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This study aims to examine the impact of interlocking directorships on firm performance in Turkey, with a specific focus on the moderating role of board diversity.

Using a panel dataset comprising the top 100 firms listed on Borsa Istanbul from 2014 to 2018, this study employs regression analysis to investigate the relationship between interlocking directorships, board diversity, and firm performance. It firm-level financial data and directorship information to assess the effects of interlocking directorships on firm performance while also considering the moderating influence of board diversity.

The findings of this study reveal several important insights. First, the results confirm the “busyness hypothesis” as an increase in the number of interlocks per director negatively impacts firm performance, indicating reduced monitoring effectiveness. However, the study also demonstrates that board diversity plays a significant moderating role. Specifically, board diversity positively influences the relationship between interlocking directorships and firm performance, suggesting that a diverse board can mitigate the negative effects of interlocks and enhance overall firm performance.

This study contributes to the existing literature in several ways. First, this study extends our understanding of the relationship between interlocking directorships and firm performance, considering contingency factors in the Turkish market. Second, our findings imply that board diversity mitigates the negative impact of busy interlocking directorates and improves firm performance, which provides invaluable directions to firms in setting their boards. Moreover, this research enhances corporate governance practices in Turkey and beyond in other emerging markets with similar corporate governance mechanisms by identifying the importance of board diversity and its moderating influence.

While previous operations management literature acknowledges the positive influence of Lean and Industry (I4.0) on performance, recent studies examining the synergy between these two factors have produced inconsistent and contradictory results. Therefore, this study aims to provide a comprehensive understanding of the effect of Lean and I4.0 synergy on firm performance.

This study utilised a meta-analysis approach, examining 23 empirical studies exploring multiple effects of the Lean and I4.0 synergy on firm performance. Multiple subgroup analyses were conducted to assess the contradictory outcomes and identify in what conditions such synergy may achieve performance.

The results affirm the prevailing positivist perspective among most scholars regarding the positive influence of the Lean and I4.0 synergy on firm performance. However, the overall effect size derived from the studies indicates a weak relationship, suggesting that this synergy alone is not the sole determinant factor of firm performance. In addition, the subgroup analyses reveal the presence of contingent conditions that may affect the performance outcomes when integrating Lean and I4.0, as most effects exhibit a weak relationship.

This study represents the first meta-analysis investigating the relationship between the Lean and I4.0 synergy on firm performance. By shedding light on the contradictory effects often depicted in the operations management literature, this study provides a critical reflection for researchers who tend to adopt an overly optimistic view of such synergy.

This paper aims to investigate the impact of retrenchment strategy on firm performance in the context of Pakistani firms while considering the moderating role of chief executive officer (CEO) power. By examining the influence of CEO duality and CEO share ownership on the relationship, this study contributes to strategic management and corporate governance knowledge within the Pakistani business environment.

A quantitative approach was used to analyze the relationship using data from annual financial statements. The sample consisted of 76 companies from the KSE-100 index from the year 2015 to 2020. Random effects regression models were used, along with hierarchical regression to explore the moderating effect of CEO power.

The findings demonstrate that the implementation of a retrenchment strategy positively impacts firm performance in Pakistani firms. The study also reveals that CEO power plays a crucial role in strengthening the relationship between retrenchment strategy and firm performance. Moreover, the study highlights the importance of considering the temporal sequence, size and age of firms when examining the impact of CEO power and retrenchment strategy on firm performance.

The study enhances the understanding of the contingent nature of retrenchment strategies and the influence of CEO power in the Pakistani business context. Practically, the research contributes to strategic management and corporate governance dynamics, facilitating the development of strategies that enhance firm performance and sustainability in Pakistan.

This research provides original insights by specifically focusing on the Pakistani context and analyzing the interplay between retrenchment strategy, CEO power and firm performance. The study adds to the limited literature on the relationship between retrenchment and performance in the Pakistani business environment. Additionally, it highlights the significance of CEO power as a critical factor in determining the success of retrenchment.

Open innovation (OI), by now one of the major concepts for the analysis of innovation, is seen as a methodology for collaboratively designing and implementing solutions by engaging stakeholders in an iterative and inclusive service design process. This paper aims to empirically investigate OI capacities, defined as a cooperative, knowledge-sharing innovation ecosystem, and to explore how it can lead to improved performance of firms in Central and Eastern European (CEE) and Southeastern European (SEE) countries.

The study builds on the World Bank/European Bank for Reconstruction and Development (EBRD’s) Business Environment Enterprise Performance Survey (BEEPS) dataset for 2009, 2013 and 2019. Primarily, the research model was estimated using log-transformed ordinary least squares (OLS). Taking into consideration that this method might produce substantial bias, yielding misleading inferences, this study is fitting Poisson pseudo maximum likelihood estimators with robust standard errors and instrumental variable/generalized method of moments estimation (IV/GMM) approach for comparative results. Secondarily, the research model was tested using structural equation modelling (SEM) to investigate the relationship between five OI capacities and firm performance.

The findings indicate that there is a significant positive relationship between most OI capacities and firm performance, except for innovation, which did not show a statistically significant relationship with firm performance. Specifically, research and development (R&D), knowledge and coopetition are statistically significant and positively associated with firm performance, whereas transformation is statistically significant but negatively associated with firm performance. The IV/GMM estimations’ findings support the view that the firm performance is significantly affected by OI capacities, together with some control variables such as size, age, foreign ownership and year dummy to have a significant impact on firm performance.

This paper fills an identified gap in the literature by investigating the impact of OI on firm performance executed in the specific CEE and SEE country context.

This study examines the relationship between servant leadership and its dimensions on firm performance, with big data playing the role of a mediator.

Survey responses used for analysis in this study have been taken from business managers associated reputed private sector organizations in India. A conceptual model is proposed grounded to the Conservation of Resource Theory (COR). Structural equation modeling has been used to test the proposed model.

Servant leadership significantly relates to firm performance, whereby Big Data is seen to play the role of a mediator. The results also indicate that none of the dimensions of servant leadership independently affect firm performance.

The study adds to extant research by examining the mediating mechanism of Big Data in servant leadership and firm performance. It also suggests that each dimension of servant leadership gets reflected in overall servant leadership. Here it is important to note that Big Data analytics partially mediate the effectiveness of servant leadership.

The purpose of this paper is to examine the impact of bankruptcy reform in the year 2016 on the relation between leverage and firm performance for Indian firms, separately for business group and standalone firms.

Fixed effects panel regression is used to understand the role of bankruptcy reform on firm-level data to examine the relationship between leverage and firm performance after controlling for size, growth, age, liquidity and promoter shareholding. The authors also apply the generalized method of moments (GMM) to control for the endogeneity concerns.

The authors show that the introduction of the insolvency and bankruptcy code (IBC) positively moderates the relation between leverage and firm performance such that the extent of negative relation between leverage and firm performance is less in the post-IBC period. The positive impact of IBC on the relation between leverage and firm performance holds only for firms not affiliated to business groups and for firms with higher debt in their capital structure.

The study’s findings will help the regulators appreciate the effectiveness of bankruptcy reforms resulting from IBC implementation in terms of sound bankruptcy process and leading to safeguard the interests of minority shareholders.

The authors provide the only study to examine the role of bankruptcy law in moderating the relation between leverage and firm performance across a sample of business group and standalone firms.

This study aims to examine the impact of board characteristics on firm performance while also exploring the influential mechanisms that help Chinese listed companies establish effective boards of directors and strengthen their corporate governance mechanisms.

This paper uses machine learning methods to investigate the predictive ability of the board of directors' characteristics on firm performance based on the data from Chinese A-share listed companies on the Shanghai and Shenzhen stock exchanges in China during 2008–2021. This study further analyzes board characteristics with relatively strong predictive ability and their predictive models on firm performance.

The results show that nonlinear machine learning methods are more effective than traditional linear models in analyzing the impact of board characteristics on Chinese firm performance. Among the series characteristics of the board of directors, the contribution ratio in prediction from directors compensation, director shareholding ratio, the average age of directors and directors' educational level are significant, and these characteristics have a roughly nonlinear correlation to the prediction of firm performance; the improvement of the predictive ability of board characteristics on firm performance in state-owned enterprises in China performs better than that in private enterprises.

The findings of this study provide valuable suggestions for enriching the theory of board governance, strengthening board construction and optimizing the effectiveness of board governance. Furthermore, these impacts can serve as a valuable reference for board construction and selection, aiding in the rational selection of boards to establish an efficient and high-performing board of directors.

The study findings unequivocally demonstrate the superiority of nonlinear machine learning approaches over traditional linear models in examining the relationship between board characteristics and firm performance in China. Within the suite of board characteristics, director compensation, shareholding ratio, average age and educational level are particularly noteworthy, consistently demonstrating strong, nonlinear associations with firm performance. Within the suite of board characteristics, director compensation, shareholding ratio, average age and educational level are particularly noteworthy, consistently demonstrating strong, nonlinear associations with firm performance. The study reveals that the predictive performance of board attributes is generally more robust for state-owned enterprises in China in comparison to their counterparts in the private sector.

The purpose of this study is to investigate the impact of audit committee characteristics on firm performance. In particular, the authors employ the random-effects variant of the Hunter–Schmidt meta-analyze procedure to analyze the effects of key audit committee attributes, namely audit committee independence, audit committee expertise, audit committee size, audit committee meeting along with big four impact on firm performance. The authors hope to gain a better understanding of the function of audit committees in enhancing firm performance and to uncover potential discrepancies in prior findings due to varying economic levels or performance metrics.

This study uses the Hunter–Schmidt method to conduct a meta-analysis of 39 previous studies published between 2012 and 2022 to investigate the relationship between audit committee characteristics and firm performance.

The results indicate that audit committee independence, expertise, size and affiliation with the big four have a significant and positive effect on firm performance, while audit committee meetings have a non-significant effect. Furthermore, findings suggest that companies should carefully consider the contextual factors that may impact the effectiveness of their corporate governance structures, such as economic level, when designing and implementing governance mechanisms.

This study is significant as it is the first to combine and analyze previous research on this topic and highlights the importance of certain audit committee characteristics in enhancing financial reporting quality and corporate governance.

The purpose of this paper is to assess the validity and utility of two theoretical approaches to understanding the relationship between strategic orientations, innovation and firm performance and to examine the role of innovation in the relationship while avoiding circular arguments. The universalistic approach suggests that strategic orientations have independent and parallel effects on firms’ performance, and that innovation does not influence this relationship. The holistic approach proposes that strategic orientations in a complementary and interrelated view have both direct and indirect effects on firms’ performance through innovation.

A meta-analytic path analysis applying two-stage structural equation modeling (TSSEM) was conducted on data from 132 primary studies and 33,063 observations.

The holistic approach was demonstrated to be superior due to its more explanatory power in linking more complex relationships through simultaneous direct and indirect effects and its capacity for including the interrelatedness and complementarity of strategic orientations. It was found that innovation has a full mediating role in the relationship between entrepreneurial orientation (EO) and firm performance, and a partial mediating role in the relationship between market orientation (MO) and learning orientation (LO) and firm performance.

The study used observed variables instead of latent variables for meta-analytic path analysis, which may reduce some sources of endogeneity. However, causal inference is not possible due to the nature of meta-analysis. The scope of the final sample was limited by some studies not reporting the estimates of correlations between constructs.

Managers can improve an organization's chances of success in the marketplace by adopting a holistic view of strategic orientations focusing on customer satisfaction, learning from the external environment and pursuing new market opportunities. Furthermore, an organization can gain a competitive advantage through innovation by creating products and services that are different from what is currently available in the market. To be successful, an organization must not only create innovative products and services but also market them effectively to consumers.

This study is the first to meta-analytically assess the explanatory value of two theorized models linking strategic orientations, innovation and firm performance. It also clarifies the role of innovation in the relationship between strategic orientations and firm performance.

The authors investigate how foreign investment in securities market informs about the future firm performance in emerging markets.

The authors define the independent variable, abnormal foreign investment (AFI) as the residuals of the foreign ownership equation. The authors regress foreign ownership on its first lag and factors and define the residuals as the AFI. The AFI is the over- or under-investment reflecting foreign conscious (clear-purpose) investment, thus better indicating how foreign investment affects firm performance. The dependent variable is Tobin’s q (Q), which represents the firm performance. Then, the authors regress the Tobin’s q next quarters (Qt + k) on the AFI current quarter (AFIt). The authors use a two-step generalized method of moments (GMM) and check endogeneity with the D-GMM model for the regression.

The results show that the current AFI is positively correlated with the firm performance in each of the next four quarters (the following one year). This positive relationship is pronounced for large firms, firms with no large foreign investors, liquid firms and firms listed in the active market. The results suggest that foreign investment might choose well-productive firms already. Also, the current AFI is significantly positively correlated with stock returns in each of the next three quarters. These results suggest that the AFI is informative up to one-year period.

The results suggest that foreign investors (most of them are small) in the Vietnamese market might choose well-productive firms already. However, if the large investors have long-term investment in tangible, intangible, human capital and so on, and lead to a significant increase in firms’ performance is still the limitation of this paper.

The results of this paper may guide investors whose portfolios are composed of stocks with foreign investment.

This paper adds to the literature to enrich the conclusion of a positive relationship between foreign ownership and firm performance.