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Corporate Governance and Sustainability Review
Number of Followers: 4  

  This is an Open Access Journal Open Access journal
ISSN (Print) 2519-8971 - ISSN (Online) 2519-898X
Published by Virtus Interpress Homepage  [7 journals]
  • Voluntary sustainability reporting and financial performance: Evidence
           from Global Reporting Initiative disclosures in the developing economy
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      Considering the growing interest in sustainability reporting and the benefits of sustainability initiatives to developing countries (Ali, Frynas, & Mahmood, 2017), the scarcity of studies on sustainability in developing climes is surprising. This study examines the trend of voluntary sustainability reporting in Africa and the relationship between sustainability disclosures and firms' financial performance. This paper measures sustainability disclosures using content analysis of the Global Reporting Initiative Guidelines (GRI G4) for total disclosure and the sub-categories of economic, environmental, and social disclosures. Financial performance measures are return on assets (ROA) and return on equity (ROE). Results of the multiple comparison of means do not show any significant improvement in sustainability reporting over the study period. Results of the multiple regression analysis, however, reveal a positive relationship between measures of sustainability disclosures and both ROA and ROE. Additional results show that disclosing firms do not generally have their sustainability reports assured and are from countries with poor sustainability performance. These findings contribute to the literature in reconciling the mixed results from prior studies (Aggarwal, 2013; Al Hawaj & Buallay, 2022) and are useful to the GRI organization in making improvements to their reporting guidelines, particularly as to how the improvements touch African countries.

      Keywords: Global Reporting Initiative (GRI), Africa, Sustainability, Disclosures, Financial Performance

      Authors' individual contribution: The Author is responsible for all the contributions to this paper according to CRediT (Contributor Roles Taxonomy) standards.

      Declaration of conflicting interests: The Author declares that there is no conflict of interest.

      Acknowledgements: The Author is grateful to The KPMG Foundation for the funding provided for this project. Special thanks to seminar participants at the University of Regina Faculty of Business workshop.

      JEL Classification: G30, L25, M41

      Received: 01.09.2022
      Accepted: 27.01.2023
      Published online: 31.01.2023

      How to cite this paper: Isiaka, A. S. (2022). Voluntary sustainability reporting and financial performance: Evidence from Global Reporting Initiative disclosures in the developing economy. Corporate Governance and Sustainability Review, 6(4), 54–64. https://doi.org/10.22495/cgsrv6i4p5

      2023-01-31T11:55:01Z
       
  • Economic and environmental benefits of performance management controls in
           human service transportation planning
    • Abstract

      Sustainability strategies are being implemented in organizations as best practices demonstrate that these initiatives not only provide environmental and social benefits but also financial benefits (Nawaz & Koç, 2019). The problem addressed is that community-based human service organizations often rely upon their own vehicles or the personal vehicles of their employees to transport clients, but the skills and resources to apply and implement sustainable transportation best practices are lacking (Busko & Saltzman, 2021). The purpose is to demonstrate how the application of process mapping and systems approach can reduce fuel usage and greenhouse gas emissions, and save time and financial costs which can, in turn, be used to improve the quality of life of those served by these organizations. The methodology is a qualitative grounded theory approach applied by conducting a textual analysis of conceptual approaches that could be applied to transportation in this industry. The results demonstrate that if human service organizations adopt process mapping and systems approach for their transportation, economic and environmental benefits can be achieved. The conclusion reviews the findings and recommendations. This research is relevant because small businesses and nonprofit organizations need to be lean to stay competitive and to provide the best services to their clients.

      Keywords: Sustainability, Transportation, Small Business, Process Mapping, Systems Approach

      Authors' individual contribution: Conceptualization — S.W.; Methodology — S.W.; Resources — S.W. and J.M.; Writing — Original Draft — S.W.; Writing — Review & Editing — S.W. and J.M.; Visualization — J.M.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      Acknowledgements: The Authors would like to thank the Integrated Business Department in the College of Business Administration at the University of Central Florida for their support to complete this article as it relates to providing a holistic view of how best practices can be applied in organizational settings.

      JEL Classification: L3, R4, R41

      Received: 03.01.2022
      Accepted: 25.01.2023
      Published online: 27.01.2023

      How to cite this paper: Willox, S., & Morin, J. (2022). Economic and environmental benefits of performance management controls in human service transportation planning. Corporate Governance and Sustainability Review, 6(4), 44–53. https://doi.org/10.22495/cgsrv6i4p4

      2023-01-27T13:04:13Z
       
  • Corporate governance and firm sustainability in the emerging economy: A
           literature review
    • Abstract

      Firm sustainability has gained popularity recently because businesses have seen the need for the creation of long-term sustainable values. Good corporate governance practices have been the pathway for companies in achieving social sustainability, environmental sustainability, and financial sustainability (Proshare, 2021a). Corporate governance and firm sustainability have been widely studied but in separate ways such as corporate governance and financial sustainability, corporate governance and environmental sustainability as well as corporate governance and social sustainability (Abolo, 2020). This study, therefore, aggregated these three components into their main fold, i.e., firm sustainability, and reviews previous studies to conclude what extant literature has on corporate governance practices and firm sustainability in Nigeria. The review covered a period from 2013 to 2022 and was done using the qualitative analysis method. The finding showed that corporate governance has a significant effect on environmental sustainability, but mixed effects (significant and not significant) on social sustainability and financial sustainability. The other category shows that it has a significant effect on the sustainability of Nigerian firms. The researchers conclude that good corporate governance practices improve firm sustainability in Nigeria. The findings enriched accounting literature and gave the situation of corporate governance and firm sustainability in Nigeria at a glance that has not been established.

      Keywords: Corporate Governance, Firm Sustainability, Financial Sustainability, Social Sustainability, Environmental Sustainability

      Authors' individual contribution: Conceptualization — A.E.A., P.U.E., A.C.O., and N.J.O.; Writing — Original Draft — A.E.A. and A.C.O.; Writing — Review & Editing — A.E.A., P.U.E., and N.J.O.; Visualization — A.E.A. and N.J.O.; Supervision — A.E.A. and A.C.O.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      JEL Classification: G30, M41, Q01

      Received: 23.03.2022
      Accepted: 16.01.2023
      Published online: 18.01.2023

      How to cite this paper: Agbata, A. E., Egolum, P. U., Offia, A. C., & Okoye, N. J. (2022). Corporate governance and firm sustainability in the emerging economy: A literature review. Corporate Governance and Sustainability Review, 6(4), 33–43. https://doi.org/10.22495/cgsrv6i4p3

      2023-01-18T13:36:53Z
       
  • Investigating corporate governance and corporate social responsibility
           nexus in emerging economy: A structural equation approach
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      The nexus between corporate social responsibility (CSR) and corporate governance (CG) has received negligible attention in emerging economies (Zaman, Jain, Samara, & Jamali, 2022; Jahid, Rashid, Hossain, Haryono, & Jatmiko, 2020). This study examines the relationship between CG and CSR in emerging economies. This study used a survey method to collect data from 220 top executives of selected firms in Ghana using questionnaires. The collected data were analyzed using Amos software. Structural equation modelling (SEM) was used to test the hypothesis. The study employed upper echelons theory to build the theoretical foundation and demonstrated that CG is a predominant predictor of CSR. As a result, the findings of the study show that CG has an important influence in catalyzing or curtailing CSR initiatives. Firms that pursue quality CG systems and practices are more likely to pursue better CSR initiatives. The implication for firms is that they need to carefully constitute CG systems and structures as they significantly enhance CSR implementation. Firms that want a better outcome from CSR programs must prioritize the implementation of CG systems and procedures that promote reciprocal exchanges with stakeholders. This study is among the first to examine the interdependency of CG and CSR in Ghana using the upper echelons theory.

      Keywords: Corporate Governance, Corporate Social Responsibility, Firm Performance, Upper Echelons Theory

      Authors' individual contribution: Conceptualization — K.K.L.; Methodology — K.K.L.; Investigation — K.K.L.; Resources — G.A.A. and S.B.; Writing — Original Draft — K.K.L. and S.B.; Writing — Review & Editing — K.K.L.; Supervision — E.B.A.-X.; Project Administration — E.B.A.-X., G.A.A., and S.B.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      JEL Classification: G3, G34, L21, L25, M14

      Received: 27.07.2022
      Accepted: 28.12.2022
      Published online: 30.12.2022

      How to cite this paper: Ledi, K. K., Ameza-Xemalordzo, E. B., Alhassan, G. A., & Bandoma, S. (2022). Investigating corporate governance and corporate social responsibility nexus in emerging economy: A structural equation approach. Corporate Governance and Sustainability Review, 6(4), 23–32. https://doi.org/10.22495/cgsrv6i4p2

      2022-12-30T13:30:08Z
       
  • Firm identity and image: Strategic intent and antecedents to
           sustainability reporting
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      A firm's strategic intent is often communicated through its vision, mission, and values statements. By linking sustainability with strategic intent (Galpin, Whittington, & Bell, 2015), firms seek to portray to their stakeholders (Ali, Frynas, & Mahmood, 2017; Papoutsi & Sodhi, 2020) that sustainability is a core part of their long-term goal. But there is limited research about whether publicly avowed sustainability messaging matches firms actual conduct reflected in their sustainability reports (Amran, Lee, & Devi, 2014). Content analysis of the vision, mission, and values statements of firms comprising the S&P/TSX composite index in 2020, and regression modelling tested whether firms' that communicate their corporate social responsibility intentions, sustainable image, and sustainable identity in their vision, mission, and values statements are also more likely to engage in sustainability reporting. We find that firms were more likely to report, and at greater levels, on their sustainable activities when they message their strategic corporate social responsibility (CSR) intent. However, including external stakeholders when messaging about their CSR intent has a greater effect than the inclusion of internal stakeholders suggesting these firms are keener to portray a sustainable image than creating a sustainable identity. This result has implications for the successful implementation of sustainability strategies by these firms.

      Keywords: Identity, Image, Strategic Intent, Sustainability Reporting, Vision, Mission

      Authors' individual contribution: Conceptualization — R.M.S.; Methodology — R.M.S. and P.R.W.; Investigation — R.M.S.; Resources — R.M.S. and P.R.W.; Writing — Original Draft — R.M.S. and P.R.W.; Writing — Review & Editing — R.M.S. and P.R.W.; Supervision — P.R.W.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      Acknowledgements: The Authors wish to acknowledge the excellent research assistance provided by Matthew Malinsky.

      JEL Classification: C1, K2, L1, L2

      Received: 30.07.2022
      Accepted: 23.12.2022
      Published online: 27.12.2022

      How to cite this paper: Singh, R. M., & Walsh, P. R. (2022). Firm identity and image: Strategic intent and antecedents to sustainability reporting. Corporate Governance and Sustainability Review, 6(4), 8–22. https://doi.org/10.22495/cgsrv6i4p1

      2022-12-27T11:08:13Z
       
  • Editorial: What makes the board practices sustainable'
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      This issue of the journal "Corporate Governance and Sustainability Review" was published on December 26, 2022.

      By clicking the button "Download This Article" you will gain direct access to the Editorial of the issue.

      How to cite: Kostyuk, A. (2022). Editorial: What makes the board practices sustainable? Corporate Governance and Sustainability Review, 6(3), 4–6. https://doi.org/10.22495/cgsrv6i3editorial

      2022-12-26T08:01:28Z
       
  • A proposed framework for CSR implementation and impact assessment from
           organization and CSR beneficiary perspective
    • Abstract

      Though organizations make massive expenditures in corporate social responsibility (CSR) activities, they fail to gauge the social and economic impact on the beneficiaries (Barnett, Henriques, & Husted, 2020). This study aims to provide a comprehensive framework that enables CSR activity identification, implementation, and impact assessment for an organization, considering the perspectives of important stakeholders in the CSR activity. First, the paper reviews the research literature related to CSR and CSR impact assessment and proposes a framework that addresses the research gaps found in the literature. The five-step framework for CSR activity identification, implementation, and impact assessment infuses the stakeholder perspective. It identifies the broad parameters that can be used to assess the impact of the CSR activity. Suggested criteria entail qualitative and quantitative evaluation practices, thus ensuring holistic impact assessment (Drews, 2010; Weber, 2008). The framework will enable transparent reporting of CSR expenditure and ensure disclosure of the actual impact made by CSR at the ground level. The accountability in reporting through the framework will curb CSR washing and decoupling. The stakeholder perspective emphasizing CSR beneficiaries and the impact assessment parameters provide a novel way of implementing and assessing CSR activity.

      Keywords: Corporate Social Responsibility, CSR Impact Assessment, CSR Implementation, CSR Governance

      Authors' individual contribution: Conceptualization — A.D.; Methodology — A.D.; Resources — H.M.; Writing — Original Draft — A.D.; Writing — Review & Editing — H.M.; Visualization — H.M.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      JEL Classification: A13, M00, M14, Q01

      Received: 16.08.2021
      Accepted: 13.12.2022
      Published online: 16.12.2022

      How to cite this paper: Dixit, A., & Mishra, H. (2022). A proposed framework for CSR implementation and impact assessment from organization and CSR beneficiary perspective. Corporate Governance and Sustainability Review, 6(3), 60–67. https://doi.org/10.22495/cgsrv6i3p5

      2022-12-16T09:32:08Z
       
  • Enhancing organizational sustainability: The green construction way
    • Abstract

      With the increase in global population (Roser, Ritchie, Ortiz-Ospina, & Rodés-Guirao, 2019), the construction industry has grown exponentially contributing to the economic and social development of a country. But due to massive contribution to environmental pollution (“How Does Construction Impact the Environment?”, 2021), a significant portion of construction projects are being developed as green and sustainable. Green construction projects are exposed to some unique risks; hence, the management of these risks is crucial to ensure organizational sustainability. However, limited research has been reported bridging the gap and linking the risks with organizational sustainability. The objectives of the present study are to identify the correlation of the risks with organizational sustainability and model development for risk mitigation. Semi-structured interviews, Spearman rank correlation, regression analysis, and interpretive structural modelling (ISM) have been used as research methods. Results show a strong negative correlation between the risks with sustainability, the environment as the most significant sustainability driver, and an integrated risk management model is developed. Organizational theories are well supported by the study results. The study benefits construction project managers in more systematic and structured thinking towards relating the green construction risks with sustainability, understanding the sustainability drivers and managing the risks through the integrated risk management model thus successful project execution ensuring organizational sustainability.

      Keywords: Green Construction Projects, Risk Management, Correlation, Regression, Interpretive Structural Modelling

      Authors' individual contribution: Conceptualization — A.M., A.S., and S.L.; Formal Analysis — A.M.; Writing — Original Draft — A.M.; Writing — Review & Editing — A.S. and S.L.; Supervision — A.S. and S.L.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      JEL Classification: C61, L74, Q01, Q56

      Received: 31.08.2021
      Accepted: 02.12.2022
      Published online: 06.12.2022

      How to cite this paper: Mojumder, A., Singh, A., & Luthra, S. (2022). Enhancing organizational sustainability: The green construction way. Corporate Governance and Sustainability Review, 6(3), 40–59. https://doi.org/10.22495/cgsrv6i3p4

      2022-12-06T07:55:41Z
       
  • Exploring the antecedents and consequences of firm-stakeholder engagement
           process: A systematic review of literature
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      The extant business and management literature have primarily viewed stakeholder engagement (SE) as an activity and centred on exploring the methods of firm-stakeholder interactions. Some scholars have studied SE as a process and examined its components (Hoffmann & Lutz, 2015; Lane & Devin, 2018). However, current investigations of the antecedents and consequences of SE processes are fragmented and mainly focused on either company or stakeholder context. In this systematic review, we pursued the vast body of literature on firm-stakeholder engagement and comprehensively examined over 170 research articles to accumulate precursors and outcomes of SE processes. Our work has two unique properties: first, it consolidates the knowledge of the antecedents and consequences of SE processes to generate a holistic view of the firm-stakeholder relationships. Second, it explores the existence of business practices in instrumental and normative dimensions using the concept of “continuum” to provide deeper insights into the SE processes. We used thematic analysis to provide evidence of the growing interest of academics and managers in firm-stakeholder engagement. The findings of this study suggest that shared benefits with a long-term perspective are valuable to both corporation and its stakeholders. In this critical analysis of the SE literature, we also provide implications for researchers and practitioners.

      Keywords: Stakeholder Engagement, Systematic Literature Review, Antecedents and Consequences, Firm-Stakeholder Relations

      Authors' individual contribution: Conceptualization — A.P.S.; Methodology — A.P.S. and Z.R.; Investigation — A.P.S.; Writing — Original Draft — A.P.S.; Writing — Review & Editing — Z.R.; Supervision — Z.R.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      JEL Classification: G34, M48, O16

      Received: 18.07.2022
      Accepted: 19.10.2022
      Published online: 21.10.2022

      How to cite this paper: Singh, A. P., & Rahman, Z. (2022). Exploring the antecedents and consequences of firm-stakeholder engagement process: A systematic review of literature. Corporate Governance and Sustainability Review, 6(3), 28–39. https://doi.org/10.22495/cgsrv6i3p3

      2022-10-21T13:31:32Z
       
  • Auditor independence in post-reform China: A neo-Durkheimian approach
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      This study builds on the work of Durkheim (1915) by applying a neo-Durkheimian theoretical framework to audit failure in China following the implementation of economic reform and international auditing standards to highlight how embedded cultural norms, such as guanxi (a social network system involving the mutually beneficial and reciprocal exchange of personalised favours), limit adaptation and influence auditor independence. Specifically, this study adopts the grid-group dimensions proposed by Douglas (2003) to assist in understanding how Chinese auditors interpret their social relations based on cultural beliefs and overlaid them with characteristics of Chinese culture to demonstrate the influence of guanxi. The study is based on publicly available data focusing on the financial scandals of Yin Guang Xia (YGX) and Yunnan Green Land Biological Technology (Green Land) in China. We argue that Chinese auditing failure occurred because of socially embedded cultural values which limited thought processes and prevented adherence to formal international auditing standards. Policymakers and regulators must consider emerging economies' unique cultural environments when introducing economic reform. Different cultural contexts call for different interventions by a range of stakeholders to improve audit independence. The neo-Durkheimian (NDT) theoretical framework used in this study may be extended to examine auditing practices in other emerging economies across a range of cultures, and may also be relevant to other areas of professional practice.

      Keywords: Auditor Independence, Corporate Governance, Culture, Guanxi, Economic Reform, Neo-Durkheimian

      Authors' individual contribution: Conceptualization — W.H.; Methodology — W.H. and M.C.; Investigation — W.H. and M.C.; Writing — W.H. and M.C.; Visualization — M.C.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      JEL Classification: G34, G18, L14, M42, M48

      Received: 05.07.2022
      Accepted: 26.09.2022
      Published online: 30.09.2022

      How to cite this paper: Han, W., & Cull, M. (2022). Auditor independence in post-reform China: A neo-Durkheimian approach. Corporate Governance and Sustainability Review, 6(3), 15–27. https://doi.org/10.22495/cgsrv6i3p2

      2022-09-30T12:24:23Z
       
  • Corporate governance and the Dodd-Frank $10B threshold
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      The financial crisis of 2007–2008 resulted in major changes to the financial industry including the passage of the Dodd-Frank Act in 2010. While the emphasis of Dodd-Frank was on systematically important banks that are “too big to fail”, the act also placed several conditions on financial institutions with assets greater than $10B. Hogan and Burns (2019) show that Dodd-Frank imposed higher non-interest expenses on financial institutions, especially smaller institutions. Bouwman, Hu, and Johnson (2018) look at how financial institutions modified their behavior following passage including delaying crossing the threshold. Agrawal and Knoeber (2001) find that firms in more regulated industries are more likely to have politically connected board members. This article examines whether the corporate governance of financial institutions with assets just below the $10B asset threshold affected their willingness to cross that threshold. Results indicate that firms with staggered boards and smaller boards took longer to cross the threshold while higher levels of ownership by the chief executive officer (CEO) resulted in faster crossings. Financial institutions were much quicker to pass the threshold in the later years of the study due to changes in the economic and regulatory environment.

      Keywords: Corporate Governance, Financial Institutions, Regulation, Dodd-Frank Act, Systemic Risk

      Authors' individual contribution: The Author is responsible for all the contributions to the paper according to CRediT (Contributor Roles Taxonomy) standards.

      Declaration of conflicting interests: The Author declares that there is no conflict of interest.

      Acknowledgements: The Author would like to acknowledge the support of Northwestern State University of Louisiana and the financial funds provided by the Kilpatrick Life Insurance Professorship used in conducting this research.

      JEL Classification: G20, G28, G34, K23, L51

      Received: 16.06.2022
      Accepted: 09.09.2022
      Published online: 13.09.2022

      How to cite this paper: Swanstrom, M. (2022). Corporate governance and the Dodd-Frank $10B threshold. Corporate Governance and Sustainability Review, 6(3), 8–14. https://doi.org/10.22495/cgsrv6i3p1

      2022-09-13T11:51:53Z
       
  • Editorial: Current issues in corporate governance and sustainability
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      This issue of the journal "Corporate Governance and Sustainability Review" was published on August 18, 2022.

      By clicking the button "Download This Article" you will gain direct access to the Editorial of the issue.

      How to cite: Alkaraan, F. (2022). Editorial: Current issues in corporate governance and sustainability. Corporate Governance and Sustainability Review, 6(2), 4–6. https://doi.org/10.22495/cgsrv6i2editorial

      2022-08-18T12:59:23Z
       
  • The route to corporate social value via health and safety performance,
           productivity, and management quality
    • Abstract

      The article discusses the relationship between global pandemic and macroeconomic development by demonstrating the critical role of occupational health and safety (OHS) risk management in-between. OHS is a key component of the environmental, social, and governance (ESG) practice, which has contributed to the intangible asset value and investment return of listed companies. Through literature review and case studies, the research found that there is a lack of solid evidence in verifying the relationship between OHS activities and business performance. Public health risk, such as COVID-19, unveils its direct and indirect impact on macroeconomic and microeconomic development. O'Donnell (2000) and Gahan, Sievewright, and Evans (2014) believe the quality of OHS management has a critical impact on workers' productivity, a root-value driver of organizational value. Moreover, good OHS risk management and governance practices represent non-financial factors and enhance the intangible value of organizations through productivity and quality improvement. As the result of the study, it develops a conceptual framework for linking top-line organizational values with corresponding bottom OHS activities and helps organizations understand the logic behind the bottom-up value transmission mechanism. The quantitative analysis of the conceptual framework goes beyond the scope, and suggestions for further research are put forward.

      Keywords: Health and Safety Risk Management, Corporate Governance, ESG Factors, Quality of Management, Workers' Productivity, Corporate Social Responsibility

      Authors' individual contribution: The Author is responsible for all the contributions to the paper according to CRediT (Contributor Roles Taxonomy) standards.

      Declaration of conflicting interests: The Author declares that there is no conflict of interest.

      JEL Classification: G32, G34, I15, I18, J24, J28, M14

      Received: 08.10.2021
      Accepted: 25.07.2022
      Published online: 27.07.2022

      How to cite this paper: Sun, J. (2022). The route to corporate social value via health and safety performance, productivity, and management quality. Corporate Governance and Sustainability Review, 6(2), 54–68. https://doi.org/10.22495/cgsrv6i2p5

      2022-07-27T13:18:14Z
       
  • Female CEO and internal control weaknesses
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      This study examines how the gender of CEOs affects internal controls over financial reporting. According to the upper echelon theory, managers' demographics can determine the choices of strategies. Prior literature documents the characteristics of CEOs relevant to internal controls, such as the CEO's age, entrenchment (Lin, Wang, Chiou, & Huang, 2014), and experience (Oradi, Asiaei, & Rezaee, 2020); however, the impact of the CEO's gender on internal controls has not been explored. We hypothesize that female CEOs are negatively associated with internal control weaknesses because they are reported to act more conservatively and ethically than male CEOs. We use logit and Poisson regression models to test the association between the CEO's gender and internal control weaknesses of U.S. public companies from 2004 to 2020. Our results show that female CEOs are less likely to report an internal control weakness both in the current year and in the future years. We follow You (2021) and use a two-stage model to address the potential endogeneity concerns and show that our findings are not biased. Our study documents an important factor that influences internal controls, and we provide evidence of the benefits of female CEOs on the quality of financial reports.

      Keywords: Female CEO, Gender Diversity, Internal Control, Financial Reporting, Corporate Governance

      Authors' individual contribution: Conceptualization — S.H., X.C.S., and H.C.; Methodology — S.H. and X.C.S.; Writing — Original Draft — S.H. and X.C.S.; Writing — Review & Editing — S.H., X.C.S., and R.L.; Funding Acquisition — S.H. and R.L.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      Acknowledgements: We thank the financial support of the College of Business (COB) and Faculty Incentive Grant (FIG) by Faculty Senate Committee for Research, Scholarship & Creative Activity at the California State University, Monterey Bay. COB and FIG together helped fund the access to Audit Analytics and BoardEx databases, which are essential to this research.

      JEL Classification: G34, H83, M41

      Received: 02.05.2022
      Accepted: 13.07.2022
      Published online: 22.07.2022

      How to cite this paper: Hua, S., Sun, X. C., Lou, R., & Chen, H. (2022). Female CEO and internal control weaknesses. Corporate Governance and Sustainability Review, 6(2), 42–53. https://doi.org/10.22495/cgsrv6i2p4

      2022-07-22T13:09:33Z
       
  • The moderating role of board gender diversity in association of board
           characteristics and firm value
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      The present study investigates the relationship between board characteristics and a firm value. The study offers new insight into the association between board characteristics and a firm value by examining whether board gender diversity alters the impact of board characteristics on a firm value. The study uses panel data approach on a sample of 39 non-financial firms listed in the S&P BSE SENSEX 50 over 6 years (2014–2015 to 2019–2020). An appropriate model between fixed effect and the random effect was selected using the Hausman test first and two separate regressions were run later, showing the direct effect of board characteristics on firm value, and change in the effect of board characteristics on firm value when board gender diversity was put as a moderator. Consistent with the previous findings (Field, Lowry, & Mkrtchyan, 2013; Vo & Bui, 2017; Gulzar, Haque, & Khan, 2020), the study reveals that board busyness has a significant and positive effect on Tobin's Q only, whereas, board meetings and board gender diversity are the factors that leave a significant negative effect on both return on assets (ROA) and Tobin's Q. In contrast to existing literature (Chin, Ganesan, Pitchay, Haron, & Hendayani, 2019), we found that the board gender diversity positively moderates the association of board size and board meetings with Tobin's Q and ROA, respectively.

      Keywords: Corporate Governance, Companies Act, Financial Performance, Board Gender Diversity, Moderating Effect, Tobin's Q

      Authors' individual contribution: Conceptualization — M.A. and M.T.J.; Methodology — M.A. and S.N.A.; Software — M.A.; Validation — M.M.A.; Formal Analysis — M.A. and M.M.A.; Investigation — M.A.; Resources — M.A. and M.F.A.; Writing — Original Draft — M.A.; Writing — Review & Editing — M.T.J. and S.N.A.; Supervision — M.F.A.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      JEL Classification: C33, G38, G300, K29, L1, L250, M140

      Received: 04.01.2022
      Accepted: 06.06.2022
      Published online: 09.06.2022

      How to cite this paper: Anas, M., Jamal, M. T., Ahmad, M. M., Azmi, S. N., & Alam, M. F. (2022). The moderating role of board gender diversity in association of board characteristics and firm value. Corporate Governance and Sustainability Review, 6(2), 29–41. https://doi.org/10.22495/cgsrv6i2p3

      2022-06-09T13:59:23Z
       
  • Sustainability as a business purpose: A case of electric vehicles
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      Sustainability is an important aspect of business purposes in organizations. It has been emphasized by a number of corporations and firms as a key component of their long-term success (Grove & Clouse, 2018). Using electric vehicles (EVs) as a context for sustainable products, our empirical study attempts to understand the factors that influence the purchase of EVs in India. The snowball sampling technique has been used to collect data from 156 respondents who own a car or were considering buying one. The research uses a rational choice theory as a framework for analysis. The key findings of the study include a new conceptual model, the responsible innovation sustainable eco-friendly (RISE) adoption model, and a set of new additional factors such as financial incentives, environmental concerns, and cost constraints, in addition to the existing behavioral factors, charging infrastructure, and external influences that are present in the literature. Given the current focus on sustainability and EVs across the world, this study is highly relevant for automobile companies to formulate their EVs strategies and also give pointers for policymaking in this area. There are several theoretical and managerial implications for various stakeholders outlined.

      Keywords: Sustainability, Electric Vehicles, Business Purpose, New Product Adoption, Automobile Industry, Rational Choice Theory

      Authors' individual contribution: Conceptualization — R.K. and R.M.; Methodology — R.K., R.M., and P.M.R.; Formal Analysis — P.M.R.; Investigation — R.K., R.M., and P.M.R.; Writing — Original Draft — R.M., Writing — Review & Editing — R.K., R.M., and P.M.R.; Supervision — R.K.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      Acknowledgements: We would like to thank Rohit Tapader, Shobhit Shankar, and Siddhartha Jha, 2020–2021 batch students, Great Lakes Institute of Management for their support.

      JEL Classification: D11, D12, M10, Q56, R40

      Received: 23.03.2022
      Accepted: 25.05.2022
      Published online: 30.05.2022

      How to cite this paper: Krishnamurthy, R., Muralidharan, R., & Maddipetlolu Rajendran, P. (2022). Sustainability as a business purpose: A case of electric vehicles. Corporate Governance and Sustainability Review, 6(2), 18–28. https://doi.org/10.22495/cgsrv6i2p2

      2022-05-30T13:35:31Z
       
  • Corporate governance and firm integrated performance: A conceptual
           framework
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      Though the corporate governance has been studied from the viewpoint of first, accounting and financial performance (Khatib & Nour, 2021; Goel, 2018; Mohamed, Basuony, & Badawi, 2013), next, marketing performance (El Fawal & Mawlawi, 2018), and finally, logistic and supply chain performance (Hernawati & Surya, 2019) in isolation, moreover, literature on the first is comparatively higher than on the other two, it is further argued that it has not been studied from the viewpoint of firm integrated performance. The purpose of this study, therefore, is to conceptualize the relationship between corporate governance and firm integrated performance. The study adopted a rigorous literature review in forming critical arguments for the theme studied. Accordingly, the study embraced rigorous a priori knowledge in building the arguments for hypotheses development. The study proposes a conceptual framework for the relationship between corporate governance and firm integrated performance which has the potential of facilitating efficient decision-making on corporate governance and firm integrated performance. The study concludes with a foundation for the theoretical basis of the relationship between corporate governance and firm integrated performance.

      Keywords: Corporate Governance, Firm Integrated Performance, Accounting and Finance Performance, Marketing Performance, Logistics and Supply Chain Performance

      Authors' individual contribution: Conceptualization — N.N., C.K., C.M., K.G., N.A., and A.P.; Investigation — N.N., C.K., C.M., K.G., N.A., and A.P.; Resources — N.N. and C.K.; Writing — Original Draft — C.K., C.M., K.G., N.A., and A.P.; Writing — Review & Editing — N.N. and C.K.; Visualization — N.N. and C.K.; Supervision — N.N.; Project Administration — C.M.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      JEL Classification: G34, M31, M41

      Received: 02.02.2022
      Accepted: 09.05.2022
      Published online: 11.05.2022

      How to cite this paper: Nagalingam, N., Kumarapperuma C., Malinga, C., Gayanthika, K., Amanda, N., & Perera, A. (2022). Corporate governance and firm integrated performance: A conceptual framework. Corporate Governance and Sustainability Review, 6(2), 8–17. https://doi.org/10.22495/cgsrv6i2p1

      2022-05-11T13:47:36Z
       
  • Editorial: Globalization and sustainability issues
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      This issue of the journal "Corporate Governance and Sustainability Review" was published on May 2, 2022.

      By clicking the button "Download This Article" you will gain direct access to the Editorial of the issue.

      How to cite: De Gárate Pérez, L. E. (2022). Editorial: Globalization and sustainability issues. Corporate Governance and Sustainability Review, 6(1), 4–6. https://doi.org/10.22495/cgsrv6i1editorial

      2022-05-02T14:37:50Z
       
  • Theories of corporate disclosure: A literature review
    • Abstract

      The purpose of this paper is to provide an up-to-date look at the reality of the theories used in disclosure literature, including stakeholder theory, legitimacy theory, agency theory, signaling theory, institutional theory. This study relies on both deductive and inductive approaches to reviewing a group of disclosure literature worldwide and highlighting the theoretical frameworks used. The results showed that the most comprehensive theory is the stakeholder theory, as researchers have adopted it in more than one field of disclosure. The legitimacy theory followed them. Both theories, however, have failed to be consistently supported in the prior studies as it is not expected that companies only want to satisfy stakeholders through disclosure (Al Amosh & Khtaib, 2021b), and legitimizing activities (Pistoni, Songini, & Bavagnoli, 2018) but due to the information asymmetry, firms' preferences to disclose more information would be different based on their characteristics. Therefore, the theoretical lens of the disclosure literature should be expanded to include multiple theoretical grounds that may lead to a better understanding of the phenomenon of corporate disclosure. This paper contributes to shedding light on the reality of researchers' interpretation of the detection motives and defining the theoretical perspectives used in preliminary theoretical analysis. Based on the relevant literature on corporate information disclosure, this paper constructs a theoretical framework to integrate the disclosure theory and gives a comprehensive theoretical explanation.

      Keywords: Corporate Governance and Reporting, Accounting and Disclosure, Corporate Social Responsibility, Integrated Reporting

      Authors' individual contribution: Conceptualization — H.A.A.; Methodology — H.A.A. and S.F.A.K.; Formal Analysis — H.A.A. and S.F.A.K.; Investigation — H.A.A.; Resources — H.A.A. and S.F.A.K.; Writing — Original Draft — H.A.A. and S.F.A.K.; Writing — Review & Editing — H.A.A. and S.F.A.K.; Visualization — H.A.A.; Supervision — H.A.A.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      JEL Classification: G38, M40, M48

      Received: 05.10.2021
      Accepted: 22.04.2022
      Published online: 27.04.2022

      How to cite this paper: Al Amosh, H., & Khatib, S. F. A. (2022). Theories of corporate disclosure: A literature review. Corporate Governance and Sustainability Review, 6(1), 46–59. https://doi.org/10.22495/cgsrv6i1p5

      2022-04-27T13:54:25Z
       
  • Examination of the convergence route to IFRS reporting and disclosure
    • Abstract

      Value relevance (VR) of earnings and book value of equity is studied in a setting where the International Financial Reporting Standards (IFRS) have been adopted through a convergence and customization route. Quantile regression methodology is applied to level and return models. We find no significant increase in VR of earnings or book equity. Smaller firms show some sensitivity to the change in the regime as compared to the largest set of firms, though accounting metrics overall, help explain the value of larger firms better. We conclude that the convergence route leads to continuous, incremental benefits over the pre-adoption period which pre-empts any significant increase in VR upon IFRS adoption. Gradual convergence with IFRS supported by positive, investor-friendly changes (Roca, 2021) to existing institutional and regulatory frameworks over time, results in better adoption and early, continuous capture of value, though the process itself is long drawn out. More research is needed to test the relevance of alternate metrics in the current technology and intangibles-driven economies (Barth, Li, & McClure, 2021). India's unique approach to IFRS adoption may hold lessons for all IFRS adopters across the world while responding to new/revised standards in the future. This is the first comprehensive study on the value relevance and information content of the Indian Accounting Standards (Ind AS).

      Keywords: IFRS, Ind AS, Value Relevance, Convergence, Financial Reporting

      Authors' individual contribution: Conceptualization — L.C.; Methodology —S.V.I.; Validation — S.V.I.; Formal Analysis — S.V.I.; Investigation — L.C.; Writing — Original Draft — S.V.I. and L.C.; Writing — Review & Editing — S.V.I. and L.C.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      JEL Classification: G380, M410, M480

      Received: 07.05.2021
      Accepted: 28.02.2022
      Published online: 03.03.2022

      How to cite this paper: Iyer, S. V., & Chakravarthy, L. (2022). Examination of the convergence route to IFRS reporting and disclosure. Corporate Governance and Sustainability Review, 6(1), 32–45. https://doi.org/10.22495/cgsrv6i1p4

      2022-03-03T14:22:27Z
       
  • Macroeconomic factors and emerging equity market: A contextual analysis
           using quantile regression
    • Abstract

      This article examines the role of macroeconomic factors in influencing Indian stock market movements across different market conditions. The study is important for market participants and policymakers as macroeconomic factors may be the source of systematic risk that influences the stock market. We employ factor analysis as a solution to the multicollinearity issues associated with multiple macroeconomic factors. Using three statistical factors built from macroeconomic factors, we show how they impact the stock market, particularly during up and down market conditions. While the influence of foreign exchange rate, broad money supply, economic growth, wholesale inflation, global equity markets, and export is positive and stable across market conditions, an inverse relationship between contemporaneous bond yield and equity market movements is evidenced. Gold and foreign institutional investment inflows seem to exert an increasingly negative influence on market movements at extreme up-market conditions. These findings call for active intervention by policymakers to stabilise the market during extreme market conditions.

      Keywords: Macroeconomic Factors, Stock Market, Factor Analysis, Quantile Regression

      Authors' individual contribution: Conceptualization — S.N.B.; Methodology — M.B. and S.N.B.; Software — M.B.; Validation — M.B.; Formal Analysis — M.B. and S.N.B.; Investigation — M.B.; Resources — M.B.; Writing — Original Draft — M.B.; Writing — Review & Editing — S.N.B.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      JEL Classification: C22, E44, G12

      Received: 19.01.2021
      Accepted: 18.02.2022
      Published online: 22.02.2022

      How to cite this paper: Bhattacharya, M., & Bhattacharya, S. N. (2022). Macroeconomic factors and emerging equity market: A contextual analysis using quantile regression. Corporate Governance and Sustainability Review, 6(1), 22–31. https://doi.org/10.22495/cgsrv6i1p3

      2022-02-22T13:10:46Z
       
  • Sustainability reporting and financial performance: Evidence from
           Australia's electricity companies
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      This study, based on the stakeholder theory, explores the relationship between Australia's electricity companies' sustainability reporting practices and their financial performance. This paper uses the GRI G4 sector-specific guidelines to examine Australia's electricity companies' disclosure level on sustainability, return on assets to assess the companies' performance, and descriptive statistics and multiple regression to test hypotheses. Relying on the secondary data collected from companies' annual reports, websites, corporate social responsibility (CSR) reports, or standalone sustainability reports, the regression results show that the sustainability reports have a connection with the companies' performance. Additional analysis also reveals that only economic and social performance disclosures of sustainability reporting significantly influence the companies' performance. Though earlier studies on the relationship between sustainability reporting and financial performance have mostly been based on international data, this paper inspects the connection between the adoption of sustainability reporting and the financial performance of electricity companies within Australia that provide essential services to society and have a significant influence on sustainable development. Moreover, this research arbitrates prior inconsistent findings (Garg & Gupta, 2020; Bhattacharyya & Rahman, 2019; Sila & Cek, 2017) and adds to the sustainability reporting and firms' performance literature.

      Keywords: Sustainability Reporting, Financial Performance, Stakeholder Theory, Electricity Companies, Australia

      Authors' individual contribution: The Author is responsible for all the contributions to the paper according to CRediT (Contributor Roles Taxonomy) standards.

      Declaration of conflicting interests: The Author declares that there is no conflict of interest.

      JEL Classification: L25, M41, Q56

      Received: 12.10.2021
      Accepted: 21.01.2022
      Published online: 24.01.2022

      How to cite this paper: Mamun, M. (2022). Sustainability reporting and financial performance: Evidence from Australia's electricity companies. Corporate Governance and Sustainability Review, 6(1), 15–21. https://doi.org/10.22495/cgsrv6i1p2

      2022-01-24T14:29:28Z
       
  • The perception and attitude towards cultural differences and the effects
           they have on hospitality and tourism industry
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      The decision of an organization to be active in the field of hospitality and tourism should include correct perceptions and attitudes that are related to the diversity of people both individually and through the examination of the social culture in which they live. The consequences of a positive social change include the ability to identify benefits for both the organization and its employees (Nwankpa, Ijomah, Gachagan, & Marshall, 2018). The understanding and respecting of cultural differences have significant effects in achieving the goals of an organization that is operating in the hospitality and tourism industry. As tourism is the main source of intercultural contacts, any cultural differences can effect on staff dealing with current and future challenges of tourism in the country (Miličević, Mihalič, & Sever, 2017). The purpose of this article is to present the design and methodology that has been used to examine this topic, and describe the findings and implications of the results in order to support the organizations and their staff employed in the hospitality and tourism industry, and therefore, regarding the perceptions and attitudes towards cultural differences and the effects they have on tourists as human beings. The article presents a real empirical study of research related to the local industry in the Republic of Cyprus.

      Keywords: Business Administration, Globalization, Cultural Economics, Tourism Economics, Labor Policy, International, Sustainability, Corporate Governance

      Authors' individual contribution: The Author is responsible for all the contributions to the paper according to CRediT (Contributor Roles Taxonomy) standards.

      Declaration of conflicting interests: The Author declares that there is no conflict of interest.

      Acknowledgements: The author would like to thank the College of Tourism and Hotel Management (COTHM) and his academic colleagues for their support to complete this article which is related to the hospitality and tourism industry of the Republic of Cyprus. Special thanks to the Director of COTHM who gave the author the opportunity to develop his knowledge in this area in order to achieve his personal goals for teaching in higher education in this field.

      JEL Classification: D9, E6, F2, F6, J1, J4, M1, O3

      Received: 13.10.2021
      Accepted: 14.01.2022
      Published online: 17.01.2022

      How to cite this paper: Colocassides, E. M. (2022). The perception and attitude towards cultural differences and the effects they have on hospitality and tourism industry. Corporate Governance and Sustainability Review, 6(1), 8–14. https://doi.org/10.22495/cgsrv6i1p1

      2022-01-17T14:04:53Z
       
 
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