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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 study aims to explore how project-based firms, which generally organize most of their work around temporary projects in discontinuous and fragmented types of business contexts, proactively formulate and implement digital transformation strategies under institutional pressures in a predigital era.

An exploratory case study was conducted in a large-scale construction company in China using multiple data collection methods, including semistructured interviews, documentation collection and observation.

An integrated framework is developed to conceptualize three key dimensions of digital transformation strategies of project-based firms: strategic adaptation for organization-environment fit through balancing the internal efficiency needs with the external legitimacy pressures; proactive business transformation through comprehensively managing the roles of digital technologies in optimizing defined business processes and fostering new business models; and delicate organizational transformation to integrate temporary project-level operation processes with ongoing firm-level business processes.

This study represents an exploratory effort to empirically investigate how project-based firms strategically organize complex digital transformation imperatives in their discontinuous and fragmented business contexts. The findings contribute to deepened understandings of how complex organizational and environmental contexts can be comprehensively managed for systemic business and organizational transformations to leverage the value of emerging digital technologies for project-based organizations.

The purpose of this study is to provide new insights into the relationship between fiscal policy and total factor productivity (TFP) while accounting for several economic and econometric issues of the phenomenon like non-stationarity, fiscal feedback effects, persistence in productivity, country heterogeneity and unobserved global shocks and local spillovers affecting heterogeneously the countries in the sample.

The paper is empirical. It builds an Error Correction Model (ECM) specification within a dynamic heterogeneous framework with common correlated effects and models both reverse causality and feedback effects.

The results of this study highlight some new findings relative to the existing related literature. The outcomes suggest some relevant evidence at both the academic and policy levels: (1) the causal effects going from fiscal deficit/surplus to TFP are heterogeneous across countries; (2) the effects depend on the time horizon considered; (3) the long-run dynamics of TFP are positively impacted by improvements in fiscal budget, but only if the austerity measures do not exert slowdowns in aggregate growth.

The main originality of this study is methodological, with possible extensions to related phenomena. Relative to the existing literature, the gains of this study rely on the way econometric techniques, recently proposed in the literature, are adapted to the economic relationship of interest. The endogeneity due to the existence of reverse causality is modelled without implying relevant performance losses of the models. Moreover, this is the first article that questions whether the effects of fiscal budget on productivity depend on the impact of the former on aggregate output growth, thus emphasising the importance of the quality of fiscal adjustments.