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This study aims to investigate the impact of geopolitical risk (GPR) on supply chain concentration (SCC) and the roles of operational capabilities and resources in this relationship.

Secondary longitudinal data from multiple sources is collected and combined to test for a direct impact of GPR on SCC. We further examine the moderating effects of firms’ operational capabilities and resources (i.e. firm resilience, operational slack and cash holding). Fixed-effect regression models are applied to test the hypotheses, followed by a series of robustness tests to check the consistency of the results.

Consistent with the tenets of resource dependence theory, our analysis reveals a significant negative impact of GPR on SCC. Moreover, we find that this adverse effect is attenuated for firms with higher levels of resilience, more operational slack and greater cash holdings. Further analysis suggests that maintaining a diversified supply chain base during heightened GPR is associated with a firm’s improved financial performance.

This study contributes to the supply chain management (SCM) literature by integrating GPR into the supply chain risk management framework. Additionally, it demonstrates the roles of diversification and operational resources in addressing GPR-induced challenges.

This study aims to examine the correlation between the readability of financial statements and the likelihood of future stock price crashes in nonfinancial companies listed on the Egyptian Stock Exchange. It further explores the possible moderating effect of audit quality on this relationship.

The study uses ordinary least squares regression, generalized least squares estimation and two-stage least squares methodology to examine and validate the research hypotheses. The sample comprises 107 nonfinancial companies registered on the Egyptian Stock Exchange from 2016 to 2019.

The results reveal a significant negative association between the readability of financial statements and stock price crash risk. This suggests that companies with more complex financial statements tend to experience higher future crash risks. Additionally, the study identifies audit quality as a significant moderating factor. Higher audit quality, often indicated by engagements with Big-4 audit firms, strengthens the influence of financial statements readability on stock price crash risk. This implies that while high audit quality enhances investor confidence and market stability, it also accentuates the negative consequences of complex financial statements.

The findings of this paper have significant implications for regulators and standard-setting bodies in Egypt. They should consider refining and revising existing standards to emphasize the importance of enhancing the readability of financial reports. Additionally, auditing firms should actively engage in efforts to ensure clearer and more transparent financial reporting. These actions are vital for boosting investor confidence, strengthening Egypt’s capital market and mitigating potential risks associated with information opacity and complexity.

This study represents a pioneering endeavor within the Arab and Egyptian financial environments. To the best of the author’s knowledge, it is the first examination of the association between the readability of financial statements and stock price crash risk in these contexts. Furthermore, it explores factors such as audit quality that may influence this connection.

This paper aims to explore the audit quality and fee implications of joining a global accounting firm network and association (“AF N&A”).

A hand-collected sample focusing upon the pre- and post-periods around the time when an independent audit firm joins an AF N&A is developed. A propensity score-matched sample is created to address the endogeneity and self-selection bias. OLS regression is used on a sample of around 2,000 firm-year observations from 2003 to 2014.

Membership with an AF N&A is associated with higher levels of audit quality and audit fees. Furthermore, audit quality and fee increases are more pronounced for audit firms that become members of a larger, more formal AF N&A.

This paper provides additional insights into the conflicting results regarding the audit quality implications of membership with AF N&As in China. This paper also extends the discussion by exploring the audit quality and fee differentials among the non-Big Four AF N&As. These findings have significant implications for independent audit firms pursuing membership with an AF N&A and regulators seeking to reduce market concentration around the Big Four.

Allocation of the marketing budget has become increasingly challenging due to the diverse channel exposure to customers. This study aims to enhance global marketing knowledge by introducing an ensemble attribution model to optimize marketing budget allocation for online marketing channels. As empirical research, this study demonstrates the supremacy of the ensemble model over standalone models.

The transactional data set for car insurance from an Indian insurance aggregator is used in this empirical study. The data set contains information from more than three million platform visitors. A robust ensemble model is created by combining results from two probabilistic models, namely, the Markov chain model and the Shapley value. These results are compared and validated with heuristic models. Also, the performances of online marketing channels and attribution models are evaluated based on the devices used (i.e. desktop vs mobile).

Channel importance charts for desktop and mobile devices are analyzed to understand the top contributing online marketing channels. Customer relationship management-emailers and Google cost per click a paid advertising is identified as the top two marketing channels for desktop and mobile channels. The research reveals that ensemble model accuracy is better than the standalone model, that is, the Markov chain model and the Shapley value.

To the best of the authors’ knowledge, the current research is the first of its kind to introduce ensemble modeling for solving attribution problems in online marketing. A comparison with heuristic models using different devices (desktop and mobile) offers insights into the results with heuristic models.

This study aims to delve into the mechanisms through which financial statements readability (FSR) may impact the probability of stock price crashes. It specifically examines how information asymmetry and stock liquidity mediate this relationship.

The study uses data from 107 nonfinancial firms listed on the Egyptian Stock Exchange between 2016 and 2019 to investigate the mediating roles of information asymmetry and stock liquidity using structural equation modeling (SEM). To enhance robustness, the author incorporates the Bootstrap method, conducting 5,000 iterations for consistent validation of results.

The findings of this study identify two crucial mediators in the correlation between the readability of financial statements and stock price crash risk. First, information asymmetry partially mediates this association. Complex financial statements allow managers to hide adverse news, thereby increasing information asymmetry. Consequently, investors face challenges in assessing the company’s risk and performance, elevating the probability of stock price crashes when such concealed information is disclosed. Second, the results indicate that stock liquidity plays a key mediating role. Less-readable financial statements hinder stock liquidity, making it more difficult for investors to trade shares efficiently. This reduced liquidity amplifies the influence of negative news, potentially increasing the crash risk. Importantly, our findings demonstrate robustness across various measures, encompassing two readability indicators and two crash risk proxies, validated through both SEM and Bootstrap methods.

Although this research provides valuable insights, it is critical to acknowledge its limitations. The relatively limited sample size may affect the broader applicability of the findings. Moreover, this study was carried out in the Egyptian setting, where financial reporting is conducted in Arabic. This linguistic and cultural specificity could influence the interpretation and generalizability of the findings beyond the Egyptian and Arab contexts. To overcome this limitation, this paper recommends conducting comparative research in diverse linguistic and cultural environments.

The outcomes of this research carry substantial implications for policymakers and regulators, emphasizing the need for ongoing efforts to enhance financial reporting standards. Clear and readable financial reports contribute not only to market transparency but also to the overall stability and resilience of financial markets. Policymakers are encouraged to consider our findings when shaping or revising standards to ensure readability and transparency, potentially reducing the risk of market disruptions. Furthermore, companies should recognize the adverse impact of complex financial reports, prioritizing transparent and readable reporting to foster investor trust and mitigate crash risks.

This research comprehensively analyzes the intricate relationships among FSR, information asymmetry, stock liquidity and stock price crash risk. Focusing on the mediating roles of information asymmetry and stock liquidity, this paper provides novel insights, advancing theoretical understanding and practical implications for risk management and financial reporting. This study expands the current body of knowledge on how FSR is related to the probability of stock price crashes.

Critical infrastructures are susceptible to unexpected disruptive events that affect their functional performance. Public–private partnership (PPP) offers opportunities for stakeholders to build resilience by proactively coordinating and positioning the capabilities of the stakeholders. Partnerships are mostly riddled with risks that affect the performance and goal attainment of the partnerships. The purpose of this study was to develop a risk assessment model for PPP in critical infrastructure resilience (CIR) using fuzzy synthetic evaluation.

This study used a quantitative approach to analyse survey responses from respondents. Mean score ranking, Kendall’s coefficient of concordance and fuzzy synthetic evaluation were used to analyse the responses from respondents.

This study identified seven risk categories; Political, Financial, Ethical, Bureaucracies and red tapes, Legal, Coordination and Institutional as the critical risk categories that may frustrate the partners in a PPP arrangement from performing their responsibilities. A risk assessment model was also developed in the form of a risk index equation to ascertain the risk level of using a PPP to build critical infrastructure resilience in Ghana. It was found that the risk level in using PPP to build critical infrastructure resilience is high.

The outcome of this study can be used as an informative and guiding tool to streamline any future PPP arrangement or even amend current PPP arrangements in critical infrastructure resilience.

The study has drawn attention to the risks in using PPP to build critical infrastructure resilience within the Ghanaian context. It has also established a risk index to assess the risk level of using PPP to build critical infrastructure resilience. This risk index can be used to ascertain the risk level in different countries. In addition, no research has been conducted to empirically test the risks in using PPP to build critical infrastructure resilience thus making this study a novel contribution to the critical infrastructure resilience research domain.

The purpose of this research is to investigate the link between external audit quality and integrated reporting (IR) quality in the Jordanian market, a developing market. Furthermore, the research model considers the mediating effect of earnings management practices and the moderating effect of board gender diversity. As a result, it intends to provide further empirical evidence in this area.

This research investigates its model using data from Jordanian services companies listed on the Amman Stock Exchange (ASE) during the period 2013–2022. With 430 company-year observations, the current research’s sample includes all companies in the research population for which complete data were available during the period under investigation. Data relevant to the research setting were obtained from annual disclosures and the ASE's database.

The findings of this research show that audit firm size and audit firm specialty have a positive influence on IR quality, but audit firm tenure does not. External audit quality (as proxied by the size, specialty and turnover of the audit firm) had a negative impact on earnings management practices, while earnings management practices had a negative impact on IR quality. Additionally, the findings reveal that earnings management practices completely mediate the relationship between two external audit quality proxies (audit firm size and audit firm specialty) and IR quality. Furthermore, in terms of the moderating impact of board gender diversity, it is obvious that board gender diversity favorably moderates the relationships between all external audit quality proxies and IR quality.

Using agency theory and stakeholder theory, this investigation fills a gap in previous literature by adding scientific explanations and empirical evidence from the Jordanian market, a developing market, in the context of the impact of audit quality on IR quality, mediated by earnings management and moderated by board gender diversity.

This paper empirically investigates (1) the association between business strategy and abnormal cash position and (2) the future performance implications of abnormal cash holdings conditional on business strategy for a sample of US firms.

We use the firm-specific composite business score developed by Bentley et al. (2013) and examine its relationship with abnormal cash holdings. We employ the cash holding model of Opler et al. (1999) to determine the level of normal cash holdings with the residual being labeled as the abnormal cash holdings.

Using a sample of US firms, we confirm a positive and significant association between business strategy and abnormal cash holdings. We also reveal that a deviation from the estimated cash level can lead to an improved future performance but a prospector (defender) -type business strategy weakens (strengthens) the excess cash–firm performance relationship.

While the prior evidence show the effects of business strategies on corporate cash holding, there is no evidence of the association between business strategy and abnormal cash holdings and the performance implications of the strategy-cash holdings nexus. Hence, through the lens of business strategy, this study aims to fill this gap in the literature.

This study examines the importance of income income-shifting arrangements of US multinational corporations (MNCs) on future stock price crash risk.

This study employs a sample of 7,641 corporation-year observations over the 2005–2017 period and uses ordinary least squares regression analysis.

The authors find that the income-shifting arrangements of MNCs are positively and significantly associated with stock price crash risk after controlling for corporate tax avoidance and other known determinants of stock price crash risk in the regression model. This result is robust to alternative measures of stock price crash risk and income-shifting, and several endogeneity tests. The authors also observe that income-shifting arrangements increase stock price crash risk both directly and indirectly through the information opacity channel. Finally, in cross-sectional analyses, the authors find that the positive association between income-shifting and stock price crash risk is more pronounced for MNCs that use tax haven subsidiaries and have weak corporate governance mechanisms.

The authors provide new empirical evidence that MNCs will likely face significant capital market consequences regarding their income-shifting arrangements.

The purpose of the study is to investigate strategies for enhancing pollution oversight by local governments while reducing government-enterprise collusion (GEC) levels. Additionally, the factors influencing pollution control efforts at incineration plants are explored. Potential approaches to improving them and for effectively reducing waste incineration pollution are suggested.

The authors examined the most effective methods for mitigating incineration-related pollution and preventing collusion and developed a differential game model involving interactions between local governments and incineration plants. The findings of this work have significant policy implications for central governments worldwide seeking to regulate waste incineration practices.

The results indicate that, first, elevating environmental assessment standards can incentivize local governments to improve their oversight efforts. Second, collusion between incineration plants and local governments can be deterred by transferring benefits from the plants to the local government, while increased supervision by the central government and the enforcement of penalties for collusion can also mitigate collusion. Third, both central and local governments can bolster their supervisory and penalty mechanisms for instances of excessive pollution, encouraging incineration plants to invest more in pollution control. Finally, when the central government finds it challenging to detect excessive incineration-related pollution, enhancing rewards and penalties at the local government level can be a viable alternative.

This study stands out by considering the dynamic nature of pollutants. A differential game model is constructed which captures the evolving dynamics between local governments and incineration plants, offering insights regarding the prevention of collusion from a dynamic perspective. The findings may provide a valuable reference for governments as they develop and enforce regulations while motivating incineration plants to actively engage in reducing waste-incineration pollution.