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Corporate Governance and Sustainability Review
Number of Followers: 5  

  This is an Open Access Journal Open Access journal
ISSN (Print) 2519-8971 - ISSN (Online) 2519-898X
Published by Virtus Interpress Homepage  [7 journals]
  • Corporate governance and voluntary sustainability practices in Islamic
           bank: A study in the MENA region
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      The purpose of this paper is to investigate the effect of selected governance characteristics on the level of environmental disclosure in Islamic banks within the MENA zone. This study used a sample of 40 Islamic banks as part of a new data set, namely the data collected from the annual reports. Environmental disclosure is developed to measure the level of environmental information. We measure the environmental disclosure by both the energy disclosure items and the natural environment disclosure item provided by the annual reports. Multiple linear regression analyzes were used to verify the effect of a bank's governance characteristics on the level of environmental disclosure. This study may contribute to the existing literature by providing insights from countries with an emerging economy and providing updated documentary and empirical evidence concerning the association between the characteristics of governance and the level of environmental disclosure of Islamic banks within the MENA zone.

      Keywords: Governance Mechanism, Board of Directors, Islamic Bank, Environmental Disclosure

      Authors' individual contribution: Conceptualization — J.C.; Writing — Original Draft — J.C., Y.C., and N.C.; Writing — Review & Editing — J.C., Y.C., and N.C.; Project Administration — Y.C. and N.C.; Funding Acquisition — N.C.

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

      JEL Classification: G2, M41, M140

      Received: 02.01.2021
      Accepted: 20.04.2021
      Published online: 21.04.2021

      How to cite this paper: Chouaibi, J., Chouaibi, Y., & Chaabane, N. (2021). Corporate governance and voluntary sustainability practices in Islamic bank: A study in the MENA region. Corporate Governance and Sustainability Review, 5(2), 8-21. https://doi.org/10.22495/cgsrv5i2p1

      2021-04-21T11:46:38Z
       
  • Editorial: COVID-19, corporate governance, sustainability, and the
           post-neoliberal world
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      This special issue of the journal "Corporate Governance and Sustainability Review" was published on April 20, 2021.

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

      How to cite: dela Rama, M., & Crews, J. (2021). Editorial: COVID-19, corporate governance, sustainability, and the post-neoliberal world [Special issue]. Corporate Governance and Sustainability Review, 5(1), 90-92. https://doi.org/10.22495/cgsrv5i1sieditorial

      2021-04-20T09:00:13Z
       
  • COVID-19 governance, legitimacy, and sustainability: Lessons from the
           Australian experience
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      During 2020, Australia managed the global and systemic COVID-19 crisis successfully as measured by health and economic indicators. It marshalled the government's delivery capacity to control the health crisis and put in place measures to offset the induced economic and social costs. At the same time, the crisis revealed long-standing structural weaknesses in a small, democratic, wealthy, and economically successful country that raised questions about post COVID resilience and sustainability. This paper examines that experience by applying a “co-production” governance model that sees success in “crisis management” as the striking of a balance between government capacity and its legitimacy in the eyes of its people. Lessons are drawn in terms of Australia's ability to tackle the ongoing transition out of COVID and future crises, by building systemic resilience and sustainability.

      Keywords: COVID-19, Australia, Corporate Governance, Governance, Neoliberalism, Legitimacy, Sustainability

      Authors' individual contribution: Conceptualization — M.L.; Writing — Original Draft — M.L. and M.d.R.; Writing — Review & Editing — M.L., M.d.R., and J.C.

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

      JEL Classification: O1, O2, P1, H1, H5, H7

      Received: 01.03.2021
      Accepted: 16.04.2021
      Published online: 20.04.2021

      How to cite this paper: Lester, M., dela Rama, M., & Crews, J. (2021). COVID-19 governance, legitimacy, and sustainability: Lessons from the Australian experience [Special issue]. Corporate Governance and Sustainability Review, 5(1), 143-153. https://doi.org/10.22495/cgsrv5i1sip5

      2021-04-20T08:32:30Z
       
  • The cyber classroom: Academic governance and sustainability in the 2020
           pandemic context
    • Abstract

      From February to December 2020, the Government of Macau Special Administrative Region (MSAR) of the People's Republic of China (PRC) implemented strict health measures to control the pandemic caused by the coronavirus (COVID-19). Among several other developments, universities in the territory turned to online teaching, which lasted for the entire 2020 spring semester. This paper aims to identify the empirical lessons learned from that period, from both pedagogic and governance points of view, keeping in mind the impact of technological, human-related, and governance challenges. The sustainability of online teaching for a limited period of time was directly related to the effectiveness (and speed) of external coordination (involving the relevant governmental departments) and internal commitment within the university. Despite the relative academic success and the technological transformation, one of the key lessons learned is that online teaching cannot effectively contribute to the processes of secondary and anticipatory socialization in the same way as in-person learning. Therefore, online teaching is not sustainable as a stand-alone tool in higher education. It fails to deliver secondary and anticipatory socialization particularly with regard to the sense of connection and togetherness. Clearly, the current model of academic governance has not been designed to face this type of challenge.

      Keywords: Pandemics 2019 (COVID-19), Higher Education, Governance, Sustainability, Lessons Learned, Socialization, Macau (China)

      Authors' individual contribution: Conceptualization — F.J.L. and E.C.L.; Methodology — F.J.L. and E.C.L.; Resources — F.J.L. and E.C.L.; Writing — Original Draft — F.J.L.; Writing — Review & Editing — F.J.L. and E.C.L.; Visualization — F.J.L.

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

      Disclaimer: The views, thoughts, and opinions expressed in this paper belong solely to the authors in their personal capacity, and do not necessarily reflect the official policy or position of any organization, to which they may be associated with.

      JEL Classification: I230

      Received: 17.10.2020
      Accepted: 15.04.2021
      Published online: 16.04.2021

      How to cite this paper: Leandro, F. J., & Leou, E. C. (2021). The cyber classroom: Academic governance and sustainability in the 2020 pandemic context [Special issue]. Corporate Governance and Sustainability Review, 5(1), 131-142. https://doi.org/10.22495/cgsrv5i1sip4

      2021-04-16T11:10:20Z
       
  • Reaffirming trust in social enterprise in the COVID-19 era: Ways forward
    • Abstract

      COVID-19 has overwhelmed and stretched existing healthcare infrastructure in both developed and developing economies and pushed governmental response mechanisms to the brink. Globally, governments elicited the call for corporate support, asking social entrepreneurs and social business ventures to organise efforts to build voluntary support for the large-scale response needed during the sudden lockdown disruptions. By April 2020, 26.5 million jobs were lost in the US alone (Lambert, 2020), global stocks plummeted at least 25% and gross domestic product (GDP) contracted significantly for all countries. With reduced domestic demand for non-food goods, reduced foreign demand for US goods exports, supply-chain disruptions, and plant closures, the manufacturing sector saw a huge decline (Reinicke, 2020). Governments all over the world announced massive stimulus packages. The US has approved $2 trillion financial support to combat the economic downturn so far (Emma & Scholtes, 2020) and EU finance ministers have recently approved €500 billion in stimulus measures (Riley, 2020). It is estimated that the global economy will grow at -3 percent in 2020. This article sheds light on the role of social enterprises in addressing the societal problems caused by COVID-19. The authors highlight the efforts of virtual and collaborative associations who seek to swiftly recognise issues and develop solutions, which create social value and alleviate the plights of suffering communities. This article sheds light on the role of social enterprises in addressing the societal problems caused by COVID-19. The authors highlight the efforts of virtual and collaborative associations who seek to swiftly recognise issues and develop solutions, which create social value and alleviate the plights of suffering communities. The authors place emphasis upon the role of the social entrepreneur in developing a way forward in these challenging times and present a contemporary conceptualisation of the social entrepreneur in the form of an “avatar” and the impact that this may have on social enterprise.

      Keywords: COVID-19, Crisis, Trust, Values, Uncertainty, Social Enterprise

      Authors' individual contribution: Conceptualization – M.S., R.O., and J.P.H.; Resources – M.S., R.O., and J.P.H.; Writing – Original Draft – M.S., R.O., and J.P.H.; Writing – Review & Editing – M.S., R.O., and J.P.H.; Visualization – M.S.

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

      JEL Classification: O35

      Received: 02.11.2020
      Accepted: 13.04.2021
      Published online: 15.04.2021

      How to cite this paper: Snowden, M., Oberoi, R., & Halsall, J. P. (2021). Reaffirming trust in social enterprise in the COVID-19 era: Ways forward [Special issue]. Corporate Governance and Sustainability Review, 5(1), 120-130. https://doi.org/10.22495/cgsrv5i1sip3

      2021-04-15T12:40:33Z
       
  • How COVID-19 reshapes businesses and executive pay for sustainability
    • Abstract

      The purpose of this paper is to answer the research question of how to design a fair and resilient compensation scheme according to stakeholder theory and the sustainability concept. The first finding of this paper is the framework for the sustainable, fair, resilient, scientific, simple, and practical compensation schemes — pay for sustainability (P4S). P4S has been developed after reviewing the literature and obtaining insights from the compensation consultants in Switzerland. It is also a useful tool in COVID-19 and will be for future crises. As a second finding, this theory-adaptation-based conceptual and commentary paper criticizes the conventional executive compensation structure and introduces the business lessons learned from the COVID-19 crisis. As a contribution to both the literature and practice, this research advances the novel knowledge in the field by conceptualizing a reliable and scientific framework and explaining the advantages and disadvantages of the four methods of the P4S framework. During COVID-19, environmental, social, and governance (ESG) based performances and compensation schemes have gained more importance. Finally, these proposed methods contribute to the adaptation of ESG-based compensation schemes while considering the local and individual differences of organizations.

      Keywords: COVID-19 (Coronavirus Disease 2019), Pay for Sustainability, Stakeholder Theory, ESG-Based Executive Compensation

      Authors' individual contribution: Conceptualization – H.J.S.; Methodology – M.A.E. and H.J.S.; Resources – M.A.E.; Writing – Original Draft – M.A.E. and H.J.S.; Writing – Review & Editing – M.A.E.; Visualization – M.A.E. and H.J.S.; Funding Acquisition – H.J.S.

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

      Acknowledgements: The University of Wisconsin-La Crosse (UWL) has provided Mehtap A. Eklund with summer research support to compensate for her research time dedicated to this project. The authors are also thankful to Chris Engert for language editing and proofreading the manuscript.

      JEL Classification: M14, G34, M12, Q56

      Received: 31.07.2020
      Accepted: 09.04.2021
      Published online: 12.04.2021

      How to cite this paper: Eklund, M. A., & Stern, H. J. (2021). How COVID-19 reshapes businesses and executive pay for sustainability [Special issue]. Corporate Governance and Sustainability Review, 5(1), 107-119. https://doi.org/10.22495/cgsrv5i1sip2

      2021-04-12T13:32:26Z
       
  • COVID reflections on corporate governance
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      The COVID-19 global pandemic has created unique and far-reaching impacts on corporations. Given the essential oversight role of boards of directors, it becomes critical for them to develop strategies as their companies respond to the challenges and risks under these unprecedented circumstances. This paper applies corporate governance principles and action plans for boards to help their companies survive this crisis and build sound business prospects both in the short run and long run. For immediate company survival, this paper encourages boards of directors to focus on short-term liquidity and employ five principles for COVID cash management as proposed in Gifford (2020), including detailed forecasting, setting spending priorities, initiating early communication, shortening reporting cycles, and planning for low cashpoints. Since liquidity does not equate to solvency for company survival, boards of directors also need to focus on long-term solvency by monitoring the new normal of business strategies, including the high likelihood of insolvency among small businesses and mixed solvency situations among large corporation. In addition, this paper identifies the key opportunities for the boards of directors to exploit and strengthen corporate governance during this pandemic period, including advocating a COVID disaster recovery plan with best practices, developing an emergency response checklist, establishing efficient disaster responses, and bolstering monitoring mechanisms for employees, operations, finances, customers, and supply chains (Butcher, 2020). The major sections of this paper are current COVID reflections, a case study of the Hertz Corporation, future COVID reflections, business strategies for the new normal, COVID cash management principles, COVID threats to corporate governance, COVID opportunities for corporate governance, and conclusions.

      Keywords: COVID Pandemic, Business Strategies, Corporate Governance

      Authors' individual contribution: Conceptualization – H.G.; Methodology – H.G.; Resources – M.C.; Writing – Original Draft – H.G.; Writing – Review & Editing – M.C. and T.X.; Visualization – T.X.; Funding Acquisition – M.C.

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

      JEL Classification: C3, G30

      Received: 01.06.2020
      Accepted: 05.04.2021
      Published online: 07.04.2021

      How to cite this paper: Grove, H., Clouse, M., & Xu, T. (2021). COVID reflections on corporate governance [Special issue]. Corporate Governance and Sustainability Review, 5(1), 94-106. https://doi.org/10.22495/cgsrv5i1sip1

      2021-04-07T11:59:43Z
       
  • Editorial: The recent trends in corporate governance research
    • "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 March 30, 2021.

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

      How to cite: Allini, A. (2021). Editorial: The recent trends in corporate governance research. Corporate Governance and Sustainability Review, 5(1), 4-6. https://doi.org/10.22495/cgsrv5i1editorial

      2021-03-30T07:51:51Z
       
  • US-China trade war: Impact on chemical exporting firms from India to US
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      With the onset of the US-China trade war in July 2018, the trade patterns between China, the US, and India have undergone a tremendous change. The number of products in which China had a competitive advantage in terms of exports to the US has declined in the last 9 months. A number of developing countries may be benefitted from the ongoing tariff war between the US and China, like Vietnam, Brazil, India, and Korea. In the present study, an attempt has been made to analyse the impact of the US-China trade war on exports of India to the US. The sector which has been selected is the chemical sector comprising of organic and inorganic chemicals as chemicals are one of the top-exported products from India to the US. To analyse the impact, the difference-in-differences technique of regression has been applied. The results indicate that after July 2018, i.e., the commencement of the US-China trade war, the impact on firms exporting chemicals from India to the US has been significant and firms in India may be a potential source for chemicals for the US provided the right policy measures are exercised in India. The results indicate that the trade war between the US and China has had a positive impact on the chemical exports from India to the US. The chemical exports from India to the US have increased post-July 2018, though not at a steep rate. This indicates that India has the potential to export chemicals to the US.

      Keywords: Trade Policy, Exports, Trade War, Chemical

      Authors' individual contribution: Conceptualization – A.A.S.; Methodology – A.A.S.; Software – A.A.S.; Validation – A.A.S.; Formal Analysis – A.A.S.; Investigation – A.A.S.; Resources – P.S.; Data Curation – P.S.; Writing – Original Draft – P.S.; Writing – Review & Editing – P.S.

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

      JEL Classification: F13, F14, F43, F62, F63

      Received: 20.01.2021
      Accepted: 12.03.2021
      Published online: 16.03.2021

      How to cite this paper: Siddiqui, A. A., & Singh, P. (2021). US-China trade war: Impact on chemical exporting firms from India to US. Corporate Governance and Sustainability Review, 5(1), 75-84. https://doi.org/10.22495/cgsrv5i1p8

      2021-03-16T14:58:10Z
       
  • Towards the improvement of the sustainability in sustainable HRM: The role
           of system strength
    • Abstract

      With the growing interest in sustainability, its incorporation in business management, and its inevitable intersection with the management of human resources, some scholars and practitioners have highlighted the potential benefits of successful implementation of sustainable human resource management as a source of competitive advantage. While this may denote a corporation's capacity to respond to a wider range of needs and requirements beyond economic targets, researchers draw on different theories to point out the possible adverse consequences of adopting such multiple bottom-line approaches for employees. This study builds on ideas from previous research, particularly the works of Bush (2018), Bowen and Ostroff (2004) to 1) examine if the perceived degree of emphasis on a triple-bottom-line (TBL) approach is related to role ambiguity and role conflict; 2) investigate if the elements of human resource management system strength are related to role conflict and role ambiguity and, if these elements can moderate the relationship between the perceived degree of emphasis on TBL approach, role ambiguity, and role conflict. While the findings support the link between taking a TBL approach and role ambiguity and role conflict, it offers evidence that a strong human resource management system may reduce the role ambiguity and role conflict resulting from taking such approaches. Managerial implications and future research directions conclude this research.

      Keywords: Sustainable HRM, Human Resource Management, Triple-Bottom-Line, Role Ambiguity, Role Conflict, HRM System Strength

      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 help of the anonymous private company that helped greatly with conduction of this research by allowing access to their database is highly appreciated.

      JEL Classification: M140, M500, Q560

      Received: 13.07.2020
      Accepted: 10.03.2021
      Published online: 12.03.2021

      How to cite this paper: Mashhady, A. (2021). Towards the improvement of the sustainability in sustainable HRM: The role of system strength. Corporate Governance and Sustainability Review, 5(1), 65-74. https://doi.org/10.22495/cgsrv5i1p7

      2021-03-12T13:26:46Z
       
  • Effect of corporate governance practices on bank performance: The
           perspective of board members
    • Abstract

      The lingering poor financial performance by banks and bank failure in the past three decades, despite various regulatory actions, has led to a debate on the efficacy of the various regulatory actions and the effectiveness of the practices of corporate governance in Nigerian banks (CBN, 2014; Berger, Imbierowicz, & Rauch, 2016). The study seeks to understand how corporate governance practices influence banks' performance. The qualitative approach purposively selected three banks and three board interview respondents. Using thematic analysis, the results show that, large board size is not sufficient to improve performance but the broader expertise and other resources the directors bring are the critical elements. The study finds consensus that, outsider directors were desirable, as they provide additional expertise, and assist in making strategic input to improve management decisions. Enhanced monitoring and oversight responsibilities and access to information of board committees improve board effectiveness with favourable effects on bank performance. While the moderating effect of female representation with other governance characteristics on bank performance is subject to the female complementary expertise and their proportion of the board, that of foreign directors appear to be negligible. Bank boards are recommended to be of the right caliber and quantity with adequate resources to offer enhanced monitoring and oversight responsibilities.

      Keywords: Corporate Governance Practice, Bank Performance, Board Member, Foreign Representation, Female Representation, Board Member Perspective

      Authors' individual contribution: Conceptualization – V.O.D.; Methodology – V.O.D. and J.K.T.; Formal Analysis – V.O.D.; Investigation – V.O.D.; Writing – Original Draft – V.O.D.; Writing – Review & Editing – V.O.D. and J.K.T.; Supervision – J.K.T.; Project Administration – J.K.T.

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

      JEL Classification: E50, G30, G38, L25

      Received: 02.07.2020
      Accepted: 15.02.2021
      Published online: 18.02.2021

      How to cite this paper: Dike, V. O., & Tuffour, J. K. (2021). Effect of corporate governance practices on bank performance: The perspective of board members. Corporate Governance and Sustainability Review, 5(1), 54-64. https://doi.org/10.22495/cgsrv5i1p6

      2021-02-18T14:24:21Z
       
  • Sustainability reporting and strategic legitimacy: The influence of
           operating in emerging economies on the level of GRI reporting in Canada's
           largest companies
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      Corporate sustainability reporting is a contributor to strategic legitimacy (Chelli, Durocher, & Fortin, 2018) and certain traditional corporate characteristics (size, industry vulnerability) can influence the level of sustainability reporting (Drempetic, Klein, & Zwergel, 2020). However, limited literature exists in regards to sustainability reporting by Canadian companies operating in emerging countries. Content analysis of sustainability reports examined the current use of the Global Reporting Initiative (GRI) framework. Principal component analysis (PCA) provided a sustainability reporting index (SRI) measure for each firm using factor scores. Correlations and independent-samples t-testing tested the association of the level of reporting to a firm's size, industry, level of internationalization, and level of activity in emerging economies. A review of 234 large Canadian-based, publicly-traded companies found a total of 86 companies employed the GRI framework, and data from these companies was used in this study. Asset size and vulnerable industries had no significant association with the level of sustainability reporting contrary to prior studies. Operating in emerging economies resulted in greater levels of sustainability reporting when compared to firms that do not. This finding is consistent with the external legitimacy strategy and contributes to the limited literature in this area.

      Keywords: Sustainability Reporting, GRI, Strategic Legitimacy, Emerging Economies, Canada, ESG

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

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

      Acknowledgements: We wish to acknowledge the contributions of Ola Ajibade, Ryerson University, for assisting with the original data acquisition as part of an internal funding grant from the Ted Rogers School of Management, Ryerson University.

      JEL Classification: C1, F6, K2, L1, L2

      Received: 09.12.2020
      Accepted: 05.02.2021
      Published online: 09.02.2021

      How to cite this paper: Walsh, P. R., Singh, R., & Malinsky, M. (2021). Sustainability reporting and strategic legitimacy: The influence of operating in emerging economies on the level of GRI reporting in Canada's largest companies. Corporate Governance and Sustainability Review, 5(1), 39-53. https://doi.org/10.22495/cgsrv5i1p5

      2021-02-09T14:05:51Z
       
  • Endemic corporate responsibility dimensions in the developing economy: An
           exploratory study
    • Abstract

      The current understanding of corporate social responsibility (CSR) and its associated dimensions have majorly been developed by western researchers (Xu & Yang, 2010). An exhaustive study of CSR as a concept based in the specific socio-cultural settings of India is imminent (Mohan, 2001). Hence, this research is predominantly intended to identify the endemic CSR dimensions as well as the actions that constitute these dimensions for organisations based in India. The official company website is the common communication medium for publishing information about CSR. Therefore, inductive research was conducted for twenty-seven corporate websites of companies in India using qualitative content analysis. Nine dimensions of CSR along with the actions that constitute these dimensions were identified. The dimensions are economic dimension, environment protection, ethical consideration, employee, consumerism, community development, legal, stakeholder expectation and philanthropy. Thus, this study helps develop knowledge and understanding about CSR within a specific context, i.e., India. This research will lend a holistic perspective for creating a CSR strategy for an organisation.

      Keywords: Corporate Social Responsibility, Endemic CSR Dimensions, CSR Activities, Inductive Research, Social Responsibility, CSR Communication, Content Analysis

      Authors' individual contribution: Conceptualization – P.G. and B.K.; Methodology – P.G.; Software – P.G.; Validation – P.G.; Formal Analysis – P.G.; Investigation – P.G.; Resources – B.K.; Data Curation – P.G.; Writing – Original Draft – P.G.; Writing – Review & Editing – B.K.; Visualization – P.G.; Supervision – B.K.; Project Administration – P.G. and B.K.

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

      JEL Classification: M10, M14, M19

      Received: 25.05.2020
      Accepted: 22.01.2021
      Published online: 26.01.2021

      How to cite this paper: Gokarna, P., & Krishnamoorthy, B. (2021). Endemic corporate responsibility dimensions in the developing economy: An exploratory study. Corporate Governance and Sustainability Review, 5(1), 31-38. https://doi.org/10.22495/cgsrv5i1p4

      2021-01-26T13:42:30Z
       
  • Sustainable long-term value creation: New finance focus for boards of
           directors
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      The major research question of this paper is how boards of directors' practices and performance can facilitate the new finance focus on sustainable, long-term value creation. This new finance focus presents opportunities to strengthen corporate performance which enhances the gatekeeper role of boards of directors in helping both shareholders and stakeholders. The following topics are discussed and analyzed in this paper: potential examples, strategic analysis, sustainability analysis, and the circular economy. We discovered several guiding principles based on previous literature, regulatory proposals, and industry practices. Effective boards of directors need to be engaged in sustainable strategy formation and make sure long-term sustainable value creation continues to develop and does not erode. They need to have relevant industry knowledge, diverse expertise, and a proclivity for thinking independently in both good times and bad times, such as the coronavirus pandemic. They also need to develop a clear understanding of sustainable business strategies and how long-term value is created and driven through innovation and the deployment of resources. In addition, we find that boards can assess and monitor ways to measure and manage long-term value creators and drivers and encourage their companies to become involved in the circular economy with its $4.5 trillion investment opportunities. Future research could use case studies and board interviews to investigate boards of directors' practices and performance, concerning how boards have helped develop strategies and procedures to facilitate this new finance focus on long-term sustainable value creation.

      Keywords: New Finance, Circular Economy, Sustainability, Board Practices, Corporate Governance

      Authors' individual contribution: Conceptualization – H.G.; Methodology – H.G. and T.X.; Resources – M.C.; Writing – Original Draft – H.G.; Writing – Review & Editing – M.C. and T.X.; Visualization – T.X.; Funding Acquisition – M.C.

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

      JEL Classification: C3, G30

      Received: 23.10.2020
      Accepted: 18.01.2021
      Published online: 20.01.2021

      How to cite this paper: Grove, H., Clouse, M., & Xu, T. (2021). Sustainable long-term value creation: New finance focus for boards of directors. Corporate Governance and Sustainability Review, 5(1), 22-30. https://doi.org/10.22495/cgsrv5i1p3

      2021-01-20T12:26:45Z
       
  • Association between rewards and employee performance: An empirical
           research on Omani banks
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      The current paper aims to explore the association between rewards and employee performance in the Oman banking sector. This study evaluates data of 500 bank employees across 18 listed banks in the Sultanate of Oman. A theoretical framework is discussed to assess the effects of rewards on employee performance. According to this literature review, it is proven that rewards influence employee performance. Güngör's (2011) study shows that organizations develop reward strategies to motivate and increase employee performance. Salah (2016) proves that rewards have a strong influence on employee performance, and he further states that incentives encourage employees to work with purpose and increase organizational performance. The outcomes are examined using factor analysis, structural equation modeling, and multivariate analysis of variance. The results of this study provide critical insights into how companies can adopt effective reward management to sustain and compete in the dynamic business landscape and modulate performance management in Omani banks. Overall, a statistically significant association between the rewards system and employee performance in Oman's listed banks is established in this study. The study further underscores the need to design and evolve employee-centric policies to get optimum performance. It also offers guideposts for managers and policy planners working in the Middle East countries' banking sector to develop holistic policies to succeed in stiff, cut-throat competition and ensure participatory management for best performance. Herein, extrinsic and intrinsic rewards are studied concerning their impact on the performance matrix. A proper insightful reward management system may lead to optimum performance, better outcomes, and a robust financial plan.

      Keywords: Extrinsic Rewards, Intrinsic Rewards, Employee Performance, Rewards Management, Omani Banks, Middle East, Banking Sector

      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: This research has received financial support from the College of Banking and Financial Studies (Grant Number: 4001/2018-2019). The author wants to thank Dr. Anand for guiding in developing the internal research grant proposal. Special thanks go to Mr. Madhu, R-programming trainer, and Ms. Sujatha Nair for proofreading the work.

      JEL Classification: M10, M12, M50, M52

      Received: 09.11.2020
      Accepted: 15.01.2021
      Published online: 18.01.2021

      How to cite this paper: Kolluru, M. (2021). Association between rewards and employee performance: An empirical research on Omani banks. Corporate Governance and Sustainability Review, 5(1), 15-21. https://doi.org/10.22495/cgsrv5i1p2

      2021-01-18T14:20:34Z
       
  • Study of corporate governance in government hospitals: A case study of the
           emerging market
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      Governance in a government hospital setup is complicated due to its economic and financial dimensions but also incorporates societal responsibility. The current study focuses on the processes and procedures as the key factor of corporate governance. This paper presents evidence of a comprehensive range of procedures related to governing healthcare quality undertaken at the corporate governance level. The study explores the viewpoint of the stakeholders including patients, doctors, and the management. The aim of the study is to identify indicators of effective governance in an emerging country like India where the state regulates the health system. For this purpose, three major hospitals of Delhi – AIIMS, Safdarjung, and Ram Manohar Lohia hospitals – were studied. The response of 582 respondents was analyzed using logit regression. The study documents the comfort level of patients with the doctor, the ability of the doctors to address the concern of patience, registration time in the hospital, and easy availability of the medicine improves the corporate governance of the hospital. The main contribution of the research is analyzing the health care system in an emerging market like India which is characterized by the complexity of interaction between the environment and policies related to health care.

      Keywords: Corporate Governance, Clinical Governance, Government Hospital, Government Expenditure, Public Health

      Authors' individual contribution: Conceptualization – A.A.; Methodology – A.A. and S.A.; Validation – A.A.; Formal Analysis – S.A.; Investigation – A.A.; Writing –Original Draft – A.A. and S.A.; Writing – Review & Editing –A.A. and S.A.

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

      JEL Classification: G34, H11, H51, I18

      Received: 08.10.2020
      Accepted: 12.01.2021
      Published online: 14.01.2021

      How to cite this paper: Agnihotri, A., & Arora, S. (2021). Study of corporate governance in government hospitals: A case study of the emerging market. Corporate Governance and Sustainability Review, 5(1), 8-14. https://doi.org/10.22495/cgsrv5i1p1

      2021-01-14T12:59:18Z
       
  • Editorial: Outside the rules and mechanisms of corporate governance
    • "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 21, 2020.

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

      How to cite: Venuti, F. (2020). Editorial: Outside the rules and mechanisms of corporate governance. Corporate Governance and Sustainability Review, 4(2), 4-6. https://doi.org/10.22495/cgsrv4i2editorial

      2020-12-21T10:06:45Z
       
  • Opening the Saudi Arabian stock market: Its impact on information
           disclosure
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      Opening the stock market has several impacts on companies and the economic status of a country (Ilhan, 2019). The Saudi market is considered as a big opportunity for foreign investors, as it is among the largest economies in the Middle East and North Africa (MENA) regions (Elimam, 2017). This study aims to investigate the effect of the liberalization of the stock market in Saudi Arabia on the disclosure of information. To do this, information was gathered through secondary data collection. Empirical studies and existing data collected by other parties were critically analysed to fulfill the research objectives and come up with conclusions. In particular, they were examined through content analysis. Liberalizing the Saudi stock market seemed to improve the disclosure of information. However, it has been found that there are several variations in disclosure of information levels between companies based on the Saudi Arabian Capital Market Authority (CMA) codes. These variations mainly depend on company type, code, and ownership.

      Keywords: Stock Market Liberalization, Information Disclosure, Liberalization Effect, Disclosure Effect

      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: We gratefully acknowledge the funding received for my Master's degree from the Saudi Arabian Cultural Mission (SACM). We want also to express our sincerest appreciation to my supervisor, Kay Smith for her valuable notes on this research, her moral support, and encouragement.

      JEL Classification: M48, G14, G32

      Received: 27.06.2020
      Accepted: 14.12.2020
      Published online: 16.12.2020

      How to cite this paper: Alajmi, A. (2020). Opening the Saudi Arabian stock market: Its impact on information disclosure. Corporate Governance and Sustainability Review, 4(2), 102-126. https://doi.org/10.22495/cgsrv4i2p10

      2020-12-16T13:45:28Z
       
  • E-governance: A study of the concept and implementation in the emerging
           economy
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      Good governance is the essence of success for every public and private organization. The traditional governance system is delayed and costly. With the robust development of information technology, an adaptation of e-governance is common across the country to reduce the drawbacks of the traditional governance system. But the complaints from the public related to the discharge of public service have not been reduced. The claims of the general public lie on poor economic governance in the implementation of e-governance. Thus, the study aims to examine the role of economic governance on e-governance practices. Descriptive and correlational research designs were deployed while undertaking the study to explain the position of variables in the national context and examine the relationship between economic governance and e-governance. The bureaucrats, academicians and business professionals are the respondents of the study. Purposive sampling methods were deployed. The study findings show the government should develop a strategic framework for the effective implementation of e-governance. Government tends to focus on infrastructure, and qualified manpower development and increase computer literacy on the public to effective implementation of e-governance in Nepal.

      Keywords: Economic Governance, E-Governance, Cost, E-Citizens, E-Administration, E-Society

      Authors' individual contribution: Conceptualization – D.L.P.; Methodology – D.L.P. and N.R.; Software – N.R.; Validation - D.L.P. and N.R.; Formal Analysis – D.L.P. and N.R.; Investigation – D.L.P. and N.R.; Resources – D.L.P. and N.R.; Data Collection – N.R.; Writing – Original Draft – N.R.; Writing – Review & Editing – D.L.P.; Visualization - D.L.P. and N.R.; Supervision –D.L.P.; Project Administration – D.L.P.; Funding – D.L.P. and N.R.

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

      Acknowledgements: We would like to acknowledge to University Grants Commission for their financial support in faculty research and encouragement for publishing articles in international journal.

      JEL Classification: A12, D78, D80, D10, D30

      Received: 14.07.2020
      Accepted: 09.10.2020
      Published online: 13.10.2020

      How to cite this paper: Pandey, D. L., & Risal, N. (2020). E-governance: A study of the concept and implementation in the emerging economy. Corporate Governance and Sustainability Review, 4(2), 93-101. https://doi.org/10.22495/cgsrv4i2p9

      2020-10-13T12:09:34Z
       
  • Influence of firms' financial performance on disclosure of sustainability
           initiatives and assurance of sustainability reports
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      This study provides a better understanding of the possible influence of firms' financial performance on the disclosure of sustainability initiatives and assurance of sustainability reports (Perego & Kolk, 2012). The study analyzes the use of Big4 accounting, engineering, and boutique/consultancy firms for assurance of sustainability reports. A total of 2084 sustainability reports from 42 different countries were retrieved from the Global Reporting Initiative and the corresponding financial variables were obtained from the S&P Capital IQ database. Multilevel logistic regression analysis was undertaken to investigate the issue. We hypothesize that companies with higher financial performance will be more likely to choose an assurance provider from the Big4 (Carey, Simnett, & Tanewski, 2000). While we find that higher financial performers are no different from other performers (as proxied by EVA, TEV, or ROS) when it comes to Big4, we do find that engineering firms are approximately seven times more likely to be chosen as an assurance provider, after controlling for other variables (when EVA and TEV (not ROS) is used as a proxy for financial performance). Importantly, the number of employees and being in the manufacturing industry are significantly related to choosing an engineering firm as an assurance provider when EVA or TEV is used as a proxy for financial performance, and significantly related to choosing a boutique/consultancy firm when ROS is used as a proxy for financial performance.

      Keywords: Sustainability Report, Sustainability Assurance, Assurance Report, Big4, EVA, ROA

      Authors' individual contribution: Conceptualization – S.R. and N.J.; Investigation – S.R.; Methodology – S.R.; Formal Analysis – S.R.; Discussion – S.R. and N.J.; Writing – S.R. and N.J.; Review & Editing – S.R. and N.J.; Funding – S.R. and N.J.; Resources – S.R. and N.J.; Supervision – S.R. and N.J.

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

      JEL Classification: M4, G3, L25

      Received: 02.07.2020
      Accepted: 22.09.2020
      Published online: 24.09.2020

      How to cite this paper: Rao, S., & Juma, N. (2020). Influence of firms' financial performance on disclosure of sustainability initiatives and assurance of sustainability reports. Corporate Governance and Sustainability Review, 4(2), 77-92. https://doi.org/10.22495/cgsrv4i2p8

      2020-09-24T12:04:35Z
       
  • Corporate fixed investment and internal liquidity: Evidence from Greek
           listed companies
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      Utilizing a unique panel dataset of 273 listed firms in the Athens Stock Exchange (ASE) we explore the issue of capital market imperfections with respect to access to investment financing. In particular, we investigate the extent to which investment is sensitive to the availability of internal finance. By employing a fixed-effect model, our empirical results indicate a positive association of cash flow and investment, leading to the conclusion of imperfect substitutability between internal and external finance and thus the importance of the former for investment decisions. According to our knowledge, this is the first study covering the specific tremble period of ASE for Greek manufacturing firms.

      Keywords: Capital Market Imperfections, Cash Flow, Investment, Panel Data

      Authors' individual contribution: Conceptualization – C.K., P.K., and A.A.; Methodology – C.K.; Investigation – C.K., P.K., and A.A.; Resources – P.K. and A.A.; Writing – C.K. and A.A.; Supervision – P.K. and A.A.

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

      JEL Classification: C33, E22, G31

      Received: 08.07.2020
      Accepted: 09.09.2020
      Published online: 10.09.2020

      How to cite this paper: Kallandranis, C., Kalantonis, P., & Aljandali, A. (2020). Corporate fixed investment and internal liquidity: Evidence from Greek listed companies. Corporate Governance and Sustainability Review, 4(2), 68-76. https://doi.org/10.22495/cgsrv4i2p7

      2020-09-10T13:50:49Z
       
  • Determinants of sustainability assurance levels: The case of French firms
    • Abstract

      The aim of this work is to analyse the determinants of the level of sustainability assurance for the CAC 40 French firms from the time period preceding and following the implementation of the Grenelle 2 law that made sustainability assurance compulsory. The objective of the paper is twofold: 1) provide a better understanding of the factors influencing the professional judgement provided by assurance providers, 2) verify whether the content of the disclosed sustainability reports has evolved as a result of the introduction of the Grenelle 2 law or not. A sample of 257 firm-year observations is collected for the period 2008-2017 and an ordinal regression model is used in this study. The findings highlight a change in the content of assurance reports after the promulgation of the Grenelle 2 law. The sector's sensitivity, the type of assurance provider, and the leverage level have an impact on the level of assurance for the period 2013-2017 which was not the case for the period 2008-2012. Based on the institutional theory, these correlations may be explained by the promulgation of the Grenelle 2 law in 2012.

      Keywords: Sustainability Assurance, Assurance Level, Grenelle 2 Law, CAC 40

      Authors' individual contribution: Conceptualization – S.D.A.; Methodology – S.D.A. and S.D.; Investigation – S.D. and E.K.; Resources – E.K.; Writing – E.K.; Supervision – S.D.A., E.K., and B.M.

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

      JEL Classification: M48, M14, Q01, Q56

      Received: 09.05.2020
      Accepted: 22.08.2020
      Published online: 04.09.2020

      How to cite this paper: Klibi, E., Damak-Ayadi, S., Dridi, S., & M'Zali, B. (2020). Determinants of sustainability assurance levels: The case of French firms. Corporate Governance and Sustainability Review, 4(2), 56-67. https://doi.org/10.22495/cgsrv4i2p6

      2020-09-04T12:26:36Z
       
  • Framework for responsible (sustainable) marketing
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      Corporates and consumers are aware of the environmental consequences of consumption. However, forty per cent of environmental degradation is known to have been caused by human consumption behaviour while marketing has been blamed for promoting materialism (irresponsible consumption). Literature suggests that adopting responsible marketing strategies would not only promote responsible consumption (Abutaleb & El-Bassiouny, 2020) but also build long-term competitive advantage (Agrawal, Kumar, & Rahman, 2017) and help companies financially (Eccles, Ioannou, & Serafeim, 2011). Building responsible marketing strategies would, however, require changes at both, the organisational and the marketing level (Rudwaska, 2019). This paper, using a theory-building methodology, proposes a framework that identifies the organisational values (necessary condition) and the responsible marketer's role (sufficient condition) for responsible marketing that ensures responsible consumer behaviour for all the different stages of the marketing planning process. Themes from papers presented in an International Conference on Responsible Marketing were analysed to suggest how corporates could develop responsible marketing strategies and promote responsible consumption. Applicability, limitations, and areas for future research are identified.

      Keywords: Sustainable Marketing, Consumer Behavior, Environmental Issues, Ethics

      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: M14, M31, F64, L21, I31

      Received: 13.06.2020
      Accepted: 17.08.2020
      Published online: 19.08.2020

      How to cite this paper: Pingali, V. (2020). Framework for responsible (sustainable) marketing. Corporate Governance and Sustainability Review, 4(2), 50-55. https://doi.org/10.22495/cgsrv4i2p5

      2020-08-19T11:22:47Z
       
  • An index to study corporate governance in banks in India
    • Abstract

      There are many factors that affect corporate governance (CG). It is highly difficult to comprehend corporate governance and define it. Yet, research is imperative to understand the changing specific needs of good corporate governance practices and the impact of such practices. As banks have special governance needs, in this study the corporate governance of banks in India has been studied with the help of corporate governance index (GCI) especially designed for banks. Following the method used by Ararat, Black, and Yurtoglu (2017) to investigate the effectiveness of corporate governance, the index was divided into six sub-indices and to test the index it was used to find the correlation of CG practices with the banks profitability measured in terms of return on assets (RAO) and net interest margin (NIM) as dependent variables. The fixed regression model was run to know the relationship between the sub-indices and the dependent variables. Apart from the CG index, capital adequacy ratio (CAR) and Net NPA ratio were taken as independent variables. A weak correlation was found between CG and ROA and NIM that contributes to the findings of Fallatah and Dickins (2012).

      Keywords: Corporate Governance, Corporate Governance Index, Profitability, Firm Value

      Authors' individual contribution: Conceptualization – S.S. and N.P.; Methodology – S.S.; Formal Analysis – S.S.; Writing – Original Draft – S.S. and N.P.; Writing – Review & Editing – S.S. and N.P.

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

      JEL Classification: G30, G32, G34

      Received: 08.04.2020
      Accepted: 29.05.2020
      Published online: 21.07.2020

      How to cite this paper: Sandhya, S., & Parashar, N. (2020). An index to study corporate governance in banks in India. Corporate Governance and Sustainability Review, 4(2), 40-49. https://doi.org/10.22495/cgsrv4i2p4

      2020-07-21T13:52:34Z
       
  • Shadow banking in India
    • Abstract

      The NBFCs have been the proxies of shadow banking in India. The shadow banking channel is in its evolutionary phase in India. Hence the debate about the shadow banking channels is still on as far as India is concerned. The FSB (Financial Stability Board) in its report points out the various emerging trends and growth of the shadow banking channels in various countries including India. It is imperative to study the trends of shadow banking channels in India to understand the possible financial contagion effect of it on the formal banking systems. This paper studies the deposits accepted by and the loans advanced by the NBFCs from/to the households sector, the credit flow to the commercial sector from the non-banking channels to understand the broad trends. It further studies the difference in the net flow of resources to and from a particular type of NBFCs, to gain insights into the sources of funds with an objective to understand the interconnectedness of NBFCs and the formal banking channels. The paper makes an attempt to study the relationship between CRAR and GNPA to understand the financial performance with a specific reference to NBFC-MFIs (selected on a sample basis).

      Keywords: NBFC, Shadow Banking, NBFC-MFIs

      Authors' individual contribution: Conceptualization – S.P. and M.B.; Methodology – S.P. and M.B.; Investigation – S.P. and M.B.; Resources – S.P. and M.B.; Writing – Original Draft – S.P.; Writing – Review & Editing – M.B.; Visualization – S.P.; Supervision – M.B.

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

      JEL Classification: G23, G21

      Received: 12.04.2020
      Accepted: 30.06.2020
      Published online: 17.07.2020

      How to cite this paper: Prudhvi, S., & Bhattacharya, M. (2020). Shadow banking in India. Corporate Governance and Sustainability Review, 4(2), 30-39. https://doi.org/10.22495/cgsrv4i2p3

      2020-07-17T11:53:38Z
       
  • The effect of human capital on organizational performance: The case of
           sustainability issues in an e-commerce firm
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      This paper aims to discuss how developing human capital can have a direct positive effect on operational performance. The case study method is used to address the sustainability issues a Lebanon-based retail e-commerce company is facing. We utilize the socio-economic qualimetrics methodology to discuss the corporate change from within the enterprise at all levels and with the contribution of all the participants in the firm. The focus of the case study is on qualitative, quantitative, and financial aspects through competitiveness enhancement and operational effectiveness metrics. The findings of this intervention research contribute to the literature insofar as enhancing the social capital of a retail e-commerce organization positively impacts its performance.

      Keywords: Intellectual Capital, Human Capital, Socio-economic, E-commerce Performance

      Authors' individual contribution: Conceptualization – P.B., A.F., and U.B.; Methodology – P.B.; Validation – P.B., A.F., and U.B.; Formal Analysis – P.B., A.F., and U.B.; Investigation – P.B., A.F., and U.B.; Data Curation – P.B.; Writing – Original Draft – P.B., A.F., and U.B.; Writing – Review & Editing – P.B., A.F., and U.B.; Visualization – P.B.

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

      JEL Classification: E22, L81, O34

      Received: 14.05.2020
      Accepted: 07.07.2020
      Published online: 10.07.2020

      How to cite this paper: Balian, P., Farah, A., & Braendle, U. (2020). The effect of human capital on organizational performance: The case of sustainability issues in an e-commerce firm. Corporate Governance and Sustainability Review, 4(2), 20-29. https://doi.org/10.22495/cgsrv4i2p2

      2020-07-10T14:02:48Z
       
  • Could the Altman Z-score model detect the financial distress in Ghana'
           Multivariate discriminant analysis
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      The purpose of this paper is to assess the effectiveness of the Altman Z-score model to discriminate between financially distressed and non financially distressed manufacturing firms listed on the Ghana Stock Exchange. Eleven firms consisting of two financially distressed and nine non-financially distressed manufacturing firms were analysed. Independent descriptive statistics, independent sample t-test, and multivariate discriminant analysis were the analytical tools used to analyse the hypotheses of this study. The study revealed that working capital/total assets and sales/total assets were the major discriminators of financially distressed firms on the Ghana Stock Exchange. Multivariate discriminant analysis revealed an accuracy rate of 79.9% to detect financially distressed firms in Ghana.

      Keywords: Altman Z-score, Financially Distressed, Non-financially Distressed, Discriminant Analysis

      Authors' individual contribution: Conceptualization – J.M.; Methodology – J.M. and R.A.-A.; Formal Analysis – J.M. and R.A.-A.; Writing – R.A.-A.; Original Draft –J.M.; Review & Editing – J.M. and R.A.-A.; Resources – J.M. and R.A. A.; Visualization – J.M. and R.A.-A.; Supervision – J.M. and R.A.-A.

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

      JEL Classification: G32, G33, M48

      Received: 07.02.2020
      Accepted: 23.06.2020
      Published online: 24.06.2020

      How to cite this paper: MacCarthy, J., & Amoasi-Andoh, R. (2020). Could the Altman Z-score model detect the financial distress in Ghana? Multivariate discriminant analysis. Corporate Governance and Sustainability Review, 4(2), 8-19. https://doi.org/10.22495/cgsrv4i2p1

      2020-06-24T13:14:36Z
       
  • Editorial: Researching the relations between governance characteristics
           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 June 12, 2020.

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

      How to cite: Tommaso, S. (2020). Editorial: Researching the relations between governance characteristics and sustainability. Corporate Governance and Sustainability Review, 4(1), 4-6. https://doi.org/10.22495/cgsrv4i1editorial

      2020-06-12T08:12:12Z
       
  • An operational approach to financial stability: On the beneficial role of
           regulatory governance
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      The reviews have shown that regulatory governance increases the economic growth of the country that further improves the financial stability. Weak governance promotes a weak financial sector. It is established that there are several crises took place in ancient times because of failed policy (Greco, Ishizaka, Tasiou, & Torrisi, 2019; Kuc Czarnecka, Lo Piano, & Saltelli, 2020). The purpose of the research is to find out more about how weak governance can damage the economy of nations, and that is how it leads to financial instability. Besides, how good governance leads to economic stability can also be understood. The research problem presented in terms of the objective of the research is to find out the association between financial stability and regulatory governance for the selected nations under study. This is done by taking a sample of fifteen nations of the world. By taking selective indicators for regulatory governance and financial stability and applying the causality test, the association is checked. The results indicate a less significant association between regulatory governance and financial stability for nations under study. The results are relevant in continuously expanding global financial markets wherein emphasis is strong regulations.

      Keywords: Regulatory Governance, Financial Stability, Developed Nations, Developing Nations, Returns

      Authors' individual contribution: Conceptualization – T.S.S.; Methodology –T.S.S.; Formal Analysis – T.S.S.; Investigation – T.S.S.; Writing –T.S.S.; Original Draft – T.S.S. and S.S.; Writing – Review & Editing – T.S.S.; Resources – T.S.S.; Visualization – T.S.S.; Supervision –T.S.S.

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

      JEL Classification: G32, G39, F65, O16

      Received: 05.03.2020
      Accepted: 15.05.2020
      Published online: 22.05.2020

      How to cite this paper: Sikarwar, T. S., & Sharma, S. (2020). An operational approach to financial stability: On the beneficial role of regulatory governance. Corporate Governance and Sustainability Review, 4(1), 74-81.
      https://doi.org/10.22495/cgsrv4i1p7

      2020-05-22T09:44:12Z
       
  • Non-performing assets in India: A critical analysis of public and private
           sector banks
    • Abstract

      The paper identifies and analyzes the causes that affect non performing assets (NPAs), hinder its effective observance, and recommends appropriate measures to ensure their effective monitoring and control. The banks selected for this research work are having higher NPAs and are top banks in their sector. As per the Global Financial Stability Report of International Monetary Fund (IMF, 2009), identifying and dealing with distressed assets, and recapitalizing weak but viable institutions and resolving failed institutions are stated as the two of the three important priorities which directly relate to NPAs. This research work finds the reasons for non-performing loans by considering a set of 50 variables and provides the necessary measures. Statistical tool SPSS was used to run the factor analysis test. Sectoral disparities in the NPA ratio to advances in public and private sector banks were the main source of motivation to analyze and compare factors affecting non-performing assets (NPAs) of public and private sector banks in India. Some of the reasons for NPA are lack of frequent interaction or follow-up with borrowers, manipulation of income or financial statement by borrowers, industrial problem and death of earning member of the family.

      Keywords: Non-Performing Assets, Profitability, Banks, Public Sector, Private Sector, Bank Credit

      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: C33, G21, E51, G11, C23

      Received: 05.02.2020
      Accepted: 17.04.2020
      Published online: 24.04.2020

      How to cite this paper: Kandpal, V. (2020). Non-performing assets in India: A critical analysis of public and private sector banks. Corporate Governance and Sustainability Review, 4(1), 65-73. https://doi.org/10.22495/cgsrv4i1p6

      2020-04-24T08:30:24Z
       
  • Forecasting and asymmetric volatility modeling of sustainability indexes
           in India
    • Abstract

      Sustainability is the new approach of corporations of the world over which is catching a lot of attention due to its divergence from the short-term approach to the long-term horizon. Sustainability indexes, that represent a set of companies for being socially responsible in terms of its corporate approach, need to be assessed in terms of forecasting the return as well as volatility of these returns. Autoregressive nature of three sustainability indexes, viz, Greenex, Carbonex and ESG index has been captured using autoregressive integrated moving averages method. The residuals of the model are subjected to generalized autoregressive conditional heteroscedasticity modeling to address volatility clustering. ARIMA results of three indices specify AR (1) for forecasting Carbonex is AR (1), MA (3) for forecasting ESG and AR (3) MA (3) for forecasting Greenex. Variances are changing as well as are a function of its past behavior, as shown by GARCH (1,1) process in the case of Carbonex and Greenex. Whereas in the case of ESG GARCH (1,1) does not explain such variance in residuals which could possibly be due to the presence of other exogenous factors in the time series. These results find place in the area of asset pricing and risk management of sustainability indexes in India. The research is based on the works of Joshi, Pandey, and Ross (2017), and it contributes to findings of Makridakis, Wheelwright, and Hyndman (1998).

      Keywords: ARIMA, Asset Pricing, Forecasting Returns, GARCH, Sustainability, Volatility Modeling, Weak Form Efficiency

      Authors' individual contribution: Conceptualization – S.Y.; Methodology – C.M.; Software – C.M.; Validation – S.Y.; Formal Analysis – C.M.; Investigation – C.M.; Writing – Original Draft – C.M.; Writing – Review & Editing – S.Y.; Visualization – C.M.

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

      JEL Classification: C53, C58, G12, G17

      Received: 19.02.2020
      Accepted: 13.04.2020
      Published online: 16.04.2020

      How to cite this paper: Malik, C., & Yadav, S. (2020). Forecasting and asymmetric volatility modeling of sustainability indexes in India. Corporate Governance and Sustainability Review, 4(1), 56-64. https://doi.org/10.22495/cgsrv4i1p5

      2020-04-16T07:56:28Z
       
  • Impact of firm's specific factors on audit fee of quoted consumer goods
           firms
    • Abstract

      Greater pricing presume on audit service has been put by the regulations of the auditing and accounting practices for the disclosure of audit fees, since audit fee is directly related to audit quality. However, the audit fees perceived by the client is often different from the amount charged by the auditors. Hence, this study investigated the impact of firm-specific characteristics on audit fees of quoted consumer goods firms in Nigeria using a purposive sampling technique. Secondary data were obtained from annual reports of the companies for the period from 2009-2016. The empirical result from Breusch-Pagan Lagrange Multiplier Test (BP-LM) produced a chi-square value of 13.94 with p-value of 0.0001 indicating that pooled ordinary least squares (OLS) will not be appropriate for the study. The Hausman test showed a chi-square of 23.55 with a p-value of 0.001 indicating that the null hypothesis is strongly rejected. Thus, the only estimate from the fixed effect model was interpreted to explain the relationship between firm-specific characteristics and audit fees of quoted consumer goods firms in Nigeria. The result revealed that auditee size, auditee risk, auditee profitability and IFRS adoption are the firm specific characteristics that impact on audit fees with only auditee size and IFRS adoption being positively related to audit fees while the other factors are negatively related to audit fees. Based on this finding, this study concluded that the firm's specific factors are the major drivers of audit fees in Nigeria consumer goods firms. This study recommends among others that companies should implement corporate governance principles that address issues relating to board independence and committee sizes to guide activities in the consumer goods sector since profitability behave negatively with audit fees.

      Keywords: Firm-Specific, Factors, Audit Fee, Consumer Goods

      Authors' individual contribution: Conceptualization – W.A.M.; Methodology – W.A.M.; Investigation – R.T.S.; Resources – I.O.A. and M.L.S.; Writing – W.A.M. and I.O.A.; Supervision – R.T.S.; Funding – W.A.M. and M.L.S.

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

      Acknowledgements: We acknowledge the anonymous reviewers, the editor and the seminar participants at the University of Ilorin accounting department for their contributions towards the originality of this paper.

      JEL Classification: M41, M42, M52

      Received: 09.07.2019
      Accepted: 07.04.2020
      Published online: 13.04.2020

      How to cite this paper: Musa, W. A., Salman, R. T., Amoo, I. O., & Subair, M. L. (2020). Impact of firm's specific factors on audit fee of quoted consumer goods firms. Corporate Governance and Sustainability Review, 4(1), 47-55. https://doi.org/10.22495/cgsrv4i1p4

      2020-04-13T12:59:54Z
       
  • The impact of audit committee on real earnings management: Evidence from
           Netherlands
    • Abstract

      This paper aims to examine the effect of the characteristics of an audit committee on real earnings management in the Dutch context. Our sample is composed of 80 non-financial companies listed on the Amsterdam Stock Exchange during the period between 2010 and 2017. Four proxies are used to measure audit committee characteristics, namely, audit committee independence, financial expertise, gender diversity, and audit committee meetings. To test our hypotheses, we use a regression model to identify the influence of a set of audit committee characteristics on real earnings management after controlling for firm audit committee size, leverage, size, loss, growth and board size. Our analyses provide evidence that audit committee independence and gender diversity constrain real earnings management. Our findings also suggest that audit committee financial expertise reduces to some extent the likelihood of engaging in real earnings management. To the best of our knowledge, the Dutch context is not yet explored especially following the issue of the long-awaited new Dutch Corporate Governance Code in 2016 which has been updated for a long period in 2008. Therefore, corporate governance is a relevant topic in the Netherlands. This study contributes geographically to the Audit Committee and earnings management literature that examines another possible method, specifically, real earnings management.

      Keywords: Audit Committee, Financial Expertise, Independence, Real Earnings Management, Netherlands

      Authors' individual contribution: Conceptualization – M.S.M. and M.Y.F.; Methodology – M.S.M. and M.Y.F.; Investigation – M.S.M. and M.Y.F.; Writing – Original Draft – M.S.M. and M.Y.F.

      Declaration of conflicting interests: The Author(s) declare(s) that there is no conflict of interest.

      JEL Classification: G30, M40, M42

      Received: 16.01.2020
      Accepted: 20.03.2020
      Published online: 25.03.2020

      How to cite this paper: Masmoudi, S. M., & Makni, Y. F. (2020). The impact of audit committee on real earnings management: Evidence from Netherlands. Corporate Governance and Sustainability Review, 4(1), 33-46. https://doi.org/10.22495/cgsrv4i1p3

      2020-03-25T08:05:48Z
       
  • Corporate board and CSR reporting: Before and after analysis of JCGC 2009
    • Abstract

      This study investigates the influence of board size, the presence of an audit committee on the board, and CEO duality on Corporate Social Responsibility (CSR) reporting in Jordan. The longitudinal data (panel data) analysis estimation techniques were used for the period of 2006 to 2015. Content analysis was employed to assess the level of CSR reporting of a different area of disclosure in the annual reports. Multiple regression analysis was used to investigate the association between governance factors and the level of CSR reporting (Habbash, 2016; Ahmad, Rashid, & Gow, 2017b). The findings reveal that board size and the presence of an audit committee on the board are significantly positive on the level of CSR reporting. These factors play a significant role in enhancing compliance with corporate governance best practices. The role of CEO duality on the board has an insignificant relationship with the level of CSR reporting. These results suggest significant implications for companies and regulators to continue to improve corporate governance best practices in the companies and develop greater awareness of companies CSR reporting. The study contributes to the governance and CSR reporting literature in the Middle East and developing countries using the legitimacy theory approach.

      Keywords: Corporate Governance, Corporate Social Responsibility Reporting, Legitimacy Theory, Middle East, Jordan

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

      JEL Classification: G30, G34, G48

      Received: 11.01.2020
      Accepted: 18.02.2020
      Published online: 26.02.2020

      How to cite this paper: Al Fadli, A. (2020). Corporate board and CSR reporting: Before and after analysis of JCGC 2009. Corporate Governance and Sustainability Review, 4(1), 21-32. https://doi.org/10.22495/cgsrv4i1p2

      2020-02-26T11:45:51Z
       
  • Sustainable supply chain management practices and their mediation effect
           on economic returns
    • Abstract

      This paper examines whether companies' sustainable supply chain efforts are related to the companies' corporate governance and economic performance. Data from Bloomberg's Environmental, Social, and Governance (ESG) and Financial Analysis (FA) databases were used to empirically test the relationships. The paper is an effort to contribute to the body of sustainable supply chain management (SSCM) literature by being amongst the first in India to use the secondary data source for investigating financial and corporate governance (CG) benefits' association with social and green supply chain management practices. After collecting data of Indian manufacturing companies listed in the Bloomberg's ESG terminal, we first tested the relationship of the three ESG factors: environmental, social and governance with the companies economic returns (ER). In the next level, we extended the study to find whether firms' CG initiatives mediate the relationship of green supply chain management (GSCM) and socially responsible supply chain management (SRSCM) practices with the firms' ER. In the study, it was observed that CG activities mediate the relationship between SRSCM and ER whereas it has a negligible mediation effect on the association between GSCM and ER.

      Keywords: Sustainable, Economic Returns, Corporate Governance, Mediate, Corporate Social Responsibility

      Authors' individual contribution: Conceptualization - K.C.S. and B.K.; Methodology - K.C.S. and B.K.; Formal Analysis - K.C.S.; Investigation - K.C.S. and B.K.; Data Curation - K.C.S.; Writing - K.C.S.; Visualization - K.C.S.; Supervision - B.K.

      JEL Classification: D22, M11, M14, Q56, L52

      Received: 28.10.2019
      Accepted: 19.12.2019
      Published online: 17.01.2020

      How to cite this paper: Sabat, K. C., & Krishnamoorthy, B. (2020). Sustainable supply chain management practices and their mediation effect on economic returns. Corporate Governance and Sustainability Review, 4(1), 8-20.
      https://doi.org/10.22495/cgsrv4i1p1

      2020-01-17T12:52:16Z
       
 
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