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Sustainable Corporate Governance and Financial Performance
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Sustainable Corporate Governance and Financial Performance

A special issue of International Journal of Financial Studies (ISSN 2227-7072).

Deadline for manuscript submissions: 30 June 2025 | Viewed by 3084

Special Issue Editor

Dr. Albertina Paula Monteiro

E-Mail Website
Guest Editor
CEOS.PP, Porto Accounting and Business School, Polytechnic Institute of Porto, 4465-004 Porto, Portugal
Interests: financial accounting; corporate social responsibility reporting; sustainability reporting; accounting information systems; digital accounting
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

Corporate governance has traditionally been understood as the mechanisms by which capital providers ensure shareholder profitability. While the literature extensively explores the impact of corporate governance variables (such as board structure, CEO compensation, capital structure, gender diversity, etc.) on financial performance, the connection with sustainability remains relatively unexplored.

This Special Issue seeks to address this gap by gathering key contributions in the field. Sustainable corporate governance entails incorporating environmental, social, and governance (ESG) principles into decision-making processes to generate long-term value for society, the environment, and shareholders.

We invite authors to submit original research articles that explore both theoretical frameworks and practical applications. Topics of interest include (but are not limited to) the following:

  • ESG and financial performance;
  • Corporate governance and sustainability reporting;
  • The mediating role of sustainability reports in the relationship between corporate governance and firm performance;
  • The moderating role of corporate governance in the relationship between sustainable performance and firm value;
  • The impact of gender diversity on sustainability and firm performance;
  • The influence of sustainability committees on firm performance;
  • The integration of sustainability principles into corporate governance models and structures;
  • The ESG framework of Corporate Sustainability Reporting Directive (CSRD) and its effect on firm performance.

We look forward to receiving your contributions and advancing knowledge in this important area.

Dr. Albertina Paula Monteiro
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. International Journal of Financial Studies is an international peer-reviewed open access quarterly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1800 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • corporate governance
  • financial performance
  • ESG
  • sustainability reporting
  • sustainability performance

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Further information on MDPI's Special Issue polices can be found here.

Published Papers (3 papers)

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Research

19 pages, 807 KiB  
Article
Factors Influencing Hotel Revenue Management in Times of Crisis: Towards Financial Sustainability
by Luís Lima Santos, Conceição Gomes, Cátia Malheiros, Catarina Crespo and Carla Bento
Int. J. Financial Stud. 2024, 12(4), 112; https://doi.org/10.3390/ijfs12040112 - 13 Nov 2024
Viewed by 736
Abstract
(1) Background: Facing the challenges of a post-pandemic period and the Ukraine War and recognising the gap in scientific research on the application of revenue management (RM) in the Portuguese hotel industry, the main objective of this study is to identify the most [...] Read more.
(1) Background: Facing the challenges of a post-pandemic period and the Ukraine War and recognising the gap in scientific research on the application of revenue management (RM) in the Portuguese hotel industry, the main objective of this study is to identify the most effective and least appropriate RM practices for use in periods of low demand and crises, reflecting the financial sustainability perspective. The theoretical framework of this study focuses on the main RM practices, grouping them into price and non-price strategies. (2) Methods: A quantitative methodology was employed, collecting information from Portuguese hotels through an online questionnaire, and statistical analysis using Mann–Whitney and Chi-square tests was conducted. (3) Results: Hotels offered discounts during the pandemic, but room rates were reduced during the recovery period. These findings also revealed that commonly used techniques were the best available rate (BAR) and rate fences, particularly during the pandemic. Quality, brand image, strategic partnerships, and marketing actions are recognised as essential. However, loyalty programs, length of stay (LOS) control, rate parity, and bundled services are not commonly implemented despite their importance during periods of low demand. Larger hotels, five-star hotels, and members of international chains applied more RM practices than smaller four-star independent hotels. (4) Originality: This study provides original and valuable insights into increasing hotel revenues and occupancy rates during future periods of low demand, which benefit financial sustainability. Full article
(This article belongs to the Special Issue Sustainable Corporate Governance and Financial Performance)
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22 pages, 584 KiB  
Article
The Impact of Corporate Social Responsibility on Cash Holdings: The Moderating Role of Board Gender Diversity
by Abdelmoneim Bahyeldin Mohamed Metwally, Saleh Aly Saleh Aly and Mohamed Ali Shabeeb Ali
Int. J. Financial Stud. 2024, 12(4), 104; https://doi.org/10.3390/ijfs12040104 - 21 Oct 2024
Cited by 1 | Viewed by 836
Abstract
This research investigates the association between corporate social responsibility and cash holdings, while also exploring the moderating effect of board gender diversity on this association. The study utilizes a dataset of non-financial firms listed on the Egyptian Exchange (EGX) from 2012 to 2021, [...] Read more.
This research investigates the association between corporate social responsibility and cash holdings, while also exploring the moderating effect of board gender diversity on this association. The study utilizes a dataset of non-financial firms listed on the Egyptian Exchange (EGX) from 2012 to 2021, comprising a final sample of 52 firms with a total of 520 firm-year observations. A statistical analysis was performed using pooled OLS, a fixed effects regression analysis, and two-step system GMM estimations to test the research hypotheses. The results show a significant positive association between CSR and cash holdings. Further, board gender diversity is found to have a negative moderating role as it weakens the association between CSR and cash holdings. These findings are relevant for regulators, investors, and stakeholders in Egypt and other emerging markets. Companies are encouraged to prioritize gender diversity in board appointments, while regulators should track and promote female representation in all listed firms. Investors are advised to focus on boards with strong female representation and high CSR disclosure. The insights offered by this research extend the literature by examining the moderating role of gender diversity in an unexplored context, namely Egypt, which fill part of the gap in early studies. Full article
(This article belongs to the Special Issue Sustainable Corporate Governance and Financial Performance)
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19 pages, 386 KiB  
Article
The Influence of Social Responsibility Practices on Tax Planning: An Empirical Study for Companies Listed on Euronext Lisbon
by Pedro Ferreira Silva, Cristina Sá and Teresa Eugénio
Int. J. Financial Stud. 2024, 12(3), 73; https://doi.org/10.3390/ijfs12030073 - 29 Jul 2024
Viewed by 959
Abstract
This paper analyzes the influence of social responsibility practices on the development of tax planning activities in companies listed on Euronext Lisbon. Although scientific research into social responsibility and tax planning is not new, scientific studies into the relationship between these two themes [...] Read more.
This paper analyzes the influence of social responsibility practices on the development of tax planning activities in companies listed on Euronext Lisbon. Although scientific research into social responsibility and tax planning is not new, scientific studies into the relationship between these two themes is a developing area of research that still raises many questions. This study was carried out on a sample of 30 companies listed on Euronext Lisbon, using data for the 2018 and 2019 periods. The hypotheses were formulated based on a literature review on this subject. A multiple linear regression model was developed to validate the hypotheses. The results show that the social, corporate governance, environmental, or economic components of corporate social responsibility do not influence tax planning. However, the results show that company size negatively impacts tax planning, i.e., larger companies have lower effective tax rates. In the sample studied, larger companies implemented more tax planning strategies. In this way, this study can complement the understanding of the relationship between social responsibility practices and tax planning activities in Portugal and internationally. Full article
(This article belongs to the Special Issue Sustainable Corporate Governance and Financial Performance)
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