Board Independence Research Papers - Academia.edu (original) (raw)

2025, Journal of Business Quantitative Economics and Applied Management Research

Environmental, Social, and Governance (ESG) performance has emerged as a critical measure of corporate sustainability, yet its effectiveness may be undermined by information asymmetry. This study investigates the effect of information asymmetry on ESG performance among publicly listed firms. The problem lies in the limited transparency and unequal access to information between corporate insiders and external stakeholders, which may hinder effective ESG evaluation and decision-making. The purpose of the study is to examine whether higher levels of information asymmetry negatively impact firms' ESG outcomes. Using a panel data set of 143 firms listed on the Nigerian Exchange from 2014 to 2023, the study adopts a random effects regression model. The findings reveal a significant negative relationship between information asymmetry and ESG performance, suggesting that firms with higher opacity are less likely to adopt robust ESG practices. Limitations include the reliance on secondary data and proxies for asymmetry and ESG. The study provides practical implications for regulators, investors, and firms, encouraging enhanced disclosure. The research is original in its focus on an emerging economy context.

2025, International Journal of Economics and Financial Issues

This study explores the effect of the risk-based internal audit (RBIA) approach on enhancing competitive advantage in Yemeni Islamic banks, focusing on the mediating role of improved risk management. Conducted on a sample of eight Islamic banks operating in Aden, data was gathered using a structured questionnaire and analyzed with SPSS. The analysis employed linear regression for direct relationships, ANOVA to confirm model significance, and the Baron and Kenny method alongside the Sobel test to examine mediation effects. Findings revealed that the RBIA approach has a statistically significant direct effect on supporting competitive advantage, accounting for 28.3% of the variation. When incorporating improved risk management as a mediating variable, this influence increased to 75%, confirming a partial mediation effect. The study underscores the necessity for Yemeni Islamic banks to fully implement RBIA and align it with risk management practices, particularly in risk identification, assessment, and mitigation. These strategies are critical for strengthening banks' competitive positioning and resilience in the evolving financial landscape. The study provides actionable insights for Islamic banks in emerging markets, emphasizing the strategic value of integrating advanced auditing approaches with risk management to achieve sustainable growth.

2025, International Journal of Management Sciences

The increasing globalization of corporate boards has intensified scholarly interest in understanding the role of foreign directors in shaping strategic financial decisions such as dividend policy. However, the empirical evidence on the influence of foreign directors on dividend distribution remains inconclusive, especially in emerging markets characterized by unique institutional, cultural, and regulatory contexts. This study investigates the effect of foreign directors on dividend policy among publicly listed firms, addressing a critical gap in corporate governance literature. The primary objective is to examine whether the presence of foreign directors enhances dividend payouts due to their global experience, stronger shareholder orientation, and preference for transparency. Using panel data derived from 143 firms listed on the Nigerian Exchange between 2014 and 2023, the study employs a random effects regression model. Key variables include the proportion of foreign directors on the board and control variables such as firm profitability, firm leverage, firm size, and regulatory environment. Findings reveal a significant positive relationship between foreign directorship and dividend payout ratio, suggesting that foreign directors contribute to stronger shareholder rights protection and signal confidence in firm performance. However, the magnitude of the effect varies depending on the regulatory environment and firm-specific characteristics. The study is limited by its geographic focus on Nigeria, which may constrain generalizability. Furthermore, qualitative attributes such as the nationality, experience, and independence of foreign directors were not deeply explored. Practically, the findings underscore the need for boards and policymakers to consider board diversity strategies that include foreign expertise to boost investor confidence and promote shareholder value. Socially, enhancing dividend policy through effective board composition can support economic growth by improving wealth distribution and stimulating investment. The study contributes original insights to corporate governance discourse in emerging economies by linking board internationalization to dividend strategy.

2025, Journal of Sustainability, Business, and Economics

The increasing global emphasis on sustainable business practices has intensified scrutiny on corporate Environmental, Social, and Governance (ESG) disclosure, yet the role of ownership structure in shaping such disclosure remains underexplored in emerging markets. This study investigates the effect of institutional and foreign ownership on ESG disclosure among publicly listed firms. The purpose is to determine whether these ownership types influence the transparency and quality of ESG reporting. A panel dataset comprising 143 firms across key sectors over ten years (2014-2023) was analyzed using panel regression models, controlling for firm profitability, leverage, and size. The findings reveal a significant positive relationship between both institutional and foreign ownership and the level of ESG disclosure, suggesting that these owners act as catalysts for enhanced corporate accountability and sustainability reporting. However, the study is limited by its reliance on secondary data and exclusion of private firms, which may restrict the generalizability of the results. Practically, the findings encourage regulatory bodies to promote policies that attract such owners to foster ESG transparency. Socially, the study underscores the value of diverse ownership in promoting stakeholder-oriented practices. The study contributes original insights by linking ownership composition with sustainability performance in the context of emerging markets.

2025, Journal of Applied Management Research

The increasing demand for transparent and holistic corporate reporting has led to the emergence of integrated reporting (IR) as a strategic tool for enhancing stakeholder decision-making. However, the effect of integrated reports on share price remains inconclusive, particularly in emerging markets where regulatory frameworks and corporate disclosure practices are evolving. This study investigates the effect of integrated reports on share price, with a focus on the control roles of firm profitability, leverage, and size. The purpose is to empirically examine whether the adoption and quality of IR significantly influence investor valuation and market performance. A panel data analysis was conducted on 127 publicly listed firms across diverse sectors in the Main Board of the NGX over 10 years (2014-2023), using a random effects regression model to establish the relationship between integrated reporting quality and share price. The study controlled for firm-specific variables such as profitability (ROA), leverage, and size, and accounted for regulatory changes introduced during the period under review. The findings reveal a statistically significant positive relationship between the quality of integrated reports and share price, suggesting that investors reward firms that provide comprehensive, transparent, and forward-looking information. Furthermore, firm profitability and size enhance this relationship, while high leverage weakens it. These results underline the relevance of integrated reporting in building investor confidence and market value. However, the study is limited by its geographic focus and data availability on IR scores, which may restrict generalisability. Practically, the research offers insights to managers, regulators, and investors by reinforcing the value relevance of integrated reporting. Socially, it promotes a culture of accountability and long-term sustainability in corporate reporting. The originality of this study lies in its nuanced examination of IR's impact on share price in a developing economy context, considering firm-level characteristics and regulatory evolution.

2025, Journal of Economics and Accounting

The relationship between Corporate Social Responsibility (CSR) and firm value has garnered significant scholarly attention, yet empirical evidence remains inconclusive, particularly in emerging economies. This study addresses the critical question: Does CSR improve firm value? The primary objective is to empirically examine the effect of CSR engagement on firm value among publicly listed firms in Nigeria. Drawing from stakeholder and legitimacy theories, the study adopts a quantitative research design using panel data methodology. A sample of 127 firms

2025, INTERNATIONAL JOURNAL OF ACADEMIC RESEARCH IN BUSINESS AND SOCIAL SCIENCES

The main purpose of this review is to provide an overview of the current understanding of the relationship between environmental information disclosure and financing constraints. This systematic review compiles and examines scientific research on the topic and aims to address the research questions posed through a rigorous and transparent approach. To investigate the subject could provide valuable insights for future research aimed at improving the quality of disclosure and alleviating financing constraints. It also identifies research gaps and points out research directions for future studies. A systematic literature review was conducted to reveal research findings from April 2014 to March 2024. The selected articles were thoroughly assessed, and duplicates were removed. An updated systematic review was used for the literature review. The implications of systematic literature review were critically analyzed, finalized, and considered by the research team. And bibliometric analysis was used to descriptively analyze the screened literature. Of the 225 articles initially considered, 24 met the specific criteria for adjustment and inclusion/exclusion.

2025, ADVANCED INTERNATIONAL JOURNAL OF BUSINESS, ENTREPRENEURSHIP AND SMES (AIJBES)

This study investigated the impact of ESG controversies on firms' corporate value and market risk, with a keen interest in the moderating role of board independence. Deploying pooled panel models as earlier adopted by prior studies, the study sampled 117 publicly quoted firms indexed as constituents in FTSE4Good Bursa Malaysia (F4GBM), with ESG controversy scores between the period 2021 to 2023, giving a total of 351 firm-year observations. The findings revealed that the ESG controversy score has an insignificant impact on corporate value, while the ESG combined score, which is the performance score after controversy outlay, had a strong, significant positive impact on corporate value. However, the ESG controversy score was revealed to have a considerable positive impact on market risk, while the ESG combined score showed a significant but inverse effect on market risk. Furthermore, it was revealed that the interaction of board independence and ESG controversy does not have a significant moderating effect on corporate value. In contrast, the interaction of board independence and ESG controversy has a significant moderating effect on firms' market risk exposure. The study's findings prompted a couple of substantial contributions relevant to scholarly literature, researchers in ESG disputes, governance practitioners, ESG regulatory policymakers, and company managers. It will enhance understanding within the academic community and facilitate business and regulatory decision-making in the corporate environment.

2025, Journal of Accounting, Economics, Finance and Management

The capital structure decisions of firms remain central to corporate finance discourse, with ownership structure emerging as a critical determinant of leverage. Despite extensive literature, inconsistencies persist regarding how varying ownership types influence firms' debt usage, particularly in emerging economies. This study investigates the effects of ownership structure, specifically managerial, institutional, and foreign ownership, on corporate leverage among publicly listed firms. The purpose is to provide empirical clarity and offer policy-relevant insights into ownership-induced capital structure behavior. Employing panel data from 127 firms listed on the Main Board of the Nigerian Exchange (NGX) over 10 years (2014-2023), the study utilizes random effects regression models to analyze the relationship. Findings reveal that institutional ownership has a positive and significant effect on leverage, suggesting confidence in debt-financed growth, while managerial ownership is negatively associated with leverage, reflecting risk aversion and entrenchment concerns. Foreign ownership exerts a mixed effect, depending on the level of control. The study is limited by its focus on one national context and Main Board firms. Practically, the findings inform policymakers, investors, and corporate managers on optimal ownership configurations for balanced financing. Socially, the research underscores ownership as a governance mechanism influencing corporate accountability. The study contributes original empirical evidence from a frontier market context.

2025, Journal of Finance and Accounting

In the wake of recurrent financial crises and heightened stakeholder demand for transparency, financial risk disclosure (FRD) has emerged as a critical mechanism for mitigating information asymmetry and enhancing market confidence. However, the role of the audit committee (AC) in shaping the quality and extent of FRD remains underexplored, particularly in emerging economies. This study investigates the effect of audit committee characteristics-size, independence, financial expertise, and meeting frequency-on the level of financial risk disclosure among 127 publicly listed firms on the Main Board of NGX. The study is motivated by the problem of persistent opacity in financial risk reporting, which undermines informed decision-making and poses significant threats to corporate accountability and investor protection. The purpose of the study is to assess whether and how the composition and effectiveness of the audit committee influence firms' financial risk transparency. A quantitative research design was employed, utilizing panel data from 45 non-financial firms listed on the Nigerian Exchange Group over 10 years (2014-2023). The data were analyzed using a random-effects panel regression model. Findings reveal that audit committee independence and financial expertise have a statistically significant positive effect on the extent of FRD, while size and meeting frequency exhibit no significant relationship. These results underscore the importance of technical competence and autonomy in overseeing risk-related disclosures. The study is limited by its focus on a single emerging market and the exclusion of financial firms due to their distinct regulatory framework. Nonetheless, the findings have practical implications for regulators and boards seeking to enhance transparency through audit committee reform. Socially, improved FRD contributes to investor protection and economic stability. This study contributes to the corporate governance and risk disclosure literature by providing empirical evidence on the governance mechanisms that drive financial transparency in emerging markets, thereby offering original insights for policy and practice.

2025, Journal of Management and Business

Earnings volatility poses significant challenges to corporate stability and investor confidence, raising questions about the influence of board composition-particularly gender diversity-on financial reporting outcomes. This study investigates the relationship between the presence of women directors and earnings volatility among publicly listed firms. The purpose is to determine whether gender-diverse boards contribute to more stable earnings patterns. A panel dataset of 127 companies listed on the Nigerian Exchange from 2014 to 2023 was analyzed using a random effects regression model. The findings reveal a statistically significant negative relationship between the proportion of women on corporate boards and earnings volatility, suggesting that female directors enhance monitoring and reduce managerial opportunism. However, the study is limited by its focus on a single emerging market and the exclusion of financial firms, which may limit the generalizability of the findings. Practically, the results support policies promoting gender-diverse boards to strengthen financial governance and reduce earnings risk. Socially, the findings reinforce the case for inclusive corporate leadership as a pathway to enhanced economic stability. This study contributes original empirical evidence to the discourse on gender diversity and financial outcomes, particularly within underexplored emerging market contexts like Nigeria.

2025, Polac International Journal Of Econs & Mgt Science (Pijems)

This study investigates the impact of Environmental, Social, and Governance (ESG) reporting on the market value of manufacturing firms listed on the Nigerian Exchange Group (NGX) as of 2023. Adopting an ex-post facto research design, the study utilizes secondary data sourced from publicly available financial and sustainability reports of these firms. The analysis examines the relationship between each of the three ESG dimensions environmental, social, and governance reporting and the market value of these firms. The findings reveal that environmental reporting has a positive and significant effect on market value, with an increase in environmental disclosures leading to higher market value. Conversely, social reporting was found to have a negative and significant effect on market value, indicating that increased social reporting correlates with a decrease in market value. However, governance reporting has a notably positive and significant effect on market value, with higher governance disclosures associated with an increase in market value. These results show the critical role of governance reporting in enhancing firm valuation, while also highlighting the nuanced effects of environmental and social disclosures in the Nigerian. The study concludes that manufacturing firms in Nigeria should prioritize governance-related disclosures and strategically manage their environmental and social reporting to align with investor expectations. Recommendations include strengthening governance reporting, aligning social initiatives with business strategy, and enhancing the quality and transparency of environmental disclosures to improve investor confidence and market performance.

2025, Journal of Management and Business

Corporate Social Responsibility (CSR) has emerged as a critical strategic imperative; yet, many firms struggle to effectively embed it within their governance structures. This study examines the impact of board independence on the adoption of CSR practices among publicly listed firms. The problem addressed is the persistent inadequacy in CSR performance despite regulatory pressures and growing stakeholder expectations. The purpose is to examine whether and how independent directors influence CSR disclosure and implementation. Using a panel dataset of 147 firms listed on the Nigerian Exchange from 2014 to 2023, the study employs a random effects panel regression model to evaluate the relationship between board independence and CSR performance. Findings reveal a statistically significant positive association, indicating that firms with a higher proportion of independent directors demonstrate stronger CSR engagement and transparency. However, the study is limited by its reliance on secondary data and its focus on a single emerging economy, which may affect generalizability. Practical implications suggest that strengthening board independence can enhance ethical oversight and stakeholder trust. Socially, improved CSR fosters sustainable development and corporate accountability. The study's originality lies in its contextual focus on Nigeria, offering fresh insights into governance-CSR dynamics in frontier markets and extending the literature on board composition and social responsibility.

2025, International Business review

This study investigates the relationship between Chief Executive Officer (CEO) incentives and earnings management in publicly traded firms, a subject that remains contentious in accounting and corporate governance literature. The central problem addressed is the potential misalignment between CEO compensation structures, especially those heavily tied to firm performance, and the integrity of reported financial results. Earnings management, whether through accrual-based or real activities manipulation, can distort financial transparency, mislead stakeholders, and undermine market efficiency. The purpose of this study is to examine whether performance-based CEO incentives (e.g., stock options, bonuses, and equity holdings) are associated with increased tendencies to manipulate earnings. By focusing on the incentive structures, the study aims to assess how reward mechanisms may inadvertently encourage short-termism and financial misreporting. Using a quantitative research design, panel data from 147 publicly listed companies over ten years (2014-2023) were analyzed. Earnings management was proxied through discretionary accruals measured using the Modified Jones Model, while CEO incentives were captured through a composite index of equity-based and non-equity-based compensation. A random effects panel regression model was employed to test the relationship, controlling for firmspecific variables. The findings reveal a significant positive relationship between equity-based CEO incentives and the extent of earnings management, suggesting that the structure of CEO compensation plays a critical role in shaping financial reporting behavior. Non-equity incentives, however, showed no significant association. These results highlight the risk that equity-linked compensation may motivate executives to engage in earnings manipulation to meet performance targets and boost personal wealth. This study is limited by its reliance on secondary data, which may not fully capture all dimensions of CEO incentives or earnings manipulation strategies. Moreover, the focus on publicly listed firms limits the generalizability to private or state-owned enterprises. The practical implications underscore the need for boards and compensation committees to design CEO incentive schemes that align long-term shareholder interests with ethical reporting practices. Socially, the study emphasizes the importance of transparent financial reporting in fostering investor trust and protecting market integrity. The originality of this research lies in its comprehensive treatment of both accrual and real earnings management techniques regarding disaggregated CEO compensation components, thereby contributing fresh insights to the executive incentives literature in the context of corporate governance reforms.

2025, BANGLADESH JOURNAL OF MULTIDISCIPLINARY SCIENTIFIC RESEARCH

The banking sector in Bangladesh has been suffering from a high level of non-performing loans (NPLs). In recent years, incorporating green finance (GF) practices within banking institutions has received considerable attention as a potential solution to improve their loan performance. However, despite the extension of GF practices, there have been very few studies on the impact of GF on NPL and the relationship between GF and NPL in Bangladesh. This study, therefore, seeks to examine the effects of bank's green finance schemes on their loan performance. This quantitative study employs the panel data of the banks from 2015 to 2023 and focuses on variables related to GF and NPL to serve this objective. Data validity was justified using the unit roots and collinearity tests, such as variance influence factor and tolerance level. Accordingly, this study employs the panel least square (PLS), panel ordinary least square (POLS) and fixed effect model (FEM), and quantile regression to examine the impact between these sets of variables. The correlation between GF schemes and NPL has been determined. The study reveals that GF has significant effects on NPL since p values for the significant green finance variables are less than 0.10 (P ≤.10) at the 0.10 level, less than 0.05 (p≤0.05) at the 0 .05 level and less than 0.01 (p≤0.01) at the 0.01 level. The results of this study suggest that taking the GF scheme into the banking investment would reduce NPLs and help design the policymaking of the government, banks, and other stakeholders.

2025

2025, Journal of Business and Management

Executive compensation, particularly Chief Executive Officer (CEO) pay, continues to provoke intense debate regarding its justification and impact on firm performance. Despite substantial literature, the linkage between CEO remuneration and firm performance remains ambiguous and context-dependent. This study investigates the relationship between CEO pay and firm performance, addressing concerns over pay-performance sensitivity and agency conflicts in corporate governance. The primary purpose of the study is to evaluate whether CEO compensation aligns with shareholder interests by enhancing firm performance, as measured by accounting (Return on Assets). Using a panel dataset of 147 publicly listed firms over ten years, a random effects model is employed to account for unobserved heterogeneity and endogeneity. CEO pay is disaggregated into fixed (salary) and variable (bonus, stock options) components to determine their differential effects on performance. Empirical results reveal a positive and significant relationship between variable pay and firm performance, indicating that performance-contingent compensation aligns managerial incentives with shareholder value creation. However, fixed pay shows no significant effect. The study also finds evidence of diminishing marginal returns to excessive pay, suggesting a threshold beyond which additional compensation yields no performance benefit. The study is limited by potential data unavailability on private firms, variations in pay disclosure quality, and the exclusion of non-financial performance measures. Despite these limitations, the findings provide practical implications for boards, compensation committees, and policymakers in designing performance-based pay structures that curb managerial opportunism and enhance firm value. Socially, the study contributes to the discourse on income inequality and corporate accountability. Original in its integrative approach and multi-dimensional performance analysis, this study contributes to the literature by offering nuanced insights into the structure of CEO pay and its conditional effect on firm performance. It advocates for balanced incentive schemes that promote long-term corporate sustainability and stakeholder confidence.

2025, Edelweiss Applied Science and Technology

This study aims to examine the effect of board gender diversity and liquidity on going concern audit opinions, with financial distress serving as a mediating variable. Using Partial Least Squares Structural Equation Modeling (PLS-SEM), the study analyzes panel data from 84 observations of non-financial Indonesian SOEs between 2020 and 2023. The findings reveal that both board gender diversity and liquidity significantly influence going concern audit opinions, with financial distress mediating the effect of liquidity but not gender diversity. Liquidity also significantly impacts financial distress. These results underscore the importance of governance and financial indicators in shaping audit judgments. The study contributes to fraud deterrence literature by linking strong liquidity and diverse boards to reduced audit risk. Practical implications include encouraging regulators to mandate board diversity in SOEs and promoting liquidity management as a fraud prevention mechanism. Auditors are advised to integrate governance indicators when assessing business continuity risk.

2025, Zenodo (CERN European Organization for Nuclear Research)

This analyzes whether or not there is a correlation between board of directors and profitability. For the purpose of this analysis, data is derived from firms listed on the trading floor of the Nigerian Exchange Group. The findings of a pooled ordinary least square regression analysis indicate that board meetings, independence, and board size may not lead to better profitability. Moreover, the results show that board meeting is negatively associated with profitability. Independent members do not provide additional efficiency required for better profitability. As for board size, the findings indicate that larger boards are associated with lower profitability. The findings provide insights into the effect of board size on firm profitability. The results are of interest to regulators, decision makers, policymakers and investors.

2025, JOURNAL OF ACCOUNTING, BUSINESS AND SOCIAL SCIENCES

We investigate the impact of board demographics on sustainability reporting of listed nonfinancial firms in Nigeria. The study was driven by the positivist research philosophy and a deductive research approach using a multi method quantitative research design. A sample of 75 quoted non-financial firms from Nigeria was used for the period of ten years spanning 2011 to 2020. The study employed ex-post facto and cross-sectional research design. The secondary sources of data were collected from annual reports of the selected non-financial firms and three (3) specific objectives and hypotheses were subjected to some preliminary data tests such as descriptive statistics and normality test and was analyzed using panel probit regression analysis. Descriptive and inferential statistics were employed to summarize the data and to draw inference on the population studied. We employed the Binary Probit Regression in testing the hypotheses stated. The results revealed that board demographics variables such as gender diversity has negative and significant effect on sustainability reporting of quoted non-financial firms in Nigeria which was statistically significant at 10% level of significance while a positive and significant effect was documented for age diversity at 5% level. Findings revealed that nationality had a positive but insignificant effect on sustainability reporting. Based on the findings, we therefore recommend that management and regulatory bodies should employ the theory of critical mass in order to realize the advantages of a more diverse female member, and more young and vibrant directors with positive implication on sustainability reporting.

2025, Asian Administration and Management Review

This study aims to explore the mechanisms that drive businesses toward sustainable success, focusing on the roles of Corporate Governance, Environmental Management, and Social Management as intermediary factors. The research utilizes secondary data from SETSMART, a data platform provided by the Stock Exchange of Thailand (SET). The study population comprises companies listed on the SET within the sustainability stock index, with a sample of 516 firms selected from diverse industries. Data analysis was conducted using the statistical tools SPSS and AMOS. The findings suggest that Corporate Governance exerts a positive influence on both Environmental and Social Management practices, as well as on the overall business performance. Furthermore, environmental and social management were found to play a pivotal role in statistically strengthening the relationship between corporate governance and business performance. Nevertheless, successfully implementing ESG (Environmental, Social, and Governance) strategies requires careful consideration of various factors, including policies, regulations, industry-specific characteristics, regional contexts, community needs, and stakeholder demands. Consequently, businesses must tailor their ESG strategies to align with the unique context of their operations to achieve sustainable development objectives.

2025, Innovations

It was suggested that CEOs with postgraduate qualifications provide more detailed voluntary work disclosure than CEOs with bachelor's degree because of the acquisition of more knowledge, being more proficient and more competent and... more

2025, International Journal of Business and Finance

The persistent concerns over financial reporting credibility and the role of governance structures have heightened scholarly interest in the impact of boardroom diversity on earnings quality. Despite growing advocacy for gender inclusion, empirical evidence on the influence of audit committee gender diversity on earnings quality remains inconclusive, particularly in emerging markets. This study investigates the relationship between the gender composition of audit committees and the quality of reported earnings among 150 publicly listed firms in Nigeria from 2014 to 2023. The primary objective is to determine whether increased female representation on audit committees enhances earnings quality, as measured by discretionary accruals. A quantitative research design was employed, using secondary panel data from annual reports. The study applied a random effects panel regression model alongside robust diagnostic tests to analyze the impact of gender diversity while controlling for firm-specific characteristics. Findings reveal that audit committees with a higher proportion of female members are significantly associated with reduced discretionary accruals, suggesting a positive influence on earnings quality. The results support the notion that gender-diverse audit committees exhibit stronger oversight and ethical vigilance, thereby enhancing financial reporting credibility. It is concluded that gender diversity on audit committees contributes to better earnings quality, aligning with agency and resource dependence theories. The study recommends that regulators and corporate boards institute genderinclusive policies to strengthen audit committee effectiveness. Limitations include potential omitted variable bias and reliance on accounting-based proxies for earnings quality. Future research may explore crosscountry comparisons and alternative governance mechanisms. The originality of this study lies in its focused examination of audit committee gender diversity, distinct from board-level diversity, and its direct linkage to earnings quality, offering novel insights for policy-makers, investors, and scholars in corporate governance.

2025, Journal of the Knowledge Economy

The ESG paradigm has exerted increasing pressure on Chinese firms to adopt environment-friendly and socially responsible policies as part of their governance framework. Despite its importance, limited attention has been given to the relationship between ESG performance and the cost of debt (COD) and whether board traits influence this relationship. Therefore, this study addresses this gap by analyzing the moderating influence of board size and independence on the relationship between ESG performance and the cost of debt using a two-way interaction approach. We also investigate whether board diversity (i.e. age, gender, education, and culture) complements board size and independence in strengthening the negative relationship between ESG performance and COD using the three-way interaction approach. The study employed two-stage least squares and two-step GMM estimation techniques using a sample of Chinese non-financial firms. The two-way interaction results suggest that large and independent boards have a moderating effect and influence the negative relationship between ESG and COD. Further, the three-way interaction results suggest that board diversity complements large and independent boards by strengthening the negative impact of ESG on COD. This effect of board diversity is present when the board of directors possesses age, gender, educational, and cultural diversity. Interestingly, our analysis also indicates that ESG performance is beneficial for both environmentally sensitive and non-sensitive firms but has more profound benefits for environmentally sensitive firms.

2025, Journal of Accounting Research.

This study examined the effect of board independence and size on the financial distress of listed consumer goods firms in Nigeria for fifteen years (2009-2023). Published annual reports were used as secondary data from the sampled firms. The population consists of 13 consumer goods firms listed on the Nigerian Exchange as of 31 st December 2023, and the sample size was made up of 13 consumer goods firms having the required data. Atman's Zscore was used to measure FD. The study adopted the multiple regression technique in analyzing the data extracted. The study concluded that board size and board independence show significant effects on the financial distress of listed consumer goods firms in Nigeria. Based on these findings, this study recommends that the presence of independent directors on the board should be encouraged, as they will enhance monitoring mechanisms and reduce the propensity to likelihood of financial distress. Additionally, the board size is recommended to be sizable enough to have good management skills and different experiences to develop and perform the leading role and responsibilities to achieve effective governance.

2025, Journal of Organizations and Markets

This study investigates the impact of board power on audit quality in 150 Nigerian publicly traded companies, motivated by growing concerns over the influence of corporate boards on financial oversight and the credibility of financial reporting. Despite regulatory efforts to strengthen corporate governance in Nigeria, the effectiveness of board structures in enhancing audit quality remains unclear. The primary objective of this research is to examine whether varying degrees of board power, measured through board independence, board size, and the presence of women directors, affect the quality of external audits. Using a panel dataset of 150 firms listed on the Nigerian Exchange Group (NGX) from 2014 to 2023, the study employs a quantitative approach anchored in agency theory and applies a random effects regression model to test the hypotheses. Audit quality is proxied by audit firm size (Big 4 vs. non-Big 4). The findings reveal that board power, firm profitability, and firm size have a statistically significant positive effect on audit quality. In contrast, firm leverage shows a significant negative relationship. These results suggest that powerful boards, when structured appropriately, can enhance audit oversight and improve the credibility of financial reporting. The study is limited by its reliance on secondary data and its exclusion of financial institutions, which are governed by different regulatory frameworks. Nonetheless, it provides practical implications for regulators, corporate boards, and investors, highlighting the importance of board composition in ensuring audit integrity. The originality of this research lies in its contextual focus on an emerging economy with weak institutional frameworks, offering nuanced insights into how internal governance mechanisms influence external audit outcomes.

2025, Effect of Green Finance on Environmental Planning of Listed Natural Resources Industries in Nigeria

This study investigates the effect of green finance on environmental planning in Nigeria's listed natural resources industries. As the world faces mounting environmental challenges, the role of green finance has become pivotal in fostering sustainable industrial practices. This research aims to examine how components of green finance such as green, credit, investment and insurance influence environmental planning among natural resource firms in Nigeria. Using a sample of listed companies over a specified period, the study adopts a panel data regression approach to analyze the relationship between green finance indicators and environmental planning measures. Findings reveals a significant positive relationship between green financial instruments and proactive environmental planning strategies. The adoption of green finance leads to better compliance with environmental regulations, increased investment in clean technologies, and improved sustainability disclosures. However, the study also identifies barriers such as limited green finance literacy, regulatory inconsistencies and inadequate incentives for green investment in Nigeria. The study concludes that green finance is a viable tool for enhancing environmental performance in natural resources industries. It recommends stronger policy support, improved access to green financial instruments and enhanced corporate awareness.

2025, Journal of Finance & Accounting Research

This study investigates the relationship between Chief Executive Officer (CEO) education and firm performance among publicly listed companies in Nigeria. Despite increasing interest in the role of executive characteristics in shaping corporate outcomes, limited empirical evidence exists on how the educational attainment of CEOs influences firm performance in emerging economies such as Nigeria. The primary objective of this research is to assess whether CEOs with higher levels of education, measured by degree level, contribute to superior financial performance, as proxied by return on assets (ROA). Using a panel data set comprising 150 firms listed on the Nigerian Exchange from 2014 to 2023, the study employs a random effects model (REM) regression analysis to account for firm-specific heterogeneity. Control variables include firm size, board independence, leverage, and audit quality. The findings reveal a positive and statistically significant relationship between CEO education level and firm performance, suggesting that higher educational attainment, particularly in finance, economics, or management-related fields, enhances strategic decision-making and corporate outcomes. However, the study notes that the quality of education and contextual challenges in the Nigerian business environment may moderate this relationship. The study limitations include potential endogeneity issues and reliance on secondary data, which may not fully capture the qualitative aspects of educational background or leadership effectiveness. The implications are relevant for board nomination committees, regulators, and investors seeking to align executive selection with performance outcomes. This research contributes original insights by focusing on the underexplored Nigerian context and emphasizing the strategic value of human capital at the executive level. It highlights the need for policies that promote educational competence in corporate leadership for improved organizational performance.

2025

This study tests the effects of virtuous CEOs on corporate social responsibility views (narrow vs broad). Using the data envelopment analysis (DEA) technique, we find that virtuous CEOs correlated positively with a broad view of corporate social responsibility (CSR). We also examine the moderating role the board of directors plays in the relationship between virtuous CEOs and CSR but finds no positive association. Our results indicate that CEOs matter and that their virtuous values may be a major source of motivation for their behavior with respect to their firms' CSR orientation.

2025, A .Emamjomeh

Yaghooti grape is the earliest ripening grape in Iran and has advantages such as good taste and high heat and drought resistance; but it has highly clustered density. Materials and methods: Physiological alterations of Yaghooti grape in three growth stages, as well as the amount of accumulation of some physiological substances, under the three hormones gibberellic acid, indole-3-acetic acid, and abscisic acid.
Results and discussion: Abscisic acid hormone had the most positive effect on total chlorophyll and carotenoid levels. The average amount of total chlorophyll was equal to (25.51), (18.76) and (26.16) mg/ml in the pre-flowering, flowering, and post-flowering stages, respectively. Under three hormones, the protein level is greatly reduced by 70%, Gibberellin treatment in the third stage of cluster development caused a 26% increase in carbohydrate level. The guaiacol peroxidase increased under indole acetic acid, but other hormonal treatments decreased the amount of this enzyme in Yaghooti grapes. The biggest reduction was related to gibberellin treatment with nearly 80% of the control sample in the first and second stage of cluster development and 55% in the third stage.The amount of ascorbate peroxidase enzyme was accompanied by an upward trend under influence of abscisic acid. Also, all three hormones almost caused a decrease in catalase enzyme activity in all three developmental stages. Indole acetic acid increased the activity of polyphenol oxidase enzyme during stages. Gibberellin, apart from slightly increasing the activity of ascorbate peroxidase enzyme during flowering, strongly reduced the activity of three other enzymes during all stages

2025, EDPACS

Many organizations have mistakenly treated ESG and sustainability reporting primarily as a compliance challenge, prioritizing metrics and internal controls over governance. In particular, what we call compliance panic has led to a misalignment of numerous new metrics with strategic priorities, unnecessary bureaucratic processes, and inflated operating costs. At a time when regulations are changing dramatically-such as the recent developments surrounding the European Union's omnibus project-we believe it is essential to put the ESG challenge back on track. The solution is not to introduce more controls that are hastily adapted to new regulations in panic mode. The solution is better governance. We see effective governance as a prerequisite for success and outline a path from governance to soft controls and, ultimately, to hard controls. Based on empirical observations, we find that the current focus is excessively skewed toward hard controls, measuring an overwhelming number of data points. Instead, we call for greater emphasis on strategic considerations and alignment.

2025, Kashere Journal of Management Sciences

This study is on board characteristics and Audit quality of listed firms in nigeria: the moderating role of audit committee gender. It is neccessitated by the need to curb financial losses and corporate failures through reliable, true and fair value financial information disclosures for stakeholders in the corporate world. A study sample of 74 firms selected from 148 listed Nigeria firms for the period January 2012 to December 2021 was used for the study and the independent variables; Board size, independence and board gender diversity are the proxies for board characteristics while the dependent variable; audit quality is proxied by the big 4 audit firms. Data sourced from the published accounts of these firms displayed on their websites and from the Nigerian Exchange Group was analysed using multiregression analysis aided by STATA statistical software to accommodate the multivariate variables. Findings of the study provide evidence that board characteristics affect audit quality particularly the inclusion of women on the board through gender diversity. The study then recommended that firms should consider the inclusion of women in their boards.

2025, Impressive Journal of Management and Social Sciences

Working capital (WCM) is an important components of financial management which focuses both on short-term assets and liabilities of a company. This study explores how profitability, company growth, and age of the company influences the level of working capital. The study uses data from agricultural companies listed on the Nigerian Exchange Group (NGX). Using pooled logit regression, with robust standard error, the result indicates that the three explanatory variables positively and significantly influence working capital level of the sample companies. Hence, these variables are important determinants of working capital level in the agricultural sector of the NGX. Management of these companies should continue work towards their targeted profit to maintain the best working capital level.

2025, OREOLUWA ABIMBOLA SERIFAT

This research aims to look at how using data analytics in financial reporting can make financial statements more accurate, clear, and predictive. It addresses the main problem that traditional reporting methods often fail to provide... more

2025, Journal of Management Education

Corporate bankruptcy remains a critical concern for publicly traded companies, with severe consequences for shareholders, creditors, and the broader economy. This study examines the role of the board of directors in mitigating bankruptcy risks through effective governance mechanisms. Using a panel dataset of 152 publicly traded firms in Nigeria over ten years (2014-2023), the study employs a random effects model (REM) regression to assess the impact of board characteristicssuch as board size, independence, and gender diversity-on financial distress indicators. The findings reveal that a well-structured board with a higher proportion of independent directors and female members significantly reduces the likelihood of bankruptcy. Additionally, firms with gender-diverse boards exhibit better risk management practices, enhancing corporate resilience. These results underscore the importance of strong governance structures in safeguarding firms from financial distress. The study offers practical insights for regulators, policymakers, and corporate leaders on enhancing board effectiveness to improve corporate survival rates. Future research could explore the influence of external economic factors on board decision-making in crises.

2025, Review of Management Sciences

The relationship between CEO power and firm performance remains a contentious issue in corporate governance literature, with mixed empirical findings. While some studies suggest that a powerful CEO enhances strategic decision-making and firm efficiency, others argue that excessive CEO power leads to managerial entrenchment and weaker performance. However, limited attention has been given to the mediating role of board independence in this relationship. This study examines how board independence mediates the effect of CEO power on firm performance. Using a sample of publicly traded firms, the study employs a random effects regression model to analyze panel data over ten years. CEO power is measured through a composite index, incorporating CEO tenure, ownership, and gender structure, while board independence is assessed based on the proportion of independent directors. Firm performance is proxied by return on assets (ROA). The findings reveal that CEO power has a positive effect on firm performance, however, board independence partially mediates this relationship, strengthening the impact of CEO power on performance. This suggests that an independent board serves as an effective governance mechanism to balance CEO influence and enhance firm outcomes. This study contributes to corporate governance literature by integrating CEO power and board independence within a mediation framework, offering empirical evidence from an emerging market context. The findings provide practical implications for regulators, investors, and policymakers aiming to strengthen governance structures and improve corporate performance.

2025

This study postulates the relationships between earning quality and investment efficiency among Tehran Stock Exchange-listed companies with an emphasis on the moderating role of board characteristics including independence, the duality of executives and the financial expertise of members. The research is applied in terms of purpose and takes a correlative-descriptive approach. The statistical population is comprised of TSE listed companies from 2008 to 2018 and, the final sample consisting of 78 companies was selected using systematic (purposeful) elimination. To test the hypotheses, two regression models were estimated using Ordinary Least Squares method through Eviews software. The empirical results revealed a positive and significant relationship between the quality of earning and investment efficiency in TSE publicly-traded companies. As well as, the board members' independence and financial background can significantly exaggerate such a relationship. Based on our findings, ...

2025, Asian Research Journal of Arts & Social Sciences

This study explores bank employees' views on the role of governance in the success of banking institutions in SouthWest Nigeria. The research uses an ex-post-facto design, targeting bankers from Lagos, Ogun, and Oyo states. A sample of 600 bankers was selected through random sampling. The study distinguishes between senior ((Highly Ranked Bankers-HRB) and junior (Lowly Ranked Bankers-LRB) bankers to compare perceptions of board composition and its influence on governance and organizational success. Data were collected via questionnaires and analyzed using mean, standard deviation, and t-test statistics. Findings show differing views between HRB and LRB. Senior bankers disagreed with the view that directors involved in daily operations should be on the board, citing concerns over operational interference. Junior bankers,

2025, Journal of Financial Technology and Regulation

This study investigates the impact of blockchain technology adoption on the environmental performance of organizations, focusing on its role in improving sustainability reporting, reducing carbon emissions, and optimizing resource utilization. The study covers the period from 2014 to 2023, using data from 152 firms across eleven (11) industries that have integrated blockchain solutions into their operations. Employing a mixed-method approach, quantitative data was analyzed using panel regression models to assess the relationship between blockchain adoption and environmental performance indicators. The findings reveal that blockchain adoption significantly enhances ecological performance by increasing transparency in supply chains, reducing energy consumption inefficiencies, and facilitating compliance with environmental regulations. Specifically, firms leveraging blockchain for carbon tracking reported a reduction in emissions. The study's originality lies in its focus on blockchain as a technological enabler for environmental sustainability, bridging a critical gap in the existing literature by providing empirical evidence from diverse industries and emphasizing the role of technology in achieving sustainable development goals. These results have profound implications for policymakers, regulators, and practitioners aiming to integrate innovative technologies into environmental strategies.

2025, Journal of Management and Business

Good corporate governance as a concept gains wide public attention especially after the 19971998 financial crises. The falls of many financial institutions is believed related to the absence of good corporate governance. As one of financial institutions which mainly serve for providing future benefits after retirement, Indonesian employer’s pension fund also required to implement good pension fund governance through a regulation from Flead of BAPEPAM-LK Number Kep-136/BL/2006 about the Guidelines of Pension Fund Governance. The implementation of this regulation will give impacts on the board diversity since the board will be the front line in implementing good pension fund governance.The objective of this research is to examine the effect of board diversity to financial performance of Indonesian employer’s pension fund. In this research, board diversity is measured by three variables, i.e. gender, education background and duality. Financial Performance is measured by Return on Inves...

2025, Res Militaris

This Research investigates the link between corporate governance and earning persistence of companies listed on the Palestinian exchange (P.E.X.) using a purposive sample method of 18 companies listed in the Palestine Exchange (P.E.X.). The sectors included in the sample are the investment, industrial, and services sectors. While the remaining sectors, the banking, and the insurance sector, are excluded. The data used is collected from annual reports and financial statements. The period covered is years from 2014 to 2019. The results are concluded using the Generalized Method of Moments (G.M.M.). The study results revealed that the company's earnings were persistent during the study period measured by the (β)coefficient. In addition, the panel data analysis of G.M.M. results revealed that good corporate governance practices significantly affected earning persistence. Corporate governance measured by an effective board of directors is crucial for sustainable earnings; corporate governance better influences earning persistence and, more significantly, when all Board attributes work together and interact jointly. This paper makes an essential theoretical contribution by building on prior knowledge as the research result ascertains the influence of corporate governance, measured by an effective board of directors, in increasing earning quality, mainly measured by earning persistence. It also provides empirical proof of the importance of good corporate governance in sustaining earnings which stakeholders and researchers should consider its primary effect in boosting the company's performance. To my knowledge, this study is the first to examine the role board of directors on earnings persistence which will assist policymakers in concentrating their efforts on promoting corporate governance between Palestine firm's.

2025, Sustainable Development (SD)

Effective corporate governance is essential for aligning corporate contributions with Sustainable Development Goals (SDGs). Companies must embed SDG priorities into their strategies to balance social and financial objectives. This study examines how corporate governance influences SDG disclosures by publicly listed firms, focusing on prioritized SDG areas. Grounded in stakeholder theory, it explores how governance structures meet stakeholder expectations, promoting transparency and accountability in SDG reporting. The research highlights the urgency of integrating sustainability into corporate strategies to advance global SDG efforts. A quantitative analysis utilized data from 2009 to 2020 annual reports of financial firms listed on the Ghana Stock Exchange, supplemented by secondary data. The sample included 13 firms with at least 12 years of operation, totaling 156 firmyear observations. Probit regression and descriptive statistics were applied for analysis. Findings reveal a limited impact of corporate governance on SDG contributions, with older firms more likely to engage in SDG efforts. Education and health-related SDGs dominate the focus among contributing firms. The study recommends policies mandating environmental, social, and governance (ESG) disclosures to strengthen corporate SDG contributions. Policymakers could incentivize compliance through tax benefits or sustainability-linked financing for firms aligned with SDGs. Capacity-building programs for corporate leaders and board members are also necessary to integrate SDGs into business strategies. These findings offer critical insights for policymakers and a foundation for further research on corporate governance's role in advancing SDGs, particularly in sub-Saharan Africa.

2025

This paper investigates the ethical dimensions of wasteful spending within organizations, contrasting it with fraud, which may not always inflict as much long-term harm despite being more readily identified. The study examines waste across sectors like healthcare, government, and education, encompassing issues such as bureaucratic inefficiencies, exorbitant executive compensation, and the misallocation of resources. It underscores the ethical dilemma between short-term gains and long-term sustainability, emphasizing that leaders frequently prioritize immediate results and public perception over responsible stewardship, leading to choices that jeopardize long-term viability. Examples like corporate mismanagement and infrastructure neglect demonstrate how waste diminishes organizational effectiveness and breaches fiduciary duties. While fraud involves deliberate deception, the study asserts that waste, often arising from negligence or mismanagement, can be equally or more detrimental to an organization's sustainability and the interests of its stakeholders. The paper advocates for stronger oversight mechanisms, such as appointing waste-prevention officers, and emphasizes the moral obligation to utilize resources efficiently to benefit present and future generations.

2025, Journal of Business Ethics and Education

This study investigates the relationship between board independence and earnings management, focusing on its implications for corporate governance and financial reporting quality. The research evaluates whether a higher proportion of independent directors on corporate boards mitigates earnings management practices, thereby enhancing transparency and accountability. The study covers ten years from 2014 to 2023, utilizing data from 153 publicly traded companies across various sectors. A panel data methodology was employed, combining financial statements and corporate governance reports. The analysis applied an Ordinary Least Squares regression analysis to examine the impact of board independence on accrual-based earnings management, measured using the Modified Jones Model. Robustness checks were conducted to ensure the validity of findings, including alternative specifications and additional control variables such as audit quality, profitability, liquidity, institutional ownership, firm size, and leverage effects. The results reveal that board independence is negatively and significantly associated with earnings management, indicating that independent directors play a crucial role in curbing opportunistic financial reporting. Specifically, firms with a higher percentage of independent board members exhibited lower discretionary accruals, suggesting enhanced oversight and governance. These findings remained consistent across various robustness tests. This study makes an original contribution by providing empirical evidence from an emerging market context, where governance practices often differ from developed economies. It highlights the importance of regulatory frameworks promoting board independence to improve financial reporting quality. The findings have implications for policymakers, regulators, and corporate stakeholders in designing effective governance mechanisms to safeguard shareholder interests and enhance market confidence.

2025, International Journal of Advanced Finance and Accounting | IJAFA

This study evaluates the impact of Environmental Cost on Market Value of publicly listed oil and gas and
communication firms in Nigeria. The specific objectives are to assess the impact of environmental investment
costs on market capitalization, examine the impact of environmental remedial costs on market capitalization
and determine the impact of environmental law compliance and penalty costs on market capitalization of
publicly listed oil and gas and communication firms in Nigeria. The study adopted an ex-post-facto research
design which made use of secondary data obtained from the annual reports and accounts of the selected oil
and gas, and communication firms under study. The period for the study spanned from 2007 to 2021. The study
utilized the Ordinary Least Squares (OLS) multiple regression model for data analysis. The analysis results
indicated a positive and significant impact of environmental investment costs on the market capitalization of
the selected oil and gas and communication firms in Nigeria. However, environmental remediation costs were
found to have a negative and nonsignificant effect on market capitalization. Conversely, environmental law
compliance and penalty costs exerted a significant and positive influence on the market capitalization of these
selected firms in the oil and gas and communication sectors in Nigeria. The implication of these findings
underscores the importance of integrating environmental investment costs into the strategic considerations of
publicly listed oil and gas and communication firms in Nigeria, as it positively affects their market
capitalization. Furthermore, the research highlights the need for prudent management of environmental
remedial costs and demonstrates the potential benefits of strong environmental law compliance and penalty
cost adherence on market capitalization in these industries. In conclusion, this study underscores the growing
importance of environmental considerations in the financial performance of oil and gas and communication
firms. Companies that prioritize environmental investments and compliance may experience enhanced market
values. On the other hand, overlooking environmental remediation costs can potentially hinder market
capitalization. Recommendations stemming from these findings include urging firms to invest in
environmentally responsible practices, adhere to environmental laws, and consider innovative strategies to
mitigate and remediate environmental damage. By doing so, these companies can secure their financial wellbeing while contributing to a sustainable future

2025, Financial Markets and Institutions Review

This study examines the relationship between board independence and financial performance in publicly traded companies, incorporating audit quality, firm leverage, and firm size as control variables. Using panel data from 153 listed firms spanning 2014 to 2023, this study employs a random effects model (REM) regression analysis to explore the effects of independent board members on financial performance metrics, specifically return on assets (ROA). Data were collected from annual reports and verified through third-party financial databases to ensure reliability. The findings reveal that board independence positively influences financial performance, with firms exhibiting higher proportions of independent directors achieving superior ROA values. Among the control variables, audit quality and firm size positively correlate with financial performance, while firm leverage shows a negative association. These results underscore the importance of independent oversight in enhancing shareholder value and mitigating agency conflicts. This study contributes to the literature by providing empirical evidence on the moderating effects of audit quality, leverage, and size on the board independence-performance nexus over a comprehensive 10-year period. The originality lies in its integration of these critical control variables and its focus on a long-term dataset from an emerging market context, offering insights for policymakers, corporate boards, and investors aiming to optimize governance structures.

2025, Journal of Sustainability Accounting and Management Education

This study investigates the impact of the board of directors on sustainability reporting quality (SRQ) in Nigerian publicly traded companies from 2009 to 2023. The research seeks to uncover how board characteristics such as gender diversity, independence, and size influence sustainability disclosures' quality. Employing a longitudinal research design, this study utilizes panel data collected from annual reports and sustainability disclosures of 17 firms across various industries. The data analysis uses a fixed effects regression model to account for firm-specific heterogeneity and temporal variations. Findings reveal that board gender diversity, independence, and size in sustainability-related areas significantly enhance SRQ. The originality of this research lies in its integration of agency and resource dependence theories to explain the mechanisms through which board dynamics influence SRQ. The comprehensive dataset spanning over a decade enhances the generalizability of the findings and provides nuanced insights into the contextual dependencies of these effects. This study contributes to the growing literature on corporate governance and sustainability by offering actionable recommendations for policymakers and corporate stakeholders aiming to improve SRQ through effective board compositions.

2024

Corporate governance The main purpose of this work is to explain why and how the stock liquidity affects the risk of default of petrochemical and petroleum products companies listed on Tehran Stock Exchange (TSE). The study used experimental data and parametric tests to estimate the relationship between stock liquidity and the risk of default through the roles of stock liquidity in information efficiency and corporate governance. The present research is applied in terms of purpose and is a descriptivecorrelative study. All the data required regarding the stock liquidity, price, trading volume and days, stockholder ownerships, etc. were extracted from Rahavard Novin database software. To investigate the relationship between variables, the multivariate regression analysis model using panel least squares (PLS) method was applied in EViews platform. The empirical findings reveal a significant negative relationship between stock liquidity and the risk of default of petrochemical and petr...

2024, Management Review: An International Journal

Good governance is foremost in order to develop good corporate working culture. Governance includes all formal and informal rules under certain principles of accountability, transparency, and the rule of law. The implementation of corporate governance certainly influences the performance of the firm. This study focuses on the corporate governance practices implemented by the commercial banks of Nepal and their impact on the bank's variables were Board Size, Independent directors, Board Meeting, Bank size, foreign ownership, government ownership, Bank Age. The result shows a positive relation of Age, Board size, independent directors, foreign ownership, firms' size with the performance of the bank, whereas board meeting and government ownership shows negative relation.

2024

The purpose of this paper is to explore the feasibility and relevance of various cooperative strategies for new business development (start-ups) and SMEs in Botswana. Further to examine the relationship between strategic collaborations and these businesses' competiveness and sustainability. The paper attempts to answer one critical question: Are cooperative strategies (strategic collaborations) the ultimate solution to startups and SMEs in Botswana? The paper also explores cost implications or risks associated with using these strategies, and the potential benefits that will flow to both the startups and the existing small businesses. This is done through in-depth review of all relevant literature and descriptive data analysis collected from different online database sources. The paper also adopts (Murray 2001) conceptual framework, "An Integrated Framework of Strategic Alliance-Based Global Sourcing for Competitive Advantage". This conceptual framework presents the relationships among the various variables with an ultimate goal of obtaining a competitive advantage. Hopefully the findings will be of benefit to government decisions on business development policies reforms, less innovative prospective entrepreneurs and also provide some input to the future related research studies.