• Corporate social responsibility and maturity mismatch of investment and financing: evidence from polluting and non-polluting companies

      Bao, Xiaolan; Luo, Qiaosheng; Li, Sicheng; Crabbe, M. James C.; Yue, Xiao-Guang; Huazhong Agricultural University; Oxford University; University of Bedfordshire; Shanxi University; European University Cyprus; et al. (MDPI, 2020-06-18)
      We investigate the influence of corporate social responsibility (CSR) on the maturity mismatch of investment and financing from the perspective of both polluting and non-polluting companies. The results reveal that CSR performance can aggravate the maturity mismatch of investment and financing; and the e ect can be more serious in the polluting companies. At the same time, we find that CSR makes companies obtain more short-term debt. What is more, polluting companies perform more environmental responsibilities in the form of long-term investments than non-polluting companies. These phenomena exacerbate the maturity mismatch of investment and financing; and this e ect is only significant when polluting companies choose CSR mandatory disclosure. The impact of CSR on the maturity mismatch of investment and financing is more apparent in companies with lower value and at smaller scales. We show that companies should not only perform their CSR to maintain a balanced economic and ecological development, but also pay attention to the aggravation of the maturity mismatch of investment and financing.
    • Models for oil refinery waste management using determined and fuzzy conditions

      Zhumadillayeva, Ainur; Orazbayеv, Batyr; Santeyeva, Saya; Dyussekeyev, Kanagat; Li, Rita Yi Man; Crabbe, M. James C.; Yue, Xiao-Guang; L.N.Gumilyov Eurasian National University, Kazakhstan; Hong Kong Shue Yan University; Rajamangala University of Technology Rattanakosin, Thailand; et al. (MDPI, 2020-06-03)
      This study developed models to solve problems of optimisation, production, and consumption in waste management based on methods of system analysis. Mathematical models of the problems of optimisation and sustainable waste management in deterministic conditions and in a fuzzy environment were formulated. The income from production was maximised considering environmental standards that apply to the field of macroeconomics and microeconomics. The proposed approach used MANAGER software to formalise and solve the problem of revenue optimisation with production waste management to optimise the production of oil products with waste management at a specific technological facility of the Atyrau oil refinery in Kazakhstan. Based on the combined application of the principles of maximin and Pareto optimality, a formulation of the problem of production optimisation with waste management was obtained and a heuristic algorithm for solving the formulated fuzzy optimisation problem with waste management was developed.
    • Seasonal variations in carbon, nitrogen and phosphorus concentrations and C:N:P stoichiometry in the leaves of differently aged Larix principis-rupprechtii Mayr. plantations

      Li, Hailiang; Crabbe, M. James C.; Xu, Fuli; Wang, Weiling; Niu, Ruilong; Gao, Xing; Zhang, Pei; Chen, Haikui; Northwest A & F University, Yangling; University of Oxford; et al. (MDPI, 2017-09-30)
      The concentrations and stoichiometry of certain elements (carbon, nitrogen and phosphorus) are critical to the maintenance of plant functional and environmental adaptation during plant growth. We explore how the concentrations of C, N and P and the ratios of C:N, C:P, and N:P in the leaves of differently aged Larix principis-rupprechtii Mayr. plantations changed with growing season and stand age from 2012 to 2015 in the Qinling Mountains, China. The results showed that the element concentration and stoichiometric ratios in leaves were significantly affected by sampling month, stand age and sampling year; and multiple correlations with stand age were observed in different growing seasons. Compared to global element concentrations and stoichiometry in plants, the leaves of larch stands in the study region had higher C and P concentrations and C:N and C:P ratios but lower N concentrations and N:P ratios than global levels. The leaf N:P ratios of all of the larch stands were generally less than 14, suggesting that the growth of larch stands was limited by N in the study region. Our study facilitates the management and restoration of forest plantation and provides a valuable contribution to the global pool of leaf nutrition and stoichiometry data.
    • Sustainability assessment of bioenergy from a global perspective: a review

      Wang, Jianliang; Yang, Yuru; Bentley, Yongmei; Geng, Xu; Liu, Xiaojie; China University of Petroleum; University of Bedfordshire; Chinese Academy of Sciences (MDPI, 2018-08-01)
      Bioenergy, as a renewable energy resource, is expected to see significant development in the future. However, a key issue that will affect this trend is sustainability of bioenergy. There have been many studies on this topic, but mainly focusing on only one- or two-dimensions of the issue, and also with much of the literature directed at studies of European regions. To help understand the wider scope of bioenergy sustainability, this paper reviews a broad range of current research on the topic, and places the literature into a multi-dimensional framework covering the economic, environmental and ecological, social, and land-related aspects of bioenergy sustainability, as well as a geographical analysis of the areas for which the studies have been carried out. The review indicates that it is hard to draw an overall conclusion on the sustainability of bioenergy because of limited studies or contradictory results in some aspects. In addition, this review shows that crop-based bioenergy and forest bioenergy are seen as the main sources of bioenergy, and that most studies discuss the final utilization of bioenergy as being for electricity generation. Finally, research directions for future study are suggested, based on the literature reviewed here.
    • Valuation impacts of environmental protection taxes and regulatory costs in heavy-polluting industries

      Tu, Wen-Jun; Yue, Xiao-Guang; Liu, Wei; Crabbe, M. James C.; Ningbo University; European University Cyprus; Porto Polytechnic; Qingdao University; Oxford University; University of Bedfordshire; et al. (MDPI, 2020-03-20)
      In 2016, the issue of the Environmental Protection Tax Law indicated the enhancement of environmental protection in China. This study examines the market reaction to firms in heavy-polluting industries, and the effects of external legal institutional quality and internal environmental disclosure on firm value around the passage of Environmental Protection Tax Law. Using an event study approach coupled with ordinary least square regressions, the researchers find a significantly negative market reaction to firms in heavy-polluting industries, but this negative reaction varies depending on the expected increase in future regulatory costs. Specifically, the above negative reaction is stronger when the firm reveals that itself or its subsidiary belongs to heavy-polluting industry, however it would be mitigated when a firm is in a region with better quality of legal institutions or discloses environmental improvement activities. Overall, the results are consistent with the market perceiving that the environmental protection tax law enacted would increase regulatory costs for firms in heavy-polluting industries, and also show the higher-quality regional legal institutions and more efforts on environmental protection could relieve the market’s pessimism caused by uncertainty.