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With features of both “family” and “business,” family businesses must seek a balance between the emotional aspect of “family” and the economic aspect of “business” in its organizational and decision-making processes to ensure the sustainability of the family’s entrepreneurship. This study aims to focus on how internal institutional complexity combined evolves alongside the growth of the family business.

The research looks, from the perspective of institutional logic, into the Charoen Pokphand Group, which is an epitome of overseas Chinese family businesses and proceeds to build a model of family business growth in the context of institutional complexity.

The research finds that as a family business grows, institutional complexity inside the organization would change from aligned period to sustaining period and then to dominant period. Then further elucidates the process of proactive response in different stages of the development of a family business. Attaching equal importance to the cultivation of entrepreneurship and to the continuation of family values and culture is the crucial mechanism by which Chinese family businesses seek a balance between family logic and business logic.

This paper unveils the change of institutional complexity in the evolution of family businesses and the process of action of its agency as an organization, and simultaneously partly reveals the features of entrepreneurship that overseas Chinese family businesses have as they grew, which is of positive significance for exploring and building a path of growth unique to Chinese family businesses.

Although it has been proved in the macro level, that institutional quality (IQ) has significant influence on a country's economic growth, international trading, resource allocation, development strategy and others, its direct influence on micro level, or firm level still remains ambiguous. In this article, the authors aim to focus on the influence of IQ of a company's original region on its financial performance. The authors choose H share companies as the sample and try to answer an interesting question that whether original region matters during the development of a company in abroad stock market.

This article uses a panel data of 120 H share firms, each ranges from 2005 to 2009. First, the authors use sectional analysis by SPSS19.0 to test the correlations and primary relationship among variables. Then, the authors use ordinary linear square (OLS) regression model to test the hypotheses with cross-sectional to reveal the primary results. In the end, the authors use STATA 11.0 to test panel data to decide the final results.

The authors concluded that private sector development and product market development have positive effects on corporate financial performance, while laws and regulations development have negative effect. Type of the first shareholder plays an important role partly between region IQ and corporate financial performance: to governance-CFP relationship, non-state shareholders perform better than state ones; to product market-CFP relationship, state shareholders perform better non-state ones.

In practices perspective, this conclusion is also inspirative. This study has implications for executives, too, and should help them to better manage their ownership structure. The results suggest that managers should choose first shareholder with critical thinking. Another way, this study has implications for governments-company interactions. It suggests that governments should engage in building an institution with high quality, so that every company will benefit from it.

This article is the first research on region-level relationship between IQ and corporate financial performance, which is consistent with the multi-level structure of institution concept. And the authors employ H share companies as the sample, which revealed more about the conflict between governance and market embedded in regional institution.

The purpose of this paper is to explore the factors impacting corporate knowledge's assimilation and exploitation; to posit the relationship between assimilation and exploitation, and build up a research model to compare the differences of these relationships in companies with different ownership identities.

Structure equation model.

The paper finds that the function of communicational capability and social capital on knowledge's assimilation and exploitation is impacted by ownership identity.

In China, persons making decisions on innovation strategy of knowledge should consider the ownership identity.

The paper shows that the institutional factor indeed impacts knowledge transfer and innovation. Social capital and communicational capability can reduce the obstacles to knowledge's capture and diffusion, however, the institutional distance will change their function's direction and degree.

This study aims to examine the impact of audit committee (AC) characteristics and enterprise risk management (ERM) on stock price synchronicity (SYNCH).

Based on a sample of 437 US-based firms over the period 2010 to 2017, the current study uses fixed-effect and ordinary least square to test the formulated hypotheses. Majority of the sample firms are based on the S&P 500 index. This study also performs a battery of robustness checks.

The authors find that overall female members and female financial experts and female chairpersons of the AC are negatively associated with SYNCH. Similarly, the study endorses the monitoring role of financial experts and the diligence of the AC (threshold of four annual meetings), as both are negatively associated with SYNCH. However, the authors find that the AC chaired by the financial expert is also negative but insignificantly associated with SYNCH. Finally, the study finds that ERM is also negatively linked with SYNCH.

The findings of the current study offer some important policy implications. For instance, the shareholders can benefit from the monitoring abilities of women and financial experts by increasing their ratio in the AC. The study also offers some useful insights regarding the financial experts and chair of the AC and ERM.

The current study examines the association of AC characteristics with SYNCH, while the prior literature only assesses the impact of various board characteristics (such as size, independence and gender diversity). The study also contributes to the literature of ERM by providing new insights on the influence of the presence of ERM framework/program on SYNCH.

Family firms are the most prevalent type of firm worldwide. Nevertheless, the existent enterprise risk management (ERM) literature is silent on the adoption of ERM in family firms. Family firms exhibit specifics likely to influence the adoption of ERM. Most importantly, they often feature lower levels of agency conflicts, which should make them less prone to invest in mechanisms to control such problems. Consequently, it is expected that family firms are less prone to invest in ERM. This paper aims to explore this basic expectation.

This study is based on a survey of 430 firms from Austria and Germany.

It is observed that family firms show a lower adoption of ERM, especially in family firms where there is a family CEO.

The results suggest that future empirical ERM research should more closely analyze or at least control for family influence.

This study is among the first to analyze ERM adoption in family firms.

Sustainable retrofitting of aged buildings plays a significant role in reducing energy demands and greenhouse gas emissions. This study aims to assess the performance and effectiveness of energy retrofit measures (ERMs) for an archetype of aged multi-storey residential buildings.

The methodology consists of three parts, namely, a desktop study including the selection of a case-study building and identification of ERM options for the building; development of a computer model to simulate the building’s energy use in the baseline scenario and different scenarios of ERMs; and evaluation of the ERMs based on energy-saving rate.

Among the 13 ERMs tested, lighting-related ERMs were found to be optimal measures while window fin is the least suitable option in terms of energy saving. Based on the research findings, a two-level retrofitting framework was developed for aged multi-storey buildings.

Future studies may take a similar approach of this study to develop retrofitting frameworks for other types of buildings, and further research paper can be extended to study retrofitting for buildings in a district or a region.

The findings of this study can serve as a reference for building owners to select effective ERMs for aged multi-storey buildings, which invariably exist in developed cities.

This study presents a pioneering work where an energy model and a building archetype were used to analyze the energy savings of a variety of ERMs that are applicable to aged multi-storey buildings.

The purpose of this study is to develop a method to assess social performance. Traditionally, environment, social and governance (ESG) rating providers use subjectively weighted arithmetic averages to combine a set of social performance (SP) indicators into one single rating. To overcome this problem, this study investigates the preconditions for a new methodology for rating the SP component of the ESG by applying machine learning (ML) and artificial intelligence (AI) anchored to social controversies.

This study proposes the use of a data-driven rating methodology that derives the relative importance of SP features from their contribution to the prediction of social controversies. The authors use the proposed methodology to solve the weighting problem with overall ESG ratings and further investigate whether prediction is possible.

The authors find that ML models are able to predict controversies with high predictive performance and validity. The findings indicate that the weighting problem with the ESG ratings can be addressed with a data-driven approach. The decisive prerequisite, however, for the proposed rating methodology is that social controversies are predicted by a broad set of SP indicators. The results also suggest that predictively valid ratings can be developed with this ML-based AI method.

This study offers practical solutions to ESG rating problems that have implications for investors, ESG raters and socially responsible investments.

The proposed ML-based AI method can help to achieve better ESG ratings, which will in turn help to improve SP, which has implications for organizations and societies through sustainable development.

To the best of the authors’ knowledge, this research is one of the first studies that offers a unique method to address the ESG rating problem and improve sustainability by focusing on SP indicators.

This study aims to test the effects of enterprise risk management (ERM) on firms’ outcomes and the moderating role of knowledge management (KM) on ERM–firms’ outcomes relationship.

Data were collected via a questionnaire survey among public listed companies on the principal stock exchange market in Malaysia. A total of 124 questionnaires were received by mail questionnaire. The results were examined through structural equation modelling and partial least squares.

The outcomes specified that ERM has a positive and noteworthy influence on firms’ outcomes, and KM has a moderating influence on the correlation among ERM and firms’ outcomes.

The qualities, procedures and laws of the Malaysian corporations chosen as the sample firms, as well as their regulations, may not be representative of all other countries. Moreover, this study considered only one variable as a moderator, while there are many variables that different studies can consider as moderator or mediators.

The results of this research imply that employees’ awareness and knowledge of events, opportunities and risk, along with their engagement in the institute’s strategy, are critical for risk management and controlling. For the managers, the results of this research can be helpful to their businesses by identifying the effective KM capability that may enhance their positive outcomes. Managers and organizations can use KM as an instrument to increase ERM effect on firms’ outcomes.

KM and ERM are both significant intangible resources that are hard to imitate and are uniquely specified programs, which are important contributors to firm success in the long run. Moreover, the contingency theory of ERM was proved through the results of this study as it was identified in the public companies, that implementation of ERM as a strategic management practice, by organizations along with an effective KM may enhance the achievement of objectives and outcomes.

This study helps to measure ERM comprehensively and how intangible assets such as KM can affect the comprehensive risk management process and its effectiveness.

The purpose of this paper is to analyze how enterprise risk management (ERM), the system of governance and the Own Risk and Solvency Assessment (ORSA) have been boosted with the entry of Solvency II.

For this analysis, the authors have undertaken a survey of chief risk officers (CROs) working in Spanish insurance companies.

The results show that Solvency II has definitely promoted ERM in the European insurance industry and improved the system of governance of the insurance companies, and that the perceived value of the ORSA for the companies is higher than the cost. It is clear that the quality of ERM implemented by companies is higher in those that face more complex risks and with greater interdependencies – that is, larger companies, foreign insurers and insurers with several lines of business – but is unaffected by the legal form of the entity (mutual/corporation).

This study conducts primary research with surveys of CROs and develops a measure of the quality of ERM implemented by insurance companies.

The specific purposes of this paper are: to identify the critical drivers for and hindrances to enterprise risk management (ERM) implementation; and to compare the influence of these factors on ERM implementation between large and small-medium (SM) Chinese construction firms (CCFs) in Singapore.

A questionnaire survey was conducted and responses were received from 35 experienced managers in CCFs operating in Singapore.

A total of 13 drivers and 22 hindrances were found critical to ERM implementation in Singapore-based CCFs. “Improved decision making” were the top influential driver, while “insufficient resources (e.g. time, money, people, etc.)” were the most significant hindrances. Additionally, despite significant differences in the mean scores of seven drivers and four hindrances, the large and SM CCFs agreed on the rankings of drivers and hindrances, respectively.

As the survey was performed with the Singapore-based CCFs, there may be geographical limitation on the identification of the critical drivers for and hindrances to ERM implementation. The sample size was still small, despite a relatively high response rate.

The findings of this study allow the management to strengthen the positive influence from the drivers and overcome the challenges posed by the significant hindrances.

Despite studies on ERM in various industries, few studies have attempted to disclose the factors driving and hindering ERM implementation in construction firms. Thus, this study expands the existing literature relating to ERM. An understanding of the drivers for ERM implementation enables the management to obtain sufficient support for the ERM program and strengthen the positive influence from the drivers. The identification of the hindrances allows the management to be clear about the challenges faced by the ERM program and take measures to diminish their negative influence and overcome them. Additionally, other construction firms can use the drivers and hindrances identified in this study to prepare their customized list of drivers and hindrances.