Suchergebnisse

Purpose
Based on data collected using the purposive sampling technique extracted from a secondary data source, this paper aims to examine the relationship between female directors and firm innovation. The paper also examines the impact of leverage ratios and corporate social responsibility (CSR) expenditure on the association between female directors and firms' innovation.


Design/methodology/approach
The feasible general least regression technique was applied to overcome potential endogeneity issues associated with female directors and corporate innovation spending.


Findings
With subsequent control of individual and firm variables, the first findings of this study indicate that female directors significantly decrease firms' innovation spending. The second outcomes of this study show that the leverage ratio considerably improves corporate innovation spending. The third findings show that the leverage ratio positively moderates the association between female directors and corporate innovation spending. The fourth findings show that CSR expenditure significantly improves firm innovation spending but does not moderate the association between female directors and corporate innovation spending.


Research limitations/implications
Based on dependency theory, robust and reliable conclusions suggest that female directors' engagement on the Indian board needs more than biological sex, that is, the required expertise. The paper also provides policy implications for female expertise in minority engagement on the board of listed firms in India, especially when the firm desires to increase its corporate innovation spending.


Originality/value
This study is among the first, to the best of the authors' knowledge, to comment on mandatory CSR expenditure as an independent variable on innovation or a moderating variable between female directors and corporate innovation. Similarly, the family-controlled management perspective in this study deepens the debate on gender diversity and corporate innovation.

Purpose
The purpose of this study is to investigate family management, financial performance and gender diversity of listed firms.


Design/methodology/approach
Using the India stock market as a testing ground, this paper used descriptive statistics and panel regression with random effect assumptions in the analysis of 800 firm-year observations between 2010 and 2019.


Findings
The findings show that an improvement in stock price returns leads to a corresponding increase in women employment. Also, the study shows that an increase in family-managed firms leads to a decrease in the number of women employed in listed firms. This paper speculates using the social role theory that family involvement may see women as the weaker vessel and with a role to concentrate on raising children and handling house affairs. The consequence is a decrease in women employment. The study also shows that the interactive variable of financial performance (return on assets and return on equity) × family-managed firms still causes a decrease in women employment. This paper perceives that managers in family-managed firms see women as weaker vessels and home managers which is consistent with the Indian culture. The results are robust after controlling for endogeneity.


Research limitations/implications
The research study is limited to large firms on the Indian stock market that submit sustainability reports and also used a single country data that can potentially limit the generalisation of the study.


Originality/value
No studies have combined social role theory in examining the effect of family management on gender diversity in the emerging markets.

Purpose
Studies on employee volunteerism have inconsistency in results. This study aims to examine whether employee volunteerism contributes to financial performance, and if employee volunteerism creates community benefit for firm legitimacy.


Design/methodology/approach
The data covers 80 companies (640 firm-year observations) and uses the Indian stock market for the period 2010-2017 as a testing ground. Canonical correlation analysis, panel regression and panel probit regression are used in this study.


Findings
The first findings of the study show employee volunteerism through employee skill contribution, number of hours spent on volunteerism, employee cash contribution and employee material contribution provide the substantive contributions to community benefit and financial performance and also contribute a possible positive reflection on employee commitment. The second findings show that return on asset and return on equity do not improve the practice of employee volunteerism. However, the stock price return (SPR) improves the practice of employee volunteerism. The third findings show that the engagement of third-party assurance (TPA) improves the practice of employee volunteerism. Finally, TPA and SPR are more likely to cause a firm to undertake employee volunteerism.


Research limitations/implications
The research study is limited to large firms on the Indian stock market that submit sustainability reports.


Practical implications
An implication from the study suggests that the critical driver of employee volunteerism is employee skill contribution, and firms stand to benefit if well managed.


Originality/value
TPA and financial performance contribute an increase in employee volunteerism, and therefore deepens the scholarly debate on employee volunteerism. Employee volunteerism–community benefit nexus creates a new dimension to the theory of legitimacy for firms in an emerging economy.

Purpose
Technological innovation (TI) has become a competitive advantage to firm sustainability and survival; however, stakeholders struggle to embrace this revolution. There is a fear that technology innovation leads to massive job loss. Therefore, the purpose of this paper is to investigate TI, employee disability (EDI) and financial performance.


Design/methodology/approach
Using the Indian stock market as a testing ground, the authors used panel regression to analyse 80 sustainability-reporting firms (640 firm-year observations) between 2010 and 2017.


Findings
The findings show that technology innovation has a positive association with EDI. It further indicates EDI with TI improves the financial performance (return on assets and return on equity) of firms. Also, the study shows that EDI in the service and manufacturing sector are the critical contributors when combined with TI towards an increase in financial performance.


Practical implications
The implication for the study allows firms to increase employment of people with disabilities in the workplace because TI has a positive effect on EDI. The results from the study confirm the service sector as the highest contributor to financial performance in the emergence of TI.


Originality/value
The novelty of this research provides empirical evidence that the service sector contributes more to financial performance when EDI combines with TI.

PurposeThere is a current agitation by community leaders, global leaders and society on the morality aspect of corporate social responsibility (CSR) activities of firms. The change in policy raises the question of whether moral capital is affected. Therefore, this study aims to examine whether the shift from voluntary to mandatory reporting increases the moral capital of CSR and also whether moral capital affects the firm performance of listed firms in India.Design/methodology/approachThis study examines 800 firm-year observations on the Bombay Stock Exchange (split into 320 firm-year observations for the voluntary period and 480 firm-year observations for the mandatory period). This study uses panel regression with random effect assumptions for data interpretation.FindingsThe first findings show that a shift from voluntary to mandatory policy on CSR increases the moral capital value of listed firms in India. The second and third findings show that voluntary reporting of moral capital has no significant association with market performance (stock price returns [SPR]) or firm value (Tobin'sq). The fourth findings show a negative and statistically significant association between mandatory reporting of moral capital and SPR but an insignificant association with Tobin'sq. This study conducted a robustness test, and results show that the previous year 1 and 2 moral capital for voluntary and mandatory periods has no association with SPR and Tobin'sq.Originality/valueAlthough prior research has examined the effect of change in policy from voluntary to mandatory reporting on firm performance, little is known about the impact of moral capital on firm performance for the emerging economies, including India.

AbstractThe study's purpose examines chief executive officer (CEO) characteristics, sustainability reporting format, and environmental disclosure of listed firms in India. Eight hundred firm‐year observations across India's firms applied panel regression with random effect assumptions and general method of moment. The first findings show that reporting format has a positive and statistically significant association with environmental disclosure. The second findings show that CEO age and CEO tenure have an insignificant association, but CEO duality negatively associates with environmental disclosure. The third findings show that CEO characteristics (tenure and duality) × report format is insignificant. However, the CEO age × report format has a positive and statistically significant association with listed firms' environmental disclosure in India. The strategic implication shows that the choice of a stand‐alone sustainability reporting in environmental communication disclosure is a strategic benefit that secures strategic investors and investment in the firm. For the firm to be recognized as a strategic partner in global sustainable development goals, CEOs with longer tenure and aged CEOs engagements are an unsuitable investment, which Indian firms must not pursue. Endogeneity problems across panels are addressed in this study. This study's novelty examines the interactive effect of CEO characteristics and sustainability report format on environmental disclosure in India.

Purpose
The purpose of this study is to focus on examining whether third-party assurance (TPA) and mandatory corporate social responsibility reporting (MCSR) matter in the association between philanthropic giving (PHG) and listed firms' financial performance.


Design/methodology/approach
Using the Indian stock market as a testing ground, the study used interactive regression and panel regression to analyse 80 sustainability-reporting firms with 800 firm-year observations between 2010 and 2019.


Findings
The first findings show a positive association between PHG and financial performance (return on assets, ROA and stock price returns, SPR). Also, the study shows that the interactive variable of MCSR and PHG has a mixed association with financial performance. The second findings show a positive and statistically significant association between TPA and SPR. Also, the interactive effect of TPA and PHG has a negative association with return on equity (ROE) and a positive association with SPR. The third findings show a negative association between MCSR and financial performance (ROA and ROE) and a positive association with SPR. However, when a firm combines MCSR and TPA, the outcome is a negative association with ROE. The fourth findings show that MCSR has a positive association with TPA. The study control for any form of heteroscedasticity, serial correlation and endogeneity effects.


Practical implications
Managers, if given a choice, must opt for TPA over MCSR because the βcoefficient is higher in TPA than MCSR in PHG-financial performance nexus.


Originality/value
The study addresses the information asymmetry problem from the application of TPA and MCSR, which is new to an emerging economy context.

AbstractGlobally, tobacco use claims millions of lives every year. This has necessitated policy responses including tax measures aimed at reducing the consumption of tobacco. Nonetheless, opponents of tobacco taxation posit that, it may hurt economic growth. This study, therefore, examines the effect of tobacco taxation on economic growth in 38 African countries from 2008 to 2018. The system generalised method of moments (GMM) regression is used as the estimation technique. The findings show that, tobacco taxation enhances economic growth both in the short‐ and long‐run periods, especially, through its effect on population health. Thus, African governments should be confident when increasing tobacco tax because, it has an added advantage of propelling economic growth.