Search Results (476)

A key principle of the United States Roundtable for Sustainable Beef framework is striving for continuous improvement in grazing management operations, which includes a goal of having 385 million acres covered by written grazing management plans by 2050. However, the adoption of written grazing management plans (GMPs) is lagging behind expectations. The objectives of this analysis are to examine indicators of the adoption of GMPs and grazing patterns. Additionally, we examine the economic benefits associated with the adoption of GMPs and intensive grazing patterns. A National Grazing Management Survey was conducted during the summer of 2024, distributed electronically to cow-calf producers through cooperation with state membership associations. Producers were asked about operational demographics and grazing management. Respondents were provided definitions for the GMP hierarchy (no GMP, mental GMP, written GMP, written GMP with annual evaluation) and grazing patterns (continuous, rotational, adaptive multi-paddock). Respondents were also asked to rank GMP objectives, categorized as “economic” or “environmental”, in order of importance. Binary logit models were employed to examine the indicators of adoption of written GMPs and intensive grazing patterns. Findings indicate that producers utilizing intensive grazing patterns are more likely to adopt a written GMP, and producers with larger herd sizes are more likely to prioritize economic objectives. Results also indicate that producers who adopt a written GMP are more likely to earn positive returns over off-farm feed costs than those who do not adopt a GMP, providing evidence of the potential economic benefits associated with GMPs. Full article

Successful project delivery largely depends on effective progress management to ensure schedule reliability and resource efficiency. Conventional manual and paper-based approaches remain inefficient and error-prone, often causing fragmented data and poor collaboration among stakeholders. To overcome these limitations, this study proposes a computer vision–blockchain integrated framework for closed-loop construction progress management within the Plan–Do–Check–Act (PDCA) cycle. This system supports an automated, end-to-end workflow in which UAV-captured images are processed by a computer vision model, digitally signed, and verified on a blockchain ledger, triggering smart contract-based schedule deviation alerts to relevant stakeholders. An enhanced digital signature scheme ensures data integrity during off-chain and on-chain transitions, while self-executing smart contracts coordinate schedule submissions, progress reporting, and deviation detection. Implemented on Hyperledger Fabric and validated through a case study, the framework demonstrates transparent data flow and strong performance in detection accuracy, latency, and throughput. By shifting progress management from passive reporting toward proactive control, this study provides a replicable, transparent, and tamper-resistant solution for multi-stakeholder construction progress governance. Full article

This paper provides a theory-informed synthesis of earnings management research through a review of the 100 most cited studies in the accounting literature. Rather than functioning as a purely bibliometric review, the study integrates theoretical, empirical, methodological, and survey-based contributions to examine how influential research has conceptualized, measured, and interpreted earnings management. Citation data were collected from Web of Science and Google Scholar as of 5 January 2025 using predefined search criteria, filtering procedures, and classification protocols. While citation counts are used to identify influential studies, they are not treated as direct indicators of research quality due to concerns regarding citation bias, publication visibility, and proxy limitations. The review organizes the literature around major themes, including corporate governance, audit quality, managerial incentives, institutional environments, market reactions, and regulatory change. The analysis highlights enduring debates concerning proxy validity, endogeneity and identification challenges, the distinction between statistical detection and economic significance, and the trade-off between accrual-based and real earnings management. The synthesis also incorporates emerging research streams involving family firms, gender diversity, ESG reporting, textual analysis, and AI-assisted analytics within broader agency and institutional theory perspectives. A central contribution of the paper is the development of an integrative analytical framework linking proxy validity, strategic substitution between reporting mechanisms, and institutional constraints within a unified interpretation of earnings management behavior. The review shows that advances in empirical design, textual analysis, machine learning, and predictive analytics extend rather than replace foundational insights, while persistent limitations in causal inference and measurement remain unresolved. Overall, the findings suggest that earnings management is best understood as a strategic response to incentives, monitoring, and institutional constraints rather than as a uniform indicator of opportunistic behavior. The paper concludes by outlining future research directions focused on theory-driven empirical design, methodological triangulation, AI-assisted detection approaches, and improved measurement frameworks across diverse reporting environments. Full article

Volatility is a fundamental indicator for assessing the risk of financial assets. By integrating unstructured data, such as earnings call transcripts, the limitations of traditional time series data can be transcended, enabling collaborative forecasting from multiple data sources, enhancing the robustness of volatility prediction, and improving the efficiency of risk management. Although current research has effectively utilized earnings call data to predict asset volatility, price trends, and stock correlations, it often overlooks the inherent challenges of integrating textual and time series data, as well as the self-exciting and clustering characteristics of financial events. While conventional Long Short-Term Memory (LSTM) networks excel in processing fused data, they lack the structural capacity to explicitly model event-driven temporal decay, often failing to differentiate the varying influence of historical shocks over time. To surmount this limitation, we have significantly enhanced the predictive model by focusing on extracting salient information and integrating temporal dependency modeling with dynamic state adjustment mechanisms. The core innovation is introducing the Hawkes process to explicitly capture the self-exciting effect of financial events, which is the key to modeling volatility clustering around earnings releases. The proposed Hawkes LSTM model introduces a decay gating module and a textual information knowledge enhancement module. The decay gating module is specifically designed to more effectively capture the temporal dependencies between events within an event sequence. This allows the model to focus more on recent significant events, with the influence of an event on subsequent events typically diminishing as the temporal interval between them increases. By integrating temporal dependency modeling, the model is enabled to utilize historical data in a more flexible manner. The dynamic state adjustment mechanism further enhances its capacity to capture dynamically changing characteristics. Together, these features provide a more robust and precise solution for volatility prediction. Experimental results on two real-world earnings call datasets show that this approach significantly outperforms existing benchmark models on most prediction horizons, achieving competitive and superior performance and verifying its effectiveness and robustness. Full article

As a major policy initiative, China’s Industry–Finance Cooperation (IFC) Pilot Program aims to address the enduring difficulties enterprises face in securing affordable financing. Despite its intent, the policy’s actual efficacy in alleviating corporate financing constraints remains ambiguous. Based on panel data of Chinese A-share listed firms (2011–2023, 19,742 observations), this paper adopts a difference-in-differences (DID) estimator to investigate the effect of China’s IFC Pilot Policy on corporate financing constraints. The results demonstrate that the IFC Pilot Policy significantly alleviates such constraints. Further mechanism and heterogeneity analyses reveal that it operates primarily by reducing earning management, lowering financing costs, and mitigating business risks. This study contributes to the field by establishing the finance-easing effect and risk management mechanism of industry–finance cooperation, offering valuable guidance for policymakers seeking to refine and optimize similar supply-side financial reform measures. Full article

This study explores the informativeness of forward-looking disclosures in managers’ speeches in U.S. quarterly earnings conference calls, focusing on time-frame specificity—whether statements provide precise temporal horizons. Using a keyword search, forward-looking statements (FLSs) in managers’ speeches in U.S. quarterly earnings conference calls are classified into those with and without specific time frames, and tests of their determinants, market responses, and implications for firms’ future performance are conducted. First, uncertainty is positively associated only with FLSs without time frames, likely because managers find it more difficult to specify time frames under uncertainty or are less willing to be held accountable. Second, investors respond more quickly to FLSs with time frames and more slowly to those without, while analysts use both types to improve forecasts; however, FLSs without time frames increase forecast dispersion, whereas those with time frames reduce it, suggesting greater information processing difficulty. Third, larger changes in future earnings and discretionary accruals are associated with more FLSs without time frames, while capital investment increases only with more FLSs with time frames. Collectively, these findings indicate that time-frame specificity conveys differential informational value. Full article

This online survey aimed to elaborate on the salary, working conditions, and job satisfaction of employed veterinarians in Germany. The focus was on factors influencing salaries, violations of German laws, and comparisons between employees of owner- and corporate-managed practices. Answers of up to 1184 veterinarians were analyzed, representing 6% of employed veterinarians. The hourly salary increased by around 19% compared to a study in 2020, but remained significantly lower than in comparable professions and did not rise as much as the national average over the last five years. A multifactorial linear model showed that working experience, additional qualifications, leadership role for other veterinarians, section (pets, equines, farm animals, or non-curative), and gender significantly influenced the salary. The adjusted gender pay gap was about 7%. Employees of corporations earned significantly more than veterinarians being employed in owner-managed practices, but not when salary was adjusted for overtime. Moreover, employees of corporations had significantly lower job satisfaction. Requirements of the German Working Hours Act were regularly not complied with, as e.g., around 40% of respondents reported not being able to take their legally required break at least once per week. Results indicate that, despite improvements, there is still a need to address working conditions to retain veterinarians in the profession. Full article

This study examines the association between foreign exchange (FX) governance and financial stability by analysing empirical evidence from multinational entities. We analyse a 16-year panel (2009–2024) comprising 6613 firm-year observations using OLS regression with industry and year fixed effects. Firm-level data on financial sustainability, FX governance, board attributes, and controls are drawn from the London Stock Exchange Group (formerly Refinitiv), while country-level institutional and economic indicators are obtained from the World Bank. The result suggests that FX governance is negatively associated with earnings volatility, implying that FX governance enhances the financial stability of organisations. The baseline result is robustness to endogeneity and selection bias. However, our subsample analysis reveals that the impact of FX governance on financial stability varies based on institutional quality and industry. Whereas FX governance is negatively associated with earnings volatility thus enhancing financial stability in high-institutional-quality settings, the impact is not significant in low-institutional-quality environments. This study contributes to knowledge by empirically validating the relevance of FX governance to financial stability. Our study also contributes to the limited studies on the role of FX governance in diminishing earnings volatility, thus exposing FX management as a strategy for achieving financial sustainability. The international sample analysed in the study contributes to the generalisability of results. Full article

ESG performance is an important lever for promoting the sustainable development of enterprises. To examine the effect of fund holdings on corporate ESG performance, this study employs the dynamic panel GMM method to perform an empirical analysis using quarterly data of Chinese A-share listed firms from 2009 to 2024. The findings show that public fund holdings contribute to better corporate ESG performance. The analysis of the impact mechanism shows that the improvement effect of public fund holdings on corporate ESG performance is mainly achieved through four channels: increasing information transparency, reducing earnings management, increasing corporate innovation investment, and reducing corporate debt financing costs. Heterogeneity analysis shows that the improvement effect of public fund holdings on corporate ESG performance is more significant in high-tech enterprises, heavily polluting industry enterprises, and enterprises with high analyst attention. Further analysis reveals that different types of institutional holdings have a positive impact on corporate ESG performance. Public fund holdings not only promote corporate ESG performance but also enhance corporate efficiency and reduce operational risks. The research conclusion provides empirical evidence from fund investors on the impact of public fund holdings on corporate sustainable development. Full article

Earnings management undermines financial transparency and threatens long-term corporate sustainability, particularly in emerging markets where principal–agent conflicts remain pronounced. In China’s capital market, performance-based incentives may motivate managers to manipulate reported earnings, thereby impairing investor protection and governance quality. Despite growing interest in enterprise risk management (ERM) as a holistic governance mechanism, empirical evidence on its effectiveness in constraining earnings manipulation remains limited. This paper investigates the governance role of ERM in mitigating both accrual-based earnings management (AEM) and real earnings management (REM) among Chinese listed firms over the period 2019–2024. Using panel regression models, this study examines whether higher ERM engagement is associated with lower levels of earnings manipulation. The results indicate that ERM is significantly and negatively related to both AEM and REM. These findings remain robust to alternative variable definitions, different sample period specifications, interaction analyses between accrual-based and real earnings management, alternative constructions of ERM (including PCA-based measures and exclusion of reporting-related components), and endogeneity tests using industry–year average ERM as a proxy. Further heterogeneity analyses reveal that the constraining effect of ERM on REM is more pronounced in firms audited by non-Big Four auditors, while the effect is weaker in Big Four audited firms. Overall, the evidence suggests that ERM functions as an effective internal governance mechanism that enhances financial reporting quality and supports sustainable corporate performance. This paper contributes to the sustainability and corporate governance literature by providing empirical evidence from an emerging market context and offers practical implications for regulators and corporate decision-makers seeking to strengthen risk governance frameworks. Full article

As an evaluation framework that systematically assesses a company’s environmental performance, social responsibility, and corporate governance, as a critical measure for evaluating corporate sustainable development, ESG performance exhibits unique and distinctive features within agribusiness firms. This study develops and analyzes several hypotheses using mediation and moderation effect models to empirically investigate the processes and effects of ESG performance on accrual-based earnings management using a sample of Chinese A-share agriculture-related listed businesses from 2009 to 2024. The results show a strongly inverse relationship between accrual-based earnings management and ESG performance in companies involved in agriculture. Additionally, by easing financial limitations, ESG performance has inhibited efforts on earnings management. The inhibitory effect of ESG performance on earnings management is more pronounced among agribusinesses subject to intensive media coverage, but significantly weaker among those with strong internal control quality. In order to maximize ESG practices, control financial behavior, and develop pertinent regulatory laws, this research offers agriculture-related businesses both theoretical and practical insights. Full article

The objective of this paper is to offer a mathematical formulation of economic value added (EVA) that incorporates distance-to-default (DD) and thus a default-free capital structure. The latter is extended via the weighted average cost of capital (WACC) to introduce a default-free EVA. The data include the nonfinancial firms listed in the DJIA30 and NASDAQ100 covering the period 1992Q2–2023Q3. The results of standard specification tests and the GMM estimator show that (a) DD causes an increase in WACC and thus, EVA decreases; (b) the interest coverage ratio can be used effectively to compensate for default risk, thus adjusting the default-free EVA positively; (c) both EVA and default-free EVA can effectively be managed via common determinants, namely, net working capital ratio, total liabilities to EBITDA, sales growth rate, debt–equity ratio, and earnings per share; (d) the positive impact of the inflation rate on both EVA and default-free EVA justifies the use of default-free EVA as a metric for equity risk premium; and (e) the robustness of the results via stochastic geometric Brownian motion shows that the determinants of default-free EVA are stable. This paper contributes to related studies by incorporating credit risk via the DD into default-free EVA. Full article

This study empirically examines the joint effect of financial anomaly risk and ESG performance on accounting conservatism using accrual models, market models, and earnings time-series models. Financial anomaly scores are obtained using unsupervised machine learning to identify reporting anomalies for firms. Our findings suggest that higher financial anomaly risk is negatively related to accounting conservatism through delayed or reduced loss recognition. ESG engagement serves as a moderating variable to mitigate conditional conservatism losses partially for both accrual- and earnings-based models, conditional on financial anomaly risk; otherwise, ESG engagement has a weak or insignificant effect on market-based models. ESG practice is therefore a state-dependent conditional governor to complement traditional governance structures, depending on both levels of anomaly risk as well as accounting models used to derive conservatism measures. Our findings have practical implications for investors and government regulators, as well as managers, which emphasize that ESG practice is not universally beneficial to conservatism but can further improve reporting quality, conditional on certain risk levels. Full article

The growing generation of household hazardous waste (HHW) presents critical environmental and public health challenges worldwide. This study investigates prevailing trends in HHW management and analyzes the socio-economic and demographic determinants that influence public perceptions, attitudes, and behaviors toward HHW recycling practices. A comparative mass flow analysis is also conducted to evaluate the limitations of current HHW management practices in Greece and outline policy implementation plans. Statistical findings indicate that income significantly influences recycling behavior. Individuals with annual incomes between €10,001 and €30,000 are less likely to engage in HHW recycling, whereas those earning over €70,000 demonstrate higher levels of recycling participation. The public recognizes the need for green collection points for appropriate HHW management. However, no statistically significant correlation is found between income levels and perceived importance of these facilities. This outcome is attributed to the high proportion (46.7%) of dichotomous variables in the χ² independence test, exceeding the recommended threshold of 25%, which limits interpretability. Such findings indicate the complex interplay of behavioral and socio-economic variables in HHW recycling. The study highlights the importance of targeted public policies, educational interventions, and infrastructure improvements to increase recycling participation and promote sustainable HHW management in Greece. Full article

In this article, we analyze the combined impact of sustainability activities and family governance on firm-level risk, measured by earning volatility, with particular attention to the timing of ESG involvement. Using panel regression models, we distinguish between short- and long-term ESG performance and between family ownership and family management. The empirical analysis reveals a negative correlation between long-term ESG performance and corporate risk, but short-term ESG impact is insignificant. Family ownership and having a family CEO both decrease firm risk; however, family ownership moderates the link between ESG risks and firm risk. Full article