Search results
1 – 4 of 4Xiulu Huang, Chuxiong Tang, Yichao Liu and Pengfei Ge
This paper aims to unveil the greenwashing intention of green bonds issuing in Chinese enterprises through the lens of stock pricing efficiency.
Abstract
Purpose
This paper aims to unveil the greenwashing intention of green bonds issuing in Chinese enterprises through the lens of stock pricing efficiency.
Design/methodology/approach
Drawing on data of Chinese listed companies during 2012–2021, this study uses a difference-in-differences method to study how and through what mechanisms issuing green bonds impacts stock pricing efficiency.
Findings
Issuing green bonds lowers stock pricing efficiency, verifying the greenwashing intention of green bonds in China. Potential mechanisms underlie the increased investor attention and sentiment resulting from the information disclosures about corporate green and low-carbon development. This greenwashing issue is more pronounced in firms facing lower financing constraints, having stronger relations with the government, and located in highly marketized regions. In the context of uncertainty surrounding economic policies, especially trade policies, issuing green bonds can signal a weakening of the greenwashing effect.
Practical implications
The quality of information disclosure should be emphasized to ensure a substantive commitment to environmental responsibility signaled by green bond issuance, thereby mitigating greenwashing concerns.
Social implications
Regulators and standard-setters should improve the issuance system for green bonds and promote the sustainable development of the green bond market through formulating unified certification criteria for green bonds and implementing a stringently periodic reporting system.
Originality/value
First, to the best of the authors’ knowledge, it is the first study to draw on the quality of information disclosure and the perspective of stock pricing efficiency to identify whether firms issuing green bonds engage in greenwashing. Second, the study uncovers the black-box underlying this greenwashing issue through investor attention and sentiment and examines further the moderating role of economic policy uncertainties.
Details
Keywords
Ge Zhang, Pengfei Chen and Si Xu
Given that the current sustainability assessment in higher education institutions primarily relies on qualitative methods with relatively limited quantitative tools, the purpose…
Abstract
Purpose
Given that the current sustainability assessment in higher education institutions primarily relies on qualitative methods with relatively limited quantitative tools, the purpose of this study is to design a tool that could be used to comprehensively assess the overall state of higher education institutions’ sustainability.
Design/methodology/approach
The authors based the “Model to Assess the Sustainability of Higher Education Institutions” on the Triple Bottom Line (TBL) framework of economic, environmental and social factors, and established its primary dimensions as educational level, research capacity, community outreach, campus operations, campus experience and assessment reports. They designed the College Organisational Sustainability Scale (CO-SS) based on this research model, drawing their inspiration from the qualitative research tool, the Sustainability Assessment Questionnaire, and taking the following validation steps: expert review (n = 10), pilot testing (n = 150) and formal experiments (n = 1108). These steps were taken to optimise the scale items, test the model’s validity and assess its reliability.
Findings
After undergoing rigorous scientific validation, CO-SS was unequivocally confirmed as an effective and reliable tool, demonstrating its accurate reflection of the level of sustainability in higher education institutions.
Originality/value
The authors took an industry-specific approach by relying on the TBL and the Sustainability Assessment Questionnaire to construct and validate the CO-SS. Furthermore, the CO-SS has the potential to evolve into a self-assessment tool for higher education institutions, and a reliable foundation for data-driven decision-making in the realm of organisational sustainability at universities.
Details
Keywords
Bilal Haider Subhani, Umar Farooq, Khurram Ashfaq and Mosab I. Tabash
This study aims to explore the potential impact of country-level governance in corporate financing structures.
Abstract
Purpose
This study aims to explore the potential impact of country-level governance in corporate financing structures.
Design/methodology/approach
A two-step system generalized method of moment was used due to the endogeneity issue. The whole sample comprises 3,761 firms in five economies – China, India, Pakistan, Singapore and South Korea – from 2007 to 2016.
Findings
The results indicate that the debt option for financing is not favorable under governments with an adequate governance arrangement. However, there is a direct and significant link between country governance and equity financing because in adequate governance arrangements, the possibilities of information asymmetry are minimal and businesses consider equity a more appropriate and safer financing instrument. In contrast, firms prefer to trade-credit financing in poor governance economies, which confirms an adverse link between trade credit and adequate governance.
Practical implications
The country’s governance should be considered a sensitive matter when deciding about corporate financing.
Originality/value
This arrangement of variables has not been previously analyzed in the literature, suggesting the study’s novelty.
Details
Keywords
Kai Wang, Xiang Wang, Chao Tan, Shijie Dong, Fang Zhao and Shiguo Lian
This study aims to streamline and enhance the assembly defect inspection process in diesel engine production. Traditional manual inspection methods are labor-intensive and…
Abstract
Purpose
This study aims to streamline and enhance the assembly defect inspection process in diesel engine production. Traditional manual inspection methods are labor-intensive and time-consuming because of the complex structures of the engines and the noisy workshop environment. This study’s robotic system aims to alleviate these challenges by automating the inspection process and enabling easy remote inspection, thereby freeing workers from heavy fieldwork.
Design/methodology/approach
This study’s system uses a robotic arm to traverse and capture images of key components of the engine. This study uses anomaly detection algorithms to automatically identify defects in the captured images. Additionally, this system is enhanced by digital twin technology, which provides inspectors with various tools to designate components of interest in the engine and assist in defect checking and annotation. This integration facilitates smooth transitions from manual to automatic inspection within a short period.
Findings
Through evaluations and user studies conducted over a relatively long period, the authors found that the system accelerates and improves the accuracy of engine inspections. The results indicate that the system significantly enhances the efficiency of production processes for manufacturers.
Originality/value
The system represents a novel approach to engine inspection, leveraging robotic technology and digital twin enhancements to address the limitations of traditional manual inspection methods. By automating and enhancing the inspection process, the system offers manufacturers the opportunity to improve production efficiency and ensure the quality of diesel engines.
Details