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Open Access
Article
Publication date: 28 November 2023

ABM Fazle Rahi, Jeaneth Johansson and Catherine Lions

This study aims to examine the factors that influence the relationship between sustainability and financial performance (FP) of the European listed companies.

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Abstract

Purpose

This study aims to examine the factors that influence the relationship between sustainability and financial performance (FP) of the European listed companies.

Design/methodology/approach

This study analyzed data from 795 companies in 21 European countries by applying linear mixed-effects multilevel regressions, a two steps system generalized method of moments and quantile regression models to uncover the links between sustainability and FP.

Findings

The past four decades have witnessed abundant research to determine the relationship between corporate sustainability and FP. Thus, conducting further research in 2023 could be seen as “reinventing the wheel.” Yet, earlier research considered firms as isolated entities with sustainability and FP being dependent only on that firm’s actions. By contrast, with the help of network governance theory, this study shows that a firm’s sustainability and FP depend on an interplay among interorganizational actors, such as institutional qualities, macroeconomic factors and an embrace of sustainability. Here, large firms play an essential role. Three significant findings are drawn. First, sustainability performance has a significant impact on FP in the European context. Second, the institutional quality (IQ) of the rule of law and control of corruption plays a crucial role in enhancing sustainability and FP, and finally the interaction of IQ and economic growth helps to increase companies’ market value (Tobin’s Q). The consistent and empirically robust findings offer key lessons to policymakers and practitioners on the interplay among multiple actors in corporate sustainability and FP.

Practical implications

A synergetic multifaced relationship between governmental institutions and corporations is inevitable for ensuring sustainable development. The degree of intimacy in the relationship, of course, will be determined by the macroeconomic environment.

Originality/value

In this research, this study theoretically and empirically identified that corporate sustainability and FP are not solely dependent on corporate operation. Rather, it is transformed, modified and shaped through an interaction of multiple actors’ trajectories in the macro business environment.

Details

International Journal of Accounting & Information Management, vol. 32 no. 1
Type: Research Article
ISSN: 1834-7649

Keywords

Book part
Publication date: 29 January 2024

Mujeeb Saif Mohsen Al-Absy and Husain Isa Merza

The aim of the study is to examine the influence of remuneration committee (RC) characteristics, namely separation, size, independence, meetings, and female directors, on firm…

Abstract

The aim of the study is to examine the influence of remuneration committee (RC) characteristics, namely separation, size, independence, meetings, and female directors, on firm performance (FP) by using return on assets (ROA), return on equity (ROE) and earnings per shares (EPS). The study covers all firms being listed in Bahrain Bourse for two years which are 2020 and 2021. The results of the study show that having more directors in RC would significantly increase firm performance “ROE and EPS.” Further, having more females in RC would significantly increase firm performance “ROA.” In addition, having separate RC would significantly decrease firm performance “ROA and EPS.” Moreover, the independence of directors in RC and its frequent meetings has no significant impact on the firm’s performance. The results show that there is a need to re-evaluate the role of the RC and strengthen its effectiveness, as some of the variables examined by this study have an insignificant impact on a firm’s performance. Further, there is a need to allocate additional efforts and policies in developing corporate governance and RCs as well.

Details

Digital Technology and Changing Roles in Managerial and Financial Accounting: Theoretical Knowledge and Practical Application
Type: Book
ISBN: 978-1-80455-973-4

Keywords

Article
Publication date: 1 November 2023

Ricardo Vinícius Dias Jordão and Davidson Junio Costa

This paper aims to analyze the economic-financial performance (EFP) and value creation (VC) in the Brazilian construction industry.

Abstract

Purpose

This paper aims to analyze the economic-financial performance (EFP) and value creation (VC) in the Brazilian construction industry.

Design/methodology/approach

Based on the theories of strategy and finance, a quantitative-qualitative, descriptive and explanatory and applied study was carried out, contrasting the performance of the Direcional company and the civil construction industry – both listed on the Brazilian Stock Exchange and the Over-the-Counter Market (B3)

Findings

The analysis of the EFP in the Brazilian construction industry shows that EZTEC, Helbor, Trisul and Direcional were the companies with the best EFP in the period. The analysis of the Economic Value Added (EVA®, henceforth EVA), as a VC metric and basis for assessing the relative technical efficiency score by Data Envelopment Analysis (DEA®, henceforth DEA), revealed that the companies Direcional, EZTEC, MRV and CR2 were considered efficient throughout the period covered. The multicriteria methodology for empirical testing of the EFP and VC allowed not only contrasts Direcional's results with the other companies of the construction industry but also offered a complementary tool for comparative analysis of enterprises of different sizes, structures and realities.

Research limitations/implications

Regardless of any contextual limitations, from a theoretical point of view, the research not only helps fill the research gap aforementioned but also expands knowledge on the topic and demonstrates how this multi-criteria methodology (integrating DEA and EVA) can be used to assess EFP and VC in addition to traditional tools. However, this new approach evaluates, at the same time, corporate and sectorial effectiveness by contrasting the efficiency and efficacy (simultaneously) in the generation of performance and value of a company in relation to the industry.

Practical implications

Significant implications for managerial practice could be noted by offering a tool to improve company performance and creating a competitive benchmarking process for analysts, investors, managers, financing agencies, shareholders, policymakers and business owners, as well as organizations and sectors in similar situations – who need to assess the EFP and VC holistically and improve their decision-making processes.

Originality/value

The uniqueness and innovation of this research come from the original multi-criteria methodology developed, applied and validated for analysis of EFP and VC. This methodology was operationalized through DEA applied to the companies' EVA, making it possible to compare corporate results and those of the whole industry in a balanced way – an unexplored issue in the literature, especially in emerging economies, opening several avenues for future research.

Objetivo

Este artículo tiene como objetivo analizar el desempeño económico-financiero (DEF) y la creación de valor (CV) en la industria de la construcción brasileña.

Diseño/metodología/enfoque

Con base en las teorías de estrategia y finanzas, se realizó un estudio cuanti-cualitativo, descriptivo, explicativo y aplicado, contrastando el desempeño de la empresa Direcional y de la industria de la construcción civil, ambas cotizadas en la Bolsa y Mercado Extrabursátil Brasileña (B3).

Hallazgos

El análisis de la DEF en la industria de la construcción brasileña muestra que EZTEC, Helbor, Trisul y la Direcional fueron las empresas con el mejor desempeño en el período. El análisis del Valor Económico Agregado (en adelante EVA), como métrica de CV y base para evaluar el puntaje de eficiencia técnica relativa mediante Análisis Envolvente de Datos (en adelante DEA), reveló que las empresas Direcional, EZTEC, MRV y la CR2 se consideraron eficientes durante todo el período cubierto. La metodología multicriterio para pruebas empíricas de la DEF y CV permitió no sólo contrastar los resultados de la Direcional con los de otras empresas del sector de la construcción, sino que también ofreció una herramienta complementaria para el análisis comparativo de empresas de diferentes tamaños, estructuras y realidades.

Originalidad y valor

La singularidad y la innovación de esta investigación provienen de la metodología original multicriterio desarrollada, aplicada y validada para el análisis de DEF y CV. Esta metodología fue operacionalizada a través de DEA aplicado al EVA de las empresas, permitiendo comparar los resultados corporativos y los de toda la industria de manera equilibrada – un tema inexplorado en la literatura, especialmente en las economías emergentes, abriendo varias vías para futuras investigaciones.

Limitaciones/implicaciones de la investigación

Independientemente de las limitaciones contextuales, desde un punto de vista teórico, la investigación no solo ayuda a llenar el vacío mencionado anteriormente, sino que también amplía el conocimiento sobre el tema y demuestra cómo esta metodología multicriterio (integrando DEA y EVA) puede utilizarse para evaluar el DEF y CV además de las herramientas tradicionales. Sin embargo, este nuevo enfoque evalúa, al mismo tiempo, la efectividad corporativa y sectorial contrastando la eficiencia y eficacia (simultáneamente) en la generación de desempeño y valor de una empresa en relación con la industria.

Implicaciones prácticas/de gestión

Se podrían observar implicaciones significativas para la práctica gerencial al ofrecer una herramienta para mejorar el desempeño de la empresa y crear un proceso de evaluación comparativa competitivo para analistas, inversionistas, gerentes, agencias financieras, accionistas, formuladores de políticas y propietarios de negocios, así como organizaciones y sectores en situaciones similares, que necesitan evaluar el DEF y el CV de manera integral y mejorar sus procesos de toma de decisiones.

Article
Publication date: 15 March 2024

Audu Ibrahim Ali, Mohd Kameil Abdul Hamid, Mohd Azman Bin Abas, Mohd Farid Muhamad Said, Anthony Chukwunonso Opia, Izhari Izmi Bin Mazali and Zul Hilmi Bin Che Daud

Due to the environmental issues caused by petroleum lubricants used in lubrication, the concept of creating various bio-lubricants requires research globally. Thus, this study…

Abstract

Purpose

Due to the environmental issues caused by petroleum lubricants used in lubrication, the concept of creating various bio-lubricants requires research globally. Thus, this study aims to develop, characterize and test the base ficus carica oil (fig oil) for its ethylene vinyl acetate copolymer (EVA) and sodium dodecylbenzene sulfonate (SDBS) content.

Design/methodology/approach

The sample characterization was done using the Fourier transmission infrared spectrum, whereas the morphologies of the EVA, SDBS particles and lubricated surfaces were carried out under scanning electron microscope equipment. To ensure the homogeneity of the solution (base oil and additives), the formulations were subjected to the sonication process. The anti-friction and anti-wear properties of EVA and SDBS particles as lubricant additives were investigated using a ball on a flat high-frequency reciprocating rig tribo-tester.

Findings

According to the findings, the base oil’s anti-friction and anti-wear capabilities can be greatly enhanced by the additions. revealed that the best results were obtained when 1.2% EVA + 2% SDBS was applied for the examination of wear (597.8 µm) and friction coefficient (0.106). Commercial references were used, nevertheless, and the results were excellent. This is because the particles in the contact area during lubrication have strong solubility and quickly penetrate the contact zone. The lubricating mechanisms were explained by a tribological model of the EVA + SDBS and SDBS particles.

Research limitations/implications

The coefficient of friction and wear reduction caused by the use of the additives will certainly enhance system performance and protect the machine components from excessive wear that could cause damage or failure.

Originality/value

The originality and uniqueness of this work are officially affirmed by the authors. The authors’ autonomous and original contribution to the development of sustainable lubrication is represented in this work. To the best of the authors’ knowledge, no other study has been published or made publicly available that duplicates the precise scope and goals of our research, and this conclusion is based on a thorough literature assessment.

Details

Industrial Lubrication and Tribology, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0036-8792

Keywords

Open Access
Article
Publication date: 15 June 2023

John Henry Hall

The purpose of this paper is to determine if there is a link between corporate shareholder value creation and economic growth. The first objective of this paper is to determine…

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Abstract

Purpose

The purpose of this paper is to determine if there is a link between corporate shareholder value creation and economic growth. The first objective of this paper is to determine which specific shareholder value measurement best explains shareholder value creation for a particular industry. The next objective of the study is to establish, for each of nine different categories of firms examined, a set of value drivers that are unique and significant in expressing shareholder value for that particular category of firms. Lastly, the relationship between shareholder value creation and economic growth is tested.

Design/methodology/approach

To quantify and measure value creation, the paper investigates the various value creation measurements that are being applied. The next step is to ascertain whether various industries have different value creation measures that best explain value creation for the respective industries. Then, the value drivers of these specific value creation measures can be determined and their relationship with economic growth tested.

Findings

The results of this study indicate that each industry does have a specific shareholder value creation measurement that best explains shareholder value creation for that industry; for example, for five of the nine categories (industries) that were analyzed, market value added was found to be the best shareholder value creation measurement, but for capital-intensive firms and manufacturing firms, the Qratio is the best measure, while for the food and beverage industry, the market to book ratio was found to be a better measure of shareholder value creation than other measures tested. It was further found that an increase in corporate shareholder value creation is to the detriment of economic growth.

Originality/value

The contribution of the present study is its determination of a unique shareholder value creation measurement for particular industries. In addition, a specific set of variables per industry that create shareholder value is identified. Lastly, the important link between shareholder value creation and economic growth is exposed.

Details

Studies in Economics and Finance, vol. 41 no. 1
Type: Research Article
ISSN: 1086-7376

Keywords

Book part
Publication date: 9 November 2023

Eva Bošnjak and William Bridel

This chapter examines trans and gender non-conforming persons' experiences of recreational sport and physical activity (PA). Semi-structured interviews were conducted with trans…

Abstract

This chapter examines trans and gender non-conforming persons' experiences of recreational sport and physical activity (PA). Semi-structured interviews were conducted with trans and gender non-conforming people, which were then analyzed using critical discourse analysis (CDA). Participants highlighted that while they did derive enjoyment from sport and physical activity, most mainstream spaces they had experienced, such as organized sport and gyms, were still unsafe and unwelcoming. These experiences were largely due to the continued influence of binary notions of gender on the organization of sport and physical activity as well as assumptions about bodily performance and presentation. Participants discussed how gendered bodily norms influenced the way they experienced their own bodies, both a result of others' perceptions and through self-surveillance. They also reflected on creating their own physical activity communities as a way to derive the benefits of physical activity while avoiding discriminatory experiences in mainstream spaces.

Article
Publication date: 2 May 2023

Mariana I. Paludi, Isabella Krysa and Marke Kivijärvi

This paper explores working mothers’ coping strategies concerning paid and unpaid work in Chile and Argentina during the Covid-19 pandemic. The paper aimed to understand the…

Abstract

Purpose

This paper explores working mothers’ coping strategies concerning paid and unpaid work in Chile and Argentina during the Covid-19 pandemic. The paper aimed to understand the influence of cultural norms on motherhood and neoliberal workplace practices on mothers’ sensemaking processes and coping strategies. This study focuses on mothers living in Chile and Argentina where governments established mandatory lockdowns between March and September 2020. Drawing on the notion of neoliberal motherhood, women’s demands were analyzed when paid work and mothering duties collide in time and space.

Design/methodology/approach

Open-ended interviews were conducted with 17 women in Chile and Argentina. All interviewees had at least 1 child below the age of 6 and were working from home during the lockdown.

Findings

Neoliberal workplace demands, and disadvantageous government policies greatly heightened the dual burdens of working mothers. Women were expected to fulfill the discourses of the neoliberal worker and the good mother, while also adopting additional strategies in the wake of the lockdown. The data highlights mothers’ strategies to cope with care and work duties by adjusting to new routines involving their partners, relatives and the wider community.

Research limitations/implications

The generalizability of the results is limited by the small sample of 17 interviewees, all from middle to middle-upper class. The changing scenario due to Covid-19 makes the collected data not sufficient to grasp the impact of the pandemic, as during the interviews (December 2020 and January 2021) the process was still ongoing.

Practical implications

Organizations should assess their role in the management of paid and unpaid work for both genders, as the neoliberal discourse views the worker as masculine, full-time, always available and productive, ignoring women’s additional care duties outside of the workplace.

Originality/value

The Covid-19 pandemic provides a unique opportunity to reflect on care work and gender, collective versus individual responses to care and work demands and the idea of organizing.

Details

Equality, Diversity and Inclusion: An International Journal, vol. 42 no. 8
Type: Research Article
ISSN: 2040-7149

Keywords

Article
Publication date: 2 November 2023

Janice Wobst, Parvina Tanikulova and Rainer Lueg

The purpose of this article is to synthesize the topics, conceptualizations and measurements of value-based management (VBM) and to suggest a research agenda covering its next…

Abstract

Purpose

The purpose of this article is to synthesize the topics, conceptualizations and measurements of value-based management (VBM) and to suggest a research agenda covering its next evolution as sustainable governance.

Design/methodology/approach

The authors conducted a systematic literature review of 80 seminal studies published between 1979 and 2022. The authors synthesized the studies by their conceptualizations of VBM in an inductively developed framework.

Findings

The authors find that scholars explore diverse topics related to VBM with a prevailing focus on shareholder primacy. There is a paucity of studies that focus on the integration of shareholder maximization and stakeholder management practices. The authors explain which studies will form a promising foundation for advanced research on sustainable governance that will reach beyond current VBM research.

Originality/value

The authors' research agenda addresses new future topics on conflicting goals within and between shareholder groups, offers specific suggestions for using new research methods and untapped data sources for VBM and paves the way to substantially extend the boundaries of the firm in VBM research to include stakeholders, strategic alignment and new sustainability measures.

Details

Journal of Accounting Literature, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0737-4607

Keywords

Article
Publication date: 4 December 2023

Jin Lu, Mohammad Falahat and Phaik Kin Cheah

This study aimed to develop an in-depth understanding of the outcomes of servant leadership at the team and organizational levels. It reviews the relationship between servant…

Abstract

Purpose

This study aimed to develop an in-depth understanding of the outcomes of servant leadership at the team and organizational levels. It reviews the relationship between servant leadership and its team- and organizational-level outcomes, and examines the mediation and moderation effect of the relationship. It further identifies the mechanism by which servant leadership is beneficial to the organization.

Design/methodology/approach

A systematic literature review is conducted, focused on 52 articles published between 2012 and 2022. Content analysis and descriptive analysis were used to respond to the research questions.

Findings

A new conceptual model was developed to better understand the outcomes, mediators and moderators of servant leadership at team and organization level.

Research limitations/implications

Future research should further explore outcomes of servant leadership at team and organizational levels and test how mediators affect the relationship between servant leadership and associated outcomes.

Practical implications

This study provides a framework for leaders on how servant leadership contributes to teams and organizations, and how a leader applies servant leadership.

Originality/value

This systematic review presents a new model that builds on existing research into servant leadership and its impact on team and organizational levels completed in the past decade. To date, there have been no reviews of servant leadership that focus only on outcomes at the team and organizational levels using a widely recognized database.

Details

Journal of Organizational Change Management, vol. 37 no. 2
Type: Research Article
ISSN: 0953-4814

Keywords

Article
Publication date: 19 December 2023

Mohammad Zarei, Magne Supphellen and Richard P. Bagozzi

The purpose is to use co-citation analysis of servant leadership (SL) research to investigate the evolution of the field, its subfields, gaps and opportunities for future research…

Abstract

Purpose

The purpose is to use co-citation analysis of servant leadership (SL) research to investigate the evolution of the field, its subfields, gaps and opportunities for future research in a systematic manner.

Design/methodology/approach

A document co-citation technique and three clustering algorithms (latent semantic index (LSI), the log-likelihood ratio (LLR) and the mutual information (MI) index) were employed to analyse 24,030 references from 549 articles spanning a period of 50 years.

Findings

Cluster analyses reveal that SL research consists of eight distinct subfields: (1) conceptualisation and measurement of SL; (2) SL and related theories; (3) methodological foundations and empirical expansion of SL research; (4) individual-level cognitive effects of SL and related theories; (5) “Warmth effects” of leadership behaviour; (6) antecedents of effective leadership; (7) SL, marketing, sales management and ethics and (8) SL, job design and work engagement. Important gaps and opportunities for future research are identified.

Research limitations/implications

The analyses do not show a complete picture of research on SL. Interesting works used by subgroups of SL researchers may not have enough citations to be included in the results. Moreover, bibliometric analyses do not explain the impact of books, journals and articles on the practice of SL. The authors welcome future analyses of the most influential sources of SL practice. The authors expect that managerial and practice-oriented books and journals, such as the International Journal of Servant Leadership and the Servant Leadership Theory and Practice, would play a central role in such analyses.

Practical implications

The discussions of the nature of SL, its effects and antecedents are useful to leaders who want to develop a SL style or assist others in developing it. For researchers and doctoral students, the cluster analyses of co-citations give an overview of the subfields of SL research and reveal important knowledge gaps in the literature.

Social implications

SL has several favourable effects on the motivation and psychological well-being of followers. Also, followers tend to adopt a willingness to serve.

Originality/value

Previous research has categorised SL research into three broad categories or phases. The cluster analyses of the co-citations reported here reveal a meaningful structure of eight distinct subfields. Knowledge gaps within the subfields represent novel opportunities for future research on SL. The authors also suggest a new subfield of SL research: pedagogical approaches to the motivation and development of SL skills.

Details

Leadership & Organization Development Journal, vol. 45 no. 2
Type: Research Article
ISSN: 0143-7739

Keywords

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