Adverse Impact Research Articles

How do foreign and domestic institutional investors drive the market value? The influence of family ownership

PurposeThis paper aims to investigate and compare the impact of foreign and domestic institutional investors on the market value of family and non-family companies. Subsequently, it examines how different degrees of family ownership influence foreign and domestic institutional investors and their value impacts.Design/methodology/approachThe sample of this study includes 339 non-financial firms from NIFTY-500 for 11 years from 2011 to 2020, which contains 128 family and 211 non-family companies. Both static (fixed-effect model) and dynamic (two-step system generalized method of moments) models are employed to test the hypotheses.FindingsFindings suggest that foreign institutional investors outshine domestic institutions regarding value creation. Meanwhile, higher (>50%) family holdings are detrimental to foreign institutional investors, while moderate holdings (26–49%) improve domestic institutional investments. The favorable effect of foreign players gets diluted with the higher (>50%) family holdings, while the adverse impact of domestic players improves with the moderate (26–49%) family holdings. Overall, partial family control is beneficial, while low and absolute family control is detrimental to market value. These findings indicate that institutional investors are family control-dependent, where the family control effect is not static.Originality/valueThis paper offers a novel perspective by addressing the effect of costs and benefits realized at three distinctive levels of family holdings on foreign and domestic institutional investors and their value impacts to witness differences caused by varying family control, which is not done earlier as per the best of our knowledge.

Impact of workplace adversity on well-being of Ghanaian bankers: Do resilience and psychological safety matter?

We examined the role of resilience and psychological safety in the relationship between perceived workplace adversity and work well-being. Participants were 1257 Ghanaian banking sector employees (male = 49.32, female = 50.68%; age range = 21 to 60 years, mean = 33.83 years, SD = 8.4 years). They completed measures of perceived workplace adversity, employee resilience, psychological safety, and well-being. Results from the Pearson correlation coefficient (r) test indicated that perceived workplace adversity was negatively related to work well-being. Furthermore, regression analysis showed that resilience mediated the relationship between perceived workplace adversity and employee well-being, contributing to improved employee well-being. Further, and psychological safety moderated perceived workplace adversity and work well-being for higher employee well-being. These findings suggest a need for strategies for resolving workplace adversity by supporting resilience, and psychological safety among employees for their improved well-being.

Experimental and Numerical Investigation of Welding Residual Stress of U-Rib Joints in Orthotropic Steel Bridge Decks

The residual stresses at U-rib joints have a significant adverse impact on the structure. Therefore, it is necessary to conduct research and analysis on their residual stresses. Based on experimental testing and thermal elastic-plastic finite element analysis (FEA), this study investigates the residual stress (RS) of a U-rib joint using gas metal arc welding in an orthotropic steel bridge deck (OSBD). X-ray diffraction (XRD) was adopted to measure the RS of the U-rib welds, and the measurement results were utilized to verify the FEA. The effects of the weld root gap, weld penetration, and weld groove angle on the RS of U-rib welds were investigated by using FEA. The weld root gap had minor effect on the RS of the U-rib welds. With an increase in weld penetration, the peak values of the transverse tensile RS at both the deck plate and the U-rib weld toes increased. Additionally, an enlargement of the groove angle also resulted in a notable increase in the transverse tensile RS peak at the deck plate weld toe.

Assessment of the Impact of Monocrotophos on the Haematological and Histological Parameters of the Freshwater Fish Labeo rohita (Hamilton, 1822)

This study investigated the acute sublethal toxicity of Monocrotophos on the behavioural, haematological, and histological parameters of the freshwater fish Labeo rohita. Fish exposed to Monocrotophos (10 ppm and 100 ppm) exhibited notable behavioural alterations, including loss of equilibrium, frequent surfacing, heightened mucus secretion, irregular locomotion, and erratic swimming behaviour. The 96-hour LC50 value for L. rohita was determined to be 48.50 ppm. Sub-lethal concentrations (10, 20, 40, and 60 ppm) were employed to assess the effects of acute exposure over a period of 30 days. The increase in Monocrotophos concentrations led to a consistent decrease in total RBC count and haemoglobin levels, although the total WBC count showed a proportional rise with both concentration and length of exposure. Histopathological analysis revealed significant structural damage to the gill and liver tissues in the treated fish relative to the controls. The findings highlight the substantial behavioural and physiological alterations caused by Monocrotophos exposure in L. rohita. In order to reduce the adverse impact of this chemical on aquatic ecosystems, stringent regulation and attentive application are essential.

Group differences in biographical inventories: A meta-analysis on the adverse impact potential of biodata.

The purpose of the present meta-analysis was to determine if biodata scale scores differ based on demographic group membership (i.e., gender, race, age) and to evaluate the contextual factors that amplify or mitigate these effects (e.g., construct domain, scoring method). Despite the popularity of biodata scales for personnel selection purposes, previous research findings do not provide clear evidence as to whether adverse impact is a serious concern. To address this gap, a meta-analysis of 43 studies (56 independent samples) was conducted, providing estimates of group differences across demographic groups (female-male, Black-White, Hispanic-White, Asian-White, and age) and relevant construct domains. The majority of biodata scale scores were found to exhibit small group differences across construct domains and demographic groups (≈75% had Cohen's d less than |.20|). Group differences were also relatively small when compared with other popular selection methods. When considered with previous research, these findings provide further support for the use of biodata scales in personnel selection scenarios. (PsycInfo Database Record (c) 2025 APA, all rights reserved).

What factors influence the individual’s behavior in engaging in income tax evasion? An investigation using SEM and fsQCA

PurposeThe substantial rise in tax evasion raises concerns about its adverse impact on the tax system’s integrity. This article aims to empirically investigate the factors affecting income tax evasion behavior among individuals in India’s National Capital Region (NCR).Design/methodology/approachA cross-sectional design was applied to gather primary data from (N = 548) taxpayers using a “self-administered survey questionnaire.” The hybrid “partial least squares structural equation modeling (PLS-SEM) and fuzzy-set qualitative comparative analysis (fsQCA)” approach was applied to analyze the data.FindingsThis research presents a comprehensive model that explains 53.4% of the variance in behavioral intention and accounts for 51.4% in the actual behavior of individuals who participate in income tax evasion. The outcomes show that high tax burden, corruption and complexity of the tax system significantly influence behavioral intention. On the contrary, digitalization and tax morale insignificantly influence behavioral intention. Notably, behavioral intention is significantly associated with the actual behavior of individuals engaging in income tax evasion.Practical implicationsThe outcomes offer valuable implications for practitioners, including policymakers, governments and tax authorities, to effectively curb income tax evasion behavior and help them make informed decisions.Originality/valueThe innovative research model enhances prevailing knowledge by providing empirical insights into the effect of income tax evasion behavior among individuals in India. This study also contributes methodologically by combining PLS (linear) and fsQCA (nonlinear) techniques, demonstrating that both methodologies offer a deeper comprehension of the factors affecting individual behavior to engage in income tax evasion.

Evaluating the impact of stratification on the power and cross-arm balance of randomized phase 2 clinical trials.

Randomized clinical trials often use stratification to ensure balance between arms. Analysis of primary endpoints of these trials typically uses a "stratified analysis," in which analyses are performed separately in each subgroup defined by the stratification factors, and those separate analyses are weighted and combined. In the phase 3 setting, stratified analyses based on a small number of stratification factors can provide a small increase in power. The impact on power and type-1 error of stratification in the setting of smaller sample sizes as in randomized phase 2 trials has not been well characterized. We performed computational studies to characterize the power and cross-arm balance of modestly sized clinical trials (less than 170 patients) with varying numbers of stratification factors (0-6), sample sizes, randomization ratios (1:1 vs 2:1), and randomization methods (dynamic balancing vs stratified block). We found that the power of unstratified analyses was minimally impacted by the number of stratification factors used in randomization. Analyses stratified by 1-3 factors maintained power over 80%, while power dropped below 80% when four or more stratification factors were used. These trends held regardless of sample size, randomization ratio, and randomization method. For a given randomization ratio and sample size, increasing the number of factors used in randomization had an adverse impact on cross-arm balance. Stratified block randomization performed worse than dynamic balancing with respect to cross-arm balance when three or more stratification factors were used. Stratified analyses can decrease power in the setting of phase 2 trials when the number of patients in a stratification subgroup is small.

Psychometric assessment of the Beck anxiety inventory and key anxiety determinants among Ukrainian female refugees in the Czech Republic

IntroductionThe full-scale Russian war has caused Ukrainian female refugees to experience many stressful events which may have an adverse impact on their mental health. Understanding the prevalence and determinants associated with anxiety is essential for psychosocial support. The study aimed: to evaluate the psychometric validity of the Ukrainian version of the Beck Anxiety Inventory (BAI) among Ukrainian female refugees in the Czech Republic, to determine the prevalence of anxiety, and to identify key determinants for anxiety in this population.MethodsAnxiety was measured by BAI, which was validated by applying confirmatory factor analysis. Linear regressions were run to understand associations between social, physical and mental health determinants and anxiety, adjusted by socio-demographics.ResultsThe BAI had a high level of internal consistency. External consistency was confirmed through: structural validity via CFA, indicating that a four-factor model, including cognitive, autonomic, neuromotor, and panic factors, were the most appropriate for the Ukrainian version of BAI; and convergent validity, shown by significant correlations between the total scores of the BAI and coping strategies, perceived stress, depression as well as self-reported physical and mental health. The study revealed that more than half of the participants had moderate to concerning symptoms of anxiety. The analysis indicated that poor perceived health, ineffective coping strategies, high perceived stress, and hampered daily activities due to health issues, are significant predictors of increased anxiety. Conversely, positive or stable social relations with relatives, neighbors, and locals, and the absence of discrimination, were shown to be crucial in reducing anxiety levels.

Additive Effects of Natural Plant Extracts/Essential Oils and Probiotics as an Antipathogenic Topical Skin Patch Solution for Acne and Eczema.

This work leverages the additive antipathogenic effects of natural extracts/essential oils (EOs) and probiotics for the treatment of acne vulgaris associated with Cutibacterium acnes (C. acnes) and eczema complicated by secondary infections with Staphylococcus aureus (S. aureus). Six probiotic strains and various extracts/EOs were evaluated in a large screening to evaluate their potential against both pathogens. Lacticaseibacillus paracasei PCB003 was able to inhibit the growth of both pathogens. For extracts/EOs, Oregano EO had the best antipathogenic effects on both pathogens and did not show any adverse impact on the growth of probiotics, making it suitable for simultaneous use. Using Lactiplantibacillus plantarum PCB011 as a probiotic model, five material formulations were assessed for their suitability to protect probiotic cells within freeze-dried topical patches. Alginate and trehalose (ALG+TRE) and thermoplastic starch (TPS) had the highest probiotic survivability, with ALG+TRE chosen as the final patch material as it was more robust. PCB003 and PCB011 were individually incorporated into the ALG+TRE freeze-dried matrix to form a 6 mm patch; both ALG+TRE (PCB003) and ALG+TRE (PCB011) patches, when used individually, successfully inhibited C. acnes growth by 4.7 and 6.0 mm, respectively, surpassing the performance of commercially available acne patches. The additive effect with 30% Oregano EO further improved pathogen inhibition. For S. aureus, the incorporation of 30% Oregano EO to ALG+TRE (PCB003) increased the size of the inhibition zone more than 10-fold. For C. acnes, the ALG+TRE (PCB003) patch with 30% Oregano EO demonstrated an inhibition zone of 16.3 mm, and the ALG+TRE (PCB011) patch with 30% Oregano EO achieved a 14.3 mm inhibition zone. Genomic analysis confirmed that PCB003 and PCB011 lack antimicrobial resistance determinants, ensuring safety. This study successfully combined probiotics and natural agents to create effective dermatological antipathogenic patches.

Determinants of Profitability in Indonesian Islamic Banks

This study aims to analyze the effect of Capital Adequacy Ratio (CAR), NonPerforming Financing (NPF), Operating Costs to Operating Income (BOPO), and Financing to Deposit Ratio (FDR) on the profitability of Islamic commercial banks for the period 2019–2023. A quantitative approach is used, using secondary data sourced from the annual financial reports of 12 Islamic banks registered with the Financial Services Authority (OJK). The research findings reveal that CAR has a significant positive effect on ROA, indicating that higher capital buffers increase profitability. Conversely, NPF has a negative impact on ROA, highlighting the adverse impact of credit risk on bank performance. BOPO has a significant negative impact on ROA, emphasizing the importance of operational efficiency in increasing profitability. FDR shows a positive and significant relationship with ROA. These findings provide practical insights for bank management and regulators to improve operational efficiency and credit quality, which ultimately supports the sustainable growth of Islamic banking in Indonesia.

Impacts of donor age and HLA mismatch on HCT outcomes differ according to the donor CMV serostatus in unrelated allo-HCT.

In unrelated allogeneic hematopoietic cell transplantation (allo-HCT), older and/or HLA-mismatched donors are known risk factors for survival outcomes. In healthy individuals, cytomegalovirus (CMV) seropositivity is associated with impaired adaptive immune systems. We assessed whether the adverse effects of donor risk factors are influenced by the donor CMV serostatus. We analyzed 5836 CMV seropositive patients who received unrelated allo-HCT. We divided the entire cohort into two cohorts according to the donor CMV serostatus: CMV-positive (DP) and -negative (DN). We also stratified each cohort into four groups based on donor age (≥ 40 or < 40) and HLA parity (8/8 or 7/8): Young88, Old88, Young78, and Old78. In the CMV-DP cohort, the Old88 (HR 1.20, P = 0.012), Young78 (HR 1.35, P < 0.001), and Old78 (HR 1.60, P < 0.001) groups were associated with inferior OS compared with the Young88 group. On the other hand, in the CMV-DN cohort, neither donor age nor HLA disparity was associated with inferior OS. The adverse impact of donor age was different between the cohorts (CMV-DP; HR 1.19, P = 0.001, CMV-DN; HR 1.04, P = 0.53; P for interaction 0.070), as was the impact of HLA (CMV-DP; HR 1.34, P < 0.001, CMV-DN; HR 1.08 P = 0.23; P for interaction 0.012). The impacts of donor age and HLA mismatch on OS might differ according to the donor CMV serostatus. In unrelated allo-HCT from a CMV seronegative donor, an HLA-mismatched older donor may be able to be selected without affecting OS.

Assessing the impacts of forest cover change on carbon stock and soil moisture dynamics using geospatial techniques: a case study of Nensebo forest, Southern Ethiopia.

Assessing the impacts of forest cover change on carbon stock and soil moisture dynamics is critical for understanding environmental degradation and guiding sustainable land management. This study evaluates the effects of forest cover change on carbon stock and soil moisture dynamics in Nensebo Forest from 1993 to 2023 using geospatial techniques. Landsat imagery including TM (1993), ETM + (2009), and OLI/TIRS (2023) were used. Land use land cover (LULC) classification was performed using supervised classification approach with maximum likelihood algorithm. The study reveals that agricultural land expanded significantly from 143.2 km2 (21.8%) to 230.0 km2 (35.1%), along with increases in bare land and grassland. Moreover, result reveals a substantial decline in vegetation health (forest), with the Normalized Difference Vegetation Index (NDVI) decreasing from 0.78 in 1993 to 0.55 in 2023, indicating anincrease ofdeforestation and land degradation. The soil moisture index (SMI) shows a reduction in soil moisture retention from 0.51 to 0.39, reflecting the adverse impact of forest loss on soil moisture dynamics. Carbon stock analysis reveals a dramatic decrease in forest area from 489.5 to 220.5 km2, leading to increased carbon dioxide emissions from forest loss, which rose from 293.03 tons to 1550.34 tons. The study underscores the urgent need for integrated land management strategies that balance agricultural development with ecological conservation. Therefore, to mitigate climate change and maintain ecological stability, the study recommends implementing sustainable land use practices, promoting reforestation, and developing environmental relatedpolicies to preserve the remaining forest cover while supporting agricultural productivity.

Human leukocyte antigen and donor-specific antibodies in liver transplantation.

In this article, we comment on an article published in a recent issue of the World Journal of Gastroenterology. We specifically focus on the roles of human leukocyte antigen (HLA) and donor-specific antibodies (DSAs) in pediatric liver transplantation (LT), as well as the relationship between immune rejection after LT and DSA. Currently, LT remains the standard of care for pediatric patients with end-stage liver disease or severe acute liver failure. However, acute and chronic rejection continues to be a significant cause of graft dysfunction and loss. HLA mismatch significantly reduces graft survival and increases the risk of acute rejection. Among them, D→R one-way mismatch at three loci was significantly related to graft-versus-host disease incidence after LT. The adverse impact of HLA-DSAs on LT recipients is already established. Therefore, the evaluation of HLA and DSA is crucial in pediatric LT.

Impact of obesity on outcome in children diagnosed with cancer in Canada: A report from Cancer in Young People in Canada.

Childhood obesity can result in adverse health outcomes. The objectives of this study were to describe the prevalence of obesity and determine the association between obesity at cancer diagnosis and event-free survival (EFS) and overall survival (OS) in children diagnosed with cancer in Canada. The authors conducted a retrospective cohort study using the Cancer in Young People in Canada database, including all children with newly diagnosed cancer aged 2-18 years across Canada from 2001 to 2020. Obesity was defined as age-adjusted and sex-adjusted body mass index greater than or equal to the 95th percentile. Univariate and multivariable Cox proportional hazards models compared EFS and OS between patients with and without obesity at diagnosis. In total, 11,291 patients were included, of whom 10.5% were obese at diagnosis. In multivariable models controlling for age, sex, ethnicity, neighborhood income quintile, treatment era, and cancer categories, obesity at diagnosis was independently associated with inferior EFS (adjusted hazard ratio [aHR], 1.16; 95% confidence interval [CI], 1.02-1.32; p=.02) and OS (aHR, 1.29; 95% CI, 1.11-1.49; p=.001). The adverse prognostic impact of obesity was particularly notable for acute lymphoblastic leukemia (ALL) and central nervous system (CNS) tumors. In children with ALL (n=3458), obesity remained associated with inferior EFS (aHR, 1.55; p=.002) and OS (aHR, 1.75; p=.002) in multivariable analysis. In patients with CNS tumors (n=2458), obesity was also associated with inferior EFS (aHR, 1.38; p=.008) and OS (aHR, 1.47; p=.004). In this population-based study, obesity at cancer diagnosis was independently associated with inferior survival across the entire cohort, and prominently in children with ALL and CNS tumors.

Post-COVID-19 Pandemic Restrictions: Follow-Up on Changes Within Canadian Academic and Fieldwork Curricula.

Background. COVID-19 pandemic restrictions necessitated curricular modifications in Canadian occupational therapy education. Documentation and reflection on temporary or permanent curriculum modifications and their perceived impact on student learning and outcomes is critical. Purpose. To explore and compare reported curricula changes (academic and fieldwork) during restricted and post-restricted delivery periods together with the perceived impact on learners. Method. A cross-sectional online descriptive survey was sent to key representatives from administration, curriculum, and fieldwork at all 14 accredited occupational therapy university programs in Canada. Findings. Overall, many pandemic-restricted curricula delivery and assessment changes shifted back toward pre-pandemic methods. Changes that were maintained were congruent with universal design or perceived limited adverse impact on learning. Both in-person and virtual learning were perceived as important for changing practice needs. Fieldwork placement recruitment remained a challenge, with some programs increasing the use of simulation. Interpersonal competency development and assessment method integrity were more visible and of concern. Conclusion. Interpersonal competency development and assessment method integrity were more visible and of concern. Programs demonstrated remarkable flexibility to shift, adapt, and deliver curricula, but the human cost for this accomplishment is still palpable.

Does ESG rating divergence affect the cost of corporate debt?

AbstractDrawing on a sample of Chinese listed firms, we find that environmental, social, and governance (ESG) rating divergence increases the cost of debt through increased information asymmetry and corporate risks, particularly for non‐state‐owned enterprises and firms with weaker contractual environments or less collateral. In addition, we find that ESG divergence and analyst forecast bias exhibit a substitutive relationship in debt costs, and standardising ESG disclosure can mitigate the adverse impact of ESG rating divergence on the cost of debt. This study extends the research on ESG rating divergence and the cost of debt, and provides empirical support for developing a standardised ESG rating system.

Efficacy of the Plant Growth Promoting Rhizobacterium and Lufenuron for Reducing Insect-associated Yield Losses in Cauliflower

Insect attacks on plants are a severe problem in the agricultural sector. The damages caused by insects have an adverse impact on plant growth which leads to slow economic growth, particularly in countries dependent on agriculture. Plant growth-promoting rhizobacteria (PGPR) are widely utilized in agriculture because they offer a viable alternative to pesticides and artificial fertilizers. The growth and life cycle of insects/pests is inhibited by the insect growth regulators (IGRs), which belong to third-generation insecticides. Lufenuron is an IGR having a broad-spectrum insecticidal activity. Lufenuron inhibits insect growth by reducing chitin synthesis. A field experiment was carried out at Ayyub Agricultural Research Institute, Faisalabad, to evaluate the effect of MUR-4 (a potential PGRP) and lufenuron on cauliflower under insect attack. Cauliflower (Naran F1) seedlings were grown with and without a potential PGPR (MUR-4) using a randomized complete block design (RCBD). Attacks of cutworms, diamondback moths, armyworms and aphids were recorded periodically. Lufenuron was applied as a foliar spray, to inoculated as well as non-inoculated plants, upon insect attack. A foliar spray of lufenuron exerted a positive effect and reduced the insect attack. Plant biochemical analysis manifested the higher activities of phenolics and proline (secondary metabolites) in MUR-4 PGPR inoculated plants. Increased levels of malondialdehyde (MDA) and H2O2 indicated oxidative stress in plants. Peroxidase (POD), catalase (CAT) and superoxide dismutase (SOD) enzymes play a very important role in defence against insect-induced biotic stress. MUR-4 PGPR inoculation enhanced the activity of the mentioned enzymes i.e. POD, CAT and SOD. We concluded that lufenuron spray can positively assist farmers in insect control strategies. Furthermore, MUR-4 PGPR inoculation improved the plant defence system against insect herbivory.

Effects of Superphosphate on Greenhouse Gas Emissions and Compost Quality During Industrial Scale In-Vessel Swine Manure Composting

Composting is an environmentally friendly method for transforming the nutrients present in livestock manure into organic fertilizer. In this study, the compost quality-enhancing and N2O and CH4 emissions-reducing effects of superphosphate were investigated during industrial-scale in-vessel composting of swine manure. Alongside a control group, three different doses of superphosphate were tested: 5% (SSP5), 10% (SSP10), and 15% (SSP15). The results revealed that the superphosphate reduced the N2O and CH4 emissions by 18.5–26.3% and 15.8–25.1%, respectively. In addition, the superphosphate enhanced both the N and P contents of the compost. However, it had an adverse impact on compost maturity, with the SSP15 dose showing the lowest germination index (GI) at 70.4% and the highest electrical conductivity (EC) at 9.04 mS·cm−1. These findings suggest that superphosphate has potential for greenhouse gas mitigation and nutrient augmentation in industrial composting. Although the economic benefits of superphosphate addition for GHG reduction are limited, the technology holds considerable economic potential for nitrogen conservation. Further investigations should focus on combining superphosphate addition with other improvements, considering both compost quality and economic viability.

Prohexadione-Calcium Reduced Stem and Tiller Damage and Maintained Yield by Improving the Photosynthetic and Antioxidant Capacity of Rice (Oryza sativa L.) Under NaCl Stress

Salt stress is a vital environmental stress that severely limits plant growth and productivity. Prohexadione-calcium (Pro-Ca) has been extensively studied to regulate plant growth, development, and stress responses. However, the constructive role of Pro-Ca in alleviating damages and enhancing rice tillers’ morph-physiological characteristics under salt stress remains largely unknown. The results showed that Pro-Ca significantly improved Changmaogu’s (CMG’s) productive tillering rate and the total yield per plant by 17.1% and 59.4%, respectively. At tillering stage, the results showed that Pro-Ca significantly improved the morph-physiological traits, i.e., leaf area, and photosynthetic traits of the rice variety with salt tolerance, under NaCl stress. Pro-Ca significantly increased the seedling index of the main stem and tiller by 10.3% and 20.0%, respectively. Pro-Ca significantly increased the chlorophyll a (chl a), chlorophyll b (chl b) and carotenoid contents by 32.8%, 58.4%, and 33.2%, respectively under NaCl stress. Moreover, Pro-Ca significantly enhanced the net photosynthetic rate (A) by 25.0% and the non-photochemical (NPQ) by 9.0% under NaCl stress. Furthermore, the application of Pro-Ca increased the activities of antioxidant enzymes by 7.5% and 14.7% in superoxide dismutase (SOD), 6.76% and 18.0% in peroxidase (POD), 26.4% and 58.5% in catalase (CAT), 11.0% and 15.9% in ascorbate peroxidase (APX), and Pro-Ca reduced the membrane damage index by 10.8% and 2.19% in malondialdehyde (MDA) content, respectively, for main stem and tiller leaves under NaCl stress. Pro-Ca significantly enhanced the soluble protein content of the main stem and tiller leaves by 2.60% and 6.08%, respectively. The current findings strongly suggested that exogenous application of Pro-Ca effectively alleviated the adverse impact of NaCl stress on the main stem and tillers by enhancing the photosynthetic capacity and antioxidant enzyme activity, and ultimately increased the productive tillering rate and grain yield.

Firm Value Impact of Global Oil and Gas Mergers and Acquisitions: The Role of Environmental Policy Framework

The oil and gas (O&amp;G) industry is under increasing pressure to decarbonize and adopt sustainable practices. While some firms are transitioning toward renewable energy, many continue to expand their traditional O&amp;G operations. This study examines how financial markets perceive the value creation potential of business-as-usual mergers and acquisitions (M&amp;As) by the world’s largest O&amp;G companies from 2000 to 2021. Using an event study methodology, we focus on the role of home-country environmental policy stringency (EPS) in shaping market reactions. Our findings reveal that higher EPS in the acquirer’s home country is associated with a greater perceived loss in shareholder value upon the announcement of traditional O&amp;G M&amp;A deals, suggesting that EPS signals significant operational and financial risks related to hydrocarbon investments. However, when these deals are cross-border, the adverse impact of the acquirer’s home-market EPS diminishes, indicating that expanding beyond domestic markets may help O&amp;G firms mitigate the financial consequences of stricter environmental regulations. JEL Classification: G11, G14, G34, Q40, Q58