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The primary objective of this research is to provide evidence that there are two distinct layers of investor sentiments that can affect asset valuation models. The first is general market-wide sentiments, while the second is biased approaches toward specific assets.

To achieve the goal, the authors conducted a multi-step analysis of stock returns and constructed complex sentiment indices that reflect the optimism or pessimism of stock market participants. The authors used panel regression with fixed effects and a sample of the US stock market to improve the explanatory power of the three-factor models.

The analysis showed that both market-level and stock-level sentiments have significant contributions, although they are not equal. The impact of stock-level sentiments is more profound than market-level sentiments, suggesting that neglecting the stock-level sentiment proxies in asset valuation models may lead to severe deficiencies.

In contrast to previous studies, the authors propose that investor sentiments should be measured using a multi-level factor approach rather than a single-factor approach. The authors identified two distinct levels of investor sentiment: general market-wide sentiments and individual stock-specific sentiments.

Motivated by the real-world practice that the boom of the online selling induces a higher product return as well, selecting which online channel mode indicates who takes ownership over the product and thus bears the loss of the product return. This paper aims to seek the optimal online channel modes for the two members in a platform supply chain in the presence of product returns.

This study aims to develop a platform supply chain that consists of one platform company and one supplier. Along with an offline distribution channel, the supplier can choose two alternative online selling modes (i.e. the reselling and agency modes) to sell its product through the online marketplace. This paper applies Stackelberg game to derive the equilibrium with different business scenarios and selects the optimal online channel modes for two parties, respectively. Moreover, this paper extends to a different supply chain with a reverse channel leadership and a different product return policy for testing the robustness.

Several interesting and important results are derived in this paper. Firstly, it is found that the relative pricing are largely relied on the costs of two channels. Secondly, the platform supply chain may benefit from a pure channel rather than the dual-channel when this channel enjoys a relatively low cost and/or a sufficiently high consumer preference. Then, the platform and the supplier act contradictorily when selecting their optimal online channel modes. To be specific, the platform motivates to choose the online reselling mode when both the commission rate and the slotting fee are relatively low, whereas the supplier is likely to select the online agency mode under this circumstance. Finally, a win-win situation in regards to the optimal online channel mode for two parties is achievable with numerical experiments.

Based on the analytical studies, the results derived in the authors’ work can provide managerial insights to assist the supplier and the platform company in determining the operational decision and selecting the optimal online channel mode to deal with consumer returns. In addition, appropriate commission rate along with slotting fee will make both parties achieve a win-win situation in determining their optimal online channel mode.

To the authors’ best knowledge, this paper makes the first move to determine the optimal online channel mode in the content of consumer returns and study how it is affected by different product return policies.

The purpose of this study is to present an in-depth examination of stakeholder engagement processes in non-governmental organisations (NGOs) from the perspective of NGO managers to enhance accountability and the effectiveness with which aid services are delivered. Specifically, demand-side (downward) accountability and the implications of an accountability system that is predominantly supply-side (upward) focused are explored.

This study draws on evidence gathered from 25 in-depth interviews with representatives of leading NGOs in Nigeria to explore and uncover the nature of stakeholder engagement and accountability processes in their respective organisations. This study shows prospects for entrenching organisational reform that balances power and influence that benefits the less economically powerful demand side of the stakeholders. A relevant aspect of stakeholder theory was used to frame the analysis.

The study reveals an overlay of a blanket engagement system and a seeming reluctance of NGOs to disclose critical information to the demand-side stakeholders (DSS), and suggests ways to meet sustainability demands and address the militating concerns. A perceived lack of understanding and prospects or outcomes of demand-side accountability are central to this; however, engagement outcomes that account for impact rather than output are explored and reported. The findings suggest that proper accountability involves adequate stakeholder engagement which is a prerequisite and paramount for sustainability.

This study primarily delineates NGO managers’ views on NGO engagement and accountability dynamics. Future research may explore the perspectives of downward stakeholders themselves. The study highlights the concern for NGOs to maintain a defined stakeholder engagement process that resists external forces that may impact on their operations and derail their mission, resulting in duplication of services.

The study shows the implications of donors’ influence on accountability practices which can be improved by re-structuring supply-side stakeholders to significantly include DSS accountability requirements in the key performance indicators of NGOs in developing countries. The authors present a nuanced perspective to aid delivery and access that ensures improved services and more effective, impactful and sustainable aid which is of practical relevance to NGOs and their accountability mechanism.

This study deepens the understanding of the dynamics of stakeholder engagement and accountability processes and shows that the most effective way to deploy aid funds to meet sustainability goals is to draw on the experiences and local knowledge of the DSS. This would require an effective and results-driven dialogue among all the stakeholders involved. The proposed engagement and management framework contribute to theory and practice by fostering multi-stakeholder cooperation, DSS accountability and the advancement of sustainable development

Under the carbon tax policy, the authors examine the operational decisions of the low-carbon supply chain with the triple bottom line.

This paper uses the Stackelberg game theory to obtain the optimal wholesale prices, retail prices, sales quantities and carbon emissions in different cases, and investigates the effect of the carbon tax policy.

This study’s main results are as follows: (1) the optimal retail price of the centralized supply chain is the lowest, while that of the decentralized supply chain where the manufacturer undertakes the carbon emission reduction (CER) responsibility and the corporate social responsibility (CSR) is the highest under certain conditions. (2) The sales quantity when the retailer undertakes the CER responsibility and the CSR is the largest. (3) The supply chain obtains the highest profits when the retailer undertakes the CER responsibility and the CSR. (4) The environmental performance impact decreases with the carbon tax.

The results of this study can provide decision-making suggestions for low-carbon supply chains. Besides, this paper provides implications for the government to promote the low-carbon market.

Most of the existing studies only consider economic responsibility and social responsibility or only consider economic responsibility and environmental responsibility. This paper is the first study that examines the operational decisions of low-carbon supply chains with the triple bottom line under the carbon tax policy.

This study aims to examine the reaction of anchor investors (AIs) to pre-IPO earnings management (EM). The authors use the unique detailed bid data from the Indian anchor experiment. The authors also study the reputed AIs’ EM detection ability and pricing behavior in response to pre-IPO EM.

The authors use unique AI bid data for 169 Indian IPO firms. Utilizing the logistic regression and Tobit regression models with industry and year-fixed effects, the authors examine the relationship between various measures of AI participation and proxies of short-term and long-term discretionary accruals.

The authors document that pre-IPO EM is positively associated with the likelihood of anchor backing but negatively related to the likelihood of reputed anchor backing. The findings indicate that AIs are misled by pre-IPO EM, but reputed AIs are not. The authors also observe that reputed AIs, compared to the non-reputed, pay less than the upper band with increasing EM. The findings are robust to using various AI measures and EM proxies.

The findings have significant implications for regulators in the implementation of AI concept in non-anchor markets and better implementation of policies in existing anchor settings. Findings can also be relevant for non-institutional investors in the IPO domain.

This is one of the few studies on institutional investors' IPO bidding behavior in response to pre-IPO EM. However, this is the first study to analyze AIs' IPO bidding behavior in response to pre-IPO EM.

Lean management tools are becoming increasingly applied in different types of organizations around the world. These tools have shown their significant contribution to improving business performance. In this vein, the purpose of this paper is to examine the influence of lean management on both occupational safety and operational excellence in Tunisian companies.

A survey was conducted among Tunisian companies, and it resulted in the collection of 62 responses that were analyzed using the software SPSS. In addition, a conceptual model linking the practices of the three basic concepts was designed to highlight the hypotheses of the research. Subsequently, factor analysis and structural equation method analysis were conducted to assess the validation of the assumptions.

The results obtained have shown that lean management has a significant impact on occupational safety. Similarly, occupational safety has a significant impact on operational excellence. However, lean management does not have a significant impact on operational excellence.

This work highlighted the involvement of small and medium-sized enterprise’s managers from emerging economies in the studied concepts’ practices. Likewise, it testified to the impacts of lean management on occupational safety and operational excellence in the Tunisian context.

This paper explores how conflicting institutional logics shape the behaviors of macro- and micro-level actors in their use of a calculative practice. Thereby, this paper explains how quantification can undermine the intended purpose of a governance system based on a single number.

The study draws upon the literature on calculative practices and institutional logics to present the case of how a single number—specifically the conversion factor for Atlantic Cod, established by macro-level actors for the purposes of governance within the Norwegian fishing industry—is interpreted and used by micro-level actors in the industry. The study is based on documents, field observations and interviews with fishers, landing facilities, and control authorities.

The use of the conversion factor, while intended to protect fish stock and govern industry actions, does not always align with the institutional logics of micro-level actors. Especially during the winter season, these actors may seek to serve their interests, leading to potential system gaming. The reliance on a single number that overlooks seasonal nuances can motivate unintended behaviors, undermining the governance system’s intentions.

Integrating the literature on calculative practices with an institutional logics perspective, this study offers novel insights into the challenges of using quantification for the governance of complex industries. In particular, the paper reveals that when the logics of macro- and micro-level actors conflict in a single-number governance system, unintended outcomes arise due to a domination of the macro-level logics.

Today, with the increasing involvement of the environment and human beings business units, paying attention to fulfilling social responsibility obligations while making a profit has become increasingly necessary for achieving sustainable development goals. Attention to profit by organizations should not be without regard to their social and environmental performance. Social responsibility accounting (SRA) is an approach that can pay more attention to the social and environmental performance of companies, but it has many barriers. Therefore, the purpose of this study is to identify barriers to SRA implementation and provide strategies to overcome these barriers.

In this study, the authors identify barriers to social responsibility accounting implementation and provide strategies to overcome these barriers. By literature review, 12 barriers and seven strategies were identified and approved using the opinions of six academic experts. Interpretive structural modeling (ISM) has been used to identify significant barriers and find textual relationships between them. The fuzzy technique for order performance by similarity to ideal solution (TOPSIS) method has been used to identify and rank strategies for overcoming these barriers. This study was undertaken in Iran (an emerging market). The data has been gathered from 18 experts selected using purposive sampling and included CEOs of the organization, senior accountants and active researchers well familiar with the field of social responsibility accounting.

Based on the results of this study, the cultural differences barrier was introduced as the primary and underlying barrier of the social responsibility accounting barriers model. At the next level, barriers such as “lack of public awareness of the importance of social responsibility accounting, lack of social responsibility accounting implementation regulations and organization size” are significant barriers to social responsibility accounting implementation. Removing these barriers will help remove other barriers in this direction. In addition, the results of the TOPSIS method showed that “mandatory regulations, the introduction of guidelines and social responsibility accounting standards,” “regulatory developments and government incentive schemes to implement social responsibility accounting,” as well as “increasing public awareness of the benefits of social responsibility accounting” are some of the essential social responsibility accounting implementation strategies.

The findings of the study have implications for both professional accounting bodies for developing the necessary standards and for policymakers for adopting policies that facilitate the implementation of social responsibility accounting to achieve sustainability.

This paper creates a new perspective on the practical implementation of social responsibility accounting, closely related to improving environmental performance and increasing social welfare through improving sustainability.

Experts believe that the strategies mentioned above will be very effective and helpful in removing the barriers of the lower level of the model. To the best of the authors’ knowledge, for the first time, this study develops a model of social responsibility accounting barriers and ranks the most critical implementation strategies.

The COVID-19 pandemic has posed many challenges in almost all sectors around the globe. Because of the pandemic, government entities responsible for managing health-care resources face challenges in managing and distributing their limited and valuable health resources. In addition, severe outbreaks may occur in a small or large geographical area. Therefore, county-level preparation is crucial for officials and organizations who manage such disease outbreaks. However, most COVID-19-related research projects have focused on either state- or country-level. Only a few studies have considered county-level preparations, such as identifying high-risk counties of a particular state to fight against the COVID-19 pandemic. Therefore, the purpose of this research is to prioritize counties in a state based on their COVID-19-related risks to manage the COVID outbreak effectively.

In this research, the authors use a systematic hybrid approach that uses a clustering technique to group counties that share similar COVID conditions and use a multi-criteria decision-making approach – the analytic hierarchy process – to rank clusters with respect to the severity of the pandemic. The clustering was performed using two methods, k-means and fuzzy c-means, but only one of them was used at a time during the experiment.

The results of this study indicate that the proposed approach can effectively identify and rank the most vulnerable counties in a particular state. Hence, state health resources managing entities can identify counties in desperate need of more attention before they allocate their resources and better prepare those counties before another surge.

To the best of the authors’ knowledge, this study is the first to use both an unsupervised learning approach and the analytic hierarchy process to identify and rank state counties in accordance with the severity of COVID-19.

This paper aims to examine the processes of sustainability reporting assurance (SRA) and the influence they have on shaping perception from disclosures. Given the evidence of inconsistencies and ambiguities in assurance processes, this paper examines how legitimacy is attained and maintained at different stages of SRA.

Evidence collected from 23 semi-structured interviews with assurance providers (APs), consultants, professionals and non-governmental organisations (NGOs) (non-APs) was used to conduct a thematic analysis from the perspectives of interviewees.

APs and non-APs are united in recognising the value of SRA, although, perspectives on transparency between the two groups differ. Experience and industry knowledge are essential to SRA delivery with non-APs preferring accounting APs. Nevertheless, non-APs are concerned about the role of companies in deciding assurance scope, as it can affect scrutiny. APs favour data accuracy (as opposed to data relevance) assurance due to team dynamics and internal review influences, with the latter also restricting assurance innovation. APs are interested in accessing better evidence and stakeholder engagement evaluations. Providing advisory services was not rejected by all APs. The perspectives of APs and non-APs demonstrate how progress in SRA has gained pragmatic legitimacy with noticeable gaps that serve to undermine attainment of moral legitimacy.

SRA is a developing practice that will adopt changes as it continues to mature; some of these changes could impact findings in this research. General perspectives on SRA were sought from interviewees, this affected the ability for an in-depth focus on any of the range of interesting SRA issues that arose over the course of the research. Interviews were conducted with relevant parties in the SRA space that operate in the UK. Perspectives from parties outside the UK were not solicited.

Companies make an important decision to commission SRA. Findings in this research have highlighted specific non-APs issues of concern that can be useful in structuring operations and reporting regimes to facilitate assurance procedures. The findings will also be helpful to APs as they can direct more emphasis on stakeholder concerns towards demonstrating greater stakeholder accountability. Regulatory and standard setters can enact appropriate policies that can potentially drive the practice forward for assessment of cognitive legitimacy.

The findings provide relevant account of stakeholder voices on the quality of corporate disclosures that has a direct effect on the wellbeing of communities and sustainability of societies. Collective stakeholder input on expectations can shape sustainability discourse.

This research demonstrates the applicability of financial audit quality indicators in SRA processes, extends the debate around the effectiveness of new audit fields and highlights the challenges of maintaining legitimacy with different audiences.