Giovanna Gavana, Pietro Gottardo and Anna Maria Moisello
This paper aims to study how corporate governance and country-related contextual factors affect the relationship between board gender diversity and environmental, social and…
Abstract
Purpose
This paper aims to study how corporate governance and country-related contextual factors affect the relationship between board gender diversity and environmental, social and governance (ESG) disclosure in its components: governance, social and environmental.
Design/methodology/approach
Using ordinary least-squares and two-stage least squares (2SLS) regressions, and retrieving ESG disclosure data from Bloomberg’s database, the paper analyses a sample of European nonfinancial listed firms (1,935 firm-year observations) over the period 2014–2022. The study adopts board independence and board cultural diversity as structural and demographic board attributes that characterize the corporate governance environment in which female directors operate; the enforcement of law and gender equality as country-related institutional and cultural factors.
Findings
Results suggest that female directors may substitute board independence in improving ESG and governance disclosure, whilst they co-occur with board cultural diversity in increasing ESG, governance and social disclosure. Findings indicate that the enforcement of law increases the positive effect of female directors on environmental disclosure and lowers the impact on governance disclosure. Conversely, a more gender-equal environment enhances female directors’ engagement in improving governance disclosure, reducing their beneficial effect on environmental information.
Originality/value
This study contributes to the literature suggesting that structural and other demographic board contextual aspects, as well as institutional and cultural country-related contextual factors, affect the relationship between board gender diversity and ESG disclosure differently and the effect may vary depending on ESG disclosure.
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The purpose of this study is to illustrate that Reformism dominates much of Arab thought, and it has continued to be a major source of inspiration for contemporary Islamic…
Abstract
Purpose
The purpose of this study is to illustrate that Reformism dominates much of Arab thought, and it has continued to be a major source of inspiration for contemporary Islamic philosophy. Thereafter, it shows that Amin Elkholy was a pioneer of reformism whose innovative thinking led Abd-el-Jabaar Elrefa’I and others to recognize him as the first hermeneuticist in the history of Islam.
Design/methodology/approach
The research traces Islamic Reformism's rise and development, evaluates its status in the map of modern Arab/Islamic thought and determines its main figures until arriving at Amin Elkholy. Then, it shows that through evolutionism and a comprehensive evolutionistic approach, Elkholy undertook renewal in Islamic reformism as a multidimensional innovation. So, the interaction between traditional renovation and Western evolutionism produced a highly fruitful philosophy of innovation and progress.
Findings
First, Islamic Reformism contains potential for continuous advancement and development. Second, Amin Elkholy has introduced a model of Islamic Reformism and achieved the situation of authenticity/modernization in a way that seems very compatible with our postmodernism era and postmodernist philosophy.
Research limitations/implications
The research framework has been Modern Arab Thought and Contemporary Islamic Philosophy since the beginning of the 19th Century. The approach entails some future expectations.
Practical implications
The approach entails some future expectations and suggests topics for further research.
Originality/value
To the best of the author’s knowledge, it is the first time to notice some compatibility between Islamic Reformism and postmodernism.
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This paper aims to analyse the Sharī'ah premises of classical waqf doctrines followed by critically analysing the framework of waqf jurisprudence (fiqh al-awqāf) from a Maqāṣid…
Abstract
Purpose
This paper aims to analyse the Sharī'ah premises of classical waqf doctrines followed by critically analysing the framework of waqf jurisprudence (fiqh al-awqāf) from a Maqāṣid al-Sharī'ah (the higher objectives of Islamic law) perspective. The objective of examining the jurisprudential framework of waqf from a maqāṣid perspective is to contextualise the scope of dynamism and innovation in the modern waqf structure.
Design/methodology/approach
For examining the jurisprudential aspects of classical fiqh al-awqāf with a special reference to Maqāṣid al-Sharī'ah, the paper analyses the classical waqf books and treatises from the four Sunni schools of jurisprudence by employing a textual analysis method.
Findings
The paper finds that the key constituents of maqāṣid are interwoven in the classical discourse of waqf rulings. It finds that in deriving the principles of waqf, the jurists ensured that the essentialities of Maqāṣid al-Sharī'ah are subtly intermingled with the necessary components of fiqhī principles. Deconstructing the applied analogical reasoning of the classical jurists in deriving the waqf rulings, this paper provides recommendations for maqāṣid-oriented application of waqf in the modern context.
Research limitations/implications
This study does not cover either the historical contribution of waqf among the Muslim societies nor does it touch on the empirical aspects of modern waqf. Rather, the focus of the study is limited to analysing the classical jurisprudential rulings of waqf and their distillation process from a Maqāṣid al-Sharī'ah perspective. The study has good implication for modern awqāf, which need to be created, managed and directed in the spirit of Maqāṣid al-Sharī'ah.
Practical implications
The key objective of adopting the maqāṣid framework for the analysis of fiqh al-awqāf in its classical permutations is to learn how to utilise the maqāṣid approach as a baseline for the deduction of new waqf rulings in a contextualised term.
Originality/value
The novelty of the paper lies in its examination of the classical waqf rulings distillation process, and the cogent intersection of Maqāṣid al-Sharī'ah with the principles of fiqh. By delving into the Sharī'ah premises of classical waqf jurisprudence through the lens of maqāṣid, the paper adds an original value and fills an existing gap in the available literature.
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Chinedu Francis Egbunike, Ikponmwosa Michael Igbinovia, Chinyere Patricia Oranefo and Agbonrha-Oghoye Imas Iyoha
Prior studies have shown that heterogeneity plays a crucial role in addressing soft issues linked to a firm’s corporate social responsibility stance. The purpose of this paper is…
Abstract
Purpose
Prior studies have shown that heterogeneity plays a crucial role in addressing soft issues linked to a firm’s corporate social responsibility stance. The purpose of this paper is to extend the prior literature on the effect of gender heterogeneity on environmental, social and economic performance dimensions, specifically, whether the female boardroom presence weakens or strengthens the performance along the three dimensions, commonly referred to as the corporate sustainability.
Design/methodology/approach
The study from a positivist philosophy adopts a quantitative approach, and the final sample consisted of forty-six companies listed on the Nigerian Stock Exchange for the year 2011–2018. The final sample was a balanced panel of 344 firm years. The dependent variables were return on assets (ROA), environmental performance (ENV) and donations made for social causes (SOP). The ENV was measured using a content scoring system, with range of 1 to 5. The data were analysed using the fixed effects and GLM regression models. To further address the issue of endogeneity, a two-stage least squares regression was conducted.
Findings
The findings show a positive relationship between gender heterogeneity and ROA, which was also confirmed for the environmental performance index. However, the sign reversed in the SOP model and showed a negative relationship between gender heterogeneity and donations, the proxy for SOP. The results are in tandem with the stakeholder axioms that argue that commitment to other stakeholder groups strengthens firm performance in the long run.
Research limitations/implications
An implication of this study is the fact that information availability has been rapidly escalating in the country, leading to rising social movements and civic unrest; therefore, corporations that face negative castigations may pay the huge price of product boycott and loss of market value.
Originality/value
The findings of this study provide additional insight into the influence of female boardroom presence on the environmental, social and economic performance of firms. The findings suggest the relevance of the resource dependence theory, especially from a developing country context, to ensure an improved corporate governance structure in Nigerian manufacturing firms.
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Alan Bandeira Pinheiro, Nágela Bianca do Prado, Gustavo Hermínio Salati Marcondes De Moraes and Wendy Beatriz Witt Haddad Carraro
This paper aims to analyse the influence of board characteristics on corporate reputation.
Abstract
Purpose
This paper aims to analyse the influence of board characteristics on corporate reputation.
Design/methodology/approach
In total, 128 Brazilian publicly traded companies from Refinitiv Eikon were analysed between 2016 and 2020. The dependent variable was corporate reputation, whereas the independent variables were board size, gender diversity, board independence and audit committee presence. Multivariate analysis was used.
Findings
The results presented empirical evidence that board members can impact corporate reputation. Findings showed that board size, gender diversity and independence positively influence Brazilian companies’ corporate reputation. Conversely, an audit committee had no significant impact on corporate reputation.
Research limitations/implications
The paper presents a contribution to the significance of board members in shaping a company's corporate reputation, using the signalling theory and the resource-based view (RBV) theory.
Practical implications
Regarding practical implications, this work provides subsidies for managers to value board characteristics because they directly reflect on corporate reputation and competitive advantage, leading to more sustainable performance.
Social implications
The research findings highlight that a diverse board encourages the organisation to improve its workforce, human rights, relations with the community and responsibility for manufactured products.
Originality/value
The relationship between board characteristics and corporate cooperation is poorly established in the literature. Furthermore, the results prove the RBV theory in an emerging context. Similarly, the signalling theory proved helpful in improving Brazilian firms’ corporate reputation.
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Victor Daniel-Vasconcelos, Maisa de Souza Ribeiro and Vicente Lima Crisóstomo
This study aims to investigate the association between the presence of a corporate social responsibility (CSR) committee and Sustainable Development Goals (SDGs) disclosure, as…
Abstract
Purpose
This study aims to investigate the association between the presence of a corporate social responsibility (CSR) committee and Sustainable Development Goals (SDGs) disclosure, as well as the moderating role of gender diversity in this relation.
Design/methodology/approach
The sample consists of 897 annual observations from 238 firms from Argentina, Brazil, Chile, Colombia, Mexico and Peru for 2018–2020. The data were collected from the Refinitiv database. The proposed model and hypotheses were tested using the feasible generalized least squares estimation technique with heteroscedasticity and panel-specific AR1 autocorrelation.
Findings
The results reveal that the presence of CSR committees positively influences the SDGs. Gender diversity positively moderates the relationship between CSR committees and SDGs. Leverage and firm size also positively impact the SDGs. On the other hand, board size and CEO duality negatively affect SDGs disclosure.
Research limitations/implications
This study extends the scope of stakeholder theory by suggesting that CSR committees and gender diversity enable a better relationship for the firm with its stakeholders.
Practical implications
The findings support policymakers and managers in improving sustainability disclosure. In addition, the results demonstrate the importance of CSR committees and gender diversity to meet the stakeholders' demands.
Social implications
This study demonstrates how firms can improve sustainability issues through gender diversity and CSR committees.
Originality/value
To the best of the authors’ knowledge, this study complements previous literature by being the first to examine the moderating effect of gender diversity on the association between CSR committees and SDGs disclosure in the Latin American context.
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This study aims to investigate the association between corporate governance and financial transparency, using the moderating role of an Egyptian currency devaluation decision as a…
Abstract
Purpose
This study aims to investigate the association between corporate governance and financial transparency, using the moderating role of an Egyptian currency devaluation decision as a policy shock.
Design/methodology/approach
Data was collected for a sample of companies listed on the Egyptian stock exchange from 2014 to 2019. To control for time-invariant unobserved heterogeneity, the authors analyse panel data using an estimated generalised least squares regression model.
Findings
The findings underline the pitfalls of assuming that corporate governance mechanisms are effective regardless of circumstances and support the complementary roles of a number of theories in interpreting the empirical findings.
Research limitations/implications
This study is limited to non-financial companies and includes only corporate board and audit committee governance mechanisms. The study results have important implications for policymakers, international lending institutions, investors and accounting standards setters. It is of particular importance to policymakers in other less-developed countries with similar economic conditions.
Originality/value
To the best of the authors’ knowledge, this study is the first empirical attempt to provide evidence of the impact of a currency devaluation shock on the relationship between corporate governance and financial transparency within the Egyptian context as an example of a transitional economy. Hence, it provides a significant theoretical and empirical contribution to the literature.
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Giovanni Zampone, Giuseppe Nicolò, Giuseppe Sannino and Serena De Iorio
The study examines the association between board gender diversity and Sustainable Development Goal (SDG) disclosure from an international and longitudinal perspective. It also…
Abstract
Purpose
The study examines the association between board gender diversity and Sustainable Development Goal (SDG) disclosure from an international and longitudinal perspective. It also investigates the role of the Sustainability Committee (SC) as a possible factor that can mediate the relationship between board gender diversity and SDG disclosure.
Design/methodology/approach
The authors focused on the annual Communication on Progress (CoP) prepared annually by a sample of 526 companies from 39 countries and ten industry sectors along the 2017–2020 period to evaluate the SDG disclosure. Baron and Kenny's (1986) three-step model is estimated to test the impact of the presence of an SC on the SDG disclosure level and the mediating effect exerted by the SC on the relationship between board gender diversity and SDG disclosure.
Findings
Findings shed light on the usefulness of the CoP as an alternative reporting tool to communicate progress against SDGs achievement, especially regarding SDGs 13 and 8. This study evidences that board gender diversity positively influences SDG disclosure. The relationship between board gender diversity and SDG disclosure is not only direct but also mediated by the presence of an SC.
Research limitations/implications
Companies need to consider the role of women in enhancing the effectiveness of their governance mechanisms and their ability to meet stakeholder information needs. Establishing a specific SC represents a valid mechanism that ensures greater transparency about corporate actions tackled to contribute toward SDGs and enhances the relationship between board gender diversity and SDG disclosure among International companies.
Practical implications
The study's findings offer stimuli for policy-makers and regulators to reflect on the relevance of the CoP as a possible alternative communication tool to provide SDGs information and overcome the limitations of the Sustainability Reports.
Originality/value
This is the first study that examines companies' SDG disclosure practices focusing on CoPs. Further, to the best of the authors' knowledge, this is the first study that tests the relationship between gender diversity and SDG disclosure, considering the mediating effect of an SC committee.