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AbstractThis conceptual article explores the relationship between stakeholder theory and electoral processes, focusing on the contemporary challenges and ethical implications of applying this theory, rooted in accountability, to the political realm. Drawing on an extensive literature review to develop the theory within the political field and elections, the analysis uncovers the factors and multifaceted issues that shape stakeholder engagement in electoral contexts, and the pervasive influence of political money on the sway of tribal affiliations and identity politics—which can result in misaligned representation and unfair policy outcomes that may harm the long‐term interests of stakeholders themselves. This underscores the need for regulatory reforms to enhance transparency and accountability in elections, advocating for ethical governance to balance broader public interests against narrow stakeholder interests. Ultimately, the research provides insights into improving global electoral processes and governance, calling for policies supporting equitable, accountable, and sustainable governance practices.Related ArticlesAdegboye, Alex, Kofo Adegboye, Uwalomwa Uwuigbe, Stephen, Ojeka, and Eyitemi Fasanu. 2023. "Taxation, Democracy, and Inequality in Sub‐Saharan Africa: Relevant Linkages for Sustainable Development Goals." Politics & Policy 51(4): 696–722. https://doi.org/10.1111/polp.12547.Akwei, Cynthia. 2018. "Mitigating Election Violence and Intimidation: A Political Stakeholder Engagement Approach." Politics & Policy 46(3): 472–504. https://doi.org/10.1111/polp.12256.Sohn, Hyodong. 2023. "Policy Agenda Trade‐offs for Sustainability: The Compositional Change of Attention about Energy in Legislative Hearings." Politics & Policy 51(6): 973–1007. https://doi.org/10.1111/polp.12563.

AbstractDuring the pandemic, all countries of the world were affected by a health pandemic was the largest in the twenty‐first century, which affected the performance of companies and put them in a difficult situation with the escalation of uncertainty. Our study evaluates the impact of the COVID‐19 pandemic on firms' financial performance and the moderating role of environmental, social, and governance (ESG) performance in this relationship. Based on a large international panel dataset that includes nine countries from G20 extracted from the Thomson Reuters EIKON database for the period from 2016 to 2021, a set of statistical analyses was applied, including descriptive statistics, correlation matrix, fixed effect regression, and robust regression using GMM model. The findings indicate that the pandemic negatively affected financial performance significantly, while the performance of ESG limits this effect. Thus, companies engaged in ESG activities are the least affected during the pandemic. Fulfilling stakeholders' demands enhances companies' performance during crises and corporate directors' resort to maintaining the performance of ESG as one of the effective strategies during the crisis to reduce the impact of COVID‐19 on financial performance. This study shows that compliance with ESG issues can mitigate negative financial impacts during crises and that while implementing ESG practices is costly, it satisfies stakeholders and generates financial gains for companies. Theoretically, we directed the theoretical lens to research through crisis and stakeholder theories to explain events.

AbstractThis study is motivated by the absence of similar research that investigates the link between terrorism level and social and environmental performance measured by the ESG score. This study adopts cross‐country panel data represented by 5082 worldwide companies during the period 2011 to 2020. The terrorism level has been measured using the Global Terrorism Index as reported by The Institute for Economics and Peace Limited. Our findings indicate that the occurrence of terrorist events has a significant negative impact on ESG performance, both collectively and individually, due to the various consequences. Many businesses may suspend operations in countries where the threat of terrorism is increasing, resulting in a flight of investors and the disruption of development projects, which may weaken overall economic performance and voluntary projects. Thus, it is likely to result in undermining companies' environmental and social practices. In addition, as fears of terrorist attacks grow, the general system of corporate governance may deteriorate, halting sustainable development initiatives in these countries. Terrorist attacks introduce complex moral dilemmas, challenge stakeholder priorities, affect a company's legitimacy, and reshape the institutional landscape. Companies must navigate these multifaceted challenges, balancing immediate stakeholder concerns, reputation restoration, compliance obligations, and evolving societal expectations. Our findings are significant, with numerous implications for different stakeholders such as regulators, policymakers, investors, managers, and government agencies.

PurposeThis paper aims to investigate whether the sustainability disclosure with the environmental, social and governance (ESG) aspects has an impact on the financial performance represented by Tobin's Q, return on assets (ROA) and return on equity indices in the Levant countries for the period 2012–2019, which was a period of turmoil and political repercussions that affected the countries of the region.Design/methodology/approachUsing the content analysis technique, the data was collected from 124 nonfinancial companies from Levant countries (Jordan, Palestine, Syria and Lebanon), and 883 observations were collected as panel data for the research analysis.FindingsThe findings indicate that the environmental, social and ESG collective performance maximizes financial performance, while the governance performance influences ROA only. This suggests that companies pay great attention to various stakeholders, mainly external. Maximizing stakeholder value remains an optimal strategy to achieve the company's financial goals. Thus, improving the disclosure levels of nonfinancial performance in the capital markets will improve the chances of growth of the financial performance indicators of companies.Originality/valueThe study provided insights about the ESG role and its impact on the financial performance of companies in a less explored context by previous literature, namely, the Levant.

Purpose
The literature has dealt with the relationship between board characteristics (BC) and firm performance (FP) on a large scale. However, it yielded inconsistent results. Thus, this paper aims to examine the indirect relationship between BC and FP through the mediating role of the capital structure (CS).


Design/methodology/approach
This study used a sample of 528 non-financial companies listed on Bursa Malaysia from 2015 to 2019. Also, a two-step system generalised method of moments estimation technique was applied.


Findings
The results show that board diversity and the frequency of board meetings positively affect financial performance, and it is negatively influenced by board turnover, size and independence. Also, the results indicate a positive relationship between the independence of the board and all CS variables. Importantly, the findings support the policy-setting role of the board of directors where CS (measured by total debt and short-term debt) suppresses some governance mechanisms' detrimental effect on FP. Hence, the board of directors, apart from the monitoring function, introduce various policies (financial and non-financial) that enhance the overall performance of companies.


Originality/value
These results are consistent with the agency's perspective that management practices in selecting the optimal capital reduce agency costs and improve performance. The findings contribute to developing a broader theoretical framework that accounts for the policy-setting role of the board of directors. The current study model of corporate governance offers insight for policymakers into the role of corporate governance other than monitoring functions in organisations and how CS should be taken into consideration with corporate governance and FP association.