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Problem: Currently, there is a variety of evidence linking the gut microbiota to changes in sex hormones. In contrast, the causal relationship between SHBG, a carrier of sex hormones, and the gut microbiota is unclear. Method of Study: Bidirectional two‐sample Mendelian randomization (MR) analysis was used to detect the causal effect between SHBG and the gut microbiome. Summary statistics of genome‐wide association studies (GWASs) for the gut microbiome and SHBG were obtained from public datasets. Inverse‐variance weighting (IVW), weighted median, weighted mode, MR‐Egger and simple mode methods were used to operate the MR analysis. F‐statistics and sensitivity analyses performed to evaluate bias and reliability. Results: When we set gut microbiome as exposure and SHBG as outcome, we identified nine causal relationships. In males, Coprobacter (PIVW = 2.01 × 10−6), Ruminococcus2 (PIVW = 3.40 × 10−5), Barnesiella (PIVW = 2.79 × 10−2), Actinobacteria (PIVW = 3.25 × 10−2) and Eubacterium fissicatena groups (PIVW = 3.64 × 10−2) were associated with lower SHBG levels; Alphaproteobacteria (PIVW = 1.61 × 10−2) is associated with higher SHBG levels. In females, Lachnoclostridium (PIVW = 9.75 × 10−3) and Defluviitaleaceae UCG011 (PIVW = 3.67 × 10−2) were associated with higher SHBG levels; Victivallaceae (PIVW = 2.23 × 10−2) was associated with lower SHBG levels. According to the results of reverse MR analysis, three significant causal effect of SHBG was found on gut microbiota. In males, Dorea (PIVW = 4.17 × 10−2) and Clostridiales (PIVW = 4.36 × 10−2) were associated with higher SHBG levels. In females, Lachnoclostridium (PIVW = 7.44 × 10−4) was associated with higherr SHBG levels. No signifcant heterogeneity of instrumental variables or horizontal pleiotropy was found in bidirectional two‐sample MR analysis. Conclusions: This study may provide new insights into the causal relationship between the gut microbiome and sex hormone‐binding protein levels, as well as new treatment and prevention strategies for diseases such as abnormal changes in sex hormones. [ABSTRACT FROM AUTHOR]

This study explores whether and how the management manipulates the tone of CSR reports to greenwash earnings management. Using the dataset of Chinese A‐share companies that published CSR reports over period 2007–2017, we discover that corporates with higher abnormal discretionary accruals and those with zero or slightly positive earnings changes are likely to release CSR reports with a more optimistic tone. Additional analyses show that this greenwash behavior is stronger when the management manages earnings upward than downward. Furthermore, the supplementary association between CSR report tone and earnings management is reduced in firms with assured CSR reports, lower financing demands and equity issue, higher accounting conservatism, as well as a better information disclosure environment, whereas the relationship is not correlated with the manner of the reporting disclosure. This study reveals that managers strategically employ CSR report tone to hide earnings management and shape stakeholders' expectations, and provides insights into both qualitative and quantitative disclosure literature. [ABSTRACT FROM AUTHOR]