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There is growing concern about the relationship between carbon emissions and trade liberalization. Have carbon emissions been affected by trade liberalization? To what extent has it been affected? To answer this question, we creatively constructed a dataset of Chinese listed companies and its re‐appraisal, using the difference‐in‐difference method to investigate the impact of trade liberalization on carbon emissions at the micro level. Our results show that WTO accession leads to lower carbon emission intensity for Chinese exporters engaged in general trade compared to those engaged in processing trade, which are not directly affected by China's WTO accession. In other words, trade liberalization is beneficial for the reduction of carbon emissions and sustainable development. We also test the robustness of our results. In addition, we decompose the question of how trade liberalization affects companies' carbon emissions into research and development mechanism and productivity mechanism for analysis. Our study refines the model of carbon emission and trade issues by incorporating company import indicators and carbon emission indicators into the company production model. It also has important policy implications. Green trade and reduce carbon emissions should be advocated when developing the economy through trade liberalization. [ABSTRACT FROM AUTHOR]

In recent years, China's environmental policies have continued to promote sustainable development, and listed companies have increased their environmental investment and strengthened their environmental social responsibility. Although there has been much research on the relationship between environmental performance and total factor productivity of listed companies, the impact of environmental social responsibility on total factor productivity has not yet been fully examined. In this paper, we use panel data regression to investigate the linear and non-linear relationships between environmental social responsibility and total factor productivity. These relationships are tested for robustness, analyzed for between-group differences, and validated by a machine learning model. Firstly, we find that environmental social responsibility can significantly contribute to companies' total factor productivity within a certain range, but it varies across different categories of firms. Secondly, there is an inverted U-shape relationship between environmental social responsibility and total factor productivity, where total factor productivity initially increases with environmental social responsibility but decreases after reaching a certain threshold. Finally, we conclude that environmental social responsibility promotes total factor productivity in the early stages, but when environmental social responsibility reaches a certain threshold, it begins to exert an inhibitory effect on the development of total factor productivity. [ABSTRACT FROM AUTHOR]

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We provide the first quantitative synthesis of the literature on how financial markets react to the disclosure of financial crimes committed by listed firms. While consensus expects negative returns, the exact size of the effect is far from clear. We survey 111 studies published over three decades, from which we collect 480 estimates from event studies. Then, we perform a thorough meta‐analysis based on the most recent available techniques. We show that the negative abnormal returns found in the literature seem to be exaggerated by more than three times. Hence, the "punishment" effect, including a reputational penalty, suffers from a serious publication bias. After controlling for this bias, negative abnormal returns suggest the existence of an informational effect. We also document that accounting frauds, crimes committed in common‐law countries such as the United States, and allegations are particularly severely sanctioned by financial markets, while the information channels and types of procedures do not influence market reactions. [ABSTRACT FROM AUTHOR]

This study aimed to predict the bankruptcy risk of companies listed on the National Stock Exchange (NSE) in India using the Altman Z-score model. By examining the impact of variable factors such as market value equity/book value of total liabilities, retained earnings/total assets, working capital/total assets, earnings before interest and taxes/total assets, and sales/total assets, the research sought to assess their influence on the financial condition of listed companies. The Altman Z-score model is a widely accepted tool for predicting bankruptcy risk and has been utilized in various industries across different countries. The model comprises five financial ratios that capture a company's liquidity, profitability, leverage, solvency, and activity. By analyzing these ratios, the model calculates a composite Z-score, which can be used to classify companies into different risk categories. Using a sample of NSE-listed companies, this study employed the Altman Z-score model to predict bankruptcy risk and examined the impact of the five variable factors on the firms' financial health. The findings provided insights into the relationship between these financial ratios and the companies' bankruptcy risk, offering valuable information for investors, policymakers, and other stakeholders in the Indian financial market. The study demonstrated the applicability of the Altman Z-score model in predicting bankruptcy risk for NSE-listed companies in India and highlighted the importance of each variable factor in assessing a firm's financial condition. These findings can help stakeholders make informed decisions regarding investment, risk management, and policy formulation in the Indian financial market.

The augmentation of transactional volume within carbon emissions trading systems (ETS) is widely acknowledged as an efficacious mechanism for ensuring the efficient distribution of resources and financial support to corporations, significantly influencing their financing limitations. Despite its relevance, this subject has garnered scant attention in scholarly discourse. This research utilizes a panel dataset comprising Chinese listed firms from 2009 to 2019, applying the difference-in-differences approach to examine the correlation between the magnitude of carbon emissions trading in regional ETS pilots and the evolution of financial constraints. Our analysis reveals that a 1% escalation in carbon transaction volume correlates with a 0.1885% reduction in the financial constraints encountered by companies. This phenomenon is particularly salient among smaller enterprises in the eastern provinces and second-tier urban centers, and those engaged in the primary and secondary sectors. Moreover, our principal results demonstrate resilience across various sensitivity analyses, encompassing common trend scrutiny and alternative methodologies like propensity score matching estimation. The research further delves into the underlying mechanisms by which carbon trading can mitigate a firm's fiscal pressures. Our examination identifies investment in intangible assets, improved carbon performance, and liquidity enhancement as key conduits. These findings carry substantial policy implications, advocating for governmental initiatives to bolster corporate engagement in ETS, thereby easing financial burdens while concurrently advancing environmental regulation and low-carbon transformation objectives. [ABSTRACT FROM AUTHOR]

This study aims to use a measure of earnings management to predict companies whose financial statements have problems. This is an identification measure other than common measures to predict financial statement fraud such as measuring by the M-Score or the Z-score model that many previous studies have applied. In the income management measure, the author uses a measure of abnormal cash flow and abnormal expense flow to consider whether the corporate financial statements have problems or not. To do this, the author uses data from listed non-financial enterprises in the period from 2018 to 2022, with machine learning and deep learning algorithms, of which we focus on three main algorithms: ANN, SVM and RF. The results show that identifying problematic financial statements based on abnormal cash flows is quite effective with an accuracy of over 78% for the SVM method, while if using the RF method, the accuracy reaches over 82% but it is required to accept an increased processing time. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to investigate the impact of the SARS-CoV-2 pandemic turbulence on the extent and intensity of earnings management practices according to the opinions of representatives of non-financial companies listed on the Warsaw Stock Exchange (WSE). Methodology. This study is based on the method of standardised computer-assisted questionnaire interviews (CATI). The research sample consisted of 37.1% of all companies indexed on the WSE Main Market that do not operate in the banking, insurance or capital market services sectors. The target respondents were managers, employees of financial and accounting services and other persons authorised by the company's managerial staff representatives. Results. The survey findings showed that the economic turbulence caused by the SARS-CoV-2 pandemic contributed to an increase in earnings management activities in public companies. Respondents who reported that the companies they represented deliberately manipulated earnings were much more confident about the negative impact of the pandemic crisis on the quality of reported data. An interesting finding of the research is that respondents who had experienced earnings management in their professional practice were more likely to believe that the pandemic had distorted the credibility of reported earnings. Finally, the study provided statistical evidence that respondents from larger companies were more likely than respondents from smaller companies to say that the economic crisis related to the SARS-CoV-2 pandemic contributed to an increase in earnings management activities. Practical implications. This investigation may draw the attention of market participants to the deterioration in the financial reporting of non-financial public companies during the SARS-CoV-2 pandemic. The intensification of profit manipulation may not only distort the current perception of the company's economic performance, but also deteriorate the future value of companies. In addition, the findings provide valuable information for statutory auditors, as they highlight potential audit risks that may arise with the onset of the SARS-CoV-2 pandemic. Value/originality. Unlike most studies on the subject, this research does not focus on the estimated values of discretionary accruals, but on the knowledge and experience of financial professionals who are familiar with the specifics of the Polish capital market. An original contribution to the literature is the inclusion in the study of potential factors that could influence the respondents' perception of the impact of the consequences of the SARS-CoV-2 turbulence on the pattern and intensity of the earnings management phenomenon.

The aim of the study is to analyse the relationship between the degree of use of accrual-based earnings management and real earnings management instruments and the size of public companies.

The strategic deployment of building a comprehensive socialist modern state has put forward new requirements for the green and low-carbon transformation of China's economic and social development. As the core subject of promoting this process, the incentive mechanism for enterprises to practice environmental protection and emission reduction and take on green responsibilities has become a hot topic of social and academic attention. This paper examined the impact of the implementation of the low-carbon city pilot policy on the quality of environmental, social and governance (ESG) of listed companies using the staggered difference-in-differences model based on microdata of Chinese listed companies from 2009 to 2021 as a representative low carbon transition policy and a quasi-natural experiment. The findings were as follows: 1 The low-carbon city pilot policy implemented in China since 2010 significantly improved the ESG quality of listed companies. The policy resulted in an average increase of 27.42% in the ESG index of listed companies in pilot cities. This result held after a series of robustness tests, including controlling for other policy interferences, propensity score matching, and placebo tests. 2 Under the influence of this policy, pressure from government regulation and public opinion supervision became a crucial driver for companies to autonomously enhance their ESG quality. 3 Green financial support helped alleviate corporate financing constraints and promoted green technological innovation, serving as an important mechanism for improving corporate ESG quality under the low-carbon transformation policy. Among these mechanisms, green technological innovation exhibited a trend toward both quantity and quality improvement. Innovation in energy-saving green technologies played a more significant role in enhancing corporate ESG quality in the context of the low-carbon city pilot policy. This study demonstrates that China's low-carbon city pilot policy not only promoted regional green and low-carbon transformation at the macro level but also encouraged enterprises to embrace the concept of low-carbon transformation and undertake responsibilities for sustainable and green development at the micro level. While enriching and supplementing the research on factors influencing corporate ESG quality, this study also provides theoretical and decision-making support for China's achievement of its 'dual carbon' goals. [ABSTRACT FROM AUTHOR]

This study aimed to predict the bankruptcy risk of companies listed on the National Stock Exchange (NSE) in India using the Altman Z-score model. By examining the impact of variable factors such as market value equity/book value of total liabilities, retained earnings/total assets, working capital/total assets, earnings before interest and taxes/total assets, and sales/total assets, the research sought to assess their influence on the financial condition of listed companies. The Altman Z-score model is a widely accepted tool for predicting bankruptcy risk and has been utilized in various industries across different countries. The model comprises five financial ratios that capture a company's liquidity, profitability, leverage, solvency, and activity. By analyzing these ratios, the model calculates a composite Z-score, which can be used to classify companies into different risk categories. Using a sample of NSE-listed companies, this study employed the Altman Z-score model to predict bankruptcy risk and examined the impact of the five variable factors on the firms' financial health. The findings provided insights into the relationship between these financial ratios and the companies' bankruptcy risk, offering valuable information for investors, policymakers, and other stakeholders in the Indian financial market. The study demonstrated the applicability of the Altman Z-score model in predicting bankruptcy risk for NSE-listed companies in India and highlighted the importance of each variable factor in assessing a firm's financial condition. These findings can help stakeholders make informed decisions regarding investment, risk management, and policy formulation in the Indian financial market. [ABSTRACT FROM AUTHOR]

We empirically test whether and how digital finance impact green innovation utilizing data from Chinese listed companies and the Digital Inclusive Finance Index at the city level over the period from 2011 to 2020. The results show the following: (a) digital finance has a positive impact on green innovation, (b) improving consumer demand and strengthening market competition are two important influence channels, (c) customer concentration and corporate social responsibility are two important moderating variables that affect the aforementioned product market mechanisms, and (d) the positive impact of digital finance is more prominent within state-owned enterprises, companies with high financial risks, economically underdeveloped regions, and low-polluting industries. This research provides insights for China and similar economies on how to leverage the significant role of digital finance in achieving their net-zero-carbon targets. [ABSTRACT FROM AUTHOR]

The aim of the study is to analyse the relationship between the degree of use of accrual-based earnings management and real earnings management instruments and the size of public companies. The empirical analyses are based on the results of a survey of finance and accounting professionals representing 124 non-financial companies listed on the Warsaw Stock Exchange. The Kruskal-Wallis test (along with tests of intergroup comparisons) was considered the primary method for assessing the relationships occurring between the variables considered. The research showed that the intensity of using accrual-based earnings management and real earnings management tools is statistically dependent on both the value of generated net revenues from the sale of products, goods and materials and the value of total assets of a given company. However, a greater diversification of the values of variables describing the degree of use of earnings management instruments was recorded in individual sub-populations separated on the basis of the value of realised sales. The research appears to be relevant from the perspective of a further search for the determinants of financial performance manipulation in the Polish capital market. [ABSTRACT FROM AUTHOR]

This study investigates the association between institutional shareholders and the extent of water disclosure in Indonesian companies based on the origin region of institutional investors, namely domestic, Asian, Western, and tax haven countries. Data are taken from 489 non‐financial companies listed on the Indonesia Stock Exchange (IDX) for the period of 2014 to 2019. The developed hypotheses are tested using panel data with the ordinary least squares (OLS) method. This study reveals the level of water disclosure in Indonesian companies is relatively low. The higher percentage of shares are owned by institutional shareholders from domestic, Asian, and tax haven countries result the lower level of water disclosure. On the other hand, institutional shareholders from Western countries are the driver of water disclosure practices in Indonesian firms. The findings of this study provide the empirical evidence for policymakers, investors, and other stakeholders on the role of institutional shareholders in promoting water‐related disclosure practices in developing countries like Indonesia. [ABSTRACT FROM AUTHOR]

In this article, we aim to verify the relationship between ESG disclosure quality and stock liquidity of listed companies and to provide a detailed analysis of its mechanisms. Based on the theories of information asymmetry, signal transmission, reputation, and stakeholder, we summarize and analyze the theoretical and logical framework of how ESG information disclosure can impact stock liquidity. Following the fixed effect (considering individual, year, and industry), panel model was applied to empirically test the relationship between ESG disclosure score and stock liquidity with data ranging from 2012 to 2021. The research findings indicate that improving the quality of ESG disclosure by companies can significantly enhance the level of stock liquidity. Furthermore, we analyze and verify through mechanism tests that ESG disclosure can influence stock liquidity by increasing analyst attention and media coverage (information effect) and enhancing reputation (reputation effect). From a theoretical perspective, the paper enriches the research related to the economic impact of ESG information disclosure and factors affecting stock liquidity. Also, we validate theories connected to information and reputation. From a practical perspective, the research has specific reference value for policymakers, enterprise managers, and investors.

In the context of economic integration and climate change, the companies need to conduct corporate social responsibility practices to meet the sustainable development. This study attempts to assess the extent of corporate social responsibility disclosure (CSRD) in case of 601 listed Vietnamese enterprises. Data is gathered from Vietnamese listed annual reports, financial statements, and other sources. The amount of voluntary and mandatory CSRD is measured by Global Reporting Initiatives (GRI) recommendations and Vietnamese regulations, respectively. The findings indicate that the general level of CSRD in Vietnam is low, no mandatory CSR items are revealed by all enterprises, and the amount of CSRD varies by industry sector. To enhance the CSRD of Vietnamese listed firms, local government is suggested to strengthen propaganda for enterprises on the obligations and benefits of implementing CSR.

The COVID-19 pandemic had a significant impact on numerous companies in emerging economies, including the engineering sector, due to factors such as lockdown restrictions and disruptions in the supply chain. Moreover, many companies within the engineering sector witnessed a decline in their financial performance as a result of the pandemic. This study is conducted to assess the influence of COVID-19 on the financial performance of the engineering sector in emerging country - Bangladesh. The study considers the secondary data from the listed companies in Dhaka Stock Exchange, focusing on engineering companies. This study utilized a quantitative research methodology employing a thematic approach. To evaluate financial performance, changes in net profit, changes in revenue growth and three relative performance ratios - liquidity ratio, profitability ratio and solvency ratio are used to compare the corporate performance before and after the COVID-19 pandemic in Bangladesh. It is found that the financial performances in the listed companies in Bangladesh are not facing as much obstacle as it is observed in developed economy. This result implies that the impact of covid-19 is sharply visible in the economy but it is not as much risky as the developed economy. This result will help the corporate people in the developing economy to adopt necessary initiatives to cope up the upcoming natural issues.

With the implementation of "carbon peaking and carbon neutrality" in China, new energy enterprises, as the vanguard in this strategy, have entered a new era of innovation-driven development. However, enterprises at different lifecycle stages will face different internal and external conditions, and there are differences in their internal mechanisms and business performance. In this case, whether technological innovation efficiency can have an obviously positive effect on their growth and what different effects it can have for enterprises at different lifecycle stages have become issues of great concern to company management, investors, governments, and other stakeholders. This research takes 81 new Chinese energy enterprises as the research objects. First, they are divided into growing, mature, and declining enterprises based on the cash flow combination method. Then, their technological innovation efficiencies from 2016 to 2021 are calculated based on the stochastic frontier method and their growth evaluations are performed by taking both financial and non-financial indicators into consideration. Finally, by taking mediating effects into consideration, the heterogeneity effects of technological innovation efficiency on their growth are studied from the perspective of enterprise lifecycles based on the fixed-effect model. The research results indicate that the technological innovation efficiency of new Chinese energy enterprises has fluctuated around 0.90 in recent years, and is generally at a high level. The efficiency ranking of enterprises at different lifecycle stages is mature period > growing period > declining period. Technological innovation efficiency has a positive impact on their growth, and market share plays a mediating role in this process. The effects of technological innovation efficiency on enterprises at different stages are different, with growing and mature enterprises showing a positive impact. Growing enterprises are more affected by technological innovation efficiency due to their demand for innovation-driven development, while declining enterprises often face difficulties such as unstable operating conditions and outdated equipment, and unreasonable technological innovations may actually accelerate their decline. [ABSTRACT FROM AUTHOR]

Financial crisis early warning is an important link in financial management. With its relatively simple structure and excellent classification performance, support vector machine is often used in intelligent warning of financial crises. A financial warning model based on improved support vector machine is proposed to address the shortcomings of current financial warning methods that cannot handle large-scale data well, and the accuracy and efficiency are not ideal. In response to the excessive indicators in the financial early warning indicator system, the principal component analysis method is studied for dimensionality reduction, reducing the computational complexity of the model, and improving the training and operational efficiency of the model. In response to the limited practicality of support vector machine, which can only search for the optimal solution under constraint conditions, the use of smooth support vector machine to replace support vector machine for predictive classification is studied. Finally, a financial crisis early warning model is constructed based on smooth support vector machine using principal component analysis for dimensionality reduction of input data. The performance of the model is tested using an internet listed company as an example. The findings demonstrate that Model 1 outperforms the other three models in terms of accuracy rate (95%), MAE, MSE and U values (0.162, 0.174 and 0.169, respectively). Therefore, the financial crisis early warning model constructed by the research can properly forecast the company's financial situation, thereby helping the enterprise to develop better. [ABSTRACT FROM AUTHOR]

In 2016, the People's Bank of China (PBC) together with multiple departments issued the Guidance on Building a Green Financial System (the Guidance), which marked a great breakthrough in China's green finance policy. Aiming to clarify the actual impact and underlying mechanisms of green finance policy on Chinese listed companies' ESG disclosure quality, this study employs the difference-in-differences (DID) model and examines the impact of the Guidance on ESG disclosure practices of A-share listed companies on the Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE) during the period 2006 to 2022. This study reveals a positive correlation between the Guidance and listed companies' ESG disclosure. Upon further examination, it becomes evident that the Guidance has a more noticeable positive impact on the quality of ESG disclosure among listed companies that operate in industries with high levels of pollution, state-owned enterprises, and regions that exhibit greater levels of economic development. This paper provides essential insights to policymakers, facilitating a deeper understanding and more thorough assessment of the economic implications of green finance policies. Additionally, it acts as a strategic resource for listed companies, guiding the enhancement of corporate ESG disclosures and the implementation of ESG strategies influenced by green finance policies. [ABSTRACT FROM AUTHOR]

Copyright of Revista Facultad de Ciencias Economicas: Investigacion y Reflexion is the property of Revista Facultad de Ciencias Economicas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revue du Financier is the property of Societe Cybel and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Purpose: This paper analyses the effect on economic profitability of the adoption of work-life balance practices. Design/methodology/approach: Based on a sample of Spanish listed companies during the period 2015-2022, the aim was to contrast the effect of a work-life balance index on economic profitability. Findings: The regression analysis, clustered at firm level, shows a positive and significant effect of the index on economic profitability, suggesting that companies' practices to achieve a work-life balance could be a source of competitive advantage increasing human capital. Originality/value: Firstly, investigating the consequences of work-life balance practices at company level rather than at individual level, and secondly, running a longitudinal study as opposed to cross-sectional studies, which are more frequent in the literature. Thirdly, adding evidence from a continental European country, Spain, as opposed to previous studies carried out mainly in Anglo-Saxon countries as well as considering the work-life balances currently used by listed firms in the Spanish market. Finally, this relationship is analysed over a time-period that considers a health crisis such as COVID-19, which had a major impact on business and labour dynamics. [ABSTRACT FROM AUTHOR]

This study examines the influence of firm characteristics on the extent of sustainability reporting among listed companies in Tanzania. Data was collected from the annual reports of companies listed on the Dar es Salaam Stock Exchange (DSE) spanning the period from 2016 to 2021 resulting in a panel data set of 130 firm-year observations. These were analysed using both Ordinary Least Squares (OLS) and Random Effects (RE) regression model techniques. The results indicate that the size of a firm and the presence of a sustainability committee have a significant positive relationship with the extent of sustainability reporting. In contrast, the age of a firm exhibits a significant negative relationship with the extent of sustainability reporting. Additionally, financial metrics namely liquidity, gearing, and profitability as well as audit quality did not show any significant relationship with sustainability reporting. The findings suggest that large and young firms are more inclined to adopt extensive sustainability reporting than their counterparts and challenge traditional assumptions about the influence of financial attributes. This implies that regulators such as DSE and Capital Markets and Securities Authority (CMSA) should persist in encouraging smaller companies to keep enhancing their sustainability reporting, supporting older firms in improving their reporting practices and fostering awareness about the benefits of sustainability reporting across all listed entities. Similarly, DSE and CMSA may require listed firms to establish sustainability committees on the boards of directors to enhance sustainability reporting disclosure. [ABSTRACT FROM AUTHOR]

The study examines the non-financial reports and statements of listed companies in the Hungarian context. The disclosure of non-financial sustainability information has been regulated by the European Union since 2014 and this regulation has recently changed significantly in line with Environment, Social, Governance (ESG) principles. The aim of the study was to find out to what extent the Hungarian companies listed on the Budapest Stock Exchange comply with the requirements of the Accounting Act on the disclosure of non-financial information under the Non-Financial Reporting Directive (NFRD), which gives an idea of their preparedness for the regulatory change and stakeholder expectations. The research is not looking at ESG conditions but rather at compliance with the Accounting Act. In this context, we assessed the companies’ published reports for 2019 – 2020 using content analysis methods. From this, dummy variables were constructed to form an index, which was then correlated with the financial indicators. [ABSTRACT FROM AUTHOR]

This paper examined the relationship between ownership structures and the level of corporate disclosure (LCD) among Tanzanian listed companies. Relationships between director, government, institutional and foreign ownership and LCD were examined. The 105 firm-year observations for 21 listed companies were examined from 2016 to 2020. The agency theory was used. An explanatory research design was employed. Data were gathered through balanced panel data using a survey method. Descriptive and inferential analysis using Ordinary Least Square was used. Descriptive and inferential analysis using Ordinary Least Square was used. The study found that director, government, and foreign ownership positively affect the LCD, while institutional ownership negatively affects it. This implied that in Tanzania, ownership structures were very important in determining LCD. The study concluded that Tanzania's LCD is moderate, and companies should disclose director ownership, establish independent oversight mechanisms, collaborate with foreign investors, and engage with institutional investors to align corporate governance practices with international standards. [ABSTRACT FROM AUTHOR]

In this research, the manipulation of operational cash flows in companies listed on the Tehran Stock Exchange companies and its motivational aspects in the form of capital market incentives (beat benchmarks (achieving predetermined goals) and financial distress) were investigated during the period of 2011-2020 in the form of seasonal and annual data. In order to do this research, 150 listed companies were investigated during the mentioned period. In order to test the hypotheses, Pooled/Panel regression analysis in the form of seasonal data, and the chi-square test in the form of annual data were used in EViews 9 software. In this research, the independent variables are the dummy variables that determine the fourth quarter and the first quarter of the financial year in the form of quarterly data to test the first hypothesis, and the variables of the levels and changes of operational cash flows and financial distress in the form of annual data to test the second hypothesis. In the current research, dependent variables include changes in working capital based on changes in the cash collection cycle and changes in net non-cash working capital as criteria for measuring the manipulation and management of operational cash flows in the form of quarterly data to test the first hypothesis. Also, in this research, the control variables of sales changes, net earnings and its changes were used in the form of seasonal data to test the first hypothesis. The findings of the research indicate the confirmation of the manipulation of operational cash flows by the investigated companies. Other results indicate that beat benchmarks (the achievement of predetermined goals) and financial distress have been effective in manipulating operational cash flows. [ABSTRACT FROM AUTHOR]

By using dynamic game analysis, a theoretical framework is constructed to investigate the impact of environmental regulations on corporate financial performance. A sample of 3021 A-share listed companies, listed on the Shanghai and Shenzhen stock exchanges from 2010 to 2018, is used for empirical testing with GMM model. Through the matching of regional data and enterprise data, this paper expands the measurement of environmental regulation from meso to micro and then, systematically estimates the impact and mediating effect of environmental regulation on corporate financial performance. The results show that environmental regulation policies and instruments are important factors influencing corporate financial performance and that the main way to improve the efficiency of environmental regulation is to encourage firms to carry out pollution control through technological innovation. The empirical results not only show that environmental regulations can facilitate the upgrading of corporate financial performance, but also that technological innovation, especially green technology innovation, also partially mediates the effect of environmental regulations in promoting corporate financial performance. At the same time, the impact of environmental regulations on corporate financial performance is both constrained and influenced by corporate ownership, industry classification and city level. Environmental regulations are more likely to improve the corporate financial performance of non-state-owned companies than that of state-owned companies. Environmental regulation significantly boosts corporate financial performance in clean industries, but significantly depresses corporate financial performance in polluting industries. Compared with higher-level cities, environmental regulations only facilitate improvements to corporate financial performance in ordinary prefecture-level cities. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Technology Economics is the property of Chinese Society of Technology Economics and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

RESEARCH OBJECTIVE: Small and medium-sized businesses are constantly driving economic prosperity. The SME sector accounts for the overwhelming majority of enterprises, i.e., 99.8%, both in Poland and in the EU as a whole. The aim of the paper is to clarify the importance of the key role of knowledge management (KM) in the financial management of small and medium-sized listed companies, especially in terms of investment decisions. THE RESEARCH PROBLEM AND METHODS: The research method used in this article will be the analysis of stock market data describing the not very satisfying financial conditions of small and medium-sized listed companies in times of broad economic crises, which mainly include the pandemic period and the military conflict in Ukraine. On the basis of selected financial data, an econometric model was created to help explain the mechanism of changes occurring in the financial conditions of the listed business entities. THE PROCESS OF ARGUMENTATION: A literature review confirming the important role of knowledge management, including the Balanced Scorecard (BSC) methodology, in the assessment of the financial situation of joint-stock companies forms the basis of this research. The current state of the global economy is leading to a dangerous situation in which it is becoming increasingly difficult to maintain a secure financial cushion. RESEARCH RESULTS: Estimation of an econometric model is expected to confirm the research hypothesis that KM plays a key role in the financial management of small and medium-sized listed companies, and especially in their investment decisions regarding the use of innovative methods such as BSC. CONCLUSIONS, INNOVATIONS, AND RECOMMENDATIONS: The article explains the key role of KM in the financial management of small and medium-sized listed companies during crises. The results of the estimated model can serve the more effective management of SMEs listed on NewConnect and other alternative trading floors around the world. [ABSTRACT FROM AUTHOR]

This article aims to determine the level and trend of the impact of the educational level of CEOs and CFOs on the profitability of real estate and construction companies in Vietnam. Because Vietnam is an emerging economy, insights into the profitability of this market will be lessons learned for other economies with similar characteristics. This quantitative study is based on secondary data collected from audited financial statements, annual reports of 123 Vietnamese real estate and construction companies, and macroeconomic data. Pool OLS, Fixed effect and Random effect regression models and the Hausman test are used to find the appropriate model. The study uses GLS regression to overcome heteroscedasticity and autocorrelation and uses the generalized method of moments (GMM) to overcome endogeneity. We find that the profitability of listed construction and real estate companies with highly educated CEOs is no higher than that of other companies. Furthermore, companies whose CFOs have master's or doctorate degrees are less likely to be profitable. Other findings confirm the heterogeneous effects of operating efficiency, economic growth rate, and financial leverage on different profitability measures. The study also proves that company age, firm size, net working capital, liquidity ratio and inflation rate do not affect profitability.

Background: Recent research on occupational injuries in companies has faced difficulties in obtaining representative data, leading to studies relying on surveys or case studies. Moreover, it is difficult to find studies on how a company's industry characteristics affect occupational injuries. This study aims to address these limitations. Methods: We collected 11 years of disclosure data from 1,247 listed companies in the Korean stock market and combined it with their occupational injury histories collected by the Republic of Korea Occupational Safety and Health Agency (KOSHA) to build a dataset. We attempted to analyze a linear panel model by dividing the dataset into manufacturing, construction, and other industries. Results: The higher proportion of full-time employees and better job skills correlate with lower occupational injuries in other industries. The wage increase reduces occupational injuries in manufacturing and other industries, but the substitution effect produces the opposite outcome in construction. Also, foreign ownership and credit ratings increase effectively reduce occupational injuries mainly in the manufacturing industry. Conclusion: Our results suggest that in explaining the relationship between corporate characteristics and occupational injuries, it is necessary to consider the nature of the industry more closely, and in particular, employment and labor policies for preventing occupational injuries need to be selectively applied according to industry. In addition, to improve the limitations and increase the usability of the research results, further detailed studies are needed in the future.