New Firm entry and ESG performance: An inverted-U curve from spillovers to involution
Conghao Zhu, Tingting Wang
Against the backdrop of China's growing emphasis on corporate ESG performance and the prevalence of involutional competition within industries, this study examines the impact of new firm entry on the ESG performance of incumbent firms, using panel data from Chinese A-share listed companies spanning 2008 to 2022. The results reveal a significant inverted U-shaped relationship: moderate levels of new entry enhance ESG performance, whereas excessive entry suppresses it due to intensified resource constraints. Mechanism analysis identifies innovation capacity, profitability, and disclosure quality as key transmission channels. Further moderation analysis shows that supply chain resilience and ownership concentration amplify the effects of competitive pressure, while firm age mitigates them. Moreover, new firm entry primarily affects the social dimension of ESG, especially employee compensation. This study enriches the literature on ESG behavior from a competition-based perspective, uncovers the nonlinear dynamics between market competition and sustainable strategy, and offers both theoretical and empirical insights for corporate governance and policy formulation in emerging markets.
Finance, Economics as a science
Trends, contradictions, and patterns of functioning of interregional and inter-municipal cooperation institutions
R. F. Gataullin, E. R. Chuvashaeva
The purpose of the study is to reveal the existing trends, contradictions, and patterns in functioning and development of interregional and inter-municipal cooperation institutions. Contradictions in the encountered institutions functioning have been highlighted in their powers and performance. Among the trends in the institutions development the following have been noted: management decentralization, strengthening of the regional and municipal authorities role in planning and implementation of spatial development projects, vector for strengthening sustainability, sustainable development principles integration in strategies and projects that allows to consider not only economic and environmental aspects in planning, but also social ones, strengthening of innovativeness and financing of interregional and inter-municipal cooperation institutions, spatial development management digitalization, public participation in solving problems of improving interregional and inter-municipal cooperation, and strengthening of international cooperation in relevant projects implementation. Among the patterns in the institutions development it is necessary to define their focus on functioning in the context of horizontal links globalization, growth of development sustainability and population mobility, digitalization and innovativeness, ensuring security on the basis of risk management, which implies legal integration and standards harmonization, intensive exchange of the best projects, activation of local authorities and population in projects implementation. The author’s proposals for improving institutions in modern conditions include transition to the project approach, reorientation of the policy in this area to ensure mutual benefit, and priority in supporting projects of inter-territorial importance, capable of ensuring territorial connectivity and unity of economic space.
Sociology (General), Economics as a science
Search for resonance-enhanced $CP$ and angular asymmetries in the $Λ^+_{c}\to pμ^+μ^-$ decay at LHCb
LHCb collaboration, R. Aaij, A. S. W. Abdelmotteleb
et al.
The first measurement of the $CP$ asymmetry of the decay rate ($A_{CP}$) and the $CP$ average ($ΣA_{\text{FB}}$) and $CP$ asymmetry ($ΔA_{\text{FB}}$) of the forward-backward asymmetry in the muon system of $\mathitΛ^+_c\to pμ^+μ^-$ decays is reported. The measurement is performed using a data sample of proton-proton collisions, recorded by the LHCb experiment from 2016 to 2018 at a center-of-mass energy of 13$\text{ TeV}$, which corresponds to an integrated luminosity of 5.4$\text{ fb}^{-1}$. The asymmetries are measured in two regions of dimuon mass near the $φ$-meson mass peak. The dimuon-mass integrated results are \begin{align*} A_{CP} &= (-1.1 \pm 4.0 \pm 0.5)\%,\\ ΣA_{\text{FB}} &= (\phantom{-}3.9 \pm 4.0 \pm 0.6)\%,\\ ΔA_{\text{FB}} &= (\phantom{-}3.1 \pm 4.0 \pm 0.4)\%, \end{align*} where the first uncertainty is statistical and the second systematic. The results are consistent with the conservation of $CP$ symmetry and the Standard Model expectations.
Measurement of $ψ(2S)$ to $J/ψ$ cross-section ratio as function of multiplicity in $p$Pb collisions at$\sqrt{s_{NN}} = 8.16$ TeV
LHCb collaboration, R. Aaij, A. S. W. Abdelmotteleb
et al.
The production ratio of $ψ(2S)$ to $J/ψ$ charmonium states is presented as a function of multiplicity in proton-lead collisions at a centre-of-mass energy of $\sqrt{s_{NN}}=8.16$ TeV, for both prompt and nonprompt sources. The total luminosity recorded by the LHCb experiment corresponds to 13.6 $pb^{-1}$ for $p$Pb collisions and 20.8 $pb^{-1}$ for Pb$p$ collisions, where the first particle indicates the forward direction of the detector. Measurements are performed in the dimuon final state at forward (backward) centre-of-mass rapidity $1.5<y^*<4.0$ ($-5.0<y^*<-2.5$) for $p$Pb (Pb$p$) collisions.A multiplicity dependence of the prompt production ratio is observed in $p$Pb collisions, whereas no dependence is found in nonprompt production, nor in either prompt or nonprompt production in Pb$p$ collisions. These results suggest that in the Pb-going direction additional suppression mechanisms beyond comover effects may be present, possibly related to the formation of quark-gluon plasma. This highlights a transition from small to large collision systems and provides important insight into the suppression of charmonia in proton-nucleus collisions.
Probing the nature of the $χ_{c1}(3872)$ state using radiative decays
LHCb collaboration, R. Aaij, A. S. W. Abdelmotteleb
et al.
The radiative decays $χ_{c1}(3872)\rightarrowψ(2S)γ$ and $χ_{c1}(3872)\rightarrow J/ψγ$ are used to probe the~nature of the~$χ_{c1}(3872)$ state using proton-proton collision data collected with the LHCb detector, corresponding to an~integrated luminosity of~9fb$^{-1}$. Using the~$B^+\rightarrow χ_{c1}(3872)K^+$decay, the $χ_{c1}(3872)\rightarrow ψ(2S)γ$ process is observed for the first time and the ratio of its partial width to that of the $χ_{c1}(3872)\rightarrow J/ψγ$ decay is measured to be $$ \frac{Γ_{χ_{c1}(3872)\rightarrow ψ(2S)γ}} {Γ_{χ_{c1}(3872)\rightarrow J/ψγ}} = 1.67 \pm 0.21 \pm 0.12 \pm0.04 , $$ where the first uncertainty is statistical, the second systematic and the third is due to the uncertainties on the branching fractions of the $ψ(2S)$ and $J/ψ$ mesons. The measured ratio makes the interpretation of the $χ_{c1}(3872)$ state as a~pure $D^0\bar{D}^{*0}+\bar{D}^0D^{*0}$ molecule questionable and strongly indicates a sizeable compact charmonium or tetraquark component within the $χ_{c1}(3872)$ state.
Measurement of $D^0-\overline{D}^0$ mixing and search for $CP$ violation with $D^0\rightarrow K^+π^-$ decays
LHCb collaboration, R. Aaij, A. S. W. Abdelmotteleb
et al.
A measurement of the time-dependent ratio of the $D^0\rightarrow K^+π^-$ to $\overline{D}^0\rightarrow K^+π^-$ decay rates is reported. The analysis uses a sample of proton-proton collisions corresponding to an integrated luminosity of 6 fb$^{-1}$ recorded by the LHCb experiment from 2015 through 2018 at a center-of-mass energy of 13 TeV. The $D^0$ meson is required to originate from a $D^{*+}\rightarrow D^0π^+$ decay, such that its flavor at production is inferred from the charge of the accompanying pion. The measurement is performed simultaneously for the $K^+π^-$ and $K^-π^+$ final states, allowing both mixing and $CP$-violation parameters to be determined. The value of the ratio of the decay rates at production is determined to be $R_{Kπ} = (343.1 \pm 2.0) \times 10^{-5}$. The mixing parameters are measured to be $c_{Kπ} = (51.4 \pm 3.5) \times 10^{-4}$ and $c_{Kπ}^{\prime} = (13 \pm 4) \times 10^{-6}$, where $\sqrt{R_{Kπ}}c_{Kπ}$ is the linear coefficient of the expansion of the ratio as a function of decay time in units of the $D^0$ lifetime, and $c_{Kπ}^{\prime}$ is the quadratic coefficient, both averaged between the $K^+π^-$ and $K^-π^+$ final states. The precision is improved relative to the previous best measurement by approximately 60%. No evidence for $CP$ violation is found.
Search for time-dependent $CP$ violation in $D^0 \rightarrow π^+ π^- π^0$ decays
LHCb collaboration, R. Aaij, A. S. W. Abdelmotteleb
et al.
A measurement of time-dependent $CP$ violation in $D^0 \rightarrow π^+ π^- π^0$ decays using a $pp$ collision data sample collected by the LHCb experiment in 2012 and from 2015 to 2018, corresponding to an integrated luminosity of 7.7$\,\mathrm{fb}^{-1}$, is presented. The initial flavour of each $D^0$ candidate is determined from the charge of the pion produced in the $D^*(2010)^+ \rightarrow D^0 π^+$ decay. The decay $D^0 \rightarrow K^- π^+ π^0$ is used as a control channel to validate the measurement procedure. The gradient of the time-dependent $CP$ asymmetry, $ΔY$, in $D^0 \rightarrow π^+ π^- π^0$ decays is measured to be \begin{equation*} ΔY = (-1.3 \pm 6.3 \pm 2.4) \times 10^{-4}, \end{equation*} where the first uncertainty is statistical and the second is systematic, which is compatible with $CP$ conservation.
Amplitude analysis of the radiative decay $B^0_s\to K^+K^-γ$
LHCb collaboration, R. Aaij, A. S. W. Abdelmotteleb
et al.
A search for radiative decay of $B^0_s$ mesons to orbitally excited $K^+K^-$ states is performed using proton proton collisions recorded by the \mbox{LHCb}\xspace experiment, corresponding to an integrated luminosity of 9~fb$^{-1}$. The dikaon spectrum in the mass range $m_{KK}<2400$~{\ensuremath{\,\text{Me\kern -0.1em V\!/}c^2}\xspace} is dominated by the $φ(1020)$ resonance that accounts for almost 70$\%$ of the decay rate. Considering the possible contributions of $f_2{(1270)}$, $f'_2{(1525)}$ and $f_2{(2010)}$ meson states, the overall tensor contribution to the amplitude is measured to be \begin{equation} {\cal F}_{\{f_2\}}=16.8\pm 0.5\mathrm{~(stat.)}\pm0.7\mathrm{~(syst.)}\%,\nonumber \end{equation} mostly dominated by the $f'_2(1525)$ state. Several statistically equivalent solutions are obtained for the detailed resonant structure depending on whether the smaller amplitudes interfere destructively or constructively with the dominant amplitude. The preferred solution that corresponds to the lowest values of the fit fractions along with constructive interference leads to the relative branching ratio measurement \begin{equation} \frac{{\cal B}(B^0_s\to f'_2γ)}{{\cal B}(B^0_s\toφγ)}= 19.4^{+0.9}_{-0.8}\mathrm{~(stat.)}{}^{+1.4}_{-0.5}\mathrm{~(syst.)}\pm0.5\mathrm{~(\cal{B})}\%\nonumber, \end{equation} where the last uncertainty is due to the ratio of measured branching fractions to the $K^+K^-$ final state. This result represents the first observation of the radiative $B^0_s\to f'_2(1525)γ$ decay, which is the second radiative transition observed in the $B^0_s$ sector.
Search for $D^0$ meson decays to $π^+ π^- e^+ e^-$ and $K^+ K^- e^+ e^-$ final states
LHCb collaboration, R. Aaij, A. S. W. Abdelmotteleb
et al.
A search for $D^0$ meson decays to the $π^+π^-e^+e^-$ and $K^+K^-e^+e^-$ final states is reported using a sample of proton-proton collisions collected by the LHCb experiment at a center-of-mass energy of 13 TeV, corresponding to an integrated luminosity of 6 fb$^{-1}$. The decay $D^0 \rightarrow π^+π^-e^+e^-$ is observed for the first time when requiring that the two electrons are consistent with coming from the decay of a $φ$ or $ρ^0/ω$ meson. The corresponding branching fractions are measured relative to the $D^0 \rightarrow K^-π^-[e^+e^-]_{ρ^0/ω}$ decay, where the two electrons are consistent with coming from the decay of a $ρ^0$ or $ω$ meson. No evidence is found for the $D^0 \rightarrow K^+K^-e^+e^-$ decay and world-best limits are set on its branching fraction. The results are compared to, and found to be consistent with, the branching fractions of the $D^0 \rightarrow π^+π^-μ^+μ^-$ and $D^0 \rightarrow K^+K^-μ^+μ^-$ decays recently measured by LHCb and confirm lepton universality at the current precision.
Transverse polarization measurement of $Λ$ hyperons in $p$Ne collisions at $\sqrt{s_{NN}}$ = 68.4 GeV with the $\mbox{LHCb}$ detector
LHCb collaboration, R. Aaij, A. S. W. Abdelmotteleb
et al.
A measurement of the transverse polarization of the $Λ$ and $\barΛ$ hyperons in $p$Ne fixed-target collisions at $\sqrt{s_{NN}}$ = 68.4 GeV is presented using data collected by the LHCb detector. The polarization is studied using the decay $Λ\rightarrow p π^-$ together with its charge conjugated process, the integrated values measured are $$ P_Λ = 0.029 \pm 0.019 \, (\rm{stat}) \pm 0.012 \, (\rm{syst}) \, , $$ $$ P_{\barΛ} = 0.003 \pm 0.023 \, (\rm{stat}) \pm 0.014 \,(\rm{syst}) \,. $$ Furthermore, the results are shown as a function of the Feynman~$x$~variable, transverse momentum, pseudorapidity and rapidity of the hyperons, and are compared with previous measurements.
Tracking of charged particles with nanosecond lifetimes at LHCb
LHCb collaboration, R. Aaij, A. S. W. Abdelmotteleb
et al.
A method is presented to reconstruct charged particles with lifetimes between 10 ps and 10 ns, which considers a combination of their decay products and the partial tracks created by the initial charged particle. Using the $Ξ^-$ baryon as a benchmark, the method is demonstrated with simulated events and proton-proton collision data at $\sqrt{s}=13$ TeV, corresponding to an integrated luminosity of 2.0 fb${}^{-1}$ collected with the LHCb detector in 2018. Significant improvements in the angular resolution and the signal purity are obtained. The method is implemented as part of the LHCb Run 3 event trigger in a set of requirements to select detached hyperons. This is the first demonstration of the applicability of this approach at the LHC, and the first to show its scaling with instantaneous luminosity.
Measurement of the effective leptonic weak mixing angle
LHCb collaboration, R. Aaij, A. S. W. Abdelmotteleb
et al.
Using $pp$ collision data at $\sqrt{s}=13$ TeV, recorded by the LHCb experiment between 2016 and 2018 and corresponding to an integrated luminosity of $5.4$ fb$^{-1}$, the forward-backward asymmetry in the $pp \to Z/γ^{*} \to μ^+μ^-$ process is measured. The measurement is carried out in ten intervals of the difference between the muon pseudorapidities, within a fiducial region covering dimuon masses between $66$ and $116$ GeV, muon pseudorapidities between $2.0$ and $4.5$ and muon transverse momenta above $20$ GeV. These forward-backward asymmetries are compared with predictions, at next-to-leading order in the strong and electroweak couplings. The measured effective leptonic weak mixing angle is $\sin^2θ_{\rm eff}^\ell = 0.23147 \pm 0.00044 \pm 0.00005 \pm 0.00023$, where the first uncertainty is statistical, the second arises from systematic uncertainties associated with the asymmetry measurement, and the third arises from uncertainties in the fit model used to extract $\sin^2θ_{\rm eff}^\ell$ from the asymmetry measurement. This result is based on an arithmetic average of results using the CT18, MSHT20, and NNPDF31 parameterisations of the proton internal structure, and is consistent with previous measurements and with predictions from the global electroweak fit.
A search for rare $B \rightarrow D μ^+ μ^-$ decays
LHCb collaboration, R. Aaij, A. S. W. Abdelmotteleb
et al.
A search for rare $B \rightarrow D μ^+ μ^-$ decays is performed using proton-proton collision data collected by the LHCb experiment, corresponding to an integrated luminosity of 9 fb$^{-1}$. No significant signals are observed in the non-resonant $μ^+μ^-$ modes, and upper limits of $\mathcal{B}(B^0 \rightarrow \overline{D}^0 μ^+ μ^-) < 5.1 \times 10^{-8}$, $\mathcal{B}(B^+ \rightarrow D_s^+ μ^+ μ^-) < 3.2 \times 10^{-8}$, $\mathcal{B}(B_s^0 \rightarrow \overline{D}^0 μ^+ μ^-) < 1.6 \times 10^{-7}$ and $f_c/f_u \cdot \mathcal{B}(B_c^+ \rightarrow D_s^+ μ^+ μ^-) < 9.6 \times 10^{-8}$ are set at the 95\% confidence level, where $f_c$ and $f_u$ are the fragmentation fractions of a $B$ meson with a $c$ and $u$ quark respectively in proton-proton collisions. Each result is either the first such measurement or an improvement by three orders of magnitude on an existing limit. Separate upper limits are calculated when the muon pair originates from a $J/ψ\rightarrow μ^+ μ^-$ decay. The branching fraction of $B_c^+ \rightarrow D_s^+ J/ψ$ multiplied by the fragmentation-fraction ratio is measured to be $f_c/f_u \cdot \mathcal{B}(B_c^+ \rightarrow D_s^+ J/ψ) = (1.63 \pm 0.15 \pm 0.13) \times 10^{-5}$, where the first uncertainty is statistical and the second systematic.
Study of charmonium decays to $K^0_S K π$ in the $B \to (K^0_S K π) K$ channels
LHCb collaboration, R. Aaij, A. S. W. Abdelmotteleb
et al.
A study of the $B^+\to K^0_SK^+K^-π^+$ and $B^+\to K^0_SK^+K^+π^-$ decays is performed using proton-proton collisions at center-of-mass energies of 7, 8 and 13 TeV at the LHCb experiment. The $K^0_SK π$ invariant mass spectra from both decay modes reveal a rich content of charmonium resonances. New precise measurements of the $η_c$ and $η_c(2S)$ resonance parameters are performed and branching fraction measurements are obtained for $B^+$ decays to $η_c$, $J/ψ$, $η_c(2S)$ and $χ_{c1}$ resonances. In particular, the first observation and branching fraction measurement of $B^+ \to χ_{c0} K^0 π^+$ is reported as well as first measurements of the $B^+\to K^0K^+K^-π^+$ and $B^+\to K^0K^+K^+π^-$ branching fractions. Dalitz plot analyses of $η_c \to K^0_SKπ$ and $η_c(2S) \to K^0_SKπ$ decays are performed. A new measurement of the amplitude and phase of the $K π$ $S$-wave as functions of the $K π$ mass is performed, together with measurements of the $K^*_0(1430)$, $K^*_0(1950)$ and $a_0(1700)$ parameters. Finally, the branching fractions of $χ_{c1}$ decays to $K^*$ resonances are also measured.
Observation of the $B^0_s\rightarrow χ_{c1}(3872)π^+π^-$ decay
LHCb collaboration, R. Aaij, A. S. W. Abdelmotteleb
et al.
The first observation of the $B^0_s \rightarrow \left( χ_{c1}(3872) \rightarrow J/ψπ^+π^-\right) π^+ π^-$ decay is reported using proton-proton collision data, corresponding to integrated luminosities of 1, 2 and 6fb$^{-1}$, collected by the LHCb experiment at centre-of-mass energies of 7, 8 and 13TeV, respectively. The ratio of branching fractions relative to the $B^0_s \rightarrow \left( ψ(2S) \rightarrow Jψπ^+π^- \right) π^+ π^-$ decay is measured to be $$ \frac{ \mathcal{B} \left( B^0_s \rightarrow χ_{c1}(3872) π^+π^-\right) \times \mathcal{B} \left( χ_{c1}(3872) \rightarrow Jψπ^+π^-\right)} { \mathcal{B} \left( B^0_s \rightarrow ψ(2S) π^+ π^- \right) \times \mathcal{B} \left( ψ(2S) \rightarrow Jψπ^+π^-\right) } = \left( 6.8 \pm 1.1 \pm 0.2 \right) \times 10^{-2} , $$ where the first uncertainty is statistical and the second systematic. The mass spectrum of the $π^+π^-$ system recoiling against the $χ_{c1}(3872)$ meson exhibits a large contribution from $B^0_s \rightarrow χ_{c1}(3872) \left( f_0(980) \rightarrow π^+ π^-\right)$ decays.
Search for $D^{*}(2007)^0\toμ^+μ^-$ in $B^-\toπ^-μ^+μ^-$ decays
LHCb collaboration, R. Aaij, A. S. W. Abdelmotteleb
et al.
The very rare $D^{*}(2007)^0\toμ^+μ^-$ decay is searched for by analysing $B^-\toπ^-μ^+μ^-$ decays. The analysis uses a sample of beauty mesons produced in proton-proton collisions collected with the LHCb detector between 2011 and 2018, corresponding to an integrated luminosity of 9 fb$^{-1}$. The signal signature corresponds to simultaneous peaks in the $μ^+μ^-$ and $π^-μ^+μ^-$ invariant masses. No evidence for an excess of events over background is observed and an upper limit is set on the branching fraction of the decay at ${\cal B}(D^{*}(2007)^0\toμ^+μ^-) < 2.6\times 10^{-8}$ at $90\%$ confidence level. This is the first limit on the branching fraction of $D^{*}(2007)^0\toμ^+μ^-$ decays and the most stringent limit on $D^{*}(2007)^0$ decays to leptonic final states. The analysis is the first search for a rare charm-meson decay exploiting production via beauty decays.
A study in public finance
A. C. Pigou
Digital Transformation in the Context of European Union’s Green Deal
Bertoncelj, Andrej
The European Union currently faces several economic, social, and environmental challenges. Our future depends on a transition from a linear economy toward a circular/green economy. It is currently one of the most important priorities in the EU and a major preoccupation for policy makers, industry and academia. We are witnessing a transformation of today’s society toward an increasingly digital society; this trend is called Industry 4.0 and more broadly Society 5.0. Both concepts have one thing in common, that is smart technologies, which is predicted to exponentially increase in market value and scope with time. These technologies have the potential to completely take over all of production through interconnected systems, also known as Internet of Things/Cyber-physical systems, in turn eliminating the need for human monitoring/intervention in tasks through machine learning/artificial intelligence algorithms. The EU Member States' ambitious commitment to become climate-neutral by 2050 requires transformation in all economic sectors and entails important social changes. In achieving this goal, digitalization will play an essential enabling and catalytic role.
Observation of sizeable $ω$ contribution to $χ_{c1}(3872)\toπ^+π^-J/ψ$ decays
LHCb collaboration, R. Aaij, A. S. W. Abdelmotteleb
et al.
Resonant structures in the dipion mass spectrum from $χ_{c1}(3872)\toπ^+π^- J/ψ$ decays, produced via $B^+\to K^+χ_{c1}(3872)$ decays, are analyzed using proton-proton collision data collected by the LHCb experiment, corresponding to an integrated luminosity of 9 $fb^{-1}$. A sizeable contribution from the isospin conserving $χ_{c1}(3872)\toωJ/ψ$ decay is established for the first time, $(21.4\pm2.3\pm2.0)\%$, with a significance of more than $7.1σ$. The amplitude of isospin violating decay, $χ_{c1}(3872)\toρ^0 J/ψ$, relative to isospin conserving decay, $χ_{c1}(3872)\toωJ/ψ$, is properly determined, and it is a factor of six larger than expected for a pure charmonium state.