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This study aims to examine the association between environmental, social and governance (ESG) performance and cash holdings, as well as whether this association is moderated by Shariah-compliant status. The aim was to test the joint effect of two ethical precepts, namely, the ESG and Shariah-compliant status, in explaining variations in cash holdings.

A sample set that consisted of 9,244 firm-year observations from 25 countries from 2016 to 2020 was analysed using regression analysis. Firm-level data were sourced from Thomson Reuters and Refinitiv databases, while country-level data were derived from the World Bank and Hofstede Insights websites.

Firms with greater ESG performances were found to have higher cash holdings. The positive association between ESG performance and cash holdings was greater for Shariah-compliant firms compared to non-Shariah-compliant firms. In support of the stakeholder theory, the evidence indicated that Shariah-compliant firms with higher ESG commitments also have higher cash holdings as part of their corporate strategy.

These findings provided further comprehension to investors that ESG practices among Shariah-compliant firms are essential information during investment decision-making processes.

These findings highlighted ethical corporate practices through two frameworks, namely, ESG commitment and Shariah compliance; hence, contributing towards strategies to reach the Sustainable Development Goal 16 of promoting just, peaceful and inclusive societies.

This study has focused on the motives for cash holdings by considering the ethical precepts embodying ESG and Shariah compliance to uphold the positive impact of high cash reserves.

A key goal of this research is to examine empirically whether politically connected board members are likely to impact corporate philanthropy. A further goal of this study is to contribute to the existing literature by examining the moderating role of political connections on the relationship between family ownership and corporate donations.

Based on the content analysis approach, the authors determined the level of cash and in-kind donations made by a group of 94 non-financial Jordanian companies listed on the Amman Stock Exchange. This study examined 658 annual reports spanning over seven years from 2010 to 2016. Ordinary least squares regression (OLS) is used to test the study hypotheses. In addition, this study used the probit regression to validate those results reported by the OLS regression.

Compared to unconnected companies, politically connected companies in Jordan are more likely to donate to philanthropic causes. Moreover, the results revealed that the presence of significant family ownership shareholding in a firm can weaken the firm tendency to donate. Despite this, the regression analysis results indicate that family-controlled firms with political connections are more likely to engage in charitable giving activities compared to those without political nexuses.

The study contributes to the conversation surrounding corporate giving and sheds light on the role political connections and ownership structure (particularly family-owned firms) play in affecting donations by firms.

Managers of Jordanian firms listed on the stock exchange can use the study's findings to make better decisions about their donations and other philanthropic activities.

This study is the first to examine the relationship between firm donations and political connections in Jordan, and how political nexuses can moderate the relationship between family ownership and corporate donations. Hence, it extends prior research significantly.

This study aims to examine the relationship of Indonesia’s Sharia Stock Index (ISSI) firms on environmental, social and governance (ESG) disclosure. This study is interesting because ISSI firms are supposed to comply with Islamic values as this has been reflected in good corporate governance activities, demonstrating responsibility to others and participating in preserving nature/environmental activities.

The authors use sample firms that are listed on the Indonesia Shariah-compliant Stock Index (ISSI) from 2011 to 2020, which also published sustainability reports.

The study found that sharia firms are positively related to ESG disclosure. The authors also found that ESG disclosure of sharia firms is more pronounced in the reporting section of general, economic, environmental and social. Other findings suggest differences in the segments reported in the COVID and pre-COVID periods. This result is also robust by conducting a self-selection bias test with Heckman’s two-stage regression and Coarsened Exact Matching regression.

For policymakers, these results indicate that different characteristics of firms can affect ESG disclosure, and economic conditions will determine which sectors are disclosed the most.

This study provides empirical evidence that Indonesian Shariah-compliant stock index firms carried out their mission to disclose more information about their environmental and social responsibilities and governance issues.

The purpose of this paper is to examine the impact of social movements engendered by the Arab Spring crisis on the relationship between corporate social responsibility disclosure (CSRD) and corporate governance attributes, particularly board composition, considering the importance of governance after the Arab Spring event.

Content analysis was used to examine the extent and nature of CSRD in annual reports of Jordanian companies listed on the Amman Stock Exchange covering the period 2009–2016. A dynamic regression model using panel data is then undertaken for a sample of 114 listed companies over the period to analyse the potential impact of board composition on the level of CSRD.

The results reveal that there was a significant increase in the level of CSRD post-the Arab Spring crisis; and that governance appears to be a key driver. Specifically, board age, directors educated in business and/or accounting-related fields and foreign members are found to have a significant positive relationship with CSRD.

Looking at the Arab region pre- and after the Arab Spring helps to complete the global picture of how company governance can lead to improved CSR performance. Specifically, this region has been behind in developing rules and codes that include CSR. The results show that having a diverse board, with directors with expertise specific to the context, increases the effectiveness of stakeholder management through CSRD. The results, therefore, offer valuable insights for companies, policymakers and for the development of regulations.