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The purpose of this paper is to investigate the impact of corporate social responsibility (CSR) disclosure on firm-level investment efficiency.

An econometric model is used to estimate the impact of CSR reporting on investment efficiency on a sample of listed Chinese firms during the period from 2010 to 2013. Financial reporting quality is included in the model as a control variable. Investment efficiency is estimated based on existing models. Two scenarios are identified: under-investment and over-investment.

The results provide evidence of a higher level of investment efficiency for CSR reporting firms than for non-reporting firms. This relationship is, however, more pronounced in the over-investment scenario than in the under-investment scenario. In addition, the association between CSR disclosure and investment efficiency is stronger for firms with lower financial reporting quality (FRQ). These findings support the hypothesis that CSR disclosure provides effective incremental information that contributes to reduce information asymmetry and promote investment efficiency.

This is the first paper that directly tests the association between CSR disclosure and firm-level investment efficiency. The results suggest that firms and investors should consider the effect of CSR disclosure on information asymmetry and its impact on the availability and cost of capital. This work also contributes to the understanding of the economic impacts of CSR disclosure and provides arguments for regulatory entities to enforce CSR disclosure.

The purpose of this paper is to investigate if there is a differential effect of corporate governance mechanisms on firm risk in Canadian companies cross-listed on US markets and Canadian companies not cross-listed (Canadian only companies).

Using a sample comprised of all Canadian companies included in the S&P/TSX Composite Index for the period 2009–2014, this study applies OLS and fixed effect regressions to investigate the effect of corporate governance mechanisms on firm risk. Interaction variables between governance mechanisms and the cross-listing status are used to examine if this effect is different for cross-listed firms.

Results indicate that the effect of board characteristics such as size, independence and proportion of female directors remains the same in both cross-listed and not cross-listed firms. CEO duality and insider equity ownership impact firm risk only in cross-listed companies, while institutional shareholdings, environmental, social and governance disclosure and family control affect firm risk in Canadian only firms. Overall, the empirical results indicate that some governance mechanisms impact firm risk only in firms that cross-list, while others are well-suited for Canadian only firms.

This study suggests that some of the differences between Canadian companies that cross-list and the Canadian companies that do not cross-list in US stock markets may change the impact of governance mechanisms on firm risk. Therefore, these findings have important implications for the design of governance mechanisms in Canadian firms. Since some of these differences are common to other economies, the conclusions can be extended to companies in other countries with similar governance structures.

Although previous studies have investigated the effect of governance mechanism on firm risk, this is the first paper that studies the differential effect for companies that cross-list in US markets. Specifically, differences in the ownership structure, firm control and in the regulatory and institutional environment, may explain this differential effect. Unlike most of the previous studies that focus on the effect of individual governance mechanisms, this study uses several mechanisms and their interactions at the same time.

The purpose of this study is to empirically examine the relationship between executive compensation linked to corporate social responsibility (CSR) and firm risk. It also explores the moderating role of CSR-linked compensation on the relationship between risk-taking incentives provided in executive compensation and firm risk.

This study uses Ordinary Least Squares (OLS) and firm-fixed effects regressions to estimate the association between CSR-linked compensation and firm risk. Furthermore, it employs instrumental variable, propensity score matching and first-order difference approaches to address concerns about endogeneity and sample selection.

Benchmark results show that CSR-linked compensation reduces both total and idiosyncratic measures of risk. Further results indicate that CSR-linked compensation reduces firm risk only when risk is above the optimal level and has no significant effect when risk is below the optimal level. Additionally, tests show that CSR-linked compensation also mitigates the positive effect of Vega of executive compensation on risk and this mitigation effect is significant only when risk is above the optimal level.

The empirical results of this study show that boards can use CSR-linked compensation not only to induce higher social performance but also as a risk management tool to manage risk, especially when risk is above value increasing optimal levels. Furthermore, boards can use CSR-linked compensation to mitigate excessive risk-taking induced by option compensation.

This study contributes to the emerging literature on CSR-linked compensation and firm risk. To our knowledge, this is the first study that documents the direct risk-reducing effect of CSR-linked compensation and its mitigating effect on the relation between Vega of executive compensation and firm risk.

The study aims to evaluate the informational value to investors of the Toxics Release Inventory (TRI) as an external outcome measure of corporate environmental performance. Emphasis is placed on the market response differences between three highly polluting industries.

The study uses pooled cross‐sectional, time‐series data and an event study methodology to examine the effects of TRI emissions on abnormal market returns.

There is empirical evidence that market reactions to TRI emissions information vary by industry. Investors reward decreases in emissions in the electric utility industry, but do not penalize increases. In the chemical industry, increases in emissions are penalized, but decreases are not rewarded. Models do not capture any reaction to emissions changes in the pulp and paper industry. These results may be explained by the significant difference between industries in the US percentage of total firm sales.

This research analyzes only data from US firms in three industries and evaluates a single measure of environmental performance, TRI. The value of TRI information is measured for one stakeholder group. Future research should attempt to address these limitations.

The results suggest that research on the effects of environmental performance on market‐based measures should estimate models by industry, whenever possible. From a public policy perspective, the results suggest that regulators may want to consider alternative methods of reducing chemical emissions beyond TRI disclosure in the chemicals and pulp and paper industries.

The study distinguishes between the value of TRI as a “message service” and the content of the “message”. TRI may provide information of value to investors, but performance changes may not be sufficient to merit a price response. The study also specifically addresses industry differences and clearly shows how average coefficients can be misleading relating to this one environmental performance indicator. The use of pooled industry coefficients may lead to inefficient resource allocation decisions within industries and ineffective policies at the regulatory level.

This papers aims to study lattice structures in terms of geometric variables, manufacturing variables and material-based variants and their correlation with compressive behaviour for their application in a methodology for the design and development of personalized elastic therapeutic products.

Lattice samples were designed and manufactured using extrusion-based additive manufacturing technologies. Mechanical tests were carried out on lattice samples for elasticity characterization purposes. The relationships between sample stiffness and key geometric and manufacturing variables were subsequently used in the case study on the design of a pressure cushion model for validation purposes. Differentiated areas were established according to patient’s pressure map to subsequently make a correlation between the patient’s pressure needs and lattice samples stiffness.

A substantial and wide variation in lattice compressive behaviour was found depending on the key study variables. The proposed methodology made it possible to efficiently identify and adjust the pressure of the different areas of the product to adapt them to the elastic needs of the patient. In this sense, the characterization lattice samples turned out to provide an effective and flexible response to the pressure requirements.

This study provides a generalized foundation of lattice structural design and adjustable stiffness in application of pressure cushions, which can be equally applied to other designs with similar purposes. The relevance and contribution of this work lie in the proposed methodology for the design of personalized therapeutic products based on the use of individual lattice structures that function as independent customizable cells.

Crises are often studied in international business (IB) research as the external “context” for business strategies, but firms can also be active participants in the unfolding of crises. The study of crises in IB could benefit greatly from studying the role of multinational enterprises (MNEs) as active participants, rather than as mere passive actors, responding to exogenous events. History shows that IB crises typically unfold partially as exogenous processes, and partly as the result of MNE strategies. A multilevel and longitudinal approach to studying crises in IB is clearly necessary. This chapter considers the extent to which smaller events that preceded the present crisis – since 1989 – point to systemic problems in global governance. It also defines five overlapping lenses through which future IB studies can further create relevant insights on how to deal with crises: historic, macro, meso, micro and exogenous. The chapter finally serves as an introduction to the whole Progress in International Business Research volume by indicating the relevance of all parts and chapters that follow.

This research examines how labor union involvement shapes the civic participation of low-wage Latino immigrant workers.

Drawing on survey and semi-structured interview data gathered from a Los Angeles janitors’ labor union, I examine whether or not and how Latino immigrants apply their union experience to involvement in their children’s schools.

Results indicate that the union’s targeted member mobilization efforts produce unequal participation in union activities among immigrant workers, fostering civic and leadership skills among some and not others. At the same time, immigrant workers who do become involved in their union are then able to draw on their labor organizing and advocacy experience to address issues and concerns at their children’s schools. For some, worksite activism functions as a catalyst for newfound civic engagement; for other immigrant workers with prior civic experience in their country origin or in the United States, union involvement enhances their leadership capacity.

This empirical investigation shows how the experience of mobilizing for protests and participating in worksite campaigns allows Latino immigrant union members to overcome what are typically considered barriers to civic participation – that is, limited formal education, low occupational status, and limited English language skills. This study therefore suggests that labor union participation can have long-term effects on immigrants well beyond the benefits of a union contract.

This paper analyses whether the humanisation of smart home speakers can improve users' attitudes towards covert information collection. Additionally, it examines the direct and indirect impact of trust, social presence and user's perceived surveillance on attitude towards covert information collection.

A total of 679 American users of smart home speakers are surveyed, and their responses are analysed using structural equation modelling. Mediating effects are also examined.

Humanisation increases social presence, improves users' attitude towards covert information collection and has a U-shaped effect on trust. A negative effect of humanisation on perceived surveillance is demonstrated. Social presence reduces perceived surveillance levels and improves users' attitude towards covert information collection.

We examine attitude towards covert information collection as a new outcome variable. This study contributes to the growing body of research on humanisation by providing new evidence of how humanisation helps improve users' attitude towards covert information collection and generates trust in the service provider. This research indicates the important role of social presence.

This study aims at investigating the effect of corporate social responsibility (CSR) and corporate social irresponsibility (CSI) on corporate financial performance (CFP) in firms headquartered in developed versus emerging countries. Drawing upon stakeholder and legitimacy perspectives, the authors argue that the CSR/CSI–CFP relationship differs depending on the home-countries’ level of economic development as this reflects their different sensitivity to sustainability. Indeed, as emerging economies are normally characterized by weaker regulations, they are likely to place lower pressures on companies for superior CSR practices. Therefore, the authors expect the effect of CSR on CFP to be more positive for firms headquartered in advanced than in emerging countries. At the same time, the authors propose a more negative relationship between CSI and CFP for firms headquartered in developed countries due to the higher overall sustainability expectations required to gain legitimacy. The empirical analyses, run on a sample of 1,971 publicly listed firms between 2010 and 2020 from developed and emerging economies, support the expectations, thus confirming that country-specific contextual factors do play a role in shaping both the positive and the negative impact of CSR and CSI on CFP, and that the reactions of stakeholders to responsible and irresponsible behavior are stronger when their sensitivity to sustainability is higher.

We explore the relationship between the balanced scorecard (BSC) and neo-bureaucracy by investigating whether the operationalization of the BSC incorporates “neo-bureaucratic” ideas and whether the BSC implemented in a Portuguese Local Health Unit (LHU) demonstrates a neo-bureaucratic approach.

We conduct semi-structured interviews with LHU staff and analyse documents to assess whether features of bureaucratic organization were evident in the use of a BSC by the LHU.

We found nine bureaucratic features evident in the LHU's BSC. These were systematization, rationality, authority, jurisdiction, professional qualification, knowledge, discipline, transparency and accountability. The BSC used at the LHU demonstrated a neo-bureaucratic approach.

Our study helps to demystify bureaucracy and overcome prevailing prejudices regarding some of its principles. Health care managers should recognize and endorse neo-bureaucratic principles in developing a BSC. They should recognize the BSC as involving a neo-bureaucratic approach. The BSC is a valuable management tool that hospital managers should find useful in fostering flexibility, collaboration, innovation and adaptation – all of which should help lead to improved healthcare outcomes.