Investment Efficiency Research Articles

Use of compost to improve Technosol properties and spontaneous plant-soil relationships of Mediterranean species potentially suitable for urban greening

Organic-based amendments are promising, eco-friendly solutions among soil requalification strategies. In this context, the current study explored the application of compost to Technosols (2 kg m-2) to improve soil quality, making the substrate suitable for plant growth. Changes in soil quality have been assessed before compost addition (time zero, T0) and plant transplanting and at 2, 4 and 11 months (T2, T4, and T11) after plant establishment. To test the soil suitability for plant growth, we monitored (at T2, T4, and T11) structural and functional ecological traits in the herbaceous spontaneous species Malva sylvestris L. and in transplanted Mediterranean sclerophyllous Phillyrea angustifolia L., and Quercus ilex L., often used in the urban greening, also considering plant and soil relationships. Our study demonstrated that compost increased soil nutrients availability over time, favoring M. sylvestris physiological performance in long-lasting, compared to sclerophyllous, since the beginning of the application. M. sylvestris exhibited high photosynthetic efficiency and carbon investment in photosynthetic tissues (higher leaf area and lower leaf mass per area) on compost-enriched soil. On the other hand, P. angustifolia and Q. ilex, even if they did not benefit from compost addition for photosynthetic efficiency, after 11 months, maintained higher leaf water content despite limited soil water availability. These results encourage the use of compost in ameliorating the quality of Technosols for urban greening, also evidencing that the species’choice is pivotal in obtaining benefits from plants and a period longer than one year is needed for sclerophyllous to see beneficial effects.

Towards Promoting the Efficiency of Enterprise Investment Management with Artificial Intelligence

With the continuous development and optimization of artificial intelligence, enterprises have begun to pay attention to the use of artificial intelligence for the optimization of work and the improvement of efficiency, and in the management of enterprise investment, a number of companies have begun to use a large number of artificial intelligence technologies in the integration and analysis of data, information processing and analysis, risk management, efficiency improvement, and so on. Enterprises encounter problems in analyzing data and information in investment management, and problems in risk management, all of which affect the improvement of their investment returns. Enterprises face a huge amount of data in the process of investment management, it is difficult to calculate a large number of data models in a relatively short period of time, and it is impossible to analyze and extract more information. In the face of investment risk, the control of risk in the past investment process is more based on experience to judge, there is a great deal of subjective assumptions in risk avoidance. And in the investment process companies also want to increase returns, improve efficiency, avoid risk, and achieve a more automated and intelligent trading process. Enterprises need to use artificial intelligence to technically solve the problems of data aggregation, arithmetic, and analysis; use artificial intelligence to optimize the problem of processing large amounts of information; use artificial intelligence technology to enhance risk management and predictive analysis, strengthen intelligent decision-making and portfolio optimization, and provide insights into big data analysis and market trends. The wide application of artificial intelligence technology in enterprises also has a certain impact on the development of enterprises, and it has a certain impact on the planning, feasibility, whole-process control, investment evaluation, investment report, and investment efficiency of investment in the investment link, which makes it widely concerned in the society and in enterprises.

Publicly Traded Debt Restructuring Methods, Corporate Investment, and Debt Contracting

I use an important ruling, Marblegate Asset Management v. Education Management Corporation (EMC), to study the economic role of two publicly traded debt restructuring methods: coercive bond exchange offers and Chapter 11. This ruling restricted firms from employing coercive bond exchange offers to facilitate out-of-court restructurings, thereby increasing the likelihood of restructuring publicly traded debt under Chapter 11. Following the ruling, investment in affected distressed firms decreased substantially, but investment efficiency improved. The changes in covenant, maturity, and offering yield of newly issued bonds suggested that existing bondholders with covenants gained more bargaining power than shareholders and new bondholders. The paper provides causal evidence from a large sample analysis, demonstrating the divergent effects of these two publicly traded debt restructuring methods on investment policies. This paper was accepted by Victoria Ivashina, finance. Funding: Funding for this research was provided by University of Pittsburgh (Doctoral Fellowship) and Vanderbilt University (standard research funds). Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2022.01831 .

Ageing effect: the impact of chair-CEO age dissimilarity on investment efficiency

ABSTRACT According to different research paradigms, the impact of chair-CEO age dissimilarity on corporate decision-making may have a bright side or a dark side. This paper discusses the effect of chair-CEO age dissimilarity on investment efficiency in China. Using the sample of public firms from 2005 to 2019, we find an ‘ageing effect’ that a normative age gap between the chair and CEO improves firms’ investment efficiency by mitigating under-investment. Our finding deepens the understanding of the antecedent and the mechanism of investment efficiency from the micro-perspective of executives’ age differences.

The Impact of Corporate Social Responsibility on Labor Investment Efficiency: Evidence from China

This study examines the impact of corporate social responsibility (CSR) on labor investment efficiency utilizing a sample of China’s listed companies. The empirical results demonstrate that CSR improves labor investment efficiency, and the effect is significant in terms of both overinvestment and underinvestment. Findings from cross-sectional tests indicate that CSR has a more significant effect on labor investment efficiency in non-state-owned firms and firms with more financing constraints or higher labor adjustment costs. The conclusion is robust after utilizing a 2SLS regression, replacing indicators for labor investment efficiency and accounting for the impact of non-labor investment. In general, the results support stakeholder theory and confirm that CSR can enhance external monitoring and improve firms’ investment behavior.

A research grounded in examining the use of knowledge management technologies in civil service organisations in Mauritius

Knowledge management focuses on an organisation's capacity to adjust, persist, and compete in a dynamic and evolving environment. Knowledge management can be understood as the distinctive attributes of knowledge that provide a corporation with a competitive advantage. Furthermore, knowledge management (KM) is seen as a characteristic of an organisation that enables communication both within the organisation and with external parties. It enhances the effectiveness of the supply chain and leads to significant returns on investment, cost savings, and unique marketing efficiencies. Nevertheless, Trinidad's economy, despite its expertise and understanding, encounters numerous problems. The effectiveness of public service organisations may be contingent upon organisational learning when viewed from this perspective. Inconsistent implementation of knowledge management might result in its adoption for various purposes, catering to diverse goals and stakeholders. This study investigates the present condition of knowledge management (KM) inside the Mauritius public service organisation to determine the crucial aspects that impact organisational learning.

Strengthening Corporate Cash Holdings and Investment Efficiency in the COVID-19 Pandemic: Some Empirical Evidence from Indonesia Emerging Markets

This study explores the connection between the amount of cash a company holds and its effectiveness in making investments, as well as the effect of the COVID-19 pandemic. The researchers analyzed a dataset consisting of 2721 observations from Indonesian publicly listed firms between 2013 and 2020, excluding the financial industry (SIC 6). They utilized multiple linear regression analysis to investigate how cash holding influences investment efficiency and how the COVID-19 pandemic affects this relationship. The research approach employed was quantitative. The results indicate that a higher cash holding has a negative impact on investment efficiency. The uncertainty caused by the COVID-19 outbreak has significantly affected corporate cash flows, impeding business activities. Additionally, robustness tests were conducted to address concerns regarding potential bias, and the results consistently aligned with the ordinary least squares (OLS) estimation. These findings are significant for investors, potential investors, and management, providing insights into the interplay among cash holding, investment efficiency, and the COVID-19 Pandemic.

Can digital M&A reduce the stock price crash risk?

AbstractWith the rapid development of the digital economy, digital mergers and acquisitions (M&A) have become essential means for enterprises to acquire digital technologies and accelerate their digital transformation. This paper examines the impact of digital M&A on stock price crash risk using a sample of M&A transactions of China A‐share listed companies from 2010 to 2021. The results show that digital M&A can reduce stock price crash risk after M&A. Further discussions reveal that compared to non‐digital M&A, digital M&A has a better market effect, and the target firms of digital M&A generally are in different industries from the acquirers, have relatively low registered capital, have a shorter registration time, and have better financial performance. Mechanism tests indicate that during the transaction, digital M&A increases the probability of signing earnout contracts and reduces the cash payment ratio. After the transaction, digital M&A increases research and development (R&D) investment and improves R&D investment efficiency, ultimately reducing stock price crash risk. Cross‐sectional tests suggest that in situations with intense market competition, lower digitalization level of the acquirers, and higher business similarity between the acquirer and the target firm, digital M&A is more effective in reducing stock price crash risk. The findings enrich the research on the operational mechanisms and economic consequences of digital M&A, providing theoretical references for regulatory authorities to optimise M&A regulatory policies and for enterprises to assess the benefits and risks of digital M&A.

НОВАЦІЇ У ВІТЧИЗНЯНІЦЙ НОРМАТИВНІЙ БАЗІ З ПИТАНЬ БУДУВАННЯ АВТОМОБІЛЬНИХ ДОРІГ ІЗ ЦЕМЕНТОБЕТОННИМ ДОРОЖНІМ ПОКРИВОМ

Introduction. The article deals with the issues of expanding the regulatory and technical base of the road sector for the construction of roads with cement concrete pavement. The article covers the issues of improving the existing and developing new requirements for the construction of cement concrete pavements with pin-connected slabs, reinforced slabs with pin connection, with continuous reinforcement and using rolled cement concrete mixtures using modern technologies. Improvement of the national regulatory framework is carried out on the basis of the analysis of existing legal acts, regulatory documents, technical literature related to the objects of standardization and, of course, taking into account the requirements of safety and environmental protection and the factors and features established by the current martial law in Ukraine. The work concerns the developed national standards for the installation of cement concrete pavements, namely those innovations that have already been agreed upon and are planned to be submitted to the National Standardization Body for adoption in the near future. Problem statement. Implementation of a unified technical policy to ensure the reliability and durability of roads, increase the efficiency of capital investments, implementation of scientific and technical achievements of science and best domestic and international practices in the practice of construction of roads with cement concrete pavement, issues of saving material, labor, financial and energy resources, improving the quality of construction work, labor safety and health conditions, rational use of land and other types of natural resources. The fact of constant growth in the intensity of heavy vehicles traffic, which is associated with the transportation of heavy machinery, agricultural products, metallurgical products, etc., significantly affects the reduction of the service life of roads with non-rigid pavement. This necessitates the search for alternative solutions for the construction of more durable pavement structures, one of which is the improvement of existing and introduction of new technologies for the construction of cement concrete pavements.

END-OF-LIFE PHOTOVOLTAIC MODULES: LIFE CYCLE ASSESSMENT AND SENSIBILITY ANALYSIS

The use of photovoltaic (PV) systems in energy generation has been grown worldwide. In Brazil, this continuous growth is seen in the increase in the number of consumer units. The expected useful life of PV modules is estimated to be between 25 and 30 years. Therefore, most of these units will be deinstalled in the near future. It is important to evaluate the environmental impacts of the technology in order to safely adopt the use of PV energy. The environmental impact of PV modules is a widely studied topic, often using life cycle analysis (LCA). However, these studies emphasize the production phase and exclude or fail to analyze in detail the uninstallation and disposal phase of PV modules. The use of precious metals and components that contain materials classified as hazardous waste has sparked recent interest in highlighting the impacts and likely benefits related to the end-of-life management of PV modules. In this context, the purpose of work is to analyze the environmental impacts of the phase of uninstallation and disposal of photovoltaic (PV) system for Brazil waste management technologies: Recycling, incineration and landfill. The life cycle assessment (LCA) was applied in three scenarios for disposal of modules: Recycling, incineration and landfill. ReCiPe 2008 method was useful to calculating the environmental impacts, with assistance of SimaPro 8.3 software. The results showed that the recycling scenario had a lower environmental performance compared to the other scenarios. The main cause is the high consumption of electricity in metal recovery stage. Besides, this scenario produces a high amount of waste (residual liquid and sludge). The scenario of recycling will be attractive with technological investment in energy efficiency. The advantage of this scenario is the material recovery (precious metal and materials classified as hazardous waste), as consequence will bring environmental benefits.

The Influence of Accounting Conservatism, Ownership Concentration, and Debt Maturity on Investment Efficiency

This study aims to examine the influence of accounting conservatism, ownership concentration, and debt maturity on investment efficiency. This research uses quantitative methods with multiple linear regression models using the SPSS program. The data used in this study are the annual financial statements of companies on the Indonesia Stock Exchange. The population in this study were 122 non-classical consumer companies listed on the Indonesia Stock Exchange. After purposive sampling, the final sample consisted of 42 companies so that the total sample was 126 data. The results of multiple linear regression testing show support for the hypotheses of this study: (1) accounting conservatism has a significant effect on investment efficiency, (2) ownership concentration has a significant effect on investment efficiency, and (3) debt maturity has no effect on investment efficiency. In conclusion, these findings highlight the importance of accounting conservatism and ownership concentration in influencing investment efficiency. However, debt maturity does not appear to have a significant impact on investment efficiency. These insights can guide policymakers and practitioners in making informed decisions to enhance investment practices and optimize resource allocation.

Pengaruh Investment Opportunity Set (IOS), Likuiditas, dan Efisiensi terhadap Kualitas Laba: Studi Empiris pada Perusahaan Subsektor Perbankan yang Terdaftar di Bursa Efek Indonesia 2018-2021

This study aims to examine the effect of Investment Opportunity Set (IOS), liquidity, and efficiency on earnings quality. The data used is secondary data in the form of an annual report of commercial banks listed on the Indonesia Stock Exchange for 4 years of observation, from 2018 to 2021. The sample was determined by purposive sampling technique and then resulted in 42 companies as the sample. This research used multiple linear regression analysis models. These models were analyzed using EViews 12. The results of this study showed that investment opportunity set, liquidity, and efficiency have no effect on earnings quality.

Institutional Investors’ Green Activism and Corporate Green Innovation: Based on the Behind-Scene Communications

ABSTRACT This paper investigates the promotion effects of institutional investors’ communication on corporate green innovation. We use content analysis to identify the efficiency of institutional investors’ communication, and find that institutional investors’ communication promotes corporate green innovation. The mechanism analysis indicates that institutional investors’ communication improves managers’ awareness of green transformation, promotes corporate green investment efficiency and mitigates the extent of greenwashing. The positive impacts of institutional investors’ communication are more effective on corporate utility patents than on invention patents. Such green governance effects are more pronounced in non-state-owned firms, green investors and close-distance to the institutional investors. By introducing exogenous shocks of the New Environmental Protection Law and China’s regional carbon emissions trading market pilots, we find that the impact of institutional investors’ communication on green innovation is enhanced after the implementation of environmental policies. Overall, our research contributes to the existing literature on institutional investors’ green activism and the factors of green innovation, and also enriches the cross-disciplinary research on environmental regulation affecting institutional investors’ green governance.

International Diversification and Stock-Price Crash Risk

Despite the recent proliferation of research on internationalization, little attention has been paid to understanding the reasons behind the decrease in firm value accompanying international expansion. By delving into the underlying mechanisms and applying the concept of agency theory to a sample of US firms spanning from 2000 to 2022, we posit that an increased level of information asymmetry in internationally diversified firms incentivizes managers to prioritize their own interests. To protect their careers, CEOs of internationally diversified firms often suppress bad news. This behavior can lead to the accumulation of negative news and heighten the risk of a stock-price crash. Furthermore, we propose that higher levels of international experience, enhanced monitoring effectiveness, and efficient investment practices will negatively moderate the positive relationship between internationalization and stock-price crash risk.

Corporate social responsibility and labor investment efficiency: evidence from China

PurposeWe expect to provide a complete theoretical framework and large sample evidence on the impact of corporate social responsibility (CSR) on the efficiency of labor investment. We also hope to provide micro-evidence based on labor investment behavior for the two-sided impact of corporate CSR behavior.Design/methodology/approachThis paper measures labor investment efficiency by estimating the difference between actual and expected net hiring of enterprises. CSR is measured on the basis of the CSR score of Chinese listed companies published by Hexun.com. A regression model is constructed to analyze the relationship between CSR and labor investment efficiency. Possible endogeneity problems are controlled by lagging independent variables, propensity score matching method and difference-in-difference method.FindingsResults show that CSR can improve labor investment efficiency by reducing over-hiring and under-hiring in emerging markets. The existence of the mediating effect of agency cost, information disclosure quality and employment fluctuation confirms that CSR improves labor investment efficiency through two mechanisms of corporate governance and labor market friction. The improvement effect of CSR on labor investment efficiency is more significant in non-state-owned, high CEO shareholding ratio and high-average urban wage enterprises.Originality/valueIn conclusion, our study is an important supplement to the existing research on the factors affecting labor investment efficiency. Our research conclusions will be helpful for enterprises in developing countries or enterprises in labor-intensive industries to improve labor investment inefficiency. The conclusion of the mechanism analysis in this paper provides more complete and reliable microscopic evidence for accurately identifying the specific path of CSR's impact on labor investment efficiency. This paper verifies the positive impact of CSR from the perspective of labor investment efficiency in the context of a developing country, which provides evidence for the theoretical conflicts related to CSR based on the effectiveness of enterprise labor investment decisions.

Provincial economic growth and firm excess investment: Evidence from China

Local governments in China frequently report provincial economic growth rates that exceed their targets. Prior studies suggest that this phenomenon is attributable to governmental influence over local firms, particularly through coercing these firms into escalating investments to maximize economic expansion. Using a sample of 18,349 Chinese listed firms from 2001 to 2017, we find that firms located in regions that exceed economic growth targets tend to invest more heavily. This effect is more pronounced in years when local government officials face stronger promotion pressure; furthermore, excess economic growth is associated with diminished investment efficiency within firms and increased government subsidies. These findings suggest that excess economic growth proxies for local government opportunism and plays an important role in local firms’ investment decisions.

Equity Concentration and Inefficient Investment

Enterprise investment efficiency has been a hot topic of concern to all walks of life, and equity concentration, as an important element of corporate governance and modern enterprise construction, has attracted extensive attention from the academic community. Hence, this paper provides theoretical analyses and empirical tests on the relationship between corporate inefficient investment and equity concentration. After regression analysis, this paper finds that there is a significant negative relationship between equity concentration and the degree of inefficient investment, which confirms the hypothesis that equity concentration reduces the level of inefficient investment; compared to the company with CEO duality, in the case of equity concentration, the separation of decision-making power and decision-controlling power is more able to reduce the level of inefficient investment; However, the allocation of decision-making power does not have a significant effect on this relationship mechanism. This paper provides some theoretical basis and implications for how enterprises can optimise their shareholding structure and promote the reform of corporate governance modernisation so as to enhance investment efficiency.

Driving force of value reversal in Chinese overleveraged firms: The mechanism and path of private placement.

To stimulate economic growth, China has launched multiple economic stimulus plans in recent years, intensifying corporate debt financing and subsequently elevating the leverage levels. Addressing and effectively reducing the leverage levels of our country's enterprises has emerged as a pressing issue in the trajectory of our economic development. This paper primarily investigates the drivers, pathways, and mechanisms for reversing the over-leveraged values of enterprises. Key findings include: (1) Excessive indebtedness exerts a negative impact on corporate value, with the suppressing effect intensifying as the degree of over-leverage increases; (2) Over-leveraged enterprises can effectively decrease their debt levels and enhance their value through private placement. Further research suggests that this mechanism operates by amplifying the operational leverage of over-leveraged enterprises post private placement and alleviating financing constraints, thereby elevating corporate value. (3) Compared to non-state-owned enterprises, state-owned enterprises exhibit higher levels of indebtedness. Among over-leveraged firms, enhancements in corporate governance and increased investment efficiency can positively transform corporate value. This study offers valuable insights for the ongoing supply-side structural reforms and governance guidance from the regulatory bodies.

Can Mandatory Disclosure of CSR Information Drive the Transformation of Firms towards High-Quality Development?

Can Mandatory Disclosure of CSR Information Drive the Transformation of Firms towards High-Quality Development?

Connecting the dots: A systematic review of corporate social responsibility, information asymmetry, and economic implications

AbstractThis paper conducts a comprehensive review of the theoretical and empirical connections between Corporate Social Responsibility (CSR), Information Asymmetry (IA), and their economic consequences. It employs a bibliometric analysis on 73 Web of Science manuscripts using VOSviewer1.6.18 software, combining this analysis with a literature review. The results reveal four thematic areas categorized into three clusters: CSR and IA, the impact of CSR and IA on internal risk control and corporate performance, and the broader effects of CSR and IA. The systematic literature review finds a prevailing consensus that CSR can alleviate IA issues, leading to positive economic outcomes like increased stock liquidity, enhanced investment efficiency, and reduced cost of capital. This study's uniqueness lies in its integration of bibliometric analysis and systematic literature review to provide a holistic summary of both theoretical frameworks and the economic implications of the CSR‐IA relationship. It offers valuable insights and recommendations for future research in this field.