Volume 209

This study examines the effects of corporate digital transformation on the environmental, social, and governance (ESG) performance of 988 A-share companies listed on the Shanghai and Shenzhen stock exchanges from 2012 to 2022. By employing a fixed-effects model, we delve into how these transformations positively influence ESG outcomes, while acknowledging the regional disparities in these effects. Building upon this, we explore the varied influences of environmental regulations—specifically, administrative directives and market incentives—on businesses' readiness and eagerness to undergo digital transitions. We develop two separate panel threshold regression models to assess these influences. The threshold existence tests reveal distinct single and double thresholds for the effects of each regulatory type. In light of these findings, we posit that fostering a greater number of enterprises to embrace digital transformation for enhanced ESG performance requires a collaborative effort between companies and the government to promote a balanced and sustainable development of China's economic, social, and environmental sectors.

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This paper investigates the effect of corporate environmental responsibility (CER) on firm value, employing data from Chinese A-share listed firms over the period from 2009 to 2022. The findings reveal a significant U-shaped nonlinear relationship between CER and firm value, with results robust across a series of robustness tests. Mediation analysis indicate that CER enhances firm value by alleviating financing constraints and reducing firm costs, while the mediation effect of human capital is not significant. Furthermore, the effect is more pronounced for firms in eastern and central China, non-state-owned enterprises, and those in non-high-pollution industries.

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Diversity management, as a critical issue in contemporary organizational management, seeks to harness the potential value of increasing employee heterogeneity through systematic diversity strategies while mitigating the risks associated with intergroup differences. Although this approach is widely implemented globally today, both the conceptualization of diversity management and the evolution of its related research remain marked by significant differences and ongoing debates. This article provides a comprehensive review of existing literature and empirical studies on diversity management from multiple perspectives. It outlines the historical development and origins of diversity management, traces the shift in organizational perspectives—from initial moral and legal considerations to five more systematic frameworks—and examines the foundational theories and divergent viewpoints associated with the field. Finally, the article explores potential future directions and anticipated challenges for diversity management, aiming to provide insights that can support both researchers and practitioners in advancing effective management practices and scholarly inquiry.

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Small and Medium-Sized Enterprises (SMEs) are a cornerstone of China's national economy. Accounting for over 98% of all registered enterprises, they form the bedrock of economic activity. These businesses generate 60% of China's GDP, contribute approximately 50% of tax revenues, drive over 70% of technological innovations, and provide employment for more than 80% of the urban workforce. Often described as the "capillaries" of the economy, SMEs fuel growth and ensure social stability by sustaining livelihoods and fostering grassroots entrepreneurship. Despite their critical role, SMEs face systemic challenges in accessing financial resources. This study addresses these challenges through a mixed-methods approach combining empirical analysis, policy evaluation, and comparative case studies. By analyzing financial data from 2,000 SMEs (2018-2023). It further benchmarks China's SME financing mechanisms against Germany's Mittelstand support system and Japan's credit guarantee models It concludes that resolving these difficulties requires efforts from and improvements in government policies and the external environment.

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This paper examines the mechanism through which exchange rate fluctuations impact stock prices by comparing two major automotive export companies—Ford and BMW—from the United States and Germany. The study is based on stock price and exchange rate data from 2005 to 2024, employing time series regression methods to analyse their sensitivity to different exchange rates (e.g., USD/EUR, USD/JPY, etc.). The results reveal that Ford exhibits a significant positive response to exchange rate changes, particularly USD appreciation, indicating that its cost structure is highly sensitive to exchange rates. In contrast, BMW has significantly reduced the impact of exchange rate fluctuations on its stock prices through effective financial and operational hedging strategies. The study highlights the role of corporate hedging strategies and macroeconomic conditions in the exchange rate transmission process, contributing to empirical research on foreign exchange risk management for multinational corporations.

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