Corporate Social Responsibility, Governance, and Small & Medium Enterprises Performance

Dear Colleagues,

In the contemporary global business landscape, the role of small and medium enterprises (SMEs) has become increasingly pivotal, contributing significantly to economic growth, innovation, and employment. As these enterprises navigate the complexities of an ever-evolving marketplace, the imperative for ethical business conduct, responsible governance, and sustainable practices is more pronounced than ever.

Concurrently, corporate social responsibility (CSR) in business operations is no longer confined to large corporations and extends decisively to SMEs, which constitute a substantial portion of the global business ecosystem (Alirezaie et al., 2024). Such governance arrangements have proven beneficial in the context of family businesses during economic downturns (Minichilli et al., 2016). As such, family-controlled firms perform better during financial and economic crises while family firms (family CEOs with relatively lower family ownership concentrations) perform better in the face of external hazards. Furthermore, in the social and corporate governance dimensions, Kong (2023) evaluated the performance of family enterprises and found that ESG performance can significantly reduce the debt financing cost of family businesses when a family business is in the owner management, children's cultivation and development, and power transfer stages. The lack of an institutional environment for the succession of family businesses is also pivotal for their survival and continuity (Yang et al., 2021). It was found that, in poor institutional environments, it is more difficult for family businesses to be inherited from generation to generation and that state ownership in a family business can be used as an informal system to mitigate the negative impact of this imperfection.

Recognizing the unique challenges and opportunities that SMEs face, this Special Issue aims to bring scholarly attention to the multifaceted dimensions of CSR and governance within these enterprises. By delving into this critical intersection, we aim to unravel the complexities inherent in embedding responsible business practices into the fabric of SME operations. In light of this, our proposed Special Issue seeks to shed light on the intricate interplay between CSR and governance practices within the realm of SMEs, exploring their profound implications for organizational performance and resilience.

References

• Alirezaie, M., Hoffman, W., Zabihi, P., Rahnama, H., & Pentland, A. (2024). Decentralized Data and Artificial Intelligence Orchestration for Transparent and Efficient Small and Medium-Sized Enterprises Trade Financing. Journal of Risk and Financial Management, 17(1), 38.
• Minichilli, A., Brogi, M., & Calabrò, A. (2016). Weathering the Storm: Family Ownership, Governance, and Performance Through the Financial and Economic Crisis. Corporate Governance: An International Review, 24(6), 552–568. https://doi.org/10.1111/corg.12125.
• Kong, W. (2023). The impact of ESG performance on debt financing costs: Evidence from Chinese family business. FINANCE RESEARCH LETTERS, 55. https://doi.org/10.1016/j.frl.2023.103949.
• Yang, B. L., Song, Z. J., & Feng, Y. D. (2021). Institutional Environment, State Ownership and Family Business Succession: Evidence from China*. ASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES, 50(5), 527–555. https://doi.org/10.1111/ajfs.12350.

Dr. Nohade Nasrallah
Dr. Rim El Khoury
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. Journal of Risk and Financial Management is an international peer-reviewed open access monthly 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 1400 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.

• small and medium enterprises
• family business
• governance
• corporate social responsibility
• environmental, social, and governance