Search

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.

The aim of this research is to investigate the effect of corporate social responsibility (CSR) on total factor productivity (TFP) in the European mining industry, considering micro- and macroeconomic indicators of the relationship between CSR and TFP. Employing data from 40 European mining companies from content analysis, CSR Hub, and the World Bank between 2018 and 2021, this paper utilizes a combination of Data Envelopment Analysis (DEA) and panel regression techniques to test the research hypotheses. The findings suggest that the TFP of European mining firms is positively affected by CSR initiatives implemented by the companies. Also, the empirical results depict that the CSR-TFP relationship is mainly established on institutional criteria. The results also indicate that CSR-related factors, namely, transparency and reporting, training, health and safety, and resource management, are the impacting indicators. The study broadens the horizons of this line of research and can be beneficial to CEOs, managers, experts, policymakers, decision-makers, and economists in the field of mining who are willing to promote responsible and sustainable mining., Peer Reviewed, Objectius de Desenvolupament Sostenible::8 - Treball Decent i Creixement Econòmic, Objectius de Desenvolupament Sostenible::9 - Indústria, Innovació i Infraestructura, Objectius de Desenvolupament Sostenible::12 - Producció i Consum Responsables, Postprint (published version)

We examine whether firm performance in response to the shock of the COVID pandemic differed depending upon whether the CEO was female or male. We find that though female CEOs do not consistently demonstrate better management across all periods, following the shock, firms run by female CEOs were more profitable, more highly valued and more risk averse than firms run by male CEOs.

The impact of female directors on firm performance needs to be more consistent in the previously conducted empirical studies, which may be due to the endogeneity problem or specific characteristics (i.e., governance, industry, competition). Financial performance is the primary concern of investors. Supervising various types of ownership and boards is a concern in good corporate governance. This study examines the relationship between board sex diversity (in commissioner and director) on financial performance. Data were collected from manufacturing companies listed on the Indonesia Stock Exchange. We analyzed the collected data using ordinary least squares with heteroskedasticity-robust standard errors to obtain unbiased standard errors of OLS coefficients under heteroscedasticity and quantile regression. This study found that only female director has a significant relationship with financial performance. These results have been tested for robustness before and during the COVID-19 pandemic. As there has been limited specific research using quantile regression about the female Board of the manufacturing industry during the COVID pandemic in Asia and may be helpful after this period (endemic and routine period), the study is considered to contribute to academic research and practice in Asian business, El impacto de las directoras en el desempeño de la empresa debe ser más consistente en los estudios empíricos realizados anteriormente, lo que puede deberse al problema de endogeneidad o características específicas (es decir, gobernanza, industria, competencia). El rendimiento financiero es la principal preocupación de los inversores. La supervisión de varios tipos de propietarios y directorios es una preocupación en el buen gobierno corporativo. Este estudio examina la relación entre la diversidad de sexos en los directorios (en comisario y director) en el desempeño financiero. Los datos se recopilaron de empresas manufactureras que cotizan en la Bolsa de Valores de Indonesia. Analizamos los datos recopilados utilizando mínimos cuadrados ordinarios con errores estándar robustos a la heterocedasticidad para obtener errores estándar no sesgados de los coeficientes OLS en heterocedasticidad y regresión por cuantiles. Este estudio encontró que solo la directora tiene una relación significativa con el desempeño financiero. Se ha probado la solidez de estos resultados en el período anterior y durante la pandemia de COVID-19. Dado que ha habido una investigación específica limitada que utiliza la regresión por cuantiles sobre la junta directiva femenina de la industria manufacturera durante la pandemia de COVID en Asia y puede ser útil después de este período (período endémico y de rutina), se considera que el estudio contribuye tanto a la investigación académica como a la práctica. en los negocios asiáticos.

Purpose: The objective of this research is to determine the impact of green manufacturing practices and digital transformation on firm performance, with a particular focus on the mediating role of green product innovation. Design/Methodology/Approach: The study conducted a survey of 212 employees from various businesses using a questionnaire-based method. The data is analysed using Partial Least Squares Structural Equation Modelling (PLS-SEM) to examine the connections between digital transformation, green manufacturing practices, and company performance. The study also investigated the intermediary function of green product innovation in these connections and offered valuable insights into how sustainable practices might enhance corporate performance. Findings: This research indicates that green product innovation plays a vital role in connecting these practices to improved company success. The results suggests that organisations that have used digital transformation technologies are more inclined to foster innovation in environmental friendly goods, so enhancing sustainability and subsequently improving performance. Implications/Originality/Value: The present research contributes to the existing understanding of the impact of digital transformation and green manufacturing techniques on enhancing company performance with a specific emphasis on sustainability. The importance of digital transformation and environmentally-conscious manufacturing methods in improving the sustainability of enterprises is emphasised.

This study is related to Corporate Governance (CG) and is an important research stream. One of the most noteworthy dimensions of CG is Board Gender Diversity (BGD). While there is a lot of study being done on BGD in developing and emerging market economies is still in the early stages of this field. This study attempts to answer the seminal question, of what matters most for Firm Performance (FP), CG attributes, or just BGD). So, this study investigates the relationship between BGD and CG attributes, on the FP. The existing literature lacks a comprehensive analysis of BGD and CG attributes on FP so this study fills this research gap. To meet the study's objective, data is collected for 50 non-financial firms listed on the Pakistan Stock Exchange, the data period is 2017-2022 which leads to a total of 300 firm-year observations. For data analysis, the technique of panel regression is used in this study. This study reveals that CG attributes employ mixed influence on FP, while BGD negatively impacts the FP, emphasizing the significance of border governance mechanisms. This research shows the need for the firm to prioritize more ethical governance practices, across different cultural and economic contexts instead of just diluting the board with more female directors. Exploring the role of other variables could provide deeper insights into the factors deriving these relationships.

Objective: The performance of village-owned enterprises is examined in this study along with the key components of the entrepreneurial marketing idea. The degree to which current marketing techniques align with entrepreneurial marketing strategies is also evaluated. Research Design & Methods: This study uses a qualitative research design and semi-structured in-depth interviews with 12 directors of chosen village-owned enterprises. The interviews were based on seven components of the entrepreneurial marketing concept: financial performance and non-financial performance. The ATLAS.ti program was used to facilitate the thematic analysis of the gathered data. Findings: The research conclusions demonstrate that village-owned enterprises have been successful in incorporating entrepreneurial marketing ideas, which are crucial to their operations. Contribution & Value Added: The main contribution behind this study is the lack of empirical research on entrepreneurial marketing from the perspective of village-owned enterprises.

Firm performance is a major challenge in Pakistan. Pakistan's hotel and hospitality industry and SMEs are badly impacted by many organizational challenges such as COVID-19. To get through this upheaval and get back on the solid foundation of strong business performance, the hotels and SMEs in this sector required direction and guidance. Through the mediation of strategic agility and the moderation of environmental turbulence, the objectives of the study are to clarify the impact of business process capabilities on firm performance. The study employed a quantitative research strategy and evaluated the responses of 321 managers working in Pakistan's hotel and hospital industries. The study analyzed data using AMOS 24 and SPSS software, and it employed structural equation modeling (SEM) to assess the hypotheses. The study's findings indicate that business process capabilities have a major impact on firm performance and that strategic agility significantly positively mediates the relationship between business process capabilities and firm performance. Results indicate that environmental turbulence has a negative moderating effect on the mediation relationship between firm performance and strategic agility. The unstable, unpredictable, and destructive environment encourage businesses to focus more intently on maintaining and improving their company performance as well as seeking out more strategically agile approaches. The results demonstrate the detrimental effects of environmental turbulence on the business performance of SMEs in Pakistan's hotel sector.

In the present research, the relationship between ESG (environmental, social, and governance) and a firm's performance is looked into in the context of corporate governance mechanisms, i.e., board independence and ESG practices, as a moderator. ESG disputes frequently occur when corporations' actions violate moral and environmentally friendly standards. ESG controversies represent the credibility of an organization and pose functional hazards, which can significantly impact its financial position. According to the Pakistan Institute of Corporate Governance (PICG) report, ESG remains an unfamiliar idea and business focus in Pakistan. ESG integration is hampered by common misconceptions, a reluctance for more restrictions, and a lack of knowledge of the relevance and importance of ESG. Obviously, there is an overwhelming need to protect the status quo, which prevents businesses from completely meeting their environmental, social, and governance (ESG) objectives. We used quantitative tools to analyze data from 419 non-financial firms listed on the Pakistan Stock Exchange (PSX) from 2014 to 2023, and the data is readily available. Based on our studies, there is a significant negative relation between ESG controversies & corporate performance. However, good corporate governance standards & institutional ESG plans mitigate these negative consequences and can transform these controversies into opportunities for advancement and repo-building. Legislators, business strategists, and investors can substantially benefit from these findings, which underscore the importance of governance for handling ESG controversies and improving the firm's versatility and endurance. Hence it can be recommended that the same relationship with different data set could be tested in other widely geographically distributed areas other than Pakistan.

This study investigates the relationship between Organizational Behavior (OB), IT-business strategic alignment (ITBSA), and Firm Performance (FP) within the context of the Jordanian maritime industry. Through a survey conducted among companies in the industry, data were collected to assess the constructs of OB, ITBSA, and FP. The analysis of the data revealed significant findings supporting the positive impact of OB on FP, suggesting that effective organizational behavior practices contribute to improved firm performance. Furthermore, the study found that OB positively influences ITBSA, indicating that a strong organizational behavior framework promotes the alignment between IT and business strategies. Additionally, the results demonstrate that ITBSA directly affects FP, emphasizing the importance of strategic alignment in driving favorable performance outcomes. The study also identified that ITBSA acts as a mediator between OB and FP, underscoring its role in facilitating the relationship between organizational behavior and firm performance. These findings offer valuable insights into the dynamics of the Jordanian maritime industry and emphasize the significance of fostering a conducive organizational behavior environment and aligning IT with business strategies. The implications of these findings for both theory and practice are discussed, along with suggestions for future research directions to further enhance our understanding of the relationships between OB, ITBSA, and FP in the maritime industry context.

This study investigated the performance implications of private firms appointing their CEOs to serve as the firms' Communist Party Secretaries in China. Integrating insights from the corporate political strategy literature and institutional theory, this study used a panel dataset of Chinese privately controlled and listed firms covering 2008 through 2019 to investigate CEO/Communist Party Secretary duality as a special political strategy. The effect on firm performance was shown to vary depending on the institutional environment in which a firm operated. CEO/Communist Party Secretary duality enhanced firm performance for firms in less developed regions, where state logic was more influential. But it hampered firm performance in better developed regions, where market logic was more influential. Furthermore, indicators of firms’ inclination to state logic versus market logic were found to influence the effectiveness of CEO/Communist Party Secretary duality on firm performance. © 2024 Elsevier Ltd

The chairperson's leadership influences the board's decision making, and in turn, firm performance. In this study, we advance a respectful leadership lens to suggest that when the chairperson enjoys both professional and relational respect, the quality of strategic decisions and firm performance improve. Using data from 200 publicly traded firms in two countries, our research shows that a chairperson's respectful professional and relational leadership helps build trust within the board of directors and improves the quality of strategic decisions under high levels of environmental discretion, thereby enhancing long-term firm performance. This study contributes to the behavioral theory of corporate governance in general and the board literature in particular by demonstrating the power of respectful professional and relational leadership in improving decision quality and firm performance. We offer insights into strategies for integrating these forms of respect to improve corporate governance and firm functioning.

The rapid development of technology has enabled companies to integrate internal and external partners working together in the supply chain network. Supply chain integration allows fast information to facilitate real-time and reliable decision-making. This study investigates the role of supply chain integration on firm performance through adopting lean manufacturing, green supply chain management, and risk management. The study surveyed manufacturing companies implementing ISO 14000 to represent green supply chain management and integrated information technology as a form of integration. The questionnaires were distributed using a Google form, and 93 valid responses were obtained. Data analysis employed a partial least square approach with SmartPLS software 4.1 version. The data processing results found that supply chain integration increased lean manufacturing by 0.684, green supply chain management by 0.451, and supply chain risk management by 0.333. Lean manufacturing companies using a continuous process control system and process improvements significantly improve green supply chain management by a path coefficient of 0.477, supply chain risk management by 0.206, and firm performance by 0.370. Green supply chain management significantly impacts supply chain risk management by a coefficient of 0.416 and firm performance by 0.189. Supply chain risk management with a system for detecting operational process risks and emergency procedures in overcoming changes in customer orders affects the increase in firm performance by 0.354. The practical contribution of research provides insight for practitioners to invest in information technology and adopt ISO 14000 implementation. Theoretical contributions in developing resources-based view theory in adopting green supply chain management and lean manufacturing.

We examine impact of corporate governance on firm performance following the implementation of the changes to the Code of Corporate Governance of Pakistan in 2012. Our sample period from 2008 to 2022 include periods of political instability and shifts in Pakistan's political landscape, providing an opportunity to examine the effectiveness of corporate governance mechanisms in enhancing accounting- and market-based firm performance measures. We find significant improvements attributed to reforms in the regulatory framework surrounding corporate governance practices particularly from expanded scope and composition of boards and audit committees. This led to broader capabilities and effective controls, thus improving firm performance and investor confidence more so during periods of political instability and changes in political ideology.

Purpose- This study examines the non-linearity in the relationship of ESG with firm-specific variables (firm value, risk, and performance). It also compares the findings of developing and developed markets to evaluate whether these relationships depend on the type of markets. Study Design/methodology/approach- The study tests the data from an international sample divided into developed and developing markets. The sample comprises 585 companies from 11 countries, selected based on market capitalization. 8,052 unbalanced observations are collected from 2008 to 2021. Quantile regression is used to examine non-linearity. Findings- The estimation outputs show that ESG demonstrates: (1) a non-linear relationship between firm risk and value in developed markets and a linear relationship in developing markets; and (2) a non-linear relationship in both developing and developed markets between firm performance. Finally, the study also shows evidence that the impact of ESG on firm value, risk, and performance in developing and developed markets is different. Research Practical Implications- For policy-setting institutions, the practical implications of the study highlight the need for catering institutional settings and market conditions when setting standards or policies regarding ESG. Additionally, the non-linearity of ESG and firm risk in developing markets can impact ESG portfolios and investment strategies for investors. Originality/value- Examination of non-linearity between ESG and firm specific factors has not been performed in a holistic manner. Additionally, a direct comparison between the developed and developing markets is also lacking in current literature. This study attempts to address these gaps.

The aim of this study is to investigate how innovation function as a mediator in the relationship between the technology and socio-cultural environments, as well as how well Small and Medium Enterprises (SMEs) function in Kaduna State. Based on the knowledge-based theory of the company, the research aims to understand how technological and socio-cultural contexts affect the performance of SMEs. There are 495 SMEs in the state that make up the research sample. Owners and managers of particular SMEs were given questionnaires to complete in order to collect data. Partial Least Squares Structural Equation Modeling (PLS-SEM) was used to examine the data. The findings showed a strong and positive relationship between the technical environment and the performance of SMEs, as well as between the socio-cultural environment and performance of SMEs. However, innovation was found to be important in the relationship between the socio-cultural environment and the success of SMEs, but not in the relationship between the technology environment and SME performance. Therefore, in order to foster innovation and improve the performance of SMEs in Kaduna State, policies and interventions must place a high priority on the development of a favorable socio-cultural environment and the expansion of the technological landscape.

This thesis investigated if there was an association between board member turnover and gender, alongside the investigation of potential gender-related differences during periods of declining firm performance. The performance variables examined included ROA, EBIT, and Stock Returns. The study encompassed a sample of 291 firms listed on Nasdaq Stockholm Large, Mid, and Small Cap between the years 2020 and 2022 yielding 600 firm-year observations. The thesis used a Poisson regression model to test the hypotheses. We found that the additions of female board members are more likely to follow female departures, and that the association was driven by the independent female board member subsample. Furthermore, the thesis did not uncover any significant statistical evidence indicating differential treatment between women and men when firm performance deteriorates, in the form of an increased likelihood of board turnover for women. Instead, we found that non-independent male board turnover was significantly negatively related to stock returns.

Summary: This article aims to demonstrate the importance of behavioral approaches in developing a governance theory that addresses the shortcomings of classical theory. It highlights the limitations of the latter, as evidenced by the low explanatory levels observed in some studies, such as Larcker, Richardson, and Tuna (2004), which show that this approach explains only 9.1% of firms performance in the American context. Researchers like Jensen (2004) also question the effectiveness of traditional disciplinary mechanisms, such as financial markets, in the face of the behavioral biases of economic actors. An alternative explored, notably by Charreaux (2002 ,2003), consists of adopting a more complete approach to governance, considered conflicts between parties involved and the important role of skills in value creation. Jensen extracts insights from research conducted in various fields such as neuroscience, organizational learning, and behavioral economics, particularly the works of Thaler and Shefrin (1981). He identifies behavioral biases as a source of "self-agency costs," but these consequences remain underexplored in his work on corporate governance. Thus, this article proposes to explore the implications of behavioral biases in governance theory, by revisiting their definition and role in the literature and then proposing a method to incorporate these elements into governance theory.   Keywords:  governance, behavioral bias, firm performance, crises, financial scandal, agency theory, behavioral theory, governance mechanisms, board of directors, listed companies Casablanca Stock Exchange.     &nbsp, Summary: This article aims to demonstrate the importance of behavioral approaches in developing a governance theory that addresses the shortcomings of classical theory. It highlights the limitations of the latter, as evidenced by the low explanatory levels observed in some studies, such as Larcker, Richardson, and Tuna (2004), which show that this approach explains only 9.1% of firms performance in the American context. Researchers like Jensen (2004) also question the effectiveness of traditional disciplinary mechanisms, such as financial markets, in the face of the behavioral biases of economic actors. An alternative explored, notably by Charreaux (2002 ,2003), consists of adopting a more complete approach to governance, considered conflicts between parties involved and the important role of skills in value creation. Jensen extracts insights from research conducted in various fields such as neuroscience, organizational learning, and behavioral economics, particularly the works of Thaler and Shefrin (1981). He identifies behavioral biases as a source of "self-agency costs," but these consequences remain underexplored in his work on corporate governance. Thus, this article proposes to explore the implications of behavioral biases in governance theory, by revisiting their definition and role in the literature and then proposing a method to incorporate these elements into governance theory.   Keywords:  governance, behavioral bias, firm performance, crises, financial scandal, agency theory, behavioral theory, governance mechanisms, board of directors, listed companies Casablanca Stock Exchange.     &nbsp

Bringing in a new CEO is a crucial event to any organisation and a controversial topic in management literature. With a new person, new human capital is brought into the CEO position as successors differ in their origin (e.g. outsider) or their previous jobs (e.g. prior CEOs). While diverse backgrounds are intuitively associated with advantages, the seamless transfer of human capital to a new organisational context is not universally straightforward. Consequently, the viability of hiring these successors is frequently questioned. This study delves into analysing the relationship between human capital of prior CEO experience and CEO origin, and its influence on post-succession firm performance. The work follows quantitative research on 356 succession events of S&P 500 firms (2005-2014). Using OLS regression analysis, significant insights emerged, challenging the expectations of immediate benefits from broad CEO experience backgrounds. Findings on outsider CEOs align with existing literature showing significant negative effects on performance, while prior job-specific experience shows a negative tendency, without being significant. The findings further indicate that negative effects are weaker with longer CEO tenure. Hence, the study emphasises the enduring value of firm-specific knowledge over job-specific skills, highlighting that while immediate gains may not be apparent, negative effects on post-succession performance tend to alleviate. The findings contribute to the research of CEO succession and by investigating the influence of top-level management on organisational performance refers to the Upper Echelons theory. By comparing job- and firm-specific knowledge, it further contributes to human capital literature focusing on the transferability of human capital., Diplomarbeit Universität Innsbruck 2024

Several studies have investigated whether there is a relationship between diversity on a company's board of directors and its performance. The diversity considered has been mainly gender and ethnicity, with a few studies also investigating that of education and age. The results obtained varied, with some studies finding no relationships and others finding positive or negative ones. This study will focus on the Italian region of Piedmont, which is characterized by the presence of hi-tech and low-tech firms (such as wineries) and aims to investigate and verify the existence of a link between gender and ethnic diversity and firm performance in terms of ROA and ROE. To do so, three data sets were analysed: one with startups only, one with manufacturing companies, and the last one combining the previous two. The analysis technique used is that of linear regression. Diversity was modelled as Blau indices and represents the independent variables. ROA and ROE, on the other hand, are the dependent variables. Company size, modelled as the logarithm of revenue, is instead used as the control variable. The models analyse the independent variables first individually and then jointly. The results report the nonexistence of a relationship in almost all cases, evidenced by very high p-values and very low adjusted R squares. These findings are also reflected in the literature reviewed. In contrast, the mixed sample reports a negative relationship between ethnic diversity and ROA and ROE, with very negative coefficients and highly significant p-values; however, the R square remains quite low. These results may be due to three main reasons: nationality mix increases transaction and communication costs, greater innovation by mixed boards leads to worse results in the short run and nationality mix does not add value to the company

This paper evaluates the productivity impacts and the subsequent adjustment costs associated with hiring different knowledge workers. I focus on the difference between hiring former entrepreneurs, employees who change jobs, and unemployed individuals. I am the first to evaluate the direct impact that hiring former entrepreneurs has on firm productivity and the heterogenous adjustment costs associated with the different types of new hires. I find no difference between the first-year adjustment costs of entrepreneurs and those of regular-wage employees. Hiring former entrepreneurs is a way to increase productivity after the first year of employment only if the former entrepreneurs are from the highest end of the ability distribution.

Firm-level bribery and regulation are two of the many determinants of firm performance. However, most of the existing studies examine the direct and linear effects of bribery and regulation and overlook their indirect effects. Using firm-level data, covering 20,343 firms in 78 developing countries, and employing a threshold model, the effects of firm performance’s standard determinants vary based on the bribery and regulation levels. Our findings reveal that the impact of bribery and regulation on firm performance varies significantly depending on corruption and regulation levels. Access to external finance improves firm performance if and only if the firms are exposed to bribes and firm-level regulation is below a given threshold. Furthermore, exports boost the performance of the firms that are exposed to more bribery and spend more time with regulation than those that face lower levels of regulation and bribery. While bribery harms firm performance, our findings reveal that spending time with regulation could improve firm performance if firms are exposed to low levels of bribery. Our findings confirm the ‘sand the wheels’ hypothesis and limiting firm-level bribery improves firm performance.

Using a meta-analysis based on 147 primary studies from 27 countries, we synthesize extant knowledge on the relationship between business model innovation (BMI) and firm performance. Our results show that the positive BMI-firm performance relationship is robust across various conceptualizations of and measures for BMI. Building on prior research suggesting that not all companies benefit equally from engaging in BMI, we set out to study important institutional-level contingencies for the BMI-performance relationship. We build on the institution-based view as theoretical perspective and combine it with insights from the innovation literature to theorize that the magnitude of the positive effect of BMI on firm performance depends on institutional contingencies, specifically national culture and pro-market institutions, because these national institutions affect BMI-driven organizational learning processes. Specifically, we argue and show that the positive relationship between BMI and performance is weaker in countries characterized by high levels of masculinity and individualism, and stronger in countries characterized by high levels of customer orientation, economic freedom, and education. Besides the country-level contingencies, the inclusion of various control variables in our meta-analysis also reveals that, even if located in the same institutional environment, start-up firms benefit more from BMI than mature firms and that there are no observable differences regarding BMI benefits among different industries. Moreover, a nuanced analysis shows that the positive effect on performance is stronger when BMI rely on changes in cognitive schemas compared to BMI that are of more technical nature.

The socio-emotional wealth perspective is a framework widely used to examine managerial decisions, particularly within the field of family business. We evaluate, refine, and validate the FIBER 27-item scale developed by Berrone et al. (2012) as a psychometric instrument to measure the socioemotional wealth construct (SEW), defined as affective endowment embedded by family owners in their business. The findings suggest that SEW is a superordinate multidimensional construct that captures socioemotional utilities in family firms and their impact on financial performance.

The objective of this study is to examine the execution of corporate governance in manufacturing sector firms listed on Indonesia and Singapore's stock exchanges. The study reveals that an increase in the frequency of audit committee meetings has a substantial and favorable impact on Indonesia's financial performance. Conversely, in the case of Singapore, there is a notable adverse impact on financial performance. However, the presence of an independent board of commissioners, a higher frequency of commissioner’s meetings, a more significant percentage of managerial share ownership, and the magnitude of the Board of Commissioners have a substantial adverse impact on ROA. Conversely, the frequency of board commissioner meetings and the extent of managerial share ownership hurt Tobin's Q. The presence of an independent board of commissioners and the number of commissioners on the Board does not substantially impact Tobin's Q. In the case of Singapore, the presence of an independent board of commissioners, the size of the Board, the frequency of board meetings, and the overall percentage of managerial share ownership do not have a noteworthy impact on ROA. Conversely, the quantity of Board of Commissioners meetings has a favorable impact on Tobin's Q. The overall proportion of ownership held by managers negatively impacts Tobin's Q. Both the autonomy of the Board of Commissioners and its size do not substantially influence Tobin's Q.

This paper investigates the impact of Environmental, Social and Governance (ESG) scores as well as individual pillar scores on the firm performance in the Indian context. Even though a lot of research has been conducted world-wide concerning this issue, a conclusive result has not yet been derived. Being an emerging economy, India is at a nascent stage of research related to ESG issues, and past research indicates a mixed result. In order to avoid the potential endogeneity issue, this paper used a dynamic panel approach of system GMM. This paper considered data from 59 non-financial companies listed under the NSE 500 index. Data was collected from the Thomson Reuters Refinitiv Eikon database over a period of 11, spanning from 2010 to 2021. The finding suggested a significantly negative impact of ESG score on firm performance measured by Tobin's Q and ROA, which indicates a non-linear U-shaped relationship. Net profit margin and closing price are used as alternative, dependent variables to check the robustness of the models and show consistent results. The environmental pillar score and social pillar score showed a negative impact on firm performance, whereas the governance pillar score showed a positive impact on market performance but negatively impacted financial performance. The key takeaway from this paper is that, if firms continue to improve ESG disclosure, it will positively impact firm performance in the future.

The Zambian Economy has gone through various financial changes in the recent past. The economy is a growing economy with great potential to expand to great heights. The Lusaka Stock Exchange (LuSE) plays a crucial role in how the economy is faring. Although it has been recording poor liquidity rates, it has since listed a total number of 24 firms since inception. These firms, their size and performance play a crucial role in understanding how both internal and external functions are aligning. The size of a firm has proven to be an important characteristic especially in these modern times where competition is at its all-time high. The research aimed to investigate this topic and determine what models, policies or procedures different sized firms should undertake in-order to survive. The main objective of this study was to evaluate if there a relationship between firm size and financial performance. The target population of this study was all the firms listed on the financial sector of the Lusaka Stock Exchange. The data collected spanned a period of 10 years- from 2012 to 2022. The three independent variables; total debt, total assets and total number of employees measured firm size while the dependent variable- Return on Assets (ROA), measured financial performance. The relationship between the independent variables and the dependent variable were found to be all statistically significant in the long run. However, total assets were found to be statistically insignificant in the short run. The study therefore concludes that firms with more assets, more employees and less debt are more likely to enjoy greater financial profitability in their long run periods. This implies that a positive relationship is expected between the size of the firm and the profitability levels. The association between the two is positive when ROA is employed as the proxy for firm performance.

Purpose: Every company has a role and obligation to participate in achieving the Sustainable Development Goals (SDGs) while remaining focused on the company's competitiveness. The research aims to identify factors influencing the performance of high-tech industry from the SDGs perspective. Method: This research uses an in-depth literature review method on reputable publications indexed in the Scopus database, by applying keywords that are relevant to the research topic. This research managed to find the role of SDGs and ESG elements in the development of high-tech industries. Results: The literature study concluded that a company’s ESG (Environmental, Social, Governance) policies covering the environmental aspects, social aspects, and governance aspects, greatly influence the company’s SDGs achievement. By improving ESG performance, companies indirectly play a role in SDGs goals. This study is expected to offer input and recommendations for high-tech industry as well as the government in formulating policies and practices that support firm performance in meeting SDGs targets.

Objective: This research was conducted at PT Semen Indonesia Gresik aims to determine the extent of the application of eco-innovation in the company and the extent of the role of management in implementing eco-innovation. This study wants to find out whether the application of eco-innovation carried out at PT Semen Indonesia is able to reduce carbon emissions which is the government's commitment to reduce carbon emissions to the level of 29% by the end 2030. Theoritical Framework: The impact of environmental degradation and environmental externalities becomes a concentration of attention on social issues that encourage companies to pay attention to their business practices and find solutions to the impacts the environment it causes. Resource-Based View Theory (RBV) is a managerial framework used to define strategic resources with the potential to provide a comparative advantage to company. These resources can be leveraged by companies to achieve sustainable competitive advantage. Innovation theory addresses a number of innovation policies and measurement issues such as why companies innovate, what forces drive innovation and what factors hinder it. Related issues are the internal functioning of the company and the types of business practices used to promote innovation. Method: This research uses a qualitative approach inspired by research of Horbach (2008) and Triguero et al. (2013), which proposes three types of eco-innovation: eco-process, eco-product, and eco-innovation organization, but in this study using four types of eco- Innovations as listed in the Oslo manual developed by the Organization for Economic and Cooperative Development (OECD) are: eco-innovation organizations, eco-innovation products, eco-process innovation, and eco-marketing innovation. Data collection techniques carried out in this study include interviews, observations, documentation studies on emission reports and sustainability reports. The data were analyzed by case study resea

Purpose: The goal of this research is to investigate how social capital, knowledge sharing behavior, and firm performance are related. Not only that, this study also revealed the behavior of sharing knowledge in mediating the relationship between social capital and firm performance. Several previous researches have explained that social capital can be one of the main factors in improving company performance. Business actors use social capital to build social networks, norms and beliefs that provide space to act together in achieving business goals. Method/design/approach: This research was conducted in East Java. In accordance with the purpose of this research, it is aimed at SMEs who have business operations in the East Java region. The respondent criteria used include those recorded by the Department of Industry and Trade in East Java who started the business one year and are still active today. Purposive sampling was used, and as many as 137 samples were obtained. Data collection using questionnaires distributed online, with data analysis tools used SEM-PLS. Results and conclusion: The study found a relationship between social capital, knowledge sharing behavior, and firm performance. Knowledge-sharing behavior helps to bridge the gap among both social capital and firm performance. The significance of social capital and knowledge sharing behavior in improving business or firm performance is widely acknowledge. Research implications: Based on these findings, the role of MSME actors is to provide information and knowledge that is very necessary in running and developing a business. Originality/value: This study found that knowledge-sharing behavior can mediate the relationship between social capital and firm performance. Knowledge sharing behavior can help increase the impact of social capital on firm performance, by improving relationships and connectivity between staff, groups and organizations.

Purpose: This research examines the role of firm performance in the effect of a two-tier independent board on green innovation practices. Design/methodology/approach: This study employs a simple mediation model-4 using the Hayes Process approach to OLS regression with the R package. The dataset uses a total 518 public companies listed on the Indonesia Stock Exchange for 2017 to 2019, having 1,554 firm-year observations. Findings: The study revealed, based on the two-tier system, the role of a composite independent board on firm performance and green innovation is positive and significant. However, individual results for both independent commissaries and directors in terms of firm performance and green innovation practices are not significant. This result implies that a composite of independent boards is essential to reduce and mitigate the failure of corporate governance. Research limitations/implications: This research only applied a sample of companies from one country which adopted two-tier system. Future research might apply as a comparative analysis of those countries group with two-tier system versus countries group with one-tier system. Practical implications: First, companies need to enhance the knowledge and expertise of both independent directors and independent commissaries to improve their roles. Second, it is important to provide support for the campaign and incentives for green innovation practices. Third, insight drawn from this study leads to the latest regulation from the Financial Services Authority (as the representative of the Indonesian government), whereby independent directors are no longer mandatory for publicly listed companies starting in December 2021 and must be evaluated because the composite independent board is an effective tool to execute green projects and to accelerate the SDG agenda in 2030. Social Implications: The social implication of this study is companies’ awareness to produce more eco-based products, which are expected by st, Peer Reviewed