The effect of sustainable business practices on profitability. Accounting for strategic disclosure

This work tackles from an empirical perspective the widely debated relationship between sustainability in business practices and profitability, focusing on a sample of listed European firms. To measure the extent of sustainable practices at the firm level, the Comprehensive Environmental, Social, and Governance (ESG) score is proposed. The indicator, computed using the Mazziotta-Pareto method, combines qualitative ratings on adherence to ESG standards with quantitative observations on the extent of data disclosure. Firms failing to pursue full disclosure are penalized. Focusing on the constituents of the Euro Stoxx 300 index, a dynamic panel model is implemented, where profitability is explained by the indicator. The results show that sustainability in business practices reduces profitability. These findings are in line with a strand of literature that highlights the role of strategic disclosure of ESG information on part of firms. Strategic disclosure occurs as a combination of greenwashing and social washing, with firms overstating the extent of their positive behaviors. The integration of sustainable practices within successful business models thus remains a relevant societal problem. The current EU policy framework is discussed in line with our findings

A local drug delivery system prolongs graft survival by dampening T cell infiltration and neutrophil extracellular trap formation in vascularized composite allografts.

INTRODUCTION The standard treatment for preventing rejection in vascularized composite allotransplantation (VCA) currently relies on systemic immunosuppression, which exposes the host to well-known side effects. Locally administered immunosuppression strategies have shown promising results to bypass this hurdle. Nevertheless, their progress has been slow, partially attributed to a limited understanding of the essential mechanisms underlying graft rejection. Recent discoveries highlight the crucial involvement of innate immune components, such as neutrophil extracellular traps (NETs), in organ transplantation. Here we aimed to prolong graft survival through a tacrolimus-based drug delivery system and to understand the role of NETs in VCA graft rejection. METHODS To prevent off-target toxicity and promote graft survival, we tested a locally administered tacrolimus-loaded on-demand drug delivery system (TGMS-TAC) in a multiple MHC-mismatched porcine VCA model. Off-target toxicity was assessed in tissue and blood. Graft rejection was evaluated macroscopically while the complement system, T cells, neutrophils and NETs were analyzed in graft tissues by immunofluorescence and/or western blot. Plasmatic levels of inflammatory cytokines were measured using a Luminex magnetic-bead porcine panel, and NETs were measured in plasma and tissue using DNA-MPO ELISA. Lastly, to evaluate the effect of tacrolimus on NET formation, NETs were induced in-vitro in porcine and human peripheral neutrophils following incubation with tacrolimus. RESULTS Repeated intra-graft administrations of TGMS-TAC minimized systemic toxicity and prolonged graft survival. Nevertheless, signs of rejection were observed at endpoint. Systemically, there were no increases in cytokine levels, complement anaphylatoxins, T-cell subpopulations, or neutrophils during rejection. Yet, tissue analysis showed local infiltration of T cells and neutrophils, together with neutrophil extracellular traps (NETs) in rejected grafts. Interestingly, intra-graft administration of tacrolimus contributed to a reduction in both T-cellular infiltration and NETs. In fact, in-vitro NETosis assessment showed a 62-84% reduction in NETs after stimulated neutrophils were treated with tacrolimus. CONCLUSION Our data indicate that the proposed local delivery of immunosuppression avoids off-target toxicity while prolonging graft survival in a multiple MHC-mismatch VCA model. Furthermore, NETs are found to play a role in graft rejection and could therefore be a potential innovative therapeutic target

ESG controversies and profitability in the European banking sector

This paper empirically investigates the relationship between Environmental, Social, and Governance (ESG) Controversies and bank profitability. We analyze an unbalanced panel sample of European banks between 2015 and 2022, implementing the GMM-SYS version of the Arellano-Bond estimator for dynamic panels. The study results indicate that banks featuring more ESG controversies perform better in terms of Return on Assets (ROA), Return on Equity (ROE), and Net Interest Margin. This sheds light on the potentially opportunistic behavior of credit institutions, which appear to prioritize profitability over ESG Controversies

Do board characteristics affect banks’ environmental performance?

This study empirically investigates the relationship between board characteristics (board size, board independence, Corporate Social Responsibility sustainability committee, board gender diversity, CEO duality, board-specific skills) and environmental performance (emissions, environmental innovation and resource use) of a sample of banks from different countries. In detail, we use an unbalanced panel dataset of 1,644 observations for 311 banks from the United States, Europe, the UK and Canada, over the period between 2015 and 2020. Through the Fixed Effect panel model and the generalized method of moments system version of the Arellano-Bond estimator, we find that both the percentage of women on boards and the presence of the CSR sustainability committee enhance the banks’ environmental performance. These findings are confirmed by all three sub-pillars of environmental performance, that is, emissions, environmental innovation and resource use. Our results shed light on the role that certain board characteristics play in improving the environmental performance of banks

Environmental, social and governance controversies: the role of European bank boards

Purpose – In recent years, European banks have been required to integrate environmental and social objectives into their business practices. At the same time, they have become increasingly exposed to environmental, social and governance (ESG) controversies. This paper empirically examines the relationship between the board characteristics of banks (i.e. size, gender diversity, meeting frequency, sustainability compensation incentives and the presence of a sustainability committee) and exposure to ESG-related controversies. Design/methodology/approach – The empirical analysis focuses on a sample of 61 European banks between 2012 and 2021. Employing generalized method of moments (GMM) estimation, the authors examine the relationship between board characteristics and ESG controversies. Findings – The results of the study indicate that banks featuring certain board characteristics (i.e. larger and more gender-diverse boards, facing sustainability compensation provisions and having sustainability committees) experience lesser exposure to ESG controversies. Additionally, the authors ascertain that prior instances of ESG controversies play a role in influencing current levels of such controversies. This result highlights the relevance of a bank’s historical trajectory. Research limitations/implications – The authors’ sample contains banks based in the European Union (EU). Future research should broaden the analysis to encompass banks operating in other advanced countries, as well as in emerging countries. This expansion would offer more insights into the relationship between board characteristics and ESG controversies under different regulatory frameworks. Practical implications – The authors’ findings provide relevant implications for several stakeholders, including shareholders, regulators and supervisors. Certain board characteristics should be taken into consideration to limit exposure to ESG controversies. Originality/value – To the best of the authors’ knowledge, this paper represents the first attempt to provide evidence of the link between strong corporate governance standards and reduced exposure to ESG controversies

Does board knowledge matter for ESG performance in theEuropean banking industry?

This study investigates the influence of the knowledge endowment of directors onthe environmental, social, and governance (ESG) performance in the banking industry.Applying the generalized method of moments (GMM) two-step analysis, we analyzeda sample of 115 banks listed in Europe between 2014 and 2022. Building on theResource Based View and Resource Dependence Theory, we find empirical evidencethat board knowledge in terms of cultural, industrial, and financial background affectsESG performance in the banking industry, providing several contributions to theextant knowledge management and corporate governance literature. The research isintended to stimulate the development of practical knowledge management strate-gies inside companies to improve directors' decision-making toward corporate socialresponsibility-oriented initiatives

Wpływ kształtu bijaka na wytrzymałość szczątkową, wielkość i charakter uszkodzeń CFRP

The experimental tests presented in this work concern the impact resistance test and residual strength properties after an impact performed by a drop tower INSTRON CEAST 9340. The authors prepared samples of a composite material with a polymeric matrix L285 and H285 hardener, reinforced with eight ply fabric of carbon fibre. Two shapes of the impactor (spherical and V-shape) were used to perform the testing. The samples were impacted by three values of energy (10, 15, 20 [J]). Three-point bending tests were performed to the residual strength of the samples subjected to impact tests and compared to samples which had not been damaged earlier. The study showed differences in the influence of the shapes of the impactor on the nature of the composite damage. After the test, conclusions were drawn about the influence of the shape of the impactor on the area of composite damage and its character. Also, its influence on residual strength was described. Despite the clear differences in the area of damage to composites impacted by different impactors, this does not have a significant influence on the residual strength.Przedstawione w pracy badania eksperymentalne dotyczą badania udarności oraz właściwości wytrzymałości szczątkowej po uderzeniu wieżą zrzutową INSTRON CEAST 9340. Autorzy przygotowali próbki materiału kompozytowego z osnową polimerową L285 i utwardzaczem H285, wzmocnionego tkaniną ośmiowarstwową z włókna węglowego. Do badań wykorzystano dwa kształty impaktora (kulisty i V). Próbki były poddawane działaniu trzech wartości energii (10, 15, 20 [J]). Próby zginania trzypunktowego przeprowadzono do wytrzymałości szczątkowej próbek poddanych próbom udarności i porównano z próbkami, które wcześniej nie uległy uszkodzeniu. Badania wykazały różnice we wpływie kształtów impaktora na charakter uszkodzenia kompozytu. Po przeprowadzeniu badań wyciągnięto wnioski dotyczące wpływu kształtu impaktora na obszar uszkodzenia kompozytu i jego charakter. Opisano również jego wpływ na wytrzymałość resztkową. Pomimo wyraźnych różnic w obszarze uszkodzeń kompozytów pod wpływem różnych impaktorów, nie ma to istotnego wpływu na wytrzymałość szczątkową

[Sammlung von Radierungen nach italienischen Meistern]

[SAMMLUNG VON RADIERUNGEN NACH ITALIENISCHEN MEISTERN] [Sammlung von Radierungen nach italienischen Meistern] ( - ) Einband ( - ) Index ([1]) Radierungen, Bl. 1 - 10 ([1]) Radierungen, Bl. 11 - 20 ([11]) Radierungen, Bl. 21 - 29 ([21]