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Corporate Governance, Performance and Sustainable Growth
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Corporate Governance, Performance and Sustainable Growth

A special issue of Sustainability (ISSN 2071-1050). This special issue belongs to the section "Economic and Business Aspects of Sustainability".

Deadline for manuscript submissions: closed (25 February 2024) | Viewed by 32203

Special Issue Editors

Dr. Subhan Ullah

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Guest Editor
Department of Accounting, Nottingham University Business School, University of Nottingham, Nottingham NG8 1BB, UK
Interests: sustainability reports; corporate governance; climate change; energy finance
Dr. Farid Ullah

E-Mail Website1 Website2
Guest Editor
Department of International Finance, School of Economics, Fudan University, Shanghai 200433, China
Interests: sustainability reports; corporate governance; business sustainability; international finance; climate change; energy finance; developmental economics

Special Issue Information

Dear Colleagues,

Sustainability reporting has become imperative for businesses. Sustainable growth is crucial for establishing goodwill for firms, enhancing opportunities, and addressing the risks posed by economic, social, and environmental developments. Corporate sustainability is a strategic approach that strives to provide shareholder value. Research on a broad range of issues related to accounting, business policies, and/or their effects on corporate sustainability is requested for this Special Issue. This Special Issue seeks to expand the knowledge of the environmental, and economic implications of organizational activities, as well as operational and strategic decision-making in the new era.

Corporate social responsibility (CSR) and CSR disclosure are said to have emerged together. The commitment of businesses to their social and environmental concerns in their operational processes, beyond their regulatory obligations, is indicated by the term "corporate social responsibility." In order to showcase intangible assets and non-financial issues to stakeholders, companies employ a variety of reporting mechanisms, such as social and thematic reports, codes of conduct, websites, stakeholder consultations, internal channels, rewards and events, and cause marketing. The sustainability idea in relation to CSR and CSR disclosure refers to the human impact on the environment and on the ecosystem's balance on Earth.

The multiple negative effects on the environment and human life have prompted a large amount of interest in environmental concerns among professionals. Since non-financial information contributes to long-term profitability, the level of corporate environmental information dissemination in the corporate world has drawn the attention of a number of stakeholders, particularly investors and policy makers. The increased creation of environmentally friendly disclosure standards and guidelines to inform customers, investors, suppliers, policy makers, and other stakeholders about a company's commitment to sustainable development is a reflection of the increased awareness of sustainability challenges. In light of the foregoing, we would like to extend a request to academics, researchers, professionals, and institutes to submit articles for this Special Issue on any subject related to accounting practices, CSR disclosure and the sustainability (environmental) side of CSR.

Dr. Subhan Ullah
Dr. Farid Ullah
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Sustainability is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • sustainability reports
  • board of directors
  • board subcommittees
  • climate change and sustainability
  • business strategy and sustainable growth
  • internal control and sustainability
  • gender diversity and sustainability reports
  • corporate governance and business management
  • non-financial information reports
  • financial and capital market sustainability
  • sustainable business models and sustainable entrepreneurship
  • economic governance and financial management
  • corporate finance, financial management and firm performance
  • earning management, portfolio management and CSR
  • trends and challenges in corporate finance and sustainability reports
  • leadership, organization internal system and sustainability

Published Papers (15 papers)

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Research

14 pages, 311 KiB  
Article
Ownership Structure and Financial Sustainability of Saudi Listed Firms
by Mohammed Naif Alshareef
Sustainability 2024, 16(9), 3773; https://doi.org/10.3390/su16093773 - 30 Apr 2024
Viewed by 589
Abstract
This research assesses the impact of ownership structure on financial sustainability. Panel data from 102 Saudi non-financial listed firms covering 2013 to 2022 were analysed using OLS and fixed effects methods. Further, the GMM was employed to check for robustness. The research outcomes [...] Read more.
This research assesses the impact of ownership structure on financial sustainability. Panel data from 102 Saudi non-financial listed firms covering 2013 to 2022 were analysed using OLS and fixed effects methods. Further, the GMM was employed to check for robustness. The research outcomes reveal the strong and positive effects of institutional ownership and family shareholding on financial sustainability. This positive impact implies that robust and stringent monitoring of family shareholding and institutional investors may neutralise managerial entrenchment, reduce agency costs and pave the way for financial sustainability. However, government ownership appears insignificant, while managerial ownership exerts a strong negative influence on financial sustainability. The negative effect suggests that managerial shareholding may be counterproductive to organisational efficiency. Importantly, the outcomes look consistent using several econometric models. Therefore, the research findings may further shape policymakers’ understanding of how the diverse monitoring strategies of ownership structure influence financial sustainability. Also, the results may serve as an incentive for managers and standard setters to support firms in embracing institutional and family shareholding. The presence of these shareholders may minimise agency conflicts and maximise firm value for sustainable profitability. Full article
(This article belongs to the Special Issue Corporate Governance, Performance and Sustainable Growth)
18 pages, 872 KiB  
Article
How Do International Contractors Choose Target Market Based on Environmental, Social and Governance Principles? A Fuzzy Ordinal Priority Approach Model
by Wang Zhou, Shuyue Xia, Jinglei Ye and Na Zhang
Sustainability 2024, 16(3), 1203; https://doi.org/10.3390/su16031203 - 31 Jan 2024
Viewed by 765
Abstract
Overseas market choice is very important for the survival and sustainable development of transnational construction enterprises. However, in previous studies, little attention has been given to overseas market choice models, particularly under the ESG (environmental, social and governance) goals. To bridge this gap, [...] Read more.
Overseas market choice is very important for the survival and sustainable development of transnational construction enterprises. However, in previous studies, little attention has been given to overseas market choice models, particularly under the ESG (environmental, social and governance) goals. To bridge this gap, the study combined ESG principles and organizational ecology theory to construct an overseas market choice model for international contractors. Firstly, 17 influencing factors were identified based on a literature review. Then, a market choice model was conducted by using the fuzzy ordinal priority approach (OPA-F). Finally, this paper took Chinese international engineering consulting enterprises as an example to use in the proposed model. This study will help international contractors choose overseas markets more scientifically and rationally. Full article
(This article belongs to the Special Issue Corporate Governance, Performance and Sustainable Growth)
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24 pages, 1613 KiB  
Article
The Association of Board Characteristics and Corporate Social Responsibility Disclosure Quality: Empirical Evidence from Pakistan
by Faisal Hameed, Mohammad Alfaraj and Khizar Hameed
Sustainability 2023, 15(24), 16849; https://doi.org/10.3390/su152416849 - 14 Dec 2023
Viewed by 1035
Abstract
Earlier research has shown that the makeup of the corporate board is a crucial predictor in meeting stakeholder accountability expectations through voluntary Corporate Social Responsibility (CSR) disclosure. Though scholars have identified substantial relationships between board composition and CSR disclosure, the majority of their [...] Read more.
Earlier research has shown that the makeup of the corporate board is a crucial predictor in meeting stakeholder accountability expectations through voluntary Corporate Social Responsibility (CSR) disclosure. Though scholars have identified substantial relationships between board composition and CSR disclosure, the majority of their focus has been on the ‘quantity’ of CSR disclosure rather than the ‘quality’. Therefore, the present study considers the association of board characteristics (such as gender diversity, independence, female chairperson or/and female CEO, and board size) and the quality of CSR disclosure of the top 100 Pakistan Stock Exchange (PSX)-listed companies. We conducted content analysis of secondary Corporate Governance (CG) and CSR data extracted from the annual reports of PSX-listed companies across ten industrial sectors from the period 2017 to 2018. Our empirical investigation through univariate and multiple regression analysis with ordinary least squares (OLS) techniques revealed that all the board characteristics potentially had a significant association to lower CSR disclosure quality. Using the 2SLS regression model, we addressed the endogeneity issue of board characteristics and found robust results. One of the important implications of our findings is that policymakers and regulators in developing countries like Pakistan should review the value of board qualities as outlined in CG principles and develop stronger mechanisms to improve numbers of female directors and nonexecutive directors’ independence. We acknowledge several research limitations, including the study time period and selected board characteristics. While our study has provided some understanding of the association of board characteristics with CSR disclosure quality of PSX-listed companies, several research gaps still need to be addressed. Future investigators should examine this association through the pre-COVID-19 and post-COVID-19 contexts and the inclusion of a systems theory perspective. Full article
(This article belongs to the Special Issue Corporate Governance, Performance and Sustainable Growth)
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21 pages, 1883 KiB  
Article
Relationship between Women on Board Directors and Economic Value Added: Evidence from Latin American Companies
by Maria Camila Arango-Home, Juan David González-Ruiz and Alejandro Valencia-Arias
Sustainability 2023, 15(17), 13179; https://doi.org/10.3390/su151713179 - 1 Sep 2023
Cited by 1 | Viewed by 1283
Abstract
This study aims to evaluate the relationship between the presence of women on boards of directors and the generation of economic value added (EVA®). For the empirical analysis, a panel data model with random effects is used, encompassing 202 Latin American [...] Read more.
This study aims to evaluate the relationship between the presence of women on boards of directors and the generation of economic value added (EVA®). For the empirical analysis, a panel data model with random effects is used, encompassing 202 Latin American companies between 2019 and 2021. The results obtained show that having women on boards of directors has a non-significant positive effect on EVA®, which diminishes as women’s participation on the board increases. Theory suggests that more diverse boards of directors exercise better control, leading to improved financial results. However, the diversity of members has also been associated with longer decision-making processes that generate inefficiencies and increase costs. This contribution adds to the existing literature by exploring under-studied variables in the region and expanding knowledge on this topic in the Latin American context. Full article
(This article belongs to the Special Issue Corporate Governance, Performance and Sustainable Growth)
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15 pages, 599 KiB  
Article
Appointment-Based CEO Connectedness and Employee Compensation: Empirical Evidence from China
by Lu He, Yulei Rao and Lin Xu
Sustainability 2023, 15(17), 12785; https://doi.org/10.3390/su151712785 - 23 Aug 2023
Viewed by 1016
Abstract
Employee compensation is an often-neglected but essential part of corporate social responsibility which emphasizes caring for the needs of all stakeholders, including employees. In order to address pressure from stakeholders to strengthen prosocial acts, CEOs might prefer to raise employee compensation. However, other [...] Read more.
Employee compensation is an often-neglected but essential part of corporate social responsibility which emphasizes caring for the needs of all stakeholders, including employees. In order to address pressure from stakeholders to strengthen prosocial acts, CEOs might prefer to raise employee compensation. However, other top executives are often reluctant to do so due to the concern that it reduces firm profits. In this paper, we propose that appointment-based CEO connectedness (ABCC) has a positive effect on employee compensation as it facilitates CEOs gaining support from the top management team to raise employee compensation. We employ multivariate linear regression as our research approach and find supportive evidence using data from Chinese listed firms during 2011–2020. Our results are robust to endogeneity concerns and survive an array of robustness checks. Heterogeneity tests show that this impact is stronger for firms facing less market competition and firms with low financial constraints. We further show that greater ABCC is associated with higher CSR scores of non-shareholders responsibility dimensions. Overall, our study suggests ABCC is conducive to the fulfillment of corporate social responsibility towards non-shareholders. Full article
(This article belongs to the Special Issue Corporate Governance, Performance and Sustainable Growth)
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20 pages, 1950 KiB  
Article
The Effect of Local Government Environmental Concern on Corporate Environmental Investment: Evidence from China
by Dan Yu, Kewei Hu and Yugui Hao
Sustainability 2023, 15(15), 11604; https://doi.org/10.3390/su151511604 - 27 Jul 2023
Cited by 4 | Viewed by 1056
Abstract
This paper uses machine learning tools to construct local government environmental concern indicators and empirically examines the impact of local government environmental concern on corporate environmental investment. From the resource endowment perspective, corporate resources’ moderating role is also verified. The major findings are [...] Read more.
This paper uses machine learning tools to construct local government environmental concern indicators and empirically examines the impact of local government environmental concern on corporate environmental investment. From the resource endowment perspective, corporate resources’ moderating role is also verified. The major findings are as follows: (1) local government environmental concern has a significant positive effect on the environmental investment of corporations in their jurisdictions; (2) corporations with fewer financial and political resources will pay more attention to the local government’s intention when making environmental investment decisions, and the promotion effect of local government environmental concern on the environmental investment of such corporations is more prominent. Further analysis shows that this promotion effect is more significant in regions with a high intensity of environmental regulation and high levels of economic development, and is more effective for key regulated corporations. This paper verifies the effect of local government on micro-corporations in environmental governance from the perspective of environmental concern, broadens the boundary of research on the relationship between government and corporate environmental responsibility fulfillment, and enriches the study of factors influencing corporate environmental investment behavior. It also provides important empirical evidence for central and local governments to implement green development and build a government–business collaborative environmental governance system. Full article
(This article belongs to the Special Issue Corporate Governance, Performance and Sustainable Growth)
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18 pages, 309 KiB  
Article
The Role of Internal Control Systems in Ensuring Financial Performance Sustainability
by Ruba Hamed
Sustainability 2023, 15(13), 10206; https://doi.org/10.3390/su151310206 - 27 Jun 2023
Cited by 6 | Viewed by 5355
Abstract
This study investigates the influence of internal control systems (ICS) compliance on banks’ financial performance sustainability (FPS) in the Amman Stock Market. Using a questionnaire survey of sixteen listed banks, the extent of ICS compliance and its impact on various indicators of financial [...] Read more.
This study investigates the influence of internal control systems (ICS) compliance on banks’ financial performance sustainability (FPS) in the Amman Stock Market. Using a questionnaire survey of sixteen listed banks, the extent of ICS compliance and its impact on various indicators of financial performance is examined, such as profitability, earnings, and returns on sustainability initiatives. It is found that the banks comply with ICS requirements and that ICS compliance positively and significantly affects their financial sustainability. In particular, this study shows that the control activities, information and communication, and monitoring components of ICSs are key drivers of bank performance. These findings have important implications for policymakers and regulators who aim to enhance the effectiveness of ICSs in banks and foster economic growth in the region. As sustainability becomes a vital issue in the banking sector, understanding how ICS compliance relates to financial sustainability is essential for ensuring long-term viability. Full article
(This article belongs to the Special Issue Corporate Governance, Performance and Sustainable Growth)
17 pages, 1095 KiB  
Article
Green Corporate Governance, Green Finance, and Sustainable Performance Nexus in Chinese SMES: A Mediation Moderation Model
by Lei Wang, Amin Ur Rehman, Zhaocheng Xu, Fiza Amjad and Shams Ur Rehman
Sustainability 2023, 15(13), 9914; https://doi.org/10.3390/su15139914 - 21 Jun 2023
Cited by 2 | Viewed by 4139
Abstract
This study explores the connection between corporate governance and sustainability performance through the mediating role of corporate governance and the moderating role of top management environmental concern, taking into account the perspectives of agency theory and stakeholder theory. Data were collected through a [...] Read more.
This study explores the connection between corporate governance and sustainability performance through the mediating role of corporate governance and the moderating role of top management environmental concern, taking into account the perspectives of agency theory and stakeholder theory. Data were collected through a questionnaire survey of 314 employees working in SMEs operating in China, and the data analysis was carried out using Smart PLS 4 and SPSS. The results indicate that green corporate governance and green finance have a significant impact on corporate social responsibility, which in turn positively affects sustainable performance. Corporate social responsibility significantly mediates the link between green corporate governance and sustainable performance. Meanwhile, corporate social responsibility also mediates the relationship between green finance and sustainable performance. Additionally, top management environmental concern moderates the relationship between corporate governance and sustainable performance significantly, strengthening the impact of corporate social responsibility on sustainable performance. The study contributes to the literature by exploring the relationship between corporate governance, green finance, and sustainable performance in the context of Chinese SMEs. The study’s findings have significant implications for policymakers and managers interested in promoting sustainable development. Full article
(This article belongs to the Special Issue Corporate Governance, Performance and Sustainable Growth)
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23 pages, 340 KiB  
Article
Corporate Social Responsibility Disclosure and Performance in China: Does the Background of Foreign Women Directors Matter?
by Zhe Ji and Radouane Abdoune
Sustainability 2023, 15(13), 9873; https://doi.org/10.3390/su15139873 - 21 Jun 2023
Cited by 1 | Viewed by 1139
Abstract
In the context of economic advancement, developing economy firms are witnessing a growing influx of directors with foreign backgrounds who are joining their corporate boards. Giving the significance of this emerging labor market trend for board members and the particular value of women [...] Read more.
In the context of economic advancement, developing economy firms are witnessing a growing influx of directors with foreign backgrounds who are joining their corporate boards. Giving the significance of this emerging labor market trend for board members and the particular value of women directors in corporate governance, this study delves into the impact of women directors’ foreign backgrounds on a firm’s corporate social responsibility (CSR) disclosure and performance. Using a dataset of listed firms on Shanghai and Shenzhen stock exchanges from 2010 to 2019, we find that the foreign education and the work experience of women directors improve firm CSR disclosure and performance. Corporate boards with a higher proportion of women directors with foreign education experience tend to disclose more CSR information. And women directors with foreign work experience have a more pronounced impact on enhanced CSR performance. This study provides new insights into integrating stakeholder, social role, and neo-institutional theories to advance the understanding of CSR engagement in emerging economies. Full article
(This article belongs to the Special Issue Corporate Governance, Performance and Sustainable Growth)
25 pages, 1105 KiB  
Article
The Effect of Golden Ratio-Based Capital Structure on Firm’s Financial Performance
by Halkawt Ismail Mohammed Amin and Kemal Cek
Sustainability 2023, 15(9), 7424; https://doi.org/10.3390/su15097424 - 30 Apr 2023
Cited by 7 | Viewed by 3010
Abstract
This study aims to apply the golden ratio to the capital structure of non-financial institutions in France and the United Kingdom to find the effect of the golden ratio’s deviation from the capital structure on financial performance. A golden ratio is an irrational [...] Read more.
This study aims to apply the golden ratio to the capital structure of non-financial institutions in France and the United Kingdom to find the effect of the golden ratio’s deviation from the capital structure on financial performance. A golden ratio is an irrational number with an approximate value of 1.618. In this paper, the golden ratio was applied to develop the assumption that the firm should use debt at a percentage of 61.8% and equity at 38.2%, which deviates from the capital structure variables. The final study sample consisted of 150 non-financial institution firms from France and 200 from the U.K. between 2002 and 2021. In addition, the general method of movement (GMM) was chosen to estimate the effect of capital structure variables deviating from the golden ratio on firms’ financial performance. The study results show that when a firm uses equity at a percentage of 38.2% in its capital structure, it can have a positive and significant impact on its financial performance in both France and the U.K. However, the results show that the debt-to-equity ratio deviated from the golden ratio and had a negative and statistically significant effect on both countries’ TOBQ, EPS, ROA, and ROE. Moreover, the firms’ adoption of IFRS can positively and significantly impact financial performance in France and the UK. Generally, managers in France are encouraged to use 38.2% equity and 61.8% debt in their capital structure. However, managers in the U.K. should apply equity of 38.2% and debt of 61.8%, depending on the performance measurement demanded. Full article
(This article belongs to the Special Issue Corporate Governance, Performance and Sustainable Growth)
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16 pages, 605 KiB  
Article
Impact of Entrepreneurial Team Contractual Governance on New Venture Resilience: The Mediating Role of Resource Bricolage
by Yingping Mai, Wenzhi Zheng, Yenchun Jim Wu and Tse-Ping Dong
Sustainability 2023, 15(4), 3518; https://doi.org/10.3390/su15043518 - 14 Feb 2023
Cited by 2 | Viewed by 1722
Abstract
Entrepreneurial teams are seen as pilots with which to steer growth in new ventures. However, there is currently a lack of studies exploring how they work under conditions of uncertainty. Based on the upper echelons theory and institutional theory, this study aims to [...] Read more.
Entrepreneurial teams are seen as pilots with which to steer growth in new ventures. However, there is currently a lack of studies exploring how they work under conditions of uncertainty. Based on the upper echelons theory and institutional theory, this study aims to reveal the role of entrepreneurial teams in new venture resilience through a questionnaire survey. Based on the data of 549 valid respondents, we find that resource bricolage is the key factor in new venture resilience, for which entrepreneurial team autonomy management governance is the most effective means. Specifically, (1) Entrepreneurial team profit-sharing governance and management autonomy governance significantly improve new venture resilience, whereas equity governance does not. (2) All the assessed means of entrepreneurial team contractual governance positively stimulate resource bricolage, with management autonomy governance playing the greatest role. (3) Resource bricolage significantly promotes new venture resilience and plays a complete mediating role in the relationship between equity governance and organizational resilience, and also plays a partial mediating role in the relationships of profit-sharing governance and management autonomy governance in regard to organizational resilience. These results suggest that entrepreneurial teams should prioritize authorizing further management rights to encourage team members to take on additional responsibilities, which could improve the resource bricolage capacities of new ventures and thus strengthen their resilience in tackling struggles. Full article
(This article belongs to the Special Issue Corporate Governance, Performance and Sustainable Growth)
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27 pages, 609 KiB  
Article
Research on the Impact of Mixed Reform of State-Owned Enterprises on Enterprise Performance—Based on PSM-DID Method
by Fusheng Xie and Peixiang Yang
Sustainability 2023, 15(4), 3122; https://doi.org/10.3390/su15043122 - 8 Feb 2023
Cited by 5 | Viewed by 1859
Abstract
Based on the data of China Industrial Enterprise Database, this paper uses the propensity score matching double difference method (PSM-DID) to study the impact of mixed ownership reform of state-owned enterprises on enterprise performance. The study found that mixed ownership reform of state-owned [...] Read more.
Based on the data of China Industrial Enterprise Database, this paper uses the propensity score matching double difference method (PSM-DID) to study the impact of mixed ownership reform of state-owned enterprises on enterprise performance. The study found that mixed ownership reform of state-owned enterprises can enhance the performance of enterprises. Further considering marketization, industry competition and regional characteristics, it is found that the effect of reform is heterogeneous. When the degree of marketization is high, the effect of reform on improving productivity is good, and when the degree of marketization is low, the effect of reform on reducing debt is good; the reform effect of industries with low degree of competition is better than that of industries with high degree of competition. The reform of state-owned enterprises in the eastern region has the best effect, and the reform in the central region has a better effect on reducing debt. The effect of mixed ownership reform in the western region is not significant. Full article
(This article belongs to the Special Issue Corporate Governance, Performance and Sustainable Growth)
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25 pages, 544 KiB  
Article
Stakeholder-Centered Corporate Governance and Corporate Sustainable Development: Evidence from CSR Practices in the Top Companies by Market Capitalization at Shanghai Stock Exchange of China
by Keke Bai, Farid Ullah, Muhammad Arif, Sahar Erfanian and Saima Urooge
Sustainability 2023, 15(4), 2990; https://doi.org/10.3390/su15042990 - 7 Feb 2023
Cited by 8 | Viewed by 3723
Abstract
This study aims to investigate the nature and intensity of changes in corporate sustainable development as a result of certain relationships between stakeholder-centered corporate governance (CG) and corporate social responsibility CSR practices in the leading firms with respect to their market capitalization (MC) [...] Read more.
This study aims to investigate the nature and intensity of changes in corporate sustainable development as a result of certain relationships between stakeholder-centered corporate governance (CG) and corporate social responsibility CSR practices in the leading firms with respect to their market capitalization (MC) in the Shanghai stock exchange (SSE) of China. This study selected the top 100 companies from the manufacturing sector at the Shanghai Stock Exchange by (MC) for a period of 10 years (2012–2021). For this quantitative study, financial and CSR performance data were collected from the China Securities Market and Accounting Database (CSMAR), a reliable database for examining research on Chinese listed companies. For the data analysis, we applied different statistical tools that include descriptive statistics; a correlation matrix, fixed effect regression analysis, and moderation analysis of the effect of government subsidies on the relationship between explanatory variables and the dependent variable (firm performance) were applied. The result of the adjusted R-square values suggests that there has been a considerable change in the value of explained variable Firm Performance (FP), represented by ROA, TbQ, and Grow caused by the explanatory variables of the study, including Government-centered responsibility (GCR), community-centered responsibility (COMCR), firm age (FA), firm size (FS), and leverage (LV). Supplier-centered responsibility (SCR), customer-centered responsibility (CCR), creditor-centered responsibility (CRCR), and total risk (TR) were, respectively, at a 1% and 5% level of significance. The values extracted from the moderation effect show that Sub is a key factor in motivating the well-established large firms to focus on stakeholders-centered CSR practices, which ultimately improves the FP in the short and long run. Full article
(This article belongs to the Special Issue Corporate Governance, Performance and Sustainable Growth)
20 pages, 2077 KiB  
Article
Productivity Improvement from the Mixed-Ownership Reform: A Financial Frictions Perspective
by Fusheng Xie
Sustainability 2023, 15(2), 1127; https://doi.org/10.3390/su15021127 - 6 Jan 2023
Cited by 5 | Viewed by 1483
Abstract
How to raise productivity level has become the core issue of ensuring China’s sustained Economic Growth in the Future. The mixed-ownership has both the financing advantage of the SOEs and the competitive ability of the Private firms, which can improve the governance of [...] Read more.
How to raise productivity level has become the core issue of ensuring China’s sustained Economic Growth in the Future. The mixed-ownership has both the financing advantage of the SOEs and the competitive ability of the Private firms, which can improve the governance of the firms. This paper builds a model based on the financial frictions literature, and studies the process of the mixed-ownership reform. The main results include: 1. On average, the mixed-ownership reform enhances the performance of the firms; 2. The relationship between the share of state ownership—full privatization, state-ownership, or mixed-ownership—and the performance depends on both the productivity and the restriction of financing; 3. When production efficiency is low, privatization works best; when production efficiency is medium, partial privatization works best; when production efficiency is high, nationalization works best; 4. Our model explain the puzzle of state-owned equity ratio and performance. Full article
(This article belongs to the Special Issue Corporate Governance, Performance and Sustainable Growth)
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18 pages, 2469 KiB  
Article
Ownership Structure, Corporate Governance, and Performance of Listed Companies—An Empirical Application of a Semi-Parametric Quantile Regression Model
by Jiamin Nie and Shanli Ye
Sustainability 2022, 14(24), 16590; https://doi.org/10.3390/su142416590 - 11 Dec 2022
Cited by 2 | Viewed by 1630
Abstract
China’s listed companies have different ownership characteristics and market environments from those of other countries and thus exhibit vastly different changes. From the existing corporate life cycle perspective, companies differ in their different development stages, which makes each factor’s effect dynamic. How to [...] Read more.
China’s listed companies have different ownership characteristics and market environments from those of other countries and thus exhibit vastly different changes. From the existing corporate life cycle perspective, companies differ in their different development stages, which makes each factor’s effect dynamic. How to adjust the governance mechanism to the requirements of the company’s stage of development is an urgent issue in sustainable corporate governance. To address the above issues, we establish a semi-parametric quantile regression model to analyze the relationship between the ownership structure and corporate performance based on the data of listed companies on the Shanghai Stock Exchange between 2013 and 2021. Moreover, corporate governance measures taken at different stages of the corporate life cycle are discussed to see whether they effectively improve corporate governance. We conclude that there are non-linear effects of ownership structure while dynamic changes in corporate governance mechanisms exist. Companies should be concerned about the non-linear effects of ownership structures while considering the company’s life cycle and choosing appropriate governance measures. The results will help develop a sustainable development strategy to ensure that the company can improve its profitability and mitigate agency problems. Full article
(This article belongs to the Special Issue Corporate Governance, Performance and Sustainable Growth)
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