International Journal of Business Governance and Ethics (49 papers in press)

Regular Issues

• Corporate governance in real estate investment trusts: a systematic literature review and ideas for future research  
  by Michail Pazarskis, Stergios Galanis, Andreas G. Koutoupis, Athina Stavrou 
  Abstract: Although much has been written globally about the key issues of corporate governance in REITs, there are not enough studies inspired by the systematic literature review method. This study reviews the literature on corporate governance in real estate investment trusts (REITs) published after 2004 and addresses three interrelated research questions. We examined 77 peer-reviewed journal articles using a systematic literature review approach. We found that there has been a rise in studies since 2010, with a brief decrease in 2015 and 2017 before increasing again in 2016. Moreover, the vast majority of the studies were published in the areas of economics/econometrics/finance and business/management/accounting. Besides, most of the papers are single-country studies, the minority are multi-country. The majority of the papers are focused on US and Asia. Similarly, the majority of these analyses concentrate on developed countries and ignore emerging and frontier markets.
  Keywords: corporate governance; real estate investment trusts; REITs; systematic literature review; SLR.
  DOI: 10.1504/IJBGE.2022.10050238
   
  
• The moderating role of CEO race on the relationship between CEO masculinity and company financial performance  
  by Tamer Elsheikh, Hafiza Aishah Hashim, Nor Raihan Mohamad, Khaled Hussainey, Faozi A. Almaqtari 
  Abstract: The paper investigates the moderating effect of CEO race on the relationship between CEO masculinity and company performance. The sample includes 260 companies listed on the Bursa Malaysia for the period from 2009 to 2019. Data extracted for 405 unique CEOs from different races (Malay, Chinese, Indian, and others). The paper uses two indicators of CEO masculinity, facial width-to-height ratio (fWHR) and testosterone level (Tsh). The fWHR of CEOs is measured using artificial intelligence (Python code/c). In addition, a contemporary model is applied to estimate Tsh based on face measures and CEO age. The results indicate that CEO race moderates the relationship between masculinity and company performance. The findings reveal that high masculinity is positively associated with company performance only among the non-Bumiputera group, however, there is no significant evidence among the Bumiputera group. This study uniquely links CEO characteristics and financial performance with neuro finance and biological aspects. Therefore, this study offers novel contributions to literature and implications for investors, board members, policymakers, and academicians.
  Keywords: masculinity; testosterone; financial performance; ethnicity; Bumiputera; non-Bumiputera; Bursa Malaysia.
  DOI: 10.1504/IJBGE.2022.10050891
   
  
• Credit reporting agency stakeholder and CSR reporting linkages  
  by Edward T. Vieira Jr., Susan Grantham, Susan D. Sampson 
  Abstract: This Experian corporate social responsibility (CSR) report case study was informed by the 3Ps of sustainability along with legal, ethical, economic, and philanthropic CSR practices. Text network analysis yielded keywords, an overall theme, and 15 sub-themes. In its CSR report, Experian described and emphasised how its services can help consumers develop and protect their financial identity, which lead to greater choices, opportunities, and a sustainable quality life. At the same time, some of Experian’s business practices suggest a misalignment with stated strategic goals and practices. This research is unique in that it examines CSR reporting of an organisation in which its key stakeholders are both customers and the product at the same time, making them vital to the company’s existence. Results suggest how legitimacy theory and lack of disclosing negative events are deployed to maintain credibility between the organisation and these essential stakeholders.
  Keywords: corporate social responsibility; CSR reporting; CSR disclosure; Experian; business ethics.
  DOI: 10.1504/IJBGE.2022.10051200
   
  
• Social ties, group dynamics, and executive compensation: an integrative two-stage framework  
  by Won-Yong Oh, Rami Jung, Young Kyun Chang 
  Abstract: While the effect of top executives’ social networks on their compensations has received substantial scholarly attention, little effort has been made to integrate segmented views to offer more complete understanding of this effect. In this paper, we propose an integrative two-stage model by taking both economic and socio-political views into account. We theorise that some characteristics of top executive’s outside social ties are positively related to firm performance, and those relationships are conditioned by external and internal strategic contexts, such as environmental uncertainty, strategic relevance, and tie strength. We also theorise that firm performance leads to executives’ compensations, but this linkage is moderated by the socio-political dynamics among executives (within-group dynamics) as well as between executives and a board of directors (between-group dynamics) inside the firm. Based on our integrative framework, this paper provides the comprehensive understanding of how executives’ compensations are determined and highlights the importance of executive’s social ties and their implications.
  Keywords: social ties; executive compensation; strategic contexts; economic view; socio-political view.
  DOI: 10.1504/IJBGE.2022.10051375
   
  
• The ripple effect of organisational inclusiveness on perception of ethical climate - an empirical investigation  
  by P.C. Gita, Sheeja Krishnakumar 
  Abstract: Business ethics is considered a key performance indicator for multiple stakeholders such as consumers, suppliers, shareholders, management and society. The adherence to business ethics has changed the way organisations function. The study argues that inclusiveness in an organisation drives several positive outcomes, including the perception of ethical climate. The study also tries to break the loop that suggests inclusiveness is practiced to enable the company to confirm legal requirements instead of a proactive approach. A conclusive research method was adopted in which primary data from 540 respondents was analysed. Findings indicate that inclusiveness at the workplace is a precursor to creating a positive perception of an ethical climate. Increasing inclusiveness and ensuring reduction in discrimination create a stable and positive work culture that enables the employee to positively perceive the environment and climate. The paper will add a new perspective of support for organisations to take a proactive approach toward inclusiveness.
  Keywords: organisational inclusiveness; ethical climate; ripple effect of inclusiveness; diversity and inclusion; corporate governance; impact of inclusiveness; workplace inclusiveness.
  DOI: 10.1504/IJBGE.2022.10051609
   
  
• Investment in ESG activities and bank performance: does bank ownership matter?  
  by Marc Kouzez, Ji-Yong Lee, Jomana Mahfod-Leroux 
  Abstract: In this paper, we investigate the relation between environmental, social and governance (ESG) activities and bank performance in European markets. Different from existing literature, we also explore whether ESG activities differently affect the performance of foreign-owned banks and domestic-owned banks. The results show that higher involvement in ESG activities is associated with better performance only for foreign-owned banks, and suggest that investment in ESG activities is relevant for foreign banks since it helps to obtain legitimacy in foreign markets, and enhance their reputation on international level. Our findings provide a better understanding of whether a banks ESG activities are in the interest of shareholders, and partially explain the contradictory results in previous studies.
  Keywords: bank performance; ESG; foreign banks.
  DOI: 10.1504/IJBGE.2023.10053288
   
  
• Egregious separation payments? The role of internal and external corporate governance  
  by Cyrine Ben-Hafaïedh, Pierpaolo Pattitoni, Barbara Petracci 
  Abstract: Egregious, unfair, unethical, and immoral are all adjectives that the public and shareholder activists use to describe separation payments, which are payments made to executives who leave firms for various reasons. Such complaints often cite corporate governance issues as well, noting the potentially problematic relationships between executives’ and board members’ compensation levels. However, some studies of separation pay agreements suggest a lack of any significant relationship between the quality of corporate governance and separation payments. Using a unique, hand-collected dataset pertaining to actual payouts received by the top executives who left their posts between 2002 and 2013 in Italy, this study reveals instead that better quality corporate governance, in both internal and external dimensions, helps regulate the level of separation payments. In turn, it can offset stakeholders’ perceptions of unfairness and the resulting negative consequences for the firm; such governance also can help minimise the prevalence of pay-for-failure cases.
  Keywords: boards; corporate governance; ethics; executive compensation; separation payments.
  DOI: 10.1504/IJBGE.2022.10052221
   
  
• Governance and internal control in LGOs: a systematic literature review  
  by Stergios Galanis, Michail Pazarskis, Maria Kyriakou 
  Abstract: This research examines the literature on governance and especially internal control in local government organisations (LGOs) and responds to three interconnected research questions (RQ): How is research on governance and internal control in local government organisations being evolved? What are the important aspects and criticisms of the literature on governance and internal control in local government organisations? What does the future of governance and internal control in local government organisations look like? Using a systematic literature review technique, we examine 90 peer-reviewed journal publications between 1986 and 2021. Following 2014, we witness an increase in publications, most in a single country, in developed and emerging markets. Studies on governance and internal control in local government organisations emphasise survey/questionnaire/other empirical methods, while the majority employ agency theory as a methodology. Furthermore, we discovered that governance and operational effectiveness are highly valued by academics.
  Keywords: local governance; internal control; local government organisations; LGOs; municipalities; systematic literature review.
  DOI: 10.1504/IJBGE.2022.10052272
   
  
• Shifting attention from board anatomy to board physiology to understand the roles of directors: evidence from UK companies  
  by Ioannis Gkliatis, Dimitrios N. Koufopoulos 
  Abstract: The study seeks to delineate the roles of board directors under agency and resource dependence perspectives. The literature review conducted suggests further research in clarifying the directors’ roles. The results of the principal component analysis from 115 surveyed board directors in the UK suggest that while the dominant roles used in the literature are still supported, they do not capture the whole picture of directors’ roles. The study advocates that future research on directors’ roles should consider additional tasks and also that researchers should account these roles as a continuum, rather than independent to each other. A new set of six roles is offered, highlighting some undervalued roles. Policy makers may benefit from this study by paying further attention to the important functional aspects of the board, as current focus is mainly on the structural elements. Also, strong recommendation is made to shift attention from board characteristics (anatomy) to board functions (physiology).
  Keywords: corporate governance; board roles; agency theory; resource dependence theory; RDT; UK.
  DOI: 10.1504/IJBGE.2023.10053237
   
  
• Does foreign ownership affect corporate cash holdings? Evidence from Amman Stock Exchange  
  by Lara Al-Haddad, Abdullah Al-Ahmad 
  Abstract: This study investigates the impact of foreign ownership on corporate cash holdings of Jordanian companies listed on the Amman Stock Exchange. Using a sample of 83 Jordanian companies during the 2010 to 2019 period, our results reveal that there is a statistically significant negative relationship between foreign ownership and corporate cash holdings, suggesting favourable effects of foreign investors on the financing structure of Jordanian companies. That is, when Jordanian companies reduce their cash holdings levels, more financial resources became available to be assigned to other activities, (e.g., investments) that can contribute positively to the growth of these companies. Further, lower cash balances might restrict the managers’ ability to overinvest in value-decreasing projects. Hence, foreign investors appeared to enhance the corporate governance quality by reducing the information asymmetry and agency costs associated with excessive cash balances. Our findings have significant policy implications for policymakers, regulators, academics, current and future investors.
  Keywords: Amman Stock Exchange; ASE; cash holdings; foreign ownership; Jordan.
  DOI: 10.1504/IJBGE.2023.10053498
   
  
• Board characteristics and firm success: does the institutional context always matter?  
  by Maria Cristina Zaccone 
  Abstract: Relying on the core premise that the board of directors is a collective decision-making group, this study aims at expanding the literature on the influence of internal corporate governance on firm success assuming a comparative approach. Based on a sample of publicly traded companies nested in liberal market economies and coordinated market economies, the results indicate that the relationship between board eldership and firm success holds regardless of the institutional setting where the firm is nested. Similarly, I provide evidence board tenure negatively influences firm success regardless of the institutional setting where the firm is nested. In addition, the results show that directors’ attendance to board meetings positively influence firm success regardless of the institutional setting where the firm is nested. Overall, the empirical findings contribute to and extend the existing literature on internal corporate governance and comparative corporate governance.
  Keywords: board of directors; firm success; liberal market economies; LMEs; coordinated market economies; CMEs.
  DOI: 10.1504/IJBGE.2023.10054084
   
  
• Corporate social responsibility, allegation of corruption, and media sentiment  
  by Suresh Kalagnanam, Abhilash Nair 
  Abstract: This study examines the two possible effects of CSR on reputation - the insurance like effect and the boomerang effect - within the context of a uniform integrity-questioning negative event through the eyes of the media. Accordingly, we tested whether prior CSR engagement prompts media to give the firm the benefit of doubt when it is accused of grand corruption. We estimated media sentiment using textual analysis on 45,000 media reports covering firms allegedly involved in grand corruption. The studys findings provide no evidence of CSR providing insurance like effect, particularly in the context of integrity-based negative events. In contrast, our results appear to support the idea of the boomerang effect or a punishment for irresponsible behaviour.
  Keywords: corporate social responsibility; CSR; insurance like effect; media sentiment; grand corruption; boomerang effect; textual analysis.
  DOI: 10.1504/IJBGE.2023.10054555
   
  
• CSR and firm performance nexus in a highly unstable political context: institutional influence and community cohesion  
  by Islam Abdeljawad, Mamunur Rashid, Nour Abdul-Rahman Arafat, Hadeel Naifeh, Nadeen Ghanem 
  Abstract: We provide evidence of the relationship between corporate social responsibility (CSR) and corporate financial performance (CFP) in Palestine, a highly unstable political context. Annual reports of all firms listed on the Palestine Exchange (PEX) for the period 2016-2019 were manually content analysed. A checklist of reported CSR items is summarised into four areas: environmental information, human resources, community involvement, and product and customer service quality. Results indicate a robust positive connection between each of the four dimensions and the composite CSR index with three performance indicators: ROA, ROE, and Tobins Q. Results also find better performing companies with a higher degree of community involvement being greatly appealing, while the environmental dimension was the least resilient. We discuss the significance of community engagement for an unstable context like Palestine from a community cohesion standpoint.
  Keywords: corporate social responsibility; CSR; corporate financial performance; CFP; unstable economies; small economies; Palestine.
  DOI: 10.1504/IJBGE.2023.10054626
   
  
• Role of technology director in boosting internationalisation and performance:an evidence from EU sustainable firms  
  by Um-E-Roman Fayyaz, Gianluca Antonucci, Raja Nabeel-Ud-Din Jalal, Michelina Venditti 
  Abstract: The present study investigates the relationship between technology director, internationalisation, and firm performance, assuming the beneficial effect of digital-sustainable corporate governance reforms. We implied the presence of a technology director on the board and empirically examined its impact on firm performance. In addition, we also test business internationalisation as a mediator between the technology director on the board and firm performance. The empirical findings rely on the data retrieved from the S&P Dow Jones Sustainability Index 2019 for 115 top sustainable EU firms and the Thomson Reuters Refinitiv Eikon database. The results reveal a significant positive relationship between the technology director’s presence on the board and firm performance. We also find business internationalisation mediates the relationship between the technology director’s presence on the board and firm performance. Overall, we try to lay a foundation for a digitally aware board and its impact on important firm decisions.
  Keywords: digitalisation; sustainability; firm internationalisation; technology director; CEO; chief digital officer.
  DOI: 10.1504/IJBGE.2023.10055007
   
  
• The impact of corporate governance on financial leverage: evidence from Egypt  
  by Rimon Micheal, K. Sandy Kyaw, Kwami H. Quao 
  Abstract: This study examines the effect of corporate governance on financial leverage of emerging market firms. This study shows the effects of corporate governance by estimating empirical model in which firms financial leverage is dependent variable, while board size, blockholder ownership, independent directorship, and duality are independent variables. The study employs the panel dataset of 50 listed non-financial firms in Egypt in the period 20082019 and the econometric method for panel data which is multiple regression model. The study suggests a significant and negative effect of board size and duality on the financial leverage relation. The impact of board independence on the financial leverage inclines to be positive significant, and the effect of blockholder ownership tends to be positive, although it is statistically insignificant. The results are inline with diverse of estimation methods. Overall, the findings are consistent with the view that in a context with weak institutional environment, internal corporate governance mechanisms play a particularly important role in the risk-taking activities of emerging market firms.
  Keywords: corporate governance; financial risk; managerial entrenchment; ownership structure; regulation; auditing.
  DOI: 10.1504/IJBGE.2023.10055063
   
  
• Corporate social responsibility and stock price crash risk: the mediating effect of accounting conservatism  
  by Emna Brahem, Florence Depoers, Faten Lakhal, Assil Guizani 
  Abstract: The purpose of this paper is to investigate the effect of corporate social responsibility on the firm-specific stock price crash risk. It also examines how this effect is driven through accounting conservatism. Based on a sample of French-listed firms from the period 2007 to 2016, the authors use GLS regression models on panel data estimated with robust standard errors, clustered at the firm level. The results show that firms’ CSR performance is negatively associated with stock price crash risk. These findings suggest that socially responsible firms are less likely to hide bad news and poor performance to comply with stakeholders’ ethical expectations, which reduces the stock price crash risk. Furthermore, we find that CSR indirectly decreases the stock price crash risk by enhancing accounting conservatism. This result suggests that accounting conservatism is a channel through which CSR decreases stock price crash risk. Our results provide practical implications for policymakers about the necessity to increase CSR activities as a good corporate governance device.
  Keywords: corporate social responsibility; stock price crash risk; accounting conservatism; mediating role.
  DOI: 10.1504/IJBGE.2023.10055064
   
  
• Mind the gap: impact of formal institutional distance and human rights differences between the host and home countries on emerging market multinationals’ choice of ownership strategy  
  by Rekha Rao-Nicholson, Liudmyla Svystunova 
  Abstract: Recent decades have witnessed a rapid expansion of emerging-market multinational enterprises (EMNEs). These newly internationalising firms are faced with challenges as they go abroad. One of the sources of this challenge is the gap between codified formal institutions and the extent to which they are upheld in practice. Drawing on recent critiques, we explore the links between EMNEs ownership strategy, the difference in the host-home countries in terms of the formal institutions and mediating role of human rights. Our analysis draws on the data for EMNEs from five emerging markets, Brazil, Russia, India, China and South Africa, between 1998-2011. The results suggest a partial mediation effect of human rights difference on the formal institutional distance and EMNEs ownership stakes, namely, when EMNEs acquired targets in the developed countries. Thus, our study contributes to the literature by evidencing the effect of formal institutions being transmitted via human rights differences between home and host countries.
  Keywords: emerging market multinationals; ownership strategy; human rights; host country institutions; formal institutional distance; cross-border acquisitions.
  DOI: 10.1504/IJBGE.2023.10055265
   
  
• Long-term evolution of business ethics in Hong Kong  
  by Tsun Se Cheong, Felix Tang, Andy Cheng, Michal Wojewodzki, Sunny Chan 
  Abstract: This paper applies the distribution dynamics analysis (DDA) technique in business ethics research using proprietary data measuring the general public’s perception of business ethics levels in 206 major companies operating in Hong Kong. The data is comprehensive and longitudinal, consisting of 10,773 interviews collected between 2012 and 2016, transformed into a summary score of the perceived business ethics standards of Hong Kong companies, i.e., the relative Confucian business ethics score (RCBES). The study documents a slow long-run convergence process in business ethics levels across the companies operating in Hong Kong towards the RCBES value of 1.02, i.e., slightly above the average RCBES equal to 1. The results also indicate the emergence and migration of two convergence clubs with a smaller and larger group of companies clustering to the RCBES values below (0.87) and slightly above (1.02) the average value. The paper offers several implications and avenues for future research directions.
  Keywords: business ethics; Confucian business ethics score; CBES; distribution dynamics analysis; DDA; convergence club; mobility probability plot; MPP; Junzi virtues; Hong Kong.
  DOI: 10.1504/IJBGE.2023.10055419
   
  
• Factors that contributes the willingness to stay in organisations  
  by Mariana Cruz, Álvaro L. Dias, Leandro F. Pereira, Renato Lopes Da Costa, Rui Gonçalves 
  Abstract: The competitive context of globalisation is arising some complex issues for companies. One of the main problems is high turnover rates, which are negatively affecting organisations’ results. The willingness to stay in a company can be affected by numerous variables and, understanding these variables can be crucial for the sustainability of any business. This research aims to address and measure willingness to stay within a company, understand if and how much it is influenced by organisational culture, specifically by commitment, happiness, justice and loyalty. Using survey data from 284 active workers, the results reveal that willingness to stay is positively influenced by organisational commitment, organisational happiness and, organisational loyalty. Although organisational justice does not directly affect willingness to stay, it acts has a mediator in the other three variables, revealing an indirect relationship between organisational justice and willingness to stay established through organisational commitment, organisational happiness and, organisational loyalty.
  Keywords: organisational commitment; organisational happiness; organisational justice; organisational loyalty; willingness to stay.
  DOI: 10.1504/IJBGE.2023.10056129
   
  
• The influence of workplace ethics training on leader decision-making  
  by Sibylla Meine Andrean 
  Abstract: This study explored the influence of ethics training on leader decision-making and was guided by two research questions: How do leaders perceive that ethics training influenced their decision-making and how can leaders enhance the effectiveness of ethics training to positively influence decision-making? The focus was on leaders’ experiences in large publicly traded companies. The study was conducted using a qualitative approach and narrative inquiry design. To gather data, open-ended interview questions were used. Thematic content analysis was used to analyse data by looking for themes in the data that offered insight into the research questions. Three major themes emerged: ethics training increases ethical awareness, ethics training reinforces existing values, and to make ethics training more effective, the training must be more interactive. Findings revealed workplace ethics training did not have a major influence on the ethical behaviour and decision-making of leaders, but it did help to increase their ethical awareness.
  Keywords: ethics training; impact of ethics training; ethics training programs; business ethics; ethics evaluation; ethical decision-making.
  DOI: 10.1504/IJBGE.2023.10056315
   
  
• 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
   
  
• Agency problem - a missing link between corporate social responsibility reporting and firm performance  
  by Hien Thi Tran, Hanh Song Thi Pham, Hung Quang Doan 
  Abstract: This study investigates the mediating impact of agency problem on the effect of CSR reporting to firm performance. Using the OLS regression method to analyse a dataset of 5,831 firm-year observations of 833 large firms from 30 countries across seven years from 2013 to 2019, the study finds that agency problem is a missing link that mediates the influence of CSR reporting on a firm’s economic performance. The results hold in the system GMM estimations. The study unpacks the black box of CSR-firm performance relation in which CSR reporting benefits firm performance through diminishing the agency problem. Unlike the existing literature that only emphasises the role of a corporate board to handle agency problem, this study highlights the role of CSR reporting as an alternative mechanism to mitigate agency problem. Our finding confirms that CSR reporting is fruitful to shareholders; CSR reporting can be employed as a measure to improve principle-agent relationship.
  Keywords: agency problem; corporate social responsibility; CSR; CSR reporting; performance.
  DOI: 10.1504/IJBGE.2023.10057087
   
  
• 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
   
  
• Governance in non-profit organisations: a plural or ambiguous research field? Bibliometrics and definitions of a broad concept  
  by Guillaume Plaisance 
  Abstract: This article focuses on the concept of non-profit governance and the associated literature. It proposes a bibliometric analysis and a study of the definitions of non-profit governance to examine the ambiguity of the concept, decried by some researchers. Others rather think that it is a question of plurality. Two hundred seventy-seven articles were selected from Scopus as well as from the main publishers of scientific journals in management sciences. A bibliometric analysis (main authors, preferred journals, date of publication, countries, etc.) is complemented by a lexicometric and linguistic analysis of keywords, abstracts and definitions of non-profit governance. The results indicate a strong inspiration towards for-profit governance, a focus on the board of directors and a plurality of definitions of non-profit governance. This article therefore opens up many new research perspectives, complementary to those already stated by researchers who have constructed research agendas.
  Keywords: bibliometric analysis; bibliometrics; definition; governance; non-profit governance; non-profit organisations.
  DOI: 10.1504/IJBGE.2022.10047033
   
  
• The influence of corporate social responsibility perception on employees' job performance: an evidence from Vietnam  
  by Bui Nhat Vuong 
  Abstract: The objective of this study is to examine the effect of corporate social responsibility perception (CSRP) on job performance through the mediating role of work attitude (job satisfaction and employee commitment), and the moderating roles of income level. Survey data were collected from 626 employees who are working in small and medium enterprises in Vietnam. Results from the partial least squares structural equation modelling (PLS-SEM) using the SmartPLS 3.0 program showed that employees' CSR perception is positively related to job performance. Besides, this relationship was partially mediated by job satisfaction and employee commitment. Additionally, the interaction effect analysis also confirmed that the positive relationship between CSR perception and work attitude will increase significantly in higher-income employees than low-income employees. Furthermore, employees with more experience tended to have more performance than employees with less experience. This finding implied that managers should develop appropriate CSR to enhance employees' positive work attitudes and behaviours.
  Keywords: corporate social responsibility perception; CSRP; job satisfaction; employee commitment; job performance; income.
  DOI: 10.1504/IJBGE.2022.10047335
   
  
• Religious context and its influence on banking sector regulation  
  by Ainur Ramazanova, Assyl Sabitova, Raissa Orsayeva, Gulmira Bairkenova, Indira Smailova 
  Abstract: The aim of the study is to identify typical religiously-based regulatory practices in the banking sector of secular states. With this end in view, the intersection of religion and banking was qualitatively analysed, as well as confessional-based economies of Judaism, Christianity, and Islam were characterised. The results obtained provide evidence that religion exerts a notable influence on the social and economic life of the country. The Jewish banking system is based on the analogy of the Islamic finance paradigm - it is built upon Sharia law but provides services for the population according to national jurisdiction of the state and the laws of the Torah. In the meantime, the regulation of basic banking practices in the Christian tradition is not religiously conditioned. The originality of this study is in the analytical tool designed to manage financial activities within the particular economic system while making allowances to the moral values of society.
  Keywords: business ethics; religion; Islamic society; bank; economic behaviour.
  DOI: 10.1504/IJBGE.2022.10049381
   
  
• Basic human values of Indian management professionals: a demographic profile  
  by Alex Joseph, Sarin Raju, T.M. Rofin 
  Abstract: This study tries to check the degree of basic human values among management professionals in India with considerable cultural and linguistic differences and how it varies across the different demographic influences. We have checked the impact of demographic variables like gender, age, education, type of organisation, place of residence, and work experience on basic human values. Hypotheses testing were conducted using MANOVA. It was inferred that the perception regarding the degree of basic human values differs among different management professionals based on their age, gender, education, type of organisation, and place of residence. Surprisingly, the work experience of the person does not have a significant influence on basic human values. Consequently, we imply that the demographics of an individual carve their basic human values. The findings and inferences of the proposed study will be of great importance to policymakers and recruiting managers to fetch the right candidate.
  Keywords: basic human values; managers; demographic factors; Schwartz; respect for humanity; self-enhancement; conservation; openness to change; recruiters; MANOVA.
  DOI: 10.1504/IJBGE.2022.10050375
   
  
• Corporate strategic objective, corporate social responsibility practices and employees' affective commitment: a managerial perspective  
  by Mai Ngoc Khuong, Khoa Truong An Nguyen, Thi Phuong Ngan To 
  Abstract: Currently, although the implementation of corporate social responsibility (CSR) practices and its incorporation into business strategies is emphasised widely in developed countries as a key to sustainable growth and economic profitability, this term is still new to the Vietnamese market because of the low awareness of the importance of CSR practices, which leads to the failure of many firms. Since Vietnamese firms do not prioritise CSR implementation, Vietnam is experiencing an increasing shortage of skilled employees owing to a lack of motivation. Therefore, this study examines the relationship between the corporate strategic objective (CSO), CSR practices and employee commitment, to provide recommendations to enhance motivation. This study used a quantitative approach and data from a questionnaire delivered to 869 enterprises in 2019 in Vietnam. Results suggest that the CSO had direct and indirect effects on employee commitment through the mediation of CSR practices.
  Keywords: corporate strategic objective; CSO; corporate social responsibilities; CSR; affective commitment; managerial perspective; developing context.
  DOI: 10.1504/IJBGE.2022.10049135
   
  
• Directors' remuneration, banks' specifics and board characteristics: the case of Indian listed banks  
  by Najib H.S. Farhan, Faozi A. Almaqtari, Waleed M. Al-ahdal, Hafiza Aishah Hashim 
  Abstract: The article attempts to examine the impact of banks' specifics and board of directors' characteristics on directors' remuneration (REM) of 38 Indian listed banks from 2010 to 2019. The current study is based on secondary data that are extracted from the Prowess IQ database. Fixed effect model is used for analysing the data and generalised method of moment is applied for dealing with endogeneity problem. Finally, the sample is classified into three groups in order to check the robustness of the results. Results revealed that return on assets, size, and market capitalisation positively and significantly impact directors' REM of Indian listed banks. While banks' age, capital adequacy, current ratio, and board of directors' composition have an insignificant impact on directors' REM of Indian listed banks. The findings of the study provide new evidence about the impact of banks' specifics and board of directors' characteristics on directors' REM in the Indian banking sector. The findings suggest that firms' specifics are significant determinants of directors' REM.
  Keywords: directors' remuneration; board characteristics; Indian listed banks; banks' characteristics.
  DOI: 10.1504/IJBGE.2022.10050495
   
  

Special Issue on: EFS 2022 Sustainable Finance Governance and Business Ethics

• Moving towards sustainable waste management: a critical analysis of corporate governance  
  by Asif Saeed, Noor Zahid, Rizwan Mushtaq, Ammar Ali Gull 
  Abstract: An increase in the level of greenhouse gases concentration has drawn global attention towards the preservation of the natural ecosystem. In response to stakeholders pressure, firms are adopting sustainable business practices for reducing their impact on the environment. Among these, firms monitor their waste management practices to reduce the ecological rucksack in their production cycles. We therefore explore the relationship between corporate governance and waste management practices. Based on a panel data set of listed firms from 33 countries during 2002-2017, the results indicate that high corporate governance quality is positively associated with effective waste management practices. Our results remain robust to alternate proxies of waste management and endogeneity concerns. Moreover, the relationship between corporate governance and waste management is eminent in firms with institutional investors, BIG4 auditors, highly intense R&D structure and during the non-crisis period. We interpret our results using stakeholder theory and triple bottom line theory and provide necessary implications.
  Keywords: corporate governance; waste management; waste recycled; greenhouse gases; GHG; waste reduction initiatives; WRI.
  DOI: 10.1504/IJBGE.2023.10055355
   
  

Special Issue on: EFS-2022 Sustainable Finance, Governance and Business Ethics

• CSR investment and operating and financial leverage under competitive pressure  
  by Taher Hamza, Rym Mhadhbi, Zeineb Barka 
  Abstract: We investigate the cost of socially behaving firms and its impact on firms’ operating and financial leverage. In addition, this relationship is likely to be subject to a potential moderating effect of industry competitive pressure. Using a sample of French-listed companies over 2002-2016, our empirical findings show that: 1) CSR affects positively and significantly, via social performance, the firm operating leverage (OPLEV). Environmental performance however, has no significant impact; 2) industry competition has a significant and negative impact on the association between CSR and OPLEV. In less competitive industries, CSR policy creates a competitive advantage that reduces firm’s operating risk; 3) a negative effect of CSR on the financial leverage (FINLEV). Overall, our findings continue to hold after controlling for endogeneity and conducting alternative econometric specifications and have important policy implications.
  Keywords: corporate social responsibility; CSR; social performance; environment performance; operating leverage; OPLEV; financial leverage; competitive pressure.
  DOI: 10.1504/IJBGE.2023.10053634
   
  
• Do CEO debt-like compensation promote investment efficiency?  
  by Wajih Abbassi, Sabri Boubaker, Kaouther Chebbi, Riadh Manita 
  Abstract: This paper investigates how incentives from CEO debt-like compensations affect labour investment efficiency. Using a sample of 9,644 US firms-year observations from 2006 to 2018, we provide empirical evidence that labour investment inefficiencies, proxied by the absolute difference between the actual net hiring level and the optimal one predicted by economic fundamentals, decrease with CEO inside debt. These results are robust to using alternative proxies of CEO inside debt and the control for endogeneity. We further examine under-investment (under-hiring and over-firing) and over-investment (over-hiring and under-firing) problems and provide evidence that each form of distortion decreases as CEO inside debt increases. We also show that the positive impact of CEO inside debt on labour investment efficiency is more pronounced in firms facing lower financial constraints. Overall, our findings highlight the importance of CEO debt-like compensations in shaping firm-level employment decisions.
  Keywords: inside debt; pension; deferred compensation; investment efficiency; labour investment.
  DOI: 10.1504/IJBGE.2023.10053939
   
  
• Cost-benefit analysis economic evaluation of CSR projects: evidence from Morocco  
  by Abdelmajid Ibenrissoul, Souhaila Kammoun, Amine Lahiani 
  Abstract: In this paper, we perform a cost-benefit analysis (CBA) on a Moroccan corporate socially responsible company to evaluate not only the economic profitability of corporate social responsibility (CSR) engagement for the firm but also the environmental and societal benefits for Morocco. Our approach also offers the possibility to measure the value created by the anti-pollution system project of Casablanca area for all stakeholders and for the community. It has the advantage of evaluating, in monetary terms, a project that does not generate financial resources, which allows calculating the economic value of the CSR project. The obtained results show that the project is viable regardless of the considered benefits and costs subcategories. Important policy implications can be drawn from our analysis.
  Keywords: corporate social responsibility; CSR; cost-benefit analysis; CBA; anti-pollution system; APS; economic evaluation; Morocco.
  DOI: 10.1504/IJBGE.2023.10054123
   
  
• Financial expert CEOs and corporate social responsibility decoupling  
  by Sana Akbar Khan, René P. Orij, Nhung Vu 
  Abstract: We study CEOs with a financial background in relation to firms corporate social responsibility (CSR) decoupling, referred to the gap between the actual and reported CSR performance. Using a sample of 2,513 firms operating in 29 countries from 2006 to 2017, we examine whether financial expert CEOs facilitate firms to tackle the institutional pressure and mitigate CSR decoupling. The result shows that financial expert CEOs reduce the CSR gap. We provide evidence suggesting that financial expert CEOs only affect the environmental dimension since this dimension is at the most concern of stakeholders. Moreover, board independence strengthens the relationship between financial expert CEOs and CSR decoupling, especially in the environmental dimension. Overall, the results suggest that CEOs with financial background matter to improve the CSR reporting quality and reduce the information asymmetry between firms and their stakeholders, contributing to the upper echelons theory.
  Keywords: financial expert CEOs; CSR decoupling; upper echelons theory; corporate governance.
  DOI: 10.1504/IJBGE.2023.10054533
   
  
• The effect of corporate social responsibility on European bank credit ratings  
  by Islem Arous, Nidhaleddine Ben Cheikh, Salah Ben Hamed 
  Abstract: The possible influences of corporate social responsibility (CSR) on corporate credit ratings have been the subject of several studies in recent years, but no work has yet analysed this relationship among banks. As a result, this research aims to identify the effect of CSR on bank credit ratings in a sample of 27 European banks over the annual period 2007-2016. We suggest implementing a panel quantile regression analysis, where the impact of CSR is provided for low, medium, and high credit ratings, respectively. The empirical results show that the importance of CSR differs according to the credit rating level of each bank. Our findings point out that poorly rated banks need to develop and improve their environmental, social, and governance performance. In addition, we highlight that the environmental score has the strongest effect on European banks credit ratings in comparison to the social and governance scores.
  Keywords: corporate social responsibility; CSR; credit ratings; quantile regression; European banks.
  DOI: 10.1504/IJBGE.2023.10054630
   
  
• Politically connected CEOs and risk-taking behaviour: comparative evidence from private and foreign-owned banks in China  
  by Haithem Awijen, Hachmi Ben Ameur, Nidhaleddine Ben Cheikh, Younes Ben Zaied 
  Abstract: This study investigates the effect of CEOs political connections on the risk-taking behaviour of banks in China over the period 20032017. Using both credit and insolvency risk measures, we show that political connections have a positive effect on banks risk-taking behaviour. Bank ownership structure also positively moderates the relationship between political connections and risk-taking. Our empirical results have important policy implications for investors and the government. We highlight the importance of CEOs political connections, which potentially play a role in determining a banks risk-taking behaviour. Finally, our results are robust to alternative bank risk and ownership variables.
  Keywords: political connections; bank risk-taking; ownership structure; ownership concentration; China.
  DOI: 10.1504/IJBGE.2023.10054872
   
  
• Corporate social responsibility and debt maturity: the moderating role of CSR reporting quality  
  by Sonia Boukattaya, Abdelwehed Omri 
  Abstract: The present paper aimed to examine the moderating effect of CSR reporting quality on the relationship between corporate social responsibility (CSR) and debt maturity. Here, we relied on a sample of French listed firms on the SBF120 index from 2013 to 2019. The collected data were analysed using the system GMM estimation to eliminate endogeneity problems when testing the research hypotheses. Based on the agency and signalling theories, our findings provide evidence that CSR performance has a negative effect on corporate debt maturity. High CSR firms use short-term debt financing to signal their high quality to the market and control the CSR overinvestment problems. Furthermore, we show that the negative effect of CSR on debt maturity is more pronounced in high CSR reporting quality firms. Our results are robust to alternative debt maturity measures.
  Keywords: capital structure; debt maturity; corporate social responsibility; CSR; global reporting initiative; GRI; CSR disclosure.
  DOI: 10.1504/IJBGE.2023.10056457
   
  
• Stock market integration in emerging markets in the spectre of the global financial crisis  
  by Najlae Bendou, Jean-Jacques Lilti, Khalid El Badraoui 
  Abstract: The article examines stock market integration of emerging markets around the global financial crisis of 2007-2008. The rationale of our study is to evaluate whether the level of integration of emerging markets can provide incentives for investors in order to diversify their portfolio to hedge against unsystematic risk. We measure integration in 46 emerging countries between 2000 and 2018 using the mean adjusted R-square methodology. We find that the integration of emerging countries increases at the commencement of the crisis. It reaches a maximum point in the middle of the crisis and then tends to revert to its pre-crisis level. This result provides clear evidence of the benefits of international portfolio diversification in emerging markets which allows to hedge against unsystematic risk during periods of global crises.
  Keywords: determinants of integration; diversification; emerging markets; financial crisis; markets co-movement.
  DOI: 10.1504/IJBGE.2023.10058075
   
  
• ESG dimensions, firm performance and corporate governance systems  
  by Zied Ftiti, Maher Jeriji, Waël Louhichi, Yasmine Mensi, Amel Zenaidi 
  Abstract: This study aims to investigate the ambiguous relationship between corporate sustainable practices [in the environmental, social and governance (ESG) dimensions] and their financial performance in four countries (the USA, Germany, Italy, and Japan) with different national corporate governance systems (Anglo-Saxon, Germanic, Latin, and Japanese) over the period 2010-2018. We analyse the impact of the global ESG score and disaggregated ESG scores on firm performance with both accounting and market measures. Using a panel generalised method of moments system model, we show the existence of a positive relationship between ESG performance and corporate financial performance only for countries representing the Germanic and Latin governance systems, and this is mainly explained by the significant effect of the governance pillar.
  Keywords: environmental; social and governance; ESG performance; corporate financial performance; CFP; market value; national governance systems.
  DOI: 10.1504/IJBGE.2024.10058645
   
  

Special Issue on: Ethics Practices and the Impact of the COVID-19 Pandemic on Local and International Construction Companies

• Severity of ethical issues in virtual teams on construction projects  
  by Olugbenga Timo Oladinrin, Lekan Damilola Ojo, Onaopepo Adeniyi, Funke Dorcas Adedeji 
  Abstract: The outbreak of the coronavirus pandemic has brought a new dynamic into team decision-making on construction projects in which face-to-face meetings largely metamorphosised into virtual. Online decision-making process and virtual environment have been challenged by some ethical issues, especially in developing countries. The severity of these ethical issues confronting virtual construction team decision-making process were purposely investigated via online survey among construction professionals in Lagos State, Nigeria. The data collected were analysed with various descriptive and inferential analyses namely mean score, normality test, Kruskal-Wallis H test, and modified relative severity value (mRSV). Based on the results of mRSV computed on the severity of the ethical issues inhibiting virtual team decision-making, the high ranked factors are technical uncertainties, unpredictable communication, lack of follow-through on ideas, and unequally distributed information, among others. Several recommendations such as collective appraisal of potential technical glitch before proposing a virtual collaboration, amongst others was suggested.
  Keywords: construction; ethical issues; Nigeria; virtual decision-making; severity.
  DOI: 10.1504/IJBGE.2022.10050764
   
  
• Managing construction delivery during the COVID-19 pandemic in the UK construction industry  
  by Temitope Omotayo, Tom R. Brudenell, Ayokunle Olanipekun, Temitope Egbelakin 
  Abstract: This study focused on maintaining the delivery of construction projects in a crisis scenario such as the COVID-19 pandemic to drawing construction project management lessons for future projects. A qualitative interpretive approach comprising a semi-structured interview was employed to understand the responses and strategies used by six interviewees in construction companies to maintain high productivity levels in their projects during the pandemic. Data obtained were subjected to thematic analysis to establish reoccurring strategies. The results revealed a clear disparity in the level of productivity that was achieved onsite and in the office. The UK construction industry is vulnerable to crisis, and individual organisations must build more resilience. Delays in project delivery were endemic during the peak of COVID-19, and contingency measures must be in place to bolster the efforts of onsite construction workers to meet deadlines. Finally, an extension of time due to the declaration of force majeure is not enough to support productivity.
  Keywords: COVID-19; crisis management; disruption; productivity project delivery; UK.
  DOI: 10.1504/IJBGE.2022.10049842
   
  
• Characterisation of the effects of coronavirus pandemic on construction projects delivery  
  by Dorcas Titilayo Moyanga, Lekan Damilola Ojo, Oluwadamilare Olamide Ilesanmi, Ahmed Elyamany 
  Abstract: The advent of coronavirus (COVID-19) pandemic has greatly affected the delivery of construction projects globally. Sadly, the variants of COVID-19 present a proposition that the virus may not be easily overcome anytime soon. However, continual delivery of construction projects is indispensable, especially in developing nations for smooth running of the economy. Therefore, it becomes important to understand the effects of the COVID-19 on construction projects delivery and categorise them into manageable size for proffering practical solutions while meeting the needs of clients and ensuring safety of workers simultaneously. Through firm-based survey, 139 copies of questionnaire retrieved were analysed with descriptive and inferential statistics. Based on the results of the factor analysis conducted, the effects of COVID-19 were grouped into workforce-related, cost-related, and project-related. Investing in automated construction equipment and devices was recommended for construction organisations in developing countries. Besides, mindfulness-based intervention programme was advised to combat construction worker’s anxiety.
  Keywords: construction project delivery; COVID-19; effects; Nigeria.
  DOI: 10.1504/IJBGE.2022.10049961
   
  
• Too far apart! - an evaluation of the challenges impeding virtual teams’ success  
  by Douglas Aghimien, Lerato Aghimien, Clinton Aigbavboa, Siphiwe Dhladhla 
  Abstract: In todays business world, technological advancement, globalisation and the recent global pandemic have contributed to the increased use of virtual teams (VTs). However, the use of VTs in the construction industry in South Africa and the challenges facing this type of team are yet to be explored. Therefore, this study assessed the challenges facing VTs in the South African construction industry using a questionnaire as the data collection instrument. The data were analysed using percentage, mean item score, Kruskal-Wallis H-test, and fuzzy synthetic evaluation. The study found five groups of challenges impeding the success of VTs. Based on the findings, the study concludes that top management and owners of construction organisations seeking to improve their project success through VTs must put measures in place to address issues relating to: 1) trust and cohesion; 2) diversity; 3) leadership; 4) communications; 5) task specifications. Practically, should the identified challenges be considered, construction organisations would be able to use their VTs to deliver construction projects effectively. Theoretically, the study contributes to the existing discourse on VTs by showing these challenges from the South African construction industry perspective, where such a study does not exist.
  Keywords: construction industry; fuzzy synthetic evaluation; remote work; project team; virtual team.
  DOI: 10.1504/IJBGE.2023.10056526
   
  

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

• 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