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This study aims to investigate the impact of ownership concentration and managerial ownership on firm performance in Saudi listed firms. The relationship between ownership concentration, managerial ownership, and firm performance is examined using a Fixed effects (FE) model and a Two-Stage least squares (2SLS) regression model for 70 Saudi listed firms over the period 2016–2021 to enable hypothesis testing, thereby addressing any autocorrelation, heteroscedasticity, and endogeneity issues. Ownership structure is captured in terms of ownership concentration and managerial ownership, and firm performance is gauged in terms of accounting-based performance (ROA and ROE) and market-based performance (TQ and MBR). The results show that the degree of both ownership concentration and managerial ownership positively affect firm performance, thus supporting agency theory and alignment effects arguments. Further, sales growth, audit firm size, and firm age positively affect firm performance while firm leverage, liquidity, and size have a negative effect. The findings have significant implications for Saudi regulators in their efforts to improve the efficiency of rapidly developing domestic capital markets, as well as to enhance investor protection and maintain economic confidence. The analysis may also contribute to the call for a corporate governance code to protect minority shareholders. The study has implications for investors, academics, and policymakers, as the findings indicate that ownership variables such as ownership concentration and managerial ownership have a key impact on firm operational and market performance. Investors may consider the findings to better understand the ownership-performance dynamic of Saudi listed firms when building their investment portfolios. [ABSTRACT FROM AUTHOR]

Innovation is important to firms' productivity, competitiveness, agility, resilience and growth. The success of a firm's innovation strategy depends in part on how it combines and absorbs different innovation activities. Using the Crépon-Duguet-Mairesse (CDM) structural model, this paper analyses complementarity between product and process innovation for the case of small and micro manufacturing firms in Johannesburg, South Africa. The empirical analysis utilises rich new firm-level survey data that, unlike most firm surveys, includes micro-sized firms as well as informal enterprises. Our results show strong evidence of complementarity between product and process innovations in their effects on firm performance. The results suggest that firm size, capital intensity, firm age, innovation expenditure and financial constraints are key variables associated with complementarity. We extend the specifications used in previous studies to take account of the contextual setting, with split samples by firm formality, ownership and size. We find evidence of complementarity in formal firms only. Our results also show stronger effects of complementarity in micro-firms and foreign-owned firms. The findings have relevance for promoting innovation and for enhancing the effects of innovation on firm performance among micro- and small enterprises (MSEs) in a developing country context. [ABSTRACT FROM AUTHOR]

Our meta-analysis investigates the environmental sustainability performance of family firms (FFs) distinguishing between environmental hand- and footprint and accounting for FF heterogeneity. Based on a sample of 87 primary studies comprising 118,538 firms, we find no significant difference between FFs and non-FFs regarding their overall environmental sustainability performance. Yet, distinguishing between environmental hand- and footprint, we show that FFs have a lower footprint than non-FFs but do not differ regarding their handprint. Firm size, being a public firm, and type of family involvement moderate the effects of FF status on environmental sustainability performance. Our research note extends prior meta-analytical evidence and contributes to a more fine-grained and nuanced understanding of the environmental sustainability performance of FFs. Theoretical and managerial implications are discussed. [ABSTRACT FROM AUTHOR]

Our study delved into an analysis of 128 public companies in Ghana, Kenya, and Nigeria to explore the influence of diversified board expertise on firm performance. We also investigated the impact of firm size and age on this relationship. Our results indicate that a varied blend of professional experts on corporate boards significantly boosts a company's ROA, although there is no significant effect when Tobin's Q measures firm performance. Nevertheless, we discovered that combining firm size and age negatively impacts the correlation between board expertise diversity and firm performance. Our findings support the significance of integrating agency, resource dependence, and convergence theories, implying that businesses can improve their financial performance by including an appropriate mix of expertise on their boards, especially for relatively younger small-sized firms. In contrast, more prominent and ageing firms may not see the same financial benefits. Consequently, we recommend that corporate executives and practitioners consider implementing board expertise diversity to enhance their firms' financial performance. [ABSTRACT FROM AUTHOR]

The object of the study is the performance of the furniture manufacturing sector in Kenya. The paper utilized descriptive and explanatory research design. The study targeted a population of 686 managerial staff and 195 CEOs in the furniture manufacturing sector. Structured questionnaires were distributed to the senior managers and a factor analysis was used to reduce the number of variables and establish the underlying constructs while analysis of moments of structures was applied to develop the theory. Technology capability was found to explain 49 % of the variance in the firm performance. The fit indices suggested that the data was an adequate fit of the hypothesized model relating to technology capability and firm performance NFI = 0.604, RFI = 0.501, IFI = 0.639, TLI = 0.539 and CFI = 0.634 with a p-value>0.05. In addition, the study found out that technology capability and firm performance had a positive and statistically significant contribution at 0.05 level of significance. This was depicted by the significance of the standardized regression coefficient of technology capability hypothesized path (β = 0.878, S.E. = 0.75, C.R. = 11.743, and p-value<0.05). The findings also revealed that the size and age of the firm do not moderate technology capability in strategy implementation on firm performance. This was depicted by the significance of the standardized regression coefficient of firm size and firm age hypothesized path (β = –0.171, S.E. = 2.015, C.R. = –0.085 and p-value>0.05). Therefore, the alternative hypothesis that size and age have a negative moderating contribution on firm performance was rejected at 0.05 level of significance. To enhance a firm’s performance in terms of profitability and growth, it is crucial to manage and sustain technology capabilities through an effective strategy implementation process. The study not only adds value to the existing body of knowledge in strategic management practice but points out that when implementing strategy, CEOs and senior managers should consider technology capability factors to improve the firm performance. [ABSTRACT FROM AUTHOR]

This study aims to examine the effect of Environmental, Social, and Governance (ESG) Performance on Firm Value with Company Size as a moderating variable in companies listed on the Indonesia Stock Exchange (IDX). This study uses an associative quantitative method with a sample consisting of 22 companies selected by purposive sampling from 2019 to 2021. The data was analyzed using multiple linear regression with classical assumption tests. The results showed that Environmental, Social, and Governance Performance had a positive and significant influence on Firm Value. Company size also acts as a moderating variable that strengthens the relationship between ESG Performance and Company Value. These results indicate the importance of implementing ESG principles to improve the competitiveness and sustainability of the company in the long term. [ABSTRACT FROM AUTHOR]

This study examines how board gender diversity affects listed non-financial European companies' financial performance. Data from the Refinitiv Eikon Platform—LSEG and World Bank databases was used to complete the analysis. The total sample included 4257 companies for the period 2011–2023. This study examined board gender diversity and its interaction with liquidity while controlling for board characteristics such as board size, independence, and board meetings. Controlling for firm characteristics (firm size and leverage) and macroeconomic variables like inflation and GDP. This study estimated the connection using panel regression. Due to Hausman test significance, fixed effect estimation was used. The findings demonstrated a notable and favorable influence of board features, such as gender diversity, board independence, and board size, on European nonfinancial companies. Additionally, liquidity positively affects firm performance. Furthermore, the findings indicated that leverage had a significant negative impact on profitability. Finally, both the size and GDP have a significant beneficial impact on profitability. Our findings indicate that an increased representation of women on the board of directors is associated with greater independence among board members and a higher number of board members being hired. This, in turn, has a positive impact on profitability due to the extensive experience shared among board members. Additionally, this leads to improved governance, enabling better control over decisions and a greater focus on the long-term investment strategy of the company. Our results are robust, as are similar results reported by the GMM regression. [ABSTRACT FROM AUTHOR]

Firm reputation provides the referential barometer to evaluate firm performance. This meta-analysis examined the past four decades of firm reputation studies to investigate the relationship between firm reputation and firm performance by attempting to solve the ongoing causality and effect size issues between the two constructs. The results indicate that firm performance has a stronger effect of influencing firm reputation using signaling theory. The effect size between firm reputation and firm performance was weaker during reputation-damaging events. The results of this quantitative review suggest that researchers need to be cautious about the generalizability of their studies when investigating the relationship between firm reputation and firm performance. [ABSTRACT FROM AUTHOR]

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Intellectual capital (IC) is an intangible asset that is based on knowledge, information & innovation. It functions to improve firm performance and competitive advantage, and VAIC is a method used to measure IC performance. Therefore, this study aimed to determine the impact of IC performance on Profitability (ROA & ROE), using firm size and CAR as pseudo-moderating variables. The sample consisted of 24 conventional BPD-SI, and the data were collated from publication reports for the 2015-2021 period, with SEM-PLS used as a data analysis tool. The results showed that VAIC has a significant effect on profitability, although firm size cannot moderate the impact of VAIC on profitability. As an independent variable, firm size has a significant negative effect on profitability. Significantly and negatively, CAR can moderate the effect of VAIC on profitability, although as an independent variable, CAR has no significant effect on profitability. [ABSTRACT FROM AUTHOR]

The open innovation paradigm emphasizes that firms can improve their innovation performance by collaborating with other firms. However, there is no consensus in the open innovation literature regarding what drives firms' implementation of inbound and outbound open innovation and how the two types of open innovation influence innovation and firm performance. The present meta‐analysis synthesizes previous research to advance our understanding of open innovation by reexamining its antecedents and its moderating effects on innovation and firm performance. Using data from 157 articles, our results show that appropriation strategy, formal organizational structure, learning culture and top manager competence drive inbound open innovation, while innovation strategy, appropriation strategy, learning culture, and top manager competence drive outbound open innovation. In addition, we find that absorptive capacity positively moderates the positive impact of inbound and outbound open innovation on innovation performance. However, industry type (i.e., high‐ and low‐tech) is not found to moderate the effect of open innovation on innovation or firm performance, suggesting that both high‐ and low‐tech firms can equally reap benefits from open innovation. Furthermore, this study also partially supports the moderating effects of firm size and cultural value (individualism vs. collectivism) on the open innovation—performance relationship. These findings collectively suggest that the effects of inbound and outbound open innovation on performance are subject to contextual factors. Although this meta‐analysis does not allow us to generate new theories in the open innovation literature, it offers valuable insights to both academics and practitioners regarding factors affecting the implementation of open innovation and its performance implications. [ABSTRACT FROM AUTHOR]

Sharia Commercial Banks in Indonesia have a social role by Law No. 21 of 2008 which has the task of collecting Zakat, Infaq, Alms, and Waqf funds from the community. This research is to test whether this role, if implemented by Sharia Commercial Banks as one of the company's core operational business activities, can improve the Performance of Sharia Commercial Banks, determined by ROA which measures profitability. with CSR initiatives acting as a moderating factor and business size as another independent variable. The study results show that receipt of ZIS funds from the public and internal banks has a positive impact on company performance. Apart from that, what is detrimental to company performance is the size of its assets. CSR moderates ZIS negatively on company performance, while the results of CSR moderation on the size of company assets have a positive impact on business performance. [ABSTRACT FROM AUTHOR]

This article analyzes the relationship between budgetary participation and SME performance and the moderating effect of firm size on this relationship. Through the prism of contingency and decision theories, two questions are put into perspective: 1) Does the degree of participation of employees and/or subordinates in the budget process have an impact on company performance? 2) Does the effect of budget participation on performance vary according to company size? Using regression tests, we analyzed data collected by questionnaire from 315 SME managers located in the far northern regions of Cameroon. Two main results emerged. Firstly, budget participation has a positive and significant influence on SME performance in Cameroon. Secondly, the effect of budgetary participation on performance varies significantly according to SME size. Overall, these results validate the theoretical framework of the decision to adopt a structural contingency to SME organizational dynamics. [ABSTRACT FROM AUTHOR]

Scholars and practitioners have trumpeted business intelligence (BI) capability as a game-changer due to its significant impact on firm performance. Despite these claims, the amplifying and underlying mechanisms governing the relationship between BI capability and organizational performance are still in their infancy. This research examines the nexus between BI capability, decision-making speed, comprehensiveness, and organizational performance. This study, drawing on knowledge-based theory, proposes a conceptual model to explain how BI capability influences organizational performance through decision-making speed and comprehensiveness and the moderating role of firm size. The proposed moderated-mediated model was tested using survey data from 236 respondents occupying leadership positions in various Jordanian industries. Partial least squares structural equation modeling (PLS-SEM) was used to diagnose the proposed model. BI capability indirectly affects firm performance through decision-making speed and comprehensiveness. These mediating effects do not vary by company size. This paper contributed theoretically and practically to the BI framework considering decision-making, firm performance, and firm size. Implications for theory-building and practice are described. [ABSTRACT FROM AUTHOR]

The premise of being "green" is often perceived as socially beneficial, yet its financial implications remain uncertain. To address this gap, we examine the complex relationship between green technology innovations (GTIs) and corporate financial performance (CFP) in the semiconductor industry. Our research revealed a crucial distinction between the two types of GTIs: proactive and reactive. Proactive GTIs have emerged as strong drivers of positive impact on CFP, positioning themselves as attractive and financially beneficial investments. Conversely, reactive GTIs negatively influence a firm's financial performance, raising questions about its long‐term viability. Additionally, our research goes beyond this core relationship to explore the moderating influence of media coverage on GTI–CFP dynamics by focusing on both print and new media. Interestingly, print media amplifies the favorable connection between GTIs and CFP, suggesting its role in shaping perceptions and stakeholder engagement. Surprisingly, new media weakens this connection, highlighting the complex interplay between digital platforms and CFP. Moreover, our study highlights the fact that the impact of GTIs and media coverage on CFP is particularly pronounced among smaller companies, thereby offering strategic insights for firms of varying sizes. These nuanced findings contribute substantially to our understanding of GTI adoption and the role of media in informal environmental regulation, ultimately providing valuable guidance for semiconductor companies and investors navigating the "green" landscape. [ABSTRACT FROM AUTHOR]

This study explores the impact of corporate governance (CG) on the performance of banks in the Middle East and North Africa (MENA) region, with a focus on the United Arab Emirates (UAE). The MENA region, characterized by diverse economic landscapes, is analysed through a comparative study encompassing 141 financial institutions across 12 countries from 2016 to 2020. Key performance indicators, such as Tobin's Q ratio (TBQ), Return on Equity (ROE), and Return on Total Assets (ROTA), are assessed in relation to CG mechanisms. The research employs principles components analysis (PCA) to delve into CG practices, covering board size, independence, diversification, meetings, remuneration, and ownership concentration. External factors such as GDP growth rate, bank size, and market capitalization are also considered. Findings indicate a stable relationship between CG and financial performance, emphasizing effective governance's significance. The UAE has emerged as a CG leader since 2007, boasting a legislative framework that strengthens practices. Disparities in CG standards across the MENA region are noted, with some countries relying on regulatory standards and others implementing comprehensive CG codes. The study highlights CG's positive impact on financial performance, particularly on ROE and ROTA, in the UAE and the broader MENA region. The UAE's robust CG mechanisms, recent regulatory changes, and investor-friendly policies make it attractive for investors. Economic factors, such as GDP growth rate and bank size, are also considered. Acknowledging limitations, such as reliance on historical data, the study suggests future research avenues, including exploring specific CG mechanisms contributing to performance improvement and investigating cultural and institutional factors' impact on governance practices. [ABSTRACT FROM AUTHOR]

Using a sample of United Kingdom (UK) non-financial firms from 2009 to 2021, this paper examines the operating performance effect of aggressive and moderate use of trade payables and bank credit. The results demonstrate a hierarchical effect of the use of short-term credit on firms operating performance. In particular, the results show that aggressive use of bank credit achieves higher operating performance, followed by moderate use of trade payables and bank credit and then aggressive use of trade payables. We further document that operating performance of firms dealing in differentiated products, lower firm size, firms with higher market power and financially stable firms' increases with aggressive and moderate use of trade payables and bank credit. Overall, the results indicate that firm operating performance is an increasing function of bank credit use and demonstrate the importance of short-term credit policies on firms' operating performance. The results are robust after using a novel approach in addressing the issue of endogeneity. [ABSTRACT FROM AUTHOR]

Gender equality has been a top priority in sustainability agenda at global level under the United Nations Sustainable Stock Exchanges (UN SSE) Initiative. The paper examines the impact of gender diversity on firm performance in line with the UN Sustainable Development Goal 5 on gender equality. For the analysis, S&P BSE Sensex constituent companies were considered, and data for the period 2015-16 to 2020-21 was examined. The paper employed ADF test to check stationarity and multiple regression analysis-Least squares method to analyze gender diversity impact on firm performance, using Eviews software. The findings show that total gender diversity (TGD) has a positive and significant impact on firm performance (ROA, ROE and ROCE), and board gender diversity (BGD) shows positive and insignificant association with ROA, ROE and ROCE. The study further shows that firm size, firm age and board size have significant association with firm performance. [ABSTRACT FROM AUTHOR]

The interplay between a firm's customer portfolio and the firm's performance presents a theoretical conundrum that challenges traditional supply chains. In particular, the role of government customer concentration—how extensively a firm incorporates government entities as part of its customer base—emerges as a pivotal factor with the potential to both bolster and burden firm performance. Analyzing 3,643 firm‐year observations from the U.S. Federal Procurement Data System‐Next Generation, Compustat, and FactSet Revere reveals an inverse U‐shaped relationship between government customer concentration and firm performance. Excessive or insufficient government customer concentration adversely impacts performance, suggesting that a strategic balance is essential. Firm size, absorptive capacity, and network embeddedness are crucial in navigating this complex relationship, guiding a firm toward optimizing its government customer portfolio. This research advances the discourse on customer base management, underscoring the essential strategic considerations for firms interacting with government buyers. [ABSTRACT FROM AUTHOR]

Building upon resource-based view (RBV) theory, this cross-sectional study employed binary logistic regression to examine the influence of firm-level factors on the performance of 435 Tanzanian micro and small agri-food processing firms. The results of the study show that intangible resources, age (enterprise, manager), and management practices (target setting, working capital management, and performance monitoring) have a significant influence on firm performance. Firm size, tangible resources, and managers' education level were not significant predictors of firm performance. The findings confirmed the RBV argument that intangible resources contribute more to the variation in firm performance compared to tangible resources. This study adds to the limited research on the combined effect of firm-specific characteristics, firm resources, managerial characteristics, and selected management practices on the performance of micro and small firms in emerging economies. The findings will help managers to identify success factors that are significant for better performance and will support policymakers to design strategies that can effectively contribute to the development of micro and small enterprises in the agri-food subsector. [ABSTRACT FROM AUTHOR]

The objective of the study is to elucidate the impact of a vigorous board on the performance of firms. The contributive concept of vigorous board has been formulated through data employment analysis while contemplating the seven attributes such as board meetings, non-duality, number of external directors, number of supervisors, audit committee member, the presence of female among board members, and incumbent CEO education. Significantly, the data of Romanian manufacturing firms have been accumulated for the years 2009–2019. To contemplate with deep insight, the moderating impact of environmental disclosure, environmental performance, green innovation, and innovation output has been accentuated for firm performance. Empirical underpinnings signify that environmental performance and green innovation are the catalytic moderators for escalating the firms' performance under the aegis of vigorous board. Furthermore, environmental disclosure also increases the growth of Romanian companies, while innovation output remains stagnant. Under the aegis of upper echelon theory, theoretical contribution has been signified while emphasizing on environmental situation of Romanian firms. Remarkably, the moment quantile regression method demonstrates the long-term and short-term influence of the vigorous board, the size of the firms and the total sales, while the leverage and age of the CEO mitigate the firm performance in the short term. [ABSTRACT FROM AUTHOR]

Purpose: This research aims to determine the influence of environmental, social and governance (ESG) factors on market performance. The study shows the perspective of ESG on market performance. The study attempted to test the relationship between ESG and Tobin's Q and the effect of control variables. Design/methodology/approach: The study used panel data from a sample covering 720 firms and ran a fixed-effects model regression during the 2007–2019 period for eight European countries' listed companies. Findings: The findings reveal that ESG positively impacts Tobin's Q. According to the findings, high company ESG performance boosts market performance via the moderator effect of competitive advantage. The results indicate that all control variables are significant. The firm's leverage has a negative relationship with ESG. The size of the firm impacts ESG positively. Also, the results prove that the firm's size and industry positively affect Tobin's Q. Research limitations/implications: The findings of this study suggest that managers, practitioners and authorities interested in learning about ESG scores (ESGSs), market performance and competitive advantage might draw intriguing conclusions from the data. Managers can identify the appropriate levels of competitive advantage that improve market performance. Practitioners must determine whether fit, size, growth, leverage and industry could enhance market performance. The findings also give authorities and the board of directors information on future growth opportunities for the company and the country. Originality/value: The research presents a vision of how ESG factors affect market performance. This study aims to identify the positive link between ESGSs and European market performance. [ABSTRACT FROM AUTHOR]

Learning is the key for people to become different, have an identity and expand their creativity and dedication. That is also the key for a business to continuously grow in capacity, contributing to the overall development of the organization. The goal of this article is to explore the impact of organizational learning and organizational agility on innovation performance. Create cutting-edge solutions and improve corporate innovation performance by enhancing organizational learning and organizational agility across the business. In particular, businesses need to transform strongly to promptly adapt to market changes. The article uses quantitative research methods with the sample size of 295 enterprises in Vietnam. The results show that organizational learning and the general aspect of organizational agility measured in the study: sensing agility and responding agility have a positive impact on innovation performance. Thereby, suggestions to improve organizational agility and innovation performance basing on enhancing the positive impact of organizational learning are given. [ABSTRACT FROM AUTHOR]

Financial literacy is the ability of people to process economic information to make better financial decisions. Therefore, the financial literacy of entrepreneurs could affect the management of their companies and their results. The aim of this research is to determine if there is a significant relationship between companies' performance and financial knowledge, financial behavior, and financial attitude of micro, small, and medium-sized entrepreneurs. The incidence of the variables age, size, and sector of the companies, as well as the entrepreneur's age, gender, and educational level on companies' performance, is also analyzed. Data from 206 entrepreneurs from Veracruz, Mexico, were analyzed using a logistic regression model. The results show that the financial behavior of the entrepreneurs has a positive and highly significant effect on companies' performance, although the entrepreneur´s knowledge and attitude don´t have a significant relationship with companies´ performance. The results also show that companies in the industrial sector led by men are less likely to obtain high performance compared to those in the commerce sector. No incidence was found of the variables age, size of the company, and entrepreneur´s educational level on the performance of their companies. [ABSTRACT FROM AUTHOR]

The objective of this research paper is to propose a robust framework for understanding the correlation between organizational learning, innovation, and the performance of Saudi Arabian firms, encompassing both financial and non-financial aspects. Additionally, the study evaluates how factors such as "firm type" and "firm size" influence organizational learning, innovation, and overall firm performance. For this study, we distributed a questionnaire to Jeddah, Saudi Arabia's private firm employees for a year. Analysis involved 815 complete sets, utilizing Structural Equation Modeling (SEM) through Confirmatory Factor Analysis (CFA) to explore relationships among latent variables via path analysis. Organization learning significantly enhances both financial and nonfinancial performance. Additionally, innovation positively influences firm performance. The combined impact of organizational learning and innovation strongly influences overall firm performance. Introducing the mediating variable "type of firm" enhances the relationship between organizational learning, innovation, and firm performance, as depicted in Model 2. The result of path analysis shows that "firm size" as moderating variable is significantly negatively related with innovation and firm performance. This study contributes by exploring the interplay of organizational learning, innovation, and their impact on firm performance, particularly within the emerging Saudi context, enhancing existing knowledge. [ABSTRACT FROM AUTHOR]

The government-mandated closure of U.S. restaurants for in-restaurant dining during the early stages of the COVID-19 crisis cast a spotlight on operators' ability to effectively innovate, and re-imagine their product offerings. In this context, this research draws on the resource-advantage theory of competitive advantage, proposing that (1) an adhocracy culture is a key internal resource that operators can leverage to drive rapid incremental product innovation under forced change, and (2) firm size is a contextual factor that moderates the degree of incremental product innovation-firm performance relationship. Findings from two empirical studies indicate that adhocracy culture positively and indirectly effects firm performance through degree of incremental product innovation, and that this effect is moderated by firm size. Larger firms yield superior performance effects due to access to a network of interconnected resources for rapid innovation diffusion in a crisis. [ABSTRACT FROM AUTHOR]

This research aims to determine the effect of financial performance and company size on company value with Good Corporate Governance as a moderating variable in the consumer goods industry sector in 2019-2021. The population in this study was 72 companies in the consumer goods industry sector, with a research sample of 24 companies. This type of research is a quantitative method. With the purposive sampling method, the data used is secondary data. The data analysis technique uses SPSS 26. The results of the analysis obtained are that Financial Performance has a negative and significant effect on Company Value, Company Size does not affect company value, Good Corporate Governance can moderate the relationship between the influence of Financial Performance on Company Value, Good corporate governance can moderate relationship between company size and company value. [ABSTRACT FROM AUTHOR]

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]

This paper investigates the influence of corporate social responsibility on firm performance by integrating simultaneously the moderating effects of the firm size and its industry profile. To conduct our study, we use annual environmental, social and governance (ESG) data on 407 European firms listed in STOXX Europe 600 Index during the period 2002–2018. Results reveal that the moderating effect of size is positive for environmentally sensitive industries and negative for environmentally non-sensitive industries. We conclude that in environmentally non-sensitive industries, large firms engage in symbolic CSR practices, while smaller ones implement substantive CSR actions. However, in environmentally sensitive industries, in order to meet stakeholders' requirements, large firms engage in effective CSR initiatives, while smaller ones, being forced to involve in costly CSR practices, would be harmed and lose all interest in CSR implementation. This study has implications for policymakers, investors and corporate managers in various industries for evaluating and controlling the effectiveness of CSR practices and initiatives. [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]

Research summary: Drawing on research about power and faultlines, we identify the subgroup of directors in the board who share the same social identities with the CEO (i.e., CEO subgroup) and develop a concept of CEO subgroup power. We examine how CEO subgroup power affects the board's decision to dismiss the CEO, particularly when the firm experiences a performance decline. Using data from S&P 500 boards from 1998 to 2018, we find that powerful CEO subgroups reduce the risk of CEO dismissal and that the negative effect of CEO subgroup power on CEO dismissal is magnified when the firm experiences a decline in performance. Managerial summary: Why do some boards fire the CEO when the firm is performing well, while others retain the CEO despite poor performance? We believe that looking into power dynamics among directors may help answer this question. Using data from S&P 500 boards from 1998 to 2018, we investigate how the risk of CEO dismissal varies by the power of the subgroup within the board that consists of directors who share the same social identities with the CEO (i.e., CEO subgroup). The results reveal that a powerful CEO subgroup can reduce the CEO dismissal risk and that this effect becomes stronger when the firm goes through a performance decline. [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]

Firms in Moldova face a high level of regulatory burden, as proxied by the number of inspections by public authorities. At the same time, they face high levels of corruption. We examine the effect of frequent inspections on four measures of firm performance: labour and total factor productivity, and levels of tangible and intangible assets. We also investigate how corruption affects the relationship between inspections and firm performance. We perform panel data analysis using firm‐level administrative data and survey data from Moldova in 2005–2015. The results show that inspections and corruption each affect firm productivity negatively, but corruption moderates the negative effect of inspections. We also find that inspections and intangible assets are positively correlated, but this correlation is weaker for higher levels of corruption. Finally we examine whether these results differ by industry, firm size and ownership types. Inspections and corruption affect medium and large firms, and state‐owned enterprises differently from micro and small firms and private firms respectively. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to examine the relationship between advertisement expenditure and firm performance as well as the moderating effects of firm age and size on this relationship. Design/methodology/approach: Twenty-eight selected companies listed on the Nigerian stock exchange were examined. The study used multiple regression, a quantitative research method, to capture both the direct and moderating effects. Findings: The findings show that advertisement has a positive relationship with sales but an insignificant relationship with return on asset. Furthermore, the results indicate that larger firms outperform smaller ones when using advertisements to enhance their sales. On the contrary, there is no significant difference between the use of advertisement by young and older firms in improving financial performance. Originality/value: Due to the often-wrong use of resource base view in the advertisement–performance relationship and contradiction in research findings, this paper re-conceptualize advertisement as a necessary investment (just like plant and equipment) but not an investment that provide strategic value. The paper also makes novel argument by theorizing a negative relationship between advertisement and firms' performance in the Nigerian context. [ABSTRACT FROM AUTHOR]

Copyright of Regional Science Policy & Practice is the property of Wiley-Blackwell 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.)

This study examines the role of financial performance and board characteristics on corporate social responsibility expenditure (CSR expenditure hereafter). The study is based on a natural experimental design where the Government of India made it legally mandatory for companies meeting certain criteria to spend at least 2% of their average profits in the preceding three financial years towards corporate social responsibility in the companies Act 2013. It examines the propensity of companies to spend towards corporate social responsibility over and above the legal mandate. This study analyze two different schools of thought in the field of corporate social responsibility varying in their assertions. The first school of thought asserts that firms engaged aggressively in CSR expenditure would be viewed positively by the customers/prospective customers. The second school of thought asserts that CSR expenditure reduces the profit of the firm that could have been used productively for asset acquisition, and business expansion. The first school of thought focuses on the good corporate citizenship hypothesis whereas the second school of thought focuses on the efficient utilization of scarce resources hypothesis. Using a dataset of companies listed on NSE 500 index, we found a positive and statistically significant relationship between CSR expenditure and accounting‐based firm performance but a negative relationship with market based firm performance. Size of the firm has a positive relationship with firm performance, alluding to the presence of "size" effect. Board size, board independence and cumulative attendance in board meetings exhibit mixed results with firm performance. Note: A slightly different version of this paper was presented in the 15th ICBF‐2022 conference held at IBS Hyderabad in the online mode. We would like to extend our heartfelt gratitude to all the reviewers and participants whose suggestions helped improve this article. [ABSTRACT FROM AUTHOR]

Copyright of Journal of International Entrepreneurship is the property of Springer Nature 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.)

Copyright of Management & Organization Review is the property of Cambridge University Press 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.)

In the context of carbon neutrality, environmental innovation has become an important way for companies to achieve sustainable development and gain a competitive advantage. To systematically grasp the current status of the environmental innovation literature, this study conducted a thematic modeling and coding analysis of 19,936 papers published between 2000 and 2022 using an unsupervised thematic model. The research content pertaining to environmental innovation was sorted following the logic of "influencing factors, boundary conditions, and influencing outcomes." The results showed that previous scholars had classified the factors driving environmental innovation based primarily on five theories, including stakeholder theory, resource‐based theory, institutional theory, informal institutional theory and upper echelons theory. Green absorptive capacity, firm size, and slack resources played a moderating role in the influence of other factors on environmental innovation, but the relationship between environmental innovation and firm performance remained uncertain. Finally, combining the limitations of previous studies, we outline several directions for future research to achieve breakthroughs. [ABSTRACT FROM AUTHOR]

Purpose: This study explores the effect of the strategic fit (tight-fit, minimal-fit and non-fit) between business strategies and human resource (HR) practices on perceived organizational performance (POP). It also investigates the moderating role of firm size on strategic fit–performance linkage. Design/methodology/approach: The data were gathered via an online survey from HR managers of companies listed in "Fortune-500 Turkey, ISO-Top and Second-Top 500". The form was distributed to 669 organizations, and 102 of them responded. The data were analyzed using one-way ANOVA and moderation analysis. Findings: No statistically significant difference was found in organizational performance according to different strategic fit categories. The moderating effect of firm size was not significant. Yet, tight-fit and minimal-fit appear to be linked to higher organizational performance. The results reveal that business strategies aligned with HR practices could have a favorable impact on organizational performance. Originality/value: The study differs from previous studies in terms of methodology, the conceptualization of strategic fit categories, the nature of the sample and non-Western origin. [ABSTRACT FROM AUTHOR]

In emerging countries like Oman, the memberships of board of directors for most companies are dominated by males. The number of females sit as board of directors are relatively low since there was no clear regulation to recruit them as board members or even serve at supervisory levels. Hence, this study aims to empirically investigate the effect of females' board of directors on firm performance in Oman, a member of the Gulf Cooperation Council (GCC) countries. The Return on Asset (ROA) and Tobin's Q are used as proxies to measure firm's performance for 63 nonfinancial firms registered on the Muscat Security Market (MSM) for the periods between 2016 and 2019. This study applied canonical analysis techniques in order to assess and answer the research hypotheses. The findings indicates that the hypotheses are rejected because ROA and Tobin's Q are unrelated to the proportion of females as the board of directors, regardless of whether the firm size or firm age are being controlled. Thus, the results implied that more opportunities, empowerment and skills should be exposed or given to females to sit on the board and hence the number will increase accordingly. Future studies could also look at financial organizations as well in order to evaluate how female board representation affects financial success of the firms. [ABSTRACT FROM AUTHOR]

We analyze the literature on the relationship between corporate social performance (CSP) and corporate financial performance (CFP) by applying meta‐regression analysis (MRA) to 7800 results of 512 empirical studies. Our findings reveal a small positive link between CSP and CFP as well as the presence of publication bias that favors statistically significant CSP–CFP regression coefficients. We also evaluate the impact of the underlying research design on the heterogeneity in published effects using Bayesian and frequentist model‐averaging (FMA). We consider 42 contextual characteristics and our results show that reported CSP–CFP effects are smaller in cases where a binary index is used to measure CSP or when CSP is used as the dependent variable. In contrast, firms in industrial sectors or operating in China rather than the United States exhibit stronger effects. Finally, the CSP–CFP effect is driven by the choice of the econometric estimator and the inclusion of firm size as control variable. [ABSTRACT FROM AUTHOR]

Our study aims to understand the impact of open government data (OGD) policy on firm performance and the moderating role of firm characteristics. The difference‐in‐difference model is used to analyze 10‐year panel data from 477 Chinese listed firms. The findings indicate that (a) OGD policy positively affects firm performance; (b) firm size positively moderates the relationship between OGD policy and firm performance; (c) R&D intensity nonlinearly moderates the relationship between OGD policy and firm performance; and (d) OGD policy significantly affects state‐owned firms. This paper provides suggestions for improving OGD policy and OGD market construction. [ABSTRACT FROM AUTHOR]

Research Summary: Despite a plethora of studies, the moderating effects of contingency factors regarding the relationship between corporate planning (CP) and organizational performance (OP) remain open to discussion. Our meta‐analysis analyzes 183 independent study samples, 84 of which are examined for the first time. We expand on previous meta‐analyses by correcting for measurement error and dichotomization, and we use moderation analyses and meta‐analytical regressions to explain heterogeneity in these studies. We find evidence for the moderating effects of task interdependence and uncertainty avoidance as contingency factors. Unexpectedly, we identify an interaction of the measurements of OP and CP with uncertainty avoidance. Our results provide new insights into the relationship between CP and OP. Management Summary: Managers who may doubt whether planning is still fruitful in turbulent times obtain a clear answer from our study: Yes, it is. CP is definitely correlated with OP. The effect sizes are stable over time and for different types of planning. However, the effect of CP on performance depends on the organizational context. Manufacturing firms benefit more than nonmanufacturing firms, and larger firms benefit more than smaller firms. Organizations in countries with high uncertainty avoidance show larger effects in relation to those in countries with low uncertainty avoidance. Finally, organizations facing high environmental uncertainty show higher effects of CP than organizations in more stable environments. However, the identified effects are conditional on the type of measurement of performance and CP. [ABSTRACT FROM AUTHOR]

The paper aims to evaluate the impact of the use of customer accounting information including Customers Profitability Analysis (CPA), Lifetime Customers Profitability Analysis (LCPA), and Valuation of Customers Assets (VCA) on the Operational Performance of enterprises (OPE). The study was conducted based on surveys from 315 subjects. They included directors, unit managers, and accountants in Vietnamese enterprises. By multivariate regression analysis from SPSS 20 software, the results show that the use of customer accounting information, analysis of customer profitability, and customer assets valuation are vital aspects of customer accounting that impact business performance. The level of use of CPA has the most substantial effect on business performance (coefficient is 0.250), next is the impact of using VCA (coefficient is 0.246). The study also shows that the age and size of enterprises have a positive impact on performance. However, this study did not determine the effect of LCPA on business performance. The research results are the basis for proposing solutions to improve the performance of enterprises in Vietnam from the use of customer accounting information. [ABSTRACT FROM AUTHOR]

Purpose: Do financial services needs depend on the firm size? To highlight the impact of different categories of financial services on firm performance, we establish a correspondence between financial services and firms' performance classified according to their size, controlling with the determinants of firm performance and the obstacles that hinder the development of each category of firm. Design/methodology/approach: We have mobilized microeconomic data on 78,629 firms stratified by size and covering 135 countries, extracted from the Enterprise Surveys database. A two-stage least squares (2SLS) regression analysis with instrumental variable modeling is used. Findings: Our empirical results show that a firm's financing behavior differs according to its size. For micro and small firms, the availability of internal financing has a positive impact on their performance. For medium-size firms, the use of debt stimulates firm performance. For large firms, the positive effect of debt diminishes as the level of debt increases, which leads this category of firms to increase their capital. We complemented our study by exploring the issue of whether barriers to firm performance differ by size. Our results bring a support to the idea that medium-size firms suffer more than micro, small, and large firms. The size of this category of firms does not allow them to operate in the informal sector as micro and small firms do, and does not allow them to influence political authorities to operate in their favor as large firms do. Originality/value: Previous studies have focused on investigating the effects of access to finance and/or financing constraints on firm's performance, neglecting the issue of identifying which financial services have the most impact on firm performance depending on firms' size. This study fills the gap in the literature in two main ways. First, we identify the financial services that have the most impact on firm performance using firm-level data covering 78,629 firms by size (micro, small, medium, and large). Second, we investigate the different barriers to firm performance by size. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Research in Economics, Politics & Finance / Ekonomi, Politika & Finans Arastirmalari Dergisi is the property of Journal of Research in Economics, Politics & Finance 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.)

This study investigates how numerous contingencies work together to influence the organizational structure of privately held businesses in China. This study is using a cross‐section primary data set from 83 private firms listed in China. The data are gathered by face‐to‐face interviews with entrepreneurs, and six hypotheses tests are performed regarding the contingencies of organizational form. Furthermore, the empirical findings indicate that environment, strategy, size, and technology play a significant role in explaining organizational form. Finally, financial factors are important aspects of the business environment, notably in dealing with cash flow problems and in forming profit expectations. [ABSTRACT FROM AUTHOR]

This study examines the effect of digital capability on firm performance and firm growth. We apply the resource-based view and especially its expansion of the dynamic capabilities perspective to illustrate how digital capability is positively related to firm performance and firm growth, and how firm size is a relevant factor in explaining digital capability in incumbent SMEs. The context of this study is Finnish SMEs. The data were gathered from 242 SME owner-managers and analysed with structural equation modelling. The results show that smaller firms have less digital capability than larger SMEs and that smaller firms struggle with performance indicators. Digital capability is positively related to firm performance and firm growth. Our results indicate that although several factors explain and alter the course of firm growth, digital capability can boost the opportunity creation process, and aid survival in the face of competition. Digital capability is an important resource in SMEs and allows firms to safeguard the sustainability of their business model. We argue that digital capability is strongly related to SME's management practices and SME owner/manager's commitment to responding to digital transformation. This research sheds light on the importance of strategic leaders' perceptions of digital capability on incumbent SMEs' competitive advantage, and contributes both entrepreneurship theory and practice. [ABSTRACT FROM AUTHOR]