Search Results (128)

This study investigates how improvements in energy efficiency (EE) contribute to the sustainable growth rate (SGR) of manufacturing firms. Using panel data from Chinese A-share listed companies between 2012 and 2023, we provide empirical evidence that higher EE significantly enhances firms’ ability to maintain long-term and stable growth. Furthermore, the findings reveal that executives’ green perception (EGP) and environmental protection investment (EPI) strengthen this positive relationship, while an excessive green innovation bubble (GIB) weakens it. By integrating insights from corporate governance and sustainability research, this study highlights the critical roles of managerial orientation, resource allocation, and innovation quality in shaping the pathway from EE to sustainable growth. The results extend the understanding of how micro-level corporate actions support global sustainability goals and provide a nuanced perspective on balancing efficiency and innovation. Practically, the findings suggest that managers should embed EE into strategic decisions, while policymakers should strengthen financial and institutional support to facilitate corporate green transition. This research contributes to the literature by offering new evidence from an emerging market context and by demonstrating the multidimensional mechanisms through which EE fosters corporate sustainable development. Full article

This study develops a multi-agent evolutionary game model that incorporates both retailers and heterogeneous logistics providers, extending beyond prior dyadic models that typically isolate either channel choice or logistics competition. By comparing scenarios with and without the BOPS channel, the framework captures the dynamic interactions between retailers and logistics providers. The results show that introducing In-Store Pickup significantly increases market demand and retailer revenue by reducing consumer waiting time, but it also produces a revenue crowding effect for slow logistics providers. For fast providers, the impact depends on their ability to adjust service quality: lowering service levels helps retain market share, while efficiency improvement enhances profitability. Furthermore, consumer product valuation plays a critical role in driving retailers toward dual-provider or hybrid strategies. The methodological innovation lies in integrating heterogeneous logistics service differentiation with channel strategy selection into a unified evolutionary game framework. The study contributes by proposing a dynamic “efficiency threshold–channel selection” mechanism, offering both theoretical advancement in omnichannel retailing research and managerial insights for retailers and logistics providers seeking to optimize logistics capabilities and channel collaboration. Full article

Digital Entrepreneurial Capability (DEC) is the integrated and learnable capacity that equips individuals, or founding teams, to sense, evaluate, and exploit entrepreneurial opportunities within digitally intermediated, platform-centric markets. The construct synthesises four interlocking elements. First, it requires technical dexterity: mastery of data engineering, AI-driven analytics, low-code development, cloud orchestration, and cybersecurity safeguards. Second, it draws on accumulated human capital—formal education, sector experience, and tacit managerial know-how that ground vision in operational reality. Third, DEC hinges on an opportunity-seeking mindset characterised by cognitive alertness, creative problem framing, a high need for achievement, and autonomous motivation. Finally, it depends on calculated risk tolerance, encompassing the ability to price and mitigate economic, technical, algorithmic, and competitive uncertainties endemic to platform economies. When these pillars operate synergistically, entrepreneurs translate digital affordances into scalable, resilient business models; when one pillar is weak, capability bottlenecks arise and ventures falter. Because each pillar can be intentionally developed through education, deliberate practice, and ecosystem support, DEC serves as a practical roadmap for stakeholders. It now informs scholarship across entrepreneurship, information systems, innovation management, and public-policy disciplines, and guides interventions ranging from curriculum design and accelerator programming to due-diligence heuristics and national digital literacy initiatives. Full article

Corporate boards play a pivotal role in shaping firms’ environmental strategies, yet the influence of board demographics, particularly director age, on sustainability outcomes remains insufficiently understood. This study investigates how the age profile of board members affects corporate environmental performance, including greenhouse gas emissions. Analyzing a comprehensive panel of 1843US publicly listed firms (17,218 firm-year observations) from 1996 to 2018, primarily through panel regressions with firm and year fixed effects, we find consistent evidence that firms with older boards tend to exhibit poorer environmental performance and higher direct, indirect and value chain greenhouse gas emissions. We argue that this relationship is driven by age-related differences in risk tolerance, time horizons, and sensitivity to environmental concerns. Additionally, the study explores moderating factors such as poor governance oversight (board co-option), pressure for profitability from institutional ownership, CEO social and environmental consciousness (CEO gender), and managerial ability, revealing that these governance dynamics significantly influence the strength of the director age–environmental performance link. The results, robust to endogeneity concerns, underscore the importance of considering age diversity and board refreshment in corporate governance to foster more effective environmental stewardship. These insights offer valuable implications for board members, corporate leaders, and policymakers aiming to advance sustainable business practices, but also open up opportunities for further exploration in alternative institutional contexts. Full article

Drawing on Daniel Goleman’s leadership paradigm as well as critically engaging with the Authentic Leadership and Complexity Leadership theories, this article explores how leadership drives change management, specifically in the context of advancing organizational sustainability. While change management has been widely examined in areas such as technology adoption and restructuring, there is less clarity on how to lead change that directly supports sustainability goals. Therefore, the current research addresses the gap by focusing on leadership strategies that effectively embed sustainability into leadership practices. Using a theory triangulation method, we built an analytic framework that integrates theoretical and empirical perspectives to better understand how sustainability-embedded leadership can support change management for the best possible outcome. Research data are gathered from respected academic sources including ProQuest, JSTOR, and Google Scholar. Research findings reveal that leaders who tailor their leadership to specific situations are more effective at advancing organizational sustainability than those who rely on a single type of leadership. We also create a contrast table to demonstrate the characteristics of eight leadership types, with a focus on how each can contribute to organizational performance and sustainability. The table serves as a managerial guide for aligning leadership strategies with sustainability objectives. The current research contributes to the intersection of leadership and sustainability by identifying how different leadership types affect an organization’s ability to adopt and implement sustainable practices. By clarifying the strengths and limitations of each approach, the current research enhances the understanding of how situation-oriented leadership can support sustainability goals. The findings also have practical implications for how organizations design and implement change management policies aimed at long-term environmental, social, and economic sustainability. Limitations and future research directions are discussed. Full article

Small and medium-sized enterprises (SMEs) often face severe resource constraints and operational fragility during crises. However, little is known about how managerial resilience (MR) translates into performance through time-related psychological resources and innovation—two capabilities that are both scarce and critical under such conditions. Drawing on Temporal Motivation Theory (TMT), this study develops and tests a dual-mediation model in which employee temporal psychological capital (TPC) and employee innovative behavior (EIB) transmit the effects of MR on performance. As a core methodological innovation, we adopt a multi-method analytical strategy to provide robust and complementary evidence rather than a hierarchy of results: Partial Least Squares Structural Equation Modeling (PLS-SEM) is used to examine sufficiency-based causal pathways and quantify the mediating mechanisms; Support Vector Machine (SVM) classification offers a non-parametric predictive validation of how MR and its mediators distinguish high- and low-performance cases; and Necessary Condition Analysis (NCA) identifies non-compensatory conditions that must be present for high performance to occur. These three methods address different research questions—sufficiency, classification robustness, and necessity—therefore serving as parallel, equally important components of the analysis. A total of 455 SME managers and employees were surveyed, and results show that MR significantly enhances all three dimensions of TPC (temporal control, temporal fit, time pressure resilience) and EIB (idea generation, idea promotion, idea realization), which in turn improve employee performance. SVM classification confirms that high MR, strong TPC, and active innovation align with high performance, while NCA reveals temporal control, idea generation, and idea realization as necessary bottleneck conditions. By integrating sufficiency–necessity logic with predictive classification, our findings suggest that SMEs should prioritize leadership resilience training to strengthen managers’ adaptive capacity, while simultaneously implementing time management interventions—such as temporal control workshops, workload balancing, and innovation pipeline support—to enhance employees’ ability to align tasks with organizational timelines, execute ideas effectively, and sustain performance during crises. Full article

This article explores the relationship between corporate financial performance (CFP) and commitment to ESG (environmental, social and governance) practices, using a sample of companies listed on the S&P 500 and TSX 60 indices. By employing a linear regression model, the study examines how financial indicators such as Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), return on assets (ROA), Assets and Debt influence ESG scores. The results show that financial indicators such as EBITDA, ROA and Assets are positively associated with increased ability to commit resources to ESG practices, except in some cases like when costs associated with ESG initiatives can reduce the competitiveness and profitability of companies in the short term, where ROA is negatively correlated with the adoption of ESG criteria. Also, with regard to the size of companies, thanks to their greater resources, larger companies are more inclined to adopt ESG criteria. These findings enhance the understanding of financial conditions that enable or constrain ESG adoption and provide managerial insights for strategic resource allocation in the pursuit of sustainability goals. Full article

This paper investigates whether and how managerial overconfidence affects firms’ environmental information disclosure. Using 32,191 firm-year observations from Chinese companies between 2008 and 2022, the study finds that managerial overconfidence negatively impacts environmental information disclosure. These results remain robust across various tests, including alternative overconfidence measures, instrumental variable regressions, and propensity score matching. Mechanism analysis reveals that overconfidence reduces disclosure through overestimation of risk control ability and underestimation of stakeholder importance. Further analysis shows that external governance pressures from government regulation, media scrutiny, and institutional investor monitoring effectively mitigate this negative impact, while also confirming the value relevance of environmental information disclosure and the moderating role of managerial overconfidence. This study clarifies the influence and mechanisms of managerial overconfidence on environmental disclosure in developing countries, highlighting the role of external oversight. Full article

This study explores the internationalization of small and medium enterprises (SMEs), emphasizing the critical role of competent managerial abilities. Specifically, it investigates the sustainable role of managerial capabilities in directly facilitating SMEs’ entry into international markets, or whether these capabilities first assist in risk management and resource utilization, supporting international expansion. We propose that SMEs with skilled and capable managers are better equipped to manage internal risks and leverage available resources, thereby enhancing their internationalization efforts. Drawing on empirical data from 191 Chinese SMEs, our findings support the proposed model, revealing that managerial capabilities contribute to internationalization indirectly—this relationship is fully mediated by risk management and resource utilization. This study recommends that SMEs prioritize building a sustainable management team capable of navigating internal challenges to successfully pursue international growth. Our research contributes to the resource-based view and the Uppsala model of internationalization by contextualizing the role of managerial capabilities, risk management, and resource utilization in the internationalization processes of SMEs. Full article

In this study, we utilize a unique quarterly dataset of non-GAAP earnings to re-examine the “informational” role of non-GAAP earnings from the perspective of value relevance and earnings predictability in the post-Reg G period. We find that non-GAAP earnings are more value relevant and can better predict future operating earnings of a firm compared to equivalent GAAP earnings. Additionally, we also find empirical evidence suggesting that the difference in the value relevance and earnings predictability between non-GAAP and equivalent GAAP earnings can vary across but cannot be completely mitigated by firm-level characteristics, such as the market value of equity, accruals quality, analyst coverage, and managerial ability of a firm. Moreover, our supplementary analysis reveals that the superior value relevance and predictive power of non-GAAP earnings persist even after the SEC’s release of the Compliance and Disclosure Interpretations (C&DI) in 2010. Overall, our empirical evidence suggests a superior “informational” role of non-GAAP earnings to equivalent GAAP earnings in terms of valuation and predictability on future operating performance in the post-Reg G period. Full article

This study investigates whether audit tenure mandates—designed to curb managerial discretion—may unintentionally enable disguised opinion shopping. Specifically, it examines whether firms benefit from observed mandates that align with their unobservable preferences, despite appearing to comply with mandatory audit firm rotation or retention rules. A counterfactual framework is developed to estimate firms’ preference for switching or retention in the absence of regulation, allowing identification of strategic alignment under constraint. Empirical analysis using Korean data from 2000 to 2009 reveals that firms classified as disguised opinion shoppers are more likely to receive unmodified audit opinions and exhibit lower audit quality, as indicated by higher discretionary accruals and more frequent reporting irregularities. These effects are concentrated under mandatory retention and not observed under rotation, suggesting that forced auditor turnover weakens firms’ ability to secure favorable outcomes. Additional evidence shows that these firms are more likely to retain the same auditor after mandates expire, consistent with a reward-for-accommodation mechanism. Thus, this study not only provides empirical evidence that opinion shopping can persist under auditor tenure mandates, but also introduces a novel method for identifying such behavior when traditional signals—such as voluntary dismissals—are unavailable. These findings inform ongoing regulatory debates on the effectiveness of tenure-based reforms. Full article

The purpose of this paper is to forecast the sovereign credit risk for Egypt, Morocco, and Saudi Arabia during political crises. Our approach uses machine learning models (Linear Regression, Ridge Regression, Lasso Regression, XGBoost, and Kernel Ridge) and deep learning models (RNN, LSTM, BiLSTM, and GRU) to predict CDS-based implied default probabilities. We compare the predictive accuracy of the tested models with the results showing that Linear Regression outperforms all other techniques, while deep learning architectures, such as RNN and GRU, demonstrate a competitive performance. To validate the sovereign credit risk prediction, we use the forecasted implied default probability from the Linear Regression model to determine the corresponding forecasted implied rating according to the Thomson Reuters StarMine Sovereign Risk model. The results reveal significant differences in the perceived creditworthiness of Egypt, Morocco, and Saudi Arabia, reflecting each country’s economic fundamentals and their ability to manage global shocks, particularly those related to the Russo-Ukrainian war. Specifically, Egypt is perceived as the most vulnerable, Morocco occupies an intermediate position, and Saudi Arabia is seen as having a low credit risk. This study provides valuable managerial insights by enhancing tools for the sovereign credit risk analysis, offering reliable decision-making in volatile global markets. The alignment between forecasted ratings and default probabilities underscores the practical relevance of the results, guiding stakeholders in effectively managing credit risks amidst economic uncertainty. Full article

Sustainable development is one of the most significant and meaningful trends in the world. However, the process of implementing the Agenda for Sustainable Development Goals, approved on 25 September 2015, reflects the ability to achieve no more than 20% of stated goals, which requires a solution that will allow for accelerating the pace of a resilient transformation. The objective of this paper is to substantiate the role of artificial intelligence technologies in ensuring effective ESG (environmental, social, governance) transformation in the process of developing managerial decisions aimed at achieving sustainable development of the enterprise by integrating into design-thinking. The research methodology is based on scientific papers on sustainable development, digital technologies, artificial intelligence, and design thinking. Analytical data from various world rankings, as well as reviews of sustainable development practices and digitalization of companies, were employed. General scientific and special methods of cognition were used to conduct the study. As a result, the role of artificial intelligence in the processes of the sustainable transformation of modern companies was identified and justified. This is reflected in the proposed algorithms and models for the development and implementation of a sustainable development strategy. Full article

A business-continuity plan is crucial in providing an organization with the ability to maintain operations against possible risks. Therefore, companies should consider holistic risk management to sustain their activities and enhance their capabilities. Also, sustainability is able to eliminate the number of adverse environmental effects and increase the financial and social performance of a company. The purpose of this paper is to evaluate the sustainability and risk performance pillars for logistics networks, including a business-continuity plan. For this particular aim, this study considers the ten main criteria and sixty-six sub-criteria to evaluate sustainability and risk performances in logistics operations when dealing with a business-continuity plan under uncertainty. A novel and innovative four-phased integrated procedure involving a fuzzy-based AHP method with novel linguistic scales and operators is proposed. The TOPSIS technique, part of the integrated technique, is also presented to rank the alternative cities for an urban logistics network analysis. Moreover, the criteria of transportation and information infrastructures are analyzed for logistics operations. A case study of the thirty metropolitan cities in Türkiye is conducted to determine the best logistics center for a logistics firm. Several scenario analyses are performed, and a comparison study is also carried out from the literature. This study comprehensively analyzes the problem, including sustainability, risks, renewable energy and social aspects. Based on the results from the fuzzy-based AHP method, economic, safety and hazard risk are the top three main criteria. Moreover, Istanbul, Konya and Ankara are the top three alternatives for logistic networks from the results of the TOPSIS technique. Finally, managerial and policy implications are presented for policy-makers who should pay attention to the main criteria and sub-criteria in this paper for successful logistics operations dealing with the business-continuity plan when achieving Sustainable Development Goals. Full article

Healthcare professionals require comparable knowledge and abilities in hospital financial administration. In addition, many physicians are not equipped to manage the leadership roles that healthcare systems require, namely the capacity to express a vision, convey it to others, garner willing support for it, and enable others to be leaders in return. Previous studies have demonstrated that physicians often lack financial literacy, while a recent systematic review and meta-analysis showed that healthcare professionals lack adequate financial literacy, although top healthcare practitioners and executive nurse leaders are encouraged to develop knowledge and abilities outside of their clinical specialty. The need for medical practitioners to receive training and experience in medical leadership has also been discussed in earlier studies. In Greece, evidence regarding the financial literacy levels and leadership skills among healthcare professionals is lacking, although physicians and nurses are required to obtain managerial and administrative roles as they progress in their positions. Our objective was to assess healthcare professionals’ levels of financial literacy and investigate the relationship between financial literacy and leadership skills in Greece. We conducted a prospective, multi-centered, question-based survey among healthcare professionals in several institutions in Northern Greece. Participants were asked to fill out basic demographic questions, the OECD/INFE Toolkit for Measuring Financial Literacy and Financial Inclusion 2022, and the Leadership Skills questionnaire, translated into Greek. The factorability of the questionnaires was examined with factor analysis, while the internal consistency was examined with Cronbach’s alpha. A linear correlation of leadership scores with financial literacy scores was performed with the Spearman rho, and multivariate regression analysis examined the correlation of the leadership score with financial literacy scores, adjusted for the type of task, education, status, gender, and age. The overall financial literacy score for all healthcare professionals was 69.14 ± 13.25%, which was higher compared to the average for the Greek population. Male healthcare professionals with administrative tasks had significantly higher overall financial literacy and digital financial literacy scores than females, or professionals without administrative tasks, as well as higher scores in all areas of leadership. Physicians had significantly higher overall financial literacy scores than nurses and significantly lower digital financial behavior and digital finance trend scores. Still, physicians scored significantly lower than nurses in all areas of leadership skills. There was a strong correlation between overall financial and digital financial literacy scores with leadership skills scores. Future research is warranted to explore how formal financial and leadership education included in the training programs of healthcare professionals would empower physicians by enabling them to make proactive decisions regarding their financial and managerial destiny. Full article