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The study is aimed at examining the impact of ESG on the financial performance (FP) of firms and determining the difference between the impact of ESG on market-oriented financial performance measure (Tobin’s Q) and internal productivity-based financial measure (ROA). The study has also explored the influence of managerial ability and institutional quality as moderating variables on the relation between ESG and the financial performance of firms (both measures of FP: Tobin’s Q and ROA).

The study is quantitative exploratory and uses panel data of 687 publicly listed companies from the year 2013–2023. Data has been acquired from the reputed data providers and OLS regression has been used for panel data analysis with fixed effects.

The study reaffirms the positive impact of ESG on the financial performance of firms. Each pillar of ESG (environmental, social, and governance) has been found positively related to both measures of financial performance (Tobin’s Q and ROA). The study reveals that managerial ability and institutional quality, acting as supplementary variables, moderate the relationship between ESG and financial performance of firms.

A limited sample comprising data from only 687 firms was used for the analysis. The latest data was not available, therefore, data from 2013 to 2023 was used in the study.

This study indicates that ESG practices, which are mostly discretionary in Emerging Economies, can be induced through institutional pressures and ensuring higher quality managers. Policymakers in government institutions have to determine the inefficiencies, corrupt practices, and inconsistencies in policies that lower the effectiveness of institutions making them business-unfriendly. At the organizational level, policymakers need to ensure that responsible positions in the organization are held by managers with higher managerial ability. It is also to be ensured by shareholders that managers do not over-invest in ESG-related projects, particularly in organizations with weaker financial status. For managers, it is important to understand the positive benefits associated with ESG, even though they are in the long term.

In Emerging Economies, the official monitoring and regulatory mechanisms are weak, and lack a supportive attitude toward ESG initiatives. Voluntary and proactive firm-level environmental and social initiatives need to be encouraged and rewarded by institutions with public acknowledgment. ESG should be given priority by organizations for improving the quality of services and better social impact of businesses on society.

Most of the past research explored the impact of ESG on financial performance in advanced countries or in emerging markets in a single/limited number of countries or industries. Also, past studies investigated the impact of institutional quality and managerial ability on ESG/financial performance in separate models. Conversely, this study has used a multi-country and multi-industry sample for more generalizable findings. Against the backdrop of the institutional environment of Emerging Economies, the study extends Institutional Theory and Upper Echelon Theory to include the role of managerial ability and institutional quality in the relationship between ESG and firms’ financial performance.

The investigation of the fractal nature of financial data has been growing in the literature. The purpose is to investigate the multifractal behavior of frontier markets using multifractal detrended fluctuation analysis (MFDFA).

This study used daily closing prices of nine frontier stock markets up to 31-Aug-2020. A preliminary analysis reveals that these markets exhibit fat tails and clustering patterns. For a more robust analysis, a combination of Seasonal and Trend Decomposition using Loess (STL) and MFDFA has been employed. The former method is used to decompose daily stock returns, where later detected the long rang dependence in the series.

The results confirm varying degree of multifractality in frontier stock markets, implying that they exhibit long-range dependence. Based on these multifractality levels, Serbian and Romanian stock markets are the ones exhibiting least long-range dependence, while Slovenian and Mauritius stock markets indicating highest dependence in their series. Furthermore, the markets of Kenya, Morocco, Romania and Serbia exhibit mean reversion (anti-persistent) behavior while the remaining frontier markets show persistent behaviors.

The information given by the detection of the fractal measure of data can support for investment and policymaking decisions.

Frontier markets are of great potential from the perspective of international diversification. However, most of the research focused on other emerging and developed markets, especially in the context of multifractal analysis. This study combines the STL method and a physics-based robust technique, MFDFA to detect the multifractal behavior of frontier stock markets.

The aim of this study is to explore the impact of cynicism on the relationship among personality traits, organizational contextual factors and job outcomes. This study set up and examined the overarching model on resistance to change. Moreover, there were two models theoretically presented and investigated, i.e. direct and indirect models. This study was an attempt to explore and capture the causes of organizational cynicism against the change initiative.

A case study research design was used in this study, and data were collected from 335 employees by using purposive sampling technique and structured questionnaire. While linear regression and Baron and Kenny’s (1986) tests were used to evaluate the direct and indirect models.

Results highlighted the considerable positive relationship between dispositional resistance and employee’s turnover intention. Additionally, significant connection was also examined among organizational contextual factors and job outcomes, whereas interactive impact of behavioral resistance was found in the relation among dispositional resistance, organizational contextual factors and employee’s intent to quit. However, another dimension of organizational cynicism, i.e. cognitive resistance, could not influence the direct linear relationship between organizational context and continuance commitment.

Major limitations of this research were non-probability sampling technique, cross-sectional design, single organization and traditional data collection tool.

Management can eradicate cynicism by providing social support and positive information, i.e. job security, wage award, medical benefits and promotion criteria, after implementing change. The management can clarify the objectives of that change by including employees in decision-making, reducing employee’s turnover intention. Organizational cynicism is a faith, which means that the change leaders have lack of integrity; when organizational cynicism mixes with negative cognitive process, it leads to a more destructive behavior against that change.

This study contributed to the extensive knowledge of organizational cynicism. A conceptual model of resistance to change the model was unique in nature. There were rare studies conducted to check the impact of organizational cynicism on privatization, especially in the sub-continent. Therefore, it will add a good contribution in quality literature to understand the cynicism and its consequences for privatization.