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The purpose of this study is to examine the effect of carbon emission on accounting and market-based financial performance of Indian companies.

Firms reporting emission data on Carbon Disclosure Project (CDP) are considered for empirical analysis and the data have been collected for the period from 2013 to 2019. The study adopts Heckman's regression model to control for self-selection bias and it also examines the moderating role of environmental sensitivity through industry-wise analysis. The results are also checked for potential endogeneity using generalized methods of moments estimation.

Primarily, the findings postulate a significant negative impact of carbon emissions on both measures of financial performance. Further, it also determines that environmentally sensitive firms are more exposed to such negative influence of emission compared to nonsensitive companies.

Current research will enhance the understanding of managers about the economic impact of carbon emission, especially in an economy where emissions are not completely regulated. The study provides an economic rationale to the industries to reduce emission volume. It will also assist regulators to draft environmental policies by considering environmental sensitivity. It should be noted that the study is based on the Indian firms that have reported emission data on the CDP during the study period.

The present study addresses one of the most important but less explored issues of environmental research in one of the largest emerging economies of the South Asian region. The study presents a comprehensive view by covering accounting as well as market-based indicators along with the moderating effect of environmental sensitivity.

Purpose: The chapter explains how entrepreneurship can generate either subsistence, destructive, or peace-positive outcomes in the conflict zones of the Middle East and North Africa (MENA) region. Institutional arrangements are examined for how they can advance the latter.

Methodology/approach: Literatures from conflict resolution, development, economics, corporate social responsibility, entrepreneurship, and psychology are drawn on to frame the multiple roles of entrepreneurs in conflict zones, and understand the institutional arrangements that support peace-positive entrepreneurship.

Findings: The chapter indicates that formalization plays a major role in promoting peace-positive entrepreneurship while deterring destructive entrepreneurship. Conflict zone institutional arrangements that reestablish trust, can uphold the rule of law, and incentivize entrepreneurial activity aid in the formalization process. Special attention is paid to the inclusive nature of these activities, with the need to heal religious, tribal, and sectarian divides in the region, and promote the inclusion of all societal actors (namely, minorities and women) to engage in enterprising activities.

Social implications: The chapter outlines the importance for both foreign donors and local actors to understand the determinant role of institutions in conflict zone entrepreneurial ecosystems, promoting the role of institutional reform over and above the micro-level activity currently grabbing attention in the region.

Originality/value of the chapter: The chapter contrasts the singular narrative often presented on the positive role of conflict zone entrepreneurship in the informal sector, offering a paradoxical view on the topic, and arguing for formalization and institutional reform to remain aspirational among researchers and practitioners who commonly accept and promote the role of the informal sector in conflict zones.

The purpose of this paper is to explore the association between intellectual capital (IC) and resilience in torn societies while proposing an integrative framework. Due to adversities faced by entrepreneurs in such contexts, an understanding of the role of resilience along with IC has become crucial for businesses to succeed and survive.

This study takes an in-depth look at the three components of IC – human, organizational and external capital and their association with resilience. In order to do so, a qualitative study on 17 Iraqi micro, small and medium enterprises (MSMEs) was conducted using data collected through semi-structured interviews with the founders. The interviews were translated and coded by native speakers.

The results suggest that IC and resilience are interrelated concepts where IC components contribute to the resilience capabilities of entrepreneurs to survive and continue their businesses during turbulent times.

Implications for managers and policymakers are presented; in brief, strategies and policies are required to support entrepreneurial success in the Iraqi context.

The study contributes to the literature on IC for entrepreneurs. So far, few studies have dealt with the association between IC and resilience, and less so in torn societies. This paper contributes to research on enterprise development and survival under conflict zones; it highlights some of the factors that could form resilience of a MSME in the face of uncertainty; and it contributes to the literature on IC as it helps us understand certain capacities that build up and/or support MSME resilience in such a context.

Effective mechanisms for corporate governance are essential for market-based economic systems. This chapter addresses the necessity of corporate governance research to address the competing goals of various stakeholders in the firm: managers, suppliers of financial capital, and other stakeholders. The review of literature reveals that firm-level complexity, as well as diversity of national business systems, are important for understanding corporate governance practices and regulations around the world.

The purpose of this paper is to identify three (maturity, agency, and information) effects that help explain the change in idiosyncratic volatility after a firm initiates a dividend.

The paper uses a cross-sectional analysis where the standard errors are adjusted for heteroskedasticity. As for robustness check, the authors perform two-stage analysis to control for potential self-selection bias. The authors also control for 2003 Dividend Tax Cut effect, matching-firm volatility, and confounding events.

Using a sample of 688 dividend-initiating firms for a period of 1977 to 2010, the authors find evidence consistent with the hypotheses based on the maturity, agency, and information effects. The volatility changes upon the dividend initiation can be reliably explained by the changes in profit volatility and free cash flow per total assets, and whether the firm consummated a stock split prior to the dividend initiation. The information effect is also found to be economically significant.

By studying a firm’s decision to initiate a dividend and its impact on the change in its volatility, the research helps contribute to the payout policy and volatility literatures.

One of the main functions of the absorptive class is to minimize the impact of economic crisis within a given national economy and where possible to shift the impact of economic crisis to less-developed or developing economies or indeed to another advanced economy. Hence the absorptive class displays the same feature of capitalism: it is simultaneously both national and international. This process of absorption is not done consciously, of course. It is the way the system has come to operate. Had the system not done so, capitalist economies would have lost a great degree of its capacity for resilience in the face of recurrent crises. Since the industrial revolution gathered momentum in England in the eighteenth century and spread rapidly to a limited number of countries in the world, economic crisis has been commonplace, threatening the very fabric of the economies created by the system. Economic crisis is taken to mean a severe disjuncture between production and consumption, marked by a reduction in economic growth. Depending on one's theoretical position economic crisis is caused by over-production or under-consumption or by some combination of the two. Adam Smith who published An Enquiry into the Wealth of Nations just about at the onset of the industrial revolution in England believed that any disjuncture between glut and scarcity was an effect of wrong-minded intervention by government. Left alone market forces would always tend toward the elimination of gluts. Thus, want of employment (the word unemployment was to be invented a 100 years later), so dangerous to the social fabric, would be avoided and capital accumulation would take place steadily in an unimpeded way. However, by the early nineteenth century, the British economy seemed to fluctuate ever more wildly than it had done in less industrial times, and as the urban population grew, such instability was especially feared by the ruling classes in Britain and, later, in Germany, the United States, France and Italy. Clearly, policy intervention by governments took place to manage such crises and the governments sought increasingly to achieve financial and price stability, and in Britain for instance this culminated in the Bank Charter Act of 1844, having 10 years previously introduced legislation aimed at achieving labour mobility with the infamous Poor Law Amendment Act.

The purpose of the paper is to better understand the relation between information technology (IT) affordances and donor motivations in charitable crowdfunding.

This paper reports the findings from a comparative case study of two charitable crowdfunding campaigns.

The affordances of crowdfunding platforms support types of donor motivation that are not supported effectively, or at all, in offline charity.

For future researchers, the paper provides a theoretical model of the relation between IT affordances and motivations in the context of charitable crowdfunding.

For practitioners in the charity space, the paper suggests why they may wish to consider the use of charitable crowdfunding and how they may go about its implementation.

Based on field research at two charitable crowdfunding campaigns, the paper provides a new theoretical model.

This paper aims to investigate short selling and stock price crash risk. The authors find that short selling is positively associated with one-month-ahead stock price crash risk, consistent with the literature showing that short sellers are informed traders. The authors attribute this prediction ability to the information short sellers receive from foreign investors with high levels of ownership in a firm. The results shed light on policy issues regarding short selling regulation.