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We use the Longitudinal Research Database (LRD) of the U. S. Census Bureau, which covers the entire universe of private and public U. S. manufacturing firms, to study several related questions regarding the efficiency gains generated by venture capital (VC) investment in private firms. First, do VCs indeed improve the efficiency (total factor productivity, TFP) of private firms, and if so, are certain kinds of VCs (high reputation vs. low reputation) better at generating such efficiency gains than others? Second, do VCs invest in more efficient firms to begin with (screening), or do they improve efficiency after investment (monitoring)? Third, do efficiency improvements due to VC backing arise from increases in sales or reductions in costs? Fourth, do VC backing and the associated efficiency gains affect the probability of a successful exit (IPO or acquisition)? Our analysis shows that the overall efficiency of VC-backed firms is higher than that of non-VC-backed firms at every point in time. This efficiency advantage of VC-backed firms arises from both screening and monitoring: The efficiency of VC-backed firms prior to receiving financing is higher than that of non-VC-backed firms, and further, the growth in efficiency subsequent to VC financing is greater for such firms. The above increases in efficiency of VC-backed firms are spread over the first two rounds of VC financing after which the TFP of such firms remains constant until exit. Additionally, we show that while the TFP of firms prior to receiving financing is lower for high-reputation VC-backed firms, the increase in TFP subsequent to financing is significantly greater for these firms, consistent with high-reputation VCs having greater monitoring ability. We disentangle the screening and monitoring effects of VC backing using three different methodologies: switching regression with endogenous switching, regression discontinuity analysis, and propensity score matching. We show that while overall efficiency gains generated by VC backing arise primarily from improvements in sales, the efficiency gains of high-reputation VCbacked firms arise also from lower increases in production costs. Finally, we show that VC backing and the associated efficiency gains positively affect the probability of a successful exit.

At the end of 2020, the Chinese government announced the pledge to become carbon neutral in the year 2060. Simultaneously, quality growth objectives were established, which were environmentally friendly and promoted the health and wellbeing of the population. The first objective of this study is to assess the gains in energy efficiency and the savings in energy demand that this commitment implies. Secondly, the feasibility of achieving these objectives of savings and efficiency increases is discussed based on an international analysis. The method is based on a quantitative estimate of the primary energy demand throughout the period from 1965 up to the year 2060. For this purpose, long historical series taken from reliable international sources are analyzed. The methodology applied to estimate and project future energy demand is new and based on several steps: The first consists of analyzing the trends of the series and estimating the relationships between them using a robust procedure. Secondly, equilibrium relationships are estimated, which avoids the eventual instabilities involved in the estimation of dynamic models. The third characteristic is based on the bootstrap, estimating and simulating the model by selecting random samples of different sizes from the available dataset. The simulations generate a complete probability distribution for the expected energy demand, which also allows for carrying out a risk analysis, assessing the risk of the demand becoming significantly larger than the expected average. The first result obtained is that the primary energy demand forecast for 2060 is much higher than the demand of the official forecasts by almost three times. However, taking into account the objective to replace 85% of fossil sources with renewables, this discrepancy is greatly reduced and becomes approximately 50% higher than the official forecast. If the savings analyzed in relevant international references are accounted for, then an additional reduction of even up to 40% of this demand could be achieved, so that the final demand would fall further, close to official forecasts. The main and final conclusion is that although the objective of making the Chinese economy carbon neutral by 2060 is feasible, it implies a radical transformation that will necessarily require a determined and unwavering political commitment throughout the entire period considered.

Digital technology plays a vital role in driving toward a zero-carbon future. This paper explores whether new infrastructure, serving as carriers for digital technology, contributes to carbon reduction and efficiency gains in cities. Drawing on panel data from 280 Chinese cities spanning 2011 to 2019, we establish a theoretical analytical framework to investigate how new infrastructure influences urban carbon performance through the perspectives of influence, threshold, and spatial spillover effects. The study reveals that new infrastructures development has a contributing effect on the total factor carbon productivity of cities, with consistent results across various testing methods. Additionally, the threshold effect test suggests that the dual threshold of regional energy consumption influences the enhancing effect of new infrastructure on total factor carbon productivity, exhibiting nonlinear characteristics. Furthermore, the spatial spillover effect test suggests that new infrastructure construction accelerates the local carbon emission performance, while having a positive spillover effect on neighboring cities. This study provides innovative ideas and experiences from China for the global realization of simultaneous promotion of digital economy development and energy conservation and emission reduction.

We examine efficiency improvement associated with audit firm mergers. Our analysis is made possible by a unique dataset of audit hours in China. We find a significant reduction in audit hours, unaccompanied by a deterioration in audit quality, of merged audit firms. Further, we find a larger reduction in audit hours when acquirers are Chinese domestic Big 10 audit firms and when client firms are more complex. These results are consistent with the notion of economies of scale arising from horizontal mergers. However, enhanced efficiency does not necessarily reduce audit fees. Instead, we find an increase in audit fees when acquirers are international Big 4 audit firms even when we control for possible changes in market power. This premium is at least partially due to the certification effect of international Big 4 audit firms.

This study assesses the performance of a solid-state semiconductor-based hybrid photovoltaic-thermoelectric device that aims to harness both solar irradiance and heat dissipated from photovoltaic cells operating in Foz do Iguaçu city. Initially, the technologies involved, and the arrangement of the proposed device are presented; the modeling process of the generator operation under local operating conditions and taking into account solar energy availability is described later. The thermal energy harvesting brings out an average annual efficiency gain of 4.42% and a maximum efficiency increase of 6.05% (in the fall equinox) compared to standalone PV cell operation. The power output increase due to the utilization of the heat dissipated by the PV cells was substantial, reaching values ranging from 14.82% to 40.54%, depending on the time of year. The novelty of this research stems from the field power generation forecast, in southern hemisphere, for a new STEG device that combines photovoltaic cells and solid-state thermoelectric modules.

Anaerobic digestion (AD) is a key technology for energy recovery in wastewater treatment plants, converting organic matter into methane-rich biogas. However, its efficiency is constrained by slow reaction rates, particularly during hydrolysis and methanogenesis, necessitating large reactor footprints for effective sludge digestion. Alternative AD configurations for process intensification present a promising solution to address these limitations by altering the design and operational setup of the AD process. In this review, key configuration-based AD intensification strategies were systematically analyzed, including recuperative thickening, single-stage thermophilic AD, acid/gas two-stage AD, temperature-phased AD, and multi-stage AD systems. The mechanisms, governing factors, efficiency gains, and scalability of these technologies were critically examined. These configurations demonstrated substantial improvements in methane production rates, process intensification, and the removal of solids and organics. Single-stage thermophilic and cascade AD technologies showed the highest potential for full-scale implementation, supported by successful real-world applications. Conversely, recuperative thickening exhibited promising results at lab and pilot scales but remains limited by its lower technology readiness level. Furthermore, the integration potential of such alternative systems with other intensification technologies was explored, highlighting synergistic opportunities for further optimization. This review provides critical insights into means to intensify AD process through alternative process configurations, offering a comprehensive guide for their application in biogas upgrading. It also identifies key challenges and outlines actionable steps to advance these systems toward widespread adoption in full-scale AD operations.

Panelists discuss blockchain technology use for electronic health records, and specifically delve into the benefits that blockchain brings to EHRs, but also discuss what its pitfalls and limitations are; including presenting perspectives from academia, and examples from practitioners. Learning Objectives • Understand the potential applications of blockchain for electronic health records (EHRs). • Explore the benefits and challenges of implementing blockchain for EHRs, including security, interoperability, privacy, and data integrity. • Identify key use cases and real-world examples of blockchain implementation in healthcare and EHR management. • Analyze the potential impact of blockchain on improving healthcare data exchange, patient consent management, and medical research. • Discuss the regulatory and legal considerations associated with using blockchain in healthcare, such as compliance with data protection laws and standards. • Examine the role of smart contracts and decentralized applications (DApps) in enhancing EHR management and patient control over their health information. • Assess the scalability and performance limitations of blockchain technology in handling large-scale healthcare data and high transaction volumes. • Evaluate potential cost savings and efficiency gains achieved through blockchain implementation in EHRs, considering factors such as data access, auditability, and administrative overhead. • Discuss the future prospects and challenges of integrating blockchain with existing healthcare systems, standards, and infrastructure to achieve widespread adoption and interoperability.

As a key branch of online-to-offline (O2O) retail, the online-to-home (O2H) model enables goods acquisition through instant delivery, fundamentally reorienting urban retail spatial configuration from “accessibility” to “efficiency”. Using Jincheng, the main urban area of Tianjin as a case study, this research formulated a Goods Acquisition Efficiency (GAE) index to quantify the time-based efficiency gain of O2H over the conventional OIS (offline in-store) mode. An integrated XGBoost-SHAP approach was utilized to examine the spatial variations in efficiency gains and their associated factors. The results reveal that: (1) Efficiency gains follow a concentric pattern, increasing from the core to the periphery (Inner: 0.18; Middle: 0.20; Outer: 0.26), suggesting that O2H provides more pronounced benefits in peripheral areas where retail provision remains limited; (2) The dominant factors vary across zones: environmental attributes in the Inner Urban Zone, transportation and economic factors in the Outer Urban Zone; (3) O2H and OIS exhibit a complementary rather than substitutive relationship—physical stores in inner-city areas can maintain their current configuration, while peripheral zones may benefit from enhanced O2H fulfillment or conversion to micro-fulfillment centers. The GAE index and zonal comparison framework offer methodological references for differentiated optimization of urban retail networks.

The article describes a diagrammatic method for evaluating the effectiveness of strengthening structures under load. As an indicator of efficiency, a parameter is introduced that is set as the level of reinforcement loading of concrete by the beginning of the reinforced structure’s concrete destruction. The nonlinear deformation diagrams show the sequence of development and redistribution of stresses in the sections of the conditional inflexible concrete element, amplified without removing the load. The results of the practical calculation of the gain under load for some variations of the strength and the deformative characteristics of concrete are given. The data obtained indicate the possibility of applying the proposed methodology to the evaluation of the strengthening structures effectiveness without removing the load.

International mergers and acquisitions (M&As) have been increasingly used by emerging market enterprises (EMEs) as a springboard for strategic assets to overcome latecomer disadvantages and build sustainable competitive advantages. While current literature only focuses on the M&As’ impacts on acquirers, little is known about the impacts of EMEs’ international M&As on their external stakeholders, such as rival firms. Based on the longitudinal data covering 325 large international M&As completed by Chinese public manufacturing firms during 2009–2015, empirical results show that international M&As at the industry level have significant negative influence on the sustainable performance of acquirers’ rivals, and these negative relationship will be accentuated when the international M&As are horizontal M&As, when rivals are carrying out cost leadership strategy, and when those M&As are completed in the high-tech industry. This study enriches the literature of international M&As and the economic pillar of sustainability by pushing current research toward rival’s perspective and denotes that firms need to consider the potential negative impact on the sustainability of their outside stakeholders (e.g., other firms and whole industry). It also generates practical implications for firms to actively deal with potential negative effects of competitors’ international M&As on their sustainable performance, especially those players in the high-tech industry.