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This paper aims to investigate the impact of China’s Green Credit Guidelines (GCG) policy on the environmental, social and governance (ESG) scores of restricted enterprises and examine firm’s speculative behavior in response to the policy.

This paper views the GCG policy proposed in 2012 as a quasinatural experiment and uses difference-in-differences (DID) model to evaluate its influence on the ESG scores of Chinese nonfinancial A-share listed enterprises from 2007 to 2019. Robustness tests include the propensity score matching (PSM)–DID method and permutation tests.

The GCG policy significantly increases the ESG scores of restricted enterprises, particularly enhancing environmental (E) performance. However, it only improves the social (S) and governance (G) performance of firms heavily reliant on bank credit, indicating speculative behavior by enterprises. Increased Government attention, a higher proportion of female executives and more developed local green finance reduce speculative behavior, while executives with financial backgrounds promote it.

Governments should mandate standardized ESG reporting and monitor restricted enterprises, banks should monitor speculative behavior and firms should integrate ESG into their long-term strategies to support sustainable development.

The results provide evidence of the effectiveness of implementing the GCG policy in China and offer guidance for better promoting green credit policy in developing countries, contributing to the transition toward a more sustainable future.

To the best of the authors’ knowledge, this paper is the first to explore if the GCG policy’s asymmetric effects on ESG components are due to enterprise speculative behavior and examines the factors influencing this behavior, providing insights for regulators to better implement the GCG policy to promote sustainable development.

A new coupled model is developed to simulate the interaction between fluid droplet collisions on discrete particles (DPs) by using mathematic function.

In this model, the smoothed particle hydrodynamics (SPH) is used based on the kernel function and the time step which takes into consideration to the fluid domain in accordance with the discrete element method (DEM) with resistance function. The interaction between fluid and DPs consists of three parts, which are repulsive force, viscous shear force and attractive force caused by the capillary action. The numerical simulation of droplet collision on DPs presents the whole process of droplet motion. Otherwise, an experimental data were conducted to record the realistic process for verification.

The comparison result indicated that the numerical simulation is capable of capturing the entire process for droplet collision on DPs.

However, based on the difference of experimental environment, type of the DP and setups, the maximum spreading dimeters of could not fit the experimental data exactly.

In sum, the coupled SPH-DEM method simulation shows that the coupled model of SPH-DEM developed an entire effectiveness process for fluid–solid interaction problem.

New Zealand reintroduced titular honours (i.e. knighthoods and damehoods) in 2009. We document the prevalence of knights and dames on the board of directors.

We use a probit regression to investigate what firm characteristics are significantly associated with having a knight or dame on the board of directors.

We find 19 of 112 companies have a knight or dame on the board. These companies are bigger and have larger and more independent boards than other companies. We also find a knight or dame is more likely to serve in companies that have higher dividend yields.

The generalisability of our results is limited by the small number of knights and dames on the boards of listed companies and our archival regression approach. Although we document an association, we cannot prove causation.

We show that directors with greater and easily visible reputational capital are more likely to supply their services to companies that mitigate risks to their reputation and protect minority shareholder interests.

Legged walking robots have numerous advantages over the wheel or tracked robots due to their strong operational ability and exposure to the complex environment. This paper aims to present details about the mechanical formation and a new conceptual elliptical trajectory generation discussed throughout the paper of the quadruped robot.

Initially, a realistic CAD model of the four-legged robot is developed in Solidwork-2019. The proposed model’s forward and inverse kinematics equations are deduced using Denavit–Hartenberg parameters. Based on geometry and kinematics, manipulability and obstacle avoidance are investigated. A method of galloping trajectory is proposed for aiming the increase of upright direction impulse, which is produced by ground reaction force at each step frequency. Furthermore, the locomotion equation of the ellipse trajectory is derived by setting transition angle polynomial of free-fall phase, stance phase and swing phase and the constraints.

Finally, a successive simulation on a 2D sagittal plane is performed to check and verify the usefulness of the proposed trajectory. Before the development of the full quadruped, a single prototype leg is generated for experimental verification of the dynamic simulations.

The proposed trajectory is novel in that it uses force tracking control, which is intended to improve the quadruped robot’s robustness and stability.

Fiscal support from endowments is a longstanding tradition in many institutions of higher education. The first known endowment in an American academic library resulted from a bequest of £500 from Thomas Hollis to the Harvard College Library in 1774. The number of endowments grew steadily in the 1800s, and by the turn of the century there were significant endowments in many libraries, including Yale, Columbia, the University of Pennsylvania, Brown, the University of Virginia, and the University of North Carolina. Some institutions came to be heavily dependent on trusts for library funding. Between 1928 and 1956, for example, endowment supplied the total budgetary allocation for acquisitions at the Dartmouth College Library. Similarly, as late as the early 1950s, all of the book funds for the Harvard College Library came from its endowment.

The purpose of this paper is to examine the relation between audit tenure and how clients manage the annual earnings surprise.

A sample of 5,029 firm‐year observations from 1996 to 2003 were employed to examine whether audit tenure is negatively related to the incidence of accrual‐based‐upward earnings management to avoid negative earnings surprises; and whether audit tenure is positively related to the incidence of downward forecast guidance to avoid negative earnings surprises.

Empirical results indicate a substitution of downward forecast guidance for upward earnings management as audit tenure lengthens.

The paper provides evidence that, as the auditor‐client relationship lengthens over time, firms turn to downward forecast guidance as a substitute for upward earnings management. One possible limitation of the sample period involves the implementation of the Sarbanes‐Oxley Act (SOX) of 2002. Because of the increased financial reporting scrutiny on both management and auditors that accompanies SOX, it is likely that constraints on earnings misstatements increase after SOX. Any decrease in upward earnings management resulting from SOX would thus work against finding a relation between audit tenure and the substitution of downward forecast guidance to prevent negative earnings surprises.

This paper supports the notion that audit tenure affects firms' choices among various tactics in their attempts to avoid negative earnings surprises. The results also contribute to the ongoing debate on mandatory audit firm rotation by showing that audit quality increases with audit tenure.

In this era of global education reform, teacher professional learning (TPL) has emerged as a key factor in efforts to create sustainable school improvement. The same holds in Mainland China where ambitious curriculum reforms have been undertaken since 2000. The purpose of this paper is to examine the role of learning-centered leadership (LCL) and teacher trust (TT) in fostering TPL in Chinese schools. More specifically, the authors examined two research questions: (1) What is the nature of the relationship of LCL to TT and professional learning?; and (2) How LCL practices influence TT and professional learning.

The study employed a cross-sectional survey design. The authors collected survey data from 1,259 teachers in 41 primary and secondary schools in three different Chinese provinces. The research employed confirmatory factor analysis to confirm the measurement model and structural equation modeling to examine interactions among the three main variables.

The results affirmed a positive association between LCL and TPL, and highlighted TT as a significant mediator in this relationship. Additional analyses distinguished between the effects of different dimensions of LCL on TT and TPL. Although the results of these analyses were broadly consistent with prior findings reported in the literature, divergent findings also emerged. More specifically, there was a limited use and no significant impact of “leadership modeling” on either TT or professional learning.

The authors suggest that this pattern of leadership practice is linked with features of China’s institutional cum socio-cultural context. The authors recommend the use of qualitative and mixed methods studies capable of gaining further insight into relationships.

These findings in Mainland China reaffirm the efficacy of school-level leadership that builds a safe, trusting but focussed environment for teacher learning in the workplace. This is a potentially significant finding in a society where the use of top-down directives and reliance on legitimate authority by leaders can rob teachers of the motivation and initiative that undergirds sustainable professional learning. The findings, in concert with those of other scholars, suggest that “building trust” represents a useful strategy for principals who seek to establish productive learning environments for their teachers.

The value of this study lies in two areas. First, this is one of a growing but still limited set of quantitative empirical studies of school leadership in Mainland China. Second, the study tests the nature of mediation in the relationship between leadership, trust and TPL, a topic of relatively recent vintage in the educational leadership literature.

The collaborative filtering algorithm is a classical and widely used approach in product recommendation systems. However, the existing algorithms rely mostly on common ratings of items and do not consider temporal information about items or user interests. To solve this problem, this study proposes a new user-item composite filtering (UICF) recommendation framework by leveraging temporal semantics.

The UICF framework fully utilizes the time information of item ratings for measuring the similarity of items and takes into account the short-term and long-term interest decay for computing users’ latest interest degrees. For an item to be probably recommended to a user, the interest degrees of the user on all the historically rated items are weighted by their similarities with the item to be recommended and then added up to predict the recommendation degree.

Comprehensive experiments on the MovieLens and KuaiRec datasets for user movie recommendation were conducted to evaluate the performance of the proposed UICF framework. Experimental results show that the UICF outperformed three well-known recommendation algorithms Item-Based Collaborative Filtering (IBCF), User-Based Collaborative Filtering (UBCF) and User-Popularity Composite Filtering (UPCF) in the root mean square error (RMSE), mean absolute error (MAE) and F1 metrics, especially yielding an average decrease of 11.9% in MAE.

A UICF recommendation framework is proposed that combines a time-aware item similarity model and a time-wise user interest degree model. It overcomes the limitations of common rating items and utilizes temporal information in item ratings and user interests effectively, resulting in more accurate and personalized recommendations.

A recent Aslib Research Department Project which investigated problems relating to the construction of thesauri for indexing and retrieval ended with two publications, to be published shortly by Aslib. During the project, extensive use was made of the thesauri held in the Aslib Library, and information about them was tabulated. Information concerning openly available thesauri is displayed below.

This study investigates the impact of the enhanced continuous disclosure regime introduced in December 2002 on several measures of information risk in NZX‐listed stocks. We employ two microstructure models and an intraday data set to measure information risk in a sample of 71 stocks. Our empirical results show that the reforms enacted in December 2002 had no significant effect on either the level of information‐based trading or the adverse selection component of market spreads in our sample of NZX‐listed stocks.