Financial Risk and Financial Performance of Commercial State Corporations in Kenya

Energy renovations in multi-owner residential buildings are a critical but complex component of Europe's decarbonization strategy. Co-owned condominiums face challenges related to collective decision-making, technical complexity, legal rigidity, and financial risk. Across Europe, national and regional governments have launched support structures, most notably one-stop shops, to guide co-owners through the renovation process and to bridge technical, financial, and organizational gaps. In the Belgian region Flanders, the Flemish Energy and Climate Agency has launched a subsidized Renovation Master Plan to overcome these barriers by facilitating one-stop shops that provide neutral renovation advice (Energy Houses), and engineering and architectural consultancies (Study Offices) to support condominiums throughout the renovation process. This article investigates how this Public-Led Approach operates in practice by analysing five real-life condominium renovation projects across three cities: Antwerp, Mechelen, and Ostend. Based on case studies, interviews with co-owners and relevant stakeholders, and analysis of project reports, this study explores this policy instrument with the aim of optimizing its effectiveness and exploring its potential for replication in other EU member states. The findings show that successful energy renovations are not just a matter of technical planning or financial subsidies. Progress depends on how public actors build trust, coordinate fragmented stakeholders, and adapt their business models to diverse ownership structures and renovation pathways. We argue that replicating and scaling such Public-Led Approaches requires sustained local engagement, institutional flexibility, and public-private collaborations. The findings can inform policymakers, practitioners, and researchers in developing effective and targeted Publicly-Led Integrated home renovation services in the EU. • Public-led IHRS enable phased renovation in complex condominiums. • Intermediaries translate technical renovation plans into feasible collective decisions. • Financial feasibility, trust, and phasing shape HOA renovation decisions. • EU policy should support neutral intermediaries and building-level finance tools.

Ayushman card (PM-JAY) as a tool for financial risk protection in orthopaedic trauma care: Evidence from a Level-1 trauma centre.

Environmental policy stringency and corporate financial risk: Are politically connected firms better off?

Culture and demographics as moderators of psychological and social influences in personal financial management behavior among Indian young professionals.

Food waste remains a significant sustainability challenge in the hospitality industry in which food rescue apps aim to help with a scalable mechanism for redirecting surplus meals from restaurants to consumers. Despite growing uptake, broader adoption of these apps is constrained by consumers’ perceived risks and by an incomplete understanding of the affective processes that accompany risk evaluations. Addressing these gaps, this research draws on the risk-as-feelings framework to examine (1) how different risk dimensions relate to consumers’ intentions and actual purchasing behavior via food rescue apps, and (2) how positive and negative emotions shape the risk–intention relationship. We employ a multi-method, three-study design with consumers who have recent, real-world experience using food rescue apps. Study 1 uses a two-phase design over two months to assess how distinct risk dimensions contribute to the intention–behavior gap. Study 2 complements this through qualitative interviews that illuminate consumers’ emotional experiences when using food rescue apps. Study 3 tests the joint effects of perceived risks and emotions on intended food rescue behavior using quantitative data. By integrating risks and emotions, the study advances understanding of how risk perceptions translate into (or inhibit) app-based food rescue purchases. The findings offer actionable implications for platform providers and restaurant partners by identifying which risk dimensions most strongly deter engagement. • A multi-method study based on risk-as-feelings connecting risks and emotions. • Psychological and performance risks are the two most salient risk perceptions. • Highlights dual processing of risks and benefits despite focus on risks only. • Joy and contentment softens, but discontent amplifies, performance risk’s negative impact. • Feeling of surprise makes consumers become less sensitive to financial risk.

The low level of financial literacy among adolescents has become a critical issue that requires serious attention, particularly for vocational high school (SMK) students who are beginning to manage their finances independently. Limited understanding of personal financial management can lead to consumptive behavior, weak saving habits, and increased vulnerability to the misuse of digital financial services. This Community Service Program aimed to enhance the financial literacy of SMK students through applicative and contextual education on personal financial management. The program was implemented at SMK IPTEK and involved 35 students as participants. The PKM activities were conducted by five lecturers from the Undergraduate Accounting Study Program of Universitas Pamulang on September 27, 2025. The implementation methods included interactive counseling sessions, participatory discussions, budgeting simulations, and the introduction of potential digital financial risks. Program evaluation was carried out by comparing students’ knowledge and skills before and after the activities. The results showed a significant improvement in students’ financial understanding and competencies, particularly in distinguishing between needs and wants, preparing simple personal budgets, and increasing awareness of digital financial risks. These findings indicate that structured and participant-oriented financial education is effective in improving financial literacy. This PKM program contributes to fostering responsible financial behavior among SMK students and is expected to serve as a sustainable community service model supported by schools and relevant stakeholders.

The rising prevalence of hypertension in Ghana and the associated household expenditures have become major policy concerns. High out-of-pocket (OOP) payments restrict access to care and increase the risk of impoverishment. This study examines the level and effect of household impoverishment due to care-seeking for hypertension in Ghana. We analyzed data from a catastrophic health expenditure survey conducted between December 2023 and February 2024 at 2 primary healthcare facilities: Weija Gbawe Municipal Hospital (WGMH) and Shai Osudoku District Hospital (SODH) in the Greater Accra Region. The analysis involved descriptive statistics and estimation of the impact of OOP payment on impoverishment, including a pen's parade of household per capita expenditure. The findings show that OOP led to an increase in the poverty headcount by 3.14% and 0.26% using US dollars $2.15/per day and $3.65/per day, respectively. At a lower threshold, the household poverty gap increased from $40.10 to $46.57 and widened from $83.86 to $90.79. The normalized poverty gap grew from 62.17% to 72.20% at a lower poverty line and from 76.58% to 82.92% at the higher threshold. It also emerged that the normalized mean poverty also increased from 61.78% to 69.62% at a poverty threshold of $2.15 and from 129.8% to 141.92% at $3.65 of the poverty line. Our findings suggest that without financial risk protection, households are likely to be pushed into extreme poverty because of expenditures on hypertension care. Urgent intervention is needed to mitigate the impoverishing effects of noncommunicable diseases in Ghana.

Universal health coverage (UHC) is a concept that includes-protection from financial risks for all; access to quality primary health services; and, access to essential medicines and vaccines that are safe, effective, high quality, and inexpensive. Public health expenditure (PHE) is expected to improve healthcare delivery in terms of access, quality and financial risk protection. To this end, this study aims to explore the relationship between progress in UHC and PHE across various countries. We analyzed the trends in UHC and PHE between 2000 and 2021 in 187 countries, using the UHC service coverage index(UHC-SCI), a composite measure of 14 indicators spanning reproductive, maternal, newborn and child health, infectious disease, non-communicable disease, service capacity and access. Data on UHC-SCI and public health expenditure (PHE) was obtained from the WHO Global Health Observatory and the Organization for Economic Cooperation and Development. Pearson's correlation coefficient was calculated, and a fixed-effects panel regressionmodel was used to explore the association between UHC-SCI and public health expenditures, while adjusting for economic, governance and health system factors. Between 2000 and 2021, change in UHC-SCI was positively correlation with change in PHE(r = 0.845;p-value = 0.017), explaining 66.9% of the variability in UHC-SCI. Mean public health expenditure as a % of CHE(PHE-CHE) increased by 3.08% and 1% increase in PHE was associated with 2.71-point increase in UHC-SCI. A panel regression model consisting of economic, governance and health system indicators explained 90% of variability in UHC-SCI between 2000 and 2021. Overall UHC-SCI progress between 2015 and 2021 was associated with only 7.9% of the UHC progress since 2000, with poor progress in upper-middle-income countries despite increased PHE. The analysis revealed a strong positive association between public health expenditure and progress in UHC-SCI across income groups, with public funding likely playing a pivotal role in advancing universal health coverage in addition to economic development, and governance. However, the limited progress in UHC-SCI since 2015, particularly in UMICs, despite increased public expenditure, underscores the need for policies that prioritize efficient resource allocation, equity, and access to essential health services through transparent and accountable governance mechanisms, so that the allocated public health funds are efficiently used for maximum effect.

The log-logistic (LL) distribution is widely used in reliability, actuarial, financial risk, and income distribution studies due to its heavy-tailed structure and flexible hazard function. In this study, the LL distribution is extended to a bivariate form under the Marshall–Olkin (MO) structure, and its dependence properties are addressed through the copula representation. In addition to maximum likelihood estimation (MLE), robust estimation approaches are developed by formulating M- and L-estimators that are more robust to outliers. The copula representation, upper-tail dependence, and the singularity component are theoretically derived, and the effectiveness of the estimators is compared with simulations. The results reveal that the M- and L-estimators provide lower error and more stable deviation than the MLE in small and medium samples. At the same time, the difference decreases in large samples due to the asymptotic efficiency of the MLE. Furthermore, robust estimators increase the stability of the optimization by providing reliable starting values for the MLE. Applications to UEFA Champions League data showed that marginal fit tests did not reject the LL hypothesis, while copula-based tests confirmed model fit. The best results were obtained with the L-estimator based on log-likelihood and AIC criteria. The findings indicate that robust methods are more effective in heavy-tailed and limited-sample datasets, while MLE is more effective in large samples.

Diagnosis-Related Group (DRG)-based payment reform aims to improve efficiency and restrain unnecessary expenditure, yet routine hospital indicators often report case mix, cost deviation, and profitability separately. This separation may obscure whether an unfavorable departmental profile reflects low cost-adjusted weighted output, reimbursement-cost misalignment, or an adverse position within the complexity-profitability distribution. This study develops and applies a DRG-Based Profitability-Efficiency Mapping (DRG-PEM) framework to evaluate departmental performance and identify reimbursement-cost pricing distortions within a DRG-based payment system. A retrospective analysis was conducted using discharge and cost data from 29 clinical departments in a large tertiary general hospital in China between January and June 2022. The analytical workbook contained 25,379 discharges, 1,962 department-DRG group records, and 595 unique DRG codes. DRG-PEM integrates three sequential modules: the Structural Efficiency Score (SES), the Weight-Cost Deviation Index (WCDI), and a DRG profitability-complexity quadrant map. Scenario simulation was performed for high-deviation DRG groups meeting predefined criteria: baseline WCDI > 40%, theoretical reimbursement below observed cost, complete cost data, and stable department-level case volume. SES values ranged from 23.86 in Pulmonary Medicine to 71.38 in Stomatology, demonstrating substantial interdepartmental heterogeneity. WCDI values ranged from 31.77% in Urology to 84.56% in Stomatology; similarly high values were observed in Pediatrics (83.72%), Pain Medicine (76.51%), and Anorectal Traditional Chinese Medicine (63.75%). Directional financial indicators showed that high WCDI did not uniformly indicate under-reimbursement: Stomatology had high WCDI but positive average profit per case, whereas ICU combined high CMI (1.81), negative average profit per case (-¥11,286.44), and severe WCDI (46.07%). Scenario simulations showed that reimbursement-to-cost ratios improved after hypothetical weight increases but remained below 1.0 for several high-deviation groups. DRG-PEM provides an implementable department-level framework for distinguishing cost-adjusted weighted output, reimbursement deviation, and structural financial risk under DRG payment. The framework supports integrated assessment of departmental performance and can inform targeted DRG weight adjustment, cost control, and internal resource allocation and institutional operational governance.

Immune checkpoint inhibitors (ICIs) have revolutionized cancer therapy, yet their uptake in low- and middle-income areas is hindered by high prices and uneven distribution. Anhui Province, China-characterized by marked urban-rural economic contrasts-offers a critical setting to examine real-world access to these agents. The objective of this study was to assess the availability, price levels, and affordability of ICIs across Anhui Province and to identify policy levers that could narrow observed access gaps. We applied the World Health Organization/Health Action International (WHO/HAI) standardized survey methodology to evaluate the availability, price differentials, and economic burden of immune checkpoint inhibitors (ICIs) marketed in Anhui Province, China. The survey was conducted in 2025 across 199 public hospitals. Affordability was further assessed using a four-tier framework comprising the WHO/HAI standard indicator (defined as the number of days' wages required to afford 30 days of treatment), adjusted using local urban and rural per capita disposable income to account for China's socioeconomic heterogeneity, and incorporating insurance reimbursement scenarios on the basis of Anhui provincial policy (85% for urban employee insurance and 70% for urban-rural resident insurance) to estimate out-of-pocket expenditure. In addition, catastrophic health expenditure (CHE), defined as household out-of-pocket health spending exceeding 40% of non-food expenditure, was used to capture household-level financial risk beyond individual income-based measures. Availability was defined as the proportion of facilities stocking a medicine on the survey day. Prices were collected at unit level and summarized as medians across facilities, with affordability assessed using the median price ratio (MPR), calculated as median local unit price relative to the international reference price (IRP) from the MSH International Drug Price Indicator Guide, in line with WHO/HAI methodology. Surveying 199 hospitals, we found that domestic PD-1 inhibitors-sintilimab, camrelizumab, and tislelizumab-were stocked in roughly 4 out of 5 facilities, whereas 11 of the 15 mainly imported ICIs appeared in fewer than 16% of hospitals; although some imported agents had acceptable median-price ratios (0-2), their absolute prices remained several-fold higher than domestic alternatives; thus even after insurance (85% urban, 70% rural), a year's treatment with cadonilimab or durvalumab still exceeded the catastrophic-expenditure threshold by up to 40 times for rural households, while domestic sintilimab or camrelizumab stayed well below that line. Domestic ICIs are broadly available and relatively affordable, whereas imported brands remain scarce and financially out of reach; boosting reimbursement limits, expanding centralized procurement, and favoring cost-effective domestic options may help reduce Anhui's access gap, although their implementation should take budget constraints and opportunity costs into account.

Payers use Managed Entry Agreements (MEAs) across Europe to manage the financial risks associated with high-cost medicines. While these agreements aim to improve affordability and address uncertainty, their confidential nature raises concerns about transparency, international price referencing, and the validity of economic evaluations. This study examines MEA practices across 13 European countries, analyzing adoption trends, reporting practices, and financial outcomes, and their implications for payer decision-making. Data from 2016 to 2022 were collected through (1) mapping national MEA frameworks, stakeholders, and implementation processes; (2) desk research on publicly available activity and financial reports; and (3) validation interviews with public-sector negotiators in each country. Across 13 countries, 24 MEA frameworks were identified. MEA usage increased substantially, with the highest numbers in 2022 in Germany (356) and France (349), and the largest growth in Belgium (+ 250%) and Norway (+ 227%). Reported expenditure reductions ranged from €0.04billion (Slovakia) to €5.56billion (France), with estimated discounts between 14% (Germany) and 54% (Belgium). Reporting remained heterogeneous, with activity data available for fourteen frameworks and financial data for ten. More granular reporting, such as by discount mechanism (Netherlands), therapeutic class (France), or gender (Sweden), was uncommon. The growing use of MEAs across Europe has widened the gap between list and actual prices. Incomplete and non-standardized reporting reduces the ability to assess financial performance and limits cross-country comparability. Harmonized reporting of aggregated data, without compromising confidentiality, could improve transparency, accountability, and support value-based pricing strategies.

Understanding the population's preferences for health insurance plays an important role in optimizing insurance scheme design and improving enrollment rate. This study aims to quantitatively investigate preference for supplementary voluntary health insurance (SVHI) from a multi-site survey and examine its heterogeneity in China. A discrete choice experiment was conducted in Shandong, Henan and Sichuan provinces using multi-stage stratified sampling method. Five SVHI attributes were identified: premium, benefit package, deductible, reimbursement rate, and reimbursement for pre-existing conditions. Choice sets were generated using a D-efficient design, grouped into two blocks randomly assigned to respondents, with each set comprising two SVHI options and an opt-out. Data were collected via face-to-face computer-assisted interviews. Mixed logit models was used to estimate preference weights, willingness-to-pay (WTP) and attribute importance scores. Preference heterogeneity was analyzed by disease-related financial risk awareness, numeracy, and health insurance knowledge, demographic, socioeconomic, and health characteristics. Of the 1326 respondents who completed the questionnaire, 1254 were included in the analysis. Reimbursement rate was the most important attribute (34.26%), followed by premium (25.06%), benefit package (17.60%), deductible (17.50%) and reimbursement for pre-existing conditions (5.58%). Overall, respondents expressed the highest WTP (USD 48.50) for improving the reimbursement rate from 50% to 90%, while they showed lowest WTP (USD 8.60) for decreasing deductible from USD 2777.78 to 1388.89. Heterogeneity analysis revealed stronger enrollment preferences among respondents with risk awareness, higher health insurance knowledge, higher numeracy, higher educational attainment, higher income, and those living in urban areas. In addition, higher levels of risk awareness, insurance knowledge, numeracy, income, and education were associated with increased WTP for SVHI attributes. Preference heterogeneity by risk awareness and insurance knowledge suggests need for targeted risk information communication and education campaign to promote SVHI uptake, and diverse insurance design tailored to socioeconomic differences in preferences for attributes.

Grounded in Chinese healthcare and cultural background, this study aimed to develop and validate the Subjective Financial Distress Scale (SFDS) for cancer patients. Between July and November 2022, cancer patients were recruited from the oncology department of a Grade A hospital in Jiangsu Province by the convenience sampling method. This research was conducted in three stages: Phase I (Item development) included domain identification and item generation based on a systematic literature review and preliminary qualitative interview results. Phase Ⅱ (Scale development) reduced items through Delphi expert consultation, a pilot test, item analysis and exploratory factor analysis. Phase III (Scale validation) evaluated the reliability and stability of the scale. A total of 452 patients were recruited. The final scale consisted of 24 items with 6 dimensions, including financial risk perception, changes in daily consumption patterns, changes in work status, changes in treatment plans, individual spontaneous emotional experiences and externally mediated interactive reactions. The scale's Cronbach's alpha, split-half reliability, test-retest reliability and content validity were 0.949, 0.902, 0.953 and 0.970, respectively. Comparison with the Comprehensive Scores for Financial Toxicity Based on the Patient-Reported Outcome Measures showed high calibration correlation validity (coefficient = 0.805). Confirmatory factor analysis showed that the first-order and second-order models both fit well, respectively. The SFDS is reliable and valid to assess the degree of the subjective financial distress in cancer patients.

Extended Cost-Effectiveness Analysis (ECEA) extends conventional cost-effectiveness analysis by incorporating financial risk protection (FRP) and examining the distribution of health and economic outcomes across socioeconomic groups. This scoping review aimed to map the application of ECEA in health-sector studies, identify methodological patterns, and explore geographic and thematic research gaps. A scoping review was conducted in accordance with PRISMA 2020 guidelines. Searches were performed on 29 October 2025 in PubMed, Scopus, Web of Science, ProQuest, and Google Scholar. Studies published between 2000 and 2025 that applied ECEA to evaluate health interventions were eligible for inclusion. Data were extracted on intervention characteristics, analytical approaches, equity measures, and FRP outcomes and were synthesized narratively. A total of 1,955 records were identified, of which 19 studies met the inclusion criteria. Most studies were conducted in low- and middle-income countries, particularly in Asia and Africa. The included studies primarily evaluated vaccination programs, taxation policies on harmful products, publicly financed health services, and maternal and child health interventions. Financial Risk Protection (FRP) outcomes were most commonly reported as reductions in out-of-pocket expenditures, catastrophic health expenditures averted, and poverty cases averted. Across studies, ECEA was predominantly used to assess the distribution of health and financial outcomes across socioeconomic groups, with outcomes commonly reported by income quintiles. ECEA applications remain limited and are predominantly concentrated in low- and middle-income countries, particularly within preventive and fiscal health interventions. The reviewed evidence suggests that ECEA provides a useful framework for assessing both health outcomes and financial risk protection across socioeconomic groups. Future research should expand ECEA applications to underrepresented settings and promote greater methodological standardization of equity and FRP measures.

This study examines aquaculture risk financing strategies and food safety practices among selected fish farmers in Lagos Metropolis, Nigeria. The study investigated the ranking of financing strategies and food safety practices using a quantitative survey approach. A descriptive survey design was adopted with a sample of 141 respondents selected through multistage sampling. Data were collected using structured questionnaires and analyzed with descriptive statistics and Friedman rank test in SPSS version 25. Results showed significant differences in risk financing strategies with χ² = 18.545, df = 4, p < .001. Personal savings and cooperative societies ranked highest (mean rank = 3.11), while credit facilities ranked lowest (2.66). Food safety practices also showed significant variation χ² = 16.315, p < .001, with HACCP ranking highest. The study concludes that informal financing dominates while food safety compliance is generally high. It recommends financial inclusion policies, insurance awareness, and strengthened extension services. The study contributes by applying Friedman ranking to link financing preferences and food safety priorities. Future research should extend to other regions and use longitudinal and mixed methods to enhance generalizability and policy relevance in aquaculture development and food security frameworks in Nigeria for sustainable sectoral growth and resilience policy implementation improvement.

The United Kingdom (UK) and Dutch governments have recently implemented mandatory financial risk (affordability) assessments for online gambling as a harm prevention measure. Assessments should trigger at a level of gambling expenditure that strikes a balance between harm prevention (most at-risk consumers should surpass the threshold) and liberty preservation (most no-/lower-risk consumers should gamble below it), yet little empirical research exists to guide threshold setting. We aimed to demonstrate how research can inform the harm-prevention, liberty-preservation trade-off in this context and evaluate the UK's proposed implementation of financial risk assessments. We reanalysed a dataset that combines self-reported Problem Gambling Severity Index (PGSI) scores and open banking data from consumers who gamble (n = 424) to (1) simulate the impact of the UK's rolling 30-day £150 net-deposit (deposits minus withdrawals) threshold for financial risk assessments, and (2) identify optimal threshold values for these assessments under different circumstances. Participants were UK residents who had gambled in the past year, recruited via Prolific in April 2024. Participants completed a survey containing the PGSI and agreed to provide their past 12 months' banking records. Over 12 months, two-thirds of at-risk (PGSI ≥1) and nearly half of no-/lower-risk participants crossed the UK's £150 threshold [area under the curve = 0.66, 95% confidence intervals (CIs) = 0.62-0.71], demonstrating a greater emphasis on harm prevention over liberty preservation. Increasing the value to £186.9 (95% CIs = £69.5-£401.7) slightly improved this balance, although £150 remained within the range of appropriate values. Optimising for harm prevention in our sample required lowering the threshold to £39.0 (95% CIs = £29.6-£58.8), while emphasising liberty preservation increased it to £716.5 (95% CIs = £508.5-£990.9). We found that using a more conservative definition of risk (≥2 PGSI harms) resulted in higher thresholds, and lower thresholds may be appropriate for younger adults (<30 years). Finally, our findings suggest that thresholds based on spending with all operators-rather than single operators as implemented in the UK-may be better able to differentiate at-risk from no-/lower-risk consumers, although the added benefit of this approach in our sample was marginal and further research is needed to confirm its value. The United Kingdom's £150 net-deposit threshold for financial risk assessments for online gambling may place more emphasis on harm prevention than liberty preservation. This study provides a methodological template for guiding the implementation of financial risk assessments for online gambling. Because our sample is not representative of the broader UK gambling population, our specific threshold estimates should be treated as provisional.

Amyotrophic lateral sclerosis (ALS) is a rapidly progressive and fatal neurodegenerative disease associated with substantial medical and non‑medical costs. In the absence of effective treatments, patients and families may turn to crowdfunding to finance care, including unproven stem cell‑based interventions (SCBIs) that are frequently marketed directly to consumers. Objective: conduct content analysis of English‑language GoFundMe campaigns seeking funds for SCBIs for ALS to better understand the market for unproven direct‑to‑consumer SCBIs. Methods: 247 campaigns were identified, and their data were collected and analyzed to determine the characteristics of the campaigns, campaigners, and their desired treatments. Results: ALS crowdfunding campaigns that collectively requested over $16 million USD. In addition to SCBIs, campaigns frequently requested funding for international travel to access these treatments. Campaigners express relatively high confidence that stem cell treatments would slow disease progression, improve symptoms, or, in some cases, cure or reverse ALS; conclusions that exceed the scientific evidence. Confidence in SCBIs is linked to requests for other alternative therapies and unsupported causes of ALS, supporting an emerging link between proponents of alternative medicines and unproven stem cell therapies. Conclusion: Crowdfunding for unproven stem cell interventions exposes ALS patients and donors to financial risk, misinformation, and medical exploitation. The frequent linkage between SCBIs, CAM, and exaggerated claims highlights gaps in regulation, patient protection, and access to credible treatment options. These findings underscore the need for stronger oversight of direct‑to‑consumer stem cell markets and greater support for patients facing catastrophic illness.

ABSTRACT ESG has failed sustainability. While it succeeded in mainstreaming non-financial data into investment decisions, its conceptual vagueness, measurement incoherence, and structural subordination to investor interests produced a reporting regime that distracts from the need for structural change while legitimizing the status quo. The conflation of ESG with sustainability is not semantic sloppiness – it reflects a deeper ideological capture, institutionalized at global scale by the ISSB, whose standards are financial risk disclosure dressed in sustainability’s clothes. Double materiality represents a conceptual advance by requiring organizations to assess both how sustainability issues affect them financially and how their activities impact society and the environment. However, it remains insufficient without sustainability context. Without reference to ecological thresholds, social foundations, and system limits, even impact materiality risks reproducing the performative logic it seeks to replace. We argue for a context-based materiality grounded in rightsholder accountability, participatory processes, and planetary boundaries – what makes double materiality transformative.