This study investigates whether and how firms' engagement in government-initiated targeted poverty alleviation (TPA) programs influences their corporate risk-taking behavior. Drawing on stakeholder theory and using a unique panel dataset of Chinese A-share listed firms from 2016 to 2022, we provide empirical evidence that TPA participation is significantly associated with lower levels of corporate risk-taking. Our results further reveal that corporate reputation strengthens this negative relationship, indicating that firms with stronger reputational capital are more responsive to stakeholder expectations. We also find that information asymmetry acts as a mediating channel through which TPA initiatives reduce managerial risk appetite. To address potential endogeneity concerns, we employ a battery of robustness checks, including alternative proxies, instrumental variable approaches, entropy balancing, and Heckman two-stage models. These findings extend prior research on corporate social responsibility (CSR) by highlighting the role of government-driven poverty alleviation in shaping firms' risk profiles. The study contributes to the growing literature on the economic consequences of CSR in emerging markets and offers practical insights for policymakers seeking to encourage socially responsible business practices without compromising firms' financial stability.

Access to affordable and reliable energy continues to be a significant global challenge; nevertheless, the impact of economic policy uncertainty and geopolitical tensions on energy poverty has received inadequate consideration. This study examines the impact of economic policy uncertainty on energy poverty at the national level, exploring the mitigating role of geopolitical risk and the mediating influence of energy transition. This study employs a panel dataset of monthly observations from 41 countries, including members of the ASEAN and EU, covering 2003-2024. Utilizing a global panel dataset and advanced regression methodologies, we find that increasing economic policy uncertainty worsens energy poverty, especially in emerging countries. Nonetheless, geopolitical risk weakens the relationship, highlighting its complex impact on national energy vulnerability. Moreover, advancements in energy transition partially mediates this relationship, substantially mitigate the effects of policy uncertainty, reinforcing the significance of renewable energy adoption. The results highlight the immediate requirement for integrated policy measures and rapid energy transition strategies to ensure fair access to sustainable energy and attain global energy sustainability objectives.

Following reputational capital and economic bonding theories, this study analyzes the nexus between academic directors and corporate tax avoidance using a sample of Chinese listed firms between 2007 and 2022. The empirical findings document an economically significant negative association between academic directors and tax avoidance. This effect is particularly pronounced in private firms compared to state-owned enterprises. Further, academic directors tend to use responsible corporate behavior as a channel to minimize corporate tax avoidance. These findings withstand extensive robustness checks, including alternative proxies, omitted variable bias, instrumental variable analyses, and entropy balancing. Overall, the results deliver actionable insights for policymakers, investors, and managers seeking to enhance governance practices in emerging markets.

Purpose - While the influence of corporate governance on financial strategies is well-documented, the specific role of academic directors in shaping corporate leverage, particularly within the Chinese context, remains underexplored. This paper aims to fill this gap by examining how academic directors impact corporate leverage, with a focus on the moderating effects of external governance mechanisms and ownership structure in Chinese A-listed firms. Design/methodology/approach - This study uses a comprehensive panel dataset comprising 39,049 firm-year observations from 2003 to 2020. To ensure robustness and mitigate endogeneity concerns, the analysis incorporates various econometric techniques, including ordinary least squares, two-stage least squares, reverse causality tests and entropy balancing. The consistency of the results across different estimation methods underscores the reliability of the findings. Findings - The findings reveal a significant negative relationship between the presence of academic directors and corporate leverage. This relationship is further moderated by external governance factors such as foreign ownership and Big 4 auditors, with a more pronounced effect observed in private firms compared to state-owned enterprises. In addition, corporate social responsibility is identified as a critical mediating factor, linking academic directors to reduced corporate leverage. Practical implications - The findings suggest that the presence of academic directors is associated with more conservative financial policies and stronger governance, particularly under effective external monitoring. While not implying causality, this evidence highlights their potential value in enhancing board oversight. Firms and policymakers should consider the conditions under which academic directors can contribute meaningfully to governance quality and shareholder protection. Originality/value - To the best of the authors' knowledge, this study is among the first to comprehensively explore the impact of academic directors on corporate leverage in China, considering the moderating roles of external governance and ownership structure. It contributes to the broader corporate governance literature by providing new insights into how academic directors influence financial decision-making and leverage strategies.

This study examines the impact of minority shareholder protection (MSP) on environmental innovation (EI) in China's A-share market, with ESG ratings as a moderating factor. While existing studies often emphasize minority shareholders’ tendency to prioritize short-term gains, we find that MSP positively affects EI performance, using a decade-long panel dataset (2013–2022) comprising 33,718 firm-year observations. Empirical findings also reveal that high ESG ratings can effectively amplify this effect. Specifically, ESG ratings encourage minority shareholders to remain silent no more. Additionally, results using international ESG standards highlight the suitability of local standards for developing countries. Regional analysis reveals heterogeneity in the effectiveness of ESG ratings across China, with the strongest effects observed in the middle region, where ESG ratings act more like a regulatory tool, pushing corporate actions to align with sustainability goals. Two-step GMM estimations further validate the robustness of these results. This study offers three key contributions. First, it expands the understanding of MSP as a driver of sustainability by demonstrating its role in fostering EI, a perspective often overlooked in previous studies. Second, it introduces the novel moderating role of ESG ratings, showing how they can shift minority shareholders’ focus toward long-term sustainability goals. Third, by analyzing regional heterogeneity, this research highlights the unique dynamics of ESG effectiveness in transitional economies like China. Integrating stakeholder and signaling theories, this study underscores the transformative potential of combining robust MSP mechanisms with credible ESG signals for achieving sustainable innovation.

SPOUT1/CENP-32 encodes a putative SPOUT RNA methyltransferase previously identified as a mitotic chromosome associated protein. SPOUT1/CENP-32 depletion leads to centrosome detachment from the spindle poles and chromosome misalignment. Aided by gene matching platforms, here we identify 28 individuals with neurodevelopmental delays from 21 families with bi-allelic variants in SPOUT1/CENP-32 detected by exome/genome sequencing. Zebrafish spout1/cenp-32 mutants show reduction in larval head size with concomitant apoptosis likely associated with altered cell cycle progression. In vivo complementation assays in zebrafish indicate that SPOUT1/CENP-32 missense variants identified in humans are pathogenic. Crystal structure analysis of SPOUT1/CENP-32 reveals that most disease-associated missense variants are located within the catalytic domain. Additionally, SPOUT1/CENP-32 recurrent missense variants show reduced methyltransferase activity in vitro and compromised centrosome tethering to the spindle poles in human cells. Thus, SPOUT1/CENP-32 pathogenic variants cause an autosomal recessive neurodevelopmental disorder: SpADMiSS ( SPOUT1 Associated Development delay Microcephaly Seizures Short stature) underpinned by mitotic spindle organization defects and consequent chromosome segregation errors.

Environmental innovation (EI) plays a pivotal role in achieving sustainable development. However, the influence of minority shareholder protection (MSP) on EI remains insufficiently explored. This research investigates the impact of MSP on EI within an emerging economy, considering ESG ratings as an interactive component. By analyzing a decade dataset spanning 2013-2022, comprising 4234 firms with 33,718 observations, this study finds that MSP exerts a positive effect on EI performance. Although prevailing literature emphasizes minority shareholders' inclination toward short-term gains, our findings suggest that strong ESG ratings help counteract this tendency, encouraging a more active engagement. Moreover, an assessment incorporating international ESG standards highlights the importance of tailoring such frameworks to the specific needs of developing economies. Firm characteristics and regulatory intensity can be the channels for MSP propelling EI performance. Regional variations in China further demonstrate that ESG ratings function most effectively as regulatory instruments in the central region, where they reinforce corporate alignment with sustainability objectives. The robustness of these conclusions is confirmed through two-stage IV-GMM and propensity score matching (PSM) estimations. Drawing on stakeholder and signaling theories, this study offers fresh insights into corporate governance and sustainability. It expands stakeholder theory by illustrating how MSP can harmonize with corporate sustainability goals, while signalling theory underscores ESG's role in signaling long-term commitment. Practically, these findings emphasize the necessity of embedding ESG principles within corporate governance frameworks, recommending that policymakers enhance MSP and ESG disclosure mechanisms. Future studies could examine additional sustainability strategies across varying industrial and regulatory landscapes.

Dysfunction at the centrosome-cilium interface underlies a broad range of ciliopathies. Here, we identify biallelic variants in CEP76, encoding a centrosomal protein, in eight unrelated individuals presenting with neurodevelopmental, ocular, and variable additional multisystem features. Proband-derived fibroblasts and CEP76-depleted RPE1 cells display ciliary deficits, including impaired cilium formation and length, disrupted transition zone architecture, and impaired IFT88-mediated anterograde intraflagellar transport. Zebrafish cep76 mutants recapitulate key clinical phenotypes, and in vitro complementation assays confirm pathogenicity for all tested human disease-associated variants. Proteomics analysis identifies CEP76 interactors, including known partners CCP110 and CEP97, and highlights clinically and functionally relevant candidates, including ALMS1 and LUZP1. Together, these findings expand the role of CEP76 beyond centriole duplication to include ciliary assembly and trafficking, establishing it as a ciliopathy gene. This work provides mechanistic insights into CEP76-related disease and broadens our understanding of centrosome-cilium biology.

Transmembrane protein 184B (TMEM184B) is an endosomal 7-pass transmembrane protein with evolutionarily conserved roles in synaptic structure and axon degeneration. We report six pediatric cases who have de novo heterozygous variants in TMEM184B; five individuals harbor a rare missense variant, and one individual has an mRNA splice site change. This cohort is unified by overlapping neurodevelopmental deficits including developmental delay, corpus callosum hypoplasia, seizures, and/or microcephaly. TMEM184B is predicted to contain a pore domain wherein four of five human disease-associated missense variants cluster. Structural modeling suggests that all missense variants alter TMEM184B protein stability. To understand the contribution of TMEM184B to neural development in vivo, we knocked down the TMEM184B ortholog in zebrafish and observed microcephaly and reduced anterior commissural axons, aligning with symptoms of affected individuals. Ectopic expression of TMEM184B c.550A>G (p.Lys184Glu) and c.484G>A (p.Gly162Arg) variants cause reduced head size and body length, indicating dominant effects, while three other variants show haploinsufficiency. None of the variants are able to rescue the knockdown phenotype. Human induced pluripotent stem cells with monoallelic production of p.Lys184Glu show mRNA disruptions in key metabolic pathways including those controlling mechanistic target of rapamycin activity. Expression of p.Lys184Glu and c.863G>C (p.Gly288Ala) increased apoptosis in cell lines, and p.Lys184Glu increased nuclear localization of transcription factor EB, consistent with a cellular starvation state. Together, our data indicate that TMEM184B variants cause cellular metabolic disruption and result in abnormal neural development.

Using the data of Chinese listed firms from 2010 to 2020, we find that firms with more rookie independent directors (RIDs) have lower corporate social responsibility (CSR) performance. The results are more pronounced for firms with non-state-owned, less financial analysts, and non-Big Four auditors. We also find that firms with more RIDs hold more cash, thus reducing CSR performance. Our findings highlight that RIDs are less effective monitors.

Fetal brain anomalies identified by prenatal ultrasound and/or magnetic resonance imaging represent a considerable healthcare burden with ∼1-2/1,000 live births. To identify the underlying etiology, trio prenatal exome sequencing or genome sequencing (ES/GS) has emerged as a comprehensive diagnostic paradigm with a reported diagnostic rate up to ∼32%. Here, we report five unrelated families with six affected individuals that presented neuroanatomical, craniofacial, and skeletal anomalies, all harboring rare, bi-allelic deleterious variants in SNAPIN, which encodes SNARE-associated protein. SNAPIN is a ubiquitously expressed component of the autophagy-lysosomal pathway that catalyzes retrograde axonal transport and synaptic transmission. To investigate the role of SNAPIN in brain development, we generated zebrafish gene ablation models, which recapitulated human-relevant disease phenotypes. Two independent, genetically stable snapin mutants exhibited pre-adulthood lethality, reduced overall length, disproportionately smaller head size, and altered brain morphology. Transcriptomic profiling of snapin mutant zebrafish heads revealed an early and progressive transcriptomic shift marked by autophagy activation with concomitant downregulation of structural and neurodevelopmental genes. Assessment of brain cellular ultrastructure with electron microscopy and light chain 3 (LC3)-II immunoblotting revealed retrograde vesicle transport defects, with an accumulation of late endosomes and autophagosomes. Together, these findings support bi-allelic pathogenic variants in SNAPIN as a likely cause for a severe neurodevelopmental syndrome and expand the growing list of autophagy-lysosome pathway regulators essential for human brain development.

Autophagy is a core molecular pathway involved in intracellular degradation and is responsible for maintenance of homeostasis. Autophagy dysfunction results in different human pathologies including neurodevelopmental and neurodegenerative disorders.

This study examines the nexus between rookie independent directors and corporate dividend payouts among Chinese A-share firms between 2006 and 2020. The empirical results imply that rookie independent directors lead to enhanced corporate dividend payouts. This positive association is less pronounced in the presence of strong governance factors such as foreign ownership, Big-4 auditors, and higher analyst coverage. We identify that firm operating performance can work as a channel in the nexus mentioned above. Lastly, in light of our findings, we recommend that policymakers and shareholders in China should give adequate attention to rookie independent directors since they guard the interests of shareholders by efficiently and effectively monitoring corporate management.

This study examines the integration of Pakistan's Stock Market with the stock markets of the top ten largest economies in the world—USA, China, Japan, Germany, the UK, India, France, Italy, Brazil, and Canada—from January 2015 to October 2020. To examine long- and short run integration, this study employed Johansen and Juselius co-integration and pair-wise Granger causality tests. In the long run, the results indicated that Pakistan's Stock Market is not integrated with these markets. This implies that the market is more attractive in portfolio diversification for international investors, and vice versa. In the short run, the results revealed that, except for China, Pakistan's stock market integrates with the remaining nine markets. However, Pakistan's stock market exhibits a bidirectional relationship with the USA, Japan, Germany, the UK, and France in the lead-lag relationship. However, its relationship with India, Italy, Brazil, and Canada is unidirectional, with Pakistan's stock market leading, while these markets are following. For Pakistani investors, China is the optimal market, and vice versa. Importantly, our findings help policymakers to comprehend Pakistan's dynamic relationship with its trading partners. To the best of our knowledge, no prior study has employed advanced techniques to address the time-varying correlation among the selected markets. By determining Pakistan's stock market integration with its trading partners, this study aimed to fill this empirical literature gap.

PurposePrevious studies have shown how the nature of businesses and the strategies pursued by their owners are affected by the personality traits of their owners. These personality traits can be formed in the early stages of life due to experiences and the surrounding context, where religion is a particularly important aspect of this context. This study aims to explore how religion affects entrepreneurial activities through the personality traits created.Design/methodology/approachThis study uses interviews with 43 Muslim entrepreneurs in Scotland to examine the role played by religion. This ensures that the national institutional context is kept consistent but also allows an in-depth examination of relationships, which are likely to be interlinked and recursive.FindingsThe traits created influence the nature of the entrepreneurial activities undertaken with the potential to harm and support the entrepreneurial endeavours. It is the combination of personality traits that are formed which have the greatest effect. As such, it is found that Muslim entrepreneurs display less openness and creativity associated with new ideas, but this does not reflect risk aversion rather hard work in itself is valued, and patience combined with an external locus of control mean entrepreneurial behaviours are not altered to boost poorly performing business activities.Originality/valueFor Muslim entrepreneurs in Scotland, their traits explain why growth may not be a foremost consideration of these entrepreneurs rather they may value hard work and meeting the ideals of formal and informal institutions associated with religion. For those seeking to support minority groups through the promotion of entrepreneurship, either they must seek to overcome these ingrained traits or alter support to complement the different objectives held by Muslim entrepreneurs.

This study investigates the relationship between academic directors and corporate eco-innovation in Chinese A-listed firms in the context of the growing urgency of climate change. Based on the argument that academic directors bring advanced knowledge, skills, experience, and expertise to a corporate board and are more socially responsible and ethical, we hypothesized that academic directors would have a positive influence on corporate eco-innovation. We also examine how this nexus is moderated by pollutant firms and firms having qualified foreign institutional investors (QFIIs). Our results suggest that academic directors have a positive and significant impact on corporate eco-innovation. The findings remain robust even after employing alternate proxies for both independent and dependent variables, minimizing reverse causality and endogeneity concerns, and addressing self-selection bias through the entropy balancing method. Additionally, our study reveals that the positive nexus between academic directors and eco-innovation is more pronounced in pollutant firms and firms having QFIIs. This study contributes to the literature on corporate governance, eco-innovation, and emerging markets by providing evidence of the positive influence of academic directors on eco-innovation, highlighting the importance of their contribution to enhancing corporate governance mechanisms to promote environmentally friendly activities and sustainability practices. Furthermore, our findings offer insight into the role of QFIIs in strengthening the positive association between academic directors and eco-innovation, suggesting that foreign investors can support and encourage firms to adopt environmentally friendly practices for long-term benefits.

Using a sample of Chinese listed A-share firms from 2006 to 2017, we find that firms with more rookie independent directors have less corporate innovation. The result is more pronounced in private firms and firms located in lower intellectual property right protection provinces. We argue that firms with more rookie independent directors have lower corporate governance and tend to hold more cash, thus reducing corporate innovation activities. Our results have important implications from the practice, academic, and public policy perspectives.

This study examines the relationship between rookie independent directors (RIDs) and corporate cash holdings, using a sample of Chinese A-share firms listed on the Shenzhen and Shanghai stock exchanges from 2006 to 2020. We further investigate the moderating effect of economic policy uncertainty on this association. Our results reveal that the presence of rookie independent directors is positively and significantly related to corporate cash holdings, and that economic policy uncertainty amplifies this relationship. Importantly, we also demonstrate that firms with rookie independent directors exhibit improved operating performance when making cash holding decisions in the Chinese context. The study also finds that firms with greater growth opportunities tend to prefer RIDs, who bring new perspectives essential for leveraging these opportunities, leading to enhanced cash holdings. To ensure the robustness of our findings, we employ a variety of advanced econometric techniques, including alternative proxies, tests for reverse causality, two-stage least squares, propensity score matching, and entropy balancing. Based on our results, we recommend that shareholders in China carefully consider the role of RIDs in their governance structure, as they effectively monitor firm management and contribute to the protection of shareholder interests.