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Considering the prevalence and increased use of online social networking sites (SNSs), the present study investigated the association between visiting SNSs and users’ subjective wellbeing. Data were collected from 251 participants and were analyzed using partial least square-based structural equation modeling. The findings showed that there was no significant direct influence of SNS use on users’ subjective wellbeing. Additionally, the study found a significant mediating influence of passion on the association between SNS visits and subjective wellbeing. Moreover, the study did not find any significant negative mediating impact of obsession with SNS visits and association with subjective wellbeing. Among various personality traits, openness to experience had a positive moderating impact and neuroticism had a negative moderating impact on the association between SNS visits and subjective wellbeing among SNS users. The study provides implications for managers and parents regarding improved SNS use and increased subjective wellbeing.

PurposeThis study tests whether corporate social responsibility (CSR) performance is a predictor of the financial sector's financial stability (FS), with the moderation of a sustainability committee.Design/methodology/approachThe sample covers financial sector firms included in the Thomson Reuters Eikon database. The analyses are based on 8,840 firm-year observations for the years between 2002 and 2019 and the country-firm-year fixed-effects (FE) regression analysis is executed.FindingsThe results reveal that CSR initiatives contribute to the financial sector's FS as a whole and the sector's three individual sub-sectors. This proven significant association holds for all sub-sectors, namely insurance, banking, and investment banking. Moreover, the moderation analysis reveals the prominent role of a sustainability committee in bridging CSR performance (CSRP) with FS.Research limitations/implicationsThe findings highlight that meeting societies' expectations pays back in the form of greater FS in the financial sector.Practical implicationsThe findings suggest that CSR engagement helps the financial sector firms manage their risks and alleviates exposure to insolvency. This is because CSR performance promotes firms' accountability and transparency toward stakeholders. The results help motivate managers to pursue CSR goals more seriously to ensure FS. The moderation analysis implies that sustainability committees develop policies and practices to integrate the non-financial and financial goals of the firm.Originality/valueAlthough prior studies have examined the link between CSR and financial performance (FP) in the financial sector, those studies have largely ignored FS in terms of risk-adjusted performance. Besides, prior studies have exclusively focused on the banking sector, but the authors concentrate on the banking, insurance, and investment banking sectors.

The objective of this study is to examine the effects of board characteristics and country governance quality on both individual aspects and the overall level of environmental performance through the lens of agency, resource dependency, and institutional theories. The study is based on a sample of 3023 firm-year observations from European companies operating in 22 countries between 2009 and 2016. Data on the resources, emissions, and innovation dimensions of environmental performance and board governance data were collected from the Refinitiv database, whereas financial data were extracted from the Worldscope database. The study employs a multilevel modeling analysis and the generalized method of moments (GMM) estimation technique to analyze the data. The findings suggest that board gender diversity and the presence of a corporate social responsibility and sustainability committee have a positive impact on environmental performance. The results also show that country governance quality is positively related to environmental performance. The findings have important implications for practitioners, regulators, and policymakers with respect to the effectiveness of corporate governance mechanisms and country governance systems in determining corporate environmental practices.

PurposeBased on the tenets of the conservation of resources (COR) theory, this study investigated the influence of different leadership styles on organizational performance in the context of a Eurasian country (i.e. Kazakhstan). It further examined the moderating role of corporate culture in the leadership-organizational performance relationship.Design/methodology/approachUsing the quantitative survey method, the study collected data from 321 managerial employees working in local and multinational corporations in Kazakhstan. The collected data were analysed using SPSS software, and factor analysis, path analysis and hierarchical regression analysis were conducted to validate the hypotheses. Furthermore, structural equation modelling was developed to assess the moderating effects of the variables.FindingsThe findings reveal that among different leadership styles, transformational, transactional and paternal leadership have higher influences on organizational performance. Among different corporate cultures, clan culture appears to have higher moderating effects on the leadership-organizational performance relationship. The moderating role of corporate culture on the leadership influence-organizational performance relationship supports the “resource caravan” effects of the composition model theory.Research implicationsBased on the premises of the COR theory, this study suggests developing multiple leadership competencies among managerial employees to be more effective in any given organizational or country context. As a result of the inclusiveness of multiple competencies, the study further suggests the consideration of an “integrated leadership approach” in the Eurasian context. Consistent with the national cultural syndrome, and as preferred by employees, managers could focus on developing a clan or group culture to strengthen their influencing power on employees.Originality/valueThe study adopts the COR theory by considering leadership competencies as unique resources of individual managers, which suggests the development of an “integrated leadership approach” for better management development and improved organizational performance. Furthermore, the study contributes by validating the applicability of the “conservation of resources” and the “composition model” theories in leadership studies.

Drawing on upper echelons and resource dependence theories and using data of European listed companies over the period 2009–2016, we examine the effects of corporate social responsibility (CSR) strategy and board gender diversity on environmental and social performance. In particular, we investigate whether CSR strategy contributes to improving corporate environmental and social performance, and whether this relationship is moderated by board gender diversity. Our empirical findings suggest that firms with more effective CSR strategies exhibit better environmental and social performance. The results also show that board gender diversity is positively associated with environmental and social performance, thus supporting the notion that board gender diversity promotes sustainable development. Furthermore, the findings reveal that the positive relationship between CSR strategy and environmental performance is negatively moderated by board gender diversity. Finally, the results show that that national governance quality and firm size are important underlying factors affecting corporate environmental and social performance.

Purpose The purpose of this study is to examine whether board gender diversity and other board characteristics affect earnings management practices of top public companies in Kazakhstan. Design/methodology/approach The study analyzes data of top public companies for the period 2010-2016. Data on corporate governance were manually collected from annual reports and investment memorandums, and financial data were collected from audited financial statements. Findings The empirical results show that companies with greater board gender diversity are more effective in constraining earnings management. The findings also indicate that companies with larger boards adopt a more restrained approach to earnings management practices, thus supporting the theoretical framework of the study. However, the results provide weak evidence of the association between board independence and earnings quality. Originality/value This study is the first to investigate the relationship between gender diversity and earnings management in emerging markets such as Kazakhstan that offers managerial and policy implications.

PurposeThe purpose of this paper is to investigate the extent and determinants of sustainability performance disclosures reported by publicly traded companies in Kazakhstan by using the Global Reporting Initiative (GRI) framework. Among the different possible determinants, stand-alone sustainability reporting (SR), reporting language, leverage, cash flow capacity, profitability, size, age and auditor type were selected to investigate their impacts on the quality and scope of sustainability information.Design/methodology/approachThe study analyzes data from publicly traded companies at the Kazakhstani Stock Exchange for the years 2013–2015. To investigate the extent, nature and quality of sustainability reports, the study measures and analyzes economic, environmental and social performance parameters, as suggested in the GRI guidelines.FindingsThe results indicate that determinants such as stand-alone reporting, reporting language, firm profitability, firm size and auditor type substantially influence the extent, nature and quality of sustainability-reporting practices of Kazakhstani companies.Practical implicationsThe findings of the study suggest that managers, practitioners, regulators and policy makers in emerging economies should adopt the GRI guidelines to report sustainability performance disclosures and focus on specific factors to improve the quality of sustainability disclosures.Originality/valueThis study is one of the first studies to investigate the extent, nature and possible determinants of corporate SR in central Asian-emerging economies.

The purpose of this study is to investigate the impact of board sustainability committees on environmental and social performance and to examine the mediating effect of corporate social responsibility (CSR) strategy on the relationship between the presence of board sustainability committees and corporate sustainability performance. Using data of U.K. listed firms for the period of 2009–2016, the study employs panel regression analysis and bootstrapping techniques to test study hypotheses. The results suggest that the presence of a sustainability committee improves the effectiveness of CSR strategies. The results also indicate that firms with effective CSR strategies exhibit better environmental and social performance. Further, the empirical results show that the effectiveness of CSR strategy explains the positive relationship between board sustainability committees and corporate environmental and social performance, thus supporting the theoretical framework of the study. The findings of the study shed new light on this research direction and could be of interest to board members, managers, practitioners, investors, policy makers, and regulators that plan to promote sustainability practices and strategies needed for sustainable development.

Purpose This study aims to examine the effects of earnings management and audit quality on cost of debt of listed companies in Kazakhstan. The study also investigates the effects of audit quality on earnings management and whether the relationship between earnings management and cost of debt is affected by audit quality in the context of a given emerging economy. Design/methodology/approach The study sample consists of public companies listed in the Kazakhstan Stock Exchange (KASE) from 2011 to 2016, and all data were obtained from audited financial statements and annual reports downloaded from the webpage of KASE. The study uses the cross-sectional ordinary least squares technique to test the impact of audit quality and earnings management on cost of debt. Findings The collected empirical evidence shows that earnings management is negatively related to cost of debt. The findings also indicate that higher audit quality leads to a lower cost of debt. However, the results suggest that audit quality has no impact on earnings management and that the effect of earnings management on cost of debt is not different for the companies audited by the Big Four and for the companies audited by other audit firms. Practical implications The findings of the study can be of interest to policy-makers, regulators, investors and practitioners in emerging markets with an institutional environment similar to that of Kazakhstan. Originality/value The study throws more light on the impact of earnings management and audit quality on cost of debt in Kazakhstan, representing the Central Asian region. This study also extends the current literature by providing empirical evidence that the relationship between earnings management and cost of debt is not affected by audit quality.

Purpose This paper aims to explore the extent and nature of corporate social responsibility (CSR) reporting practices in the banking sector of Kazakhstan and investigates the effects of board characteristics on CSR disclosures in the given emerging economy. Design/methodology/approach Data on CSR disclosures were manually collected from annual reports of all commercial banks listed in the Kazakhstan Stock Exchange (KASE) for the period 2010-2016. Financial data were obtained from audited financial statements available on bank websites and the Web page of the National Bank of Kazakhstan. Findings The empirical results reveal that board gender diversity has a positive influence on CSR reposting, while board size and board independence have no impact on the level of CSR disclosures. Furthermore, the results show that bank size and bank age are significant factors in the dissemination of CSR disclosures. Additionally, the findings suggest that banks with a share of foreign ownership disclose more extensive and transparent information on CSR activities than banks owned by local investors and state-owned banks. Originality/value The study provides evidence on the relationship between corporate governance and the level of CSR in the context of an emerging economy such as Kazakhstan, representing the Central Asian region. The study contributes to the current literature by focusing on the banking sector of Kazakhstan as a research context due to its substantial representation in the capital market of the given emerging economy.

This study aims to explore the extent and nature of sustainability reporting practices of the largest public oil and gas companies in Russia. It further investigates the impacts of possible underlying factors on the quality of sustainability information in the given emerging economy. This study uses data on sustainability performance manually collected from sustainability reports and annual reports and financial data extracted from audited financial statements available on company websites. The results reveal that standalone sustainability reporting, firm age, and auditor type are the main factors in the dissemination of sustainability information in the Russian context. The findings suggest that companies with a share of foreign ownership disclose more transparent sustainability information than companies owned only by local investors. Additionally, companies that prepare sustainability reports only in Russian provide more valuable sustainability information than companies that publish reports in both English and Russian. The findings of the study are useful for regulators, policymakers, global investors, and managers in promoting the high application standards of the Global Reporting Initiative framework, formulating corporate disclosure policies for listed companies, and developing sustainability practices in the context of emerging markets.

Based on essence of the stakeholder and resource dependence theories, this study examines relationships between corporate board characteristics and sustainability reporting (SR) in oil, gas and mining companies in Kazakhstan. All data on board characteristics and SR were collected manually from annual reports, investment memorandums, sustainability reports, and corporate social responsibility (CSR) reports, while financial data were extracted from financial statements of the companies. The results show that board characteristics such as board size and gender diversity are the most important factors in determining the scope and quality of sustainability information. The findings of the study will be useful for investors, policy makers, regulators and practitioners, as they suggest that effective board characteristics could improve corporate governance (CG) practices, which, in turn, could lead to more transparent and better corporate reporting practices in emerging economies generally and the 15 former USSR countries specifically.

Purpose The purpose of this paper is to investigate the impact of different dimensions of corporate governance practices such as board characteristics, ownership structure, corporate disclosure and CEO education on the operating performance of Russian banks before, during and after financial crises. Based on the findings, it proposes some policy measures for improved governance practices to protect banks from future financial crisis or economic downturns. Design/methodology/approach The study comprises data from the largest publicly traded Russian banks listed on the Russian Stock Exchange RST for the period. Operating performance data were collected from financial statements, while corporate governance mechanisms were collected from annual reports available on the banks’ websites. Because panel data were used, the panel regression model was used to control unobserved time-constant heterogeneity. Findings The findings revealed a positive impact of corporate governance on bank performance before and after the financial crisis. The financial crisis enforced Russian banks to improve their corporate governance practices, resulting in better operating performance after the crisis. Surprisingly, the results for the during-crisis period show that better governance did not yield higher operating performance in Russian banks. Originality/value This is one of the first studies to provide empirical results regarding the relationship between corporate governance practices and bank performance in Russia across different financial crisis periods. The findings revealed the uniqueness of corporate governance scenarios of Russia which could provide important guidelines for other transition economies and emerging markets.

Drawing on signaling theory and the greenwashing tendency, the objective of this study is to explore the connection among four facets of corporate social responsibility (CSR) practice: CSR performance, CSR reporting, following the Global Reporting Initiative (GRI) guidelines in preparing CSR reports, and verifying the reliability of CSR reports through an external assurance statement. The sample of the study includes 2244 firm-year observations of energy firms listed in the Thomson Reuters Eikon database for the period 2012–2018. Panel data analysis with fixed effects is used as the empirical methodology. The findings lend support to signaling theory and reject a greenwashing tendency in the energy sector with the validation of hypothesized relationships. More specifically, higher CSR performers show their CSR commitment by issuing CSR reports as well as by adopting GRI guidelines in their CSR reports and verifying the reliability of the contents of their reports through an external assurance statement. Moreover, GRI framework adopters are more likely to obtain external assurance of their reports. The examination of these relationships considering the economic development levels of countries highlights notable differences: all hypothesized connections are stronger for firms established in middle-income countries than for those in high-income countries except for one dimension.

Considering the dearth of research on the impact of sustainability reporting practices on financial stability in the context of transition economies, this study aims to explore sustainability reporting practices of top oil and gas companies in Russia and investigate the effects of sustainability performance indicators on financial stability in the context of a given emerging economy. The study is based on panel data analysis of sustainability performance indicators and financial data of forty-five largest oil and gas companies listed on the Russian Trading Stock Exchange over the period 2012-2016. Data on sustainability performance were collected through analyzing sustainability reports and annual reports, while financial data were obtained from audited financial statements downloaded from company websites. The empirical results indicate that companies improve their sustainability performance indicators in order to manage risk and improve their financial stability. The results also show that firm-specific characteristics, such as financial capacity, leverage, firm size, and firm age, are important underlying factors affecting the degree of financial distress and financial stability. The findings of the study provide managers and practitioners with useful aspects of sustainability performance indicators to improve financial stability and mitigate financial distress. Additionally, investors and practitioners should consider other underlying factors, including financial capacity, leverage, firm size, and firm age, that may influence financial stability. Finally, the findings are useful for policymakers and regulators in promoting Global Reporting Initiative guidelines which will ultimately lead to sustainable development and financial stability in the context of emerging markets.

The purpose of this study is to provide empirical evidence on the relationship between working capital management (WCM) and the profitability of top manufacturing firms in two main emerging markets in the Commonwealth Independent States (CIS) region. The study employs panel data methodology using data of top manufacturing firms operating in Kazakhstan and Russia over the period 2010-2014. The empirical results show that Kazakh firms, following more aggressive strategies of working capital, exhibit higher profitability than Russian firms. The study also established a linear relationship between profitability and working capital, which indicates the absence of an optimal working capital level that could maximise the profitability of Kazakh and Russian firms. The findings indicate that managers can maximise shareholder value by following more aggressive practises of WCM in transition economies similar to Kazakhstan and Russia.

This study explores corporate governance practices in Russian oil and gas companies over the 2009-2012 periods and examines the relationship between accounting performance measures and corporate governance mechanisms. Our findings suggest that managerial ownership and foreign ownership are positively associated with firm performance. Similarly, the results on government ownership also support our initial hypothesis and indicate that government ownership positively affects accounting performance. However, our findings suggest that board size and independent directors on the board do not appear to affect firm performance. This study demonstrates that corporate governance practices implemented in developed markets have some relevance and synergies to transition economies such asRussia.