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We study the role of having an audit committee (AC) as a signal of firm quality and as a monitoring device of the information quality contained in the listing prospectus.

Ordinary Least Squares regressions are used to examine the association between the presence of an audit committee and (1) the initial return (IR), and (2) the earnings forecast error in the listing prospectus in a sample of 55 Real Estate Investment Trusts that went public on the BME Growth market during 2013–2022. Heckman two-step estimation procedure to correct for endogeneity and bootstrap are used for robustness.

We show that IR and earnings forecasts are significantly affected by the presence of AC. The IR is higher and the earnings forecast included in the prospectus are of higher quality in firms with AC.

Our research provides (1) managers with new tools when deciding on their corporate governance structure in the listing process, (2) specific evidence for regulators on the role played by ACs in the process of going public, which may be useful in the context of the ongoing regulatory changes regarding admission processes in Europe, and (3) society with a sign that AC can enhance investor and public confidence in financial markets and foster a more stable and transparent investment environment.

The adoption of an AC is voluntary in this market, so this discretionary decision provides an exceptional opportunity to conduct such an analysis. Additionally, this issue has not been previously analysed in Europe.

我們擬探討審計委員會在作為是公司質素的一個信號, 以及在作為是監控上市招股書內資料質素的一個機制所扮演的角色。

研究人員使用普通最小二乘法回歸模型, 去探討審計委員會的存在與 (一) 初期回報、和 (二)上市招股書內收益預測的錯誤兩者之間的關聯。研究的樣本為55個於2013年 至 2022年間在 BME Growth 市場上市的不動產投資信託。研究人員使用自助法和可幫助修正內生性問題的赫克曼兩階段回歸, 以達數據的穩健性。

研究結果顯示, 審計委員會的存在會顯著地影響初期回報和收益預測。若公司採用審計委員會, 初期回報則會較高; 而且, 招股書內的收益預測也顯示較高的質素。

由於採用審計委員會與否在這研究的有關市場內純基於自主的決定、而非屬強制性, 因此, 與這決定有關的課題為學者提供了特殊的研究機會。再者, 在歐洲至今似仍未有學者曾嘗試探討這個課題。

本研究帶來以下實務方面的啟示: (一) 當經理需決定其在上市過程中的公司治理結構時, 本研究為他們提供了新的工具給他們使用; (二) 本研究為調控者就公司上市過程中審計委員會所扮演的角色提供具體的證據。而這因歐洲正進行更改與批核上市有關的規管而可能使其產生用處; (三) 本研究為社會提供一個信號, 顯示審計委員會不但可增強投資者和大眾對金融市場的信心, 而且還能培育更穩定和透明的投資環境。

公司治理、審計委員會、上市、初期回報、盈餘預測、不動產

The innovation ecosystem makes it possible to build a network strategy that allows organizations to collaborate and evolve together, especially in public organizations in which the population’s expectation for better services is growing and resources are scarce. Thus, the theory of the innovation ecosystem is analyzed in this study to structure mechanisms for spending efficiency within the institutions of the Brazilian federal education network. This choice is justified by the need to explore the coordination of the innovation ecosystem applied in the university context.

This study was carried out using a qualitative approach. An action research methodology was used on the Ministry of Education of Brazil (MEC), focusing on 110 institutions of the federal education network (federal universities and institutes). Action research was applied in this study because of its capacity to generate knowledge and address practical problems, specifically those concerning the efficiency of public spending in the examined educational institutions.

A model called the Innovation Ecosystem for Efficiency of Public Spending in Institutions of the Brazilian Federal Network of Education was developed. The model is composed of three layers: a core layer consisting of the MEC as a supervisory body that exerts influence over institutions, a platform layer consisting of four platforms and a development and application layer consisting of actors that interact with ecosystem activities.

As its main contribution, this study presents how public institutions, especially those linked to the area of federal education, can organize and articulate partnership designs to promote innovation and efficiency in public spending.

The purpose of this paper is to analyse the future of the implementation of artificial intelligence (AI) technologies in services experience provided by cultural institutions (e.g. museums, exhibition halls and cultural centres) from experts’, cultural tourists’ and users’ point of view under the Industry 5.0 approach.

The research was conducted using a qualitative approach, which was based on the analysis of the contents obtained from two roundtable discussions with experts and cultural tourists and users. A thematic analysis using NVivo was done to the data obtained.

From a futuristic Industry 5.0 approach, AI is considered to be more than a tool – it as an integral part of the entire experience. AI aids in connecting cultural institutions with users and is beneficial since it allows the institutions to get to know the users better and provide a more integrated and immersive experience. Furthermore, AI is critical in establishing a community and nurturing it daily.

The most important contribution of this research is the theoretical model focused on the user experience and AI application in services experiences of museums and cultural institutions from an Industry 5.0 approach. This model includes the visitors’ and managers’ points of view through the following dimensions: the pre-experience, experience and post-experience. This model is focused on human–AI coworking (HAIC) in museums and cultural institutions.

The implementation of sustainable corporate policies and practices requires that employees engage in green behavior. Understanding the drivers of employee green behavior (EGB) is a fundamental research question. This paper aims to extend the scholarship on the micro-foundations of EGB by examining workplace greenery as an antecedent of EGB.

Drawing from theories in environmental psychology (biophilic design, well-being and nature relatedness [NR]), the paper studies the mediating role of well-being and the moderating role of employee nature-relatedness in a three-wave panel study, conducted nine months apart in a sample of white-collar workers.

Workplace greenery influences the green behavior of employees; whereas the effect is direct for employees with low NR, for employees high in this trait the effect is mediated by well-being.

Workplace greenery emerges as a practical environmental cue that contributes to achieving the environmental goals of the company reducing its environmental impact. Organizations may consider investing in creating greener workspaces as it implies a double dividend: for employees with stronger environmental identities, these plants enhance well-being and indirectly foster green behavior, but it will encourage green behavior in employees without such an identity.

The insights provided about the complex interplay between workplace greenery, NR, well-being and environmental behavior can guide the development of targeted and more strategic workplace interventions that foster greener and happier employees and organizations.

This study contributes to the micro-foundations of EGB in three ways. First, it reveals that workplace greenery, an under-researched organizational factor, may be used as a cultural artifact to promote green behavior among employees. Second, it enriches the authors’ understanding of the psychological mechanisms leading to EGB. Finally, it expands on the individual determinants of EGB, underscoring the importance of considering NR in green human resource management.