This study examined the link between audit quality and agency costs in Nigeria corporate environment. Specifically, the study examined the way audit quality represented by audit firm size affect agency conflicts represented by asset utilization rate, and whether timeliness of the audit report alters the nexus between audit quality and agency conflicts in Nigeria. The data were collected from seventy-three (73) listed non-financial firms who consistently published their annual reports between 2010 and 2019 out of the one hundred and twelve (112) non-financial firms listed on the Nigerian Stock Exchange as of 31st December 2020. Descriptive statistics tools of mean and standard deviation as well as correlation analysis were used for preliminary analysis while fixed effect panel regression was used for the multivariate analysis. Feasible generalize least square was used to estimate the model for robustness check in addition to the use Tobin’s Q as alternative proxy for agency conflicts. The results were obtained by controlling for firm size, firm performance, and firm age. The results of the study revealed a significant negative impact of audit quality on agency costs implying that firms audit by big four have significantly lower agency costs compared to firms audited by other audit firms. Further analysis of the results shows that the positive effect of audit report lag overwhelms the negative influence of audit firm size on agency costs suggesting that using big 4-audit firm would not mitigate agency conflict if the audit report lag is higher. These findings are robust to alternate estimation technique and proxy for agency costs. This study therefore recommends that firms should not only patronize big 4-audit firm to mitigate agency conflict, they must ensure timely audit report.
{"title":"Implications of Audit Quality on Agency Conflicts: Evidence from Nigeri","authors":"J. Olowookere, Quadri Adebayo Lawal, A. Siyanbola","doi":"10.29117/sbe.2023.0139","DOIUrl":"https://doi.org/10.29117/sbe.2023.0139","url":null,"abstract":"This study examined the link between audit quality and agency costs in Nigeria corporate environment. Specifically, the study examined the way audit quality represented by audit firm size affect agency conflicts represented by asset utilization rate, and whether timeliness of the audit report alters the nexus between audit quality and agency conflicts in Nigeria. The data were collected from seventy-three (73) listed non-financial firms who consistently published their annual reports between 2010 and 2019 out of the one hundred and twelve (112) non-financial firms listed on the Nigerian Stock Exchange as of 31st December 2020. Descriptive statistics tools of mean and standard deviation as well as correlation analysis were used for preliminary analysis while fixed effect panel regression was used for the multivariate analysis. Feasible generalize least square was used to estimate the model for robustness check in addition to the use Tobin’s Q as alternative proxy for agency conflicts. The results were obtained by controlling for firm size, firm performance, and firm age. The results of the study revealed a significant negative impact of audit quality on agency costs implying that firms audit by big four have significantly lower agency costs compared to firms audited by other audit firms. Further analysis of the results shows that the positive effect of audit report lag overwhelms the negative influence of audit firm size on agency costs suggesting that using big 4-audit firm would not mitigate agency conflict if the audit report lag is higher. These findings are robust to alternate estimation technique and proxy for agency costs. This study therefore recommends that firms should not only patronize big 4-audit firm to mitigate agency conflict, they must ensure timely audit report.","PeriodicalId":43310,"journal":{"name":"Studies in Business and Economics","volume":"44 1","pages":""},"PeriodicalIF":0.6,"publicationDate":"2023-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85581077","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study examines customers centricity and firm operational performance in Fast Moving Consumer Goods (FMCGs) in Ogun State, Nigeria. The study is premised on three customer-centric elements or dimensions: customer integration, internal integration, and external integration. A descriptive survey research design was employed in the study, using the maximum variance sampling technique. A structured questionnaire was administered on customers of selected FMCGs in Ogun State, Nigeria. Employing the Ordinary Least Squares (O.L.S) technique, the results revealed that customers' centricity significantly affects the operational performance of FMCGs in Nigeria. The findings also reveal that external integration and customers' integration are the most significant dimensions of customers' centricity. It is recommended that organisations should pay more attention to their customers' integration and external integration since these two dimensions are the most significant customers' centricity dimensions explaining FMCGs operational performance in Nigeria.
{"title":"Customer Centricity and Firm Operational Performance: A Study of Fast Moving Consumer Goods’ Firms in Ogun State, Nigeria.","authors":"M. Ogunmuyiwa, Ifedayo Oladele Agbaje","doi":"10.29117/sbe.2023.0140","DOIUrl":"https://doi.org/10.29117/sbe.2023.0140","url":null,"abstract":"This study examines customers centricity and firm operational performance in Fast Moving Consumer Goods (FMCGs) in Ogun State, Nigeria. The study is premised on three customer-centric elements or dimensions: customer integration, internal integration, and external integration. A descriptive survey research design was employed in the study, using the maximum variance sampling technique. A structured questionnaire was administered on customers of selected FMCGs in Ogun State, Nigeria. Employing the Ordinary Least Squares (O.L.S) technique, the results revealed that customers' centricity significantly affects the operational performance of FMCGs in Nigeria. The findings also reveal that external integration and customers' integration are the most significant dimensions of customers' centricity. It is recommended that organisations should pay more attention to their customers' integration and external integration since these two dimensions are the most significant customers' centricity dimensions explaining FMCGs operational performance in Nigeria.","PeriodicalId":43310,"journal":{"name":"Studies in Business and Economics","volume":"58 1","pages":""},"PeriodicalIF":0.6,"publicationDate":"2023-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84880366","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Global performance, defined as “the aggregation of economic, social and environmental performance” (Baret, 2006), is a multidimensional concept that was introduced with the emergence of the concept of CSR and sustainable development. Today, the difficulty for organizations is to measure global performance and understand the interactions between its different dimensions: economic, social and environmental. The search for global performance has become increasingly important for any organization to affirm its relevance, effectiveness and efficiency in meeting the expectations of their stakeholders in order to ensure its sustainability. Cooperatives are no exception to this logic. Assessing the performance of cooperatives takes on new importance given all the challenges they will have to face and given their dual nature (association/enterprise). The objective of this article is to propose a model of representation and evaluation of the global performance of cooperatives allowing to describe the components of this performance and to analyze the interactions between its different dimensions.
{"title":"Representation and Evaluation of the Global Performance of Cooperatives","authors":"N. Mamdouh, Mohamed Alami Chentoufi","doi":"10.29117/sbe.2023.0141","DOIUrl":"https://doi.org/10.29117/sbe.2023.0141","url":null,"abstract":"Global performance, defined as “the aggregation of economic, social and environmental performance” (Baret, 2006), is a multidimensional concept that was introduced with the emergence of the concept of CSR and sustainable development. Today, the difficulty for organizations is to measure global performance and understand the interactions between its different dimensions: economic, social and environmental. The search for global performance has become increasingly important for any organization to affirm its relevance, effectiveness and efficiency in meeting the expectations of their stakeholders in order to ensure its sustainability. Cooperatives are no exception to this logic. Assessing the performance of cooperatives takes on new importance given all the challenges they will have to face and given their dual nature (association/enterprise). The objective of this article is to propose a model of representation and evaluation of the global performance of cooperatives allowing to describe the components of this performance and to analyze the interactions between its different dimensions.","PeriodicalId":43310,"journal":{"name":"Studies in Business and Economics","volume":"4 1","pages":""},"PeriodicalIF":0.6,"publicationDate":"2023-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87100008","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Front Matter","authors":"","doi":"10.29117/sbe.2023.0136","DOIUrl":"https://doi.org/10.29117/sbe.2023.0136","url":null,"abstract":"","PeriodicalId":43310,"journal":{"name":"Studies in Business and Economics","volume":"68 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135095873","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract The main aim of the paper is to examine if the energy market (crude oil, gas and electricity) realized volatility exhibits a symmetric or an asymmetric behaviour, for certain commodities over the period May 2012 – August 2022. We considered this time frame for data collection because it is ensuing after the extensively researched period of the financial crises that started in 2007. We took into consideration the STOXX Europe 600 index representing large, mid and small capitalization companies across 17 countries from the European Union. Subsidiary we want to examine if there are similarities in term of realized volatility between energy markets and equity markets. For energy markets the results are consistent with the leverage hypothesis of the asymmetric volatility, i.e. negative and positive returns with the same magnitude have different impact on volatility. Furthermore the volatility is more sensitive to its lagged values in the market place than it is to new information. In addition, for the entire period volatility is asymmetric for both energy and equity markets, but there are different sub-periods with different results. These results reinforce the diversification principle that must be considered in portfolio and risk management process.
{"title":"Recent Examination of Energy Markets Volatility","authors":"Octavian Jude, Avraham Turgeman, Claudiu Boțoc","doi":"10.2478/sbe-2023-0007","DOIUrl":"https://doi.org/10.2478/sbe-2023-0007","url":null,"abstract":"Abstract The main aim of the paper is to examine if the energy market (crude oil, gas and electricity) realized volatility exhibits a symmetric or an asymmetric behaviour, for certain commodities over the period May 2012 – August 2022. We considered this time frame for data collection because it is ensuing after the extensively researched period of the financial crises that started in 2007. We took into consideration the STOXX Europe 600 index representing large, mid and small capitalization companies across 17 countries from the European Union. Subsidiary we want to examine if there are similarities in term of realized volatility between energy markets and equity markets. For energy markets the results are consistent with the leverage hypothesis of the asymmetric volatility, i.e. negative and positive returns with the same magnitude have different impact on volatility. Furthermore the volatility is more sensitive to its lagged values in the market place than it is to new information. In addition, for the entire period volatility is asymmetric for both energy and equity markets, but there are different sub-periods with different results. These results reinforce the diversification principle that must be considered in portfolio and risk management process.","PeriodicalId":43310,"journal":{"name":"Studies in Business and Economics","volume":"45 1","pages":"118 - 128"},"PeriodicalIF":0.6,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85657598","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract This is a heterodox review of Political Economy, Macroeconomics and Business Management on the readjustment effect in the tourism sector due to the impact of the digital transition and its aggravation with the COVID-19 crisis and the Ukraine war. A synthesis of the paradigmatic change with the digital economy and how it affects labor and professional relations is proposed, requiring a transformation of the economic system and the production process. Attention is focused on the tourism sector and its paradox in the European Union: despite its growing importance, however, its recognition and transformation is insufficient. This paradox is intensified in the Spanish case, where more European recovery funds are being allocated and yet the vulnerability of its SMEs and tourism entrepreneurs is growing.
{"title":"Digital Transition and Readjustment on EU Tourism Industry","authors":"Antonio Sánchez-Bayón","doi":"10.2478/sbe-2023-0015","DOIUrl":"https://doi.org/10.2478/sbe-2023-0015","url":null,"abstract":"Abstract This is a heterodox review of Political Economy, Macroeconomics and Business Management on the readjustment effect in the tourism sector due to the impact of the digital transition and its aggravation with the COVID-19 crisis and the Ukraine war. A synthesis of the paradigmatic change with the digital economy and how it affects labor and professional relations is proposed, requiring a transformation of the economic system and the production process. Attention is focused on the tourism sector and its paradox in the European Union: despite its growing importance, however, its recognition and transformation is insufficient. This paradox is intensified in the Spanish case, where more European recovery funds are being allocated and yet the vulnerability of its SMEs and tourism entrepreneurs is growing.","PeriodicalId":43310,"journal":{"name":"Studies in Business and Economics","volume":"25 1","pages":"275 - 297"},"PeriodicalIF":0.6,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82232718","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Company valuation stands as the most controversial topic in the field of financial management. The study investigates the extent to which stock prices of the companies listed on Czech, Polish, Hungarian, and Slovak equity markets deviate from their estimated intrinsic value. DCF model was employed using Monte Carlo simulations with 500, 1000, and 10000 trials to generate estimated intrinsic value and compare them to market prices. The results of the study show that the Bratislava Stock Exchange (SAX) on average holds the lowest gap between intrinsic value per share and market prices with only 82% deviation, followed by PSE with 116% deviation, WIG20 with 207% deviation, and BUX with 246%. SAX appears with the best performance from 2009 to 2019, where the shares on average were traded with only 82% deviation from their estimated equilibrium price (intrinsic value). Findings regarding the differences between book value per share and stock prices are different, where SAX leads with 71% deviation, WIG20 with 181%, PSE with 188%, and BUX with 545%. Outcomes of the work are of interest to financial investors that seek to diversify their portfolios on the equity stocks. The study offers a new conceptual framework for testing the market efficiency of equity exchanges through company valuations techniques. From the policy perspective, institutions in charge get inform on the measures to be taken that would improve efficiency and strengthen the importance of the Visegrad equity markets.
{"title":"Measuring Market Efficiency Through Valuation Techniques: The Case of Visegrad Countries Stock Markets","authors":"Artor Nuhiu, Florin Aliu, Fisnik Aliu, Arber Hoti","doi":"10.2478/sbe-2023-0011","DOIUrl":"https://doi.org/10.2478/sbe-2023-0011","url":null,"abstract":"Abstract Company valuation stands as the most controversial topic in the field of financial management. The study investigates the extent to which stock prices of the companies listed on Czech, Polish, Hungarian, and Slovak equity markets deviate from their estimated intrinsic value. DCF model was employed using Monte Carlo simulations with 500, 1000, and 10000 trials to generate estimated intrinsic value and compare them to market prices. The results of the study show that the Bratislava Stock Exchange (SAX) on average holds the lowest gap between intrinsic value per share and market prices with only 82% deviation, followed by PSE with 116% deviation, WIG20 with 207% deviation, and BUX with 246%. SAX appears with the best performance from 2009 to 2019, where the shares on average were traded with only 82% deviation from their estimated equilibrium price (intrinsic value). Findings regarding the differences between book value per share and stock prices are different, where SAX leads with 71% deviation, WIG20 with 181%, PSE with 188%, and BUX with 545%. Outcomes of the work are of interest to financial investors that seek to diversify their portfolios on the equity stocks. The study offers a new conceptual framework for testing the market efficiency of equity exchanges through company valuations techniques. From the policy perspective, institutions in charge get inform on the measures to be taken that would improve efficiency and strengthen the importance of the Visegrad equity markets.","PeriodicalId":43310,"journal":{"name":"Studies in Business and Economics","volume":"22 1","pages":"198 - 217"},"PeriodicalIF":0.6,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83460480","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Digital transformation has become a critical topic for organizations that want to stay competitive in today’s digital age. The widespread use of digital technologies has brought significant changes to the way organizations exist, operate and interact with customers. They are going through a process of reshaping and reorganizing processes and operations, as well as rethinking and redefining the human role in the value creation process. However, digital technologies and their diffusion are not the only driver of digital transformation, as the success of such change initiatives depends on many other factors, the definition of which is crucial to the success of digital transformation. The objective of this paper is to explore the drivers of digital transformation and their impact on management. The work presents a comprehensive review of the literature on digital transformation, identifying the main drivers that influence the success of digital transformation initiatives. It also defines the impact of these drivers on the management of organizations, identifying how the role of the executive is being redefined in today’s digital age.
{"title":"Drivers of Digital Transformation and their Impact on Organizational Management","authors":"Cantemir Mihu, A. Pitic, Dorin Bayraktar","doi":"10.2478/sbe-2023-0009","DOIUrl":"https://doi.org/10.2478/sbe-2023-0009","url":null,"abstract":"Abstract Digital transformation has become a critical topic for organizations that want to stay competitive in today’s digital age. The widespread use of digital technologies has brought significant changes to the way organizations exist, operate and interact with customers. They are going through a process of reshaping and reorganizing processes and operations, as well as rethinking and redefining the human role in the value creation process. However, digital technologies and their diffusion are not the only driver of digital transformation, as the success of such change initiatives depends on many other factors, the definition of which is crucial to the success of digital transformation. The objective of this paper is to explore the drivers of digital transformation and their impact on management. The work presents a comprehensive review of the literature on digital transformation, identifying the main drivers that influence the success of digital transformation initiatives. It also defines the impact of these drivers on the management of organizations, identifying how the role of the executive is being redefined in today’s digital age.","PeriodicalId":43310,"journal":{"name":"Studies in Business and Economics","volume":"16 1","pages":"149 - 170"},"PeriodicalIF":0.6,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90692845","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Performance management, as a systematic and continuous process of planning, measuring and improving performance, is an important endeavor for any organization, regardless of being private or public. To understand the current state of research on performance management, a comprehensive bibliometric study was conducted. This paper aims to provide a co-occurrence analysis to identify and explore clusters, prevailing and emerging themes, and future research directions. For this purpose data was collected from the WoS database and processed with VOSviewer and Microsoft Excel. The paper contains visual representations of clusters, keywords and their relationships, as well as an analysis of the novelty of the concepts. Based on the average published year (APY), the hottest keywords identified are Covid-19 (APY: 2021), followed by Industry 4.0 (APY: 2020.17), together with other 4IR tools (big data analytics, big data, machine learning, artificial intelligence, cloud, Iot, etc.). Resulting from the analysis of concepts with APY after 2017, in terms of their representativeness (occurrence), links, and total link strengths (TLS) with other items from the map, three concepts significantly emerged: framework (Cluster 1); public sector (Cluster 3); sustainability (Cluster 4). Based on the overall findings, new research directions were proposed.
{"title":"Exploring the Dynamic Landscape of Performance Management: A Bibliometric Analysis of Emerging Trends","authors":"A. Gorski, D. Dumitrașcu","doi":"10.2478/sbe-2023-0019","DOIUrl":"https://doi.org/10.2478/sbe-2023-0019","url":null,"abstract":"Abstract Performance management, as a systematic and continuous process of planning, measuring and improving performance, is an important endeavor for any organization, regardless of being private or public. To understand the current state of research on performance management, a comprehensive bibliometric study was conducted. This paper aims to provide a co-occurrence analysis to identify and explore clusters, prevailing and emerging themes, and future research directions. For this purpose data was collected from the WoS database and processed with VOSviewer and Microsoft Excel. The paper contains visual representations of clusters, keywords and their relationships, as well as an analysis of the novelty of the concepts. Based on the average published year (APY), the hottest keywords identified are Covid-19 (APY: 2021), followed by Industry 4.0 (APY: 2020.17), together with other 4IR tools (big data analytics, big data, machine learning, artificial intelligence, cloud, Iot, etc.). Resulting from the analysis of concepts with APY after 2017, in terms of their representativeness (occurrence), links, and total link strengths (TLS) with other items from the map, three concepts significantly emerged: framework (Cluster 1); public sector (Cluster 3); sustainability (Cluster 4). Based on the overall findings, new research directions were proposed.","PeriodicalId":43310,"journal":{"name":"Studies in Business and Economics","volume":"3 1","pages":"342 - 366"},"PeriodicalIF":0.6,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79952671","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract The main objective of this paper is to analyze if there is a link between financial performance and sustainability in the case of listed companies on stock markets, worldwide, and across all sectors of activity because sustainability has become an important part of the company’s strategy. The financial performance of the companies was calculated using public financial data from the annual financial statements, while the environmental, social, and governance (ESG), and controversies scores were used as performance metrics for sustainability at company level. To evaluate financial performance a variety of indicators were used, such as assets management, debt management or market value performance, as a benchmark tool to compare the standing of companies in each sector of activity analyzed. Our findings showed that there are different relations (strong or weak) between financial performance and sustainability if a sectoral-based approach is considered. As a result, the link between financial performance and sustainability was tested on a sample of more than 5,000 companies divided into 10 sectors of activities, according to the Global Industry Classification Standard (GICS), for the period 2017-2021. The main conclusion of this study is that they are interrelated, capitalizing on each other.
{"title":"A Sectoral-Based Approach to the Link Between Financial Performance and Sustainability","authors":"R. Serban, D. Mihaiu, M. Herciu, Claudia Ogrean","doi":"10.2478/sbe-2023-0020","DOIUrl":"https://doi.org/10.2478/sbe-2023-0020","url":null,"abstract":"Abstract The main objective of this paper is to analyze if there is a link between financial performance and sustainability in the case of listed companies on stock markets, worldwide, and across all sectors of activity because sustainability has become an important part of the company’s strategy. The financial performance of the companies was calculated using public financial data from the annual financial statements, while the environmental, social, and governance (ESG), and controversies scores were used as performance metrics for sustainability at company level. To evaluate financial performance a variety of indicators were used, such as assets management, debt management or market value performance, as a benchmark tool to compare the standing of companies in each sector of activity analyzed. Our findings showed that there are different relations (strong or weak) between financial performance and sustainability if a sectoral-based approach is considered. As a result, the link between financial performance and sustainability was tested on a sample of more than 5,000 companies divided into 10 sectors of activities, according to the Global Industry Classification Standard (GICS), for the period 2017-2021. The main conclusion of this study is that they are interrelated, capitalizing on each other.","PeriodicalId":43310,"journal":{"name":"Studies in Business and Economics","volume":"33 1","pages":"367 - 377"},"PeriodicalIF":0.6,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87024664","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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