Search Results (122)

This study examines the impact of corporate environmental, social, and governance (ESG) practices on corporate stock prices, with a particular focus on the mediating role of board gender diversity (BGD). Using a dataset of 9543 firm-year observations from non-financial companies across 15 countries in the S&P 1200 global index between 2012 and 2020, the analysis evaluates ESG performance through the Refinitiv ESG Combined Score, which incorporates disclosures across ESG pillars and an overlay for ESG controversies. BGD is measured as the proportion of female directors on corporate boards, while stock prices are assessed using annual closing prices. The findings reveal a positive relationship between ESG performance and corporate stock prices, both at the aggregate level and across individual ESG pillars. Additionally, BGD is shown to enhance stock price performance and serves as a mediator in the ESG-stock price relationship. These results highlight the critical role of board diversity in amplifying the financial benefits of ESG practices. Further analysis suggests that the value relevance of ESG performance varies across institutional settings, with stronger effects observed in emerging/offshore markets and in the North American and European regions. The study offers important implications for companies, investors, and policymakers, emphasizing the need to integrate ESG strategies and promote gender diversity at the board level to enhance corporate valuation and long-term sustainability. Full article

This paper investigates how corporate governance can impact the litigation risk of banks with reference to the board characteristics of the Jordanian banking industry. With a dataset of 14 of the banks listed on the Amman Stock Exchange between the years 2013–2023, the study examines how gender diversity on a board, board size, board independence, foreign board representation, and directors’ financial education affect litigation costs. The analysis is based on agency theory and upper echelons theory and uses pooled ordinary least squares regression. The findings indicate that board characteristics have an uneven impact on litigation risk. The presence of female board members is always related to reduced legal costs, which implies that gender diversity improves the quality of monitoring and control over risks. Conversely, an increased board size and increase in foreign directors and directors of financial education are both linked to increased legal expenses, suggesting coordination issues and unfamiliarity with regulations in the cross-border governance environment. Board independence, however, does not demonstrate any statistically significant correlation with litigation risk. The paper adds to the literature by offering new evidence based on a developing economy with a unique institutional environment. The findings have significant implications for regulators, policymakers, and practitioners seeking to design effective board structures that reduce legal and compliance risks in the banking sector. Full article

This study investigates whether female representation on corporate boards and carbon emissions disclosure (CED) are interrelated in an emerging market. Using critical mass theory (CMT), which posits that female directors can surely impact the decisions of boards once they reach critical mass, we examine whether the presence of three women on the board or approximately 30% board membership is necessary in Indonesia. This context is important since (i) boards are still a long way from representing the demographics of Indonesians due to low female representation on boards; (ii) in many cases board sizes are too small for meaningful communication between two directors; and (iii) regulations surrounding environmental disclosure barely exist relative to more developed markets. Based on panel data from Indonesian manufacturing firms, the study demonstrates that the effect of board gender diversity on CED is nonlinear and contextually dependent. The results demonstrate that the core idea of CMT is not fully supported in this setting. The presence of even a single female director is linked to higher levels of carbon emissions disclosure, signaling that female directors likely play a substantive role and serve more than just symbolic purposes. That said, improvements associated with having women on the board do not increase progressively with more females taking a seat around the table. However, the positive effect is diminished and becomes statistically insignificant at higher levels of female representation. The results also imply that firms whose board of directors contain moderate levels of gender diversity (with 20–40% women on the board) engage in Type I CED to the highest extent. However, boards nearing a gender balance do not seem to garner any further benefits from disclosure. Full article

This study investigates the impact of board gender diversity and the presence of a critical mass of female directors on corporate carbon emissions. Grounded in agency, legitimacy, and critical mass theories, it explores how the gender composition of corporate boards shapes firms’ environmental governance. Using panel data from 37 non-financial CAC 40 firms between 2020 and 2023, the analysis employs Fixed Effect regression models with robustness checks. The results reveal a non-linear relationship between gender diversity and emissions: a higher proportion of female directors reduces emissions only when the board reaches a critical mass, supporting the idea that women’s influence becomes significant beyond token representation. CEO duality negatively affects environmental outcomes, while firm size and profitability are positively associated with emission performance. The study contributes to corporate governance research by showing that meaningful female representation enhances environmental accountability, highlighting the need for policies promoting gender balance and sustainability-oriented board practices. Full article

The latest research on tax avoidance indicates that the number of female directors on a board increases the accounting accuracy and company performance by decreasing tax avoidance. The empirical research illustrates that women’s higher risk aversion and more conservative characteristics are key for company decision-making, especially when considering a tax strategy. We posit that the risk avoidance of women and other board attributes that enhance diversity influence the company’s sustainability through their effects on the company’s taxpaying activities. To verify this relationship, an empirical analysis was conducted using data for the period from 2009 to 2025 for the non-financial enterprises listed on the Pakistan Stock Exchange. The results showed that enhancing diversity on the board by attributes such as gender inclusion paves the way for firms to achieve firm performance. The results showed that tax avoidance partially mediates the relationship between corporate board attributes and firm performance. Effective board diversity encourages firms to engage in more tax-paying activities, which leads to positive firm performance. The research outcomes strengthen the existing proof of the link between board diversity and company financial performance, with tax avoidance behavior serving as an intervening factor. This also provides insights for policy-making authorities, encouraging them to make tax-related regulations that better promote long-term growth and prosperity. This study fills a gap in the research by highlighting the influence of board diversity on tax avoidance behavior and corporate financial performance. Full article

For listed companies, board diversity is often associated with improved decision-making, sustainability and financial performance. However, prior studies have neglected the interplay between board diversity and executive remuneration, especially in developing countries, over extended time horizons, and at the level of individual executives. This study addressed this gap by examining the evolution of board diversity and executive remuneration in South African listed companies from 2002 to 2017. Specifically, it investigated trends in board diversity and the determinants of executive remuneration, with particular attention to gender and ethnic pay gaps. Descriptive and regression analyses were conducted on a dataset comprising 8835 executive-level observations. Findings reveal a steady increase in female and non-white executive representation, possibly to align with societal expectations and remain legitimate. However, persistent gender and ethnic pay gaps were also noted, which might indicate that white and/or male executives are more entrenched and able to extract additional remuneration in line with the managerial power theory. The study contributes to the literature by documenting long-term trends in diversity and remuneration, providing empirical evidence on the influence of demographic attributes on remuneration outcomes, and offering insights for regulators, investors and non-executive directors seeking to advance equity and effective governance. Full article

(1) Background: Education serves as a catalyst for social transformation toward sustainability, yet limited empirical evidence exists regarding primary education’s contribution to regional sustainable development, particularly in island contexts facing unique environmental and economic pressures. This study examined primary education teachers’ perceptions, practices, and challenges in implementing Education for Sustainable Development (ESD) in Zakynthos, Greece. (2) Methods: A triangulated quantitative approach surveyed a representative sample of 105 primary education teachers from the Zakynthos Primary Education Directorate using a 28-item structured questionnaire assessing ESD knowledge, teaching practices, barriers, and improvement strategies. Teacher questionnaire data were triangulated with KEPEA (Center for Environmental Education and Sustainability) program documentation (103 programs, 2020–2025) and school implementation records from 75 participating schools. Data were analyzed using descriptive statistics, Mann–Whitney U tests, Kruskal–Wallis tests, and Spearman correlations. (3) Results: Most teachers (65.7%) reported adequate knowledge of sustainable development concepts, with 75.3% incorporating ESD into teaching practice often or very often. Triangulation revealed convergent findings: environmental sustainability dominated teacher perceptions (67.3%) and KEPEA programming (78.4%), while economic sustainability received limited attention (18.1%). Female teachers demonstrated significantly higher ESD knowledge (U = 892.5, p < 0.05, r = 0.34). The majority (98.1%) considered ESD integration important, yet only 48.5% felt adequately prepared to teach sustainability topics. A notable attitude-action gap emerged: while 86.6% valued community partnerships, only 47.6% engaged frequently, and KEPEA documented 33.7% of formal collaborations. Primary barriers included insufficient curriculum time (61.9%) and limited resources (51.4%). Teachers identified training programs (71.4%) and access to educational materials (71.4%) as priority interventions. (4) Conclusions: Primary education teachers in Zakynthos demonstrate strong commitment to ESD but face structural barriers limiting implementation effectiveness. The environmental-economic imbalance suggests a need for professional development, integrating economic sustainability concepts through place-based approaches relevant to the island’s tourism-dependent economy. The attitude-action gap in partnerships indicates structural rather than attitudinal barriers requiring policy intervention. Findings support targeted teacher training, curriculum reform, and strengthened school-community collaboration to enhance ESD’s contribution to regional sustainable development. Full article

This study investigates how board gender diversity affects firms’ long-term investment behavior in Korea, focusing on capital expenditures and R&D spending from 2011 to 2021. Using firm fixed-effects regressions and robustness tests with alternative measures of gender diversity, the results show that independent female directors are positively associated with long-term investment. However, this effect is significant only in non-Chaebol firms, where board independence is stronger, and gender diversity reflects genuine governance engagement. In Chaebol-affiliated firms, where female directors are often appointed to meet regulatory requirements, the relationship is insignificant, suggesting that diversity driven by formal compliance fails to enhance strategic decision-making. These findings highlight that the effectiveness of gender diversity depends on institutional authenticity rather than numerical representation. The study contributes to the corporate governance literature by showing how ownership structure and board independence condition the real impact of gender-diverse boards and offers policy implications for promoting substantive rather than symbolic diversity reforms. Full article

The opportunistic use of insider information generates adverse effects on capital markets, making its mitigation through robust corporate governance practices. This research analyzes the corporate governance mechanisms that reduce the signs of opportunistic insider trading, grounded in the assumptions of information asymmetry and opportunistic behavior. The hypotheses posit that firms listed on the Novo Mercado or Level 2 of Corporate Governance, with more independent boards of directors and greater female representation, active fiscal councils, consolidated ESG practices, non-family ownership structures, robust audit committees, and audits not conducted by Big Four firms, are less prone to opportunistic conduct. The sample comprises 237 firms, representing 51% of companies listed on [B]3 between 2010 and 2021, resulting in a total of 2175 firm-year observations. Panel data analysis supports the proposed hypotheses. The findings indicate that higher levels of corporate governance practices are associated with a lower incidence of opportunistic insider trading in the Brazilian capital market. This study contributes to the literature by highlighting the specific features of the largest stock market in Latin America and emphasizing the role of transparency, formal monitoring, and informal mechanisms, such as social and reputational pressure on insiders, in shaping ethical behavior and curbing the misuse of privileged information. Full article

Motivated by the ethical implications of gender diversity on boards, this study examines the effect of female directors on symbolic green innovation disclosure and substantive green innovation disclosure. The study defines substantive green innovation disclosure as environmentally oriented innovation that produces tangible value creation, evidenced through its positive effect on firm value, distinguishing it from symbolic green innovation that serves rent-seeking or legitimacy purposes. Using a sample of Indonesian manufacturing firms from 2021 to 2023, the research tests the model separately for politically and nonpolitically connected firms to capture the moderating role of political embeddedness. The results reveal that in nonpolitically connected firms, female directors do not significantly affect green innovation disclosure; however, substantive green innovation positively influences firm value, confirming its genuine strategic and ethical impact. In contrast, in politically connected firms, female directors negatively affect green innovation disclosure, and green innovation fails to improve firm value—indicating that political influence turns sustainability efforts into symbolic compliance rather than authentic environmental innovation. These findings extend upper-echelon and legitimacy theories by showing that in patriarchal cultural background, female directors’ ethical orientation negatively affects symbolic green innovation disclosure but do not affect substantive green innovation disclosure. Full article

Achieving gender diversity and women’s empowerment (SDG 5) is not only a social priority but also a key driver of sustainable financial resilience. This study investigates whether the presence of women on bank boards strengthens the stability of financial institutions in the Middle East and North Africa (MENA), where gender diversity remains limited yet is steadily growing. Using a balanced panel of 61 commercial banks across nine MENA countries from 2012 to 2020, we assess whether board gender diversity enhances the predictive performance of Early Warning Systems (EWSs) for bank distress. Applying a logit random-effects model, our results show that a higher proportion of female directors significantly lowers the probability of bank failure and improves EWS accuracy. Further analyses reveal that gender-diverse boards foster stronger governance by reducing operating costs, boosting profitability, and supporting higher capitalization and liquidity, indicating more prudent and risk-averse oversight. Robust tests using the Z-score and System Generalized Method of Moments (System-GMM) confirm these outcomes. Moreover, a non-linear pattern emerges: the stabilizing influence of women directors is most pronounced during financial crises but less evident in stable periods. These findings underscore the strategic value of women’s leadership in banking, offering insights for policymakers and regulators aiming to advance SDG 5 and promote resilient, inclusive financial systems. Full article

Background: Cervical cancer remains a significant public health concern in Kenya, with male partner involvement increasingly recognized as a key factor in effective prevention and control. However, limited research has explored the specific barriers and enablers to such involvement in the Kenyan context. This study aimed to examine the challenges and opportunities associated with male partner involvement in cervical cancer prevention in Central Kenya. Methods: A qualitative descriptive design was employed. Purposive sampling was used to select 73 participants, including 20 couples (40 individuals), 20 nurses, 2 clinical officers, 2 gynecologists, 6 community health workers, and 3 county health directors. Data were collected through interviews and focus group discussions and analyzed thematically to identify key patterns and insights. Results: The mean age of male partners was 36.9 years, and 30.5 years for female partners. Most couples (70%, n = 28) had attained secondary education. The average duration of professional experience for nurses and clinical officers was 13 years. Key challenges included knowledge gaps, financial and logistical barriers, limited moral support, time constraints, sociocultural beliefs, stigma, and inadequate facility infrastructure. Identified opportunities included community education, shifting norms, improved couple communication, practical support from men, and integration of services. Conclusions: This study identifies key challenges and practical opportunities for increasing male involvement in cervical cancer prevention. Clarifying and promoting specific male roles such as support for screening and vaccination can enhance the effectiveness of cervical cancer prevention strategies in Central Kenya. Full article

Background: The reported incidence of pertussis, a vaccine-preventable disease, has been increasing in recent years. This study aimed to estimate the burden of pertussis and the vaccination rate in Australian adults in primary care. Methods: Deidentified data for participants aged ≥18 years were extracted from the MedicalDirector (MD) primary care software from 2008 to 2019. We estimated the cumulative incidence of diagnosed pertussis in adults by age and risk groups and vaccine coverage in cases and a control group (not diagnosed with pertussis or a coughing illness). We also examined the incidence of unspecified coughing illness in the study population. Results: Of the 764,864 subjects included in the study, 1788 (0.2%) were diagnosed with pertussis between 2008 and 2019, corresponding to an average annual diagnosis rate of 76.9 per 100,000 population. About 31,110 (4.1%) of adults had an unspecified coughing illness. The highest rate was observed in 2011 and higher in females (63.3%), and the diagnosis rate was stable across all age groups. Underlying chronic conditions were more prevalent among pertussis cases than controls (58.7% vs. 18.8%), with asthma or chronic obstructive pulmonary disease (COPD) being the most common. Overall, 14% of cases received a pertussis vaccination during the study period. Diagnostic testing for pertussis was performed in 34.1% of pertussis cases. Estimated conservative costs per pertussis patient ranged from AUD 473 to AUD 909, with higher costs observed in individuals with complications. Conclusions: In the outpatient setting, there was a notable burden of pertussis among adults under 65 years of age, particularly those with underlying medical conditions, such as asthma and COPD, which appear to be significant risk factors. Due to the low rate of pertussis testing among all coughing illnesses, a proportion of non-specific coughing illness may be undiagnosed pertussis. The observed low vaccination rates highlight a need for increased awareness, improved diagnostic efforts, and prevention strategies in primary care. Full article

In this study, we aimed to analyze whether ESG strategies can be utilized as sustainable strategies with practical necessity and effectiveness in solving problems within a realistic business environment. To this end, through an in-depth case analysis of Hansol Paper, South Korea’s leading paper company and a global paper manufacturer, we explored the conditions and processes under which ESG strategies can be implemented as practical problem-solving and sustainable strategies within the business environment. Hansol Paper addressed specific business crises such as supply chain instability, rising energy costs and declining paper demand by integrating ESG strategies, through which the company achieved results in problem-solving and innovation within the business value chain, building trust with external stakeholders and achieving high ESG performance. The foundation for the integration of ESG and business strategies and their sustained implementation was established through enhanced professionalism and transparency within the company’s governance structure, including an increase in the number of external directors and female executives. This study presents the processes and conditions under which ESG strategies are designed and implemented with the purpose of actively addressing business challenges, using Hansol Paper as an in-depth case study. Our findings are expected to contribute to the academic and practical development of strategies that can enable companies to adapt to changes in industrial structures and business environments. Full article

Background: Mpox is an emerging zoonotic disease, caused by the monkeypox virus (MPXV). Since its discovery, it has been considered endemic in Central and West Africa. Mpox is of global significance as of May 2022, due to the report of simultaneous outbreaks in more than 70 countries where the disease was not endemic. The global spread of mpox has shown the importance of maintaining active surveillance for emerging zoonotic diseases, many of which can cross borders. Objective: The aim of this study was to analyse mpox cases and national incidence in Mexico related to the global outbreak. Methods: Epidemiological data (confirmed cases and incidence of MPXV infection) were obtained from the morbidity yearbook of the General Directorate of Epidemiology of the Mexican Ministry of Health. The information was analysed for the construction of epidemic curves, distribution of cases by age and sex and quartiles of geographical incidence. Results: A total of 4081 cumulative confirmed cases were recorded with a peak and national incidence of 1191 and 1.87, respectively, in September 2022. The distribution of cases by age and sex showed that males were more prevalent (above 95%) in the 25–44 years age group compared to females. Finally, geographical analysis showed that cosmopolitan and population-concentrated states had the highest incidence, clustered in the top quartile. The 2022 mpox outbreak in Mexico was consistent with other countries as reported in the international literature, with most cases occurring among exposed individuals in cosmopolitan cities. Conclusions: The need for active surveillance of emerging diseases, access to specific diagnostics and implementation of vaccination strategies is analysed and discussed. Full article