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This paper aims to investigate the impact of environmental risk on corporate governance through market reaction to bank loan announcements.

Using the establishment of environment court in China as a quasi-natural experiment, this paper adopt the difference-in-differences approach based on listed firms during 2003–2013 to explore the impact of environment court on corporate governance.

This paper find that the environment court would weaken the cumulative abnormal return of loan announcements. Then, this paper confirm that the potential reason is that environment court worsens the interest conflict between majority and minority shareholders. Further, cross-sectional analysis suggests that bank’s supervision, market competition and analyst coverage can alleviate the impact of environment court on corporate governance.

Environment courts intensify firms’ internal interest disputes, thus causing the decrease of corporate governance, which can be observed through the effect of bank loan announcements.

This paper provide reference for environmental policy formulation and implementation, firms’ decision-makings and improving the banking regulatory system.

This paper makes a contribution to the studies about the impact of environment court on firms’ decision-making and investors’ reaction, the impact of external factors on corporate governance and bank loan announcements effect.

This paper aims to explore how family culture can contribute to support the development of corporate social responsibility (CSR) initiatives in a Korean immigrant enterprise in Vietnam.

This research highlighted a critical case, in which entrepreneurs and most of the organisational members share a common family culture and the culture support management capability of an entrepreneur, during the introduction of a new organisation initiative. In addition, Bourdieu’s tripartite analytical framework of field, capitals and habitus was adopted to facilitate the case analysis.

Firstly, the motivation behind the development of CSR came from the intention to gain access to the local capital market. Secondly, family culture plays an important role in maintaining the support of organisational actors to support the decision of the entrepreneur.

This research contributes to the emerging literature about CSR and immigrant entrepreneurship. This study sheds light on how family culture can aid the leadership of CSR initiatives and CSR practices in the context of the immigrant organisation.

This study identifies processes that immigrant entrepreneurs can use to inspire organisational members to engage in a new initiative in which organisational culture and norms can help to overcome challenges to enable engagement with a novel initiative.

This paper explains how family culture supports the leading role of an entrepreneur, in which the absolute pressures inherited from family values and traditions in the place of origin help an organisation to overcome existing barriers such as lack of time and financial support towards a new initiative.

The purposes of this paper are twofold. First, it analyses the income structure in cooperative financial institutions and examines how traditional and non-traditional incomes are related. Second, it evaluates whether increasing diversification towards non-traditional incomes facilitates or hampers the benefits of financial cooperative owners.

Data are collected from over 3,100 US credit unions over the period of 1994–2016. A number of modern econometric techniques are employed throughout the analysis, including the use of panel fixed effect, generalised method of moments (GMM) and two-stage least square (2SLS) methodologies.

Using US credit unions as the empirical setting, the empirical results reveal that the expansion of traditional income leads to a corresponding increase in income from non-traditional activities. However, an increasing reliance on non-traditional income causes a significant drop in interest margins. The authors also find that the extent to which income diversification affects owner benefit varies across credit union types and period of time. While income diversification negatively affects owners' benefits in single common bond credit unions, it has no significant influence on multiple common bond and community credit union owners' benefits. Third, diversification can be beneficial during crisis time, but can be detrimental to owner benefit during normal time.

This paper provides some of the first empirical investigations on the diversification strategy of cooperative financial institutions. Therefore, the results offer significant policy implications for policymakers and market participants on whether financial cooperatives should diversify or specialise.

This study aims to apply Benford’s law to examine the earnings management of companies listed in emerging ASEAN-5 countries: Indonesia, Malaysia, Philippines, Thailand and Vietnam.

The authors follow Amiram et al. (2015) to measure deviations from Benford’s law of the first digits of numbers reported in financial statements. The authors use the Jones-modified performance-match model (Jones, 1991; Dechow et al., 1995; Kothari et al., 2005) to estimate accrual earnings management. The authors use a sample of 47,389 observations of listed companies in ASEAN-5 countries from 2006 to 2019. The authors also run ordinary least squares (OLS) regressions to test the hypotheses.

The authors find that the first digits of numbers reported in the financial statements of companies in the sample closely conform to Benford’s law. Further evidence shows that the deviation from Benford’s law is positively related to abnormal accruals. The relationship between deviation from Benford’s law and abnormal accruals is more pronounced for the post-international financial reporting standards adoption period. The results survive for some robustness checks.

The authors show that Benford’s law holds for financial statements of companies listed in the emerging ASEAN-5 countries.

Auditors could use Benford’s law as an analytical procedure to assess the risks of material misstatements. Also, other users could apply Benford’s law on audited financial statements to foresee undetected misstatements.

The authors provide original evidence that financial statements of ASEAN-5 countries follow Benford’s law. The evidence supports the usefulness of Benford’s law in developing markets.

The purpose of this paper is to investigate the impact of income diversification on the financial performance of commercial banks in Vietnam over the period 2007–2017. It then provides additional analysis to examine whether the diversification–performance nexus is conditioned upon bank experience and ownership structure.

The financial information of each bank were manually collected from bank annual reports. In the empirical model, a number of modern econometric techniques, including panel OLS with fixed effects and a two-step system GMM estimator, were utilised to achieve the research objectives.

The empirical results show that income diversification has a positive impact on banks’ performance. However, the effect varies across different types of banks. Specifically, the authors find that while diversification benefits state-owned and foreign banks, it exhibits a detrimental effect on the financial performance of other non-state owned domestic banks. In addition, the authors further find that the positive impact of diversification is more prominent for banks with more experience in the market.

This study is among the first to empirically investigate the relationships between income diversification and the financial performance of commercial banks in Vietnam. In this sense, the findings of this study could draw important inferences for researchers, policy makers and bank managers towards more appropriate diversification strategies, to ensure the safety and soundness of the whole banking system.

This research examines how shadow economy affects foreign direct investment (FDI).

The study utilizes a panel dataset including 124 nations between 1997 and 2015. Information on shadow economy, FDI and macro-economic characteristics is obtained from the United Nations Conference on Trade and Development (UNCTAD) and World Bank database. Various econometric methods are employed, such as the panel ordinary least squares (OLS) with fixed-effect estimator and the two-step system generalized method of moments estimation.

The findings of the study illustrate that shadow economy negatively influences total FDI inflows, and this adverse impact is mainly driven by greenfield investments – a component of FDI. Moreover, the authors provide evidence that the shadow economy has more devastating influences on FDI inflows in countries with higher corruption levels and fewer land resources.

Overall, this research suggests an important policy implication that the shadow economy should be controlled more strictly since it harms the FDI inflows, especially greenfield investment.

This research is among the first attempt of evaluating the effect of shadow economy on different FDI types. Furthermore, it examines how the shadow economy–FDI inflows nexus is changed when considering factors including corruption and land resource.

The purpose of this study is to investigate the impact of perceived barriers (PBs) (i.e. perceived lack of support, perceived fear of failure and perceived lack of competency) on social entrepreneurship intentions among undergraduate students with the mediating role of self-efficacy based on the social cognitive career theory. Additionally, this study examines the moderating role of entrepreneurship education (EE) on the relationship between self-efficacy and social entrepreneurship intentions.

The partial least squares-structural equation modeling was employed to estimate the proposed research model with empirical data collected from 476 third- and fourth-year students through structured questionnaires.

This study revealed various nuances in the impacts of three perceived barrier components on social entrepreneurship intentions through self-efficacy. Specifically, the positive relationship between perceived fear of failure and social entrepreneurship intentions and the negative relationship between perceived lack of competency and social entrepreneurship intentions were significant. However, the direct relationship between perceived lack of support and social entrepreneurship intentions was not significant. Moreover, the results revealed that self-efficacy fully mediates the associations between perceived lack of support and social entrepreneurship intentions and marginally mediates the associations between perceived fear of failure and social entrepreneurship intentions. Furthermore, the moderating role of EE in the relationship between self-efficacy and social entrepreneurship intentions was demonstrated.

This study does not account for the potentially heterogeneous impact of different groups (e.g. major, working experience, family backgrounds, regions and volunteering experiences) on social entrepreneurship intentions. Second, this study employed a cross-sectional research design, which hinders the generalizability of the research findings due to the sample size and research context.

The empirical findings imply that stakeholders of social entrepreneurship (policymakers, educators and students) should be aware of the factors that may hinder and/or foster social entrepreneurship intentions, then have actions to govern these factors. Moreover, strategies to enhance the impact of self-efficacy on social entrepreneurship intentions through EE are a fruitful insight.

This study highlighted the diverse effect of PBs (perceived lack of support, perceived fear of failure and perceived lack of competency) on social entrepreneurship intentions through self-efficacy among undergraduate students. In addition, the role of EE in the relationship between self-efficacy and social entrepreneurship is confirmed, which emphasizes the role of higher educators in facilitating students’ social entrepreneurship intentions.

This paper investigates the impact of foreign direct investment (FDI) on infrastructure development, focusing on electricity, transportation and telecommunication.

The study employs multivariate regressions on panel data from up to 165 countries over the period 1996–2015, and the instrumental variables two-stage least squares (IV-2SLS) approach to address endogeneity concerns.

The results show that FDI promotes most types of infrastructure in the recipient countries. In addition, we find that greenfield investments generally contribute toward infrastructure development, while cross-border M&As exhibit only a little developmental impact and may even exert a negative influence on some infrastructure types. Finally, we find that FDIs have a larger developmental impact on developing nations during the period from 1996 to 2015.

Our findings suggest that, while policies which aim to attract further FDI may yield desirable developmental outcomes, a closer look at particular FDI strategies is required when implementing such policies to ensure a sustainable FDI-development nexus.

This study is among the most comprehensive studies in terms of both the time period and the number of countries analyzed, offering a critical examination of the impact of FDI on infrastructure development. At the same time, by decomposing total FDI into its two major strategies (i.e. greenfield investment and cross-border M&As), we also join the line of work that examines the mechanisms through which FDI affects the development of recipient countries. Finally, it highlights that FDI significantly impacts developing nations, particularly in infrastructure projects affected by corruption. Conversely, in developed countries, FDI may hinder domestic investment and long-term growth.

This paper aims to explore green technology (GT) transfer through the perceptions of both business managers and technology specialists, who have been identified as the foremost practitioners of this practice.

A total of 22 semi-structured interviews were conducted with business leaders and technology scientists. The interviewees were asked to share their views on the motivations for importing GT; their familiarity with, knowledge of and understanding of GT transfer and the current GT performance in their organization; the key strengths of GT transfer and its limitations; the barriers to the use of GT; and their usefulness. The theoretical framework of actors’ resistance to institutional demands of Oliver (1991) is used as a theoretical lens to investigate the perceptions of the interviewees.

This study suggests that despite some benefits of the adoption of GT, such as increasing competitive advantage and improving green operations, there are huge concerns over the use and importation of GT. More specifically, almost all the technicians were concerned about the technical risks resulting from the lack of operational tests, the old technologies and the lack of knowledge transfer. Meanwhile, the paucity of specific regulations, guidance and environmental standards has been reported by business managers as one of the primary constraints for this movement.

This research contributes to the emerging literature on GT transfers in the developing world. It proves that the lack of communication and the scarcity of a true champion for GT efforts have reduced the efficiency of GT transfer.

By shedding light on the intricate nature of the relationships arising from GT adoption in organizations, this paper aims to support business leaders and standard setters in making a decision regarding the implementation and promotion of GT transfer, especially in the context of developing countries.

To the best of the authors’ knowledge, this is one of the first studies to explore eco-friendly technology transfers in a developing country from the micro-level perspective of both business and technology practitioners of GT-recipient organizations.

This study investigates the impact of global economic sanctions on foreign direct investment (FDI).

Data were gathered from several sources, including the United Nations Conference on Trade and Development, the Global Sanction and the World Bank database, to build a dataset that consists of 172 countries during the period 2003–2019. The panel ordinary least square with a fixed-effects estimator was exploited to achieve the research objective.

The research findings reveal that sanction exerts a detrimental effect on the total inflows of FDI and its components. Regarding different types of sanctions, while military and trade sanctions have little or even no impact on greenfield investment, they have more adverse and sizable effects on cross-border mergers and acquisitions (M&As). The authors further show that sanctions exert devastating influences through the infrastructure and economic development channels.

Overall, this study implies that a closer look at particular types of FDI is required when implementing policies as different types of FDI may be affected differently by changes in the economy, such as economic sanctions.

This paper is the first empirical study that critically investigates the impact of sanctions on the total inward FDI flows and its two components: greenfield investment and cross-border M&As. It then explores how the sanction–FDI nexus varies depending on several country-level economic factors to understand better how sanctions and different types of sanctions are related to international trade and relations.