Can tax payments complement high environmental, social, and governance reputational risk?

[Purpose] This study aims to investigate firms’ tax payment motivation from the point of corporate social responsibility by dissecting samples into firms with high, low, and no environmental, social, and governance (ESG)-related reputational risk. [Design/methodology/approach] This paper is an empirical study using 3,981 firm-year observations from 31 countries from OECD countries through 2017 to 2019. We construct panel data and use the fixed-effects model to control unobserved firm heterogeneity. To capture legal tax avoidance, we use two types of tax avoidance measurements. [Findings] We find that paying taxes can complement the high reputational risk of ESGs. However, if ESG-related reputational risk is not large, tax payments do not affect ESG risk. Our results indicate that tax payment is a matter of firms’ ESG-related reputational risk. This paper contributes to providing evidence to show that the relationship between ESG and tax avoidance is different depending on an individual firm’s level of ESG-related reputational risk. [Originality] We create a reputation-based ESG risk data set that addresses the endogeneity associated with the manager’s decision and simultaneity bias to determine the relationship between ESG and tax avoidance. Also, this is one of few studies that examine the relationship between CSR and tax avoidance internationally

Highly conductive nano-sized Magnéli phases titanium oxide (TiOx)

Despite the strong recent revival of Magnéli phase TiOx as a promising conductive material, synthesis of Magnéli phase TiOx nanoparticles has been a challenge because of the heavy sintering nature of TiO2 at elevated temperatures. We have successfully synthesized chain-structured Magnéli phases TiOx with diameters under 30 nm using a thermal-induced plasma process. The synthesized nanoparticles consisted of a mixture of several Magnéli phases. A post-synthesis heat-treatment was performed to reduce the electrical resistivity without changing the particle morphology. The resistivity of the heat-treated particle was as low as 0.04 Ω.cm, with a specific surface area of 52.9 m2 g−1. The effects of heat-treatment on changes in the crystal structure and their correlation with the electron conductivity are discussed based on transmission electron microscopy images, X-ray diffraction spectra, and X-ray adsorption fine structure spectra. Electrochemical characterization using cyclic voltammetry and potentiodynamic scan shows a remarkable electrochemical stability in a strongly oxidizing environment.This work was partially supported by a Hosokawa Grant for Promising Researchers from Hosokawa Powder Technology Foundation, JSPS KAKENHI Grant Numbers 2670906, Grant-in-Aid for Young Scientists B (15K182570A), and Center for Functional Nano Oxide at Hiroshima University

Mutations in SERPINB7, Encoding a Member of the Serine Protease Inhibitor Superfamily, Cause Nagashima-type Palmoplantar Keratosis

“Nagashima-type” palmoplantar keratosis (NPPK) is an autosomal recessive nonsyndromic diffuse palmoplantar keratosis characterized by well-demarcated diffuse hyperkeratosis with redness, expanding on to the dorsal surfaces of the palms and feet and the Achilles tendon area. Hyperkeratosis in NPPK is mild and nonprogressive, differentiating NPPK clinically from Mal de Meleda. We performed whole-exome and/or Sanger sequencing analyses of 13 unrelated NPPK individuals and identified biallelic putative loss-of-function mutations in SERPINB7, which encodes a cytoplasmic member of the serine protease inhibitor superfamily. We identified a major causative mutation of c.796C>T (p.Arg266∗) as a founder mutation in Japanese and Chinese populations. SERPINB7 was specifically present in the cytoplasm of the stratum granulosum and the stratum corneum (SC) of the epidermis. All of the identified mutants are predicted to cause premature termination upstream of the reactive site, which inhibits the proteases, suggesting a complete loss of the protease inhibitory activity of SERPINB7 in NPPK skin. On exposure of NPPK lesional skin to water, we observed a whitish spongy change in the SC, suggesting enhanced water permeation into the SC due to overactivation of proteases and a resultant loss of integrity of the SC structure. These findings provide an important framework for developing pathogenesis-based therapies for NPPK