International Journal of Business Governance and Ethics (73 papers in press)

Regular Issues

• The effect of individual-collective decisions and perceived organisational support on accountants whistle-blowing actions  
  by Putri Wulanditya, Bambang Subroto, Syaiful Iqbal, Yeney Widya Prihatiningtias 
  Abstract: According to ethical decision-making theory and organisational support theory, this paper examines the whistle-blowing actions of accountants from the perspective of individual or collective decision making, the presence or absence of organisational support, and the interaction of the two factors. This study uses a 2x2 factorial experimental laboratory design. The participants of this study were 109 postgraduate students in accounting programs and the accounting profession who had sufficient knowledge and experience. The Mann-Whitney and Kruskall-Wallis tests were used for hypothesis testing. The results indicate that accountants are more motivated to act collectively than individually, and accountants who have organisational support are more motivated to act as whistleblowers than those who are not. The interaction between individual or collective decision-making and the presence or absence of organisational support has also been shown to influence accountants whistle-blowing behaviour. This study will provide insights for accountants and organisations regarding whistle-blowing actions.
  Keywords: accountants; whistle-blowing action; decision making; organisational support.
  DOI: 10.1504/IJBGE.2023.10057086
   
  
• Effect of managers ethical behaviour and organisational ethics on performance: a case of banking industry of Bangladesh  
  by Nowrin Dewan Asphia, Mohit Srivastava 
  Abstract: The banking and financial system primarily determine the economic performance of a country. Banking and Finance are vital in framing different policies in today’s environment. Ethical issues in the financial sector affect everyone in society positively and negatively. This paper investigates how ethical behaviour affects the banking industry and its performance in Bangladesh. This study determines the relationship between the factors that directly or indirectly influence ethical business practice. Data were derived from a questionnaire explicitly focused on the Banking sector of Bangladesh. The result shows that the code of conduct does not affect the manager’s ethical behaviour or business ethics within the organisation if it is not strongly implied. The result also suggests that the overall bank performance is highly influenced if a practice of business ethics is governed by the code of conduct content. These findings indicate that strong policies, regulations, and laws should force the organisation to follow the code of conduct to ensure ethical behaviour.
  Keywords: ethical banking; practice of business ethics; code of conduct; manager’s ethical behaviour; Bangladesh banking sector.
  DOI: 10.1504/IJBGE.2023.10057851
   
  
• Ethical perceptions and attitudes of doing business in the Middle East: an empirical study of Palestine  
  by Sonia Ammar, Jet Mboga 
  Abstract: The purpose of this study is to address the perception that business dealings with Middle Eastern nations lack ethical conduct. A research data sample of 200 was obtained from managers, employees, and college students from two major cities in the West Bank area, Ramallah and Nablus in Palestine. The results reveal that gender, ethical education, and ethics training at work among Palestinians did not have a significant PBES. Still, there was enough evidence to conclude that the number of years working significantly affected PBES. The findings provide foreign executives, their employees familiarity, and scholars with national culture within business dealings a competitive advantage. The insights of this study will contribute to upcoming research on ethics and attitudes and foreign managers towards ethics in Palestine and Middle Eastern nations.
  Keywords: Palestine; ethics; Middle East; multinational corporations; MNCs; business culture.
  DOI: 10.1504/IJBGE.2023.10058710
   
  
• Sustainability in the technology industry: board attributes, ESG and corporate financial performance in an emerging market  
  by Angela Kit-Fong Ma, Yinfei Chen, Yiming Chen 
  Abstract: This study examines the relationship between the board attributes and the corporate social responsibility (CSR) performance of listed Chinese technology firms. It also examines the relationship between firms’ CSR performance and financial performance. The sample consists of data on 1,585 listed technology firms from the 2011 to 2021 period. The CSR metrics in the form of environmental, social, and governance (ESG) scores are analysed using ordinary least squares and fixed-effects regression models. We find that board independence is the strongest driver of CSR performance. Board gender composition and board size have a significant negative effect on CSR performance. Furthermore, managerial overconfidence positively mediates the relationship between CSR and corporate financial performance. This study fills a gap in social sustainability research by applying an ESG perspective to the Chinese technology industry.
  Keywords: technology industry; social responsibility; corporate financial performance; CFP; environmental; social; and governance; ESG; corporate social responsibility; CSR; board independence; board gender.
  DOI: 10.1504/IJBGE.2023.10059239
   
  
• Ethical practices and financial reporting quality in Malaysian SMEs: the perception of financial report preparers  
  by Siti Faizah Zainal, Hafiza Aishah Hashim, Zalailah Salleh, Akmalia Mohamad Ariff, Nor Raihan Mohamad 
  Abstract: The study explores the ethical practices and the attributes of financial reporting quality among the Malaysian small and medium-sized enterprises (SMEs). The study employed phenomenological approach and purposive sampling with a face-to-face interview approach. Seven external accountants working for the Malaysian accounting firms have been interviewed. The Malaysian SMEs’ financial reporting quality is determined by faithful representation and comparability from the view of the respondents. The ethical issues concerning in SMEs are financial report adjustment, lack of knowledge, and other issues were discovered during the interview. Additionally, ethical practises help SMEs achieve high-quality financial reporting in which it is useful for decision-making and improve their performance. Understanding ethical behaviour and discovering the importance of having high quality financial reporting in SMEs would be the foundation for future research, with the current study served as its fundamental and providing a more thorough grasp of the ethics and financial reporting quality in SMEs literature.
  Keywords: ethical practices; small and medium-sized enterprises; SMEs; external accountants; preparers.
  DOI: 10.1504/IJBGE.2023.10059434
   
  
• The relationship between Arab Spring and income: Does governance matter? Evidence from Egypt and Tunisia  
  by Abdelrahman J. K. Alfar, Raad Al-Tal, Mohammed Elheddad 
  Abstract: The Arab Spring was a series of anti-government protests, uprisings and armed rebellions that spread across much of the Arab world in the early 2010s. It began in Tunisia in response to corruption and economic stagnation. This study aims to examine the causal inference of the Arab Spring in Tunisia and Egypt on economic growth using the Difference in Differences approach. Besides, it explains a mechanism of how similar conflicts can have different effects among economies. Empirical evidence shows that the Arab Spring had a positive impact on economic growth in both countries. However, when the Arab Spring interacted with the governance indicator the results vary. In Egypt, governance effectiveness has a positive impact on economic growth. For Tunisia, voice accountability promotes economic growth. These results challenge the conventional empirical results about the negative effects of the Arab Spring on economic growth. This line of research could help policymakers develop better tools to alleviate the negative impacts of revolutions.
  Keywords: Arab spring; Economic growth; Governance; Difference-in-Differences (DiD); Egypt; Tunisia.
  DOI: 10.1504/IJBGE.2023.10059442
   
  
• Environmental disclosure and financial performance: an analysis of carbonex indexed companies in India  
  by Jeevesh Sharma, Suvendu Kumar Pratihari, Suhasini Verma 
  Abstract: With the increasing rate of global warming and climate change, firms’ approach toward a better environment is a recent topic of research. The present study analyses firm’s environmental disclosure by preparing an index of five dimensions followed by examining their causal relationship with firms’ financial performance. The study adopts content analysis to measure the environmental performance reporting of firms listed in the Indian Bombay Stock Exchange (BSE) carbonex index. The study contributes to the existing environmental performance and financial performance literature in multi-fold. The results provide the extent to which the specified dimensions are disclosed in the reports and demonstrate that firms’ environmental disclosure among identified dimensions is not balanced. The results also indicate a significant association between environmental and financial performance. The findings provide new insights to managers, policymakers, and regulators as a rationale for firms’ comprehensive environmental disclosure reporting standards and go beyond the limits of sustainability reporting.
  Keywords: environment performance index; carbon disclosure; greenhouse gas emission; GHG; environment disclosure; carbonex index; corporate social responsibility; CSR; India.
  DOI: 10.1504/IJBGE.2023.10059725
   
  
• Challenges of combining non-profit and commercial organisational forms: evidence from ethical banks  
  by Anastasia Nassauer 
  Abstract: This paper examines internal and external challenges experienced by ethical banks, which combine multiple organisational forms in their simultaneous pursuit of economic profitability and social profitability. It features the global alliance for banking on values (GABV) and adopts a qualitative methodology based on interviews, participant observations and broad sources of secondary data. The research contributes to the existing literature on multiple form organisations and ethical banks by providing a detailed account of challenges brought up by their attempts to include social objectives alongside economic benefits. Evidence from this study suggests that democratic governance structures, models of ethical assessment of investments, accountability strategies and community relations techniques experience the greatest pressures in ethical banks.
  Keywords: ethical banks; responsible investment; non-profit organisations; commercial organisations.
  DOI: 10.1504/IJBGE.2023.10059783
   
  
• The moderating effect of public governance on the relationship between corporate governance and stock market development  
  by Ali Uyar, Cemil Kuzey, Mondher Bouattour 
  Abstract: This study tests the moderating effect of public governance on the association between corporate governance and stock market development. The sample size was 540 country-year records (54 countries x 10 years), and GMM and Threshold regression analysis were run. The findings confirm that corporate governance is a significant predictor of stock market development in terms of both size and liquidity. Stock markets develop with strong auditing and reporting standards, strong shareholder protection, and efficient corporate boards. Moderation effect analyses indicate that corporate governance and public governance are sometimes substitutes and sometimes complement each other depending on the type of stock market development proxy. The complementary effect implies that corporate governance and public governance should co-exist, whereas substitutive effect suggests that corporate governance is influential and sufficient in case of weak public regulatory quality. Policymakers can configure regulatory framework, corporate governance codes and market-related regulations to stimulate investment in stock markets.
  Keywords: public governance; regulatory quality; corporate governance; stock market development; complementary effect; substitutive effect.
  DOI: 10.1504/IJBGE.2023.10060366
   
  
• Governance quality and stock returns: evidence from an emerging economy-Bangladesh  
  by Md. Habibullah, Mohammad Ashraful Ferdous Chowdhury, Md Mamunur Rashid 
  Abstract: This study aims to examine the effects of governance quality on stock returns using the context of an emerging and developing economy-Bangladesh. To this end, this study collected data from 118 non-financial companies listed on the Dhaka Stock Exchange over ten years (2010 to 2019). This study applied the traditional (fixed effects and random effects) and dynamic panel models, including the system generalised method of moments (GMMs), to test the hypothesised relationship. The panel models found that governance quality has a significant and positive impact on stock returns. The quantile regression results also found that good governance plays a significant positive role in all companies irrespective of their financial performance. However, the impact of macroeconomic and corporate variables was found heterogeneous based on the firm’s profitability, as indicated by quantile regression. The study’s findings have important policy implications, specifically in developing a sound capital market by enhancing country-level governance quality.
  Keywords: stock return; governance quality; corporate factors; macroeconomic factors; quantile regression; Bangladesh.
  DOI: 10.1504/IJBGE.2023.10060602
   
  
• Charity or a diversion tactic in disguise of charity? Exploring Chinese enterprises motivation for giving in the wake of COVID-19  
  by Yunshu Tang, Mengli Zhang, Dong Andrew Li, Yajie Wang 
  Abstract: This research attempts to infer a Chinese publicly-listed enterprises motivation for giving in the wake of COVID-19. We first create an enterprises abnormal ranking by subtracting its corporate social responsibility (CSR) composite score ranking in 2019 from its COVID-19-related donation ranking in 2020. We then examine the association between the enterprises abnormal ranking and historical CSR fulfilment in three dimensions, (i.e., responsibility-to-customers, responsibility-to-employees, responsibility-toenvironment), considering enterprise ownership and executive characteristics. We find that the enterprises of historically higher responsibility-to-customers (lower responsibility-to-employees) fulfilment tend to make incremental donations in 2020, suggesting genuine, consistent charity (a diversion tactic in disguise of charity). Nevertheless, the enterprises of historically higher responsibility-to-environment fulfilment tend not to make incremental donations in 2020. Further, we note that the altruistic motivation is more pronounced in the enterprises of non-state ownership or younger-age, higher-education-level executives. Together, this study extends the corporate giving literature to a deeper, more dynamic context.
  Keywords: charity; diversion tactic; COVID-19-related donations; corporate social responsibility; CSR; responsibility to customers; responsibility to employees; China.
  DOI: 10.1504/IJBGE.2023.10060603
   
  
• Board of directors and firm performance: a dynamic approach  
  by Isabel Acero Fraile, Nuria Alcalde 
  Abstract: This paper analyses how board structure influences firm performance, considering the effect of dynamic endogeneity. For a sample of listed Spanish firms, the study did not find that board structure had any effect on the value of the firm, when controlling for dynamic endogeneity. The research results show the need to use appropriate econometric techniques (dynamic models) to avoid obtaining incorrect or biased results. They also show that each firm must determine the size and structure of the board given its own advice and control needs.
  Keywords: board of directors; firm performance; dynamic endogeneity; generalised method of moments; GMM; Spain.
  DOI: 10.1504/IJBGE.2023.10060656
   
  
• Role of eco-management practices in determining corporate sustainable development in China: a resource-based perspective  
  by Fahad Khalid, Mohit Srivastava, Khwaja Naveed, Xinhui Sun 
  Abstract: This study examines the impact of eco-management practices (EMPs) on corporate sustainable development (Wbcsd) within the Chinese A-share-listed companies from 2010 to 2019, based on a dataset comprising 7,948 firm-year observations. The findings reveal compelling insights regarding three specific EMPs: environmental innovation (EI), eco-management certification (EMC), and eco-management training (EMT). Notably, EI demonstrates a significant positive influence on CSD within environmentally sensitive industries while negatively impacting non-sensitive sectors. In contrast, EMC consistently positively and significantly affects CSD, regardless of sectoral environmental sensitivity. Intriguingly, EMT shows a pronounced influence on CSD in non-sensitive sector firms. These results emphasise the integral role of EMPs in driving CSD and highlight the importance of environmental sensitivity in determining the effectiveness of EMPs. Consequently, firms with a greater environmental focus benefit significantly from implementing EMPs, particularly EI, while EMC emerges as a universal driver of CSD across sectors. These findings underscore the significance of proactive EMPs, such as EI, EMC, and EMT, in fostering corporate sustainability and suggest avenues for further research to explore additional strategies that enhance sustainable business practices.
  Keywords: eco-management; environmental innovation; EI; eco-management certification; EMC; eco-management training; EMT; corporate sustainable development; Wbcsd; resources.
  DOI: 10.1504/IJBGE.2023.10060732
   
  
• Effects of board and audit committee characteristics on audit delay in the Nigerian oil and gas sector  
  by Ozigi Omoyi Obeitoh, Ismaila Yusuf, Mamdouh Abdulaziz Saleh Al-Faryan 
  Abstract: This study investigates the relationship between the effects of board and audit committee characteristics on audit delay in the Nigerian oil and gas sector. The study adopts Driscoll and Kraay statistical regression model with ten-year panel data for seven oil and gas firms in Nigeria. Our findings reveal the effects of board and audit committee characteristics on audit delay. Specifically, our study reveals that board independence; audit committee independence, audit committee meeting and the financial expertise of women on audit committees reduce audit delay, which promotes financial reporting timeliness while board size and board meeting have no significant association with audit delay. The findings of this study confirm agency and resource dependence theories. The findings of this study emphasise the importance of board and audit committee characteristics in mitigating audit delay.
  Keywords: audit delay; board size; board independence; board meeting; audit committee independence.
  DOI: 10.1504/IJBGE.2023.10060973
   
  
• Board demographics and performance: evidence from European Union banks  
  by Pierluigi Martino, Paola Ferretti, Cristina Gonnella 
  Abstract: This article examines the influence of board members demographics on banks performance. Specifically, building on the upper echelons theory we investigate how board members age, MBA, industry experience and diversity (gender and nationality) affect banks performance. By analysing a sample of 83 significant banks from the European Union, we find that banks performance significantly and positively relates to board members MBA and industry experience, but negatively to board members age and nationality diversity. This provides support to the argument that these directors’ personal characteristics are crucial for banks board effectiveness, and are key-factors in explaining differences in banks performance. Our study results contribute to the existing literature on the relationship between board characteristics and banks performance, by improving knowledge about the potential governance factors that affect banks performance and identifying which aspects of board demographics are associated with higher performance.
  Keywords: board of directors; demographics; banks; performance; upper echelons theory; corporate governance.
  DOI: 10.1504/IJBGE.2024.10061454
   
  
• Narcissistic tendencies of managers and its proposed impact on change-oriented organisational citizenship behaviours of employees: a study of brokerage firms  
  by Alireza Amini, Arash Haqbin, Mahdi Yari 
  Abstract: The purpose of this paper is to find different dimensions of narcissistic personality amongst managers and to prioritise the proposed impact of these personality types according to antecedents and measurements of change-oriented organisational citizenship behaviour. By adopting a qualitative metasynthesis, 12 articles were used to identify the different personality types, namely histrionic, self-accepted, incompatible, vulnerable, efficient, trader, open, and dominant. Afterward, by adopting the BWM-MULTIMOORA technique, the personality types were prioritised using an expert panel’s judgements of 11 senior brokerage firms’ managers in Shiraz, Iran. The results demonstrate that the innovative climate is the most crucial change-oriented OCB antecedent, and suggesting work improvement ideas to others is its most vital measurement. Moreover, among eight different personality types, the histrionic personalities of narcissistic managers are the most important. Their dominant personalities are the least essential obstacle in cultivating an environment to develop employees’ change-oriented organisation citizenship behaviours.
  Keywords: personality; narcissism; managers; change-oriented organisational citizenship behaviour.
  DOI: 10.1504/IJBGE.2024.10061455
   
  
• Evaluating the role of independent and female directors on the remuneration committee: evidence from LQ45 and IDX SMC liquid  
  by Josua Tarigan, Jennifer Adriana, Saarce Elsye Hatane 
  Abstract: This study uses a sample of Indonesian large and small-medium enterprises to examine the effect of independent and female directors on the relationship between remuneration and firm performance. Pooled cross-sectional data is gathered from 138 LQ45 (Liquid 45) and 142 IDX SMC (Indonesia Stock Exchange Small-Mid Cap) liquid observations, with 2017 to 2020 as the observation years. The different influence towards executive remuneration between Indonesian large and small-medium companies, but similar participation percentages, indicate that their number or presence may not determine the success of independent and female directors in influencing remuneration. This study extends earlier research on the influence of independent and female directors on remuneration committees. This is notably the first study to evaluate the influence of independent and female directors on remuneration committees that uses Indonesia as the sample, comparing large and small-medium companies.
  Keywords: independent directors; female directors; remuneration committee; remuneration; company’s performance; LQ45; IDX SMC liquid.
  
  
• Factors affecting corporate environmental performance disclosures in the Czech Republic  
  by Fahua Xu, Ivan Balogh, Ladislav Tyll, Mohit Srivastava 
  Abstract: This study investigates the factors affecting corporate environmental performance disclosure in the Czech Republic. The existing findings on factors affecting environmental disclosures cannot be applied to the CEE context since the development of institutions is very different. The sample dataset contains 200 Czech companies that meet at least two requirements for large companies by the corporate sustainability reporting directive. The Tobit model is employed for data analysis as it is a valuable tool for estimating linear relationships between variables where the dependent variable is censored or truncated. The data analysis reveals that being listed on a stock exchange, media coverage, and assurance provided by Big4, and operation in foreign markets significantly impact environmental disclosure. Profitability is negatively related to environmental disclosure. Contrary to prior research, no statistically significant relationship was observed between environmental disclosure and the sensitive industry or company size.
  Keywords: environmental; social; and governance; ESG; environmental disclosure; non-financial disclosures; environmental disclosure factors; Tobit model; Czech Republic.
  DOI: 10.1504/IJBGE.2024.10061998
   
  
• Measuring corporate sustainability: measurement scale development based on the stakeholder theory  
  by Michael Wang, Nasser Fathi Easa 
  Abstract: In contemporary business landscapes, sustainability is gaining growing significance for companies spanning diverse industries. The purpose of the paper is twofold. First, it presents a validated measurement model of corporate sustainability based on the survey research. Second, it offers empirical evidence of the UAE corporate sustainability to support sustainable development goals 2030 in the Emirates. A comprehensive and multi-step construct development approach is applied to develop and validate the measurement model. In this study, according to the triple-bottom-line approach and the stakeholder theory, we identify a first-order latent variable corporate sustainability, which contains measurement items measuring the various stakeholders interests. The empirical findings indicate the reliability and validity of the measurement scale, affirming that the reflective measurement model effectively represents corporate sustainability. The study contributes to operationalising corporate sustainability in literature and provides fruitful avenues for future research.
  Keywords: sustainability; corporate; business performance; measurement scale.
  DOI: 10.1504/IJBGE.2024.10062319
   
  
• Gender diversity and tax avoidance: do gender quotas matter?  
  by Imen Tebourbi, Assil Guizani, Faten Lakhal 
  Abstract: In this study, we examine the impact of the presence of women on board of directors and in top executive positions on companies tax avoidance practices in French public companies. We also explore the impact of the introduction of Cope-Zimmerman law which mandates a quota of female directors on boards. Our findings suggest that CFOs gender matters as female CFOs are less inclined to tax avoidance behaviour. We also find that the presence of female directors on boards is negatively associated with tax avoidance suggesting that women can be effective monitors on boards. However, this effect was more pronounced before the introduction of a mandatory quota of female executives. This suggests that companies that rushed into adding female board members to comply with the Cope-Zimmermann law may not have reached an optimal and effective board composition.
  Keywords: gender diversity; tax avoidance; board of directors; quota; executive female.
  DOI: 10.1504/IJBGE.2024.10062320
   
  
• Non-financial disclosure and financial performance: the consequences of the EU Non-Financial Reporting Directive in Italy  
  by Michela Cordazzo, Laura Bini, Giuseppe Marzo 
  Abstract: The EU NFR Directive makes the NFD mandatory for the European largest listed firms. The paper offers an empirical analysis of the association between NFD and FP over the application of the Directive in Italy, testing the reverse causality between NFD and FP. We find a positive relationship from FP to NFD, but no evidence of a reverse relationship from NFD to FP. Furthermore, our results show a moderate impact of the Directive on NFD, as the Directive allows firms providing only a minimum amount of NFD or any information. Our study makes two main contributions. First, it contributes to the debate on the regulation of NFD. Second, it widens the scope of other studies on the relationship between NFD and FP, as it offers theoretical and empirical arguments on the relationship between NFD and FP over the transition from a voluntary to a mandatory disclosure setting.
  Keywords: ESG; EU directive; non-financial disclosure; financial performance; reverse causality.
  DOI: 10.1504/IJBGE.2024.10062321
   
  
• Delineating corporate governance and corporate social responsibilities - a bibliometric review and future directions  
  by Kashish Sharma, Shridev Devji 
  Abstract: This comprehensive review paper meticulously explores the research on corporate governance (CG) and corporate social responsibility (CSR), integrating bibliometric analysis and a theory, context, characteristics, methodology (TCCM) framework. The bibliometric analysis, encompassing performance analysis and science mapping, unveils trends, patterns, seminal contributions, and emerging intellectual patterns elucidating the evolution of CG and CSR discourse. Through a rigorous assessment of extensive literature, key themes, authors, and influential publications are identified, positioning the study at the forefront of CG and CSR research. Further, the TCCM framework facilitates a nuanced exploration, providing an in-depth understanding of theoretical, contextual, characteristic, and methodological dimensions within CG and CSR. This dual-faceted approach offers a multidimensional perspective, significantly enriching the existing body of knowledge. Also, by synergising quantitative bibliometric findings with TCCM insights, the paper highlights literature gaps, suggests future research directions, and enhances the comprehension of CG and CSR’s complex interplay. This study serves as an invaluable resource for scholars, practitioners, and policymakers, aiding in navigating the evolving CG and CSR landscape, and contributing to the advancement of responsible and ethical corporate practices.
  Keywords: corporate governance; corporate social responsibility; CSR; bibliometric; literature review; theory; context; characteristics; methodology; TCCM.
  DOI: 10.1504/IJBGE.2024.10062668
   
  
• Codes of ethics (with Mill, Kant and Aquinas)  
  by Alonso Villarán 
  Abstract: This paper aims at grounding business, professional, and other codes of ethics further, in dialogue with other foundational papers. Initially, justifications beyond moral theories, such as those proposed by Cecily Raiborn and Diana Payne, are considered. Subsequently, prominent philosophical justifications, including Jacquie LEtangs Kantian approach, are evaluated. The paper then turns to Thomas Aquinas, whose natural law theory offers the key to understanding the foundational basis of such codes through his delineation of an objective ethical code comprising three tiers of moral rules. Additional observations address the dynamic nature of both written and unwritten codes of ethics, the controversial aspects of third-level rules, and more. Concluding with a discussion on the good(s) that codes of ethics safeguard, the paper provides brief suggestions for code design.
  Keywords: business and professional ethics; codes of ethics; utilitarianism; deontology; natural law; moral law.
  DOI: 10.1504/IJBGE.2024.10062669
   
  
• Family control influences on divestment stock market performance  
  by Imene Zarrouki, Aymen Habib, Majdi Karmani, Yosra Meddeb 
  Abstract: This paper studies the relationship between family control and the stock market performance of divestitures on a sample of listed firms in France. First, event study methodology was used to compare the short-term stock market performance of divestments made by family firms and their non-family counterparts. Then, linear regression was applied to study the effects of family control on corporate stock performance. The results show that divestments undertaken by family firms generate significantly higher performance than those undertaken by non-family firms. These results are justified by the specificities of companies controlled and managed by family members. Indeed, family firms only divest when the benefits of the operation cover the financial and socio-emotional costs.
  Keywords: family business; ownership; family manager; familiness; family control; divestment; stock market performance; socio-emotional costs.
  DOI: 10.1504/IJBGE.2024.10065432
   
  
• Hide or report? When insurance agents face policyholders’ fraudulent claims  
  by Jianming Bai, Xuefeng Wang, Xin Ai, Haizhen Wang, Wanjie Niu 
  Abstract: Given insurance agents always interact with policyholders directly, they are expected to have an information advantage to identify fraud. However, agents may develop reciprocal relationships with policyholders, which may lead to agents’ concealing policyholders’ fraud. We draw on social exchange theory to analyse the decision-making mechanism of insurance agents faced with fraudulent claims. The results of two experiments reveal that policyholders’ value negatively affected agents’ disclosure intention, and the return expectation of concealing the fraudulent claim mediated such relationship. Further, we observe that agents’ reciprocal belief strengthened the relationship between policyholders’ value and the return expectation of concealing the fraudulent claim. We also discuss the theoretical and practical implications of the mechanism underlying insurance agents’ intention to report fraudulent claims.
  Keywords: insurance fraud; disclosure intention; policyholders’ value; return expectation; reciprocal belief.
  DOI: 10.1504/IJBGE.2024.10063676
   
  
• A process philosophy take on the governance debate  
  by Katarina Dvorski, Domagoj Hruška, Matej Lahovnik 
  Abstract: Within the constraints of competing paradigms and everyday practices, governance in general and corporate governance specifically have become quite familiar topics. Still, confusion about the very nature of these phenomena remains. By employing non-representational theorising and eclecticism in methods and bringing process philosophy, sensemaking and institutional logics together, we provide a conceptual framework for understanding the relationships between individual actors, subjects of decision-making, and the effects of decisions on organisational development while focusing on the crucial role played by governance in the process. The proposed proto-governance model conceptualises governance from the perspective of processes within individual actors and before mechanisms they help to enact, thereby introducing coherence within the different approaches to governance. We also explore how the model redefines the corporate governance debate on shareholders’ identity and respective dilemmas, thus demonstrating how the framework may lead to new ways of understanding social and organisational dynamics.
  Keywords: governance; proto-governance; corporate governance; subject; object; practice; institutional logics; sensemaking; purpose; process philosophy.
  DOI: 10.1504/IJBGE.2024.10063744
   
  
• The impact of board diversity on firm corporate risk-taking: evidence from the Indonesian mining industry  
  by Josua Tarigan, Jacqueline Graciella Sutanto, Albert Valentine 
  Abstract: The importance of board diversity in improving company performance has been documented by much research, including financial performance, until the environmental SDGs study. This study examines how board diversity impacts the corporate risk-taking of Indonesian companies in the mining industry. The empirical findings provide suggestions to improve the corporate governance practices of Indonesian mining companies by identifying and incorporating relevant diversity attributes on the board as an essential tool for managing corporate risk-taking. Furthermore, policymakers and shareholders may better understand how incorporating each diversity attribute on a board’s composition affects corporate risk. Unlike most previous studies, which considered only one or a few aspects of diversity and thus ignored the overall effect of board diversity, this study finds five board diversity attributes. To the author’s knowledge, this is the first study to test and demonstrate how different board diversity attributes contribute as a strategic risk management tool.
  Keywords: board diversity; total risk; mining industry; environmental SDGs.
  DOI: 10.1504/IJBGE.2024.10064460
   
  
• Governance and mergers in HEIs: a systematic literature review  
  by Nikolaos Giovanis, Aikaterini Chasiotou 
  Abstract: The purpose of this study is to answer three research questions (RQ) about mergers and their connection to new governance principles in higher education institutions (HEIs), with a literature review, related to their current status, focus and critique, and their future perspectives. To answer the research questions, all relevant literature was examined and the final sample of 65 articles in peer-reviewed journals was formed using a systematic literature review process. Regarding HEI mergers and their contribution to governance, management and administration in the present study, almost half of the examined papers fall in this category, highlighting the importance of governance in HEIs. The study proposes that researchers may look at a range of nations with various economies and strengthen the existing body of knowledge on mergers and governance mechanisms in HEIs, by using data from several nations, a control sample, and more advanced analysis.
  Keywords: HEI governance; mergers; higher education institutions; systematic literature review.
  DOI: 10.1504/IJBGE.2024.10064576
   
  
• Stakeholder theory(-ies) and Economy of Communion: common features and specificities  
  by Maria-Gabriella Baldarelli, Gianfranco Rusconi 
  Abstract: The profound changes that have occurred in recent years require an ethical rethinking of firm views and governance methods more orientated to the fraternity. To understand how it is possible to start thinking about this topic, this work reflects on the relationships that can be highlighted between the stakeholder theory(ies), which is often applied to firms, about an economic and business practice, which is also widespread throughout the world and It also gives rise to some innovative suggestions on corporate governance to contribute to defining a new firm view. The paper wants to answer the research question: What are the common aspects and specificities between the stakeholder theory(ies) and the Economy of Communion (EoC) in dialogue? the research design develops the reflections through an initial presentation of the theory of stakeholders in the aspects that most concern the ethical basis underlying it.
  Keywords: stakeholder theory; Economy of Communion; EoC; normative core; business ethics; common good (CG); reciprocity; human dignity; selfishness; gratuity; management; view; human relations; dialogue; trust.
  DOI: 10.1504/IJBGE.2024.10064604
   
  
• What’s important ... and for whom? The importance of financial, environmental, social, and governance performance for investor decision-making  
  by Peter Kotzian, Ingo Dirkx 
  Abstract: Financial markets are important means to transmit the increasing societal demand for corporate social responsibility (CSR) onward to firms. Specifically, non-financial performance of firms in environmental, social, and governance issues, ESG, became an important criterion for investors. The relative importance of the ESG dimensions, their relevance compared to financial performance, and the mechanisms by which non-financial performance impacts on investor behaviour are yet unclear. We conduct an experimental study where investors differing in their CSR-related attitudes are offered firms as potential investments. Manipulating financial and ESG performance of these firms, we evaluate the relevance of performance dimensions and inquire into the mechanisms by which they drive investor behaviour. Our findings show that even among investors with weak CSR-related attitudes, ESG performance has an instrumental value. Among investors with strong CSR attitudes, ESG and financial performance are substitutes, indicating a more intrinsic value of ESG performance.
  Keywords: ESG performance; social responsible investing; investment decision-making; investor behaviour; corporate social responsibility; CSR; business ethics.
  DOI: 10.1504/IJBGE.2024.10065086
   
  
• Opening the black box of corporate social responsibility in the agri-food industry: a bibliometric analysis  
  by Lakshmi Sravya Puligadda, Luigi Orsi, Federico Zilia 
  Abstract: In recent years, the agri-food industry has witnessed a notable surge in socio-environmental concerns, driven by an increasing demand for health-conscious and environmentally sustainable food products. This study employs bibliometric methods to conduct a thorough analysis of corporate social responsibility (CSR) within the agri-food sector. Drawing from a dataset of 890 documents spanning from 1981 to 2023, sourced from the web of Science (WOS), the research unfolds in two phases. Firstly, the study identifies foundational works in this domain, constructing a co-citation map to highlight key articles. Subsequently, through bibliographic coupling, an analysis of predominant research subdomains in the current discourse surrounding CSR in the food industry is conducted. This research not only provides insights into the evolution of CSR in the agri-food sector but also sheds light on emerging themes and areas warranting further investigation.
  Keywords: corporate social responsibility; CSR; sustainable practices; agri-food industry; bibliometric analysis; co-citation analysis; bibliographic coupling.
  DOI: 10.1504/IJBGE.2024.10065458
   
  
• How do board processes influence organisational success? An integrative review of research in behavioural corporate governance  
  by Moe Hashemi, Taieb Hafsi, Amin Moeinian 
  Abstract: The quest to understand how boards contribute to organisational success has prompted a significant shift in corporate governance research from structural aspects to behavioural dynamics, offering insights into the power interplay, trust relationships, and emotional patterns. Our systematic literature review analyses 89 articles spanning from 1984 to 2020, tracing the conceptual and methodological evolution of board process debates. Through a meticulous review and thematic analysis, we present an integrated framework that outlines the key relationships between board behaviour and a firm’s financial, social, and strategic performance. This framework accentuates the critical role of board members’ cognitive, affective, and observable behaviours on board task performance, and, ultimately, organisational success. Moreover, it examines the impact of contextual factors at the board, firm, organisational, and institutional levels and the intervening influence of stakeholders’ behaviour on board processes. Finally, it lays the groundwork for empirical research into the behavioural mechanisms that underpin effective governance.
  Keywords: behavioural processes; board of directors; corporate governance; firm performance; integrative systematic literature review; SLR.
  DOI: 10.1504/IJBGE.2024.10065560
   
  
• The damaging effects of greenwashing on B2B relationships  
  by Célia Santos, Arnaldo Coelho, Alzira Marques 
  Abstract: This study delves into the underexplored realm of greenwashing in business-to-business (B2B) relationships, focusing on its impact on buyers’ intentions to switch to environmentally responsible suppliers. Examining 251 key respondents from Portuguese buying companies, the research reveals that suppliers’ greenwashing practices not only diminish relationship quality but also intensify the likelihood of buyers switching suppliers. Moreover, the study highlights the mediating role of relationship quality and the moderating effect of information sharing in these dynamics. Employing structural equation modelling techniques, the findings shed light on the negative consequences of supplier greenwashing on B2B outcomes, offering valuable insights for managers grappling with these issues in a context where information sharing and relationship quality play crucial roles.
  Keywords: B2B relationships; information sharing; greenwashing; green switching intentions; relationship quality.
  
  
• The upward trajectory and total immorality of psychopaths: implications for business ethics and society  
  by Clive Boddy 
  Abstract: A specific and focussed examination of the literature on psychopathy, morality and integrity finds that psychopaths are effective at ascending into high-ranking corporate positions. However, they are unconcerned with moral considerations when making decisions involving morality and ethics in business or other areas of their lives. This immorality and lack of integrity is associated with brain function and connectivity anomalies in the psychopathic brain. Implications are that because psychopaths are proficient at climbing corporate ladders, then organisational decisions may be increasingly immoral in nature and society will suffer from these effects including reduced and fake organisational corporate social responsibility, traumatised employees, corporate scandals involving fraud and sexual harassment, gender discrimination, misallocation of resources and declining global sustainability.
  Keywords: psychopathy; psychopathic capitalism; morality; business ethics; economy; society.
  DOI: 10.1504/IJBGE.2024.10065855
   
  
• Does knowledge of the professional code of ethics help professional management accountants in business in ethical decision-making?  
  by Arpita Ghosh 
  Abstract: Despite an extensive literature on ethical decision-making (EDM), apprehension persists about the efficacy of the professional code of ethics in shaping EDM. This paper aims to address this gap by investigating if professional accountants knowledge of the professional code of ethics (PCE-knowledge) improves their EDM, focussing on an unexplored yet important Indian context. The study employs survey responses from 247 Indian professional management accountants in business, draws on IFACs Ethics education continuum and Rests EDM model, develops a comprehensive PCE-knowledge measure, and innovatively captures EDM outcomes. Using MANCOVA and OLS regressions, it finds that PCE-knowledge improves ethical awareness (EA) and ethical judgement and intention (EJI) but not ethical behaviour (EB). Furthermore, the paper reveals that higher EA improves EJI, which, in turn, along with EA, enhances EB. These findings offer valuable insights for accounting ethics literature, educators, professional bodies, and employers regarding the primacy of PCE-knowledge among EDM influencers.
  Keywords: ethical decision-making; EDM; professional code of ethics; PCE; management accountants; accounting education; India.
  DOI: 10.1504/IJBGE.2024.10066143
   
  
• Unethical leadership in the South African public sector tender processes through the lens of game theory  
  by Thato Thagane, Tyanai Masiya, Stellah Lubinga, Kenny Chiwarawara 
  Abstract: The study examined the challenges of unethical leadership in the South African public sector tender processes after majority rule in 1994. Empirical research unravelling challenges of the South African public sector tender processes is limited and fragmented. The tendering process assists the public sector in promoting fairness, transparency and efficiency; it also assists in mitigating unethical behaviour associated with public procurement. This study employed a qualitative approach using a thematic analysis and drew upon secondary sources. The findings of this study highlighted the multifaceted challenges facing South Africa’s public sector tender processes, including bribery, bid rigging, ghost payments, discrimination, financial misconduct, lack of impartiality and transparency, and patronage. These affirm the assumptions in game theory, notably rationality, self-interest, strategic behaviour and perfect information. Addressing these challenges requires a comprehensive approach involving legislative reforms, strengthened oversight mechanisms, enhanced transparency and accountability, and a commitment to ethical leadership and good governance.
  Keywords: ethical leadership; governance; tender; procurement; public officials; South Africa.
  DOI: 10.1504/IJBGE.2024.10066534
   
  
• The interaction effect of board characteristics and ESG reporting on the financial performance of multinational enterprises: a quantile regression approach  
  by Ibrahim Khalifa Elmghaamez, Alireza Zarei, Ayse Demir 
  Abstract: This study employs a quantile regression approach to investigate the moderating role of board characteristics in the relationship between environmental, social, and governance (ESG) reporting and the financial performance of multinational enterprises (MNEs). The study utilises panel data from the largest listed MNEs between 2009 and 2019. The findings suggest that the impact of ESG reporting on financial performance varies significantly across different quantile levels of firm performance. Specifically, the positive effect of board characteristics, as measured by the Board Organization and Characteristics Index (BOCI), on the relationship between ESG reporting and financial performance is observed at the median and higher quantiles. However, the study also reveals a negative moderating effect of BOCI on the relationship between ESG disclosure and market-based measures at the lower and median quantiles, but not at the upper quantile level. The study highlights the importance of board characteristics in the complex interplay between ESG reporting and financial performance for MNEs.
  Keywords: ESG disclosure; multinational enterprises; board characteristics; quantile regression.
  DOI: 10.1504/IJBGE.2024.10066665
   
  
• The effect of female management on company environment and consequential sustainable growth within the Central and Eastern European region  
  by Lizaveta Bykava, Ladislav Tyll, Mohit Srivastava, Natálie Bruder Badie 
  Abstract: The recent adoption of binding at the EU level women on boards law in November 2022 is expected to play a drastic role in regional organisations further progression and growth. The previous studies highlighted the assessment of the current status quo on female leadership and the barriers women face worldwide. However, research on the Central and Eastern European (CEE) region remains scarce. Therefore, this study assesses the current status quo on female progression within contemporary organisations, including a deep dive into the obstacles that hinder women from advancing into executive roles in the CEE region. Qualitative research in in-depth semi-structured interviews with females in managerial positions, mainly in the Czech Republic, will be employed to scrutinise their career paths, focusing on the predominant barriers they experienced. The research findings highlight the strategic recommendations for companies to encourage female leadership as a strategic long-term investment.
  Keywords: female leadership; workplace equality; gender parity; women barriers; leadership.
  DOI: 10.1504/IJBGE.2024.10067142
   
  
• Corporate governance and corporate immunity against COVID-19 pandemic  
  by Danar Sutopo Sidig, Budhi Setiya Yoga 
  Abstract: This study investigates the relationship between corporate governance and corporate performance immunity during the COVID-19 pandemic. We examine four corporate governance variables: board independence, CEO duality, managerial ownership, and institutional ownership. To address endogeneity issues, we use the COVID-19 pandemic as an exogenous shock and employ difference-in-difference regression analysis. Our sample consists of 1,022 nonfinancial public firms listed in the S&P 1500 index. Our results show that corporate governance variables, except for CEO duality, are significantly associated with corporate immunity. Specifically, higher board independence and lower managerial and institutional ownership are associated with higher corporate immunity. Our findings suggest that board characteristics and ownership structures are important factors in achieving corporate immunity during crisis periods, such as the COVID-19 pandemic.
  Keywords: corporate governance; corporate immunity; COVID-19; difference-in-difference; shock-based approach.
  DOI: 10.1504/IJBGE.2024.10067180
   
  
• Corporate governance and real earnings management in France: the moderating effect of political connections  
  by Badreddine Hamdi, Asma Houcine, Tarek Mejri 
  Abstract: This paper examines the relationship between real earnings management (REM) practices and corporate governance and also how political connections moderate this relationship. Using a sample of 200 French companies listed on the CAC All Tradable index (former SBF 250) over the period 2007-2019, we find a negative relationship between board independence and REM practices, supporting the monitoring role of independent directors in constraining REM practices. We also observe a negative association between ownership concentration and REM practices. In addition, our findings reveal that when firms are politically connected, some corporate governance mechanisms exacerbate REM practices, which provides support to the grabbing hand hypothesis of politicians. In addition, our findings reveal that institutional investors play an active role in monitoring CEO activities and curbing their opportunistic behaviour, even in the presence of politically connected boards/CEOs.
  Keywords: corporate governance; real earnings management; political connections; code-law market.
  DOI: 10.1504/IJBGE.2024.10067211
   
  
• Do consumer awareness and product market competition matter in corporate social responsibility?  
  by Sung C. Bae, Liuling Liu, Ha-Chin Yi 
  Abstract: Our paper investigates the roles of consumer awareness and product market competition in the sustainability of CSR engagements. Taking the case of bank loan pricing, we report a strong negative association between CSR and loan spreads for consumer-oriented B2C and high advertising-intensity industries. In contrast, CSR engagements have a negligible effect on load spreads for business-oriented B2B and low advertising-intensity industries. We also report that CSR strengths have little effect on loan spreads in high-competition industries but reduce loan spread in moderate- and low-competition industries. When consumer awareness and market competition are jointly considered, consumer-oriented firms in more competitive markets command substantially lower loan spreads through CSR engagements than similar firms in less competitive markets. Our findings add to the CSR literature with new empirical lights on the viable roles of consumer awareness and product market competition as mechanisms for CSR in affecting corporate capital costs.
  Keywords: corporate social responsibility; CSR; consumer awareness; product market competition; bank loan spread.
  
  
• Beyond agency theory. Meta-analytic evidence for a resource dependence role of corporate directors in CSR  
  by Thi Van Anh Vu, Veronica Allegrini, Fabio Monteduro 
  Abstract: This paper examines the links between board characteristics in terms of composition and functioning and corporate social responsibility (CSR) as predicted by the two predominant theories in corporate governance research, namely agency theory, and resource dependence theory. Through an extensive quantitative meta-analysis (over 290,000 observations overall), the results indicate that while these two theories are theoretically and practically distinct, integrating those two theories, in some specific situations, can better explain the empirical findings. In particular, hypotheses based on the agency theory that CEO duality and board ownership do not have a significant effect on CSR. On the other hand, the hypotheses based on the resource dependence theory are supported by the results of the analysis. Particularly, the results show that the size, remuneration, diversity, the presence of dedicated commissions, and the board activity are positively related to the adoption of social responsibility tools.
  Keywords: board of directors; BoDs; corporate social responsibility; CSR; meta-analysis.
  
  
• Effect of board behavioural characteristics on firm strategic innovativeness: the mediating role of board’s task performance  
  by Wajdi Ben Rejeb, Sarra Berraies 
  Abstract: This research examines the link between board processes and strategic innovativeness, focusing on the mediating role of board task performance. A survey of 204 directors from 102 Tunisian publicly traded companies revealed that board effort norms do not significantly impact strategic innovativeness. However, cognitive conflicts and the use of knowledge and skills positively influence strategic innovativeness. The study finds that board service tasks partially mediate the relationship between cognitive conflicts and strategic innovativeness, while control tasks negatively mediate the impact of knowledge and skills on strategic innovativeness. These results highlight the crucial role of board cognitive dynamics and knowledge utilisation in driving strategic innovativeness, offering empirical support for theories that view boards as key strategic assets. The study provides valuable insights for policymakers, decision-makers, and board chairs on the importance of leveraging board processes to enhance firm innovativeness.
  Keywords: corporate governance; strategic innovativeness; innovation; board processes; board task performance; Tunisia; emerging economies.
  DOI: 10.1504/IJBGE.2024.10067533
   
  
• Corporate governance mechanisms and R&D intensity  
  by Aws AlHares 
  Abstract: The effect of ownership structure and board structure on risk-taking as calculated by R&D intensity in OECD countries is investigated in this study. Around 2010 and 2019, a panel of 300 businesses from Anglo-American and European countries were used. The relationships are investigated using the ordinary least square multiple regression analysis technique. The findings are robust to alternative measures and endogeneities. The findings suggest that institutional ownership, board size, independent directors, and board diversity all have a negative impact on risk-taking, with Anglo-American countries having a greater impact among Continental European countries. Director ownership, on the other hand, is statistically insignificant, according to the findings. This study contributes to the current corporate governance literature by providing additional evidence on the impact of ownership and board structure on risk-taking in two different cultures. The findings will help OECD regulators and policymakers in assessing the effectiveness of recent corporate governance reforms in preventing management misconduct and scandals.
  Keywords: corporate governance; R&D intensity; OECD; agency theory; board structure; ownership structure.
  
  
• Media perception of corruption as a barrier for regulating lobbying and advocacy in India  
  by Sreeram Gopalkrishnan 
  Abstract: Corruption makes news in India and the public discourse is often noisy with the media mostly on a feeding frenzy. The word lobbying and advocacy are similar as a tool but used for different purposes but lobbying is commonly used in a pejorative sense for all acts that have illegal connotations like corruption. The present policy formulation apparatus in India, a relic of the British colonial past, lacks inputs that are insightful and well researched. Lobbying could help in bringing domain expertise for more effective legislative laws. But for that, the perception of lobbying as synonymous with corruption should change. Media framing may have actually contributed to this since perceptions are more of a way something is interpreted. This paper endeavours to understand the perception of lobbying through a survey among journalists and advocacy professionals working in select cities in India and perhaps understand how that would shape the future of lobbying in the country.
  Keywords: advocacy; corruption; legislation; lobbying; media; policy; public; India.
  DOI: 10.1504/IJBGE.2024.10067684
   
  
• How to achieve effective matching donations: the impact of matching strategies on corporate social responsibility performance  
  by Chundong Zheng, Han Wang, Heming Gong, Jinfan Zhao, Xinyi Wang 
  Abstract: Socially responsible firms encourage individual donations by implementing two different matching strategies: fixed-ratio matching and random-ratio matching. However, it remains unclear which strategy is more effective in eliciting donations. Drawing on correspondent inference theory, this research aims to examine how donors perceive different matching strategies used by firms and to investigate the relationships between these strategies and donors’ donation willingness as well as brand attitude. Two empirical studies show that the fixed-ratio or random-ratio matching strategy employed by a firm affects how donors perceive the firm’s altruism or egoism, subsequently impacting their willingness to donate and attitude towards the brand. These effects are mediated by involvement and perceived efficacy. Furthermore, the effects are significant for risk-averse donors, but not significant for those who are risk-taking. This research provides valuable insights for managers to effectively use matching strategies to attract donors and enhance their firm reputation.
  Keywords: matching strategies; motive inference; donation willingness; brand attitude; correspondent inference theory.
  DOI: 10.1504/IJBGE.2024.10067785
   
  
• The impact of independent director interlocks on corporate green innovation: evidence from Chinese listed companies  
  by Jalal Khan, Wu Fengyun, Arshad Fawad 
  Abstract: Green innovation plays a critical role in mitigating environmental issues and balancing the interaction between economic growth and the natural environment. Drawing on social network theory and resource-dependence theory, this article scrutinizes the relationship between independent director interlocks and corporate green innovation. Using the data from listed Chinese companies from 2010 to 2022, this study finds that independent director interlocks can significantly promote corporate green processes and product innovation. This research further finds that internal corporate contexts can also influence the relationship between independent director interlocks and green innovation. Moreover, the results indicate that corporate environmental commitment positively moderates the relationships between independent director interlocks and corporate green innovation. This study also provides significant implications for firms seeking green innovation performance and for policymakers seeking ways to fulfill the mission of carbon dioxide abatement.
  Keywords: interlocks; environmental commitment; resource dependence theory; independent directors; green innovation.
  
  
• The role of board dynamics in sustainability reporting: evidence from India  
  by Najul Laskar, Khalada Sultana Choudhury 
  Abstract: This study aims to examine the impact of corporate governance attributes on sustainability reporting among 434 non-financial companies from the top 500 BSE-listed firms based on market capitalisation. Utilising secondary data collected from published sustainability reports, governance reports, and annual reports over a period of seven years (20162017 to 20222023), we employed a content analysis technique to measure corporate sustainability performance (CSP). This was done using binary coding (0 for non-disclosure and 1 for disclosure) based on the GRI reporting framework. The analysis, conducted using the system GMM model and panel data regression, reveals that corporate governance attributes specifically board size, CEO duality, and gender diversity significantly impact the sustainability disclosures of Indian firms.
  Keywords: system GMM; panel data; content analysis; corporate governance attributes; corporate sustainability disclosure; India; corporate sustainability performance; CSP.
  
  
• Does compliance with revised governance guidelines impact corporate performance: evidence from an emerging economy  
  by Nazli Anum Mohd Ghazali 
  Abstract: This paper examines the extent of compliance and the impact of independent directors and women directors on the financial performance of Malaysian listed companies following the release of the revised Malaysian Code of Corporate Governance (MCCG) in 2017. Drawing a sample from the top 100 listed Malaysian companies, regression analysis was run on data from 2019 annual reports to assess the relationship between independent directors, board gender diversity and financial performance. The analysis on compliance showed that 40% of the sample companies did not comply with the percentage independent directors requirement, while 67% did not meet the board gender requirement. The non-compliance points to the need to strengthen enforcement of corporate governance and to investigate the reasons for non-compliance. The findings from regression analysis revealed that companies with older female directors appear to perform better than others. The results highlight the importance and relevance of knowledge and experience of directors in enhancing corporate performance. The proportion and tenure of independent directors do not show significant influence on corporate performance. The non-significance of these variables suggests the need to further examine the role expected from independent directors and the contribution of gender-balanced boards.
  Keywords: compliance; board gender diversity; independent directors; tenure-ship; age; financial performance.
  DOI: 10.1504/IJBGE.2024.10068219
   
  

Special Issue on: Current Issues in Crises Business, Governance and Ethics Perspectives

• The level of corporate philanthropy disclosure in the context of Jordan  
  by Omar Ahmad Ali Jarwan, Arifatul Husna Mohd Ariff, Fathiyyah Binti Abu Bakar 
  Abstract: This paper determines the extent of corporate philanthropy disclosure (CPD) in Jordan. An analytical study was undertaken for the financial years 2015 till 2020 to give us an overview of the disclosure of corporate philanthropy activities in the annual reports of the 101 companies in the financial sector in the companies listed in Amman stock exchange. The data was based on secondary sources. The result emphasised that the company in Jordan is concerned about corporate philanthropy responsibility. The results indicate that the bank sector has the highest disclosure about CPD compared with diversified financial services sector. Besides, the result showed variation in the disclosure of corporate philanthropy in the Jordanian context. This paper provides insight and understanding of CPD areas in Jordanian companies. This paper developed the index of CPD into 26 dimensions which are considered comprehensive.
  Keywords: philanthropy; corporate philanthropy disclosure; CPD; Amman stock exchange.
  
  
• The impact of mergers and acquisitions on shareholder wealth of acquiring companies in the mining industry  
  by George Giannopoulos, Vita Spurgeon, Mahmoud Elmarzouky 
  Abstract: This study explores the impact of mergers and acquisitions (M&As) on acquirer shareholders’ wealth in the global mining industry. Using an event study approach on a sample of 9,806 M&A deals from 1990 to 2014, we find that mining industry acquirers generally experience positive abnormal returns (AR) around the announcement date. Notably, the M&A wealth effect varies significantly based on specific deal characteristics. Cross-border acquisitions, focus-increasing acquisitions, and acquisitions resulting in full ownership of the target yield higher abnormal returns. Conversely, large deals often result in lower returns. These findings highlight the role of strategic decision-making in M&A transactions within the mining industry, with implications for both industry practitioners and policymakers.
  Keywords: shareholders’ wealth; mining industry; mergers and acquisitions; M&A.
  
  
• Are CSR-compliant firms more resilient during health crises?  
  by Sabri Boubaker, Vineeta Kumari, Riadh Manita, Dharen Kumar Pandey 
  Abstract: The study examines the relationship between corporate social responsibility (CSR) and stock returns during times of crisis, such as pandemics. During these times, companies often experience decreased demand, reduced profits, and increased financial risk, leading to lower stock returns. Studying 869 Indian-listed firms during 2019?2020, we show that the global pandemic negatively affected firms’ returns and that CSR-compliant firm tend to perform better than non-compliant firms after the event. The study also shows that CSR expenditure positively impacts stock returns during the pandemic. The findings contribute to the existing literature on the role of CSR in firm resilience and provide evidence of the impact of CSR on stock returns during times of crisis.
  Keywords: corporate social responsibility; CSR; COVID-19; event study; abnormal returns.
  DOI: 10.1504/IJBGE.2023.10057276
   
  
• Business strategy, enterprise risk management, organisational innovation performance and organisational performance: comparing fsQCA with PLS-SEM  
  by Nguyen Vinh Khuong, Le Huu Tuan Anh, Luong Ho Quynh Giang, Le Thi Thuan An, Nguyen Le Ngoc Hang, Pham Van Nguyen, Huynh Le Hoang Nhi 
  Abstract: The purpose of this research is to clarify the relationship between business strategy (BS), enterprise risk management (ERM), organisational innovation performance (OIP), and organisational performance (OP) in Vietnam. We also compare the PLS-SEM findings to a recently developed panel data fuzzy-set qualitative comparative analysis technique (fsQCA). According to the findings, the BS factor has a substantial impact on OP. The ERM factor mediates the relationship between BS and OP along with the relationship between BS and OIP. In the link between BS and OP, as well as the relationship between ERM and OP, the OIP factor serves as an intermediate. This work adds to the scientific literature by providing empirical evidence with a deeper understanding of the level of influence and importance of using a combination of BS and risk management implementation to improve OP in the market.
  Keywords: business strategy; organisational innovation performance; OIP; organisational performance; enterprise risk management; ERM.
  DOI: 10.1504/IJBGE.2023.10057451
   
  
• Board diversity and corporate risk disclosure during the COVID-19 outbreak  
  by Issal Haj-Salem, Salma Damak-Ayadi, Fatma Ouertani 
  Abstract: We investigate the impact of board diversity on corporate risk disclosure practices during the COVID-19 health crisis. We used manual content analysis to measure the risk disclosure on the websites of 91 French-listed companies. We found a positive relationship between risk disclosure and, respectively, the COVID-19 health crisis and the diversity of expertise within the board. While, we found a negative and significant impact of the presence of women on the board of directors, diversity of nationalities, and the tenures’ term, on risk disclosure. To the best of our knowledge, this research is the first study that, firstly, investigated the impact of board diversity on risk disclosure, secondly, to be investigated during the COVID-19 crisis and, thirdly, relied on corporate websites. The empirical findings make both the regulators and managers aware of the board diversity attributes that have to be reinforced to promote risk disclosure, particularly during health crises.
  Keywords: risk disclosure; COVID-19; board diversity; content analysis; websites.
  DOI: 10.1504/IJBGE.2023.10057774
   
  
• How do global financial markets react to the variants of the COVID-19?  
  by Shamima Ahmed, Rima Assaf, Molla Ramizur Rahman 
  Abstract: Previous studies have explored the impact of COVID-19 on financial markets. However, it fails to examine the different variants of concerns (VOCs) of COVID-19 on financial markets. As these VOCs have varying severity on public health with heterogeneity in behaviour across stock markets of different geographies, our study analyses the effects of these VOCs such as Alpha, Beta, Gamma, Delta, and Omicron on the global financial markets. The study uses the ten most-affected countries’ stock market daily returns to examine the effects of the VOCs on the financial markets. The stock returns of Brazil, France, Germany, India, Italy, Russia, Spain, Turkey, the UK, and the USA are negatively affected by the first wave of the COVID-19 pandemic. However, other variants of concern of the COVID-19 do not affect the global financial markets except for the Delta variant affecting the Brazilian Stock Market negatively. Unlike during the first wave of the pandemic which negatively affected the financial markets, the effects on global financial markets became subdued during the later phases of the pandemic.
  Keywords: financial contagion; spillover; variants of concern VOCs; COVID-19; pandemic.
  DOI: 10.1504/IJBGE.2023.10057869
   
  
• The impact of governance on equity funds performance during stable and turbulent market conditions  
  by Nawazish Mirza, Jasmina Mangafic, Muhammad Umar, Danijela Martinović 
  Abstract: There is scant literature that explores the impact of corporate governance on the performance of equity funds. Furthermore, the evidence is nonexistent for emerging markets and in this study; we address this void by assessing the impact of corporate governance on funds’ performance. Using the Morningstar Stewardship grades, we segregate the equity funds with exposure in emerging markets into high and low-governance funds. The study employs a comprehensive sample between 2012 and 2021 to evaluate the comparative risk adjustment performance and market and volatility timing ability of these funds. Our findings reveal that better-governed funds exhibit higher risk-adjusted returns and demonstrate superior market and volatility timing compared to their counterparts. The results remained robust during the pandemic outbreak highlighting an even more profound role of governance for mutual funds. These findings have actionable implications for the mutual fund industry that can help in optimising fiduciary responsibilities.
  Keywords: equity funds; corporate governance; COVID-19; market timing; volatility timing.
  DOI: 10.1504/IJBGE.2023.10059974
   
  
• International trade and exchange rate during war: a retrospective review  
  by Varun Kumar Rai, Madan Lal 
  Abstract: The main purpose of this review is to find the effect of war on the international trade and exchange rate, based on the analysis of 126 Scopus published documents using VOSviewer before that performance analysis reveals that during 2010-2020 more documents have published while the more citations received by the documents published during 1990-2000. Of these publications only 46.04% publications are in collaboration and 1.59% documents have received at least 100 citations. The article (Klemperer, 1995) is most influential article in this study. The network analysis presents the co-authorship analysis where the USA has highest link strength and co-authored with the UK and Germany. Further, the author keyword co-occurrence analysis and bibliographic coupling reveals the four different thematic clusters. The major limitation of this review is that it considers war in general and includes the data only from Scopus database.
  Keywords: VOSviewer; bibliometric; international trade; war; exchange rate.
  DOI: 10.1504/IJBGE.2024.10061583
   
  
• Does managerial pay depend on financial performance, organisational characteristics, and governance? Evidence from the Indian manufacturing sector  
  by Brajaballav Pal, Sanjib Das, Poulomi Roy 
  Abstract: The present paper attempts to examine the impact of financial performance, corporate characteristics, and governance mechanisms on managerial compensation as well as the linkage between them in selected 90 Indian companies from the NSE-listed manufacturing sector for the period 2010 to 2020. For the purpose of analysis of the study, we have used descriptive analysis, correlation matrix, and panel regression analysis. The outcome of the study shows that market-based performance, corporate characteristics, and governance mechanisms significantly impact managerial compensation. The findings of the study are robust to the deployment of GMM-based approaches. It is worth mentioning that present compensation has been fixed by the management, taking into consideration the previous managerial compensation, along with the impact of firm size, debt-equity, the board size, and market-based performance.
  Keywords: executives pay; corporate performance; governance; dynamic panel data; GMM.
  DOI: 10.1504/IJBGE.2024.10063730
   
  

Special Issue on: Social Impact of Social Responsibility of Business

• Assessing the impact of the global financial crisis on CSR expenditure in India  
  by Samy Belaid, Ratikant Bhaskar, Faten Moussa, Dharen Kumar Pandey 
  Abstract: We analysed the impact of the global financial crisis on the corporate social responsibility (CSR) expenditure of Indian firms using a difference-in-differences regression design. Our study drew on 11,816 firm-year observations from the National Stock Exchange from 2004 to 2012. Our findings indicate that the most affected firms (financial and infrastructure firms) were engaged in higher CSR spending pre-crisis, which sharply decreased post-crisis. More specifically, our analysis reveals that the CSR expenditure post-GFC has decreased by 15.55%. Our results indicate that GFC significantly impacted the CSR activities in India, and highly leveraged firms face significant constraints. Additionally, older and large firms spend more on CSR. These findings highlight the need for policymakers to create a supportive environment for firms to engage in CSR activities, especially for highly leveraged and small and medium enterprises. Furthermore, companies should prioritise CSR activities as a long-term investment rather than a short-term cost.
  Keywords: corporate social responsibility; CSR; global financial crisis; GFC; difference-in-differences; DiD; crisis; CSR expenditure; India.
  
  
• Impact of CSR and risk of expropriation on accounting quality  
  by Ahmed Imran Hunjra, Mohammad Kabir Hassan, Mahnoor Hanif, Mamdouh Abdulaziz Saleh Al-Faryan 
  Abstract: The study investigates the relationship between the risk of expropriation, CSR and accounting quality in the manufacturing sector of South Asian countries. Panel data of 430 firms is collected from the DataStream and financial statements of individual companies for the years 2010 to 2020. We analysed data through descriptive statistics, correlation and regression techniques. The Hausman test was applied to select the fixed-effect model for hypotheses testing. The findings of the study suggest that the risk of expropriation has a significant negative impact on accounting quality which leads to misinterpretation of financial components. There is a need to enforce strict adherence to accounting standards by South Asian firms. Furthermore, it is found that CSR positively influences accounting quality. The study suggests that improved accounting standards lower the earning management issues and ultimately increase the profitability and reputation of the firms.
  Keywords: accounting quality; risk of expropriation; corporate social responsibility; CSR; South Asian countries.
  DOI: 10.1504/IJBGE.2023.10060242
   
  
• Revisiting the association between corporate governance and environmental performance: does the level of boardroom orientation matter?  
  by Asif Saeed, Ramsha Basharat, Sabri Boubaker, Rizwan Mushtaq 
  Abstract: This study examines the relationship between corporate governance and the environmental performance of firms. We explore benchmarks for best-in-class and medium-in-class corporate governance structures among industry peers. The sample consists of firms from 22 countries from 2003 to 2017. The results indicate that the environmental performance of firms with best-in-class corporate governance structures is higher than medium-in-class corporate governance firms. We used three dimensions of environmental performance, i.e., emission reduction, resource reduction, and product innovation. The results of this study suggest that diverse, large, and independent boards are more effective in enhancing the environmental performance of firms. The research provides important implications for managers, investors, and researchers regarding the importance of relative benchmarking of corporate governance structures. Insights also include the expectation that environmental performance will change with time and that investors see more value in firms with best-in-class corporate governance mechanisms.
  Keywords: best-in-class; corporate governance; environmental performance; medium-in-class; emission reduction; product innovation; resource reduction.
  DOI: 10.1504/IJBGE.2023.10060604
   
  
• Nexus between corporate governance, CSR and earnings management: moderating role of leverage and firm size  
  by Suha Mahmoud Alawi 
  Abstract: This study aims to investigate the connection between corporate governance (CG), corporate social responsibility (CSR) and earnings management (EM) and how the firm size and leverage moderate this relationship. The data is collected from 520 South Asian listed manufacturing firms from 2010 to 2020. Descriptive statistics, correlation matrix and panel regression are used for data analysis. Further, GMM is employed to confirm the robustness of our results. The findings of the study reveal that corporate governance and CSR have a significant impact on earnings management and other factors like firm size and leverage also have a significant impact on earning management. Firm size and leverage play moderating role in the relationship between corporate governance, CSR and earnings management.
  Keywords: earning management; corporate governance; CG; CSR; leverage; firm size; FZ.
  DOI: 10.1504/IJBGE.2024.10061456
   
  
• CSR exposures of Bangladesh Small and Cottage Industries Corporation enlisted firms during COVID-19  
  by Humaira Begum, Md Mostafizur Rahman, Mohammad Samiul Haque, Babor Ahmad 
  Abstract: This study examines how much the pandemic affects the corporate social responsibility (CSR) activities of the Bangladesh Small and Cottage Industries Corporation (BSCIC). It also identifies determinants of CSR of BSCIC. For conducting this analysis, 110 BSCIC firms are randomly selected as samples. Results of multivariable regression reveal that the age of the firm, size of the firm, profit of the firm, and sales of the firm due to the pandemic has a significant positive influence on firms’ CSR expenditures. The logit model estimates the factors affecting the decisions of firms towards CSR practice. The perception index (PI) reveals the manager’s attitude and psychological intentions in the practice of CSR. The economic perspective of this study suggests that firms should involve more in CSR as it reduces the reputational risk, ensures sustainable operation, and helps firms to escape technically from environmental conflicts. This study notifies several problems in the CSR practice of the firms during the pandemic situations. This study also provides a guide for improving CSR activities on a larger scale in any crisis.
  Keywords: corporate social responsibility; CSR; COVID-19; Bangladesh Small and Cottage Industries Corporation; BSCIC; performance; perception index; Bangladesh.
  DOI: 10.1504/IJBGE.2024.10061659
   
  
• The impact of corporate social responsibility practices disclosure on financial performance  
  by Muhammad Aldaas Marwan, Suresh Ramakrishnan 
  Abstract: The current research explores the relationship between corporate social responsibility (CSR) practices disclosure and corporate financial performance in the Saudi Financial sector. The sample from the financial sector includes the licenced entities listed in the Saudi stock market exchange, TADAWUL, which are banks and insurance companies. The data is analysed using pooled OLS, fixed effect estimation (FEE) and system generalised method of moment (GMM) estimation. According to the findings, total CSR disclosure has a statistically significant positive link with all accounting and market-based performance indicators (ROA, EPS, MVA, and Tobin’s Q). This evidence enriches the understanding of the regulatory authorities regarding how companies deal with social responsibility practices, which is necessary for the formulation of appropriate strategies and legislation. As a consequence of this, the outcomes of the current research will have a substantial impact on empirical development, the implementation of policy, and practical usage.
  Keywords: CSR disclosure; CSRD; firm performance; Saudi Arabia; panel data.
  DOI: 10.1504/IJBGE.2024.10061908
   
  
• Perception of SME owners towards business ethics: an empirical study focused on developing economies  
  by Md. Abdul Halim, K.H. Robel, Md. Rostam Ali, Reshma Pervin Lima 
  Abstract: The main objective is to investigate the perception of SME owners towards Business Ethics concerns in developing economies like Bangladesh. The smart partial least square method is used to get these results over the 400 observations from 2020 to 2022 in Bangladesh. The study shows that the perception of SME owners regarding business ethics as a result of government rules and regulations has a positive influence on the ethical code of enterprise, the ethical climate of industry, and social pressure, but it does not affect their personal code of ethics. It demonstrates a positive influence but an insignificant association between a person’s code of ethics and the rules and regulations imposed by the government. SME owners’ perception of business ethics through the Ethical climate of the Industry positively affects the personal code of ethics, as does SME owners’ perception of business ethics through social pressure.
  Keywords: business ethics; morals and values; small and medium enterprise; SME; social pressure and ethical culture; Smart PLS.
  DOI: 10.1504/IJBGE.2024.10063745
   
  
• Enhancing non-timber forest produce (Lac) production through improved supply chain for sustainable livelihood: a case study of TATA steel  
  by Hishmi Jamil Hussain, Sarika Jain 
  Abstract: The studys primary goal is to comprehensively examine one of Tata Steels strategic corporate social responsibility (CSR) initiatives in the Noamundi block of Jharkhand, employing a case study methodology. The research involved conducting semi-structured interviews with key project stakeholders. Additionally, various documents, including the companys sustainability reports and archival records such as survey data and company publications, were employed to support the research objectives. The studys findings underscored the projects success in delivering sustainable livelihood opportunities to local communities while concurrently promoting the conservation of natural resources. Furthermore, Tata Steel has been able to enhance its supply chain by ensuring a consistent quantity and quality of Shellac (a processed form of Lac) procurement, positively impacting its overall business operations. This research not only offers valuable insights into the essential components of a CSR project but also serves as a practical framework for organisations looking to undertake sustainable CSR initiatives.
  Keywords: sustainable livelihoods; corporate social responsibility; CSR; supply chain; India.
  DOI: 10.1504/IJBGE.2024.10063997
   
  
• Halal business responsibility practices of Malaysian food SMEs from the stakeholder theory  
  by Juliana Anis Ramli, Hafiza Aishah Hashim, Zalailah Salleh 
  Abstract: The issuance of Malaysian Halal certification by the sole national Halal authority, JAKIM, plays an integral role in protecting the integrity of food production in parallel with the religious requirements, especially for Muslim consumers. Given that food production is invisible to the sight of consumers, a company should adhere to Halal-related standards and guidelines in a way to secure a Halal certification in this lucrative Halal industry. The securement of Halal certification indicates that Halal businesses strive to hold significant social responsibility and obligations to society through their business products or services. Hence, this study attempts to conceptually discuss and address the issues of Halal business responsibility practices of Malaysian food SMEs from the stakeholder theory which calls for deliberations based on Halal food- and social responsibility-related preceding literature to suit the appropriate term of Halal business responsibility practices. The future research and ways forward are further discussed therein.
  Keywords: Halal business responsibility; corporate social responsibility; CSR; small and medium enterprises; SMEs; stakeholder theory; food companies; Malaysia.
  DOI: 10.1504/IJBGE.2024.10063998
   
  

Special Issue on: Corporate Governance and Social Responsibility in the Post-Pandemic World

• Micro, small and medium enterprises recovery policy after COVID-19 pandemic: case study in developing and developed countries affected by COVID-19  
  by Muzalifah Muzalifah, Kamsi Kamsi, Ali Sodiqin 
  Abstract: This article aims to map and explore the effect of the COVID-19 pandemic on the development and economic recovery policies of post-pandemic micro, small, and medium enterprises in developing and developed countries. This study uses a qualitative method, with literature studies taken from several sources, including print and electronic media, books, research findings, and the authorities’ reports on the official website regarding the COVID-19 handling. Data analysis has four stages which are data collection, condensation, presentation, and conclusion. The results of the study show that the pandemic has attacked all sectors of the MSME economy in several countries, including developed and developing countries. The policies used in the economic recovery of MSMEs in several countries affected by COVID-19 tend to be the same. The difference lies in the priority of the procedures that must be completed, namely: prioritising economic considerations over social or vice versa and economic-social considerations simultaneously.
  Keywords: micro; small and medium enterprises; MSMEs; economic recovery; COVID-19.
  DOI: 10.1504/IJBGE.2023.10059460
   
  
• Leveraging CSR to achieve SDGs during COVID-19: a study of selected Indian companies  
  by Vijaya Sinha, Shinu Vig 
  Abstract: COVID-19 posed an enormous socio-economic crisis and decelerated the attainment of sustainable development goals (SDGs). Indian companies, through their corporate social responsibility (CSR) initiatives, helped the country fight against the pandemic. This study examines the relief measures undertaken through CSR during COVID-19 by the Indian corporate sector. This paper elucidates the intrinsic connection that exists among the endeavours of the Indian corporate sector with respect to CSR and their harmonisation with the SDGs. The relief measures undertaken during 20202022 were examined through an in-depth content analysis of 100 NSE-listed companies and were mapped with SDGs to assess the potential of CSR in achieving them. Findings revealed that out of 17 goals of SDGs, 11 goals were targeted through CSR activities. The study finds an association between CSR and SDGs and, therefore suggests CSR, as a major assisting tool for the government in the attainment of SDGs.
  Keywords: COVID-19; sustainable development goals; SDG; corporate social responsibility; CSR; NIFTY 100; India.
  
  
• Social responsibility through responsible banking strategy  
  by Syed Asim Ali Bukhari, Syeda Nazish Zahra Bukhari 
  Abstract: The purpose of this study is to empirically examine the outcomes of responsible banking strategy. This study is aimed to highlight the various benefits responsible banking to facilitate its adoption in Pakistan. The research framework was based on the natural resource-based view of the firm. The study adopted a quantitative methodology in which data was collected through self-administered questionnaires through the survey method. The unit of analysis was bank branch and branch managers were the respondents of the study. This study conducted a disjoint two-stage analysis for the higher-order dependent variable, i.e., responsible banking. The findings of the study showed a positive relationship between the adoption of responsible banking practices by the bank branches and ecological, operational, social, and financial outcomes. The strongest influence of responsible banking was on the branch’s operational outcomes which highlighted the importance of these benefits in the eyes of the branch manager.
  Keywords: ecological outcomes; financial outcomes; green banking; higher-order construct; operational outcomes; Pakistan banking industry; responsible banking; social outcomes; two-stage analysis.
  DOI: 10.1504/IJBGE.2023.10061257
   
  
• Corporate governance mechanisms and integrated reporting: evidence from Indian companies  
  by Puja Kaura, Ambuj Gupta 
  Abstract: Integrated reporting (IR) is a reporting format that companies are adopting to fulfil the need for comprehensive information arising from global competition, regulatory requirements, and stakeholders’ expectations. Previous research revealed that corporate governance (CG) variables, including board size, gender diversity, frequency of board meetings, audit committee, and board independence, contribute significantly to IR quality. However, most of these studies concentrated on developed economies, underlining a research gap in developing economies such as India, where IR is still in its voluntary adoption phase. This study examines the relationship between CG variables and the extent of disclosures in integrated reports of 80 Indian companies listed in the BSE S&P 100 Index between 2020 to 2022. Results uncovered that all variables positively and significantly impacted level of disclosure, with board independence having the most significant impact, followed by frequency of board meetings and board size. This highlights the significance of considering CG variables while transitioning to IR for enhancing stakeholder relationships.
  Keywords: integrated reporting; agency theory; regression analysis; corporate governance.
  DOI: 10.1504/IJBGE.2024.10062371
   
  
• Environmental, social and governance performance and firm value: new evidence from Indian firms  
  by Surbhi Jain, Teena Bagga 
  Abstract: The current empirical research investigates the impact of overall ESG performance and environmental score, social score and governance score individually on firm value. Our large dataset covering varied industries enabled us to comprehend and evaluate implication of ESG score on various aspects of firm value. The research provides important empirical evidence regarding positive and significant relationship between overall ESG score and firm value. This highlights the importance of considering ESG factors in evaluating a firm’s performance. Additionally, the study revealed that environmental score, social score and governance score individually are positively and significantly related to firm value. Hence, it is important for firms to prioritise and improve their ESG performance across all dimensions to enhance their overall success and profitability.
  Keywords: ESG performance; firm value; Tobin’s Q; corporate governance; multiple regression analysis.
  DOI: 10.1504/IJBGE.2024.10064988
   
  
• Making anti-takeover provisions a bulwark of financial stability for hospitality firms during the COVID-19 crisis  
  by Naima Lassoued, Imen Khanchel 
  Abstract: This study examines the impact of anti-takeover provisions (ATPs) on mitigating default risk among firms within the hospitality industry during the pandemic. The sample includes 253 firms from the hospitality sector and closely related industries. The results show that the adoption of ATPs is associated with a reduced default risk during the pandemic, suggesting that hospitality firms implementing ATPs exhibit increased resilience to the health crisis and have effectively navigated the adverse impacts of the pandemic. These findings remain robust and consistent through a series of rigorous robustness checks.
  Keywords: hospitality industry; ATPs; COVID-19; Z-score.
  DOI: 10.1504/IJBGE.2024.10065299