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From ratings to resilience: The role and implications of environmental, social, and governance (ESG) performance in corporate solvency 从评级到复原力:环境、社会和治理(ESG)绩效在企业偿付能力中的作用和影响
IF 3.3 2区 社会学 Q2 ENVIRONMENTAL SCIENCES Pub Date : 2024-09-15 DOI: 10.1016/j.sftr.2024.100304
In an era marked by growing global turmoil, the strategic role of environmental finance and green investment in fostering sustainable development has never been more crucial. Particularly in regions beset by crises, enterprises find themselves at the forefront of efforts to develop resilience and stability. Leveraging insights from information effect theory and stakeholder theory, this study delves into an intricate interplay to unveil the impact of Environmental, Social, and Governance (ESG) performance on corporate solvency. In particular, the study investigates how ESG considerations influence short-term and long-term solvency metrics. Utilizing data from the listed constituent enterprises of the Stock Exchange of Thailand Sustainability Index (SETTHSI) during 2015 – 2023, the findings reveal a positive correlation between ESG performance and solvency at current levels, with no significant lag effect. Further analysis suggests that higher-polluting firms exhibit a stronger correlation between ESG performance and solvency compared to their non or lower-polluting counterparts. The findings remain robust across various assessments encompassing heterogeneity analysis by implementing group regressions and testing for endogeneity using the Propensity Score Matching approach, ensuring the reliability and applicability of the results which underscores the practical significance and theoretical relevance of the study, with profound implications for long-term enterprise resilience and broader social advancement.
在全球动荡日益加剧的时代,环境金融和绿色投资在促进可持续发展方面的战略作用比以往任何时候都更为重要。特别是在受危机困扰的地区,企业发现自己处于发展复原力和稳定性的最前沿。本研究利用信息效应理论和利益相关者理论的见解,深入探讨了错综复杂的相互作用,揭示了环境、社会和治理(ESG)绩效对企业偿付能力的影响。本研究特别探讨了环境、社会和治理因素如何影响短期和长期偿付能力指标。利用泰国证券交易所可持续发展指数(SETTHSI)的上市成分企业在 2015 - 2023 年期间的数据,研究结果表明,在当前水平上,环境、社会和治理绩效与偿付能力之间存在正相关关系,且没有显著的滞后效应。进一步分析表明,与无污染或低污染的同行相比,高污染企业的环境、社会和治理绩效与偿付能力之间的相关性更强。通过实施分组回归进行异质性分析,并使用倾向得分匹配法进行内生性测试,这些结果在各种评估中都保持稳健,确保了研究结果的可靠性和适用性,凸显了该研究的现实意义和理论相关性,对企业的长期恢复能力和更广泛的社会进步具有深远影响。
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引用次数: 0
The impact of rural human capital on household energy consumption structure: Evidence from Shaanxi Province in China 农村人力资本对家庭能源消费结构的影响:来自中国陕西省的证据
IF 3.3 2区 社会学 Q2 ENVIRONMENTAL SCIENCES Pub Date : 2024-09-14 DOI: 10.1016/j.sftr.2024.100301

The structure of rural household energy consumption is crucial for rural residents' living standards and quality of life, constituting an integral component of energy transition and promoting Chinese-style modernization. Meanwhile, rural human capital is a prerequisite for agricultural and rural modernization. Drawing on survey data from 791 households in Shaanxi Province, this study empirically examines the impact and mechanisms of human capital on the household energy consumption structure with the ordinary least square (OLS) model and instrumental variable (IV) method. The findings indicate that human capital significantly reduces traditional energy consumption while increasing the adoption of transitional and advanced energy. This conclusion remains robust after rigorous testing. Mechanism analysis reveals that human capital facilitates the shift from traditional to transitional and advanced energy by enhancing purchasing power, environmental awareness, and the frequency of energy-saving technology usage within households. Further analysis demonstrates that higher levels of human capital correlate with a greater likelihood of households transitioning from traditional energy to transitional and advanced energy. Particularly, households with a high school education exhibit a significant increase in the consumption of transitional and advanced energy while notably reducing traditional energy consumption. Moreover, compared to low-income households, human capital has a significantly positive effect on increasing the adoption of advanced energy in high-income households. Hence, prioritizing investment in rural education, providing more educational resources, improving school facilities, and implementing incentive policies to emphasize education within households are recommended strategies to enhance rural residents' human capitals. This, in turn, facilitates their adoption of transitional and advanced energy, reducing dependence on traditional energy.

农村家庭能源消费结构关系到农村居民的生活水平和生活质量,是能源转型和推进中国式现代化的重要组成部分。同时,农村人力资本是农业和农村现代化的前提。本研究利用陕西省 791 户家庭的调查数据,采用普通最小二乘法(OLS)模型和工具变量法(IV),实证检验了人力资本对家庭能源消费结构的影响和作用机制。研究结果表明,人力资本显著降低了传统能源消耗,同时增加了过渡能源和先进能源的采用。这一结论在经过严格检验后仍然是可靠的。机制分析表明,人力资本通过提高家庭的购买力、环保意识和节能技术的使用频率,促进了从传统能源向过渡能源和先进能源的转变。进一步的分析表明,人力资本水平越高,家庭从传统能源向过渡能源和先进能源过渡的可能性就越大。特别是,受过高中教育的家庭在显著减少传统能源消耗的同时,过渡能源和先进能源的消耗量也有明显增加。此外,与低收入家庭相比,人力资本对增加高收入家庭采用先进能源具有显著的积极影响。因此,优先投资农村教育、提供更多教育资源、改善学校设施、实施家庭教育激励政策是提高农村居民人力资本的建议策略。这反过来又会促进他们采用过渡能源和先进能源,减少对传统能源的依赖。
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引用次数: 0
The impact of digital economy on energy conservation and emission reduction: Evidence from prefecture-level cities in China 数字经济对节能减排的影响:来自中国地级市的证据
IF 3.3 2区 社会学 Q2 ENVIRONMENTAL SCIENCES Pub Date : 2024-09-13 DOI: 10.1016/j.sftr.2024.100288

In the face of global climate challenges and energy crises, China aimed to enhance energy conservation and emission reduction (ECER). This study explored the role of the digital economy in boosting energy efficiency and supporting sustainable development by constructing an index system, applying principal component analysis, and using spatial econometric models to assess the impact of digital economic development in China's prefecture-level cities on ECER. Findings revealed regional development disparities and complex spatial interactions that influence ECER. The digital economy showed potential to reduce emissions after reaching a particular scale, suggesting policy recommendations for balanced growth.

面对全球气候挑战和能源危机,中国以加强节能减排(ECER)为目标。本研究通过构建指标体系、应用主成分分析和空间计量经济模型评估中国地级市数字经济发展对节能减排的影响,探讨数字经济在提高能源效率和支持可持续发展方面的作用。研究结果揭示了影响 ECER 的地区发展差异和复杂的空间相互作用。数字经济在达到一定规模后显示出减排潜力,为平衡增长提出了政策建议。
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引用次数: 0
Navigating loyalty and trust in the skies: The mediating role of customer satisfaction and image for sustainable airlines 天空中的忠诚与信任:客户满意度和形象对可持续航空公司的中介作用
IF 3.3 2区 社会学 Q2 ENVIRONMENTAL SCIENCES Pub Date : 2024-09-12 DOI: 10.1016/j.sftr.2024.100299

This study aims to pinpoint the key factors influencing customer loyalty and trust within the airline industry. The study investigates the impact of service quality (assessed through the SERVQUAL model), pricing fairness, and perceived value on passengers' loyalty and trust in airlines. Additionally, the research delves into the mediating influences of passenger satisfaction and airline image in this domain. The data has been collected from the passengers who have lately used air transport to travel. The respondents included 400 passengers and were targeted using a purposive sampling technique. The findings reveal a significant positive correlation between service quality, price fairness, and perceived value, as well as passengers' loyalty and trust in airlines. Furthermore, we discovered that customer satisfaction and the airline's image played crucial roles as mediators, enhancing our understanding of the core mechanisms driving loyalty and trust formation among passengers.

本研究旨在找出影响航空业客户忠诚度和信任度的关键因素。研究调查了服务质量(通过 SERVQUAL 模型评估)、定价公平性和感知价值对乘客对航空公司的忠诚度和信任度的影响。此外,研究还探讨了乘客满意度和航空公司形象在这一领域的中介影响。数据是从最近使用航空运输出行的乘客中收集的。受访者包括 400 名乘客,采用目的性抽样技术。研究结果显示,服务质量、价格公平性、感知价值以及乘客对航空公司的忠诚度和信任度之间存在明显的正相关关系。此外,我们还发现客户满意度和航空公司形象起到了关键的中介作用,从而加深了我们对乘客忠诚度和信任度形成的核心驱动机制的理解。
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引用次数: 0
Greening Japan: Harnessing energy efficiency and waste reduction for environmental progress 绿化日本:利用能源效率和减少废物促进环境进步
IF 3.3 2区 社会学 Q2 ENVIRONMENTAL SCIENCES Pub Date : 2024-09-12 DOI: 10.1016/j.sftr.2024.100302
The study explores the complex interactions between energy efficiency, municipal waste generation, and ecological footprint in Japan (1990Q2–2019Q4) using wavelet quantile correlation. Our findings reveal that energy efficiency reduces ecological footprint to varying degrees across different time horizons and quantiles. Eco-innovation has a mitigating impact on the environmental footprint, especially at lower and upper quantiles, showing significant growth and suppression trends. Meanwhile, economic growth and globalization produce asymmetric effects on Japan's ecological footprint, impacting it differently across the distribution. Municipal waste consistently drives ecological footprint across all quantiles. Policy options are discussed to address these crucial environmental challenges.
本研究利用小波量化相关性探讨了日本(1990Q2-2019Q4)能源效率、城市废物产生量和生态足迹之间复杂的相互作用。我们的研究结果表明,在不同的时间跨度和数量级上,能源效率会在不同程度上减少生态足迹。生态创新对环境足迹具有缓解作用,尤其是在较低和较高的量级上,表现出显著的增长和抑制趋势。同时,经济增长和全球化对日本的生态足迹产生了不对称的影响,在不同的分布中产生了不同的影响。城市垃圾始终推动着所有量级的生态足迹。本文讨论了应对这些关键环境挑战的政策选择。
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引用次数: 0
Opportunities and challenges to increase circularity in the product's use phase 在产品使用阶段提高循环性的机遇和挑战
IF 3.3 2区 社会学 Q2 ENVIRONMENTAL SCIENCES Pub Date : 2024-09-11 DOI: 10.1016/j.sftr.2024.100297
The circular economy (CE) seeks to optimize the use of natural resources and to allow sustainable production processes to work in a closed-loop system. Each product's life cycle phase must be analyzed from the CE perspective in a production environment. Although the use phase is significant in terms of environmental impact, it faces challenges and opportunities that must be explored. The objectives of this study are (i) to identify the main guidelines companies can implement to increase circularity in the product's use phase and (ii) to outline the existing opportunities and challenges to increase circularity in the product's use phase. The study identified guidelines related to CE practices in the product's use phase that companies can adopt, which were categorized into 15 key areas: reuse, reverse logistics, resources, marketing, contract, systems, tools, and others. Furthermore, it highlighted opportunities to improve the relationship between companies and consumers, such has expanding product-service systems and connecting them to EC coverage levels. The research also recognized challenges that impede the effective implementation of CE in the use phase, such as the packaging sector, electrical and electronics sector, durability of products, need for different players, the importance of top management, CE level approach, renting as a business model, remanufacturing and reprocessing of electronic equipment and engines, options to sell products in bulk and raising people's awareness of the importance of CE throughout the product's life cycle. The research shows concluded that the guidelines found can facilitate the transition to CE, actively involving users and using existing methodologies and tools.
循环经济(CE)旨在优化自然资源的利用,使可持续生产流程在闭环系统中运行。在生产环境中,必须从 CE 的角度分析每个产品的生命周期阶段。虽然使用阶段对环境的影响很大,但它也面临着必须探索的挑战和机遇。本研究的目标是:(i) 确定企业可实施的主要准则,以提高产品使用阶段的循环性;(ii) 概述提高产品使用阶段循环性的现有机遇和挑战。研究确定了企业可在产品使用阶段采用的与消费电子产品做法有关的准则,这些准则分为 15 个关键领域:再利用、逆向物流、资源、营销、合同、系统、工具及其他。此外,研究还强调了改善企业与消费者之间关系的机会,如扩大产品服务系统并将其与欧共体的覆盖水平联系起来。研究还认识到在使用阶段阻碍有效实施 CE 的挑战,如包装部门、电气和电子部门、产品的耐用性、对不同参与者的需求、高层管理的重要性、CE 级别方法、租赁作为一种商业模式、电子设备和发动机的再制造和再加工、批量销售产品的选择以及提高人们对整个产品生命周期中 CE 重要性的认识。研究得出的结论是,所发现的指导原则可以促进向 CE 过渡,让用户积极参与进来,并利用现有的方法和工具。
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引用次数: 0
Appraisal model on how accounting data analytics impacts public sector sustainability reporting 会计数据分析如何影响公共部门可持续性报告的评估模型
IF 3.3 2区 社会学 Q2 ENVIRONMENTAL SCIENCES Pub Date : 2024-09-11 DOI: 10.1016/j.sftr.2024.100295

The current manuscript establishes and validates a conceptual framework that focuses on the correlation between accounting data analytics (ADA) and the quality of digital sustainability reporting (QDSR). Moreover, it aims to examine how the sustainable green internal control system (SGICS) facilitates the relationship between ADA and QDSR. The current manuscript employed a three-pronged methodology comprising of expert interviews, a literature review, and a self-administered survey, in sequential sequence. To determine the measuring scales and relevant concerns, the qualitative methodology originally involved conducting several semi-structured interviews with specialists and doing a thorough examination of the relevant literature. In the quantitative phase, statistical data were collected by two-wave paper-and-pencil surveys given to respondents in Vietnamese public sector organizations. The survey was conducted using a snowball and convenience sampling method. The data analysis was conducted utilizing the Partial Least Squares Structural Equation Modeling (PLS-SEM) technique with the assistance of SmartPLS 4.1.0.3. The statistical results validated the significantly positive connection between ADA and QDSR. This link was partially mediated by SGICS.

本手稿建立并验证了一个概念框架,其重点是会计数据分析(ADA)与数字可持续发展报告质量(QDSR)之间的相关性。此外,它还旨在研究可持续绿色内部控制系统(SGICS)如何促进 ADA 与 QDSR 之间的关系。本稿件采用了三管齐下的方法,包括专家访谈、文献综述和自填式调查,依次进行。为了确定测量尺度和相关关注点,定性方法最初包括对专家进行多次半结构化访谈,并对相关文献进行彻底研究。在定量阶段,通过对越南公共部门组织的受访者进行两波纸笔调查来收集统计数据。调查采用了滚雪球和方便抽样法。在 SmartPLS 4.1.0.3 的辅助下,利用偏最小二乘法结构方程模型(PLS-SEM)技术进行了数据分析。统计结果验证了 ADA 与 QDSR 之间存在明显的正向联系。这种联系部分是由 SGICS 调解的。
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引用次数: 0
Cross-scale characteristics and emission reduction pathways of trade-embodied carbon flows in the global supply Chains 全球供应链中贸易体现的碳流的跨尺度特征和减排途径
IF 3.3 2区 社会学 Q2 ENVIRONMENTAL SCIENCES Pub Date : 2024-09-11 DOI: 10.1016/j.sftr.2024.100290

In the context of the 1.5 °C warming target, there is a growing awareness of the increasingly frequent carbon flows between subregions. However, understanding the characteristics and pathways of cross-scale carbon flows between subregions and regions remains elusive and impedes achieving emission reduction targets. This study employs a nested multi-regional input–output model and the structural path analysis method, establishing the characteristics of the carbon emission transfer network within global supply chains and discerning the crucial structural pathways and nodes for carbon emissions. The study found that (1) in 36 major countries, the embodied carbon flows are predominantly influenced by the developed countries around China in Asia and the Pacific. (2) In 30 subregions, coastal subregions with large-scale foreign trade and energy-intensive subregions in China's central and western parts contribute significantly to the larger embodied carbon outflow due to exports. (3) “Manufacture of non-metallic mineral products (S09) → construction (S19)” and “manufacture and processing of metals (S10) → construction (S19)” are the two key pathways of paramount significance of embodied carbon emissions. (4) “R25 South Korea” has the highest number of key pathways and the greatest embodied carbon emissions from critical paths, followed by “R27 India” and “R22 United States.” These findings offer valuable insights for the development of regional emission reduction policies.

在 1.5 ℃升温目标的背景下,人们越来越意识到次区域间的碳流动日益频繁。然而,对次区域和区域间跨尺度碳流动的特征和路径的了解仍是空白,这也阻碍了减排目标的实现。本研究采用嵌套式多区域投入产出模型和结构路径分析方法,建立了全球供应链中碳排放转移网络的特征,并发现了碳排放的关键结构路径和节点。研究发现:(1)在 36 个主要国家中,体现碳流量主要受亚太地区中国周边发达国家的影响。(2)在 30 个次区域中,对外贸易规模较大的沿海次区域和中国中西部的能源密集型次区域对出口导致的较大体现碳流出贡献显著。(3)"非金属矿物制品业(S09)→建筑业(S19)"和 "金属制造与加工业(S10)→建筑业(S19)"是两个最重要的体现碳排放路径。(4)"R25 韩国 "的关键路径数量最多,关键路径的体现碳排放量也最大,其次是 "R27 印度 "和 "R22 美国"。这些发现为制定地区减排政策提供了宝贵的启示。
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引用次数: 0
Sustainable small business lending 可持续的小企业贷款
IF 3.3 2区 社会学 Q2 ENVIRONMENTAL SCIENCES Pub Date : 2024-09-10 DOI: 10.1016/j.sftr.2024.100292

Banks are the main source of external funding for small businesses. Thus, integrating sustainability considerations in small business lending can support global sustainability efforts. In surveying German banks, I show that banks are in the process of implementing sustainable small business lending. They put more emphasis on sustainability risks than on the transformation of the business model among small businesses. Sustainable relationship lending has some relevance in creating sustainability-related soft information, although respective hard information is preferred by banks. Banks and policymakers can use the findings to better apply sustainable small business lending to sustainability and resilience efforts.

银行是小企业外部资金的主要来源。因此,将可持续发展因素纳入小企业贷款可以支持全球的可持续发展努力。在对德国银行的调查中,我发现银行正在实施可持续小企业贷款。与小企业商业模式的转型相比,他们更重视可持续发展的风险。可持续关系贷款在创造与可持续发展相关的软信息方面具有一定的相关性,尽管银行更喜欢各自的硬信息。银行和政策制定者可以利用这些研究结果,更好地将可持续小企业贷款应用于可持续发展和抗灾工作中。
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引用次数: 0
Promotion or inhibition? Exploring the influence of the digital economy on urban-rural integration: A case study of yellow River basin 促进还是抑制?探索数字经济对城乡一体化的影响:黄河流域案例研究
IF 3.3 2区 社会学 Q2 ENVIRONMENTAL SCIENCES Pub Date : 2024-09-08 DOI: 10.1016/j.sftr.2024.100293

The digital economy actively disrupts the "urban depression effect" and the "wealth gap" between urban and rural areas, playing a crucial role in advancing urban-rural integration. Based on this, a scientifically constructed performance evaluation indicator system for the digital economy and urban-rural integration was developed. Using the Yellow River Basin as an empirical case study area, the projection pursuit model, simulated annealing algorithm and spatial Durbin model were employed to explore the impact of the digital economy on urban-rural integration in the Yellow River Basin from 2011 to 2021. The findings reveal the following: 1) The degree of digital economy and urban-rural integration display a characteristic pattern resembling that of a downstream > midstream > upstream watershed, showcasing discernible spatial correlation features between them. 2) The digital economy in the Yellow River Basin directly fosters urban-rural integration development. Government behavior stand out as the most influential factor in promoting urban-rural integration among the control variables. 3) The impact of the digital economy on urban-rural integration in the Yellow River Basin displays regional heterogeneity, with the most pronounced effects observed in downstream areas. Moreover, the spatial spillover effect of the digital economy exhibits a distinct "good-neighborliness" characteristic. 4) The digital economy in the Yellow River Basin substantially advances urban-rural integration development through the adjustment effect of industrial structure rationalization and the mediating effect of entrepreneurial activity. These research findings shed light on the impact and spatial spillover pathways of the digital economy on urban-rural integration, aligning with the national strategy of ecological protection and high-quality development in the Yellow River Basin.

数字经济积极破除 "城市洼地效应 "和城乡 "贫富差距",在推进城乡一体化进程中发挥着至关重要的作用。基于此,科学构建了数字经济与城乡一体化绩效评价指标体系。以黄河流域为实证案例研究区,运用投影追寻模型、模拟退火算法和空间杜宾模型,探讨了 2011-2021 年数字经济对黄河流域城乡一体化的影响。研究结果表明1)数字经济与城乡一体化程度呈现出类似于下游、中游和上游流域的特征格局,二者之间存在明显的空间相关性。2)黄河流域数字经济直接促进了城乡一体化发展。在控制变量中,政府行为是促进城乡一体化最有影响力的因素。3)数字经济对黄河流域城乡一体化的影响具有区域异质性,下游地区的影响最为明显。此外,数字经济的空间溢出效应表现出明显的 "睦邻 "特征。4)黄河流域的数字经济通过产业结构合理化的调整效应和创业活动的中介效应,极大地推进了城乡一体化发展。这些研究成果揭示了数字经济对城乡一体化的影响和空间溢出路径,符合黄河流域生态保护和高质量发展的国家战略。
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Sustainable Futures
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