In modern enterprises with a separation of powers, the ultimate controller can effectively influence the implementation of corporate strategy and operational management efficiency, as well as improve corporate governance by monitoring and limiting the management entrenchment effect within enterprises. Based on the information pertaining to ultimate controllers disclosed by enterprises in their annual reports, this study empirically tested whether the absence of the ultimate controller impacts investment efficiency using the data of Chinese A-share listed companies from 2007 to 2020. It was found that the investment efficiency of enterprises without ultimate controllers is relatively lower than those with ultimate controllers. This is reflected in the insufficient investment of enterprises without an ultimate controller. Moreover, the effect is more significant when the financial environment, internal governance environment, and external governance environment of firms are worse. The mechanism analysis demonstrated that the absence of an ultimate controller causes a more severe insider agency problem and a significantly higher degree of financing constraints, which leads to underinvestment and reduces investment efficiency of firms. The economic consequence test also found that the inefficient investment caused by the absence of ultimate controllers would damage the future value of enterprises, but would increase managers’ compensation. Overall, this study suggests that ultimate controllers are an important part of a firm’s internal governance, especially for monitoring management behavior and resolving agency conflicts.

From the perspective of comprehensive efficiency, the 40 futures companies scored a maximum of 1, a minimum of 0.095 and an average of 0.395, which shows that there is a large gap in efficiency between the research institutes of futures companies. Specifically, the DEA reveals 3 companies with the best efficiency, namely, Jinshi Futures, Dayou Futures and BOC International Futures, which account for 7.5% of the research objects. These three companies are also effective in pure technical efficiency and scale efficiency, which shows that they have the right input-output ratios for their research institutes, have fully utilized the labour and costs invested and have achieved the maximum output results at this input level. There are 37 companies that are not efficient according to the DEA, accounting for 92.5% of the sample. Among them, 5 companies that are slightly inefficient and 32 companies that are seriously inefficient, accounting for 12.5% and 80% of the sample, respectively. This shows that the efficiency level of the research institutes of futures companies is generally low, and a large number of research institutes have not achieved comprehensive efficiency and effectiveness. From the perspective of pure technical efficiency, the maximum value is 1, the minimum value is 0.099, and the average value is 0.468. There are 7 company research institutes with efficient technical efficiency, accounting for 17.5% of the sample. These companies have invested reasonable resources in their research departments. They are inefficient in terms of comprehensive efficiency but efficient in pure technical efficiency, which means that the main reason that the DEA scores them as inefficient their inefficiency in scale efficiency. There are 33 research institutes with poor technical efficiency, accounting for 82.5% of the sample and indicating that the allocation of research department resources by futures companies requires further improvement. From the perspective of scale efficiency, the maximum value is 1, the minimum value is 0.356, and the average value is 0.876. All decision-making units with poor DEA evaluations also have poor scale efficiency. The inefficient comprehensive efficiency of research departments is attributable to pure technical efficiency and scale efficiency. In terms of returns to scale, 14 research institutes have constant returns to scale, accounting for 35% of the sample, and the returns are economic. There are 7 futures companies with increasing returns to scale, accounting for 17.5% of the sample. There are 19 companies with diminishing returns to scale, accounting for 47.5% of the sample.

In order to make a complete ranking of intertemporal environmental efficiency in a dynamic manner, this paper combines the network-based dynamic data envelopment analysis (DEA), super-efficiency with the unified efficiency under natural and managerial disposability, and designs a dynamic DEA model and the corresponding dynamic super-efficiency DEA model. Compared with previous studies, the proposed measure can fully rank the overall environmental efficiency of all decision making units (DMUs) in a dynamic manner, and more importantly, it provides the information about when and what factors lead to inefficiency or efficiency of DMUs. The proposed models are applied to examine the environmental efficiency of 30 provinces in China from 2008 to 2017. The results show that there are significant regional differences of environmental efficiency in China. In addition, slack analysis shows that most eastern efficient provinces have no obvious advantages in energy consumption, labor and waste water emission; most central and western efficient provinces have no advantages in sulfur dioxide (SO2) emissions and GDP. To improve overall efficiency, eastern inefficient provinces should mainly focus on reducing energy consumption, SO2 emissions and labor, and increasing capital investment in right years, central and western inefficient provinces can focus on reducing SO2 emissions and labor in most years, most of provinces need to increase gross domestic capital formation.

Slow Cooker Market Outlook

As per our latest research, the global slow cooker market size reached USD 2.15 billion in 2024, reflecting a strong consumer affinity for convenient and energy-efficient cooking appliances. The market is growing at a steady CAGR of 6.2% and is projected to attain a value of USD 3.68 billion by 2033. This robust growth is driven primarily by increasing urbanization, rising disposable incomes, and a pronounced shift towards home-cooked meals in both developed and emerging economies.

A major growth factor propelling the slow cooker market is the rising demand for convenient and time-saving kitchen appliances. With the modern workforce experiencing busier lifestyles, consumers are increasingly seeking solutions that allow for easy meal preparation without compromising on nutrition or taste. Slow cookers, with their ability to cook unattended for extended periods, have become a staple in many households. This trend is further amplified by the growing awareness regarding the health benefits of slow-cooked meals, which retain more nutrients and flavors compared to other cooking methods. The proliferation of online recipes and food blogs has also significantly contributed to the adoption of slow cookers, as consumers become more enthusiastic about experimenting with diverse cuisines and cooking techniques.

Technological advancements have played a pivotal role in the expansion of the slow cooker market. The emergence of programmable and multi-function slow cookers, equipped with digital timers, temperature control, and smart connectivity features, has greatly enhanced user convenience and broadened the appeal of these appliances. Manufacturers are continually innovating to offer products that cater to the evolving needs of consumers, such as energy efficiency, ease of cleaning, and compact designs suitable for smaller urban kitchens. The integration of IoT and smart home compatibility is also expected to drive future market growth, as tech-savvy consumers seek seamless integration of kitchen appliances with their connected home ecosystems.

Another significant driver is the increasing focus on sustainability and energy-efficient appliances. Slow cookers are recognized for their low energy consumption compared to traditional ovens and stovetops, making them an attractive choice for environmentally conscious consumers. Governments and regulatory bodies across various regions are also promoting the use of energy-efficient appliances through awareness campaigns and incentives, further accelerating market growth. Additionally, the trend towards smaller household sizes, especially in urban areas, has led to a preference for compact kitchen appliances, further fueling demand for slow cookers.

From a regional perspective, North America currently dominates the slow cooker market, accounting for the largest share in 2024, followed closely by Europe and the rapidly expanding Asia Pacific region. The market in North America is propelled by high consumer awareness, a strong culture of home cooking, and widespread product availability. Meanwhile, Asia Pacific is witnessing the fastest growth, driven by rising disposable incomes, urbanization, and a growing middle class with an increasing appetite for modern kitchen appliances. Europe also presents significant opportunities, particularly in countries with a rich tradition of slow-cooked cuisine and a strong inclination towards energy-efficient products.

Product Type Analysis

The product type segment of the slow cooker market is broadly categorized into manual slow cookers, programmable slow cookers, and multi-function slow cookers. Manual slow cookers, which have been the traditional choice for decades, continue to maintain a significant market share due to their affordability and straightforward operation. These models typically feature simple dial controls for temperature adjustment and are favored by consumers who prefer reliability and ease of use

In order to make a complete ranking of intertemporal environmental efficiency in a dynamic manner, this paper combines the network-based dynamic data envelopment analysis (DEA), super-efficiency with the unified efficiency under natural and managerial disposability, and designs a dynamic DEA model and the corresponding dynamic super-efficiency DEA model. Compared with previous studies, the proposed measure can fully rank the overall environmental efficiency of all decision making units (DMUs) in a dynamic manner, and more importantly, it provides the information about when and what factors lead to inefficiency or efficiency of DMUs. The proposed models are applied to examine the environmental efficiency of 30 provinces in China from 2008 to 2017. The results show that there are significant regional differences of environmental efficiency in China. In addition, slack analysis shows that most eastern efficient provinces have no obvious advantages in energy consumption, labor and waste water emission; most central and western efficient provinces have no advantages in sulfur dioxide (SO2) emissions and GDP. To improve overall efficiency, eastern inefficient provinces should mainly focus on reducing energy consumption, SO2 emissions and labor, and increasing capital investment in right years, central and western inefficient provinces can focus on reducing SO2 emissions and labor in most years, most of provinces need to increase gross domestic capital formation.

Smart Condensate Drain Cleanout Systems Market Outlook

According to our latest research, the global Smart Condensate Drain Cleanout Systems market size reached USD 1.12 billion in 2024, and is anticipated to grow at a robust CAGR of 8.7% during the forecast period, reaching approximately USD 2.37 billion by 2033. The market is witnessing significant growth due to the increasing adoption of smart HVAC and refrigeration systems, growing awareness about energy efficiency, and the rising need for maintenance automation in both residential and industrial environments. As per the latest research, the market’s upward trajectory is closely linked to the ongoing digital transformation and integration of IoT-enabled solutions within facility management operations worldwide.

One of the primary growth drivers for the Smart Condensate Drain Cleanout Systems market is the surging demand for automation in HVAC and refrigeration maintenance. Traditional condensate drainage systems often require frequent manual intervention, leading to increased labor costs and potential system downtimes. Smart condensate drain cleanout systems, especially those equipped with automatic sensors and remote monitoring capabilities, significantly reduce maintenance requirements, enhance operational efficiency, and minimize the risk of water damage caused by clogged drains. This shift towards automation is further accelerated by the growing adoption of smart building solutions and the emphasis on preventive maintenance, particularly in commercial and industrial settings where uninterrupted operation is critical.

Another crucial factor fueling the market’s expansion is the increasing focus on energy efficiency and environmental sustainability. Inefficient condensate drainage can lead to system inefficiencies, increased energy consumption, and, in some cases, compromised indoor air quality. Smart condensate drain cleanout systems help mitigate these issues by ensuring timely removal of condensate, preventing system blockages, and optimizing overall equipment performance. Regulatory frameworks pushing for energy-efficient building infrastructure, coupled with incentives for adopting green technologies, are encouraging both end-users and manufacturers to invest in advanced drain cleanout solutions. This trend is particularly pronounced in regions with stringent environmental standards and high energy costs.

The proliferation of IoT and the integration of advanced sensors and cloud-based monitoring platforms are also propelling market growth. Modern smart condensate drain cleanout systems can be seamlessly integrated into building management systems, providing real-time data, predictive maintenance alerts, and remote troubleshooting capabilities. These features not only enhance user convenience but also contribute to reduced operational costs and extended equipment lifespan. The rapid pace of urbanization, coupled with the rising adoption of smart home and smart industrial solutions, is expected to further drive the demand for these innovative systems in the coming years.

From a regional perspective, North America currently dominates the global Smart Condensate Drain Cleanout Systems market, accounting for the largest revenue share in 2024, closely followed by Europe and the Asia Pacific. The strong presence of leading HVAC and industrial equipment manufacturers, early adoption of smart technologies, and a well-established regulatory framework supporting energy efficiency are key factors supporting market growth in these regions. Meanwhile, the Asia Pacific market is expected to register the highest CAGR during the forecast period, driven by rapid industrialization, urbanization, and increasing investments in modern infrastructure across countries such as China, India, and Southeast Asian nations. Latin America and the Middle East & Africa are also witnessing steady growth, albeit from a smaller base, as awareness and adoption of smart maintenance solutions gradually increase.

Product Type Analysis

The Product Type segment of the Smart Condensate Drain Cleanout Systems market is primarily divided into Automatic Drain Cleanout Systems and Manual Drain Cleanout Systems. Automatic systems have gained substantial momentum in recent years, owing to their advanced features such as real-time monitoring, self-cleaning mechanisms, and integration with building management systems. These systems are particularly fa

The inefficiency observed in investment within state-owned enterprises presents a significant practical challenge that can affect the sustainable development of China’s economy. To address this issue, this study comprehensively explores the intricate mechanisms underlying the governance implications of mixed ownership on the investment efficiency of listed companies. Drawing on unbalanced panel data encompassing Shanghai and Shenzhen Stock Exchange A-share listed companies in China spanning the period from 2008 to 2022, this study employs a fixed-effects model to unveil the nuanced ways in which mixed ownership influences investment efficiency through the lens of agency costs. This study transcends the boundaries of traditional agency conflicts between managers and shareholders. It delves deeper, illuminating the diverse effects of agency conflicts between significant controlling shareholders and minority shareholders. The results revealed a noteworthy positive correlation between mixed ownership and investment efficiency, and verified the intermediary role of agency costs between mixed ownership and investment efficiency, which is an important result of our research. Heterogeneity analysis indicates that the relationship between the two can be affected by external events, such as during the COVID-19 pandemic, investment efficiency is not the most concerned issue for enterprises. The findings have practical implications for practitioners and policymakers, as they offer avenues for optimizing investment strategies and fostering efficient and effective corporate governance practices.

In modern enterprises with a separation of powers, the ultimate controller can effectively influence the implementation of corporate strategy and operational management efficiency, as well as improve corporate governance by monitoring and limiting the management entrenchment effect within enterprises. Based on the information pertaining to ultimate controllers disclosed by enterprises in their annual reports, this study empirically tested whether the absence of the ultimate controller impacts investment efficiency using the data of Chinese A-share listed companies from 2007 to 2020. It was found that the investment efficiency of enterprises without ultimate controllers is relatively lower than those with ultimate controllers. This is reflected in the insufficient investment of enterprises without an ultimate controller. Moreover, the effect is more significant when the financial environment, internal governance environment, and external governance environment of firms are worse. The mechanism analysis demonstrated that the absence of an ultimate controller causes a more severe insider agency problem and a significantly higher degree of financing constraints, which leads to underinvestment and reduces investment efficiency of firms. The economic consequence test also found that the inefficient investment caused by the absence of ultimate controllers would damage the future value of enterprises, but would increase managers’ compensation. Overall, this study suggests that ultimate controllers are an important part of a firm’s internal governance, especially for monitoring management behavior and resolving agency conflicts.

In modern enterprises with a separation of powers, the ultimate controller can effectively influence the implementation of corporate strategy and operational management efficiency, as well as improve corporate governance by monitoring and limiting the management entrenchment effect within enterprises. Based on the information pertaining to ultimate controllers disclosed by enterprises in their annual reports, this study empirically tested whether the absence of the ultimate controller impacts investment efficiency using the data of Chinese A-share listed companies from 2007 to 2020. It was found that the investment efficiency of enterprises without ultimate controllers is relatively lower than those with ultimate controllers. This is reflected in the insufficient investment of enterprises without an ultimate controller. Moreover, the effect is more significant when the financial environment, internal governance environment, and external governance environment of firms are worse. The mechanism analysis demonstrated that the absence of an ultimate controller causes a more severe insider agency problem and a significantly higher degree of financing constraints, which leads to underinvestment and reduces investment efficiency of firms. The economic consequence test also found that the inefficient investment caused by the absence of ultimate controllers would damage the future value of enterprises, but would increase managers’ compensation. Overall, this study suggests that ultimate controllers are an important part of a firm’s internal governance, especially for monitoring management behavior and resolving agency conflicts.

Power Infrastructure Market Outlook

The global power infrastructure market size was valued at approximately USD 1.5 trillion in 2023 and is projected to grow to USD 2.3 trillion by 2032, exhibiting a CAGR of around 5.2% during the forecast period. This growth is driven by increasing energy demand, technological advancements, and a surge in investments towards renewable energy sources. The power infrastructure market continues to expand as economies across the world strive to modernize their energy grids and enhance efficiency, reliability, and sustainability in power supply.

One of the primary growth factors for the power infrastructure market is the escalating global demand for electricity. As urbanization and industrialization continue to rise, particularly in emerging economies, the necessity for reliable and efficient power supply becomes paramount. This surge in demand stimulates investments in power generation, transmission, and distribution infrastructure, ensuring that the growing energy needs of populations and industries are met. Moreover, advancements in technology, such as smart grid solutions and energy storage systems, are transforming traditional power infrastructure, making it more efficient, resilient, and capable of integrating renewable energy sources.

Another significant driver for the market is the global shift towards clean and renewable energy sources. Governments worldwide are implementing stringent regulations and policies to reduce carbon emissions and combat climate change. This has led to substantial investments in renewable energy projects, such as wind, solar, and hydroelectric power, which require corresponding infrastructure for generation, transmission, and distribution. Additionally, various incentives and subsidies offered by governments to promote renewable energy adoption are further boosting market growth.

The modernization of aging power infrastructure is also a critical growth factor. Many developed countries are investing heavily in upgrading their old and inefficient power grids to enhance reliability and efficiency. This includes the integration of advanced technologies like smart meters, automated distribution systems, and advanced control systems. These upgrades not only improve the operational efficiency of the power grid but also facilitate the integration of renewable energy sources, thus supporting the overall growth of the power infrastructure market.

Regionally, the Asia Pacific is expected to lead the market, driven by rapid urbanization, industrial growth, and increasing investments in renewable energy. Countries like China and India are at the forefront of this growth, with significant infrastructure projects and government initiatives aimed at expanding their power capabilities. North America and Europe are also major markets, with substantial investments in grid modernization and renewable energy integration. Latin America and the Middle East & Africa are witnessing steady growth, driven by a combination of economic development, energy demand, and renewable energy projects.

Component Analysis

The power infrastructure market by component can be broadly segmented into generation, transmission, and distribution. Power generation involves the production of electricity using various energy sources, including fossil fuels, nuclear, and renewables. This segment is experiencing significant growth due to the rising adoption of renewable energy sources, such as wind, solar, and hydroelectric power. The increasing focus on reducing carbon emissions and enhancing energy security is driving investments in renewable power generation infrastructure. Additionally, advancements in technology are improving the efficiency and cost-effectiveness of renewable energy systems, making them more competitive with traditional power generation methods.

Transmission is another critical component of the power infrastructure market. It involves the high-voltage transfer of electricity from power generation facilities to substations near demand centers. The growth in this segment is driven by the need to transmit electricity over long distances, especially from remote renewable energy sources to urban centers. Investments in high-voltage direct current (HVDC) transmission systems, which offer higher efficiency and lower losses compared to traditional alternating current (AC) systems, are contributing to the expansion of this segment. Moreover, the integration of smart grid technologies is enhancing the reliability and efficiency of power transmission networks.

The distribution segment involves t

In modern enterprises with a separation of powers, the ultimate controller can effectively influence the implementation of corporate strategy and operational management efficiency, as well as improve corporate governance by monitoring and limiting the management entrenchment effect within enterprises. Based on the information pertaining to ultimate controllers disclosed by enterprises in their annual reports, this study empirically tested whether the absence of the ultimate controller impacts investment efficiency using the data of Chinese A-share listed companies from 2007 to 2020. It was found that the investment efficiency of enterprises without ultimate controllers is relatively lower than those with ultimate controllers. This is reflected in the insufficient investment of enterprises without an ultimate controller. Moreover, the effect is more significant when the financial environment, internal governance environment, and external governance environment of firms are worse. The mechanism analysis demonstrated that the absence of an ultimate controller causes a more severe insider agency problem and a significantly higher degree of financing constraints, which leads to underinvestment and reduces investment efficiency of firms. The economic consequence test also found that the inefficient investment caused by the absence of ultimate controllers would damage the future value of enterprises, but would increase managers’ compensation. Overall, this study suggests that ultimate controllers are an important part of a firm’s internal governance, especially for monitoring management behavior and resolving agency conflicts.

In modern enterprises with a separation of powers, the ultimate controller can effectively influence the implementation of corporate strategy and operational management efficiency, as well as improve corporate governance by monitoring and limiting the management entrenchment effect within enterprises. Based on the information pertaining to ultimate controllers disclosed by enterprises in their annual reports, this study empirically tested whether the absence of the ultimate controller impacts investment efficiency using the data of Chinese A-share listed companies from 2007 to 2020. It was found that the investment efficiency of enterprises without ultimate controllers is relatively lower than those with ultimate controllers. This is reflected in the insufficient investment of enterprises without an ultimate controller. Moreover, the effect is more significant when the financial environment, internal governance environment, and external governance environment of firms are worse. The mechanism analysis demonstrated that the absence of an ultimate controller causes a more severe insider agency problem and a significantly higher degree of financing constraints, which leads to underinvestment and reduces investment efficiency of firms. The economic consequence test also found that the inefficient investment caused by the absence of ultimate controllers would damage the future value of enterprises, but would increase managers’ compensation. Overall, this study suggests that ultimate controllers are an important part of a firm’s internal governance, especially for monitoring management behavior and resolving agency conflicts.

In modern enterprises with a separation of powers, the ultimate controller can effectively influence the implementation of corporate strategy and operational management efficiency, as well as improve corporate governance by monitoring and limiting the management entrenchment effect within enterprises. Based on the information pertaining to ultimate controllers disclosed by enterprises in their annual reports, this study empirically tested whether the absence of the ultimate controller impacts investment efficiency using the data of Chinese A-share listed companies from 2007 to 2020. It was found that the investment efficiency of enterprises without ultimate controllers is relatively lower than those with ultimate controllers. This is reflected in the insufficient investment of enterprises without an ultimate controller. Moreover, the effect is more significant when the financial environment, internal governance environment, and external governance environment of firms are worse. The mechanism analysis demonstrated that the absence of an ultimate controller causes a more severe insider agency problem and a significantly higher degree of financing constraints, which leads to underinvestment and reduces investment efficiency of firms. The economic consequence test also found that the inefficient investment caused by the absence of ultimate controllers would damage the future value of enterprises, but would increase managers’ compensation. Overall, this study suggests that ultimate controllers are an important part of a firm’s internal governance, especially for monitoring management behavior and resolving agency conflicts.

The inefficiency observed in investment within state-owned enterprises presents a significant practical challenge that can affect the sustainable development of China’s economy. To address this issue, this study comprehensively explores the intricate mechanisms underlying the governance implications of mixed ownership on the investment efficiency of listed companies. Drawing on unbalanced panel data encompassing Shanghai and Shenzhen Stock Exchange A-share listed companies in China spanning the period from 2008 to 2022, this study employs a fixed-effects model to unveil the nuanced ways in which mixed ownership influences investment efficiency through the lens of agency costs. This study transcends the boundaries of traditional agency conflicts between managers and shareholders. It delves deeper, illuminating the diverse effects of agency conflicts between significant controlling shareholders and minority shareholders. The results revealed a noteworthy positive correlation between mixed ownership and investment efficiency, and verified the intermediary role of agency costs between mixed ownership and investment efficiency, which is an important result of our research. Heterogeneity analysis indicates that the relationship between the two can be affected by external events, such as during the COVID-19 pandemic, investment efficiency is not the most concerned issue for enterprises. The findings have practical implications for practitioners and policymakers, as they offer avenues for optimizing investment strategies and fostering efficient and effective corporate governance practices.

Test results of the mediating effect of two types of agency costs.