Corporate Governance-The International Journal of Business in Society最新文献

{"title":"What determines the presence of women on corporate boards? Empirical evidence from emerging markets","authors":"Gozal Ahmadova, Andrea Valenzuela-Ortiz","doi":"10.1108/cg-05-2022-0218","DOIUrl":"https://doi.org/10.1108/cg-05-2022-0218","url":null,"abstract":"\u0000Purpose\u0000This study aims to understand what drives firms towards board gender diversity in emerging markets. The authors examine the effect of regulative, normative and cognitive pressures on board gender diversity and the moderating effect of national governance quality.\u0000\u0000\u0000Design/methodology/approach\u0000This study tested the hypotheses using unbalanced panel data for the period between 2014 and 2019, which includes 1,384 observations of 380 different firms located in emerging markets.\u0000\u0000\u0000Findings\u0000The results reveal that board gender diversity is directly conditioned by normative pressures (women’s economic and educational empowerment). This relationship becomes stronger if firms are located in countries with high governance capacity. Interestingly, this study finds that regulative and cognitive pressures do not enhance women’s presence on boards if they are not accompanied by strong national governance.\u0000\u0000\u0000Originality/value\u0000Although we have learned in recent years about how women’s presence on boards brings positive corporate outcomes, we know little about how country-level antecedents foster or hinder this gender diversity. This paper expands knowledge of the way gender-related institutions affect a firm’s board gender diversity, and these findings have policy implications for firms, policymakers, the government and other institutions.\u0000","PeriodicalId":47880,"journal":{"name":"Corporate Governance-The International Journal of Business in Society","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2023-01-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74232254","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Board gender diversity and workplace diversity: a machine learning approach","authors":"Mikko Ranta, M. Ylinen","doi":"10.1108/cg-01-2022-0048","DOIUrl":"https://doi.org/10.1108/cg-01-2022-0048","url":null,"abstract":"\u0000Purpose\u0000This study aims to examine the association between board gender diversity (BGD) and workplace diversity and the relative importance of various board and firm characteristics in predicting diversity.\u0000\u0000\u0000Design/methodology/approach\u0000With a novel machine learning (ML) approach, this study models the association between three workplace diversity variables and BGD using a social media data set of approximately 250,000 employee reviews. Using the tools of explainable artificial intelligence, the authors interpret the results of the ML model.\u0000\u0000\u0000Findings\u0000The results show that BGD has a strong positive association with the gender equality and inclusiveness dimensions of corporate diversity culture. However, BGD is found to have a weak negative association with age diversity in a company. Furthermore, the authors find that workplace diversity is an important predictor of firm value, indicating a possible channel on how BGD affects firm performance.\u0000\u0000\u0000Originality/value\u0000The effects of BGD on workplace diversity below management levels are mainly omitted in the current corporate governance literature. Furthermore, existing research has not considered different dimensions of this diversity and has mainly focused on its gender aspects. In this study, the authors address this research problem and examine how BGD affects different dimensions of diversity at the overall company level. This study reveals important associations and identifies key variables that should be included as a part of theoretical causal models in future research.\u0000","PeriodicalId":47880,"journal":{"name":"Corporate Governance-The International Journal of Business in Society","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2023-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81942719","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Do CEO characteristics matter for corporate risk taking? Evidence from Russia","authors":"Conrado Diego García-Gómez, M. Zavertiaeva, Felix J. López Iturriaga","doi":"10.1108/cg-07-2022-0301","DOIUrl":"https://doi.org/10.1108/cg-07-2022-0301","url":null,"abstract":"\u0000Purpose\u0000This paper aims to study the impact of CEOs’ personality and social connections on corporate risk-taking in the Russian market.\u0000\u0000\u0000Design/methodology/approach\u0000Using a sample of 93 large listed Russian corporations between 2008 and 2016, this study tests a range of personal traits, including the classical personal characteristics like age and tenure, some country-specific traits such as connections and military experience, as well as other human and social capital characteristics.\u0000\u0000\u0000Findings\u0000This study finds non-linear relationships between corporate risk-taking and CEO age and tenure. This study also finds that firms run by CEOs with military experience take more corporate risk. On the CEOs’ social capital side, this study’s results suggest that both political and educational connections are positively related to corporate risk-taking.\u0000\u0000\u0000Originality/value\u0000This study also tests some traits that have usually been ignored by the literature, such as marital and family status.\u0000","PeriodicalId":47880,"journal":{"name":"Corporate Governance-The International Journal of Business in Society","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2023-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84136689","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The role of director incentives in investment efficiency","authors":"Yan Zhang, Michael Michael","doi":"10.1108/cg-06-2022-0260","DOIUrl":"https://doi.org/10.1108/cg-06-2022-0260","url":null,"abstract":"\u0000Purpose\u0000The existing literature involving director compensation has been concentrating on its absolute or intrinsic values. Although the relevant studies have generated mixed findings, research in other fields suggests that the power of an incentive may be determined by its value relative to the chosen referencing standard more than its absolute value. This study aims to investigate how relative director pay affects corporate investment efficiency.\u0000\u0000\u0000Design/methodology/approach\u0000This study takes a fresh theoretical viewpoint by framing the investigation using the dimensional comparison theory and proposing that a directorship also presents a relative value that may influence the board’s performance. Ordinary least squared regressions and two-stage system generalised method of moments are used to analyse 14,267 firm-year observations.\u0000\u0000\u0000Findings\u0000The empirical results suggest that the relative director pay is a better estimate of the power of the incentive than the absolute pay. A positive association between the relative director pay and investment efficiency is evident, while the absolute pay has no significant effect on investment decisions. Director overcompensation, however, will cancel out the positive effect of director compensation on investment efficiency. Firms with relatively lower unexpected investment (UI) level benefit the most from an increase in the relative director pay, while neither absolute nor relative director pay affects investment choices in firms with a high UI level because of significantly more overcompensation.\u0000\u0000\u0000Originality/value\u0000To the best of the authors’ knowledge, this study is the first attempt to investigate the effect of relative director pay. It is also the first to examine the role of dimensional comparison in strategic decisions which is the single untended comparison framework in the director pay design. The current director pay structure has emphasised social and temporal equality by standardising the pay structure and vesting the equity-based pay over a long period. Yet it ignores the fact that people decide their commitment level by comparing the reward with an internal referent too. The findings speak to the dimensional comparison theory in that the inequality emanated from dimensional or internal comparison may be accentuated by the perceived equality in other comparison frameworks, driving the different performances in the roles one assumes.\u0000","PeriodicalId":47880,"journal":{"name":"Corporate Governance-The International Journal of Business in Society","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2023-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74567375","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Do national culture and board attributes influence corporate investment decisions?","authors":"B. Agyei-Mensah","doi":"10.1108/cg-01-2022-0026","DOIUrl":"https://doi.org/10.1108/cg-01-2022-0026","url":null,"abstract":"\u0000Purpose\u0000The purpose of this paper is to study the relationship between board attributes and national culture on firms’ investment decisions.\u0000\u0000\u0000Design/methodology/approach\u0000The study used data from listed firms from seven Sub-Saharan Africa countries. Descriptive analysis was performed to provide the background statistics of the variables examined. This was followed by regression analysis, which constitutes the main data analysis.\u0000\u0000\u0000Findings\u0000The multiple regression analysis results indicate a negative relationship between uncertainty avoidance (UAI) and corporate investment decisions. The study also found that there is a negative relationship between the interaction between UAI and the number of independent board members and corporate investment decisions.\u0000\u0000\u0000Originality/value\u0000This study is one of the few to measure the influence of governance variables and national culture on corporate investment decisions in Sub-Sahara Africa.\u0000","PeriodicalId":47880,"journal":{"name":"Corporate Governance-The International Journal of Business in Society","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2023-01-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80281457","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Does corporate governance quality improve credit ratings of financial institutions? Evidence from ownership and board structure","authors":"Mehdi Mili, Y. Alaali","doi":"10.1108/cg-05-2022-0232","DOIUrl":"https://doi.org/10.1108/cg-05-2022-0232","url":null,"abstract":"\u0000Purpose\u0000The purpose of this paper is to examine to which extent ownership and board structure improve financial institutions’ credit ratings.\u0000\u0000\u0000Design/methodology/approach\u0000Ordered Probit regression models were used to examine the association between corporate governance attributes and banks’ credit ratings. The sample consists of 97 publicly traded financial institutions on Gulf Cooperation Council (GCC) stock exchange markets and cover the period 2010–2019. All GCC countries were considered in this study which are United Arab Emirates, Saudi Arabia, Bahrain, Oman, Kuwait and Qatar.\u0000\u0000\u0000Findings\u0000The results show that banks’ credit ratings are positively associated with the size of the board of directors and with the number of female directors serving in the board of directors. And it is negatively associated with the frequency of board meetings. Furthermore, this study finds evidence that nonbank financial institutions’ credit ratings are positively associated with CEO duality and with frequency of board meetings. Also, this study shows that their credit ratings are negatively associated with the ownership percentage held by the major five shareholders and with the number of board members serving in the board of directors.\u0000\u0000\u0000Originality/value\u0000Unlike previous research, this study focuses on the effect of the role of two different corporate governance dimensions, namely, ownership and board structure on the rating of financial institutions. This paper contributes to the extant literature in various ways. It bridges the gap of this topic in the GCC region. And, unlike previous research, this study focused on the financial sector and divided the sample into banks and other financial institutions to examine both subsamples separately. Also, this study introduced new ownership and board structure variables for the purpose of investigating the impact of corporate governance on financial institutions’ credit ratings such as the presence of women in the board of directors.\u0000","PeriodicalId":47880,"journal":{"name":"Corporate Governance-The International Journal of Business in Society","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2023-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85715395","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"SDGs disclosure: evidence from cruise corporations’ sustainability reporting","authors":"Assunta Di Vaio, L. Varriale, M. Lekakou, Matteo Pozzoli","doi":"10.1108/cg-04-2022-0174","DOIUrl":"https://doi.org/10.1108/cg-04-2022-0174","url":null,"abstract":"\u0000Purpose\u0000This study investigates how cruise corporations, which have shown consistent and high growth rates in recent years, address the Sustainable Development Goal 17 (SDG17) “Partnership for the Goals” to meet the UN 2030 Agenda. This study aims to fill the existent gap in the literature, as also highlighted by practitioners in the First Research Conference on Tourism, through the lens of stakeholder theory.\u0000\u0000\u0000Design/methodology/approach\u0000This study focuses on the analysis of partnerships and collaborative governance of cruise corporations’ endeavours to meet the UN 2030 Agenda. This study is supported by the sustainability disclosure framework and stakeholder theory, based on the dependence of resources and descriptive and instrumental approaches to describe, analyse and map, through multi-stakeholder partnerships, the sustainability initiatives and practices adopted by cruise corporations. A systematic manual content analysis has been developed on sustainability reporting published by corporations.\u0000\u0000\u0000Findings\u0000According to the descriptive and instrumental approaches and the dependence resources construct of the stakeholder theory, this study highlights the typology and nature of partnerships with SDGs, and their strategic role in achieving them, although cruise corporations do not highlight in their sustainability reporting the measures of effectiveness regarding the relationship between single partnerships and targets reached for each SDG.\u0000\u0000\u0000Practical implications\u0000Recommendations at the managerial level are put forward to support cruise corporations’ initiatives and practices to meet UN 2030 Agenda. This study suggests to governors of corporations the cooperation between the cruise industry and institutions at the local, national and international levels for promoting institutional interventions at the infrastructure and economic level.\u0000\u0000\u0000Originality/value\u0000This study provides further insights into the under-researched topic of sustainability disclosure within the cruise industry, adopting the lens of stakeholder theory from the partnerships’ perspective. To the best of the authors’ knowledge, this is the first study to adopt the analysis of the SDG practices under the lens of the stakeholder theory, based on the dependence of resources and descriptive and instrumental approaches to identify, map and analyse the multi-stakeholder partnerships as an enabling key to meet UN 2030 Agenda in the cruise industry.\u0000","PeriodicalId":47880,"journal":{"name":"Corporate Governance-The International Journal of Business in Society","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2023-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72857826","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Board of directors’ composition and carbon emission performance","authors":"","doi":"10.1504/ijcg.2023.10055533","DOIUrl":"https://doi.org/10.1504/ijcg.2023.10055533","url":null,"abstract":"","PeriodicalId":47880,"journal":{"name":"Corporate Governance-The International Journal of Business in Society","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79521977","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Ownership Structure, Corporate Governance Reform and Firm Performance: Evidence from Kuwait","authors":"A. Worthington, Abdullah Alajmi","doi":"10.1504/ijcg.2023.10055681","DOIUrl":"https://doi.org/10.1504/ijcg.2023.10055681","url":null,"abstract":"","PeriodicalId":47880,"journal":{"name":"Corporate Governance-The International Journal of Business in Society","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85918771","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Gender Equality in the Workplace and Market Performance: A Preliminary Analysis from France","authors":"M. Cameran, Domenico Campa","doi":"10.1504/ijcg.2023.10054866","DOIUrl":"https://doi.org/10.1504/ijcg.2023.10054866","url":null,"abstract":"","PeriodicalId":47880,"journal":{"name":"Corporate Governance-The International Journal of Business in Society","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84363904","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}