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Might the impact of the financial stress on exchange markets be asymmetric and exposed to regime changes? Departing from the existing literature, highlighting that the domestic and foreign financial stress in terms of money market have substantial effects on exchange market, this paper aims to investigate the impacts of the bond yield spreads of three emerging countries (Mexico, Russia, and South Korea) on their exchange market pressure indices using monthly observations for the period 2010:01–2019:12. Additionally, the paper analyses the impact of bond yield spread of the US on the exchange market pressure indices of the three mentioned emerging countries. The authors hypothesized whether the negative and positive changes in the bond yield spreads have varying effects on exchange market pressure indices.

To address the research question, we measure the bond yield spread of the selected countries by using the interest rate spread between 10-year and 3-month treasury bills. At the same time, the exchange market pressure index is proxied by the index introduced by Desai et al. (2017). We base the empirical analysis on nonlinear vector autoregression (VAR) models and an asymmetric quantile-based approach.

The results of the impulse response functions indicate that increases/decreases in the bond yield spreads of Mexico, Russia and South Korea raise/lower their exchange market pressure, and the effects of shocks in the bond yield spreads of the US also lead to depreciation/appreciation pressures in the local currencies of the emerging countries. The quantile connectedness analysis, which allows for the role of regimes, reveals that the weights of the domestic and foreign bond yield spread in explaining variations of exchange market pressure indices are higher when exchange market pressure indices are not in a normal regime, indicating the role of extreme development conditions in the exchange market. The quantile regression model underlines that an increase in the domestic bond yield spread leads to a rise in its exchange market pressure index during all exchange market pressure periods in Mexico, and the relevant effects are valid during periods of high exchange market pressure in Russia. Our results also show that Russia differs from Mexico and South Korea in terms of the factors influencing the demand for domestic currency, and we have demonstrated the role of domestic macroeconomic and financial conditions in surpassing the effects of US financial stress. More specifically, the impacts of the domestic and foreign financial stress vary across regimes and are asymmetric.

This study enriches the literature on factors affecting the exchange market pressure of emerging countries. The results have significant economic implications for policymakers, indicating that the exchange market pressure index may trigger a financial crisis and economic recession.

This study aims to theoretically investigate the effect of activating corporate governance (CG) mechanisms on the association between adopting corporate social responsibility (CSR) and tax avoidance (TA). Based on the analyzing of the previous studies, the authors support the results of studies that found a positive effect for activating CG on the adoption of CSR. Also, they found that there is a negative impact of activating CG mechanisms on TA, as CG includes controls and procedures that contribute to limiting opportunistic behaviors of management and ensures making decisions that maximize value for shareholders. To the best of the authors' knowledge, it is the only chapter that examines the effect of activating CG mechanisms on the association between CSR and TA.

This paper delves into the critical role of women in the domains of architecture, engineering, construction and urban planning, particularly within the context of the United Nations sustainable development goals (SDGs) and the imperative of achieving gender parity. Concentrating on the Gulf Cooperation Council (GCC) countries, this paper explores the profound importance of women as essential contributors to urbanisation and sustainable development. It scrutinizes the existing gender disparities within the architecture, engineering and construction (AEC) industries; evaluates prevailing women empowerment indices in diverse sectors; and presents a strategic framework for harnessing women’s engagement to cultivate inclusive and sustainable urban cultures in the GCC. This conceptual paper introduces an actionable framework that can serve as a guiding agenda for empowering women in the AEC sectors by incorporating their socio-cultural, economic and ecological contributions towards creating sustainable cities.

Centring its focus on Gulf Cities, this paper employs a comprehensive approach to examine the current gender disparities within the architecture, engineering and construction sectors. It probes potential barriers and advocates for leveraging women’s participation to foster inclusive and sustainable urban development in the GCC. The study introduces the Women’s Empowerment Index (WEI) for the Gulf AEC industry elucidating how these measures are translated into a tailored framework.

The paper presents a practical framework that provides actionable guidance for engaging various stakeholders, including governments, academia and industry players, to empower women within the AEC industries. An “Agenda for equitable AEC industries for sustainable urban development: Our Common Gulf Cities” is culminated in a Women Empowerment Index for the AEC Industry (WEI-AEC) designed to serve as a guidance tool to monitor progress within industry, governments and academia.

Future research endeavours could advance the framework by conducting institutional support analyses, multi-stakeholder collaboration studies and practical testing of the framework within real-world scenarios.

The findings of this study can guide and influence a diverse range of initiatives, including policy development, educational strategies, corporate endeavours, awareness campaigns, capacity-building programs, skill enhancement initiatives and knowledge exchange among the Gulf Cooperation Council countries.

This conceptual paper introduces a practical framework that can serve as a roadmap for implementing the study’s potential to shape policies, educational programs and corporate initiatives aimed at advancing both gender equality and the development of sustainable cities.

Despite the widespread prevalence of share pledging by Indian promoters, this area remains out of the researchers’ purview. This study aims to bridge this research gap by delineating the impact of promoter share pledging on future stock price crash risk and financial performance in India.

A sample of 257 companies listed on the Standard and Poor’s Bombay Stock Exchange 500 (S&P BSE 500) Index has been analysed using panel (fixed-effects) data regression methodology over 2011–2020. Further, alternative proxies for crash risk and financial performance are adopted to ensure that the study’s initial findings are robust. Finally, the instrumental variable with the two-stage least squares (IV-2SLS) method has also been employed to alleviate endogeneity concerns.

The results suggest a significantly positive relationship between promoter share pledging and future stock price crash risk in India. Conversely, this association is significantly negative for future financial performance. Moreover, the results hold, even after including alternative proxies of stock price crash risk and financial performance and addressing endogeneity concerns.

Owing to the sizeable equity shareholdings of the promoters, share pledging has remained a lucrative source of finance in India. Despite the popularity, the findings of this study question the relevance of share pledging by Indian promoters considering its impact on aggravating future stock price crash risk and deteriorating future financial performance.

This study aims to explore the dissemination and evolutionary path of online public opinion from a crisis management perspective. By clarifying the influencing factors and dynamic mechanisms of online public opinion dissemination, this study provides insights into attenuating the negative impact of online public opinion and creating a favorable ecological space for online public opinion.

This research employs bibliometric analysis and CiteSpace software to analyze 302 Chinese articles published from 2006 to 2023 in the China National Knowledge Infrastructure (CNKI) database and 276 English articles published from 1994 to 2023 in the Web of Science core set database. Through literature keyword clustering, co-citation analysis and burst terms analysis, this paper summarizes the core scientific research institutions, scholars, hot topics and evolutionary paths of online public opinion crisis management research from both Chinese and international academic communities.

The results show that the study of online public opinion crisis management in China and internationally is centered on the life cycle theory, which integrates knowledge from information, computer and system sciences. Although there are differences in political interaction and stage evolution, the overall evolutionary path is similar, and it develops dynamically in the “benign conflict” between the expansion of the research perspective and the gradual refinement of research granularity.

This study summarizes the research results of online public opinion crisis management from China and the international academic community and identifies current research hotspots and theoretical evolution paths. Future research can focus on deepening the basic theories of public opinion crisis management under the influence of frontier technologies, exploring the subjectivity and emotionality of web users using fine algorithms and promoting the international development of network public opinion crisis management theory through transnational comparison and international cooperation.

This paper aims to investigate the relationship between corporate environmental, social and governance (ESG) ratings and leverage manipulation and the moderating effects of internal and external supervision.

The authors draw on a sample of Chinese non-financial A-share-listed firms from 2013 to 2020 to explore the effect of ESG ratings on leverage manipulation. Robustness and endogeneity tests confirm the validity of the regression results.

ESG ratings inhibit leverage manipulation by improving social reputation, information transparency and financing constraints. This effect is weakened by internal supervision, captured by the ratio of institutional investor ownership, and strengthened by external supervision, captured by the level of marketization. The effect is stronger in non-state-owned firms and firms in non-polluting industries. The governance dimension of ESG exhibits the strongest effect, with comprehensive environmental governance ratings and social governance ratings also suppressing leverage manipulation.

Firms should strive to cultivate environmental awareness, fulfil their social responsibilities and enhance internal governance, which may help to strengthen the firm’s sustainability orientation, mitigate opportunistic behaviours and ultimately contribute to high-quality firm development. The top managers of firms should exercise self-restraint and take the initiative to reduce leverage manipulation by establishing an appropriate governance structure and sustainable business operation system that incorporate environmental and social governance in addition to general governance.

Policymakers and regulators should formulate unified guidelines with comprehensive criteria to improve the scope and quality of ESG information disclosure and provide specific guidance on ESG practice for firms. Investors should incorporate ESG ratings into their investment decision framework to lower their portfolio risk.

This study contributes to the literature in four ways. Firstly, to the best of the authors’ knowledge, it is among the first to show that high ESG ratings may mitigate firms’ opportunistic behaviours. Secondly, it identifies the governance factor of leverage manipulation from the perspective of firms’ subjective sustainability orientation. Thirdly, it demonstrates that the relationship between ESG ratings and leverage manipulation varies with the level of internal and external supervision. Finally, it highlights the importance of governance in guaranteeing the other two dimensions’ roles by decomposing overall ESG.

This study adopts a new macro-perspective to explore the complex and dynamic links between financial instability and the Euro-American green equity market. Its primary focus and novelty is to shed light on the non-linear and asymmetric characteristics of dependence, causality, and contagion within various time and frequency domains. Specifically, the authors scrutinize how financial instability in the U.S. and EU interacts with their respective green stock markets, while also examining the cross-impact on each other's green equity markets. The analysis is carried out over short-, medium- and long-term horizons and under different market conditions, ranging from bearish and normal to bullish.

This study breaks new ground by employing a model-free and non-parametric approach to examine the relationship between the instability of the global financial system and the green equity market performance in the U.S. and EU. This study's methodology offers new insights into the time- and frequency-varying relationship, using wavelet coherence supplemented with quantile causality and quantile-on-quantile regression analyses. This advanced approach unveils non-linear and asymmetric causal links and characterizes their signs, effectively distinguishing between bearish, normal, and bullish market conditions, as well as short-, medium- and long-term horizons.

This study's findings reveal that financial instability has a strong negative impact on the green stock market over the medium to long term, in bullish market conditions and in times of economic and extra-economic turbulence. This implies that green stocks cannot be an effective hedge against systemic financial risk during periods of turbulence and euphoria. Moreover, the authors demonstrate that U.S. financial instability not only affects the U.S. green equity market, but also has significant spillover effects on the EU market and vice versa, indicating the existence of a Euro-American contagion mechanism. Interestingly, this study's results also reveal a positive correlation between financial instability and green equity market performance under normal market conditions, suggesting a possible feedback loop effect.

This study represents pioneering work in exploring the non-linear and asymmetric connections between financial instability and the Euro-American stock markets. Notably, it discerns how these interactions vary over the short, medium, and long term and under different market conditions, including bearish, normal, and bullish states. Understanding these characteristics is instrumental in shaping effective policies to achieve the Sustainable Development Goals (SDGs), including access to clean, affordable energy (SDG 7), and to preserve the stability of the international financial system.

This study aims to examine the effect of sustainability report quality (SRQ) on information risk. This research also aims to examine the effect of SRQ on stock market participation through information risk.

The research sample includes 120 firm-years listed on the Sri Kehati Index period of 2017–2021. The hypothesis test uses firm and industry effect regression analysis. SRQ is measured by the existence of a sustainability committee and external assurance. The information risk is measured by bid-ask spread. Stock market participation is measured by volume of stock trading.

Based on the data analysis, this investigation finds that SRQ reduces information risk. This research also finds that SRQ improves stock market participation by reducing information risk.

First, this examination gives new evidence of SRQ to promote information environment improvement. Second, this examination contributes to providing the role of SRQ in an emerging market, such as Indonesia. Third, this examination contributes to providing the evaluation standard for sustainability reporting quality in Indonesia, since Indonesia has no specific standard for the sustainability report. Fourth, this examination contributes to filling the previous gap.

The paper's purpose is to investigate the effects of digital finance on the risk of stock price crashes and the underlying transmission mechanisms, and to provide suggestions to inhibit the stock crash risk (CR).

This paper selects all companies that were listed on the Shanghai Stock Exchange and the Shenzhen Stock Exchange from 2011 to 2020. It then uses the two-way fixed effect model and the intermediary effect model to verify such effects.

The overall outcomes demonstrate such a result that the CR of listed companies in China can be significantly reduced by the development of digital finance, and the overall transparency of business financial information and the equity pledge of controlling shareholders are the two underlying transmission mechanisms that digital finance can cause effects on the CR of stocks.

The main limitations are that there may exist some problems in the method for evaluating the CR of stocks. And there may be a problem of endogeneity caused by the empirical model cannot control all correlation variables.

This paper would provide policy implications, for different roles, to inhibit the stock CR and to make the development of the economy more stabilize.

Digital finance can promote economic development while restraining financial risks at the same time. Therefore, although this study is based on the relevant data from China, it can also provide a reference for other economies with different basic conditions from China, to promote the overall development of the world economy.

The current academic research on digital finance or stock price CR has been relatively sufficient, but there are few papers that combined both. By combining digital finance with stock CR, this paper researches the influence of digital finance on the CR of stocks through empirical analysis. So, this paper would provide new research ideas and evidence for potential influence factors of the CR of stocks, fill the gap in this research field and provide certain help for subsequent scholars to conduct relevant research.

The UK government has taken the lead in accelerating the capacity of higher education to engage with sustainability accounting and adopting a novel systematic approach toward a collective implementation of and contribution to Sustainable Development Goals (SDGs). The UN SDG 16 “Peace, Justice & Strong Institutions” promotes the (re)building of effective and accountable institutions. In line with the institutional logics metatheory, we provide empirical evidence on how the alignment between social mechanisms alongside the reputation of higher education institutions (HEIs) and SDGs on transparent and responsible service (SDG 16) affect the students' overall experience. Using a sample of 142 UK HEIs, interpretative content analysis and ordinary least squares, the results show that integrating HEIs' responsible-oriented research agenda proactively with high sustainability reputation adds significantly to greater student satisfaction.