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This study aims to examine the influence of geopolitical uncertainty on cryptocurrency markets (CM).

Utilizing two distinct sets of daily returns data spanning from January 1, 2019, to May 4, 2023, the analysis employs the geopolitical risk (GPR) index formulated by Caldara and Iacoviello (2022), which encapsulates two pivotal events: the COVID-19 pandemic and the Russia–Ukraine conflict. The cryptocurrency market (CM) encompasses Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Dogecoin (DOGE). Employing the DCC-GARCH model and supplementing it with wavelet coherence analysis to discern perceptual distinctions between short- and long-term market reactions.

The main findings indicate that the GPR index clearly impacts the return of CM in the short-, mid- and long-term periods. BTC exhibited the highest volatility in response to changes in the GPR index. The cryptocurrency market offers a better diversification opportunity, and the impact of geopolitical events varies across time, with their direction and magnitude closely related to the specificity of the CM.

This research is helpful for financial market investors, portfolio and risk managers, make informed decisions about including cryptocurrencies in their investment portfolios to mitigate the risks in uncertainty period.

Cryptocurrency market volatility is treated weakly during the risk period. With advanced statistical method, this study links two important events: the COVID-19 pandemic and the Russia–Ukraine conflict and selects the top four cryptocurrencies constituting 80% of the market. This study examines the impact of geopolitical risk on the cryptocurrency market and shows that this market is considered a safe haven.

The concept of digitization covers a wide range of initiatives to achieve sustainable development. This paper aims to determine the impact of bank digitization strategies on financial performance in an African country.

This study used the generalized least squares estimation method to analyze data from a sample of 12 Tunisian banks from 2010 to 2020. The reason for selecting this method was its ability to address issues of heteroscedasticity and autocorrelation.

This study indicates that digital transformation has a positive effect on Tunisian banks financial performance, as measured by return on assets and return on equity. Specifically, investing in payment tools, digital channels and internet security leads to improved performance for banks. These findings suggest that banks that offer digital services perform better, as they are able to increase profitability, maintain financial stability and improve transparency.

This study is important for central bank, regulators, policymakers and investors. Overall, this study emphasizes the need for banks in Tunisia to embrace digital transformation to improve their performance and remain viable in the modern business landscape.

This study ponders the effect of Tunisian banks’ digital transformation on financial performance. Tunisia context serves as model for other African countries. Tunisian banks should prioritize investments in digital technologies to stay competitive in the market.

The concept of corporate social responsibility (CSR) covers a wide range of actions toward sustainable development. While there are growing bodies of research examining the drivers of CSR, little has been done to examine the effect of the characteristics of the managerial team on CSR. This paper aims to investigate the interplay between managerial characteristics and CSR practices to discover how such a fit affects financial performance.

A partial least squares-path modeling approach was applied to a sample of 60 French companies in the tourism sector (hotels, restaurants, leisure and leisure equipment) from 2014 to 2019. This choice was triggered by the importance of this sector in job creation, which has been strongly impacted by the pandemic crisis.

The findings suggest the positive impact of the managerial characteristics on the practices of CSR activities under certain financial constraints related to the size and indebtedness level. Then, the authors clarify that the variable characteristics component of the managerial team is mainly the educational level, the managerial experience and the ethical behavior. However, no age effect is mentioned. Third, the authors show that the managerial team characteristics and the practices of CSR activities restore the financial tourism sector performance.

This study has obviously certain limitations: first, the selected European sample can mark a big difference in the founding results because of the difference in civil rights. Second, the sample is more marked in the CSR activities. Third, this study did not take into consideration variables operationalizing ownership structure and board nature.

This study develops a model based on “managerial team” mechanisms in a sensitive area. This is a breakthrough in understanding the determinants of CSR strategies and their impact on performance while taking into account the management team’s personal characteristics.

This study aims to examine how environmental, social and governance (ESG) performance influences stock price volatility, with a specific focus on the moderating role of tax engagement.

ESG performance is measured by an ESG score calculated from the weighting of three dimensions: environmental, social and governance. Stock price volatility is measured by the degree of stock price variations over 12 months, based on the last 52 weeks’ prices. A sample of French-listed firms in the SBF120 is used, with 770 observations extracted from the 2012–2022 period. The feasible generalized least squares approach is used to eliminate endogeneity and multicollinearity problems.

The results show that the ESG score negatively impacts stock price volatility, with this impact being more significant in the social dimension than in the environmental and governance dimensions. In addition, the tax payment variable moderates the relationship and increases the effect of the ESG score on stock price volatility. These findings suggest that ESG practices and tax transparency are not only ethical elements but also key components for financial stability, promoting the high-quality development of listed firms.

This study is significant for firms, regulators, policymakers and investors. Overall, it underscores the importance of firms adopting ESG activities and engaging in tax management to mitigate risks and maintain viability in the contemporary business environment.

This study provides new empirical evidence regarding the factors driving corporate stock price volatility. In addition, it offers pertinent policy recommendations for businesses and governments regarding the significance of ESG investments.

This study examine the response of liquidity of Bitcoin and Ethereum to the Russia-Ukraine war in an event study context and investigate whether the war had a transitory or a permanent effect on cryptocurrency liquidity.

A event study was applied to hourly transactions on Bitcoin and Ethereum cryptocurrencies from 1/02/2022 to 31/03/2022. This is period is subdivided in two sample periods to capture transitory and permanent effects. The transitory effect is investigated over a window spanning -20 and +20 days. For a more extended post-event period, a linear regression model was applied to analyze the effects of other factors on the liquidity risk of BTC and ETH.

The findings reveal a significant but temporary impact of the Russia–Ukraine war on the liquidity of Bitcoin and Ethereum. Liquidity levels have increased within the first two days around the event day and then returned to the pre-event level after that. However, the response of BTC and ETH cryptocurrencies' liquidities to the Russian invasion of Ukraine is not uniform.

This is the first paper that assesses the liquidity level of two major cryptocurrencies (Bitcoin and Ethereum) in response to an extreme event: the Russia–Ukraine war. The hypothesis is that trading in the cryptocurrency market will increase due to market participants' goal of evading regulatory sanctions. Furthermore, market participants may also take advantage of cryptocurrencies' popularity as safe-haven assets.