This study aims to investigate the effect of corporate governance (CG) on environmental and social performance (ESP) by determining the moderating effect of insider ownership (IO) within the context of the Bangladeshi textile industry. Employing a quantitative approach, this research analyzes data from 255 annual reports of 51 textile firms listed on the Dhaka Stock Exchange over five years (2020-2024). Content analysis was utilized to assess ESP levels, while regression models investigated the relationships between CG variables (female directors, board leadership structure, board size) and ESP, considering the moderating role of IO. The results show that CG variables positively affect ESP, with significant effects coming from female directors, board leadership structure, and board size. While IO exhibits a negative moderation with IO, natural conflicts between majority and minority shareholders may hamper ESP efforts.<b> </b>This study offers several significant contributions to the literature on CG and ESP. It provides novel insights by focusing on an emerging economy, Bangladesh, and introduces IO as a moderating variable in the CG-ESP relationship. The findings suggest that while CG mechanisms enhance ESP, IO poses challenges that need addressing to optimize ESP outcomes. Furthermore, this study increased the length of the study period, leading to more complete data, and more broadly generalized results. Additional research is needed on other determinants and contexts, such as cross-country studies and different kinds of datasets, to explore corporate ESP behavior in a more comprehensive way.

Objectives: This paper investigates the key drivers of interest rate spreads in the Ghanaian banking sector, using data from 15 commercial banks. Methods: The study adopts a quantitative research approach based on secondary data. Annual financial reports from the selected banks and economic data from the Bank of Ghana and the Ghana Statistical Service (GSS) served as the primary and secondary sources for the analysis. Structural equation modelling (SEM) was employed to conduct inferential statistical analysis of the quantitative data. Results: The results indicate that operating costs have a positive and statistically significant effect on interest rate spreads. The findings also show that the prime rate exerts a significant influence on interest rate spreads. However, reserve requirements and industry-specific factors do not significantly affect the determination of interest rate spreads. Additionally, credit risk and liquidity risk were found to be statistically significant under both partial and full correlation analyses. Among the bank-specific variables, overhead costs and operating costs significantly influence interest rate spreads. Conclusions: The study concludes that banks should collaborate with relevant stakeholders to implement strategies aimed at reducing operating costs, which could ultimately contribute to lower lending rates.

To analyze the data on groin hernia repair practice in Japan in 2024 and present the recent changes in open repair technique selection. We performed a retrospective descriptive analysis of groin hernia repairs registered in the National Clinical Database (NCD) of Japan in 2024, using nationwide data and a Japanese Hernia Society-registered subset with detailed procedure variables for 2021-2024. In the nationwide dataset, inguinal laparo-endoscopic and open repairs accounted for 58.2% and 38.2% of all groin hernia repairs, respectively. Among open repairs in the Japanese Hernia Society-registered dataset, underlay mesh repair was the most common subtype of primary repair until 2023, but decreased over time. The proportion of anterior onlay mesh repairs increased from 21.8% in 2021 to 32.0% in 2024, while the proportion of plug-and-patch repairs remained stable at approximately 24%. For recurrent open repairs, plug-and-patch repair remained the most common subtype, accounting for approximately 37%-39%, whereas underlay mesh repair decreased from 28.4% in 2021 to 21.0% in 2024, and anterior onlay mesh repair increased from 17.7% in 2021 to 26.0% in 2024. Open groin hernia repair remains common in Japan, and its composition is shifting toward the use of anterior onlay mesh repair, although plug-and-patch and underlay mesh repairs are still performed widely.

This study aims to examine the effects of board characteristics—age, gender, educational level, educational relevance, board size, tenure, and the Board Index—on the profitability of non-financial state-owned enterprises (SOEs). It also investigates the moderating role of firm size in these relationships. The study employs Partial Least Squares Structural Equation Modeling (PLS-SEM) using SmartPLS. Board characteristic data were collected from the annual reports of non-financial SOEs for the period 2019–2024. A total of 224 firm-year observations were obtained through purposive sampling. The analysis includes testing direct effects and moderating effects using the bootstrapping procedure. The findings indicate that all board characteristics, including the Board Index, do not significantly influence profitability. However, firm size significantly moderates the relationship between the Board Index and profitability (original sample = 0.137; t = 2.003; p = 0.045). The effectiveness of boards in enhancing financial performance is driven more by organizational dynamics and governance quality than by demographic attributes alone.

Advancements in digital technology have compelled the banking industry to undergo continuous business transformation. This strategic shift aims to improve service quality, optimize operational efficiency, and boost corporate competitiveness. Conversely, digital adaptation also introduces novel risks that require effective mitigation through the framework of Enterprise Risk Management (ERM). This study evaluates the implementation of ERM alongside digital transformation at PT Bank Mandiri (Persero) Tbk from 2021 to 2025, while exploring their correlation with corporate performance. Utilizing data extracted from the annual reports of PT Bank Mandiri (Persero) Tbk spanning 2021–2025, this research employs a descriptive qualitative approach integrated with case study and content analysis methods. The findings demonstrate that Bank Mandiri consistently strengthens all eight pillars of ERM risk dimensions, which include credit, market, liquidity, operational, legal, compliance, strategic, and reputational risks throughout the observation period. Simultaneously, the bank’s digital breakthroughs are executed through key initiatives, namely Livin' by Mandiri, Kopra by Mandiri, Smart Branch, Digital Ecosystem Development, and the Integrated Digital Platform. The synergistic integration between ERM and digital transformation significantly drives corporate performance. This positive impact is evidenced by a substantial surge in net profit, climbing from IDR 28.03 trillion in 2021 to IDR 56.29 trillion in 2025, alongside an asset expansion from IDR 1,726 trillion to IDR 2,830 trillion.

Purpose: This study investigated the impact of capital structure and sales growth on the financial performance of micro, small, and medium enterprises in Medan City. Methods: The researchers utilized a quantitative approach with a causal-associative design. The study selected a sample of thirty business enterprises using purposive sampling criteria based on operational duration and the availability of financial records. The researchers extracted quantitative financial data from the annual reports of the selected enterprises. The data analysis involved classical assumption tests and multiple linear regression models. Results: The regression analysis revealed that capital structure negatively and significantly affected financial performance. Conversely, sales growth positively and significantly impacted financial performance. The statistical model accounted for approximately fifty percent of the variance in the financial performance of the enterprises. Conclusions: The study concluded that excessive reliance on debt diminished profitability due to high interest burdens, whereas robust sales expansion enhanced financial health through economies of scale. Originality/value: This research provided empirical value by demonstrating that enterprise owners must prioritize internal funding and sales optimization over aggressive short-term borrowing to ensure sustainable financial stability in emerging local markets.

ABSTRACT Principals of marginalized schools confront a variety of equity challenges that impact students’ academic outcomes and wellbeing. There is growing consensus that the way principals and schools engage with the community can contribute to addressing equity challenges. This study examined the experiences of six principals of marginalized schools with school–community engagement in Victoria, Australia. Drawing on data from semi-structured interviews, public-facing annual school reports and school and community profiles using publicly available data, narrative analysis was used to seek answers to the research questions: how do principals of hard-to-staff schools describe their schools’ engagement with the local community? and what factors seem to impact this school–community engagement? Analysis suggested that school-community engagement fell into three forms: Integrated, Transactional, and Unconnected. Factors contributing to the type of school-community engagement experienced by these marginalized schools seem to be associated with the relative resourcing of the school and its local community, the principal’s understanding of the local community, and how the principal views the role of school–community engagement. The findings have implications for policy and school leadership development, suggesting the need to be attentive to context, to support principals to capitalize on local opportunities, and overcome barriers to establish sustainable, reciprocal school–community partnerships.

The quantitative research aims to analyze the impact of Corporate Social Responsibility (CSR) on three key banking indicators: financial performance, financial stability, and financial inclusion. Purposive sampling method, selected 32 banking sub-sector companies listed on the Indonesia Stock Exchange (IDX) for the 2022–2024 period as samples, with the primary criterion being the publication of CSR reports within their annual reports. The data was processed using panel data regression analysis techniques with EViews 13. The study concludes that Corporate Social Responsibility (CSR) has a significant influence on financial performance, but has not been able to prove its impact on financial stability and financial inclusion in the banking sector.

Purpose Non-profit organisations (NPOs) face growing pressure to demonstrate resilience amid crises, yet conventional performance reporting frameworks struggle to capture its multidimensional nature. Standard metrics emphasise financial stability but overlook adaptive capacities grounded in cultural values, relationships and collective memories. This study aims to use Māori NPOs as an empirical case to explore how Indigenous approaches to resilience can inform more robust performance measurement globally. Design/methodology/approach The authors use Manawa Ora, an Indigenous model of resilience that demonstrates how culturally grounded strategies can be integrated into crisis response to analyse the annual reports of 19 Māori non-profit organisations. They then examine He Tauira, a conceptual framework for non-financial reporting launched in late 2025, assessing its potential to capture dimensions of resilience that conventional frameworks overlook. Findings The authors analysis reveals how organisations enact and communicate resilience through culturally grounded practices. Māori organisations demonstrate resilience through their commitment to cultural values, mobilising ancestral knowledge and exercising self-determination. These practices challenge Western resilience frameworks that privilege individual leadership and short-term adaptation. He Tauira successfully captures these dimensions, demonstrating how Indigenous-led reporting frameworks can communicate relational, intergenerational and culturally embedded aspects of resilience that standard metrics cannot quantify. Practical implications He Tauira represents the first conceptual framework globally centred on Indigenous values while designed for all entities. Their analysis identifies transferable principles for resilience reporting applicable to any non-profit organisation where performance depends on stakeholder relationships, community embeddedness and long-term commitments rather than solely on financial resources. Indigenous perspectives offer insights to guide developments in performance measurement and reporting for NPOs globally. Originality/value Indigenous perspectives are missing from extant studies of organisational resilience, yet their analysis reveals how Indigenous perspectives and Indigenous reporting frameworks capture critical relational and intergenerational performance dimensions, contributing to the non-profit organisations’ resilience and accounting literature.

Veterans die by suicide with firearms at 1.5 times the rate of civilians. State firearm policies show variable effectiveness, but their differential impact on veteran populations remains unclear. Understanding differential associations is critical given veterans' unique firearm relationships. Analysis used state-level data from 2003 to 2022 examining 12 firearm policies across 49 states. Data sources included CDC WISQARS, National Veteran Suicide Prevention Annual Report, and RAND State Firearm Law Database. Mixed-effects models with state random effects and time trends assessed policy impacts on suicide rates. Interaction analyses (Policy × Population) tested differential associations. State-level analysis examined relationships between policy comprehensiveness and veteran-civilian mortality gaps. Bonferroni correction was applied (α=0.00417). The analysis included 821 state-year observations from 49 states (2003-2022). Veterans demonstrated higher suicide rates (36.3 per 100,000) compared with the general population (20.1 per 100,000) and greater firearm involvement (67.6% vs. 53.0%). Interaction analysis revealed limited differential policy associations between populations. Only 2 of 12 policies demonstrated differential associations after Bonferroni correction (α=0.00417): local selective preemption showed harmful associations among veterans (+10.11 percentage points, p<0.001), while firearm tracing requirements demonstrated protective associations in the general population (+4.39 percentage points, p=0.001). Geographic disparities in veteran-civilian suicide gaps ranged from 14% (Hawaii) to 162% (Rhode Island). However, no significant correlation was observed between state-level policy comprehensiveness and veteran-civilian gaps (r=.08, 95% CI, -.21 to .35, p=0.583). Most state firearm policies demonstrated similar associations with suicide rates in both populations, and only 2 of 12 policies showed differential associations. The absence of correlation between policy comprehensiveness and veteran-civilian gaps indicates that policy quality and contextual factors matter more than aggregate policy counts. While evidence-based firearm policies benefit both populations, elevated veteran suicide rates persist across all policy environments, indicating that effective prevention requires integration of policy-level interventions with veteran-specific clinical approaches. (J Trauma Acute Care Surg 2026;00:000-000. Copyright © 2026 Wolters Kluwer Health, Inc. All rights reserved.). Prognostic/epidemiological; Level III.

ABSTRACT This paper constructs a firm-level economic policy uncertainty (FEPU) index by applying the LDA-2MNIR model to the MD&A sections of Chinese listed firms’ annual reports from 1999 to 2024. Unlike aggregate news-based measures, FEPU captures firm-specific uncertainty embedded in corporate disclosures, tracks major policy and macroeconomic shocks, and varies across industries. Baseline validation tests show that FEPU predicts future investment, R&D expenditure, and stock returns, and provides incremental information beyond return-based exposure measures. We further find that FEPU propagates through board interlock networks, particularly through direct and influential connections, with stronger effects among state-owned enterprises and large firms. These findings provide a scalable firm-level EPU measure and identify board interlocks as a channel of policy-related information transmission.

ABSTRACT We study whether CEOs’ career concerns relate to the use of low-profile narrative strategies, particularly among lower-ability CEOs. Using a large sample of US firms’ 10-K annual reports, we document that CEOs use low profile narrative strategies to assuage career concerns, particularly among lower ability CEOs. Narrative strategies are closely linked to managerial human capital and CEO performance assessment concerns, making it important to understand how CEOs shape their narratives in annual reports and navigate evaluation pressures early in their tenure. Overall, our findings demonstrate that CEO-specific, career-linked characteristics and skills shape narratives in annual reports. This has implications for investors, regulators, and other users (e.g. creditors, employees, or governance bodies), who may want to interpret qualitative information with greater attention to CEOs’ career concerns and ability to make more informed and comparable assessments.

Driven by the digital economy and national policies, the digital transformation of publishing groups has been continuously advanced. Most existing studies on the digital transformation of publishing groups adopt qualitative case descriptions or static analysis, lacking clear transformation paths and driving mechanisms. Based on the principles of system dynamics, this study constructs a transformation framework consisting of four subsystems: resource base, empowerment support, value output and environmental regulation, to reveal the internal logic and driving mechanism of the digital transformation of publishing groups. With the annual report data of Phoenix Media from 2020 to 2024 for parameter calibration and empirical simulation, this paper realizes the dynamic simulation and quantitative test of the transformation process. The research finds that the benefits of digital transformation show an accelerated growth trend after the initial investment stage. Through sensitivity analysis, it is identified that digital talent reserve is a more influential key leverage than investment in content assets. Accordingly, this paper puts forward resource optimization strategies for the high-quality transformation of publishing groups from the perspectives of dynamically adjusting resource input, strengthening talent echelons and optimizing organizational collaboration.

Biosimilars are a critical strategy for improving access to high-cost biologics and ensuring the sustainability of healthcare systems worldwide. Over the past decade, China has transformed from a nascent market into one of the world's most active regions for biosimilar development. This review evaluates this transformation with a focus on regulatory evolution, approval dynamics, and global integration. We trace the development of China's biosimilar regulatory framework from the foundational 2015 Technical Guidelines to the current system of 19 technical and product-specific guidelines, highlighting the maturation of a stepwise, science-driven comparability paradigm aligned with international regulatory standards. Drawing on a systematic analysis of 83 biosimilars approved between 2019 and 2025, we analyze trends across molecular classes, therapeutic areas, and regulatory review pathways, illustrating how regulatory expectations and sponsor development strategies have evolved through representative case examples. Notably, the 2025 annual reports from both the US Food and Drug Administration and European Medicines Agency emphasize the increasing number of biosimilar approvals, therefore, we place China's approval experience in brief comparative context. Finally, we discuss China's expanding biosimilar development pipeline in the context of the forthcoming global biologics patent cliff and ongoing international initiatives to streamline biosimilar development, highlighting China's increasing integration into the global biopharmaceutical landscape.

The reference laboratories of the Australian Meningococcal Surveillance Programme (AMSP) report data on the number of cases of invasive meningococcal disease (IMD) confirmed by laboratory testing using culture and molecular based techniques. Data contained in quarterly reports are restricted to a description of case numbers of IMD by jurisdiction and serogroup, where known and expanded in 2024 to include antimicrobial resistance data for ceftriaxone, penicillin, ciprofloxacin and rifampicin. A full analysis of laboratory confirmations of IMD in each calendar year are contained in the AMSP annual reports.

The reference laboratories of the Australian Meningococcal Surveillance Programme (AMSP) report data on the number of cases of invasive meningococcal disease (IMD) confirmed by laboratory testing using culture and molecular based techniques. Data contained in quarterly reports are restricted to a description of case numbers of IMD by jurisdiction and serogroup, where known and expanded in 2024 to include antimicrobial resistance data for ceftriaxone, penicillin, ciprofloxacin and rifampicin. A full analysis of laboratory confirmations of IMD in each calendar year are contained in the AMSP annual reports.

The Australian National Neisseria Network (NNN) comprises reference laboratories in each state and territory that report data on antimicrobial susceptibility testing to an agreed group of antimicrobial agents for the Australian Gonococcal Surveillance Programme (AGSP). The AGSP data are presented quarterly in tabulated form, as well as in the AGSP annual report. This report presents national gonococcal antimicrobial resistance surveillance data from 1 October to 31 December 2025.

This annual report of the National Clinical Database-Breast Cancer Registry (NCD-BCR) by the Japanese Breast Cancer Society presents nationwide breast cancer statistics for patients registered in Japan in 2023. Among 107,372 patients with breast cancer at 1317 institutions, 99.3% were females with a median age of 62 years. The distribution of the clinical stages was as follows: stage 0 (15.5%); stage I (42.1%); stage II (31.1%); stage III (7.0%); and stage IV (2.1%). Estrogen receptor, progesterone receptor, and human epidermal growth factor receptor 2 (HER2) positivity was observed in 78.9%, 70.0%, and 13.3% of patients, respectively. Among 102,717 patients without distant metastases, 41.2% underwent breast-conserving surgery, 76.5% underwent sentinel lymph node biopsy, and 6.0% underwent breast reconstruction. The distribution of radiotherapy was as follows: 75.2% received whole-breast irradiation, 15.7% chest-wall irradiation, and 20.7% regional irradiation. Among the 13,061 patients with pT1abN0M0 breast cancer, comprising 10,819 hormone receptor [HR]-positive/HER2-negative, 1479 HER2-positive and 763HR-negative/HER2-negative individuals, 92.4% of HR-positive/HER2-negative patients received endocrine therapy, 46.9% of HER2-positive patients received chemotherapy and/or anti-HER2 therapy, and 31.2% of HR-negative/HER2-negative patients received chemotherapy. This annual report provides a nationwide overview of contemporary systemic therapy patterns in small breast cancer and highlights size‑dependent and subtype‑specific use of systemic therapy in Japan, reflecting a risk‑adapted treatment strategy.

The aim of this study was to assess the level of compliance of operating room personnel with radiation protection and safety measures against ionizing radiation. A cross-sectional study was conducted among operating room staff in three Moroccan hospitals equipped with a fluoroscopy system. Data were collected using a self-administered questionnaire addressing practices, knowledge, and attitudes related to radiation protection. Among participants, 78% considered wearing a personal dosimeter during image-guided procedures as necessary, yet only 16% reported actually using one. None of the respondents indicated receiving monthly or annual dosimetric reports. Regarding protective measures, 45% used only a lead apron, 25% relied on distance as a means of protection, and only 6% used both a lead apron and a thyroid shield. Concerning knowledge, 75% were unaware that distance is the most effective means of reducing exposure to ionizing radiation; 33% considered the lead apron as the main protective tool, while 42% had no idea. Finally, only 22% of respondents were familiar with the three fundamental principles of radiation protection (justification, optimization, limitation), and 17% mentioned two of them, mainly justification and optimization. This study highlights a low level of adherence to radiation protection measures among operating room staff, reflecting a lack of awareness and training. Strengthening education programs and standardizing protective practices are essential to enhance occupational safety.

This study examines the influence of liquidity and leverage on firm profitability in property and real estate companies listed on the Indonesia Stock Exchange during the 2021–2024 period. The property sector represents a capital-intensive industry characterized by long project cycles, high financing requirements, and sensitivity to macroeconomic fluctuations. These characteristics make financial structure and working capital management critical determinants of corporate performance. Profitability is measured using Return on Assets (ROA), while liquidity and leverage are proxied by the Current Ratio (CR) and Debt to Equity Ratio (DER), respectively. A quantitative research design was employed using secondary data derived from audited annual financial reports. The sample consisted of 18 companies selected through purposive sampling, resulting in 72 firm-year observations. Following classical assumption testing and outlier adjustment, 62 observations were deemed suitable for regression analysis. Multiple linear regression analysis was conducted using IBM SPSS version 27. The empirical findings reveal that liquidity exerts a significant negative effect on profitability, indicating that excessive current assets may reduce asset utilization efficiency. Similarly, leverage demonstrates a significant negative relationship with profitability, suggesting that higher debt levels increase financial burdens that suppress net income. Simultaneously, liquidity and leverage jointly influence profitability, highlighting the importance of balanced financial management strategies. These results emphasize that both overinvestment in liquid assets and excessive reliance on debt financing may weaken firm performance. Overall, the study underscores the necessity for property companies to optimize working capital allocation and maintain a sustainable capital structure to enhance profitability and asset efficiency.