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This study aims to investigate the impact of product market competition on the relationship between firm digital transformation and international diversification. It aims to uncover how competition moderates this relationship and to reveal the nonlinear dynamics between digital transformation and international diversification in strategic decision-making processes.

Using a panel logistic regression analysis, this study examines data from 235 Malaysian nonfinancial listed companies from 2012 to 2019. The analysis focuses on the manufacturing and technology industries due to the availability of digital transformation data, leading to a data set of 1,180 year-firm observations.

The results reveal a nonlinear relationship between digital transformation and international diversification, intensified by product market competition. Initially, digital transformation positively affects international diversification, but this effect turns negative as competition increases. Robustness checks validate these findings, indicating that competition’s impact varies with the level of digital transformation.

This study’s findings are based on text analysis as a proxy for digital transformation, which may not fully capture organizational changes. Future research could use reported transformation costs or mandatory disclosures. In addition, this study focuses solely on international diversification, excluding other forms of diversification and financial constraints.

Policymakers should recognize that high product market competition can negate the benefits of digital transformation on internationalization. They need to balance promoting digital transformation with addressing competitive challenges. Managers should analyze the competitive landscape before pursuing international expansion, as high competition can diminish the advantages of digital transformation.

This research enriches agency and resource-based view theories by revealing the complex dynamics between digital transformation, competition and international diversification. It introduces a parabolic relationship between competition and diversification, challenging traditional assumptions and providing a comprehensive framework for understanding strategic decisions in competitive environments.

This research aims to examine the moderating role of digital orientation (DO) on the relationship between innovation and internationalization by framing the relationship under an agency, resource-based view (RBV) and organization orientation (OO) theory.

This study focuses on a sample of 392 listed companies in Malaysia from 2011 to 2018 and estimates the model under the double clustered regression, dynamic GMM panel model and one-lagged model to tackle endogeneity and reversal causality. This study also did a logit model as an additional robustness check.

The findings support the RBV perspective: Companies with intensive innovation have high internationalization. However, the findings refute OO theory by revealing the evidence that DO leads to low internationalization. Supplemental analysis suggests that innovation impact on internationalization occurs in assets and sales internationalization (exports).

According to the RBV theory, innovation is strategic value creation for the organization to achieve competitiveness. A company can expand its market internationally when the business process is more productive and efficient due to innovation. The innovation process is closely related to DO. Hence, this research explores whether DO may strengthen the effect of innovation on the internationalization process.

This study examines the effect of DO on innovation and internationalization implementation by contesting agency theory, RBV theory and OO theory within an emerging country context.

The research objective starts from the argument that small-scale multinational corporations’ (SMNCs’) managerial behavior toward auditing decisions is influenced by their personal value, especially when the auditing process is not mandatory. This study aims to examine how national culture-religiosity affects that decision. The authors further examine how foreign-owned MNCs might behave differently from local MNCs, although the host country’s cultural-religiosity value might influence that decision.

This study obtains the data from three sources: Hofstede Framework, Pew Research Center and World Bank Enterprise Survey in cross-sectional mode. The final sample consists of 8,590 SMNCs from 45 countries as the observations. This study uses robust regression analysis to test the effects of culture, religiosity and controlling shareholders on the audited financial statements decision.

The regression results support the hypothesis, whereas cultural-religiosity values are associated with the audited financial report. The findings confirm stakeholder theory and institutional theory.

This study fills a gap in the literature by providing empirical evidence on the cultural and religiosity effects on the accounting decision of SMNCs. The results can be used as the foundation for future research related to MNCs’ managerial behavior toward accounting policies, especially with the psychosocial factors.

This study investigates how the quality of corporate governance practices reduces the likelihood of firms becoming Zombie companies. By developing a Corporate Governance Index (CGI) based on 52 criteria from the regulatory framework, the hypothesis is tested that companies with higher CGI scores are less prone to becoming Zombie companies. The study aligns with the agency theory framework, highlighting the significance of effective governance in mitigating financial distress and preventing firms from becoming Zombies.

The study uses a sample of 3,051 listed Indonesian firms from 2014 to 2022, excluding financial and utility companies. Data were sourced from the Bursa Indonesia website, focusing on annual reports. Continuous variables were winsorized at the 1st and 99th percentiles. The analysis involves developing a CGI tailored to the Indonesian context and examining its impact on the likelihood of firms becoming Zombie companies. Endogeneity concerns are addressed to ensure robustness. Post-hoc analyses investigate the roles of political connections and family ownership in the firm’s propensity to become Zombie firms.

The results demonstrate that higher CGI scores are associated with a reduced likelihood of firms becoming Zombie companies, supporting the agency theory. Post-hoc analysis reveals that political connections and family ownership significantly contribute to a firm’s Zombie status. However, the influence of CGI remains crucial regardless of these factors. The findings are consistent with the literature, emphasizing the importance of effective corporate governance in preventing Zombification.

The study contributes to the academic literature by highlighting the importance of using a governance index to assess the impact of governance practices on firm dynamics. It highlights the relevance of corporate governance quality in understanding and mitigating Zombie theory. The research suggests further investigation into the role of CGI in helping companies transition from Zombie status to financial health and exploring the influence of upper-echelon variables on the CGI-Zombieness relationship.

From a practical standpoint, the findings advocate for the enhancement of control and monitoring mechanisms in firms, particularly regarding debt risk-taking decisions. Policymakers are encouraged to institutionalize the use of governance indices to evaluate firm performance. The study suggests extending such regulations to non-listed firms and SMEs to prevent the proliferation of Zombie companies. Effective governance practices are crucial for mitigating risks associated with political connections and family ownership.

This study provides a fresh perspective on the impact of the Corporate Governance Index on firm Zombieness within the Indonesian context. By tailoring the CGI to the specific regulatory framework, it offers reliable insights into the role of governance quality in preventing firms from becoming Zombies. The study bridges a gap in the literature by linking agency theory with Zombie theory, emphasizing the necessity of effective control and monitoring to avoid financial distress. The research highlights the pivotal role of corporate governance, even in the presence of political connections and family ownership.

Interest in using popular movies in higher education has flourished, but determining their actual impact remains tricky. Some studies suggest these movies can positively affect student satisfaction, yet many criticize this method as ineffective or lazy. Our study compared two ways of using popular movies – watching them in class versus a flipped approach – for an advanced finance module. We aim to examine the best teaching delivery of watching popular movies in an advanced module.

This study compares two teaching methods during movie screenings: a didactic flipped classroom (Group 01) and in-class viewing (Group 02). The sampling frame was final-year finance students from a public university. It was conducted over two academic years and involved 190 students aged 20–23. These students were split into two groups: G01, with 93 students, and G02, with 97 students. The study focused on the movie “Big Short,” chosen for its relevance to the Fixed-Income Securities course (the advanced module).

Our findings indicate both methods led to high student satisfaction, with no significant difference between in-class viewing and the flipped approach. However, the understanding of the advanced module significantly increased overall. Importantly, using popular movies as flipped material resulted in better student grades compared to in-class viewing. This suggests that while using popular movies is a beneficial teaching method, employing a didactic flipped classroom approach yields superior outcomes for students.

This research offers practical insights for instructors, highlighting the value of utilizing popular movies in advanced education. It suggests incorporating movies as learning materials can enhance student satisfaction, particularly when employed within a flipped classroom framework. Importantly, the study reveals that adopting the flipped classroom approach yields superior academic outcomes compared to traditional in-class viewing. Thus, instructors teaching advanced modules should consider integrating popular movies within flipped classrooms to not only enhance student satisfaction but also improve academic performance.

Our research investigates popular movies' efficacy, particularly in advanced finance education. While previous studies have explored using movies to enhance student satisfaction, this study investigates it further by comparing two delivery methods: the didactic flipped classroom and traditional in-class viewing. While both methods effectively increase student satisfaction, the didactic flipped classroom significantly improves academic performance. This highlights the innovative potential of the flipped approach in promoting deeper learning and suggests practical implications for instructors seeking to enhance both satisfaction and academic outcomes in advanced courses.

This research aims to examine how financial literacy moderates the mediation of attitude toward virtual influencers’ non-fungible tokens (NFTs) or ATB on the relationship between purchase intention and self-congruity, which includes symbolic representation, self-image congruence and emotional value. Initially, we investigated the mediation effect of ATB on the relationship between self-congruity and purchase intention. Subsequently, we analyze how financial literacy moderates this mediation process.

The study employed a sample of 383 virtual influencers’ fans and applied a partial least square structural equation model (PLS-SEM) along with robustness tests to test the research hypothesis. The analysis is based on the moderated mediation framework.

The findings are intriguing for several reasons. First, it reveals that only self-image congruence positively affects purchase intention, contrary to existing self-congruity theory literature. The relationship between self-image congruence and purchase intention is a direct relationship with no mediation effect of ATB. Second, ATB fails to mediate the self-congruity effect on purchase intention. Third, financial literacy has a negative relationship with purchase intention, indicating that fans of virtual influencers with higher financial literacy are less likely to purchase virtual influencers’ NFTs due to more critical investment evaluations. We also argue that financial literacy discards the consumption behavior effect from self-congruity variables on purchase intention.

The study contributes to the literature by emphasizing the significance of financial literacy on purchase intention under the self-congruity framework. It also surmises that self-image congruence does matter for the purchase intention of a virtual influencer’s NFT. However, further research could validate findings by studying broader NFT investors, incorporating fandom and impulse buying variables and examining actual NFT purchases against planned behavior.

This research is crucial for virtual influencers’ NFT creators, marketers and fans by providing insights for evaluating virtual influencers’ creators’ decision to pursue NFT markets. The findings reveal that the creators of virtual influencers should reconsider pursuing the NFT market, as self-congruity may not be a driving factor. Notably, our findings imply that a virtual influencer’s NFT is significantly different from a virtual influencer's merchandising business.

The originality of this study lies in extending the self-congruity within the NFT context, investigating how financial literacy moderates the mediation of ATB on the self-congruity-purchase intention relationship. It challenges self-congruity theory by showing that despite fans feeling aligned with virtual influencers, high financial literacy reduces the congruence.

The study analyzes the influence of corporate governance and ownership concentration levels on the cost of equity. Further, the authors extend the literature by investigating the moderating effect of ownership concentration levels (i.e. at 5%, 10% and 20%) on the relationship between corporate governance and the cost of equity.

The study applies several robust panel regression techniques to a sample of 114 active non-financial companies listed on the Pakistan Stock Exchange from 2011 to 2016. Corporate governance was measured through a unique index comprising 30 governance attributes. The cost of equity was measured through the capital asset pricing model. Further, the authors construct three variables for ownership concentration levels, i.e. at 5%, 10% and 20%. To address the endogeneity problem, the one-lagged variable model and GMM approaches were also applied.

The results indicate that better corporate governance reduces the cost of equity, while ownership concentration at high thresholds would increase the cost of equity. Further, the authors find that ownership concentration at the 20% threshold moderates the relationship between corporate governance and the cost of equity. Thus, the authors argue that firms can minimize the risk faced by shareholders by implementing substantive corporate governance mechanisms. In addition, effective corporate governance mechanisms at high ownership concentration levels are imperative for managing the cost of equity.

The study reports novel evidence that ownership concentration at a high threshold moderates the effect of corporate governance on the cost of equity.

This study aims to examine how women on board influence quality and quantity disclosure of emissions discharge by the listed non-financial firms for the period of six years (2016–2021), with institutional ownership as a moderator.

The study obtained data from a sample of 83 listed non-financial firms. A content analysis technique was employed to compute emissions disclosure indexes using Global Reporting Initiatives standards from the sampled firms. Random and fixed effect regression analyses were run for both direct and moderation models. Based on the results of the Hausman tests, random results were adopted and used in examining the relationship.

The result reveals that women on board are significantly related to emission disclosure. The study also documented that institutional owners have not influenced the relationship between women directors and emissions disclosure.

The study's findings have practical implications for emerging economies, corporations and other business organizations seeking to actively involve the emissions control and reduction issues toward sustainable development goals 5, 7 and 13 in their business models and successfully communicate these efforts to stakeholders.

Listed firms in emerging economies would gain sincerity through the women directors’ knowledge, skills, demographics and ethnicity in the society. Therefore, corporate bodies in emerging economies can successfully contribute toward improving the social welfare of various segments of society by controlling current and future climate issues. Additionally, society will surely benefit when firms control the pollution discharges within the community.

This is the first study, to the best of the authors’ knowledge, that provides empirical evidence on the effect of the presence of women on board on emissions disclosure using institutional ownership as a moderator in Nigeria.

This study aims to examine how audit committee (AC) attributes influence quality and quantity disclosure of energy consumed by the listed nonfinancial firms for the period of five years (2016–2020). The study aims at providing empirical evidence on how board of director’s independence influences the relationship between AC attributes and firms’ energy in achieving sustainable development goals (SDGs) on world climate policy.

The study obtained data from a sample of 83 listed nonfinancial firms, content analysis technique was used to compute energy disclosure indexes using global reporting initiative standards, while regression analysis was conducted to test the relationship among research variables.

The study revealed that AC independence, diversity and meetings were significantly related with energy disclosure. Also, the study found that other variables were insignificantly related with energy disclosure.

The study is constrained for not considering all listed firms in the country. Furthermore, the study considered selected attributes, other important audit-committee size attributes such as audit-committee size, audit-committee size tenure could be study in by the future study.

The study’s findings would have practical implications for corporations and other business organizations seeking to actively involve the energy-related SDGs 7 and 13 in their business models and successfully communicate these efforts to stakeholders.

To the best of author’s knowledge, this is the first study that provides empirical evidence on the effect of AC attributes on the energy disclosure using effect of board independence as moderator in Nigeria.