Emerging Trends and Innovations in Corporate Finance and Governance

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Business and Entrepreneurship".

Deadline for manuscript submissions: 31 December 2025 | Viewed by 1805

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Guest Editor
Department of Finance, Faculty of Finance and Banking, Bucharest University of Economic Studies, 010552 Bucharest, Romania
Interests: corporate finance; corporate governance; quantitative finance; sustainable development
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Special Issue Information

Dear Colleagues,

The field of corporate finance and governance is continuously evolving, with emerging trends and innovations reshaping how companies operate and interact with stakeholders. One key trend is the growing importance of Environmental, Social, and Governance (ESG) factors in decision making. Investors and consumers are increasingly prioritizing companies that demonstrate a commitment to sustainability, ethical practices, and social responsibility, leading firms to integrate ESG criteria into their financial strategies and corporate governance frameworks. Another significant development is the rise of digital transformation, particularly through the adoption of advanced technologies like artificial intelligence (AI), machine learning, and blockchain. These innovations are revolutionizing financial reporting, risk management, and transaction processes, providing more efficiency, transparency, and real-time decision making. Blockchain, in particular, is enhancing security in financial transactions and enabling decentralized finance (DeFi), which is challenging traditional banking systems. In the realm of corporate governance, there is a push towards greater transparency and accountability. Shareholder activism is on the rise, with investors pushing for more influence over company decisions, particularly related to executive compensation, diversity, and long-term strategic direction. This shift is driving companies to adopt more inclusive and responsive governance structures, with an emphasis on board diversity and stakeholder engagement. Furthermore, the rise of remote work and the changing nature of global business have prompted companies to rethink their financial strategies. Digital tools for virtual collaboration and management, coupled with the globalization of markets, are pushing businesses to develop more agile financial models that can adapt to rapidly changing environments. Therefore, the convergence of technological advancements, sustainability concerns, and evolving governance practices is redefining corporate finance, leading to a more transparent, efficient, and socially responsible business landscape. These changes are likely to continue influencing how companies operate and interact with stakeholders in the future.

The topics could cover a broad range of contemporary issues that blend theoretical perspectives and empirical research, not limited to the role of corporate governance in promoting sustainability, FinTech and the disruption of traditional corporate finance, blockchain technology in corporate governance, AI and machine learning in financial decision making, governance structures and CEO pay–performance sensitivity, corporate governance in the wake of financial crises, and behavioral biases in corporate decision making.

Prof. Dr. Ştefan Cristian Gherghina
Guest Editor

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Keywords

  • corporate finance
  • financial innovation
  • sustainable finance
  • ESG (environmental, social, and governance)
  • shareholder value
  • corporate social responsibility (CSR)
  • FinTech
  • blockchain in finance
  • digital transformation in governance
  • risk management
  • corporate restructuring
  • investor behavior
  • executive compensation
  • financial regulations
  • debt and equity markets
  • mergers and acquisitions (M&A)
  • corporate transparency
  • ownership structures
  • financial reporting
  • corporate ethics
  • alternative investments
  • behavioral finance
  • innovative financial models
  • impact investing

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Published Papers (3 papers)

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Research

19 pages, 308 KiB  
Article
The Impact of CEO and Firm Attributes on ESG Performance: Evidence from an Emerging Market
by Fahad Alrobai and Maged M. Albaz
J. Risk Financial Manag. 2025, 18(5), 268; https://doi.org/10.3390/jrfm18050268 - 15 May 2025
Viewed by 289
Abstract
The research aims to unveil the impact of CEO traits and firm attributes on corporate environmental, social, and governance (ESG) performance within the Egyptian context as an emerging market. Using the quantitative research approach, we analyzed a panel of data from 43 listed [...] Read more.
The research aims to unveil the impact of CEO traits and firm attributes on corporate environmental, social, and governance (ESG) performance within the Egyptian context as an emerging market. Using the quantitative research approach, we analyzed a panel of data from 43 listed firms in the S&P/EGX ESG index from 2014 to 2022 through three statistical models to examine how CEO power, confidence, and tenure influence corporate sustainability practices. Our findings reveal that CEO power and confidence influence ESG performance and shape the firm’s strategy. However, there is no significant influence related to CEO tenure. Moreover, we found mixed evidence regarding the impact of firm financial attributes, such as the positive impact of firm size and operating cash flow on ESG performance and the negative impact of firm listing tenure. Our findings contribute to the literature by adding new empirical evidence in this arguable area from an emerging market and provide new insights into the significant influence of the firm’s first man (CEO) in shaping its sustainability practices, especially ESG. In addition, it gives professional authorities and policymakers insights into the nexus between the CEO and the firm’s ESG strategies, disclosure, and performance. Moreover, it can motivate future research to re-examine the role of CEO traits in shaping ESG performance in other countries to create a comprehensive understanding of this knowledge field. Full article
(This article belongs to the Special Issue Emerging Trends and Innovations in Corporate Finance and Governance)
19 pages, 292 KiB  
Article
Voluntary Audits of Nonfinancial Disclosure and Earnings Quality
by Sunita S. Rao, Carlos Ernesto Zambrana Roman and Norma Juma
J. Risk Financial Manag. 2025, 18(5), 256; https://doi.org/10.3390/jrfm18050256 - 8 May 2025
Viewed by 261
Abstract
We investigate the association between voluntary assurance of a firm’s corporate social responsibility (CSR) report and earnings management. A concern with CSR reports is they are used to promote a socially responsible image without a meaningful commitment to CSR activities, referred to as [...] Read more.
We investigate the association between voluntary assurance of a firm’s corporate social responsibility (CSR) report and earnings management. A concern with CSR reports is they are used to promote a socially responsible image without a meaningful commitment to CSR activities, referred to as “greenwashing”. To credibly signal the CSR report is reliable, a firm can incur the additional costs to voluntarily obtain assurance. Our results show that strong corporate governance plays a crucial role in limiting earnings management. The most consistent improvements in earnings quality occur when firms combine strong governance with CSR assurance from a non-accounting provider (NonACCT). The combination of strong governance and NonACCT assurance appears to be mutually reinforcing, suggesting a symbolic legitimacy strategy that is also substantively effective. Full article
(This article belongs to the Special Issue Emerging Trends and Innovations in Corporate Finance and Governance)
30 pages, 635 KiB  
Article
Unlock Your Firm Value with ESG Performance? Evidence from ASX-Listed Companies
by Jingyan Zhou, Wen Hua Sharpe, Abdel K. Halabi, Helen Song and Sisira Colombage
J. Risk Financial Manag. 2025, 18(5), 247; https://doi.org/10.3390/jrfm18050247 - 1 May 2025
Viewed by 647
Abstract
A research gap exists concerning the moderating roles of corporate governance mechanisms on the nexus of environmental, social, and governance (ESG) performance and firm value. This study aims to address this gap in the Australian corporate context. We examine whether ESG performance can [...] Read more.
A research gap exists concerning the moderating roles of corporate governance mechanisms on the nexus of environmental, social, and governance (ESG) performance and firm value. This study aims to address this gap in the Australian corporate context. We examine whether ESG performance can enhance firm value and whether this relationship is moderated by the corporate governance mechanisms to balance stakeholder interests. Drawing on a sample from the ASX, we find that while high ESG performance can increase firm value, this effect diminishes in the presence of the large number of supply chain contracts. We further discovered a negative moderating effect of board independence and audit quality on ESG performance and firm value. Our findings highlight the contingent nature of ESG value creation, indicating that while ESG activities can enhance firm value, their impact depends on firms’ governance context and contractual arrangements that shape shareholders’ outcomes collectively. Full article
(This article belongs to the Special Issue Emerging Trends and Innovations in Corporate Finance and Governance)
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