Value Relevance Research Articles

Statutory ESG reporting and investment efficiency: evidence using quasi-natural experiment

Purpose This paper aims to examine the effect of compulsory environmental, social and governance (ESG) disclosure regulation on corporate investment efficiency (IE). The study also explains how carbon sensitivity moderates the ESG-IE nexus. Design/methodology/approach The present study is based on the well-developed difference-in-differences (DID) research design with firms required to file ESG reports as the treatment group and others as a control group. Companies listed on the National Stock Exchange have been considered as the source of the sample and the final dataset of 1,077 firms (9,149 firm-year observations from 2011 to 2020) has been selected using a multi-stage sampling approach. The study also performs several robustness tests to validate the reliability of the results. Findings Based on empirical results, the study concludes that the implementation of compulsory ESG reporting improves the investment efficiency of treated firms in the post-enforcement period. Further, the study also confirms that firms in the carbon-sensitive industry have experienced a high level of improvement in investment efficiency. Research limitations/implications As the study supports the value relevance of mandatory ESG disclosure, managers can utilize the same to communicate superior firm performance and reduce information asymmetry. Further, this study empirically validates the outcome of a regulatory policy which in turn assists policymakers in smooth implementation. Originality/value The extant literature has primarily analysed voluntary ESG reporting framework and that too in the setting of developed nations. However, as against developed economies, emerging countries have scanty regulations for ESG reporting and that too perforated with gaps. Such a constrained legal environment amplifies the information asymmetry among investors and managers leading to investment inefficiency. Thus, the current research deepens the extant literature by studying mandatory ESG reporting within an emerging economy to better understand the ESG-IE nexus.

Soil toxicity, biochemical and histopathological alterations of the cattle egret (Bubulcus ibis) liver at Sharkia province, Egypt, under soil pollution.

The residual concentration of pesticides and heavy metals (arsenic, mercury, selenium, lead, cadmium, and aluminum) was measured in the soil and the cattle egret (Bubulcus ibis) liver from two localities at Sharkia Governorate, Egypt. The pesticide residues have taken the following pattern: chlorpyrifos > metalaxyl > piperonyl butoxide > thiophanate-methyl, in the soil. The residual concentration of pesticides was greater in the soil at Kafr El-Ashraf village (agricultural site) than at El-Qanayat city (garbage site) during the summer season of 2021 compared with the winter season of 2022. The soil and cattle egrets' liver of El-Qanayat city achieved the highest heavy metal concentration. Investigations of heavy metals indicated a general health risk related to the agricultural and garbage soils as the goodness of the bird's liver did not conform with the international standard limits advised by USEPA, FAO and WHO, and ANZECC and ARMCANZ. The paper significantly contributes to the heavy metal and pesticide potential risk indexes of the soil at two study sites which are limited in the literature on the perceived value relevance of the soil quality. Also, we are the first to study the state of the illness cattle egrets in Sharkia province and indicate the impact of pesticides and heavy metals on their liver tissues. Prospective adverse health effects in this case might be prevented if the soil were sufficiently cleaned and by reducing the pesticides and heavy metals usage as much as possible.

IFRS 6 Accounting Options and the Value Relevance of Oil & Gas Firms in Nigeria

The oil and gas industry plays a pivotal role in Nigeria’s economy, contributing significantly to the country’s economy. However, challenges such as oil price volatility, operational inefficiencies, environmental risks, and corruption undermine its potential. This study examines the relationship between IFRS 6 accounting options and the value relevance of Nigerian oil and gas firms, focusing on key financial metrics such as Tobin's Q, enterprise value, earnings per share, and price-to-book value. Using an ex post facto research design and inferential statistical techniques, data from listed oil and gas firms spanning 2012 to 2022 were analyzed. The findings reveal inefficiencies in translating exploration investments into firm value, with fixed asset intensity, cash investments, and intangible assets showing insignificant negative impacts on market valuation and equity returns. It was concluded that the accounting flexibility under IFRS 6 contributes to inconsistencies in financial reporting and investor skepticism. Recommendations include refining IFRS 6 guidelines to standardize the reporting of exploration and evaluation expenditures, enhancing transparency, and reducing managerial discretion. Additionally, professional accountants are enjoined to ensure faithful representation of financial information to bridge the gap between accounting data and market perceptions.

Evaluating the Combined Neurotoxicity of Amyloid Beta and Tau Oligomers in Alzheimer's Disease: A Novel Cellular-Level Criterion.

A criterion characterizing the combined neurotoxicity of amyloid beta and tau oligomers is suggested. A mathematical model that makes it possible to calculate a value of this criterion during senile plaque and NFT formation is proposed. Computations show that for physiologically relevant parameter values, the value of the criterion increases approximately linearly as time increases. Once the formation of neurofibrillary tangles starts in addition to the senile plaque formation, the slope characterizing the rate at which the criterion increases becomes larger. The critical value of the criterion upon reaching which the neuron dies is estimated. Computations predict that unless the production rates of amyloid beta and tau monomers are very large, in order for the accumulated toxicity to reach the critical value, the degradation machinery responsible for the degradation of amyloid beta and tau must become dysfunctional. The value of the criterion after 20 years of the aggregation process is strongly influenced by deposition rates of amyloid beta and tau oligomers into senile plaques and NFTs. This suggests that deposition of amyloid beta and tau oligomers into senile plaques and NFTs may reduce accumulated toxicity by sequestering more toxic oligomeric species into less toxic insoluble aggregates.

Can Emax and platelet count truly differentiate between benign and malignant liver lesions?

This letter critically evaluates Jiang et al 's article on the differentiation of benign and malignant liver lesions using Emax and platelet count. Despite notable findings, significant methodological and interpretative limitations are identified. The study lacks detailed assay conditions for Emax measurement, employs inadequate statistical methods without robust multivariate analysis, and does not provide clinically relevant threshold values. The nomogram's reliance on Emax as a major diagnostic contributor is questionable due to attenuation in hepatocellular carcinoma patients with cirrhosis. Moreover, the study's limitations, such as selection bias and confounding factors, are not adequately addressed. Future research should adopt more rigorous methodologies, including prospective studies with larger cohorts and standardized protocols for biomarker measurement, to enhance validity and clinical applicability.

Sex-modulated association between thyroid stimulating hormone and informant-perceived anxiety in non-depressed older adults: Prediction models and relevant cutoff value

The aim of this study was to assess the association between thyroid function and perceived anxiety in non-depressed older adults. Non-depressed Alzheimer’s Disease Neuroimaging Initiative (ADNI) participants with complete Thyroid Stimulating Hormone (TSH) and neuropsychiatric inventory (NPI/NPI-Q) were included. The association between anxiety and thyroid function was assessed by logistic regression and sex stratification. Restricted cubic splines were applied to evaluate non-linearity in the association. The median age of 2,114 eligible participants was 73 years (68–78), 1,117 (52.84%) were males, and the median TSH was 1.69 µIU/mL. There was a significant association between TSH and informant-perceived anxiety in the total study population (ORModel1 = 0.86, 95%CI 0.76–0.97, p = 0.011), even after adjusting for bio-demographical (adj.ORModel2 = 0.85, 95%CI 0.75–0.96, p = 0.007), and socio-cognitive confounders (adj.ORModel3 = 0.84, 95%CI 0.73–0.96, p = 0.009). Sex-stratification showed similar significant results in all male-specific models (ORModel1-male = 0.71, 95%CI: 0.58–0.85, pModel1-male < 0.001). In the general population and males, a TSH value of 2.4 µIU/dL was a significant cutoff under which anxiety odds were significantly high, even after adjusting for confounders. The sex-dependent association between TSH levels and perceived anxiety in non-depressed older adults is a novel finding that has to be further explored for a better understanding of the underlying neurobehavioral biology.

Measuring Indonesian Intention to Use Islamic Mortgage: A Quantitative Approach

This study explores the factors that influence the intention to use Islamic mortgage products in Indonesia, specifically focusing on Brand Awareness, Risk Perception, Religiosity, and their impact on Intention to Use. Using quantitative methods, 200 respondents were surveyed to gauge their interest in using Islamic mortgage products. The analysis used Structural Equation Modeling (SEM) through SmartPLS to evaluate the relationship between the variables. The findings show that Brand Awareness plays the most important role in shaping consumers' intention to use Islamic mortgage products, with a path coefficient of 0.773, which indicates a strong and significant influence. Perceived Risk also significantly influences Brand Awareness (β = 0.689), highlighting that consumers' perception of risk can shape their awareness of Islamic mortgage options, although its direct impact on Intention to Use is relatively smaller (β = 0.118). In addition, Religiosity was found to have a meaningful yet moderate influence on Brand Awareness (β = 0.275) and Intention to Use (β = 0.085), underscoring the relevance of religious values in consumers' decision-making process. Overall, the results suggest that to increase the adoption of Islamic mortgage products in Indonesia, financial institutions should focus on increasing Brand Awareness, reducing Perceived Risk, and increasing the religiosity of their target audience. Marketing strategies that emphasize Shariah compliance, transparency, and ethical financial practices can encourage the intention to use Islamic mortgages, thereby contributing to the growth of the Islamic financial sector in Indonesia.

The influence of board, CEO, and audit committee chairman busyness on the value relevance of accounting information in Saudi listed firms.

This study investigates the impact of board, CEO, and audit committee chairman busyness on the value relevance of accounting information in Saudi listed firms from 2018 to 2022. Utilizing a data of 125 Saudi firms, the research investigates how the busyness of these key governance figures influences the relevance of earnings per share (EPS) and book value per share (BVPS). The findings reveal that board and audit committee chairman busyness significantly enhance the value relevance of EPS, suggesting that their broader networks and strategic oversight improve financial reporting. Conversely, CEO busyness negatively affects the value relevance of BVPS, indicating that divided attention and reduced managerial oversight hinder performance monitoring. These results underscore the dual roles of governance figures and their influence on financial reporting quality. These results highlight the dual effects of governance busyness on financial reporting quality. The study provides novel insights into an emerging market context, offering practical recommendations for policymakers and corporate leaders in line with Saudi Arabia's Vision 2030. It emphasizes the need for regulatory frameworks to manage director workloads, ensuring enhanced financial reporting and governance effectiveness.

Ценностные основы профессиональной подготовки будущих учителей русского языка и литературы

The purpose of the study is to identify the teacher’s priority values and ways to form them in the process of studying at the university for future teachers of Russian language and literature. The scientific novelty of the research lies in an integrated approach to solving the problem of forming the value foundations of professional training for undergraduate students in the specialty 44.03.05 Pedagogical education (with two training profiles), profiles “Russian language”, “Literature”, within the framework of the axiological direction in teaching the Russian language, which includes a wide range of opportunities to work with folklore texts, contributing to the formation of a system of traditional values and professional competencies of future teachers. Through a qualitative and quantitative analysis of the results of the survey of future language teachers, the most relevant values of a modern teacher have been identified, and the importance of each category of values has been established, taking into account the statistical indicators of students’ choice of each course of study. The research has shown that a systematic approach to the formation of the value foundations of students’ professional training and a comprehensive solution to the current problems of methodological support for future teachers of Russian language and literature are necessary conditions for the successful development of the modern educational space of the Russian Federation.

Are the Ideology, Values, Principles, and Identity of Cooperatives Shifting? A Lesson from Indonesia

Cooperatives have been a foundation for the Indonesian economy, however, there is a change in their operations. Therefore, this study aims to comprehend the implementation of university cooperatives toward the dynamic changes and explores the shift in ideology, values, principles, and identity of cooperatives. This study used a qualitative study with a phenomenology approach and involved eight selected informants to be interviewed using semi-structured interviews. The results disclosed that there is cooperatives identity transformation, shifting in cooperative principles, and mutual cooperation practice. In addition, it found challenges in maintaining cooperative ideology and deliberation value in decision-making. Lastly, identity and relevance crises are also the main issues in the majority of cooperatives in Indonesia. The insights gained will enable some parties, including government, academics, practitioners, and members to jointly revitalize the cooperative spirit, and ideological substance, and assert its relevant values.

Prognostic and diagnostic value of circRNA expression in cervical cancer: a meta analysis.

Cervical cancer (CC) is a highly prevalent malignancy of the reproductive system. This study aimed to methodically assess the function of circular RNAs (circRNAs) as possible indicators of CC, with a specific emphasis on their usefulness in the identification, prediction, and correlation with clinicopathological elements. A comprehensive literature search was conducted using databases such as PubMed, Cochrane Library, Web of Science, Embase, and the China National Knowledge Infrastructure (CNKI). The latest data were extracted on May 3rd, 2024. The diagnostic potential of circRNA expression was evaluated using a range of metrics including sensitivity, specificity, and area under the receiver operating characteristic curve (AUC). The importance of circRNAs was further evaluated in terms of clinical relevance, pathological features, and prognostic value using pooled odds ratios (ORs) and hazard ratios (HRs). The meta-analysis included 27 studies, which were categorised based on diagnostic applications (n=3), clinicopathological correlations (n=15), and prognostic evaluations (n=23). Elevated expression levels of oncogenic circRNAs were significantly associated with poor clinical indicators, including tumour size (odds ratio [OR] = 0.425, 95% confidence interval [CI]: 0.267-0.676), International Federation of Gynaecology and Obstetrics (FIGO) stage (OR = 0.315, 95% CI: 0.224-0.443), and lymph node metastasis (OR = 2.975, 95% CI: 1.816-4.872). This upregulation of oncogenic circRNA was also identified as a predictor of worse survival outcomes, with a hazard ratio (HR) of 2.13 (95% CI: 1.73-2.62, P < 0.001). The downregulation of circRNAs with tumour-suppressor properties was similarly associated with poor clinical parameters, such as tumour size (OR = 0.310, 95% CI: 0.102-0.941), FIGO stage (OR = 0.231, 95% CI: 0.101-0.527), and lymph node metastasis (OR = 2.430, 95% CI: 1.156-5.110), and was indicative of a worsened prognosis (HR = 2.20, 95% CI: 1.03-4.70, P = 0.042). In terms of diagnostic value, the pooled sensitivity, specificity, and area under the curve (AUC) were calculated to be 0.85, 0.83, and 0.91, respectively. The results of our meta-analysis indicate that circRNAs have the potential to serve as promising biomarkers for CC diagnosis, prognosis, and clinicopathology. https://www.crd.york.ac.uk/PROSPERO/, identifier CRD42024544997.

Perceptual averaging on relevant and irrelevant featural dimensions.

Here we report four experiments that explore the nature of perceptual averaging. We examine the evidence that participants recover and store a representation of the mean value of a set of perceptual features that are distributed across the optic array. The extant evidence shows that participants are particularly accurate in estimating the relevant mean value, but we ask whether this might be due to processes that reflect assessing featural similarity rather than computing an average. We set out and test detailed predictions that can be used to adjudicate between these averaging and similarity hypotheses. In each experiment, a memory display of randomly positioned bars was briefly presented followed immediately by a probe bar. Participants had to report in a Yes/No task whether the probed feature value was present. In initial experiments, we examine reports of the orientation of white bars and of the color of vertical bars. Then, in companion experiments, we examine reports of the orientation of bars whose color vary, and of the color of bars whose orientation varies. In this way, we test ideas about whether perceptual averaging occurs on a featural dimension that is irrelevant to the task. Currently, it is not known whether perceptual averaging only takes place on a task-relevant dimension or whether it operates more widely.

Nanobody-Based Lateral Flow Immunoassay for Rapid Antigen Detection of SARS-CoV-2 and MERS-CoV Proteins.

The COVID-19 pandemic has highlighted the critical need for pathogen detection methods that offer both low detection limits and rapid results. Despite advancements in simplifying and enhancing nucleic acid amplification techniques, immunochemical methods remain the preferred methods for mass testing. These methods eliminate the need for specialized laboratories and highly skilled personnel, making home testing feasible. Here, we developed nanobody-based lateral flow assays (LFAs) for the rapid detection of SARS-CoV-2 and MERS-CoV in single and dual formats as point-of-care diagnostic tools. The developed LFAs are highly sensitive and successfully detected analytes at clinically relevant diagnostic cutoff values. Additionally, our results confirmed that the LFAs have a long shelf life and can be produced cost-effectively and with ease.

What justifies public engagement in health financing decisions?

The World Bank's report, Open and inclusive: fair processes for financing universal health coverage, represents an important effort to specify the benefits and criteria of fair processes in health financing decisions. Here we argue that the report's justification for increasing public engagement in health financing decisions, one of its most novel contributions, rests on a widely shared but flawed assumption that public engagement will produce more equitable outcomes. Examining evidence from national-level public engagement initiatives cited in the report, we argue that there is no reason to assume that engaged publics will prioritize equity over other relevant values such as the maximization of population health. We conclude that instead of seeing public engagement as a tool for advancing particular values, policy-makers should view it as a neutral way of assessing what the public values and gathering insights that can inform the design of health benefits packages. If policy-makers wish to prioritize equity, they should do so directly through substantive policy choices regarding the design and financing of coverage schemes.

PET/CT Imaging of the Right Heart Perfusion and Glucose Metabolism Depending on a Risk Status in Patients With Idiopathic Pulmonary Arterial Hypertension.

Right ventricular heart failure (RV HF) is the leading cause of death in pulmonary arterial hypertension (PAH). Relevance of the low-risk status assessment using available diagnostic tools requires a reliable confirmation. The study aimed to evaluate right ventricular perfusion and glucose metabolism using positron emission tomography (PET)/computed tomography (CT) with [13N]-ammonia and [18F]-fluorodeoxyglucose ([18F]-FDG) in 30 IPAH patients (33.8 ± 9.4 years) according to ESC/ERS 2022 risk status. The ratio of SUVmaxRV/LV metabolism and SUVmaxRV/LV perfusion showed significant positive correlation with pulmonary artery pressure, right heart dilatation, NT-proBNP level and negative correlation with the RV ejection fraction. The SUVmaxRV/LV perfusion and SUVmaxRV/LV metabolism ratios differed significantly according to risk status. Low risk patients had a SUVmaxRV/LV metabolism comparable to the controls without PH. The SUVmaxRV/LV perfusion ratio was elevated in low-risk IPAH patients compared with controls. Increased SUVmaxRV/LV perfusion may be an early marker of coronary flow adaptation to RV pressure overload in low-risk IPAH patients and requires further evaluation. Further long-term studies are needed to determine the clinical relevance and cut-off values for the RV/LV PET/CT with [13N]-ammonia and [18F]-fluorodeoxyglucose ([18F]-FDG) uptake in different IPAH risk groups.

Effect of PFRS 15 Adoption on the Value Relevance of Selected Philippine Publicly-listed Companies’ Financial Ratios and Macroeconomic Attributes

Effect of PFRS 15 Adoption on the Value Relevance of Selected Philippine Publicly-listed Companies’ Financial Ratios and Macroeconomic Attributes

An Examination of the Value Relevance of Accounting Earnings in Egypt

An Examination of the Value Relevance of Accounting Earnings in Egypt

The Impact of Financial Performance on the Value Relevance of GAAP and Non-GAAP Profitability Measures: Evidence from the Amman Stock Exchange

The Impact of Financial Performance on the Value Relevance of GAAP and Non-GAAP Profitability Measures: Evidence from the Amman Stock Exchange

The impact of financial performance on the value relevance of GAAP and non-GAAP profitability measures: evidence from the Amman Stock Exchange

The impact of financial performance on the value relevance of GAAP and non-GAAP profitability measures: evidence from the Amman Stock Exchange

Reshaping Research Ecosystems: Recommendations for Equitable Recognition of Non-STEM Research in Higher Institution Management

Historically, the trend in academia towards measurable measures has marginalised non-STEM, arts, and humanities subjects, often at the price of their inherent academic principles and capabilities. This review of the literature explores the shift in university policies and practises, emphasising the need for a more compassionate and inclusive approach to research administration. This study analyses a variety of scientific articles using an extensive keyword search on Lens.org to evaluate the obstacles and recommendations for equal career progression in non-STEM disciplines. The findings indicate a rising appreciation for the multifaceted nature of knowledge and the significance of varied academic contributions. The study highlights the importance of widening the concept of research impact, including qualitative evaluations, and embracing interdisciplinary approaches. It also discusses the impact of university rankings and the incorporation of SDGs in reframing the value of non-STEM disciplines. In addition, the study suggests practical methods for university administrators, such as the creation of customised appraisal forms, customised career trajectories, and equal resource allocation. The study finishes by considering the future role of the arts and humanities in an increasingly automated and technologically driven world, emphasising the relevance of human values and ethical considerations in societal growth. This study adds to the discussion about developing a balanced and human-centred approach to research management, calling for the recognition and support of all academic disciplines in the changing landscape of higher education.