Pub Date : 2024-01-25DOI: 10.22495/cocv20i4editorial
Francesco Napoli
The latest issue of the journal is composed of papers which are mostly empirical and contribute new ideas to the major issues of corporate governance, such as the appointment of directors, cultural diversity, emerging technologies, managing default risk, managerial discretion, institutional investors and the policy of proxy voting rights, strategic personalities of firms, ownership structure, etc.
{"title":"Editorial: Traditional and innovative methods for understanding corporate governance","authors":"Francesco Napoli","doi":"10.22495/cocv20i4editorial","DOIUrl":"https://doi.org/10.22495/cocv20i4editorial","url":null,"abstract":"The latest issue of the journal is composed of papers which are mostly empirical and contribute new ideas to the major issues of corporate governance, such as the appointment of directors, cultural diversity, emerging technologies, managing default risk, managerial discretion, institutional investors and the policy of proxy voting rights, strategic personalities of firms, ownership structure, etc.","PeriodicalId":438501,"journal":{"name":"Corporate Ownership and Control","volume":"11 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139597563","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}
Small and medium-sized enterprises (SMEs) represent the most widespread business model so their environmental impact cannot be overlooked. The topic of sustainability in SMEs, current and well-debated in literature, has been investigated from different perspectives. Some studies have looked at the benefits and barriers related to the adoption of sustainable production policies, others the relationship with corporate performance, and still others the drivers of sustainability. The latter studies find founders/chief executive officer’s (CEO) proactivity and sensitivity to environmental issues as important drivers of the business sustainable development process. However, limited are the studies that analyze the role and potential of the whole board of directors on SMEs’ not only financial but also sustainable performance. This study provides a systematic literature review (SLR) to understand the main strands of research that investigated the relationship between board diversity and financial and sustainable performance. The results show that several studies have found a relationship between board diversity and financial performance, while there are still limited studies that analyze the relationship between board diversity and sustainable performance. This study not only provides a valuable knowledge base for the academic community on what has been addressed on the topic to date but also provides important new research directions, stimulating scientific contributions that analyze diversity on Boards in its several forms (ethnicity, gender, age, culture, religion) to understand which of these most stimulates SME sustainability.
{"title":"Gender diversity and financial and environmental performance in SMEs: A systematic literature review","authors":"Simona Ranaldo, Grazia Dicuonzo, F. Donofrio","doi":"10.22495/cocv20i2art2","DOIUrl":"https://doi.org/10.22495/cocv20i2art2","url":null,"abstract":"Small and medium-sized enterprises (SMEs) represent the most widespread business model so their environmental impact cannot be overlooked. The topic of sustainability in SMEs, current and well-debated in literature, has been investigated from different perspectives. Some studies have looked at the benefits and barriers related to the adoption of sustainable production policies, others the relationship with corporate performance, and still others the drivers of sustainability. The latter studies find founders/chief executive officer’s (CEO) proactivity and sensitivity to environmental issues as important drivers of the business sustainable development process. However, limited are the studies that analyze the role and potential of the whole board of directors on SMEs’ not only financial but also sustainable performance. This study provides a systematic literature review (SLR) to understand the main strands of research that investigated the relationship between board diversity and financial and sustainable performance. The results show that several studies have found a relationship between board diversity and financial performance, while there are still limited studies that analyze the relationship between board diversity and sustainable performance. This study not only provides a valuable knowledge base for the academic community on what has been addressed on the topic to date but also provides important new research directions, stimulating scientific contributions that analyze diversity on Boards in its several forms (ethnicity, gender, age, culture, religion) to understand which of these most stimulates SME sustainability.","PeriodicalId":438501,"journal":{"name":"Corporate Ownership and Control","volume":"95 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133775051","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}
F. De Luca, Stefania Migliori, H. Muhammad, A. Rapposelli
This study aims to examine the effectiveness of corporate governance mechanisms by analysing the influence of corporate board structure on firm performance. A sample of 224 non-financial publicly traded Italian firms is selected to test the proposed research hypotheses and evaluate the firm’s efficiency by adopting a data envelopment analysis (DEA) approach. The findings show that corporate governance mechanisms are crucial in the performance of Italian publicly listed firms. The results show that the inclines and declines in DEA efficiency rankings are associated with the characteristics of the corporate boards. Additionally, many firms show a sub-optimal level of efficiency, as they do not operate at an optimal scale with respect to the efficiency frontier. This study represents an additional source of useful information for managers and stock investors because the DEA approach is a diagnostic tool for distinguishing between more and less efficient firms with respect to corporate governance mechanisms. This study contributes to the existing body of knowledge by providing a strategic framework to explore the board-performance relationship while applying the novel efficiency model
{"title":"Corporate board and firm performance: A data envelopment analysis (DEA) of Italian listed companies","authors":"F. De Luca, Stefania Migliori, H. Muhammad, A. Rapposelli","doi":"10.22495/cocv19i1siart9","DOIUrl":"https://doi.org/10.22495/cocv19i1siart9","url":null,"abstract":"This study aims to examine the effectiveness of corporate governance mechanisms by analysing the influence of corporate board structure on firm performance. A sample of 224 non-financial publicly traded Italian firms is selected to test the proposed research hypotheses and evaluate the firm’s efficiency by adopting a data envelopment analysis (DEA) approach. The findings show that corporate governance mechanisms are crucial in the performance of Italian publicly listed firms. The results show that the inclines and declines in DEA efficiency rankings are associated with the characteristics of the corporate boards. Additionally, many firms show a sub-optimal level of efficiency, as they do not operate at an optimal scale with respect to the efficiency frontier. This study represents an additional source of useful information for managers and stock investors because the DEA approach is a diagnostic tool for distinguishing between more and less efficient firms with respect to corporate governance mechanisms. This study contributes to the existing body of knowledge by providing a strategic framework to explore the board-performance relationship while applying the novel efficiency model","PeriodicalId":438501,"journal":{"name":"Corporate Ownership and Control","volume":"244 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115225906","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}
Valentina della Corte, M. Aria, Giovanna Del Gaudio, Fabiana Sepe, Enrico Di Taranto
The aim of this study is to understand whether the current literature deals with the general issue of stakeholder value creation and of specific marketing activities for human resources and if they can generate value for different stakeholders. In order to achieve this goal, the paper uses a bibliometric analysis that determines the conceptual structure of the topic, highlighting its evolution over time. Accordingly, this study uses the precise context of the hospitality industry since human resources are of strategic importance in the world of hospitality. This paper opens up a series of considerations, extremely useful within the context of stakeholder value creation in orienting marketing research in the future. In particular, the main findings reveal that with regard to stakeholder value creation only open-to-society marketing can be useful and successful, in contexts of a win-win situation for the sustainable shared advantage
{"title":"Stakeholder value creation: A case of the hospitality industry","authors":"Valentina della Corte, M. Aria, Giovanna Del Gaudio, Fabiana Sepe, Enrico Di Taranto","doi":"10.22495/cocv19i1siart8","DOIUrl":"https://doi.org/10.22495/cocv19i1siart8","url":null,"abstract":"The aim of this study is to understand whether the current literature deals with the general issue of stakeholder value creation and of specific marketing activities for human resources and if they can generate value for different stakeholders. In order to achieve this goal, the paper uses a bibliometric analysis that determines the conceptual structure of the topic, highlighting its evolution over time. Accordingly, this study uses the precise context of the hospitality industry since human resources are of strategic importance in the world of hospitality. This paper opens up a series of considerations, extremely useful within the context of stakeholder value creation in orienting marketing research in the future. In particular, the main findings reveal that with regard to stakeholder value creation only open-to-society marketing can be useful and successful, in contexts of a win-win situation for the sustainable shared advantage","PeriodicalId":438501,"journal":{"name":"Corporate Ownership and Control","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-01-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134437939","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 aims at filling the existing research gap by scrutinizing the influence of females on management boards on sustainability performance in a developing country using cross-sectional data from the Egyptian Stock Exchange (EGX) of non-financial companies over the period 2012–2019. To the best of our knowledge, the analysis is considered one of the earliest empirical studies that tests the relationship of females on management board and sustainability performance in Egypt. Our results indicate that female representation on board has a positive impact on sustainability performance, which demonstrates that companies that have females on their boards have a better sustainability performance. Moreover, board size and independence enhance sustainability performance. Thus, this study has imperative repercussions on users and companies’ boards in Egypt, which recommend that current Egyptian regulatory bodies would take further steps that may significantly impact the environmental, social and corporate governance imminent in Egypt
{"title":"Females on board and sustainability performance in a developing country: Evidence from Egypt","authors":"Neveen Noureldin, Mohamed A. K. Basuony","doi":"10.22495/cocv19i1siart6","DOIUrl":"https://doi.org/10.22495/cocv19i1siart6","url":null,"abstract":"This study aims at filling the existing research gap by scrutinizing the influence of females on management boards on sustainability performance in a developing country using cross-sectional data from the Egyptian Stock Exchange (EGX) of non-financial companies over the period 2012–2019. To the best of our knowledge, the analysis is considered one of the earliest empirical studies that tests the relationship of females on management board and sustainability performance in Egypt. Our results indicate that female representation on board has a positive impact on sustainability performance, which demonstrates that companies that have females on their boards have a better sustainability performance. Moreover, board size and independence enhance sustainability performance. Thus, this study has imperative repercussions on users and companies’ boards in Egypt, which recommend that current Egyptian regulatory bodies would take further steps that may significantly impact the environmental, social and corporate governance imminent in Egypt","PeriodicalId":438501,"journal":{"name":"Corporate Ownership and Control","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131737184","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}
Stock markets are volatile and continue to alter based on the functioning of the company, historical documents, market-rate, and news updates with the timings. Stock price prediction is the utmost stimulating assignment. In the present communication, a study with data on the stock prices of the top small and medium-sized enterprises (SMEs) in the National Stock Exchange of India (NSE) was utilized to estimate the functioning of the technique executed. The results of this study demonstrate the impact of COVID-19 on the financial distress of SMEs and also helps us in understanding how a better prediction model can help in predicting financial distress. Many studies have been conducted to estimate the bankruptcy of the SME sector using accounting-based financial. But in this study, the leading principle was to exemplify the means to utilize machine learning (ML) algorithms in the bankruptcy prediction of SMEs. The outcomes from the proposed a decision tree and a random forest prototype are observed to be effective with a high accuracy rate. The study has practical implications on the prediction accuracy and practical value for banks in supporting the financial decision and can be used to access the loan applications of SMEs.
{"title":"Corporate performance: SMEs performance prediction using the decision tree and random forest models","authors":"A. Munde, Nandita Mishra","doi":"10.22495/cocv20i1art10","DOIUrl":"https://doi.org/10.22495/cocv20i1art10","url":null,"abstract":"Stock markets are volatile and continue to alter based on the functioning of the company, historical documents, market-rate, and news updates with the timings. Stock price prediction is the utmost stimulating assignment. In the present communication, a study with data on the stock prices of the top small and medium-sized enterprises (SMEs) in the National Stock Exchange of India (NSE) was utilized to estimate the functioning of the technique executed. The results of this study demonstrate the impact of COVID-19 on the financial distress of SMEs and also helps us in understanding how a better prediction model can help in predicting financial distress. Many studies have been conducted to estimate the bankruptcy of the SME sector using accounting-based financial. But in this study, the leading principle was to exemplify the means to utilize machine learning (ML) algorithms in the bankruptcy prediction of SMEs. The outcomes from the proposed a decision tree and a random forest prototype are observed to be effective with a high accuracy rate. The study has practical implications on the prediction accuracy and practical value for banks in supporting the financial decision and can be used to access the loan applications of SMEs.","PeriodicalId":438501,"journal":{"name":"Corporate Ownership and Control","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125042849","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}
Small and medium-sized enterprises (SMEs) are the drivers of economic activities in Australia. The present study provides empirical evidence on the connexion between the four key dimensions of human resource management (HRM) practices and organisational performance, in response to the call by earlier researchers that the influence of specific HRM practices on organisational performance needs to be further investigated across different countries and organisational contexts. A survey among SMEs in the South-Western region of Sydney in Australia was conducted and self-reported measures were applied to attain data on HRM practice aspects and businesses’ performance. Regression analyses were employed to assess the proposed relationships, and it was found that all dimensions except training and development exhibited positive relationships to organisational performance, as hypothesised. Discussion on the findings is underlined, so as are the implications of this study, limitations, and avenues for future researchers.
{"title":"Human resource management practices and organisational performance: Evidence from small and medium-sized enterprises in Australia","authors":"M. Mamun","doi":"10.22495/cocv19i4art14","DOIUrl":"https://doi.org/10.22495/cocv19i4art14","url":null,"abstract":"Small and medium-sized enterprises (SMEs) are the drivers of economic activities in Australia. The present study provides empirical evidence on the connexion between the four key dimensions of human resource management (HRM) practices and organisational performance, in response to the call by earlier researchers that the influence of specific HRM practices on organisational performance needs to be further investigated across different countries and organisational contexts. A survey among SMEs in the South-Western region of Sydney in Australia was conducted and self-reported measures were applied to attain data on HRM practice aspects and businesses’ performance. Regression analyses were employed to assess the proposed relationships, and it was found that all dimensions except training and development exhibited positive relationships to organisational performance, as hypothesised. Discussion on the findings is underlined, so as are the implications of this study, limitations, and avenues for future researchers.","PeriodicalId":438501,"journal":{"name":"Corporate Ownership and Control","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130752975","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 the relation between firm pair’s sharing of a top institutional investor (i.e., an institutional investor with the largest shareholding) and accounting comparability. Using data from Compustat, CRSP, and Thompson Reuters over the 1993–2017 period, the study finds that firm pairs that share the top institutional investor exhibit higher accounting comparability than other firm pairs. In addition, firm pairs whose top institutional investors are monitoring institutions (regardless of whether they are the same institutions) exhibit greater comparability than other firm pairs whose top institutional investors are non-monitoring institutions. Collectively, the study contributes to existing research on accounting comparability and large institutional investors by showing that the sharing of top institutional investors is an important determinant of accounting comparability
{"title":"Top institutional investors and accounting comparability","authors":"T. Le","doi":"10.22495/cocv18i4art4","DOIUrl":"https://doi.org/10.22495/cocv18i4art4","url":null,"abstract":"This study examines the relation between firm pair’s sharing of a top institutional investor (i.e., an institutional investor with the largest shareholding) and accounting comparability. Using data from Compustat, CRSP, and Thompson Reuters over the 1993–2017 period, the study finds that firm pairs that share the top institutional investor exhibit higher accounting comparability than other firm pairs. In addition, firm pairs whose top institutional investors are monitoring institutions (regardless of whether they are the same institutions) exhibit greater comparability than other firm pairs whose top institutional investors are non-monitoring institutions. Collectively, the study contributes to existing research on accounting comparability and large institutional investors by showing that the sharing of top institutional investors is an important determinant of accounting comparability","PeriodicalId":438501,"journal":{"name":"Corporate Ownership and Control","volume":"100 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114519858","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}
How to cite this paper: Al Lawati, H., & Hussainey, K. (2021). The impact of audit committee financial expertise on corporate financial decisions [Special issue]. Corporate Ownership & Control, 18(3),
{"title":"The impact of audit committee financial expertise on corporate financial decisions","authors":"Hidaya Al Lawati, K. Hussainey","doi":"10.22495/COCV18I3SIART9","DOIUrl":"https://doi.org/10.22495/COCV18I3SIART9","url":null,"abstract":"How to cite this paper: Al Lawati, H., & Hussainey, K. (2021). The impact of audit committee financial expertise on corporate financial decisions [Special issue]. Corporate Ownership & Control, 18(3),","PeriodicalId":438501,"journal":{"name":"Corporate Ownership and Control","volume":"64 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122898685","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}
* Corresponding author, Jack H. Brown College of Business and Public Administration, California State University, San Bernardino, California, the USA Contact details: California State University, 5500 University Parkway, San Bernardino, CA 92407, the USA ** Earl G. Graves School of Business and Management, Morgan State University, Baltimore, Maryland, the USA *** College of Business and Economics, Towson University, Towson, Maryland, the USA
*通讯作者，杰克·h·布朗商业与公共管理学院，加利福尼亚州圣贝纳迪诺，美国。联系方式:加利福尼亚州立大学，5500 University Parkway, San Bernardino, CA 92407，美国。**厄尔·g·格雷夫斯商业与管理学院，摩根州立大学，马里兰州巴尔的摩市。**商业与经济学院，陶森大学，马里兰州陶森市
{"title":"Does managerial entrenchment affect audit report lag?","authors":"Ebenezer K. Lamptey, Alex Tang, I. Bonaparte","doi":"10.22495/COCV18I3ART4","DOIUrl":"https://doi.org/10.22495/COCV18I3ART4","url":null,"abstract":"* Corresponding author, Jack H. Brown College of Business and Public Administration, California State University, San Bernardino, California, the USA Contact details: California State University, 5500 University Parkway, San Bernardino, CA 92407, the USA ** Earl G. Graves School of Business and Management, Morgan State University, Baltimore, Maryland, the USA *** College of Business and Economics, Towson University, Towson, Maryland, the USA","PeriodicalId":438501,"journal":{"name":"Corporate Ownership and Control","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129252450","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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