Journal of Hunan University Natural Sciences

Firm value remains a central indicator of corporate performance. However, empirical evidence on how internal financial decision-making processes contribute to firm value remains limited, particularly in manufacturing firms operating in emerging economies and in studies based on primary managerial data. This study addresses this gap by conceptualizing financial decision-making quality as a multidimensional managerial capability and examining its effect on perceived firm value. A quantitative research design was employed using survey data collected from managers and financial executives of manufacturing firms. Financial decision-making quality was measured through investment analysis, financing structure decisions, and financial risk evaluation, while perceived firm value was assessed using indicators related to competitiveness, growth prospects, and sustainability. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results indicate that financial decision-making quality has a positive and statistically significant effect on perceived firm value. Firms with higher-quality financial decision-making processes tend to report stronger perceived firm value. However, the findings should be interpreted with caution due to the cross-sectional design and the use of perception-based measures, which may be subject to respondent bias. This study contributes to the literature by providing direct empirical evidence on the role of managerial financial decision-making quality as an internal determinant of perceived firm value in emerging economy contexts. The findings highlight the importance of strengthening managerial financial capabilities as a strategic lever for enhancing firm performance.

Keywords: financial decision-making quality; perceived firm value; manufacturing firms; emerging economies; managerial financial capability; PLS-SEM.

DOI https://doi.org/10.55463/issn.1674-2974.53.5.4

Hotelling’s T² test is a foundational multivariate statistical method widely used for hypothesis testing involving mean vectors. However, its classical formulation relies on strong assumptions, including multivariate normality, low dimensionality relative to sample size, and the absence of outliers. In recent decades, a growing body of literature has proposed robust extensions of Hotelling’s T² test to address violations of these assumptions, particularly in high-dimensional and contaminated data settings. Despite rapid methodological development, simulation-based evidence on the performance of these robust extensions has not yet been systematically synthesized. Guided by the PRISMA framework, this study conducts a systematic literature review of simulation studies published between 1974 and 2025 that examine robust variants of Hotelling’s T² test and related multivariate tests. Searches were conducted in Scopus and Web of Science, resulting in 35 eligible studies for qualitative synthesis. Using thematic analysis, three major themes were identified: robustness in high-dimensional and small-sample regimes; robustness to distributional deviations and outlier contamination; and calibration and computational robustness through resampling and adaptive procedures. The review highlights the consistent performance advantages of robust methods over the classical Hotelling’s T² test under assumption violations, identifies methodological gaps in simulation design, and provides recommendations for future research.

Keywords: Hotelling’s T² test; robust statistics; high-dimensional data; multivariate tests; simulation study; systematic literature review.

DOI https://doi.org/10.55463/issn.1674-2974.53.5.3

This study investigates the effects of green growth (GG) and green technological innovation (GTI) on environmental degradation, measured by per-capita CO₂ emissions (LED), across the BRICS economies (Brazil, Russia, India, China, and South Africa) over the period 1990–2023. Motivated by the urgent need to balance fast-paced economic development with sustainable ecology in high-growth emerging economies, presents three key innovations: (i) the analysis of GG and GTI is conducted concurrently with the EKC dynamics in the context of the integrated PMG-ARDL approach; (ii) a newer dataset (1990–2023) compared to previous studies focusing on BRICS countries; and (iii) cross-sectional dependence tests and model robustness verification through Panel DOLS and FMOLS. Unit root testing shows mixed order of integration between I(0) and I(1), which fulfills PMG-ARDL requirements, while Kao residual co-integration test confirms the existence of long-term equilibrium among variables. The long-run estimation results show that GG and GTI have a significant impact on lowering CO₂ emissions by 0.38% and 0.65% per unit increase, respectively, which supports the Porter Hypothesis and decoupling paradigm. FDI also has a significant impact on lowering emissions (0.32%), which aligns with the Pollution Halo Hypothesis. Contrarily, fossil fuel use and population expansion contribute to worsening environmental quality. More importantly, the significant positive value of GDP and the negative value of GDP² validate the EKC hypothesis in BRICS.The error-correction term (−0.680) indicates that 68% of short-run deviations are corrected per period. Granger-causality tests reveal unidirectional causality from GG and GTI to LED, and bidirectional causality among GDP, FDI, fossil fuels, population growth, and LED. These findings advocate for coordinated policy frameworks that prioritise green technology investment, renewable energy transition, and carbon pricing across BRICS member states to attain Sustainable Development.

Keywords: green growth; green technological innovation; environmental degradation; PMG-ARDL; environmental kuznets curve; BRICS; decoupling.

DOI https://doi.org/10.55463/issn.1674-2974.53.5.2

This study presents an analytical investigation of the dynamic response of a circular reinforced concrete (RC) bridge pier subjected to lateral vehicle impact loading. The pier is idealized as an equivalent single-degree-of-freedom (SDOF) system, in which the distributed mass is represented by a lumped mass at the pier head based on first-mode participation. Three commonly used simplified impact load models—rectangular, half-sine, and triangular pulses—are considered, each defined by the same peak force and duration. Closed-form solutions are derived using the Duhamel integral to evaluate the displacement response under transient loading, and the analytical results are validated against numerical integration performed using MATLAB ODE45. For the representative case with a load-duration ratio of td/T=0.822t_d/T = 0.822td/T=0.822, the peak displacements are 9.48 mm, 8.34 mm, and 7.36 mm for the rectangular, half-sine, and triangular pulses, respectively, corresponding to dynamic magnification factors of 2.010, 1.768, and 1.560. A parametric study over 0.2≤td/T≤2.00.2 \leq t_d/T \leq 2.00.2≤td/T≤2.0 shows that the rectangular pulse consistently produces the highest response, with the rectangular-to-triangular amplification ratio reaching approximately 1.55 in the intermediate dynamic regime. The results are interpreted in terms of the impulse and frequency-domain characteristics of the load functions. The findings highlight the significant influence of load shape on the predicted structural response and demonstrate that the selection of a simplified pulse model can alter displacement estimates by up to 29%, providing important implications for impact-resistant bridge pier design.

Keywords: bridge pier dynamics; vehicle impact loading; SDOF idealization; Duhamel integral; dynamic magnification factor; shock spectrum; rectangular pulse; half-sine pulse; triangular pulse; parametric study.

DOI https://doi.org/10.55463/issn.1674-2974.53.5.1

This study examines Shaykh Nawawi al-Bantani’s thought on the role of tawhid (Islamic monotheism) as the foundation of moral education. It aims to analyze how the values of tawhid shape moral principles within the framework of Islamic educational thought. The study employs a qualitative approach using content analysis of Shaykh Nawawi’s major works, including Tafsir Munir, Nashoihul ‘Ibad, Maraqil ‘Ubudiyah, Bahjatul Wasa’il, Nurudzdzolam, Qami’uttughyan, and Fathul Majid. The analysis focuses on identifying key concepts related to tawhid and examining their implications for moral education. The findings reveal that tawhid serves as the central foundation for moral formation. The internalization of tawhid encourages the development of noble character, directs the purpose of learning toward seeking the pleasure of Allah, and fosters sincerity in worship, thereby strengthening spiritual devotion. In addition, tawhid cultivates acceptance of divine decree and promotes recognition of the unity of creation, humanity, life guidance, and life purpose. Collectively, these values construct a moral identity rooted in the principles of Islamic monotheism. This study highlights the conceptual relationship between tawhid and moral education in Shaykh Nawawi al-Bantani’s thought and contributes to the development of Islamic moral education by emphasizing tawhid as its fundamental ethical and spiritual foundation.

Keywords: Shaykh Nawawi al-Bantani; Tawhid; Moral education; Islamic education; Character education.

DOI https://doi.org/10.55463/issn.1674-2974.53.4.14