Essays on carbon disclosure and financial consequences

PhD ThesisIn boardrooms around the world, climate change has recently emerged as a major issue, matching the level of public concern. This thesis is motivated by the growing interest in assessing the financial consequences of corporate involvement in climate change beyond regulatory compliance, as evidenced by firms’ voluntary participation in the Carbon Disclosure Project (CDP). This thesis contributes to the ongoing literature by extending insights into three financial consequences of voluntary carbon disclosure, namely, financial performance, firm risk, and market reaction. We empirically investigate these financial consequences by conducting three essays using a unique dataset containing firms listed on the London Stock Exchange’s FTSE350 index for the period 2007 to 2015. In the first essay, we empirically conceptualise and investigate the impact of adopting proactive carbon strategies on financial performance, building on the resource-based view (RBV) of the firm as a theoretical framework. For this, we employ a panel data approach. The finding provides strong evidence that voluntary carbon disclosure and firm financial performance are positively associated. In the second essay, we build on the RBV theory and consider the potentially positive association between information asymmetry and firm risk, and subsequently the relationship between corporate carbon disclosure and firm risk, by appointing the panel data approach. We find that the adoption of carbon strategies significantly reduces the firm’s total, systematic, and idiosyncratic risks. In the third essay, we examine the market reaction to carbon disclosure announcements by adopting an event study method. This is done by considering investors’ perspective on the costs and benefits of carbon disclosure. The results show that the market reacts significantly negatively to carbon disclosure announcements via the CDP. Furthermore, additional tests are applied, including investigating the influence of the global financial crisis and industry status on the examined relationships. Our research findings offer fresh insights and updated policy implications for investors, management, regulators, and sustainability institutions.The Public Authority for Applied Education and Training in the State of Kuwai

Challenges Facing Micro, Small and Medium-Sized Enterprises (MSMEs) When Raising Capital in the West Bank of Palestine

Research Aim: The aim of this thesis is to investigate the factors that impact the accessibility of funds for Micro, Small and Medium-sized Enterprises (MSMEs) in the West Bank of Palestine. The study seeks to examine the relationship between these factors and MSMEs’ accessibility to funds and their performance. Additionally, the thesis explores the impact of financial institutions’ terms and conditions on MSMEs. Research Gap: There is a gap in the literature regarding the challenges faced by MSMEs accessing funding in the West Bank of Palestine. Most studies have focused on the overall economic and political situation in the region, rather than specifically addressing the barriers to funding access for MSMEs. Therefore, this study aims to fill this gap by providing practical solutions to improve MSMEs’ access to funding. Research methodology: The study adopts a mixed-methods approach and employs both qualitative and quantitative research methods to achieve the research objectives. The research involved semi-structured interviews with six key officials in the ministry of government, four agencies (credit guarantors), and fourteen microfinance institutions and banks (including commercial and Islamic banks). Additionally, a survey was conducted among 207 respondents of MSMEs in the West Bank of Palestine to gather quantitative data. Research findings: The study identified several factors that impact the accessibility of funds for MSMEs in the West Bank of Palestine. These factors include corruption, lack of support from the government, complicated lending procedures, financial illiteracy, lack of crowdfunding infrastructure, and funds. The study found that MSMEs face challenges in preparing financial statements and other documentation required to access funding. The study also found that the lack of professional networking, experience sharing, and skills related to financial literacy hinder MSMEs’ learning as entrepreneurs. Research contribution: The main contribution of this research is its individual discussion of the elements of a context-specific model in line with its exploration of issues related to access to finance for MSMEs in the West Bank of Palestine. The study provides practical recommendations for MSMEs, financial institutions, and governments to collaborate and coordinate to improve MSME performance and accessibility of funding. The study develops a theoretical framework based on institutional theory, critically analyses and evaluates it, and makes practical recommendations based on its findings. Research implications: The findings of the study have practical implications for stakeholders, such as financial institutions and governments, to improve MSMEs’ access to funding and performance. The study recommends that financial institutions organise seminars and training programmes to help MSMEs develop professional networking, experience sharing, and skills related to financial literacy. The study also recommends that the government decreases the burden of taxes and fees on newly established MSMEs, attract more international investors to establish more financial institutions, and establish a credit department in banks to help MSMEs prepare their financial documents. Research limitations: The study utilised a cross-sectional time horizon approach, which limits the generalisability of the results. The study also conducted semi-structured interviews, which are subjective in nature and may have biased responses. Additionally, the study used non-probability sampling techniques and data collected from a geographically and industrially specific sample, which may limit the generalisability of the findings. Future studies can utilise quantitative data and collect data from multiple time horizons and multiple stakeholders to improve the generalisability of the results

Revisiting the Θ Point

Using the first-order perturbation theory, we compute the osmotic second and third virial coefficients, the mean-square end-to-end distance ⟨R_e²⟩, and the mean-square radius of gyration ⟨R_g²⟩ of a polymer near the Θ point. Our model is based on the discrete Gaussian chain model and includes a square-gradient term accounting for the finite-range interaction (characterized by κ), in addition to the usual monomer second and third virial coefficients (characterized by v and w, respectively). The use of the discrete model avoids the divergence problems encountered in previous studies using the continuous model. Our study identifies four special temperatures in the Θ regime: the temperature Θ_N where the osmotic second virial coefficient vanishes, the critical temperature Θ_N^(cr) for phase separation, and two compensation temperatures Θ_N^((e)) and Θ_N^((g)) at which ⟨R_e²⟩ and ⟨R_g²⟩ reach their respective ideal values. In the infinite chain-length limit N → ∞, all of these four temperatures approach Θ∞, the Θ temperature for the infinitely long chain. These temperatures differ from each other by terms of order N^(–1/2). In general, these temperatures follow the order Θ_N > Θ_N^(cr) and Θ_N > Θ_N^((e)) > Θ_N^((g)). Furthermore, Θ_N > Θ∞, in agreement with the result obtained by Khokhlov some time ago. On the other hand, depending on the ratio w/κb, Θ∞ can be higher than Θ_N^((e)) (for w/κb 11.63), or in between Θ_N^((e)) and Θ_N^((g)) (for 9.45 < w/κb < 11.63). Θ_N^(cr) can be either higher or lower than Θ∞ depending on whether w/b⁶ is larger or smaller than 0.574. From the order of these temperatures, we conclude that the chain is mostly expanded relative to the ideal chain at its Θ_N. However, at Θ∞, the chain can be either expanded or contracted, depending on the relative position of Θ∞ with respect to Θ_N^((e)) and Θ_N^((g)) and depending on whether the chain dimension is measured by ⟨R_e²⟩ or ⟨R_g²⟩

Polyelectrolyte complex coacervation: Effects of concentration asymmetry

Using a simple liquid-state theory, we study the phase behaviors of concentration-asymmetric mixtures of polycation and polyanion solutions. We construct a three-dimensional (3D) phase diagram in terms of the concentrations of the three independent charged components: polycation, polyanion, and small cation (p_(P^+) − p_(P^−) − p_+), for a given Bjerrum length. This phase diagram yields rich and complex phase-separation scenarios. To illustrate, we sequentially examine the following three systems that are directly relevant to experiments: a symmetric mixture, an asymmetric mixture with one type of small ions, and an asymmetric mixture with both types of small ions. We re-express the information in the 3D phase diagram using three experimentally more easily controllable parameters—the asymmetry factor r, the initial extra-salt concentration p_(s,0), and the initial polyelectrolyte (PE) concentration p_(P,0) of both solutions prior to mixing. We construct three reduced phase diagrams in the p_(P,0) − r, r − p_(s,0), and p_(s,0) − p_(P,0) planes, respectively, and examine the evolution of the volume fraction of the coexisting phases, concentration of the PE and small-ion species in each phase, and the Galvani potential Ψ_G, as functions of these experimental controlling parameters. We rationalize our findings in terms of the key thermodynamic factors, namely, the translational entropy of the small ions, the electrostatic correlation energy, and the requirement for charge neutrality

QUALITY ASSESSMENT OF DIFFERENT BRANDS OF PARACETAMOL TABLETS IN YEMENI MARKET

Objective: Paracetamol or acetaminophen is active metabolites of phenacitin. It is a widely used over-the-counter analgesic and antipyretic. Chemically, it is 4-hydroxy acetanilide (acetaminophen). Paracetamol is approved for reducing fever in people of all ages. It is commonly used for the relief of headaches, other minor aches and pains, and is a major ingredient in numerous cold and flu remedies. Many different brands and dosage forms of paracetamol are available in Yemeni market that places health practitioners in a dilemma of drug substitution in case of non-availability of a particular brand. The aim of the present study was to evaluate the quality control of four brands of paracetamol tablets (500 mg) marketed and commonly prescribed in Yemeni market. The results and findings of the present study will be interpreted and discussed. Methods: Four brands of paracetamol tablets (500 mg) were purchased from the retail pharmacy outlets and their pharmaceutical quality were assessed by using in-vitro tests according to USP and BP standards and unofficial standards as recommended by the manufacturers. The assessment of tablets included the evaluation of uniformity of weight, hardens, friability, disintegration time, dissolution test as well as assay content by UV spectrophotometric method. Results: All brands passed USP and BP standards in- vitro quality control tests prescribed for the tablets except hardens test but all products were satisfactory for hardness. Conclusion: The results indicated that the overall quality of all tested paracetamol tablets brands was satisfactory as they met the requirements of the official and unofficial quality control tests. Peer Review History: Received 10 August 2018; &nbsp;&nbsp;Revised 29 August; Accepted 5 September, Available online 15 September 2018 UJPR follows the most transparent and toughest ‘Advanced OPEN peer review’ system. The identity of the authors and, reviewers will be known to each other. This transparent process will help to eradicate any possible malicious/purposeful interference by any person (publishing staff, reviewer, editor, author, etc) during peer review. As a result of this unique system, all reviewers will get their due recognition and respect, once their names are published in the papers. We expect that, by publishing peer review reports with published papers, will be helpful to many authors for drafting their article according to the specifications. Auhors will remove any error of their article and they will improve their article(s) according to the previous reports displayed with published article(s). The main purpose of it is ‘to improve the quality of a candidate manuscript’. Our reviewers check the ‘strength and weakness of a manuscript honestly’. There will increase in the perfection, and transparency. Received file:&nbsp; &nbsp; &nbsp; &nbsp; Reviewer's Comments: Average Peer review marks at initial stage: 5.5/10 Average Peer review marks at publication stage: 8.5/10 Reviewer(s) detail: Dr. Rashad Mohammed Musleh Alnamer, University of Thamar, Yemen, [email protected] Dr. Omid Gholami, Sabzevar University of Medical Sciences, Iran, [email protected] Similar Articles: QUALITY CONTROL ASSESSMENT OF DIFFERENT BRANDS OF CIPROFLOXACIN 500 MG TABLETS IN YEME

Parental Status Influences Human-to-Pet Caregiving Behaviors, Attachment, and Attitudes in a Finnish Sample

A growing body of literature suggests people are choosing to forego parenthood, bringing companion animals into the home as a focus for people’s attachment and caretaking behavior instead. This emergent “pet parenting” can be defined as the parent-like investment in companion animals and has been linked to countries that are experiencing or have experienced the Second Demographic Transition (SDT) marked by subreplacement fertility, changing marriage norms, increased educational attainment, and a flexible life orientation no longer focused solely on reproduction. In this research, we sought to determine if Finland, a country where the SDT has already been evidenced, is also experiencing an emergence of pet parenting and whether there is a difference between parents’, nonparents’, and future parents’ attachment and caregiving behaviors toward companion animals in the home. A total of 857 participants completed an online survey delivered in Finnish and English which included demographic questions, the Lexington Attachment to Pets Scale (LAPS), and a series of questions designed to probe topics regarding the training of companion animals, generalized caretaking, and the ascription of personhood or autonomy to companion animals under the respondent’s care. Future parents reported more agreement across all scales of the LAPS, followed by nonparents than parents. Future parents also reported more frequency of behaviors associated with Affective Responsiveness, while nonparents reported more frequency of behaviors associated with Training and Play and General Care. From our results, we argue that Finland does seem to be experiencing the emergence of pet parenting, likely in response to the SDT, and this is demonstrated by marked differences in attachment and caregiving behaviors directed at companion animals in the home

علاقة السياسة اللغوية بالتخطيط اللغوي (دراسة حالات من الوطن العربي)

موضوع هذه الرسالة السياسات اللغوية، مفهوما، وتصورا، وتجريبا، والنظر في علاقتها بالتخطيط اللغوي بأنواعه المختلفة في تجارب الدول العالمية المتقدمة في تدبير الشأن اللغوي. للموضوع علاقة مباشرة بأوضاع اللغة العربية في المرافق الرسمية والعمومية في البلاد العربية، وبكيفية تدبير استعمال اللغة العربية بوصفها لغة وطنية وقومية إلى جانب اللغات الأخرى في البلاد سواء كانت لغات الأقليات الوطنية أم لغات المستعمر السابق أم اللغات العالمية. وقد استثمرت المعارف اللغوية والمنهجية واللسانية عند تناول هذا الموضوع بالدراسة والتحليل. فاستخدم المنهج الوصفي التحليلي في التأطير النظري للسياسة اللغوية والتخطيط اللغوي، وتبيان علاقتهما بميادين المعرفة اللغوية وغير اللغوية التي تفرعا منها. وًرصد السياسات المتبعة في دول العالم المتقدم لترتيب المشهد اللغوي في أكثر من 390بلدا أو إقليما وما يرتبط بها من تخطيط لغويً؛ وذلك من خلال تقديم نماذج لحالا ت دولية مستخدمين منهج دراسة الحالة باعتباره ضرباً من ضروب المنهج الوصفي الذي يعنى بدراسة العلاقة بين المتغيرات. هذا البحث محاولة للإجابة عن بعض الأسئلة المتعلقة بطبيعة العلاقة بين السياسة اللغوية بالتخطيط اللغويً. فإحدى أهم النتائج الرئيسة التي توصل إليها أن العلاقة الطبيعية بين السياسة اللغوية والتخطيط اللغوي الأصل فيها أن تكون تلازمية تكاملية، إلا أن هذه العلاقة في الوطن العربي بدت مضطربة ولا تنحو المنحى المطلوب، فعلى الصعيد السياسي تتعدد أنماط السياسات اللغوية المتبعة في البلاد العربية من الناحية الرسمية المعلنة ما بين سياسة الاحتواء وعدم التدخل وإعلاء اللغة الرسمية والثنائية اللغوية واستراتيجية التعدد اللغوي، إلا أنها جميعا تمارس فعليا سياسة عدم التدخل، وعلى الرغم من أن جميع الدساتير في البلاد العربية تنص على رسمية اللغة العربية وتزخرً البلاد العربية بجملة من القوانين والأنظمة والمؤسسات والمنظمات التي من شأنها إعلاء وتعزيز اللغة العربية، إلا أن الواقع العملي في شتى المجالات الحيوية للدول يفتقد الجدية في تطبيق التدابير اللغوية؛ نتيجة للتحديات المحدقة باللغة العربية لاسيما الاقتصادية والسياسية والحضارية والتكنولوجية. وخلاصة القول إن الواقع اللغوي في البلاد العربية يشهد خلل في السياسات اللغوية تولد عنه غياب التخطيط اللغوي أو اضطراب فيه على أقل تقدير؛ وذلك في المجالات المطروقة في هذا البحث وهي المجالات الثلاثة "التعليمية والإعلامية والإدارًية"The theme of this thesis is linguistic policies: a concept, a vision and empiricism, and a look at their relationship with the different types of linguistic planning in world developed countries’ experiences in the management of language affairs.The topic is directly related to the status of the Arabic language in official and public facilities in the Arab countries, and how to manage the use of Arabic as a national language beside other languages in the country, be they the languages of national minorities, the languages of the former colonial power or international languages. Linguistic and methodological knowledge has been utilized when studying and analyzing this topic. Descriptive analytical approach is used in the theoretical framing of language policy and language planning science, and demonstrating their relationship with the fields of linguistic and non-linguistic knowledge they emanate from. Such knowledge has also been used to monitor policies adopted in the developed world countries to view the linguistic scene in more than 390 countries or territories, and the associated linguistic planning. This is done by providing models of international cases by using the case study approach as a form of descriptive approach concerned with the study of the relationship between variables. This research is an attempt to answer some questions concerning the nature of the relationship between language policy and linguistic planning. One of the most important key findings concluded is that the natural relationship between language policy and language planning is concomitant and complementary, but this relationship in the Arab world seems to be troubled and does not adopt the required approach. At the political level, language policy patterns officially followed and declared in the Arab country vary between policy of containment, non-interference, upholding the official language, bilingualism and multilingualism strategy. All Arab countries virtually exercise non-interference policy. However, although all Arab constitutions stipulate that Arabic is the official language and are replete with a host of laws and regulations, institutions and organizations that will uphold and promote the Arabic language, the practice in various critical areas of the States lacks seriousness in the application of linguistic measures as a result of the looming economic, political, cultural and technological challenges. In sum, the linguistic reality in the Arab world is witnessing an imbalance in the language policies that led to the absence or disorder of linguistic planning to say the least; and that is seen in the areas covered by the research, namely the educational, media and administrative fields

Market responses to firms’ voluntary carbon disclosure: Empirical evidence from the United Kingdom

In corporate boardrooms around the world, climate change has quickly risen to become a major issue, matching public concern. Recently, corporate management has encountered stakeholder pressure to disclose more information about their carbon profile and their plans to improve it. They have also been challenged to find the appropriate strategy for carbon disclosures, requiring an understanding of the costs and benefits of both carbon improvement initiatives and the reporting of them. Using a unique data set that contains firms listed on the FTSE 350 index on the London Stock Exchange market from 2009 to 2015, we apply the event study method to examine market reaction to carbon disclosures. The results show that investors respond significantly negatively to carbon disclosure announcements via Carbon Disclosure Project (CDP) of FTSE 350 firms. Moreover, for firms working in carbon-intensive industries, investors react to carbon disclosure announcements in a more significantly negative way compared with the main sample. We also find that the study’s main findings are driven by the smaller FTSE 350 firms. Furthermore, a subsample of observations for the financial crisis period of 2007–2008 was analyzed to explore the examined relationship during the crisis. In contrast, a significant positive market reaction to carbon disclosure was found for the 2007–2008 crisis period. Our study’s findings offer fresh insight and updated policy implications for investors, management and sustainability institutions. We recommend management accompanies their carbon disclosures with more explicit statements of reasons for carbon initiatives and the benefits arising from them