Drawing on social norm theory, this study delves into the nexus between real earnings manipulation (REM) and Environmental, Social, and Governance (ESG) disclosure within Egypt's emerging capital market. By analyzing data from the S&P/EGX ESG index (2013–2018) through a two-stage regression analysis, we unearth a noteworthy pattern: heightened REM practices correspond with reduced tendencies for ESG sustainability disclosure. Notably, this association is moderated by managerial ownership, which diminishes the negative linkage between REM and ESG transparency. A unique cultural insight emerges, revealing that religiously-aligned firms leverage REM as a risk-mitigation mechanism, leading to curtailed ESG disclosures. Our findings cast a spotlight on a possible managerial tilt towards short-term gains, often overshadowing long-term sustainability imperatives, especially in religiously influenced contexts. As we advance understanding of REM-ESG dynamics in religious emerging markets, our study highlights the pressing need for enhanced sustainability consciousness and accountability in these regions.

With the development of society and the improvement of environmental consciousness, the performance of corporate environmental responsibility (CER) has elicited increasing attention in recent years. In previous studies, the exploration of the antecedents of CER is far less evident than the exploration of its results, and only few studies have investigated what determines CER engagement from the perspective of supply chain concentration (SCC). Using data from 2413 firms in China from 2013 to 2019, our study uses the fixed effect model and performs multiple robustness tests to examine the impact of SCC on the fulfillment of CER, its transmission mechanism, and the moderating role of technology uncertainty (TU). Empirical results show that SCC has a pivotal negative impact on CER performance, wherein both supplier concentration (SUP) and customer concentration (CUS) are detrimental to CER performance. Further mechanism analysis shows that such negative effect can be explained by the adverse effect of SCC on the operating cash flow (OCF), in which OCF has a partial mediating effect. Moreover, the negative impact of SCC on CER performance is more significant when the uncertainty of firms’ technological environment is stronger. Our study opens the transmission “black box” between SCC and CER performance and incorporates the behaviors of firms, inter-firm relationships, and environmental factors into the same research framework, and provides a theoretical guidance for management practices.

This study investigates the effect of economic policy uncertainty on financing efficiency in China’s high-tech manufacturing industry from static and dynamic perspectives. Using data envelopment analysis (DEA) and the Malmquist index, we measure financing efficiency and its changes over time. The results show that China’s high-tech manufacturing firms exhibit low static financing efficiency, yet they exhibit relatively high dynamic efficiency. A significant positive relationship is found between economic policy uncertainty and both static and dynamic financing efficiency. The uncertainty motivates firms to improve their financing efficiency, mainly by enhancing technical and scale efficiency and by increasing comprehensive efficiency. Moreover, different financing channels, such as commercial credit, equity financing, bank credit, and internal financing, have varied effects on the relationship between economic policy uncertainty and static financing efficiency. This study demonstrates that high-tech manufacturing enterprises can respond to economic policy uncertainty by improving their financing efficiency.

In the context of the digital economy, corporate innovation is shifting from an internally driven, linear model to a multilateral, collaborative mechanism enabled by platform ecosystems. This study integrates persistent innovation into the analytical framework of platform ecosystem embeddedness and evaluates its impact from two dimensions: innovation input and innovation output. Using panel data from Shanghai and Shenzhen A-share listed companies between 2012 and 2023, we apply fixed effects models and mediation analysis to empirically examine the mechanisms through which platform ecosystem embeddedness affects innovation. The results show that platform ecosystem embeddedness significantly enhances companies’ persistent innovation. Specifically, it promotes innovation input by reducing supply–demand coordination costs and improving the operational efficiency of the company, and it boosts innovation output by facilitating knowledge flow and knowledge creation. Furthermore, the effects are more pronounced in industries characterized by high competition, rich regional resources, high-tech orientation, and low environmental pollution, where both input and output are strengthened. In contrast, in less competitive, resource-constrained, non-high-tech, and heavily polluting industries, the impact is mainly reflected in innovation output, with limited influence on input.

We adopt a multilayer networks approach to assess how network structural embeddedness affects corporate technological innovation. Our findings indicate an annual increase in both single-layer and multilayer networks, although adoption of the latter by Chinese listed companies is comparatively low. We found that structural embeddedness of multilayer networks positively impacts corporate technological innovation. By reducing uncertainty within the internal environment, these networks bolster technological innovation. Moreover, such embeddedness notably spurs innovation in non-state-owned companies and those with greater internal transparency and robust external oversight. Our analysis reveals an intermediate effect where structural embeddedness in multilayer networks influences innovation. Our work provides new insights into enhancing innovation capacity via network embeddedness and supplies empirical data on utilizing network resources for innovation. We also offer actionable guidance and policy advice for managers, investors, and policymakers, especially relevant amidst economic transformation and pursuit of technological self-reliance of China.

Based on a difference-in-differences model, this study examines the effect of environmental regulation on the market competitiveness of heavily polluting enterprises, their mechanisms, and the space for effective implementation. Which all listed heavily polluting enterprises between 2010 and 2019 are included as the experimental group, and all other firms in the same industries listed on the Chinese stock market as the control group. The results indicate that environmental regulations have significantly increased the market competitiveness of heavily polluting enterprises in China. Furthermore, China’s New Environmental Protection Law (NEPL) has improved the market competitiveness of heavily polluting enterprises through strategic, flexible mitigation effects. Finally, the NEPL in regions with eastern or non-state enterprises has a significant impact on market competitiveness. The government should further improve laws and regulations for environmental protection, increase environmental regulations, and apply policies based on the differences in heavily polluting enterprises.