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关键词： Leverage   Debt   Capital structure   Firm performance   Internationalization   F23   G32   CAPITAL-STRUCTURE   FINANCIAL LEVERAGE   EMPIRICAL-ANALYSIS   IMPACT   PROFITABILITY   DIVERSIFICATION   CAPABILITIES   INVESTMENT   MARKET  

摘要： Purpose This study examines the influence of firm's international trade activities on the relationship between debt and firm's performance. Design/methodology/approach This study is based on a sample of 8,343 Portuguese manufacturing firms between 2010 and 2017 and resorts to a random effects model. Findings Results suggest that international engagement can have a moderating effect on the relationship between debt and a company's performance. In fact, results indicate that the impact of debt on performance is less negative for companies involved in international trade activities (either importing, exporting or both) than for purely domestic firms. Furthermore, results also suggest that the level of international involvement is relevant; importing activities are those that contribute most toward a positive impact. Originality/value The work extends the existing literature by considering various types of international trade activities.

关键词： Ecological footprint   Air pollution   R&D   SDGs   Agricultura   Trade   Cointegration   ENVIRONMENTAL KUZNETS CURVE   CARBON-DIOXIDE EMISSIONS   TESTING SLOPE HOMOGENEITY   CO2 EMISSIONS   ENERGY-CONSUMPTION   ECONOMIC-GROWTH   SUSTAINABLE DEVELOPMENT   RENEWABLE ENERGY   OIL PRICE   IMPACT  

摘要： With economic development, there is a growing demand for food and manufactured products that put direct pressure on air and soil quality, limiting sustainable development. The Sustainable Development Goals (SDGs) formulated by the United Nations establish 17 objectives that guide public policies within countries. The achievement of the SDG6, SDG7, SDG11, SDG12, SDG14 and SDG15 goals, which are totally or partially related to environmental quality, depends mainly on the ability to generate new processes and industrial products friendly to the environment. Innovation arising from research and development (R&D) can be decisive in mitigating the adverse effects of climate change. The objective of this research is to examine the effect of R&D on environmental degradation as measured by ecological footprint and air quality, including the role of agriculture and trade. The theoretical framework that supports the methodological strategy is the environmental Kuznets curve. To capture the role of geography, we used the World Bank classification of regions. Using second-generation cointegration techniques and panel data for 77 countries during 1996-2016, we found a cointegration relationship between R&D and environmental degradation, agriculture, and trade. The results of the FMOLS model suggest a heterogeneous impact of research and development on environmental degradation. Likewise, our results show that there is bidirectional causality between air quality R&D and between the ecological footprint and R&D. In East Asia and the Pacific region, there is a two-way causality between air quality and R&D, and a one-way causal relationship ranging from the ecological footprint to R&D. In the Middle East and North Africa, we find a one-way causal relationship ranging from the ecological footprint to R&D. Finally, we find that there is one-way causality from R&D to ecological footprint in North America, Europe, and Central Asia. The investigation ends with a call for policymakers to u