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"This paper investigates the impact of corporate social responsibility (CSR) performance by listed companies on the cost of equity capital from the perspectives of enterprise risk management and capital market risk pricing and discusses the mediating effects of operating risk. Using the causal steps approach, we conduct an empirical test with a sample of 7241 Chinese A-share listed companies from 2013 to 2018. This paper uses the price-earnings-growth (PEG) model and the Ohlson-Juettner (OJ) model to calculate the cost of equity capital and accounting earnings volatility to measure operating risk. Our results lead to the following conclusions: First, CSR performance is significantly negatively correlated with the cost of equity capital; second, CSR performance is significantly negatively correlated with operating risk; third, operating risk is a mediating variable between CSR performance and the cost of equity capital, and the mediating effect differs between long- and short-term risks. Our conclusions are confirmed by robustness tests."

"The emergence of the computer as an aid to education, with its unlimited range of instructional control optionsavailable to designer and user supports the vast development of coursewares. Hundreds of coursewares, aim to increaselearners’ learning outcomes were developed. However, to have a courseware fits with learners’ characteristics manyissues need to be explored. Referring to Resnick’s (1989) definition of learning as knowledge construction, it is criticalfor coursewares to support learners in the process of acquiring, retaining, and retrieving different kinds of knowledgeand performance. In acquiring, retaining, and retrieving information learners use procedures known as cognitivestrategies. It is assumed that cognitive strategies are integral to the process of learning, but initiation of their use maycome from the learner’s self-instruction, or, from an instructional unit or system. This study intends to show howcourseware design affects the use of cognitive strategies, especially from the high-school learners in Indonesia. A closeexamination on the psychological processes in learning was made to address questions: (a) how does screen densityaffect the use of cognitive strategies? (b) Does material presented in a linear format differs with material presented innon-linear (hypertext-based) in producing learner’s learning outcomes? The results show that learners employed bettercognitive strategies when presented with 25% text density material compare to 60%. Hypertext-based courseware wasalso found to have an effect on how learner processed the information."