Search Results (705)

This study investigates how CEO demographic characteristics, including age, gender, and nationality, and cognitive characteristics, including tenure, education, and multiple directorships, influence firms’ ESG performance, with a focus on the moderating role of Worldwide Governance Indicators (WGIs). Using a regime/smooth transition approach with panel data from STOXX Europe 600 firms spanning the years 1999 and 2023, the results show that demographic characteristics exert a more consistent effect than cognitive effects in the full sample and in non-sensitive industries. In sensitive industries, however, both demographic and cognitive CEO traits significantly affect ESG performance. Older and female CEOs enhance ESG performance under strong worldwide governance indicators (WGIs) in the full sample and sensitive industries, whereas foreign CEOs perform better under weaker worldwide governance conditions. In non-sensitive industries, the patterns for female and foreign CEOs are reversed. Cognitive traits such as tenure and multiple directorships show limited influence, while higher educational qualifications improve ESG outcomes under weak governance but reduce them under strong governance across all samples. Overall, the findings highlight the importance of aligning CEO characteristics with the institutional governance environment to enhance corporate sustainability performance. This study contributes by examining how CEO demographic and cognitive characteristics affect ESG performance under varying country-level governance conditions. It also highlights sectoral differences between sensitive and non-sensitive industries and, by using a nonlinear (PSTR) approach, uncovers regime-dependent effects with implications for governance-aware CEO selection and ESG strategy. This study extends upper echelons and institutional theories by showing that the effect of CEO characteristics on ESG performance depends on country governance quality, offering insights for boards and policymakers seeking to align leadership selection with governance contexts to strengthen sustainability and accountability. Full article

This study explores how board characteristics impact corporate cash flow risk in an emerging market setting. While previous research has examined firm risk, crash risk, and earnings quality, there is limited evidence on cash flow risk and its governance factors, especially in developing economies. To fill this gap, this study differentiates between volatility-based and distortion-based measures of cash flow risk and assesses how board attributes influence these aspects. Using a balanced panel of 327 non-financial firms listed in Vietnam from 2013 to 2023, cash flow risk is measured by the rolling five-year volatility of operating cash flows and short-term distortions shown in earnings–cash flow mismatches. To address endogeneity and dynamic persistence, the analysis uses the system generalized method of moments estimator, along with fixed-effects and feasible generalized least squares models for robustness. The findings suggest that board independence, gender diversity, and financial expertise are linked to lower cash flow risk, highlighting the importance of effective monitoring. Conversely, board meeting frequency is positively linked to risk, suggesting that boards tend to increase meeting frequency as a reactive response to heightened uncertainty. Board size and CEO duality do not show consistent effects. Focusing on Vietnam’s institutional context, this study provides evidence that governance mechanisms influence different dimensions of cash flow risk through separate channels, offering valuable insights for enhancing board effectiveness in emerging markets. Full article

This study examines whether the board of commissioners’ monitoring intensity (BOCM) moderates the relationship between corporate social responsibility disclosure (CSRD) and the cost of debt (COD). Using an unbalanced panel dataset of 1516 firm-year observations from companies listed on the Indonesia Stock Exchange during 2018–2023, this study applies Moderated Regression Analysis (MRA) to test the proposed relationships. The results show that CSRD is negatively associated with COD, indicating that greater CSR transparency reduces borrowing costs. More importantly, BOCM significantly moderates this relationship. The interaction between BOCM and CSRD suggests that stronger board of commissioner monitoring weakens the marginal effect of CSRD on COD, implying that intensive monitoring may partly substitute for the risk-reducing role of CSR disclosure in determining COD. In addition, BOCM has a direct negative effect on COD, suggesting that creditors value the active board of commissioners’ monitoring as an internal governance mechanism that lowers perceived financing risk. These findings extend the literature by demonstrating that the effectiveness of CSRD in reducing COD depends on the strength of BOCM. This study offers practical implications for regulators and firms seeking to enhance governance quality, improve disclosure credibility, and reduce financing costs. Full article

This study examines the association between CEO authority concentration and financial reporting quality within the framework of institutional logics. Using a panel of publicly listed firms from three Southeast Asian countries, including Malaysia, Singapore, and Thailand, over the period 2015–2023, we employ panel regression models to analyze how concentrated CEO authority shapes financial reporting outcomes. The concentration of CEO authority is measured using the Herfindahl–Hirschman Index (HHI) based on the CEO’s positions in key board committees. Our findings indicate that higher CEO authority concentration is associated with lower financial reporting quality. This result suggests that when CEOs hold dominant positions within board committees, the effectiveness of internal monitoring mechanisms may weaken, increasing managerial discretion over the financial reporting process. As a result, excessive concentration of authority may reduce the reliability and transparency of reported financial information. This study contributes to the corporate governance literature by highlighting the role of authority distribution within the boardroom as an important determinant of financial reporting quality. By adopting an institutional logics perspective, this study also provides evidence that governance structures embedded in emerging market environments may shape how executive authority influences reporting practices. Overall, the findings provide important implications for regulators and governance practitioners seeking to strengthen board independence and improve financial reporting quality in Southeast Asian capital markets. Full article

Achieving a credible net-zero transition requires reliable corporate environmental information to support effective climate governance. When firms overstate environmental commitments without corresponding improvements in actual performance, regulatory signals become distorted, and decarbonization efforts are weakened. This study examines whether stringent command-and-control environmental regulation enhances the credibility of corporate climate commitments. Using the staggered implementation of China’s Air Pollution Prevention and Control Action Plan as a quasi-natural experiment, we construct a firm-level measure of corporate greenwashing that captures the divergence between environmental discourse and regulatory performance. Based on a multi-period difference-in-differences model, the results indicate that environmental regulation significantly reduces corporate greenwashing, with the probability of inconsistency between environmental claims and actual behavior declining by approximately 25 percent relative to the sample mean. Mechanism analysis shows that this effect operates through increased green technological innovation and heightened public environmental concern, which together strengthen substantive compliance and external monitoring. The moderating analysis shows heterogeneous responses across firms: board independence strengthens the policy’s inhibitory effect, while market share and institutional ownership attenuate it. Overall, the findings suggest that command-and-control regulation improves the credibility of disclosure and reinforces the informational foundations necessary for an effective net-zero transition. Full article

Gas bubble accumulation and transport play a critical role in the electrochemical performance and reaction uniformity of proton exchange membrane water electrolysis (PEMWE), particularly at high current density. However, the quantitative coupling between bubble coverage and local electrochemical activity remains insufficiently clarified. In this work, a visualization PEMWE combined with a printed circuit board (PCB)-based segmented measurement technique was developed to simultaneously characterize the spatial distributions of bubble coverage and local current density (LCD) under different current densities and operating temperatures. The results showed that both bubble coverage and LCD exhibited pronounced in-plane non-uniformity. The LCD generally displayed lower values in the central region and higher values near the edges, whereas high bubble coverage regions were mainly concentrated in the central and outlet-side areas. As the average current density increased from 0.5 A/cm² to 2.0 A/cm², the LCD range expanded from 0.43 to 0.53 A/cm² to 1.75–2.20 A/cm², while the local bubble coverage increased from 0.24 to 0.34 to 0.86–0.91. A clear negative spatial correlation between bubble coverage and LCD was identified, and this correlation became stronger with increasing current density. Moreover, the correlation exhibited marked spatial dependence, following the E5 > C3 > E1 > A5 > A1 order. Increasing the operating temperature from 50 to 70 °C alleviated the local heterogeneity, but it did not alter the fundamental coupling trend. These results demonstrate that bubble accumulation is a key factor governing current redistribution and local reaction non-uniformity in PEMWE, and they provide guidance for flow field optimization and high current density operation. Full article

Small- and medium-sized commercial banks constitute a fundamental component of the financial system, and their corporate governance plays a critical role in the modernization of financial governance. Over the past two decades, these banks have largely established a modern enterprise framework, typically structured around shareholders’ meetings, boards of directors, supervisory boards, and senior management (SBSS). This governance arrangement has supported sustained institutional growth; however, persistent challenges have emerged, including the accumulation of non-performing assets and the increasing frequency of risk events. These problems cannot be attributed solely to market or operational factors, but are also closely related to limitations in the top-level design and practical functioning of the SBSS governance structure. In particular, a notable gap exists between the original design objectives of the modern enterprise system and its actual governance outcomes in practice. This study adopts an institutional and analytical approach, supported by descriptive regulatory statistics, to examine governance deficiencies in small- and medium-sized commercial banks. By introducing French state-led governance culture as an institutional reference, the paper conceptualizes non-shareholder-centered governance arrangements under strong public involvement and proposes an embedded governance framework emphasizing accountability, supervision, and information integration. Full article

Purpose: Rapid bank digitisation has heightened cybersecurity risks and increased stakeholder expectations for transparent cyber risk governance and disclosure. However, research on whether women’s board involvement enhances financial success varies and depends on the context, particularly within different institutional settings. Therefore, this study investigates the impact of Women on Boards (WIB) on Earnings per Share (EPS) of Jordanian banks during 2010 to 2022 and further examines the moderating effect of Cyber Security Disclosure (CSD) on the relationship between WIB and EPS. Design: Combining manual content analysis of each Jordanian bank’s annual report with regression analysis to assess the correlation between EPS, WIB, and CSD. The study also controls for audit quality estimates, financial leverage, bank age, and size. Findings: Our results reveal a negative correlation between EPS and the increasing number of women on boards; thus, simply having more women on boards does not necessarily lead to higher EPS. Additionally, there is a positive interaction between WIB and CSD on EPS, indicating that strong cybersecurity practices can mitigate the negative effects of gender diversity on the board. The ongoing negative association between board diversity and EPS underscores the complexity of gender relations in corporate governance issues. Originality: This research is the first to examine both gender diversity and cybersecurity practices within the same context, as they jointly influence corporate governance and financial performance in new ways. It emphasises the importance of viewing cybersecurity disclosures as a strategic component that can positively impact the financial outcomes of board diversity. Full article

This research examines Jordanian risk disclosure policies and how board size, meeting frequency, CEO duality, and board expertise affect them, exploring how political ties moderate the link between board features and risk disclosure. In 2014–2023, the research examined 90 non-financial enterprises registered on the Amman Stock Exchange, yielding 900 firm-year observations. Word-based manual content analysis quantifies risk disclosure. The postulated associations are tested using moderate regression. The board’s competence positively affects risk disclosure. CEO dual function hurts risk disclosure. However, the findings did not suggest that board size or meeting frequency affect risk disclosure. Political ties modify the board of directors’ relationship with business risk disclosure, according to the research. This research examines how board of directors’ characteristics affect risk disclosure processes in non-financial enterprises in Jordan, adding to the little knowledge. This research is one of the first empirical studies of political ties as a moderating factor in Jordan’s non-financial sector. The 2014–2023 study examines governance trends before and after the 2018 corporate governance rule reform. The findings improve understanding of board oversight systems and business risk disclosure. Full article

Corporate governance is increasingly recognised as a key mechanism supporting sustainability transparency, accountability, and long-term value creation. While prior research has examined governance–performance relationships and sustainability outcomes using proprietary ESG ratings, evidence on how governance structures enable sustainability disclosure remains limited, particularly in Central and Eastern Europe (CEE). This gap reflects heterogeneous institutional environments and uneven ESG data availability in emerging European markets. To address this limitation, this study develops and applies a Corporate Governance–Sustainability Index for Central and Eastern Europe (CGSI–CEE). The index integrates core governance mechanisms (such as board effectiveness, leadership structure and ownership discipline) with sustainability transparency indicators, namely ESG report publication and CO₂ emissions disclosure. The CGSI–CEE is constructed using publicly available firm-level data from CEE blue-chip companies over the 2018–2024 period and follows a transparent, theory-driven weighting scheme. The results reveal substantial heterogeneity in governance-enabled sustainability capacity across firms, sectors, and countries. Bivariate results indicate a negative association with short-term accounting profitability and a positive association with market valuation; however, these relationships weaken once firm-level characteristics are controlled for, reinforcing the interpretation of CGSI–CEE as a structural governance-capacity measure rather than a direct performance determinant. Full article

This study examines the relationship between board composition and integrated reporting quality (IRQ) and tests whether firm performance moderates this relationship. Using content analysis, IRQ is measured through a disclosure index based on the 2021 International Integrated Reporting Framework. The sample comprises 550 integrated annual reports from 110 companies listed on the Johannesburg Stock Exchange across multiple sectors for the period 2020–2024. Multiple regression analysis reveals that board size and gender diversity are positively and significantly associated with IRQ, suggesting that larger and more gender-diverse boards enhance monitoring effectiveness and stakeholder-oriented transparency. In contrast, board independence and audit committee size show no significant association with IRQ. The findings further indicate that firm performance does not moderate the relationship between board composition and IRQ, implying that reporting quality is driven more by governance structures than by financial outcomes. This study contributes post-2021 Framework evidence from a mandatory integrated reporting context, refines governance theory by highlighting the importance of board heterogeneity over formal independence, and positions IRQ as a governance outcome rather than a financial signalling mechanism. The results offer practical insights for regulators, investors, and policymakers seeking to enhance reporting quality. Full article

Adaptive learning at scale requires explicit handling of uncertainty and information flow across diverse educational technologies. This paper proposes a TOGAF-conformant enterprise architecture for the University of Tabuk (UT) that embeds entropy- and uncertainty-aware requirements from the outset and aligns them with institutional goals in teaching, research, and administration. Using the Architecture Development Method (ADM), we map information-theoretic requirements to architectural artifacts across the architecture vision, business, information systems, and technology domains; formally specify core entropy-informed observables, including predictive entropy, expected information gain, workflow variability entropy, and uncertainty hot-spot severity; and define semantic and metadata standards for their near-real-time computation. These indicators are positioned explicitly across the TOGAF domains: business architecture identifies where uncertainty matters, information systems architecture defines the computable data and application representations, technology architecture operationalizes secure and scalable computation, and later ADM phases use the resulting metrics for prioritization and governance. The architecture also establishes governance that ranks initiatives by their expected uncertainty reduction through Architecture Review Board (ARB) decision gates. We address three research questions: (R.Q.1) how to design a TOGAF-conformant architecture for UT that natively encodes uncertainty-aware requirements and aligns with institutional needs; (R.Q.2) how to integrate dispersed data, achieve semantic harmonization, and deliver analytics-ready streams that support information-theoretic indicators for personalization without delay; and (R.Q.3) how to embed IT demand planning in opportunities and solutions and migration planning using uncertainty reduction and expected information gain as prioritization criteria. The resulting architecture offers a university-wide foundation for adaptive learning: it unifies learner and system interaction data under governed schemas, supports low-latency analytics, and formalizes decision processes that treat uncertainty as a primary metric. Though learner-level operational validation is future work, the design establishes the technical and organizational foundations for responsible, large-scale deployment of entropy-driven learner modeling, content sequencing, and feedback optimization. Full article

Corporate governance reforms in emerging and frontier markets frequently assume that strengthening board oversight, audit committees, and ownership monitoring will improve audit quality and enhance firm value. Yet, in weak institutional environments, these mechanisms often function symbolically rather than substantively. This study rethinks the governance–audit–value nexus by integrating Agency Theory, Institutional Theory, and the concept of symbolic governance to explain why governance may appear structurally robust while failing to constrain managerial discretion. Using panel data from Ghanaian listed firms between 2015 and 2023, the analysis shows that audit committee independence and board independence are negatively associated with both audit quality and firm value, indicating that formal independence without expertise, authority, or enforcement capacity does not translate into meaningful oversight. By contrast, institutional and managerial ownership positively influence both outcomes, suggesting that incentive alignment and informed monitoring can substitute for weak formal governance. Foreign ownership improves firm value but does not consistently enhance audit quality, while macroeconomic conditions such as inflation and GDP growth further shape firm performance. The study advances the literature by reconceptualising governance effectiveness in weak institutional environments, demonstrating that governance mechanisms may exist in form without functioning in substance. The findings underscore the need for governance reforms that prioritise enforcement capacity, board expertise, and audit committee competence rather than structural compliance alone. Full article

This study developed predictive mathematical models for UV laser penetration depth in FR-4-based rigid–flex printed circuit boards, addressing the critical need for precise material removal in applications like protective plug removal. Utilizing a comprehensive Design of Experiments framework, specifically two-level full factorial designs, the influence of key operational parameters—number of loops, scanning speed, and focal position offset—on material removal was systematically investigated in both laminate and multilayer substrates. Empirical models were established for both substrate types, identifying significant factors and interactions that govern penetration depth with physical justification. Comparative analysis revealed that the multilayer model consistently predicted deeper penetration (6–17 µm) than the laminate model under identical conditions, primarily due to reduced heat-associated phenomena with prepreg, yet the laminate model offered a reasonable approximation for complex stack-ups. Rigorous validation through confirmation experiments, achieving 100% success in electrical integrity tests with compliant plug removal, unequivocally demonstrated the models’ robustness and reliability. This research provided a crucial tool for optimizing UV laser micromachining processes, significantly reducing parameter identification times and minimizing scrap generation, thereby enhancing the efficiency and reliability of advanced rigid–flex PCB manufacturing. Full article

This study seeks to establish how financial leverage mediates the relationship between corporate governance and the financial performance of 58 carbon-intensive firms listed on the Johannesburg Stock Exchange over the period 2015–2023. This study employed the two-step system generalised method of moments to address endogeneity issues. The results indicate that leverage negatively impacts a firm’s financial performance, but leverage does not mediate the relationship between corporate governance and a firm’s financial performance in carbon-intensive firms. The results of the study also reveal that board remuneration negatively influences a firm’s financial performance, yet board independence has an insignificant impact on firm performance. These results underscore the need for carbon-intensive companies to reassess their remuneration policies to ensure alignment with short-term financial benefits and long-term sustainability initiatives. The findings also suggest that sustainability projects financed predominantly by debt may negatively impact short-term financial performance, indicating the importance of a balanced capital structure during the decarbonisation process. Full article