Our previous studies have demonstrated that erectile function was preserved in aged transgenic rats （TGR） harboring the human tissue kallikrein 1 （hKLK1）, while the molecular level of hKLK1 on corporal fibrosis to...Our previous studies have demonstrated that erectile function was preserved in aged transgenic rats （TGR） harboring the human tissue kallikrein 1 （hKLK1）, while the molecular level of hKLK1 on corporal fibrosis to inhibit age-related erectile dysfunction （ED） is poorly understood. Male wild-type Sprague-Dawley rats （WTR） and TGR harboring the hKLK1 gene were fed to 4- or 18-month-old and divided into three groups： young WTR （yWTR） as the control, aged WTR （aWTR）, and aged TGR （aTGR）. Erectile function of all rats was assessed by cavernous nerve electrostimulation method. Masson＇s trichrome staining was used to evaluate corporal fibrosis in the corpus cavernosum. We found that the erectile function of rats in the aWTR group was significantly lower than that of other two groups. Masson＇s trichrome staining revealed that compared with those of the yWTR and aTGR groups, the ratio of smooth muscle cell （SMC）/collagen （C） was significantly lower in the aWTR group. Immunohistochemistry and Western blotting analysis were performed, and results demonstrated that expression of a-SMA was lower, while expressions of transforming growth factor-β1 （TGF-β1）, RhoA, ROCK1, p-MYPT1, p-LIMK2, and p-cofilin were higher in the aWTR group compared with those in other two groups. However, LIMK2 and cofilin expressions did not differ among three groups. Taken together, these results indicated that the RhoA/ROCK1/LIMK/cofilin pathway may be involved in the corporal fibrosis caused by advanced age, and hKLK1 may reduce this corporal fibrosis by inhibiting the activation of this pathway to ameliorate age-related ED.展开更多
Heavy alcohol consumption is associated with an increased risk of erectile dysfunction （ED）; however, the acute effects of ethanol （EtOH） on penile tissue are not fully understood. We sought to investigate the eff...Heavy alcohol consumption is associated with an increased risk of erectile dysfunction （ED）; however, the acute effects of ethanol （EtOH） on penile tissue are not fully understood. We sought to investigate the effects of EtOH on corporal tissue tonicity, as well as the intracellular Ca^2＋ concentration （[Ca^2＋]i） and potassium channel activity of corporal smooth muscle. Strips of corpus cavernosum （CC） from rabbits were mounted in organ baths for isometric tension studies. Electrical field stimulation （EFS） was applied to strips precontracted with 10 μmol L^-1 phenylephrine as a control. EtOH was then added to the organ bath and incubated before EFS. The [Ca^2＋]i levels were monitored by the ratio of fura-2 fluorescence intensities using the fura-2 loading method. Single-channel and whole-cell currents were recorded by the conventional patch-clamp technique in short-term cultured smooth muscle cells from human CC tissue. The corpus cavernosal relaxant response of EFS was decreased in proportion to the concentration of EtOH. EtOH induced a sustained increase in [Ca^2＋]i in a dose-dependent manner, Extracellular application of EtOH significantly increased whole-cell K^＋ currents in a concentration-dependent manner （P 〈 0.05）. EtOH also increased the open probability in cell-attached patches; however, in inside-out patches, the application of EtOH to the intracellular aspect of the patches induced slight inhibition of Ca^2＋-activated potassium channel （KCa） activity. EtOH caused a dose-dependent increase in cavemosal tension by alterations to [Ca^2＋]i. Although EtOH did not affect KCa channels directly, it increased the channel activity by increasing [Ca^2＋]i. The increased corpus cavemosal tone caused by EtOH might be one of the mechanisms of ED after heavy drinking.展开更多
Corporal punishment was always considered a valid disciplinary measure in Muslim Arab culture to be used as deemed necessary to shape a minor＇s behavior. Applying physical force against children as punishment for unw...Corporal punishment was always considered a valid disciplinary measure in Muslim Arab culture to be used as deemed necessary to shape a minor＇s behavior. Applying physical force against children as punishment for unwanted behavior has become a normative part of parents＇ routine interaction with their children, despite the fact that it is forbidden by Israeli law. Psychologists that work with the Muslim Arab population find it difficult to convince parent of the difficulties and conflicts that they create by enforcing corporal punishment on their children. Parents tend to reject professional advice because it is viewed as conflicting with their cultural mentality and traditions and ignore the vast research that proves the ineffectiveness of this type of discipline and the complications that it may lead to. What＇s more, Sharia law, the religious Muslim legal code that governs the lives of Muslim Arabs in Israel, advocates and even encourages corporal punishment. Legislation and further professional intervention is necessary to change this harmful practice and to protect Muslim Arab children.展开更多
Since the ＂five -punishment＂ system was established from the period of the slavery society of the Western Zhou Dynasty, corporal punishment has been always in existence as a tool used by the rulers to punish people ...Since the ＂five -punishment＂ system was established from the period of the slavery society of the Western Zhou Dynasty, corporal punishment has been always in existence as a tool used by the rulers to punish people in ancient China. Although corporal punishment was abolished in the punishment sentencing reform of Emperor Wen of Han, it was further developed and improved in the penalty system of the Sui and Tang dynasties. However, it was restored in the Song, Liao, Yuan, Ming, and Qing Dynasties, etc. From the studies of the corporal punishment change, the reform law of the penal system in ancient China can be found, and also the significance of ancient Chinese corporal punishment reform to the progress of criminal penalty can be sought. Meanwhile, it is of vital significance to knowing well the development of China＇s legal history and improving the current penal system.展开更多
Background:Patients with inflatable penile prostheses(IPP)may experience erosions after years of use or after indwelling Foley catheter placement.IPP erosions should be managed as an infection with the entire IPP remo...Background:Patients with inflatable penile prostheses(IPP)may experience erosions after years of use or after indwelling Foley catheter placement.IPP erosions should be managed as an infection with the entire IPP removed.Replacing IPPs in erosion patients can be challenging due to extensive scarring development.Using proper graft materials may be necessary to close and reinforce the corporal defect after difficult corporal dilation or significant scar removal for the long‐term success of IPP reimplantation.Case Presentation:Herein we report a patient with a history of IPP placement in 2007 for erectile dysfunction and Peyronie's disease,presenting in 2018 with dysuria and a feeling of IPP displacement following Foley catheter placement for coronary artery bypass graft surgery.The left cylinder of the IPP was observed by physical examination and a defect near the fossa navicularis was discovered during office cystoscopy.A complete explantation of IPP was then performed.Reimplantation of the IPP was performed in 2021 which required excision of corporal scar tissue and repair of a left distal corporal defect using a Tutoplast®pericardium allograft.The procedure was successful with proper IPP position and good function without any penile deformity.Conclusion:The use of graft materials in the management of corporeal defects should be considered in the setting of complex IPP revision.The Tutoplast®pericardium allograft reinforcement can provide long‐term durability,flexibility,and a lower risk of infection.展开更多
Drawing on local legitimacy theory,which posits that firms seek acceptance and approval from their local community and stakeholders,we examine the effect of corporate governance(CG)quality on corporate social responsi...Drawing on local legitimacy theory,which posits that firms seek acceptance and approval from their local community and stakeholders,we examine the effect of corporate governance(CG)quality on corporate social responsibility(CSR)activities in Korea.Enhancing CG quality and engaging in CSR activities are increasingly important for firms’long-term sustainability.Using the KEJI-CSR index and the KCGS CG score,we find that CG quality positively influences CSR activities.Specifically,if the CG quality score increases by one standard deviation,CSR improves by approximately 1.6–2.3%of the mean CSR score.Furthermore,the relationship between CG and CSR is stronger for business conglomerates(chaebol-affiliated firms),suggesting that sound CG practices can promote CSR activities more effectively when the interests of management and stakeholders are better aligned.This finding supports local legitimacy theory.Our findings are robust under various tests,including difference-in-differences analysis and propensity score matching.An interesting policy implication is that multinational enterprises or foreign investors should prioritize the CG quality of their local subsidiaries or investee firms.Better CG practices can enhance CSR activities,which are essential for long-term survival in local markets.This study,however,is limited to Korea and may not be generalizable to other emerging markets with different governance structures.展开更多
This text examines how globalization has reshaped global economic dynamics,emphasizing its role in weakening nation-states and fueling trade conflicts.It argues that globalization,driven by multinational corporations(...This text examines how globalization has reshaped global economic dynamics,emphasizing its role in weakening nation-states and fueling trade conflicts.It argues that globalization,driven by multinational corporations(MNCs),financial deregulation,and supranational organizations,has eroded state sovereignty by shifting power to global actors whose interests transcend national borders.The rise of trade conflicts-manifested in disputes over subsidies,dumping,market access barriers,and geopolitical tensions-is traced to the clash between liberalized trade policies and states’efforts to protect domestic industries and social cohesion.The World Trade Organization(WTO)is analyzed as a key institution for resolving disputes,though its mechanisms face criticism for bias toward wealthy nations,procedural inefficiencies,and an inability to address systemic issues like currency manipulation or environmental degradation.Case studies(e.g.,agricultural subsidies,US-Japan trade deficits)illustrate the complexities of modern trade wars.The text concludes with recommendations for reforming global governance,including strengthening the WTO’s authority,addressing power imbalances,integrating social and environmental standards,and enhancing developing nations’capacity to negotiate.Ultimately,it underscores the paradox of globalization:while driving growth,it exacerbates inequalities and destabilizes traditional state-centric frameworks.展开更多
This paper examines the role of internal audit and the incorporation of Environmental,Social,and Governance(ESG)factors within the corporate governance frameworks of Greek firms in mitigating their financial risk.Time...This paper examines the role of internal audit and the incorporation of Environmental,Social,and Governance(ESG)factors within the corporate governance frameworks of Greek firms in mitigating their financial risk.Time series econometric analysis was performed to determine the factors that influence financial stability,transparency,and regulatory compliance in Greek Firms.Data were collected from 120 internal auditors and financial professionals employed in organizations across multiple sectors of the Greek economy.In line with existing literature,findings show that robust internal audit and ESG practices are essential in promoting financial stability,transparency,and regulatory compliance.The paper provides empirical evidence that well-structured internal audit mechanisms and effective ESG initiatives reduce financial risks,while enhancing organizational sustainability and resilience.The results emphasize the growing importance of ESG considerations in corporate governance and suggest that improvements in both internal audit systems,as well as robust ESG policies,can strengthen risk management strategies and improve long-term financial performance.While previous research has thoroughly investigated the impact of internal audits on financial stability and the influence of ESG on corporate sustainability,this paper specifically examines their combined effect on financial risk management.Using firm level data across various sectors of the Greek economy,this study provides insights into how internal audit and ESG policies can jointly contribute towards enhancing financial resilience,transparency,and regulatory compliance.展开更多
Scientific research and technological innovation are driving modern economies;however,a new form of property rights is required to compensate knowledge workers for their contributions.In 1994,the Science and Technolog...Scientific research and technological innovation are driving modern economies;however,a new form of property rights is required to compensate knowledge workers for their contributions.In 1994,the Science and Technology Bureau of Shenzhen,China implemented a policy to encourage scientists and engineers to develop innovative technologies that would provide them a share of the profits earned from their innovations.This created a new“shared property rights”system.China’s shared property model is so new that the conditions under which it can improve enterprise profits remain unclear.To answer this question,we obtained data from the China Stock Market and Accounting Research database for 904 Chinese enterprises that had implemented shared property rights for the first time between 2009 and 2021 and used a propensity score matching method and econometric models to evaluate their performance.The results indicated that shared property incentives improved corporate financial performance and that benefits increased gradually over time.The new approach showed a stronger positive effect than restricted stock options during the study period.The strength of the incentive was greater for core technical staff than for senior executives,suggesting that scientists,engineers,and computer programmers should be the targets of a shared property rights incentive program.To take full advantage of the new shared property rights institution,enterprise managers should set the implementation period at a reasonable length(5 to 10 years,based on our study results).Enterprises can also test two or more simultaneous approaches that account for the specific needs of each category of workers,based on a careful examination of their current situation and expected or desired future situations.展开更多
Although research has examined the financial sector’s response to COVID-19,the role of the cross-border money transfer industry remains unclear.This study investigates the corporate social responsibility(CSR)actions ...Although research has examined the financial sector’s response to COVID-19,the role of the cross-border money transfer industry remains unclear.This study investigates the corporate social responsibility(CSR)actions of 22 cross-border money transfer firms headquartered in Canada,the US,and the UK to determine how they supported stakeholders during the pandemic.Using qualitative data analysis software,we analyze textual data from company websites,press releases,and blogs to assess CSR activities.Our findings show that nine of the 22 cross-border money transfer firms engaged in COVID-related CSR efforts and communicated these actions through their controlled channels.Two out of every three firms that publicized their CSR initiatives during the pandemic were not traded in any stock exchange market.This research has two key implications.First,disclosing CSR initiatives through controlled or uncontrolled channels increases the likelihood of attracting socially conscious customers and investors,which could ultimately lead to higher economic profits.Second,economic profit can create a bandwagon effect,encouraging other money transfer firms to integrate CSR activities into their business models,which may enhance the well-being of the communities they serve and rely upon.展开更多
China’s modern corporate system fuels sustainable growth by merging profit-driven innovation with social responsibility,turning rural villages into prosperous microcosms of equitable development.
Archroma,a global leader in specialty chemicals fo-cused on sustainable solutions,has supported the Institute of ChemicalTechnology(ICT),Mumbai,lndia in the renova-tion and development of a sustainable laboratory faci...Archroma,a global leader in specialty chemicals fo-cused on sustainable solutions,has supported the Institute of ChemicalTechnology(ICT),Mumbai,lndia in the renova-tion and development of a sustainable laboratory facility as part of its Corporate Social Responsibility(CSR)program.The upgraded facility will strengthen the department's capacity to conduct fundamental research and develop future-oriented technologies in textile processing,manufac-turing,and effluent treatment.It is designed to help address current industrial challenges while encouraging innovation in sustainable and resource-efficient textile technologies.展开更多
At the 20th China-ASEAN Expo(CAEXPO)in 2023,Bruneibased airline startup GallopAir signed a letter of intent(LOI)with the Commercial Aircraft Corporation of China(COMAC)for the purchase of 30 aircraft,including the C91...At the 20th China-ASEAN Expo(CAEXPO)in 2023,Bruneibased airline startup GallopAir signed a letter of intent(LOI)with the Commercial Aircraft Corporation of China(COMAC)for the purchase of 30 aircraft,including the C919 jet airliner and the ARJ21(now known as C909)regional jet.展开更多
Against the backdrop of the gradual deepening of interest rate liberalization,the decline in effective credit demand,the intensification of competitive involution among commercial banks,and the complex international e...Against the backdrop of the gradual deepening of interest rate liberalization,the decline in effective credit demand,the intensification of competitive involution among commercial banks,and the complex international economic and trade situation,commercial banks in China's mainland have entered a stage of low interest rates and narrow interest margins.Coupled with the continuous exposure of risks in retail customer groups and small and micro enterprises,many commercial banks have chosen to phase in expanding and strengthening their corporate business segments to smoothly navigate economic cycles and enhance operational resilience and sustainability.How the corporate business segment optimizes its asset-liability structure through asset allocation to achieve high-quality development is a major issue worthy of consideration by the entire industry.From the perspective of a medium-sized national commercial bank,this paper explores and proposes four key basic customer groups,six asset allocation models,and fourteen key industries for layout,for reference,and research.展开更多
This study exploits China's"Pilot Program for the Integration of Science and Technology with Finance"as a quasi-natural experiment to investigate the effect of Sci-Tech Finance on corporate financial res...This study exploits China's"Pilot Program for the Integration of Science and Technology with Finance"as a quasi-natural experiment to investigate the effect of Sci-Tech Finance on corporate financial resilience and its underlying mechanisms.Using panel data of A-share firms listed on the Shanghai and Shenzhen stock exchanges from 2000 to 2024 and using a staggered difference-in-differences(DID)model,we find that corporate financial resilience significantly improved after the Sci-Tech Finance policy,as evidenced by reduced earnings volatility and more sustainable profit growth.Heterogeneity analyses show that the effect is more pronounced during periods of high economic policy uncertainty(EPU)and in regions with less developed traditional banking systems.Mechanism analyses suggest that Sci-Tech Finance strengthens firm financial resilience by alleviating financing constraints,mitigating information asymmetry,optimizing investment efficiency,and promoting green innovation.We provide novel evidence on the role of Sci-Tech Finance in stabilizing firm performance and fostering long-term value creation,thereby contributing to the broad literature on high-quality economic development.展开更多
The interaction between supply chain relationships and corporate finance has become a focal issue in academic and practical circles,especially under the dual drivers of globalization and marketization.This paper syste...The interaction between supply chain relationships and corporate finance has become a focal issue in academic and practical circles,especially under the dual drivers of globalization and marketization.This paper systematically reviews existing research on this topic,covering theoretical foundations from perspectives such as agency theory,stakeholder theory,and co-opetition game theory,which explain the nature of customer-supplier relationships.It also combs through empirical studies from four core angles:competition-cooperation,signal transmission,spillover effects,and information transfer,summarizing findings on how supply chain relationships impact corporate investment,financing,operations,and performance,as well as existing controversies.The aim is to clarify the research context,identify theoretical and empirical gaps,and provide theoretical support and direction for deepening future research on supply chain and corporate finance.展开更多
Against the backdrop of the rapid development of the digital economy,corporate financial management faces unprecedented challenges and opportunities.This paper will start with the concept of financial shared services ...Against the backdrop of the rapid development of the digital economy,corporate financial management faces unprecedented challenges and opportunities.This paper will start with the concept of financial shared services to deeply explore the role and significance of the financial shared service model in the digital transformation of corporate finance.It analyzes the existing problems in the current process of digital transformation of corporate finance and proposes corresponding solutions,providing valuable references and guidance for enterprises to achieve digital transformation of finance.展开更多
Green bonds, as one of the core tools of green finance, have rapidly developed into a large-scale and far-reaching financial market since the first green bond was issued in 2007. As a direct financing channel for gree...Green bonds, as one of the core tools of green finance, have rapidly developed into a large-scale and far-reaching financial market since the first green bond was issued in 2007. As a direct financing channel for green projects, green bonds have promoted the rapid development of green finance in China, and under the background of “dual carbon”, the demand for green bonds in China has increased significantly. In fact, the Chinese green bond investment market has vast development space. However, due to its late start and immature development, there are doubts about whether green bonds can play a positive role in enhancing the company’s value. Therefore, it is urgent to conduct in-depth analysis of the impact of the company’s issuance of green bonds on its value. In this paper, we used Tobin’s Q to measure company value, and used panel data to explore the impact of issuing green bonds on company value through propensity score matching method. It explored the significant improvement effect of issuing green bonds and increasing their intensity on company value;and then, by analyzing the mediating effect on the impact mechanism of company value, efforts are made to discover that green bonds can enhance company value by alleviating financing constraints and improving information transparency. Finally, based on the conclusions drawn, reasonable suggestions are proposed, which have practical reference value for the development of the green bond market and the construction of a green financial system.展开更多
文摘Our previous studies have demonstrated that erectile function was preserved in aged transgenic rats （TGR） harboring the human tissue kallikrein 1 （hKLK1）, while the molecular level of hKLK1 on corporal fibrosis to inhibit age-related erectile dysfunction （ED） is poorly understood. Male wild-type Sprague-Dawley rats （WTR） and TGR harboring the hKLK1 gene were fed to 4- or 18-month-old and divided into three groups： young WTR （yWTR） as the control, aged WTR （aWTR）, and aged TGR （aTGR）. Erectile function of all rats was assessed by cavernous nerve electrostimulation method. Masson＇s trichrome staining was used to evaluate corporal fibrosis in the corpus cavernosum. We found that the erectile function of rats in the aWTR group was significantly lower than that of other two groups. Masson＇s trichrome staining revealed that compared with those of the yWTR and aTGR groups, the ratio of smooth muscle cell （SMC）/collagen （C） was significantly lower in the aWTR group. Immunohistochemistry and Western blotting analysis were performed, and results demonstrated that expression of a-SMA was lower, while expressions of transforming growth factor-β1 （TGF-β1）, RhoA, ROCK1, p-MYPT1, p-LIMK2, and p-cofilin were higher in the aWTR group compared with those in other two groups. However, LIMK2 and cofilin expressions did not differ among three groups. Taken together, these results indicated that the RhoA/ROCK1/LIMK/cofilin pathway may be involved in the corporal fibrosis caused by advanced age, and hKLK1 may reduce this corporal fibrosis by inhibiting the activation of this pathway to ameliorate age-related ED.
文摘Heavy alcohol consumption is associated with an increased risk of erectile dysfunction （ED）; however, the acute effects of ethanol （EtOH） on penile tissue are not fully understood. We sought to investigate the effects of EtOH on corporal tissue tonicity, as well as the intracellular Ca^2＋ concentration （[Ca^2＋]i） and potassium channel activity of corporal smooth muscle. Strips of corpus cavernosum （CC） from rabbits were mounted in organ baths for isometric tension studies. Electrical field stimulation （EFS） was applied to strips precontracted with 10 μmol L^-1 phenylephrine as a control. EtOH was then added to the organ bath and incubated before EFS. The [Ca^2＋]i levels were monitored by the ratio of fura-2 fluorescence intensities using the fura-2 loading method. Single-channel and whole-cell currents were recorded by the conventional patch-clamp technique in short-term cultured smooth muscle cells from human CC tissue. The corpus cavernosal relaxant response of EFS was decreased in proportion to the concentration of EtOH. EtOH induced a sustained increase in [Ca^2＋]i in a dose-dependent manner, Extracellular application of EtOH significantly increased whole-cell K^＋ currents in a concentration-dependent manner （P 〈 0.05）. EtOH also increased the open probability in cell-attached patches; however, in inside-out patches, the application of EtOH to the intracellular aspect of the patches induced slight inhibition of Ca^2＋-activated potassium channel （KCa） activity. EtOH caused a dose-dependent increase in cavemosal tension by alterations to [Ca^2＋]i. Although EtOH did not affect KCa channels directly, it increased the channel activity by increasing [Ca^2＋]i. The increased corpus cavemosal tone caused by EtOH might be one of the mechanisms of ED after heavy drinking.
文摘Corporal punishment was always considered a valid disciplinary measure in Muslim Arab culture to be used as deemed necessary to shape a minor＇s behavior. Applying physical force against children as punishment for unwanted behavior has become a normative part of parents＇ routine interaction with their children, despite the fact that it is forbidden by Israeli law. Psychologists that work with the Muslim Arab population find it difficult to convince parent of the difficulties and conflicts that they create by enforcing corporal punishment on their children. Parents tend to reject professional advice because it is viewed as conflicting with their cultural mentality and traditions and ignore the vast research that proves the ineffectiveness of this type of discipline and the complications that it may lead to. What＇s more, Sharia law, the religious Muslim legal code that governs the lives of Muslim Arabs in Israel, advocates and even encourages corporal punishment. Legislation and further professional intervention is necessary to change this harmful practice and to protect Muslim Arab children.
文摘Since the ＂five -punishment＂ system was established from the period of the slavery society of the Western Zhou Dynasty, corporal punishment has been always in existence as a tool used by the rulers to punish people in ancient China. Although corporal punishment was abolished in the punishment sentencing reform of Emperor Wen of Han, it was further developed and improved in the penalty system of the Sui and Tang dynasties. However, it was restored in the Song, Liao, Yuan, Ming, and Qing Dynasties, etc. From the studies of the corporal punishment change, the reform law of the penal system in ancient China can be found, and also the significance of ancient Chinese corporal punishment reform to the progress of criminal penalty can be sought. Meanwhile, it is of vital significance to knowing well the development of China＇s legal history and improving the current penal system.
文摘Background:Patients with inflatable penile prostheses(IPP)may experience erosions after years of use or after indwelling Foley catheter placement.IPP erosions should be managed as an infection with the entire IPP removed.Replacing IPPs in erosion patients can be challenging due to extensive scarring development.Using proper graft materials may be necessary to close and reinforce the corporal defect after difficult corporal dilation or significant scar removal for the long‐term success of IPP reimplantation.Case Presentation:Herein we report a patient with a history of IPP placement in 2007 for erectile dysfunction and Peyronie's disease,presenting in 2018 with dysuria and a feeling of IPP displacement following Foley catheter placement for coronary artery bypass graft surgery.The left cylinder of the IPP was observed by physical examination and a defect near the fossa navicularis was discovered during office cystoscopy.A complete explantation of IPP was then performed.Reimplantation of the IPP was performed in 2021 which required excision of corporal scar tissue and repair of a left distal corporal defect using a Tutoplast®pericardium allograft.The procedure was successful with proper IPP position and good function without any penile deformity.Conclusion:The use of graft materials in the management of corporeal defects should be considered in the setting of complex IPP revision.The Tutoplast®pericardium allograft reinforcement can provide long‐term durability,flexibility,and a lower risk of infection.
文摘Drawing on local legitimacy theory,which posits that firms seek acceptance and approval from their local community and stakeholders,we examine the effect of corporate governance(CG)quality on corporate social responsibility(CSR)activities in Korea.Enhancing CG quality and engaging in CSR activities are increasingly important for firms’long-term sustainability.Using the KEJI-CSR index and the KCGS CG score,we find that CG quality positively influences CSR activities.Specifically,if the CG quality score increases by one standard deviation,CSR improves by approximately 1.6–2.3%of the mean CSR score.Furthermore,the relationship between CG and CSR is stronger for business conglomerates(chaebol-affiliated firms),suggesting that sound CG practices can promote CSR activities more effectively when the interests of management and stakeholders are better aligned.This finding supports local legitimacy theory.Our findings are robust under various tests,including difference-in-differences analysis and propensity score matching.An interesting policy implication is that multinational enterprises or foreign investors should prioritize the CG quality of their local subsidiaries or investee firms.Better CG practices can enhance CSR activities,which are essential for long-term survival in local markets.This study,however,is limited to Korea and may not be generalizable to other emerging markets with different governance structures.
文摘This text examines how globalization has reshaped global economic dynamics,emphasizing its role in weakening nation-states and fueling trade conflicts.It argues that globalization,driven by multinational corporations(MNCs),financial deregulation,and supranational organizations,has eroded state sovereignty by shifting power to global actors whose interests transcend national borders.The rise of trade conflicts-manifested in disputes over subsidies,dumping,market access barriers,and geopolitical tensions-is traced to the clash between liberalized trade policies and states’efforts to protect domestic industries and social cohesion.The World Trade Organization(WTO)is analyzed as a key institution for resolving disputes,though its mechanisms face criticism for bias toward wealthy nations,procedural inefficiencies,and an inability to address systemic issues like currency manipulation or environmental degradation.Case studies(e.g.,agricultural subsidies,US-Japan trade deficits)illustrate the complexities of modern trade wars.The text concludes with recommendations for reforming global governance,including strengthening the WTO’s authority,addressing power imbalances,integrating social and environmental standards,and enhancing developing nations’capacity to negotiate.Ultimately,it underscores the paradox of globalization:while driving growth,it exacerbates inequalities and destabilizes traditional state-centric frameworks.
文摘This paper examines the role of internal audit and the incorporation of Environmental,Social,and Governance(ESG)factors within the corporate governance frameworks of Greek firms in mitigating their financial risk.Time series econometric analysis was performed to determine the factors that influence financial stability,transparency,and regulatory compliance in Greek Firms.Data were collected from 120 internal auditors and financial professionals employed in organizations across multiple sectors of the Greek economy.In line with existing literature,findings show that robust internal audit and ESG practices are essential in promoting financial stability,transparency,and regulatory compliance.The paper provides empirical evidence that well-structured internal audit mechanisms and effective ESG initiatives reduce financial risks,while enhancing organizational sustainability and resilience.The results emphasize the growing importance of ESG considerations in corporate governance and suggest that improvements in both internal audit systems,as well as robust ESG policies,can strengthen risk management strategies and improve long-term financial performance.While previous research has thoroughly investigated the impact of internal audits on financial stability and the influence of ESG on corporate sustainability,this paper specifically examines their combined effect on financial risk management.Using firm level data across various sectors of the Greek economy,this study provides insights into how internal audit and ESG policies can jointly contribute towards enhancing financial resilience,transparency,and regulatory compliance.
基金supported by the National R&D Program China(No.2021xjkk0405).
文摘Scientific research and technological innovation are driving modern economies;however,a new form of property rights is required to compensate knowledge workers for their contributions.In 1994,the Science and Technology Bureau of Shenzhen,China implemented a policy to encourage scientists and engineers to develop innovative technologies that would provide them a share of the profits earned from their innovations.This created a new“shared property rights”system.China’s shared property model is so new that the conditions under which it can improve enterprise profits remain unclear.To answer this question,we obtained data from the China Stock Market and Accounting Research database for 904 Chinese enterprises that had implemented shared property rights for the first time between 2009 and 2021 and used a propensity score matching method and econometric models to evaluate their performance.The results indicated that shared property incentives improved corporate financial performance and that benefits increased gradually over time.The new approach showed a stronger positive effect than restricted stock options during the study period.The strength of the incentive was greater for core technical staff than for senior executives,suggesting that scientists,engineers,and computer programmers should be the targets of a shared property rights incentive program.To take full advantage of the new shared property rights institution,enterprise managers should set the implementation period at a reasonable length(5 to 10 years,based on our study results).Enterprises can also test two or more simultaneous approaches that account for the specific needs of each category of workers,based on a careful examination of their current situation and expected or desired future situations.
文摘Although research has examined the financial sector’s response to COVID-19,the role of the cross-border money transfer industry remains unclear.This study investigates the corporate social responsibility(CSR)actions of 22 cross-border money transfer firms headquartered in Canada,the US,and the UK to determine how they supported stakeholders during the pandemic.Using qualitative data analysis software,we analyze textual data from company websites,press releases,and blogs to assess CSR activities.Our findings show that nine of the 22 cross-border money transfer firms engaged in COVID-related CSR efforts and communicated these actions through their controlled channels.Two out of every three firms that publicized their CSR initiatives during the pandemic were not traded in any stock exchange market.This research has two key implications.First,disclosing CSR initiatives through controlled or uncontrolled channels increases the likelihood of attracting socially conscious customers and investors,which could ultimately lead to higher economic profits.Second,economic profit can create a bandwagon effect,encouraging other money transfer firms to integrate CSR activities into their business models,which may enhance the well-being of the communities they serve and rely upon.
文摘China’s modern corporate system fuels sustainable growth by merging profit-driven innovation with social responsibility,turning rural villages into prosperous microcosms of equitable development.
文摘Archroma,a global leader in specialty chemicals fo-cused on sustainable solutions,has supported the Institute of ChemicalTechnology(ICT),Mumbai,lndia in the renova-tion and development of a sustainable laboratory facility as part of its Corporate Social Responsibility(CSR)program.The upgraded facility will strengthen the department's capacity to conduct fundamental research and develop future-oriented technologies in textile processing,manufac-turing,and effluent treatment.It is designed to help address current industrial challenges while encouraging innovation in sustainable and resource-efficient textile technologies.
文摘At the 20th China-ASEAN Expo(CAEXPO)in 2023,Bruneibased airline startup GallopAir signed a letter of intent(LOI)with the Commercial Aircraft Corporation of China(COMAC)for the purchase of 30 aircraft,including the C919 jet airliner and the ARJ21(now known as C909)regional jet.
文摘Against the backdrop of the gradual deepening of interest rate liberalization,the decline in effective credit demand,the intensification of competitive involution among commercial banks,and the complex international economic and trade situation,commercial banks in China's mainland have entered a stage of low interest rates and narrow interest margins.Coupled with the continuous exposure of risks in retail customer groups and small and micro enterprises,many commercial banks have chosen to phase in expanding and strengthening their corporate business segments to smoothly navigate economic cycles and enhance operational resilience and sustainability.How the corporate business segment optimizes its asset-liability structure through asset allocation to achieve high-quality development is a major issue worthy of consideration by the entire industry.From the perspective of a medium-sized national commercial bank,this paper explores and proposes four key basic customer groups,six asset allocation models,and fourteen key industries for layout,for reference,and research.
文摘This study exploits China's"Pilot Program for the Integration of Science and Technology with Finance"as a quasi-natural experiment to investigate the effect of Sci-Tech Finance on corporate financial resilience and its underlying mechanisms.Using panel data of A-share firms listed on the Shanghai and Shenzhen stock exchanges from 2000 to 2024 and using a staggered difference-in-differences(DID)model,we find that corporate financial resilience significantly improved after the Sci-Tech Finance policy,as evidenced by reduced earnings volatility and more sustainable profit growth.Heterogeneity analyses show that the effect is more pronounced during periods of high economic policy uncertainty(EPU)and in regions with less developed traditional banking systems.Mechanism analyses suggest that Sci-Tech Finance strengthens firm financial resilience by alleviating financing constraints,mitigating information asymmetry,optimizing investment efficiency,and promoting green innovation.We provide novel evidence on the role of Sci-Tech Finance in stabilizing firm performance and fostering long-term value creation,thereby contributing to the broad literature on high-quality economic development.
文摘The interaction between supply chain relationships and corporate finance has become a focal issue in academic and practical circles,especially under the dual drivers of globalization and marketization.This paper systematically reviews existing research on this topic,covering theoretical foundations from perspectives such as agency theory,stakeholder theory,and co-opetition game theory,which explain the nature of customer-supplier relationships.It also combs through empirical studies from four core angles:competition-cooperation,signal transmission,spillover effects,and information transfer,summarizing findings on how supply chain relationships impact corporate investment,financing,operations,and performance,as well as existing controversies.The aim is to clarify the research context,identify theoretical and empirical gaps,and provide theoretical support and direction for deepening future research on supply chain and corporate finance.
文摘Against the backdrop of the rapid development of the digital economy,corporate financial management faces unprecedented challenges and opportunities.This paper will start with the concept of financial shared services to deeply explore the role and significance of the financial shared service model in the digital transformation of corporate finance.It analyzes the existing problems in the current process of digital transformation of corporate finance and proposes corresponding solutions,providing valuable references and guidance for enterprises to achieve digital transformation of finance.
文摘Green bonds, as one of the core tools of green finance, have rapidly developed into a large-scale and far-reaching financial market since the first green bond was issued in 2007. As a direct financing channel for green projects, green bonds have promoted the rapid development of green finance in China, and under the background of “dual carbon”, the demand for green bonds in China has increased significantly. In fact, the Chinese green bond investment market has vast development space. However, due to its late start and immature development, there are doubts about whether green bonds can play a positive role in enhancing the company’s value. Therefore, it is urgent to conduct in-depth analysis of the impact of the company’s issuance of green bonds on its value. In this paper, we used Tobin’s Q to measure company value, and used panel data to explore the impact of issuing green bonds on company value through propensity score matching method. It explored the significant improvement effect of issuing green bonds and increasing their intensity on company value;and then, by analyzing the mediating effect on the impact mechanism of company value, efforts are made to discover that green bonds can enhance company value by alleviating financing constraints and improving information transparency. Finally, based on the conclusions drawn, reasonable suggestions are proposed, which have practical reference value for the development of the green bond market and the construction of a green financial system.
