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Article
Publication date: 13 January 2021

Salim Chouaibi, Jamel Chouaibi and Matteo Rossi

The purpose of this paper is to investigate the direct and indirect links between environmental, social and governance (ESG) practices and financial performance using the…

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Abstract

Purpose

The purpose of this paper is to investigate the direct and indirect links between environmental, social and governance (ESG) practices and financial performance using the mediate role of green innovation.

Design/methodology/approach

To test the current study hypotheses, the authors applied linear regressions with a panel data using the Thomson Reuters ASSET4 and Bloomberg database from a sample of 115 UK and 90 Germany companies selected from the ESG index over the period 2005–2019.

Findings

The results show that the strengths ESG increase the firm value and the weaknesses decrease it. In addition, the authors find that green innovation fully mediates the relationship between ESG practices and financial performance in UK and Germany.

Practical implications

The findings provide interesting implications to academics practitioners and regulators who are interested in discovering ESG score, financial performance and green innovation. The results also provide insights to regulators and the board of directors on future growth opportunities for the company and the country.

Originality/value

This study is unique in examining the mediation effect of green innovation on the relationship between ESG practices and financial performance.

Details

EuroMed Journal of Business, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1450-2194

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Article
Publication date: 5 July 2021

Salim Chouaibi and Jamel Chouaibi

This study aims to examine the potential effect of integrating social and ethical practices into strategy on the market valuation of environmental, social and governance…

Abstract

Purpose

This study aims to examine the potential effect of integrating social and ethical practices into strategy on the market valuation of environmental, social and governance (ESG) businesses using the moderating effect of green innovation.

Design/methodology/approach

The sample used consisted of 523 international firms listed on the ESG index and headquartered in North America and Western Europe, forming an unbalanced panel of 7,845 observations spanning the period 2005–2019. The authors run a fixed-effects panel regression model using the Thomson Reuters ASSET4 to test the relationship between societal and ethical practices and the stock market value creation. Similarly, as an extension of the research, this paper exploits two robustness analyzes. The authors tested the dynamic dimension of the data set through the generalized moment method and the effect of the legal system.

Findings

Evidence reveals a significant positive relationship between societal and ethical practices and businesses’ market valuation. The empirical results indicate that societal and ethical strengths increase firm value with the moderating effect of green innovation and weaknesses reduce it. The results found with the dynamic dimension of the data set indicate the existence of continuity between firm values over time.

Research limitations/implications

Given the long study period, many firms with missing data were eliminated. To avoid the small sample size, countries with few observations were included, which led to an uneven distribution between observations per country.

Practical implications

Findings from this paper can help ESG firms to consider their future growth opportunities in a context where the approach of business ethics occupies a central position in business valuation.

Originality/value

This study is the only study that provides ESG companies with seven different nationalities with evidence for the effect of social and ethical practices regarding market valuation. This paper is also relevant as it addresses the relationship between social effectiveness and financial efficiency, as well as the dynamic effect of this relationship.

Details

International Journal of Ethics and Systems, vol. 37 no. 3
Type: Research Article
ISSN: 2514-9369

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Article
Publication date: 20 September 2021

Jamel Chouaibi, Saida Belhouchet, Raghad Almallah and Yamina Chouaibi

This paper targets to shed light on the relationship between board characteristics, good corporate governance and the integrated reporting quality (IRQ) and even if this…

Abstract

Purpose

This paper targets to shed light on the relationship between board characteristics, good corporate governance and the integrated reporting quality (IRQ) and even if this relationship is moderated by the corporate social responsibility.

Design/methodology/approach

Data from a sample of 185 European firms selected from STOXX 600 Index between 2010 and 2019 are used to test the model using panel data and multiple regression. This paper is motivated by using panel data estimated feasible generalized least squares method. A multiple regression model is used to analyze the moderating effect of the corporate social responsibility on the association between board characteristics, good corporate governance and the IRQ.

Findings

Consistent with the expectations, the results showed that there is a positive relationship between board independence, board diversity, good corporate governance and IRQ. Furthermore, the findings suggest that moderating effect positively affects the relationship between the board characteristics, good corporate governance and IRQ.

Practical implications

The results of this study have an impact on policymakers. The presence of women and independent members of the board should be encouraged. This has a positive effect on the availability of high-quality information, able to drive investment levels and stakeholder participation.

Originality/value

This study supports the existing literature. First, it expands the scientific debate on the topic of integrated reporting (IR). Second, it extends the scope of agency theory, which is rarely used to explain IR-related phenomena. This study is one of the first to examine the moderating effect of corporate social responsibility on the association between a set of governance characteristics (i.e. Board independence and board diversity) and integrated reporting adoption.

Details

EuroMed Journal of Business, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1450-2194

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Article
Publication date: 7 December 2021

Hanen Ben Fatma and Jamel Chouaibi

The purpose of this paper is to examine the impact of the characteristics of two corporate governance mechanisms, namely, board of directors and ownership structure, on…

Abstract

Purpose

The purpose of this paper is to examine the impact of the characteristics of two corporate governance mechanisms, namely, board of directors and ownership structure, on the firm value of European financial institutions.

Design/methodology/approach

Using the market-to-book ratio calculated by the Thomson Reuters Eikon ASSET4 database, this study measures the firm value of 111 financial institutions belonging to 12 European countries listed on the stock exchange during the period 2007–2019. Multivariate regression analysis on panel data is used to estimate the relationship between corporate governance attributes, such as board size, board independence, board gender diversity, ownership concentration and CEO ownership, and the firm value of European financial institutions.

Findings

The empirical results reveal that board gender diversity and CEO ownership are positively related to the firm value, whereas board size and ownership concentration are negatively related. Furthermore, the findings suggest that board independence is insignificantly correlated with the firm value. Regarding the control variables, the results show that financial institutions' size, age and legal system are significant factors in changing the firm value. Nevertheless, financial institutions' leverage and activity sector are not significantly correlated with their value.

Originality/value

This research contributes to the literature by providing the significant links between some corporate governance mechanisms and the firm value of companies from the financial industry, by addressing the information gap for this critical industry in the context of a developed market like Europe.

Details

International Journal of Productivity and Performance Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1741-0401

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Article
Publication date: 28 October 2021

Jamel Chouaibi, Matteo Rossi and Nouha Abdessamed

The purpose of this paper is to examine the negative impact of corporate social responsibility (CSR), business ethics and responsible corporate governance on tax avoidance…

Abstract

Purpose

The purpose of this paper is to examine the negative impact of corporate social responsibility (CSR), business ethics and responsible corporate governance on tax avoidance within a sample of 119 French industrial companies from 2010 to 2019.

Design/methodology/approach

To test the current hypotheses of this study, the authors applied linear regressions with panel data using the Thomson Reuters ASSET4 database from a sample of 119 French companies over the period of 2010–2019.

Findings

The results show that companies with no conduction of CSR activities are more aggressive in the avoidance of taxes than others, confirming the idea that CSR could be seen as a facet of corporate culture that affects business corporate tax avoidance.

Practical implications

The results have interesting implications for investors and other partners who are interested in the business. Thus, for the government, to develop financial transparency, the improvement of the means of legal action such as the tax administration and the support of the action of civil society are pivotal to strengthen the legitimacy of tax.

Originality/value

This work is one of the studies that examine the effect of CSR, ethics and responsible governance on tax avoidance.

Details

Competitiveness Review: An International Business Journal , vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1059-5422

Keywords

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Article
Publication date: 11 February 2019

Jamel Chouaibi, Ghazi Zouari and Sawssen Khlifi

The purpose of this paper is to examine the effect of R&D intensity on the real earnings management index.

Abstract

Purpose

The purpose of this paper is to examine the effect of R&D intensity on the real earnings management index.

Design/methodology/approach

The authors proceed with dividing the full sample into two sub-samples, in accordance with the R&D associated intensity median. The final test sample proves to involve 73 firms along with 949 relating observations, while the control sample appears to enclose 65 firms and 845 relevant observations for the period 2000-2012.

Findings

The main finding of this study is the great influence of R&D intensity on the real earnings management index on the test sample. Accordingly, the proposed hypothesis stipulating that the innovative firms engage in upward real earnings management turns out to be strongly supported.

Research limitations/implications

The study was conducted using robust methods to test the effect of R&D intensity on the real earnings management index. The generalized least squares method was used to fit panel data and overcome heteroscedasticity and autocorrelation problems. The aim of the study was to prove the great effect of R&D intensity on the real earnings management index. As this study was based on data from American companies, the results cannot be generalized to all contexts.

Originality/value

This paper differs from previous work and tests the effect of innovative firms, the market-to-book ratio on real earnings management. The findings of this study will enrich the literature on real earnings management by suggesting R&D intensity that can significantly enhance the real earnings management index. Therefore, these findings will be helpful to investors, managers and regulators because they have implications for the interactive decision-making process.

Details

International Journal of Law and Management, vol. 61 no. 1
Type: Research Article
ISSN: 1754-243X

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Article
Publication date: 7 December 2021

Emna Miladi and Jamel Chouaibi

This paper aims to investigate the relationship between corporate social responsibility (CSR) and earnings management (EM) in US commercial banks and examines whether the…

Abstract

Purpose

This paper aims to investigate the relationship between corporate social responsibility (CSR) and earnings management (EM) in US commercial banks and examines whether the chief executive officer (CEO) power can moderate this relationship.

Design/methodology/approach

For a sample of American commercial banks covering 2009–2018, several equations and regressions are used to measure the main proxies for bank EM. The authors use the fixed effects model and generalized method of moment to investigate the CSR–EM relationship.

Findings

The authors find a significant positive relation between CSR and EM. Moreover, the authors find that CEO power moderates the CSR–EM relationship. This study also suggests a bidirectional relationship between CSR and EM.

Research limitations/implications

The findings of this paper have important policy implications for policymakers, regulators and investors in their attempts to constrain EM practices and enhance the quality of financial reporting in US commercial banks.

Originality/value

The study contributes to the literature by exploring the relationship between CSR practices and firm EM by particularly focusing on banking. This study offers new insights into whether the association between CSR practices and EM is moderated by the CEO power. To the best of the knowledge, the relationship between CSR and EM is not studied yet with the moderating role of CEO power.

Details

Journal of Global Responsibility, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2041-2568

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Article
Publication date: 23 October 2020

Jamel Chouaibi and Abir Hichri

The purpose of this paper is to consist in examining the effect of the auditor’s behavioral and individual characteristics on the integrated reporting quality, in regard…

Abstract

Purpose

The purpose of this paper is to consist in examining the effect of the auditor’s behavioral and individual characteristics on the integrated reporting quality, in regard to a sample involving 130 European industrial companies, relevant to the year 2017.

Design/methodology/approach

The present study’s adopted methodology rests on the hypothetico-deductive approach. The relevant data applied are analyzed by means of multiple linear regression models.

Findings

The reached results prove to indicate well that both auditor specialization and auditor ethics factors appear to have a significantly positive effect on the integrated reporting quality. Noteworthy, also, is the fact that the audit firm size and auditor behavior have been discovered to have a positive and insignificant effect on the integrated reporting related quality.

Originality/value

Faced with the scarcity of studies linking the auditor characteristics and the integrated reporting quality, the present study is elaborated to provide some kind of modest contribution, whereby, the determinants of integrated reporting are distinguishably highlighted

Details

International Journal of Law and Management, vol. 63 no. 2
Type: Research Article
ISSN: 1754-243X

Keywords

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