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The purpose of this paper is to understand the drivers that create complexity in the supply chain and develop a mathematical model to measure the level of supply chain complexity (SCC).

Through extensive literature review, the authors discussed various drivers of SCC. These drivers were classified into five dimensions based on expert opinion. Moreover, a novel hybrid mathematical model was developed by integrating analytical hierarchy process (AHP) and grey relational analysis (GRA) methods to measure the level of SCC. A case study was conducted to demonstrate the applicability of the developed model and analyze the SCC level of the company in the study.

The authors identified 22 drivers of SCC, which were further clustered into five complexity dimensions. The application of the developed model to the company in the case study showed that the SCC level of the company was 0.44, signifying that there was a considerable scope of improvement in terms of minimizing complexity. The company that serves as the focus of this case study mainly needs improvement in tackling issues concerning government regulation, internal communication and information sharing and company culture.

In this paper, the authors propose a model by integrating AHP and GRA methods that can measure the SCC level based on various complexity drivers. The combination of such methods, considering their ability to convert the inheritance and interdependence of drivers into a single mathematical model, is preferred over other techniques. To the best of the authors' knowledge, this is the first attempt at developing a hybrid multicriteria decision-based model to quantify SCC.

The main purpose of this paper is to predicate financial distress using the worst-practice-frontier data envelopment analysis (WPF-DEA) model and artificial neural network.

In this study, a neural network technique was used to forecast inputs and outputs in the future time-period. Using a WPF-DEA model, financially distressed companies were identified based on the worst performance, and an improvement solution was provided for those decision-making units.

This study’s findings show that dynamic WPF-DEA has high predictability in corporate financial distress, and it can be used with high confidence. Based on the future time-period results, JOUSH & OXYGEN was predicted to be a financially distressed company in the two future time-periods.

In recent decades, globalization, technological changes and a competitive space have increased uncertainty in the economic environment. In such circumstances, economic growth certainly depends on correct decision-making and optimal allocation of resources. It can be done by introducing appropriate tools and models for assessing corporate financial conditions, including financial distress and bankruptcy.

This study aims to examine the association between environmental, social and governance (ESG) performance and cash holdings, as well as whether this association is moderated by Shariah-compliant status. The aim was to test the joint effect of two ethical precepts, namely, the ESG and Shariah-compliant status, in explaining variations in cash holdings.

A sample set that consisted of 9,244 firm-year observations from 25 countries from 2016 to 2020 was analysed using regression analysis. Firm-level data were sourced from Thomson Reuters and Refinitiv databases, while country-level data were derived from the World Bank and Hofstede Insights websites.

Firms with greater ESG performances were found to have higher cash holdings. The positive association between ESG performance and cash holdings was greater for Shariah-compliant firms compared to non-Shariah-compliant firms. In support of the stakeholder theory, the evidence indicated that Shariah-compliant firms with higher ESG commitments also have higher cash holdings as part of their corporate strategy.

These findings provided further comprehension to investors that ESG practices among Shariah-compliant firms are essential information during investment decision-making processes.

These findings highlighted ethical corporate practices through two frameworks, namely, ESG commitment and Shariah compliance; hence, contributing towards strategies to reach the Sustainable Development Goal 16 of promoting just, peaceful and inclusive societies.

This study has focused on the motives for cash holdings by considering the ethical precepts embodying ESG and Shariah compliance to uphold the positive impact of high cash reserves.

The purpose of this paper is to present scenarios of interactive trilateral foreign exchange (FX) exposure, where a company’s exposures to two foreign currencies depend on those currencies’ FX rate with each other.

A pro forma analysis of three-way FX rate changes illustrates interactive trilateral FX exposure and generates observations for a multivariate regression estimation of FX exposure coefficients.

The multivariate regression estimates of FX exposure provide the basis for a useful financial hedging strategy for interactive trilateral FX exposure. Some of the FX exposure estimates have surprising signs and magnitudes.

Scenario analysis does not result in a general theory of interactive FX exposure, but the study’s diverse and rich scenarios may provide helpful insights to theoretical and empirical researchers.

The scenarios relate to many common real-world situations and thus may help managers and educators better understand how to manage FX exposure.

The topic of interactive FX exposure is under-researched and under-covered in contemporary textbooks or the applied finance literature.

This study aims to investigate whether board gender diversity is associated with corporate sustainability performance and whether industry-level product market competition moderates the effect of board gender diversity on corporate sustainability performance.

This study uses international data extracted from global ESG data set from Thomson Reuters (Refinitiv) database. Using data of 23,137 firm-year observations from 37 countries, the authors perform regression analyses to examine the hypotheses.

The findings show that firms with high board gender diversity exhibit high corporate sustainability performance. The authors also find firms in highly competitive industries to have low corporate sustainability performance. In highly competitive industries, the positive relationship between board gender diversity and corporate sustainability performance is weakened. The results are robust to various specification tests such as alternative measures for corporate sustainability performance, board gender diversity, product market competition and also the use of propensity score matching to address endogeneity issue. Overall, the results support the prediction that board diversity and product market competition play a substitutive role in influencing corporate sustainability performance.

This study offers empirical evidence that the appointment of female directors is a useful way to improve a firm’s corporate sustainability performance, hence, providing significant benefits in terms of stakeholders’ values and corporate reputation.

This study provides useful insights to investors and policymakers that intense industry competition might mitigate the role of board governance, particularly board gender diversity, in enhancing corporate sustainability performance.

Using an international data set, where the observations operate in various market and institutional differences, this study is able to extricate the positive impact of board gender diversity and product market competition on corporate sustainability performance. This study corroborates evidence that sustainability strategy and initiatives are reflections of integrated factors, including corporate governance as internal driver and market forces faced by firms as external driver.