• Energy Research

Purpose This study aims to examine the relationship between environmental, social and governance (ESG) disclosure, firm risk and stock market returns within the Chinese energy sector. Using a variety of econometric techniques, the study seeks to uncover the impact of ESG disclosure on risk mitigation and its influence on stock market performance. Design/methodology/approach Benchmark regression models were used to explore the associations between ESG disclosure, firm risk and stock returns. To address potential endogeneity, a generalised method of moments estimator is used. Quantile regression was used for robustness analysis. Findings The study reveals a negative relationship between ESG disclosure and firm risk, indicating that companies with greater ESG disclosure tend to experience reduced risk exposure. In addition, a positive association is observed between ESG disclosure and stock market returns, suggesting that companies with more comprehensive ESG disclosure practices tend to perform better in the stock market. Research limitations/implications This study implies that investors appreciate sustainable investment and incorporate ESG practices and disclosure in decision-making. Policymakers can promote transparent ESG reporting through regulatory frameworks, fostering sustainable practices in the energy sector. Originality/value Despite the mounting concerns over carbon dioxide emissions and the energy industry’s environmental footprint, this study pioneers a comprehensive analysis of ESG disclosure within this critical sector. Delving into the relationship of ESG practices, firm risk and market returns, this research uniquely examines both risk mitigation and return enhancement, shedding new light on sustainable strategies in the energy domain.

Although the United Nations’ Sustainable Development Goals (SDGs) advocate, through SDG 4 and SDG 10, equitable quality education and the reduction of inequalities within and between countries, respectively, few studies have examined how inequalities in regional sustainability influence higher education. Therefore, this study aims to examine the relationship between regional sustainability and higher education in China using fixed-effects panel modelling. A systematic force framework showing how regional sustainability drives higher education was constructed from economic, social, and environmental perspectives, and the endogeneity in the process of how regional sustainability affects higher education was explored by introducing one-year lagged values as instrumental variables. Our results show that regional sustainability has a significant impact on higher educational attainment in China, with differing effects in the eastern, central, and western regions, respectively. In central China, economic sustainability plays a significant positive role in higher educational attainment; in the western region, economic and social sustainability have stronger positive effects, while environmental sustainability has significantly negative effects. In terms of policy implications, our findings can be used to support regional development policies to promote regional higher education.

This paper empirically examines the direct and indirect effect of the role of democracy, and, in turn, the effect of oil dependence volatility on governmental expenditure in oil exporting countries. To achieve this aim, we apply a panel Vector Auto-Regressive (PVAR) model along with panel impulse response functions from the period 1983 to 2016. The findings show that the quality of political institutions, it is observed that in democratic countries an increase in oil volatility leads to an increase in government expenditure. In contrast, in non-democratic countries, governments respond to oil volatility fluctuating between the positive and negative depending on the quality of political institutions; the more some attributes of democracy are seen, the greater the expenditure. This difference in response between them can be attributed to a variation in institutional quality. Therefore, an improvement in strategic risk planning together with greater government transparency could lead to institutional quality improvement. ; gold oa

This study investigates change management in the context of corporate entrepreneurship (CE) and presents an innovative conceptual model to improve commitment to change. Utilizing Lewin’s model and Bandura’s social learning theory, the research identifies six essential success factors (CSFs) that are vital for achieving effective change management in CE initiatives. Using a combination of qualitative and quantitative methods, this study examines the relationship between the preparedness of organizations, facilitating factors, and the level of commitment individuals have toward change in 38 entrepreneurial corporations in China. The study suggests a new conceptual framework called the people-centered implementation (PCI) model as a strategy for implementing CE change. This model prioritizes the establishment of synergy between the efforts of an organization and its individuals, resulting in increased commitment and successful execution of entrepreneurial projects. The PCI model provides valuable knowledge for practitioners managing change within CE initiatives and contributing to broader economic transition and institutional changes. The uniqueness of this study is its concentration on change management challenges specific to CE and its creation of a pragmatic model to tackle these challenges, ultimately leading to enhanced project success and wider economic influence. ; The project was supported by Zhejiang Shuren University Basic Scientific Research Special Funds (2023XZ020).