Search Results (818)

The integration of environmental, social and governance (ESG) criteria into corporate and financial decision-making has become one of the most significant transformations in today’s financial markets. Growing regulatory pressure, stakeholder expectations and increased awareness of sustainability challenges have led companies and investors to incorporate ESG considerations into strategic and investment decisions. Despite the rapid spread of ESG practices, the academic literature presents conflicting and sometimes contradictory evidence regarding their economic implications and practical effectiveness. This article provides a review of the literature on the main academic contributions to ESG integration, focusing on three key dimensions: the economic benefits associated with ESG practices, the methodological and credibility challenges relating to ESG measurement, and the organisational and technological factors that enable effective ESG implementation. The findings indicate that ESG integration is generally associated with positive organisational outcomes, including improved financial performance, lower cost of capital, greater stakeholder trust and a reduction in firm-specific risk. However, the realisation of these benefits is not automatic and depends to a large extent on the credibility of ESG practices and information. Rather than endorsing the widely held view that ESG criteria are inherently capable of creating value, the analysis shows that the value-creating effect of ESG criteria depends crucially on the credibility of ESG practices and the quality of their implementation. The literature highlights significant methodological challenges, including rating divergence, the lack of standardised metrics, methodological opacity and the growing risk of greenwashing, which can undermine the reliability of ESG information. This paper proposes an deductive conceptual framework in which ESG effectiveness emerges from the interaction between value creation mechanisms, credibility constraints, and enabling organisational and technological factors. Full article

Environmental, social, and governance (ESG) performance has become an important component of corporate sustainability and responsible governance, yet its economic implications remain contested, especially in state-owned enterprises (SOEs) that are expected to balance commercial goals with broader social responsibilities. This study examines the relationship between ESG performance and firm performance in Chinese listed SOEs, with particular attention to the mediating role of corporate reputation. The results show that ESG performance is positively associated with firm performance. Corporate reputation, risk-taking, and financial constraints are identified as important transmission channels through which ESG performance affects firm outcomes. Further analysis reveals a threshold effect in the ESG–performance relationship: when corporate reputation is relatively low, ESG investment may weaken firm performance; however, once reputation exceeds a critical threshold, ESG performance significantly improves firm performance. These findings enrich the literature on corporate sustainability and ESG value creation by showing that the performance effect of ESG is conditional on reputational capital. The study also provides practical implications for managers and policymakers seeking to promote sustainable corporate transformation in state-owned enterprises. Full article

The rapid development of the fintech sector has facilitated the emergence of digital multi-level marketing (MLM) schemes, raising concerns about investor protection. Despite extensive literature on MLM schemes and pyramid schemes, there remains a significant research gap regarding the psychological mechanisms and cognitive biases that drive investor participation behavior. This study investigates factors influencing Vietnamese female investors’ intention to participate in fintech MLM schemes, using Pi Network as a case study. Grounded in behavioral finance theories (Prospect Theory and Social Comparison Theory), the model empirically examines the impacts of herding bias and overconfidence bias, explaining participation intention through the mediating effect of the fear of missing out (FOMO) and perceived risk. A quantitative approach was employed using PLS-SEM analysis, with data collected from 264 female investors in Ho Chi Minh City. The results reveal that herding behavior and overconfidence significantly shape investors’ FOMO and perceived risk, with these biases significantly increasing FOMO and decreasing perceived risk. More importantly, these biases, mediated by FOMO and perceived risk, significantly shape participation intention in fintech MLM schemes. This study contributes empirical evidence showing the interaction between high social connectivity and cognitive-bias-driven vulnerabilities in a rapidly expanding and unregulated digital market such as Vietnam. This study has practical implications for policymakers and financial educators in protecting investors from financial schemes by monitoring social media to debunk “safety in numbers” narratives and prioritize the awareness of biases in financial education to mitigate impulse investments. Full article

Background/Objectives: Assessing population healthcare needs is essential for effective primary health care (PHC) planning; however, existing approaches often rely on biomedical or service-centered frameworks (i.e., approaches focusing on utilization patterns, clinical indicators, and provider performance metrics) that may not adequately capture the multidimensional and context-dependent nature of health needs. This study aimed to develop and validate the Primary Care Needs Assessment (PCNA) questionnaire, a participatory, multidimensional, and context-sensitive instrument for assessing perceived unmet healthcare needs and contextual determinants of health in community-based PHC settings. Methods: A sequential mixed-methods design was employed. In the qualitative phase, focus groups with PHC professionals and semi-structured interviews with community members informed item generation. The resulting questionnaire was administered to a sample of 817 participants recruited from community and primary care settings. Exploratory factor analysis (EFA) was conducted on a subsample (n = 520), followed by confirmatory factor analysis (CFA) on an independent subsample (n = 297). Internal consistency was assessed using Cronbach’s alpha. Results: EFA identified a 10-factor structure explaining 55.05% of the variance. CFA supported a refined 9-factor model with good fit indices (χ²/df = 1.675, RMSEA = 0.048, CFI = 0.92, TLI = 0.90, SRMR = 0.06). The instrument demonstrated satisfactory internal consistency (α = 0.76). Findings also highlighted unmet needs related to mental health, access to specialized services, and structural barriers (e.g., geographic distance, financial cost, limited service availability, and organizational constraints in accessing care), underscoring the multidimensional nature of health needs. Conclusions: The PCNA is a valid and reliable instrument that captures the complex interplay of individual, social, and contextual factors shaping health needs in PHC. By integrating community perspectives with psychometric validation, it provides a practical tool for supporting evidence-informed planning and more responsive, person-centered PHC systems (i.e., systems that adapt service provision to community-identified priorities and evolving population needs). Full article

In the context of increasing concern about carbon neutrality, public health, and global sustainability, based on the micro-individual data of the China Family Panel Studies (CFPS) from 2010 to 2022, this paper adopts the staggered difference-in-differences (DID) model to analyze the impact of the carbon emission trading system (CETS) on individual health and the moderating role of digital finance. The results show that the CETS significantly improves individual health. Robustness tests, including propensity score matching, placebo analyses, addressing heterogeneous treatment effects, alternative specifications and samples, and excluding contemporaneous policies, confirm the validity of the results. Mechanism analysis shows that the development of digital finance, including the breadth of coverage, depth of use and degree of digitalization, can amplify the health promotion effect of the system, highlighting the key role of digital financial inclusion in the transmission of environmental policy dividends. Further analysis reveals that the moderating effect of digital finance exhibits significant heterogeneity: its enabling role in health dividends is more pronounced among females, individuals with lower education levels, and non-elderly populations. Spatially, this synergistic effect is more evident in the central and western regions, highlighting how digital inclusion helps overcome traditional socioeconomic and geographical barriers. The study concludes with policy implications emphasizing regionally tailored implementation, strengthening digital finance infrastructure, and maintaining long-term commitment to maximize the health, social welfare, and long-term sustainability benefits of carbon market policies. Full article

Objective: Patient-reported outcomes (PROs) provide direct insight into symptom burden and functional status, yet their utility in early pharmacotherapy outcomes in breast cancer remains underexplored. This study investigated whether baseline PROs from the EORTC QLQ-C30 and BR23 questionnaires are associated with and demonstrate discriminative ability for short-term survival during the first pharmacotherapy cycle in breast cancer patients. Methods: We conducted a prospective cohort study at two secondary referral hospitals in Indonesia from January to October 2025. Women with breast cancer initiating systemic pharmacotherapy were enrolled and followed through completion of the first treatment cycle. The primary outcome was survival of the first cycle, defined as a combined endpoint of death or treatment discontinuation due to adverse effects. Baseline demographic, clinical, and tumor characteristics, along with PROs (EORTC QLQ-C30 and BR23), were compared between survivors (n = 99) and non-survivors (n = 7). Statistical comparisons used Mann–Whitney U tests for PROs. Receiver operating characteristic (ROC) curve analyses were performed to evaluate the discriminative performance of PRO domains. Results: Non-survivors were more likely to present with metastatic disease (71.4% vs. 25.3%). Baseline PROs showed marked differences, with survivors reporting higher global health (83.3 vs. 41.7; p < 0.001) and better physical, role, emotional, and social functioning (all p < 0.05). Symptom burden—including pain, appetite loss, constipation, systemic side effects, arm symptoms, and financial difficulty—was higher among non-survivors (all p < 0.05). ROC analysis demonstrated strong discriminative performance for global health status (AUC 0.907; p < 0.001), emotional functioning (AUC 0.846; p = 0.002), and social functioning (AUC 0.843; p = 0.003), with moderate performance for physical functioning (AUC 0.737; p = 0.037). Symptom domains showed lower and inverse AUC values, reflecting scale directionality and limited discriminative capacity. Conclusions: Baseline PROs using EORTC QLQ-C30 and BR23 were strongly associated with early pharmacotherapy survival and demonstrated meaningful discriminative ability, particularly in global and functional domains. Integrating PRO assessments before treatment initiation may enhance early risk stratification, guide supportive care, and improve treatment continuity in breast cancer. Full article

This research explores how livelihood capital endowments affect the growth of Non-Wood Forest Products (NWFPs) in rural communities in the Koyten Dag region of Turkmenistan. This study is grounded in the Sustainable Livelihoods Framework. It draws on the Capability Approach, Institutional Theory, and Human Capital Theory, which are considered to have a strong influence on NWFP development within the exclusive post-Soviet socio-ecological environment. This study also uses annual time-series data from 2001 to 2024. It applies the ARDL bounds testing method to examine the short- and long-run associations among livelihood assets and NWFP production. The results confirm strong long-run co-integration, indicating that the five capitals have a significant impact on NWFP development. Emerging as the ultimate drivers in both the short and long term, education, skills, health, and digital connectivity become especially important. Financial and social capital reflect long-term contributions, while natural capital highlights the significance of the availability of ecological resources and governance systems. The correction error term indicates a rapid rate of adjustment, suggesting that the livelihood system is robust and can return to equilibrium quickly in response to temporary shocks. This research uses the Autoregressive Distributed Lag (ARDL) method of co-integration, which is effective for small-sample analyses of long-run relationships. The empirical analysis is conducted in a systematic process, which is the unit root tests based on augmented Dickey–Fuller (ADF) and Phillips–Perron (PP) techniques, in order to establish the order of integration of variables. The Akaike Information Criterion (AIC) is used to determine the appropriate lag length for the ARDL model to achieve the best model specification. In the robustness analysis, we perform fully modified OLS (FMOLS) and dynamic OLS (DOLS) estimation. Sub-period analysis was performed to test structural breaks. The variance inflation factor (VIF) test was used to detect multicollinearity. This paper has significant theoretical and practical implications, including the need for policies that are integrative and, at the same time, enhance human capabilities, digital infrastructure, institutional quality, and resource governance. This knowledge can be used to promote the sustainable development of rural areas and as an efficient approach to the NWFP sector in Turkmenistan. Full article

Background: Medication adherence is essential for treatment effectiveness and safety, but pharmacy students may find it difficult to assess adherence comprehensively during medication reviews (MRs). This study examined how pharmacy students assess medication adherence in real-world MRs and explored whether complementary adherence frameworks could support broader evaluation. Methods: This observational exploratory study was conducted in the integrated MSc (Master of Science) Pharmacy program at the University of Tartu, Estonia. During the internship, 21 pharmacy students performed a Brown Bag MR with patients aged 65 years or older who used at least 5 prescription medications. Data included patient interviews, e-prescription records, and a validated MR documentation form. An expert panel applied the World Health Organization Medication Adherence Model (WHO-MAM) and the Perceptions and Practicalities Approach (PAPA) to identify adherence determinants not captured by the student-used MR tool. Descriptive statistics and qualitative content analysis were used. Results: Students mainly documented therapy- and patient-related issues, such as incorrect dosing, side effects, and interactions, while socioeconomic and healthcare system factors were rarely identified. Students identified potential adherence-related issues in 19% of cases, whereas experts identified such issues in 57% of cases. Additional gaps included limited recognition of financial barriers, access difficulties, and social support factors. Conclusions: In this exploratory study, pharmacy students identified medication-use-related problems during MRs, but broader adherence-related determinants were less consistently documented. These preliminary findings suggest that structured frameworks such as WHO-MAM and PAPA may be useful for broadening adherence assessment in experiential pharmacy education. Full article

Household rainwater tanks (HRWTs) have re-emerged globally as a decentralised strategy to address water scarcity, climate variability, and increasing urban water demand. In several jurisdictions, including New South Wales, Australia, rainwater tanks have been chosen to meet the mandatory potable water reduction target in new residential developments for nearly two decades; however, growing evidence indicates persistent underutilisation and variable performance in practice. Despite their recognised benefits in reducing potable water demand, mitigating stormwater runoff, and enhancing urban resilience, the global HRWT research landscape remains fragmented across disciplinary and thematic boundaries. This paper presents a multifaceted review, defined here as an approach that synthesises multiple perspectives on the topic. It integrates systematic mapping of peer-reviewed literature with a critical thematic analysis across four dominant research domains: technological and design innovation, policy and governance frameworks, environmental performance, and social–behavioural dimensions. The findings reveal a strong research focus on technical optimisation, while policy effectiveness, environmental trade-offs, and household-level behavioural factors receive comparatively uneven attention. Regulatory and incentive-based instruments are shown to produce inconsistent outcomes, shaped by local institutional capacity to design, implement, enforce, and sustain programs, as well as by climatic context and household acceptance. Environmental assessments identify both benefits and burdens, including energy use, treatment requirements, and operational complexity. Social and behavioural studies indicate growing acceptance of household rainwater tank (HRWT) systems. However, financial constraints, local conditions, and ongoing maintenance demands continue to influence adoption and performance. A key insight from this review is the limited attention given to households’ lived experiences, particularly how users adopt, adapt, operate, and maintain HRWT systems over time. This gap constrains progress across technical, policy, environmental, and social dimensions and risks cycles of early policy uptake followed by stagnation. The review highlights the need to integrate household perspectives into future research, policy design, and industry practice to improve system performance, user experience, and the long-term contribution of HRWTs to sustainable urban water management. Full article

Cash dividends, as a tangible form of monetary distribution, serve as a fundamental mechanism for remunerating investors for their capital commitments. Beyond manifesting a firm’s commitment to fulfilling its social responsibilities toward shareholders, such distributions potentially shape corporate deliberations regarding accountability toward a broader spectrum of stakeholders. Drawing on behavioral explanations of corporate decision-making, this study examines the association between cash dividend payouts and environmental protection tax burdens among Chinese A-share listed companies from 2018 to 2023. The empirical results indicate a significant and robust negative association between corporate cash dividend payouts and environmental protection tax burdens. Mechanism analysis suggests that this cross-domain behavioral consistency is primarily channeled through the proactive fulfillment of corporate environmental responsibilities. Further inquiry reveals that both government environmental subsidies and media coverage exert positive moderating effects on this relationship. Notably, this observed negative association is particularly pronounced in firms characterized by lower executive environmental awareness, those operating in regions with lenient environmental regulations, companies navigating economic downturns, and those situated within low-pollution industries. This research provides novel evidence for the “governance complementarity” hypothesis, suggesting that financial accountability and environmental stewardship are mutually reinforcing rather than mutually exclusive. Furthermore, it offers a pioneering micro-behavioral perspective on how firms in emerging economies can harmonize shareholder wealth distribution with green transition objectives. Full article

The implementation of the national emergency industry demonstration bases’ policies is a new way to achieve safety production governance and a key factor in improving the effectiveness of national safety production governance. This study regards China’s national emergency industry demonstration bases’ policies as a quasi-natural experiment. Based on panel data from 31 provinces in China from 2010 to 2022, a multi-period difference in differences (DID) model is conducted to systematically evaluate the impact and mechanism of this policy on China’s safety production governance. The results show that this policy significantly reduced the death rate of safety production accidents with a GDP of 100 million yuan and has a significant governance improvement effect. Further analysis of the mediating effect shows that policies mainly exert governance effects by increasing public safety financial investment and promoting innovation output. The heterogeneity analysis results indicate that policy effects are more significant in regions with weaker energy-resource industrial bases and lower levels of digital development, suggesting that the marginal governance benefits of policies are mainly concentrated in areas with relatively weak supporting conditions for safety governance. This study makes three primary contributions to the literature. Theoretically, it expands the safety governance paradigm by shifting the focus from traditional administrative “command and control” regulations to market-driven industrial agglomeration. Methodologically, by utilizing a multi-period DID model, it overcomes endogeneity issues prevalent in prior correlation-based studies to rigorously identify causal effects. Empirically, it opens the “black box” of policy transmission by validating dual pathways—fiscal resource allocation and technological innovation—while highlighting a critical “filling the gap” marginal utility effect in resource-constrained regions. This study empirically reveals the mechanism and context-dependent characteristics of industrial policies in safety governance, providing empirical evidence for understanding the inherent logic between industrial policies, public safety governance, and regional sustainable development. It offers practical insights for optimizing the precise implementation and resource allocation of emergency industrial policies to foster socially sustainable and resilient industrial growth. Full article

The present study provides a high-frequency empirical assessment of the financial performance, volatility, and market integration of thematic sustainability-oriented equity funds, focusing on clean energy and environmental innovation indices. Specifically, the study compares the financial performance of representative thematic green equity funds, such as ICLN and QCLN, and an emerging-market benchmark (ECON) with conventional developed-market indices (SPY, QQQ, GSPC, and XLE) using daily stock prices from 2010 to 2025. The analysis employs a transparent and replicable framework based on daily logarithmic and cumulative returns and incorporates the compound annual growth rate (CAGR), Sharpe and Sortino ratios, beta estimation, correlation analysis, and maximum drawdown. The research frequency is appropriate for a thorough analysis of short-term market structures and performance. The results indicate that sustainability-oriented equity indices exhibit higher volatility, deeper drawdowns, and greater sensitivity to broad market movements than conventional benchmarks. Sustainability-focused equity indices that emphasize clean energy exhibit higher market sensitivity (betas above 1) and strong correlations with traditional equity indices. Correlation and beta estimates suggest a high degree of integration with traditional equity markets, implying limited diversification benefits within an equity-only framework. Periods of relative outperformance appear to be associated with favorable policy conditions and energy market dynamics, but are not consistently sustained over the sample period. In addition, the overall results suggest that sustainability investments generate substantial environmental and social externalities. Risk-adjusted performance measures suggest weaker historical performance over the sample period relative to conventional benchmarks. These findings should be interpreted as a comparative historical assessment rather than a structural risk model. From a policy perspective, the findings suggest that stable and credible regulatory frameworks, including long-term climate policy support and investment-enabling institutions, may be important for improving the financial resilience and long-term viability of green equity instruments. From a sustainability transition perspective, the observed volatility and market dependence of sustainability-oriented equity indices may constrain their effectiveness as standalone market-based financing mechanisms without complementary institutional and policy support. Full article

The transition to a circular economy creates winners and losers, challenging the assumption that green growth is inherently inclusive. While environmental benefits are documented, the distributional consequences remain poorly understood. This study analyzes how socioeconomic and labor inequalities shape the effectiveness of circular economy policies. Using panel data from 90 countries (2019–2024) combined with global governance indicators, we employ fixed-effects models, instrumental variables, and configurational analysis (fsQCA) to identify causal mechanisms. The results reveal a critical institutional threshold: circular economy policies reduce inequality only in countries with high institutional quality (WGI > 1.39). In contexts with weak institutions or positive Skill Structure Balance (SSB), these policies are regressive. Social protection and digital financial inclusion moderate these effects, acting as buffers against distributional risks. These findings challenge the “automatic social benefits” narrative, suggesting that environmental ambition requires parallel investments in institutional capacity and human capital to achieve a just transition. Full article

Due to acute resource constraints and environmental turbulence, many small and medium-sized construction enterprises (SMEs) prioritize short-term survival over corporate social responsibility (CSR) initiatives. Grounded in social exchange theory (SET), this study investigates how CSR implementation drives financial performance (FP) via the mediating role of non-financial performance (NP), aiming to deconstruct the “psychological black box” of this transformation. Drawing on a sequential mixed-methods design involving PLS-SEM analysis of 380 responses and 10 semi-structured interviews, the results confirm that CSR practices, particularly ethical practices and community engagement, can be effectively translated into improved NP, which acts as a vital strategic conduit for enhancing FP. However, skills development and training showed limited immediate impact due to a systemic “digital mismatch” and significant time-lag effects. Theoretically, this research refines SET by identifying a hierarchical transition where socio-emotional assets serve as compensatory resources in volatile and resource-constrained environments. Practically, the findings offer a strategic roadmap for SMEs to mitigate technological and systemic barriers, providing novel pathways for fostering CSR to achieve sustainable growth. Full article

Globally, the effects of widowhood on the welfare, health, financial security and education of the widow’s children in many contexts have been the subject of much research. This paper aims to uncover the nexus among culture, gender and language on widowhood dignity and welfare among four chosen African ethnic groups in South Africa and Zimbabwe. The widowhood phenomenon is culture-bound and value-laden as it signposts the reality of existence in the linguistic and cultural contexts in which it is created and operationalised. Through Kimberlé Crenshaw’s 1989 intersectional theory, this paper provides an in-depth, inductive qualitative investigation of the implications of culture, gender, language, and especially the nomenclature that African communities ascribe to the widowed, which in turn stigmatises widowhood. Two (2) South African and two (2) Zimbabwean ethnic groups were purposefully chosen for the multiple case study approach. Grounded theory is the coding framework and analysis technique. The coding starts off with picking key words, phrases and sentences and axial coding which is a higher level in which related data are grouped into sub-themes, themes and global themes. The search revealed that widowhood language, culture and nomenclature denote gendered, culturally contested spaces in which the widowed women especially face dehumanising and dewomanising rituals. The results gathered fall into five broad categories, namely, sexualised widowhood mourning rituals, psychological and emotional widowhood torture rituals, ritualised widowhood dispossession, swearing, movement and space restriction widowhood rituals. The rituals affirm the ascribed socially depressed widowed status implied in the stigmatising nomenclature. The paper recommends redefining widowhood in terms of humanising and womanising language, cultural rituals and nomenclature in the context of equality before the law. Such a move prevents discrimination against the widowed that unintentionally violates their constitutionally espoused right to equality. Full article