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This study aims to explore the relationship between promoter share pledging and the company’s dividend payout policy in India. Furthermore, this study also analyses the moderating impact of family involvement in business on the association between share pledging and dividend payout.

A sample of 236 companies from the S&P Bombay Stock Exchange Sensitive (BSE) 500 Index (2014–2023) has been analysed through fixed-effects panel data regression. For additional testing, robustness checks include alternative measures of dividend payout and promoter share pledging, as well as alternative methodologies such as Bayesian regression. Lastly, to address potential endogeneity, instrumental variables with a two-stage least squares (IV-2SLS) methodology have been implemented.

Upholding the agency perspective, a significantly negative impact of promoter share pledging on corporate dividend payouts in India has been uncovered. Moreover, family involvement in business moderates this relationship, highlighting that the negative association between promoter share pledging and dividend payouts is more pronounced in family companies. The findings are consistent throughout the robustness testing.

The present study represents a pioneering endeavour to empirically analyse the link between promoter share pledging and dividend payouts in India. It enhances the theoretical underpinnings of the agency relationship, particularly by substantiating the existence of Type II agency conflicts between majority and minority shareholders. The findings of this research bear significant implications for investors, researchers and policymakers, particularly in light of the widespread prevalence of promoter-controlled entities in India.

The purpose of this paper is to analyse five biases in the valuation of financial investments using a mental time travel framework involving thought investments – with no objective time passing.

An investment’s initial value, together with any periodic funding cash-flows, are mentally projected forward (at an expected rate of return) to give the value at the investment horizon; and this projected value is mentally discounted back to the present. If there is a difference between the initial and present values, then this can imply a bias in valuation.

The study identifies (and gives examples of) five real-world valuation biases: biased funding cash-flow estimates (e.g., mega infrastructure projects); biased rate of return projections (e.g., market crises, tech stock carve-outs); biased discount rate estimates (e.g., dual-listed shares, dual-class shares, short-termism, time-risk misperception, and long-termism); time-duration misestimation or perception bias when projecting (e.g., time-contracted projections which lead to short-termism); and time-duration misestimation or perception bias when discounting (e.g., time-extended discounting which also leads to short-termism). More than one bias can be operating at the same time and we give an example of low levels of retirement savings being the result of the biased discounting of biased projections. Finally, we consider the effects of the different biases of different agents operating simultaneously.

The paper examines key systematic misestimation and psychological biases underlying financial investment valuation pricing anomalies.

Family businesses (FBs) are considered an essential type of entrepreneurship that impacts economic growth. However, statistics show that after a period of performance they ultimately fail, and comparatively little is known about the reasons for their failing when compared to the amount of research focusing on keys to success.

Through the implementation of an case study technique, which is widely used in research to address the complex phenomenon of failure, this paper aims to analyse the antecedents of failure in the case of four Catalan FBs. In doing so, this article develops propositions based on Institutional Economics Theory and Dynamic Capability Theory, with a focus on innovation and product diversification in family firms.

Using interviews as a means of obtaining a large amount of information, it is observed that problems related to governmental regulations and constantly changing social behaviour can lead to failure for FBs. Additionally, a link between R&D activities and new product development and FB failure is observed. More specifically, this research highlights that a lack of product diversification and innovation can become a hindrance for FB performance when the institutional environment is unstable. It reveals the importance of developing dynamic capabilities that can meet the demands of fast-changing consumer behaviour. From a practical perspective, these findings can be used by governments in developing regulations focused on the dynamic capabilities of FBs, and by managers in order to learn from these experiences and implement appropriate strategies for long-term development and crisis management.

This paper theoretically contributes to both the FB literature, as well as to institutional economics and dynamic capability theories by offering a combined perspective on how FB's dynamic capabilities change based on environmental factors and impact FB failure.

This cross-country study aims to investigate from an interdisciplinary perspective the impacts of the accounting regulation's strength and cultural values of long-term orientation (LTO) and indulgence (ND) on board efficacy in developing countries.

Board Efficacy Index scores for 54 developing countries over the period 2007–2016 were employed to ascertain predictors of management's accountability to boards of directors and investors. Two types of explanatory variables – formal and informal – were employed in a pooled Ordinary Least Squares (OLS) analysis.

The research is the first to empirically show that more LTO and ND in a country have significant and positive effects on board efficacy. The findings also show that the strength of auditing and reporting standards (SARS) has a dominant impact on board efficacy, and the SARS' consideration is recommended in future cross-country research on board efficacy.

To restore investor confidence and increase the credibility toward firms, regulatory authorities in developing countries are called upon to integrate compliance with accounting and auditing regulations combined with cultural values in the implementation of good governance practices.

This study contributes to the board efficacy literature in two significant ways. First, the study constructs and empirically tests a conceptual model that integrates both informal factors, the six cultural dimensions of Hofstede et al. (2010), and formal factors, the strength of accounting regulations. Second, conducting a study on a sample not widely used in the literature, over a fairly long period of time, highlights the governance characteristics of this context and strengthens the internal and external validity of the study.

This study aims to analyse the political connections of Portuguese companies through the members of the board of directors, exploring how these connections influence, in particular, the composition and characteristics of the boards.

The research used a strategy based on analysing the financial statements and curriculum vitae of the directors of Portuguese companies listed on Euronext Lisbon from 2014 to 2019. The political connections of board members were examined, considering the variables identified in the existing literature.

The results indicate that companies with political connections maintain these relationships for long periods and have a greater number of members on the board of directors compared to companies without such connections. Directors with political experience tend to occupy non-executive positions, suggesting that companies may value political contacts more than the management skills of these directors. It was also found that there are politically connected directors who belong to multiple boards and that women appointed to the board are less likely to have a political background, reflecting male dominance in Portuguese politics.

The main limitations of this study include the small number of listed companies in the sample, which may affect the statistical robustness of the results, as well as the use of secondary sources, which may not capture all relevant policy linkages. In addition, the results are specific to the Portuguese context and may not be generalisable to other countries or other regions of the world.

This study contributes to the understanding of political connections in Portuguese companies, offering valuable insights into how these connections influence board composition and can impact corporate strategy and governance. The findings of this study can be especially useful for business leaders looking to optimise the formation of their boards of directors.

This article aims to investigate how institutional characteristics affect the level of financial development of economies collectively and compare between developed and undeveloped economies.

A dynamic panel with 131 countries, including developed and developing ones, was utilized; the estimators of the generalized method of moments system (GMM system) model were selected because they have econometric characteristics more suitable for analysis, providing superior statistical precision compared to traditional linear estimation methods.

The results from the full panel suggest that concrete and well-defined institutions are important for financial development, confirming previous research, with a more limited scope than the present work.

Limitations of this research include the availability of data for all countries worldwide, which would make the research broader and more complete.

A panel of countries was used, divided into developed and developing countries, to analyze the impact of institutional variables on the financial development of these countries, which is one of the differentiators of this work. Another differentiator of this research is the presentation of estimates in six different configurations, with emphasis on the GMM system model in one and two steps, allowing for comparison between results.

This study aims to investigate the impact of supply chain concentration (SCC) on corporate research and development (R&D) investment and determine the moderating roles of industry concentration and financing constraints on the relationship between SCC and R&D investment.

The study collected data from Chinese listed companies, used the fixed effects model to test the research hypotheses and further used the two-stage Heckman test and propensity score matching (PSM) to address potential endogeneity issues.

The result reveals a negative impact of SCC on corporate R&D investment. In addition, industry concentration mitigates the negative impact of SCC on corporate R&D investment, but financing constraints strengthen the negative impact.

This study introduces the concept of SCC and empirically tests its effect on R&D investment, further explaining the lack of corporate innovation. This study inspires companies to strengthen SC management and weigh the level of SCC with environmental factors.

This research aims to evaluate the accuracy of several Value-at-Risk (VaR) approaches for determining the Minimum Capital Requirement (MCR) for Islamic stock markets during the pandemic health crisis.

This research evaluates the performance of numerous VaR models for computing the MCR for market risk in compliance with the Basel II and Basel II.5 guidelines for ten Islamic indices. Five models were applied—namely the RiskMetrics, Generalized Autoregressive Conditional Heteroskedasticity, denoted (GARCH), fractional integrated GARCH, denoted (FIGARCH), and SPLINE-GARCH approaches—under three innovations (normal (N), Student (St) and skewed-Student (Sk-t) and the extreme value theory (EVT).

The main findings of this empirical study reveal that (1) extreme value theory performs better for most indices during the market crisis and (2) VaR models under a normal distribution provide quite poor performance than models with fat-tailed innovations in terms of risk estimation.

Since the world is now undergoing the third wave of the COVID-19 pandemic, this study will not be able to assess performance of VaR models during the fourth wave of COVID-19.

The results suggest that the Islamic Financial Services Board (IFSB) should enhance market discipline mechanisms, while central banks and national authorities should harmonize their regulatory frameworks in line with Basel/IFSB reform agenda.

Previous studies focused on evaluating market risk models using non-Islamic indexes. However, this research uses the Islamic indexes to analyze the VaR forecasting models. Besides, they tested the accuracy of VaR models based on traditional GARCH models, whereas the authors introduce the Spline GARCH developed by Engle and Rangel (2008). Finally, most studies have focus on the period of 2007–2008 financial crisis, while the authors investigate the issue of market risk quantification for several Islamic market equity during the sanitary crisis of COVID-19.

Family businesses are on the rise and facing severe sustainability challenges. The overall purpose of this thesis is to examine the moderating role of technological resources in the relationship between marketing innovation and family business sustainability.

From a post-positivist perspective, this study utilized a quantitative approach and causal research design. 204 family businesses within the Accra Metropolitan Assembly were sampled for this study. Structural Equation Modeling (SMART PLS 4) was utilized for data analysis after a closed-ended questionnaire was used to gather data.

It was evidenced that marketing innovation has a positive significant effect on family business sustainability. Technological resources have a negative significant moderating effect on the relationship between marketing innovation and family business sustainability.

The originality of this study lies in examining the moderating effect of technological resources on the relationship between marketing innovation and family business sustainability in Ghana, where this phenomenon is less explored.

The objective of the study is to investigate the factors that differentiate long-term shareholder value (LTSV) creating firms from LTSV destroying firms.

Through the review of literature, the hypothesis for the study is developed. To test the hypothesis, the study collects data from S&P BSE 500 companies listed in Bombay Stock Exchange (BSE). Based on the average overall return to shareholders for the period from year 1991 to 2019, the study identifies top 25 LTSV creating and LTSV destroying firms. The top 50 firms form the basis of this study. The study uses descriptive statistics and independent sample t-test to test the hypothesis of the study.

Among the variables investigated such as capital management policy and effective capital management practices, business and financial strategy, intellectual capital strategy, relational capital strategy and human capital strategy, the study found effective capital management and governance as a long-term source of value for shareholders.

The study highlights the importance of inclusion of value-relevant information in the annual report of the company. The study also supports the proposition that discretionary disclosure of intangible assets is relevant for the market to enable market participants to reasonably comprehend the fair value of the firm.

Adoption of a reporting framework that ensures the availability of all value-relevant information including off-balance-sheet resources is in the interest of the investors and policymakers alike.

This is a first such study exploring the value-relevant information and the source of long-term value for listed firms.