This study analyses whether hedging activities of oil and gas firms have a significant effect on the performance of the companies. The performance of companies is proxied by Tobin’s Q and panel regression models are built to estimate the coefficients for firm value and derivative use. The speculative use of derivatives is eliminated in models by the regulations under IFRS and GAAP. The results give critical information regarding asymmetric information and signalling effect. Since the coefficient of derivatives use is negative, it shows the critical meaning of disclosures on the financial healthiness. If companies are publishing high level of hedging activities, it might be a warning for investors to avoid investing at that company. This study also seeks for explanation behind firms’ hedging decisions. To our knowledge, it is among the first studies with a wide range of region and data.
相似文献This study aims to explore the factors that affect consumers’ behavior in adaptation and use of internet-based services (IBS) during the COVID-19 crisis. In this study, technology acceptance model (TAM) was applied to predict the behavioral intention of active social media users among the Pakistan population based on the revised model of the TAM model. And the data of external factors facilitating conditions (FC), social impact (SI), and task technology fit (TTF) were collected from active social media users of Pakistan by using structured questionnaires. After performing Pearson’s correlation and linear regression on the collected data, findings have shown that the outcome variable, i.e., behavioral intention, exhibited significant correlation with all variables except for perceived ease of use (PEoU). Further analysis revealed mixed results wherein FC and TTF can make a significant influence on perceived usefulness (PU) and PEoU, respectively. In addition, PU can significantly affect attitude (ATT) towards the use of IBS while the use of IBS has been affected by behavioral INT during the outbreak of COVID-19 in Pakistan.
相似文献The linkage between financial development and energy consumption is widely investigated in the literature. However, the non-linear relationship between financial development and energy demand is still under debate. Therefore, this study aims to examine the non-linear relationship between financial development, economic growth, and energy consumption in OECD countries. The study uses the Driscoll–Kraay standard errors panel regression model for spanning from 1980 to 2016. The empirical findings indicate that an inverted U-shape relationship exists between financial development and energy consumption as well as between economic growth and energy consumption. Moreover, the feedback hypothesis is found between financial development and energy use. Additionally, income and energy use granger cause each other. The innovative findings contribute to extant literature, which is of special interest to the country’s policymakers regarding energy efficiency.
相似文献The coronavirus (COVID-19) outbreak in the China has exposed small- and medium-sized enterprises (SMEs) to a variety of challenges, some of which are potentially life-threatening to their sustainability. Therefore, this study aims to investigate the macroeconomic lockdown effects of COVID-19 on small business in China. A survey questionnaire with 313 participants was used to collect the data. In this study, the SEM technique was used to analyse model. The data have been gathered for the study from the managers and employees of Chinese SMEs. The findings of the study show that COVID-19 has a significant negative impact on financial performance, operational performance, profitability, access to finance, and customer satisfaction. According to the study's findings, external support aids have a greater impact on SMEs' ability to survive and thrive through innovation than on their actual performance. The findings of this study have a number of important practical consequences for small- and medium-sized business owners, governments, and policymakers.
相似文献Power technology innovation has been positioned as an effective way to contribute to China’s carbon productivity. However, limited empirical evidence exists on the impact of power technology innovation on carbon productivity. Thus, based on the annual panel dataset of 30 China’s provinces from 2001 to 2019, this study explored whether and how power technology innovation promotes or impedes the improvement of carbon productivity. First, carbon productivity in the framework of total factor was calculated based on the metafrontier Malmquist-Luenberger productivity index. Second, the effect of power technology innovation on carbon productivity was investigated using the spatial Durbin model. And we also examined whether heterogeneous power technology innovations have a synergistic effect on carbon productivity. Third, influence mechanism of power technology innovation affecting carbon productivity was identified. Results show that (1) there are notable differences in China’s provincial carbon productivity, which is characterized by the spatial correlation. (2) Local power technology innovation has a promotion effect on carbon productivity in both local and neighboring provinces. Moreover, the promotion effect of breakthrough power technology innovation is stronger than that of incremental power technology innovation. (3) Catching-up Effect and Innovation Effect are important transmission channels through which power technology innovation improves carbon productivity. Finally, policy recommendations are provided.
相似文献The study tries to discover the impact of financial and social indicators’ growth towards environmental considerations to understand the drivers of economic growth and carbon dioxide emissions change in G7 countries. The DEA-like composite index has been used to examine the tradeoff between financial and social indicator matters in environmental consideration by using a multi-objective goal programming approach. The data from 2008 to 2018 is collected from G-7 countries. The results from the DEA-like composite index reveals that there is a mixed condition of environmental sustainability in G-7 countries where the USA is performing better and Japan is performing worse among the set of other countries. The further result shows that the energy and fiscal indicators help to decrease the dangerous gas emissions. Divergent to that, the human and financial index positively contributes to greenhouse gas emissions. Fostering sustainable development is essential to successfully reduce emissions, meet established objectives, and ensure steady development. The study provides valuable information for policymakers.
相似文献History records show that pandemics and threats have always given new directions to the thinking, working, and learning styles. This article attempts to thoroughly document the positive core of coronavirus 2019 (COVID-19) and its impact on global social psychology, ecological stability, and development. Structural equation modeling (SEM) is used to test the hypotheses and comprehend the objectives of the study. The findings of the study reveals that the path coefficients for the variables health consciousness, naturalism, financial impact and self-development, sustainability, compassion, gregariousness, sympathy, and cooperation demonstrate that the factors have a positive and significant effect on COVID-19 prevention. Moreover, the content analysis was conducted on recently published reports, blog content, newspapers, and social media. The pieces of evidence from history have been cited to justify the perspective. Furthermore, to appraise the opinions of professionals of different walks of life, an online survey was conducted, and results were discussed with expert medical professionals. Outcomes establish that the pandemics give birth to creativity, instigate innovations, prompt inventions, establish human ties, and foster altruistic elements of compassion and emotionalism.
相似文献Artificial Light at Night (ALAN) is expanding worldwide, and the study of its influence remains limited mainly to documenting impacts, overlooking the variation in key characteristics of the artificial light such as its intensity. The potential dose–response of fitness-related traits to different light intensities has not been assessed in sandy beach organisms. Hence, this study explored dose-responses to ALAN by exposing the intertidal sandy beach isopod Tylos spinulosus to a range of light intensities at night: 0 (control), 20, 40, 60, 80 and 100 lx. We quantified the response of this species at the molecular (RNA:DNA ratios), physiological (absorption efficiency) and organismal (growth rate) levels. Linear and non-linear regressions were used to explore the relationship between light intensity and the isopod response. The regressions showed that increasing light intensity caused an overall?~?threefold decline in RNA:DNA ratios and a?~?threefold increase in absorption efficiency, with strong dose-dependent effects. For both response variables, non-linear regressions also identified likely thresholds at 80 lx (RNA:DNA) and 40 lx (absorption efficiency). By contrast, isopod growth rates were unrelated (unaltered) by the increase in light intensity at night. We suggest that ALAN is detrimental for the condition of the isopods, likely by reducing the activity and feeding of these nocturnal organisms, and that the isopods compensate this by absorbing nutrients more efficiently in order to maintain growth levels.
相似文献Pollution from supply chains can be controlled through the high level of efficiency realized by green supply chains. However, realizing a green supply chain depends on partners’ collaboration intentions. The purposes of this study are to explore the influence of oligopolies created through government intervention and how they can promote supply chain partners’ collaboration intentions in the context of green supply chains. Spearman’s correlation analysis, partial least squares, and the Sobel test are the main approaches adopted to evaluate the theoretical framework and hypotheses of this study. Our findings indicate that, in addition to a few leaders of the supply chain obtaining market order distribution authority, oligopolies created through government intervention guide consumers to more fully scrutinize these supply chain leaders and their partners. When their partners exhibit a lower collaboration intention in green supply chain improvement and increase the pollution emission risk, it is easy to induce and increase social pressure from consumers and thus pressure these leaders to reduce or even cancel the order distribution of these partners. To avoid order profit loss, these partners will continue to actively maintain their collaboration intentions in the green supply chain. In addition, environmental risk audits by supply chain leaders’ interventions are a common approach to improve green supply chains. However, partners are usually unwilling to cooperate with leaders’ audit interventions and show lower collaboration intentions. However, social pressure can threaten partners’ order profits and thus drive partners to show positive collaboration intentions and further accept leaders’ reasonable interventions in environmental risk audits and will have a positive effect on green supply chain improvement. Based on the above, to expedite the improvement of the green supply chain, oligopolies created through government intervention are not only an important external force but also an important national strategy in green environmental improvement.
相似文献The decision of intensive care unit (ICU) admission in acute pesticide poisoning is often challenging, especially in developing countries with limited resources. This study was conducted to compare the efficacy of the Acute Physiology and Chronic Health Evaluation II (APACHE II), Modified Early Warning Score (MEWS), and Poisoning Severity Score (PSS) in predicting ICU admission and mortality of acute pesticide-poisoned patients. This prospective cohort study included all patients admitted to Tanta University Poison Control Center with acute pesticide poisoning from the start of March 2018 to the end of March 2019. Patient data, including demographic and toxicological data, clinical examination, laboratory investigation, and score values, were collected on admission. Out of 337 acute pesticide-poisoned patients, 30.5% were admitted to the ICU, including those poisoned with aluminum phosphide (ALP) (81.5%) and organophosphates (OP) (18.5%). Most non-survivors (86.6%) were ALP poisoning. The PSS had the best discriminatory power in predicting ICU admission and mortality, followed by APACHE II and MEWS. However, no significant difference in predicting ICU admission of OP-poisoned patients was detected between the scores. Additionally, no significant difference in mortality prediction of ALP-poisoned patients was found between the PSS and APACHE II. The PSS, APACHE II, and MEWS are good discriminators for outcome prediction of acute pesticide poisoning on admission. Although the PSS showed the best performance, MEWS was simpler, more feasible, and practicable in predicting ICU admission of OP-poisoned patients. Moreover, the APACHE II has better sensitivity for mortality prediction of ALP-poisoned patients.
相似文献This paper investigates the mitigating effect of governance quality on the finance-environment nexus in a multivariate EKC framework in 123 selected countries during the 1990–2017 period. We mainly employ the method of moments-quantile regression (MM-QR) with the fixed-effects model, among others. First, the MM-QR estimator reveals that financial development reduces environmental quality more significantly in countries with initially higher levels (the 75th and 90th quantiles) of CO2 emissions than in other countries (the 25th and 10th quantiles). Second, the attenuating effect of governance quality on the finance-environment nexus is more remarkable in nations with low initial levels (the 25th and 10th quantiles) of CO2 emissions. Third, we find that the marginal positive effect of financial development on CO2 emissions is smaller under a good regulatory framework than under corruption control and the rule of law, especially in the top emitters (the 75th and 90th quantiles). Fourth, unlike oil, which has a considerable negative impact on the environmental quality of the major emitters, renewable energy usage reduces CO2 emissions in countries in all quantiles, primarily in the lowest quantiles. Fifth, the findings also show that urbanization dramatically worsens environmental quality in all economies, particularly those in the lowest quantiles. Finally, we confirm that the EKC hypothesis holds in all countries across different quantiles. The study’s final section discusses policy implications for sustainable development in all countries.
相似文献Measuring the risks of the carbon financial market is of great significance for investment decision-making, risk supervision, and the healthy development of the carbon trading market. Different from previous studies based on traditional VaR (value at risk), this study measures the integrated risk of China’s carbon market based on the Copula-EVT (Extreme Value Theory) -VaR model which can explore the unique strength of the copula and EVT-VaR models, of which the copula model is applied to capture the dependence between the different risk factors of carbon price volatility and macroeconomic fluctuation, while the EVT-VaR is used to explore the risk value. The empirical results show that the traditional VaR that only considers a single risk factor from carbon price volatility is likely to overestimate the risk. In addition, compared with other methods that do not consider the interdependence between risk factors, using the copula function to measure the carbon market integration risk is more effective, and backtesting also confirms this conclusion. This paper provides a specific reference for carbon emission companies to participate in the carbon market. It provides a theoretical basis for the supervision of the risk management of the carbon market.
相似文献Currently, solid waste management strategies in Havana are outdated. This paper aimed to select the most suitable alternative for integrating material recovery facilities (MRF) with waste-to-energy technologies in the city of Havana, Cuba. Seven scenarios were considered: combustion, gasification, and hydrothermal carbonization (HTC) with and without carbon capture, and anaerobic digestion (AD). The selection was based on environmental, techno-economic, and social parameters using an analytic hierarchy process (AHP) as a multi-criteria decision-making tool (MCDM). The MCDM-AHP accounted for qualitative criteria (based on experts’ judgments) and quantitative (based on Aspen Plus simulation models). From the MRF, 63% of the input recyclable materials were recovered, representing an energy saving of 256 kW-h/tMSW. The AHP results showed that environmental criteria had the highest priority, resulting in ~63% and ~73% higher than social and techno-economic criteria, respectively. Likewise, from the techno-economic, environmental, and social sub-criteria analysis, investment risk, pollution, and work safety had the major concern compared with the other sub-criteria levels. Overall, MRF+AD was the most suitable scenario (21% preference) for treating Havana’s municipal solid waste (MSW), followed by combustion and gasification with carbon capture, respectively. This study confirms that AD is a preference option for emerging economies like Cuba, mainly due to low environmental pollution, high social acceptance, and financial stability in the long term.
相似文献The high-quality development of agriculture requires not only sustainable growth of agricultural productivity but also green agricultural production. Internet technology has played an essential role in agricultural production and marketing in China over the past decades. This paper estimates provincial agricultural green growth in China from 1997 to 2019 and decomposes it into technological progress (TP) and efficiency changes (EC) based on the Luenberger productivity indicator method. Then an econometric model is employed to analyze the impact of the Internet on the growth of agricultural green productivity and each sub-component, and moderating role of farmer education in such effect. The empirical results indicated that annual average growth rate of agricultural green productivity in China is 1.33% from 1997 to 2019, and technological progress dominates its growth. The development of Internet technology has a significant positive impact on agricultural green productivity and its decomposition. Farmer education has strengthened the effect of Internet technology on agricultural green productivity and its decomposition TP and EC.
相似文献Implications: Flow filed distribution, gas incident angle, and temperature distribution are subjected to SCR reactor shape to a great extent, and reactor 2 proposed in this paper was of outstanding performance; ammonia concentration distribution is subjected to ammonia injection grid (AIG) shape, and AIG 3 could meet the technical indicator of ammonia concentration without mounting ammonia mixer. The developments above on the reactor and the AIG are both of great application value and social efficiency. 相似文献