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The purpose of this paper is to use tenets of the complexity theory in order to study the effect of various determinants of firm’s performance, such as CEO’s compensation and age, for the case of 72 insurance companies.

The authors identify the asymmetries in the data set by creating quantiles and using contrarian analysis. Instead of ignoring this information and use a main effects approach, all the available information in the data set is taken into account. For this purpose, the authors use qualitative comparative analysis to find alternative equifinal routes toward high firm performance.

Five configurations are found which lead to high performance. Every one of the five configurations is found to be sufficient but not necessary for high firm performance.

The research findings contribute to a better understanding of the determinants of firm’s performance taking into account the asymmetries in the data set. The authors identify alternative paths toward high firm performance, which could be vital information for the decision maker inside a firm.

The article investigates the patterns of asset impairment recognition in search of signs of “big bath” earnings management practices across an internationally diversified sample of public companies. It also elucidates the incentives that may underlie such practices and explores possible safeguards embedded in the existing corporate governance mechanisms.

The article applied static panel and binary logit models to an international firm-level panel dataset of 1045 public companies observed between 2003 and 2018.

Our empirical results suggest that recognition of asset impairment has no determinate impact on earnings volatility. Investigating the possibility of “big bath” earnings management practices, the authors found no impact of asset impairment recognition on total senior executive compensation in firms, which pay performance-based remuneration. The quality of corporate governance has appeared to impact the firms’ intertemporal proclivity to recognize asset impairment with those having the more entrenched and management-controlled boards being more likely to time impairment recognition by delaying it during exceptionally good and exceptionally bad years. While generally unlikely, recognition of asset impairment in a period with a recorded negative operating performance is found to be closely associated with key executive departures.

The article corroborates the salient role of corporate governance mechanisms in shaping the intertemporal patterns of asset impairment recognition. The possible remedies to the phenomenon should be derived therefrom.

Companies around the globe increasingly receive immense shareholder scrutiny due to perceivably excessive executive director remuneration. The debate in South Africa intensifies due to severe pay inequality. The authors thus accounted for the perspectives of asset managers and listed financial services companies in South Africa pertaining to the impact of voting and engagement on director pay policies and practices.

Semi-structured interviews were conducted with selected asset managers, chief executive officers, chief financial officers and remuneration committee members of listed financial services companies to gauge their views on the impact of shareholder activism endeavours on remuneration governance. The qualitative data was analysed by conducting thematic analysis.

Most of the asset managers and financial services representatives preferred proactive, private engagement on pay concerns, given the impact thereof on voting outcomes, and ultimately director remuneration practices and policies. Independent remuneration committees have a prominent role in facilitating engagements with investors to ensure fair remuneration.

The consequences should be clearer if organisations receive substantial votes against their pay policies and implementation reports. South African regulators can consider the “two-strikes” rule to ensure that action is taken in response to shareholder voting on director remuneration matters.

Representatives of asset managers and listed financial services investee companies offered valuable insights on remuneration governance deliberations in an emerging market. This in-depth analysis highlights the importance of proactive engagement to ensure that corporate leaders are paid fairly.

The aim of this paper is to show the ways of setting quality objectives, their attributes and the conditions under which they can perform a motivational function.

Collecting relevant data, the authors used the results of previous research and theoretical assumptions concerning quality objectives. Subsequently, they carried out a survey and exemplification research based on participatory observations, document content analysis and interviews.

Goals are set mainly by top management, but the communication process itself is insufficient; the needs of system users are not taken into account. In the opinion of the employees, quality objectives are measurable and objective, although not very ambitious. For quality objectives to fulfil a motivational function, they should be objective and measurable. Also, the allocation of tasks among employees needs to be fair. Furthermore, quality objectives have to play a greater role in remuneration systems.

This paper is one of the first publications on the role and function of quality objectives. Its advantage is that it defines the conditions under which such objectives can have a motivational effect and encourage employees to pursue the improvement of their products and services.

This paper reviews the literature on zombie firms to provide a holistic view by delineating their formation, impact, widespread nature, prevention and policy implications.

This paper uses a systematic literature review methodology, in which 76 papers published in journals ranked on the Australian Business Deans Council (ABDC) 2022 list were reviewed. The study period was from 2000 to 2022.

Among the main findings, the widespread problems of zombie firms were evident. The authors found that consistent support, either in the form of government grants or a weak financial framework, was responsible for their formation. The suboptimal performance of factors of production, depressed job creation, low innovation and overall negative impact on economic activity are the consequences of zombification. This can be controlled by ensuring better bankruptcy codes, focused on government assistance, technology use and better due diligence by banks.

This review serves as a reference point for future researchers as a cohesive and holistic study presenting a full picture of the problem, so that the proposed solutions are robust and tenable.

This review is among the initial attempts to comprehensively study published work on zombie firms in terms of analyzing their region-specific nature, with an emphasis on definition, causes, impact and prevention.

This study aims to comparatively analyze the systematic, idiosyncratic and downside risk exposure of both Islamic and conventional funds in Pakistan to see which of the funds has higher risk exposure.

The study analyzes different types of risks involved in both Islamic and conventional funds for the period from 2009 to 2016 by using different risk measures. For systematic and idiosyncratic risk single factor CAPM and multifactor models such as Fama French three factors model and Carhart four factors model are used. For downside risk analysis different measures such as downside beta, relative beta, value at risk and expected short fall are used.

The study finds that Islamic funds have lower risk exposure (including total, systematic, idiosyncratic and downside risk) compared with their conventional counterparts in most of the sample years, and hence, making them appear more attractive for investment especially for Sharīʿah-compliant investors preferring low risk preferences.

As this study shows, Islamic mutual funds exhibit lower risk exposure than their conventional counterparts so investors with lower risk preferences can invest in these kinds of funds. In this way, this research provides the input to the individual investors (especially Sharīʿah-compliant investors who want to avoid interest based investment) to help them with their investment decisions as they can make a more diversified portfolio by considering Islamic funds as a mean for reducing the risk exposure.

To the best of the author’s knowledge, this study is the first attempt at world level in looking at the comparative risk analysis of various types of the risks as follows: systematic, idiosyncratic and downside risk, for both Islamic and conventional funds, and thus, provides significant contribution in the literature of mutual funds.

Performance-based contracting (PBC) plays an increasingly important role in the defense industry. This paper aims to investigate factors that influence service provider’s willingness to accept PBC-induced risks. It also shows how these risks could be managed in a military service supply chain.

The case study focused on the relationship between a service provider and a customer that acted on behalf of other users in the defense sector. The contract involved the sustainment of a military engine in a complex supply chain.

The service provider’s performance attributability appeared to have a strong impact on its willingness to take PBC-induced risks. For the parts where the service provider did not have full control over the service performance, exclusions and Service Level Agreements (SLAs) were used to manage and mitigate the risks associated with uncontrolled performance. The service provider’s willingness to accept PBC-induced risks was also affected by its ability to make accurate forecasts, the applied growth path and the length of the contract.

This case has specific characteristics, unique by time (maturity of the technical system and supply chain) and place (market). It is recommended that results are tested in other research settings.

Organizations should be aware of the factors that influence a service provider’s willingness to bear PBC-induced risks. Customers should limit PBC to those parts of a contract where risks are of an acceptable level. Also, it is recommended to follow a phased growth path when it is not possible to make accurate forecasts in a PBC context.

This study is the first to address critical issues concerning the identification and management of risks under PBC in the defense industry.

The aim of this paper is to provide additional insights on the association between real earnings management (REM) and crash risk, particularly from the perspective of an emerging market economy. It also examines the moderation role that internal and external corporate governance may play in this area.

Relying on archival data from the RESSET and CSMAR databases over a timeframe from 2010 to 2018 of China listed company, the authors test the hypotheses by regressing common measures of crash risk on the treatment variable (REM) and crash risk control variables identified in the prior crash risk literature. The authors also introduce monitoring proxies (internal controls as an internal governance and institutional ownership as an external governance) and assess how effective internal and external governance moderate the relation between REM and stock price crash risk.

The results suggest firms with higher REM have a significantly greater stock price crash risk, and that this association is mitigated by external monitoring. That is, greater institutional ownership, particularly pressure insensitive owners, mitigates the impact of REM on stock price crash risk. However, internal control does not mitigate the association between REM and stock price crash risk.

Following the passage of the Sarbanes–Oxley (SOX) Act, prior research has documented an increase in the use of REM and a positive association between REM and cash risk. The authors demonstrate that they persist in one of the largest emerging markets where institutional regulations, market conditions and corporate behaviors are different from those in developed markets. Also, the assessment of the moderation effect of internal and external governance mechanisms could have meaningful implications for investors and regulators in Chinese and other emerging markets.

This paper aims to identify the factors affecting the implementation of Public-Private Partnerships (PPPs) in the education sector.

Based on Scopus and adopting the protocol of Staples and Niazi (2007), this systematic literature review examined 21 articles on PPPs in the education sector. Content analysis is adopted to identify research gaps and provide information on critical issues in the cases.

The findings have identified the critical success factors of PPPs in the education sector in 12 countries, revealing varying degrees of success and implementation challenges. They reflect the importance of clear objectives, effective communication, and robust partnerships between the public and private sectors to achieve success. These insights contribute to an in-depth understanding of PPP implementation in education, which can guide future projects.

The critical success factors identified in PPPs implementation in education across various countries may provide a comprehensive worldwide perspective for researchers, practitioners and policymakers.

The primary purpose of this study was to determine the relationship between a positive style of leadership, specifically authentic leadership, and organizational justice perceptions of employees' in the hotel industry. The following research questions guided the study: What relationship existed between hotel employees' perception toward authentic leadership and organizational justice? What relationship existed between hotel employees' perception toward authentic leadership and distributive justice, procedural justice, interactional justice and informational justice dimensions? What relationship existed among hotel employees' perception toward organizational justice, authentic leadership and their demographic background?.

The study approached the research questions from a quantitative, non-experimental research perspective utilizing a cross-sectional survey and descriptive correlational design, which describes the relationship or association between two or more variables in the study which are authentic leadership and organizational justice.

The results indicate that authentic leadership has a strong relationship with hotel employees' organizational justice perceptions, and authentic leadership predicted the employees' perceptions of organizational justice. Authentic leadership is a relative new leadership approach rooted in positive psychology emphasizing on the ethical and moral aspects of leadership, and the results of the study found that when employees perceive their leaders to follow the authentic leadership paradigm, they also perceive high levels of organizational justice. Authentic leadership has stronger relationships with informational and interpersonal dimensions of justice which implies that authentic leaders are strategic in their interactions with their employees. The results also imply that when employees perceive justice in terms of procedures and outcomes, they believe that organizations determine those more than their supervisors.

The differences in the strengths of relationship between authentic leadership and structural forms of justice (distributive and procedural), and authentic leadership and interactional forms of justice (informational and interpersonal), have implications for both justice and leadership theories. The results suggest that authentic leader behaviors create a fair climate – an interpersonally and informationally fair climate which promotes all forms of justice perceptions in individual followers. However, it needs to be further researched whether leaders with high interpersonal skills and information-sharing abilities showing consideration and respect to employees may result in higher levels of organizational justice perceptions. Thus, further research is needed to determine the relationship of authentic leadership and each of the organizational justice (distributive, procedural, informational and interpersonal) dimensions, which may provide more insights as to whether leader behavior contains element of justice itself.

The findings showcase the need for organizations in the hotel and hospitality industry to establish programs that focus on leadership practices which improve employees' perceptions of organizational justice and, in turn, lead to positive organizational outcomes including reducing the considerable costs of employee turnover. It is also important that employees are aware of the policies and procedures and have a perception that they can connect and communicate to their supervisors and managers.

This study falls into the larger conversation of social justice and how an organization's leadership can be a strong associate for social justice movements by supporting equity within the organization.

The study integrates leadership and justice theories in a hotel context. The results of this study may motivate hospitality/ hotel leaders to include authentic leadership development as an actionable strategy to bolster fairness and mitigate some of the negative features of the industry.