We evaluated the moderating effects of firm size and leverage on the working capital finance (WCF)–profitability relationship among Chinese companies during 2000–2017. Applying the generalized method of moments (GMM) technique on panel data, we observed that firm size and leverage have strong moderating roles in the WCF–profitability relationship. We observed that small or low-leverage firms have an inverted U-shaped WCF–profitability relationship. However, this relationship is U-shaped for large or high-leverage firms. We report break-even points in these relationships that show the portion of short-term debt in working capital financing. The results reveal that the break-even point for all subgroups (small, large, low-leverage, and high-leverage firms) decreases compared to the break-even point of the full sample. This study shows how the break-even point of the WCF–profitability relationship shifts when a company expands or its leverage level changes. Managers can use this information for profit maximization.

The purpose of this study is to find out how the positive influence of corporate sustainable development on corporate financial performance alters during the two recent crises i.e. the global recession (2008–10) and COVID-19 (2019–20). The fixed effect modeling of panel data is applied in the main analysis of Chinese manufacturing companies ranging from 2008 to 2020. The results of the study disclose that there is an overall positive influence of corporate sustainable development on corporate financial performance. However, this influence becomes stronger during both crises i.e. the global recession (2008–10) and COVID-19 (2019–20). Moreover, this positive influence is even stronger during covid −19 recession as compared to this influence during the global recession (2008–10).

This study probes the intersection of urbanization, environmental degradation, and corporate performance in China’s retail and automotive sectors. Utilizing data from 23 regions spanning 2000–2022, the research elucidates the impacts of urban growth, infrastructure development, and particulate matter 2.5 pollution (PM2.5) on these industries. The study uses panel data from 2000 to 2022 and the corresponding analytical random effect model, along with pre- and post-estimation tests for the main results. The findings reveal that while urban population growth bolsters retail sales, it adversely affects the automotive industry. Urban infrastructure does not influence conventional sectors, yet it negatively impacts online retail sales. PM2.5 pollution depresses retail and automotive sales but boosts online sales, underscoring the rising environmental consciousness among consumers. The urban population significantly moderates the relationship between PM2.5 pollution and sales across sectors, hinting at unique consumption patterns in populated urban areas. This study provides critical insights for policymakers aiming for sustainable economic growth, and encourages further research with more region-specific factors and extended time frames.