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This study investigates the impact of green bond issuance on corporate performance and further checks the intermediate effect of corporate innovation performance on the primary relationship. This study uses the quarterly panel data of Chinese non-financial listed companies in 11 subdivided industry categories from January 1, 2016, to September 30, 2020. Using the difference-in-difference (DID) model and the parallel trend test, it is found that companies' issuance of green bonds has a significant positive effect on improving corporate innovation performance and corporate value. Furthermore, the improvement of innovation performance assists in enhancing the promotion effect of green bond issuance on corporate value. Despite data limitations, this study's findings can be very helpful for all relevant stakeholders, especially regulators, to introduce conducive policies to support the issuance of green bonds in Chinese. Our findings can be useful for other emerging markets that are dealing with the same green bond-based growth-sustainability conundrum.

IntroductionUnder the modern enterprise system, the principal-agent relationship can cause a conflict of interest between the two power counterparts, thus affecting the degree of corporate tax avoidance. As a tool to align the interests of management and owners, management equity incentives can alleviate the conflict of interests brought about by the separation of powers and, therefore, may influence corporate tax avoidance.Objectives and methodsWe examine the relationship between management equity incentives and corporate tax avoidance from both theoretical and empirical perspectives by using data from Chinese A-share listed companies from 2016 to 2020. Firstly, the effect of management equity incentives on tax avoidance is theoretically and normatively analyzed. Secondly, examine the effectiveness of moderating the effect of internal control and distinguishing the ownership of enterprises’ nature through regression analysis.Results(1) There is a positive relationship between management equity incentives and corporate tax avoidance which means, more the stock incentive offered to executives, the more likely corporations are to pursue tax avoidance strategies aggressively. (2) Internal control deficiencies enhance the positive relationship between equity incentives and enterprise tax avoidance behavior. Therefore, in Chinese enterprises, the lack of an internal control system and the failure of internal control measures are prevalent, and such loopholes can intensify the tax avoidance behavior that arises when executives are subject to equity incentives. (3) The influence of management equity incentives on enterprise tax avoidance behavior is greater in state-owned (SOE) than private enterprises. State-owned enterprises are more likely to increase enterprise tax avoidance behavior when management is subject to equity incentives for reasons such as strict performance requirements, lower regulatory oversight, and less interference from negative information. Finally, our findings have significant implications for policymakers/regulators, public companies, investors, standard setters, managerial labor markets, and the welfare of the overall economy.

The specific purpose of the Developing-8 economies is to integrate the endeavours of each member countries to excel economic cooperation and facilitation among the Islamic countries to enhance the investment opportunities and not to put pressure on the geopolitical environment of the world. The purpose of this study is to visualize the market efficiency, financial integration, and shock transmission process in the D-8 Economies for the period from Jan 2011 to Dec 2016. Daily market data is taken for KSE, DSE, TSE, JCI, KLCI, ISE, EGX, and NSE equity markets. Unit Root Test, Serial Correlation Test, Runs Test, and Variance Ratio Test are used to test the market efficiency whereas Johansen Cointegration Test, Granger Causality Test, Vector Error Correction Model, and Impulse Response Test are used to test the financial integration and shock transmission. The performance of the Tehran stock market remained excellent during this study period. Mixed evidence is concluded regarding the market efficiency of D-8 equity markets. It is concluded that there exists a long-run relationship between KSE and DSE. Short-run relationship indicates that KSE has a significant positive short-run relationship with JCI and have a negative relationship with KLCI. Negative asymmetric behaviour is more influential in the negatively skewed markets and negative shocks have a greater effect than the positive shocks. Hence it is concluded that investors can get benefit from the arbitrage process due to market inefficiencies and through the short selling process. There is a need to establish economic equilibrium through the arbitrage process where investors may enjoy the opportunities to excel more economic stream of benefits by noise and market reverting behaviour. The economic integration will increase the cooperation among these economies to establish more growth opportunities in the trade and corporate investments. The implication of the studies suggests and directs to enhance mutual interface and co-operation including Banking and Finance, Human and Social Development, Energy Sector, Development of Rural Population, Science and Technology, Health and Environment, and Agriculture Sector. Moreover, there is a dire need for restructuring the economic and financial bylaws that may ease the financial liberalization and to enhance the dynamics of trading actives among the D-8 economies.

This research is performed for dealing with some of the important working capital management policies and efficiency regarding to manufacturing sector of Pakistan. For this purpose data from 37 firms have been taken for the period 2009-2014. Data envelopment analysis (DEA) and Tobit regression analysis has been performed to achieve the objective of this study. DEA results indicate that only fifteen companies require increase in inputs to attain better output whereas six companies require decrease in the input. However sixteen companies have to consistent with their existing proportionate of inputs to sustain the output maximization. Tobit regression analysis concludes that average collection period has significant negative impact on efficiency and current ratio, gross working capital turnover ratio and financial leverage ratio have positive significant impact on efficiency.