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The study aims to examine the association between the sustainable development triangle and real earnings management (REM) and the moderating role of business innovation.

The study was based on the quadruple bottom line approach to measuring corporate sustainable development. For the REM, Roychowdhury model is used to identify the practices. The study used panel data using 740 firm-year observations from non-financial listed companies in the Nigerian market from 2011 to 2020, collected from the Nigeria Stock Exchange.

The study finds a negative influence on the association of economic, environmental, social and governance (EESG) on REM in related party transactions. Thus, by regressing the three different components of REM separately, then EESG will have strongest impact as well. The study suggests a bidirectional association between EESG and REM. Furthermore, the study finds that business innovation strengthens the negative association between EESG and REM. The study concludes that sustainable companies in the Nigerian public market are less liable to practice REM.

The study examines only non-financial listed companies quoted on the Nigeria Stock Exchange, which restricts the generalization of the findings.

The findings of the study should be of immense value to the investors who need comprehensive appraisal of earnings quality to enhance sustainable development strategies for sustainable business innovation among Nigeria firms. Thus, sustainability and innovation can serve as the principles for supporting developing countries impacted by the COVID-19 pandemic and supporting a sustainable development.

The study will be of immense value to policymakers, regulators and standard setters who demand for facts insightful of business practices and reporting behaviors for sustainable development.

Existing studies have mainly focused on triple bottom line. This study adds to the existing body of literature on the Quadruple bottom line in an African market. More so, the study investigates the impact of business innovation on the relationship between economic, environmental, social and governance and real earnings management, which was rarely investigated in the prior literature.

Employing a large sample consisting of 3,701 corporations domiciled in developed and emerging countries, this paper aims to analyze the mediating role of investment efficiency in the association between business sustainability performance and corporate financial performance.

Four different aspects of corporate sustainability offered by the ASSET4 database are used as proxies for business sustainability performance, including economic, corporate governance, social and environmental dimensions. In addition to these aspects, the aggregate measure of business sustainability performance is also employed. In order to test the association between business sustainability and corporate performance via investment efficiency, ordinary least squares, fixed-effect, random-effect and generalized method of moments statistical models were employed.

The results suggest that business sustainability performance is positively associated with corporate financial performance, indicating that sustainable corporations enjoy higher financial performance. Moreover, Sobel, Aroian and Goodman tests confirm that investment efficiency mediates the positive relationship between business sustainability performance and financial performance. Finally, further analyses show that the positive association between sustainability performance and investment efficiency is stronger for those firms headquartered in developed countries than in those located in emerging nations.

This paper contributes to the literature by investigating how growth opportunities advance the influence of business sustainability to corporate financial performance using a large sample from 43 countries.

Wind energy has matured to a level of development at which it is ready to become a generally accepted power generation technology. The aim of this paper is to provide a brief review of the state of the art in the area of electrical machines and power‐electronic systems for high‐power wind energy generation applications. As the first part of this paper, latest market penetration, current technology and advanced electrical machines are addressed.

After a short description of the latest market penetration of wind turbines with various topologies globally by the end of 2010 is provided, current wind power technology, including a variety of fixed‐ and variable‐speed (in particular with doubly‐fed induction generator (DFIG) and permanent magnet synchronous generator (PMSG) supplied with partial‐ and full‐power converters, respectively) wind power generation systems, and modern grid codes, is presented. Finally, four advanced electrical‐machine systems, viz., brushless DFIG, open winding PMSG, dual/multi 3‐phase stator‐winding PMSG and magnetic‐gear outer‐rotor PMSG, are identified with their respective merits and challenges for future high‐power wind energy applications.

For the time being, the gear‐drive DFIG‐based wind turbine is significantly dominating the markets despite its defect caused by mechanical gears, slip rings and brush sets. Meanwhile, direct‐drive synchronous generator, especially utilizing permanent magnets on its rotor, supplied with a full‐capacity power converter has become a more effective solution, particularly in high‐power offshore wind farm applications.

This first part of the paper reviews the latest market penetration of wind turbines with a variety of mature topologies, by summarizing their advantages and disadvantages. Four advanced electrical‐machine systems are selected and identified by distinguishing their respective merits and challenges for future high‐power wind energy applications.

The purpose of this study is to evaluate the comprehensiveness of sustainability reporting in higher education institutions.

This study adopts a university sustainability rating framework and uses it to evaluate the comprehensiveness of sustainability reporting in higher education institutions.

The results of the study demonstrate that notwithstanding growing concerns over sustainability issues; higher education institutions have been slow to adopt sustainability reporting practices including publishing consistent and periodic reports, receiving third-party assurance and integrating sustainability reporting into university’s sustainability management systems.

The results of the study suggest that the quality of sustainability reporting varies quite significantly, and important dimensions such as education and outreach programs are ill-treated in universities’ sustainability reports. The quality presents a tremendous challenge for sustainability reporting as more organizations are joining the sustainability reporting process, the quality would become a differentiator and competitive advantage, the study concludes. Two main limitations were identified. First, the number of reports examined were limited and are not representative of all higher education institutions. Second, data from other sources, like websites, were not factored in the analysis, as the study focuses on evaluating the comprehensiveness of sustainability reporting in higher education institutions.

The results provide useful insights into comprehensiveness (one aspect of quality of sustainability reporting) in higher education institutions and help to better navigate the future trends in sustainability reporting practices of universities.

Sustainability reporting is well established in the corporate environment; however, the extent to which it has been adopted and its quality in universities remains relatively unexamined. The study attempts to fill the research gap in the quality of sustainability reporting (comprehensiveness) in higher education institutions to better navigate the future trends in sustainability reporting practices of universities.

The purpose of this study is to examine the effect of integrated reporting (IR) quality on both market liquidity and analyst forecast accuracy in South Africa as the only country in the world having IR as a listing requirement. This study uses the Sustainability Disclosure Transparency Index (SDTI) as a proxy for IR disclosure quality. The analysis of this study is based on the period after the publication of the international framework and its adoption by the International Reporting Committee of South Africa in 2014.

The companies sampled in this study are those listed on the Johannesburg Stock Exchange (JSE) from 2013 to 2015. The major factor driving the selection of this particular period was to not only analyse the existing IR practice but also investigate IR two years after King III came into force. The SDTI developed by Integrated Reporting and Assurance Services (IRAS) was used to analyse IR quality. Ordinary least squares regressions were analysed. The models include year and industry fixed effects. The variance inflation factor and its tolerance were used to test the severity of multi-collinearity. Also, alternative measures of IR quality and alternate model specifications were analysed to check the robustness of the results.

The authors find that quality of IR is associated with lower earnings forecast error. The evidence indicates that earnings forecast error is lower for firms in the materials sector of the South African economy. Consistent with prior research, the results also suggest that forecast errors are higher for companies with volatile returns and lower for larger firms. Additional analysis indicates that IR quality is positively associated with market liquidity. Overall, these findings support the virtues of IR, thus providing useful information to capital markets.

The results obtained cannot be generalised to other jurisdictions. While the South African economy is the best setting to investigate IRs, new economies are also working actively on IR disclosures, so future research is likely to extend the literature in this field. Secondly, the availability of data constrained the sample size; however, this only mediates against finding any statistically significant result. While the IRAS database offers information about 324 JSE companies, Datastream covers only the 170 largest South African firms. In spite of the sample reduction, robust and consistent results are found in the market liquidity and analyst forecast accuracy proxies.

The sample period of this study (2013-2015) allows to understand disclosure behaviour after the international IR framework was published and endorsed by the JSE. The release of the IIRF gave clear guidance to firms regarding the nature and purpose of IR. Overall, the results obtained in this paper are consistent with IR expectations, thus providing useful information for investors and financial analysts. It is expected that the results might have practical implications for other nations about the cost and benefits of implementing integrated management reporting.

This paper contributes incrementally to the existing debate about whether disclosure information through IR has real benefits or is a passing fad. It examines the economic consequences of IR in a mandatory setting using an in-house ranking system, adapted to South Africa, designed by IRAS to determine IR quality. IRAS provides an SDTI that assesses the accuracy, consistency, completeness and reliability of quantitative data for 84 indicators based on IR and global reporting initiative aspects and subdivided into seven categories.

Power‐electronic systems have been playing a significant role in the integration of large‐scale wind turbines into power systems due to the fact that during the past three decades power‐electronic technology has experienced a dramatic evolution. This second part of the paper aims to focus on a comprehensive survey of power converters and their associated control systems for high‐power wind energy generation applications.

Advanced control strategies, i.e. field‐oriented vector control and direct power control, are initially reviewed for wind‐turbine driven doubly fed induction generator (DFIG) systems. Various topologies of power converters, comprising back‐to‐back (BTB) connected two‐ and multi‐level voltage source converters (VSCs), BTB current source converters (CSCs) and matrix converters, are identified for high‐power wind‐turbine driven PMSG systems, with their respective features and challenges outlined. Finally, several control issues, viz., basic control targets, active damping control and sensorless control schemes, are elaborated for the machine‐ and grid‐side converters of PMSG wind generation systems.

For high‐power PMSG‐based wind turbines ranging from 3 MW to 5 MW, parallel‐connected 2‐level LV BTB VSCs are the most cost‐effective converter topology with mature commercial products, particularly for dual 3‐phase stator‐winding PMSG generation systems. For higher‐capacity wind‐turbine driven PMSGs rated from 5 MW to 10 MW, medium voltage multi‐level converters, such as 5‐level regenerative CHB, 3‐ and 4‐level FC BTB VSC, and 3‐level BTB VSC, are preferred. Among them, 3‐level BTB NPC topology is the favorite with well‐proven technology and industrial applications, which can also be extensively applicable with open‐end winding and dual stator‐winding PMSGs so as to create even higher voltage/power wind generation systems. Sensorless control algorithms based on fundamental voltages/currents are suggested to be employed in the basic VC/DPC schemes for enhancing the robustness in the entire PMSG‐based wind power generation system, due to that the problems related with electromagnetic interferences in the position signals and the failures in the mechanical encoders can be avoided.

This second part of the paper for the first time systematically reviews the latest state of arts with regard to power converters and their associated advanced control strategies for high‐power wind energy generation applications. It summarizes a variety of converter topologies with pros and cons highlighted for different power ratings of wind turbines.

This study aims to propose a solution to accelerate financing support low carbon (circular economy) transition. The authors developed a sustainability governance (SGOV) model and a sustainability governance (SGOV) index as a proxy for the diffusion of sustainability innovation. This study investigates the effect of SGOV practices on profitability with the mediating role of operational efficiency.

The SGOV index consists of 32 and 122 sub-items, constructed using content analysis of annual and sustainability reports published by banks listed on the Indonesia Stock Exchange (IDX) from 2010 to 2020 (404 bank-year observations).

Banks are at a moderate level of sustainability innovation. They are prioritizing the balance aspects of financial, social and environmental. SGOV practice negatively affects profitability. However, operational efficiency plays a positive mediating role that is robust.

The measurement of the SGOV index uses criteria that have not been tested in previous studies. There is the potential subjectivity in interpreting qualitative data, although this has been minimized by cross-checking the analysis of five raters.

This study gives feedback for the Indonesia sustainable finance (SF) journey phase I to proceed into SF journey phase II.

The SGOV model can be applied in other industry sectors to know the readiness for entering low carbon (circular economy) transition.

The uniqueness of the scoring technique assuming a step-by-step innovation model to sustainable finance.