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This paper aims to analyze the thematic content of research addressing the relation between board of directors (BoD) and business transformation (BT) to obtain better understanding of status and to derive future areas of study.

This paper reviews literature through a bibliometric analysis based on co-occurrence of articles published in Web of Science Core Collection ™ (WoS) between 1990 and 2022, identifying key concepts, setting network of relations and identifying the strategic importance of clusters of concepts. Findings and implications are discussed, future lines of research are presented and limitations are noted.

Thematic research on boards addressing transformation shifted from the analysis of individuals' traits to an organizational approach with majority of research centered on the role of boards under different theories and the consequences of strategic changes on firm's performance. Further research is around gender diversity, sustainability and the moderating role of ownership structure and business culture.

Some limitations are also noted. This analysis considered articles indexed by WoS for Q1+Q2 publications as source of literature, while including others such as Scopus would increase knowledge base. Also, to identify main streams of research, the authors considered keywords with cumulative occurrence spanning from 30% to 40% while increasing this percentage would add terms that might improve precision to the connections among keywords. Other techniques could have been used such as co-citation or bibliographic coupling, although the authors find these as better suited to investigate the basic structure behind the foundational knowledge of the topic while the authors’ intention was to understand the positioning of study fields regarding the degree of research progress.

This paper presents some practical implications for future researchers. Those who wish to leverage previous evidence to address new research questions might look into principal themes covering BoD dynamics and composition to exert CG, and the relation between strategic decisions and performance measured by different variables. Those who wish to position their research as new findings to shed light on dilemmas, might find opportunities in the fields of climate change-sustainability, R&D for growth and innovation under the perspective of intangible assets.

This paper, is the first to the best of the authors’ knowledge, to identify research clusters for the intersection of boards and transformation and to determine their stage of development.

本文旨在分析探討董事會與業務轉型之間的關係的學術研究的專題內容，以能對有關課題的研究狀況有更深入的了解，並擬從分析中取得未來可供研究的範疇。

本文透過科學計量分析法來進行文獻探討。方法乃基於在1990年至2022年期間在Web of Science Core Collection 刊載的學術論文的共現分析而進行; 透過這個研究方法，研究人員建立了聯繫的網絡，並確認了各個概念群組的策略重要性。在本文中，研究結果和研究結果帶來的啟示會被討論，未來的研究領域和方針也會得到說明，研究的局限也會被認定和記錄下來。

探討董事會而又涉及業務轉型的專題研究，由當初集中探討董事個人的特質、轉移到現在研究整體的組織理念和處事取向，而就後者來說，大部份的研究都集中於在不同的理論框架裡董事會所扮演的角色，以及因策略上的改變而為公司的業績帶來的影響。進一步的學術研究都是圍繞著性別多元化、可持續性、所有權結構所扮演的緩和角色和商業文化的研究。

盡我們所知，本文乃為首篇學術論文，去鑑定關於董事會與業務轉型之間的關聯的研究集群，也是首篇學術論文，去確定這些研究集群的發展階段。

This paper aims to empirically investigate the impact of the carbon intensity constraint policy (CICP) on green innovation.

This study takes the implementation of the CICP as a quasi-natural experiment and uses a quasi–difference-in-difference method to investigate the impact of the CICP on firm green innovation from a microeconomic perspective.

The CICP significantly limits the quality of firms’ green innovation. Among the range of green patents, the CICP distorts only patents related to CO₂ emissions. The inhibitory effect is more pronounced in non-state-owned enterprises and heavily polluting firms. R&D investment and green investor are identified as the main mechanism.

These findings provide evidence for the influence of the CICP on firm green innovation, which can guide policymakers in China and other emerging economies that prioritize carbon intensity constraint targets and the improvement of relevant auxiliary measures.

Governments and firms should have a comprehensive understanding of environmental policies and corporate behavior and need to mitigate the negative impact through a combination of measures.

This study contributes to the literature by providing additional empirical evidence regarding the two opposing sides of the ongoing debate on the positive or negative effects of CICP. It also provides new evidence on the policy effect of the CICP on firm green innovation, together with its mechanisms and heterogeneous influences.

The purpose of this paper is to investigate the relationship between CEOs' inside debt holdings (pension benefits and deferred compensation) and the operating leverage of the firms they manage, with the aim to examine whether CEO incentives play a role in corporate risk-taking.

The authors investigate the relation between CEO inside debt holdings (CIDH) (pension benefits and deferred compensation) and the operating leverage (DOL) of the firms they manage. Using a sample of 11,145 US firm-year observations over the period 2006–2017, the authors find a strong negative association between CIDH and DOL. Additional analyses reveal that the relationship between CIDH and DOL is more pronounced in firms with heightened agency issues, powerful CEOs and for CEOs with stronger professional networks. The results are robust to various sensitivity and endogeneity tests.

The authors find strong evidence confirming the expected negative association between CEO inside debt and DOL suggesting that firms with higher inside debt tend to maintain lower levels of operating leverage. These findings continue to hold with the alternative measure for the inside debt and operating leverage, and across a range of tests designed to rule out the possibility that the primary findings are in any way driven by potential endogeneity. In addition, the findings demonstrate that the presence of manager-shareholder agency conflicts can strengthen the inside debt–DOL relationship suggesting the strong role of inside debt in reducing firm risk.

Findings in this paper have implications for design of compensation structures so that corporate boards can establish incentives as a tool for risk management. A limitation of this study is that it is focused on one market, i.e. US listed companies, so the findings may not be applicable on a global scale.

To the best of the authors’ knowledge, this is the first study that links firm-level management of operating leverage through design of CEO inside debt incentives (two obvious choices for risk-reduction at the CEOs’ disposal include reducing financial risk through reduction of firm leverage and reducing operating risk through reduction of operating leverage). While use of firm leverage as an instrument of choice has been explored in the past, use of operating leverage to achieve risk reduction when CEO possess high inside holding, has received very little attention.

In the process of industrial growth, when existing industries go for technology upgradation and new modernised industries emerge, both capital intensity and energy demand of overall industry tend to rise steadily. This poses a serious challenge for sustainable development objectives. Towards this end, enhancing energy efficiency of individual industries is the only remedy. Against this backdrop, the study aims to probe the trends in capital intensities and energy efficiencies of individual industries in India.

This study uses panel data regression analysis on data of two-digit industries from 1980/1981–2016/2017. The statistical analysis includes relevant macroeconomic variables derived from the literature to ascertain the drivers of energy efficiency in industries.

The results brought out that capital deepening due to technology upgradation and modernisation and capital productivity growth are the decisive determinants of energy efficiency growth. Furthermore, the ever-increasing fuel price motivated industries to conserve energy on a steady basis, supplemented by energy conservation-specific policy interventions.

This study recommends policy initiatives to ascertain and address technology gaps industry-wise, so that its subsequent efficient capital utilisation, and energy conservation measures of industries would result in energy efficiency growth in industry. The policy must focus on energy-efficient capital intensification in fabricated metals, leather, textile and wood industries that are found less-energy-efficient despite being less-capital-intensive.

This study empirically explores the capital efficiency of industries by investigating the interaction between capital intensity and energy efficiency at a two-digit industry level. It explores the determinants of energy efficiency and proposes industry-specific policies for energy-efficiency-enhancement of the overall industry.

The intensity of carbon emissions has led to the serious problem of global warming, and the consequences in terms of climatic disasters are gaining increasing attention worldwide. As the energy sector is responsible for most global emissions, developing clean energy is crucial to combat climate change. This study aims to examine the relationship between corporate governance and renewable energy (RE) consumption and explore the interaction between RE production and RE use.

The study adopts an econometric framework of a panel model, followed by the robustness check using alternative methods, including logit regressions. The bivariate probit model is used to analyze the interaction between the decision to use and the decision to produce RE. The analysis is based on a sample of 3,896 firms covering 45 countries worldwide.

The results reveal that appropriate governance mechanisms positively impact RE consumption. These include the existence of a sustainability committee; environmental, social and governance-based compensation policy; financial performance-based compensation; sustainability external audit; transparency; board gender diversity; and board independence. Firms with appropriate governance mechanisms are more likely to produce and use RE than others. Finally, while RE use positively impacts firm value and environmental performance, the authors find no significant effect on current profitability.

This study goes beyond previous research by exploring the impact of multiple governance mechanisms. To the best of the authors’ knowledge, this is also the first study examining the relationship between RE use and firm value. Overall, the findings suggest that RE transition requires, first of all, establishing appropriate governance mechanisms within companies.

This study aims to explore the moderating effects of strategy on the relationship between working capital management (WCM) and profitability.

A data sample of 72,444 firm-year observations of US-listed firms during 2000–2020 was used. The research hypotheses were tested using a panel regression analysis and an appropriate research instrument that signifies a firm’s strategic positioning.

The prospecting (defending) strategy has a decreasing (increasing) moderating effect on the relationship between WCM and profitability. The empirical findings are not affected by the level of earnings management, the presence of motives to meet earnings targets or the intensity of unreported intangible assets. Additionally, the reported empirical results remain robust within the context of propensity score matching regression analysis, in the presence of nonlinear effects of WCM on profitability, when alternative measures of WCM are used, and between firms with an increase or decrease in future profitability or different levels of efficiency on net WCM investments.

This study may stimulate future research exploring the moderating effects of various variables on the relationship between WCM and operating performance.

The findings highlight the importance of strategy for improving the performance evaluation of WCM policies and the prediction accuracy of the consequences of a strategy on short-term operating performance.

Prior empirical research has documented either a negative or positive relationship between WCM and profitability, which implies the presence of moderating effects of various factors. This study provides empirical evidence of the moderating effects of strategy on the relationship between WCM and profitability.

This paper aims to identify the combination of innovation determinants driving the creation of innovative products amongst market leaders and market followers in food and beverage (F&B) firms.

This research is based on the case study methodology by using two types of data sources: (1) semi-structured interviews with industry experts and (2) in-depth interviews with managers. In addition, a questionnaire adapted from prior research was used to consider market and firm types.

Suggesting an integrated theoretical framework based on firm-based factors and market-based factors, this study identified a combination of determinants significantly impacting innovative products in the market. Specifically, these determinants are competition intensity and innovation capability (a combination of research and development (R&D) investment and marketing capabilities). The study also examined how these determinants vary depending on whether the firms are market leaders or market followers.

This research provides practical insights for managers working in the F&B industry by using case studies and exploring the determinants of developing innovative products. In doing so, suitable strategies can be selected according to the market and firm situations.

The originality of the study is shown by focussing on how different combinations of market and firm factors could be applied in creating successful innovative products in the food sector.

Crowdfunding is an increasingly popular channel for project fundraising for entrepreneurial ventures. Such efforts require fundraisers to develop and manage a crowdfunding campaign over a period of time and several stages. Thus, the authors aim to identify the stages fundraisers go through in their crowdfunding campaign process and how their engagement evolves throughout this process.

Following a multiple case study research design analysing six successful campaigns, the current study suggests a taxonomy of stages the fundraisers go through in their crowdfunding campaign management process while identifying the types of engagement displayed and their relative intensity at each of these stages.

The study proposes a five-stage process framework (pre-launch, launch, mid-campaign, conclusion and post-campaign), accompanied by a series of propositions outlining the relative intensity of different types of engagement throughout this process. The authors show that engagement levels appear with high intensity at pre-launch, and to a lesser degree also at the post-launch stage while showing low intensity at the stages in between them. More specifically, cognitive and behavioural engagement are most prominent at the pre- and post-launch stages. Emotional engagement is highest during the launch, mid-launch and conclusion stages. And social engagement maintains moderate levels of intensity throughout the process.

This study focuses on the campaign process using engagement theory, thus identifying the differing engagement patterns throughout the dynamic crowdfunding campaign management process, not just in one part.

Given the serious question raised by the subprime of the 2008 global financial crisis over the rising practices of excessive rewarding of executives in the USA and European firms, the executive pay-performance nexus has emerged as a popular topic of debate in the contemporary corporate finance research. Conducted mostly on the Anglo-Saxon contexts, research outcomes have been inconclusive and dichotomous. Considering this backdrop, this study aims to investigate the endogenous relationship between executive compensation and risk taking in the context of the USA.

Using a large sample of non-financial firms from 2010 to 2020 based on panel data and two-stage least square regression. In this study, the riskier corporate decision is measured as book leverage and ratio of R&D expense to total assets. Chief executive officers’ (CEO) experience and age are used as instrumental variables, and these are expected to influence compensation incentives and, hence, affect firm riskiness indirectly. Firm size, return on assets and CEO turnover are reported to affect compensation and corporate decisions, therefore, included as control variables. Given that higher executive compensation is related to riskier corporate decision in firms, this study incorporates total wealth (i.e. accumulated equity related compensation) as an additional proxy of compensation, and this selection is justifiable by the perfect contracting notion of the agency theory.

The results of this study show a significant positive and increasing nexus among compensation and riskier corporate decisions. Besides, the compensation level proxied through the percentage of each form of compensation in total compensation is very important as greater equity and greater salary diminishes risk taking.

The outcomes of this study have useful implications for firm stakeholders and policymakers.

The level of pay measured by the percentage of each type of compensation in total compensation is of utmost importance as it can increase or decrease risk taking in corporate decisions.

This analysis examines the relationship between corruption and firm productivity in Vietnam.

The authors apply the system generalized method of moments estimation approach on a panel dataset constructed from comprehensive enterprise surveys covering all the sectors over the 2011–2020 period.

The results confirm a non-linear relationship between corruption and firm productivity. Where corruption is severe, leaving corruption alone tends to benefit firm productivity because efforts to control corruption are likely to cause greater delays. In less corrupt provinces, corruption appears to harm firm productivity while efforts to control corruption provide significant productivity gains. This U-shaped relationship is confirmed for small firms and those in the private sector sub-samples. Intriguingly, this study reveals that the U-shaped relationship does not apply to micro, medium, large firms, state-owned firms and foreign-invested firms because corruption is found to have no significant impact on productivity among these sub-samples. Changes in regulations after 2014 toward promoting a transparent business environment are shown to foster the positive impact of lowering corruption on firm productivity.

This study suggests that lowering corruption is beneficial for firm productivity at the micro level. However, where corruption is severe, monitoring corruption alone is likely to cause adverse effects on productivity due to increased bureaucratic delays. Institutional reforms might play an important role in leveraging the effects of lowering corruption on productivity in highly corrupt areas.

This paper sheds new light on the relationship between corruption and firm productivity in the broad existing literature and especially in the limited number of studies for Vietnam.