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This paper aims to consider the effects of a merger on technology adoption and welfare in the presence of passive cross ownership. Merger increases investments in process technology and may increase welfare. The results are important for antitrust policies and suggest that the antitrust authorities may not need to be too concerned about mergers in industries with cross ownership.

Game-theoretic analysis.

Merger increases investments in process technology and may increase welfare.

To the best of the author’s knowledge, this study is original.

To examine how shareholding affects optimal profits, R&D innovation, NEV market scale and social welfare in two supply chain models with partial and cross ownership patterns.

The gradual retreat of government subsidies has directly weakened the financial support available to the stakeholders of new energy vehicles (NEVs). In this context, upstream and downstream enterprises of NEV are constantly seeking new business models of cooperation to achieve possible win-wins. NEV supply chain shareholding is an emerging new practice for such explorations. However, its performance in the NEV supply chain is seldom investigated. In this paper, we employ a Stackelberg game model to investigate how partial and cross-ownership affect the optimal decisions in a NEV supply chain.

Results showed that: (1) Compared with the unilateral shareholding model, the battery supplier will benefit from cross-ownership in the supply chain, while the NEV manufacturer will not necessarily benefit from it. At the same time, cross-ownership will bring the greatest incentive for battery R&D (2) Supply chain downstream competition will not necessarily lead to the improvement of the total consumption of NEVs or the level of battery design. Pareto improvement can be brought only when one of the manufacturers holds less than a certain equity threshold. In addition, downstream competition will also not necessarily bring more benefits to the battery supplier.

At present, NEV supply chain management has attracted widespread attention from scholars from all walks of life. Previous studies have been carried out that covers topics such as pricing strategies and optimal profits and the role of NEV in the sustainable development of the automotive industry supply chain, or disparate impacts of government subsidies and carbon emission regulation on supply chain members. However, as far as the authors know, compared with the new emerging NEV corporate practice, the shareholding phenomenon between upstream and downstream in the supply chain of NEV has not been studied in the existing studies.

To the best of the author’s knowledge, the author conducts the first detailed review on the impact of ownership variables on corporate tax avoidance, based on 69 archival studies over the two last decades.

Referring to an agency-theoretical framework, the author differentiates between six categories of ownership (institutional, state, family, foreign, managerial and cross-ownership/ownership concentration). The author also includes research on ownership proxies as moderators of other determinants of tax avoidance.

The review indicates that most research refers to institutional, state and family ownership. Moreover, except for state ownership, no clear tendencies on the impact of included ownership types can be found in line with the author’s agency-theoretical framework.

Regarding research recommendations, among others, the author stresses the urgent need for recognizing heterogeneity within and interactions between ownership proxies. Researchers should also properly address endogeneity concerns by advanced econometric models (e.g. by the difference-in-difference approach).

As international standard setters have implemented massive reform initiatives on both tax avoidance and corporate governance, this literature review underlines the huge interaction between those topics. Firms should carefully analyze their ownership structure and change their tax planning due to owners' individual tax preferences.

This analysis makes useful contributions to prior research by focusing on six categories of ownership and their impact on tax avoidance in (multinational) firms and moderating effects. The author provides a detailed overview about current archival research and likes to guide researchers to focus on ownership heterogeneity and endogeneity concerns.

This study examines the impact of China’s mixed-ownership reform on the innovation of non-state-owned acquirers, with a particular focus on the impact on firms with high financing constraints, low-quality accounting information or less tangible assets.

We use a proprietary dataset of firms listed on the Shanghai and Shenzhen Stock Exchanges to investigate the impact of mixed ownership reform on non-state-owned enterprise (non-SOE) innovation. We employ regression analysis to examine the association between mixed ownership reform and firm innovation.

The study finds that non-state-owned firms can improve innovation by acquiring equity in state-owned enterprises (SOEs) under the reform. Eased financing constraints, lowered financing costs, better access to tax incentives or government subsidies, lowered agency costs, better accounting information quality and more credit loans are underlying the impact. Additionally, cross-ownership connections amongst non-SOE executives and government intervention strengthen the impact, whilst regional marketisation weakens it.

This study adds to the literature on the association between mixed ownership reform and firm innovation by focussing on the conditions under which this impact is stronger. It also sheds light on the policy implications for SOE reforms in emerging economies.

The purpose of this study is to conduct a systematic review of the literature of the studies that have examined several theoretical perspectives on corporate social performance (CSP) and identify possible future research questions based on various theoretical viewpoints.

The study used systematic literature review analysis on a sample of 667 studies published in top A* and A category journals listed in the Australian Business Dean Council list. The present study derived articles between 1975 and 2023 from the SCOPUS database by using relevant keywords to identify research activities in CSP.

The findings suggest that many studies on CSP have been undertaken globally. But there is a lack of studies on various theoretical perspectives, including peer uncertainty evaluation, buyer–supplier sustainability links, the role of primary stakeholders (especially consumers, employees, suppliers and secondary stakeholders), the use of technology, firm-related heterogeneities, and the role of demographic and socio-economic factors. Future research areas are recommended.

The study investigates existing research gaps to identify possible future research questions and frameworks that can be explored to advance the research on CSP.

The research also provides implications for firms in terms of understanding diverse theoretical perspectives to develop strategies to improve a firm’s social performance.

The findings are derived from a systematic review of the literature in top-category studies that examined existing theories and frameworks in the CSP domain. This highlights the importance of other understudied complementary theories, such as complexity theory, spillover theory, critical mass theory, slack theory and so on, and related variables that can improve a firm’s social performance. Evaluation of existing theoretical perspectives is not included in other review studies.

This study aims to investigate whether the presence of women in the boardroom influences companies’ environmental, social and governance (ESG) performance. Furthermore, it examines whether the COVID-19 pandemic and family control affect the relationship.

This study uses nonfinancial firms listed on the Indonesia and Malaysia Stock Exchange during 2018-2021. Thomson Reuters’ database is used to collect the ESG scores. Using 312 firm-year observations, the authors apply multiple regressions and sensitivity testing to ensure the robustness of the results.

This study provides empirical evidence that the presence of women in the boardroom improves companies’ ESG and family control weakens the relationship. Meanwhile, there is no support on the moderating effect of the COVID-19 pandemic. The authors also conducted additional tests using ESG pillars (i.e. environment, social and governance pillars) as the dependent variable. The findings are robust to alternative samplings.

This research is limited to Indonesia and Malaysia, thus affecting the generalizability of the results to all developing countries. The sample size is relatively small due to data limitations related to the availability of ESG scores.

The findings of this study provide a basis for the government to establish mandatory regulations regarding sustainability performance. The positive relationship between women on boards and better ESG performance suggests that encouraging gender diversity in corporate leadership can improve sustainability practices. The government may consider implementing gender quota regulations to increase women's representation on corporate boards.

Shareholders can pursue investment portfolios in socially responsible companies, prioritizing ESG performance. In addition, investors should consider the presence of women in the company’s boardroom and whether family control exists when making investment decisions.

Overall, the originality and significance of this research lie in its comprehensive examination of the moderating factors, the inclusion of different governance systems in the sample, and the exploration of psychological aspects, contributing to a deeper and more nuanced understanding of the relationship between women on boards and ESG performance in the context of developing countries.

Collaborative emission reduction among supply chain members has emerged as a new trend to achieve climate neutrality goals and meet consumers’ low-carbon preferences. However, carbon information asymmetry and consumer mistrust represent significant obstacles. This paper investigates the value of blockchain technology (BCT) in solving the above issues.

A low-carbon supply chain consisting of one supplier and one manufacturer is examined. This study discusses three scenarios: non-adoption BCT, adoption BCT without sharing the supplier’s carbon emission reduction (CER) information and adoption BCT with sharing the supplier’s CER information. We analyze the optimal decisions of the supplier and the manufacturer through the Stackelberg game, identify the conditions in which the supplier and manufacturer adopt BCT and share information from the perspectives of economic and environmental performance.

The results show that adopting BCT benefits supply chain members, even if they do not share CER information through BCT. Furthermore, when the supplier’s CER efficiency is low, the manufacturer prefers that the supplier share this information. Counterintuitively, the supplier will only share CER information through BCT when the CER efficiencies of both the supplier and manufacturer are comparable. This diverges from the findings of existing studies, as the CER investments of the supplier and the manufacturer in this study are interdependent. In addition, despite the high energy consumption associated with BCT, the supplier and manufacturer embrace its adoption and share CER information for the sake of environmental benefits.

The firms in low-carbon supply chains can adopt BCT to improve consumers’ trust. Furthermore, if the CER efficiencies of the firms are low, they should share CER information through BCT. Nonetheless, a lower unit usage cost of BCT is the precondition.

This paper makes the first move to discuss BCT adoption and BCT-supported information sharing for collaborative emission reduction in supply chains while considering the transparency and high consumption of BCT.

Here we consider the various ways in which airlines integrate their business activities. The thin markets, long distances, poor infrastructure, and challenging terrain over which many airlines based in developing countries operate can make it difficult to reap the economies of scale, scope, and density that carriers in more developed nations enjoy. There also remain institutional barriers to cross border trade in airline services. As a response to this, airlines from developing regions “cooperate” in a number of ways. This may involve multinational ownership, code sharing, or joint ventures. The rationale for these actions, together with discussion of the outcomes of some of them, is considered here.

While the value of human capital for technological innovation is well acknowledged, literature on the role of vocational training in corporate innovation is notably scarce. The purpose of this study is to assess the effect of government support for small and medium-sized enterprise (SME) competencies on Korean firms’ innovation. The author investigates SMEs’ patent applications (supported by the government to varying degrees) while accounting for firms’ market position, ownership and management structure, as well as prior changes in firms’ technologies, products, processes and other characteristics. Alternative hypotheses about management motivation – the “lazy manager”, “career concerns” and “special East Asian institutional constraints” hypotheses – are also evaluated.

Censored and count data analysis methods are used on a panel of 595 Korean firms covering 2005–2015 from the Korean Human Capital Corporate Survey, Intellectual Property Office and National Investment Commission. A regression discontinuity estimator accounts for potential endogeneity because of support for vocational training at firms.

Firms receiving training support are more innovative than firms without support, but latent effects may play a role. The regression-discontinuity model suggests that firms that succeeded only marginally in obtaining support had higher innovative output than non-recipients near the eligibility threshold.

The findings of this study establish that government support had the intended effect on SMEs’ technological capacity. This cannot be discounted as a simple crowding-out effect. The author also establishes that management–ownership separation within firms was conducive to innovation, that product competition had an inverse U-shaped effect and that management–ownership separation had a substitutable relationship with competition in overcoming managers’ effort avoidance. The findings support the “lazy manager” hypothesis over the “career concerns” and the “special East Asian institutional constraints” hypotheses.

This paper aims to examine the relation between promoter ownership (PO) and corporate social responsibility (CSR) expenditure in India, the first country to legally mandate the CSR spending.

This paper applies panel regression to examine the impact of PO on actual and excess CSR expenditure because panel regression has lesser multicollinearity problems and has the benefit of controlling for individual or time heterogeneity mostly present in cross-section or time series data. The results are robust to testing the CSR expenditure decision (to engage or not to engage in CSR) by using the binary choice logit model.

Based on the agency theory, this study shows a nonlinear relation between PO and CSR expenditure, which suggests that promoters start extracting private benefits of control at the expense of outside shareholders and engage in lesser CSR expenditure only when their ownership crosses a threshold level of 52% approximately. This study further shows that the nonlinear relation between PO and CSR expenditure is more pronounced for firms that are more prone to agency problems, for business group firms than standalone firms and for firms not following the Companies Act 2013 CSR mandate.

The findings shed light at the idea of how promoters’ incentive alignment should be proposed and followed to encourage a firm’s social investment activities.

First, this study argues that the relation between PO and CSR expenditure is nonlinear in nature, by showing that the impact of PO on CSR expenditure is adverse only at higher level of PO. Second, this study’s richer data set on CSR expenditure not only allows the authors to analyze the relation for actual CSR spending by the firms but also helps to examine the excess spending made over and above the mandatory spending, as directed by the Companies Act, 2013.