Search Results (70)

Global enterprises face increasingly volatile market conditions, with foreign exchange (FX) movements often forcing executives to make rapid pricing and strategy decisions under uncertainty. While artificial intelligence (AI) has transformed operational decision-making, its role in supporting board-level strategic choices remains underexplored. This paper examines how AI and advanced analytics can serve as a ‘decision companion’ for management teams and executives confronted with global shocks. Using Roblox Corporation as a case study, we apply a Long Short-Term Memory (LSTM) neural network to forecast bookings and simulate counterfactual scenarios involving euro depreciation and European price adjustments. The analysis reveals that a ten percent depreciation of the euro reduces consolidated bookings and profits by approximately six percent, and that raising European prices does not offset these losses due to demand elasticity. Regional attribution shows that the majority of the decline is concentrated in Europe, with only minor spillovers elsewhere. The findings demonstrate that AI enhances strategic agility by clarifying risks, quantifying trade-offs, and isolating regional effects, while ensuring that ultimate decisions remain with human executives. Full article

This study investigates the relationship between corporate governance mechanisms and tax avoidance in Greek service-sector firms over the period 2014–2023. Using panel data, the analysis evaluates the influence of board characteristics, audit committees, auditor quality, and ownership structures on firms’ tax behavior. The results reveal that traditional governance mechanisms—such as board size, independence, audit committee composition, and gender diversity—do not significantly constrain tax avoidance, reflecting the formalistic rather than substantive adoption of governance practices in Greece. In contrast, external audit quality and ownership structure emerge as critical determinants. Engagement with high-quality auditors, particularly Big 4 firms, is associated with reduced tax aggressiveness, while state ownership similarly curbs avoidance, consistent with reputational and political accountability incentives. Conversely, managerial and foreign ownership are positively related to aggressive tax planning. The findings underscore the contextual nature of governance effectiveness: in weak enforcement environments, formal mechanisms serve largely symbolic roles, whereas external oversight and ownership incentives carry greater weight. This study contributes to agency and institutional theory by highlighting the limits of formal governance reforms absent substantive independence and enforcement. Full article

Confident diagnosis of nasal foreign bodies (FBs) with computed tomography (CT) is challenging. Plant material FBs may be inconspicuous depending on size and attenuation and may be obscured by secondary nasal changes such as accumulation of mucous. The authors anecdotally observed that the lung window (LW) might improve visualization of some nasal FBs. The aim of this retrospective, multicentre study was to assess the diagnostic utility and interobserver variability of the LW in the diagnosis of nasal FBs. We hypothesized that use of the LW improves detection rate of nasal FBs compared to the bone window (BW), and that interobserver agreement is strong. Computed tomography examinations of 47 dogs with an endoscopically confirmed nasal foreign body (FB) were included, and each study was reviewed independently by two board certified radiologists, resulting in a total of 94 assessments. Pre-contrast CT series were reviewed in the BW and LW. The reviewers were blinded to the final diagnosis and were asked to evaluate the CT studies for presence or absence of a convincing nasal FB. Reviewers confidently detected a nasal FB on 19/94 (20%) assessments in the BW and 20/94 (21%) in the LW, the majority of the FBs were elongated in shape (30%) and were visible in the rostral and mid-portion of the nasal cavity. The interobserver agreement was moderate in the BW (k < 0.53) and in the LW (k < 0.49). Our findings do not support our main hypothesis that the use of the LW significantly increases diagnostic accuracy for the identification of nasal FBs in dogs. However, as the LW enabled correct diagnosis in one assessment, it may occasionally be helpful if no FB is visualized on initial examination. Full article

Urdu and English are widely used for visual text communications worldwide in public spaces such as signboards and navigation boards. Text in such natural scenes contains useful information for modern-era applications such as language translation for foreign visitors, robot navigation, and autonomous vehicles, highlighting the importance of extracting these texts. Previous studies focused on Urdu alone or printed text pasted manually on images and lacked sufficiently large datasets for effective model training. Herein, a pipeline for Urdu and English (bilingual) text detection and recognition in complex natural scene images is proposed. Additionally, a unilingual dataset is converted into a bilingual dataset and augmented using various techniques. For implementations, a customized convolutional neural network is used for feature extraction, a recurrent neural network (RNN) is used for feature learning, and connectionist temporal classification (CTC) is employed for text recognition. Experiments are conducted using different RNNs and hidden units, which yield satisfactory results. Ablation studies are performed on the two best models by eliminating model components. The proposed pipeline is also compared to existing text detection and recognition methods. The proposed models achieved average accuracies of 98.5% for Urdu character recognition, 97.2% for Urdu word recognition, and 99.2% for English character recognition. Full article

The primary objective of this study is to investigate the intricate relationship between different ownership structures, such as family, institutional, managerial, and foreign ownership, and tax avoidance practices. It also seeks to explore the moderating influence of female board members in shaping these relationships. This study utilizes balanced panel data from 72 industrial and service firms listed on the Amman Stock Exchange during the period of 2018 to 2023. The Generalized Method of Moments (GMM) was employed to estimate the results. The results indicate that family and foreign ownership positively influence tax avoidance practices, suggesting that families may engage in tax avoidance to benefit from rent extraction, while foreign investors may pressure managers to manipulate tax liabilities or shift profits across countries to minimize taxes. In contrast, the presence of female directors as well as institutional and managerial ownership is associated with a reduction in tax avoidance. Female directors play a moderating role in the relationship between ownership structure and tax avoidance. Their presence in interaction with institutional ownership reduces tax avoidance by focusing on tax compliance strategies. However, this effect changes in family and foreign-owned firms, where control over decision-making lies with the families or foreign shareholders, limiting the impact of female directors in promoting compliance and aligning their role with the tax avoidance strategies preferred by the controlling owners. Full article

This study aims to empirically examine the effects of CEO characteristics (gender, nationality, multiple directorships) on the carbon emissions of UK-listed firms. We focus on understanding how these factors influence carbon emissions across the overall sample and within specific industry sectors grounded on the upper echelons and stakeholder theories. We employed a quantitative research design using quantile regression analysis. Our dataset comprises 295 UK-listed firms from the STOXX 600 Index of European-listed companies, covering the period from 1999 to 2023. Data were sourced from BoardEx, Refinitiv DataStream, annual reports, and sustainability reports. Our results indicate that foreign CEOs are associated with higher carbon emissions across the overall sample of UK-listed firms, across the three levels of carbon emitters within the sensitive industries, and within low- and high-level emitters within the non-sensitive industries. CEOs with multiple directorships were found to have a significant association with higher carbon emissions, likely due to divided attention and obligations. As for the CEO gender, it is noteworthy that it has an insignificant effect on reducing carbon emissions in low emission companies within sensitive industries. In contrast, female CEOs were associated with lower carbon emissions in medium-emitting firms within non-sensitive industries. This study contributes to existing literature by employing sensitivity analysis (sensitive sectors and non-sensitive). The study also employs a novel econometric technique, quantile regression, which provides a comprehensive understanding of the relationship between independent and dependent variables across different points of the distribution. Full article

This study aims to investigate the impact of board size on environmental, social, and governance (ESG) controversies using data from Chinese-listed companies during 2007–2022. In addition, we explore the moderating effects of female participation on corporate boards, board age, financing constraints, and internal control. ESG controversies are measured by an ESG controversies score from the LSEG Workspace, and fixed effects models are used to perform the analysis. The results show that larger boards can lead to more ESG controversies in China. This impact is greater in non-manufacturing, heavily polluted, and non-high-tech industries, in state-owned enterprises, eastern regions, and non-foreign-funded companies. Additionally, women on boards and internal control weaken the impact of board size on ESG controversies, while financing constraints strengthen this impact. The moderating effect of board age is not significant. The findings can help Chinese-listed companies improve their ESG performance and achieve sustainable development through strengthening corporate governance. Full article

This paper examines the effect of board characteristics on tax avoidance and the moderating role of industry regulation on this effect. Using a comprehensive panel of 84,153 firm-year observations from 39 countries during the period of 2000–2023, we illustrate that larger boards, higher female representation, significant foreign ownership, and the presence of independent directors are generally associated with higher effective tax rates, suggesting lower levels of tax avoidance. This study further demonstrates that the effects of board gender diversity and board independence are more pronounced in regulated industries, where stringent governance and ethical standards prevail, emphasizing the importance of regulatory oversight in mitigating aggressive tax planning. These findings are crucial for policymakers, regulators, and corporate governance practitioners aiming to align corporate practices with ethical standards and reduce the risks associated with tax avoidance. Full article

Climate change presents a critical challenge to achieving the 2030 Sustainable Development Goals (SDGs), particularly SDG 13 on Climate Action. This study examined the effect of corporate governance on carbon emission disclosure and carbon performance among 150 non-financial firms listed on the Indonesia Stock Exchange (IDX) from 2016 to 2022. Drawing on stakeholder, legitimacy, agency, and resource dependence theories, the study utilized panel data comprising 468 firm-year observations and employed ordinary least squares (OLS) regression to assess both direct and moderating effects. The findings indicate that governance attributes covering board size, board gender diversity, foreign ownership, and the presence of a CSR committee had a positive effect on carbon emission disclosure and carbon performance. Moreover, these governance factors enhanced the correlation between disclosure and performance, suggesting that robust governance could strengthen the environmental impact of transparency. However, board independence exhibited a negative or statistically insignificant effect, highlighting a potential disconnect between governance expectations and environmental oversight in emerging markets. Despite increasing awareness, the levels of carbon disclosure and performance in Indonesia remained low, averaging only 27.8% and 6.6%, respectively. This study provides policy recommendations to strengthen ESG regulations, encourages firms to institutionalize sustainability practices, and calls for cross-country comparative research to improve generalizability. Full article

This paper examines the impact of audit quality and internal corporate governance mechanisms on segment disclosure. It uses manual content analysis to measure the levels of disclosure for a sample of Egyptian-listed companies from 2015 to 2023. It provides evidence that audit quality, joint audit, gender diversity, and board independence have a positive impact on the segment disclosure level. In contrast, audit opinion, foreign directors, and military background directors have a negative impact on the segment disclosure level in Egypt. Full article

The Chinese government encourages enterprises participating in the Belt and Road Initiative (BRI) to improve their ESG performance to better align the BRI with sustainable development. This paper reveals the heterogeneous treatment effect of the BRI on the ESG performance of enterprises using time-varying DID and DDD models, powerfully validating that the BRI promotes the ESG performance of participating enterprises. According to our mechanism analysis, the BRI promotes the ESG performance of enterprises involved in international infrastructure projects and the development of trade routes. However, it has no significant impact on enterprises involved in outward foreign direct investment, exploring international markets, and providing support services and others. According to our heterogeneity analysis, the BRI promotes the ESG performance of state-owned enterprises (SOEs) more than that of non-SOEs, the ESG performance of non-manufacturing enterprises more than that of manufacturing enterprises, and the ESG performance of enterprises on the Main Board more than that of enterprises on other boards. These findings can provide policymakers and enterprise managers with guidance on improving ESG performance and clarify the micro-level empirical evidence of the performance of the BRI in implementing sustainable development. Full article

Background/Objectives: In the burgeoning field of medical imaging and Artificial Intelligence (AI), high-quality annotations for training AI-models are crucial. However, there are still only a few large datasets, as segmentation is time-consuming, experts have limited time. This study investigates how the experience of radiologists affects the quality of annotations. Methods: We randomly collected 53 anonymized chest radiographs. Fifteen readers with varying levels of expertise annotated the anatomical structures of different complexity, pneumonic opacities and central venous catheters (CVC) as examples of pathologies and foreign material. The readers were divided into three groups of five. The groups consisted of medical students (MS), junior professionals (JP) with less than five years of working experience and senior professionals (SP) with more than five years of experience. Each annotation was compared to a gold standard consisting of a consensus annotation of three senior board-certified radiologists. We calculated the Dice coefficient (DSC) and Hausdorff distance (HD) to evaluate annotation quality. Inter- and intrareader variability and time dependencies were investigated using Intraclass Correlation Coefficient (ICC) and Ordinary Least Squares (OLS). Results: Senior professionals generally showed better performance, while medical students had higher variability in their annotations. Significant differences were noted, especially for complex structures (DSC Pneumonic Opacities as mean [standard deviation]: MS: 0.516 [0.246]; SP: 0.631 [0.211]). However, it should be noted that overall deviation and intraclass variance was higher for these structures even for seniors, highlighting the inherent limitations of conventional radiography. Experience showed a positive relationship with annotation quality for VCS and lung but was not a significant factor for other structures. Conclusions: Experience level significantly impacts annotation quality. Senior radiologists provided higher-quality annotations for complex structures, while less experienced readers could still annotate simpler structures with satisfying accuracy. We suggest a mixed-expertise approach, enabling the highly experienced to utilize their knowledge most effectively. With the increase in numbers of examinations, radiology will rely on AI support tools in the future. Therefore, economizing the process of data acquisition and AI-training; for example, by integrating less experienced radiologists, will help to meet the coming challenges. Full article

This study empirically examines the determinants of merger and acquisition (M&A) activities in Vietnam from 2005 to 2020, which has not been examined before, using a fixed-effects model for a sample of 674 completed M&A deals. The results indicate that targets’ corporate governance and deal characteristics have mixed effects on M&A decisions. More specifically, the independent member of the board and CEO duality of the target is negatively associated with most M&A types, except for cross-border mergers. However, the impact of targets’ blockholders is consistently positive regardless of M&A types. When observing the deal characteristics, mixed evidence is also found in the case of M&A payment form, industry-relatedness between the bidder and the target, the bidder’s stake in the target, and foreign ownership in the bidder’s stake. More interesting, our study emphasizes that voluntary agreement is seemingly critical to M&A decisions regardless of different types. Our results suggest several important implications, including balancing independent directors on the board, accounting for CEOs’ and other blockholders’ interests and influence, considering the types of M&A payments, and involving foreign investors in M&A activities. By understanding these implications, firms can better navigate the complexities of M&A transactions, enhancing their decision-making processes and ultimately contributing to improved shareholder value. Full article

This study examines the influence of chairman characteristics on dividend policy within Moroccan firms listed on the Casablanca Stock Exchange, addressing a critical gap in the behavioral finance literature. This research focuses on five key attributes of chairmen—age, gender, nationality, tenure, and founder status—and analyzes their impact on dividend decisions over a 16-year period (2003–2018). A fixed effects panel data model was employed, incorporating six control variables—firm age, growth opportunities, size, board size, female representation, and foreign ownership. The results demonstrate that chairman age and tenure significantly affect dividend policy. Older chairmen are more risk-averse, favoring higher dividend distributions to ensure financial stability, while longer-tenured chairmen tend to retain earnings for aggressive investments, reflecting overconfidence. The other variables—gender, nationality, and founder status—showed no statistically significant effects in this context. This research provides the first empirical evidence on the relationship between chairman characteristics and dividend policy in Morocco. The findings offer valuable insights for investors, analysts, and policymakers in emerging markets, emphasizing the role of leadership traits in corporate financial strategies. By highlighting the importance of behavioral factors, this study enhances understanding of dividend policy determinants in developing economies. Full article

This paper explores the effect of board diversity on environmental, social, and governance (ESG) performance in Korean-listed firms using regression analysis. Our findings reveal that an increased board size significantly correlates with higher ESG scores when combined with other board diversity dimensions. The presence of female directors on boards was found to have a significant effect on environmental and social components of ESG performance. Age diversity exhibits a negative association with ESG scores, emphasizing potential disruptions from intergenerational differences. Foreign directors show no significant impact on ESG performance, suggesting that country-specific contextual factors may limit foreign directors’ influence on boards. The proportion of highly educated directors positively affects the overall ESG performance, aligning with resource dependence and agency theories. Overseas-educated directors play a crucial “bridging” role in adapting sustainable innovations overseas, positively influencing ESG performance. In conclusion, this study provides empirical evidence of the complex relationships between board diversity dimensions and ESG performance in the Korean context. These findings guide stakeholders in shaping inclusive and effective board structures for optimal corporate sustainability. Full article