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This paper aims to explore the impact of green finance on the heterogeneity of enterprise green technology innovation and the underlying mechanism between them.

Using the data of China's A-share listed enterprises from 2008 to 2020 and the fixed effect model, the authors empirically explore the relationship and mechanism between green finance and green technology innovation by constructing the green finance index while considering both the quality and quantity of innovation.

The study suggests that green finance is positively related to the quality and quantity of enterprise green technology innovation, while green finance is more effective in stimulating the quality of green technology innovation than quantity. In addition, alleviating financial mismatch and improving the quality of environmental information disclosure are core mechanisms during the process of green finance facilitating green technology innovation. Furthermore, green finance exerts a more positive effect on the quality and quantity of green technology innovation with large-size enterprises, heavily polluting industries and enterprises in the eastern region.

This paper enriches the literature on green finance and green technology innovation and provides practical significance for green finance implementation.

This study aims to synthesize two organic heterocyclic compounds, (2E,3E)-6-chloro-2,3-dihydrazinylidene-1-methyl-1,2,3,4-tetrahydroquinoxaline (MR1) and (2E,3E)-2,3-dihydrazinylidene-1-methyl-1,2,3,4-tetrahydroquinoxaline (MR2), characterize them using nuclear magnetic resonance spectroscopy (1H-NMR and 13C-NMR) and evaluate their effectiveness as corrosion inhibitors in an acidic environment (15% HCl).

The synthesized compounds, MR1 and MR2, were tested for their corrosion inhibition properties using potentiodynamic polarization and electrochemical impedance spectroscopy. Post-corrosion, the steel surface was analyzed with scanning electron microscopy (SEM), energy-dispersive X-ray spectroscopy (EDX) and atomic force microscopy (AFM) to confirm the adsorption of the compounds. The experimental findings were further supported by density functional theory calculations and molecular dynamics simulations.

The results indicated that both MR1 and MR2 exhibit significant anticorrosive activity in a 15% HCl environment. The analyses performed with SEM, EDX and AFM confirmed the effective adsorption of the inhibitors on the steel surface, forming a protective layer. Theoretical studies provided additional insights into the adsorption mechanisms and stability of the inhibitors.

This work introduces novel organic heterocyclic compounds based on quinoxalinone as effective corrosion inhibitors in acidic environments. The combined experimental and theoretical approach provides a comprehensive understanding of their anticorrosive behavior.

The purpose of this study is to evaluate and address the energy efficiency prevalent within the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) countries, a diverse group that constitutes a significant portion of the global gross domestic product. By assessing energy efficiency, the study aims to inform strategies that foster sustainable economic growth and environmental sustainability within these nations.

This research uses a three-stage slacks-based measure data envelopment analysis (SBM-DEA) model, enhanced by stochastic frontier analysis (SFA), to assess the energy efficiency of CPTPP countries over the period from 2000 to 2015. The three-stage SBM-DEA model allows for a comprehensive analysis by first measuring energy efficiency, then adjusting for external environmental factors and statistical noise through SFA, and finally, reevaluating efficiency with adjusted inputs.

The analysis reveals significant disparities in energy efficiency among CPTPP nations, identifying both high-performing countries and those needing considerable improvements. Developed countries within the CPTPP generally exhibit higher energy efficiency levels, which can be attributed to their adoption of advanced technologies and strong policy frameworks. In contrast, developing nations demonstrate greater vulnerability to external environmental factors affecting their energy efficiency.

The research fills a gap in the literature by providing a nuanced and comprehensive evaluation of energy efficiency across a significant and economically diverse group of nations, offering valuable insights for sustainable development within the CPTPP framework.

This case study enables participants to:▪ To understand the fintech landscape in India and assess how market dynamics can impact Paytm’s valuation.▪ To evaluate the drivers affecting the value of Paytm and arrive at Paytm’s valuation.▪ To critically appraise the investment decision made.

Rajani Chandran, a seasoned financial analyst, relooks her recommendation of Paytm in light of the recent revocation of its Payment Bank License. Paytm, the flagship service of One97 Communications Ltd., a financial technology company, is a pioneer in the Indian digital payments and financial services market. However, the developments post going public in 2021 were not always favorable. The frequent fallout with Reserve Bank of India brought restrictions on onboarding new customers and ultimately the revocation of the license. This drastic move is of huge concern to those who have invested in the company. Thus, given this backdrop, Rajani initially explored the dynamic landscape of the Indian digital payments and fintech industry, considering macroeconomic factors, competition and regulatory dynamics. She delved into Paytm’s financial performance to gauge its position in the market. The next phase of the careful scrutiny involved arriving at the equity value of the venture using the discounted cash flow model. Finally, Rajani critically appraised the drivers of valuation, incorporating both quantitative and the story she has crafted around Paytm. Consequently, participants in this case study are prompted to evaluate Paytm and arrive at a valuation and furnish a comprehensive recommendation based on their analyses, thus understanding the intricacies of evaluating a fintech company with immense potential. This case study serves as a valuable resource for students seeking to comprehend the complexities of financial analysis and valuation within the context of a dynamic and evolving industry landscape.

The case is best suited for a course on Financial Statement Analysis while discussing how the financial statements of new-age tech companies can be analyzed and Business Valuation while introducing DCF valuation. The case serves as a comprehensive example of the multifaceted challenges and considerations that a buy-side analyst should have while valuing a company and pitching an investment within the fintech industry. Designed for second-year MBA students, the case assumes familiarity with financial reporting and strategic management concepts such as Political, Economic, Social, Technological, Legal and Environmental (PESTLE) and strength, weakness, opportunity and threat (SWOT) analyses and Business Canvas Model.

Teaching notes are available for educators only.

CSS 1: Accounting and Finance.

This study aims to examine the effects of financial development and banking regulation on technology gaps and cost efficiency in banks, controlling for bank- and country-specific factors.

A stochastic frontier analysis is used to empirically investigate the cost efficiency of 277 banks in 11 Asia-Pacific countries from 2011 to 2019. To compare their banking sectors, 11 countries are categorized as high- or low-income.

The results show that the level of financial development is key to the technology type adopted by banks in low-income countries, but the regulatory environment is more important to technology gaps and cost efficiency in high-income countries.

A limitation of this study relates to data availability: some firms were excluded through the application of limiting criteria. The research has implications for bank regulators in high-income countries and demonstrates the need for further investigation of the financial development of banks in low-income countries.

This study applies the most recent meta-frontier technique to a sample of banks in the Asia-Pacific region to identify determinants of bank cost efficiency and technology gaps.

This study aims to examine the impact of corporate governance on the speed of adjustment (SOA) of capital structure in a developing market, Pakistan.

The study's sample includes 173 non-financial enterprises that were listed on the Pakistan Stock Exchange (PSX) between 2011 and 2020. The capital structure of the sample companies is determined by the ratio of total debt to total debt plus the market value of equity. Corporate governance is measured by board size, independence, CEO duality, management ownership, blockholders ownership and institutional ownership. A two-step difference GMM model was used to achieve the study's objectives.

Through applying the reduced form model approach, we discovered that corporate governance variables have a considerable negative impact on the speed of targeted leverage adjustment in sample firms. Additionally, to check the robustness of results, the two-stage technique used to examine this corporate governance-SOA relationship. Furthermore, we discovered that smaller enterprises modify their capital structure more than larger firms. Furthermore, corporations prioritize short-term debt adjustment above long-term debt adjustment.

The study's findings provide further information to company managers and investors on the relationship between corporate governance quality and the pace of adjustment towards targeted leverage across Pakistani enterprises. Furthermore, this study adds new information from growing countries such as Pakistan to the existing literature, which can help regulatory authorities and policymakers improve the quality of corporate governance. It is commonly known that improving the quality of corporate governance practices improves the firm's capital structure, which benefits all stakeholders.

In the context of developing economies, the academic literature lacks research that examine the impact of corporate governance on dynamic capital structure decisions. This study intends to fill this gap.

This chapter discusses a survey of literature on efficiency, productivity and other issues related to pharmaceutical industry in India and across the globe. Econometric theoretical literature on technical efficiency (TE) as well as econometric theoretical literature on total factor productivity growth (TFPG) are discussed in separate sections. Individual sections discuss studies on the performance of the pharmaceutical industries in the Indian context, studies on the performance of the pharmaceutical industries in the international context, studies on the efficiency of Indian pharmaceutical industry (IPI), studies on the TFPG of the IPI, other studies on IPI and also studies on the performance of the pharmaceutical industries in the international context (other than India). This chapter discusses the existing study highlighting the gaps and presents the connection of the present study with the existing literature in the conclusion section.

The aim of this study is to evaluate the corrosion inhibitory properties of three piperazine derivatives – Ethyl 5-(piperazine-1-yl) benzofuran-2-carboxylate (EPBC), 5-[4–(1-tert-butoxyethenyl) piperazin-1-yl]-1-benzofuran-2-carboxamide (BBPC) and Tert-butyl-4–(2-(ethoxycarbonyl)benzofuran-5-yl)-piperazine-1-carboxylate (TBPC) – on Al surfaces in the presence of hydrochloric acid (HCl). The research uses density functional theory (DFT) and molecular dynamics simulations to explore the effectiveness of these derivatives as corrosion inhibitors and to understand their adsorption behavior at the molecular level.

This study uses a computational approach using DFT at various levels (B3LYP/6–31+G(d,p), B3LYP/6–311+G(d,p), WB97XD/DGDZVP) to calculate essential quantum chemical parameters such as energy gap (ΔE), ionization energy (I), absolute electronegativity (χ), electron affinity (E), dipole moment (µ), absolute softness (s), fraction of electron transferred (ΔN) and absolute hardness (η). The Fukui function and local softness indices are used to assess the sites for electrophilic and nucleophilic attacks on the inhibitors. Molecular dynamics simulations are performed to analyze the adsorption behavior of these derivatives on the Al (110) surface using the adsorption locator method. Theoretical methods like DFT provide quantum chemical parameters, explaining inhibitor reactivity, whereas molecular dynamics simulate adsorption behavior on Al (110), both supporting and correlating with experimental inhibition efficiency trends.

This study demonstrates that all three piperazine derivatives exhibit strong adsorption on the Al surface, with high adsorption energies, good solubility and low toxicity, making them effective corrosion inhibitors in acidic environments. Among the three, TBPC showed superior inhibitory performance, particularly in the presence of HCl, due to its optimal electronic properties and stable adsorption on the Al (1 1 0) surface.

This research contributes to the field by combining DFT calculations and molecular dynamic simulations to evaluate the corrosion inhibition potential of piperazine derivatives comprehensively. This work advances the understanding of the adsorption mechanisms of organic inhibitors on metal surfaces and offers a detailed quantum chemical and adsorption behavior analysis.

The function of banking development in reducing income inequality is critical because financial institutions can grant loans, stimulating prospective productive investments. Based on this promise, the aim of this study is to fill the vacuum by particularly evaluating the influence of banking development, as proxied by bank cost efficiency estimated using a parametric approach, on income inequality.

To evaluate the impact of banking development on income inequality, the authors use data from 20 Italian regions from 2004 to 2017. Particular attention will be made to the consequences that the varied composition of the Italian banking structure, namely, the presence of cooperative and non-cooperative banks, may have on income inequality. To do this, the authors use a generalized method of moments (GMM) regression on panel data to address the endogeneity problem that exists between banking development and income inequality.

Evidence reveals that increasing bank development plays an important impact in reducing income inequality, with cooperative banks faring best. A set of robustness tests generally validates our empirical findings and brings relevant policy implications.

A “qualitative” measure, such as cost efficiency, which is computed using a parametric technique, has been used as a proxy for banking development to analyse the relationship between banking development and income inequality. The contribution, in particular, focuses on how bank diversity influences the nexus between banking development and income inequality in a homogenous context.

Merger and acquisition (M&A) plays an important role in developing the financial sector. The purpose of the paper is to analyze and evaluate the effects of M&As on the outcome of Islamic and conventional banks. Furthermore, examines the mediating role of market structure between M&A and bank outcome.

This paper uses POLS, panel data techniques and structural equation modeling to analyze a set of samples for 24 banks consisting of 10 Islamic banks and 14 conventional banks involved in M&A from 2004Q1 to 2020Q4 from 6 countries.

Generally, M&A improves the post-M&A performance of Islamic banks and conventional banks. However, there is size issue. Bank size positively affects Islamic bank performance while conventional does not. Furthermore, market structure mediates the relationship between M&A and the operational performance of Islamic and conventional banks. Implying that after M&A, the market becomes concentrated while it reduces competition.

Number of banks are limited due to unavailability of data for pre and post-M&A. Future researches can be carried out to study the cross-border M&A along with the regulation between Islamic banks in GCC and Asia Pacific countries.

Improving operational performance plays a significant role. To enhance the performance of Islamic banking industry, M&A between small Islamic banks could be beneficial depending on the market structure.

The mediation role of market structure in between M&A and performance for Islamic and conventional banks is the main contribution of the study.