Energy is the fundamental requirement of all physical, chemical, and biological processes which are utilized for better living standards. The toll that the process of development takes on the environment and economic activity is evident from the arising concerns about sustaining the industrialization that has happened in the last centuries. The increase in carbon footprint and the large-scale pollution caused by industrialization has led researchers to think of new ways to sustain the developmental activities, whilst simultaneously minimizing the harming effects on the enviroment. Therefore, decarbonization strategies have become an important factor in industrial expansion, along with the invention of new catalytic methods for carrying out non-thermal reactions, energy storage methods and environmental remediation through the removal or breakdown of harmful chemicals released during manufacturing processes. The present article discusses the structural features and photocatalytic applications of a variety of metal oxide-based materials. Moreover, the practical applicability of these materials is also discussed, as well as the transition of production to an industrial scale. Consequently, this study deals with a concise framework to link metal oxide application options within energy, environmental and economic sustainability, exploring the footprint analysis as well.
Cytomixis is reported to be a uniform phenomenon in the context of fertilization during spermatogenesis of animals and in some lower groups of plants where oogamous reproduction prevails. However, the phenomenon is versatile in flowering taxa as it lacks uniformity in occurrences, causes, formation of intercellular bridges, involvement of number of cells in a cluster, evolutionary significance among others. A review on cytomixis is conducted with an objective that it may offer a scope to unravel some of the ambiguities associated with it and provide further information on cell, reproductive, structural and evolutionary biology.
Purpose
This paper aims to examine various factors affecting the pricing of audit services and the selection of auditors in the Indian audit market. This paper also aims to investigate the impact of financial distress conditions on the audit pricing and auditor choice decisions of a firm, particularly in the context of a developing economy.
Design/methodology/approach
The sample comprises 22,644 firm-years for 1,366 Indian firms from 1990 to 2015. The authors adopt ordinary least squares regression technique to model audit fee, and logistic regression technique to model auditor choice as a function of various factors relating to firm attributes and auditor characteristics.
Findings
This paper finds that auditors tend to charge an audit fee premium when they are affiliated to a Big 4 auditor, have industry specialization or jointly provide auditing and non-auditing services. Additionally, firms with larger boards, higher proportion of independent board of directors and CEO–Chairman separation are more likely to choose a Big 4-affiliated auditor. The results also suggest that financially distressed firms tend to pay significantly lower audit fees and are more likely to choose non-Big 4 auditors.
Originality/value
This paper is among the few studies which investigate how financial distress impacts the audit pricing and auditor choice decisions of a firm in the context of emerging economies. The findings of this paper raises serious concerns about the credibility of the audited financial statements and corporate governance mechanisms of firms undergoing financial distress. The empirical results of this paper have strong implications for practitioners, regulators and investors.
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