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Company value results from how well a company has managed its resources to achieve business benefits. However, there are always risks associated with conducting business, and effective risk management (ERM) can help reduce those risks so that they stay in the way of the entity’s performance goals. This study examines the factors that affect ERM quality, such as company size, auditor caliber, concentrated ownership, and director oversight, and how this affect business success. Purposive sampling produced a sample of 552-panel data used in this study’s research of manufacturing firms in Indonesia and Malaysia. With the aid of STATA software, this study discovered a favorable relationship between auditor quality and ERM and also impact firm size, auditor quality, concentrated ownership, and ERM on company value. The expansion test revealed that while the quality of auditors in Malaysian companies had a positive effect on firm value while those in Indonesia did not, and vice versa, the quality of auditors in Indonesian companies had a stronger positive effect on ERM quality than the quality of auditors in Malaysian companies. In contrast to businesses in Malaysia, monitoring of directors has a beneficial impact on a company’s worth in Indonesia. [ABSTRACT FROM AUTHOR]

The purpose of this study is to obtain direct details about how the impact of audit opinion, audit committee, company size, and solvency on audit delay. This research was conducted on manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2020-2023 period. The sample in this study was obtained using the purposive sampling method, which is a sampling technique based on certain criteria. Based on the predetermined criteria, a sample of 459 samples was obtained. This study uses SPSS tools with the logistic regression analysis method, this study uses secondary data, namely data obtained from the annual financial statements of manufacturing companies accessed on the Indonesia Stock Exchange website. Audit opinion measurement uses dummy variables using code 1 for companies that get an unqualified opinion, and code 0 for other than an unqualified opinion. The audit committee is measured by comparing the number of commissioners with the number of audit committees in a company. Company size is measured by the natural logarithm of total assets and solvency is measured by dividing total debt by total assets of a company. The results of this study identify that the audit committee affects audit delay and company size was also identified as affecting audit delay in manufacturing companies listed on the Indonesia Stock Exchange (IDX) in 2020-2022. Meanwhile, audit opinion is identified that this variable does not affect audit delay, and solvency is also identified as not affecting audit delay in companies listed on the Indonesia Stock Exchange (IDX) in 2020-2022. [ABSTRACT FROM AUTHOR]

Purpose -- This study aims to examine the moderating effect of the company size on the relationship between Corporate Social Responsibility (CSR) disclosure and company profitability in mining industry. Method -- This study employs multiple regression to examine the relationship between CSR disclosure and profitability using ROA and ROE proxies, with company size as a moderator. The observations were conducted on 12 mining companies listed on the Indonesia Stock Exchange during the period of 2018-2022. Result -- We found that company size moderates the relationship between CSR disclosure and company profitability, using ROA and ROE as proxies. The results indicate that CSR disclosure had a positive and significant effect on company profitability when measured with ROA proxies but did not show significance with ROE proxies. Contribution -- This research contributes by using company size variable as the moderator in the relationship between CSR disclosure and financial performance. [ABSTRACT FROM AUTHOR]

Research work on the relationship between Corporate Social Responsibility and financial performance has been going on for seven decades. Even when the prevailing studies are those that found a positive influence of social responsibility on financial performance, strong conclusive results are still unavailable. Some explanations for this situation are based, among other reasons, on the fact that the variables have a relation mediated by multiple factors. Additionally, it is still unknown whether the results obtained can be extrapolated to all types of companies since the majority of studies have focused on large companies listed on the stock exchange. This research studied how one of those factors (stakeholder satisfaction) mediated in companies of different sizes (including SMEs) and different types of companies (publicly listed companies or private ownership companies). A questionnaire was used, including indices relative to (1) the degree of development of the company's social responsibility policies, (2) the changes in the satisfaction of four key stakeholders (employees, customers, suppliers, and shareholders) and financial performance (sales and profitability). Findings show the existence of a correlation between social responsibility and financial performance and also that such a relationship is mediated by the satisfaction of stakeholders. That relationship was also found to be independent of company sizes and the type of company This research work is intended to be a contribution towards that field of study, as it has detected a relationship between variables in medium-sized and private ownership companies. [ABSTRACT FROM AUTHOR]

Tax aggressiveness occurs when businesses apply various tax techniques to lower the amount of tax payable. This study aims to analyze the influence of such factors as leverage, liquidity, and firm size on the tax aggressiveness of companies in the building and construction industry. The level of tax aggressiveness is measured using the effective tax rate. The leverage indicator is presented by a debt-to-equity ratio, which shows the part of the total amount of funds used to pay the debt. The liquidity indicator is presented by a current ratio, which shows the company's ability to settle short-term obligations or debts that must be paid off when due. The firm size is defined as the natural logarithm of the company's total assets. The data for this study were obtained from the audited financial statements of the companies listed on the Indonesia Stock Exchange (IDX). The research sample covers 21 construction and building subsector companies. The research period lasted from 2020 to 2022, and 63 observation data were collected. For data analysis, the method used is Partial Least Square (PLS). The findings indicate that leverage and firm size do not significantly impact tax aggressiveness. Conversely, liquidity positively and significantly impacts tax aggressiveness. At the same time, the variables selected for this study explain only 15.5% of the variability of tax aggressiveness. This means that this study does not cover many other factors influencing a company's decision to optimize tax. Companies must conduct tax policy in compliance with legislation, which is one of the elements of the social responsibility of business. Although tax aggressiveness can provide short-term benefits, companies must consider potential reputational risks and long-term impacts. Transparency and compliance with tax regulations can also reduce the risk of conflict with tax authorities. [ABSTRACT FROM AUTHOR]

Copyright of Share: Journal of Islamic Economics & Finance / Jurnal Ekonomi dan Keuangan Islam is the property of Share Jurnal Ekonomi dan Keuangan Islam and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

We study an infinitely repeated oligopoly game in which firms compete on quantity and one of them is capacity-constrained. We show that collusion sustainability is non-monotonic in the size of the capacity-constrained firm, which has little incentive to deviate from a cartel. We also present conditions for the emergence of a partial cartel, with the capacity-constrained firm being excluded by the large firms or self-excluded. In the latter case, we show under which circumstances the small firm induces a partial conspiracy that is Pareto-dominant. Implications for cartel identification and enforcement are finally discussed. [ABSTRACT FROM AUTHOR]

Copyright of Environmental & Social Management Journal / Revista de Gestão Social e Ambiental is the property of Environmental & Social Management Journal and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The aim of this study is to examine the impact of corporate characteristics on voluntary disclosures of management discussion and analysis (MD&A) reports in India. Using a formal tone, the data was extracted from the annual reports of the top 100 listed firms available on the CMIE Prowess database for seven years (2016-2022). After excluding 23 companies from the financial and insurance sector, a panel regression method with the assistance of Gretl software was employed to investigate the relationship between the Management Discussion and Analysis Disclosure Index (MDADI) for voluntary aspects and various corporate attributes, with a total of 490 firm years of balanced observations. In India, firms follow the mandatory compliance of the MD&A reports, but voluntary disclosures are somehow those which are not much emphasized but are a good indication of firm performance and their accountability towards their stakeholders (Mayew et al., 2015). Our empirical findings reveal that profitability as a proxy to firm performance has a significant positive relationship with MD&A voluntary disclosures. Further, an insignificant association between VDS (Voluntary Disclosure Score) and the board size, presence of independent directors and firm size was found. This indicates that firm performance plays a significant role in adding more voluntary disclosures in MD&A reports. The possible reason for this could be the use of "Management Impression Strategy" in the MD&A reports, which means managers disclose more only when the firm has earned more and use impressive language to attract stakeholders. The outcomes of this research offer valuable insights for regulators, policymakers, and listed companies in India, aiding in the enhancement of MD&A reporting quality. Additionally, this study provides a roadmap for future research on MD&A reporting quality and corporate attributes in other emerging countries that have similar regulatory frameworks. This paper makes a timely and pertinent contribution to the scholarly discourse by shedding light on the relationship between MD&A disclosures and firm attributes. Its findings provide valuable insights for both academia and industry. [ABSTRACT FROM AUTHOR]

In this paper, I examine how capital structure (relative to target) affects the financing of R&D spending. Studies on capital structure have shown that firms adjust their debt levels toward target debt levels. I show that firms with below‐target debt are more likely to issue debt to finance R&D spending compared to firms that have above‐target debt. The results are stronger for firms that are smaller in size and firms that do not pay dividends. I also show that firms with below‐target debt are more likely to use a greater fraction of proceeds from net debt issuance to finance R&D spending (either directly or indirectly). [ABSTRACT FROM AUTHOR]

If large firms employ relatively more educated workers, will an increase in market concentration increase income inequality by raising the relative demand for skill? I use Swedish employer–employee data from 1997–2016 and find a strong correlation between firm size and the share of college‐educated ('skilled') workers. An increase in a sector's market concentration is correlated with a higher skilled wage premium and higher relative employment of skilled workers. This is due mainly to the reallocation of workers across firms. I demonstrate how these findings can be explained by a model of heterogeneous firms where productivity and skill intensity are positively correlated. This paper is part of the Economica 100 Series. Economica, the LSE "house journal" is now 100 years old. To commemorate this achievement, we are publishing 100 papers by former students, as well as current and former faculty. Anders Akerman completed his BSc and MSc at the LSE. [ABSTRACT FROM AUTHOR]

The paper analyses the relationship between company size and the attractiveness of company pension schemes - following the introduction of the Occupational Strengthening Pensions Act (OSPA) in Germany. The sample consists of 20 managers from different industries and company sizes. In the methodological part of this study, expert interviews were first conducted and then analysed using the MAXQDA coding programme. Furthermore, the analysed expert interviews were evaluated using quantitative research methods. The results show that there are no differences in the attractiveness of the company pension scheme between managers from different sized companies and sectors following the introduction of the OSPA. [ABSTRACT FROM AUTHOR]

Today's dynamic and changing business environment raises numerous challenges for any business organization, irrespective of its size and industry. The Fourth Industrial Revolution has brought numerous advancements in the information and communications technologies which require continuous innovation. This is why corporations, especially multinational and transnational, have heavily invested in research and development activities in order to increase their efficiency. The rapid spread of digital technologies has determined corporate management to re-evaluate its approach towards innovation and, therefore, corporations began to establish innovation ecosystems. The goal of the paper is to illustrate and analyse the hierarchy of America's most innovative corporations in the period 2022-2023. The author applied a qualitative research method in order to achieve the aim of the paper. The paper demonstrates that innovation, in general, and corporate innovation, in particular, represent key factors in ensuring business success. The hierarchy of the first ten American most innovative corporations in the period 2022-2023 was clearly dominated by the corporations from the IT&C sector. [ABSTRACT FROM AUTHOR]

In general, the effect of the crisis over economy could be very big as in 2008. 2020 was a year with a double crisis in Romania: COVID-19 and draught. From a sample of 2.970 companies from the Romanian agri-business sector, 1.176 had decrease of the profit. The present study analyses the financial situation of 503 companies which passed from profit in 2019 to losses in 2020. The methodology is based on linear regression method which considers the variation of the net profit and independent factors as variation of turnover and the level of fixed assets, stocks, receivables and cash in the year before the crisis. The higher turnover decrease and company size, the higher negative net result variances. Only the companies with a good treasury position went through the crisis more easily. If the companies will not assure a sustainable growth, they will be exposed in front of crisis periods. [ABSTRACT FROM AUTHOR]

Copyright of Keunis is the property of Finance & Banking Program, Accounting Department Politeknik Negeri Semarang and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Purpose – This study aims to seek to analyse the relationships between profitability, productivity, external debt and growth in SMEs. The authors also analyse firm size and age as explicative variables of small and medium-sized enterprise (SME) growth. Design/methodology/approach – In this paper the data were collected for 3309 SMEs for the period 2010– 2019. The authors estimate the model using the system generalised method of moments dynamic estimator. Findings – The results show that after a certain level of profitability, this determinant positively impacts SME growth. Productivity influences positively the firm growth. There is a positive effect of external debt on SME growth, which can be explained by the insufficiency of internally generated funds. The authors obtained a negative signal between size and firm growth, contradicting Gibrat’s Law (1931). Moreover, the results suggest that SMEs grow less after a certain age, suggesting that small firms grow less after reaching the minimum scale of efficiency. Practical implications – For SME owner-managers, this study enhances the importance of profitability and labour productivity for firm growth. For policymakers, the results suggest the need for favourable conditions for SMEs in accessing external finance. Originality/value – Profitability negatively impacts on SME growth. However, the authors found that above a certain level of profitability, probably, as firms accumulate retained earnings, profitability has a positive effect on SME growth. Moreover, this study shows that labour productivity and debt positively impact on SME growth, evidencing the importance of the availability of financial resources to sustain the growth of these firms. [ABSTRACT FROM AUTHOR]

This study aims to provide an overview and analysis of the influence of policy and corporate governance, including Sharia supervisory board, firm size, firm age, and leverage on green banking disclosure in Islamic commercial banks in Indonesia from 2017 to 2021. This study uses a quantitative approach with panel data regression analysis to examine the causal relationship between the independent variables (policy, board size, board of commissioners, Sharia Supervisory Board, firm size, firm age, and leverage) and green banking disclosures. Islamic commercial banks registered with FSA and IDX are the study population. The sampling method in this study was purposive sampling, with a total sample of six Islamic commercial banks for five years of research. The results of this study show that the company's age, the size of the company, the size of the board of directors, and the board of commissioners have a significant effect on the disclosure of green banking. Meanwhile, Sharia board and leverage do not significantly affect green banking disclosure. This study implies that applying green banking to overcome environmental problems can only be realized by regulation alone, considering the importance of other factors from the bank's side. [ABSTRACT FROM AUTHOR]

This study aims to determine the effect of auditor specialists, auditor reputation, auditor gender, auditor education level, and auditor professional certification on audit report lag by using research objects, namely all companies listed on the Indonesia Stock Exchange (IDX) for the 2017-2021 period. The sampling technique in this study used a purposive sampling technique. The data analysis used in this study is the Eviews 9 panel data regression analysis software. The results show that the auditor specialist independent variable has a negative effect on audit report lag. Meanwhile, auditor reputation, auditor gender, and auditor education level do not effect audit report lag. The professional certification of auditors has a positive effect on audit report lag. Meanwhile, the addition of control variables, namely firm size and loss, has a positive effect on audit report lag. However, the control variable ROA has a negative effect on audit report lag. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Selcuk University Social Sciences Institute / Selçuk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi is the property of Journal of Selcuk University Social Sciences Institute and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

While global supply chains provide firms with a buffer against local shocks, they expose firms to multiregional risks. The COVID‐19 pandemic and its differential impact on different regions in the world offer an opportunity to explore these effects. We investigate the multiregional supply chain risk by focusing on credit risk measured by abnormal credit default swaps (CDS) spreads and US–China supply chain networks. Our evidence shows that local risks propagate through global supply chains to other regions. Using a matched sample, we find that abnormal CDS spreads for firms with Chinese supply chain partners increase by 12% to 13% relative to the average raw CDS spreads due to supply chain disruptions during the economic shutdown in China, and the abnormal CDS spreads decrease by 9% to 13% relative to the average raw CDS spreads when the supply chain activities resume in China. We also find that having a more global customer base can mitigate the effects of local household demand shocks. Lastly, we discover that firm size, supply chain network centrality, cash holdings, inventory, strong credit ratings, capital redeployability, and the number of segments increase resilience to global supply chain shocks, while financial leverage, operational leverage, and market competition weaken supply chain resilience. [ABSTRACT FROM AUTHOR]

This study investigates the effect of long-term incentives for CEOs in promoting innovation in firms. CEOs are less likely to take risks due to their less diversified wealth portfolios compared to stockholders. Long-term incentives, such as stock ownership and stock option pay, provide a financial reward for taking risks that could pay off in the future and encourage CEOs to invest in riskier innovation, such as exploration. The study also examines the moderating effects of organizational characteristics, such as firm size and slack resources, and external environment, such as competitive intensity, on the relationship between long-term incentives for CEOs and exploration. The results suggest that long-term focus incentives for CEOs can positively influence exploration efforts within a firm. In addition, we found that firm size and slack resources positively moderate the relationship between long-term incentives for CEOs and exploration and competitive intensity negatively moderates such relationship. This study helps managers understand the conditions when long-term incentives become stronger or weaker. [ABSTRACT FROM AUTHOR]

In this study, we analyse the effect of financial uncertainty on corporate investment using firm-level panel data from the Republic of Korea. We find that financial uncertainty has a significant negative effect on corporate investment, and that the effect is heterogeneous across firms of different sizes. Small firms and large firms are more exposed to the negative effect of uncertainty than medium-sized firms. The negative effect of uncertainty on large firms slightly declined after the global financial crisis (GFC), but it increased for small and medium-sized enterprises (SMEs). Financial constraints and investment irreversibility amplify the negative effect of uncertainty. The inverted U-shaped curve of the uncertainty effect along the firm-size spectrum can be understood as follows: Small firms are more financially constrained and large firms' investments are more irreversible in nature. Lastly, contrary to widespread belief, uncertainty has waned since 1990, dampening the trend of declining investment ratios. To counter the negative effect of uncertainty on SMEs, policies need to be directed toward the development of capital markets and bond markets for SMEs. Furthermore, SME policies should be redirected to target competitiveness, not protection. [ABSTRACT FROM AUTHOR]

Growth of the world population and the globalization of trade are the origins of the fourth industrial revolution, called "Industry 4.0". What engineers call systems are becoming more and more complex as businesses strive to stay competitive and meet ever-changing demand. While automation and information digitization and transmission technologies are increasingly becoming major assets in modern industries, the changes they bring are having an impact on the management of occupational health and safety. The aim of this article is to provide an overview of the progress achieved in the understanding of complex systems and to test some of the published theory by comparing it to a case study. The major scientific databases were searched to retrieve the literature on complexity, and a large company in the steel products business was queried to determine how its complexity as perceived by its managerial staff compares to the theory of complex systems. Our main conclusion is that, based on the data gathered in the case study, the perception that the managerial staff has of the company corresponds closely to the current definition of complex systems as proposed by researchers. However, it remains to be determined whether this correspondence holds over the range of business sizes. [ABSTRACT FROM AUTHOR]

In this article, we investigate the capital structure determinants of the Visegrad group, namely the Czech Republic, Slovakia, Hungary, and Poland for small- and medium-sized enterprises (S.M.E.s) from 2011 to 2018. We compare the capital structures of S.M.E.s across all mentioned countries and define how these may impact capital structure choices. The results show S.M.E.s in these countries determine their capital structure in similar ways and all the factors analysed in this study (except for growth opportunity) provide robust explanatory power for companies across all four countries. We find that profitability, liquidity, firm size, assets structure, and non-debt tax (depreciation of total assets) have a significant negative impact on capital structure for all four countries. Our study should be of interest to policymakers and companies who want to optimise their capital structure in order to improve company performance. [ABSTRACT FROM AUTHOR]

This study distinguishes between two dimensions of firm process innovation, namely, quantity and quality, and uses data from the World Bank's China Manufacturing Firm Survey to analyse the differential impact of Internet applications on the quantity and quality of process innovation and their mechanisms of action. Internet applications have a significant facilitating effect on the quantity and quality of process innovation. However, from the perspective of the average marginal effect, the facilitating effect of Internet applications on the quantity of process innovation is greater than that on the quality of process innovation. Further analysing firm size, industry, ownership, and regional heterogeneity shows that in terms of the quantity of process innovation, Internet applications have a greater impact on small- and medium-sized firms, labour-intensive firms, non-state-owned firms, and eastern firms. As for the quality of process innovation, Internet applications have a stronger promoting effect on large firms, technology-intensive firms, and state-owned firms. The mechanism test reveals that open innovation and informatisation capability play a mediating role in the influence of a firm's Internet applications on process innovation. This study provides micro-empirical evidence for firms' Internet applications to promote process innovation and policy insights into China's manufacturing transformation and upgrading. [ABSTRACT FROM AUTHOR]

Recently, sustainability practices have become a global requirement to attain the high-performance goals of the organizations and capture the focus of regulators and recent researchers. Therefore, the present article aim is to investigate the board diversity (percentage of women directors, percentage of non-executive directors and board member nationality) and firm size (logarithm of total assets) on the sustainability practices (expenditures on environmental sustainability) of the top ten registered firms in China. The researchers have adopted the secondary source of data collection and extracted the data from the financial statements of the adopted firms from 2005 to 2019. Additionally, the researchers used a fixed-effect model (FEM) and a robust standard error model to investigate the relationship between the two concepts. There were positive correlations between firm size (logarithmic total assets) and board diversity (percentage of women directors, percentage of non-executive directors, and board member nationality) and China's top ten registered firms' sustainability practises (expenditures on environmental sustainability). This research provides help to the policymakers while formulating strategies and policies related to the adoption of sustainability practices. [ABSTRACT FROM AUTHOR]

Background: Private-sector urban and community forestry (U&CF) is a major segment of the green industry with substantial socio-ecological and economic contributions to urban and sub-urban communities. The COVID-19 pandemic reportedly caused heterogeneous impacts on businesses, the workforce, and various sectors of the overall economy. The purpose of this study was to evaluate the perceived impacts of the COVID-19 pandemic on private businesses carrying out U&CF activities in the Southern United States. Methods: Using data collected through an online survey distributed across the Southern USA in 2021, we developed and estimated an empirical model to evaluate the factors describing the perceived impacts of the COVID-19 pandemic on U&CF businesses in the region. Results: Results suggest that COVID-19 had, on average, a neutral impact on the U&CF activities performed by the private sector in the study region, but the perceived impacts varied by the industry types. Results from the ordered logistic regression suggest that nursery and garden supply stores were more likely than other businesses to have a positive impact of COVID-19 on the U&CF segment of their business. Similarly, business metrics such as the size of the company in terms of annual sales and revenues or longevity in the business were found to be signifi cant factors explaining the COVID-19 impacts on U&CF business. Conclusions: Our study fi ndings are useful for U&CF decisionmakers for better planning, preparedness, and programming of U&CF activities and businesses in the southern USA. [ABSTRACT FROM AUTHOR]

The article explores the implementation of digital technology in small and medium-sized Slovenian enterprises (SMEs), with a focus on understanding existing trends, obstacles, and necessary support measures during their digitalization progress. The surveyed companies mainly rely on conventional technologies like websites and teamwork platforms, emphasizing the significance of strong online communication and presence in the modern business world. The adoption of advanced technologies such as blockchain is limited due to the perceived complexity and relevance to specific sectors. This study uses variance analysis to identify potential differences in the digitalization challenges faced by companies of different sizes. The results indicate that small companies face different financial constraints and require more differentiated support mechanisms than their larger counterparts, with a particular focus on improving digital competencies among employees. Despite obtaining enhancements such as elevated operational standards and uninterrupted telecommuting via digitalization, companies still face challenges of differentiation and organizational culture change. The study emphasizes the importance of recognizing and addressing the different challenges and support needs of different-sized companies to promote comprehensive progress in digital transformation. Our findings provide important insights for policymakers, industry stakeholders, and SMEs to formulate comprehensive strategies and policies that effectively address the diverse needs and challenges of the digital transformation landscape. [ABSTRACT FROM AUTHOR]

The present paper aims to empirically examine the effect of promoters' holdings and institutional holdings on dividend payout ratio and the firm value. Most importantly, this paper explores the age and size of the firm as the moderators in the relationships. Data collected from 23 companies from India and 253 data points were analyzed to test the hypothesized relationships. The results indicate that promoters' holdings and institutional holdings are positively associated with dividend payout ratio and firm value. Further, moderator hypotheses suggest that (i) firm age moderates the relationship between promoters' holdings and dividend payout ratio, (ii) firm size moderates the relationship between institutional holdings and dividend payout ratio, (iii) firm age moderates the relationship between promoters' holdings and firm value, and (iv) firm size moderates the relationship between institutional holdings and firm value. The implications for theory and practice are discussed. The conceptual model developed and tested in this research contributes to both the literature on dividend payout ratio and firm value and to the needs of institutional investors interested in increasing the firm value. [ABSTRACT FROM AUTHOR]

Several empirical studies indicate that the lack of financing is one of the main barriers that affects the economic growth of small and medium enterprises (SMEs). The main objective of this investigation was to determine to what extent the economic sector, the enterprise size, the characteristics inherent to the enterprise, the legal status, the variables linked to the performance of the enterprise, and the attributes of the owner influence the access to the bank financing of SMEs in Mexico. Using a discrete-response probit regression model, the impact of enterprise characteristics on the probability of obtaining a bank loan was determined. The data collected are from the Enterprise Surveys of Mexico, carried out by the World Bank. The sample of 1480 enterprises is representative by enterprise size, by economic sector, and by region. The research has a quantitative approach with a correlational scope, and a nonexperimental and transectional design. One of the main results highlights that the determinants with the greatest influence on access to bank financing are: the age, the small size, foreign participation, and the manufacturing sector. These results are consistent with other empirical studies, as well as with the pecking-order theory and the financial life-cycle theory. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to assess the impact of green supply chain management (GSCM) practices on the triple bottom line's economic, social and environmental performance of Sri Lankan apparel manufacturers. Design/methodology/approach: This quantitative study uses a deductive approach. The practice-based view is used to support the conceptual framework. The partial least square structural equation modelling technique empirically assessed the conceptual model using 164 responses from Sri Lankan apparel manufacturers through a structured survey questionnaire. Apart from examining the direct effects of GSCM practice on the triple bottom line, the study also investigated the moderating effects of firm size and duration. Findings: The results show that GSCM practices positively affect the organisation's triple bottom line while business size and duration moderate the said relationship. Research limitations/implications: The fact that this study is based on Sri Lankan apparel producers may impact the generalizability of the findings across different industries and countries. Furthermore, the survey only looked at export manufacturers. This raises questions about the results' relevance to other non-export groups of the current population with distinct characteristics. Practical implications: The paper provides insights for both academia and practitioners on the importance of adopting GSCM practices for the business performance of apparel manufacturers in Sri Lanka. The paper includes implications for devising strategic solutions for organisational performance and sustainability by using GSCM practices in apparel manufacturers in Sri Lanka. Originality/value: The research contributes to the body of knowledge in the GSCM field in general. This research also contributes to the limited literature on GSCM practices in Sri Lanka. To the best of the authors' knowledge, this is the first attempt to explain how apparel manufacturers in Sri Lanka are organised. [ABSTRACT FROM AUTHOR]

This article refines and expands the debate on antecedents of company engagement in business partnerships for sustainability. It builds upon the Awareness–Motivation–Capability (AMC) framework and extends it by means of an in‐depth qualitative study. The article thereby expands the understanding of antecedents of company engagement in business partnerships for sustainability. In particular, it advances on the elements related to company‐ and industry‐level motivators and on microlevel aspects. Based on our research findings, we are able to extend the AMC framework's main categories and provide a more nuanced account of the underlying elements constituting them. To reach a more complete understanding of the antecedents of company engagement in business partnerships for sustainability, our analysis provides a general conceptual advancement while also investigating potential differences based on business size and industry. [ABSTRACT FROM AUTHOR]

Purpose: In response to environmental uncertainty, organizations rely on independent, empowered teams to increase their responsiveness to change. The purpose of this paper is to analyze how objectives and key results (OKRs) can contribute to creating a shared vision which keeps the different, empowered teams aligned. Design/methodology/approach: Through a qualitative study, this paper develops a conceptual model of how OKRs lead to a shared vision. The authors interview professionals in nine organizations differing in size and industry who recently introduced agile, focusing on the main hurdles encountered and benefits obtained from the methodology. Findings: The findings confirm that OKRs are an effective goal-setting methodology and suggest that their successful implementation builds on the new ways of organizing introduced by the agile methods. Moreover, the findings suggest that OKRs contribute to developing a shared vision and increase the alignment: first, the organizational vision becomes clear and its definition is participatory; second at the team level, individuals align around a shared team vision through participative definition of objectives. Originality/value: The contribution of the paper is two-fold: this study provide an overview on the methodology, which is diffused from a practice perspective, but has not yet been addressed from a theoretical point of view. And this study connects OKRs to extant theory on goal-setting and vision development. This study shows they act as a coupling mechanism which helps empowered and independent teams together. [ABSTRACT FROM AUTHOR]

No large-scale quantitative studies exist on how the complex characteristics of the firm affect the innovativeness of family businesses. Our study is the first to quantitatively examine how size, age/generation and family ownership individually and in combination affect the innovativeness of family businesses, using data from 56 countries. Firstly, we found that medium and large family businesses are perceived by potential successors as more innovative than small businesses; secondly, that the trend of family business innovativeness changes over time and generations according to the U-shape line; and thirdly, that the most effective family ownership in terms of innovativeness seems to be that with exactly 50%. These results were subsequently confirmed by testing the combined effect of the above mentioned three characteristics. In contrast, small family businesses in which the second or any subsequent generation is involved and which are minority or majority family-owned are perceived as the least innovative family businesses. Our findings can help public authorities in deciding how to allocate public funds, investors in deciding how to co-finance projects, and family businesses in defining development and innovation strategies for their growth. [ABSTRACT FROM AUTHOR]

The development of green finance and the promotion of green transformation and upgrading of high energy-consuming enterprises are of great significance for China to achieve the "double carbon" goal. This paper employs a dual fixed-effects model to examine the profound ramifications and intrinsic mechanisms of green finance development on the transformative innovation of high-energy-consumption enterprises, using a sample of 462 publicly traded high-energy-consuming corporations from the period spanning 2016 to 2020. The results show that the development of green finance promotes the transformation and innovation of energy-intensive enterprises and that market-incentivized environmental regulation plays a partially mediating role; the results of heterogeneity analysis show that green finance promotes the transformation and innovation of high energy-consuming enterprises with significant differences in different low-carbon pilot regions, company ownership, and enterprise size; the mechanism analysis shows that the development of green finance can increase government subsidies and alleviate financing constraints to promote the transformation and innovation of high energy-consuming enterprises; it is also found that the development of green finance can significantly improve the financial performance of enterprises. The research findings of this paper hold significant implications for promoting the sustainable development of green finance and high-energy consumption enterprises in China. They provide valuable insights and references for facilitating the green transformation and innovation of high-energy-consuming enterprises in China as well as other developing countries. [ABSTRACT FROM AUTHOR]

In the field of (de)centralization of companies, there is a need to explore the factors that influence decision-making processes and organizational structures. However, limited research has focused specifically on the Slovakian business environment, warranting further investigation. This article aims to examine the relationships between ownership structure, the establishment of direct foreign equity participation (DFEP) and company size in relation to aspects of (de)centralization in a select group of companies in Slovakia. The aim is to highlight the importance of the (de)centralization problem. The researchers employed statistical methods to analyse the data, including the nonparametric Kruskal‒Wallis test and post hoc analysis using the pairwise comparison post hoc test. These tests were applied to identify statistically significant differences between the chosen factors and individual variables relating to (de)centralization. The findings indicate that the establishment of DFEP significantly influences (de)centralization in areas such as the purchase of materials/goods, production/planning/provision, marketing planning, sales to the end customer and the filling of managerial positions. Ownership structure was also found to significantly influence (de)centralization with regard to the purchase of materials/goods, production/planning/provision and marketing planning. Similarly, company size seems to play a role in strategic management and production/planning/provision decisions. This study contributes to the existing body of knowledge by offering insights into the specific context of (de)centralization in the Slovakian business environment. The use of statistical analysis methods enhances the rigor of the findings. The findings provide practical implications for decision-making processes, resource allocation strategies and organizational design. This research fills a gap in the literature by focusing on the relationships between ownership structure, the establishment of DFEP and company size within the context of (de)centralization. This study serves as a foundation for future research in this field, guiding further exploration and understanding of the factors affecting (de)centralization in Slovakia. [ABSTRACT FROM AUTHOR]

This paper deals with the comparison of differences in the levels of the application of executives and managers' competences in companies divided by the number of employees and the line of business and identifies the differences based on this classification. Research data were collected via a questionnaire survey administered to 610 small and medium-sized enterprises in the Czech Republic. The subsequent analysis of the responses showed that it is possible to work with complete data from 581 companies. The data were then subjected to statistical calculations according to statistical methods, specifically, the general linear model (GLM), two-way ANOVA, and regression analysis. These methods were used for calculating the results and compiling auxiliary tables and graphs. The results show that in terms of the classification of the companies by their size (the number of employees), it is statistically clear that with the growing number of employees and thus the size of companies, the level of application of the competencies of managers and executives increases as well. The highest level was identified in companies with 150 or more employees, while the lowest was identified in small companies with no more than 9 employees. In terms of the classification of companies by line of business, there were no significant differences in the application of competences; therefore, it cannot be confirmed that any specific line of business shows a higher level of applying managers' and executives' competences. The results obtained can help small companies realize that although the application of competences is more typical for large enterprises, small companies must also pay attention to this topic if they want to grow in the future and increase their turnover. The results are limited by the methods chosen for the achievement of the objectives and data collection. Finally, the results were compared with the findings of other authors. [ABSTRACT FROM AUTHOR]

The aim of this study is to determine whether a firm tax avoidance activity can be used as an instrument for corporate earnings management in an emerging market called Tunisia. The study also investigates the role of firm size, leverage and audit quality on earnings management. Evidence of earnings management is examined by focusing on accounting earnings management. From a sample of 20 Tunisian listed firms from 2017 to 2019, the results estimated from the linear regression model argue that tax aggressiveness has a positive effect on earnings management but not significant. Furthermore, the results show that larger Tunisian firms exhibit more earnings management. However, findings don’t show any significant effects of leverage and audit quality on earnings management. [ABSTRACT FROM AUTHOR]

Today, tax optimisation is part of the management practices of many corporations and is intended to leave more funds at the disposal of businesses that should rightfully be transferred to the government. Managers adopt tax avoidance tactics to boost post-tax profits to meet the shareholders' expectations. This study aims to assess the impact of profitability, leverage, and liquidity on tax evasion by companies in Indonesia's retail trading. Firm size is chosen as a moderating variable used to examine the effect of company resources on enhancing tax evasion measures. 21 retail trade companies served as the samples. 105 observational data points were collected over the research period from 2017 to 2021. This study utilised secondary data from the audited financial reports of all retail trading companies. The data analysis method uses Structural Equation Modeling (SEM) with a Partial Least Square (PLS) approach. The analysis showed that profitability, leverage and firm size have no significant effect on tax avoidance of retail trading companies listed on the IDX from 2017 to 2021. Firm size cannot moderate the impact of profitability and leverage on tax avoidance. Meanwhile, liquidity has a significant effect on tax avoidance. In addition, firm size can moderate the impact of liquidity on tax avoidance. Companies' efforts to avoid taxes may have a detrimental impact on their reputation. Based on this provision, companies should look for other ways to improve their financial situation without ceasing to pay taxes in full. Investors should consider the dangers and probable repercussions of tax-dodging strategies in highly liquid corporations. High-risk tax avoidance techniques may draw the attention of tax authorities and result in penalties or reputational harm. Investors should consider this risk before investing. [ABSTRACT FROM AUTHOR]

This paper aims to answer whether firms of different sizes and stock liquidities differ in the choice of external sources of financing in companies listed in CEE countries. To this end the net debt issuance is regressed on the financial deficit. In regressions Pecking Order Coefficients are allowed to vary across firms with different sizes and stock liquidities. The results indicate that companies with less liquid shares prefer issuing debt to cover financial deficits more than companies with more liquid shares. This implies that stock liquidity may substitute debt issuance in alleviating the adverse effects of information asymmetry, especially in relatively small companies. This is the first study in which the relationship between liquidity and debt-equity choice is considered solely from a pecking order theory point of view. Also this is the first study in which stock liquidity effects on capital structure are studied in the CEE countries. Research results may point to the advantages of increasing the liquidity of shares which may contribute to reducing information asymmetry and thus a better allocation of resources. [ABSTRACT FROM AUTHOR]

This study aims to examine the relationship between firm size and firm growth in Vietnam. The literature does not in general give support to Gibrat's law stating that the expected increase in firm size is proportionate to its initial size, or that firm growth rates are independent of firm size. The present study relies on a sample of 578 listed Vietnamese companies representing eight different industries and covering the period 2010 to 2020. The analysis reveals that growth in firm revenues does not give support to a hypothesis of independence of initial firm sizes. When the firm size is measured by total assets the opposite result appears, i.e. the Gibrat's law is not rejected. When including also the age of the firms in the test methodology the conclusion will be that firm growth—measured by revenue or assets—in all cases will decrease with firm size. [ABSTRACT FROM AUTHOR]

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The purpose of this study was to examine the determinants of cash distribution options by critically considering the effects of earnings, dividends, firm size, and economic value added. The distribution of cash dividends to shareholders serves as a basic means by which shareholders receive returns on their investments, so it is essential to examine share repurchases alongside dividends to enhance management's efforts in maximising shareholder value. This study utilised panel data from 52 companies listed on the Johannesburg Security Exchange (JSE) that engaged in open market share repurchases for at least 2 years between 2000 and 2019. The data were extracted from the IRESS database. The panel data regression model was fitted with the ordinary least squares (OLS), difference generalised moment method (Diff-GMM), system generalised moment method (Sys-GMM), and least-squares dummy variable correction estimator (LSDVC). The findings revealed that there was a positive and significant relationship between the earnings per share and the payoff flexibility, implying that there was an inherent flexibility of repurchases as a payout option in the sampled firms. Additionally, the study revealed a significant negative relationship between the firm size, economic value added, and payoff flexibility. This suggests that larger companies tend to distribute a lower proportion of their earnings as share repurchases and opt for higher cash dividends instead. The implications of these findings provide financial managers with valuable insights into the role of share repurchases as a cash distribution choice. By recognising share repurchases as a viable option, financial managers can enhance their efforts to create and maximise shareholder value, particularly in emerging market settings. This evidence should encourage financial managers to recognise share repurchases more as a distribution choice, diffusing the tension regarding share repurchases replacing the payment of cash dividends and some doubt that they may not possess attributes complimentary to cash dividends. The study recommended relevant academic, industry, and policy implications in the South African context. [ABSTRACT FROM AUTHOR]

A successful digital transformation (DT) requires reengineering company processes in line with the strategy and business model, and using multiple technologies simultaneously and harmoniously. This creates multiple challenges. This study identifies and prioritizes emerging DT challenges in Turkish industrial sectors. After conducting the literature review, this exploratory study uses structured interviews in multiple sectors and conducts case studies. Challenges are discussed under technological, organizational, managerial, and human dimensions and results are compared with the existing literature. In Turkey, 29% of challenges are human-related, 28% are organizational, 24% are technological, and 19% are managerial. Findings support the importance of handling the soft aspects during the implementations, and put forward the variability of the results with respect to company size and sector. The study is valuable in providing a comprehensive Turkish perspective, classification, and prioritization of multi-dimensional challenges. [ABSTRACT FROM AUTHOR]

There is a considerable debate in the literature regarding the real impact of tourism on the environment and human communities, specifically with respect to tourism's openness to sustainable innovation. The way in which the different forms of tourism and entrepreneurial and managerial initiatives respond to the new economic, technological, social and environmental challenges acquire considerable importance for academics, practitioners, decision makers and consumers. The purpose of this research is to assess the potential for sustainable innovation in spa and health tourism in a relevant area in Romania through a survey-based study of both entrepreneurs who own a tourist accommodation unit, as well as top and middle managers from large tourism enterprises. The results of our research show that the development of spa and health tourism offers multiple examples of good practices, and that stimulating innovative entrepreneurial initiatives can lead to a sustainable reinvention of the tourism and local economy, in line with the international health tourism market. In the case of small businesses, even though sustainable initiatives are present, they are at an earlier stage and are less diversified compared to hotels, the scope of innovation is smaller and their motivation weaker. In other words, a large part of the objectives of modernization and sustainability in spa and health tourism (equipment, services, qualification and hiring of employees, sustainable and environmentally friendly orientation) are the responsibility of large hotel resorts. This research provides valuable insights into the ongoing debate surrounding the impact of tourism on the environment and local communities, with a specific focus on the potential for sustainable innovation in spa and health tourism within a significant region of Romania. [ABSTRACT FROM AUTHOR]

This study aims to examine the role of business strategy in the relationship between earnings management and MD&A readability. Previous research has shown inconsistency of results in testing the effect of earnings management on MD&A readability. This inconsistency can be caused by the fact that the business strategy variable has not been included as a contextual basis for the implementation of operational activities. Earnings management in this study is measured by real earnings management, because previous studies have used accrual earnings management. The hypotheses are tested with the multiple linear regression. The results show on 189 cross-sectional data on publicly traded consumer goods companies show that: (1) real earnings management reduces MD&A readability in defender and prospector companies; (2) analyzer companies perform real earnings management – discretionary expenses reduce the readability of MD&A; (3) firm size as a control variable in this study has no effect on the readability of MD&A. The results of this study imply that (1) strategy is a contextual factor that affects operational activities and ultimately on the readability of MD&A, (2) earnings management through discretionary expense activities reduces the readability of MD&A, regardless of the business strategy adopted by the company. [ABSTRACT FROM AUTHOR]

This research is survey research on MSME in the North Purwokerto sub-district. Lack of ability to use accounting information is one of the main factors that cause problems and result in the failure of MSMEs in developing businesses. This study aims to examine and analyze the factors that influence the use of accounting information. These factors are owner/manager education level, business age, business size, business turnover and accounting training. This study uses primary data. The population in this study is the MSME culinary sector in the North Purwokerto sub-district. The sampling technique used was convenience sampling. The data was collected by conducting a field survey using a questionnaire. Respondents in this study were 60 MSME owners/managers in the culinary sector in North Purwokerto. The data analysis method used multiple linear regression analysis using SPSS Statistics 23 with α 0.05. The results of this study indicate that business age, business turnover and accounting training affect the use of accounting information. Accounting training is the factor that most influences the use of accounting information. However, the owner/manager’s education level and business size did not affect the use of accounting information.