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The purpose of this research is to further the understanding of how to implement gender-responsive budgeting (GRB) systems. The author explores whether GRB reforms might benefit from integration into a performance-oriented budgetary structure and whether GRB's equity orientation is linked to additional implementation challenges.

This research follows a qualitative case study of South Korea guided by a predetermined research framework and built from extensive documentation, archival records and expert interviews.

GRB’s integration into a performance framework can be burdensome, and the equity orientation of GRB results in additional implementation challenges, such as higher vulnerability to the political context and active resistance from public officials.

This research shows that integrating GRB with performance systems may require overcoming significant administrative obstacles. Also, GRB’s equity orientation is linked to a higher vulnerability to the political cycle and active resistance from civil servants.

This study uncovers how government interventions, in terms of stringency and support, shape coronavirus disease 2019's (COVID-19) detrimental impact on organizations' performance. Specifically, this paper studies whether stringency and support play complementary or substitutive roles in lowering COVID-19's impact on organizations' performance.

The authors gathered primary data from USA manufacturing companies and combined this with secondary data from the Oxford COVID-19 Government Response Tracker (OxCGRT) to test the proposed model with structural equation modeling (SEM).

The results show that the stringency approach increases the detrimental impact on both operational and financial performance, while economic support (to households) and fiscal spending (to organizations) work differently on lowering the impacts of COVID-19. Further, these combinative effects only influence the firm's operational performance, albeit in opposite directions.

This study advances the knowledge of government interventions by examining stringency and support's direct and interaction effects on firm performance as a result of the COVID-19 pandemic. The findings contribute to the literature by uncovering the unique roles of both supportive policies, thus differentiating economic support (to individuals/households) from fiscal spending (to organizations) and providing important academic, managerial and policy insights into how government should best initiate and blend stringency and support policies during the COVID-19 pandemic.

Inflation and federal monetary efforts to control it with interest rate hikes have very real and overwhelmingly negative consequences on US local governments following the onset of COVID-19. This study explores the post-pandemic inflationary environment of US local governments; examines the impacts of inflation and high interest rates on local government revenue, operating costs, capital costs, and debt service; reviews local government inflation management strategies, including the use of intergovernmental revenue; and assesses ongoing threats to local government financial health and financial resilience.

This study uses trend and literature analysis to comment on current issues local governments face.

The study finds that the growth of property values and resulting stability of property tax revenue has been important to local government revenues; that local governments bear very real burdens as operating and capital costs increase; and that the combination of high inflation and interest rates affects local government debt issuance by negatively affecting credit quality and interest costs, leading to municipal market contraction. Local governments have benefitted tremendously from intergovernmental revenue, but would be ill-advised to rely on it.

Vulnerabilities owing from revenue mismatch with the economy; inadequate affordable housing, inequality, and social issues; a changing workforce and tight labor market; climate change; and federal fiscal contraction—all of which are exacerbated by high inflation and interest rates—require local governments to act strategically, boldly and collaboratively to achieve fiscal health and financial resilience, and to realize positive returns of investments in people and capital.

This work is unique in addressing the post-pandemic impact of inflation and interest rates on local governments.

Due to the financial disturbances created by the COVID-19 pandemic and the burden on the government exchequer, it is expected to see a rise in the knowledge base of the research corpus so far as the government's fiscal sustainability is concerned. Therefore, the present research examines a systematic quantitative analysis of public debt sustainability research by applying a bibliometric approach. Research also analyzes journals, institutions, countries and authors contributing to public debt sustainability.

This paper scrutinizes the published scientific research on public debt sustainability based on the dataset of 535 articles from 1991 to 2021 obtained from the Scopus database. Biblioshiny (R-based application) and VoSviewer software were used to perform bibliometric analysis through Performance analysis and science mapping techniques. The authors combined co-citation analysis (CCA), bibliometric analysis, keyword co-occurrence analysis (KCA) and a conceptual thematic map of the most cited articles to find the intellectual structure.

The research identified three dominating clusters, e.g. fiscal sustainability and policy rules, empirical sustainability testing and debt and growth dynamics. Another finding was that most articles were analytical and empirical and few descriptive articles were found. Owing to the empirical nature of the domain, the issues concerning public debt sustainability have continued to change over the past decades for different economies, reflecting the complexity and diversity of economic structures of different economies at different times.

The insight of this article provides academicians and researchers with a more refined comprehension of the conceptual and intellectual structure of the research corpus. The present research complements the existing literature review studies by pushing the research towards emerging or less developed issues such as financial and debt crises.

The authors investigate how managers adapt their financial reporting and disclosure practices in response to the COVID-19 pandemic through changes in accounting estimates (CAEs).

The authors define the pandemic period as starting on March 1, 2020. The sample consists of 9,575 CAEs disclosed in quarterly (10-Qs) and annual (10-Ks) financial reports by US firms between January 1, 2004 and May 31, 2022. The authors perform multivariate analyses of the impact of the COVID-19 pandemic on the incidence of CAEs and on whether the impact of CAEs on firms' financial performance and reporting quality changes during the pandemic.

In the examination of the CAE footnote disclosures in the quarterly (10-Qs) and annual (10-Ks) reports of US companies, the authors find no evidence that the incidence of CAEs in 10-Ks or the number of firms reporting CAEs are significantly different in the pre-pandemic and pandemic periods, but the incidence of CAEs in 10-Qs is significantly higher in the pandemic period than in the pre-pandemic period. The authors also find that the number of CAEs related to revenue recognition increase significantly in the pandemic period, but CAEs in other categories decrease, with the sharpest drop seen in the liabilities category. Further investigation suggests that although the dollar impact of 10-K CAEs on current financial statements is higher during the pandemic period, firms with CAEs, especially positive CAEs, in either 10-Ks or 10-Qs are less likely to use CAEs to boost earnings in the pandemic period. However, the authors find evidence that firms tend to use CAEs to “big bath” current earnings and create reserve for future period. The authors have not observed any significant differences in how the various phases of the pandemic affect the reporting of CAEs. Additionally, there is no evidence to suggest that financially distressed firms report more or fewer CAEs during the pandemic.

The results are consistent with the notion that, during the pandemic, firms exercise greater caution in their CAE disclosures, refraining from using CAEs as a means of boosting earnings but as a strategy to create reserve for future period. The paper highlights the challenges that various stakeholders face when assessing a company's current and future financial performance based on management's accounting estimates.

This study captures the impact of the COVID-19 pandemic on the incidence of CAEs and CAEs' impact on the financial performance and financial reporting quality of firms during the pandemic.

The case is written based on publicly available data from primary sources such as the company’s annual reports, company website and the company’s presentations, as well as from secondary sources comprising newspaper articles, research papers, research magazines, magazine articles, industry reports, research reports, etc. as indicated in the references. The company’s financials and peer data are sourced from the Thomson Reuters Eikon database.

The case examines the financial position of Macy’s, Inc., America’s largest and one of the oldest premier departmental stores, with a consolidated annual turnover of US$18,097m in the fiscal year 2020/2021 (FY, 2021). Over the previous few years, the company had been struggling with decreasing market share and profitability mainly due to increasing competition from online retailers and deep discounters, which was affecting the company’s share price. With the appointment of a new chief executive officer (CEO) in fiscal year (FY) 2017, Macy’s, Inc. undertook several changes to revive its financial health and improve its market share. However, it still registered heavy losses of US$3,944m in the FY 2020/2021, the company’s first time in the past decade. With many retailers filing for bankruptcy, was there more that Macy’s could do to improve the company’s position and regain lost investor confidence? Will its entry into emerging markets play a crucial role in its turnaround?

The case can be used in undergraduate and postgraduate courses such as accounting for managers, financial statement analysis, management accounting, introduction to accounting and advanced financial statement analysis. The case can also be effectively used to understand the primary fundamental analysis of the company that involves understanding the company’s positioning and strengths, weaknesses, opportunities and threats analysis. The case would also help business management and entrepreneurship students to get a preliminary idea about the change management process. Finally, the case can be used to familiarize students with using Microsoft Excel to build financial analysis worksheets.

Teaching notes are available for educators only.

This paper aims to investigate the determinants that contribute to the financial stability and banking sector of Palestinian banks listed on the Palestine Stock Exchange (PEX) by using yearly data for the years 2012–2022.

Pooled ordinary least squares (OLS) and two-stage least squares (2SLS) were used to identify the variables and factors affecting the financial stability and banking sector of Palestinian banks. The study’s data were collected from the banks listed on PEX and from the yearly reports posted on the Palestine Monetary Authority’s (PMA) webpage over the years from 2012–2022. According to this research’s analysis, SMEs loans and capital sufficiency have a statistically significant positive impact on the stability of Palestinian banks. Unobserved heterogeneity, simultaneity and dynamic endogeneity are taken into account when using the 2SLS regression approach to adjust for the study endogeneity factor.

The study’s findings show that some factors and determinants might have both good and negative effects on financial stability and banking sector. Loans to small and medium-sized businesses (SMEs) and enough capital are two characteristics that statistically have a major favourable impact on the stability of Palestinian banks since they help the banks withstand deficits. A further potential discovery relates to the favourable effects of financial inclusion (FI) and digital financial services (DFS) on the stability of banks.

This research has faced some limitations, such as the lack of a defined index from the regulatory organizations, this research is based on information from bank annual accounts. It has mostly relied on self-developed or World Bank indexes. Furthermore, the research solely used information from the supply side (banks); demand-side data were not taken into consideration.

This paper has managerial implications for stability of banking sector. The Palestine Monetary Authority, as the central bank, must increase the percentage of bank loans directed to small and medium-sized companies and oblige bank management to adhere to adequate capital standards, which contributes to strengthening the Palestinian banking sector and increasing its profits. The study findings advise banks that are enjoying financial stability to speed up the pace of FI and DFSs because most of these reliable banks have relatively low FI ratios. PMA is responsible for preserving the stability of the financial system. PMA, decision makers and banks management must retain adequate liquidity in their institutions and raise client collateral expectations to raise credit conditions.

This paper adds some contributions to the literature. To adjust for discrepancies between various types of banks, the authors concentrate on conventional and Islamic banks, which enables us to use a homogenous data set as opposed to depending on dichotomous variables. The authors used Z-scores, which have recently been used in research, to measure stability and FI at the level of specific institutions. This research contributes in some key aspects that no prior research has addressed. Conventional banks are different from Islamic banks, and a number of issues might impact their stability. To evaluate the connection between FI and DFSs, it is important to consider the actions of bank regulators.

The purpose of this study is to examine the association between the combined roles of chief executive officer (CEO)-chairman titles (CEO duality) and investment efficiency, defined as a lower deviation from expected investment for targeted S-curve firms used to propel an innovation-driven economy. This study also aims to investigate the moderating effect of financial reporting quality on this association.

This paper focuses on the ten targeted S-curve industries – under the definition of the Thailand 4.0 model – listed on the Stock Exchange of Thailand (SET) from 2000 to 2019. Data related to CEO/chairman titles and investment supports were manually collected from the annual reports, the SET market analysis and reporting tool database and the company websites. Financial data used to estimate investment behaviors and discretionary accruals were extracted from 1999. The study analyzes unbalanced panel data using fixed-effects regressions. Additional tests embrace replacing the sample with nontargeted firms, partitioning into granted and nongranted firms, adding CEOs’ demographic moderators, using alternative variable measures and analyzing for lagged independent variables.

The main findings show that CEO duality reduces overinvestment but worsens underinvestment in targeted firms. Financial reporting quality (FRQ) appears to strengthen CEO duality in mitigating extreme spending but has no impact on the association between CEO duality and underinvestment. Additional results, for example, conclude that CEO duality has no association with both over- and underinvesting at nontargeted firms, but its effect becomes positively significant on overinvestment when financial reporting quality is high. The negative association between CEO duality and overinvestment is found only in government-granted and targeted firms. FRQ encourages CEO duality in lowering overinvestment among targeted firms without grants. CEOs’ female and serviced early years appear to elevate those main findings.

These findings assist innovative corporations in choosing a proper leadership structure to cope with investment inefficiency. The research gives the government and regulatory bodies an insight into the qualifications of the leadership structure and financial information that helps them put forward effective policies.

To the best of the author’s knowledge, this study is among the first to establish the association between CEO duality and investment efficiency for innovation-driven firms in a transforming economy. The study fills the gap in the literature on management, accounting and finance by unveiling the interplay between dual leadership and financial reporting in affecting the efficiency of investments.

This study investigates how the COVID-19 pandemic has affected the sustainability of sports business models by means of a specific case analysis, conducted on M-I Stadio S.r.l., the service management firm that provides all types of backstage activities related to football matches performed at San Siro Stadium in Italy.

Building on interviews on its management team's direct experience and on archival data, the authors depict the consequences of the pandemic in terms of corporate governance, accounting choices and overall strategic business development through information triangulation from a forward-looking perspective.

Complying with restrictions, M-I Stadio S.r.l. preserved its financial position by embracing digitalization, increasing information flows with partners and adopting a risk aversion behaviour. Overall, results indicate that the pandemic played a catalyst role in the transformation process of the football industry. Moreover, apart from the physical and virtual merge acceleration, well-being for athletes, society and the planet, transcending the gaming part of sports activities has also been taking place. The study also illustrates the foreseeable developments of sustainable sport management practices from a critical perspective.

Since the San Siro Stadium management company might represent one of the forefront companies, within the sports industry, this study results should be conveniently taken into consideration by sporting authorities and international bodies, emphasizing the relevance of sustainability (i.e. environmental and social practices within the sports industry) and digitalization so as to better prepare sports organizations and to provide the overall industry with the tools deemed necessary to navigate this important transition in a smoother way.

The COVID19 crisis has thrown wide open the debate on Europe’s Economic and Monetary Union’s (EMU) future. Next Generation EU (NGEU) has broken the stalemate over a central fiscal capacity. The open question is whether NGEU is a one-off or a first step. The suspension of the Stability and Growth Pact has given new urgency to the debate on reforming EMU’s fiscal rules.

There is no debate as yet about how these two prospects relate to each other. This paper argues that a permanent fiscal capacity and revised rules should be seen as alternatives.

This study makes two claims: first, a fiscal capacity renders a reformed pact unnecessary and second, that is an optimal solution politically. A fiscal capacity would provide an efficient asymmetric shock absorber and therefore reduce the need for pre-emptive action against negative cross-border externalities. It would also provide an abundant supply of an EU-wide safe asset around which to structure the EU’s financial system, thus rendering unnecessary the backstopping of member states' debts.

This would restore democratic accountability while eliminating moral hazard and enforcement problems.