ESG performance and corporate value: Analysis from the stakeholders’ perspective

Based on the panel data of China’s A-share non-financial listed enterprises from 2011 to 2020, we empirically explore whether EGS performance can significantly promote corporate value and how to promote it, from the stakeholders’ perspective. We find that: 1) ESG performance significantly improves corporate value. 2) Both media attention and analyst coverage play an intermediary role in the impact of ESG performance on corporate value. 3) Further analysis of the single dimension of ESG illustrates that Environmental (E) and Social (S) have a positive impact on corporate value, but the effect size of Social (S) is smaller, and there is no evidence for a significant relationship between Governance (G) and corporate value. 4) The heterogeneity analysis shows that ESG performance of non-heavily polluting enterprises has a significant positive effect on corporate value, but not on heavily polluting enterprises. Meanwhile, ESG performance of enterprises with a low percentage of institutional investor ownership has a significant positive effect on corporate value, but not with a high percentage. Overall, our study shows that high-quality ESG performance triggers the attention of media and analysts, which in turn promotes corporate value by raising stakeholder pressure. We also analyze the possible causes of heterogeneous results from the perspective of stakeholders, and put forward reasonable suggestions to promote ESG performance and corporate value, as well as protect the interests of stakeholders

Experimental evaluation of a Chinese sulfur-containing lean iron ore as the oxygen carrier for chemical-looping combustion

A series of chemical-looping combustion (CLC) tests were conducted in a thermogravimetric analysis (TGA) reactor to investigate the potential of a Chinese sulfur-containing lean iron ore as the oxygen carrier. Two main products of solidfuel pyrolysis and gasification, namely, CH4 and CO, were selected as the reducing gases. Consecutive reduction−oxidation cycles were first carried out in the TGA reactor to evaluate the cyclic stability and agglomeration tendency of the oxygen carrier. The effects of the temperature, fuel gas concentration, and reaction gas composition on the reduction reaction were further investigated. Increasing the reaction temperature or fuel gas concentration enhanced the reduction rate and reaction degree of the oxygen carrier. Meanwhile, CO showed much higher reduction reactivity than CH4. A comparison of the rate index of the iron ore used with those of high-grade minerals indicated that the iron ore had adequate reactivity for its application in solid-fuel CLC technology. The side reaction of carbon deposition was also discussed. Finally, the shrinking-core model with chemical reaction control was adopted to determine the chemical kinetics

Folic acid and zinc improve hyperuricemia by altering the gut microbiota of rats with high-purine diet-induced hyperuricemia

A high-purine diet can cause hyperuricemia and destroy the microbial composition of the gut microbiota. Both folic acid and zinc significantly reduce uric acid levels and alleviate hyperuricemia. However, whether the underlying mechanisms are associated with the regulation of the gut microbiota remain unknown. To explore alterations of the gut microbiota related to folic acid and zinc treatment in rats with hyperuricemia in our study. A hyperuricemic rat model was established with a high-purine diet. The effects of folic acid and zinc on uric acid levels were evaluated. Alterations of the gut microbiota related to hyperuricemia and the treatments were evaluated by sequencing using the Illumina MiSeq system. The results demonstrated that uric acid levels dropped observably, and the activities of adenosine deaminase (ADA) and xanthine oxidase (XOD) were downregulated after folic acid or zinc intervention. 16S rRNA gene sequencing-based gut microbiota analysis revealed that folic acid and zinc enhanced the abundance of probiotic bacteria and reduced that of pathogenic bacteria, thus improving intestinal barrier function. PICRUST analysis indicated that folic acid and zinc restored gut microbiota metabolism. These findings indicate that folic acid and zinc ameliorate hyperuricemia by inhibiting uric acid biosynthesis and stimulating uric acid excretion by modulating the gut microbiota. Thus, folic acid and zinc may be new and safe therapeutic agents to improve hyperuricemia

Effects of Added Dietary Fiber and Rearing System on the Gut Microbial Diversity and Gut Health of Chickens

It is of merit to study the appropriate amount of dietary fiber to add to free-range chickens’ feed to improve their microbial diversity and gut health in times of plant fiber deprivation. Lignocellulose is a useful source of dietary fiber, and its positive effects on the growth performance and laying performance of chickens has already been proven. However, few researchers have researched the effects of adding it on the gut microbiota of chickens. In this research, we added three different levels of eubiotic lignocellulose (0%, 2%, and 4%) to the feed of caged and free-range Bian chickens from September to November, aiming to observe the effects of added dietary fiber and different rearing systems on the gut microbial diversity and gut health of chickens, as well as to determine an appropriate amount of lignocellulose. The results showed that adding dietary fiber increased the thickness of the cecum mucus layer and the abundance of Akkermansia and Faecalibacterium in caged chickens, and 4% lignocellulose was appropriate. In addition, adding lignocellulose increased the microbial diversity and the abundance of the butyrate-producing bacteria Faecalibacterium and Roseburia in fee-range chickens. The α-diversity and the length of the small intestine with 2% lignocellulose in free-range chickens were better than with 2% lignocellulose in caged chickens. Maybe it is necessary to add dietary fiber to the feed of free-range chickens when plant fibers are lacking, and 2% lignocellulose was found to be appropriate in this experiment. In addition, compared with caged chickens, the free-range chickens had a longer small intestine and a lower glucagon like peptide-1 (GLP-1) level. The significant difference of GLP-1 levels was mainly driven by energy rather than short chain fatty acids (SCFAs). There was no interaction between added dietary fiber and the rearing system on SCFAs, cecum inner mucus layer, and GLP-1

INTERNAL FRICTION ASSOCIATED WITH DOMAIN WALLS AND FERROELASTIC PHASE TRANSITION IN LNPP

Two internal friction peaks (50 - 100kHz) have been measured in LNPP near its transition temperature. The peak at TC=141°C is associated with the ferroelastic transition where the elastic constant C55 vanishes and the peak at a lower temperature is attributed to the motion of domain walls. The variation of domain walls and its relation to Q-1 were obtained by in situ measurements. The mechanisms of the peaks are discussed