Propensity Score Matching Model Research Articles

Survival outcomes in locally advanced dMMR rectal cancer: surgery plus adjunctive treatment vs. surgery alone

BackgroundRecent studies have shown that deficient mismatch repair (dMMR) rectal cancer may be related to treatment resistance, resulting in a worse prognosis than proficient MMR (pMMR) rectal cancer. The purpose of this study was to explore whether surgery plus other treatments (radiotherapy and chemotherapy) can bring more benefits to these patients than surgery alone.MethodsA retrospective study of 168 patients with rectal adenocarcinoma who underwent total mesorectal excision was conducted using immunohistochemical methods to determine MMR status and a propensity score matching model to minimize potential confounding factors between subgroups of patients with different treatment regimens. Kaplan–Meier analysis, log-rank tests, and Cox regression models were used to assess overall survival (OS) and disease-free survival (DFS) in patient subgroups.ResultsOnly 6.9% (n = 168) of patients in the total cohort had dMMR rectal adenocarcinoma, and the most common cause of dMMR was a PMS2 deletion (103, 61.3%). The median DFS of the surgery alone group was 45.7 months (IQR, 40.9 to 77.8), and the median DFS of the surgery plus other treatment group was 43.9 months (IQR, 14.2 to 80.1). The surgery alone group was superior to the surgery plus other treatment group (HR, 0.16; 95% CI, 0.07 to 0.38; p = 0.005). There was no significant difference in OS (45.8 (IQR, 41.0 to 79.8) vs. 45.9 (IQR, 38.5 to 80.3)) between the two groups (HR, 0.57; 95% CI, 0.23 to 1.40; p = 0.263).ConclusionsFor patients with locally advanced dMMR rectal adenocarcinoma, compared with surgery alone, surgery plus other treatment options (radiotherapy and chemotherapy) do not grant long-term survival benefits but rather shorten DFS.

Health Care Costs Following COVID-19 Hospitalization Prior to Vaccine Availability.

Postacute sequelae of coronavirus (PASC) disease of 2019 (COVID-19) include morbidity and mortality, but little is known of the impact on medical expenditures. This study measures patients' health care costs after COVID hospitalization before vaccinations. The Merative MarketScan database is used to track trends in medical expenditures for commercially insured patients hospitalized for COVID-19 (case subjects) compared with COVID-19 patients not hospitalized (control subjects) using a propensity score matching model. Medical expenditures were estimated from 30-, 60-, and 120-day clean periods after an initial COVID-19 encounter through the end of 2020. Average total medical expenditures were 96% higher for individuals hospitalized for COVID-19 starting 30 days after initial COVID-19 encounter and almost 70% higher 120 days after based on the propensity score matching. The average spending differential was $11,242 30 days after and $4959 120 days after. This effect is highest for inpatient admissions and services 60 days after at $56,862 and lowest among pharmaceuticals 120 days after at $329. The magnitude of the difference is greater for those with hypertension or diabetes where total expenditures is $14,958 30 days after, and $5962 120 days after compared with those without these chronic conditions. The results suggest both health and economic implications for COVID-19 hospitalization and supports the use of vaccinations to help mitigate these implications. PASC includes increased health care costs for hospitalized patients, particularly for those with chronic conditions. Preventing COVID-19 hospitalization has economic value in terms of reduced medical spending in addition to health benefits associated with reduced morbidity and mortality.

The Impact of Lending Relationships on the Lead Arrangers’ Retained Share

The lead arrangers of syndicated loans often have lending relationships with the borrowers, while other lenders participating in the syndicate largely engage in an arm’s length transaction. Relatively little is known about how these relationships affect the shares of syndicated loans that the lead arrangers retain in their portfolio. Using a random sample of 10,328 syndicated loans made to 7316 nonfinancial U.S. firms over the period 1987 to 2013, this paper investigates the impact of lending relationships on the shares of loans retained. The results show that lending relationships are associated with a significant reduction in retained shares. These results are robust to alternative estimation techniques, such as propensity score matching and binary endogenous treatment models, which are employed to address endogeneity concerns. Furthermore, the results provide additional evidence that the existence and strength of lending relationships lead to decreased retained shares, particularly for non-top-tier lead arrangers. Moreover, the findings also demonstrate that when lead arrangers have lending relationships with borrowers, they retain significantly smaller shares whether the loans are made to informationally opaque, small, or speculative-grade-rating firms. Overall, the findings of this paper have important implications for lenders seeking to reduce their risk exposure in syndicated loans.

Huangqin Qingre Chubi Capsule is Associated with Reduced Risk of Readmission in Patients with Rheumatoid Arthritis: A Real-World Retrospective Cohort Study.

The therapeutic effects of Huangqin Qingre Chubi (HQC) in rheumatoid arthritis (RA) have been documented. However, there is a lack of real-world clinical evidence supporting its efficacy. Patients diagnosed with RA were recruited from the First Affiliated Hospital of the Anhui University of Chinese Medicine. Patient information was obtained from the hospital's database. Propensity score matching (PSM), Kaplan-Meier curve, and Cox proportional hazards model were used to control confounding factors and analyze the factors influencing readmission. Association rule analysis and random walk evaluation models were used to evaluate the correlations among HQC treatment, inflammation indicators, and self-perception of patients (SPP) scale. After PSM, 3423 patients were enrolled, with 1142 in the HQC group and 2281 in the non-HQC group. The readmission risk of the HQC group was significantly lower than that of the non-HQC group. Combined univariate and multivariate analysis results revealed that risk factors for readmission were age >60 years, female sex, hypertension, chronic gastritis, and elevated levels of laboratory indices, including anticyclic citrullinated peptide and complement component 3 (C3) and C4. HQC, disease-modifying antirheumatic drugs, nonsteroidal anti-inflammatory drugs, and glucocorticoid therapy were protective factors for readmission. HQC treatment was closely associated with improvements in many factors, including erythrocyte sedimentation rate, C-reactive protein, C3, rheumatoid factor levels, visual analog scale, depression self-assessment scale, and patient-reported activity index scores with RA. HQC treatment can reduce the risk of readmission and significantly improve immune inflammatory indicators and SPP in patients with RA, with no risk of hepatorenal toxicity.

교육재정경제 연구의 동향과 과제

This study comprehensively analyzes trends in education finance and economics research and discusses the directions and challenges for future research. By examining 712 academic papers from the inaugural to the most recent issues of the ‘Journal of Economics and Finance of Education,' it derives research achievements and challenges in this field. The analysis reveals distinctive features, such as the increasing application of theoretical concepts to practical approachs, a surge in education economics research, diversified research targets including education authorities and institutions, a shift towards quantitative data utilization, a rapid transition from literature-focused to quantitative-oriented research, and enhanced collaboration among researchers. Comparatively, qualitative studies are underutilized in the area of research, emphasizing empirical studies relevant to education policies. The study's keyword analysis demonstrates balanced treatment of education finance and economics-related terms and substantial research on value considerations like efficiency, equity, and fairness. Advanced research methods like Data Envelopment Analysis (DEA), Propensity Score Matching (PSM), Fixed Effects (FE), and Hierarchical Linear Modeling (HLM) are widely adopted. Through a comparison with international trends, it highlights research areas requiring increased focus, including the effectiveness of education investments, specific education fiscal demand analysis, discussions on the appropriateness of education fiscal policies, cost estimation of targeted educational programs, education's cost-benefit analysis, strengthened education policy evaluation, and expanded research on the teacher labor market. Enhanced scholarly interest and investigation are recommended for these themes in education fiscal economics.

The Tradeoff of Child Labor: Evidence from Indonesia

Using data from the Indonesia Family Life Survey (IFLS), this study examines the influence of child labor on wages and educational attainment in Indonesia. Several statistical methods, such as Propensity Score Matching (PSM), Quantile Regression, and robust Ordinary Least Squares (OLS) models, are used to analyze the relationship between child labor, income, and education while controlling for confounding variables. The findings indicate that child labor is initially associated with reduced wages, but this association becomes insignificant when other variables, such as years of education, are considered. Longer educational periods mitigate the negative effects of child labor on wages. In addition, the analysis reveals a tradeoff between child labor and educational attainment, highlighting the impact of child labor on education. Access to economic resources, however, mitigates this tradeoff, highlighting the importance of economic factors in children's decision-making. The study highlights the significance of child protection measures and effective socioeconomic policies to guarantee children's access to education and enhance their opportunities. It provides valuable insights into the effects of child labor on education and the role of economic factors in determining how children allocate their time.

The impact of soil and water conservation practices on food security in eastern Ethiopia. A propensity score matching approach

Erosion is severe in major agricultural sectors and areas of concentrated intense rainfall, such as southern Brazil, Argentina, India, eastern China, the Midwestern United States, Ethiopia, and Mediterranean Europe. To meet the world's food needs while protecting the environment, a more environmentally friendly agricultural model is needed. How much the adoption of introduced SWCP can contribute to food security is so, a puzzle that needs to be investigated today. Therefore, this research was conducted to evaluate the impact of soil and water conservation practices (SWCP) on food consumption score (FCS), and food intake in kilocalories at the household level by using 89 adopters and 161 non-adopter households. Cross-sectional data were produced from 250 samples by utilizing, a multistage sampling techniques. The causal effect of generated SWCP adoption data, were analyzed by propensity score matching model (PSM). Results gained by PSM show adoptions of introduced SWCP have an additional kilocalorie of 854.78. Concerning FCS, adopter households can obtain 7.28 scores of food frequency than their comparable groups. Since our study was limited to using analysis at the individual level and other food security indicators rather than calorie intake and FCS. Further study should be recommended concerning the impact of SWC on food security at the individual level by using multiple food security measure indicators.

Calcineurin inhibitors or cyclophosphamide in the treatment of membranous nephropathy superimposed with FSGS lesions: a retrospective study from China

Background Cyclophosphamide (CTX) and calcineurin inhibitors (CNIs) based regimens are recommended as immunosuppressive therapies for patients with idiopathic membranous nephropathy (IMN). Focal and segmental glomerular sclerosis (FSGS) lesions, which are common in membranous nephropathy (MN), are poor predictors of outcome. This study compared the differences of prognosis between two regimens in patients with IMN combined with FSGS lesions. Methods This retrospective study enrolled 108 patients with biopsy-proven IMN, accompanied with FSGS lesions, nephrotic syndrome and an estimated glomerular filtration rate (eGFR)≥60 mL/min/1.73 m2 who were treated with CTX or CNIs. We used propensity score matching (PSM) for balancing the confounding variables. Results During follow-up, 10 patients (10/55 [18.2%]; nine males) in the CNIs group showed a 50% decline in eGFR; eight had a not otherwise specified variant. Patients initially treated with CNIs had a significantly higher risk of progression to the primary outcome and a lower probability of complete or total remission. The relapse rate was higher in patients who initially received CNIs- than in those who received CTX-based treatment. Before PSM, age and 24-h urine protein level differed significantly between the groups. The PSM model included data from 72 patients. Worse outcomes were also noted among patients who initially received CNIs than those who received CTX-based treatments after matching. Conclusions Patients with MN combined with FSGS lesions have a higher risk of renal functional decline and a higher rate of relapse after CNIs than after CTX therapy.

Splenic hilar lymph node dissection enhances survival in Bormann type 4 gastric cancer

Splenic hilar (no.10) lymph node dissection during total gastrectomy is no longer recommended for advanced proximal gastric cancer. However, the treatment efficacy of no.10 lymph node dissection in Borrmann type 4 tumors remains unclear. We enrolled 539 patients who underwent total gastrectomy for Borrmann type 4 tumors between 2006 and 2016 in four major institutions in Korea. We compared the long-term survival of the no.10 lymph node dissection (n = 309) and no-dissection groups (n = 230) using the propensity score (inverse probability of treatment weighting). The treatment effects of no.10 lymph node dissection were estimated in the weighted sample using the Cox proportional hazards regression model with a robust sandwich-type variance estimator. After inverse probability of treatment weighting, there were 540.4 patients in the no.10 lymph node dissection group and 532.7 in the no-dissection group. The two groups showed well-balanced baseline characteristics, including tumor node metastasis stage. The 5-year survival rates in the no.10 lymph node dissection and no-dissection groups were 45.7% and 38.6%, respectively (log-rank p = 0.036, hazard ratio 0.786, 95% confidence interval 0.630–0.982). Multivariate analysis revealed that no.10 lymph node dissection was an independent favorable prognostic factor (adjusted hazard ratio 0.747, 95% confidence interval 0.593–0.940) after adjusting for other prognostic factors. Sensitivity analyses in other inverse probability of treatment weighting models and the propensity score matching model showed similar results. Patients undergoing no.10 lymph node dissection showed improved survival compared to those without. No.10 lymph node dissection is recommended during total gastrectomy for patients with Borrmann type 4 gastric cancer.

Impacts of family care for children and the elderly on women's employment: evidence from rural China.

China's traditional culture makes rural women and men take on different family responsibilities. Use "China Family Panel Studies" (CFPS) data and build Logit and propensity score matching models to empirically study the impact of children care and elderly care on rural married women going out to work. And explore the welfare effects of basic education public services in helping rural women take care of their families. The results show that caring for children has a significant hindering effect on rural married women's job hunting. Especially for those in low-income families, the employment inhibition is most significant among women aged 20-30 with multiple children. Contrary to previous cognition, supporting the elderly has a certain weak stimulating effect. The kindergarten public services in rural areas can help women take care of their children and relieve their work pressure. The primary school public services have not played a role in alleviating them. This shows that there are still a large number of female laborers in rural China who are unable to go out to work due to family care. The improvement of rural basic education public services can promote more rural women going out to work. This finding will provide a policy reference for the introduction of a formal care system and the establishment of basic education public services in China.

Does conservation tillage adoption improve farmers’ agricultural income? A case study of the rice and fish co-cultivation system in Jianghan Plain, China

This study analyses the income effects of farm households' conservation tillage adoption on agricultural income in China. Based on survey data of 704 farm households from Jianghan Plain, central China, Heckman two-stage and propensity score matching models are employed to quantitatively measure the income effect of farm households' adoption of rice and fish co-cultivation, including six aquatic animals. The results reveal that most farmers have adopted rice and fish co-cultivation methods, but with limited adoption intensity. The number of farmers engaged in co-cultivation and farmers' degree of knowledge and cognition significantly influence adoption and increase adoption intensity. Compared with the non-adoption group, the agricultural income of rice and fish co-cultivation system adoption improved adopters’ incomes by 35.15%. In conclusion, rice and fish co-cultivation publicity, technical training and compensation are highly beneficial and recommended.

Prognosis and adjuvant chemotherapy for patients with malignant peritoneal cytology in early-stage non-endometrioid endometrial cancer

ObjectiveTo investigate the influence of malignant peritoneal cytology (MPC) on the prognosis of early-stage patients with endometrial clear cell carcinoma(CCC) and serous carcinoma(SC), and the value of chemotherapy in their treatment. MethodsA retrospective observational cohort study was conducted by querying the National Cancer Institute's Surveillance, Epidemiology, and End Results Program from 2010 to 2019. Women with early-stage CCC and SC with available peritoneal cytology results were enrolled. Propensity score matching(PSM) and propensity score inverse probability of treatment weighting (IPTW) was used to balance the measured covariates in each sub-cohort. ResultsA total of 3,616 eligible patients were included, and 368 patients had MPC (10.2%). Women with MPC were more likely to receive postoperative chemotherapy (OR 2.033; 95%CI 1.589–2.602). In PSM model, MPC had worse overall survival(OS) and cancer-specific survival (CSS) (All,p < 0.001). The 5-year OS rates were 56.5% for women with MPC and 74.4% for those with negative peritoneal cytology, and the 5-year CSS rates were 60.8% versus 80.0%(All, p < 0.0001). In the subgroup analyses, MPC was associated with decreased OS and CSS in serous, clear cell histology group, and stage IA cases(All,p < 0.001), but not for stage IB or stage II disease. In multivariate analysis, chemotherapy improved the prognosis of patients with MPC(OS:p = 0.005; CSS:p = 0.010). Additionally, in stage IA subgroup, chemotherapy improved survival outcomes in patients with MPC(OS:P = 0.025; CSS:P = 0.038), in NPC patients, however, chemotherapy was a good prognostic factor for OS (P = 0.001) but not for CSS(P = 0.300). ConclusionMPC was a prognostic factor for decreased survival in early-stage endometrial CCC and SC, and those with MPC could further benefit from chemotherapy.

Uptake of HIV testing and its correlates among sexually experienced college students in Southwestern, China: a Web-Based online cross-sectional study

BackgroundThe prevalence of human immunodeficiency virus (HIV) is becoming more common among college students in China. However, latest data on the prevalence and correlates of HIV testing among sexually experienced college students is rarely.MethodsAn online survey was conducted among college students aged 18 years or older using multistage stratified cluster sampling from 16 colleges. Data on socio-demographic, HIV testing, HIV-related awareness, attitudes, sexual education and behaviors were collected. Propensity score matching (PSM) and logistic regression model were used to identify factors associated with HIV testing.ResultA total of 108,987 students participated the survey, of which 13,201 sexually experienced college students were included in this study. 1,939 (14.69%) college students with sexual experience reported uptake of HIV testing in the preceding year. The uptake of HIV testing increased for college students with a rising HIV knowledge score and sexual health knowledge. Being awareness of HIV-related knowledge (aOR = 1.15, 95%CI: 1.01–1.30), accepting one-night stands (aOR = 1.16, 95%CI:1.03–1.32), obtaining satisfactory sexual interpretation from parent(s) (aOR = 1.24, 95%CI: 1.07–1.43), ever had unintended pregnancy (aOR = 1.78, 95%CI: 1.32–2.38), ever had received HIV-related preventive service(s) (aOR = 1.37, 95%CI: 1.10–1.70), ever had participated HIV-related preventive services (aOR = 3.76, 95%CI: 2.99–4.75) and ever had anal sex (aOR = 2.66, 95%CI: 2.11–3.34) were positively associated with uptake of HIV testing. However, accepting premarital sex (aOR = 0.76, 95%CI: 0.66–0.88), accepting cohabitation (aOR = 0.75, 95%CI: 0.61–0.92), occasionally discussing sex with parent(s) (aOR = 0.68, 95%CI: 0.50–0.91), and being with moderate satisfaction of school sex courses (aOR = 0.74, 95%CI: 0.58–0.95) were negatively associated with uptake of HIV testing.ConclusionThe prevalence of HIV testing was relatively low. Participation in HIV-related services and high-risk sexual behaviors were important enablers for testing. Improving sex education for students, increasing HIV preventive services on campus, and improving family sex education are necessary to increase HIV testing among college sexually experienced students.

Place Attachment, Self-Efficacy, and Farmers’ Farmland Quality Protection Behavior: Evidence from China

Farmland pollution severely threatens humanity’s sustainable development. Exploring farmland quality protection behavior (FQPB) from the farmers’ perspective is considered one of the best ways to solve the farmland pollution problem. This study develops a theoretical framework for farmers’ FQPB from the perspectives of place attachment (consisting of place identity, dependency, and affection) and self-efficacy. We conducted a primary survey of 412 corn farmers from the northwestern Chinese province of Gansu and empirically examined the effects of place attachment and self-efficacy on farmers’ FQPB and verified the moderating effects that self-efficacy exerts on the influence of place attachment on FQPB by using hierarchical regression and propensity score matching models. The results indicate that: (1) among the three dimensions of place attachment, farmers with stronger place identity and place affection are more likely to implement FQPB; conversely, farmers who exhibit stronger place dependency are less likely to engage FQPB; and (2) self-efficacy not only effectively promotes farmers’ FQPB but also has an enhancing effect on the influence of place identity and place affection on FQPB. Our results suggest that policymakers should encourage farmers to maintain a place’s image and guide farmers to participate in place construction; thus, farmers’ place identity and place affection can be fostered. Meanwhile, the government should diversify the income sources of farmers to reduce their dependency on a single source. The finding that self-efficacy effectively promotes FQPB also implied that the formulation of farmland quality protection policies should shift from traditional command-based policies to participatory approaches, utilizing the initiative of farmers to enhance the policy’s effectiveness, which can not only promote farmers’ FQPB through self-efficacy but also strengthen the positive influence of place identity and place affection on FQPB.

How do non-family CEOs influence family firm innovation performance?

PurposeWhile the relationship between non-family CEOs and corporate innovation in China has been widely studied, the results remain inconclusive. This study explores the relationship between non-family CEOs and corporate innovation in the context of intergenerational succession. It considers the background and background characteristics of non-family CEOs in an attempt to provide a theoretical foundation for human resource management and innovative strategic management that can be applied in the transformation of family companies.Design/methodology/approachThe authors develop, then test, a series of hypotheses using an econometric analysis of a large sample of Chinese listed family firms. To control for endogeneity problems, such as missing variables in the model and the selectivity bias of the sample, propensity score matching (PSM) model is applied to analyze the panel data of 452 listed family firms from 2009–2019.FindingsThis study first validates the mechanism by which non-family CEO background characteristics affect innovation performance in family firms. It then reveals the varying moderating effects of two stages of intergenerational succession (i.e. later-generation participation in management and later-generation take-over management) that influence the relationship between non-family CEOs and corporate innovation.Originality/valueThe study's findings based on upper echelon and imprinting theory complement and extend existing research by revealing the impact of non-family CEOs from different backgrounds, and also identifying the role of intergenerational succession in the relationship between non-family CEO background characteristics and innovation performance.

Tenofovir alafenamide significantly increased serum lipid levels compared with entecavir therapy in chronic hepatitis B virus patients.

Tenofovir alafenamide (TAF) has a serum lipid-raising effect in patients with HIV; however, its effect on serum lipids and nonalcoholic fatty liver disease (NAFLD) risk in patients with chronic hepatitis B (CHB) is unclear. To compare the effects of TAF and entecavir (ETV) on serum lipid levels in patients with CHB. In this retrospective cohort study, the data including the clinical features, serum lipids, and metabolic factors of patients with CHB at baseline and approximately 1 year after TAF or ETV treatment were collected and analyzed. We used propensity score-matched models to assess the effects on high-density lipoprotein, low-density lipoprotein, triglycerides, and total cholesterol (TCHO). A total of 336 patients (75.60% male) were included; 63.69% received TAF and 36.31% received ETV. Compared with the ETV group, the TAF group had significantly higher TCHO levels after treatment (4.67 ± 0.90 vs 4.36 ± 1.05, P = 0.006). In a propensity score-matched model for body mass index, age, sex, smoking, drinking, presence of comorbidities such as NAFLD, cirrhosis, diabetes mellitus, and hypertension, TAF-treated patients had significantly increased TCHO levels compared to that at baseline (P = 0.019). There was no difference for the ETV group. Body mass index, sex, hypertension, baseline TCHO, and creatine kinase-MB isoenzyme levels were significantly associated with elevated TCHO levels in logistic regression analysis. However, 1-year TAF treatment did not increase the incidence of NAFLD. A greater increase in TCHO was observed in patients with CHB receiving TAF compared to those receiving ETV. However, TAF-induced dyslipidemia did not increase the incidence of NAFLD.

Impact of improved potato varieties adoption on household resilience to food insecurity

The study aimed at investigating whether the adoption of improved potato varieties by smallholder farmers would enhance their resilience to food insecurity or not, based on evidence from Ethiopia. A cross-sectional comparative research design was employed, where smallholder farmers who have been utilizing three improved potato varieties were compared with those who did not. A multi-stage sampling procedure was employed to select four kebeles and 329 sample household heads. Primary data sources were generated using interview schedules, focus group discussions and key informant interviews. Data were analyzed using descriptive statistics, structural equation modeling (SEM), and the propensity score matching model (PSM). By food energy intake, about 53.19% of the households were food insecure, where 20.97% and 32.2%, respectively, were adopters and non-adopters. On average, the study households have achieved about 68.5% of the resilience level to food insecurity, while the figures for adopters and non-adopters are 0.540% and 0.332%, respectively. The result of the PSM showed that the adoption of improved potato varieties had a significant positive effect on household resilience to food insecurity. The adoption of improved potato varieties increases food security on average by 324.5 Kcal per adult per day. Moreover, the resilience to food insecurity of adopters has increased on average by 0.540 points relative to non-adopters. The finding showed that improved potato adoption had a positive impact on households' resilience to food insecurity. Therefore, governments, non-governmental organizations, and other stakeholders should promote access to improved potato varieties by smallholder farmers to improve household resilience to food insecurity.

Cost of capital and firm performance of ESG companies: what can we infer from COVID-19 pandemic?

PurposeStudies on sustainable finance examine how it is interrelated with economic, social, governance and environmental issues. Using financial data on publicly traded firms in Indonesia, this study aims to explore the interplay between the cost of capital, firm performance and the COVID-19 pandemic.Design/methodology/approachThis study uses firm-level data sets of publicly listed firms from 2012 to 2021. The regression analysis reported in the study includes the Driscoll–Kraay estimator, propensity score matching model and fixed-effects regression.FindingsThe study revealed three significant findings. First, on average, non-environmental, social and governance (ESG) companies’ cost of capital is lower than that of ESG firms. Second, ROE in ESG enterprises is significantly impacted by capital costs. Third, the cost of capital has a negative impact on the market value (Tobin’s q) of non-ESG firms. The study specifically shows that after accounting for the pandemic, ESG firms did not benefit during the troubled COVID-19 crisis after controlling for the pandemic dummy years of 2020 and 2021. These results indicate that the adoption of green or sustainable finance is still in its infancy and that the sector requires more time to establish an enabling environment.Research limitations/implicationsThis study benefits from capital structure and ESG theories. It supports the argument that the debt utilization ratio is still relevant to a company’s value because it affects its financial performance. Moreover, adopting ESG principles helps businesses survive crises. Thus, the analysis confirms the superiority of ESG-based firms.Practical implicationsThis study draws two conclusions. First, the results could be a reference for academics and practitioners to understand the effect of pandemic-related crises on a firm’s capital structure and performance. In terms of survival during a crisis, such as the COVID-19 pandemic, this study demonstrates how firms with strong ESG may perform differently than those without ESG. Second, this study supports the need for an empirical study and examination of the development of sustainable finance in the country while considering setbacks.Social implicationsThe results should be of interest to policymakers who focus on the ESG market and academics conducting ESG-related research on emerging markets.Originality/valueThis study contributes to the literature by establishing empirical evidence on the relationship between the cost of capital and firm performance of ESG- and non-ESG-rated enterprises in the Indonesian setting while controlling for the impact of the pandemic.

Impact of Environmental Policy Mix on Carbon Emission Reduction and Social Welfare: Scenario Simulation Based on Private Vehicle Trajectory Big Data

Analyzing and investigating the impact of implementing an environmental policy mix on carbon emission from private cars and social welfare holds significant reference value. Firstly, based on vehicle trajectory big data, this paper employs reverse geocoding and artificial neural network models to predict carbon emissions from private cars in various provinces and cities in China. Secondly, by simulating different scenarios of carbon tax, carbon trading, and their policy mix, the propensity score matching model is constructed to explore the effects of the policy mix on carbon emission reduction from private cars and social welfare while conducting regional heterogeneity analysis. Finally, policy proposals are proposed to promote carbon emission reduction from private cars and enhance social welfare in China. The results indicate that the environmental policy mix has a significant positive impact on carbon emission reduction from private cars and social welfare. Furthermore, in the regional heterogeneity analysis, the implementation of the policy mix in eastern regions has a significant positive effect on both carbon emission reduction from private cars and social welfare, while in central and western regions, it shows a significant positive impact on social welfare but has no significant effect on carbon emission reduction in the private car sector.

Reproductive history does not compromise subsequent live birth and perinatal outcome following in-vitro fertilization: analysis of 25 329 first frozen-thawed embryo transfer cycles without preimplantation genetic testing for aneuploidy.

To investigate the effect of women's reproductive history on live-birth rate and perinatal outcome after first frozen-thawed embryo transfer (FET) without preimplantation genetic testing for aneuploidy. This was a retrospective cohort study of women who had undergone their first FET cycle between January 2014 and December 2020 at a university-affiliated fertility center. No transferred embryo underwent preimplantation genetic testing for aneuploidy. The women were categorized into five groups based on their reproductive history: no previous pregnancy; previous termination of pregnancy (TOP); previous pregnancy loss; previous ectopic pregnancy (EP); and previous live birth. The women with no previous pregnancy were considered as the reference group. The primary outcome was the live-birth rate and secondary endpoints included rates of positive pregnancy test, clinical pregnancy, pregnancy loss and EP as well as perinatal outcomes such as birth weight and preterm birth. Multivariable logistic regression analyses were used to control for a number of potential confounders, including age, body mass index, education level, duration and cause of infertility, insemination method, type of endometrial preparation, number of embryos transferred, embryo developmental stage, quality of the embryos transferred, year of treatment and endometrial thickness. Additionally, propensity score matching (PSM) was used to check the robustness of the main findings. In total, 25 329 women were included in the final analysis. On univariate analysis, each reproductive-history type except for previous EP was significantly associated with worse pregnancy outcome following in-vitro fertilization (IVF), including rates of positive pregnancy test, clinical pregnancy, pregnancy loss and live birth, when compared with the group of women with no previous pregnancy. However, after correcting for several potential confounders, the differences in rates of live birth, pregnancy loss, positive pregnancy test and clinical pregnancy were no longer significant between the study and control groups on multivariable regression models, while the risk of EP after embryo transfer was elevated among women with a previous TOP or EP. There was no increased risk of adverse perinatal outcome associated with reproductive history compared with the control group. Notably, similar results were obtained from the PSM models, confirming the robustness of the main findings. Relative to women without a previous pregnancy, those with a prior TOP, pregnancy loss, EP or live birth did not have compromised live-birth rate or perinatal outcomes following FET without preimplantation genetic testing for aneuploidy, with the exception of an increased risk of EP in those with prior TOP or EP. © 2023 International Society of Ultrasound in Obstetrics and Gynecology.