Search Results (124)

As we move toward a more digitalized and interconnected world, new cybersecurity challenges emerge. While most related research has focused on large companies, this study aims to fill a gap in the literature by exploring cybersecurity issues in small and medium-sized enterprises (SMEs), particularly in relation to nontechnical, soft-skill, and intellectual capital aspects. This study examines the interplay between cybersecurity awareness and perception and ownership structure in SMEs in the Silesian region of Poland. Unlike the majority of cybersecurity literature, our focus is on how ownership structure influences cybersecurity perception. We surveyed 200 SMEs at random within the respective region and utilized hierarchical and simple linear regression analyses to assess the relationships between these factors and financial performance. Our results indicate that larger enterprises and those without a family-owned structure exhibit significantly greater levels of cybersecurity. Additionally, we found a positive correlation between cybersecurity and a firm’s financial performance and overall health. These findings underscore the importance of cybersecurity awareness and practices for the growth and stability of SMEs. Full article

Achieving organizational efficiency requires the selection of an appropriate operating model. To date, no objective indicators, methods of measuring, or criteria for evaluating the effectiveness and efficiency of forest management organizations have been developed. In the heterogeneous forest management of the European Union (EU), multiple objectives and functions—from production to social and ecological services—coexist at regional and national levels. This study provides an overview of the organizational and legal forms of EU forestry, taking into account environmental conditions, ownership structures, and the role of the forestry sector in national economies. The legal information of EU countries on forest management was verified. We examine the impact of the entity’s organizational and legal form on the implementation of sustainable forest management and the objectives of the New EU Forest Strategy 2030, particularly in terms of absorbing external capital for forest protection and climate-related activities. Joint stock companies, public institutions, and enterprises are the most relevant. The private sector is dominated by individual farms, associations, chambers of commerce, and federations. A clear trend toward transforming state-owned enterprises into joint-stock companies and expanding their operational scope has been confirmed. Multifunctional forest management is practiced in both state and private forests. Economic efficiency, legal and property liability, and organizational goals depend on the chosen organizational and legal form. Full article

In the modern corporation, understanding sustainable cost management practices is essential for promoting economic resilience and resource efficiency. This study investigates how ownership structures influence the behavior of selling, and general and administrative (SG&A) costs during periods of sales fluctuations in South Korean firms, with particular attention to Chaebols. Drawing upon agency theory and corporate governance perspectives, we examine whether proxies for agency costs, namely, free cash flow, asset utilization ratios, and operating expense ratios, explain variations in SG&A cost responses to changes in revenue. Utilizing a panel dataset of 4279 firm-year observations from KOSPI-listed companies over the period 2011–2021, we employ Pooled Ordinary Least Squares (OLS), Fixed Effects, Random Effects, and Generalized Method of Moments (GMM) estimations to model SG&A cost behavior. The analysis incorporates regression-based interaction terms that capture asymmetric cost adjustments during sales declines, commonly referred to as cost stickiness. Our findings indicate that firms with concentrated ownership, such as Chaebols, exhibit significantly lower SG&A cost stickiness, reflecting stronger financial discipline and more efficient resource allocation. In contrast, firms with dispersed ownership demonstrate more pronounced cost stickiness, consistent with governance frictions and managerial discretion. These results emphasize the moderating role of ownership structure in cost behavior and highlight its implications for sustainable corporate governance. Our study contributes to the literature on cost management and financial sustainability by offering empirical insights from a distinctive institutional setting. Policy recommendations include enhancing internal controls, promoting transparent cost practices, and encouraging shareholder oversight to reinforce long-term efficiency. Full article

Corporate environmental, social, and governance (ESG) performance has become an increasingly critical driver of sustainable development. Investigating the impact of ESG performance on corporate green development is of great significance for achieving green transformation and sustainability goals. This study examines the effects and underlying mechanisms of ESG performance on the green development of Chinese A-share listed companies in the agricultural and forestry sectors from 2013 to 2023. The empirical results show that higher ESG performance significantly promotes corporate green development. Further heterogeneity analysis reveals that this effect varies markedly across ownership structures, geographic regions, and levels of ESG rating uncertainty. Mechanism testing indicates that ESG performance fosters green development primarily through three pathways: stimulating green innovation, improving resource allocation efficiency, and enhancing the structure of human capital. In addition, by decomposing green total factor productivity, this study further quantifies the contribution of ESG performance to green growth. These findings offer new insights into the ESG–green development nexus and provide valuable policy implications for the green transformation and sustainable development of agricultural and forestry enterprises. Full article

The changes in market structures in post-socialist economies have led to a significant increase in interest in the dynamics of corporate concentration and its broader socio-economic impacts. This study aimed to assess Hungary’s food industry over a 30-year period (1993–2022), with a primary focus on corporate concentration, by analyzing nine main sectors and their 38 subsectors using grounded theory, trend analysis, and sparse partial least squares-discriminant analysis. The findings reveal that the Hungarian food industry has been moderately to highly concentrated across all sectors (three and six major sectors, respectively). Two distinct periods of increasing corporate concentration were identified: 1996–1998 and 2004–2007, coinciding with post-communist economic reforms and Hungary’s accession to the European Union. These structural shifts led to a decline in the number of active firms, a reduction in workforce size, and increased challenges for smaller competitors; meanwhile, larger domestic companies expanded, and ownership structures transitioned toward privatization and internationalization. In the later years, market concentration showed a declining trend and then gradually stabilized. Full article

Corporate social responsibility (CSR) disclosure plays a pivotal role in mitigating “blue” (labor standard) and “green” (environmental standard) trade barriers, optimizing the foreign trade ecosystem, fostering sustainable development of export-oriented enterprises, and advancing societal welfare objectives—all critical to maintaining high-quality social order in China. Grounded in institutional and strategic management theories, this study systematically investigates the effects of CSR disclosure on corporate export performance, focusing on mediating and moderating mechanisms, and conducts rigorous empirical testing using comprehensive firm-level CSR disclosure data from Chinese listed companies. The results reveal the following key findings: (1) CSR disclosure positively influences corporate exports; (2) enterprise financing capacity and innovation output serve as dual mediating mechanisms, through which CSR disclosure enhances export performance by improving access to external capital and stimulating product/service innovation; (3) environmental regulations amplify the export-promoting effect of CSR disclosure, indicating that institutional environmental constraints incentivize firms to leverage disclosure as a strategic response to global sustainability demands; (4) heterogeneity analysis reveals that large enterprises derive the strongest export benefits from CSR disclosure, followed by medium-sized and small enterprises; and (5) private enterprises exhibit significantly greater export gains from CSR disclosure compared to state-owned enterprises. These results underscore the context-specific and multi-dimensional nature of CSR disclosure’s impact on exports, highlighting how firm size and ownership structure shape the efficacy of disclosure strategies in global markets. This study contributes to both academic literature on corporate sustainability and practical policy by demonstrating how strategic CSR disclosure can serve as a tool for overcoming institutional barriers and enhancing international competitiveness. Full article

This study explores the following two aspects: (i) the impact of Environmental, Social, and Governance (ESG) scores and corporate ownership characteristics on the performance of Chinese listed companies, and (ii) whether different ownership characteristics (state-owned, private, foreign) moderate the relationship between ESG participation and corporate performance. By analyzing a comprehensive sample of 4649 listed companies in China, we provide robust evidence that ESG participation and its three pillars (i.e., Environmental, Social, and Governance) can significantly enhance corporate performance, as measured by the accounting-based proxy return on assets (ROA). Moreover, our research findings reveal an important and novel discovery: in the Chinese market, ownership types have significantly different moderating effects on the relationship between ESG and corporate performance. Specifically, compared to state-owned enterprises and private corporations, foreign ownership exhibits a stronger moderating effect in enhancing the positive impact of ESG on ROA, followed by private corporations, while the moderating effect of state-owned enterprises is the weakest. This result provides new perspectives and empirical support on how ESG and ownership structure jointly affect corporate performance, offering references for future related research and policy formulation. Full article

In recent years, supply chain risks and stability have become a focal point of public attention. However, there is no consensus on how exogenous shocks affect the sustainability of supply chain relationships, nor a clear mechanism of influence. This study uses data from all A-share listed companies in China from Q2 2018 to Q4 2021, constructing a “supplier–quarter–customer” relationship dataset, with the COVID-19 pandemic serving as an exogenous shock. The results show that after experiencing exogenous shocks, the sustainability of supply chain relationships actually strengthens. This suggests that companies may take measures to enhance supply chain stability and maintain existing relationships to ensure sustainability. Channel analysis reveal that trade credit serves as a channel for the impact of exogenous shocks on the sustainability of supply chain relationships, with companies adjusting trade credit supply to downstream customers to maintain and strengthen stability. Additionally, the impact of exogenous shocks on the sustainability of supply chain relationships varies with market concentration, product input heterogeneity, and firms’ ownership type. Therefore, companies should enhance supply chain relationship management, utilize trade credit as a risk buffer, and optimize the supply chain structure to reduce risk transmission and maintain sustainability. Full article

This study employs a comparative fuzzy-set qualitative comparative analysis (fsQCA) to examine the combined effects of traditional factors and green patents on innovation performance in Chinese listed agricultural enterprises, offering insights into sustainability in agriculture through innovation. By analyzing 84 valid cases from 107 agricultural companies, we conduct two fsQCA analyses to compare innovation pathways with and without green patents as a conditional factor. The first analysis investigates the impacts of five factors—firm size, executives’ educational background, return on net assets, ownership concentration, and government subsidies—on non-green innovation performance, identifying four distinct pathways: executive-dispersed, employee-financed, executive-centralized, and executive-profitable. In the second analysis, green patents are introduced as an independent variable. The overall solution coverage remains stable, but the configurational landscape shifts, with two original pathways persisting and two new pathways emerging—both involving green patents. The findings suggest that the impact of green patents on innovation is condition-dependent rather than universally beneficial. Green patents amplify innovation performance only when supported by strong managerial education, financial stability, and policy incentives, particularly in the executive green synergy pathway, where raw coverage reaches 0.41, underscoring their role as a conditional multiplier in sustainable innovation. These results provide theoretical and empirical evidence for balancing economic benefits with environmental responsibility in agricultural enterprises and emphasize the need for targeted policy subsidies, enhanced managerial education, and optimized shareholder structures to drive sustainable innovation. Full article

This research examines the link between environmental, social, and governance (ESG) risk ratings and board characteristics on corporate performance. Using 2023 data from 117 companies on the Saudi Stock Exchange, the study employs Ordinary Least Squares (OLS) regression and Python for data analysis. Our findings reveal a negative effect of ESG risk scores on financial performance measures, indicating that higher ESG risks hinder firm performance measured by ROE and ROIC. Furthermore, both the size and independence of the board decrease corporate performance in Saudi firms. Family-controlled ownership structures often limit the effectiveness of independent directors in enhancing performance. In Saudi firms, women’s board participation shows an insignificant impact on corporate performance, suggesting that the Tokenism Theory may apply. It is recommended that firms empower women in leadership roles and develop robust ESG risk management frameworks to mitigate risks and enhance financial performance. Full article

Energy Efficiency Contracting (EEC) enables structural improvements in buildings by financing upgrades through the savings generated, eliminating the need for upfront investment by property owners. Although the model supports the energy transition and the reduction in GHG emissions, its adoption in the private sector faces relevant barriers such as the lack of information from the Energy Service Companies (ESCOs), distrust from clients in benefits with no upfront costs, and legal and behavioral barriers. To overcome these challenges, the FinSESCo platform, funded by Era-Net 2020 joint call, aims to channel private investments into building renovations and renewable energy installations via a crowdfunding portal. The platform allows individuals and organizations to finance small-scale renewable energy installations and energy efficiency measures for homeowners, tenants, and apartment owners. The new platform is likely to change the way EE investments are made and reach out to new audiences. A survey of 2585 German households sought to understand the drivers of EE investments, factors affecting the decisions, and their relationships with several demographic variables. Using a stepwise backward regression model, the study found significant differences between traditional investors in EE and those who would use the FinSESCo platform. Low- and medium-income households were more likely to take up the platform, and previous renewable energy ownership, experience with EEC models, and knowledge of crowdfunding further raised willingness to participate. The results point to the potential of the FinSESCo platform to expand EEC to new audiences, underlining its role of democratization and diversification of investments in building energy efficiency. Full article

The readability (RDB) of annual reports (ARs) plays a crucial role in determining the effectiveness of disclosure of information to interested parties, particularly investors. Given that investors rely on the financial information provided in ARs, the chairman’s letter serves as a key communication tool and is the most extensively read section of the report. Consequently, companies are under pressure to provide understandable ARs that can be easily interpreted by investors. Nevertheless, managers sometimes obscure such disclosures in an attempt to bury negative information and hide their own behavior. Drawing from the “managerial obfuscation hypothesis”, this study investigated how the corporate governance (CG) structures affect the RDB of ARs for a sample of 95 banks across seven countries in the MENA region from 2018 to 2022. The findings revealed that board size, frequency of board meetings, and ownership concentration significantly affected the RDB of ARs. Additionally, board independence and gender diversity had a significant negative effect on ARs’ RDB. Conversely, the study found that the presence of role duality within the board had an insignificant effect on ARs’ RDB. As a result, this study recommends enhancing CG structures to enhance the clarity of banks’ reports and boost investor trust. Full article

Entrepreneurship is considered one of the key factors in facilitating a company’s pursuit of sustainable development. The findings of this study can help firms improve their entrepreneurial capacity and highlight its significance for sustainable development; therefore, the levels of entrepreneurship serve as indicators of the potentials of enterprises to achieve sustainable development goals. The existing literature has explored whether there are differences in the approaches between family and non-family firms as well as in their levels of entrepreneurship. Contributing to this ongoing debate, this article aims to compare the levels of entrepreneurship between these two types of companies in a selected small and medium-sized enterprise (SME) sector. The analysis encompasses eight dimensions of entrepreneurship: risk-taking, innovativeness, proactiveness, inter-organizational cooperation, competitiveness, diversification, flexibility, and digitalization. This study was conducted on a sample of 145 small printing companies that operated in Poland in 2023. The results of the statistical analysis revealed that family firms exhibited a higher level of entrepreneurship when treated as a multidimensional construct. Moreover, family firms outperformed non-family firms across all of the analyzed dimensions, with statistically significant differences being observed in four dimensions: innovativeness, proactiveness, diversification, and competitiveness. This study confirmed the existing indications in the literature that family firms demonstrated higher levels of entrepreneurship, which may suggest their greater potential in pursuing sustainable development. The novelty of this research lies in its multidimensional approach, which offers a comprehensive analysis that integrates eight dimensions of entrepreneurship. This allowed for a deeper understanding of entrepreneurial behaviors and attitudes when highlighting the unique characteristics of family and non-family firms. The findings are particularly relevant for the owners and managers of family and non-family businesses; they provide tools for diagnosing entrepreneurship levels in a more comprehensive manner and applying tailored management practices for addressing areas that require improvement. One limitation of this study is its focus on a single sector; this may have affected the generalizability of the results. Future research could explore governance and ownership structures when analyzing entrepreneurial dimensions—particularly in the context of family firms. Full article

This study examines the relationship between environmental, social, and governance (ESG) practices, financial reporting quality, and ownership structure in Chinese listed companies, based on a panel dataset of 1841 firm-year observations from 2016 to 2020. Using three types of panel regression analyses, the study finds a positive relationship between ESG performance and financial reporting quality. Notably, this positive relationship between ESG performance and financial reporting quality is evident only for state-owned enterprises (SOEs), while no significant relationship is observed for private firms (non-SOEs). When ESG is disaggregated into its sub-dimensions, environmental performance shows a positive relationship with financial reporting quality in SOEs, while no significant relationship is found for social and governance performance. This study contributes to the literature by providing empirical evidence on the relationship between ESG practices and financial reporting quality, with a focus on the role of ownership structure in shaping this relationship in an emerging market with government-led sustainability initiatives. The findings reveal significant differences in the integration of ESG considerations into financial reporting based on ownership structure, highlighting the prominent role of SOEs in promoting sustainable business practices and enhancing financial transparency. Full article

Foreign direct investment (FDI) has become an important factor influencing corporate operational strategies, yet the impact of its inclusiveness on corporate environmental, social, and governance (ESG) performance remains unclear. In this study, the correlation of city-level FDI inclusiveness with corporate-level ESG performance was investigated based on data from 1258 Chinese A-share listed companies between 2011 and 2021. The effects of FDI inclusiveness on corporate ESG performance and its underlying mechanisms were investigated. The findings indicate that an increase in FDI inclusiveness significantly improves corporate ESG performance. Additionally, the moderating role of corporate competitive advantage and urban entrepreneurial vitality was analyzed, and the findings indicate that an increase in urban FDI inclusiveness significantly improves corporate ESG performance. Managerial green attention and corporate innovation capability play intermediary roles in the overall impact, with the total impact being positively moderated by investor attention. Furthermore, the influence of FDI inclusiveness on corporate ESG performance exhibits significant heterogeneity resulting from variations in digital policies, environmental policies, and ownership structures. Full article