Sustainable Development Of Enterprises Research Articles

Does state capital equity affect ESG performance of private firms?—based on the perspective of sustainable development of Chinese enterprises

Along with the intensification of global ecological problems, corporate environmental, social, and governance (ESG) issues have attracted extensive attention from the investment community, and solving these issues is crucial for sustainable development. However, little is known about the research on equity structure reform on corporate ESG performance, especially state-owned capital on private firms' ESG performance. To this end, we utilize the panel data of 1,589 privately listed firms in China from 2013 to 2021 to explore the impact of state-owned capital on the ESG performance of private firms. The findings suggest that state-owned capital significantly improves the ESG performance of private firms. In addition, the results of mechanism analysis indicate that state-owned capital stimulates ESG performance through the dual path of improving the mitigation of external financial constraint problems and internal control environment problems. We also find that firms' external environmental shocks enhance the extent to which state capital injection into private firms enhances ESG performance, and these external environmental shocks include the strength of environmental regulation in the region, whether the firms' attribute is that of heavily polluting industries, and the strength of external media attention. In summary, our findings support the conjecture that state capital injection into private firms will be followed by enhanced ESG performance, and the external environment is a factor that influences this process. Our study may provide lessons for the sustainable development of private firms and dig deeper into the internal root causes and external shock factors.

The relationship between Entrepreneurial Education and the Sustainable Development of SMEs in China: the mediating effect of Innovation Capability

This study explores the relationship between entrepreneurship education, innovation capabilities and the sustainable development of small and medium-sized enterprises in China, especially the mediating effect of innovation capabilities. By analyzing questionnaire data from SMEs in different regions of China, this study uses SPSS 27 and Process Model 4 to verify the impact of entrepreneurship education on the sustainable development of SMEs and the mediating effect of innovation capabilities. The results show that entrepreneurship education significantly positively predicts innovation ability (β=0.691, p<0.001), and indirectly promotes the sustainable development of small and medium-sized enterprises through innovation ability. The indirect effect accounts for 78.6% of the total effect, confirming the partial mediation of innovation ability. effect. In addition, the direct effect (β=0.152, p<0.001) also shows that entrepreneurship education has a direct positive impact on SMEs. These findings highlight the importance of entrepreneurship education in promoting corporate innovation capabilities and sustainable growth and provide policy makers with policy recommendations to enhance the innovation capabilities and sustainable development of small and medium-sized enterprises.

A STUDY OF FACTORS INFLUENCING WORK ENTHUSIASM OF THAI EMPLOYEES OF CHINESE ENTERPRISES IN THAILAND (THE CASE STUDY OF Z RUBBER COMPANY)

With China's "Belt and Road" and "Going Global" initiatives implemented, an increasing number of Chinese enterprises are investing and establishing operations in Thailand. Among these companies in Thailand, Thai employees constitute the primary human resources. Many Chinese enterprises still rely on management practices based on Chinese experience; however, this approach does not entirely align with the actual situation of Thai employees. This misalignment between management practices and employee realities has a direct impact on Thai employees' work enthusiasm, thereby influencing market competitiveness and sustainable development of Chinese enterprises in Thailand. Taking Z Rubber Thailand Company as an example, this paper aims to explore methods to enhance the work enthusiasm of Thai employees by drawing on previous research on employee work enthusiasm. This study conducted a questionnaire survey of Thai employees at Z Rubber Thailand Company, resulting in 312 valid responses. The analysis revealed that six factors primarily influence the job enthusiasm of Thai employees in Sino-Thai companies: job characteristics, promotion opportunities, work relationships, working conditions and environment, salary policies, and welfare policies.

Equity Incentive, R&D Input and Innovation Output: Based on the Analysis of Small and Medium-sized Enterprises

Under the influence of the general environment, many small and medium-sized enterprises are facing threats. However, some innovative enterprises continue to grow with innovation. This paper studies the relevant data of listed companies on the Growth Enterprise Market (GEM) from 2016 to 2021, aiming at exploring the relationship among equity incentives, research and development inputs and innovation outputs of small and medium-sized enterprises on the GEM. The research found that both equity incentive and R&D investment will bring positive impact on innovation output, and R&D expenditure plays an intermediary role between equity incentive and innovation results. It also inspires enterprises to alleviate the principal-agent problem through equity incentive in practice, to promote enterprise innovation and to promote the sustainable development of enterprises.

Measuring crowdfunding success for small and medium‐sized enterprises sustainable development: Insight from the social networking theory

AbstractWith little to no study on the effect of social networking theory on the success of a crowdfunding campaign in Africa, this study investigated some of the factors that influence the success of a crowdfunding campaign using Ghana as a case for a broader justification and generalization of findings that has been obtained in previous studies. This study identified four factors through an extensive literature review of the social networking theory. These are the number of social network handless of an entrepreneur, activeness of an entrepreneur on a social network, number of social network friends of an entrepreneur and the availability of project videos on an entrepreneur's social network. Data were then collected empirically from 462 respondents using a questionnaire. The data obtained were analyzed using the partial least square structural equation modeling. The results revealed that all the identified factors positively influence the success of a crowdfunding campaign. The study further proposes that fund seekers on the crowdfunding platform post their project information on weekends and evenings on weekdays since people pay special attention to information posted at these times. Also, the outcome of the importance performance map analysis disclosed that the number of social network handles of an entrepreneur is the most essential in terms of importance when seeking funds on the crowdfunding platform. This study provides valuable insight into how small and medium‐sized enterprises in Ghana and other stakeholders of crowdfunding platforms can use the concept of social networking theory to achieve funding success on crowdfunding platforms.

The Influencing Mechanism of Managerial Myopic Behavior on Enterprise Sustainable Development Performance: Evidence Based on Listed Companies in China

Corporate sustainability is a key concern in today’s world. This research examines the relationship between managerial myopic behavior and corporate sustainability performance in Chinese A-share listed companies from 2013 to 2022. Based on behavioral finance theory and time orientation theory, our research provides novel insights into how time preference in managerial decisions significantly affects corporate sustainable development. We also investigate how myopic behavior by managers can adversely affect a company’s sustainable development performance. Using a robust dataset, we describe the mechanisms by which managers’ myopic behavior affects sustainability performance, especially in two aspects: financialization of assets and green innovation capability. The results of our research show the following: (1) managers’ myopic behavior adversely affects corporate sustainability performance; (2) asset financialization and green innovation capability play mediating roles; and (3) unlike the findings of the existing research, this study found that the linear moderating effect of media attention plays a significant “inverted U-shaped” moderating role in the relationship between the two influences.

Promoting Sustainable Coal Gas Development: Microscopic Seepage Mechanism of Natural Fractured Coal Based on 3D-CT Reconstruction

Green mining is an effective way to achieve sustainable development in the coal industry. Preventing coal and gas outburst dynamic disasters are essential for ensuring sustainable and safe mining. The numerous microscopic pores within the coal serve as the primary storage space for gas, making it critical to explore the structural distribution and seepage characteristics to reveal the disaster mechanism. Under mining stress, gas within the micropores of the coal migrates outward through cracks, with these cracks exerting a significant control effect on gas migration. Therefore, this study focuses on utilizing natural fractured coal bodies as research objects, employing a micro-CT imaging system to conduct scanning tests and digital core technology to reconstruct sample pore and fracture structures in three dimensions, and characterizing the pores, cracks, skeleton structure, and connectivity. A representative elementary volume (REV) containing macro cracks was selected to establish an equivalent model of the pore network, and a seepage simulation analysis was performed using the visualization software. Revealing the seepage characteristics of fractured coal mass from a microscopic perspective. The research results can provide guidance for gas drainage and dynamic disaster early warning in deep coal mines, thus facilitating the sustainable development of coal mining enterprises.

Impact of an improved random forest-based financial management model on the effectiveness of corporate sustainability decisions

With the development of the economy, more and more electronic manufacturing enterprises are emerging like mushrooms after rain. These enterprises, while developing, also face financial risks caused by various reasons. In order to provide early warning for financial risks of enterprises, improve the accuracy of identifying financial risks, avoid financial crises, and provide assistance for sustainable development decisions, this paper proposes a financial management model based on modified random forest. In order to improve the generalization ability of financial management models, pruning methods were adopted in the study to avoid overfitting. Synthetic minority oversampling technique is used to optimize the financial management model and reduce the calculation deviation of the model through its sampling ability. At the same time, the prediction index system is proposed to improve the analysis ability of the financial management model. The results show that the accuracy and recall rate of the improved algorithm based on random forest proposed in this study in identifying corporate financial distress are 98.03 % and 100 % respectively. The importance value of operating income and cash flow in enterprise indicators is 0.391, which is the most relevant indicator for enterprise financial forecasting. The results show that after the improvement of synthetic minority oversampling technique, the stochastic forest model can effectively improve the recognition and early warning ability of enterprises’ financial distress, and is conducive to maintaining good operating efficiency and sustainable operation of enterprises. Electronic manufacturing enterprises need to strengthen their attention to cash flow, improve their cash flow, and enhance their profitability. The financial management model designed by the research institute can provide technical and information support for financial early warning and sustainable development of electronic manufacturing enterprises.

Research on the Integrated Application of Computer Technology and Information Management

Research on the Integrated Application of Computer Technology and Information Management

Culture and Sustainability: Evidence from Tea Culture and Corporate Social Responsibility in China

We aim to explore the prerequisites for corporate sustainability from the perspective of non-formal institutions such as culture. Specifically, we seek to investigate whether and how Chinese tea culture influences corporate social responsibility (CSR). We have developed an OLS regression model to examine the relationship between tea culture and CSR, and our findings indicate that local tea culture yields positive effects. To address endogeneity concerns related to this correlation, we employed the local geographic slope as an instrumental variable for tea culture. Subsequent research highlights that the female executive, serving as a mediator variable, represents the primary mechanism influenced by tea culture. Furthermore, our study demonstrates that tea culture exerts a more significant impact on small and medium-sized enterprises as well as state-owned enterprises. Overall, this research contributes to the literature on the determinants of CSR from the vantage point of informal institutions, offering a fresh perspective for exploring the economic ramifications of tea culture for both academia and practitioners. Moreover, it furnishes valuable insights for advancing the sustainable development of enterprises.

Can Digital Economy Development Facilitate Corporate ESG Performance?

As ESG (environmental, social, and corporate governance) is consistent with the spirit of sustainable development, it is useful to elevate ESG performance to realize the sustainable development of enterprise and society. Using the data of Chinese A-share listed firms in the period of 2011 to 2019, this paper takes the National Big Data Comprehensive Pilot Zone policy as a quasi-natural experiment and uses the difference-in-differences method to assess the effect of digital economy development on ESG performance. This paper reveals the following: (1) the digital economy can facilitate ESG performance; (2) digitalization of the economy helps enterprises to propel digital transformation, which in turn lifts ESG performance; (3) digital economy development has a deeper impact on private enterprises, especially for those in China’s capital cities; and (4) digital economy development moderates the inhibiting effect of ESG performance on corporate financial constraints. The findings of this paper indicate that digitalization of the economy can help to achieve sustainable development.

Research on the Activation Path of Employees’ Openness to Digital Transformation: A New Impetus to Realize Enterprises’ Digital Transformation for Sustainable Development

Digital transformation is an important strategic decision for the sustainable development of enterprises, which helps enterprises achieve sustainable performance, sustainable management, and even sustainable business models. While there have been a number of useful studies discussing the impetus of digital transformation, most of them have neglected the role from employees, especially their attitudes and perceptions towards transformation. Focusing on employees’ openness to digital transformation, we selected six antecedents to construct a configuration model, using fsQCA and NCA methods to explore the complex causal relationship between each antecedent and openness to digital transformation. This aims to derive the activation paths for employees’ openness to digital transformation, so as to help the enterprises’ digital transformation and further achieve sustainable development. Through the data analysis of 462 employees of Chinese enterprises, the following conclusions are drawn: firstly, single antecedents are not necessary conditions for high/non-high digital transformation openness activation; secondly, there are three configurations associated with the high openness activation of digital transformation: a comprehensive collaboration type under internal environment dominance (S1a + S1b), the consideration of both an internal and external environment type under mindfulness characteristics’ dominance (S2), and a mindful substitution type under internal environment dominance (S3); and finally, there are four configurations associated with non-high digital transformation openness activation and an asymmetric relationship exists with the high digital transformation openness activation path.

Enterprise service-oriented transformation and sustainable development driven by digital technology

The deep integration of digital technology and the real economy not only affects the production and operation mode of enterprises, but also becomes the promoter of service-oriented transformation and the driving force of sustainable development. Based on the text analysis method, this paper uses the data of Chinese listed manufacturing enterprises from 2011 to 2020 to study the impact of digital technology application on the service-oriented transformation and sustainable development of enterprises. It is found that digital technology application significantly improves the environmental performance and economic performance of enterprises by driving their service-oriented transformation and technological innovation, and then enhances their sustainable development. The improvement effect of digital technology application on the sustainable development of resource-based enterprises and capital-intensive enterprises is more significant. The conclusion in this paper provides micro-evidence for understanding the role of digital technology in addressing environmental issues and sustainable development.

Can low-carbon cities pilot policy promote enterprise sustainable development? Quasi-experimental evidence from China.

With the predicament of sustainable improvement in traditional cities, the low-carbon city pilot policy (LCCPP), as a novel development mode, provides thinking for resolving the tensions of green development, resource conservation and environmental protection among firms. Using Chinese A-share listed companies panel data during 2007-2019, this study adopts the difference-in-differences model to explore the impact of LCCPP on firm green innovation. Based on theoretical analysis, LCCPP-driven environmental rules have the impact of encouraging business green innovation. The relationship between LCCPP and green innovation is strengthened by external media attention and organizational redundancy resources. The mechanism study shows that the incentive effect of LCCPP on firm green innovation is mainly due to the improvement of enterprises' green total factor productivity and financial stability. In addition, the heterogeneity analysis shows that the LCCPP has significantly positive effects in promoting green innovation in high-carbon industries and state-owned enterprises. This research contributes to the understanding of city-level low-carbon policies as a driving force for corporate green innovation, offering practical implications for policymakers and businesses striving for sustainability.

公平与激励

Integrating the theory of fairness and incentive in enterprise salary performance management can not only ensure the fairness of the salary system, but also stimulate the work enthusiasm and creativity of employees, shape a positive corporate culture and enhance the competitiveness of enterprises. Based on this, the article elaborates the application value of fairness and incentive in enterprise pay performance management, analyses the performance of imbalance between fairness and incentive in pay performance management, and finally explores the enterprise pay performance management strategy based on fairness and incentive from the aspects of pay system, incentive mechanism, enterprise culture, and pay performance management intelligence, with a view to providing useful reference for the innovation of enterprise pay performance management. In order to improve the efficiency of enterprise pay performance management, create a positive corporate atmosphere, and promote the sustainable development of enterprises.

МЕТОДИКО-ПРИКЛАДНІ ПІДХОДИ ДО ФОРМУВАННЯ ЛОГІСТИЧНОГО МЕХАНІЗМУ БЕЗПЕКИ РОЗВИТКУ ПІДПРИЄМСТВА

The research focuses on aspects of guaranteeing stable and safe (mainly in terms of economy, finance and production) functioning and development of enterprises, organization of their logistics activities, formation and development of logistics systems, including the processes of implementing the appropriate logistics mechanism. It is emphasized that this approach is based on careful planning of various aspects and elements of the business security system. The purpose of the study is to improve the methodological and applied approaches to the formation of the logistics security mechanism of the enterprise development. It is shown that the logistics system plays an important and one of the leading roles in the sustainable and stable functioning and development of domestic enterprises. It is pointed out that an important task facing the top management of business entities is, first, strategic and tactical planning of the formation and implementation of the logistics mechanism of development; secondly, coordination of tasks and means of ensuring the development of the logistics system and strengthening the security of business development. The task of identifying and implementing opportunities and prospects for the application of innovative tools in the system of formation and implementation of the logistic mechanism of business development, oriented at the same time to strengthening the security of the sustainable development of the enterprise, has been identified. It was emphasized that the role of information and communication technologies in these processes, which open up new opportunities for the enterprise, is especially important, in particular in the areas of: quick access to information about the enterprise, as well as markets and consumers of products (services); image formation in online applications and social networks; operational identification of the main stakeholders of the enterprise; realizing the potential of Internet marketing and the absence of boundaries for communication and interaction; transfer of logistics operations online; growth in the volume of virtual trade and settlement and transport and logistics operations; combating cybercrime, etc.

Research on the Relationship between ESG Performance and Performance of Listed Companies under the Dual Carbon Target-the Mediating Effect Model Based on Internal Control

Under the guidance of the dual-carbon goal, the relationship between corporate environmental, social and governance (ESG) performance and performance has received increasing attention. This study uses internal control as an intermediary variable to analyze the interaction mechanism between ESG performance and corporate performance. This paper selects the data of Shanghai and Shenzhen listed companies in the past ten years for analysis, and uses multiple regression models, intermediary effect models and other methods to empirically test the direct impact of ESG performance on corporate performance and the indirect impact through internal control. The research finds that good ESG performance can promote the improvement of corporate performance, and good internal control can strengthen corporate governance, and then effectively regulate ESG performance and corporate performance, thus indirectly promoting the improvement of financial performance. This study proves the importance and necessity of optimizing enterprise ESG performance and strengthening enterprise internal control to promote high-quality sustainable development of enterprises in the context of dual-carbon. This study provides a theoretical basis and practical guidance for enterprises to achieve a win-win situation of economic benefits and social responsibility while pursuing sustainable development.

Development of a strategy for sustainable development of enterprises in conditions of uncertainty

In modern conditions, the development of socio-economic systems takes place under the influence of external and internal factors. In a world where constant changes occur, such characteristics of an object or system as stability and permanence become especially important. Due to the need to renew the national economy, an essential aspect of the functioning of enterprises at the current stage is their sustainable development, which must meet the needs of people at present and create a prosperous future for the next generations. Its components must be organically integrated into the strategic management of the enterprise. The purpose of this publication is to critically evaluate various theoretical and methodological approaches to the formation of sustainable development. Specifically, we aim to uncover the unique challenges and strategies involved in the sustainable development of business structures amidst the current socio-economic uncertainties. The article examines the essence of the formation of a strategy for the sustainable development of an enterprise. The essential content of the sustainable development of the economy within the framework of the "Goals of sustainable development" has been determined. Approaches to the study of interpretations of the concept of "sustainable development of the enterprise" are substantiated, determining the multifaceted nature of this concept and its complex nature. The experience of EU countries in the field of strategic management of sustainable business development is considered. The essence of the concepts of strategy, enterprise strategy, strategic planning, and strategy of sustainable development of the enterprise is defined. The elements of the strategy of sustainable development of the enterprise as a socio-ecological-economic system were studied. It is noted that enterprise strategies should be formed according to different principles based on strategic planning and management postulates. Conclusions. Strategy is the primary tool that allows an enterprise in an unstable external environment to determine the direction of activity and target orientations, develop a plan of measures to achieve the set goals and maintain the ability to maintain a high level of competitiveness and not lose parameters of sustainability. The symbiosis of strategic, innovative, and sustainability aspects of the enterprise's development will increase its social, environmental, and economic efficiency, thus ensuring a high level of competitiveness and survival of the enterprise in the long term. Keywords: sustainable development of the enterprise, sustainable development strategy, strategic planning, socio-ecological-economic system.

Financing risk formation paths for sustainable development of Chinese fishery enterprises: A configurational analysis based on panel data

Effectively preventing the financing risk of Chinese fishery enterprises is a common concern of the government and academia. Based on the “complex dynamic perspective”, this study constructs a configuration analysis framework of influencing factors and explores the coupling matching relationship between the antecedent conditions in the temporal dimension. This study revealed that (1) in recent years, fishery enterprises have exhibited five distinct paths contributing to the formation of financing risk. The identified paths encompass considerations related to growth, profitability, expansion, loss, and decline. These formation paths can be categorized into three models based on risk preference. High-grade financing risks are caused by the combination of risk-seeking behavior and operational failure. (2) The China‒U.S. trade war and the global pandemic caused by COVID-19 prompted the dominant paths to integrate into one turning point path, which caused a significant turning point in the core conditions that originally occupied the dominant position. (3) Before 2020, the financing risks of fishery enterprises exhibited multiple condition configurations and were affected by multiple trajectory coupling effects, similar to a “loosely coupled” system. The research conclusions of this study can help to deepen the understanding of the nature and mechanism of financing risk for fishery enterprises and promote the transformation and upgrading of the marine economy.

Study on Financial Fraud Based on the GONE Theory: A Case Study of Luckin Coffee

With the vigorous development of the capital market, the number of financial fraud incidents exposed at home and abroad has been increasing, which has brought serious losses to the interests of the majority of investors, and has also posed a threat to the steady development of the market economy. This paper takes Luckin Coffee as a case study and analyzes the financial fraud of Luckin Coffee through the comprehensive use of literature and statistical analysis methods. With the help of the GONE theoretical framework, this paper comprehensively analyzes the financial fraud of Luckin Coffee from the four dimensions of greed, opportunity, need and exposure. In addition, this article also puts forward specific suggestions on how to prevent financial fraud in listed companies. These enlightenments are intended to provide useful references for enterprises in the same industry to seek a balance between capital expansion and sound operation, so as to promote the sustainable and high-quality development of enterprises.