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This paper appraises the effects of monetary policy on trade in value-added (TiVA) using a panel of 38 developing countries spanning the period 1990 to 2019. Specifically, the authors subsequently summon the theory of trade in intermediate products within the New Keynesian framework for open economies that comprises price rigidity to verify this relationship and thereon control for robustness by correcting for endogeneity and unbalanced panel effect.

The authors mobilize the within estimator corrected for cross sectional dependence as well as the two-stage-least squares fixed effect estimator which corrects for endogeneity. For robustness, the authors also use the Hausman–Taylor estimator to control for endogeneity and random effects in annualized data and the least squares dummy variable corrected estimator.

Results suggest that the monetary policy instruments such as inflationary gaps and anticipatory inflationary outcomes significantly affect TiVA in developing countries only in the short term with no long-term effect. In addition to contributing to the scanty empirical literature, the authors provide relevant insights on monetary policy tools that can be mobilized in fashioning a global value chain penetration and upgrading strategies.

The authors convoke the theory of trade in intermediate products casted into the New Keynesian framework comprising price rigidity to verify the relationship between TiVA and monetary policy (b) verify for robustness by correcting for endogeneity and unbalanced panel effect.

Users' voluntary forwarding behavior opens a new avenue for companies to promote their brands and products on social networking sites (SNS). However, research on voluntary information disseminators is limited. This paper aims to bring an in-depth understanding of voluntary disseminators by answering the following questions: (1) What is the underlying mechanism by which some users are more enthusiastic to voluntarily forward content of interest? (2) How to identify them? We propose a theoretical model based on the Elaboration-Likelihood Model (ELM) and examine three types of factors that moderate the effect of preference matching on individual forwarding behavior, including personal characteristics, tweet characteristics and sender–receiver relationships.

Via Twitter API, we randomly crawled 1967 Twitter users' data to validate the conceptual framework. Each user’s original tweets and retweeted tweets, profile data such as the number of followers and followees and verification status were obtained. The final corpus contains 163,554 data points composed of 1,634 valid twitterers' retweeting behavior. Tweets produced by these core users' followees were also crawled. These data points constitute an unbalanced panel data and we employ different models — fixed-effects, random-effects and pooled logit models — to test the moderation effects. The robustness test shows consistency among these different models.

Preference matching significantly affects users' forwarding behavior, implying that SNS users are more likely to share contents that align with their preferences. In addition, we find that popular users with lots of followers, heavy SNS users who author tweets or forward other-sourced tweets more frequently and users who tend to produce longer original contents are more enthusiastic to disseminate contents of interest. Furthermore, interaction strength has a positive moderating effect on the relationship between preference matching and individuals' forwarding decisions, suggesting that users are more likely to disseminate content of interest when it comes from strong ties. However, the moderating effect of perceived affinity is significantly negative, indicating that an online community of individuals with many common friends is not an ideal place to engage individuals in sharing information.

This work brings about a deep understanding of users' voluntary forwarding behavior of content of interest. To the best of our knowledge, the current study is the first to examine (1) the underlying mechanism by which some users are more likely to voluntarily forward content of interest; and (2) how to identify these potential voluntary disseminators. By extending the ELM, we examine the moderating effect of tweet characteristics, sender–receiver relationships as well as personal characteristics. Our research findings provide practical guidelines for enterprises and government institutions to choose voluntary endorsers when trying to engage individuals in information dissemination on SNS.

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 identify the various economic and non-economic determinants of renewable energy consumption (REC) in Brazil, Russia, India, China and South Africa (BRICS). Due to the adverse effect of carbon emission on the environment, every country is trying for a transition from fossil fuel towards renewable energy. Renewable energy plays a crucial role in reducing carbon emission and combating climate change. Understanding the determinants that influence REC helps to promote this transition.

The study is based on an unbalanced panel data over the period 2002–2019 for all five BRICS nations. The panel corrected standard error (PCSE) method has been adopted to examine the determinants of REC.

Industrialization, population growth and foreign direct investment (FDI) are found to be significant economic determinants of REC while patent on environmental technologies, political instability and industrial design are significant non-economic determinants of REC in the BRICS nations.

The findings imply that to increase REC in BRICS nations, policymakers should incentivize industries for investments in renewable energy, attract FDI aligned with environmental regulations, raise population awareness through training, enforce industrial design standards, establish fair technology transfer frameworks to overcome patent barriers and create stable, long-term renewable energy policies with risk mitigation instruments to address political instability.

The study captures the effect of patents on environmental technologies and industrial design on the consumption of renewable energy. Thus, the novelty lies in investigating unexplored variables in the previous literature likely to affect REC.

This paper aims to examine the relationship between board gender diversity and private firm performance.

The authors test the association between board gender diversity and private firm performance by estimating pooled multivariate regressions using an unbalanced panel data set of 115,253 firm-year observations.

The authors find that younger, less busy and local women directors enhance private firm performance. Firms with 40% or more women directors report triple the economic benefits compared to boards with at least 20% women directors. Considering firm size, women directors significantly increase small firm profitability, and the effect is more pronounced for high-risk firms. Greater board gender diversity enhances small firm performance as the monitoring role of women directors benefits the firm even in the presence of busy men directors. Consistent with the agency theory framework, the authors find that women directors improve small firm profitability in the presence of agency costs.

Due to the lack of availability of data about private firms, many factors are not directly observable. The analysis uses accounting-based performance measures that may be subject to managerial discretion. Nevertheless, the authors report highly significant results using cash-based performance measures that substantiate the overall findings.

The results of the present study point to the need for private firms to increase board gender diversity and consider women director busyness, age, nationality and firm size when making board director appointments.

This study adds to the scarce existent literature investigating private firms. The results contribute to the understanding of gender-diverse boards as well as the attributes of women directors that enhance private firm performance.

Few studies utilize insurance sector data to analyze how insurers' competitiveness affects their risk-taking decisions. To fill the research gap, this study aims to investigate the relationship between insurers’ competitiveness and risk-taking decisions.

This study employs unbalanced panel data for the US property-liability insurance companies from 2006 to 2019. Two-Stage estimation is applied to address the endogeneity issue, such as the Two-Step Generalized Method of Moments, General Two-Stage Least Square and Two-Stage Quantile Regression.

The regression analysis reveals that insurers' competitiveness in their risk-taking decisions is primarily negative. The finding suggests that insurers with low (high) competitiveness tend to take more (less) risk. This study sheds light on how insurers with low competitiveness may alter their risk preference, supporting the fundamental argument of the prospect theory, the CEO hubris argument, the risk-return theory and the risk-sensitivity theory.

The critical findings of this study provide policy implications when evaluating and drafting insurance legislation. Regulators must pay close attention to insurers' riskier decisions while insurers with low competitiveness or during periods of economic recession.

This research contributes to the literature by assessing whether insurers' competitiveness influences their risk-taking decisions. The empirical findings suggest that insurers with low competitiveness take on greater risks to gamble for survivability and boost profits to strengthen their financial standing. The evidence indicates that insurers may risk-seeking or irrational decision-making when facing a competitive disadvantage.

The purpose of this study is to examine the convergence and determinants of anti-corruption disclosures of extractive firms in Africa.

The study uses an unbalanced panel data of 27 firms operating in 5 African countries covering the period 2006 to 2018. Corporate data is collected from the global reporting initiative (GRI) database. The study uses an index to measure overall disclosure and individual items are coded as binary. The study uses fixed effects, panel logistic and panel-corrected standard error regression, depending on the type of dependent variable used.

The results indicate that the determinants of anti-corruption disclosure are membership in the United Nations global compact (UNGC) and Extractive Industry Transparency Initiative, multi-national enterprise status, corruption perception index and human development index (HDI). Specifically, UNGC membership and multi-national status enhance the disclosure on corruption analysis. Countries with a high prevalence of corruption tend to disclose more on corruption analysis. Disclosure on corruption training is high among firms that are UNGC signatories, countries with a high HDI and countries with a high prevalence of corruption. There is a weak effect of firm-level, industry-level and country-level factors on disclosures on corruption response.

The study provides insights on the use of GRI 205: Anti-Corruption, which has relevant implications for practitioners, policymakers and the academic community.

This study is premier in exploring anti-corruption disclosure with a special focus on extractive firms in Africa. It is also unique in providing a test of both beta and sigma convergence among the firms.

In light of the key role attributed to the board of directors as a monitoring tool to constrain earnings management practices, this study aims to examine the effect of some board attributes on accrual-based earnings management and real earnings management in the Middle Eastern and North African (MENA) context, whose institutional, economic and legal environment is markedly different from that of most organization for economic cooperation and development countries.

The authors selected a sample of 161 nonfinancial companies from nine MENA countries between 2014 and 2021 (corresponding to an unbalanced data panel of 486 observations). The authors used the generalized least squares regression test to examine the relationship between board attributes and earnings management.

The authors found that three board attributes (size, independence and gender diversity) have no effect on both types of earnings management practices, while CEO duality has no effect on accrual-based earnings management but has a significant and negative effect on real earnings management. Overall, the results suggest that most board attributes do not play a crucial role in reducing earnings management.

The results provide valuable insights into the universal role of corporate governance mechanisms and raise questions about the role of the board of directors in improving reporting quality in the MENA context.

Regulators should adapt corporate governance mechanisms to the characteristics of the institutional context in which they are inserted.

To the best of the authors’ knowledge, this study is the first to examine the effect of various board characteristics on both types of earnings management practices in the MENA context. It also provides the first empirical evidence of the relationship between board gender diversity and earnings management in the MENA region.

We investigate the effect of the adoption of formal board structure and board processes on firm performance in Colombian family firms, in a context where firms can choose specific aspects of board structure and processes. We deploy insights from the behavioral governance perspective to develop arguments about how family businesses may choose board elements based on their degree of control over the firm (absolute control or less), and its effect on firm performance.

We use an unbalanced data panel of 404 firm-year observations. The data was obtained from the annual financial and corporate governance reports of 62 Colombian stock-issuing firms for the period 2008–2014 – due to change in regulation, data could not be added beyond 2014. Panel data technique with random effects was used.

The results show that board structure is positively associated with financial performance, however, this relationship is negative in businesses where family has absolute control. We also found that there is a negative association between board processes and performance, but positive association in family-controlled businesses.

Our research contributes to research streams on effects of family control in firm choices and on the interactive effect of governance choices and institutional context and more generally how actors interact (rather than react) with their institutional context.

Literature has pointed that conventional financial development theories have inconclusive role on motivating new businesses. New ventures often consider the conventional system that passes through risk and provides fixed-interest lending as a burden. Comparatively, Islamic finance contributes using participative and equitable substitute for startups and has a potential in promoting new businesses. This study aims to investigate the holistic financial development index quadratic effect on entrepreneurship and include the moderating role of Islamic financing at national level.

Islamic banks of 21 nations constitute the unbalanced panel data. Financial development and entrepreneurship indices were developed using factor analysis and panel median regression to estimate the nonlinear financial market development effects and Islamic financing moderation model.

The results indicated that low financial market development is entrepreneurship deterring because of interest burden effect, which could be eased with a proportional increase in the Islamic financing, which is participative. The moderating effect has led to the categorization of the sample countries into entrepreneurship promoting and entrepreneurship discouraging with respect to the current incidence of financial market development and Islamic financing, which can help policymakers in understanding the entrepreneurship promoting combination of financial development and Islamic financing.

Central banks and Shari’ah advisory councils can adopt Islamic financing transition in the national financial inclusion policy for new business facilitation.

This study is instrumental in exploring the assessment of introducing Islamic financing while developing the financial sector on multidimensional entrepreneurship.