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Audit committee members (ACMs) play a pivotal role in negotiating disputes between management and the external auditor concerning audit adjustments. Research suggests ACMs support the external auditor when audit adjustment conflicts arise. This study investigated the perceived effect of audit quality indicators (AQIs), through the mediating effect of affective reaction, on an ACM's recommendation for proposed audit adjustments. Audit firm tenure was examined as a moderating factor in both the effect of perceived AQIs on ACM's proposed adjustment and the relationship between perceived AQIs and affective reaction. Results suggested affective reactions created from perceptions of AQIs influence an ACM's decision-making. Audit firm tenure was found to moderate the relationship between perceptions of AQIs and affective reaction while not moderating the relationship between perceptions of AQIs and the ACM's proposed adjustment.

The purpose of this paper is to evaluate the insights of founding entrepreneurs to understand what they consider as motivating factors in their decision to act upon entrepreneurial intentions. Using this information, the entrepreneurial trigger event influence was conceptualized, and a scale developed for use in subsequent testable models.

Qualitative and quantitative techniques were used to construct an instrument that measures the presence and influence of entrepreneurial behavior triggers. The concept of triggering events was explored with 14 founding entrepreneurs. Themes emerged from this enquiry process which informed the development of four primary entrepreneurial triggering events. Over 600 entrepreneurs participated in the study. Exploratory factor analysis was used to identify dimensions of entrepreneurial triggers and was tested using confirmatory factor analysis.

Entrepreneurs perceive that personal fulfillment and job dissatisfaction serve as two significant trigger events which will lead individuals to engage in entrepreneurial behaviors. This research supports theorizing that suggests entrepreneurial trigger events have influence in motivating individuals to act upon entrepreneurial intentions and some trigger events may have more influence toward behavior than others.

This research is subject to multiple limitations. Trigger events were limited to those identified in literature and the interviews. Most entrepreneurs participating in this study were from a limited geographic region. The entrepreneurs in this study reported their triggering event based on their memory which could have been affected by inaccurate recall or memory bias. No attempt has been made to model the comparative effects of the different variables on entrepreneurial outcomes. Finally, the entrepreneurial trigger event instrument did not measure the participant's demographics or psychographics which could have played a role in the influence of reported trigger event.

This study extends previous research that trigger events serve as catalysts for entrepreneurial behavior. Findings support the premise that different types of triggers have different levels of influence as antecedents of entrepreneurial behavior. Specifically, positive, negative, internal and external entrepreneurial triggering events were explicated. The Entrepreneurial Trigger Event Scale created to facilitate this study enables researchers to explore the effects of types and perceived influences of precipitating trigger events on the intentions of the individual that result in entrepreneurial behavior. The optimized instrument further expanded Shapero's (1975) proposed theory of the origins of entrepreneurial behavior.

The development of a scale provides researchers with the opportunity to include the influence of entrepreneurial trigger events, as perceived by entrepreneurs, in future testable models. Entrepreneurial development organizations can use the knowledge to assist in understanding when potential entrepreneurs may act upon entrepreneurial intentions. Information gained can have significant implications for understanding the initiation of entrepreneurial behavior, entity establishment and business growth.

This research responds to a call for investigation into the influence of entrepreneurial trigger events on a person's decision to act upon entrepreneurial intentions. It is an early attempt to conceptualize a relevant construct of entrepreneurial trigger event influence and to develop a scale for use in empirical testing. It is distinguished by using planned behaviors, push and pull, motivation and drive reduction theories. These theories are applied to the perceptions of successful entrepreneurs to develop a construct and validate it.

The purpose of this study is to empirically examine the impact of ownership structure variables on the level of sustainability reporting (SR) of listed BRICS energy firms as well as the moderating role of the board sustainability committee on this relationship.

This study used a sample of 1,260 firm-year observations from BRICS for the period 2010–2019. This study uses the Bloomberg database, companies’ annual reports and companies’ websites for data collection and the ordinary least squares (OLS) and instrutemental variables (IV) two-stage least squares (2SLS) regressions for data analysis.

This study provides empirical evidence that foreign ownership, managerial ownership and blockholder ownership have a positive and statistically significant impact on the level of SR. However, the results indicate institutional ownership impacts SR negatively. The findings remain qualitatively the same after addressing endogeneity concerns using the IV 2SLS regression method.

This paper has some limitations. This study focuses on listed companies in BRICS. Therefore, future studies should look at non-listed small and medium enterprises. Similarly, because this study focuses on emerging economies, future studies should consider comparative studies between developed and developing economies.

This study makes significant empirical, theoretical and regulatory contributions to policymakers, investors and management on the ownership type that positively influence the level of SR.

This study contributes to the corporate governance and sustainability literature and extends existing empirical literature on the role of ownership structure on the level of SR in the context of emerging economies. This study provides important theoretical and empirical evidence for regulators and policymakers.

This study aims to investigate the relationship between corporate environmental responsibility (CER) and risk-taking in Chinese A-share listed companies from 2011 to 2020. It seeks to understand the influence of CER on risk-taking behavior and explore potential moderating factors.

A quantitative approach is used, using data from Chinese A-share listed companies over the specified period. Regression analysis is used to examine the relationship between CER and risk-taking, while considering moderating variables such as performance aspiration, environmental enrichment and contextual factors.

The findings indicate that CER positively influences corporate risk-taking, with significant impacts on information asymmetry and corporate reputation. Moreover, positive performance aspiration strengthens the effect of CER on risk-taking, while negative performance aspiration and environmental enrichment weaken this effect. Cross-sectional analysis shows that the positive association between CER and risk-taking is more prominent for firms located in areas with strict environmental regulation, for nonstate-owned firms, and for firms with higher levels of internal control.

This research contributes to the literature by providing insights into the dynamics between CER and risk-taking in the Chinese market context. It expands existing knowledge by considering the influence of performance aspiration on this relationship, offering practical implications for firms seeking to enhance corporate performance through strategic management of environmental responsibilities.

Demographic characteristics such as race and ethnicity have long been shown to affect individuals' decision-making and can be associated with various behavioral outcomes. In this paper, we examine the association between the ethnicity of a chief financial officer (CFO) and financial reporting conservatism in a large sample of US public firms. We find that firms headed by CFOs of nonwhite ethnicities exhibit less conservative financial reporting than firms headed by white CFOs; however, this effect is attenuated for firms facing greater external scrutiny. Moreover, nonwhite CFOs in our sample recognize a higher level of discretionary accruals than white CFOs. Our study contributes to the literature on financial reporting and answers the call for more studies on top manager ethnicity effects. More importantly, our findings hold implications for both regulators and investors, given the prevalence and significance of diversity initiatives in today's globalized business environment.

Increasing workforce diversity requires leadership to ensure employees retain their well-being. This study aims to examine how employees’ and managers’ co-creation of diversity in the workplace influences positive leadership (PL) style, which in turn affects employee well-being (EWB) positively.

Employees and managers of Australian businesses participated in a cross-sectional survey. EWB was regressed on PL style and diversity dimensions (DDs). Also, the mediation effect of PL style between DDs and EWB was tested.

Results suggest that Australian organisations appear to have more employee diversity with its partial impact on managers’ PL style, which then positively affects on employee well-being (EWB). Furthermore, the PL style partially mediated the relationship between DDs and EWB.

Managers will better understand workplace diversities and the key role that PL style can play in enhancing EWB.

This study will help improve employees' and managers' personal and social lives by developing a better understanding of health and well-being. It will have further economic impacts, such as higher organisational productivity.

This study fills the gap in the literature where PL style will positively affect EWB. Investigating the relationship between DDs, PL style and EWB using PERMA-profiler is a unique contribution.

This study aims to investigate the impact of gender diversity in top management teams and boards on environmental, social and governance (ESG) performance. The authors propose a corporate social responsibility (CSR) committee as a moderating variable in this relationship, drawing on resource dependence and legitimacy theories. This study is crucial in understanding the dynamics of gender diversity and its impact on ESG performance in the banking sector.

The study examines a sample of Islamic and conventional banks from 10 Middle Eastern and North African countries during 2008–2022. Initial analysis was conducted using fixed effects panel regression, whereas the robustness test used the generalized method of movement dynamic system.

The findings, which are significant for both conventional and Islamic banks, indicate that female directors are crucial in promoting ESG performance in conventional banks. In contrast, female executives do not appear to contribute significantly. However, for Islamic banks, neither board nor executive gender diversity significantly affects ESG performance. Moreover, the find that the positive moderating role of the CSR committee is significant only for the nexus between board gender diversity and conventional banks’ ESG performance and for the connection between executive gender diversity and Islamic banks’ ESG performance.

Despite the widespread belief that gender diversity in top management teams is pivotal in promoting ESG performance, empirical studies supporting these claims are scarce, particularly in the banking sector. The study, therefore, brings a novel perspective to this discourse. These findings have the potential to significantly assist stakeholders in evaluating how gender diversity in top management teams influences banks’ sustainability practices, thereby empowering them to make more informed and impactful investment decisions.

Firms with gender diverse boards have been shown to have increased transparency and disclosure, resulting in reduced information asymmetry, which is a key factor influencing stock liquidity. This paper explores the influence of information asymmetry resulting from board gender diversity on stock liquidity. We examine the impact of gender diverse firms on stock liquidity in US listed firms from 2006 to 2022, capturing 28,280 firm-year observations across 4,349 firms. Using mediation models, we distinguish between direct and mediated effects to examine the impact of gender diverse boards on three dimensions of stock liquidity. We find a positive and significant relation between board gender diversity and stock liquidity, and our findings highlight the substantial mediating role of information disclosure in this association. To address concerns of endogeneity, we use instrumental variables regression, and our conclusions remain robust to a range of alternatives.

To investigate the association between board gender diversity and stock liquidity and the underling mechanism that drives the relation, we utilize a dataset comprising 4,349 listed US firms from 2006 to 2022. We adopt a comprehensive approach to measure stock liquidity that spans three dimensions: Amihud illiquidity (LIQ) as a representation of price impact, the quoted spread (SPREAD) to gauge transaction costs and the stock turnover (TURNOVER) to assess trading frequency. To evaluate board gender diversity, we examine female directors and female independent directors, utilizing both the percentage and the presence (as a binary variable).

The results of our analysis reveal not only a statistically significant effect of board gender diversity on liquidity but also demonstrate its economic significance. One standard deviation increase in the percentage of female directors (12% more female directors) is associated with a 5.8% decrease in price impact, a 5.1% reduction in transaction costs and a 3% increase in trading frequency. These findings highlight the material economic importance of the relationship, which stands in contrast to previous studies reporting only a 1% change in average stock liquidity in the Australian stock markets (Ahmed and Ali, 2017). To further investigate the underlying mechanism driving the association between board gender diversity and liquidity, we employ mediation models to separate the direct and mediated channels. Our results indicate that the effects of the percentage of female directors are mediated on liquidity (LIQ, SPREAD, and TURNOVER) through information disclosure, albeit with a relatively small magnitude (mediation proportion is 18.2, 3.9 and 22.9%, respectively).

We include a comprehensive set of variables in our analysis and adopt an instrumental approach to mitigate endogeneity concern. However, we acknowledge the possibility of omitted variable biases or reverse causality in our empirical analysis.

Our study contributes to the understanding of the association between board gender diversity and stock liquidity, focusing on the underlying mechanisms. Gender diversity on boards enhances corporate governance, leading to reduced managerial opportunism (Adams and Ferreira, 2009; Nielsen and Huse, 2010). This, in turn, increases information transparency and results in increased stock liquidity. By exploring the empirical evidence of the impact of gender diverse boards on stock liquidity through the information channel, we provide valuable insights to the existing literature. Our study uses US data to examine this association, addressing the small sample concerns of prior research that may have contributed to inconsistent findings.

This research can drive both economic and social transformations as it provides evidence that gender diverse boards lead to improved market outcomes.

Our study differs from previous research by incorporating all three dimensions of liquidity, ensuring a comprehensive analysis. Through our investigation, we aim to deepen understanding of how gender diversity on corporate boards shapes market dynamics and contributes to understanding of corporate governance and market efficiency. Our study investigates how the impact occurs by employing mediation models to separate the direct and mediated channels of impact. We show that the effects of gender diverse boards on liquidity are mediated through information disclosure.

This paper investigates market-wide herding behavior among investors in the stock markets of Brazil, Chile, Colombia and Mexico from January 2013 to December 2022.

We analyze a survivor-bias-free dataset of daily stock returns, employing a measure reflecting the cross-sectional deviation of stock returns relative to market consensus.

Significant anti-herding is observed in Brazil and Mexico, while Chile and Colombia show results consistent with rational asset pricing models. The COVID-19 pandemic generally intensifies anti-herding trends. Additionally, significant asymmetries in herding/anti-herding effects are noted during different market trends and volatility levels. Furthermore, we identify the drivers of this phenomenon, revealing that extreme crude oil price movements are associated with more pronounced anti-herding, and herding/anti-herding effects appear synchronized across all four markets.

Our findings regarding synchronization in herding dynamics suggest challenges in realizing the desired benefits of international diversification in the region.

The significant cross-country effects indicate that herding dynamics may play a crucial role in precipitating regional financial crises.

For the first time, we examine various features of herding behavior in the sample markets, including the impact of the COVID-19 pandemic, psychological and economic drivers of the phenomenon and synchronization in herding dynamics among the four markets.

Este artículo investiga el comportamiento de manada entre inversores en los mercados bursátiles de Brasil, Chile, Colombia y México desde enero de 2013 hasta diciembre de 2022.

Analizamos datos libres de sesgo de supervivencia de rendimientos diarios de acciones, empleando una medida que refleja la desviación transversal de los rendimientos de las acciones con respecto al consenso del mercado.

Se observa un comportamiento de anti-manada significativo en Brasil y México, mientras que en Chile y Colombia se encuentran resultados consistentes con modelos racionales de valoración de activos. La pandemia de COVID-19 generalmente intensifica las tendencias de comportamiento de anti-manada. Se notan asimetrías significativas en el comportamiento de anti-manada durante diferentes tendencias de mercado y niveles de volatilidad. Además, los movimientos extremos en los precios del petróleo tienden a estar asociados con un comportamiento anti-manada más pronunciado, y los efectos parecen estar sincronizados en los cuatro mercados.

Nuestros hallazgos con respecto a la sincronización en la dinámica de manada sugieren desafíos para realizar los beneficios de la diversificación internacional en los mercados de la región.

Los efectos cruzados entre países indican que la dinámica de manada puede desempeñar un papel crucial en la precipitación de crisis financieras regionales.

Por primera vez, examinamos diversas características del comportamiento de manada en los mercados de muestra, incluido el impacto de la pandemia de COVID-19, los impulsores psicológicos y económicos del fenómeno, y la sincronización en la dinámica de manada entre los cuatro mercados.

This study develops and validates an innovative approach for extracting knowledge from online user reviews by integrating textual content and emojis. Recognizing the pivotal role emojis play in enhancing the expressiveness and emotional depth of digital communication, this study aims to address the significant gap in existing sentiment analysis models, which have largely overlooked the contribution of emojis in interpreting user preferences and sentiments. By constructing a comprehensive model that synergizes emotional and semantic information conveyed through emojis and text, this study seeks to provide a more nuanced understanding of user preferences, thereby enhancing the accuracy and depth of knowledge extraction from online reviews. The goal is to offer a robust framework that enables more effective and empathetic engagement with user-generated content on digital platforms, paving the way for improved service delivery, product development and customer satisfaction through informed insights into consumer behavior and sentiments.

This study uses a structured methodology to integrate and analyze text and emojis from online reviews for effective knowledge extraction, focusing on user preferences and sentiments. This methodology consists of four key stages. First, this study leverages high-frequency noun analysis to identify and extract product attributes mentioned in online user reviews. By focusing on nouns that appear frequently, the authors can systematically discern the primary features or aspects of products that users discuss, thereby providing a foundation for a more detailed sentiment and preference analysis. Second, a foundational sentiment dictionary is established that incorporates sentiment-bearing words, intensifiers and negation terms to analyze the textual part of the reviews. This dictionary is used to assign sentiment scores to phrases and sentences within reviews, allowing the quantification of textual sentiments based on the presence and combination of these predefined lexical items. Third, an emoticon sentiment dictionary is developed to address the emotional content conveyed through emojis. This dictionary categorizes emojis based on their associated sentiments, thus enabling the quantification of emotional expressions in reviews. The sentiment scores derived from the emojis are then integrated with those from the textual analysis. This integration considers the weights of text- and emoji-based emotions to compute a comprehensive attribute sentiment score that reflects a nuanced understanding of user sentiments and preferences. Finally, the authors conduct an empirical study to validate the effectiveness of the proposed methodology in mining user preferences from online reviews by applying the approach to a data set of online reviews and evaluating its ability to accurately identify product attributes and user sentiments. The validation process assessed the reliability and accuracy of the methodology in extracting meaningful insights from the complex interplay between text and emojis. This study offers a holistic and nuanced framework for knowledge extraction from online reviews, capturing both explicit and implicit sentiments expressed by users through text and emojis. By integrating these elements, this study seeks to provide a comprehensive understanding of user preferences, contributing to improved consumer insight and strategic decision-making for businesses and researchers.

The application of the proposed methodology for integrating emojis with text in online reviews yields significant findings that underscore the feasibility and value of extracting realistic user knowledge to gain insights from user-generated content. The analysis successfully captured consumer preferences, which are instrumental in informing service decisions and driving innovation. This achievement is largely attributed to the development and utilization of a comprehensive emotion-sentiment dictionary tailored to interpret the complex interplay between textual and emoji-based expressions in online reviews. By implementing a sentiment calculation model that intricately combines textual sentiment analysis with emoji sentiment analysis, this study was able to accurately determine the final attribute emotion for various product features discussed in the reviews. This model effectively characterized the emotional knowledge of online users and provided a nuanced understanding of their sentiments and preferences. The emotional knowledge extracted is not only quantifiable but also rich in context, offering deeper insights into consumer behavior and attitudes. Furthermore, a case analysis is conducted to rigorously test the validity of the proposed model in a real-world scenario. This practical examination revealed that the model is not only capable of accurately extracting and analyzing user preferences but is also adaptable to different contexts and product categories. The case analysis highlights the robustness and flexibility of the model, demonstrating its potential to enhance the precision of knowledge extraction processes significantly. Overall, the results confirm the effectiveness of the proposed approach in integrating text and emojis for comprehensive knowledge extraction from online reviews. The findings validate the model’s capability to offer actionable insights into consumer preferences, thereby supporting more informed and strategic decision-making by businesses. This study contributes to the broader field of sentiment analysis by showcasing the untapped potential of emojis as valuable indicators of user sentiments, opening new avenues for research and applications in digital marketing and consumer behavior analysis.

This study introduces a pioneering approach to extract knowledge from Web user interactions, notably through the integration of online reviews that incorporate both textual content and emoticons. This innovative methodology stands out because it holistically considers the dual channels of communication, text and emojis, to comprehensively mine Web user preferences. The key contribution of this study lies in its novel insights into the extraction of consumer preferences, advancing beyond traditional text-based analysis to embrace nuanced expressions conveyed through emoticons. The originality of this study is underpinned by its acknowledgment of emoticons as a significant and untapped source of sentiment and preference indicators in online reviews. By effectively merging emoticon analysis and emoji emotion scoring with textual sentiment analysis, this study enriches the understanding of Web user preferences and enhances the accuracy and depth of consumer preference insights. This dual-analysis approach represents a significant leap forward in sentiment analysis, setting a new standard for how digital communication can be leveraged to derive meaningful insights into consumer behavior. Furthermore, the results have practical implications to businesses and marketers. The insights gained from this integrated analytical approach offer a more granular and emotionally nuanced view of customer feedback, which can inform more effective marketing strategies, product development and customer service practices. By pioneering this comprehensive method of knowledge extraction, this study paves the way for future research and practice to interpret and respond more accurately to the complex landscape of online consumer expressions. This study’s originality and value lie in its innovative method of capturing and analyzing the rich tapestry of Web user communication, offering a ground-breaking perspective on consumer preference extraction that promises to enhance both academic research and practical applications in the digital era.