Chemical Sector Research Articles

Two-stage multi-objective distributionally robust operation optimization and benefits equalization of an off-grid type electric-hydrogen-ammonia-methanol coupling system

As the proportion of renewable energy has increased significantly, electric-hydrogen coupling technology has emerged as a pivotal strategy for optimizing the utilization of renewable energy resources. In particular, within the power and chemical sectors, the preparation of ammonia and methanol using electric-hydrogen coupling technology has emerged as the two principal avenues for the utilization of hydrogen energy. However, as a nascent technology, the preparation of ammonia and methanol by electric-hydrogen coupling is confronted with a multitude of challenges, including the considerable uncertainty surrounding the generation of renewable energy, the dearth of economic benefits, and the need to ensure a fair allocation of benefits among the various stakeholders. To enhance the risk resistance of the electric-hydrogen-ammonia-methanol coupling system (EHAMCS), improve the economic benefits, ensure the environmentality and stability of the system, and realize the fair distribution of benefits among the energy participants, this paper constructs a multi-objective distributionally robust optimization (DRO) and multi-dimensional benefits equilibrium model for the EHAMCS and performs a numerical analysis with an off-grid type EHAMCS as an example. The results demonstrate that: 1) The cooperative operation of the EHAMCS offers notable economic advantages. When compared with only pursuing economic benefits, under multi-objective optimization, the economic benefits of the coupling system can be reduced by 1.49 %, but the carbon emission can be reduced by 10.06 %, and the instability is reduced by 0.02, which can create derivative benefits. 2) The two-stage DRO model is an effective means of addressing the impact of system operation uncertainty and the affine strategy enables the rapid adjustment of the day-ahead dispatching plan, thereby balancing the power deviation. 3) The multi-dimensional factor benefit balancing scheme is more conducive to the participation of clean energy and downstream ammonia and methanol energy subsystems in cooperative operation and promotes the consumption of clean energy while improving the energy conversion value of the EHAMCS to increase economic benefits. 4) EHAMCS operators should adjust their operational strategies in time with market and policy signals, and select historical samples reasonably, so as to realize the balance of the DRO model in terms of economy, robustness, and practicality. The effectiveness of the model and the superiority of the EHAMCS are thus verified.

Exploring eco-friendly business practices and corporate innovation in Pakistan

Purpose The manufacturing industry in Pakistan, like any other industry, promotes sustainability in its supply chain operations. Yet, the scenario is different in the chemical manufacturing sector, which lags in the development and implementation of sustainable development practices and policies to safeguard its long-term viability. Embracing sustainable practices not only fulfills manufacturing needs but also stands out from other companies. Hence, the purpose of this study is to explore the eco-friendly business practices that impact corporate innovation. Organizational size is considered a moderator in the relationship between green practices and corporate innovation. Design/methodology/approach The quantitative study was conducted to collect the data through convenience sampling techniques. In total, 138 responses were analyzed through the partial least squares method. Findings The findings reveal that the implementation of green practices increases corporate innovation. Thus, the impact varies based on different organizational sizes. The crux of the organizational strategy relies on the implementation of eco-friendly practices and holding the right size to survive. Practical implications The proposed study provides new grounds for the natural resource-based perspective theory and stakeholder theory. Chemical manufacturers can tailor their strategies that accommodate varying resources and capabilities, facilitating more effective implementation of green practices across different companies within the sector. Originality/value The paper provides new ground for the natural resource-based perspective theory. More specifically, this study was expected to help chemical manufacturers choose environmentally friendly practices that would help them meet corporate sustainability performance goals through innovation.

Pengaruh Kepemilikan Manajerial Terhadap Kesulitan Keuangan Perusahaan Sektor Industri Dasar Dan Kimia

Managerial ownership is believed to reduce agency problems that frequently occur in business, which, if not addressed, can lead to financial distress for the company. Extremely high or low managerial ownership can cause issues, such as managers neglecting shareholders' interests or being less motivated to maintain the company's financial stability. This study aims to analyze the effect of managerial ownership on the likelihood of financial distress in basic industry and chemical sector companies listed on the Indonesia Stock Exchange (IDX). A quantitative approach was used in this study. The data consists of annual reports from basic industry and chemical sector companies listed on the IDX from 2018 to 2023. Samples were determined using a purposive sampling method from a population of 73 companies, resulting in 24 companies with a total of 144 samples analyzed. Logistic regression analysis was used to test the hypothesis. The results of this study indicate that higher managerial ownership is associated with a reduced likelihood of financial distress. The findings of this study are useful for shareholders and management in making decisions regarding ownership structure to minimize financial risk.

Foreign Experience In The Transformation Of The Chemical Industry And Its Practical Significance

This article explores the transformation of the chemical industry in developed nations and its implications for Uzbekistan. Despite extensive research on this subject, a knowledge gap exists in understanding how these transformations can be adapted to the Uzbek context. The study uses a comparative analysis of international case studies and Uzbekistan’s industrial policies, focusing on key metrics like asset profitability, innovation, and financial stability. Findings reveal that adopting international practices can significantly enhance efficiency and profitability in Uzbekistan's chemical sector. The results have critical implications for policymakers, highlighting strategies for integrating global expertise into domestic industry practices.

Exploring the relationship between small and medium-sized enterprises innovation and organizational performance: a prospective study on the industrial sector in Ecuador

Purpose This study aims to explore the relationship between the innovation capacity and performance of manufacturing firms in the Ecuadorian pharmaceutical and chemical sectors using strategic foresight analysis. Design/methodology/approach From an extensive literature review, the fundamental variables related to manufacturing firms’ innovation for better performance were identified. Six hypotheses and actions were proposed related to financing, economic resources, capacities and research and development. Several scenarios were tested through foresight methodology to determine the more appropriate to be implemented by manufacturing firms over the next five years. Findings Scenario 01, where all the hypotheses resulted positive, has a 15.3% probability of occurrence. The results offer a relevant understanding of the behavior of the variables proposed as strategic actions for the sector. Originality/value To the best of the authors’ knowledge, foresight methodology is applied for the first time to analyze the manufacturing sector in Ecuador. The authors propose a plan of action from the strategic scenario identified in this study, supporting the development of the industrial sectors under study.

How Economic Theories Shape Chemical Technology Profile

The chemical industry, a cornerstone of the global economy essential for modern life, has raised significant concerns due to its unique nature. Chemical technologies often require high energy inputs, involving ecotoxic reagents thus assessing risks from an economic standpoint becomes complex. While the economic aspects of chemical technologies have been discussed and economic tools have been used to inform investment decisions in this field, many fundamental issues remain unexplored, such as the clear definition of chemical technology economics and the reasons for its importance. The primary contribution of this article is to synthesize insights into these fundamental issues and propose pathways for future research in chemical technology economics. This review is divided into two sections: the first provides an overview of the significance of economic factors in chemical technologies, and the second explores the fundamentals of economics and their application to chemical technology considerations. Our research underscores that economic theories significantly influence the profile of chemical technologies, viewing the chemical sector as a dual asset. First, the sector has a unique opportunity to lead the way in promoting sustainable economic development, and second, it can adopt economic behaviors that align with environmental and societal needs.

Food for thought — Paving the way for a UK roadmap towards optimum consumer safety: Development, Endorsement and Regulatory acceptance of New Approach Methodologies (NAMs) in Chemical Risk Assessment and Beyond

Advances in biosciences, chemistry, technology, and computer sciences have resulted in the unparalleled development of candidate New Approach Methodologies over the last few years. Many of these are potentially invaluable in the safety assessment of chemicals, but very few have been adopted for regulatory decision making. There is an immediate opportunity to use NAMs in safety assessment where the vision is to be able to predict risk more rapidly, accurately, and efficiently to further assure consumer safety.In order to achieve this, the UK Food Standards Agency (FSA) and the Committee on Toxicity of Chemicals in Food, Consumer Products and the Environment (COT) have developed a roadmap towards acceptance and integration of these new approach methodologies into safety and risk assessments for regulatory decision making. The roadmap provides a UK blueprint for the transition of NAMs from the research laboratory to their use in regulatory decision making. This will require close collaboration across disciplines (chemists, toxicologists, informaticians, risk assessors and others), and across chemical sectors, to develop, verify and utilise appropriate models. Linking up internationally, and harmonization will be fundamental.

Impact of Environmental Laws Pertaining to Pollution Problems in Pharma and Chemical Sectors in India

Medical waste is regarded as a hazardous waste of a specific kind because of its high toxicity, presence of radioactive and toxic compounds, and propensity to cause sickness. The degree to which bacteria and viruses are present in medical waste, the dosage and type of exposure, and the degree to which the body is resistant to these pathogens Trash from isolation rooms for patients with infectious disorders, bacterial, infectious, and biological agent residues, waste from sterilization and disinfection, blood, serums, and plasma, and pharmaceutical residues are all considered to be medical waste. This manual offers suggestions for reducing trash creation through source reduction and recycling as well as an explanation of the processes that produce waste in hospitals. Hospitals will benefit by restricting the age of these materials at the source or reusing the wastes on or off site in light of the fact that doing so will limit removal expenses and liabilities connected with discarding hazardous waste. Compared to industrial facilities, general medical and surgical hospitals produce less hazardous wastes overall, although they do so in a number of different forms. Pharmaceuticals were formerly believed to enter the environment largely through usage or improper disposal. It was discovered that some production facilities were the sources of substantially higher ambient concentrations than those brought on by drug use. For both authorities and the pharmaceutical industry, the widespread discovery of waste medicines in environmental samples and the dangers posed by their introduction into wildlife habitats are key issues. Pharmaceutical firms should understand that reducing drug use and environmental damage is in their own best interests because doing so will prevent the emergence of drug resistance, which will prolong the shelf life of their medications. Changes in public and worldwide regulations, the reception of reasonable environmental principles inside current business standards, and requests from medical care suppliers and patients are likely impetuses for activity. Yet, clients can't pursue taught decisions because of the shortage of data about the wellspring of drugs and the impacts of creation on the climate. We suggest that one of several crucial strategies for lowering pollution from medicine manufacture would be improved transparency throughout the entire production chain.

Pengaruh Leverage Terhadap Pertumbuhan Laba pada Perusahaan Manufaktur Sektor industri Dasar Kimia yang Terdaftar di Bursa Efek Indonesia Periode 2018-2022

This research aimed to determine the influence of Debt To Equity Ratio and Debt To Asset Ratio on Profit Growth in the Basic Industry and Chemical Sectors Listed on the Indonesian Stock Exchange in 2018-2022. The research samples were selected through purposive sampling, where 41 companies met the requirements as samples. The analytical test tool used to test this research was multiple linear regression. The data analysis applied the SPSS 27 application. The research findings indicated that the Debt To Equity Ratio (DER) influenced profit growth negatively, and Debt To Asset Ratio (DAR) influenced profit growth positively. In the meantime, simultaneously, the Debt To Equity Ratio (DER) and Debt To Asset Ratio (DAR) influenced profit growth.

Carboxyl-functionalized polyimide for polar/non-polar organic solvent separation by pervaporation

The separation of azeotropic organic-organic mixtures is critical in the chemical and petrochemical sectors and membrane technology is one of the most successful and sustainable ways to achieve it. A significant challenge is to find materials with the adequate permselectivity for the demanding operational conditions. We propose a carboxyl-functionalized polyimide for pervaporation and separation of polar and non-polar organic azeotropic mixtures with high industrial relevance, such as methanol-toluene, methanol/methyl tert-butyl ether, and ethanol-cyclohexane. Both flat dense films and hollow fibers were investigated. The fabrication as hollow fibers enabled the flux increase by reducing the active layer thickness from 40 to 0.3 μm, while keeping the separation factors nearly unchanged. For methanol/toluene mixtures, by using hollow fibers, the separation factor was around 140, with a flux of 0.54 kg m−2 h−1. For methanol/methyl tert-butyl ether, the separation factor was around 3100 with a flux of 0.14 kg m−2 h−1. For ethanol/cyclohexane, the separation factor was 406 with a flux of 0.24 kg m−2 h−1. The pervaporation performance is a result of a combination of the membrane adequate hydrophilicity and robust mechanical stability, demonstrating their potential application for separating alcohols from organic mixtures.

Тенденции в сфере слияний и поглощений в мировой нефтехимической отрасли на современном этапе

At present, M&A deals are typical for petrochemical companies in the world. This article analyses main persistent trends of the modern petrochemical market. The analysis is based on consultancies’ reports on the state on M&A in chemical sector, empirical data is represented by recent M&A deals overview. Numerical data on M&A deals number and value is analyzed for the past decade. It is concluded that traditional stimuli for M&A in the industry are still relevant, yet there are new factors which explain the shift in M&A deals participants’ motivation and relative regional activity on the petrochemical capital market starting from mid-2010’s.

Advanced Statistical Optimization for Enhanced Medium-Chain Fatty Acid Production

In recent years, the development of feed ingredients with natural additives has gained significant importance in increasing the health and quality of animal products, as well as in promoting weight gain in animals. Since Salmonella infection is a significant disease that transmits from animals to humans, the inhibition of Salmonella species can be achieved particularly through the improvement of gastrointestinal metabolism in chickens. At this point, the effectiveness of using MCFA (Medium Chain Fatty Acids) as a feed additive has been proven. MCFA are composed of a mixture of various fatty acids, including acetic acid, butyric acid, hexanoic acid, etc. Highest portion of MCFA are hexanoic acid. Besides feed additives hexanoic acid play a crucial role as primary resources in various industries, including the chemical, food, agricultural, and biofuel sectors. It is typically obtained from petrochemical-based solutions but there has been a growing focus on biotechnological production and natural sources in recent years. One of the mostly known bioprocess to produce MCFA is chain elongation (conversion of acetate and ethanol into MCFA by β oxidation reaction) by Clostridium kluyveri. However, as in most biotechnological processes, there are low yields and high costs in these reactions as well. In this study, Box-Behnken Design, a statistical experimental design method, was used to optimize the concentrations of acetate, ethanol (the two primary components of chain elongation reactions) and pH for MCFA production via chain elongation reactions with Clostridium kluyveri. Batch experiments were performed at 30°C and 37°C to also see the effect of temperature. Higher values of hexanoic acid and bacterial growth were observed at 37°C. From an economic perspective, a 14% reduction in costs has been observed with optimized components.

PENGARUH STRUKTUR MODAL, UKURAN PERUSAHAAN DAN RISIKO BISNIS TERHADAP KEBIJAKAN DIVIDEN DENGAN PROFITABILITAS SEBAGAI VARIABEL INTERVENING PADA PERUSAHAAN MANUFAKTUR SEKTOR INDUSTRI DASAR DAN KIMIA YANG TERDAFTAR DI BEI

Companies in the basic and chemical industry sector are manufacturing companies that convert raw materials into semi-finished products. This study aims to determine the Influence of Capital Structure, Company Size and Business Risk on Dividend Policy with Profitability as an Intervening Variable in Manufacturing Companies in the Basic and Chemical Industry Sector Listed on the IDX. This research method uses a quantitative method. Data analysis and hypothesis testing in this study used the Structural Equation Model-Partial Least Square (PLS-SEM). The results of the direct influence hypothesis test using the Smart PLS3 3.0 application show that the capital structure has a negative but not significant effect on profitability. The size of the company has a potential but not significant effect on profitability. Business risk has a significant positive effect on profitability. Capital structure has a negative but not significant effect on dividend policy. The size of the company has a positive but not significant effect on the dividend policy. Business risk has a positive but insignificant effect on dividend policy. Profitability has a positive but not significant effect on dividend policy. Capital structure has a negative but insignificant effect on dividend policy through profitability. Company size has a positive but insignificant effect on dividend policy through profitability. Business risk has a positive but insignificant effect on dividends through profitability.

KESELAMATAN KERJA PADA KARYAWAN PT. E STRONG NUSANTARA MANDIRI

Workforce protection is important because work safety will also greatly affect work productivity and also lead to company profits. Comfortable work activities from workers will also make the quality of work relationships higher. Worker satisfaction is related to variables such as role conflict, turnover intentions and results and so much work has been done in organizational management. PT. E Strong Nusantara Mandiri is a company engaged in the chemical sector with workers who carry out their activities directly related to chemicals. Therefore, knowledge about Occupational Health and Safety is very important. The problem raised is how to provide knowledge to workers at PT. E Strong Nusantara Mandiri about the importance of occupational safety and health and how to provide awareness to implement occupational safety and health for workers at PT. E Strong Nusantara Mandiri. The method of implementing this activity begins with identifying the problem by conducting an interview with the director of PT. E strong Nasusantara Mandiri. The data from the interview results are analyzed as a basis for formulating the form and technical implementation of the activity. The formulation of the activity is then made into a proposal to obtain adequate support from the Community Service Institution and PT. E Strong Nusantara Mandiri. In the implementation of the extension activity, the lecture, discussion and simulation methods are used. Finally, an incidental consultation is held. The results of this activity are that workers at PT. E Strong Nusanatara Mandiri do not yet understand about Occupational Health and Safety so that this activity provides significant input for workers

A systematic review of the process parameters, mechanical characteristics and applications of polyether ether ketone (PEEK) and its composites by additive manufacturing

Abstract Additive manufacturing (AM) provides an innovative and reliable method of developing medical products with anatomically relevant geometry and mechanical performance, underscoring its significant potential in the medical field. The design of fused deposition modelling (FDM) parameters has a significant impact on the characteristics of the product fabricated utilizing FDM. Numerous studies have assessed the impact of various FDM process parameters on enhancing the print quality attributes of manufactured components, such as mechanical characteristics, production times, dimensional accuracy, and surface finish. Because of the complex features of the FDM process and the contradicting process parameters, the advancement has been slow and poorly coordinated. This work intends to provide a complete review of recent research on PEEK and CF-PEEK printed parts, where the effect of process factors on tensile strength has been described. Furthermore, PEEK, with its potential applications in medical, aerospace, and chemical sectors, serves as an inspiring material for future innovations, offering a promising outlook.

Faktor-Faktor yang Berpengaruh terhadap Dividen Payout Ratio

This study aims to examine and analyze the factors that influence the dividend payout ratio in manufacturing companies in various industry sectors and the basic & chemical industry sector. The population of this research is 17 manufacturing companies in various industry sectors which are listed on the Indonesia Stock Exchange in the period of 2016-2018. With a total sample of 51 and this sampling technique uses a purposive sampling method. Testing the hypothesis of this study using multiple linear regression. The independent variables in this study are profitability (ROA), liquidity (CR), leverage (DER) and earnings per share (EPS). Whereas the dependent variable is the dividend payout ratio (DPR). The results of this study indicate that profitability (ROA), liquidity (CR) and earnings per share (EPS) affect the dividend payout ratio, laverage (DER) does not affect the dividend payout ratio.

Building Electrochemical Roadmaps for Decarbonization in the Specialty Chemical Sector

Greenhouse gas emissions from the chemical manufacturing industry are enormous, by some estimates they amount to 5% percent of the global total.1,2 Moreover, chemical manufacturing is widely considered as a “difficult-to-decarbonize” sector due to the deeply entrenched reliance on crude-based hydrocarbons as fuels and feedstocks.3 The ultimate goal of eliminating anthropogenic greenhouse gas emissions, clearly demands a wholesale reconsideration of energy and material flows in chemical manufacturing.One area of research that has gained momentum in the past decade is the use of electrochemistry to perform organic redox reactions. These types of electrosynthetic transformations provide a straightforward means to electrify chemical manufacturing, thereby decreasing the global warming impact as the carbon intensity of grid electricity diminishes with continued adoption of low-carbon power sources. Further improvements are achievable through decarbonization of material inputs, e.g., by replacing problematic redox reagents like methane-derived hydrogen or fuming nitric acid with reactive hydrogen and oxygen intermediates generated at electrodes via water electrolysis.Despite these promising advances, interest in organic electrosynthesis to date has mainly focused on the production of commodity chemicals (e.g., CO2 reuse, ammonia electrosynthesis) at the expense of specialty chemical synthesis. This focus is well justified based on the possible impact of major breakthroughs on global emissions, but it constitutes missed opportunities to drive broad adoption of electrosynthesis across the chemical industry. To address this knowledge gap, our lab has undertaken a collaborative research effort with a global specialty chemical manufacturer to explore opportunities to decarbonize through electrification strategies involving electrosynthetic reaction schemes.This presentation will detail our recent work on a holistic “scoping study” to estimate the potential for reducing the global warming emissions profiles for a representative set of specialty chemicals through the adoption of electrosynthetic methods. First, we mapped the supply chain for 12 specific chemicals (chosen for their relevance to the specialty industry and significant global warming potential from current production methods) in terms of all reactive processes required to generate these compounds from petrochemical feedstocks. Next, we searched for literature reports detailing electrosynthetic pathways to generate each intermediate species along the manufacturing supply chain. The relevant electrochemical reactions were broadly classifiable as (a) generating alternatives to petrochemical feedstocks; (b) direct replacement of an existing chemical redox reaction with an electrochemical reaction; or (c) intensified approaches that use electrochemistry to reduce the total number of reactive process steps required. Finally, we benchmarked the potential for reduced greenhouse gas emissions for electrosynthetic schemes compared to the incumbent technologies based on a set of simplifying assumptions that involve calculating baseline emissions intensities as a function of the thermodynamic minimum energy input and the carbon intensity of the electric power supply, and further applying generic “efficiency factors” to account for all emissions in excess of this thermodynamic minimum. The results of this analysis suggest remarkable opportunities to develop electrosynthetic schemes for a handful of reactions for which global warming emissions could be reduced even in the most conservative scenarios of low process efficiency and high carbon intensity of the input power.This presentation will also cover the hurdles we have identified in the development of modular and continuously operated electrosynthetic reactors, as well as what we have learned in addressing these challenges.References(1) Saygin, D.; Gielen, D. Zero-Emission Pathway for the Global Chemical and Petrochemical Sector. Energies 2021, 14 (13), 3772. https://doi.org/10.3390/en14133772.(2) Gabrielli, P.; Rosa, L.; Gazzani, M.; Meys, R.; Bardow, A.; Mazzotti, M.; Sansavini, G. Net-Zero Emissions Chemical Industry in a World of Limited Resources. One Earth 2023, 6 (6), 682–704. https://doi.org/10.1016/j.oneear.2023.05.006.(3) Gross, S. The Challenge of Decarbonizing Heavy Industry, 2021. https://www.brookings.edu/wp-content/uploads/2021/06/FP_20210623_industrial_gross_v2.pdf.

(Invited) CO2-Negative Ethylene Via Electrolysis – Greenerene™, a Green Chemistry Start-up

Reduction of greenhouse gases is vital for the long-term environmental health of the planet. While there has been progress in reducing and capturing CO2 emissions, a vast majority of emissions are not captured, and atmospheric CO2 concentration continues to rise. This creates a large and growing market for CO2 sequestration and utilization, which presents an opportunity to rethink how commodity chemicals, which often come with a large carbon footprint, are produced in the US and globally. C2H4 is a key building block in the chemical industry to produce a wide range of plastics, solvents, cosmetics, etc. On average, the production of 1 MMT of C2H4 generates 1.5 MMT of CO2, from fuel combustion, decoking, and utilities. Globally, C2H4 production by steam cracking is ranked as the second-largest contributor of energy consumption (2.8 EJ/year) and greenhouse gas emissions (300 MMT of CO2-e/year) in the chemical industry. Electrochemical CO2 reduction reaction (CO2RR) to produce C2H4 at ambient conditions, when coupled with renewable electricity, could reduce dependence on fossil fuels and decarbonize the chemical sector associated with C2H4 production.At Giner, we are developing technology to improve selectivity, productivity, and durability of the CO2 electrolyzer, enabling commercial deployment. This technology is the basis of a spin-out start-up company called Greenerene™ that is currently seeking investment funding to scale up to the pilot plant scale over the next 3-5 years. Currently, our state-of-the-art electrolyzer has achieved 60% C2H4 selectivity at 500 mA cm-2 and 3 V in a 50 cm2 MEA electrolyzer. We are in the process of translating this performance into multi-cell stacks and larger-area cells to enable 1-ton/day production of ethylene at the pilot scale.We have also developed a detailed Techno-Economic Analysis of our technology, including cost of carbon capture, renewable electricity, and balance of plant including power electronics, recirculation, and purification systems, that demonstrates a pathway to economic competitiveness. With the addition of already implemented and anticipated carbon credits, at scale our technology should be able to produce ethylene at less than current market prices, and with significant environmental and climate benefits compared with current production methods. Acknowledgement: The project is financially supported by the Department of Energy’s Office of EERE under Grants DE-EE000942l and DE-EE0010836.

Challenges in Accounting for Carbon: Analysis of Accounting Policies of the World's Largest Polluters

The study's focus was on examining the accounting policies related to carbon credits of the top 100 global GHG emitters, as mentioned by Kouloukoui et al. (2019). Of these 100, only 36 gave access to the CDP questionnaire. We used the model proposed by Lovell et al. (2010) to examine carbon credit accounting choices, employing content analysis with NVivo software and statistical analysis with Stata. The financial statements (FS) and explanatory notes of 247 companies from different countries and sectors, such as oil and gas, mining, coal, transport and marine logistics, and the chemical sector, were analyzed from 2015 to 2021. Finally, nine companies provided information on the accounting treatment for carbon credits. The results indicate a predominance of classification as inventories, followed by intangible assets, measurement at cost, and liabilities accounted for by the excess carbon credits owed about existing assets at market value. We observed significant heterogeneity in accounting policies, which remained over time. The lack of standardization and consistency in reporting methods and the concealment of accounting records in this context make it challenging to compare practices, compromising the evaluation of companies' performance, the decision-making of investors and other agents, and the transparency and accountability of this market. These findings highlight the need for a more coherent and rigorous approach to accounting for carbon credits, especially considering the urgent challenges of climate change.

The Influence of Liquidity, Profit, Debt Policy and Operating Leverage on Price to Book Value in Manufacturing Companies listed on the Indonesian Stock Exchange

The research is aimed at analyzing the influence of liquidity, profits, debt policy and operating leverage on price to book value. A population of 73 manufacturing companies in the basic industrial and chemical sectors listed on the Indonesian stock exchange, 43 companies were sampled for research using purposive sampling. Research data was obtained from the site www.idx.co.id. Furthermore, the data obtained was processed using SPSS version 26. The results stated that liquidity partially had a positive but not significant effect on Price to Book Value. Profit and debt policy partially have a positive and significant effect on Price to Book Value. Operating leverage partially has a negative and insignificant effect on Price to Book Value. Liquidity, Profit, Debt Policy and Operating Leverage simultaneously have a significant effect on Price to Book Value.