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Surprisingly little is known of the various methods of security analysis used by financial analysts with industry-specific knowledge. Financial analysts’ industry knowledge is a favored and appreciated attribute by fund managers and institutional investors. Understanding analysts’ use of industry-specific valuation models, which are the main value drivers within different industries, will enhance our understanding of important aspects of value creation in these industries. This paper contributes to the broader understanding of how financial analysts in various industries approach valuation, offering insights that can be beneficial to a wide range of stakeholders in the financial market.

This paper systematically reviews existing research to consolidate the current understanding of analysts’ use of valuation models and factors. It aims to demystify what can often be seen as a “black box”, shedding light on the valuation tools employed by financial analysts across diverse industries.

The use of industry-specific valuation models and factors by analysts is a subject of considerable interest to both academics and investors. The predominant model in several industries is P/E, with some exceptions. Notably, EV/EBITDA is favored in the telecom, energy and materials sectors, while the capital goods industry primarily relies on P/CF. In the REITs sector, P/AFFO is the most commonly employed model. In specific sectors like pharmaceuticals, energy and telecom, DCF is utilized. However, theoretical models like RIM and AEG find limited use among analysts.

This is the first paper systematically reviewing the research on analyst’s use of industry-specific stock valuation methods. It serves as a foundation for future research in this field and is likely to be of interest to academics, analysts, fund managers and investors.

Our study aims to explore the ownership structure and accounting conservatism in influencing the value relevance that we analyse through the paradigm of open innovation and socio-emotional wealth (SEW). We also extended the test to identify how firm size could affect value relevance.

Through panel data testing, we collected all issuers on the stock exchange for the 2016–2018 period. The total collected observations are 735 observations from various industries.

The results of the study provide empirical evidence that institutional ownership is more pronounce, especially in companies with high asset levels. We also conducted other tests to see it from the perspective of SEW. We divide companies into family and non-family companies. The results of this study indicate that institutional ownership has an effect on increasing value relevance, especially in family companies compared with non-family companies. The results of the study also indicate that accounting conservatism plays a more important role in increasing value relevance in non-family firms compared to family firms.

This study advances in two main ways. First, we use a SEW approach and an open innovation perspective. Second, we conducted tests for family and non-family firms.

The purpose of this systematic review is to critically analyze pharmaceutical industry case studies on the implementation of Lean 4.0 methodologies to synthesize key lessons, benefits and best practices. The goal is to inform decisions and guide investments in related technologies for enhancing quality, compliance, efficiency and responsiveness across production and supply chain processes.

The article utilized a systematic literature review (SLR) methodology following five phases: formulating research questions, locating relevant articles, selecting and evaluating articles, analyzing and synthesizing findings and reporting results. The SLR aimed to critically analyze pharmaceutical industry case studies on Lean 4.0 implementation to synthesize key lessons, benefits and best practices.

Key findings reveal recurrent efficiency gains, obstacles around legacy system integration and data governance as well as necessary operator training investments alongside technological upgrades. On average, quality assurance reliability improved by over 50%, while inventory waste declined by 57% based on quantified metrics across documented initiatives synthesizing robotics, sensors and analytics.

As a comprehensive literature review, findings depend on available documented implementations within the search period rather than direct case evaluations. Reporting bias may also skew toward more successful accounts.

Synthesized implementation patterns, performance outcomes and concealed pitfalls provide pharmaceutical leaders with an evidence-based reference guide aiding adoption strategy development, resource planning and workforce transitioning crucial for Lean 4.0 assimilation.

This systematic assessment of pharmaceutical Lean 4.0 adoption offers an unprecedented perspective into the real-world issues, dependencies and modifications necessary for successful integration, absent from conceptual projections or isolated case studies alone until now.

This study aims to examine how governing bodies demonstrated stakeholder engagement during the time of the COVID-19 crisis in South Africa.

This study uses a qualitative approach based on semi-structured interviews with 18 participants, comprising of preparers of financial statements, board members and management consultants/advisors. The study also relied on the analysis of articles on corporate webpages and publications produced by professional bodies on the economic, social and environmental impact of COVID-19.

The results of this study indicated that governing bodies demonstrated stakeholder engagement during times of crisis through transparent reporting, corporate social responsibility initiatives and active stakeholder inclusivity.

This study contributes to the body of research on stakeholder engagement during a crisis and provides evidence of the role stakeholder inclusivity can play in responding to a crisis. The findings will be useful in understanding the importance of stakeholder engagement during times of crisis. The study is one of the first, to the best of the authors’ knowledge, to evaluate how stakeholder engagement principles can be followed by governing bodies during a crisis.

This study investigates the relationships among digital transformation, technological innovation, industry–university–research collaborations and labor income share in manufacturing firms.

The relationships are tested using an empirical method, constructing regression models, by collecting 1,240 manufacturing firms and 9,029 items listed on the A-share market in China from 2013 to 2020.

The results indicate that digital transformation has a positive effect on manufacturing companies’ labor income share. Technological innovation can mediate the effect of digital transformation on labor income share. Industry–university–research cooperation can positively moderate the promotion effect of digital transformation on labor income share but cannot moderate the mediating effect of technological innovation. Heterogeneity analysis also found that firms without service-based transformation and nonstate-owned firms are better able to increase their labor income share through digital transformation.

This study provides a new path to increase the labor income share of enterprises to achieve common prosperity, which is important for manufacturing enterprises to better transform and upgrade to achieve high-quality development.

This study investigates the relationship between board gender diversity (BGD) and the time to Initial Public Offering (IPO), which stands as an entrepreneurially risky choice, particularly challenging in family firms. We also investigate the moderating role of family ownership dispersion (FOD).

We draw on an integrated theoretical framework bringing together the upper echelons theory and the socio-emotional wealth (SEW) perspective and on hand-collected data on a sample of Italian family IPOs that occurred in the period 2000–2020. We employ ordinary least squares (OLS) regression and alternative model estimations to test our hypotheses.

BGD positively affects the time to IPO, thus, it increases the time required to go public. FOD negatively moderates this relationship. Our findings remain robust with different measures for BGD, FOD, and family business definition as well as with different econometric models.

The article develops literature on family firms and IPO and it enriches the academic debate about gender and IPOs in family firms. It adds to studies addressing the determinants of the time to IPO by incorporating gender diversity and the FOD into the discussion. Finally, it contributes to research on women and outcomes in family firms.

This study aims to provide insights into gender diversity in Pakistani boardrooms, particularly for the dominant family business type, which is strongly guided by (non-financial) family-related objectives when making business decisions, such as the appointment of board members. Pakistani companies operate within the framework of weak legal institutions and a traditionally highly patriarchal environment. This study examines how corporate decisions regarding the appointment of female board members play out in this socio-political and cultural environment.

Board composition and board characteristics were examined using hand-collected data from 213 listed family firms and non-family firms on the Pakistan Stock Exchange from 2003 to 2017. Univariate analyses, probit regressions and robustness tests were performed.

Pakistani family firms have a significantly higher proportion of women on their boards than do non-family firms. They are also significantly more likely to appoint women to top positions, such as CEO or chairs.

Evidently, women are allowed to enter boards through family affiliations. Gender quotas appear an ineffective instrument for breaking through the “glass ceiling” in this socio-cultural environment. Thus, gender parity must entail the comprehensive promotion of women and the enforcement of legal reforms for structural and cultural change.

The analysis focuses on a Muslim-majority emerging Asian market that has been scarcely researched, thus offering new perspectives and insights into board composition and corporate governance that go beyond the well-studied Western countries.

The purpose of this paper is to explore the relationship between formal ethics and ethics in practice in the empirical context of real estate agents (REAs) working in the residential housing market, including owner-occupied houses and owner-occupied apartments, in Sweden. The paper investigates problems with the Swedish middleman model of real estate agency with regard to the acceptance among REAs of borderline professional behavior.

We report on a survey distributed to all Swedish licensed residential REAs to investigate their attitudes towards eight scenarios displaying borderline ethical behavior. Firstly, the means of each scenario were calculated, investigating signs of distance between formal ethics and ethics in practice. Secondly, logistic regressions were run for each scenario separately, thereby investigating factors affecting misconduct among REAs.

The empirical results show a clear difference between formal ethics and ethics in practice and also illustrate that some scenarios of borderline ethical behavior are creating greater problems for the REAs.

In Sweden, the seller is the principal, assigning the REA to sell a house or apartment, but the regulation is clear on the role of the licensed REA as responsible for promoting an informed and fair sales process where the buyer is safe to act without their own representative. Our study contributes with information to policymakers on possible areas for the development of the middleman model.

The paper is the first to empirically investigate the middleman model of a Swedish real estate agency in relation to the business ethics of the agents. The use of scenarios in close relation to the everyday working context of REAs as tests of ethics of practice is also of original methodological value to investigate possible diversions of professionals from national regulations.

The literature mainly concentrates on the relationships between externally oriented digital transformation (ExtDT), big data analytics capability (BDAC) and business model innovation (BMI) from an intra-organizational perspective. However, it is acknowledged that the external environment shapes the firm's strategy and affects innovation outcomes. Embracing an external environment perspective, the authors aim to fill this gap. The authors develop and test a moderated mediation model linking ExtDT to BMI. Drawing on the dynamic capabilities view, the authors' model posits that the effect of ExtDT on BMI is mediated by BDAC, while environmental hostility (EH) moderates these relationships.

The authors adopt a quantitative approach based on bootstrapped partial least square-path modeling (PLS-PM) to analyze a sample of 200 Italian data-driven SMEs.

The results highlight that ExtDT and BDAC positively affect BMI. The findings also indicate that ExtDT is an antecedent of BMI that is less disruptive than BDAC. The authors also obtain that ExtDT solely does not lead to BDAC. Interestingly, the effect of BDAC on BMI increases when EH moderates the relationship.

Analyzing the relationships between ExtDT, BDAC and BMI from an external environment perspective is an underexplored area of research. The authors contribute to this topic by evaluating how EH interacts with ExtDT and BDAC toward BMI.