumstances, the question of how the government can incentivize relevant stakeholders to actively engage in recycling and improve its efficiency has become increasingly pressing. In this context, this study analyses and develops four closed-loop supply chain recycling models to investigate how different government subsidy recipients under varying power structures influence recycling efficiency, profitability, and the overall supply chain structures. The following conclusions are derived from numerical simulations: (1) Government subsidies serve to elevate recycling prices, expand profit margins, and consequently boost the volume of recycled batteries, thus incentivizing corporate engagement in recycling initiatives. (2) When the processor assumes the role of the leader in the Stackelberg game framework, it can maximize the overall efficiency and profitability of the supply chain. (3) The sensitivity coefficient and the competition coefficient are closely interrelated, exerting opposing impacts on the recycling decision made by enterprises. (4) The supply chain leader plays a crucial role in ensuring orderly supply chain development, with government subsidies of the supply chain being transmitted to its members through the leader. Consequently, this study offers a theoretical foundation for the government to enhance policy-making and for enterprises to make informed decisions. It also holds significant practical relevance in addressing the challenges associated with power battery recycling. Full article

As the executor and agent of China’s environmental policy, local governments’ environmental concern reflects local governments’ determination in environmental governance. To figure out how the strengthening environmental concerns affect enterprises’ long-term activities, this study focuses on pharmaceutical manufacturing enterprises due to the enormous and complex composition of emissions. We apply bag of words to summarize relevant environmental words from the annual work reports in local governments to measure environmental concern. The empirical results of the OLS method reveal that the increasing environmental concerns of local governments did decrease the growth rate of chemical oxygen demand (COD) emission authentically. At the same time, it will inhibit the research and experimental development (R&D) activity intensity, but promote production efficiency of pharmaceutical manufacturing enterprises. After that, we discuss the heterogeneity of enterprise ownership, corporate social responsibility and regional regulatory strength of enterprises. Overall, we conclude that environmental concern did reduce COD emission and promote production efficiency, but it also has negative spillover effects. The novel contribution of this paper is that it enriches the trade-off between strengthening environmental compliance costs and long-term production and innovation activities. These results indicate that pharmaceutical manufacturing enterprises prioritize optimizing existing production processes instead of adopting efficient technology when complying with stricter environmental regulation. The reduction of R&D activities may pose risks to the long-term sustainable development of enterprises. Full article

This paper assesses the association of ESG scores with stock returns and highlights the moderating role of the COVID-19 pandemic and the country’s governance. The study uses panel data regression models to assess the relationship between ESG factors and stock returns, focusing on the moderating role of country governance and the COVID-19 pandemic. The results reveal that governance quality significantly enhances the positive effects of ESG practices on returns, particularly during times of crisis. These suggest that higher overall ESG scores are related positively to financial performance, and this relation is enhanced during the COVID-19 pandemic. Specifically, the two dimensions of ESG that matter most are environmental and governance. Country-level governance is important because firms in well-governed countries amplify the benefits of high ESG scores. The opposite is true for the higher controversies scores, whose bad financial outcome is magnified during the pandemic. These results present an argument for the resilience of firm financial performance, dependent on strong ESG practices and governance frameworks. This holds great interest for investors and policymakers in associating good ESG considerations with the effective management of financial risks, leading to sustainable returns during periods of widespread economic uncertainty. Full article

In recent years, “environment, society and governance” (ESG) has attracted widespread attention. As an investment philosophy focused on long-term value creation and non-financial performance indicators, ESG addresses internal governance challenges and fosters high-quality economic and social development. This study uses panel data analysis of 9125 observations from 1305 eligible companies to examine the relationship between ESG ratings, financing constraints, corporate research and development (R&D), and total factor productivity (TFP). It focuses on heavily polluting enterprises listed on the Shanghai and Shenzhen A-shares from 2012 to 2022. The findings show that (1) ESG ratings significantly impact TFP for the better, and (2) financial limitations act as a go-between for the ESG ratings and TFP connection, and (3) corporate R&D also serves as a mediator between ESG ratings and TFP. These findings offer valuable insights for shaping corporate ESG strategies, driving green transformation, enhancing productivity, advancing sustainable development, and supporting high-level environmental protection. Full article

The increasing global consciousness and collective recognition of the importance of sustainability, coupled with initiatives focused on sustainable development, have resulted in a heightened commitment and transformation among organizations and corporations in their endeavors to contribute to the achievement of sustainable development goals through their corporate sustainability initiatives. Prior studies have underscored the effects of corporate sustainability on various strategic levels, such as corporate, business, and operations, paving the way for further investigation. This paper seeks to establish a theoretical framework for sustainable operations strategy through six propositions and subsequently validate this framework via a qualitative case study analysis of a production and processing special economic zone in an emerging nation, specifically Indonesia. The findings from the empirical testing indicate that the proposed theoretical framework has been validated with minor adjustments, through the inclusion of good corporate governance and the adoption of local core values. The paper also presents theoretical and managerial implications, along with suggestions for future research avenues. Full article

The flourishing of the tourism market generates gigantic carbon emissions. It is imperative for tourism companies to take action to achieve decarbonization. The emergence of digital technology is gradually becoming an important strategic path for global corporations’ technological evolution. Undoubtedly, digital tools provide a fresh opportunity for tourism companies to reduce their carbon footprint. Realizing the positive interaction between digitization and greenization is essential for tourism companies to achieve high-quality development. Aiming to clarify the relationship between digital transformation and company carbon intensity in tourism companies, this study analyzes the influence and mechanism of digital transformation on tourism companies’ carbon intensity using data from Chinese A-share listed tourism companies over the period 2005–2020. With the help of textual analysis and high-dimensional fixed effects model, this paper builds a proxy for digital transformation and further tests the causal link between digital transformation and company carbon intensity. The findings indicate that digital transformation significantly reduces the carbon intensity of tourism companies. Alleviating managerial myopia, attracting external resources, and fostering a collaborative culture are three mechanisms through which digital transformation can exert its carbon reduction efficacy. The heterogeneity analysis reveals that this effect is more prominent among state-owned tourism companies, companies with greater board diversity, or companies situated in more favorable business environments. This paper makes three contributions. First, this paper broadens the exploration of how digital advancements affect tourism, discussing the relationship between digital transformation and the carbon intensity of tourism companies. Second, this paper looks beyond a macro perspective commonly used in tourism carbon emission research, undertaking the research at the micro level, filling the research gap in tourism companies’ carbon performance. Third, from the aspect of informational effect, this paper provides the mechanism between digital transformation and tourism company carbon intensity creatively. The conclusions offer empirical insights to assist tourism companies in effectively fulfilling their environmental commitments in the digital era. Meanwhile, this paper also provides a useful decision-making basis for the government to promote tourism companies’ decarbonization transformation. From the company perspective, tourism companies should take digitalization seriously, fully exploiting the environmental benefits of digital transformation. From the government perspective, local government should further improve the environment for company development, supporting tourism companies’ digital transformation with unremitting efforts. Full article

This study examined the association between corporate cryptocurrency activities and tax avoidance outcomes, utilizing data from US public firms covering the period from 2015 to 2023. Financial data were sourced from Compustat, while details regarding cryptocurrency activities were manually extracted from 10-K and 10-Q filings. Our analysis employed a fixed-effects regression model to examine the impact of these activities on cash effective tax rates (ETR). The findings indicate that firms engaged in cryptocurrency activities tend to have a lower ETR compared with those without such involvement. Notably, this effect was predominantly observed in companies directly engaged in cryptocurrency activities, such as accepting cryptocurrency as a payment method or actively trading cryptocurrency on an exchange platform. In contrast, firms involved in crypto mining or initial coin offerings did not exhibit a similar association. Our findings offer significant regulatory insights for governance bodies concerned with the implications of corporate cryptocurrency activities on tax strategies. Full article

The Environmental, Social, and Governance (ESG) Composite Rating denotes corporations’ capability for supporting sustainable development activities, social responsibility, and transparent and ethical governance. It aims to inform investors and stakeholders about the company’s sustainability and social responsibility risks. ESG has increasingly become an informal yet significant driving force in promoting sustainable green innovation within the diversified co-governance environmental management system. This paper examines the dynamic relationship between ESG performance and sustainable green innovation practices in Chinese A-share listed companies from 2011 to 2022. The results show a positive correlation between ESG performance and the level of corporate sustainable green innovation. They also validate the moderating roles of informal external pressure and internal development demands. While the moderating effect of public environmental concern (PEC) is not significant, corporate digital transformation (CDT) significantly and positively moderates the relationship between ESG performance and sustainable green innovation. These findings offer policymakers and corporations a means to formulate a framework to shape the conduct of corporations to meet the market’s green development needs and to establish instruments that promote green innovation. Full article

Historically, vaccine development has been heavily supported by government and public institutions. On the other hand, private biopharmaceutical companies have played a significant role in the development of innovative new therapies using novel pharmaceutical technologies. COVID-19 vaccines using new vaccine technologies, such as mRNA and adenoviral vectors, were rapidly developed by emerging biopharmaceutical companies in collaboration with large corporations and public organizations. This underscores the crucial role of emerging biopharma and public–private partnerships in advancing new vaccine technologies. While these innovations have been suggested as models for future vaccines, their applicability to other infectious diseases requires careful assessment. This study investigated the characteristics of the developers and partnerships in the development of DNA vaccines as a next-generation vaccine platform. The analysis revealed that while emerging biopharmaceutical companies and private–private and private–public partnerships were crucial during the COVID-19 pandemic, public organizations and public–public collaborations primarily led to the clinical development of vaccines for other diseases. Strategies for vaccine development using new vaccine technologies should be tailored to the specific characteristics of each disease. Full article

This article is devoted to the analysis and development of ranking criteria for microcredit organizations to increase their investment attractiveness. The need to solve problematic issues is associated with the need to minimize risks before the start of the lending process through the correct selection of participants in the credit transaction. This study used the methods of content analysis and interpretation, correlation analysis and regression modeling, ranking, and clustering to assess the factors affecting the effectiveness of microcredit organizations. The most attention is paid to identifying key indicators that help improve the quality of financial services provided and their availability for various categories of borrowers. The results show that factors related to lending volumes and borrower characteristics have a significant impact on the quality of microcredit organizations. Of interest is the interpretation of classical financial indicators of microcredit organizations in the context of the principles of environmental, social, and corporate governance (ESG). The proposed approaches and conclusions can be used to improve the practice of microfinance and develop management and regulation strategies in this area. Full article

Tax compliance and avoidance are critical issues for governments and businesses worldwide, especially as businesses often use legal methods to minimize taxes, which can impact public revenue and equity within the tax system. This study focuses on understanding the factors influencing tax avoidance behaviors among SMEs in Greece’s tourism sector, a sector that has received limited research attention. To this end, a quantitative cross-sectional design was employed, using a structured questionnaire to explore potential factors influencing tax avoidance behavior. Data were collected from 534 SME managers and analyzed using Structural Equation Modeling (SEM) to assess the impact of key factors and their interrelationships, including coercive power, digital transformation, tax knowledge, firm performance, and perceived fairness, on tax avoidance. In addition, corporate social responsibility (CSR) was included as a moderator variable, while coercive power and digital transformation were assessed as mediators. Furthermore, Multi-Group Analysis (MGA) was conducted to explore the differences between small and medium enterprises, as well as different ownership structures. The results indicate that all key determinants, except perceived fairness, are significantly and positively related to tax avoidance intention. Additionally, it was revealed that coercive power increases tax avoidance through firm performance and tax knowledge, while digital transformation mediates the influence of firm performance on tax avoidance by curtailing avoidance intentions. While CSR mitigates the negative influence of coercive power, digital transformation has a dual role: that of promoting transparency and strategic efforts to reduce the tax burden. These findings have important policy implications, as policymakers seek to promote digital adoption and enhance CSR engagement while formulating specific regulatory strategies to reduce tax avoidance among SMEs. Full article

This study aimed to identify the adoption of circular economy (CE) practices at thermoelectric power plants (TPPs) fueled by forest biomass in Brazil and determine the degree of implementation; social, environmental, and economic impacts; motivations; challenges; and facilitating factors for the adoption of such practices. Data were collected through a questionnaire applied to a sample of 32 TPPs in Brazil employing the ReSOLVE framework from October 2023 to January 2024. The data were analyzed using descriptive statistics, with the assignment of scores, and principal component analysis. The results indicate that optimization practices are the most widespread (6.7) and sharing practices were the least adopted (4.0). The greatest motivators for adopting CE practices are promoting sustainability (9.5) and enhancing corporate image (9.5). One of the most relevant positive impacts of such practices is the improvement in social relations between companies and the community (9.1). A major challenge to CE adoption is government neglect, whereas certification systems constitute one of the major facilitators (with 20 indications). This study provides indicators for decision-makers in the private sector and public managers interested in promoting sustainable practices in the renewable energy industry. Full article