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This article analyzes the hypothesis that analysts issue higher long-term earnings growth (LTG) forecasts following a market-wide investor sentiment.

This study analyzed 193 publicly traded Brazilian firms listed on B3 (Brasil, Bolsa, Balcão), totaling 2,291 observations. To address the potential selection bias resulting from analysts' preference for more liquid firms, this study used the Heckman model in the analysis with samples with only one analyst and the entire sample. The study also applied other robustness tests to ensure the reliability of the findings.

The results suggest that market-wide investor sentiment influences LTG when the firm's stocks are difficult to value. Market optimism did not reflect five-year profit growth after the forecast issue, suggesting lower forecast accuracy during high investor sentiment values.

Volatile-earnings firms have relevant implications in LTG forecasts during bullish moments. According to the study’s evidence, investors' decisions and policymakers' and regulators' rules should consider analysts' expertise as independent information when considering LTG as input for valuation models, even under market optimism.

This paper contributes to the literature on the influence of investor sentiment on analysts' forecasts by incorporating two crucial elements in the discussion: the scenario free from herding behavior, as usually only one analyst issues LGT forecast for Brazilian firms, and the analysis of research hypotheses incorporates the difficulty of pricing a firm given the uncertainty of its earnings as an explanation to bullish forecast.

This study aims to examine the impact of consumer risk appetite, biases (specifically negative recency bias), and the importance of reviews in enhancing information quality. By analyzing these variables, the authors gain insights into their role in enriching the overall information spectrum available to consumers. The findings contribute to a better understanding of how risk appetite, biases and consumer reviews shape the quality of information.

The questionnaire assessed the relationship between dependent and independent variables by asking participants to rate their experiences in relevant scenarios. Variance-based structural equation modeling with the ADANCO program was used to examine the data. ADANCO software is used explicitly for variance-based structural equation modeling. To evaluate research models and test hypotheses, partial least square path modeling is used.

The efficiency of reviews and ratings is greatly influenced by consumer risk appetite. Businesses should focus on clients who are willing to take risks and balance positive and negative feedback. It is essential to comprehend how customers understand reviews. Credibility is increased by taking biases into account and encouraging unbiased criticism. Promoting thorough reviews strengthens influence. Monitoring and making use of these elements improve online reputation and commercial success.

The research has limitations due to the simplicity of the attributes taken into account and the requirement for a larger sample size. Overcoming barriers to promote consistent client feedback is essential, and tailored emails can help with assessment generation. Increased customer participation in writing evaluations can be achieved by removing obstacles and highlighting the advantages of participation.

Businesses and buyers rely on this “organically” generated content as the basis of their promotional strategy and buying decisions. Most of the research is related to consumer reviews, their behavior and the importance of social validation. However, some critical aspects related to this need further investigation.

This paper aims to examine whether the cooperation between female chief financial officers (CFO) and the proportion of female directors would impact investment efficiency. The investigation is grounded in the increasing number of female top managers globally and the notion that female tends to cooperate more with other female than with male.

This study uses publicly listed firms in Bursa Malaysia from 2016 to 2020, which yielded a sample of 2,022 firm-year observations. The authors used multivariate ordinary least square regression to test the relationship, and to correct for the selection bias, the Heckman selection and PSM test were used.

The authors find a positive relationship between female CFOs and investment efficiency. A higher proportion of female directors accentuates this result. The findings support the homophily argument that similar characteristics (gender) promote cooperation. This shows that cooperation between female CFOs and directors improves investment efficiency. The results suggest that the improvement in investment efficiency could relate to higher managerial discretion for female CFOs and their ability to collaborate with female directors. These results are robust to a series of additional endogeneity tests. The findings have important implications for policymakers and firms to encourage more appointments of females in top management positions.

By highlighting the cooperation between female CFOs and female directors, this study contributes to the understanding that cooperation among females improves investment efficiency.

This study aims to examine the relationship of Indonesia’s Sharia Stock Index (ISSI) firms on environmental, social and governance (ESG) disclosure. This study is interesting because ISSI firms are supposed to comply with Islamic values as this has been reflected in good corporate governance activities, demonstrating responsibility to others and participating in preserving nature/environmental activities.

The authors use sample firms that are listed on the Indonesia Shariah-compliant Stock Index (ISSI) from 2011 to 2020, which also published sustainability reports.

The study found that sharia firms are positively related to ESG disclosure. The authors also found that ESG disclosure of sharia firms is more pronounced in the reporting section of general, economic, environmental and social. Other findings suggest differences in the segments reported in the COVID and pre-COVID periods. This result is also robust by conducting a self-selection bias test with Heckman’s two-stage regression and Coarsened Exact Matching regression.

For policymakers, these results indicate that different characteristics of firms can affect ESG disclosure, and economic conditions will determine which sectors are disclosed the most.

This study provides empirical evidence that Indonesian Shariah-compliant stock index firms carried out their mission to disclose more information about their environmental and social responsibilities and governance issues.

This research endeavors to assess the influence of financial shared service centers (FSSCs) on the quality of accounting information within China’s A-share listed companies. Using a multi-period difference-in-differences (DID) model, the study aims to empirically examine the correlation between the adoption of FSSCs and the quality of accounting information.

The study uses a robust methodology to evaluate the relationship between FSSCs and accounting information quality (AIQ). Leveraging the established FSSCs within China’s A-share listed companies as the treatment group, this research adopts a multi-period DID model. This approach enables a rigorous empirical examination of the influence exerted by FSSCs on the overall quality of accounting information.

The present study delves into the impact of FSSCs on AIQ and conducts empirical analysis using data from Chinese A-share listed companies between 2004 and 2021. The findings substantiate that: FSSCs significantly bolster the quality of accounting information, a conclusion retained even after robustness tests. Specifically, FSSCs exhibit a positive correlation with the comparability, timeliness and disclosure quality of accounting information while demonstrating no significant influence on relevance, robustness and reliability factors.

First, the analysis primarily rests upon data from Chinese A-share listed companies between 2004 and 2021, potentially constraining the generalizability of findings across diverse contexts. Second, despite controlling for various factors, unobserved variables or external factors not encompassed in the model might influence the relationship between FSSCs and AIQ. Additionally, the study’s reliance solely on quantitative data confines exploration into qualitative aspects that might offer a more comprehensive understanding of FSSCs’ impact on AIQ.

This paper establishes a nuanced connection between FSSC operations and AIQ, furnishing direct empirical evidence for their economic implications and propounding a novel avenue for augmenting AIQ. And, it furnishes guidance for forthcoming FSSC development, accentuating the necessity of harnessing information technology to enhance the relevance, reliability and robustness of accounting information.

Majority of prior empirical studies assessing AIQ have focused on singular indicators, lacking a comprehensive depiction of its overall level. To address this gap, this paper pioneers the construction of a comprehensive index for AIQ, providing a holistic representation of its level. Furthermore, this study stands as the inaugural investigation into the relationship between China’s A-share listed firms’ FSSCs and the quality of accounting information.

Motivated by the growing interest of governance regulators and researchers on internal audit function (IAF), this study examines the influence of family ownership on the levels of investment in IAF.

A sample of Malaysian listed companies for the period 2009 to 2016 is used. To test our hypothesis, the authors use pooled panel data regression based on two-way cluster-robust standard errors (firm and year).

The findings show that family ownership is negatively related to investment in IAF; in particular, investment in IAF is lower for family companies than non-family companies.

This study contributes to existing knowledge of IAF, and it provides significant insights for regulators and managers into the variation in governance structures between family and non-family companies, particularly in emerging markets in which substantial family ownership is common.

Over 2.7 million workers are employed in the UK construction industry and with the fragmented nature of the construction sector; cases of poor mental health of workers are on the increase. This upsurge in the number of workers experiencing poor mental health could directly impact construction safety with significant financial adverse consequences on employers and the UK economy. Studies have identified lapses within the construction sector emphasising the lack of transparency regarding reporting of mental health and well-being of construction workers due to the inadequate engagement from employers and the lack of genuine leadership commitment to tackle mental health.

This study adopted a non-probability purposive sampling strategy, using a self-selected sample. A self-administered questionnaire benchmarked against the mental health core and enhanced standards tools by the “Stevenson/Farmer review of mental health and employers” served as the basis for the methodology. A total of 106 industry managers from highways, construction, maritime, utilities, home building, rail and haulage/fleet were involved in this study.

The findings indicate that the industry is making good strides towards addressing mental health issues; poor mental health have significant financial burdens on businesses and the economy; some contractors have mental health initiatives and programmes in place; there is inconsistency of support available to employees; some contractors now integrate leadership training; the level of engagement vary based on the strategy and action plan adopted by organisations; different mechanisms are adopted for monitoring mental health issues, and there are cross-industry initiatives.

A limitation of this study is the number of participants which is not representative of the entire UK construction workforce. Therefore, the findings from this study as much as it presents some understanding of employee mental health and well-being cannot be overtly generalised across multiple industries, different geographic regions or contexts.

Employers should have a clear representation of the mental health of their employees to help them understand what affects worker’s mental well-being and how they can support them. Disregarding the multifaceted causes of mental ill-health due to the perceived financial implications could be more devastating for the industry.

Against the background of the I50 paradigm, this paper queries in what ways blockchain and blockchain-based applications deployed in the smart city context facilitate the integration of the I50 paradigm in smart urban contexts.

A mixed methods approach is applied. First, by means of desk research and thematic literature review, a conceptual model integrating the I50 paradigm, smart city and blockchain-based solutions is built. Second, science mapping bibliometric analysis (SciMat) based on keywords’ co-occurrence is applied to a sample of 491 research articles to identify key domains of blockchain-based applications’ use in smart city. Third, a semi-systematic literature review complements insights gained through SciMat. Fourth, the findings are interpreted through the precepts of the conceptual model devised earlier.

The key blockchain-based applications in smart cities pertain to two domains, i.e. the foundational, service facilitation-oriented domain, including security (and safety), networks, computing, resource management and the service delivery-oriented domain, including mobility, energy and healthcare. Blockchain serves as the key building block for applications developed to deliver functions specific to each of the thus identified domains. A substantial layering of blockchain-based tools and applications is necessary to advance from the less to the more complex functional domains of the smart city.

At the conceptual level, the intricacies of the (making of the) I50 paradigm are discussed and a case for I50 – smart city – blockchain nexus is made. Easton’s input–output model as well as constructivism is referenced. At the empirical level, the key major domains of blockchain-based applications are discussed; those that bear the prospect of integrating the I50 paradigm in the smart city are highlighted. At the methodological level, a strategic move is made aimed at restoring the literature review’s role as subservient to the key line of exploration, to justify and ultimately support it, rather than to showcase the literature review as the ultimate purpose for itself.

This study investigates whether and how place-based industrial relocation policy affects firm innovation.

By exploiting the establishment of China's National Industrial Relocation Demonstration Zones (NIRDZs) as a quasi-natural experiment in a difference-in-differences design, the authors examine the externalities of industrial policies that support sustainable development and growth from the perspectives of firms' patenting activities.

The study consistently finds that the NIRDZs policy significantly boosts local firm innovation, translating into a 60.46% increase in the patent applications of treated firms. The estimation results remain robust to a series of alternative specifications. Moreover, heterogeneity analysis suggests that the firms that benefited most were state-owned enterprises, firms with higher productivity, or firms in non-high-tech industries. Further, the authors find that the NIRDZs policy stimulates firm innovation mainly in the form of utility model patents, followed by designs and invention patents.

The results provide suggestions and implications for policymakers to improve the efficiency of state-led industrial policies and avoid “government failure” in policy implementation.

This study provides suggestions and implications for policymakers to improve the efficiency of state-led industrial policies and avoid “government failure” in the policy implementation.

This study fills the research gap by exploiting quasi-experiments to assess the effectiveness of state-led industrial policies for emerging economies. (2) The analysis sheds empirical light on how corporate innovation is motivated and financed by selective and functional industrial policies. (3) Theoretically, the results rationalize why state-led industrial relocation fuel innovation capabilities of localities from Marshall externalities and competition crowding-out effects.

This study investigates the relationship between companies with military directors and audit fees in Indonesia.

Using upper echelon and audit pricing theories, the authors examine military directors' roles in the demand for and supply of auditing services. The authors use Indonesia as their research setting as their military forces have a long history of involvement in business. The study sample includes 898 firm-year observations on the Indonesia Stock Exchange during 2014–2018.

The authors find a negative relationship between military connections and audit fees. This is consistent with auditors assessing lower audit risk and charging lower audit fees to companies that have leaders with military experience. The study findings are strongest where there is military experience on the board of directors and where the military experience is from the Army.

This study extends the literature on the benefits of military experience in company leadership, especially in the context of auditing research. The study findings also have implications for the selection of board candidates and auditor risk assessments.