Sustainable Development Of Enterprises Research Articles

Corporate ESG performance when neighboring the Environmental Protection Agency

Practicing ESG concept is a necessary way for sustainable development of enterprises and an important hand in realizing high-quality economic growth. This paper introduces the hypothesis of “distance attenuation effect” of geo-economics into the research field of corporate ESG performance, and systematically examines the impact of neighboring the Environmental Protection Agency (EPA) on corporate ESG performance by using the data of China's listed companies in the manufacturing industry from 2011 to 2021. It is found that being a neighbor to the EPA has a significant inhibitory effect on corporate ESG performance, which was reduced by 0.196% when the distance between the two was reduced by every 1 km. And the inhibitory effect has a stepwise decreasing characteristic, i.e., it is the strongest at the level of county EPA, followed by municipal EPA, and the smallest at the level of provincial EPA. The mechanism analysis shows that the rent-seeking behavior caused by neighboring with EPA is an important reason for the decline of ESG performance, which verifies the “distance attenuation effect” of rent-seeking difficulty. Although neighboring the EPA improves firms' financial performance, it greatly harms firms' environmental, social and governance performance, which confirms the profit-seeking motive of firms' rent-seeking. In addition, the deterrent effect generated by third-party supervision and digital supervision can inhibit corporate rent-seeking to a certain extent, which helps weaken the negative impact of neighboring the EPA on corporate ESG performance.

A STUDY ON THE ROLE OF FINANCIAL MANAGEMENT IN PREVENTING BUSINESS RISKS (THE CASE OF CENTURY TIANHONG EDUCATION TECHNOLOGY CO., LTD.)

Financial management, being an important part of modern enterprise management, is a key force that affects the sustainable development of enterprises. With such significantchanges in the market, enterprises need to constantly improve their core competitiveness, establish and improve a scientific and effective enterprise financial management system and risk mechanism, and strengthen the management and control of enterprise production and operation risks. Therefore, this study collates and calculates the annual report of Century Tianhong Education Technology Co., Ltd. for the three years from 2019 to 2022, outlines the current situation of financial risk management of Century Tianhong Education Technology Co., Ltd. in terms of solvency, profitability and development ability, and uses the financial risk management method to identify and evaluate the financial risk of Century Tianhong Education Technology Co., Ltd. Through the quantitative research on the hypothesis, the research results are as follows: Century Tianhong Education Technology Co., Ltd. has management problems in terms of solvency, profitability and development ability, and the improvement of these three aspects has a significant impact on the role of financial management to prevent business risks. This studyputs forward the following suggestions: 1) strengthen the concept of capital flow management and risk prevention; 2) accelerate the modernization of the accounts receivable system; 3) clarify the cost components of different products; 4) establish the prevention of harmonious financial management level of enterprises. It is expected to scientifically evaluate and predict the future earnings of Century Tianhong Education Technology Co., Ltd., and effectively improve the overall financial management level of the company.

The impact of corporate environmental responsibility on green technology innovation: An empirical analysis of listed companies in China's construction industry

How to enhance competitiveness in the green building market and achieve green sustainable development is a challenge that construction industry enterprises face. To explore the impact and mechanism of corporate environmental responsibility (CER) on green technology innovation (GTI), this article selects data from listed construction companies in the Shanghai and Shenzhen A-share from 2011 to 2020 for empirical analysis. The results show the following: ① Improving the level of CER in the construction industry can promote GTI. ② Financing constraints only mediate the impact of CER on strategic GTI and have no effect on real GTI. ③ The educational background of the executive team positively moderates the promotion of CER on GTI. ④ The ownership nature of state-owned enterprises exhibits a negative moderating effect on CER's influence on strategic GTI, while its moderating effect on real GTI is not significant. ⑤ Media attention positively moderates the promotion effect of CER on strategic GTI, while its promotion effect on real GTI is not significant. After potential endogeneity issues are considered and a series of robustness tests is conducted, these conclusions still hold. The research findings help reveal the relationship between CER and GTI and provide references from the perspective of environmental responsibility for promoting the sustainable development of enterprises.

Research on ESG Report from the Perspective of Sustainable Development

China's economy has entered a stage of high-quality development, and sustainable, green and low-carbon are becoming important keywords for economic development. The "dual carbon" goal proposed by China in 2020 has further promoted the society's attention to green and low-carbon development. At the same time, more people and enterprises are gradually realizing the importance of assuming social responsibility for the sustainable development of enterprises. ESG includes environmental, social and governance aspects, and advocates that enterprises should not only pay attention to the growth of their own financial performance in the process of business development, but also pay attention to the coordinated development of non-financial performance, and promote sustainable development of enterprises through active ESG practices to help enterprises transform green. Moreover, as an important driving force for economic and social development, ESG practice can promote the high-quality development of China's economy. In recent years, ESG has gradually become a hot social issue, and how to achieve sustainable development has attracted extensive discussion and research, so the research of ESG report has become more and more important.This paper takes Fuyao Group's ESG report as the research object to explore its ESG reporting practice and its impact on the sustainable development of enterprises. Through the study of this paper, it is found that the practice of ESG reporting carried out by Fuyao Group first achieves energy conservation and emission reduction in environmental aspects, responds to the national strategy, and reduces energy costs; Secondly, in terms of society, improve employee efficiency by protecting the rights and interests of employees, participate in philanthropy to enhance corporate visibility, cooperate with all parties in the supply chain, and obtain government recognition; Thirdly, in terms of governance, we continue to promote the improvement of governance mechanisms and improve the efficiency of enterprise management; Finally, ESG practices affect corporate performance from two aspects: promoting R&D innovation and helping enterprises alleviate information asymmetry. ESG practices have a positive impact on corporate sustainable development, non-financial performance is most directly reflected in product added value, overseas revenue proportion increase, accumulated reputation and promote corporate green and sustainable development, financial performance has also been better long-term promotion, at the same time, the release of ESG practice report has achieved good market response, promoting the growth of corporate value. In conclusion, this paper argues that ESG practices can help improve corporate performance and promote sustainable development, and enterprises should attach importance to the coordinated development of environmental protection, social responsibility and corporate governance in the process of operation, and participate in ESG practices to promote the sustainable development of society.

Research on the Influence of Corporate Culture Innovation on Corporate Management Innovation in The Era of Knowledge Economy

Entering the era of knowledge-based economy, enterprise competition is quietly transforming, and enterprise management and culture construction become especially critical. Enterprise culture innovation can not only improve the overall efficiency of enterprises, but also provide solid support for long-term stable growth of enterprises. This paper analyzes the necessity of enterprise culture innovation and enterprise management innovation according to the related contents of enterprise culture and enterprise culture innovation, and studies the influence of enterprise culture innovation on management innovation, the problems and countermeasures in the innovation process, in order to better help enterprises formulate effective business strategies and countermeasures to promote sustainable development of enterprises.

The impact of green technology innovation and firm default risk: benefit effect or risk effect?-evidence from the panel data on Chinese manufacturing firms.

In the context of China's strategic goal of carbon neutrality, the realization of green technology innovation to reduce the risk of manufacturing default will help promote the green transformation of firms and achieve high-quality economic development. The study explored the relationship between green technology innovation and default risk by taking the manufacturing industry of listed enterprises in China from 2001 to 2020 as research samples. The results showed that green technology innovation is negatively correlated with default risk. Moreover, the heterogeneity analysis showed that the benefit effect of heavy-polluting enterprises, state-owned enterprises, and large-scale enterprises was more significant. The mechanism analysis showed that green technology innovation can reduce default risk through market position and capital structure. In addition, the study further distinguished that environmental protection tax was conducive to green technology innovation to reduce the occurrence of default risk. In theory, the study expanded the research paradigm between green technology innovation and default risk in theory, and provided new evidence and enlightenment for reducing the default risk of enterprises and supported the green and sustainable development of enterprises in practice.

Corporate social responsibility, new challenges with new development, and new structural work of management framework business development cycles

The study focuses on the impact Of Corporate Social Responsibility on Sustainable Enterprise Development. In addition, it also focuses on Corporate Social Responsibility and institutional theory for new Perspectives on private governance. Lastly, it examines reimagining Corporate Social Responsibility in the Era of COVID-19 by Promoting Corporate Social Competence.As this paper is based on reviews so that secondary data collection method will be used in which various past articles, books, journals, and reviews will be used to collect all the reliable data based on the topic. This study is qualitative in nature.The integration of CSR into the core business strategy is more efficacious than its treatment as a distinct initiative. This strategy aims to synchronize corporate social responsibility endeavors with the objectives of the organization, thereby guaranteeing enduring viability. Nevertheless, it presents difficulties as enterprises must devise strategies to integrate CSR deliberations into all facets of their activities.Corporate Social Responsibility (CSR) initiatives are frequently characterized by their voluntary nature and self-regulatory approach, which may not be subject to enforceable standards. This phenomenon may lead to incongruity and fluctuating degrees of dedication among corporations. In the absence of well-defined guidelines, certain organizations may resort to "greenwashing" tactics, whereby they purport to exhibit social responsibility without effecting significant alterations.Through a comprehensive comprehension and proficiency in tackling emerging challenges in Corporate Social Responsibility (CSR), enterprises can augment their standing and foster confidence among their stakeholders. A robust corporate social responsibility (CSR) strategy that is in line with societal expectations has the potential to enhance brand reputation, entice customers, and cultivate enduring relationships with stakeholders. The academic perspective suggests that the study of Corporate Social Responsibility (CSR) enables businesses to comprehend the wider societal and ecological consequences of their operations. The aforementioned statement highlights the significance of comprehending the effects of corporate choices on stakeholders, thereby facilitating judicious and conscientious decision-making. Consequently, this facilitates the alignment of corporate strategies with sustainable development objectives and enables decision-making that is mutually advantageous for the enterprise and the community.

The impact mechanism of China's green finance on the transformation and innovation of high-energy-consumption enterprises.

The development of green finance and the promotion of green transformation and upgrading of high energy-consuming enterprises are of great significance for China to achieve the "double carbon" goal. This paper employs a dual fixed-effects model to examine the profound ramifications and intrinsic mechanisms of green finance development on the transformative innovation of high-energy-consumption enterprises, using a sample of 462 publicly traded high-energy-consuming corporations from the period spanning 2016 to 2020. The results show that the development of green finance promotes the transformation and innovation of energy-intensive enterprises and that market-incentivized environmental regulation plays a partially mediating role; the results of heterogeneity analysis show that green finance promotes the transformation and innovation of high energy-consuming enterprises with significant differences in different low-carbon pilot regions, company ownership, and enterprise size; the mechanism analysis shows that the development of green finance can increase government subsidies and alleviate financing constraints to promote the transformation and innovation of high energy-consuming enterprises; it is also found that the development of green finance can significantly improve the financial performance of enterprises. The research findings of this paper hold significant implications for promoting the sustainable development of green finance and high-energy consumption enterprises in China. They provide valuable insights and references for facilitating the green transformation and innovation of high-energy-consuming enterprises in China as well as other developing countries.

FACTORS INFLUENCING CHANGES IN CHARACTERISTICS AND TYPES OF INTELLECTUAL PROPERTY OBJECTS IN CURRENT TRENDS IN INDUSTRIAL ENTERPRISE MANAGEMENT AND TECHNOLOGICAL INNOVATIONS

The management of industrial enterprises in modern trends is multifaceted, among which the use of intellectual property plays an important role, which, in turn, is a means of increasing competitiveness, efficiency and profitability. The purpose of the article is to analyze the factors of changes in the features and types of intellectual property objects in modern management trends of industrial enterprises. The article analyzes the legislative regulation regulating the protection of intellectual property in Ukraine. Objects of intellectual property are identified, including: patent, copyright, trademark and privacy protection. Factors influencing changes in the characteristics of intellectual property objects are substantiated, among which technological changes, economic and market factors, changes in patent legislation, establishment of international standards, and socio-cultural aspects should be highlighted. It is proven that the mentioned factors make up a complex network of factors that influence each other and determine the dynamics of changes in the field of intellectual property in the modern management of industrial enterprises. It was determined that digital transformation has an impact on intellectual property objects. Such means of digital transformation as the Internet of Things, artificial intelligence, blockchain technology, virtual reality and augmented reality were analyzed. An integrated model of intellectual property management at an industrial enterprise is proposed, which involves a comprehensive approach to four aspects - innovation management, protection of intellectual property rights, strategic partnership and licensing, development of internal culture and education of the enterprise's personnel. The specified model will contribute to the sustainable development of the industrial enterprise and increase the level of its competitiveness in the market.

Does government investment push up manufacturing labor costs? Evidence from China

China’s labor costs have risen rapidly compared with other emerging market countries in recent years. Government investment is an essential factor pushing labor costs, a unique and exciting phenomenon in China. This paper explains why labor costs in China’s industrial manufacturing industry have rapidly increased from the local government investment perspective. First, the government’s preference for investment in infrastructure construction creates labor demand and drives up labor costs. Second, the improvement of infrastructure lowers the transaction costs of the enterprise sector, thus expanding the scale of production and triggering a rise in labor costs. The empirical results show that for every 1% increase in government investment, the unit labor cost increases by 0.0013 units, and the nominal labor cost increases by 1.443 units. A series of robustness tests support the results. China should rationally control the scale of government investment so that labor costs are in a moderate growth range and then promote the sustainable development of enterprises.

Determinants of Micro, Small and Medium Enterprises (MSMEs) Sustainable Development in Africa

Micro, small and medium enterprises (MSMEs) accelerate economic growth by creating new products and services; they stimulate new employment, which ultimately results in the acceleration of sustainable economic development in Africa. So, public policy that encourages and supports entrepreneurship and MSMEs’ sustainable development should be considered important for the economic growth of Africa. The purpose of this study was to examine factors contributing to the sustainable development of MSMEs in Africa. In order to achieve this objective, the researchers have used a correlational research design and quantitative research approach in which six hypotheses have been tested. Both primary data were collected from 340 MSMEs operating in Africa through survey questionnaires. Both descriptive and inferential statistics have been used to analyze the data. According to the regression analysis, this study revealed that access to finance, infrastructure, and institutional cooperation, access to business information, government support, and information technology utilization led to Micro, small and medium enterprises’ sustainable development in Africa. Based on the findings of the study, a recommendation was forwarded to the concerned bodies who are responsible for improving the sustainability of Micro, small, and medium enterprises in Africa while working on those variables contributing to the MSMEs’ sustainable development.

Construction of Evaluation Index System of Harmonious Labor Relations in Chinese Enterprises: An Empirical Analysis Based on Structural Equation Model

Since entering the period of economic and social transformation, China’s labor relations conflicts have entered a period of prominence and prevalence, which has brought great challenges to ensure the sustainable development of enterprises and build a harmonious society. Constructing a scientific and reasonable evaluation index system of harmonious labor relations in enterprises to measure the harmonious degree of labor relations is of great significance for improving the management level of labor relations in enterprises, promoting sustainable development of enterprises, and building a socialist harmonious society. Based on the relevant research results of labor relations and from the perspective of employees, this paper took the ERG theory (E stands for existence needs, R stands for relatedness needs, G stands for growth needs) as the basic framework of the evaluation index system, combined with the literature research method and expert consultation method to initially design evaluation index system, used SPSS 26.0 software and principal component analysis to further determine the evaluation index system structure. Based on the structural equation model, this paper used AMOS 23.0 software to carry out first-order and second-order confirmatory factor analysis for the evaluation index system and assigned objective weights to the evaluation indicators according to standardized factor analysis path coefficients. The index system, via structure confirmation and index empowerment, is used to evaluate the harmonious degree of labor relations between the two enterprises, N and Z. It is found that the evaluation index system of enterprise harmonious labor relations constructed in this paper conforms to the theoretical hypothesis model; The index system includes salary and benefits, working conditions, communication management, interpersonal relationship, individual participation and personal development six dimension-level indexes and 18 index-level indexes; The overall labor relations of companies N and Z are relatively harmonious, but the relative satisfaction of individual development indicators at the dimension level is low, and there is still room for improvement. The research results of this paper not only enrich and improve the theoretical system of labor relations to a certain extent but also provide a new perspective for the integration of enterprise harmonious labor relations and ERG theory and provide a theoretical basis and practical guidance for enterprises to establish harmonious labor relations and promote sustainable development of enterprises.

Accounting and Auditing Time Management: A Model for Enterprise Sustainable Development Planning

Accounting and Auditing Time Management: A Model for Enterprise Sustainable Development Planning

Research on the Impacts of Corporate Sustainability Reporting Disclosure of Chinese Food Enterprises on Financial Performance

"With the proposal and continuous updating of sustainable development concept in China, actively assuming social responsibility by enterprises has become a direct manifestation of the progress of the times. While operating and developing, food enterprises should not only focus on their own profits, but also fulfill their social responsibilities. The article analyzes the causes of food safety issues that have emerged in the Chinese food industry, and proposes to focus on improving the skills and qualities of enterprise employees, constructing a policy system for food safety supervision and management, in order to provide beneficial insights for promoting sustainable development of enterprises. At the same time, using a combination of theoretical and empirical analysis methods, this study explores the impact of sustainable development responsibilities on financial performance of enterprises, providing strong support for enterprises to actively disclosure their Corporate Sustainability Reporting, and promoting listed companies in the food industry to attach importance to future sustainable development."

The Impact of TMT Political Connection on Corporate Performance-with CSR as the Mediation

Background and Aim: The recent release of corporate social responsibility (CSR) reports by companies has once again attracted public attention to the performance of CSR. CSR, as an important aspect that affects a company's financial performance, is highly valued. This research is based on the resource theory and upper-echelons theory to study the impact of Top Management Team (TMT) political connections on CSR strategies and corporate performance. Materials and Methods: Taking A-share listed companies in Shanghai and Shenzhen from 2010 to 2019 as research samples, a multiple linear regression model is used to empirically analyze and test the mechanism of the effects of TMT political connection on CSR and corporate performance. Results: The research results indicate that TMT's political connection has a positive impact on CSR. TMT political connection has a positive impact on corporate performance, and CSR plays a mediating role between TMT political connection and corporate performance. Conclusion: The findings have important implications for a deeper understanding of the motives and economic consequences of CSR, and also help enterprises adjust their corporate governance structure, enhance their strategic awareness of consciously fulfilling CSR, and ultimately promote the sustainable development of enterprises.

Methodology for assigning ESG ratings

The article presents study results of methodologies for assigning indices and ESG rating, ESG ranking by the largest Russian rating agencies: Analytical Credit Rating Agency, National Rating Agency, Expert RA JSC, and the Russian Union of Industrialists and Entrepreneurs. Growth of negative impact on the environment and aggravation of social and corporate problems have been outlined as relevance reasons of the issue. Theoretical bases of three key blocks (ecology (E), society (S), corporate governance (G)) have been stated. Known rating scales for assessing the level of sustainable development of Russian enterprises have been analyzed and distinctive features found. The influence of a company’s position in the sustainable development rating on construction of long-term trusting relations of the organization with investors, counterparties, consumers, staff, mass media, and expert community, as well as public authorities has been emphasized. As a result of the research work the authors have proposed their own methodology for assigning ESG ratings that can serve as a basis for generalizing all the technologies available in the market to assess companies’ compliance with the ESG agenda.

Opportunities and Challenges for Luxury Goods Companies in the Era of Social Media

With the deepening of the era's informatization and technological advancement, the world has been enveloped by the realm of big data and greatly influenced by it. Among them, "social media" has become a particularly active component, playing a crucial role in various industries and undergoing significant expansion of its functions. This paper takes "social media" as a medium to explore the opportunities and challenges for the development of the luxury goods industry. It aims to leverage its competitive advantages to achieve the sustainable development of enterprises.

Exploring the synergy of blockchain technology and low-carbon innovation for enterprise sustainability for unlocking a sustainable energy

Along with further implementation of the policy strategy of carbon peaking and carbon neutralization in our country, the development idea of realizing the “dual carbon” goal with emphasis on environmental protection and low-carbon technology development has been preliminary established. At present, Chinese energy enterprises urgently need to break the dilemma between system and efficiency through technological innovation, so as to achieve the goal of sustainable development. Based on the legitimacy theory and stakeholder theory, this paper discusses the internal mechanism and boundary conditions of low-carbon technology innovation affecting the sustainable development of energy enterprises. Based on the data of listed Chinese energy companies from 2015 to 2021, the empirical study found that the level of low-carbon technology innovation of energy enterprises has an inverted U-shaped positive impact on their sustainable development performance, and the dual legitimacy (political legitimacy, market legitimacy) plays a part of the intermediary role. The degree of market competition positively moderates the relationship between low-carbon technology innovation and political legitimacy, and positively moderates the mediating effect of political legitimacy between low-carbon technology innovation and sustainable development performance. However, the degree of market competition has no significant moderating effect on the relationship between low-carbon technology innovation and market legitimacy, nor can it significantly regulate the mediating effect of market legitimacy. The constraint strength of “dual carbon” targets positively moderates the relationship between low-carbon technology innovation and political legitimacy, and positively moderates the mediating effect of market legitimacy between low-carbon technology innovation and sustainable development performance. On the contrary, the “dual carbon” target constraint intensity negatively moderates the relationship between low-carbon technology innovation and market legitimacy, and negatively moderates the mediating effect of market legitimacy. This article not only provides a new perspective for the integration of low-carbon innovation and legitimacy theory, but also provides theoretical reference and guidance for the practice of low-carbon technology innovation in energy enterprises.

The Impact of Green Supply Chain Management on Long-term Effectiveness of Enterprises

Due to the expansion of the economy and society, higher standards have been proposed for the growth of enterprises. More and more attention has been paid to the sustainable development of enterprises. The shortage of resources and environmental pollution are another challenge for manufacturing enterprises, requiring businesses to give environmental issues more consideration modern management practices such as green supply chain management take the entire supply chain into account when making decisions. It incorporates suppliers, manufactures, sellers and users and is based on the principle of green manufacturing and supply chain management technologies. Its goal is to reduce environmental impact of the entire process of purchasing, processing, packing, storing, moving, using, and discarding products. This article begins with the meaning of supply chain management, examines the fundamental components of a green supply chain, elaborates on the implementation of a green supply chain, discusses the challenges a green supply chain faces in China, and then proposes green supply chain management strategies.

Blockchain Technology and Small and Medium Enterprises Access to Finance

Small and medium enterprises (SMEs) are essential in developing the world economy. However, they face financing distress due to high information asymmetry and lack of collateral and credit. From the enterprises sustainable development perspective in the big data era, this study explores whether and how blockchain technology can alleviate the information asymmetry problems of SMEs and further improve the convenience of accessing finance. Blockchain technologys decentralized, unchangeable, and transparent natures can reduce information asymmetry between SMEs and the financing parties. SMEs become more creditable to the bank with a more transparent share of businesses operation information and financial conditions based on blockchain. At the same time, market investors can also learn more about the operation of corporate funds. Overall, this study provides new insights on how to use blockchain technology to increase SMEs development efficiency by lessening information asymmetry, reducing the cost of equity and bond financing for SMEs, and effectively reducing SMEs financing difficulties in this age of big data.