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The paper examines the relationship between board effectiveness and audit fees for state-owned enterprises (SOEs). Furthermore, given the unique nature of SOEs, the paper assesses country-level influences, such as economic freedom, political democracy and protection of minority shareholders, which can impact board effectiveness and audit fees.

A combination of two-stage and ordinary least squares regression is used to examine the board characteristics-audit fee relationship for SOEs in a multinational setting during the period from 2016 to 2018.

The results indicate that board characteristics that represent a high level of effectiveness are associated with higher audit fees in SOEs. Furthermore, the findings suggest SOE's operating in countries evidencing medium levels of democracy and economic freedom and medium to high levels of protection of minority shareholders may be motivated to reduce agency conflicts by promoting accountability and transparency, thereby demanding increasing levels of corporate governance, monitoring and audit quality, thereby increasing audit fees.

The results provide further support for the OECD (2015) guidelines promoting the use of high-quality external audits in SOEs.

As a result of the scarceness of research in this area, the current study extends the literature by examining the role of corporate governance and audit fees in SOEs, while examining the influence of economic freedom, political democracy and protection of minority shareholders.

Creating visibility in the supply chain (SC) helps in making it resilient. Integrating the SC with Industry 4.0 key enabling technologies creates visibility and sustainability in SCs. It also fosters intelligent decision-making, thereby making a SC smart. However, how Industry 4.0 technologies affect key performance indicators (KPIs) of a resilient SC and may help achieve sustainability is rarely studied.

Sixteen KPIs were identified from the literature review and analyzed using fuzzy analytic hierarchy process (FAHP) using expert opinions. Further, a sensitivity analysis was conducted for the KPIs by varying the weightage of the criteria. Later, KPIs results were analyzed, and (1) how and which Industry 4.0 technology helps improve the KPI? (2) Resilience relationship with sustainability? were discussed.

The analyses show that the time-oriented (TO) is an essential criterion and organizational (OR) is the less important comparatively. Lead time, time to market and risk assessment frequency are the top KPIs that need a focus. Blockchain, Big Data and Cyber-physical systems enhance KPI's value and, in turn, foster economic, environmental and social sustainability of the SC and help in better decision making in terms of smart contracts, better forecasting and enhanced real-time information sharing.

Identification of the KPIs, the impact of Industry 4.0 technologies and the impact on sustainability; this kind of interplay is rarely evident in the literature. Understanding the findings of this research will help managers develop smart systems that may work intelligently to overcome risks associated and enhance sustainability. Academicians can use the findings and conduct future research that can overcome the limitations of this research.

Schools have a significant role in ensuring children's wellbeing as children spend a lot of time at school. Students need to have an active role in their learning and an opportunity to participate in issues concerning wellbeing and studying. This research examines students' wellbeing in an innovative learning environment. The classroom is built with professionals, teachers and students (aged 9). The authors call it Learning Ground.

Students' wellbeing was measured with smart device application for a six-week period. Students answered the questionnaire with a Likert scale of five (very poor – excellent) responses. Two weeks during the six weeks research period, students were able to use digital study aids, EEG-biosensor headsets, to observe the effectiveness of their learning, defined by NeurSky app. The EEG-biosensors enabled students to use a tool to recognise their own learning factors during the lessons. The effectiveness was available to students via tablets all the time.

The students at the Learning Ground are satisfied with wellbeing and the environment support for students' wellbeing experience is notable. They have “good vibes” before and after the school day. When wearing EEG-headsets “study aids”, which enabled them to observe their learning via tablets at lessons, the wellbeing experience in the mornings even increased.

Schools need to be visionaries concerning 21st century learning and children's wellbeing. Building flexible learning environments and bringing innovative technologies into schools to provide active support for students will enable 21st century learning. Wellbeing of children should become first when developing the future schools.

Employee Stock Options [ESOs] have been used widely as a component of employees' compensation. To maximise the incentive effect of these options it is very important to understand the exercise decision of the employees. This is an important financial decision that is dependent on both rational and psychological factors. This paper aims to study the mediating role of Herding Bias on Personality Traits and the employees' decision to exercise ESOs.

The data were collected through a self-structured questionnaire from 210 employees of Banks and NBFCs [Non-Banking Financial Companies] who have received and exercised the ESOs. SPSS MACRO version 25 was used to understand the mediational effect of Herding Bias on Personality Traits and Employees' decision to exercise their ESOs.

The results showed that Personality Traits affect the employees' decision to exercise their ESOs. The study also shows a partial negative mediating effect of Herding Bias on Personality Traits and employees' decision to exercise ESOs.

Limited study has been conducted on how the employees make their decision to exercise ESOs. Although extant studies have touched upon the importance of including behavioural biases in ascertaining the exercise decision of the employees, the predictors of the behavioural biases have not been studied under this context. To the best of the author's knowledge, this study is the first in itself to study the inter-linkage between Personality Traits, Herding Bias and employees' decision to exercise ESOs.