This study investigates the causal impact of hedge fund activism (HFA) on market liquidity. The empirical results show that HFA leads to a deterioration in stock liquidity, with the effect being more pronounced in firms characterized by greater information asymmetry and financial constraints. The decline in liquidity is also more evident in cases of high-intensity campaigns, led by funds with weaker market reputation, and that engage more frequently in activist interventions. Additional analyses reveal that price efficiency, corporate information flow, and operating complexity contribute to liquidity decline. This evidence holds using several liquidity metrics and sensitivity tests, and we rule out any potential endogeneity concern using an exogenous setting in our Difference-in-Differences regression analysis. Overall, this study underscores the disruptive influence of HFA on corporate dynamics and its wider market repercussions.
PurposeThe study presents an exploratory literature review on the Live Shopping Streaming (LSS) phenomenon to map the evolving landscape within the broader context of digital transformation in fashion retail. The aim is to offer an integrated perspective on how LSS, alongside related innovations like gamification and immersive technologies, is reshaping business models, consumer experiences, and value creation mechanisms.Design/methodology/approachAn exploratory literature review was conducted on peer-reviewed articles sourced from Scopus and Web of Science, spanning 2017 to 2025. Selection criteria prioritized contributions addressing digital transformation, omnichannel strategies, immersive retail technologies, and consumer behavior in fashion commerce. A qualitative synthesis was performed to extract thematic insights and identify conceptual frameworks.FindingsStarting from the results emerging from the exploratory literature review, the study proposes a conceptual framework that captures the multi-layered impact of LSS and related digital innovations on fashion retail. It highlights emerging trends, reshaped business models, and offers strategic insights to guide future research and practice in digital and omnichannel transformation.Practical implicationsThis study supports managers and practitioners in the fashion to better face digital transformation through LSS and related innovations. It supports the development of omnichannel business models, enhances consumer engagement, and identifies emerging trends. The insights can guide managers to catch the evolving needs of the fashion retail ecosystem.Originality/valueThis study addresses a relatively underexplored area in academic literature by offering an exploratory literature review on the LSS phenomenon within the context of fashion retail. By connecting LSS with emerging technologies such as gamification and immersive experiences, the study provides a novel conceptual lens to understand the digital transformation of the sector and opens new avenues for research and strategic application.
The expansion of the canonical genetic alphabet via the Artificially Expanded Genetic Information System (AEGIS) offers opportunities in molecular diagnostics, therapeutics, and synthetic biology. However, current sequencing and detection methods are often bottlenecked by biophysical challenges, such as signal degeneracy and the lack of high-resolution, label-free sensing for synthetic nucleobases. Density functional theory calculations with van der Waals corrections and electronic transport simulations reveal that Janus MoSSe monolayers act as a versatile platform for the label-free detection of expanded genetic alphabets. They differentiate natural and synthetic AEGIS nucleobases through distinct adsorption and electronic signatures, providing a potential pathway for sequencing DNA, RNA, and other artificial polymers. Nucleobases primarily adsorb through physisorption with stronger binding on the selenium-terminated surface than the sulfur-terminated side. Adsorption modulates the conductivity and transmission properties of MoSSe in a base-specific way, enabling electronic differentiation. Synthetic xenonucleobases such as J and natural bases such as G show the strongest binding and electronic coupling, while bases like T display minimal interaction. Charge transfer and band-structure analyses indicate pronounced p-type doping effects on the sulfur side via midgap states with more subtle perturbations on the selenium side. Nonequilibrium Green's function (NEGF) transport calculations highlight base-dependent transmission and current differences, suggesting MoSSe's potential for highly selective and sensitive molecular identification. These findings establish Janus MoSSe as a promising candidate for next-generation biosensors and a complementary approach for reading expanded genetic alphabets.
Climate change poses increasing transition risks for the banking sector, as financial institutions remain exposed to fossil fuel activities despite growing sustainability commitments. This study examines whether corporate governance influences banks' decisions to adopt fossil fuel divestment policies. Using a global panel of banks observed between 2014 and 2023, the analysis investigates the relationship between governance quality and the probability of adopting divestment commitments. The results show that stronger corporate governance is positively associated with fossil fuel divestment. In particular, higher scores in overall governance quality, management practices, shareholder protection, and CSR strategy are linked to a greater likelihood of adopting divestment policies. Financial strength also plays a role, as larger and better capitalized banks are more likely to commit to divestment. By contrast, a negative relationship between ESG controversies and divestment suggests that divestment commitments may, in some cases, reflect reputational considerations rather than purely sustainability-driven decisions. These findings highlight the importance of governance structures in shaping banks' strategic responses to climate-related risks and contribute to the literature on sustainable finance by identifying governance as a key driver of fossil fuel divestment decisions in the banking sector.
This study investigates the combined influence of the entrepreneurial ecosystem and entrepreneurial resilience on business growth, highlighting their relevance to the United Nations' Sustainable Development Goals (SDG 8 and SDG 9). In the context of economic uncertainty, understanding how external support systems and internal entrepreneurial capabilities interact is critical for fostering sustainable enterprise development. Data were collected from entrepreneurs using a structured survey, and quantitative analysis was conducted to examine the relationships among the entrepreneurial ecosystem, resilience, and firm growth. The results reveal that both ecosystem quality and individual resilience positively influence business growth, with the ecosystem playing a more dominant role. Moreover, resilience shapes entrepreneurs' perceptions of their surrounding ecosystem, enhancing their ability to leverage available resources effectively. These findings underscore the importance of robust institutional support, innovation-driven infrastructure, and collaborative networks elements central to SDG 9 as well as the role of adaptability and perseverance in achieving sustained economic growth in line with SDG 8. This research provides practical insights for policymakers, educators, and ecosystem developers seeking to strengthen entrepreneurial performance and promote sustainable business growth, particularly in emerging economies.
