Based on the premises of the social role theory, we investigate whether board gender composition may influence firm-level pay inequality by improving the ability of boards to oversee managers and counter their influence on the compensation-setting process. Using the data of Chinese listed firms over the period 2007-2022, we investigate the relationship between female board directorships, the CEO-employee pay ratio (pay inequality) and firm performance. Consistent with social role theory, we find that firms with women directors on their boards have higher CEO-employee pay ratios, which have a positive impact on firm performance. We find these results to be robust by using different measures of female board directorships, alternative sample compositions and alternative estimation methods and by addressing any potential endogeneity concerns. Overall, our findings support that women directors are effective in deciding the level of pay inequality that is linked to improved firm performance.
Despite the growing recognition of the transformative potential of Industry 4.0 technologies to advance sustainability goals, the existing evidence often needs to pay more attention to the actual integration of these technologies in supply chain dynamics. This study aims to bridge this gap by integrating a practice-based view and supply chain practice view framework to uncover the complex nexus that forms a sustainable circular economy. The required data was collected through a structured questionnaire (n = 358) from supply chain professionals of Pakistani manufacturing firms. The proposed model was tested using partial least squares structural equation modeling, bootstrapping, and importance-performance map analysis. The findings portray the positive role of Industry 4.0 technologies and green supply chain integration in driving green innovation for sustainable products and processes, and provide concrete examples of their practical application in a sustainable circular economy. The outcomes contributed to the development of sustainable business strategies for Industry 4.0 technologies-based green supply chain integration, providing significant theoretical grounds and a practical roadmap for integrating these technologies into the manufacturing supply chain. Importantly, the study's findings directly impact supply chain professionals and provide practical guidance for manufacturers navigating the changing landscape and achieving sustainable goals.
Luxury firms cater to high-end customers, focusing on minute details in product development. Their global supply chain plays a key role in trade, growth, and innovation. The performance of these firms is sensitive to the adoption of technology and environmental responsibility. This study explored the aggregated performance of luxury firms in the top 10 trading countries from 2009 to 2023. In this way, this study is vital as it provides insights into how global trade dynamics, consumer preferences, and economic factors shape the performance and competitive advantage of high-value industries in key markets. This study considers the circular economy as a key determinant of luxury firms' performance, aiming to understand how sustainable practices influence profitability, innovation, and consumer loyalty in a high-value, trend-setting industry. This study is guided by Stakeholder Theory and Resource-Based View, where sustainable transformation and digital capabilities co-evolve to influence performance. Empirical findings, using panel quantile regression with Common Correlated Mean Group specifications, have confirmed the inverted U-shaped impact of the circular economy on luxury firms' performance is validated. It advocates that the initial sustainable practices adoption boosts performance but, beyond a certain point, the costs of further sustainability efforts may offset the benefits, thereby leading to diminishing returns. Furthermore, the incorporation of information communication technology (ICT) boosts luxury firms' performance and simultaneously moderates circular practices, leading to an improved impact. As control variables, infrastructure and inflation are key factors in understanding the relationship between circular economy practices, ICT integration, and the performance of luxury firms.
Experts issuing crisis warnings face a trade-off between fostering immediate protection and shaping public trust for future influence. We model expert crisis communication when public trust evolves through memorable communication outcomes rather than through Bayesian belief updating. Correct warnings increase trust, false alarms and missed crises reduce it, and correct silence leaves public trust unchanged. Memory-driven public trust generates communication distortions. Low-trust experts remain silent even when observing crisis signals (trust trap), while high-trust experts issue warnings even when observing no-crisis signals (trust cushion).
