Nonlinear U-shaped Relationship Research Articles

Can China avoid the energy trilemma in achieving carbon peak?: A dynamic scenario forecasting study based on energy transition

Harmonizing the cleanliness and economics of energy is an effective means of integrating economic growth with carbon peaking goals, and realizing sustainable development in China. However, due to the existence of the energy trilemma, a worthwhile research question is how to fulfill the carbon peaking commitment while guaranteeing China's stable national development. Based on this, this paper not only discusses the nonlinear relationship between clean energy consumption transition and economic growth through threshold regression, but also simulates several scenarios of energy transition dynamics with different growth rates by using Oracle Crystal Ball software to forecast the future trend of China's carbon emissions up to 2030, aiming to find a transition scenario that can make the peak of carbon emissions appear without significant economic burden, so as to put forward countermeasures and suggestions to avoid falling into the energy trilemma in the process of fulfilling the commitment of carbon peaking. This paper finds that: firstly, there is an inverted U-shaped non-linear relationship between clean energy consumption transition and economic growth, with the inflection point of the inverted U-shape being 0.595; and secondly, only when energy transition exceeds 0.535 in 2030, the peak of carbon emissions (about 12,922.28 Mt) will occur. In summary, this paper argues that China should steadily advance energy transition, avoiding either too fast or too slow a pace (bring clean energy consumption transition to within the 0.535–0.595 range by 2030), in order to secure economic growth while honoring its commitment to peak carbon. Therefore, China should prudently design a coal exit strategy to avoid falling into the energy trilemma when promoting energy transition. Moreover, if China wants to further fulfill its commitment to carbon neutrality by 2060, it needs to continue to deepen the construction of green financial markets in order to better balance the relationship between energy cleanliness and economy.

Association between non-high-density lipoprotein cholesterol to high-density lipoprotein cholesterol ratio and sarcopenia in individuals with cancer: a cross-sectional study

BackgroundCancer and sarcopenia are both closely related to lipid metabolism, but the relationship between lipid metabolism and patients with cancer and sarcopenia has not been thoroughly studied. The non-high-density lipoprotein cholesterol to high-density lipoprotein cholesterol ratio (NHHR) is a reliable measure of lipid metabolism. The purpose of this study was to determine the possible relationship between the NHHR and sarcopenia in individuals with cancer.MethodsData from the National Health and Nutrition Examination Survey (NHANES) database for individuals with cancer, with and without sarcopenia was analyzed using weighted multiple regression equations, weighted regression cubic spline (RCS) analysis, and weighted subgroup analysis.ResultsIn total, 1,602 individuals with cancer were included, of whom 17.1% had sarcopenia. In Adjusted Model 2, the occurrence of sarcopenia was found to be significantly associated with a higher NHHR in cancer (95% confidence interval [CI]:1.01–1.39, P = 0.036). Individuals with high a NHHR had a 2.09-fold higher risk of developing sarcopenia in comparison to those with a low NHHR (95% CI:1.12–3.92, P = 0.022). RCS analysis further identified a U-shaped non-linear relationship between females with cancer and the muscle index. Subgroup analysis indicated that sex was a significant stratifying factor, whereas age, race, marital status, smoking and drinking habits, and history of cardiovascular disease, arthritis, hypertension, and diabetes had no significant impact.ConclusionFrom the perspective of lipid metabolism, the NHHR may serve as an indicator for monitoring and preventing the occurrence of sarcopenia in individuals with cancer, particularly for females with cancer who appear to have greater sensitivity.

The scale effects of agricultural credits, institutional governance and microfinance sustainability in Sub-Saharan African countries

PurposeThe study examines the synthesized influences of institutional governance and the scale effects of agricultural credits on the sustainability of microfinance institutions (MFIs) in Sub-Saharan Africa.Design/methodology/approachUsing a sample of 840 MFIs (300 independent and 540 networked), the study applied Generalized Method of Moments (GMM) and Lewbel’s estimator.FindingsResults indicate positive effects of financial structure, efficiency and agricultural credit scale on sustainability, with a non-linear U-shaped relationship between agricultural credit size and microfinance sustainability. Depending on institutional governance quality, a threshold is identified where agricultural credit scale significantly enhances the quality of Portfolio at Risk (lnPAR) in independent MFIs and Returns on Assets (lnROA) in networked MFIs.Research limitations/implicationsStudy suggests strengthening governance for transparency and operating within optimal size for enduring sustainable performance. While focused on Sub-Saharan Africa, future research could expand to various economies or introduce additional variables for a comprehensive analysis.Practical implicationsMFIs can achieve sustainability by implementing management guided by better institutional norms, innovative financial transformations better suited to financing agricultural activities and techniques and an organizational structure more aligned with their performance targets.Social implicationsBroader and more reliable access to financial services, particularly in the agricultural sector, can stimulate production and alleviate poverty.Originality/valueThe study’s originality lies in its contribution to the literature by examining the role of institutional governance in microfinance institution performance and evaluating microfinance in a broader Sub-Saharan African context, proposing threshold limits where agricultural microcredit compromises performance.

Investment and financing maturity mismatch: Moderating role of financialization in regulatory context for A-share listed Chinese companies

As the financialization issue is getting more and more attention, the behavioral motives and effects behind this appearance should not be ignored, and it is of great practical significance for the high-quality development of China's real economy to explore the impact and mechanism of the financialization trend on the investment and financing maturity mismatch of China's real enterprises. Using sample data of Chinese A-share listed companies from 2013 to 2020, this article empirically examines the impact of financialization on the investment and financing maturity structure from a new perspective of asset classification by using a fixed-effect model, and explores the mechanism of the financial regulatory environment's moderating effect on the relationship between the two mentioned above. The study shows that: there is an inverted U-shaped nonlinear relationship between the financialization of investment income and fixed income and “maturity mismatch “. The term mismatch of investment and financing increases with the degree of financialization, after reaching the critical point, it eases with the deepening of financialization. However, the specific point of view is different. In the sample interval, the investment income financialization exacerbates the investment and financing maturity mismatch more obviously; the fixed income financialization inhibits the investment and financing maturity mismatch more obviously. Under the different perspectives of the firms' ownership nature, financing constraints, and principal-agent problems, there are differences in the impact of firms' allocation of different types of financial assets on the investment and financing term structure. In addition, the regulatory effect of financial supervision weakens the inverted U-shaped relationship of investment income financialization with investment and financing maturity mismatch; it enhances the inverted U-shaped relationship between fixed income financialization and investment and financing maturity mismatch. In general, financial supervision has had a significant positive effect on investment and financing maturity mismatches. The findings have important policy implications in terms of corporate real investment, financial market development, and financial regulation, which can help promote China's economic development and stability.

Manganese induces podocyte injury through regulating MTDH/ALKBH5/NLRP10 axis: Combined analysis at epidemiology and molecular biology levels

Manganese (Mn) is an essential micronutrient required for various biological processes but excess exposure to Mn can cause neurotoxicity. However, there are few reports regarding the toxicity effect of Mn on the kidney as well as the underlying molecule mechanism. Herein, in vivo experiments were adopted to assess the toxicity effects associated with Mn, and found that chronic Mn treatment induced the injury of glomerular podocytes but not renal tubule in rats. Genome-wide CRISPR/Cas9 knockout screen was then employed to explore the biotargets of the toxic effect of Mn on podocytes. Through functional analyses of the enriched candidate genes, NLRP10 was found to be significantly up-regulated and mediated Mn-induced podocyte apoptosis. Further mechanism investigation revealed that NLRP10 expression was regulated by demethylase AlkB homolog 5 (ALKBH5) in an m6A-dependent fashion upon Mn treatment. Moreover, Mn could directly bind to Metadherin (MTDH) and promoted its combination with ALKBH5 to promote NLRP10 expression and cell apoptosis. Finally, logistic regressions, restricted cubic spline regressions and uniform cubic B-spline were used to investigate the association between Mn exposure and the risk of chronic kidney disease (CKD). A U-shaped nonlinear relationship between CKD risk and plasma Mn level, and a positive linear relationship between CKD risk and urinary Mn levels was found in our case-control study. To sum up, our findings illustrated that m6A-dependent NLRP10 regulation is indispensable for podocyte apoptosis and nephrotoxicity induced by Mn, providing fresh insight into understanding the health risk of Mn and a novel target for preventing renal injury in Mn-intoxicated patients.

The impact of antiretroviral treatment and child-focused unconditional cash transfers on child mortality

Although there is sufficient evidence in the epidemiological literature that antiretroviral treatment (ART) reduces child mortality, there is limited evidence of its effect in the socio-economic determinants of child mortality literature. Furthermore, evidence on the effect of child focused unconditional cash transfers (UCTs) on child mortality is limited, especially in the African context. Using South Africa's provincial level data over the period 2001 to 2019, we evaluate the effect of ART and child focused UCTs on child mortality. We use the two-stage instrumental variable mean group estimator. We find that ART reduces child mortality. Moreover, we find an inverted U-shaped non-linear relationship between UCTs and child mortality that is contingent to the level of cash transfer coverage. Our analyses also reveal that UCTs improve the effect of ART on child mortality by enhancing access and adherence to treatment. While the focus of our analyses was on the child mortality effects of ART and UCTs, our findings reaffirm the well-documented impacts of factors such as public health expenditure, HIV/AIDS, female education, and health worker density on child mortality. Collectively, the combination of high ART and UCTs coverage, increased public health expenditure, enhanced female education, and improved health worker density, represents value for money for policymakers and funders. These areas should be prioritised to improve child well-being.

Baseline Uric Acid Levels and Intravenous Thrombolysis Outcomes in Patients With Acute Ischemic Stroke: A Prospective Cohort Study.

The study aimed to investigate the relationship between uric acid (UA) levels and functional outcomes at 3 months in patients with acute ischemic stroke (AIS) who underwent intravenous thrombolysis (IVT). This prospective cohort study included 1001 consecutive patients with AIS who underwent IVT. The correlation between UA levels and post-IVT AIS outcomes was examined. Any nonlinear relationship was assessed using a restricted cubic spline function. The nonlinear P value for the association of UA levels with favorable (modified Rankin Scale [mRS] score ≤2) and excellent (mRS score ≤1) outcomes at 3 months post-IVT were <0.001 and 0.001, respectively. However, for patients with and without hyperuricemia, no evident nonlinear relationship was observed between UA levels and favorable 3-month post-IVT outcomes, with nonlinear P values of 0.299 and 0.207, respectively. The corresponding interaction analysis yielded a P value of 0.001, indicating significant heterogeneity. Similar results were obtained for excellent outcomes at 3 months post-IVT. In the hyperuricemia group, increased UA levels by 50 μmol/L reduced the odds of a favorable 3-month post-AIS outcome (odds ratio [OR], 0.75 [95% CI, 0.57-0.97]). Conversely, in the nonhyperuricemia group, a similar UA increase was linked to higher favorable outcome odds (OR, 1.31 [95% CI, 1.15-1.50]). An inverted U-shaped nonlinear relationship was observed between UA levels and favorable and excellent outcomes at 3 months in patients with AIS who underwent IVT. Higher UA levels predict favorable outcomes in patients without hyperuricemia but unfavorable outcomes in those with hyperuricemia.

U-shaped relationship between fasting blood glucose and urinary albumin-to-creatinine ratio in the general United States population.

The current controversy surrounding the association between fasting blood glucose (FBG) and albuminuria necessitates further investigation. Hence, the primary objective of this study was to examine the relationship between FBG and urinary albumin-to-creatinine ratio (UACR). A cohort of complete data from National Health and Nutrition Examination Survey (NHANES) participants (1999-2020) was analyzed. Linear regression analyses and a generalized additive model explored the association between FBG and UACR. Furthermore, the stability of this relationship across different populations was assessed. The study involved a total of 20,264 participants who were identified as U.S. citizens. By employing linear regression analysis, a statistically significant relationship was observed between elevated FBG levels and an increase in UACR (P<0.0001). Additionally, using a generalized additive model analysis, a U-shaped correlation between FBG and UACR was identified. Further examination using threshold effect analysis indicated a turning point for FBG at 5.44 mmol/L. A noteworthy finding in multiple populations is the consistent U-shaped association between FBG and UACR, except for individuals with serum uric acid levels ≥420 μmol/L and those who refrain from alcohol consumption. The general U.S. population has a U-shaped nonlinear relationship between FBG and UACR.

The relationship between dietary phosphorus and peripheral neuropathy in the general population of the United States: A preliminary research.

Dietary phosphorus intake may serve as a potential predictor for peripheral neuropathy (PN). While past research has predominantly focused on the relationship between dietary phosphorus and bone health, relatively little is known about its role in the nervous system, particularly its association with PN. A cross-sectional study was conducted using data from NHANES 1999-2004. Participants were categorized into different dietary phosphorus intake groups, and the relationship between dietary phosphorus and PN was explored using multifactorial logistic regression, restricted cubic splines (RCS) analysis, and threshold effect analysis based on dietary intake. The final study included 7726 participants, with 1378 diagnosed with PN and 6348 without. The study revealed a U-shaped non-linear relationship between dietary calcium and magnesium intake levels and PN, indicating that both excessive and insufficient dietary phosphorus intake may increase the risk of PN. Specifically, the incidence rates in the first quintile (1.433, 95% CI: 1.080-1.901), the fourth quintile (1.284, 95% CI: 1.000-1.648), and the fifth quintile (1.533, 95% CI: 1.155-2.035) significantly higher than the second quintile, with an overall trend showing a decrease followed by an increase in incidence rates. The results of RCS and threshold effect analysis indicate that when dietary phosphorus intake is below 939.44mg, the risk of PN decreases with increasing dietary phosphorus intake. On the contrary, when dietary phosphorus intake exceeds 939.44mg, the risk of PN increases with increasing dietary phosphorus intake. This study reveals a U-shaped correlation between dietary phosphorus intake and PN. Future research should further elucidate the molecular mechanisms underlying this association, providing guidance for more scientifically informed dietary adjustments to prevent the occurrence of PN.

Association between SpO2 and the risk of death in elderly T2DM patients with cerebral infarction: a retrospective cohort study.

This study aimed to evaluate the SpO2 (transcutaneous oxygen saturation) -mortality link in elderly T2DM (diabetes mellitus type 2) patients with cerebral infarction and identify their optimal SpO2 range. In this investigation, we employed a comprehensive approach. Initially, we screened the MIMIC-IV database, identifying elderly T2DM patients with cerebral infarction, utilizing specific ICD-9 and ICD-10 codes. We then harnessed the power of restricted cubic splines to craft a visual representation of the correlation between SpO2 and 1-year mortality. To enhance our analysis, we harnessed Cox multivariate regression, allowing us to compute adjusted hazard ratios (HR) accompanied by 95% confidence intervals (CIs). Additionally, we crafted Cumulative Mortality Curve analyses, augmenting our study by engaging in rigorous subgroup analyses, stratifying our observations based on pertinent covariates. In this study, 448 elderly T2DM patients with cerebral infarction were included. Within 1-year post-discharge, 161 patients (35.94%) succumbed. Employing Restricted Cubic Spline analysis, a statistically significant U-shaped non-linear relationship between admission ICU SpO2 levels and 1-year mortality was observed (P-value < 0.05). Further analysis indicated that both low and high SpO2 levels increased the mortality risk. Cox multivariate regression analysis, adjusting for potential confounding factors, confirmed the association of low (≤94.5%) and high SpO2 levels (96.5-98.5%) with elevated 1-year mortality risk, particularly notably high SpO2 levels (>98.5%) [HR = 2.06, 95% CI: 1.29-3.29, P-value = 0.002]. The cumulative mortality curves revealed the following SpO2 subgroups from high to low cumulative mortality at the 365th day: normal levels (94.5% < SpO2 ≤ 96.5%), low levels (SpO2 ≤ 94.5%), high levels (96.5% < SpO2 ≤ 98.5%), and notably high levels (>98.5%). Subgroup analysis demonstrated no significant interaction between SpO2 and grouping variables, including Sex, Age, Congestive heart failure, Temperature, and ICU length of stay (LOS-ICU; P-values for interaction were >0.05). Striking an optimal balance is paramount, as fixating solely on lower SpO2 limits or neglecting high SpO2 levels may contribute to increased mortality rates. To mitigate mortality risk in elderly T2DM patients with cerebral infarction, we recommend maintaining SpO2 levels within the range of 94.5-96.5%.

Digitization and carbon emissions: how does the development of China's digital economy affect carbon intensity?

The digital economy and the pursuit of carbon peak and carbon neutrality have emerged as crucial focal points for China's future development. However, the intricate relationship between the digital economy and carbon intensity remains uncertain. Based on the construction of the digital economy evaluation index system, using panel data for 30 provinces in China from 2011 to 2019, this study estimates the impact of the digital economy development on carbon intensity by adopting the system-generalized method of moments (SYS-GMM) technique. The results show that the digital economy can effectively reduce the carbon intensity. This conclusion was supported by robustness tests. However, the carbon emission reduction effect of the digital economy exhibits heterogeneity with respect to the digital economy dimensions and regions. In addition to digital industrialization and industrial digitization reducing the carbon intensity, the digital economy development carrier has an inverted U-shaped nonlinear relationship with carbon intensity. Additionally, the digital economy has a more obvious inhibitory effect on carbon intensity in the eastern region. Most importantly, besides the mediating effects of technological progress and financial development, this paper finds that the digital economy can increase carbon intensity through human capital accumulation. These conclusions provide a certain scientific basis for the effective implementation of China's digital economy and carbon peak and carbon-neutral development strategy.

Promote or Inhibit: CEO Career Concerns and Enterprise Digital Transformation

The digital transformation of Chinese enterprises is imperative, and digital transformation is a typical long-cycle strategic decision, so it is necessary to analyze the motivation of digital transformation from the perspective of time, especially career. However, there is little research to discuss the impact of key role CEOs on digital transformation based on their career tradeoffs. Therefore, this paper chooses manufacturing enterprises as research samples to study the relationship between CEO career concerns and enterprise digital transformation. This paper finds that there is an inverted U-shaped nonlinear relationship between CEO's career concerns and enterprise digital transformation; Within a certain range, CEO career concerns positively promotes digital transformation, but after a certain threshold, it inhibits digital transformation. This inverted U-shaped relationship is weakened by the increasing power intensity of the CEO and the short-sightedness of management. This paper describes the role of CEO in the digital process from the perspective of career concern, expands the antecedents of digital transformation, and provides some implications for enterprises to promote digital transformation.

The impact of environmental regulations on the upgrading of the industrial structure: Evidence from China

China's economy has transitioned into a phase of high-quality development, with enhancing its industrial structure becoming a critical objective. We gathered panel data from 30 major provinces in China from 2010 to 2020 and employed the fixed effects model to assess the actual influence of environmental regulations on industrial structure upgrading. Our empirical findings show that the impacts of various environmental regulations on industrial structure upgrading in China are significantly different. Mandatory environmental regulation demonstrates an inverted U-shaped nonlinear correlation with the upgrading level of the entire industrial structure. When the intensity of this regulation is low, it significantly accelerates industrial structure upgrading. As the intensity of this regulation rises, its effect on industrial structure upgrading is inhibitory. In contrast, induced environmental regulation exhibits a nonlinear U-shaped relationship with industrial structure upgrading and shows a nonlinear change trend of first decreasing and then rising. When the intensity of induced environmental regulation reaches a certain critical point and continues to increase, it will change from a negative influence on the upgrading of the industrial structure to a promoting effect. The further discussion of threshold regression and the robustness test also led to similar conclusions. The above research is conducive to the Chinese government's rational use of environmental regulation tools to promote industrial structure upgrading. It is also beneficial to developing countries, allowing them to learn from China's experience to improve the effectiveness of environmental regulation and boost their industrial development.

Does trade freedom affect exchange rate movement? A perspective of high-technology trade

Changes in the degree of trade freedom influence economic development and foreign investment, which in turn, affect currency values and exchange rate movements. Therefore, this study examined the direct and indirect impacts of trade freedom on exchange rate movement in emerging, developing, and developed economies. Empirical tests conducted using panel data from 75 countries revealed that trade freedom has a nonlinear U-shaped relationship with exchange rate movement, which is positively moderated by high-technology trade and foreign direct investment. Additionally, the results of heterogeneity analysis showed that trade freedom has a linear positive impact on the exchange rate movement of developed economies but a U-shaped impact on emerging and developing economies, with a stronger impact on emerging economies. The findings of this study provide valuable insights for governments to strike a balance between promoting trade freedom and maintaining currency exchange rate stability.

Fiscal Decentralization in Indonesia: Does It Curb the Quality of Environment?

Local authorities have played an enormous role in maintaining the sustainability of the environment through decentralization. While decentralization could improve the quality of the environment as an attribute of public good provision, it could also harm the environment by setting low environmental standards to boost environment-related business. In addition, the Environmental Quality Index (IKLH) from various provinces has shown fluctuations in the past ten years. With this ambiguous effect of decentralization, this study aims to disentangle the effect of decentralization on the quality of the environment in Indonesia. This study utilizes Indonesia’s provincial-level data in 33 provinces from 2010 to 2020. In order to solve the model's suffering endogeneity problem, the two-stage least square panel-instrumental variable method is performed. The main results demonstrate that fiscal decentralization and its square significantly affect environmental quality. Its square indicates a nonlinear U-shaped relationship, that in the low-level stage of decentralization tends to harm the environment until the turning point. In addition, this research also suggests the positive but weak effect of Intergovernmental Fiscal Transfer (IFT) on environmental quality. Considering all the results, this research infers that decentralization curbs the quality of the environment in Indonesia and, to some extent, contributes to maintain environmental quality. Therefore, local authorities have a significant role in promoting green regulation to enhance environmental quality and this also reaffirms the importance of green indicators in local budgeting.

The Association Between Urbanization and Electrocardiogram Abnormalities in China: a Nationwide Longitudinal Study.

The health effects of urbanization are controversial. The association between urbanization and reversible subclinical risks of cardiovascular diseases (e.g., electrocardiogram (ECG) abnormalities) has rarely been studied. This study aimed to assess the association between urbanization and ECG abnormalities in China based on the China National Stroke Screening Survey (CNSSS). We used changes in the satellite-measured impervious surfaces rate and nighttime light data to assess the level of urbanization. Every interquartile increment in the impervious surfaces rate or nighttime light was related to a decreased risk of ECG abnormalities, with odds ratios of 0.894 (95% CI, 0.869-0.920) or 0.809 (95% CI, 0.772-0.847), respectively. And we observed a U-shaped nonlinear exposure-response relationship curve between the impervious surfaces rate and ECG abnormalities. In conclusion, the current average level of urbanization among the studied Chinese adults remains a beneficial factor for reducing cardiovascular risks.

Thyroid function and thyroid homeostasis parameters are associated with increased urinary albumin excretion in euthyroid individuals over 60 years old from NHANES.

The relationship between thyroid function/homeostasis parameters and renal function has been extensively studied. However, the relationship between thyroid function and thyroid homeostasis parameters with albuminuria among elderly individuals remains unclear. The population was divided into an albuminuria group and a non-albuminuria group for baseline characteristic difference analysis. Multivariable logistic regression was used to test the association between thyroid function, and thyroid homeostasis parameters and albuminuria. The nonlinear relationship was explored with restricted cubic splines. Meanwhile, we investigated whether the relationship also existed in the diabetes and hypertension subgroups. Receiver operating characteristic (ROC) curves were used to assess the effectiveness of the indices. FT4 and TFQIFT4 were positively correlated with albuminuria (OR = 1.12; 95% CI = 1.02-1.23, p = 0.02; OR = 1.79; 95% CI = 1.08-2.99, p = 0.03), and FT3/FT4 was negatively correlated with albuminuria (OR = 0.03; 95% CI = 0.00-0.26, p = 0.003). Additionally, the nonlinear relationship between FT3/FT4 as well as TSHI and albuminuria was approximately U-shaped. Similar results were observed in the hypertension subgroup but not in the diabetes subgroup. There was a U-shaped nonlinear relationship between FT3 and albuminuria in the diabetes group. In addition, FT3/FT4 performed better than TFQI, TT4RI, and TSHI in ROC analyses for albuminuria prediction. FT4, TFQIFT4, and a low FT3/FT4 ratio were risk factors for albuminuria in euthyroid individuals over 60 years old. However, FT3 was more associated with albuminuria in the diabetes subgroup. TSH was not associated with albuminuria in any analysis. In our study, we attempted to provide more reasonable thyroid parameters and basis for evaluating patients with underlying albuminuria. FT3/FT4 may be used as a helpful indicator to predict albuminuria and provide novel ideas for the evaluation and treatment of albuminuria.

Board Gender Diversity and Firm Performance: Recent Evidence from Japan

Gender diversity is increasingly recognized as a critical element in corporate management. However, existing research on its impact on firm performance demonstrates inconsistency in a global context. This study employs 1990 publicly listed Japanese companies from 2006 to 2023 and examines the effect of board gender diversity on firm performance in Japan. Findings from the fixed-effects regression model revealed a significant negative impact of board gender diversity on firm performance. This adverse correlation is more pronounced in smaller firms, those with greater leverage and reduced institutional ownership, and regulated and consumer-focused industries, particularly pre-COVID-19. The detrimental impact of board gender diversity on firm performance is transmitted via corporate social responsibility and firm innovation instead of board independence or CEO duality. Notably, the two-stage least squares estimation addresses potential endogeneity, employing an equal opportunity policy as an instrumental variable. Moreover, the robustness of our results is affirmed via the substitution of return on equity for return on assets as an indicator of firm performance. Lastly, our analysis does not reveal a U-shaped nonlinear relationship between board gender diversity and corporate performance. As Japan progressively promotes women’s participation in corporate governance, this research bears significant implications for corporate leaders, investors, and policymakers in Japan.

Unveiling the Relationship Between ESG Scores and Firm Performance in India: A System GMM Approach

This paper investigates the impact of Environmental, Social and Governance (ESG) scores as well as individual pillar scores on the firm performance in the Indian context. Even though a lot of research has been conducted world-wide concerning this issue, a conclusive result has not yet been derived. Being an emerging economy, India is at a nascent stage of research related to ESG issues, and past research indicates a mixed result. In order to avoid the potential endogeneity issue, this paper used a dynamic panel approach of system GMM. This paper considered data from 59 non-financial companies listed under the NSE 500 index. Data was collected from the Thomson Reuters Refinitiv Eikon database over a period of 11, spanning from 2010 to 2021. The finding suggested a significantly negative impact of ESG score on firm performance measured by Tobin's Q and ROA, which indicates a non-linear U-shaped relationship. Net profit margin and closing price are used as alternative, dependent variables to check the robustness of the models and show consistent results. The environmental pillar score and social pillar score showed a negative impact on firm performance, whereas the governance pillar score showed a positive impact on market performance but negatively impacted financial performance. The key takeaway from this paper is that, if firms continue to improve ESG disclosure, it will positively impact firm performance in the future.

Clinical Evidence of the Relationship Between Alanine Aminotransferase and Diabetic Kidney Disease.

Multiple studies have investigated the association between alanine aminotransferase (ALT) and diabetes mellitus (DM); however, only a few studies have specifically examined the relationship between ALT and diabetic kidney disease (DKD). This study aimed to investigate the relationship between ALT and DKD using clinical data. A cross-sectional study was conducted on 668 individuals that included non-DM (N=281), DM without DKD (N=160), and DKD (N=227) patients. A generalized additive model (GAM) was used to examine the dose-response relationship between ALT and DKD risk. We also analyzed the data from the US National Health and Nutrition Examination Survey (NHANES) 2015-2018 using the same statistical methods; 4481, 1110, and 671 individuals were included in the non-DM, DM without DKD, and DKD groups, respectively. The changes in ALT activity among the non-DM, DM without DKD, and DKD groups showed a similar pattern in both our clinical data and the NHANES dataset. ALT activity increases with the onset of DM, whereas ALT activity decreases when DM progresses to DKD. The GAM revealed a nonlinear U-shaped relationship between ALT and DKD risk in the two datasets, and the lowest range of ALT was 40-50 IU/L. Both lower (<40 IU/L) and higher (>50 IU/L) ALT activity were found to be positively associated with DKD risk. A U-shaped nonlinear association between ALT and DKD was found in our clinical data and NHANES data. DKD risk was increased by both lower or higher ALT activity. To confirm the causality of nonlinear relationship, larger prospective studies or Mendelian randomization analysis are required.