Search Results (30)

This work explores the link between CEO turnover patterns and firms’ climate change exposure in a data set of over two thousand U.S. publicly traded firms. The findings demonstrate that CEO turnover is negatively associated with measures of climate change exposure developed with machine learning based on the frequency of discussions linked to climate change in the firms’ earnings conference calls. The results further indicate that this significant negative relationship exists in the year after the CEO’s departure from the firm, not before their departure. CEO turnover scenarios differ in their impact on a firm’s climate change exposure and sentiment. The focus of a firm’s management and financial analysts covering the firm can shift away from the issues of climate change. The negative and significant relationship with firms’ climate change exposure is observed particularly for forced CEO departures in firings or resignations, as well as for outsider CEO replacements. No significant relationship is found for CEO departures due to retirement or for cases of internal CEO succession. The results provide insights for decision makers, investors and boards of directors trying to evaluate the role of CEO turnover in climate change exposure at firms. Full article

While outside chief executive officers (CEOs) are often viewed as catalysts for strategic change compared to their inside counterparts, this study reveals their potential to undermine firms’ environmental responsibility. Integrating agency theory with social capital theory, we investigate whether and how board-level social capital can moderate the sustainability risks associated with outside CEO succession. Using a panel dataset of 989 pollution-intensive Chinese firms from 2010 to 2022, we apply propensity score matching (PSM) to reduce endogeneity in CEO succession decisions, followed by fixed-effects regressions. The empirical results show that outside CEOs, particularly during their early tenure, are more likely to prioritize short-term financial performance over environmental goals—due to limited firm-specific knowledge and heightened external pressure. However, external board social capital (e.g., ties to government and industry associations) enhances resource access and post-appointment accountability, while internal social capital (e.g., co-working experience among directors) establishes common norms that facilitate strategic continuity. This study positions board social capital as a relational governance mechanism that complements formal oversight. The findings contribute to succession and environmental research by linking executive origin to sustainability outcomes and provide practical guidance on leveraging board networks to support leadership transitions. Full article

Loneliness is one of the most prevalent problems faced by older nursing homes (NHs) residents. Technical Directors (TDs) of NHs can play an important role in combating loneliness, so it is important to understand how they perceive this phenomenon. This study aimed to describe the perceptions of TDs about factors associated with loneliness and relevant areas of training and intervention. A total of 163 TDs (mean age = 42 years; 90% female) filled an online survey. The main NHs factors related to loneliness were residents’ mental and physical health problems; mistreatment in care provision; poor relationships between residents, with staff and family/friends; loss of loved ones; and family members’ work schedules and their geographical distance. Intervention domains that need to be improved were the policy of greater proximity to families and community, partnerships with the outside world, civic participation by residents, technical team diversity, and increase of staff/resident ratio. Dementia care, stress management, crisis intervention, person-centered care, and coping with death/bereavement were identified as relevant themes in professional training. This study appears as a relevant contribution to the deepening of knowledge not only about the phenomenon of loneliness among older residents in NHs, but also about the perceptions of TDs regarding this problem. Full article

PK-12 Equity Directors (EDs) are tasked with addressing systemic inequities. The scope of their responsibilities is influenced by role configuration or placement within the organizational structure and the authority they are granted. Limited research has explored how role stress stemming from ambiguous or conflicting directives linked to role configuration affects EDs’ capacity to address systemic inequities. This organizational autoethnographic study examines how role stress because of my role configuration influenced my ability to address systemic inequities over 26 months, using reflective journal entries triangulated with artifacts and documents. The findings demonstrate that I experienced role ambiguity as my position had substantive unstructured time that sometimes made me feel I was not contributing to district goals of addressing systemic inequities. However, after recognizing my authority in different ways, this unstructured time allowed me to pursue projects aligned with my expertise and interests. I also encountered role conflict when leading employee teams who volunteered outside their contracted hours. The voluntary nature of their involvement limited consistent collaboration and forced me to be strategic about employee involvement in equity initiatives. The implications of this study suggest that supervisors should carefully balance EDs’ autonomy with structured support to foster sustainable equity efforts. Furthermore, district leaders must align volunteer committee members’ time commitments and expectations with the scope and demands of equity initiatives to ensure effective collaboration. Full article

Spanish film director Pedro Almodóvar has been detected early on by film critics as a Baroque filmmaker, a qualification to which he has agreed in interviews. This promotion of his style is certainly questionable as the word ‘Baroque’ is often used outside of its artistic and historical contexts. It is undeniable, however, that there are many Baroque features in his tragicomedy. One of the key aspects that ties Almodóvar’s early films to Baroque art is their exaggerated and melodramatic storytelling. Like Baroque art, which often featured grandiose and emotionally charged narratives, Almodóvar’s films are filled with intense emotions, complex relationships, and larger-than-life characters. This exaggerated portrayal of human emotions and experiences is a hallmark of Baroque aesthetics, which sought to evoke strong emotional responses from the audience. This paper seeks to focus exclusively on the rise of the director’s style in the last two decades of the 20th century that corresponds to Spain’s problematic and somewhat tragic transition from dictatorship to democracy and explore the ‘Baroque transitions’ that led Almodóvar to national, European and international recognition prior to the obtention of the Academy Awards he received for “All about my mother” in 2000. After defining the Baroqueness of his early filmography, this article will take a closer look at the ricochet trajectory he designed for actors such as Carmen Maura, Victoria Abril, and Antonio Banderas, who will all act in several corresponding roles and embody characters in transition, before becoming emblematic for the public. In the tradition of the Spanish Baroque, Almodóvar will develop his tragic outlook on his ever-changing culture around these iconic actors who will, in turn, unfold the complexity of the transition years for Spanish women and men. Full article

Financial institutions should prioritize the adoption of comprehensive Environmental, Social, and Corporate Governance (ESG) disclosure policies to improve their market reputation and decrease capital expenditures. The current study’s research objective is to investigate the impact of both inside and outside executives on the successive adoption of ESG strategies, based on the sustainable leadership theoretical framework and the bottom-up corporate governance theory. Data for the current study were obtained from the Refinitiv Eikon database and analyzed through using the entropy weight and TOPSIS techniques. The research suggests that including fully autonomous board members has the potential to improve the transparency of firms’ ESG criteria. This result was derived from an analysis of data pertaining to the behavior of CEOs and non-executives at the company level in Fiscal Year (FY) 2023. The verification of the soundness and dependability of this finding has been carried out by scrutinizing the problem of endogeneity and diverse techniques of data representation. Furthermore, our study has disproven the idea that having CEOs on the board of directors may significantly improve the ESG performance of financial institutions. Consequently, the research proposes that adopting a strict policy of board independence has the capacity to alleviate the environmental, social, and governance repercussions that arise from the control of internal executives, namely CEOs. Full article

For a sample of public bond issues by U.S. firms between 2000 and 2019, sourced from the Securities Data Corporation (SDC) New Issues database, we examine the relationship between CEO-friendly boards and the cost of debt. To explore this relationship, we construct proxies for board friendliness based on social connections sourced from the BoardEx database, classifying a board as friendly if it includes at least one outside director who has a social connection with the CEO. Our regression analysis reveals a negative association between CEO-friendly boards and yield spreads and a positive association between CEO-friendly boards and credit ratings. These effects exist after controlling for firm and bond characteristics based on prior literature. The results are robust to an alternative measure of board friendliness and potential endogeneity. These findings imply that firms with a CEO-friendly board experience a lower cost of bond financing. This supports the argument that effective communication between CEOs and directors contributes to the enhancement of creditor interests. Our results carry a practical implication that firms heavily reliant on debt should actively employ CEO-friendly boards. Despite the burgeoning literature on CEO-friendly boards, there is a lack of research on the relationship between CEO-friendly boards and the cost of debt. Our results fill this gap in the extant literature on CEO-friendly boards. Full article

In an era focused on deepening green sustainable development, improving corporate ESG performance has become a theoretical focal point. Starting from the positional attributes of the interlocking director network, this study investigates the influence of a company’s position within this network on its ESG performance among China’s A-share-listed companies from 2009 to 2022. It utilizes Huazheng ESG ratings from the Wind database and employs regression models, analyses, endogeneity, and propensity score matching tests via Stata15.0 to probe the internal mechanisms at play. Research findings indicate that corporations at the core of the interlocking director network exhibit significantly better ESG performance compared to those in peripheral positions. The interlocking director network enhances corporate ESG performance by improving internal control levels. Media attention positively influences the effect of the interlocking director network on corporate ESG performance. Further analysis reveals that the beneficial impact of the interlocking director network on ESG performance is more pronounced in highly marketized corporations, those outside of heavy pollution industries, and those with a higher proportion of female directors. Economically, the positive effect of the interlocking director network on ESG performance enhances both earnings per share and total factor productivity. This study offers a novel pathway for enhancing corporate sustainability in emerging economies through the lens of the interlocking director network, drawing on China’s experience. It aims to guide emerging markets in fostering ESG practices among corporations, thus offering theoretical insights for enhancing ESG performance. Full article

Mongolian women enjoy equal rights and actively participate in various sectors of the national economy, including the mineral and mining industry. The Mongolian University of Science and Technology (MUST), the largest university in Mongolia, plays a crucial role in preparing engineers for the Mongolian industry. Within MUST, the School of Geology and Mining Engineering (SGME) stands out as one of the largest schools, boasting a dedicated team of 136 staff members. Impressively, 92 of these staff members are female, constituting a remarkable 67.65% of the total staff. The directorial board of SGME, consisting of 12 members, also demonstrates a noteworthy level of gender diversity, with 5 of its members being female. This represents a proportion of 41.67% and highlights the inclusion of women in decision-making positions. Additionally, it is worth noting that the Geology and Hydrogeology department, one of the five departments within the School, is led by a capable female leader. However, despite the encouraging representation of women among staff and in leadership roles, there is a noticeable disparity in the enrollment and graduation rates of students at SGME. Currently, these rates stand at only about 20–24 percent, indicating the need for further efforts to encourage and support female students in pursuing geology and mining engineering studies. Outside of academia, within the mining industry, the Oyu Tolgoi large-scale mine, which in 2022 employed 20,328 workers, faces a significant gender imbalance. Out of this workforce, only 3577 are women, comprising a mere 18% of the total employees, while the remaining 82% are men. Among the 2997 total employees in the open pit mine, 737 women are employed in various roles, including 66 engineers and technicians, with the remaining 671 in other positions. In the newly opened underground mine, the total number of women employees stands at 2840, including 248 engineers and technicians and 2592 in other roles. Furthermore, on the Board of Directors, there are only 2 women out of a total of 23 managers, and a mere 104 women hold positions as senior staff and superintendents. A comparative analysis between Asia and other global regions reveals that female employment in Mongolia’s mining sector in general, at 18%, closely aligns with Oceania’s rates (17%) and surpasses those of both the broader Asian region (13%) and South America (11%). Addressing these statistical imbalances is crucial to improving gender equality in geoscience and mining. Historically, the mining industry has been male-dominated, but women-led professional geoscience and mining organizations in Mongolia play a vital role in promoting the recruitment, retention, and advancement of women in these industries. Recognizing the significance of gender diversity, these organizations strive to increase the representation of women in leadership positions. Women in leadership bring unique perspectives that contribute to well-rounded decision-making processes within organizations. By acknowledging the importance of gender dynamics, promoting inclusivity, and supporting the professional growth of Mongolian women in geoscience and mining, the overall development and sustainability of these sectors in the country will be greatly enhanced. Full article

The thermoplastic polymer polyether ether ketone (PEEK) offers thermal and mechanical properties comparable to thermosetting polymers, while also being thermally re-processable and recyclable as well as compatible with fused filament fabrication (FFF). In this study, the feasibility of joining additively manufactured PEEK in pure and short carbon-fiber-reinforced form (CF-PEEK) is investigated. Coupon-level samples for both materials were fabricated using FFF with tailored integrated welding surfaces in the form of two different energy director (ED) shapes and joined through ultrasonic polymer welding. Using an energy-driven joining process, the two materials were systematically investigated with different welding parameters, such as welding force, oscillation amplitude and welding power, against the resulting weld quality. The strengths of the welded bonds were characterized using lap-shear tests and benchmarked against the monotonic properties of single 3D-printed samples, yielding ultimate lap-shear forces of $2.17$$\mathrm{k}$$\mathrm{N}$ and $1.97$$\mathrm{k}$$\mathrm{N}$ and tensile strengths of $3.24$$\mathrm{M}$$\mathrm{Pa}$ and $3.79$$\mathrm{M}$$\mathrm{Pa}$ for PEEK and CF-PEEK, respectively. The weld surfaces were microscopically imaged to characterize the failure behaviors of joints welded using different welding parameters. Samples welded with optimized welding parameters exhibited failures outside the welded region, indicating a higher weld-strength compared to that of the bulk. This study lays the foundation for using ultrasonic welding as a glue-free method to join 3D-printed high-performance thermoplastics to manufacture large load-bearing, as well as non-load-bearing, structures, while minimizing the time and cost limitations of FFF as a fabrication process. Full article

“How would you build a robot, the size of a bacteria, powered by light, that would swim towards the light source, escape from it, or could be controlled by means of different light colors, intensities or polarizations?” This was the question that Professor Diederik Wiersma asked PW on a sunny spring day in 2012, when they first met at LENS—the European Laboratory of Nonlinear Spectroscopy—in Sesto Fiorentino, just outside Florence in northern Italy. It was not just a vague question, as Prof. Wiersma, then the LENS director and leader of one of its research groups, already had an idea (and an ERC grant) about how to actually make such micro-robots, using a class of light-responsive oriented polymers, liquid crystal elastomers (LCEs), combined with the most advanced fabrication technique—two-photon 3D laser photolithography. Indeed, over the next few years, the LCE technology, successfully married with the so-called direct laser writing at LENS, resulted in a 60 micrometer long walker developed in Prof. Wiersma’s group (as, surprisingly, walking at that stage proved to be easier than swimming). After completing his post-doc at LENS, PW returned to his home Faculty of Physics at the University of Warsaw, and started experimenting with LCE, both in micrometer and millimeter scales, in his newly established Photonic Nanostructure Facility. This paper is a review of how the ideas of using light-powered soft actuators in micromechanics and micro-robotics have been evolving in Warsaw over the last decade and what the outcomes have been so far. Full article

Environmental, social, and corporate governance (ESG) has become essential for corporate sustainability. Among ESG activities, we focus on governance structure since firms can properly engage in activities related to environmental and social responsibility only when their corporate governance structures are well established. Outside directors play an important role in governance structure since they monitor the management and provide expertise to the board of directors. In this study, we pay particular attention to the compensation of outside directors, which reflects the effort, expertise, and independence of outside directors. Based on data from listed firms on the Korea Stock Exchange in South Korea between 2014 and 2020, we examine the association between outside directors’ compensation and ESG performance in certain firms with unique governance structures, namely, chaebols (or family firms). We find that the compensation of outside directors is positively associated with ESG performance, implying that outside directors’ compensation motivates effective monitoring and advisement of management and has an incremental effect on ESG performance. We suggest that the compensation of outside directors is one of the key factors that can significantly affect ESG performance. Therefore, investors and policymakers may evaluate whether a firm is doing well in terms of ESG activities by examining the compensation of outside directors. Full article

This study empirically analyzes the relationship between Vietnamese firms’ earnings management, board characteristics, and ownership structures. I use board size and the proportion of outside directors to reflect board characteristics, and the ownership percentages of the board of directors, outside directors, and the chief executive officer (CEO) to reflect the ownership structures. I use discretionary accruals, measured by the modified Jones model, to proxy for earnings management. From analyzing firms listed on the Ho Chi Minh and Hanoi Stock Exchanges from 2012 to 2017, I find that board size and the ownership percentages of outside directors and CEOs are negatively related to earnings management, whereas the board of directors’ ownership percentage is positively related. The proportion of outside directors is not significantly associated with earnings management. This study provides policy insights for improving Vietnamese firms’ financial transparency. Specifically, corporate laws regulating board composition should be enacted to ensure that all firms meet a minimum number of board members. Moreover, a policy mandating boards to include independent outside directors is necessary, as establishing an independent outside director system within Vietnam’s corporate law can strengthen the sustainability of the board of directors. Full article

In 2017, Quebec’s Auditor General reported several major issues regarding government-funded French as a second language (FSL) courses, especially those intended for adult students with limited or interrupted formal education (SLIFE). To this day, no official framework or program exists for this specific population, a situation that the government of Quebec wishes to resolve. Our research team was thereby mandated by the Ministry of Immigration to conduct a large-scale multilingual study with the objective of gaining a better understanding of the realities and needs of the various stakeholders involved in low-literate FSL classes. We met 42 teachers, 24 French learning center directors, and 10 pedagogical advisors in individual interviews; we also led 107 group interviews with SLIFE in 26 languages, allowing us to meet 464 adult SLIFE enrolled in low-literate FSL classes from 11 regions of the province of Quebec, most of them being refugees. This article reports on the decision-making process in which we engaged to overcome the ethical and methodological challenges we faced at various stages of the data collection with SLIFE participants: recruitment, informed consent, confidentiality, interview protocol design, instrument piloting, data collection, and data translation and transcription. To make informed decisions, we had to turn to literature outside SLA (i.e., refugee research and translation/interpreting literature) for guidance. In this article we discuss the limitations and contributions of our research to guide researchers who will conduct studies with similar non-academic samples/populations. Full article

Managers’ commitment and dedication crucially affect the sustainable growth of firms. When private companies first offer their shares to the public in an initial public offering (IPO), an IPO lockup is one way of revealing managers’ commitments. IPO lockups are agreements that promise not to sell the shares retained by pre-IPO shareholders for a specified period in the market after the IPO. This paper investigates the impact of corporate governance mechanisms on the length of the lockup period. The paper’s sample consists of IPO firms that have gone public in Korea’s KOSDAQ market, which is a listing venue for small and venture companies. The major findings of this paper are as follows: first, the length of the lockup period increases with the number of outside directors and, second, IPO firms with audit committees have longer lockup periods than those without them. These results indicate that managers of firms with greater board independence choose a longer lockup period when going public. This paper also finds that the lockup period is positively related to the presence of venture capitalists serving as directors of IPO firms, which suggests that venture capital directors may ensure that managers have longer lockups. Overall, these findings suggest that, when small and venture companies go public, managers may use the IPO lockup as a commitment device that complements corporate governance mechanisms in reducing investor concern about the moral hazard problem of managers. Full article