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The purpose of this paper is to design a climbing robot connected by a connecting rod mechanism to achieve multi-functional tasks such as obstacles crossing and climbing of power transmission towers.

A connecting rod type gripper has been designed to achieve stable grasping of angle steel. Before grasping, use coordination between structures to achieve stable docking and grasping. By using the alternating movements of two claws and the middle climbing mechanism, the climbing and obstacle crossing of the angle steel were achieved.

Through a simple linkage mechanism, a climbing robot has been designed, greatly reducing the overall mass of the robot. It can also carry a load of 1 kg, and the climbing mechanism can perform stable climbing. The maximum step distance of the climbing robot is 543 mm, which can achieve the crossing of angle steel obstacles.

A transmission tower climbing mechanism was proposed by analyzing the working environment. Through the locking ability of the screw nut, stable clamping of the angle steel is achieved, and a pitch mechanism is designed to adjust the posture of the hand claw.

The purpose of this paper is to clarify the impact mechanisms and weighting factors of environmental, social and governance (ESG) practices on corporate value through bibliometric analysis and core interpretation of existing literature, further explore whether and under what conditions ESG practices contribute to the corporate value creation, and provide an outlook on future research directions.

Bibliometric method is used to analyze literature co-citation, burst detection and keyword co-occurrence, and literature review method is used to condense important ideas from the existing literature.

Through the review, analysis and summary of the existing literature, this paper finds that the perspectives of risk, information and strategy reflect the key pathways through which ESG practices play a role in avoiding harm and creating value for companies directly or indirectly. Macro, meso and micro factors moderate the direction and extent of the impact. Moreover, considering the relationship between ESG performance and ESG disclosure is key to understanding some contradictory findings.

The search terms limit the articles considered, and therefore, the research framework may be incomplete. Moreover, this article is primarily aimed at the research field and lacks guidance at the practical level.

This paper helps the academic community to deepen its understanding of ESG, moving beyond the question of whether ESG is linked to corporate value to further understand why and under what conditions ESG practices create value for firms.

This paper has great practical significance in motivating companies to actively participate in ESG practices.

The theoretical framework in this paper reveals the black box between enterprise ESG practices and value creation, and clarifies the research boundary of “the relationship between ESG practices and value creation,” contributing to the future research in this field.

The reform and opening-up of capital market is valued for promoting sustainable development, while its impact presented as the form of deregulation of short-selling on the green innovation of enterprises in developing countries remains unclear. The purpose of this study is to outline the significance of gradual reform of financial markets in developing countries for low-carbon transformation and provide implications for achieving carbon peaking and carbon neutrality goals.

Based on the green subdivided patent data and financial data of China’s A-share listed companies, this paper takes the implementation of securities margin trading program as a quasi-natural experiment and applies the difference-in-differences (DID) model to examine the impact of deregulation of short-selling constraints on the enterprises’ green transformation.

The findings reveal that the initiating securities margin trading program significantly enhances the green innovation performance of enterprises. These findings are valid after performing a series of robustness tests such as the parallel trend test, the placebo test and the methods to exclude other policy interference. Mechanism analyses demonstrate a two-faceted effect of the securities margin trading program on the green innovation of enterprises, in which short-selling policy increases the pressure on capital market deregulation and meanwhile induces the environmental protection investment. The heterogeneity results demonstrate that the impulsive effect imposed by securities margin trading program is more significant in experimental group samples with characteristics of lower financing constraints, belonging to heavy polluting industries and possessing better environmental supervision capability.

First, previous studies have focused on the impact of financial policies implemented by banking institutions on the green innovation of enterprises, but few literatures have explored the validity of relaxing short-selling restrictions or opening the capital market in the field of enterprise’s green transformation in developing country. From the view of securities market reform, this paper broadens the incentive and supervision effects of the relaxation of short-selling control on enterprise’s green innovation performance after the implementation of securities financing and securities lending policy in China’s capital market. Second, previous studies have explored the impact of command-and-control environmental regulations, as well as market-incentivized environmental regulations such as green finance, low-carbon pilots and environmental tax reform, on the green transition of enterprises. Recently the role of the securities market in the green development of enterprises has received more attention in academia. The pilot of margin financing and securities lending is essentially a market-incentivized regulatory tool, but there is few in-depth research on how it affects the green innovation of enterprises. This paper enriches the research on whether the market incentive financial regulation policy can contribute to the green transformation of enterprises under the Porter hypothesis. Third, some previous studies used the ordinary panel regression model to explore the impact of financial policy on enterprise’s innovation performance. However, due to the potential endogenous problems of the estimated model, it might get biased conclusions. Therefore, based on the method of quasi-natural experiment, this paper selects the margin trading pilot policy as an exogenous shock to solve the endogenous or reverse causality problem in traditional measurement model and applies the DID model to study the relationship between core indicator variables.

This paper aims to test for volatility spillovers among Islamic stock markets with the exogenous impact of geopolitical risk (GPR) to check the risk transmission among Saudi Arabia, Malaysia, Indonesia and Turkey. Researchers test for both the symmetric and asymmetric risk transmission.

For the symmetric response of volatility, the study uses simple generalized autoregressive conditional heteroscedastic (GARCH) and for the asymmetric response of volatility with the exogenous impact of GPR, the exponential GARCH models have been adopted.

The results suggest spillover effects exist from Turkey to Saudi Arabia, Indonesia to Malaysia and Saudi Arabia and Malaysia to Indonesia. The findings of volatility spillover from GPR to sample countries suggest that only Malaysia and Indonesia experience volatility spillovers from GPR.

The present study is limited to the context of four countries and Islamic equities; the study contributes to the literature on volatility spillover, Islamic finance, GPR and asset pricing.

This study contributes to individual, institutional investors’ policymakers’ knowledge in determining security prices, trading plans, investment hedging and policy regulation.

The extant literature disregards the GPR index to examine the volatility spillover effects among Islamic stock markets, which allow researchers to justify the mechanism of risk transmission due to GPR across the Islamic stock market.

To the best of the authors’ knowledge, this is the first research of its type to look at volatility spillover and GPR transmission in Islamic stock markets.

This paper aims to present an analytical approach for the determination of helical gear tooth geometry and introduces the necessary parameters. Tooth geometry including tooth chamfer, involute curve, root fillet, helix as well as tooth microgeometry can be obtained using the presented approach.

The presented analytical approach involves deriving the equivalent equations at the transverse plane rather than the normal plane. Moreover, numerical evaluation of microgeometry modifications is presented for tooth profile, tooth lead and flank twist.

An analytical approach is presented and equations are derived and explained in detail for helical gear tooth geometry calculation, including tooth microgeometry. Method 1, which was presented by Lopez and Wheway (1986) for obtaining the root fillet, is examined and it is proven that it does not work accurately for helical gears, but rather it works perfectly in the case of spur gears. Changing the normal plane parameters in Method 1 to the transverse plane ones does not give correct results. Two alternative methods, namely, Methods 2 and 3, are developed in the current research for the calculation of the tooth root fillet of helical gears. The presented methods and also the numerical evaluation presented for microgeometry modification are examined against the geometry obtained from Windows LDP software. The results show very good agreement, and it is feasible to apply the approach using the presented equations.

In the gear design process, it is important to model the correct gear tooth geometry and deliver all related dimensions and calculations accurately. However, the determination of helical gear tooth geometry has not been presented adequately by equations to facilitate gear modelling. The detailed helical gear tooth root has been enveloped using software tools that can simulate the cutter motion. Deriving those equations, presented in this article, provides gear design engineers and researchers with the possibility to model helical gears and perform design calculations in a structured, applicable and accurate method.

A cross-domain intelligent software-defined network (SDN) routing method based on a proposed multiagent deep reinforcement learning (MDRL) method is developed.

First, the network is divided into multiple subdomains managed by multiple local controllers, and the state information of each subdomain is flexibly obtained by the designed SDN multithreaded network measurement mechanism. Then, a cooperative communication module is designed to realize message transmission and message synchronization between the root and local controllers, and socket technology is used to ensure the reliability and stability of message transmission between multiple controllers to acquire global network state information in real time. Finally, after the optimal intradomain and interdomain routing paths are adaptively generated by the agents in the root and local controllers, a network traffic state prediction mechanism is designed to improve awareness of the cross-domain intelligent routing method and enable the generation of the optimal routing paths in the global network in real time.

Experimental results show that the proposed cross-domain intelligent routing method can significantly improve the network throughput and reduce the network delay and packet loss rate compared to those of the Dijkstra and open shortest path first (OSPF) routing methods.

Message transmission and message synchronization for multicontroller interdomain routing in SDN have long adaptation times and slow convergence speeds, coupled with the shortcomings of traditional interdomain routing methods, such as cumbersome configuration and inflexible acquisition of network state information. These drawbacks make it difficult to obtain global state information about the network, and the optimal routing decision cannot be made in real time, affecting network performance. This paper proposes a cross-domain intelligent SDN routing method based on a proposed MDRL method. First, the network is divided into multiple subdomains managed by multiple local controllers, and the state information of each subdomain is flexibly obtained by the designed SDN multithreaded network measurement mechanism. Then, a cooperative communication module is designed to realize message transmission and message synchronization between root and local controllers, and socket technology is used to ensure the reliability and stability of message transmission between multiple controllers to realize the real-time acquisition of global network state information. Finally, after the optimal intradomain and interdomain routing paths are adaptively generated by the agents in the root and local controllers, a prediction mechanism for the network traffic state is designed to improve awareness of the cross-domain intelligent routing method and enable the generation of the optimal routing paths in the global network in real time. Experimental results show that the proposed cross-domain intelligent routing method can significantly improve the network throughput and reduce the network delay and packet loss rate compared to those of the Dijkstra and OSPF routing methods.

Under the trend of global economic integration and the new context of stagflation, frequent fluctuations in international interest rates are exerting far-reaching impacts on the world economy. In this paper, the transmission mechanism of the impact of fluctuations in international interest rates (specifically, the American interest rate) on the bankruptcy risk in China's pillar industry, the construction industry (which is also sensitive to interest rates), is examined.

Using an improved contingent claims analysis, the bankruptcy risk of enterprises is calculated in this paper. Additionally, an individual fixed-effects model is developed to investigate the mediating effects of international interest rates on the bankruptcy risk in the Chinese construction industry. The heterogeneity of subindustries in the industrial chain and the impact of China's energy consumption structure are also analysed in this paper.

The findings show that fluctuations in international interest rates, which affect the bankruptcy risk of China's construction industry, are mainly transmitted through two major pathways, namely, commodity price effects and exchange rate effects. In addition, the authors examine the important impact of China's energy consumption structure on risk transmission and assess the transmission and sharing of risks within the industrial chain.

First, in the research field, the study of international interest rate risk is extended to domestic-oriented industries. Second, in terms of the research content, this paper is focused on China-specific issues, including the significant influence of China's energy consumption structure characteristics and the risk contagion (and risk sharing) as determined by the current development of the Chinese construction industry. Third, in terms of research methods a modified contingent claim analysis approach to bankruptcy risk indicators is adopted for this study, thus overcoming the problems of data frequency, market sentiment and financial data fraud, which are issues that are ignored by most relevant studies.

This study examines whether Confucian culture can promote enterprise total factor productivity (TFP), and it also studies how transmission mechanism works on enterprise TFP.

Based on the data of A-share listed companies on Shanghai and Shenzhen stock markets from 2008 to 2019, this study measures the influence of Confucian culture on enterprise TFP by the number of Confucian academies and Confucian temples within three radius ranges of a company's registered address.

The empirical results show that Confucian culture has a positive effect on the enterprise TFP. The transmission mechanism test shows that Confucian culture can promote the TFP of Chinese enterprises through reducing agency cost, improving agency efficiency and enhancing innovation.

The findings in this study provide implications for policymakers, scholars and enterprises. The results show that Confucian culture can enhance the TFP of Chinese enterprises. Especially in emerging markets including China, the Confucian culture, as an informal institution, can effectively complement formal institutions, promoting enterprise TFP.

This study expands the literature on Confucian culture in two aspects: the influence of Confucian culture on TFP and its transmission mechanism. To the authors' knowledge, this is the first study to identify a link between Confucian culture and enterprise TFP.

As cross-cultural mergers and acquisitions (M&A) have learning effects on organisations, assessing their impacts on corporate performance is crucial. This study aims to explore the impact of inter-firm cultural differences on long-term post-M&A stock market performance.

The authors select domestic M&A transactions of Chinese listed companies during 2010–2021 as the sample. Then, the authors use the partial least squares structural equation model (PLS-SEM) to construct the latent variable of cultural differences in four dimensions to explore long-term stock market performance.

Cultural differences first positively and then negatively impact post-M&A performance. Three transmissions mechanisms are identified: investor sentiment, takeover premiums and information disclosure quality. Further analysis reveals that acquirer stock performance improves with higher analyst coverage and non-local shareholders but worsens if there are business affiliations between the acquirer and target firms.

This study can help optimise information disclosure systems in M&A transactions for regulatory authorities and aid investors’ understanding of post-M&A performance changes. Furthermore, it can improve acquirers’ understanding of the risks and opportunities in cross-cultural M&A, thereby facilitating the adaptation of management practices to the im-pacts of cultural differences.

By integrating the theories of resource dependence and transaction costs, this study examines the reversal effect of cultural differences between merging companies on post-M&A performance. The authors use a PLS-SEM to empirically analyse the main effects and reveal three transmission mechanisms.

This study empirically explores the intraday price discovery mechanism and volatility transmission effect between the dual-listed Indian Nifty index futures traded simultaneously on the onshore Indian exchange, National Stock Exchange (NSE) and offshore Singapore Exchange (SGX) and its spot market by using high-frequency data.

This study applies the vector error correction model to analyze the lead-lag relationship in price discovery among three markets. The contributions of individual markets in assimilating new information into prices are measured using various measures, Hasbrouck's (1995) information share, Lien and Shrestha's (2009) modified information share and Gonzalo and Granger's (1995) component share. Additionally, the Granger causality test is conducted to determine the causal relationship. Lastly, the BEKK-GARCH specification is employed to analyze the volatility transmission.

This study provides robust evidence that Nifty futures lead the spot in price discovery. The offshore SGX Nifty futures consistently ranked first in contributing to price discovery, followed by onshore NSE Nifty futures and finally by the spot. Empirical results also show unidirectional causality and volatility transmission from Nifty futures to spot, as well as bidirectional causal relationship and volatility spillovers between NSE and SGX Nifty futures. These novel findings provide fresh insights into the informational efficiency of the dual-listed Indian Nifty futures, which is distinct from previous literature.

These findings can potentially help market participants, policymakers, stock exchanges and regulators.

Unlike previous studies in this area, this is the first study that empirically examines the intraday price discovery mechanism and volatility spillover between the dual-listed futures markets and its spot market using 5-min overlapping price data and trivariate econometric models.