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The objective of this paper is to investigate the direction of the causal relationship between dividend policy (DP) and earnings management (EM).

This research utilizes the panel data analysis to investigate the causal relationship between EM and DP. It provides empirical insights based on a sample of 280 French nonfinancial companies listed on the CAC All-Tradable index during the period of 2008–2015. The study initiates with a Granger causality examination on the unbalanced panel data and employs a dynamic panel approach with the generalized method of moments (GMM). It further estimates the empirical models simultaneously using the three-stage least squares (3SLS) method and the iterative triple least squares (iterative 3SLS) method.

The estimation of our various empirical models confirms the presence of a bidirectional causal relationship between DP and EM.

Our study highlights the prevalence of EM in the French context, particularly within DP. It underscores the need for regulatory bodies, the Ministry of Finance, external auditors and stock exchange organizers to prioritize governance mechanisms for improving the quality of financial information disclosed by companies.

This research is, to the best of our knowledge, the first is to extensively investigate the reciprocal causal relationship between DP and EM in France. Previous studies have not placed a significant emphasis on exploring this bidirectional link between these two variables.

This study aims to evaluate the presence of abnormal returns due to stock splits or reverse stock splits in the Brazilian capital market context.

The event study technique was used on data from 518 events that occurred in a 30-year period (1987–2016), comprising 167 stock splits and 351 reverse stock splits.

The results revealed the occurrence of abnormal returns around the time the shares began trading stock splits or reverse stock splits at a statistical significance level of 5%. The main conclusion is that stock split and reverse stock split operations represent opportunities for extraordinary gains and may serve as a reference for investment strategies in the Brazilian stock market.

This study innovates by including reverse stock splits, as the existing literature focuses on stock splits, and by testing two distinct “zero” dates that of the ordinary general meeting that approved the share alteration and the “ex” date of the alteration, when the shares were effectively traded, reverse split or split.

This study explores the variance in investor responses to the corporate social responsibility (CSR) performance of firms, as influenced by information sources and investor types.

This study applies a short-term event study and cross-sectional analysis with unique CSR datasets obtained from newspaper articles and the Dow Jones Sustainability Index.

Investor reactions are significantly shaped by their sources of information. Individual investors are found to predominantly respond to accessible news announcements, whereas institutional investors show heightened sensitivity to adverse news from both scrutinized sources. Foreign investors, mirroring institutional investors' patterns, uniquely react positively to index additions.

Investors’ assessment of CSR activities varies due to the differing sources of information obtained; further, it is affected by the type of investor.

The findings guide public relation managers in strategizing CSR communication toward diverse investor types. This includes recommending targeted approaches for Japanese individual investors through newspapers and TV, exercising caution in disseminating adverse news to Japanese institutions, and promoting and justifying CSR actions to foreign investors. It underscores the need for a strategic investor relations frameworks that considers accessibility, literacy, and investors' interests.

This study examines the relationship between sources of information for CSR activities and investors’ responses, an area under-represented in the literature. The author uses CSR announcement data, collected from newspapers to make the results more accurate and relevant.

This study aims to explore the relationship between promoter share pledging and the company’s dividend payout policy in India. Furthermore, this study also analyses the moderating impact of family involvement in business on the association between share pledging and dividend payout.

A sample of 236 companies from the S&P Bombay Stock Exchange Sensitive (BSE) 500 Index (2014–2023) has been analysed through fixed-effects panel data regression. For additional testing, robustness checks include alternative measures of dividend payout and promoter share pledging, as well as alternative methodologies such as Bayesian regression. Lastly, to address potential endogeneity, instrumental variables with a two-stage least squares (IV-2SLS) methodology have been implemented.

Upholding the agency perspective, a significantly negative impact of promoter share pledging on corporate dividend payouts in India has been uncovered. Moreover, family involvement in business moderates this relationship, highlighting that the negative association between promoter share pledging and dividend payouts is more pronounced in family companies. The findings are consistent throughout the robustness testing.

The present study represents a pioneering endeavour to empirically analyse the link between promoter share pledging and dividend payouts in India. It enhances the theoretical underpinnings of the agency relationship, particularly by substantiating the existence of Type II agency conflicts between majority and minority shareholders. The findings of this research bear significant implications for investors, researchers and policymakers, particularly in light of the widespread prevalence of promoter-controlled entities in India.

This study examines the impact of China’s mixed-ownership reform on the innovation of non-state-owned acquirers, with a particular focus on the impact on firms with high financing constraints, low-quality accounting information or less tangible assets.

We use a proprietary dataset of firms listed on the Shanghai and Shenzhen Stock Exchanges to investigate the impact of mixed ownership reform on non-state-owned enterprise (non-SOE) innovation. We employ regression analysis to examine the association between mixed ownership reform and firm innovation.

The study finds that non-state-owned firms can improve innovation by acquiring equity in state-owned enterprises (SOEs) under the reform. Eased financing constraints, lowered financing costs, better access to tax incentives or government subsidies, lowered agency costs, better accounting information quality and more credit loans are underlying the impact. Additionally, cross-ownership connections amongst non-SOE executives and government intervention strengthen the impact, whilst regional marketisation weakens it.

This study adds to the literature on the association between mixed ownership reform and firm innovation by focussing on the conditions under which this impact is stronger. It also sheds light on the policy implications for SOE reforms in emerging economies.

This study investigates the relationship between board gender diversity (BGD) and the time to Initial Public Offering (IPO), which stands as an entrepreneurially risky choice, particularly challenging in family firms. We also investigate the moderating role of family ownership dispersion (FOD).

We draw on an integrated theoretical framework bringing together the upper echelons theory and the socio-emotional wealth (SEW) perspective and on hand-collected data on a sample of Italian family IPOs that occurred in the period 2000–2020. We employ ordinary least squares (OLS) regression and alternative model estimations to test our hypotheses.

BGD positively affects the time to IPO, thus, it increases the time required to go public. FOD negatively moderates this relationship. Our findings remain robust with different measures for BGD, FOD, and family business definition as well as with different econometric models.

The article develops literature on family firms and IPO and it enriches the academic debate about gender and IPOs in family firms. It adds to studies addressing the determinants of the time to IPO by incorporating gender diversity and the FOD into the discussion. Finally, it contributes to research on women and outcomes in family firms.

This study aims to provide insights into gender diversity in Pakistani boardrooms, particularly for the dominant family business type, which is strongly guided by (non-financial) family-related objectives when making business decisions, such as the appointment of board members. Pakistani companies operate within the framework of weak legal institutions and a traditionally highly patriarchal environment. This study examines how corporate decisions regarding the appointment of female board members play out in this socio-political and cultural environment.

Board composition and board characteristics were examined using hand-collected data from 213 listed family firms and non-family firms on the Pakistan Stock Exchange from 2003 to 2017. Univariate analyses, probit regressions and robustness tests were performed.

Pakistani family firms have a significantly higher proportion of women on their boards than do non-family firms. They are also significantly more likely to appoint women to top positions, such as CEO or chairs.

Evidently, women are allowed to enter boards through family affiliations. Gender quotas appear an ineffective instrument for breaking through the “glass ceiling” in this socio-cultural environment. Thus, gender parity must entail the comprehensive promotion of women and the enforcement of legal reforms for structural and cultural change.

The analysis focuses on a Muslim-majority emerging Asian market that has been scarcely researched, thus offering new perspectives and insights into board composition and corporate governance that go beyond the well-studied Western countries.

Society is critically dependent on an adequate supply of hospital doctors to ensure optimal health care. Voluntary turnover amongst hospital doctors is, however, an increasing problem for hospitals. The aim of this study was to systematically review the extant academic literature to obtain a comprehensive understanding of the current knowledge base on hospital doctor turnover and retention. In addition to this, we synthesise the most common methodological approaches used before then offering an agenda to guide future research.

Adopting the PRISMA methodology, we conducted a systematic literature search of four databases, namely CINAHL, MEDLINE, PsycINFO and Web of Science.

We identified 51 papers that empirically examined hospital doctor turnover and retention. Most of these papers were quantitative, cross-sectional studies focussed on meso-level predictors of doctor turnover.

Selection criteria concentrated on doctors who worked in hospitals, which limited knowledge of one area of the healthcare environment. The review could disregard relevant articles, such as those that discuss the turnover and retention of doctors in other specialities, including general practitioners. Additionally, being limited to peer-reviewed published journals eliminates grey literature such as dissertations, reports and case studies, which may bring impactful results.

Globally, hospital doctor turnover is a prevalent issue that is influenced by a variety of factors. However, a lack of focus on doctors who remain in their job hinders a comprehensive understanding of the issue. Conducting “stay interviews” with doctors could provide valuable insight into what motivates them to remain and what could be done to enhance their work conditions. In addition, hospital management and recruiters should consider aspects of job embeddedness that occur outside of the workplace, such as facilitating connections outside of work. By resolving these concerns, hospitals can retain physicians more effectively and enhance their overall retention efforts.

Focussing on the reasons why employees remain with an organisation can have significant social repercussions. When organisations invest in gaining an understanding of what motivates their employees to stay in the job, they are better able to establish a positive work environment that likely to promote employee well-being and job satisfaction. This can result in enhanced job performance, increased productivity and higher employee retention rates, all of which are advantageous to the organisation and its employees.

The review concludes that there has been little consideration of the retention, as opposed to the turnover, of hospital doctors. We argue that more expansive methodological approaches would be useful, with more qualitative approaches likely to be particularly useful. We also call on future researchers to consider focussing further on why doctors remain in posts when so many are leaving.

This paper aims to review the topic of “luxury fashion consumption”, a field of recent interest for academics and practitioners. However, a literature review that can map the existing knowledge and aggregate it into relevant topics and offers a research agenda for future research is still lacking.

This paper uses a systematic review and a text mining approach to analyse 73 articles on luxury fashion consumption aiming to clarify, rationalise and critically interpret the literature on luxury fashion consumption; identify the core topic, create an integrative framework of core constructs; and offer research gaps and suggest a research agenda for future studies.

From this analysis, eight major research topics are found and analysed (brand desire, authenticity, luxury markets, value perceptions, luxury retail experience, luxury brands communication, responsible consumption and sustainability and status signalling). Based on these topics and following the TCM framework, this review offers directions for future research.

This research offers a text-mining review of luxury fashion consumption to help scholars and managers further develop this field, as there is no comprehensive review on the topic exploring the themes, theories, constructs and methods used in prior studies.

Este artículo pretende revisar el “consumo de moda de lujo”, un tema de reciente interés para académicos y profesionales. Sin embargo, sigue faltando una revisión de la literatura que pueda ordenar el conocimiento existente y aglutinarlo en temas relevantes y que ofrezca una agenda de investigación futura.

Este trabajo emplea una revisión sistémica de la literatura y la minería de textos para analizar 73 artículos sobre el consumo de moda de lujo con el objetivo de (i) aclarar, racionalizar e interpretar críticamente la literatura sobre el consumo de moda de lujo, (ii) identificar el tema central, crear un marco integrador de constructos clave y (iii) presentar las lagunas de la investigación y sugerir una agenda de investigación para futuros estudios.

A partir de este análisis, se identifican y analizan ocho temas principales de investigación (el deseo de marca, la autenticidad, los mercados de lujo, las percepciones de valor, la experiencia de la venta al por menor de lujo, la comunicación de las marcas de lujo, el consumo responsable y la sostenibilidad, y la señalización de estatus). Sobre la base de estos temas y siguiendo el marco del TCM, esta revisión propone líneas para futuras investigaciones.

Esta investigación ofrece una revisión de la minería de textos sobre el consumo de moda de lujo para ayudar a los académicos y gestores a seguir desarrollando este campo, ya que no existe una revisión exhaustiva sobre el tema que explore los conceptos, teorías, constructos y métodos utilizados en estudios previos.

Revisión de la literatura

本文旨在回顾 “奢侈时尚消费”, 这是学术界和从业人员最近关注的一个话题。然而, 目前仍然未能将现有知识分类并为未来研究提供议程的文献回顾。

本文使用系统的文献综述和文本挖掘, 分析了73篇关于奢侈时尚消费的文章。此文目的是：（1）批判性地解释关于奢侈时尚消费的文献; （2）确定中心主题, 建立综合框架; （3）提出研究缺憾, 为未来的研究提出议程。

从这个分析中, 我们发现并分析了八个主要的研究主题（品牌欲望、真实性、奢侈品市场、价值认知、奢侈品零售体验、奢侈品品牌传播、负责任的消费和可持续性、以及地位信号）。基于这些主题并遵循TCM框架, 本评论提出了未来研究的方向。

目前还没有关于该主题的全面文献回顾, 以探索以前研究中使用的概念、理论、构造和方法。本研究对奢侈时尚消费的文本挖掘进行了回顾, 以帮助学者和管理者进一步发展该领域。

文献评论

This study seeks to examine the relationship between macroeconomic shock indicators, namely geopolitical risk (GPR), global economic policy uncertainty (GEPU) and financial stress (FS), and returns as well as volatilities on seven carefully selected stock markets in Africa. Specifically, the study intends to unravel the co-movement and interdependence between the respective macroeconomic shock indicators and each of the stock markets under consideration across time and frequency.

This study employed wavelet coherence approach to examine the strength and stability of the relationships across different time scales and frequency components, thereby providing valuable insights into specific periods and frequency ranges where the relationships are particularly pronounced.

The study found that GEPU, Financial Stress (FS) and GPR failed to induce significant influence on African stock market returns in the short term (0–4 months band), but tend to intensify in the long-term band (after 6th month). On the contrary, stock market volatilities exhibited strong coherence and interdependence with GEPU, FSI and GPR in the short-term band.

This study happens to be the first of its kind to comprehensively consider how the aforementioned macro-economic shock indicators impact stock markets returns and volatilities over time and frequency. Further, none of the earlier studies has attempted to examine the relationship between macro-economic shocks, stock returns and volatilities in different crisis periods. This study is the first of its kind in to employ data spanning from May 2007 to April 2023, thereby covering notable crisis periods such as global financial crisis (GFC) and the COVID-19 pandemic episodes.