This quantitative research aims to examine the effect of capital intensity, capital structure, and tax avoidance on firm value in manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. A total of 332 panel observations were analyzed using the Fixed Effect Model (FEM), selected based on the Chow test, Lagrange Multiplier test, and Hausman test. The empirical results show that capital intensity has a negative but statistically insignificant effect on firm value, indicating that a higher proportion of fixed asset investment does not necessarily enhance market valuation. Capital structure also exhibits a negative coefficient and is marginally significant at the 10% level, although not significant at the 5% level, suggesting that higher leverage may increase financial risk perceived by the market. Tax avoidance, measured using CETR, also shows a negative and insignificant effect, implying that cash tax payments are not a key determinant of firm value. Overall, the model explains only a small portion of within-firm variation, suggesting that other factors outside this study may play a stronger role in influencing firm value.

Global population aging is reshaping social structures and health demands at an unprecedented pace. Existing research indicates that decision-making power is significantly associated with health outcomes in later life. However, the underlying pathways linking household financial decision-making power to mental health remain underexplored in population-based studies. Elucidating multi-pathway effects will provide pathway-based evidence for identifying vulnerable populations and developing clinical interventions. We analyzed five waves (2005-2014) of the Chinese Longitudinal Healthy Longevity Survey(CLHLS), comprising 23,994 observations from 9,055 adults aged 65 years or older. Financial decision-making power was self-reported on a four-point ordinal scale. Mental health was assessed via five indicators: psychological resilience, subjective well-being, life satisfaction, self-rated health, and loneliness. Fixed-effects models were applied to control for time-invariant confounders, and inverse probability weighting was used to address attrition bias. Mediation pathways were tested using a bootstrapping approach (500 repetitions). A graded dose-response relationship was observed: lower financial decision-making power was associated with poorer mental health across all outcomes. Compared to those with full autonomy, older adults without decision-making power showed significantly lower psychological resilience (β = - 0.31, p < 0.001) and subjective well-being (β = - 0.51, p < 0.001). Mediation analyses revealed that activities of daily living (ADL) accounted for 13.0% to 31.8% of the total effect and leisure activities for 10.0% to 34.2%, with the strongest mediation observed for loneliness. Among the participants who were functionally independent at baseline, functional capacity exhibited dual mediating roles: a positive pathway for self-rated health and a suppression effect for loneliness. Heterogeneity analyses revealed more pronounced benefits among economically disadvantaged, financially dependent, female, and younger-old adults, with protective effects partially offsetting vulnerabilities in these populations. Financial decision-making power is a significant and potentially modifiable factor associated with mental health among older adults, representing an underexplored pathway for promoting healthy aging, with effects partially mediated through ADL and leisure engagement. Mental health promotion strategies should seek to preserve older adults' household financial decision-making power while supporting functional independence and social engagement.

Curcuminoids are dietary polyphenols that can improve health indices through various mechanisms, such as anti-inflammatory, antioxidant, and other clinical properties. Due to the lack of evidence on the efficacy of curcuminoids in critically ill patients, this meta-analysis was conducted. The aim of this study was to assess and quantify the influence of curcumin supplementation on markers of inflammation, liver function, and clinical outcomes in critically ill patients. In this study, relevant randomized clinical trials were identified via electronic database searches, including MEDLINE, Scopus, and Web of Science, up until January 2025. The Cochrane risk-of-bias tool was utilized to assess the quality of the studies. Standardized mean differences (SMDs) and risk ratio (RR) in changes between intervention and placebo groups were calculated. Both random-effects and fixed-effects models were applied, and pre-specified stratified analyses were performed to explore potential sources of heterogeneity. Out of a total of 691 studies screened, seven trials met the inclusion criteria, encompassing data from 571 participants. The pooled analysis demonstrated that curcumin supplementation significantly lowered alanine transaminase (ALT) levels (SMD: -0.4, 95% CI: -0.8 to -0.001, p = 0.03), total bilirubin levels (SMD: -0.4, 95% CI: -0.9 to -0.07, p = 0.01), Sequential Organ Failure Assessment (SOFA) scores (SMD: -0.8, 95% CI: -1.2 to -0.4, p < 0.001), the duration of intensive care unit (ICU) stays (SMD: -0.3 days, 95% CI: -0.6 to -0.1, p = 0.01), compared to placebo. Furthermore, curcumin supplementation was associated with significant increases in albumin (SMD: 0.3, 95% CI: 0.001 to 0.6, p = 0.004) and alkaline phosphatase levels (SMD: 0.4, 95% CI: 0.02 to 0.8, p = 0.01). This meta-analysis demonstrates that curcumin supplementation improves liver function, albumin levels, SOFA scores, and ICU stay duration in critically ill patients, suggesting its potential role in mitigating organ dysfunction in this population.

Chronic rhinosinusitis (CRS) is an inflammatory condition of the sinonasal mucosa. While physical activity is known to modulate systemic inflammation, its role in CRS prevention remains unclear. This study evaluates the association between moderate to vigorous physical activity (MVPA) and CRS using longitudinal Fitbit data. We conducted a retrospective cohort study within the All of Us Research Program using Fitbit-derived activity data linked to electronic health records. Adults with ≥1year of valid data were eligible. MVPA was averaged across "strict weeks" (7 valid days, >100 steps/day) and categorized as <75, 75-150, 150-225, 225-300, or>300min. CRS was defined using ICD-10 coding. Propensity score matching was performed on demographics, obesity, and smoking status. Kaplan-Meier curves, Cochran-Mantel-Haenszel odds ratios, and fixed-effects models assessed associations between MVPA and CRS. The matched cohort included 583 CRSsNP cases and 583 controls. Kaplan-Meier survival analysis demonstrated significant separation across MVPA groups (p=0.0099), with higher activity associated with lower cumulative incidence. Participants exercising 75-150min/week had nearly twice the odds of CRS compared with those exercising 150-225min (OR=1.95, 95% CI 1.07-3.55). Timing models showed earlier diagnoses among the least active group (-152weeks, 95% CI -169 to -134) and later diagnoses among those exercising >300min/week (+260 weeks, 95% CI+200 to+320). Continuous modeling revealed an inverse dose-response with a plateau beyond 300min. Regular MVPA is associated with reduced CRS incidence and prolonged disease-free years, supporting physical activity as a possible modifiable risk factor for CRS.

Type of the article: Research ArticleAbstractBoard diversity plays a significant role in determining a corporate cash hoarding policy as it influences investment decisions and financial flexibility. This study investigates how investor protection laws moderate the relationship between board diversity and corporate cash hoarding in Europe. Using a sample of 484 listed firms from European capital markets during the period 2015–2023, the analysis captures the influence of board gender diversity on cash reserves and how investor protection levels (high/low) moderate such a relationship. These variables and vital control variables of cash holdings are examined using a panel fixed-effects model and generalized methods of moment (GMM), along with diagnostic tests of model validity. The empirical results reveal that the presence of female directors on the board positively affects corporate cash hoarding, and thus, this effect is more pronounced in countries with high and low investor protection. Additionally, the presence of female executives on the board tends to exhibit more cash reserves and liquidity buffers. The results also provide ample evidence that the high and low levels of investor protection strengthen the positive effect of gender diversity on cash hoarding. This study offers significant theoretical and practical implications for regulators, policymakers, and investors, providing suggestions on the use of investment decisions and contributing to the stability of liquidity management in European capital markets.

This study analyzes the effects of corporate governance mechanisms on ESG controversies among non-financial ASEAN-5 firms from 2021–2024, with firm size as a moderator. Using a Fixed Effects Model with PCSE, the findings show that audit committee independence and board gender diversity significantly reduce ESG controversies, whereas board independence increases controversy exposure due to greater transparency. CEO duality exhibits a marginally positive effect. Firm size weakens the positive effects of CEO duality, audit committee independence, and gender diversity, while reducing the adverse effect of board independence. Robustness tests confirm the consistency of results. Overall, the study emphasizes that the role of governance in mitigating ESG controversies depends on organizational scale and institutional context.

This study aims to analyze the effect of inflation and Debt to Equity Ratio (DER) on firm value, proxied by Price to Book Value (PBV), in food and beverage sub-sector companies listed on the Indonesia Stock Exchange (IDX) during the period 2022–2024. The data used are secondary data obtained from annual financial statements, publications of the Central Bureau of Statistics (BPS), and Bank Indonesia (BI). The analytical method employed is panel data regression using the Fixed Effect Model (FEM), selected based on the results of the Chow and Ha usman tests. The results show that partially, inflation has no significant effect on firm value, indicating that the food and beverage sector tends to be resilient to inflation due to the essential nature of its products. Meanwhile, the Debt toEquity Ratio (DER) has a positive and significant effect on firm value, implying that the optimal use of debt within the capital structure can increase the company’s market value. Simultaneously, inflation and DER significantly affect PBV, confirming that macroeconomic and capital structure factors play an important role in determining firm value. The findings of this study are expected to serve as a reference for company management in determining optimal financing policies and for investors in assessing investment potential in the food and beverage sector.

From an investor’s perspective, this study examines the impact of geopolitical risk (GPR) on stock returns in Vietnam, an emerging market characterized by high sensitivity to global shocks. Using monthly data for all listed companies between January 2010 and December 2023, we employ a panel fixed effects model as the primary specification to control for unobserved firm heterogeneity. The results reveal a statistically significant negative relationship between GPR and stock returns, indicating that geopolitical uncertainty erodes investor confidence and market performance. Consistent with the risk–return trade-off, firms more sensitive to GPR (higher GPR β ) exhibit higher expected returns, reflecting investors’ demand for compensation for elevated risk. Robustness checks using pooled OLS confirm the stability of the findings. By focusing on an emerging market context, this study contributes novel evidence on how geopolitical shocks shape financial outcomes and highlights the importance of integrating GPR measures into risk assessment and investment strategies. JEL Classification: G12, G14, F51

To support the development of a national guideline on stem cell therapy, the Department of Health Research, India, commissioned this systematic review to evaluate the efficacy and safety of various stem cell types in patients with type 1 and type 2 diabetes mellitus (DM), focusing on patient-important outcomes. Following PRISMA guidelines, a literature search was conducted in PubMed, Embase, Web of Science, and Cochrane databases from inception to August 30, 2024. Critical outcomes for type 1 DM included insulin-free periods, hypoglycemic episodes, quality of life, and serious adverse events. For type 2 DM, outcomes included HbA1c, insulin requirements at 6, 12, and 24months, and serious adverse events. Meta-analyses used random- or fixed-effects models based on heterogeneity (Chi-square test and I2). Risk of bias was assessed using the Cochrane Risk of Bias Tool 2.0, and evidence certainty was evaluated with GRADE. The search identified 11,026 articles, of which 20 randomized controlled trials (RCTs) were included, encompassing 427 and 351 patients in the intervention and control groups, respectively, with follow-ups ranging from 3 to 96months. Predominantly studied therapies included mesenchymal and bone marrow mononuclear stem cells. In type 1 DM, stem cell therapy showed no significant improvement in quality of life [MD: 3.15% (95% CI: -0.80 to 7.10); 2 trials, n = 63 participants; I2 = 0%; GRADE: very low certainty] or reduction in hypoglycemic episodes [RR: 0.90 (95% CI: 0.56 to 1.45); 3 trials, 68 participants; I2 - 0%; GRADE: very low. In type 2 DM, stem cell therapy significantly reduced insulin requirements at 6, 12, and 24months, with MDs in IU/day of -14.42 (95% CI: -24.25 to -4.59); 6 trials, n = 167 participants; I2 = 91.64%; GRADE: low certainty; -17.79 (95% CI: -26.39 to -9.18); 6 trials, n = 212 participants; I2 = 70.96%; GRADE: low certainty; and -35.73 (95% CI: -40.82 to -30.64); 1 trial, n = 61 participants; I2 = NA; GRADE: very low certainty, respectively, with a low certainty of evidence. Stem cell therapy did not achieve an insulin-free state or improved quality of life in type 1 DM patients. However, it reduced insulin requirements by 14-36 units over 6-24months in type 2 DM patients, without significant glycemic control. Larger, high-quality RCTs with extended follow-ups are essential to determine the therapeutic potential of stem cell therapy in diabetes mellitus. PROSPERO ID: CRD42023451602.

Sex-specific trajectories of mental health and life satisfaction during the transition to grandparenthood in China.

ABSTRACT Productive engagement in later life is a key predictor of subjective well-being (SWB) and a global strategic response to population aging challenges. Rural productive aging is an expansion of the connotation of productive aging in the cross-cultural framework. Using nationally representative data from the China Health and Retirement Longitudinal Study (CHARLS 2013, 2015 and 2018), this study examines the relationship between labor participation and SWB among rural older adults in China. Ordinary least squares (OLS) regression revealed a significant positive association between labor participation and SWB. Regardless of working hours, positive effects were observed, with low-intensity participation proving most beneficial. As participation intensity increased, this positive impact gradually diminished. Compared to those who never work, individuals who keep working report higher SWB. We employed several methods (PSM, fixed-effect model and IV) to address endogeneity issues and robustness tests. The KHB method identified the mediation mechanisms: self-rated health (73.46%), economic income (10.07%), and social interactions (5.60%). These findings demonstrate that rural older adults have productive value, which is an effective way to improve SWB. The study provides evidence-based guidance for policies addressing population aging in rural contexts.

The transition to a circular carbon economy (CCE) is critical for reducing CO 2 emissions and climate change mitigation. However, existing studies have overlooked the role of ecological foundations such as biocapacity and renewable energy. As a results, most of these struggle to establish the extent of the complexities underpining the interaction amongst the drivers of carbon economies. This study addresses these gaps by employing advanced machine learning (ML) models (Random Forest and Gradient Boosting) and linear fixed effects model to analyze data from 16 belt and road initiative (BRI) countries from 2000 to 2022. The results predicted and quantified the impact and the relative importance of renewable energy, technological innovation, and biocapacity on CO 2 emissions across 16 Upper-Middle Income countries in the Belt and Road Intiative (BRI) region. Both the RF and GB models demonstrated high predictive accuracy and robustness ( R 2 &gt; 0.98 on the full dataset). The linear FE model also achieved an R 2 (within) of 0.74, confirming the presence of significant unobserved country-level heterogeneity across the region. The most significant finding reveals that biocapacity surpasses both renewable energy and technological innovation as the most influential predictor of CO 2 emissions across the BRI region. This underscores the critical, yet neglected, role of ecological carrying capacity as the foundation for a circular carbon loop. This study contributes a novel, data-driven methodology for sustainability transition analysis and offers a crucial policy insight. The study therefore noted that achieving carbon circularity in the BRI region requires a re-prioritization towards biocapacity protection as a non-negotiable prerequisite, alongside the acceleration of clean energy and technology adoption.

Marital status and high-impact pain among middle-aged and older adults: A population-based longitudinal study in the United States.

The impact of mining-induced earthquakes on mental health: Evidence from the Dutch Lifelines Cohort Study and Biobank.

This study examined associations between special education services and academic and behavioral outcomes for students identified with learning disabilities (LD) using statewide data from Indiana covering kindergarten through eighth grade. Results from student fixed-effects models indicate that special education services are associated with higher achievement in math and English language arts, but also with increased school disciplinary incidents, including suspensions and expulsions, and higher numbers of absences. These associations differ across student subgroups, including gender, race/ethnicity, eligibility for free or reduced-price lunch, and English language learner status. The findings underscore the complex nature of special education services, highlighting heterogeneous patterns across both outcomes and student subgroups.

Rivaroxaban has been approved for the primary prevention of stroke with non-valvular atrial fibrillation caused by one or more risk factors. However, the optimal antithrombotic therapy for secondary prevention of stroke in atrial fibrillation (AF) with ischemic stroke/transient ischemic attack (TIA) had been uncertain. We compared the safety and efficacy of novel oral anticoagulants. (NOACs) and Warfarin in treating AF with ischemic stroke. Seven databases were searched from inception up to December 2024 for studies comparing NOACs and Warfarin in AF with ischemic stroke. 7 randomized controlled trials (RCTs) and 9 cohort studies with 128,808 patients were included. A random-effects model or fix effects model was used. Pooled results showed that the NOACs are superior to Warfarin in the prevention of stroke or systemic embolism (RR 0.90, 95%CI [0.82,1.0], P = 0.04) and all-cause mortality (RR 0.83, 95%CI [0.76,0.92], P = 0.0003). As well as NOACs has lower risk in total bleeding (RR 0.79, 95%CI [0.76,0.83], P < 0.00001), fatal bleeding (RR0.64, 95% CI [0.54,0.76], P < 0.00001), hemorrhagic stroke (RR0.50, 95%CI [0.43,0.58], P < 0.00001), and intracranial bleeding (RR 0.49, 95%CI [0.36,0.65], P < 0.00001) than Warfarin. In the secondary prevention with AF related to ischemic stroke, NOACs showed potential advantages over Warfarin in the incidence of stroke or systemic embolism, all-cause mortality, total bleeding, fatal bleeding, hemorrhagic stroke, and intracranial bleeding.

This study examines the effect of Environmental, Social, and Governance (ESG) ratings on firm performance and the moderating role of ESG rating disagreement within the Indonesian capital market. Using a panel dataset of 63 companies listed on the Indonesia Stock Exchange from 2021 to 2023 and employing a fixed-effects regression model, the analysis measures firm performance with Tobin’s Q, ESG ratings from Refinitiv Eikon, and ESG rating disagreement as the standard deviation between Refinitiv and Bloomberg scores. The empirical results indicate that ESG ratings do not have a statis-tically significant effect on firm performance, and ESG rating disagreement does not significantly moderate this relationship. These findings suggest that ESG-related information has not yet been fully internalized into firm valuation in Indonesia, with current ESG practices perceived as largely symbolic rather than substantively integrated into corporate strategy. The study concludes that both ESG ratings and rating disagreement fail to serve as effective mechanisms for enhancing firm performance in the Indonesian context, reflecting the early-stage development and compliance-driven nature of ESG adoption in emerging markets.

Trajectories of Goals of Care among Patients with Advanced Cancer in the Last Two Years of Life.

This study investigates how digital transformation influences corporate greenwashing and promotes genuine sustainable development, drawing on the framework of fraud risk factors. Based on panel data from Chinese publicly listed companies between 2009 and 2022, a two-way fixed effects model is employed, with endogeneity addressed through difference-in-differences and instrumental variable techniques. The results show that digital transformation significantly curbs greenwashing by mitigating motivations, reducing opportunities, and enhancing exposure. The effect is stronger for growth- or mature-stage enterprises, non-myopic firms, and regions with low regulatory intensity and high environmental awareness. Furthermore, a double-threshold effect is identified, with the inhibitory role of digital transformation becoming more significant at intermediate and advanced stages. Importantly, digital transformation reduces greenwashing without compromising firms’ financial or sustainable performance. These results provide actionable insights for businesses and policymakers in curbing greenwashing and advancing sustainable development.

Comparing multiple people each to the grand mean of log-normally distributed endpoints.