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Purpose: Because of growing corporate tax scandals, there is an enhanced focus on corporate taxation by governments, institutions and the general public. Transparency in tax matters has been identified as critical for effectively managing and promoting socially responsible tax behaviour. This study aims to explore the impact of ownership structure, board and audit committee characteristics on corporate tax responsibility (CTR) disclosure. Design/methodology/approach: This research collected data from the annual reports of Pakistani-listed firms over 12 years, from 2009 to 2020. Consequently, the data set encompasses a total of 1,800 firm-year observations. This study uses regression analysis to test the relationship between corporate governance and CTR disclosure. Findings: The results show that board gender diversity, managerial ownership and audit committee independence promote tax responsibility disclosure. In contrast, family board membership, CEO duality, foreign ownership and family ownership negatively impact tax responsibility disclosure. Additional analyses reveal the specific information categories that produce the overall effects on tax responsibility disclosure and assess the moderating impact of family firms on the governance and CTR disclosure nexus. Practical implications: Corporations can use the results to encourage practices that enhance transparency and improve the quality of disclosures. Regulatory authorities can use the findings to stipulate better protocols. Doing so will be vital for developing countries such as Pakistan to improve tax revenue and cultivate economic growth. Originality/value: While this research represents, to the best of the authors' knowledge, one of the first empirical investigations of the association between corporate governance and CTR, the results contribute to the corporate governance literature and offer fresh insights into CTR, an emerging dimension of corporate social responsibility. [ABSTRACT FROM AUTHOR]

This paper investigates whether and how ownership concentration, as an intearnal mechanism of corporate governance, and market competition, as an external mechanism of corporate governance, interact to influence bank performance. In other words, we test whether ownership concentration and competition are complementary or substitutes. To do so, we use a unique hand-collected database covering commercial banks based in 17 Western European countries from 2006 to 2019. Consistent with previous studies, we find that ownership concentration and market concentration increase the profitability and risk-taking behaviour of banks. Furthermore, no evidence of non-linearity of competition is found for our sample of European banks. Regarding the interaction effect, our results indicate that market competition seems to foster the profitability of banks with concentrated ownership. In addition, we find that risk-taking behaviour of banks with controlling shareholders increases when they operate in competitive markets. These results suggest that ownership concentration and market competition are complementary, and hence banks may benefit differently from these corporate governance mechanisms to improve their performance. [ABSTRACT FROM AUTHOR]

This study explores the impact of corporate governance on firms' environmental, social, and governance (ESG) performance, with a focus on board characteristics and ownership structures. Using a panel dataset of 6 financial and 16 non-financial firms listed on the Borsa Istanbul (BIST) from 2013 to 2021, the study investigates how ownership (blockholder, foreign, or institutional) and board composition (size, gender diversity, and foreign directors) influence ESG disclosures. The analysis distinguishes between financial and non-financial firms, revealing that corporate governance mechanisms affect ESG performance differently across sectors. Foreign ownership and the presence of foreign and female board members are positively associated with higher ESG disclosures, while ownership concentration is negatively correlated with ESG performance. These findings suggest caution when comparing firms across sectors based solely on ESG disclosures, as governance factors influence outcomes differently in financial and non-financial contexts. This study provides a detailed analysis of effective corporate governance mechanisms in Türkiye, emphasizing the crucial roles of ownership structure and board composition in enhancing ESG transparency. The results offer valuable insights for regulators and investors, contributing to a nuanced understanding of how governance structures shape ESG performance in both financial and non-financial firms in Türkiye. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to investigate the extent and trend of corporate social responsibility (CSR) disclosure by UAE listed banks and the impact of corporate governance mechanisms on this disclosure. Design/methodology/approach: Content analysis of banks' annual reports from 2009 to 2019 was applied to investigate the CSR disclosure level by constructing a disclosure index. Panel data regressions were applied to analyze the impact of corporate governance mechanisms on CSR disclosure. Findings: UAE banks show an improving trend in the CSR disclosures. In addition, the board of directors and ownership structure are significantly and positively associated with the CSR disclosures. The results vary across the banking systems. Research limitations/implications: This study considers the extent of the CSR disclosure in UAE banks' annual reports, and future research should consider more industries and communication channels. Practical implications: This study sheds light on the extent of the CSR disclosure of UAE listed banks and assists UAE policymakers in implementing appropriate corporate governance mechanisms. Social implications: The findings provide banks with a better understanding of the benefits of strengthening corporate governance to improve their CSR disclosure. Originality/value: This study contributes to the literature by constructing a more comprehensive disclosure index and examining the impact of corporate governance mechanisms on CSR disclosure by considering both the conventional and Islamic banking systems. [ABSTRACT FROM AUTHOR]

The aim of this study is to investigate the influence of corporate governance and ownership structure on the relationship of corporate sustainability performance and dividend policy by using a panel dataset of 79 non-financial companies listed on Borsa Istanbul 100 Index for the years 2014–2020. We employed the panel logit, probit and tobit regression models for the analysis. The results indicate that corporate governance and family ownership significantly and positively moderate the relationship between corporate sustainability performance and dividend policy, while concentrated ownership and institutional ownership do not play a significant moderating role on this relationship. The findings also show that firm-level corporate governance is associated with high dividend payments, suggesting that this institutional mechanism helps reduce agency problems and lead companies to allocate capital more efficiently. The findings provide valuable insights for companies in structuring sustainability activities and shaping dividend policies with regard to ownership structure. It also offers policy prescriptions in emerging markets in the area of corporate financing policies. [ABSTRACT FROM AUTHOR]

This study examines the determinants of profitability of deposit banks in Turkiye taking into account differences in the ownership structures of public, private domestic and foreign-owned banks. The aim of the study is to analyse whether the factors determining profitability change depending on the managerial differences that the ownership structure may entail. A seemingly unrelated regression method with monthly data from 2010 to 2022 is used for this purpose. Our findings suggest that the real effective exchange rate, inflation, and non-interest income variables have common effects on profitability regardless of bank ownership. However, the bank capital ratio, bank size, loan to deposit ratio, and economic activity affect profitability differently across bank ownership types. [ABSTRACT FROM AUTHOR]

This study investigates the relationship between ownership structures and dividend policies for 46 Islamic and 75 conventional banks from 12 MENA and Asian countries between 2012 and 2020. Logit regression is employed to estimate the regression equation, centering on the moderating impacts of the COVID-19 pandemic and national culture. Our findings remain robust as we tackle the endogeneity issue using probit and logistic regression models. Asset growth and GDP growth serve as proxies for investment opportunities. Additionally, dividend per share acts as a proxy for dividend policy. Our findings emphasize how the ownership structure impacts dividend payouts in both banking systems. We observed positive relationships between dividend payouts and foreign ownership, bank size, age, and performance. Conversely, concentration of ownership and leverage negatively influence dividend payouts. The COVID-19 pandemic directly boosts the dividend policy for conventional banks and alters the relationship between foreign ownership and distribution policy in Islamic banks. Specifically, COVID-19 interacts with foreign and state ownership to reduce dividend payouts, but concentration of ownership does not show this effect. This study furnishes evidence affirming the significance of the ownership structure in shaping the dividend payout policy within Islamic and conventional banking. The results maintain their reliability across various estimation approaches. Moreover, this study accounts for the crisis period as a moderating factor influencing dividend payments. [ABSTRACT FROM AUTHOR]

Eco‐innovation capability's enhancement of the operational competitiveness of Energy Service Companies (ESCOs) remains under explored in emerging markets. Furthermore, limited evidence exists on the influence of ownership structure on eco‐innovation capability and operational performance. This study therefore examines the relationship between eco‐innovation capability, ownership structure and operational performance of ESCOs. Questionnaires are electronically distributed to Operations Managers of 287 ESCOs registered by the Energy Commission in Malaysia. To test the direct and moderating effects, Partial Least Square‐Structural Equation Modeling (PLS‐SEM) is applied on 136 valid responses. Results suggest Eco‐innovation Capability significantly enhances ESCOs operational performance, with the model explaining 66% (R2 = 0.656) of the variance. Furthermore, a concentrated ownership structure resulted in higher eco‐innovation capability and operational performance. These results provide pathways for industry practitioners to improve sustainable development contributions and operational performance whilst providing policymakers with a benchmark towards evaluating the effectiveness of the National Energy Policy. [ABSTRACT FROM AUTHOR]

This study delves into the influence of banks' governance and ownership structures on green lending. To examine this, we utilized the two-step system GMM and PCSE methods on the panel data of Vietnamese commercial banks spanning from 2010 to 2023. The findings suggest that board characteristics, precisely board size, board independence, and gender diversity, play a significant role in encouraging banks to provide green credit. The study highlights the importance of ownership structure in green lending. Banks with a high percentage of government ownership tend to fund more green projects, while foreign counterparts are reluctant to fund green finance. A mechanism test is also conducted to point out that banks' disclosure of their green loan commitments is an influential channel whereby corporate governance and ownership structure impact green loans. Additionally, this research finds that the issuance of the Green Loan Principles in 2018 can facilitate banks' governance of sustainable lending. [ABSTRACT FROM AUTHOR]

The existing literature on the impact of ownership structure on corporate social responsibility (CSR) showed inconsistent results and disregarded the possibility of non‐linear patterns in the relationship. The present study examines the non‐linear relationship between ownership structure (family, foreign, institutional, and government) and CSR expenditure of listed non‐financial service sector firms in India. Further, the moderating effect of board variables, including board size, board independence, multiple directorships and gender diversity, is explored in the ownership structure‐CSR nexus. Based on a balanced panel dataset of 243 non‐financial service sector companies listed in India, the study observed an inverse U‐relationship between institutional ownership and CSR. The study also found that family, foreign, and government ownership positively influence the firm's social engagement. However, the study could find partial support for the moderating role of the four board characteristics; board size, board independence, multiple directorships and gender diversity in ownership‐CSR association. The study contributes to existing CSR and corporate governance literature by exploring one of the major factors (ownership structure) impacting CSR and the role of board variables in the association. [ABSTRACT FROM AUTHOR]

The automotive industry is widely considered to be crucial for the economy, as it reflects economic development in general. Despite interest in financial performance, few studies have considered paying attention to the ownership structure among stockholders. Hence, the study aims to find out how the degree of ownership concentration, measured through the independence indicator of the Bureau van Dijk, is reflected in the financial management of companies in the automotive industry among selected European countries. The generalized method of moments (GMM) technique is widely used while investigating panel data with a short estimating period, i.e. nine years annually in this case. However, this study reveals that, without deploying techniques, subsequently introduced a modified version of GMM estimators with panel data by providing an implementation using Stata statistical software. Otherwise, these particular econometric tools to analyze a dynamic panel can often give false significant estimates. Overall, liquidity seems to be significant in the case of firms with less concentrated ownership, whereas companies with a major owner are affected more by selected macroeconomic variables. [ABSTRACT FROM AUTHOR]

Purpose – The effect of corporate social responsibility (CSR) on corporate financial performance (CFP) is shown to depend on both firm-specific and external factors. This study investigates the moderating role of two firm-specific factors – the firm life-cycle stage and ownership structure – on the CSR–CFP relationship in a developing economy setting – India. Design/methodology/approach – The study covers 1,419 listed companies in India during 2015–21. The firm lifecycle is represented using firm age and future growth prospects. Ownership is represented through a dummy variable and promoters’ holding percentages. Return on assets (RoA) is used as a measure of CFP, while CSR intensity, i.e. the ratio of CSR expenditure to profit after tax (PAT), is used to represent CSR. Fixed effect panel regression and generalized method of moments (GMM) models are used for data analysis. Findings – CSR expenditure has a significant negative impact on CFP. Firm age and future growth prospects amplify this negative impact, indicating that the firm life-cycle has a significant negative moderating effect on the CSR–CFP relationship. Furthermore, the impact of CSR on CFP is worse for government companies than private ownership. Promoters’ holdings have a positive impact on the CSR–CFP relationship. Research limitations/implications – The results question the validity of mandatory CSR expenditure on companies operating in developing countries and call for a differentiated policy approach to CSR expectations based on firm characteristics. This study also enhances the existing literature on CSR–CFP. Originality/value – The growing research on CSR–CFP has limited coverage of firm characteristics as contributing factors. Hence, this paper helps in enhancing the existing literature on CSR–CFP and makes it more relevant to firms with specific characteristics.

Purpose – This study examines the correlation between ownership structure (OS) and financial reporting integrity (FRI), with emphasis on the impact of earnings quality (EQ) in the Egyptian context. Design/methodology/approach – The study uses data from 472 firm-year observations of Egyptian publicly listed companies between 2014 and 2021 and carried out descriptive statistics, correlation tests, multiple regression analysis and two-stage least squares (2SLS) to test the hypotheses. Findings – The results revealed that blockholders and institutional ownership significantly enhance reporting integrity through effective oversight and monitoring. The findings underscore the vital role of concentrated OS in overseeing reporting practices and mitigating managerial opportunism, thereby improving the transparency and reliability of financial disclosures in Egypt. Practical implications – The findings enrich the literature on corporate governance and financial reporting quality and have important implications for policymakers, regulators and corporate stakeholders. Originality/value – This work contributes valuable insights on how OS and EQ can bolster FRI, offering crucial information for combating financial crises and facilitating smooth business operations in Egypt.

In this research, a new model for explaining the relationship between corporate governance and ownership structure with innovation is presented. This research, by deleting individual variables and adding new variables and determining the importance of the Delphi group, is located and They were selected for use in the model after two steps. The research was correlational and the statistical population of the study included companies listed in Tehran Stock Exchange, and the sample was screened and after the removal of Pert observations by 104 Tehran Stock Exchange companies during the period of 2011-2018. In this study, the variables of corporate governance and ownership structure are considered as independent variables. And using qualitative and quantitative combination data, multivariate regression and software spss version 20 and Eviese 7 their relationship with company innovation as dependent variable has been investigated. The results show that among the variables of corporate governance and ownership structure, ownership concentration, state ownership, and institutional ownership reduce innovation. However, the variables of the proportion of non-executive members and remuneration of the board improve the status of innovation in bourse companies. According to this model, other corporate governance variables did not have a significant effect on innovation.

We are mainly interested in the impact of acquisition, ownership structure, and national governance quality on accrual earnings management (AEM) in the GCC listed companies' context. Our sample is composed of 3210 firm-year observations for the period from 2007 to 2017. We employ panel data models in investigating the determinants of AEM for acquiring and non-acquiring firms. The findings reveal that acquiring firms involve more in earnings management than non-acquiring firms and that acquiring firms involve in AEM through income increasing rather than income decreasing. Institutional and state ownership are found to be an efficient tool in restraining companies' engagement in earnings management whereas foreign ownership is shown to have no impact. National governance quality is found to be an efficient mechanism to reduce the companies' engagement in earnings management. The study has both organizational and policy implications. In the organizational context, the GCC listed companies could benefit from attracting institutional and state owners to mitigate earnings management and therefore enhance firm performance. In the legislative context, policy makers are encouraged to concentrate on developing national governance systems to mitigate AEM. [ABSTRACT FROM AUTHOR]

Institutional investors are considered experienced, professional investors who also have the know-how to monitor and guide the companies in which they invest with regard to financial decisions that impact the firms' solvency and corporate governance. We investigate whether there is an empirical relationship between the level of institutional investors' holdings in publicly traded firms and the firms' solvency. Using 9-years worth of data about 207 healthy and distressed American and Canadian public companies, we demonstrate a significant positive relationship between the firms' solvency and the level of institutional investors' holdings in the firms. This relationship is bidirectional. If the firm's solvency level decreases, the institutional shareholders "vote with their feet" and reduce their ownership in the firm. Thus, changes in the level of institutional investors' holdings in publicly traded firms provide other stakeholders with a signal about the potential solvency risks of these firms. Our study is the first to our knowledge that investigates empirically the direct relationship between the level of institutional investors' holdings in a publicly traded firm and its odds of encountering financial distress. [ABSTRACT FROM AUTHOR]

Purpose – This research is designed to analyze the effectiveness of the audit committee, nomination and remuneration committee, and ownership structure on company performance and how COVID-19 moderates the influence of these governance mechanisms on company performance. Design/methodology/approach – 437 annual reports of Indonesian manufacturing companies from 2018 to 2021 were used as research samples using multiple regression analysis and moderated regression analysis. Findings – Good corporate governance plays a role in improving company performance. The presence of COVID-19 affects corporate governance, thereby reducing performance, but good corporate governance can limit this impact. Practical implications – This research helps companies understand the effectiveness of the supervisory function in improving company performance. This research provides input for companies, regulators, and policymakers to pay attention to good corporate governance, especially when facing a crisis. Originality/value – To my knowledge, research that examines corporate governance mechanisms and company performance related to COVID-19 and investigates whether COVID-19 moderates the influence of corporate governance mechanisms on company performance has never been conducted.

This study examines the relationship between corporate secrecy and financial crime, presenting an analytical framework to strengthen risk assessment efforts. We develop secrecy indicators using corporate ownership data from over 2.6 million firms across eight European countries. These indicators are validated using machine learning models built upon evidence of crime committed by firms and/or their owners. The results demonstrate robust predictive power: firms with complex structures and owners from high-risk jurisdictions show a higher likelihood of engaging in illicit activities. Incorporating macro-level information, such as geographic location and economic sector, enhances the understanding of this phenomenon. These findings advance empirical knowledge about the nexus between secrecy firms and crime, offering anti-money laundering authorities novel machine learning tools for effective risk assessment. [ABSTRACT FROM AUTHOR]

The research aims to analyze and determine the influence of profitability, leverage, company size, ownership structure, and board of commissioners on risk management disclosure. This research was conducted using an associative quantitative research method with data analysis tools using multiple linear regression using SPSS 20 software with a population of 18 companies and a sample of 10 companies engaged in the oil and gas energy sector listed on the Indonesia Stock Exchange for the period 2018-2022. The results of this study show that leverage and company size partially have a significant effect on risk disclosure, while profitability, ownership structure, and board of commissioners partially have a non-significant effect on risk management disclosure. The results of the smear test showed that the results of profitability, leverage, company size, ownership structure, and board of commissioners together affected risk disclosure by 54%. [ABSTRACT FROM AUTHOR]

This study investigates the relationship between corporate social responsibility (CSR), ownership structure, and investment efficiency in the Saudi stock market. Analyzing data from non-financial companies listed on the Saudi Stock Exchange (Tadawul) from 2016 to 2021, the findings revealed that higher CSR disclosures were positively associated with investment efficiency. Additionally, the study found that firms with higher levels of institutional, family, or foreign ownership demonstrated more efficient investment practices. However, the study did not support the moderation effect of ownership structure on the CSR–investment efficiency nexus. These results remain robust across different alternative measures and methods. This research fills a gap in the literature by examining these relationships in an emerging market with unique governance and ownership structures. Specifically, it extends the understanding of the CSR–investment efficiency nexus beyond developed economies to include the developing context of Saudi Arabia. Furthermore, the study highlights the varying effects of different ownership structures on investment efficiency and provides a detailed analysis of how investor types respond to CSR disclosures, revealing differences from established CSR frameworks in developed markets. The study's results offer new insights for investors, policymakers, and regulators, and open avenues for further research for academics and business professionals. [ABSTRACT FROM AUTHOR]

This study investigates the intricate relationship between ownership structure and financial reporting quality in Nigeria's consumer goods sector, a critical component of the country's economy. As investor confidence and market efficiency hinge on the integrity of financial reporting, understanding the factors that influence its quality is paramount. This research delves into how various ownership structures--including managerial, institutional, and foreign ownership--impact the quality of financial reporting among listed consumer goods companies in Nigeria. Utilizing a sample of fifteen listed consumer goods companies over a ten-year period, this study employs robust econometric techniques to analyse the relationship. The research uses modified Jones model as proxies for financial reporting quality and examines ownership data from Nigeria Exchange Group. Our findings reveal a significant positive relationship between institutional ownership and financial reporting quality, while managerial ownership shows a negative correlation. These results have important implications for regulators, investors, and corporate governance practitioners in Nigeria and similar emerging markets. This study contributes to the existing literature by providing fresh insights into the Nigerian context, offering a nuanced understanding of how ownership structures influence financial reporting practices in a vital economic sector. The findings can inform policy decisions aimed at enhancing the quality of financial reporting and improving the overall transparency and efficiency of Nigeria's capital markets. [ABSTRACT FROM AUTHOR]

The study aims to examine the relationship between corporate ownership structure and capital structure of BSE listed manufacturing firms in India. The study has included the sample of 357 companies which covers 16 major sectors during the period of 2006–2015. Considering the dynamic panel nature of the data relating to the capital structure and the ownership structure variables. The analysis undertakes a novel approach of examining the determinants both single equation and reduced equation models. In order to determine the most appropriate model, based on the F test, the Breusch Pagan LM test and finally the Hausman Test is conducted. The Hausman test result has been estimated by the fixed effect model is better than the other two models such as pooled OLS and random effect estimation. Based on the fixed effects results, size, risk and profitability have a highly significant relationship with leverage. Meanwhile, the growth opportunities and tangibility represent insignificant values. The study found that the explanatory variables of the promoters' ownership and the institutional ownership have a negative impact on leverage, while the corporate ownership has a positive influence on the capital structure decision. The individual or public ownership has a negative and significantly related to the capital structure, whereas the effect of the foreign ownership inversely related to the firm's leverage. [ABSTRACT FROM AUTHOR]

The objective of this research paper is to investigate the association between internal Corporate Governance (CG) mechanisms and stock price volatility in Egypt as an emerging market. The paper investigates the impact of ownership structure and board structure as internal CG mechanisms on stock price volatility. Data are analyzed using a two-way fixed effects model, a one-step dynamic panel data model, and a panel weighted least squares model. The study concluded that ownership concentration has a negative influence on volatility. Interestingly, an inverted U-shaped relationship between the percentage of ownership by the greatest shareholder and volatility is evidenced. Managerial ownership also showed a negative influence on volatility. As for board structure mechanisms, the findings show that both board size and frequency of board meetings negatively influence volatility, whereas board independence has a positive impact. [ABSTRACT FROM AUTHOR]

This study explored the impacts of ownership structure (OS) on intellectual capital (IC) and its components. Data were gathered from 31 Dhaka Stock Exchange-listed banks for five years, from 2017 to 2021, consisting of 155 observations as balanced panel data. The study used the modified value-added intellectual coefficient (MVAIC) model to track the IC efficiency. The robust fixed effects model was employed for regression analysis to test the hypotheses. The research found that sponsor director ownership is negatively associated with the MVAIC, human capital efficiency (HCE), and structural capital efficiency (SCE) but positively with relational capital efficiency (RCE). High institutional and public ownership are positively linked with SCE but negatively with RCE. Foreign ownership is only positively associated with banks' MVAIC and HCE. The regression results showed that high institutional ownership (IO) significantly enhanced the MVAIC and HCE. Foreign and public ownership positively influenced banks' MVAIC, HCE, and capital employed efficiency (CEE) but negatively impacted RCE. The findings of this study will help banks' policymakers with ownership mixes for the optimum utilization of banks' resources. Management may assess IC's efficiency level for proper supervision and use of knowledge resources to boost bank profitability. Also, the findings will help investors make prudent investment decisions. This is the first study to focus on OS and IC with diverse elements in Southeast Asia, especially Bangladesh, an emerging market. [ABSTRACT FROM AUTHOR]

This study intends to examine the influence of ownership structure and political connections on tax avoidance using the Book Tax Differences (BTD) method. The data used is industrial entities registered on the IDX for the 2018-2022 period. By utilizing the proportional sampling method, the study sample that fulfilled the criteria was only 40 companies so that 200 observational data were obtained which were used as the study sample. Panel data regression analysis is the chosen analytical method in this research which includes the Chow test, Hausman test, and hypothesis testing using Eviews as a data analytics tool. The test results imply that (i) government ownership negatively impacts tax avoidance, (ii) institutional ownership positively impacts tax avoidance, (iii) family ownership positively impacts tax avoidance, (iv) foreign ownership shows a non-significant positive impact on tax avoidance, and (v) political connections exhibit a non-significant negative impact on tax avoidance. [ABSTRACT FROM AUTHOR]

Understanding how firms cope with economic crises is of great importance, particularly in this period of rising interest rates coupled with a severe pandemic crisis. This study conducts an empirical analysis of firms in distress based on a large firm-level panel dataset containing detailed micro-level information on Chinese manufacturing firms. We study economic distress rather than financial distress. Moreover, we identify survival tactics adopted by distressed firms and the factors driving their choice of tactics. We show that three particular survival tactics help distressed firms recover, namely, reliance on fixed assets, reliance on intangible assets, and cost reduction. Furthermore, we show the critical role of institutional development in emerging economies, where institutions include product markets, financial markets, and legal institutions. [ABSTRACT FROM AUTHOR]

This study aims to analyze the influence of board characteristics, ownership structure, and public attention on the disclosure of information related to climate change in the banking industry. This study uses panel data from financial reports and corporate sustainability in the banking sector. The data is processed using the Eviews application, using a sample of 348 companies from 2018 to 2021. The results show that the presence of women on the board, foreign board members, foreign ownership, and public attention all have a positive and significant effect influence. In contrast, board size and institutional ownership have a negative influence on the disclosure of climate change information by banking companies in different countries. Statistical tests also show that although the level of climate change information disclosure by banking companies is relatively good, there is still room for improvement to be in line with evolving standards. The study also looks at public attention through media coverage, as measured through Google Trends, which has the potential to impact climate change information disclosure, especially in sectors that are sensitive to the issue. Furthermore, the study conducted additional tests by categorizing the sample based on companies located in countries with high and medium rankings in the climate change performance index, as well as grouping them by region (Asia, Americas, and Europe). This research has important practical and theoretical contributions, advancing the understanding of the application of legitimacy and stakeholder theories to climate change and the factors that influence climate change disclosure strategies. [ABSTRACT FROM AUTHOR]

This study examines the effects of the political connecitons on corporate performance, and whether the anti-corruption campaign moderates the relation between political connection and corporate performance. Using a sample of firms listed on the Shanghai and Shenzhen Stock Exchanges in China over the period of 2008 to 2018, we find that political connections have a positive effect on corporate performance and the anti-corruption campaign could improve corporate performances. Moreover, the anti-corruption campaign moderates the relation between political connection and corporate performance. After the campaign, the advantages of political connections are mitigated, and firms rely more on their operations. There is a negative effect of political connections on corporate performance after the campaign, especially in firms with low level of information asymmetry. As far as ownership structure is concerned, this study observes that political connections decrease performances in state-owned enterprises and domestic legal persons under the anti-corruption clauses. Moreover, these negative moderating effects only work in firms with low level of information asymmetry. Our results are not biased by endogeneity problems after a battery of robustness checks. The findings of this paper contribute to corporate governance and management practices in emerging markets. [ABSTRACT FROM AUTHOR]

Drawing upon institutional theory, we investigate how companies react to coercive pressures which impose anti-corruption disclosure practices. We adopt the concept of change in the institutionalized field and investigate the impact of the natural experiment of the Non-Financial Reporting Directive (NFRD) implementation on a company's choice for disclosing its anti-corruption policy. We examine the relationship between firm linkages with the external environment, proxied by board independence and ownership dispersion, and anti-corruption disclosure. We use a sample of 72 companies listed on the Warsaw Stock Exchange over the period of 2015–2019 that were subject to the NFRD legislation. The evidence from the Tobit model shows that the linkages with the external environment differentiate company reactions to the implementation of the mandatory reporting legislation. In particular, greater company linkages via interdependent directors and ownership dispersion increase the scope of the anti-corruption disclosure in the post-NFRD period. Our study offers policy implications suggesting that corporate scrutiny and exposure to external constituencies may improve implementation of legislation into company practice and enhance anti-corruption disclosure. [ABSTRACT FROM AUTHOR]

Earnings quality is crucial to provide investors and lenders with accurate information about the economic health of the firm and to help them make the right decisions. This paper examines whether the pooling of financial resources and internal funds allocation in corporate groups has a positive effect on earnings quality through reduced earnings management practices in affiliated firms. It is hypothesized that the funding benefits of pooling financial resources in corporate groups allow affiliated firms to reduce solvency problems arising from higher leverage, which in turn reduces incentives for earnings management. The study is based on a balanced panel data set of 95 non-financial firms traded on Borsa Istanbul covering the period between 2015 and 2022 (8 years) with a total of 760 observations. Using management's discretionary accruals as a proxy variable to measure management's flexibility to engage in earnings management, this study finds that being affiliated to a business group reduces earnings management incentives in group affiliates when firm's leverage increases. The business group's support on the debt-leveraged firm alleviates the motivation for earnings management practices. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of the present study is to conduct a comprehensive analysis of the importance of pension funds in the most important corporate governance mechanisms of listed companies in Poland. Design/methodology/approach: Due to the complexity of the subject, four research approaches have been applied. These include: the importance of pension funds in the capital market, their share in the shareholding structure of listed companies, the activity of open pension funds (OFE) at general meetings of shareholders, the formal and effective participation of OFE at general meetings of shareholders. Fourteen indicators were used that measure the share of pension funds in corporate governance. Findings: Pension funds have about 4.5 times bigger market capitalisation share than the investment funds. They are shareholders of 50% of the companies listed on the Warsaw Stock Exchange. The largest OFE are very active in proposing resolutions, candidates for supervisory boards and taking action aimed to protect the interests of minority shareholders. The effectiveness of supervision exercised by pension funds depends, inter alia, on their formal and effective participation in control structures at general meetings of shareholders. In the companies studied, the effective participation of OFE at general meetings of shareholders was on average 1.5 times higher than their formal participation. The possibilities of influence of OFE are therefore much greater than their formal shares in the control structure. Research limitations/implications: The formal and effective OFE participation at general meetings of shareholders has been studied on the example of 47 companies, in which the total OFE share in the shareholding structure was around 25% and more. Further research should include all companies with OFE share. Practical implications: The results of the research may be important for further directions of development of the capital market and pension system in Poland. Originality/value: The added value of this study lies in both the methodological aspects and the empirical findings. An important element of novelty is that a methodology has been proposed to explore different aspects of this complex problem. This has enabled a multithreaded but coherent analysis of the importance of pension funds in corporate governance. [ABSTRACT FROM AUTHOR]

Background: The ownership structure can impact capital structure decisions as owners are an influential group that govern the financial decisions of firms. Hence, the ownership structure and the categories of its owners have important implications for the capital structure of firms. Aim: This study investigates the linear and non-linear effects of different ownership types (managerial, foreign, institutional, government, and family) on the debt ratios of firms. Setting: This study includes 267 non-financial firms listed on the Johannesburg Stock Exchange (JSE) from 2004 to 2021, accounting for fluctuation in listings during this period. Method: The fixed effects model is used to estimate the impact of ownership structure on capital structure, while the Sasabuchi-Lind-Mehlum test evaluates non-linearity. Additionally, the Durbin-Wu-Hausman test is employed to detect whether endogeneity is present in this study. Results: The findings indicate that government ownership has a positive linear relation with the total debt and long-term debt ratio, while a non-linear inverse U-shaped relationship is found between institutional ownership and long-term debt, with an optimal level of 34.3%. Conclusion: The study concludes that the ownership structure is an important factor driving capital structure decisions, with government and institutional ownership directly impacting the debt ratios of firms. Contribution: This article expands the limited knowledge of the impact of ownership structure on capital structure and is the first to explore non-linear effects in the South African context. The findings offer valuable insights for boards and management that may aid them in strategically configuring ownership structures that optimise their capital structures.