Search results

The study aims to empirically examine the effect of board industry expertise on environmental, social and governance (ESG) strategy, and the mediating role of environmental innovation.

Using an unbalanced sample of 341 publicly traded Italian non-financial firms and data collected from multiple sources over the period 2017–2021, this study applies single-mediator models via ordinary least squares regressions.

Results indicate that directors’ industry expertise improves the corporate orientation toward sustainability strategy that is reflected in ESG objectives. This effect is partly mediated by a greater level of environmental innovation.

The article suggests regulators to promote eco-innovation-friendly investment initiatives due to their value in advancing corporate sustainability strategies.

The research fills a gap in the literature that has never explored the effect of board industry expertise on sustainability-related outcomes. Moreover, it advances the debate on the implications of board human capital by assessing its influence on ESG strategy and environmental innovation.

The authors contribute to the literature on leadership by investigating how characteristics of principal investigators (PIs) affect innovation performance, and how collaborative and non-collaborative projects moderate this relationship within the context of inter-organisational research projects.

The authors analysed panel data from the National Science and Technology Information Service on 171 research projects within a biomedical and regenerative medicines programme overseen by the Korea Health Industry Development Institute. The authors used a hierarchical regression model, based on the ordinary least squares method, to examine the relationship between PI characteristics and performance, considering both quantity and quality.

The results show that the characteristics of PIs have diverse effects on the quantity and quality of innovation performance. Gender diversity within PIs negatively affects the quality of innovation performance, while the capacity of PIs positively influences it. Moreover, the degree of PI’s engagement is positively associated with the quantity of innovation performance but does not have a significant relationship with the quality of performance. In terms of moderating effects, collaborative projects with multiple leaders seem less reliant on PI capacity than non-collaborative projects led by a single leader, in terms of innovation performance.

The results contribute significantly to the literature on innovation management by examining the role of leadership in collaborative environments to enhance innovation performance, addressing the need for empirical evidence in this area. Analyses of PI characteristics in government R&D management can lead to improved team performance, more efficient processes and effective resource allocation, ultimately fostering innovation.

Though there is an increasing corpus of work on contemporary styles of leadership, studies on distributed leadership (DL) are still in the nascent stage. Therefore, the purpose of this paper is to investigate how DL affects team effectiveness from the neglected perspectives of team cognition, team motivation and team coordination in startup companies using multi-level analysis.

The authors investigated the study variables through the lens of 42 teams in 18 startup organizations operating in India, representing an equitable distribution of the manufacturing and service sectors. M-plus was used to do statistical analysis on the multi-level model.

Drawing upon social exchange theory (SET), results indicated that DL had a favorable impact on team effectiveness and team cognitive processes, team motivation and team coordination mediates the association between DL and individual perceptions of team effectiveness.

Various studies have been carried out relating to leadership and how it impacts effectiveness. However, as far as the authors know, previous studies have failed to empirically address how DL drives team effectiveness by uncovering the mediating impact of team cognitive processes, team motivation and team coordination in the Indian startup context.

Corporate social responsibility (CSR) has gained tremendous importance after several corporate scandals, financial crises and the rise of the hyper-competitive world. Firms must address multiple stakeholders’ interests to increase firm value. This study aims to investigate the effect of CSR on firm value. This study also examines the mediating role of enterprise risk management (ERM) and the moderating influence of corporate governance (CG) in this CSR-firm value relationship.

The sample of the study comprises 119 Pakistan Stock Exchange (PSX) listed firms and the study covers the period from 2010 to 2021. The corporate social responsibility performance has been quantified across five dimensions. These aspects are product, environment, employee relations, diversity and community. Four proxies i.e. strategy, operation, reporting and compliance, have been used to measure ERM. The governance quality of the sample companies was evaluated using the governance index, which included 29 governance provisions. The authors used the dynamic panel data technique (system-GMM) is used to achieve the objectives of the study. Furthermore, a firm’s engagement in CSR activities can also be measured through a multinational financial approach to check the robustness of the result.

Based on the regression analysis, the authors discovered that CSR was positively connected with firm value, validating the stakeholder view of CSR. Furthermore, following Baron and Kenny’s (1986) mediation technique, the findings confirm that ERM mediates this association. These results are robust by using the bootstrapping tests by Preacher and Hayes (2004). Furthermore, the result shows that corporate governance (CG) is positively connected with firm performance, and this relationship is strengthened in the presence of an effective governance system in the organization.

This study provides useful insights to regulators, investors and policymakers to consider CSR as a value-enhancing factor and encourage the development of enterprise risk management and compliance with CG mechanisms to improve firm value.

The presented analysis strengthens the existing CSR–firm value relationship by analyzing the mediating and moderating roles of ERM and CG, which have not yet been tested, particularly in the context of Pakistan.

This study aims to examine the link between boards and audit committees and firm performance in Kuwaiti listed firms in the context of recent and extensive corporate governance regulatory reform.

Panel data regression analysis with fixed effects and clustered standard errors of firm performance for 61–97 listed industrial and services firms in Kuwait over a seven-year period. The dependent variables are the returns on assets and equity, the debt-to-equity ratio and leverage and Tobin’s Q and the independent variables comprise board of directors and audit committee characteristics, including size, the number of meetings and the numbers of independent and outside board and expert committee members. Firm size, subsidiary status and cash flow serve as control variables.

Mixed results with respect to the characteristics of the board of directors. Board size and independent and outsider board members positively relate only to Tobin’s Q and insiders only to debt to equity. For audit committee characteristics, committee size, independence and expertise positively relate to the return on equity and committee size and expertise only to Tobin’s Q. Of the five performance measures considered, board and audit committee characteristics together best determine Tobin’s Q.

Data from a single country limits generalisability and control variables necessarily limited in a developing market context. Need for qualitative insights into corporate governance reform as a complement to conventional quantitative analysis. In combining accounting and market information, Tobin’s Q appears best able to recognise the performance benefits of good corporate governance in terms of internal organisational change.

The recent corporate governance code and guidelines reforms exert a mixed impact on firm performance, with audit committees, not boards, of most influence. But recent reforms implied most change to boards of directors. One suggestion is that non-market reform may have been unneeded given existing market pressure on listed firms and firms anticipating regulatory change.

Kuwait’s corporate governance reforms codified corporate governance practices already in place among many of its firms in pursuit of organisational legitimacy, and while invoking substantial change to audit committees, involved minor change to firm performance, at least in the short term. Some firms may also have delisted in expectation of stronger corporate governance requirements. Regardless, these direct and indirect processes both improved the overall quality of listed firm corporate governance and performance in Kuwait.

Seminal analysis of corporate governance reforms in Kuwait, which have rapidly progressed from no corporate governance code and guidelines to an initially voluntary and then compulsory regime. Only known analysis to incorporate both board of directors and audit committee characteristics. Reveals studies of the corporate governance–firm performance relationship may face difficulty in model specification, and empirical significance, given the complexity of corporate governance codes and guidelines, leads in changing firm behaviour and self-selection of firms into and out of regulated markets.

Initial Public Offering (IPO) is a major milestone for a company. It allows a private company to issue shares to a much broader group of investors and become public. But conclusive evidence of the driving forces behind investors’ demand is yet to be identified. Therefore, the major purpose of this study is to assess the level of investors’ demand in IPO and how investors’ demand in IPOs is affected.

The study will employ 80 IPO companies of a Muslim-majority country, Bangladesh, starting from 2013 to 2021 with application of linear and quantile regressions. Apart from that, t-test will be used to compare means of groups of Shariah-compliant and non-Shariah-compliant firms and IPOs under fixed-price and book-building mechanism.

Oversubscription is higher for IPOs issued through fixed-price method compared to book-building method, but no significant difference is found in oversubscription for Shariah firms compared to non-Shariah firms based on t-tests. The authors found IPO size, firm size, IPO risk, proportion of shares offered to public, and bank interest rate to have significant impact on the IPO demand. Some models found non-Shariah compliance status of IPO companies to be a significant factor for the investors to demand IPO. Quantile regression results found board independence to have a positive association with larger, less-subscribed firms and board size to have a negative relation with IPO demand, for smaller firms with high demand.

Future studies may apply the findings to other settings, especially into the reasons behind preference for non-Shariah-compliant firms and higher demand for IPOs during higher interest rate. Equity issuing firms and issue managers can benefit from this study by wisely deciding on the proportion of shares for public, issue size and board of director composition. Shariah considerations cannot be ignored given that more information on Shariah compliance is disseminated among investors despite current non-preference for Shariah-compliant IPOs. On the other hand, institutional investors and general investors should consider firm-specific, governance and macroeconomic factors in IPO investment. Likewise, regulators would do well to bring in quality IPOs with characteristics mentioned in this study for ensuring stability of the market.

The main contribution of the study is identifying determinants of IPO demand: faith, governance, macro issues – understanding whether one or many of the above factors drive investor demand in IPOs of a Muslim-majority country will be the main contribution.

Framed under the upper echelons theory, the purpose of this paper is to examine the effect of board characteristics on the adoption of the global reporting initiative (GRI) guidelines for corporate disclosure and, consequently, their effect on the company’s market value.

To achieve the research objective, the authors investigated the impact of certain important board characteristics, such as board independence, size, gender diversity and director skills. The authors examined the adoption of GRI guidelines by 371 companies based in Latin America. Using logistic regression and panel data analysis, the authors tested five hypotheses.

The findings can confirm the upper echelons theory, showing that directors have an important role in determining environmental policies and strategies in their companies. The authors confirm that three characteristics affect GRI adoption in Latin America: independence, gender diversity and skills of board directors. The authors also found that companies that adhere to the GRI tend to perform better in terms of market capitalization.

Managers who want their organization to perform better in terms of GRI disclosure must understand that characteristics such as board independence, gender diversity and directors’ skills play a significant role in the company adopting the GRI for corporate disclosure. Furthermore, managers must be aware that by adopting the GRI, the company increases its market value through market capitalization.

The literature is still unaware of how the adoption of GRI can bring financial returns to organizations that adopt this type of standard to disclose their corporate reports. To the best of the authors’ knowledge, this is the first empirical paper to investigate the antecedents and consequences of GRI adoption in Latin America.

Marketing Technology (Martech) is the cornerstone of creating digital experiences and interactive marketing, providing consumers with high experiential value. Drawing on the mindfulness theory, this study aims to explore how to achieve close psychological distance and experiential value in Martech servicescape (such as augmented reality [AR]).

We employed mixed methods research to clarify the research question. In Study 1, we conducted a systematic literature review of psychological closeness (PC) using a bibliographic coupling approach, identifying gaps in the research stream and discussing the research implications for the interactive marketing field. In Study 2, we used a task-based laboratory assessment to empirically verify our hypotheses and research framework. Two virtual try-on environments, AR and non-AR (e.g. traditional webpage browsing), were applied in a virtual fitting context. The two e-shopping environments were directly compared in terms of their moderating effects on the relationships among the mindfulness-oriented MarTech servicescape, PC and experiential value.

This study elucidates the antecedent of close psychological distance formation, indicating that the features of the mindfulness-oriented Martech servicescape – vivid sensory experience, consumer-focused shopping information and autonomous navigation, then result in creating experiential value. Moreover, this study also revealed that compared to a non-AR e-shopping environment, AR makes the better effect of the mindfulness-oriented Martech servicescape driving experiential marketing.

This study extends the research stream on mindfulness-oriented service to the Martech servicescape (e.g. AR try-on). In this way, this study’s findings will contribute to clarifying the interactive elements and design principles of mindfulness-oriented service in the Martech servicescape. By establishing the association between these three theoretical perspectives—mindfulness-oriented service research stream, construal level theory and experience economy paradigm—the study provides valuable insights into how Martech can enhance experiential marketing. Such research insights can help digital marketing managers shape appropriate Martech servicescape for effective experiential marketing.

This study examines whether the risk management committee (RMC) mitigates earnings management (EM) in Nigeria.

The study used a sample of 365 firm-year observations of Nigerian-listed nonfinancial companies from 2018 to 2022. Driscoll and Kraay’s fixed-effect standard error regression model is used to test the hypotheses.

The study finds that RMC size, expertise, meeting frequency and membership overlapping with the audit committee have a negative effect on both accrual earnings management (AEM) and real earnings management (REM). While RMC independence is found to have a negative effect on REM. Moreover, additional tests reveal that RMC effectiveness is significantly associated with lower EM practices. Further analysis using the industry level finds that RMC attributes mitigate EM practices in some industries. The results remain after rigorous, robust analysis for endogeneity and alternative regressions.

This study is limited to a sample of Nigerian-listed nonfinancial service companies for a period of five years, resulting in the non-generalizability of the findings to different contexts as the countries’ internal policies and regulations varied.

The findings have important implications for regulators, policymakers and investors that a stand-alone RMC can effectively help to evaluate potential risk activities and implement a proper risk management system, thereby mitigating EM practices. The result can help investors, analysts and other stakeholders across the international community in considering RMC information to evaluate potential risk and earnings management practices.

Following the NCCG 2018 reform in Nigeria that requires listed firms to create a standalone RMC, this study is among the earliest that examines the effect of RMC attributes on EM practices and emerging markets. As such, the findings may draw the attention of regulators and policymakers across the African market and the international community to the monitoring role of RMC attributes in mitigating EM practices.

This paper explored the socioeconomic factors affecting green cities development. Extant literature have highlighted green cities as a major path towards sustainability in the construction industry but very little is known on the socioeconomic aspect of green cities and its bid in promoting sustainability in the construction industry; hence, the premise of this study which highlights the socioeconomic factors affecting green cities development in Ghana.

A comprehensive literature review was conducted to identify the socioeconomic factors affecting green cities. A quantitative research strategy was adopted to collect primary data from respondents who have the requisite understanding and knowledge in green cities using questionnaires. The data gathered was then analysed using descriptive statistics and exploratory factor analysis viz principal component analysis.

The socioeconomic factors affecting green city development comprised: Green support mechanisms (i.e. innovation and technology, green city planning (urban planning), stakeholder engagement, awareness, city planning (transportation) and environmental regulations); green inhibitors (i.e. population, culture, housing and policy implementation); green market and finance (i.e. digital finance, green market mechanism, green investment finance, risks and uncertainties, income levels of clients). It was evident that socioeconomic factors are significant to the development of green cities in Ghana and hence policy makers and various stakeholders should prioritize socioeconomic factors in the bid to achieve sustainability through green cities in the construction industry.

This paper presents a foremost and comprehensive study on the socioeconomic factors affecting green cities in Ghana. The study results showed that even though the path to sustainability in green cities has pivoted mainly on environmental factors, socioeconomic factors are also significant to green city development, hence, policy makers and the construction industry should keenly consider the socioeconomic factors affecting green city development in the bid towards sustainability for cities.