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This paper aims to investigate the relationship between corporate environmental, social and governance (ESG) ratings and leverage manipulation and the moderating effects of internal and external supervision.

The authors draw on a sample of Chinese non-financial A-share-listed firms from 2013 to 2020 to explore the effect of ESG ratings on leverage manipulation. Robustness and endogeneity tests confirm the validity of the regression results.

ESG ratings inhibit leverage manipulation by improving social reputation, information transparency and financing constraints. This effect is weakened by internal supervision, captured by the ratio of institutional investor ownership, and strengthened by external supervision, captured by the level of marketization. The effect is stronger in non-state-owned firms and firms in non-polluting industries. The governance dimension of ESG exhibits the strongest effect, with comprehensive environmental governance ratings and social governance ratings also suppressing leverage manipulation.

Firms should strive to cultivate environmental awareness, fulfil their social responsibilities and enhance internal governance, which may help to strengthen the firm’s sustainability orientation, mitigate opportunistic behaviours and ultimately contribute to high-quality firm development. The top managers of firms should exercise self-restraint and take the initiative to reduce leverage manipulation by establishing an appropriate governance structure and sustainable business operation system that incorporate environmental and social governance in addition to general governance.

Policymakers and regulators should formulate unified guidelines with comprehensive criteria to improve the scope and quality of ESG information disclosure and provide specific guidance on ESG practice for firms. Investors should incorporate ESG ratings into their investment decision framework to lower their portfolio risk.

This study contributes to the literature in four ways. Firstly, to the best of the authors’ knowledge, it is among the first to show that high ESG ratings may mitigate firms’ opportunistic behaviours. Secondly, it identifies the governance factor of leverage manipulation from the perspective of firms’ subjective sustainability orientation. Thirdly, it demonstrates that the relationship between ESG ratings and leverage manipulation varies with the level of internal and external supervision. Finally, it highlights the importance of governance in guaranteeing the other two dimensions’ roles by decomposing overall ESG.

In this paper, the effects of the adhesive and curing agent contents on the tensile strength, bending strength, gas evolution and gas permeability of three-dimensional printed sand molds are studied. A strength model of the three-dimensional printed sand molds is proposed. The multi-material composite sand mold forming test is carried out. In addition, the mesostructure of the sand mold is studied.

The performances of three-dimensional printed sand mold such as tensile strength, bending strength, gas evolution and gas permeability are studied using the standard test methods. The mesostructure of the sand mold is studied by digital core technology.

A sand mold strength model based on the resin adhesive content, curing agent content and sand mold compactness are obtained. Two types of multi-material composite three-dimensional printed sand molds are proposed. An increase in the curing agent content in the sand mold widens the mesoscopic characteristic size distribution of the sand mold, and large-sized mesostructures appear, resulting in a decrease in the sand mold bearing capacity.

Process parameters that affect the performance of three-dimensional printed sand mold are revealed. The sand mold bearing curve provides a reference for the ultimate design of three-dimensional printed sand mold.

The paper deals with experimental work on the performance and mesostructure of multi-material composite three-dimensional printed sand mold with different contents of adhesive and curing agent. That gives a perspective on future designs of sand mold based on these principles.

This paper aims to determine how the viscosity and curing agent content affect the flowability of moist silica sand granules. In addition, a coating device was designed according to the flow properties of silica sand granules.

The flowability of silica sand granules premixed with two curing agents of different viscosities is studied using a Jenike shear apparatus. An open-ended device was used in discharge testing of sand granules with a design based on the variable dip angle of the two plates and variable outlet size.

The test results show that increasing the curing agent content would significantly decrease the flowability of silica sand granules, and a curing agent of higher viscosity has a greater effect on the flowability of silica sand. The presence of a curing agent strengthens the cohesion among sand granules, lubricates them and restrains their deformation. The shape function of the coating device was obtained by theoretical derivation.

The flow properties provide a valuable theoretical guidance for the design of coating device for sand mold printing.

This paper deals with experimental work on flow properties of silica sand granules with different viscosities and curing agent content. The shape function of a wedge-shaped coating device is obtained based on experimental data.

This study aims to solve the problem of job scheduling and multi automated guided vehicle (AGV) cooperation in intelligent manufacturing workshops.

In this study, an algorithm for job scheduling and cooperative work of multiple AGVs is designed. In the first part, with the goal of minimizing the total processing time and the total power consumption, the niche multi-objective evolutionary algorithm is used to determine the processing task arrangement on different machines. In the second part, AGV is called to transport workpieces, and an improved ant colony algorithm is used to generate the initial path of AGV. In the third part, to avoid path conflicts between running AGVs, the authors propose a simple priority-based waiting strategy to avoid collisions.

The experiment shows that the solution can effectively deal with job scheduling and multiple AGV operation problems in the workshop.

In this paper, a collaborative work algorithm is proposed, which combines the job scheduling and AGV running problem to make the research results adapt to the real job environment in the workshop.