Abstract

Purpose

The main purpose of this study is to investigate the impact of state capital participation (SCP) on the corporate environmental engagement (CEE) of privately controlled listed firms in China.

Design/methodology/approach

We use a sample of 20,133 firm-year observations from 2009 to 2021. We use three different measures to proxy corporate environmental engagement and two different measures to proxy for state capital participation. We employ a difference-in-difference regression model to estimate the effect of state capital participation on corporate environmental engagement.

Findings

Using a sample of 20,133 firm-year observations from 2009 to 2021, we find that SCP significantly increases corporate expenditure on environmental protection, corporate environmental performance and ESG ratings. Specifically, SCP increases environmental investment capacity and attracts more media coverage, online attention and analysts’ following, which leads to better environmental engagement. Further analyses show that after state shareholders exit privately controlled firms, CEE deteriorates, while private capital injection in state-owned firms has no significant impact on CEE. The positive effect of SCP is stronger in privately controlled firms with local government ownership, a larger number of state shareholders, longer state shareholder holding periods, those without politically connected managers and firms operating in heavy pollution industries. Lastly, we show that minority government ownership reduces firm-level toxic emissions and enhances financial performance.

Research limitations/implications

We enrich the literature on the role of minority state ownership in corporate financial and environmental performance.

Originality/value

We enrich the literature on the role of minority state ownership in corporate financial and environmental performance. In light of the escalating environmental concerns and the growing emphasis on corporate environmental responsibility, this study highlights the beneficial role of minority government ownership in driving environmental performance. By providing resources and attracting external scrutiny, the government, as a minority shareholder, can significantly enhance the environmental engagement of privately controlled firms.

Most relapsing fever bacteria that infect humans are spread by ticks, but Borrelia recurrentis is unique in being transmitted between humans via body lice. Now, new genomic evidence from ancient British remains suggests that B. recurrentis diverged from its tick-borne relatives and began adapting to transmission by lice between 6000 and 4000 years ago – coinciding with the widespread use of wool textiles by humans. The findings underscore how ancient DNA can illuminate the origins and evolution of infectious diseases and how pathogens like B. recurrentis have been shaped by human social transformations. Several pathogenic bacterial species that once relied on ticks for transmission have independently evolved to use lice as vectors instead, including B. recurrentis. B. recurrentis has no known animal reservoir. Moreover, this louse-adapted pathogen tends to show higher virulence compared to its tick-borne relatives, suggesting a process of specialization. However, the precise timeline and genetic mechanisms behind its adaptation to lice and its increased virulence in humans remain uncertain.

Using advanced ancient DNA techniques optimized for degraded genetic material, Pooja Swali and colleagues recovered and analyzed four ancient B. recurrentis genomes from human remains in Britain, dating from roughly 2300 to 600 years ago. Through phylogenetic and pan-genome analysis, Swali et al. estimate that B. recurrentis diverged from its closest relative, B. duttonii, approximately 4700 – 5600 years ago. This period coincided with shifts in human behavior during the Neolithic-Bronze Age transition, such as the rise of sedentary lifestyles, the advent of wool textiles, and densely populated settlements. According to the authors, these changes may have facilitated the adaptation of B. recurrentis to the human body louse and also promoted genome reduction and host specialization. Over time, B. recurrentis underwent substantial genome reductions, particularly in plasmid-encoded genes. These genetic changes were accompanied by gains and losses of surface proteins that help the bacterium evade the host immune system.

A leading cardiovascular disease researcher from Simon Fraser University is ringing the alarm on universal recommendations intended to improve heart health around the globe.

Cardiovascular disease (CVD) is the leading cause of death worldwide, with 80 per cent of deaths occurring in low- and middle-income countries. However, international heart-health guidelines are primarily based on research from high-income countries and often overlook upstream causes of CVD, says Scott Lear, a health sciences professor at SFU and the Pfizer/Heart & Stroke Foundation Chair in Cardiovascular Prevention Research.

“The world extends beyond high-income countries when we think about universal recommendations like 75 minutes of exercise each week or getting five servings of fruit and vegetables every day,” says Lear, the lead author of a new review examining the impact of social, environmental, and policy factors on cardiovascular disease globally.