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This study aims to identify the impact of corporate governance on performance of sugar mills. In order to study this relation, a model is constructed in which ownership structure and independent directors are taken as independent variables. Whereas firm performance is analyzed by using proxy variables such as return on asset (ROA), return on equity (ROE) and sales growth. Moreover, size of board, working capital management (WCM) and philanthropy are taken as mediating variables between governance variables and firm performance.

The data of 32 sugar mills listed at Pakistan Stock Exchange for the period of four years (i.e. 2014–2017) is used for this research. Moreover, to investigate the model, generalized least squares statistical method is used to measure the relationship between variables.

The results revealed that there is significant but positive relationship between independent directors and ROA while ownership structure and ROE have significant but negative relationship. Thus, the board of directors should make it sure that all stakeholders and organizations should increase the nonfamily ownership in firms for better corporate performance. Moreover, philanthropy and WCM mediate the relationship between corporate governance and firms' performance.

This research work will be helpful in the corporate governance, and further researchers can conduct their study by considering executive/nonexecutive director and institutional owners as governance variables.

This paper fulfills an identified need to study how Corporate Governance effect the performance of firm.

This paper aims to investigate the reciprocal nonlinear relationship between corporate social responsibility (CSR) and firm performance (FP).

The authors used a sample of 814 European firms over the period 2008–2017. The Panel Smooth Transition Regression (PSTR) model was performed as an econometric approach.

Firstly, results show a threshold effect in the CSR–FP relationships within the two directions. More specifically, the authors found that firms are more likely to engage in CSR by surpassing a threshold of 1.231% for return on assets (ROA) and 0.821% for Tobin’s Q ratio. Secondly, the authors also found that the impact of CSR on FP is positive and significant only if the environment, social and governance score surpasses the threshold of 56.780% when the dependent variable is ROA and 41.02% when Tobin’s Q ratio measures performance.

A significant part of the literature supports the linear relationship between CSR and FP from the unique direction (CSR → FP). This study comes to fill this gap by assessing the possible nonlinear relationship. In addition, this nonlinear relationship is tested under the two directions. Therefore, defining the threshold of FP that allows companies to engage in CSR, on the one hand, and the threshold of engagement in CSR that improves FP, on the other hand, could be an exciting topic.

To get the full benefit from CSR effects, firms should be with better financial performance to be socially responsible.

To the best of our knowledge, few studies have explored the nonlinear relationship between CSR and FP. In addition, this study raises the question of whether this relation is causal. The authors assess the two nonlinear relationships between CSR ? FP and FP ? CSR by determining the optimal thresholds.

本文旨在探究企業社會責任 (以下簡稱企社責) 與公司業績之間的相互非線 性關係。

研究所採用的樣本為814間歐洲公司, 涵蓋期為2008年至2017年。研究人 員使用縱橫平滑轉換模型、作為經濟計量方法和工具去進行研究。

研究結果顯示、在有關的兩個方向內, 企社責與公司業績之間的關聯上是 存在著閾值效應的。更具體地說, 研究人員發現, 若企業的資產報酬率超過1.231%的 水平, 以及托賓的Q比率 (Tobin’s Q Ratio) 0.821%的水平的話, 它們會更願意承擔企 社責。其次, 研究結果亦顯示, 企社責對企業的業績會產生積極的影響; 另外, 只有 當資產報酬率是因變數、而環境、社會和公司治理的分數 (ESGS) 超過56.780%, 以 及當托賓的Q比率用來測量績效、而數值為41.02%時, 企社責對企業的業績所產生的 影響會較為顯著。

過去的學術文獻、大部份都是以唯一的方向 (企社責 ->公司業績) 去確認 企社責與企業業績之間的線性關係。本研究評估了兩者之間可能存在的非線性關係; 而且, 這非線性關係是在有關的兩個方向下而進行測試的; 因此, 本研究一方面給可 讓公司以企社責的精神和理念去營運的企業業績的閾值下了定義; 另一方面, 又給參 與企社責為公司帶來業績的改善的閾值下了定義。這均為令人興奮的課題。

企業若想取得因參與企社責而帶來的完全好處, 它們必須擁有更佳 的財務績效、以能盡其社會責任。

盡我們所知, 探究企社責與企業業績之間的非線性關係的研究實在不 多; 而且, 本研究對這兩者的關係是否是因果關係提出了質疑; 就此, 我們藉著釐定 最佳的相對閾值、來評估企社責 ->企業業績與企業業績 ->企社責之間的兩個非線性的 關係。

The study aims to assess how corporate branding affects firm performance in the context of the Oman hotel industry, listed on the Muscat Stock Exchange (MSX).

This study approach was made by way of a mixed method. First, it examines qualitative and exploratory information collected from companies’ internet sites, audited annual reports (the financial year 2019) published in MSX, web searches and websites of companies and travel agencies from all the eight listed hotel companies in the MSX to examine the impact of corporate branding on firm performance proxied by return of assets (ROA) and return of equity (ROE) and secondly, it assesses the measurement and structural models by applying partial least squares structural equation modeling (PLS-SEM).

The findings recommend that well-thought-out web marketing on corporate branding by hotel companies leads to firm performance. The findings indicate that corporate branding on travel agency websites and a company’s own website can help businesses become more profitable. In addition, there is a synergistic connection on corporate branding of the hotel industry, including the presentation of a novel hotel narrative, the conception of a cornerstone loyalty program, the demonstration of excellence in hospitality and service, information on timely amenities like Covid-19 safety measures and the use of technology and experiential elements through platforms like the company website or the website of the travel agent all essential to achieve firm financial performance. As per the importance–performance matrix map, websites of travel agents (agoda.com, booking.com and hotels.com) had the importance (agoda.com 0.616, booking.com 0.959 and hotels.com 1.036) to impact companies’ corporate branding and firm performance, whereas Google search shows a value of −1.954, which has no impact on companies’ corporate branding.

The study considered only one hotel/tourism industry to know the effect of corporate branding on firm performance. Further studies may be chosen on other industries needed to allow for generalization.

This study aims to provide insights into how the hotel industry can make use of corporate branding through the company website, Google sites and websites of companies’ travel agency by providing timely updated promotion, facilities, quality services and hygiene matters to enhance firm performance.

This study provides empirical evidence to find various factors of corporate branding of the hotel industry’s firm performance. In addition, the study offers valuable insight into the nonmonetary measures of achievements.

The purpose of this paper is to examine if certain board characteristics have an impact on the financial performance of manufacturing firms in India.

The study draws on data from 275 firms listed in NSE during from 2011 to 2015, using a multiple regression model. The present study examines the effect of board characteristics such as board size, CEO duality, independence and board activity devoted to the effectiveness of firms performance regarding market and accounting based financial performance measures.

The finding supports an inverse association between the extent of board characteristics and the firms’ performance indicators. The study also finds a statistically significant negative relationship between board size and Tobins Q, ROA and ROE. The evidence also shows that the board independence and meeting frequency moderate the relationship between return on equity and return on assets by enhancing these measures among corporate governance mechanisms.

The present study does not include all possible board characteristics, i.e., large shareholders dominance on the board and promoter’s and institutional shareholding, to support firm’s performance. Further research might include the ownership structure of the board to improve firm’s performance.

The study focuses on the corporate governance issues such as size, duality, independence and activity of the boards and their influence on firm performance. The subject analyzes the possible impact of board characteristics and firm-related features that have received much attention from academic research, which has largely focused on studying the publications of corporate governance in India and Asian context.

The purpose of this study is observing the disclosure pattern of integrated reporting (IR) and investigating its relationship with a firm's operational, financial and market growth performance measured in the form of return on assets (ROA), return on equity (ROE) and market-to-book value ratio respectively in the voluntary disclosure regime of Bangladesh.

This research is quantitative, based on a pooled-OLS regression analysis of 20 firms listed under ten different nonfinancial industries of the Dhaka Stock Exchange (DSE) for three financial years from 2015–2016 to 2017–2018, with 60 firm-year observations. A manual content analysis based on a structured integrated reporting disclosure index (IRDIN) measures the extent of disclosure in the corporate annual reports. The practical model consists of the dependent variable IRDIN and the independent variables ROA, ROE and market-to-book value ratio. The natural logarithm of total assets and financial leverage are the two controlling variables used in the model.

The findings deduced from the empirical results indicate that the IRDIN is positively and significantly related to all three performance variables. Content analysis shows an increasing pattern of disclosure of the constructed index elements by the sample firms.

A Small sample size may deter the generalization of the research findings in other voluntary disclosure regimes. Self-constructed IRDIN index scores may be affected by subjective judgment while assessing the annual reports.

Capital market regulators can gain valuable insights regarding the suitability of implementing IR in Bangladesh as the results show a positive relationship of firm performance with the adoption of this revolutionary paradigm in corporate reporting.

This study adds value to the existing limited literature of IR disclosure and firm performance in Bangladesh by incorporating content analysis and regression analysis to understand how firms respond to the demand of value creation by the stakeholders in a voluntary disclosure regime. This study captures sample firms from all the nonfinancial industries of Bangladesh with a unique IR index, which is the first of its kind.

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.

The current study aims to investigate the impacts of two behavioral biases, namely, loss aversion and overconfidence on the performance of US companies. First, the impact of loss aversion on the economic performance of companies was assessed. Second, the impact of overconfidence on market performance was discussed.

This study used around 6,777 quarterly observations on the population of US-insured industrial and services companies over the 2006-2016 period. Ordinary least squares (OLS) regression in two panel data models were used to test the hypotheses formulated for the study.

It was documented that the loss-aversion bias negatively affects the economic performance of companies and this is achieved for both sectors. In contrast, the findings suggest that overconfidence positively affects market performance of industrial firms but negatively affects market performance in service firms. Further robust evidence was found that overconfidence bias seems to be dominant, and hence, investors may tend to be more overconfident rather than more loss-averse.

This research can be extended by focusing on the following question: What is the impact of the contradictory (positive and negative) effects of an investor's loss aversion and overconfidence on the US company performance in case of realization of a stock market crisis or stock market crash?

This study extends the current literature in the context of European countries by showing that women's participation on the board can enhance the financial performance of a company while moderated by many cultural factors.

This study examines 19 European countries throughout the period 2010–2020. The time-invariant or individual fixed-effect models are used.

The authors found that high power distance and masculinity undermine the impact of board gender diversity on firm performance. The gender-diverse board reports a statistically significant negative impact on return on asset (ROA) and return on equity (ROE) while moderated by the power distance index.

This research will be of significant value to the board directors, practitioners and the concerned authority who desire to polish up the firm performance of European countries that are governed by cultural norms.

This research aims to provide evidence that firms that create product innovations (PROINVs) can improve the performance of firms in Indonesia. And then this research also provides evidence that firms with high technological capabilities can moderate the impact of PROINV on firm performance in Indonesia.

Based on the firm that disclosure research and development expenditures, the number of samples in this study is 261 annual reports for the period 2015–2020. Researchers used an estimate of Moderation Regression Analysis (MRA) with STATA 14.0.

The results showed that PROINV significantly affected firm performance, while technology capabilities (TECHCAP) did not. Then TECHCAP can moderate the impact of PROINV on the performance firm. This research showed that TECHCAP are pure moderation, whereas TECHCAP can weaken the impact of PROINV on firm performance.

This research can provide empirical results that firms in Indonesia must adapt to meet the needs of society in creating PROINVs and technological innovations to maintain a sustainable national economy. And then, this research provides the understanding that high TECHCAP can create sustainable PROINVs that can affect firm performance.

The novelty in this study researchers added variable moderation of technological capabilities to the model of the effect of PROINV on firm performance. A firm with high technological capabilities will be balanced with good research and development activities to create a long-term and sustainable firm orientation.

This study investigates whether corporate executives, who are university alumni, influence each other's firm corporate social responsibility (CSR) performance.

Drawing on social network theory, the authors hypothesise that a firm's CSR performance is positively associated with its peer firms' average CSR performance when the executives of the firm and its peer firms are university alumni. The study employs data from 1,685 listed firms and 4,906 executives who graduated from 585 different universities in China and runs multivariate regressions.

The results reveal a sizeable university peer influence on CSR performance. Such influence is even stronger for executives who graduated from elite universities (e.g. 985 or 211 universities), and universities or programmes that provide more opportunities for alumni reunions or networking (e.g. MBAs/EMBAs). Executives who are more influential in making firm decisions (e.g. CEOs/CFOs), as well as firms that are more likely to mimic the behaviour of others, also show higher degrees of university peer influence.

The results highlight the role of education in ethical decision-making.

This study documents evidence on a new determinant of firm CSR performance. The study sheds light on the impact of non-institutionalised personal ties, for example, university alumni networks, on CSR performance.