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The purpose of this paper is to determine the direct influence of the mechanism of good corporate governance (GCG) and corporate social responsibility (CSR) on financial performance as well as through earnings management as a mediating variable.

The data used in this research are secondary data involving 102 companies listed on the Indonesian Stock Exchange for the period 2014. The data used in this study were analyzed using partial least square and carried out with the help of software WarpPLS 5.0.

The results show that the mechanism of GCG and CSR has a positive effect on financial performance as well as the CSR on financial performance.

The results also show partial mediation of earnings management on impact of GCG mechanisms on financial performance and full mediation of earnings management on impact of CSR on financial performance.

The aim of this paper is to examine the relative influence of regulatory enhancements relating to corporate governance and attributes of business traits on performance of Malaysian listed companies.

Regression analysis was performed on all 742 non-financial main board companies listed on Bursa Malaysia using data from 2013 annual reports.

The results show that the number of board meetings held during the year, role separation and board size have a significant impact on corporate performance. By contrast, independent directors, government ownership and director ownership do not influence corporate performance.

The study investigated non-financial companies for the financial year 2013. Hence, the results may not apply to financial companies and other years. Future research can perhaps include all types of listed companies and carry out a longitudinal study to gain more comprehensive results and understanding on the relationship between corporate governance and corporate performance. Additionally, future research could also consider employing a different methodology to further unveil factors influencing corporate performance.

The above findings provide new evidence of the effectiveness of the Malaysian Code on Corporate Governance in improving company performance. The significance of board meetings, role separation and board size shows the importance of internal governance in shaping company processes and hence performance.

The result suggests that although the Malaysian Code on Corporate Governance follows the corporate governance code of developed countries, the applicability of the recommendations to a developing country is evidenced. Companies in Malaysia are predominantly government-owned or closely held, but it appears that role separation matters even in these types of companies in achieving better performance.

Debt, dividend and investment policy constitutes a company's important financial decisions to determine firm performance. The research emphasizes on the problem of overinvestment, a phenomenon that worsens firm operation. Furthermore, it clarifies the moderation role of debt and dividend policy in mitigating the negative effect of overinvestment on firm performance in the case of Vietnamese listed companies.

The research uses all financial statement of non-financial Vietnamese listed companies on Ho Chi Minh and Hanoi Stock Exchange in the period of 2008–2018. The data are collected from Thomson Reuters Eikon. The final data set is comprised of 669 listed companies. The study measures overinvestment though investment demand function and HP filter. Moreover, the research employs the dynamic model, so it has to apply the SGMM method to deal with the problem of endogeneity caused by the lagged dependent variable.

The research finds that overinvestment is negatively associated with firm performance. Debt or dividend policy separately can moderate the negative effect of overinvestment on firm performance. However, when these two policies are combined, they lessen the positive interaction impact of each policy due to the substitution between debt and dividend policy.

The research may have two limitations. Firstly, the research measures overinvestment indirectly through investment demand function and HP filter. These two measures only help identify the sign that companies may have the problem of overinvestment because we cannot determine whether they overinvest or not in reality. Secondly, when using interaction variables, the problem of multicollinearity may be higher, and this may adjust the signs and significance level of variables in the models.

Practically, the research proposes three policy recommendations. Firstly, a company can exploit debt or dividend policy to limit excessive free cash flow in order to constrain the problem of overinvestment. Secondly, a company should enhance its corporate governance to resolve agency problems. Thirdly, the government should make the financial sector more transparent and effective to improve monitoring functions of various parties in the capital market.

Overinvestment sometimes can cause social issues. Overinvestment means that companies make ineffective investment. If they continue this situation over a long time, companies may have financial distress or even go bankruptcy. As a result, it will slow down economic growth and increase unemployment in the economy.

The research is supposed to make two great contributions to the existing empirical studies in two aspects. Firstly, it is the first attempt to take into consideration the interaction between overinvestment and financial policies. Secondly, it helps enhance the fundamental stance of the agency theory, which supports the interdependence of debt, dividend and investment policy.

The main goal of the article is to determine the mediating role of human resources management (HRM) outcomes in the relationships between shaping employee work engagement and job satisfaction (SEWE&JS) and company performance results and to establish whether there are any identifiable regularities in this scope in the pre-pandemic and pandemic period in the headquarters (HQs) and foreign subsidiaries of multinational companies (MNCs).

The empirical research included 200 MNCs headquartered in Central Europe. The raw data in the variables were adjusted with the efficiency index (EI) to capture the actual relations between the variables under study. The partial least squares structural equation modeling (PLS-SEM) was used to verify the research hypotheses and assess the mediating effects.

The research findings show that the HRM outcomes positively mediate the relationships between SEWE&JS and the company performance results. HRM outcomes turned out to be a stronger mediator between SEWE&JS and company performance results in finance and quality in the HQs during the pandemic. By contrast, in the local subsidiaries, they were a stronger mediator of the relationships between the results in innovativeness and quality during the pandemic.

In addition to confirming the results of some other researchers, the research findings also provide new knowledge. They determine the mediating role of HRM outcomes in the relationship between SEWE&JS and the three categories of company performance results, namely finance, innovativeness and quality. In addition, they identify certain regularities in the four studied contexts, which is a novelty in this type of research. A novelty is also the use of employee key performance indicators (KPIs) in the data analysis as the efficiency index in analyzing the effect of the variables under study. The value of the research is also the fact that it covers HRM in MNCs established in Central Europe, which, compared to MNCs from the Western world, is not a frequent subject of research.

Digital transformation shapes industries and influences the forms of collaboration between companies. This study aims to investigate digital business strategy as a key to facilitating collaboration beyond organizational boundaries.

The study focuses on the connection between digital business strategy and collaboration performance. The authors identify five types of digital business strategy elements based on the literature: development, objectives, resources, management capabilities, and digital leadership. The authors then studied the implications of these elements for collaboration performance using a survey. The study’s empirical data were collected from manufacturing and service companies, and 202 valid responses were received. The implications of the research elements were tested through regression analysis, which included the moderating effects of digitally enabled performance measurement.

The theoretical research framework identifies digital business strategy as a key determinant of collaboration performance, thus advancing the understanding of how companies can utilize digital business strategies and achieve enhanced collaboration performance. The results also show that the effect of digital business strategy on collaboration performance may be moderated by digitally enabled performance management.

The results suggest that management capabilities associated with digital strategy are a crucial element in positively influencing collaboration performance. Further, digital strategy-related resources can be better managed with digitally enabled performance measurement system, which is reflected in improved collaborative performance. Thus, companies should invest in management capabilities and connect their digital business strategies and performance measurement systems to develop collaboration in digital transformation.

The study is among the first to translate an empirical understanding of the digital transformation of small and medium-sized companies into a conceptual framework of a digital business strategy.

This study aims to investigate the relationship between corporate governance (CG) and financial performance in the case of publicly listed companies in Vietnam for the period from 2019 to 2021. The topic is crucial in understanding how effective governance practices can influence the financial outcomes of companies. The study sheds light on the link between CG practice and firm financial performance. It also provides insights for policymakers and practitioners to improve CG practices.

Due to the potential dynamic endogeneity in CG research, this study uses the generalized system methods of moments to effectively address the endogeneity problem. Financial performance is measured by Tobin’s Q, return on equity (ROE) and return on assets (ROA). Based on organization for economic cooperation and development (OECD) standards, these indices were calculated to assess the influence of CG practices on corporate financial performance, namely, for accounting information (ROA and ROE) and market performance (Tobin’s Q and service à resglement différé (SRD) – stock price volatility) for the period 2019–2021. In addition, the study examines the relationship between changes in the CG index and changes in financial performance.

The study’s main objective is to determine the relationship between CG performance scores and financial performance. The study found a positive relationship between transparency disclosure and financial performance and a positive correlation between CG and company size. The COVID-19 pandemic caused a decrease in transparency and information index scores in 2021 compared to 2019 and 2020 due to delayed General Meetings of Shareholders. The study failed to find a relationship between shareholder rights index (“cg_rosh”) and board responsibility (“cg_reob”) and financial performance, concerning which the findings of this study differ from those of previous studies. Reasons are put forward for these anomalies.

Policymakers need to develop a set of criteria for assessing CG practices. They also need to promulgate specific regulations for mandatory and voluntary information disclosure and designate a competent authority to certify the transparency of company information. The study also suggests that companies should develop CG regulations and focus on regulations relating to the business culture or ethics, as well as implementing a system to ensure equal treatment among shareholders. The study found that good CG practices can positively contribute to a company’s financial performance, which is crucial for investors to evaluate the quality of CG practices for each listed company so that investment risks can be limited.

The study aims to assess how corporate branding affects firm performance in the context of the Oman hotel industry, listed on the Muscat Stock Exchange (MSX).

This study approach was made by way of a mixed method. First, it examines qualitative and exploratory information collected from companies’ internet sites, audited annual reports (the financial year 2019) published in MSX, web searches and websites of companies and travel agencies from all the eight listed hotel companies in the MSX to examine the impact of corporate branding on firm performance proxied by return of assets (ROA) and return of equity (ROE) and secondly, it assesses the measurement and structural models by applying partial least squares structural equation modeling (PLS-SEM).

The findings recommend that well-thought-out web marketing on corporate branding by hotel companies leads to firm performance. The findings indicate that corporate branding on travel agency websites and a company’s own website can help businesses become more profitable. In addition, there is a synergistic connection on corporate branding of the hotel industry, including the presentation of a novel hotel narrative, the conception of a cornerstone loyalty program, the demonstration of excellence in hospitality and service, information on timely amenities like Covid-19 safety measures and the use of technology and experiential elements through platforms like the company website or the website of the travel agent all essential to achieve firm financial performance. As per the importance–performance matrix map, websites of travel agents (agoda.com, booking.com and hotels.com) had the importance (agoda.com 0.616, booking.com 0.959 and hotels.com 1.036) to impact companies’ corporate branding and firm performance, whereas Google search shows a value of −1.954, which has no impact on companies’ corporate branding.

The study considered only one hotel/tourism industry to know the effect of corporate branding on firm performance. Further studies may be chosen on other industries needed to allow for generalization.

This study aims to provide insights into how the hotel industry can make use of corporate branding through the company website, Google sites and websites of companies’ travel agency by providing timely updated promotion, facilities, quality services and hygiene matters to enhance firm performance.

This study provides empirical evidence to find various factors of corporate branding of the hotel industry’s firm performance. In addition, the study offers valuable insight into the nonmonetary measures of achievements.

The purpose of this paper is to investigate the relationship between a company’s environmental, social and governance (ESG) performance and its financial performance. This paper also investigates the relationship between ESG performance and a company’s market valuation. This paper provides convincing empirical evidence that delivering superior ESG performance pays off financially.

The financial data and ESG scores of 150 publicly traded companies listed in the Standard and Poor’s 500 index for 2017–2020, comprising 5,750 observations, were collected. STATA was used to run a fixed-effect regression and a weighted least squares model to analyze the panel data.

The results of the empirical analysis suggest that companies with superior ESG performance perform better financially and are valued higher in the market compared to their industry peers. The ESG rating score impacts both return-on-capital-employed as a proxy for financial performance and Tobin’s Q as a proxy for the market valuation of a company.

This study contributes to the existing research on ESG performance and financial performance relationship by providing empirical evidence to resolve confusion in the existing literature caused by contradictory evidence. Taking advantage of worldwide crisis caused by the COVID-19 pandemic, this study shows that a positive relationship between ESG performance and a company’s market valuation holds even during times of unexpected crises. Further, this study contributes to business practitioners’ knowledge by showing that ESG aspects constitute highly relevant non-financial information that impact the market’s perception of a company and that investing in sustainability positively impacts a company’s bottom line.

The aim of this research is to analyze the success of digital transformation (DT) in the management and performance of organizations. To do so, the role of IT and its ability to integrate in organizations that provide professional services with high added value for their clients are investigated. These services require highly developed skills as they solve complex problems for the clients and this means that success depends on gathering knowledge from different sources (customers, public administrations and competitors). This study analyses the decisive and complementary role of IT in this process.

The analysis combines quantitative and qualitative methods. After questioning managers of Spanish KIBS companies about certain components of DT, the gathered data are subsequently processed with PLS-SEM to establish causal relationships.

The results show that digital capability is the determinant of DT. It has a positive effect on the digital resources integrated in KIBS companies and on their organizational performances.

Future research should continue to analyze other components of TD that drive the organizational performance of KIBS firms, such as technological culture or government policies that encourage digital transactions. The present study analyzes data from companies that are part of a single economic sector in Spain which may limit the conclusions drawn. It would be particularly useful to confirm the applicability of the results in companies operating in different markets to explore the direct relationship between digital capability and organizational performance.

This research has implications for managers of KIBS companies, as it shows the high potential of the ability of IT to implement and manage a TD process. Managers can benefit from IT management practices using the appropriate tools (ERP, CRM and management software) to gain more knowledge of customer behavior with the possibility of easily codifying and analyzing the data, which significantly influences innovation activities. The objective is to develop a strong internal capability to absorb knowledge from day-to-day interactions with customers by using IT effectively. This process leads to an improvement in the organizational performance of KIBS companies, as they become more effective in decision making with improved internal communication, generate greater employee satisfaction and reach new customers. Following strategies aimed at the implementation and use of the technological resources studied creates more agile firms and helps to close the production gap between SMEs and large companies.

The results obtained can help create sustainable businesses through cloud-based technology tools. It can provide insights for policy makers to implement economic policies that help SMEs to become more competitive and sustainable.

The development of digital technologies and the ability to manage them is one of the decisive factors that conceptualizes DT and improves organizational performance. This research contributes to the understanding of the need for managers of KIBS companies to follow strategies oriented towards the digitization of their organizations and for the collaborators to have a high level of IT training, especially in the use of cloud technology.

Organizations that decide to invest in innovation must define how this will be done: internally, externally or in a hybrid way, developing internal research and establishing partnerships with other agents of the innovation system. This paper aims to analyze whether the service companies’ intensity of openness and innovation efforts are related to their innovative and financial performances. Open innovation assumes that organizations should use external and internal resources as they develop new technologies.

The study used data from the survey of technological innovation (Pintec). As regards innovations, it was considered the commercial and operational innovation performances and the innovative novelty performance. As regards financial performance, it was considered the overall net sales per employee. The intensity of open innovation was measured by the combination of breadth and depth (diversity and importance of the interfaces). The innovative effort was measured by spending on innovation activities. Regressions were applied to evaluate a set of hypotheses.

The results indicate that companies with a greater orientation toward open innovation presented better scores. The results also lead to the conclusion that foreign firm ownership structure and being part of a corporate group were the factors that caused the greatest impact on financial performance in the service sector.

The study provides empirical data on the importance of open innovation in improving organizations' performance, especially the breadth of open innovation.

The study contributes to expanding the research field addressing the relationship between service innovation and performance.