This paper investigates how three features of board structure relate to financial reporting misconduct in China. The analysis covers 63,650 firm-year observations for A-share companies between 2000 and 2025 and considers the proportion of independent directors, the combination of the CEO and board-chair positions, and female representation on the board. Financial restatement serves as the observable measure of misconduct. The estimates show that CEO duality is associated with fewer restatements. Board independence also has a negative coefficient, although the association weakens and loses statistical significance when the other board attributes are included. Female board representation has the most stable result: firms with more female directors have a significantly lower probability of restatement. Additional tests indicate that ownership type moderates the association with CEO duality but not the associations with board independence or female representation. These results show that board attributes differ in their relation to reporting outcomes and that the consequences of leadership structure depend on institutional context.

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After selecting data of Montage Technology from 2021 to 2025, one can observe a growth process that is not neatly linear. The overall scale expanded over the five years, yet the differences between years were large. Based mainly on the company's annual reports, this paper continuously observes the changes in operating revenue, profit, R&D expenses, assets, and equity, and uses relevant data from the Science and Technology Innovation Board as a reference. There is a time lag between input and output in the chip design business: R&D occurs first, and sales may only form after sample production, validation, and customer introduction are completed; meanwhile, fluctuations in the server and storage markets also affect orders. In 2023, the company's revenue and profit clearly fell, and then recovered in 2024–2025 with the DDR5 upgrade, shipment of new products, and increased demand from AI servers. In 2025, operating revenue grew 49.94% year-on-year and R&D investment intensity was 16.77%. Therefore, this paper's judgment of the company is not simply "fast growth", but rather a strong growth foundation coupled with pronounced volatility; customer structure, revenue sources, and the external manufacturing dependence under the Fabless model still require continued attention.

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This study employs the Difference-in-Differences (DID) method, using the 2025 Jiangsu City Football Super League ("Jiangsu Super League") as a quasi-natural experiment to rigorously examine the net effect of the Jiangsu City Football Super League on the regional economy. The study constructs an econometric model that includes time effects, regional effects, and interaction terms, and then conducts robustness tests and heterogeneity analysis. The findings show that the establishment of the Jiangsu City Football League significantly promoted the growth of the tertiary industry value-added in Jiangsu Province, with a relative growth rate of approximately 20.28%; the effect is particularly pronounced in medium and small cities such as Taizhou and Suqian. This economic benefit is fully verified by the parallel trends test and robustness tests, has high causal credibility, and provides new insights for the development of the tertiary industry in other cities.

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Using 610 firm-year observations on 122 Chinese listed energy firms over 2020–2024, this paper examines the relationship between digital transformation and ESG performance, the mediating role of internal control quality and the moderating role of government subsidies. Digital transformation is positively associated with ESG performance in the controlled specification (coefficient 0.138, t = 2.32). Internal control quality carries a significant indirect effect of 0.035 (95% CI [0.008, 0.063]), while the direct effect becomes insignificant. Government subsidies strengthen the association (interaction coefficient 0.0452, t = 2.34). Industry analysis shows a stronger association in gas utilities than in power generation. The estimate becomes insignificant with firm fixed effects, and several alternative specifications are also insignificant; the findings therefore support a conditional association rather than a causal effect. The results highlight governance upgrading and the scale of public support as relevant considerations in energy-sector digitalisation.

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