Purpose This study aims to examine the impact of Chief Executive Officer (CEO) characteristics on carbon emissions disclosure in Indonesian firms using the upper-echelon theory. CEO characteristics investigated in this study include CEO tenure, education, gender and nationality. Design/methodology/approach This study uses a sample of 768 Indonesian firms from 2018 to 2021 that yields 2,323 firm-years of observation. The data are gathered manually from company reports. The association between CEO characteristics and carbon emissions disclosure is investigated using regression analysis with panel data. Findings This study finds that a shorter tenure of the CEO results in a higher level of carbon emissions disclosure. In terms of education, this study finds that CEO with an accounting or business educational background will present more carbon emissions information than CEO with other educational backgrounds. In addition, local or domestic CEO tends to disclose more carbon emissions information than foreign CEO. On the other hand, the extent of carbon emissions disclosure does not depend on the educational level or the gender of the CEO. Practical implications This study suggests that Indonesian companies implement a year-limited tenure of the CEO to ensure the governance systems are effective in addressing companies’ issues and risks. In addition, the companies are suggested to consider appointing a CEO who has an accounting or business educational background to tackle environmental issues such as carbon emissions. Companies are recommended to hire a local or domestic CEO rather than a foreign CEO because of their knowledge about the business environment and sustainability regulations in Indonesia. Originality/value In the literature, there are limited studies investigating CEO characteristics on carbon emissions disclosure because previous studies dominantly examine stakeholder pressures, ownership structure and governance. Hence, this study provides empirical evidence about the relationship between CEO characteristics that include tenure, education, gender and nationality and carbon emissions disclosure.
Purpose The present work aims to investigate the influence of intellectual capital (IC) components, human, structural and relational, on the quality of sustainability reporting (SR). It further examined how corporate governance moderates this relationship within the context of G20 countries. Design/methodology/approach Using a panel data set of 427 international companies from G20 nations between 2018 and 2024, data were collected from the Thomson Reuters Eikon ASSET4 database and corporate annual reports. The hypotheses were tested using multivariate linear regression. Findings The results of this study indicate that the IC components contribute to improving the quality of sustainability reports. It also reveals that human capital has a significant positive effect, while structural capital shows a positive but marginally significant relationship with SR. In contrast, relational capital has no significant direct effect; however, its contribution becomes positive and significant when corporate governance is considered as a moderating factor. Furthermore, the results suggest that corporate governance strengthens the relationship between the IC components and SR. Practical implications The findings show that human capital and structural capital improve the quality of SR, while effective corporate governance strengthens this relationship. The study therefore provides useful implications for companies and regulators to enhance reporting transparency and reduce the risk of greenwashing. Originality/value Contrary to the scant literature, this study provides a realistic conclusion on the relationship between IC components and SR, aligning with current trends that emphasize the role of IC through corporate governance, which strengthens this relationship. The study contributes to the literature by providing a comprehensive and accurate view of SR within the study through an improved SR framework and efficient methodology. It adds value in the contemporary market, where the competition is SR-driven.
Purpose The purpose of this study is to empirically analyze the determinants of support for the task force on climate-related financial disclosures (TCFD) from a corporate governance perspective. Design/methodology/approach The study analyzes a sample of 687 Japanese listed companies over the period from 2017 to 2023, using the Cox proportional hazards and logit models. Findings The results revealed that companies with strong climate governance, gender-diverse boards and high CO2 intensities were more likely to support TCFD. Furthermore, revisions to the corporate governance code (CGC) enhancing sustainability disclosure have accelerated the adoption of TCFD. Practical implications This study provides practical implications for the approaches policymakers should take to promote TCFD adoption and the governance frameworks companies should establish. It also contributes to societal outcomes, including the realization of the Sustainable Development Goals (SDGs). Originality/value This study integrates the resource-based view, institutional theory and legitimacy theory into TCFD research by highlighting climate change initiatives and revisions to Japan’s CGC. Furthermore, it is noteworthy that the governance variables demonstrated trends differ from those in previous studies grounded in stakeholder theory.
PurposeCorporate activism (CA) refers to public statements or actions by firms, brands or CEOs in support or opposition to sociopolitical issues. This study aims to examine how the literature addresses CA’s potential contribution to grand challenges such as climate change, inequality and threats to democracy. Design/methodology/approachA systematic literature review was conducted following the SPAR-4-SLR protocol. Searches in Scopus and Web of Science yielded 1,316 records; after screening, 30 studies explicitly linking CA to socioenvironmental outcomes were analyzed. Coding captured levels of analysis (micro, meso, macro), theoretical perspectives (psychological, discursive, relational, institutional), mechanisms and outcomes. FindingsResults show that CA influences grand challenges through mechanisms such as shaping individual attitudes and behaviors, reframing organizational fields, mobilizing cross-sector partnerships and driving institutional change. Yet empirical evidence remains limited, often focused on microlevel reactions. Findings underscore both CA’s transformative potential and legitimacy risks. Research limitations/implicationsEvidence remains limited and biased toward the Global North, highlighting the need for longitudinal, cross-country and multi-actor studies. Practical implicationsManagers should embed CA in governance frameworks and coalitions to avoid tokenism and generate systemic impact. Social implicationsThe literature portrays CA as potentially addressing grand challenges, but evidence of lasting societal impact remains limited. Originality/valueThis study bridges CA research with grand challenge scholarship, providing the first synthesis of how CA has been linked to societal and planetary outcomes. It advances a multilevel framework of mechanisms and identifies gaps in connecting firm actions to systemic change.
Purpose This study aims to investigate the direct and indirect relationship between environmental, social and governance (ESG) practices and the cost of debt in Chinese companies, using anti-corruption strategy disclosure as a mediating variable. Design/methodology/approach To test the direct and indirect effects between ESG practices and the cost of debt using structural equation modeling (SEM), this study used a panel data set of 728 Chinese companies between 2018 and 2023. Data were collected from Thomson Reuters DataStream, the ASSET4 database and company annual reports and then analyzed using SEM to test the hypotheses. Findings Regression results show that anti-corruption mediates the relationship between ESG practices and the cost of debt in Chinese companies. This suggests that combating corruption helps lower the cost of debt by strengthening financial transparency and corporate credibility with creditors. In addition, anti-corruption partially mediates this relationship, exhibiting a significant negative effect. Practical implications This study shows that ESG practices and the fight against corruption reduce information asymmetry and the risk perceived by creditors, thereby strengthening the transparency, ethics, governance and sustainability of companies, and offering concrete guidance for strategic decision-making. Originality/value This study provides new insights by showing how ESG practices and anti-corruption measures can reduce the cost of debt, examining their direct link and the mediating effect of anti-corruption actions, an aspect that has received little attention.
Purpose This study aims to examine whether superior Environmental, Social and Governance (ESG) performance can mitigate the adverse financial effects of inflation shocks across firms and countries. While prior research has explored ESG performance during crises, this paper focuses explicitly on sustained inflationary periods and tests ESG’s resilience-enhancing role using accounting-based metrics. Design/methodology/approach The analysis is based on a panel of 5,986 publicly listed firms across 54 countries from 2002 to 2024, combining ESG ratings with definitive and inflation data from the World Bank. Return on assets is used as the key performance indicator. Regression models include inflation thresholds and interaction terms to assess whether ESG modifies firm outcomes under high inflation conditions, with robustness checks using alternative inflation definitions (CPI, PPI, EPI). Findings The study finds that firms with higher ESG ratings exhibit significantly better financial performance under high inflation. This effect is consistent across industries and regions, though variations exist (e.g. Japan and some sectors). Results remain robust when using alternative inflation measures and thresholds, confirming the stability of the ESG-inflation interaction effect. Research limitations/implications The study's potential limitation is the small number of high-inflation occurrences in the data. There is a good chance that further inflation shocks will be seen in the upcoming years, given the present global economic issues. This would make it possible to examine the advantages of ESG initiatives in the face of macroeconomic crises in more depth. Practical implications Policymakers in emerging markets should incentivize ESG adoption not only for sustainability but also for macroeconomic resilience. Firms operating in inflation-sensitive sectors can benefit from embedding ESG practices to stabilize returns, improve risk management and attract long-term capital under uncertain economic conditions. Social implications The study offers fresh and significant implications for society, such as promoting ESG as a macroresilience tool, enhancing corporate accountability, supporting economic stability and reducing job losses during economic shocks, thereby improving public trust and social well-being. Originality/value Unlike previous studies that assess ESG performance during financial or health-related crises, this research uniquely focuses on chronic inflationary pressure and its intersection with ESG performance, providing new evidence of ESG’s role as a strategic intangible asset during macrolevel economic stress. The cross-country approach and accounting-based metrics contribute novel insights into ESG’s capacity to enhance financial resilience beyond market-based outcomes. By analyzing how ESG performance mitigates the effect of inflationary pressure on firm profitability, this study expands the focus of the ESG-resilience discussion from transient crisis occurrences to ongoing macroeconomic stress. This investigation provides empirical data on whether ESG capabilities aid organizations in maintaining operational performance when cost pressures increase by explicitly modeling the moderating influence of ESG in the relationship between inflation and firm profitability.
Purpose This study aims to examine the impact of Environmental, Social and Governance (ESG) performance on business risk and investigates how board gender diversity moderates this relationship. Design/methodology/approach Using panel data from 367 listed firms in Portugal and Spain over the period 2013–2023, this study uses a two-step system generalised method of moments to address endogeneity and dynamic effects. Findings The results show that ESG performance and board gender diversity reduce business risk under agency and signalling theory. However, their interaction is associated with higher business risk. This study explains this finding through a governance complexity effect, where the joint implementation of ESG strategies and gender-diverse boards increases coordination costs, intensifies board deliberations and creates uncertainty in short-term execution, which outweighs the individual risk reduction benefits. Originality/value This study contributes to the literature in three main areas. First, it jointly examines ESG performance and board gender diversity rather than treating them as independent mechanisms. Second, it models gender diversity as a moderating factor, thereby uncovering non-linear governance effects. Third, it provides novel evidence from the Iberian context, a setting where ESG and diversity are strongly shaped by regulatory pressures. By identifying a governance complexity effect, the study shows that governance mechanisms are not purely complementary and may generate short-term trade-offs in firms’ risk profiles.
Purpose This study aims to examine the earnings retention practices of incorporated firms on Africa’s major stock exchanges. It hypothesizes that foreign and regional multinationals in Africa maintain different internalization processes and earnings retention policies than local firms. Design/methodology/approach The data collection unit comprises a panel dataset of 261 companies listed on 13 stock exchanges in Africa. The choice of firms and number of years were based on data availability. A system dynamics generalized method of moment estimation model was used. Findings Emerging evidence indicates that the impact of internal firm characteristics on earnings retention varies between foreign and domestic firms. For example, foreign firms in the mineral resource sector are less likely to maintain an active retention policy than their local counterparts. Foreign firms with more investments in fixed assets have a lower probability of earnings retention than local firms. An increase in firm size can increase or decrease retained earnings for both foreign and local firms. Practical implications The foregoing results call for policy and capital control emphasis to be shifted to deal with how firms (foreign and local) manage their internal capital market operations. Corporate tax policy remains a functional mechanism for moderating the negative impact of taxes on corporate earnings retention behaviour. Originality/value This study is original in that it shifts the focus from the predominant analysis of the internalization theory based on soft capabilities (knowledge, research and development) to firms’ attempts to deploy their internal capital markets as a means of strategic intra-firm capital allocation.
Purpose This study aims to investigate how governance disclosure regimes, particularly comply-or-explain mechanisms, affect investor confidence across African capital markets. Focusing on South Africa, Nigeria and Egypt, it examines whether high-quality governance disclosures enhance firm valuation, improve liquidity and constrain opportunistic behaviors like tunneling, while accounting for institutional differences in enforcement and investor sophistication. Design/methodology/approach The study employs a multi-method research design combining event study methodology, panel regressions, difference-in-differences models and instrumental variable (two-stage least squares) approaches. The dataset includes 6,520 firm-year observations between 2015 and 2024, covering governance disclosures, financial performance, foreign ownership and market data. Governance disclosures are manually coded as substantive or boilerplate based on content analysis. Robustness checks, entropy balancing and heterogeneity analyses by sector, ownership structure and jurisdiction are incorporated to strengthen causal inference. Findings High-quality governance disclosures significantly enhance firm valuation (Tobin’s Q) and reduce liquidity costs (bid-ask spreads), particularly in markets with strong regulatory enforcement, such as South Africa. Firms use governance disclosures strategically, linking them to market expansion, cost reduction and innovation rather than compliance or Environmental, Social, and Governance goals. Foreign institutional ownership strengthens the monitoring effect, while investor reactions vary depending on market maturity and governance credibility. Originality/value This study refines governance and agency theories by empirically illustrating that the effectiveness of disclosure-based regimes in emerging markets depends heavily on institutional quality, investor activism and enforcement strength. It offers insights into the strategic framing of governance disclosures in African firms. It highlights the contextual boundaries of comply-or-explain models, providing actionable guidance for policymakers and scholars focusing on emerging economies.
Purpose This study aims to examine how financial literacy (FL) and fintech adoption (FA) influence firms’ environmental, social and governance (ESG) performance, drawing on resource dependency theory (RDT) and dynamic capabilities theory (DCT). Design/methodology/approach Using survey data from UK financial institutions and employing partial least squares structural equation modeling, we analyze the mediating role of digital transformation and the moderating role of absorptive capacity. Findings Results show that financial literacy (FL) and Fintech adoption (FA) are significant drivers of ESG performance. Digital transformation mediates their effects, indicating that technology-enabled change amplifies resource optimization. Absorptive capacity positively moderates relationship between financial literacy (FL) and ESG, whereas negatively moderates in Fintech adoption (FA) and digital transformation, suggesting that foundational capabilities in FA and digital transformation independently enhance ESG outcomes. By integrating underexplored variables into RDT and DCT, this study provides empirical evidence that Fintech adoption and financial literacy are valuable strategic resources for improving sustainability performance. Originality/value These findings extend current RDT and DCT inform practice by highlighting that firms actively adopting Fintech and embedding digital transformation achieve superior ESG results. The study offers guidance to decision-makers and regulators seeking to foster sustainable innovation in the financial sector.
Purpose Despite the growing importance of green word of mouth (GWOM) for businesses in today’s globally connected world, dedicated literature review efforts in this field appear to remain limited. This study aims to provide a comprehensive literature review on GWOM by integrating bibliometric and content analysis. Design/methodology/approach Based on 270 Scopus-indexed articles from 2009 to 2025, the study employs bibliometric techniques such as keyword cooccurrence and bibliographic coupling, complemented by qualitative content analysis. Findings The findings reveal a surge in GWOM research since 2020. Key themes include (1) greenwashing and brand equity dimensions; (2) social influence and individual green identity; (3) GWOM and green behavioral intentions; (4) green skepticism and moral emotions and (5) digital technology, electronic word of mouth and green advocacy. The field remains largely shaped by quantitative approaches and primary data, while qualitative studies, mixed-method designs, conceptual frameworks, literature reviews and the use of secondary or combined datasets are still considerably underutilized. Importantly, the content analysis revealed critical research gaps, which served as the basis for proposing a future research agenda encompassing five key areas: foundational theories, methodological diversification, data innovation, thematic broadening and contextual analysis. Originality/value The novelty of this study lies in its integration of bibliometric and content analysis to provide a dual analytical perspective on GWOM research. This may also be regarded as one of the early reviews in this area, offering a specific and actionable research agenda in the digital era, thereby aiming to contribute to the ongoing development of the field.
Purpose Amid rising corporate fraud incidents in emerging markets, driven by weak internal controls and executive opportunism, this study aims to explore the effect of CEO-CFO tenure consistency (CFTC) on corporate fraud (COF) and to examine whether CFO audit experience (CFAE) and Big 4 auditor oversight (B4N) moderate this relationship.Design/methodology/approach Using 15,192 firm-year observations from Chinese A-share listed companies from 2011-2022, the authors apply a two-way fixed-effects regression with industry and year fixed effects to examine the influence of CFTC on COF. Alternative estimators, endogeneity tests and propensity-score matching are used as robustness tests.Findings This study's results show that CFTC substantially reduces fraud likelihood, an influence that intensifies when CFAE and B4N supervision are present. Heterogeneity analyses reveal that the deterrent effect is most pronounced among non-state-owned enterprises, smaller entities and high-growth firms. The authors further identify two intervening mechanisms: (1) digital transformation raises transparency and data-driven controls, sharpening fraud detection, and (2) sustainable governance practices foster ethical conduct.Originality/value By linking executive-tenure alignment, specialized skills and external monitoring to fraud mitigation, this study extends governance theory and offers actionable insights for policymakers, regulators and practitioners in emerging markets.
Purpose This study aims to address the fragmentation in research on greenwashing, transparency and digitalization by examining how these elements interact as governance mechanisms within sustainable corporate governance. Design/methodology/approach A PRISMA-based systematic literature review was conducted on 87 peer-reviewed articles published between 2017 and 2024 in Web of Science and Scopus. Explicit inclusion criteria were applied, and a theory-informed thematic synthesis identified governance mechanisms, institutional dynamics and digital accountability tools. Findings Substantive transparency reduces the prevalence and perception of greenwashing by strengthening accountability structures. Digitalization operates as an enabling but ambivalent governance infrastructure: technologies such as blockchain, artificial intelligence and natural language processing enhance traceability and monitoring, yet may also enable more sophisticated symbolic practices when not embedded in robust regulatory and assurance systems. Greenwashing therefore emerges as a systemic governance challenge rather than merely a communication problem. Practical implications The findings provide guidance for boards, regulators and auditors in designing integrated transparency and oversight architecture. Originality/value Existing research treats these constructs in isolation, limiting explanatory integration and governance insight. The study advances theory by integrating transparency and digitalization into a unified governance framework, reconceptualizing greenwashing as a function of institutional design and monitoring capacity.
Purpose This study aims to investigate whether whistleblowing protection policies (WBPs) mitigate accrual and real earnings management (AEM and REM) among UK FTSE 350 firms, examining their role as an integral component of corporate governance. Design/methodology/approach Drawing on agency theory and the informativeness principle, the study uses both ordinary least squares and instrumental variable quantile regression analyses to explore how WBPs affect different levels of EM. The sample comprises 352 FTSE 350 firms between 2010 and 2020, spanning both financial and non-financial sectors. Findings The results show that WBPs significantly reduce both AEM and REM, particularly in firms with mid-to-high levels of managerial discretion. WBPs act as a complementary layer of governance, most effective when traditional mechanisms, such as board independence or audit committee strength, are weak or inconsistently enforced. Sectoral differences emerge, with stronger effects in financial firms, while Brexit-related uncertainty reinforces the efficacy of WBP in enhancing reporting quality. Research limitations/implications The binary measure of WBP adoption does not capture variations in policy quality or enforcement. Future research should explore qualitative dimensions and cross-country comparisons. Practical implications The findings highlight that WBPs should not be treated as symbolic but embedded into governance frameworks. Regulators should consider mandating more detailed WBP disclosures, while boards should strengthen whistleblowing channels to enhance monitoring effectiveness. Social implications Strengthening whistleblowing systems contributes to greater corporate accountability and public trust in financial reporting, supporting broader societal goals of transparency and ethical corporate conduct. Originality/value To the best of the authors’ knowledge, this is one of the first UK-based studies to demonstrate that WBPs mitigate both AEM and REM. It extends the literature by applying agency theory and the informativeness principle to internal whistleblowing, offering new insights into layered governance practices in varying institutional contexts.
Purpose This study aims to investigate the impact of board social capital on corporate anti-corruption practices among Financial Times Stock Exchange 350 companies in the UK from 2006 to 2023. It also explores how board-level connections influence the adoption and disclosure of anti-corruption policies, particularly in varying organisational contexts. Design/methodology/approach Grounded in social capital theory and resource dependence theory, the study conceptualises board social capital as a strategic governance mechanism. Using panel data, a fixed effects regression model is used to assess the relationship between board social capital and anti-corruption policies. Findings The findings reveal that higher levels of board social capital are positively associated with the adoption and disclosure of anti-corruption policies. This relationship is especially pronounced in firms with smaller boards and during the introduction and decline stages of the corporate lifecycle. Regarding control variables, anti-corruption efforts are weaker in younger firms with large boards and low capital expenditures, while firm size, profitability and leverage are positively associated with disclosure of anti-corruption policies. Originality/value This study contributes to the corporate governance and environmental, social and governance literature by showing the positive role of board social capital as an enabler in shaping ethical corporate behaviour. It fills an important gap by examining how directors’ social ties influence firms’ anti-corruption policies and extends understanding of how internal board dynamics and external pressures jointly influence transparency and anti-corruption outcomes. By considering both organisational and contextual factors, it offers a more integrated view of how governance mechanisms shape ethical outcomes.
Purpose This study aims to examine the direct and indirect impacts of Industry 4.0 in accounting (INAC), sustainability accounting and enterprise risk management (ERM) on sustainability performance in the context of G7 countries. In this study, sustainability accounting and ERM are examined as mediator variables for INAC-sustainability performance nexus.Design/methodology/approach Starting with a LSEG database of 20,726 G7 companies, stringent selection criteria was applied, resulting in a final sample of 982 firms spanning 2019-2023 (yielding 4,910 firm-year observations). The maximum likelihood structural equation modeling was used to examine direct and indirect effects and achieve optimal model fit.Findings The finding of this study indicates that INAC has a favorable effect on both sustainability accounting and ERM in the G7 context. The sustainability accounting also has a favorable impact on sustainability performance, but ERM negatively influences sustainability performance. The sustainability accounting exhibits an additional mediating role for INAC-sustainability performance nexus; however, ERM plays a competitive mediating role for the link.Practical implications This paper implies practical guidance for G7 enterprises seeking to enhance sustainability performance. The results of this study highlight the significance of robust sustainability accounting activities for improved performance. However, the negative relationship between ERM and sustainability performance suggests a need for firms to critically evaluate and refine their risk management strategies, ensuring they align with sustainability goals. The mediating roles of sustainability accounting and ERM further emphasize the need for integrated approaches to leverage Industry 4.0 for sustainable outcomes.Originality/value This study puts up a comprehensive examination of the interplay among INAC, sustainability accounting, ERM and sustainability performance within the G7 context, a relationship largely unexplored in prior research. Moreover, this study clarifies the mediating roles of both sustainability accounting and ERM in INAC-sustainability performance link, offering nuanced insights into the mechanisms driving these connections. The unexpected negative relationship between ERM and sustainability performance uncovered in this study challenges existing assumptions and opens new avenues for future research exploring this paradoxical finding within developed economies.
Purpose This study aims to investigate the role of environmental, social and governance (ESG) practices in shaping patient perceptions and behavioral outcomes within the context of private general hospitals in Vietnam. Besides, this study examines the mediating role of customer loyalty in the relationships between hospital image or hospital reputation and customer retention.Design/methodology/approach Drawing on a quantitative, survey-based approach involving 433 customers who have used or are considering non-emergency health-care services, this study examines the independent effects of each ESG dimension on hospital image and reputation, using structural equation modeling.Findings Governance plays the most pivotal role in enhancing hospital image and reputation. These perceptual constructs, in turn, significantly strengthen customer loyalty and drive retention. However, the mediating effect of customer loyalty weakens under conditions of low patient trust, indicating that ESG perceptions alone may not sustain retention without relational reinforcement.Practical implications The study provides actionable guidance for private hospital leaders and executives, emphasizing ESG, especially governance as a strategic lever for building trust, reputation and patient retention.Originality/value The study offers empirical insight into how sustainability-oriented hospital strategies - especially environmental practices - may shape trust, loyalty and long-term engagement. By advancing an integrated theoretical framework, this research contributes to both health-care marketing and sustainability literature, offering practical implications for hospital administrators aiming to enhance competitive positioning through ESG-driven value creation.
Purpose - This study aims to analyze the effect of corporate carbon emissions (CRBEs) on financial performance (FNP) in the context of a carbon-non-regulated economy. More importantly, the study also purports to analyze the moderating role of corporate governance (CRGV) practices in describing this nexus. Design/methodology/approach - This study builds on a data set of 1,281 firm-year observations from 2014 to 2024, using a fixed-effects panel regression method to test the hypothesized relationships. Moreover, the robustness of the findings has been validated through Heckman's two-stage regression and system GMM approach to control for self-selection bias and endogeneity issues. Findings - The findings suggested that CRBE has a significant adverse effect on accounting (beta = -0.038; p < 0.05) and market-based (beta = -0.544; p < 0.01) financial performance. Furthermore, the results confirmed that CRGV negatively moderates the FNP-CRBE relationship at a 5% significance level. Specifically, firms with larger board size (beta = -0.021, -0.088), greater board independence (beta = -0.029, -0.095) and women's representation on the board (beta = -0.018, -0.172) were able to control the adverse effects of environmental degradation on the financial performance. Practical implications - The present findings assist policymakers in using CRGV regulations to control the environmental consequences of corporate actions. Regulators can adopt affirmative policy measures to improve CRGV efficacy instead of penalty-based carbon regulations to enhance receptivity among business firms. Originality/value - Despite growing importance, the extant literature has largely undermined the critical role of good governance in mitigating the adverse effects of CO2 emissions. The current study provides pioneering evidence on the moderating effect of CRGV on the FNP-CRBE within the unique context of a carbon non-regulated economy.
PurposeAs concerns over climate change and social inequality intensify, firms are increasingly transitioning toward sustainable business models. However, the fragmented nature of the literature limits our understanding of how sustainable transition pathways are constructed. This paper aims to examine how managerial cognition, particularly managers’ cognitive frames and their underlying content, influences the construction and efficacy of sustainable transition pathways. Design/methodology/approachAn integrative literature review of 184 studies was conducted using thematic analysis and dialectical interrogation. FindingsSustainable transition pathways emerge through repeated interventions, shaped by the cognitive frames managers use to guide their decision-making. The authors identify four managerial orientations toward sustainability: business-as-usual, instrumental, transition and transformation, each underpinned by distinct assumptions, values and priorities. These orientations influence how managers conceptualize sustainability, set objectives, operationalize interventions and define value. By integrating these insights, the authors theorize how differences in cognitive content explain variations in the construction and efficacy of sustainable transition pathways. Originality/valueThis study uncovers the overlooked role of managerial cognition in shaping sustainable transition pathways by synthesizing the fragmented literature. By identifying differences in cognitive content, the authors develop a conceptual framework of managerial orientations toward sustainability. This framework advances the understanding of how managers construct sustainable transition pathways, explaining why similar interventions can lead to divergent sustainability outcomes. Lastly, this paper offers conceptual insights that can help managers reflect on how to construct more effective sustainable transition pathways.
Purpose This study aims to examine how chief executive officer (CEO) attributes, namely, duality and compensation, affect corporate tax avoidance, with a particular focus on the moderating role of family ownership. Design/methodology/approach Using a sample of 155 French firms listed on the CAC All-Tradable Index over the period 2011–2023, this study uses a generalized method of moments approach to address endogeneity concerns. Findings The results show that CEO duality and CEO compensation are positively associated with tax avoidance, indicating that CEOs with greater power and stronger incentives are more likely to engage in opportunistic tax strategies. The findings further reveal that family ownership plays a moderating role by amplifying these effects, suggesting that family-controlled firms reinforce rather than constrain managerial opportunism in corporate tax strategies. Research limitations/implications This study focuses solely on French publicly listed firms, which may limit the generalizability of the findings to other institutional contexts. The analysis is also restricted to CEO duality and compensation, leaving other CEO attributes unexplored. Practical implications The study provides important implications for policymakers and regulators. The findings highlight the need for stronger governance mechanisms to mitigate managerial opportunism, particularly in family-controlled firms where ownership concentration may exacerbate aggressive tax behavior. Social implications By shedding light on the drivers of corporate tax avoidance, this study contributes to the broader debate on ethical corporate behavior and its implications for transparency and fairness. Originality/value This study provides new evidence on the moderating role of family ownership in the relationship between CEO attributes and corporate tax avoidance, offering theoretical insights into the dominance of agency-driven incentives over socioemotional considerations in family firms and revealing the dark side of family control in a civil law context.
