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Purpose: Through this study, the aim is to provide reference for the improvement of CEO related theories, the reform of internal governance mechanisms and compensation systems in enterprises, and ultimately contribute to economic and social development and the achievement of dual carbon goals. Design/methodology/approach: In the context of accelerating the implementation of the "dual carbon" goal and promoting sustainable economic and social development, this paper builds a panel data model based on the panel data of 31 provinces in China from 2011 to 2019 to empirically test the impact of CEO stability on green innovation and total factor productivity of enterprises. Findings: The results show that CEO stability has a positive role in promoting enterprise total factor productivity and green innovation and enterprise green innovation also has a positive role in promoting total factor productivity; Heterogeneity testing found that CEO stability has no significant impact on green innovation in state-owned enterprises. Corporate green innovation has a partial mesomeric effect between CEO stability and total factor productivity; The proportion of independent directors has a negative moderating effect on CEO stability and corporate green innovation, while equity incentive has a positive moderating effect on the relationship between CEO stability, corporate total factor productivity and green innovation. Originality/value: First, it develops the research on CEO stability and its economic consequences. Second, it expands the impact of CEO stability on heterogeneous enterprises. Third, provides new ideas for the reform of internal governance mechanism and salary system of enterprises. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to examine the impact of corporate environmental responsibility (CER) on corporate cash holdings. This paper also investigates the moderating effects of ownership type and institutional environment between CER and corporate cash holdings. Design/methodology/approach: This study uses the data of the most polluting listed companies on the Shanghai and Shenzhen stock exchange markets over the period 2010–2019. CER data from Hexun.com (a professional CSR evaluation system) are used to measure CER performance. Two proxies are used to measure the level of cash holdings simultaneously, where CASH1 is calculated as the ratio of cash and cash equivalents to total assets, and CASH2 is calculated as the ratio of cash and cash equivalents to net assets (total assets minus cash and cash equivalents). Finally, multiple regression analysis is applied to test the research hypotheses. Findings: The results show that environmentally responsible companies hold substantially less cash, and the result is statistically significant and robust even after using firm fixed effects and applying alternative measures of cash holdings or alleviating potential endogeneity. In addition, the results of cross-sectional tests show that the negative relation between CER and corporate cash holdings is concentrated among non-state-owned enterprises, and firms in provinces with more developed institutions. Furthermore, the result of the analysis of the economic consequence shows CER significantly increases the value of cash holdings. Research limitations/implications: This study focuses on China's institutional context, which limits the generalizability of the findings to other countries. However, the objective of this research can be studied in other institutional settings, so the above limitations provide a springboard for further research. Furthermore, the environmental protection investment, green technology innovation, and even pollutant discharge of companies can also be important indicators to measure the performance of firms in fulfilling their environmental responsibilities, which can be considered in future research. Practical implications: The findings of this study may help company management in China to establish a correct view of environmental responsibility to achieve corporate value creation and corporate sustainability. And our research can also provide the policy reference value for the Chinese government to further improve environmental protection policies and systems, guide enterprises to conduct green production to realize the country's vision of an environmentally friendly society. Originality/value: Based on the current background that countries in the world advocate the development of a green economy, this is the first study to examine the impacts of the environmental responsibility of the most polluting companies on corporate cash holdings and the value of cash holdings in the context of China, an emerging market. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to construct a frequency-domain framework to study the asymmetric spillover effects of international economic policy uncertainty on China's stock market industry indexes. Design/methodology/approach: This paper follows the time domain spillover model, asymmetric spillover model and frequency domain spillover model, which not only studies the degree of spillover in time domain but also studies the persistence of spillover effect in frequency domain. Findings: It is found that China's economic policy uncertainty plays a dominant role in the spillover effect on the stock market, while the global and US economic policy uncertainty is relatively weak. By decomposing realized volatility into quantified asymmetric risks of "good" volatility and "bad" volatility, it is concluded that economic policy uncertainty has a greater impact on stock downside risk than upside risk. For different time periods, the sensitivity of long-term and short-term spillover economic policy impact is different. Among them, asymmetric high-frequency spillover in the stock market is more easily observed, which provides certain reference significance for the stability of the financial market. Originality/value: The originality aims at extending the traditional research paradigm of "time domain" to the research perspective of "frequency domain." This study uses the more advanced models to analyze various factors from the static and dynamic levels, with a view to obtain reliable and robust research conclusions. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to examine the impact of the Greek economic crisis on the sustainability of the Turkish economy. Design/methodology/approach: A generalized autoregressive conditional heteroskedasticity (GARCH) model is used over the Thomson Reuter's Turkey Index for the period of May 1999 to August 2018 using monthly data. The control variables introduced in the proposed model are the S&P 500 of the US stock market and crude oil prices which are used to isolate more general systemic factors. Findings: The structural analysis of volatility with the EGARCH model has shown that current volatility is more influenced by past volatility than by previous month shocks. Research limitations/implications: The results can be exploited by investors, portfolio managers and policy makers in their decision-making process. Originality/value: It is a first-time effort that examines the impact of the Greek economic crisis on the sustainability of the Turkish economy. The developed methodology can be used by investors, portfolio managers and policy makers in their decision-making process. [ABSTRACT FROM AUTHOR]

Purpose – This paper aims to describe the development and application of a manpower planning system for the Slovenian armed forces using a system approach, system dynamics (SD) and numerical optimization. Design/methodology/approach – The model of the hierarchical manpower system was developed by SD methodology and formulated in discrete time space. The problem of tracking the goal trajectories in the eight topmost ranks at the prescribed boundaries was solved by application of the quadratic performance index and finite automata (FA) which was used for classification of acceptable strategies. Genetic algorithms (GA) as well as pattern search were compared at the numeric optimization. Findings – Employing SD and a system approach increases the understanding of the system control. The definition of an optimum strategy, which would consider only target values for ranks within prescribed parameter boundaries, could provide an undesired oscillatory solution. Inclusion of rules by FA to determine acceptable strategies based on the time response of a strategy provided acceptable, nonoscillatory solutions. GA and pattern search were considered where pattern search was shown to be significantly more suitable for the task of control strategy determination. Practical implications – The developed system and methodology was applied by the Slovenian Armed Forces in the process of restructuring. Social implications – The developed approach permits a moderate transition to the new desired structure. Restructuring without a clear understanding of the system structure and dynamics might result in undesired social impacts such as strikes and riots. Originality/value – Provision of the systemic view of the hierarchical manpower system and application of FA to determine the proper control of a complex system. [ABSTRACT FROM AUTHOR]