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The purpose of this study is to test a model examining the effects of philanthropic portfolio diversity in relation to firm performance. In particular, the authors assess organizational philanthropy portfolios targeted at diverse issue categories while also examining these effects when the organization also partners with a diverse range of stakeholder groups.

The study leverages detailed company reports to collect, code and test a firm’s philanthropic behaviors based on focal issues such as community, education, environment and others. The authors also collect and analyze data on the range, type and quantity of stakeholders targeted by a firm’s philanthropic efforts. These philanthropic donations are then merged with financial data to examine the outcomes in a longitudinal analysis of over 2,000 firm-year observations.

The findings suggest that organizations that make focused and targeted philanthropic donations over a more generalist and broad approach realize higher performance. Furthermore, the authors find that variation across stakeholder donation amounts enhances firm performance by strategically identifying and targeting relevant stakeholder needs.

The present study expands on extant research to examine the performance implications associated with broad and general philanthropy versus targeted and narrow philanthropic efforts. Furthermore, the study provides support for a portfolio view of philanthropy to suggest organizations holistically assess, manage and leverage their efforts across issues and stakeholder groups. These findings provide additional insights into the complexities associated with corporate philanthropy portfolios while also discussing future research opportunities to enhance the outcomes associated with philanthropic activities.

The authors examine the role of stock liquidity in CEO equity compensation design. For a sample of publicly traded firms from 2007 to 2020, the authors find that greater stock liquidity is associated with a higher proportion of stock awards relative to the proportion of options in CEO equity compensation. The results of this study suggest that stock price informativeness on the grant date has a differential effect on the preference for the type of equity compensation awarded to CEOs. The empirical results are supported by multivariate analyses using alternative measures of stock liquidity and a two-stage least squares (2SLS) specification that alleviates endogeneity concerns. Furthermore, the authors document that the firm-specific increase in the proportion of stock awards compared to the proportion of stock options is associated with a firm-specific increase in stock liquidity. Collectively, the analyses suggest that stock liquidity as a measure of stock price informativeness contributes to the choice of CEO equity compensation design.

This study aims to examine how women on board influence quality and quantity disclosure of emissions discharge by the listed non-financial firms for the period of six years (2016–2021), with institutional ownership as a moderator.

The study obtained data from a sample of 83 listed non-financial firms. A content analysis technique was employed to compute emissions disclosure indexes using Global Reporting Initiatives standards from the sampled firms. Random and fixed effect regression analyses were run for both direct and moderation models. Based on the results of the Hausman tests, random results were adopted and used in examining the relationship.

The result reveals that women on board are significantly related to emission disclosure. The study also documented that institutional owners have not influenced the relationship between women directors and emissions disclosure.

The study's findings have practical implications for emerging economies, corporations and other business organizations seeking to actively involve the emissions control and reduction issues toward sustainable development goals 5, 7 and 13 in their business models and successfully communicate these efforts to stakeholders.

Listed firms in emerging economies would gain sincerity through the women directors’ knowledge, skills, demographics and ethnicity in the society. Therefore, corporate bodies in emerging economies can successfully contribute toward improving the social welfare of various segments of society by controlling current and future climate issues. Additionally, society will surely benefit when firms control the pollution discharges within the community.

This is the first study, to the best of the authors’ knowledge, that provides empirical evidence on the effect of the presence of women on board on emissions disclosure using institutional ownership as a moderator in Nigeria.

This paper studies the relationship between CEO pay-performance sensitivity and CEO pay for luck as well as the asymmetric benchmarking of CEO pay in which good luck is rewarded but bad luck is not penalized symmetrically. We further explore the impact of the regulatory changes on executive compensation taking effect in the 2000s on CEO pay for luck and asymmetry.

In this study, we examine the relationship between CEO pay-performance sensitivity and CEO pay for luck and the asymmetric benchmarking of CEO compensation. The sample consists of DJIA component companies over a 71-year period from 1950 to 2020. CEO pay-performance sensitivity is measured by both delta and Jensen-Murphy pay-performance sensitivity.

We find that an increase in CEO pay-performance sensitivity as measured by both delta and Jensen-Murphy pay-performance sensitivity leads to an increase in the degree of CEO pay for luck but tends to reduce the level of CEO pay for luck asymmetry. In addition, we find that the major pay-related regulatory changes in recent years have mitigated the degree of CEO pay for luck and pay asymmetry, in which CEO pay structure and the associated CEO pay-performance sensitivity are major mechanisms through which the regulatory changes take effect.

Our findings provide empirical evidence supporting the argument that both optimal contracting and rent extraction should be considered as important determinants of CEO compensation.

When a firm designs the pay packages for its CEO to align CEO wealth to firm performance, CEO pay-performance sensitivity is expected to improve. However, the improved CEO PPS can also lead to an increased CEO pay for non-performance (Luck), which is an undesired outcome from the shareholder view. Therefore, a firm should thoroughly consider various advantages and disadvantages when compensating its top executives. Third, pay-related regulations have indeed achieved some intended outcomes such as the diminished pay for luck and asymmetry, but they also exacerbated the positive relationship between CEO pay-performance sensitivity and the asymmetric benchmarking of CEO pay. It seems that executive pay-related regulations cannot achieve perfect outcomes without side effects. Continuous reforms and regulations on corporate governance should be a dynamic process under various changing situations.

This study contributes to the literature on executive pay for luck and asymmetry in several ways. First, our study is among the few studies empirically testing the relationship between CEO pay-performance sensitivity and pay for luck and asymmetry. We find that CEO pay-performance sensitivity tends to increase the degree of CEO pay for luck but reduce the level of asymmetric benchmarking of CEO pay. These findings partly support the rent extraction theory grounded on the managerial power hypothesis and partly support the optimal contracting theory. Our findings confirm that the optimal contracting theory and the rent extraction theory are both important for explaining the practices and historical trends of CEO compensation.

The global energy sector draws significant stakeholder attention due to never-ending controversies surrounding its environmental impacts. Investors’ response to such controversies causes direct financial implications for these firms. Furthermore, environmental, social and governance (ESG) sensitivity, which is likely to safeguard the energy sector firms from such controversies, is itself conditional to the development stage of a country and its regulatory environment. Therefore, this study aims to investigate if the influence of ESG on the share price volatility (SPV) of energy sector firms is subject to the development stage of the countries.

The study investigates nine years of panel data of 93 global energy sector firms from developing and developed nations. Using dynamic two-way fixed effects estimation and computing robust standard errors to obtain the econometric results.

The main finding reveals that the impact of ESG on SPV is, indeed, subject to the development stage of the nations. Similar results are observed for the effects of the social dimension of ESG on SPV. While ESG impacts the SPV negatively for firms in developing economies, the impact is the opposite for firms in developed nations. In other words, strong ESG propositions induce share price stability for developing countries while destabilizing the firms in developed nations.

The policymakers should further streamline the regulations and policies related to ESG adoption and adherence. In practice, the energy sectors should streamline their operations. Firm managers, especially in the energy sector, should devise strategies with ESG as an essential component to safeguard their firms against environmental and market volatility and adversatives. The firms in developing nations should further strengthen their social dimension of ESG to foster social equity and harmony.

The study contributes through its niche investigations on the energy sector, which is very important for the world economy. The study is relevant in the current scenario when the world faces a severe energy crisis due to global supply chain issues.

This paper aims to investigate the impact of family involvement in ownership and governance on the quality of internal auditing.

Leveraging a hand-collected data set of listed family firms from 2014 to 2020, this study uses regression analyses to investigate the impact of family ownership, family involvement on the board, family CEO and the generational stage of the family business on the quality of internal auditing.

The results provide evidence that family ownership is positively associated with the quality of internal auditing, while later generational stages of family businesses have the opposite effect. Additional analyses reveal that the presence of a sustainability board sub-committee moderates the relationship between generational stages of family businesses and the quality of internal auditing function.

This paper does not consider country-institutional factors and other potentially family-related antecedents or governance factors that may affect the quality of internal auditing.

The results are informative for investors and non-family stakeholders interested in understanding under which conditions family-related factors influence the quality of internal auditing functions.

This study offers fresh evidence regarding the relationship between family-related factors and the quality of internal auditing and board sub-committees that moderate such a relationship in family businesses.

Industrial robots are of great significance to the long-term development of family firms. Drawing on the lens of the principal–principal conflict, this paper aims to investigate the influence of family non-executive directors on robot adoption in Chinese family firms.

This paper selects the family firms in China from 2011 to 2019 as the sample. Furthermore, the authors manually collected the family non-executive directors and constructed the robot adoption variable utilizing data sourced from the International Federation of Robotics. In brief, this paper constructs a comprehensive framework of the mechanisms and additional tests pertaining to the influence of family non-executive directors on robot adoption.

This paper finds that family non-executive directors can promote robot adoption in family firms. The underlying mechanism analysis shows that family non-executive directors promote robot adoption by exerting financial and human effects. This paper further finds that the characteristics of family non-executive directors, such as kinship, differential shareholding and excessive directors, affect the role of family non-executive directors. Finally, robot adoption can improve future performance, and the promotional effect is more evident when family members are non-executive directors.

This paper contributes to the related literature from the following two aspects. Firstly, this paper decomposes the types of family directors to understand the role of family non-executive directors, which challenges the assumption that family board members are homogeneous in family firms. Second, this paper expands the research on the factors that influence robot adoption in emerging economies from the micro-enterprise level. In addition, the findings in this paper have managerial implications for family firms to optimize their strategic decisions with the help of the mode of board right allocation.

The purpose of this study is to develop a new numerical algorithm to simulate the phase-field model.

First, the derivative of the temporal direction is discretized by a second-order linearized finite difference scheme where it conserves the energy stability of the mathematical model. Then, the isogeometric collocation (IGC) method is used to approximate the derivative of spacial direction. The IGC procedure can be applied on irregular physical domains. The IGC method is constructed based upon the nonuniform rational B-splines (NURBS). Each curve and surface can be approximated by the NURBS. Also, a map will be defined to project the physical domain to a simple computational domain. In this procedure, the partial derivatives will be transformed to the new domain by the Jacobian and Hessian matrices. According to the mentioned procedure, the first- and second-order differential matrices are built. Furthermore, the pseudo-spectral algorithm is used to derive the first- and second-order nodal differential matrices. In the end, the Greville Abscissae points are used to the collocation method.

In the numerical experiments, the efficiency and accuracy of the proposed method are assessed through two examples, demonstrating its performance on both rectangular and nonrectangular domains.

This research work introduces the IGC method as a simulation technique for the phase-field crystal model.

There are various uncertain and nonlinear problems in hydraulic legged robot systems, including parameter uncertainty, unmodeled dynamics and external disturbances. This study aims to eliminate uncertainties and improve the foot trajectory tracking control performance of hydraulic legged robots, a high-performance foot trajectory tracking control method based on fixed-time disturbance observers for hydraulic legged robots is proposed.

First, the robot leg mechanical system model and hydraulic system model of the hydraulic legged robot are established. Subsequently, two fixed-time disturbance observers are designed to address the unmatched lumped uncertainty and match lumped uncertainty in the system. Finally, the lumped uncertainties are compensated in the controller design, and the designed motion controller also achieves fixed-time stability.

Through simulation and experiments, it can be found that the proposed tracking control method based on fixed-time observers has better tracking control performance. The effectiveness and superiority of the proposed method have been verified.

Both the disturbance observers and the controller achieve fixed-time stability, effectively improving the performance of foot trajectory tracking control for hydraulic legged robots.