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Using a sample of listed Chinese companies that issued bonds from 2010 to 2019, the authors empirically test the link between CSR and corporate bond pricing, and the mechanism and channels behind this link.

This study systematically examines whether and how corporate social responsibility (CSR) affects the corporate bond market in China.

Firms with better CSR have higher corporate bond credit ratings and lower corporate bond yield spreads. These associations remain stable in robustness checks, including checks that use regional typhoon disaster as an instrumental variable. The effects of CSR are more significant for firms with a worse information environment and for those operating in high-risk environments. Better CSR is associated with less earnings management, fewer financial restatements and less analyst forecast divergence. In addition, the effects of CSR are more pronounced after the 2013 market-oriented reform and when issuers are non-state-owned enterprises.

Because market participants can incorporate firms' CSR into their decision-making, establishing an effective channel for communicating CSR between issuers and market participants will enhance the effects of CSR.

Researchers need to attend to the mechanisms behind the link between CSR and corporate bond pricing, and to the characteristics of strong environmental contingency in emerging markets, specifically the periods and scenarios in which the effects of CSR change.

This study provides systemic evidence that CSR benefits corporate bond pricing through both informational and reputational channels and that the effects of CSR vary by time and firm. These findings enrich the literatures on both the economic consequences of CSR and the determinants of corporate bond pricing, and provide a plausible explanation for mixed findings on the effects of CSR in previous studies.

Due to environmental externalities, micro-enterprises with profit-seeking features do not develop sufficient motivation for environmental governance. In a fiscally decentralized system, local environmental protection authorities perform environmental supervision, and the intensity of the regulations that they implement has an important influence on corporate environmental governance. Based on the promotion tournament framework, this paper aims to discuss the driving mechanism of corporate environmental governance using turnover of environmental protection department directors (EPDDs) as an indicator.

Using samples of A-share companies listed on the Shanghai and Shenzhen exchanges from 2007 to 2014, this paper examines the impact of EPDD turnover on corporate environmental governance and its underlying mechanism.

The results show that corporate environmental governance exhibits a political periodicity that changes with the turnover of the EPDD, and the periodicity remains after controlling for the influence of changes in provincial party secretary and governor. Internal mechanisms analysis indicates that, without financial independence, local environmental protection departments rely on increasing sewage charges, not environmental protection subsidies, to promote corporate environmental governance. Further, considering heterogeneity among officials, it finds that the younger a new EPDD is, the more pronounced the periodicity of corporate environmental governance. However, there is no significant difference between in-system and out-system turnover.

In general, this paper describes the mechanisms of corporate environmental governance from the perspective of political economics, and the results have implications for the potential improvement of the government’s environmental supervision functions and the development of ecological civilization in China.

A public emission reduction project offers saleable carbon credits to encourage individual residents to participate in activities with low carbon emissions: if the residents participate, they will earn carbon credits that can be sold to polluting firms for carbon offsetting. This study explores the economic and environmental implications of these projects.

The authors develop a multiperiod model to incorporate the decisions of individual residents and a polluting firm. The model captures residents' difference in estimating the price of carbon credits: A proportion of residents are naive residents who shortsightedly take the previous market price of carbon credits as the basis of their decision-making.

A public emission reduction project can improve the cost-efficiency of carbon reduction, increase both the profit of the polluting firm and consumer surplus, but may hurt the welfare of the participating residents. Reducing transaction costs of carbon credits may cause a greater loss to participating residents. As the ratio of naive residents decreases, the overall welfare of participating residents increases and the number of participating residents decreases.

To encourage more residents to reduce carbon emissions, the project should be promoted to new areas (e.g. rural areas) where there are more naive residents. Although reducing transaction costs is an effective way to increase the economic viability of the project, the government should pay attention to protecting the welfare of residents, and educating residents is an effective way to improve their overall welfare.

This paper is the first to reveal the economic and environmental implications of public emission reduction projects.

Nickel-aluminum bronze (NAB) has been widely used in ship propellers. It is always subjected to local micro-plastic deformation in service environments. This paper aims to study the influence of plastic deformation on the mechanical strength and corrosion resistance of NAB in 3.5 Wt.% NaCl solution.

Scanning electron microscope and X-ray diffraction were used to analyze the microstructure of NAB alloy with different plastic deformations. Mechanical properties of the sample were measured by tensile experiment, and corrosion behavior was studied by electrochemical measurements and the long-term immersion corrosion test.

Results showed that the plastic deformation caused lattice distortion but did not change the microstructure of NAB alloy. Microhardness and yield strength of NAB were significantly improved with the increase of deformation. The lattice distortion accelerated the formation of corrosion product film, which made the deformed alloy show a more positive open-circuit potential and an increased Rp. However, during the long-term immersion corrosion, the corrosion resistance of NAB alloys deteriorated with the increase of plastic deformation. This is because larger plastic deformation brought about higher internal stress in corrosion product film, which resulted in the premature peeling of the film and the loss of its protective effect on the alloy substrate.

Tensile plastic deformations were found to cause a decline in the corrosion resistance of NAB. And the mechanism was clarified from the evolution of corrosion products during the corrosion process.

The purpose of this paper is to model and predict suitable gait trajectories of lower-limb exoskeleton for wearer during rehabilitation walking. Lower-limb exoskeleton is widely used for assisting walk in rehabilitation field. One key problem for exoskeleton control is to model and predict suitable gait trajectories for wearer.

In this paper, the authors propose a Deep Spatial-Temporal Model (DSTM) for generating knee joint trajectory of lower-limb exoskeleton, which first leverages Long-Short Term Memory framework to learn the inherent spatial-temporal correlations of gait features.

With DSTM, the pathological knee joint trajectories can be predicted based on subject’s other joints. The energy expenditure is adopted for verifying the effectiveness of new recovery gait pattern by monitoring dynamic heart rate. The experimental results demonstrate that the subjects have less energy expenditure in new recovery gait pattern than in others’ normal gait patterns, which also means the new recovery gait is more suitable for subject.

Long-Short Term Memory framework is first used for modeling rehabilitation gait, and the deep spatial–temporal relationships between joints of gait data can obtained successfully.

The importance of supplier integration (SI) in improving firms’ performance has been previously identified but the effects of SI are complicated, as the relationship between supplier and buyer is full of uncertainty. The purpose of this paper is to re-examine the effects of SI on operations performance from a relational view.

Two strategies of integrating suppliers are theoretically presented: information sharing and joint decision making. Hypotheses are then developed on when SI influences operations performance, using product complexity and competitive intensity as moderating factors. The hypotheses are tested using a global survey data set, made up of 763 manufacturing firms from 22 countries.

The results indicate a positive relationship between SI and operations performance and that the moderating roles of product complexity and competition intensity are significant, but product complexity does not have significant moderation effects on the relationships between joint decision making and product quality/cost reduction.

The moderators of product complexity and competitive intensity are not comprehensive. Future study into how and under what circumstances SI has the greatest effect will be of benefit.

This study makes theoretical contributions by exploring the strategies of SI through a relational view, and examining the effects of SI through the moderating roles of product complexity and competition intensity.

Literature proposes that implementing supplier assessment and supplier collaboration simultaneously may lead to better sustainable performance. The purpose of this paper is to empirically examine the proposition by considering the contingent effects of two contextual factors, the environmental dynamism and the stakeholder pressure on sustainability.

Four configurations of governance mechanisms are identified according to the different levels of implementing supplier assessment and supplier collaboration. The performances of the four configurations are compared against the levels of environmental dynamism and stakeholder pressure. The empirical data from the sixth round of International Manufacturing Strategy Survey (IMSS) are used.

This paper found that the governance configuration with the highest level of implementing both governance mechanisms leads to the best performance. The synergistic effect that supplier assessment and collaboration complement each other to achieve better performance is verified. However, the synergistic effect holds robust only when the environmental dynamism and stakeholder pressure are high. The synergistic effect vanishes in the social and environmental performance when the environmental dynamism is low. The effect also vanishes in the environmental performance when the stakeholder pressure is low. No synergistic effect was found in business performance.

This paper reveals the complementarity between supplier assessment and supplier collaboration when they are implemented at a reasonably high level. It also reveals the importance of the fit of governance mechanisms under different external contexts. The results contribute to reconciling the disputes about the effectiveness of governing supplier relationship to achieve the sustainability along a supply chain.

This study aims at investigating the differential impact of different CSR communication strategies on consumers' brand trust and consequent attitudes and behaviors in the credence goods market.

An experimental laboratory study was conducted to collect data from graduate students (n = 414) from two Chinese universities. Structural equation modeling was used to test the hypothesized model.

The results show that a dialogical communication strategy, compared to a monological communication strategy, is significantly more effective in increasing consumers' brand trust for credence goods as well as their willingness-to-buy and positive word-of-mouth. The results also confirm the mediating effect of CSR knowledge and the moderating effect of broad-scope trust on the relationship between CSR communication strategies and brand trust.

This study implies that in order to promote consumer trust and supportive behaviors toward brands, managers of companies in credence goods market should consider the increased use of various dialogical CSR communication strategies.

The study is one of the first to verify the impact of dialogical vs monological CSR communication strategies on consumers of credence goods.

The purpose of this paper is to explore the relationship between service quality and firms’ global competitiveness in the service industry. A set of moderating effects is formulated to further reveal how the relationship varies under different situations.

This paper tests the model with data collected from multiple sources such as World’s Most Admired Companies and COMPUSTAT. Two types of robust regressions for panel data are employed in the empirical model estimation.

Service quality is found to significantly drive global competitiveness. Specifically, its impact is stronger for large service firms and when the global environment is characterized as low munificence, high dynamism, or high complexity.

The paper provides a set of implications for managers of service firms regarding global expansion and quality management. It generates useful guidelines of maximizing the power of service quality when a firm’s global competitive advantage is considered.

This paper takes the first attempt to formulate service quality’s influence on firm’s global competitiveness with a consideration of specific situational factors.