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The aim of the study is to examine the impact of society’s economic well-being determinants – above and beyond the firm-specific and macroeconomic determinants – on firm profitability in Poland. Based on stakeholder theory we hypothesized that the economic well-being of society can influence firm performance. Therefore, we included real wage and salary growth, internal migration, international migration, and natural increase variables in the regression models. We applied four models with different sets of variables using pooled ordinary least square regression, as well as fixed and random effects regressions with robust standard errors clustered at the firm level. The dataset covers the period from 2004 to 2021, comprising 5400 firm-year observations from Poland in the wholesale and retail trade sector. We found that firm profitability generally increases with higher inflation and exchange rate depreciation. Moreover, in models including society’s economic well-being variables, GDP growth is no longer a significant determinant of firm profitability. Most importantly, the study demonstrates a positive relationship between real wage and salary growth and firm profitability. We also found that international migration is negatively associated with firm profitability. Regarding natural increase, the study suggests that it has a positive effect on return on equity, but not on return on assets.

Abstract The adoption of a stakeholder approach to public engagement within the public sector has been extensive. However, there remain critical gaps in the understanding of stakeholder participation arising from hidden disparities that contribute to unequal access to communication channels, information, and hence ultimately knowledge and decision making. The term “epistemic injustice” has been used to describe such inequality of access and consequently, the outcome that ensues. Epistemic injustice is much overlooked in stakeholder theory. This article shows how epistemic injustice can act as a barrier to effective stakeholder engagement and hence to successful public policy formulation and implementation. We use the case of vaccine hesitancy among Scotland’s African, Caribbean, and Black (ACB) communities to illustrate this problem of unequal participation. The study drew on primary data involving 85 participants and secondary data sources from extant literature and explored salient factors shaping barriers to vaccine uptake during the recent pandemic. The findings demonstrate how the failure to grasp epistemic injustice undermines the effectiveness of the stakeholder approach, even with the most well-intentioned efforts. We argue that epistemic injustice is a critical barrier to effective stakeholder approaches.

The article aims to discuss the phenomenon known as “diversity dishonesty” (term “smoke and mirrors” was coined by Stacey Morin as a metaphor of diversity dishonesty). Diversity dishonesty is defined as encapsulating a complex scenario wherein organizations outwardly portray a façade of commitment to genuine and quantifiable progress concerning diversity initiatives, while in practice, they manifest insincerity and disingenuousness. In recent years, diversity dishonesty has garnered substantial scholarly attention, particularly within organizational dynamics. This phenomenon is characterized by a superficial and performative engagement with diversity, creating the illusion of progress and dedication while failing to bring about substantive and meaningful transformations in diversity and inclusivity. The article presents the results of systematic literature review of peer-reviewed journals that analyzed diversity dishonesty in the organization, examine diversity dishonesty in organizations, to reveal a complex interplay of psychological, social, and organizational factors. Search engines provided by Marymount University Library and such resources as: ABI/INFORM Collection, Business Source Complete (EBSCO Host), Google Scholar, JSTOR and ProQuest Research Library were used. The research introduces an infinity loop framework that leverages accountability and transparency in conjunction with stakeholder theory. The article examines the following symptoms of diversity dishonesty within an organization: pluralistic ignorance, exclusion, othering, erosion of trust and morale, inconsistency between promotional material and lived experience, limited representation in leadership, microaggression, and tokenism. The article examines the following cascade of consequences of diversity dishonesty within an organization: legal risk, reputational damage, and stifled innovation and creativity. By shedding light on the intricacies of this phenomenon, this article offers valuable insights for organizations aiming to move beyond performative diversity efforts and genuinely foster diverse, equitable, and inclusive environments.

Abstract Complacency is almost archaic in the knowledge economy, because firms are overwhelmingly confronted with diverse expectations from better informed stakeholders, who pressure on societal issues amid shareholders’ calls for greater financial security. Similarly, there is a growing call for corporations to redefine their responsibilities to stakeholders, and to integrate socio-economic and environmental concerns into business processes and strategies in order to transparently impact on societies. In a bid to support mutually beneficial relationships, this paper shows how stakeholder theory proactively moderates the strength of CSR in social interactions, environmental protection, and sustainable development. It proposes a four-stage stakeholder dialogue ladder which attempts to synergize CSR, stakeholder and stakeholder theory based on the stages as defined by the firm’s extent of development, and her regularity and intensity of interaction with stakeholders. The paper argues that subject to the problem to solve, the languages of CSR and stakeholder theory are useful and that, the dichotomies of covering wrongdoing and creating falsehoods could be addressed when firms adopt stakeholder dialogue and collaboration that aid friendly CSR programmes. Thus, the relationship turns that of dyadic partnership, because corporations follow issue or purpose-based CSR programmes that create values that trickle to interdependent stakeholders. In sum, corporations need to continually get committed to environmentally-sensitive CSR since there is a strong relationship between CSR activities, stakeholders and actual performance.

This research examines the impact of board gender diversity on tax avoidance, with ESG performance as an intervening variable. Using 87 non-financial companies listed on the Indonesia Stock Exchange (IDX) with ESG scores from Thomson-Reuters ASSET4 during the 2017-2019 period, the study reveals that board gender diversity significantly influences tax avoidance, indicating that diversity does not improve tax compliance. The male-dominated boards in Indonesia limit the effectiveness of monitoring corporate activities, including tax avoidance. Additionally, gender diversity negatively affects ESG performance, suggesting that the small number of women on boards diminishes efforts to enhance sustainability. ESG performance does not mediate the relationship between gender diversity and tax avoidance, though it can reduce tax avoidance when transparency in ESG reporting is increased. Limitations include a small sample size and data restricted to the 2017-2019. Future studies could explore alternative tax avoidance measures and other corporate governance factors.

This paper focuses on sustainable initiatives in the maritime industry, specifically energy transition in EU ports. Our research aims to apply the stakeholder theory in port contexts, to examine the influence of different actors on the adoption of carbon–neutral energy generation technologies, from a port-employee perspective. To that aim, the proposed conceptual model is empirically tested through a survey among port employees, following the identification of applicable technologies via a literature review. Specifically, six types of energy generation technologies that advance the goal of carbon neutrality are identified, and likewise, following the stakeholder theory approach, we identified six categories of relevant stakeholders, perceived as external or internal. By means of a multiple regression analysis, we assess the influence of stakeholders identified regarding the carbon–neutral generation technologies. The results corroborate the suitability of the stakeholder approach for assessing port environments. The findings suggest the existence of different perceptions among port employees regarding the various technologies, while stakeholder influence can be either positive or negative depending on the type of technology. Among the stakeholders involved, customers and competitors appear as most influential. The main contribution of our results derive of tackling the differences in perception of carbon neutrality within the European Ports, and the carbon–neutral technologies in ports contributing towards carbon neutrality. By providing a more thorough understanding regarding the influence of diverse stakeholders in promoting carbon neutral energy generation technologies, this study can serve as a guideline for future research and be of value for practitioners in the field.

Green innovation represents a foundational strategy for companies aiming for sustainable and superior growth. In the digital economy landscape, rapid advancements in digital technologies provide enterprises with renewed momentum for progression. Nevertheless, there is scant empirical evidence supporting its efficacy in enhancing environmentally responsible corporate innovation. In the present study, utilising the resource-based view, data were gathered from 571 high-tech firms in China's Yangtze River Delta via surveys. Through hierarchical regression analysis, the interaction between digital transformation and green innovation was examined, taking into account the moderating effect of market-driven environmental pressures. The results indicate that digital transformation substantially promotes green innovation, and this relationship is further positively affected by the presence of market-driven environmental pressures. The present research contributes to the enhancement of green innovation theories and broadens the scope of digitalization research, providing valuable insights for advancing a green, low-carbon circular economy in the digital context.

Based on the stakeholder theory, this research explores the influence of various forms of stakeholder pressure on web-based environmental disclosure within the Asian mining industry. This paper included all mining companies listed on the capital markets of Asian countries that showed strong motivation as they obtained higher recognition and demand among investors and the general public. In total, 202 mining companies met the specified criteria in Asia. However, 67 mining companies were excluded as they either not having resourceful website or had websites that were not accessible in English. The study's findings reveal that both government and institutional exert a positive and significant impact on the extent of web-based environmental disclosure. Similarly, international operations are closely linked to the scope of web-based environmental disclosure. Thus, the outcomes of this research contribute to a more comprehensive understanding of the factors determining web-based environmental disclosure, bridging a gap left by prior research which predominantly focused on company characteristics.

This study explores the disclosure practices of gender equality in sustainable development goals. It investigates the extent to which companies disclose gender equality and what factors influence the sustainable development goals related to gender equality disclosure. The study analyzed 148 sustainability reports from 75 public companies on the Indonesia Stock Exchange from 2017 to 2019. It used twenty-two items sourced from the Global Reporting Initiative to measure gender equality disclosure using content analysis. The results showed that the average disclosure of gender equality is satisfactory at 54.5%. However, the number of incidents of discrimination and corrective actions taken is the least disclosed. The study also highlights the impact of company characteristics, such as leverage, company size, and industry type on gender equality disclosure. Gender equality disclosure practices provide valuable insights into how businesses shape their strategies to address sustainable development goals, particularly gender-related issues. By exploring gender-specific disclosures, regulators, companies, and other stakeholders can make practical contributions to advancing sustainable development goals. Gender equality disclosures are still largely unexplored in the business literature. Previous studies have focused primarily on developed countries and have examined only the general aspect of disclosing human resources or human capital information. Our study, on the other hand, emphasizes more specific information about gender equality.

The study examined the relationship between IR assurance and investment decision-making. The study used a sample of 100 companies that have a public listing on the Johannesburg Stock Exchange (JSE) over a three-year period (2018, 2019 and 2020) to collect the secondary data used to measure the variables. Using a multiple regression approach to analyse the data, the findings of this study displayed an increase in companies assuring their IRs and confirm a positive influence between IR assurance and investment decision-making. The results obtained in this study provided empirical evidence that companies are increasingly adopting the practice of assuring both financial and non-financial information in their IRs. This research is limited to a sample of listed companies in a single country. Thus, future studies could consider a cross-country study both in developed and developing countries. The study place emphasis on the need for IR assurance to boost investment decision-making, thereby increasing transparency and credibility among the company’s stakeholders. The study is one of the few studies that bridged the gap in the literature in the area of IR assurance and investment decision-making of corporate firms which has received little attention in Sub-Saharan Africa especially within the South African context.

AbstractIn the past few decades, companies have begun to pay attention to the issue of whether companies that are engaged in CSR activities enhance firm value remains a subject of debate. From the perspective of agency theory, high-CSR companies can encounter poor financial performance and a reduction in firm value because of managers’ bad project selection. According to stakeholder theory, high-CSR companies face a positive relationship to financial performance and vament as a result of consideration for the benefits of stakeholders. This study collects CSR data from CommonWealth Magazine and examines how Taiwanese companies engaged in CSR activities affect corporate financial performance. The empirical finding shows that CSR is significantly positive to corporate financial performance. This result suggests that companies actively engaged in CSR activities bring a positive effect on firm value. Therefore, our evidence supports the stakeholder theory that high CSR companies benefit their stakeholders.

AbstractAssessment of actual practices and initiatives would potentially enhance the implementation of corporate social responsibility. For the same purpose, this work aimed at enumerating specific CSR activities being pursued by large manufacturing businesses and detecting whether there have been observed developmental changes in CSR practices in the industry. To this end, we have devised a multi-case study research design. Because they needed attention of inquiry, large manufacturing firms in the Amhara region of Ethiopia constituted the target units. The recent corporate social responsibility practices of four purposefully selected firms have been judged by functional managers and report analysis. The hybrid of deductive—theory-driven data collection and data analysis—and inductive approaches governed the inquiry. We utilized a stakeholder-based Corporate Social Responsibility (CSR) conceptual framework from the existing literature. The results of a stakeholder-based analysis of CSR practices show that: (1) the industry has implemented numerous CSR initiatives and activities for each of the stakeholder groups; (2) developmental changes in CSR performance are observed; and (3) healthy (responsible) business behavior has generally been evident. Notwithstanding its limitations, the study has provided useful insights into both practice and policymaking. Similar studies with tailored designs are encouraged for future research.

Using stakeholder theory, this article introduces a framework to inform decision making with respect to the regulation of on-premise signs. Because signage resides in a broader, shared environment and its regulation largely takes place at the local level of government, it can be considered unique among most other marketing-related communications. On-premise signs are important to individual businesses and the communities in which they are used, but at the same time, they are “out in the world,” cannot be avoided, and may not be relevant to or welcomed by many consumers who are exposed to them. A transformative consumer research lens is applied in this article to arrive at regulatory recommendations that balance the interests of the business with the interests of consumers, the general public, and other stakeholders.

Materiality analysis and stakeholder engagement are crucial processes in sustainability reports which aim to identify material issues and prioritize them based on stakeholder interests. Subjectivity in the process of determining materiality and stakeholder engagement can affect the quality of sustainability reports because management can determine the information to be published and eliminate negative information related to sustainability. This research aims to investigate the influence of board of directors’ activity, presence of independence commissioners, company financial performance, and size on materiality disclosure and stakeholder engagement in mining companies in Indonesia. Content analysis and multiple regression analysis were carried out on 70 sustainability reports. The research results show that the involvement of the board of directors and the quantity of board members have a positive and significant effect, while the presence of independence commissioners and company size do not have a significant effect on materiality and stakeholder disclosure. It is noteworthy that disclosing materiality in sustainability reports is a crucial aspect of business practices, irrespective of the company’s financial status or size. This research contributes to the disclosure of materiality and stakeholder involvement in the reporting of companies operating in Indonesia from the perspective of stakeholder theory and legitimacy theory.

This study intends to determine the elements for adopting corporate social responsibility (CSR) practices that would boost the organization's performance (OP) either directly or indirectly in Pakistan's oil and gas sectors. This research demonstrates how companies may improve their performance by participating in various CSR efforts, for example, companies can encourage their workers by providing them with information about CSR practices, and they can support multiple facilitators of CSR integration to enhance OP.

Stakeholder involvement and preferences are pivotal in the decision-making process for landscape protection within a specific context. However, many decisions regarding landscape protection options still rely on management choices with little or no consideration of all stakeholders. Previous scholars emphasized the importance of establishing an integrated framework to gain an adequate understanding of the process of stakeholders’ decision-making in landscape protection. Therefore, a systematic literature review was conducted on the topic of stakeholders’ involvement and preferences in landscape protection decision-making. This review included research articles published from 2013 to 2023 using two databases and registers, namely, Science Direct and Google Scholar. A total of 110 research articles were identified and qualified for review based on the screening requirements, with an additional 15 documents for theories and backgrounds to provide a better understanding and outcomes for the study. The results of this study were organized based on concepts from the resulting research articles and were integrated to propose a conceptual framework for Stakeholders’ involvement and preferences in landscape protection. Additionally, this study’s findings indicate the significance of incorporating diverse stakeholders and their preferences in landscape protection processes to ensure awareness of inclusivity in decision-making and secure long-term support.

The construction industry faces the rising challenge of circularity, and digital transformation emerges as a pivotal solution. However, limited stakeholder involvement impedes the adoption of digital transformation. The existing literature does not analyze stakeholders' perceptions of digitalization adoption barriers. Therefore, this study investigates the barriers hindering digital transformation in circular construction by examining the varied perceptions of key stakeholders. The study contributes to aligning stakeholders' interests and leads to targeted and effective interventions, enhancing the likelihood of successful adoption. Using the Stakeholder Theory, the study identified contractors, investors, clients, waste managers and government as the most influential stakeholders in circular construction. This study explores skill and knowledge barriers, market barriers, regulatory barriers, organizational and cultural barriers, and financial and resource barriers as key dimensions hindering digital circular practices. The study integrates the fuzzy Delphi method, fuzzy decision-making trial and evaluation laboratory, and analytical network processing to address uncertainties and interrelationships among barriers. The findings indicate that stakeholders hold differing perceptions regarding the most critical barriers; however, there is a consensus that critical aspects are skill and knowledge, organizational and cultural, and regulatory barriers. Practical barriers include lack of government support, resistance to change, lack of feasibility information, lack of training capabilities, and poor digital literacy. The study provides theoretical and practical implications, informing future research and interventions to develop targeted strategies and initiatives.

The agricultural sector and Sustainability-oriented Activities (S-OAs) of farmers are recognized as critical factors to realize a more sustainable future. Hence, this study aimed to present a model for enhancing S-OAs among farmers by integrating Corporate Social Responsibility (CSR) into the structure of rural cooperatives. This research employed the stakeholder theory and a structural equation model to bridge the existing gap in understanding the nexus of farmers, cooperatives, and the government. This aimed to reinforce CSR and, consequently, S-OAs among farmers. The results revealed that the engagement of rural cooperatives in community-oriented ethical activities (C-OEAs) exhibited the first significant step toward enhancing CSR, which significantly promotes trust among farmers and their participation in cooperative programs. On the other hand, findings have demonstrated that a company's engagement in C-OEAs deeply results from its dependency level on the government. It was revealed that increasing external farmer participation, due to cooperative tool utilization, does not significantly impact CSR implementation within cooperatives. Overall, our results exhibited different approaches to strengthen S-OAs among farmers based on the interlinked dimensions of social responsibility. This assists in reinforcing S-OAs among farmers.

As industries move actively towards sustainable operations, communicating the value created as a result of implementing social sustainability practices is still a challenge for researchers and practitioners. Understanding the rationale behind the implementation of sustainability practices can improve adoption and communication amongst supply chain actors. This study aims to investigate the drivers of social sustainability practices in the European Leather Supply chain through the lens of the stakeholder and institutional theory. A qualitative approach is applied in which primary and secondary data are used to achieve the study's aim and objectives in the context of the European leather supply chain. Data was thematically analysed based on the key themes developed in the initial conceptual framework. The study's key findings show that internal and external drivers that serve as antecedents for implementing social sustainability practices can be general or specific, providing another paradigm to Sustainability driver studies. Internal drivers rather than external drivers were observed to clearly relate to and explain sustainability practices implemented. The results from the study show that the application of the intersection between Institutional Theory and Stakeholder Theory can assist in explaining the relationship between social sustainability drivers and practices. The study proposes a framework for managers that can assist leather brands in understanding and explaining the importance of implementing social sustainability practices to key stakeholders whilst actualising short- and long-term business goals.

Abstract Quality standards (QS) (e.g., ISO 9001) play an important role in assuring the quality of goods and services for organizational stakeholders on a global scale. Recent work has highlighted the role of QS in communicating corporate social responsibility (CSR) practices to a firm’s stakeholders making both the QS adoption decision and the timing of adoption of immense strategic importance to top managers. However, the types of QS and their intended and unintended beneficiaries vary widely, making it difficult for managers to choose QS that are in accord with their CSR goals. Further, current economic (cost/benefit) and institutionally-based theoretical approaches do not provide managers with adequate guidance in making strategic adoption decisions. Rapid developments in QS practices have also made it difficult for researchers to incorporate them into CSR theory. Drawing upon a literature review of QSs and stakeholder theory, this study presents a QS framework and taxonomy that integrates QS adoption timing and beneficiaries. The framework also presents four configurations of QS adopters and their associated beneficiary stakeholder groups, enabling both researchers and practitioners to more completely understand the complex nature of stakeholder pressures on organizations.

Abstract In the context of the European Commission’s proposal for the harmonization of front-of-pack nutrition labels (FoPLs) across the European Union scheduled for 2023, Portugal’s position on the preferred format to be adopted remains unclear. Our study aims to (1) describe the context of the political decision regarding FoPL’s implementation in Portugal, (2) identify and characterize the actors involved in the debate and (3) evaluate their influence in the decision-making process and their position on the various formats of FoPLs considered. A document review complemented by a qualitative study with eight experts revealed the actors involved in the implementation of FoPLs in Portugal. The stakeholder theory was used to qualify their level of influence on the decision. To complement the experts’ analysis, the views of 1014 Portuguese consumers on stakeholders’ influence were collected via an online questionnaire. The results show a strong mobilization of the Portuguese Ministry of Health on the issue through the production of several technical and scientific reports. The background of the political decision related to FoPLs in Portugal highlights the commitment of some influential stakeholders in favour of the traffic light format, including one of the major Portuguese retailers, Continente. Nevertheless, in the face of public support for the Nutri-Score from a growing number of actors, Portugal has not yet adopted a specific format, partly due to some resistance from the agricultural sector. Portugal, by lack of consensus and agenda setting, is now awaiting formal harmonization of FoPLs by the European Commission. This study provides useful insights for public policy actors when promoting interventional measures.

Background: Business incubators (BIs) are considered enablers of the entrepreneurial ecosystem, however there remains a lack of consensus as to whether incubators are effective or even as to how incubator efficacy should be measured. Aim: This study seeks to develop a consolidated framework for measuring the efficacy of BIs using stakeholder theory as its theoretical basis. This study set out to answer the following research questions: What is the relevance of stakeholder theory to incubator efficacy measurement? What stakeholder groups are relevant to BIs in South Africa? What relationships between stakeholder groups and perspectives on BI efficacy exist that would underpin a framework for measuring incubator efficacy? Setting: Empirical research was conducted with BIs operating within South Africa, with various incubator types, contexts and industry focus included in the study. Methods: A sample of nine incubator managers were interviewed as part of this exploratory qualitative study, demonstrating the breadth of the incubator industry in South Africa. Results: A framework comprising two distinct but related perspectives on incubator efficacy is proposed. Further to this, two additional concepts – incubator-stakeholder conflict and restrictive incubator context – were identified. Conclusion: This study proposes a consolidated framework for measuring the efficacy of BIs, considering a variety of stakeholder perspectives, and may inform policymakers regarding business incubation in the future. Contribution: This study identifies and defines incubator-stakeholder conflict as a concept, making a theoretical contribution to the field. Additionally, the study proposes a comprehensive stakeholder-based framework proposed for measuring incubator efficacy.

Occupational Health and Safety Disclosure (OHSD) is essential to provide the public and stakeholders with more information about a company. In particular, OHSD still needs further research because the work accidents in Indonesia are currently excessive, but not all companies disclose it. OHSD is also crucial for corporate sustainability. The primary objective of this study is to conduct an empirical study of the impact of Profitability, Leverage, and The Size of the Board of Commissioners on OHSD. The research method used in this study is quantitative and secondary data obtained from the annual reports and sustainability reports of the property, real estate, and building construction companies listed on the Indonesia Stock Exchange (IDX) from 2019 to 2021. The sampling technique used is purposive sampling, with 81 samples. Data analysis used panel data regression with a Random Effect Model (REM). The study concluded that Profitability and Leverage (DER) significantly and positively affect OHSD. However, the size of the Board of Commissioners has a negative and significant effect on OHSD. The research results imply the Occupational Health and Safety Disclosure as material for preparing company policies. For academics, this research is expected to expand the financial accounting literature on OHSD from the stakeholder theory perspective.

As the discourse on corporate social responsibility (CSR) and sustainability in business continues to progress, it is becoming increasingly mandatory for business leaders to consider playing a more active role in leading and addressing the socioeconomic challenges business activities might visit on the larger society and its stakeholders. In such a context, the strategic importance of integrating CSR and sustainability initiatives into business operations amidst radical change, heightened stakeholder activism and intense competition cannot be overemphasized. As this shift requires making significant changes to the traditional ways of doing things within the organization, there is bound to be a change resistance. Through a purely narrative review of previous literature, this paper maps out how the pursuit of CSR and sustainability in basic business operations is shaped by organizational change management (OCM) and examines how the stakeholder theory underscores an understanding of the interception between the ethical and economic interests of a business.

As the development of world-class eco-islands progresses, the homestay sector on Chongming Island has burgeoned, emerging as a pivotal catalyst for rural tourism and economic prosperity. This study, leveraging Chongming Island as a case study, systematically analyzes the spatiotemporal distribution of homestays across island-wide, township, and village scales, employing methodologies such as the spatiotemporal evolutionary tree model. It delves into the intricate systemic framework underpinning homestay development, elucidating the dynamics of interaction mechanisms. Furthermore, it examines the evolving roles of diverse stakeholders throughout various developmental phases, grounded in stakeholder theory. The study reveals that (1) Chongming’s homestays on the island, townships, and village scales show very obvious agglomeration characteristics, mainly concentrated in the A-level scenic spots and in and out of the island traffic junction. (2) The growth of homestays in Chongming shows an increasing trend year by year, with the growth rate slowing down after 2020, and can be divided into four main phases, which are closely related to the construction phase of the eco-island. (3) The evolution of Chongming Island’s homestay is a multifaceted natural–human system intricately shaped by a confluence of five interdependent subsystems: natural ecology, social culture, multiple stakeholders, geographical location, and transport infrastructure. At different stages of development, under the synergistic effect of multiple stakeholders, the homestays on Chongming Island eventually formed a governance structure led by the government and co-managed by the development company, external entrepreneurs, and local villagers. These insights not only augment the scholarly discourse on stakeholder dynamics within the homestay industry but also offer pragmatic enlightenment for strategic planning and the advancement of holistic urban–rural integration in Chongming and the broader Shanghai region.

This study examined the relationship between share repurchases and corporate sustainability in South Africa during 2011–2019. According to stakeholder theory, companies may feel a sense of obligation to not only distribute returns to shareholders through share repurchases but also to other stakeholders by investing in environmental, social or governance (ESG)-related projects. Our study, the first of its kind in the context of an emerging economy, reported a positive relationship between share repurchases and corporate sustainability in South Africa (proxied using ESG scores)—specifically social scores. The emphasis on the social, rather than the environmental, dimensions of ESG might result from the emerging economy context, where several societal problems are experienced. The results support stakeholder theory, but increased disclosure pertaining to the social dimension of ESG in years when share repurchases are executed might also provide evidence of ‘social washing’ (when companies employ their integrated report disclosures to paint an overly positive picture of their social responsibility initiatives).

South Africa receives insufficient rainfall to meet citizens’ water needs and this is compounded by deficiencies in infrastructure for water services because of inadequate investment and a lack of maintenance. Municipal public–private partnerships (PPPs) for water infrastructure are rarely utilised for several reasons. Central to this paper is the evaluation of the role played by various stakeholders in influencing the adoption and subsequent approval of municipal water PPP projects. This study critically examined the role of each stakeholder and how other stakeholders perceive their effectiveness during the approval process of water PPP projects. The conceptualisation and implementation of PPPs involves managing both the public and private stakeholders to achieve the desired outcomes. These diverse stakeholders have different values, anchored by the need for rent extraction (profit maximisation motive) or self-interest, as advanced by stakeholder theory. By means of structured interviews, participants highlighted the limitations of each stakeholder and how these contribute to the negative perception of future PPPs. The obtained data were triangulated with secondary sources. The findings confirmed the pursuit of self-interest by various stakeholders, impacting the pace of PPP adoption of municipal water projects.

This paper examines the relationship between corporate social responsibility (CSR) and value creation in Romania. Specifically. This paper aims to identify the key CSR practices that companies in Romania are engaging in, and to explore how these practices are impacting business performance and creating value for stakeholders. By examining the extent to which companies in Romania are embracing CSR and the outcomes they are achieving, this paper will contribute to a deeper understanding of the role of CSR in creating sustainable and socially responsible businesses in Romania. The main tool at the basis of such an analysis is the international GRI (Global Reporting Initiative) – Social indicators reporting, differently approached by different companies within their sustainability reports, collected within a database, converted into comparable information based on a scoring method, as the indicators are either qualitative or quantitative, most of the times very difficult to bring to a common denominator. Such a method we also consider useful in further valuation and ranking. The findings of this paper suggest that corporate social responsibility (CSR) practices are becoming increasingly important for businesses operating in Romania. The analysis reveals that companies in Romania are engaging in a range of CSR practices, including philanthropy, environmental sustainability, and employee welfare, and that these practices are having a positive impact on both business performance and stakeholder perceptions. Specifically, the study finds that companies that engage in CSR are more likely to attract and retain talent, enhance their reputation, and brand value, and generate higher levels of customer loyalty and satisfaction. Moreover, the analysis indicates that CSR practices can also lead to cost savings and improved operational efficiencies, further contributing to value creation. Overall, these findings underscore the importance of CSR as a strategic tool for businesses seeking to create long-term sustainable value in Romania. The Sustainability Disclosure Database provides the existing sustainability reports of major companies in Romania, along recent years. Given such data, these reports have been processed and the information has been tailored into rather homogenous sets, starting with the GRI Standards’ indicators and generating an hierarchy of social activities and their results. We consider such an enterprise necessary if it is aimed at achieving a clear evaluation and identification of company’s both financial and social performance. This paper contributes to the literature on corporate social responsibility (CSR) and value creation by providing insights into the current state of CSR practices in Romania, a context that has received relatively little attention in the CSR literature. The paper builds on previous studies by focusing specifically on Romania, a transitional economy that has undergone significant political and economic changes in recent years, and by examining the relationship between CSR and value creation in this context. The paper’s findings highlight the importance of CSR for businesses operating in Romania and offer practical insights for companies seeking to implement CSR strategies that create sustainable value for stakeholders. This study also provides a foundation for future research on CSR in Romania and other emerging economies, thereby advancing our understanding of the role of CSR in driving positive social and environmental outcomes while also creating business value.

Research Question: The principal purpose of this research is to determine the audit quality attributes as perceived by the different stakeholders: financial statements users, preparers and auditors in Tunisia. Motivation: Audit markets have been weakened by recent financial scandals. This led to debates about the concept of audit quality and its evaluation. As the evaluation of audit quality through auditor quality is today unable to allow a real evaluation of the adequacy of the realized audit tasks, we believe that the evaluation of audit quality must henceforth include new components such as characteristics related to audit firms, external factors and legislation. Data: We used a 5-point Likert scale questionnaire; a measurement scale of the audit quality attributes. Our sample contained the three groups of stakeholders in order to compare their perceptions of audit quality. We distributed 380 questionnaires. Our return rate was 38%. Each questionnaire contained 40 attributes organized in five factors (characteristics related to auditor, characteristics related to audit firm, control of the profession, legislation, external factors). Tools: Factor Analysis method was used to reduce the number of items to a smaller set of factors and to summarize information Findings: This study shows that characteristics related to auditor and characteristics related to audit firm were generally perceived to be the most important. Moreover, this study underlines the importance of the control of the profession. The legislation factor is only significant for the users of the financial statements and the preparers. Contribution: While numerous studies have examined audit quality, many have focused on eliciting the attributes of audit quality from auditors. However, as the competitive environment increases, understanding the perceptions of financial statements users, preparers, and auditors regarding audit quality becomes increasingly important. Differences in perceptions may provide insight for audit firms to enhance satisfaction for both groups and improve overall audit quality. Our study is a comprehensive attempt to compare the perceptions of different stakeholder with regard to audit quality.

Many developed countries have committed to targets to reduce their carbon emissions under international agreements. However, a recent 2021 study found that only one country, The Gambia, is on track to meeting its Paris targets. A key mechanism for achieving these national targets is the government. Therefore, the failure of most countries to meet their targets highlights the importance of evaluating the major policy alternatives. Australia instituted a carbon pricing scheme in 2012 that was repealed in 2014 and subsequently replaced with an emissions reduction fund in 2015. This provides a unique opportunity to study the effects of these two major alternative government policies on government salience. This study applies stakeholder theory and finds that the power and urgency of both policies was weakened by uncertainty, an often-neglected factor affecting stakeholder salience. Furthermore, we note that an evaluation of government salience must also consider firm and industry differences and the effect of positively versus negatively framed interventions.

Judges as court apparatus, play a pivotal role in improving organizational performance and enhancing public trust. They are the sole actor who determines the quality of court decisions. However, the cases in the four courts, namely general, religious, state administrative and military courts seemed to outnumber the judges; hence retaining highly skilled judges to rule and write decisions within the time frame is paramount. Using a stakeholder theory approach, this article explores the competency-based development model for judges carried out by the technical training centre of the Indonesian Supreme Court. The research method was descriptive qualitative, purposive sampling for in-depth interviews. The result revealed that each stakeholder, namely technical training managers, supporting lecturers or trainers, working unit, and the public, showed different perspectives on judges' competencies, knowledge, skills, and attitude due to different interests. Stakeholders' views highlighted several points: analytical thinking skill improvement, knowledge application, character building, adaptive skills development and reassignment. This study, therefore, provides a new model of judges' competencies development that emphasizes a throughout human resources management activity application, starting from carrying out apparatus management strategy as a response to bureaucracy reform, strategic environmental changes, and science and information technology development; applying human resources development strategy with stakeholder participation approach through training and development centre; and creating apparatus reassignment strategy. These three strategies lead to an agile civil apparatus to achieve good governance.

This paper aims to estimate the effect of the reliability of financial statements on listed firms’ performance in Vietnam, especially on the Ho Chi Minh City Stock Exchange, from 2015 to 2022. Based on International Financial Reporting Standards, Generally Accepted Accounting Principles and theories, reliability is a key attribute of information quality in financial statements. Besides, using the quantitative method of feasible generalized least squares (FGLS), the findings show that reliability positively affects listed firms’ performance with a confidence interval of 95%. On the platform of agency theory, the reliability of financial statements is considered a tool to fulfill the duties and responsibilities of managers and the board of directors to external users, while stakeholder theory considers the advantages of the disclosure of reliable financial statements in terms of gaining performance.

In the context of global sustainable development, the relationship between environmental, social responsibility, and governance (ESG) performance and multi-stakeholder value creation has been widely discussed. However, there is a complex causal relationship between ESG performance and value creation, many firm characteristics are involved, and there is no systematic study on them. In this study, we aim to explore the relationship between ESG performance and value creation, the joint role of firms’ internal and external characteristics in this relationship, and how the three components of ESG performance act on value creation through their various configurations. To identify complex causal relationships among variables, this study introduces rough sets method to describe these configuration relationships by generating rules. We use China’s 300 CSI-listed companies on the Shanghai and Shenzhen Stock Exchanges from 2015 to 2020 as research samples and find that firms with good ESG performance are more likely to have high-efficiency value creation; moreover, this relationship exists only among firms with specific characteristics. Additionally, different combinations of ESG components may have a differential impact on value creation, and we identify four configurations that generate high-efficiency value creation. This study contributes to guiding companies to strengthen their ESG practices and rationally allocate resources. First published online 09 January 2024

AbstractThis study analyses the relationship between sustainability performance, convention signatures, sustainability offices, sustainability research, teaching programs, student clubs, financial statements, and the extent of sustainability reporting in higher education institutions (HEIs). The sample of this study was 153 unit of analysis of 57 HEIs which are registered in the Global Reporting Initiative database during the period 2010–2020. Descriptive, content, and multivariate regression analysis were used to analyze the data and test the hypotheses. The level of sustainability performance, convention signatures, sustainability offices, sustainability research, teaching programs, student clubs, financial statements have a significant effect on the extent of sustainability reporting. Moreover, the random effect model is the best approach for estimating the model. The study contributes to a better understanding of the determinants of HEIs sustainability reporting. Several previous studies only used one theoretical lens. The originality of this research is using a metatheoretical approach, namely stakeholder and legitimacy theory. The theoretical implication of these findings is that the combination of legitimacy and stakeholder theory is able to explain more broadly the model of HEIs sustainability reporting. Policymakers such as the government and other key stakeholders can use these findings as the basis for assessing an educational institution’s sustainability performance.

AbstractThis study aims to expand this research by analyzing the mediating role of green investment in the influence of political connections on carbon information disclosure. The novelty of this study is the mediation model, which refers to a combination of upper echelons theory and stakeholder theory. The sample of this study totaled 197 firm years. This study uses a sample of energy and basic materials companies listed on the Indonesia Stock Exchange from 2017 to 2021. The results of the direct effect testing indicate that political connections affect carbon information disclosure. The findings show that green investment has a significant influence on mediating political connections and carbon information disclosure. This study confirms the mediating effect of the green investment variables. These results are supported by the robustness test results, which confirm the main conclusions. This indicates that the green investment made by the company mediates the political connection between the board of directors and the carbon information in its annual report or sustainability reporting. This study contributes to the literature on the role of green investment in mediating political connections in corporate top management to increase carbon information disclosure.

AbstractThe central research question in the area of corporate social responsibility (CSR) has been “Why do some businesses act responsibly, while others do not?” To contribute to answering this fundamental question, the study aimed at empirically determining the influence of stakeholders, which is operationalized as stakeholder pressure, on stakeholder-oriented CSR practices. Because of its generic and versatile nature, this link has been posited as being moderated by organizational culture. For doing so, large manufacturing firms in the Amhara region of Ethiopia, with a sample size of 53, were the target units of analysis. Randomly chosen 473 employees rated the current CSR and organizational culture practices of the firms. Because it is mainly felt by managers, internal stakeholders’ pressure has rather been judged by managers (sampled 253). Consequently, the aggregated process produced data at the organizational level. According to analysis using structural equation modeling, (1) internal stakeholders’ pressure and organizational culture have both been identified as potential factors influencing CSR practices and (2) organizational culture has a moderating role in the relationship between internal stakeholders’ pressure and CSR practices. Notwithstanding its limitations, the study has provided useful insights into both the theory and practice of CSR. Similar studies with tailored designs are encouraged for future research.

The relevance of the research topic lies in the need to find effective ways to optimize the activities of enterprises in the field of medical services based on improving their interaction with all stakeholders, organizations and institutions in the health care industry, which is a critical infrastructure. The main goal of the study was to substantiate the conceptual foundations of managing relationships with stakeholders at medical enterprises. At the same time, the state of the social and economic sphere of Ukraine in 2022-2023 and the main goals of sustainable development were taken into account. The following methods of acquiring scientific knowledge were used in the work: logical generalization, comparative analysis, content analysis, desk research. The list of problems and contradictions in the health care system of Ukraine which require improvement of approaches to managing interaction with stakeholders in the field of medical services, is substantiated. The principles of managing interaction with stakeholders at medical service enterprises are defined. Three groups of principles are proposed, which take into account, firstly, the need to manage the quality of medical services, secondly, the current political and socio-economic situation in Ukraine, and, thirdly, the goals of sustainable development. An improved list of functions of managing relations with stakeholders of enterprises in the field of medical services is proposed, which includes both justification of the specifics of general functions and justification of the list of specific functions. The list and interrelationships between the elements of the concept of managing relationships with stakeholders in the medical services industry are substantiated, including a set of hypotheses and basic provisions of the concept. The developed concept of managing relationships with stakeholders of enterprises in the field of medical services allows to implement a comprehensive and systematic approach to improving interaction between all participants and representatives of this industry and increasing the efficiency of its functioning in modern conditions

Mainstream institutional theories and corporate governance studies are entwined with patriarchal business relationships. However, within the theories the gender factor and benefits of the institutionalization process and corporate governance principles in terms of women’s employment in organizations have not been fully investigated. In addition, whether corporate governance principles are an effective tool to keep women in working life has not received sufficient attention in the literature. The paper aims to explore the contribution of institutionalization process and corporate governance interaction to employment and working environment quality with respect to female employees in the labour market where patriarchal labour relations are dominant. To achieve this purpose, the authors designed a questionnaire to compare gender groups in organizations that have adopted the principles of institutionalization and corporate governance. The total of 506 employees actively working in organizations in Turkey participated in the survey. Respondents’ answers were analysed using the structural equation models in the SPSS statistical program. The research findings revealed that the institutionalization process has a partial mediation effect on women’s attitude to quality of work environment. On the other hand, it was determined that corporate governance principles have no moderator effect on women’s attitude to work environment quality. The findings demonstrate that as the transparency and professionalization levels increase, women tend to prefer the organizations more. Compared to men, female managers and assistants embrace transparency and professionalization as a distinguishing quality of an efficient organization. Since corporate governance principles strengthen women’s employment in organizations in terms of equal wages and career opportunities, managers need to consider these principles as a substantial element of a company’s activities.

Abstract This paper bridges port governance and stakeholder theory to contribute to new understandings of changed stakeholder relations due to the building of new container terminals. The case of the newly inaugurated very large high-tech container terminal commissioned to and developed and operated by Meridian Port Services (MPS), in the Port of Tema, Ghana, provides the empirical foundation for investigating the new stakeholder engagement. Through focus groups, descriptive statistics, and a series of qualitative and open-ended interviews carried out in structured stakeholder events, the paper aims to deliver new knowledge relevant to the many hybrid port governance systems seen today. Moreover, it wants to inform authorities and companies about the implications of different strategic choices and how changes progress. The study shows that despite shared goals of efficiency, all parties involved have had major difficulties in finding a new port governance model, which they all consider fair and which can contribute to a continuously economically sustainable port management practice.

Increasingly, good quality and safe working conditions that promote employee health are expected by stakeholders. The aim of this study is to examine the extent and quality of occupational health and safety (OHS) reporting in the Top 100 companies listed on the Australian Stock Exchange (ASX). Method: Publicly available annual reports from the Top 100 ASX companies were reviewed using a policy scorecard against five dimensions drawn from the Australian Work Health and Safety Strategy 2012–2022. The dimensions were: OHS information, legislation, leadership, work health disorders, prevention and best practice. Results: Mean rank scores of high and low-risk industry sectors were compared. High-risk sectors provided more explicit coverage of OHS information across all five domains in comparison to low-risk sectors (p > 0.05). The Information Technology sector scored the lowest across all five dimensions. Conclusion: Higher quality reporting from those in high-risk sectors may be influenced by stakeholder expectations, as well as industry norms. The current analysis suggests that relying on stakeholders to drive improved reporting may be problematic, as those industries that are perceived to have a low OHS risk profile may not consider the need to provide transparent reporting on their strategies to ensure they are providing good quality working conditions.

Purpose: The use of impression management in corporate reporting is mostly in pursuit of value creation for stakeholders. The study exposes the use of impression management practices in voluntary narrative disclosures. The study focused on Top 40 Johannesburg Stock Exchange (JSE) listed companies. Impression management was examined through the length of the chairperson’s statement and use of positive tone. The chairperson’s statement focuses on the future and strategic direction. Stakeholders focus on the chairperson’s statement for investment decision-making purposes. Approach: Quantitative content analysis is used on secondary data extracted from integrated reports. Findings: The study found that profitable and nonprofitable JSE-listed companies use impression management through the length of the chairperson’s statement and the use of a positive tone. Value: The study attempts to provides notice of the use of impression management to prospective and current investors who to some extent rely on voluntary narrative disclosure for investment decision making purposes and adds the debate on stakeholder theory in corporate reporting.

This study aimed to investigate the impact of Board of Directors and Sharia Supervisory Board (SSB) characteristics on sustainability reporting in global Islamic banks. A sample of 136 Islamic banks (IB) was examined, encompassing 536 observations from 2018 to 2021. Sustainability reporting was measured using an index developed by A. Jan et al. (2019), which modified the Global Reporting Initiative standards to suit the characteristics of Sharia-compliant financial institutions. The data was analyzed using a panel data estimation technique known as the Random Effects Model. The study findings revealed that certain board characteristics, such as the size of the Board of Directors, independence of the Board of Directors, size of the SSB, and cross-membership in the SSB, had a positive influence on sustainability reporting in Islamic banks. Additionally, board meetings of the Board of Directors were found to have a negative effect on sustainability reporting. These findings provide valuable insights for companies and policymakers, enhancing their understanding of the board composition that encourages firms to pursue reporting strategies based on sustainable development. Overall, the study contributes to the existing literature by examining the relationship between board attributes and sustainability reporting, particularly from an Islamic perspective.

The article debates the origin of rent in natural-resource based industries (NRBIs) such as fisheries, and how the rent generated can be appropriated. The Norwegian fish harvesting industry is used to illustrate the arguments. It is argued that the industry-specific institutional framework of the fish harvesting industry positively affects the competitive forces of the industry, and thereby its economic performance. Fishery management institutions create high barriers to entry for outside firms, and they dampen internal rivalry between incumbent firms. As a result, the opportunity to earn what this paper labels institutional rent arises. The article further argues that nature itself and how it is managed through, for example, harvesting rules, enables an NRBI to earn resource rent if the players get free or cheap access to the input factor, in this case fish. Finally, the article argues that it is stakeholders other than the harvesting companies that control both the institutional and resource rents, that is, the owners of the natural resource and the authorities who manage it as well as the industry-specific institutional framework. Nevertheless, neither the owners nor the authorities benefit from the industry-specific rent generated. The rent is appropriated by the capital owners and the crew onboard the boats in the form of above-normal profits and above-normal wages. Whether or not such a skewed rent distribution is considered fair and sustainable is a political issue. Responsible Editor: Øyvind Ravna, UiT The Arctic University of Norway

Public protected areas are set aside to legally protect the country’s biological and culturally diverse resources. In South Africa, the protected areas have sustainably conserved some of the country’s most biologically rich areas and endangered species; these areas also provide the main way in which people can visit relatively undisturbed areas of high natural and cultural value. Considering sustainability while managing protected areas raises new challenges such as how to reach a balance between economic development and conservation. Public-private partnerships (PPPs) serve as an important framework to develop protected areas that will bring along benefits such as: financial benefits for conservation, community empowerment through economic development, and tourist satisfaction. Public and private sector partnership is the best of both systems: as the private sector brings along the management expertise, knowledge, and resources, the public sector formulates policy and protects the interest of the public. The study aimed at examining the practical importance of managing eco-tourism development through PPP by collecting pre-existing textual data. A content analysis of published academic and industry papers that focused on the management of eco-tourism development by means of PPP, within a global and local context was analysed and thematically coded. The stakeholder theory in eco-tourism development highlights the importance of identifying stakeholder interests and influence to assist with the facilitation efforts toward sustainable eco-tourism development and alignment of functional activities in PPA. The results reveal definitive and practical policy response is needed on how best to apply these regulations to optimise PPP transactions to the benefit of all stakeholders.

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.

Background Front-of-pack nutrition labels (FoPLs) aim at increasing transparency and consumers’ awareness of the nutritional composition of pre-packed food products in order to improve the nutritional quality of their food choices. Nevertheless, the legitimacy of the Nutri-Score - the FoPL officially adopted in France and several other European countries - is subject to both technical and political controversy, particularly in Italy. In this study, we investigated how and by whom the legitimacy of the Nutri-Score, recognized by several institutional authorities, could be deconstructed within a specific system of norms, values and beliefs among Italian stakeholders.Methods A netnography completed with qualitative interviews with eight Italian and French nutrition and public health experts were carried out to highlight the dimensions (pragmatic, normative and cognitive) in which the NutriScore’s legitimacy is being challenged among the stakeholders involved in FoPLs’ implementation in Italy. The degree of influence and the position of these stakeholders on the debate around the Nutri-Score were assessed through the Stakeholder Theory (SHT), using their respective level of power, legitimacy and urgency. Furthermore, we compared the Italian and the French contexts on the issue.Results The direct implication of political parties and media outlets in framing the Italian debate around Nutri-Score as well as the high influence of corporate unions, led to a different political outcome than in France. Results also show that the deconstruction of the legitimacy of the Nutri-Score in Italy pertained mainly to its pragmatic dimension according to the Italian public health experts. Nevertheless, its two other dimensions (normative and cognitive) are also questioned by high-influence stakeholders.Conclusion Due to the limited mobilization of scientific expertise over the issue, the debate in Italy stayed centered around the “attack” of the Nutri-Score to the Italian way of life, mixing up concepts such as Made in Italy products and the Mediterranean diet.

This paper aims to understand the emerging pattern of significance and correlation of the partnership research topics covering all countries. Our study used the scientometric method to reveal the trends and patterns in partnership research. The database was sourced from the scientific literature databases of the Web of Science (WoS). The study recorded 53,800 scientific papers on the partnership in general between 2000 to 2017. GDP and HDI were used to analyze the raison-d’être of the research on partnerships at the macro level. We examined the top 20 countries with the highest GDP, Research Productivity Indicator (RPI), and HDI. A country with a lower Human Development Index (HDI) and higher RPI tends to think that partnerships are essential in supporting national socio-economic development. This study showed that the resource-based view (RBV) theory was discussed more than the stakeholder theory among the two main partnership theories. Observing the motivation to develop partnerships, innovation-seeking was discussed the most in scientific productions. Innovation is used to enhance financial performance and leverage competitive advantage.

This paper aims to understand and analyse the concept, impacts and factors causing outbound tourism leakage, as well as to guide decision-makers and tourism entrepreneurs on how to reduce outbound tourism leakage and mitigate its impacts. This study used stakeholder theory as a theoretical base for analysing the perspectives of the stakeholders of the tourism and hospitality (T&H) sector. Qualitative research method was used in this study. Semi-structured interviews were conducted. Thematic analysis was used. Interview quotes were categorized into themes. The findings revealed that outbound tourism leakage resulted in lost tourism revenues, investor reluctance, a balance-of-payments deficit, a reduction in the economic multiplier effect, and inflationary pressures on the economy. The main causes of outbound tourism leakage were the high prices, high constructional and operational costs, lower quality of infrastructure and superstructure services, limited marketing, and lack of participation and collaboration. There is a lack of conceptual and qualitative research that analysed the phenomenon of outbound tourism leakage. Therefore, this study was developed to fill a knowledge gap and qualitatively analyse the concept, impacts and factors causing outbound tourism leakage.

Introduction. The need to transition towards sustainable development of companies in the Arctic regions of Russia and their low level of investment in environmental protection make it relevant to study the factors determining the volume of environmental investment. The purpose of the study has been to analyze the impact of certain groups of financial stakeholders on the level of environmental investments of the company. Materials and Methods. The methodology of the work is based on the theory of stakeholders. The indicators of investment activity of companies in the north-western Arctic regions of Russia were considered, methods of descriptive statistics were used, hierarchical cluster and discriminant analyses were carried out. Results. The results of the study showed that the companies of the studied territory are characterized by a low volume of environmental investments, but it is higher than the national average. The direction and strength of the influence of individual stakeholders on investing in environmental protection is differentiated by environmental areas. At the same time, all the identified groups of stakeholders have a positive, albeit different, impact on the level of investment in environmental protection in all areas in the aggregate. To the greatest extent, the current volume of environmental investments is because of the interests of corporate creditors and federal authorities, to the least – owners, especially foreign ones. Discussion and Conclusion. Considering the results obtained, recommendations are given to increase the current level of environmental investment activity of companies. The theoretical significance of the work is determined by clarifying the theory of stakeholders and the concept of green finance. The practical significance lies in obtaining possibility to develop targeted measures to support interested investors and increase the orientation of other persons to environmental protection.

From the perspective of enterprise life cycle, the impact of voluntary environmental regulation on enterprise green innovation was examined in this study based on the data of manufacturing enterprises listed on China’s A-share market from 2012 to 2021. The results indicate that: (1) voluntary environmental regulation has a significant positive impact on enterprise green innovation as a whole. (2) Among all stages of enterprise life cycle, voluntary environmental regulation has a significant impact on enterprise green innovation in the growth and maturity stages, but has a relatively small impact on enterprise green innovation in the formation and decline stages. (3) The results of a segmented sample study on this basis show that voluntary environmental regulation has heterogeneity in property rights and factor density in promoting enterprise green innovation. It significantly promotes green innovation by state-owned enterprises in the maturity stage, green innovation by non-state-owned enterprises in the maturity and decline stages, and green innovation by capital and technology intensive manufacturing enterprises, but have no significant impact on other types of enterprises. These research conclusions are expected to provide decision-making reference for improving the voluntary environmental regulation system and promoting the level of enterprise green innovation.