This paper investigates how Environmental, Social, and Governance (ESG) principles are integrated into executive remuneration systems and examines whether the inclusion of ESG-related performance criteria is associated with the gender composition of management boards in large Croatian listed companies. The purpose of the study is to enhance understanding of how sustainability goals and gender diversity are reflected in executive compensation practices within a post-transition EU economy. The research applies a mixed-method design combining (1) descriptivetrend analysis of board gender composition for the 2020–2024 period and (2) directed qualitative content analysis of remuneration policies to identify the presence and type of ESG indicators. The paper is structured into five sections: introduction, literature review, methodology, results with discussion, and conclusion with implications. The findings show a modest increase in female board representation, although men remain dominant throughout the period. ESG-related goals were included in only 54% of company-year observations, with social and governance indicators prevailing, while environmental metrics were almost absent. The analysis identifies a moderatenegative correlation between female representation and the inclusion of ESG-related criteria in remuneration, suggesting that gender diversity does not serve as a driver of sustainability-linked pay in this context. The results indicate that Croatian companies have only partially aligned their remuneration practices with EU sustainability expectations and often apply ESG criteria in a broad, non-measurable form. The study’s findings can support companies in improving the specificity and measurability of ESG indicators in variable remuneration, assist supervisory boards in strengtheningoversight of sustainability-linked pay, and inform policymakers as they refine national ESG reporting and remuneration frameworks.
Seaports play an important role in the global economy, serving as international hubs for the transportation of goods, trade, economic growth, job creation, and strategic interests. Their continuous development and modernization are critical to supporting economic growth and addressing new challenges in the maritime industry. Adequate economic performance can contribute to efficient seaport production. The aim of this research is to analyse the impact of economic, human capital, and infrastructural factors influencing seaport production on a sample of 86 European Union (EU) port regions observed from 2009 to 2019. The Pooled Ordinary Least Squares (POLS), Fixed Effects (FE), and Random Effects (RE) estimation techniques were used as the estimation strategy. The results confirm that all three groups of factors have a significant impact on seaport production. Firstly, GDP per capita, which is the economic factor, shows a significant positive effect. Secondly, within the human capital category, education and innovation capacity prove to be important factors for the seaports’ performance.Finally, the motorways’ length, as an indicator of infrastructure, significantly impacts seaport production. Based on these findings, the policies that promote economic growth, stimulate consumption, and support international trade are recommended. In addition, policies that promote digitalization and innovative technologies in seaport operations, strengthen workforce development, foster collaboration with educational institutions, and enhance multimodal connectivity are encouraged.
This study investigates the impact of various determinants on corporate environmental accounting disclosure (ED) by reviewing relevant published studies. The paper covers ten years, from January 1, 2012, to December 31, 2021. A variety of determinants have been identified through an extensive review of the pertinent literature. To achieve the research objectives, the study employs a quantitative approach using logistic regression. The sample comprises 74 non-financial companies listed on the Amman Stock Exchange. The findings are expected to inform future policy development and enhance the environmental disclosure process. This study contributes to the existing literature by offering a more disaggregated examination of environmental accounting disclosure practices. Drawing on stakeholder theory, the study analyses annual reports of non-financial companies listed on the Amman Stock Exchange, which constitute the majority of firms engaged in direct interaction with the environment. The results reveal that environmental accounting disclosure is significantly influenced by factors such as industry membership, the presence of environmental certification, and the establishment of a CSR committee. Despite the numerous challenges in assessing ecological disclosure, this study’s findings provide valuable insights for advancing sustainable development and improving CSR reporting across the service and industrial sectors. This research emphasises the importance of adopting a renewed perspective on the underlying factors shaping environmental disclosure and their implications for enhanced transparency in ecological accounting.
Rural banks in Indonesia are under increasing pressure to sustain their financial performance as competition intensifies from commercial banks, cooperatives, and rapidly expanding financial technology (fintech) firms. These competitive dynamics not only affect profitability but also constrain rural banks’ ability to continue supporting micro, small, and medium enterprises (MSMEs), which play a crucial role in local economic development. Although prior research on banking sustainability has largely focused on financial indicators, limited attention has been given to the combined role of intangible internal resources and collaborative strategies in supporting longterm financial sustainability. Grounded in the Resource-Based View (RBV) and social innovation theory, this study seeks to examine the influence of organizational culture as an intangible resource on financial sustainability and to assess the moderating role of social innovation in strengthening this relationship. Using a quantitative research design, data were collected from 131 rural banks in Bali, Indonesia, and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings indicate that organizational culture has a significant positive effect on financial sustainability.Moreover, social innovation reinforces this relationship by enhancing the effectiveness of organizational culture in achieving sustainable financial outcomes. These results suggest that rural banks can improve their financial sustainability by integrating strong internal cultural foundations with externally oriented social innovation practices, particularly through collaboration and strategic partnerships. This study contributes to the extension of the Resource-Based View by demonstrating that social innovation serves as a complementary strategic resource that amplifies the value of organizational culture in fostering financial sustainability. The findings provide practical insights for policymakers and banking practitioners in formulating sustainability-oriented strategies for resource-constrained financial institutions.
Purpose: This study adds a historical yet contemporary perspective to the debate on corporate social responsibility (CSR) in family firms (FF). This study aims to explore the quantitative and qualitative research maps of CSR in FF, as presented in the literature. The authors present a thematic map of CSR in FF research, including stakeholders of CSR in FF, socioeconomic wealth creation by CSR in FF, disclosures and reporting of CSR in FF, and the association between socioemotional wealth in FF and CSR. Design/Methodology: This study uses a systematic literature review to analyze CSR in FF from historical, contemporary, and theoretical perspectives. Bibliometric analysis maps the publication landscape, including citation and keyword analyses of the most popular journals, authors, and countries. Cluster analysis conducted using VOSviewer, mapped with manual content analysis, revealed the thematic clusters of the research field. Findings: The content analysis of the management literature on CSR in FF reveals four primary clusters: (a) CSR in FF stakeholders, (b) socioeconomic wealth creation through CSR in FF, (c) disclosure and reporting of CSR in FF, and (d) socioemotional wealth in FF and CSR. Based on the gaps identified through thematic analysis, we also present future research directions that broadly contemplate “what is” and “what can be” in boosting CSR in FF through strategic incentives and programs. Originality/Value: This study comprehensively and objectively analyses contemporary management literature on CSR in FF from a historical perspective. This study combines bibliometric mapping and content analysis to provide a holistic understanding of CSR research in the FF industry and future research opportunities.
The present research is motivated by the eclectic approach and aims to shed light on the locational non-traditional determinants of foreign direct investment inflows. Considering the limited available knowledge on the interaction between foreign capital inflows and a worldwide socioeconomic phenomenon, namely child labor, the research extends an empirical model and examines the significance of location advantages when investing abroad, focusing on Turkey as a recipient country. A time series analysis using secondary annual data over the period 2002-2021 is conducted. Unit root and cointegration tests, as well as autoregressive distributed lag and error correction models, are applied. The results reveal that child labor in Turkey has a statistically insignificant negative impact on foreign capital inflows in both the shortand the long-run period, while the reverse causality analysis proves that the impact of FDI inflows on child labor in Turkey is statistically insignificant in the long- and short term. Policy implications and suggestions for future research are discussed.
Double materiality was implemented by Directive 2022/2464, and the Sustainability Reporting Standards became the basis for disclosing sustainability information. Companies must present double materiality (impact materiality and financial materiality) in their annual report, starting in 2024. As double materiality is a key concept, this study explores (i) the literature review and (ii) the perception of entrepreneurs of ESG aspects in a balanced business model in Croatia. 210 Croatian entrepreneurs responded to an online survey. The hypothesis: A balanced business model contributes to satisfactory financial performance when incorporating environmental measures in line with double materiality, significantly influencing the implementation of ESG aspects in business operations, according to the Croatian entrepreneurs’ opinion, is confirmed. The business model must incorporate ESG aspects that balance environmental consideration with business financial performance. The balanced business model must meet the needs of all stakeholders. The main limitation is the small sample size of respondents and country limited research. The paper contributes to understanding the concept of double materiality through a literature review and empirical research on how double materiality is applied in the Croatian business context.
This paper examines whether local development policy should be driven by politics or civil engagement, focusing on the citizens’ perspectives on this topic across European countries. It examines the factors influencing citizens’ attitudes towards the role ofpolitics and citizen engagement in local governance, with the goal of determining whether increased citizen involvement can lead to a more balanced approach between local politicians and the public. Analysis was performed on survey data collected fromlocal government networks in 15 European countries. Results showed that higher decentralization is associated with more positive views on the influence of politics in local development. However, those who see local elections and political influence ascrucial support limiting citizen involvement in policymaking. They believe economic policies should be decided by local councils and political representatives rather than public opinion. The novel research approach from the perspectives of citizens involvedin local networks across Europe offers valuable insights into the political influence and citizen participation in decision-making related to regional development policies.
This study investigates the evolution of Catalonia’s regional competitiveness within Spain and the European Union by applying the EU’s Regional Competitiveness Index (RCI) 2.0 framework. Through a combination of longitudinal benchmarking, peer region analysis, and k-means clustering, we assess how Catalonia’s competitiveness has shifted from 2016 to 2022 across eleven sub-indices grouped under the Basic, Efficiency, and Innovation pillars. The findings reveal that Catalonia, despite its strengths in infrastructure, technological readiness, and innovation capacity, remains structurally constrained by weak institutional quality, labour market inefficiencies, and underperformance in education. While it advanced to a stronger competitiveness cluster by 2022, its relative position declined compared to core Western European regions, and it was surpassed by the País Vasco region in the national competitiveness ranking. Peer group dynamics confirm a shift from the association with innovationled Western European regions to a more heterogeneous set, including emerging Eastern regions, highlighting Catalonia’s relative stagnation. These insights challenge assumptions of uniform competitiveness often cited in regional autonomy debates and emphasize the need for systemic reforms in governance and human capital development. The paper also demonstrates the analytical value of RCI 2.0 in uncovering the structural foundations of regional performance and offers policyrelevant implications for territorial cohesion and sustainable development.
Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) Yojana is a government initiative that provides financial support to Indian farmers, and this study investigates their impact on agricultural production and how it contributes to tax revenue. The study used secondary data from 21 Indian states from FY 2019-2022 as per availability, collected from the government’s official websites. The results showed that PM-KISAN is positively significant for agricultural production, even with moderate infrastructure, and positively impacts tax revenues. The study suggests that the government should increase the amount according to farmers’ land holdings and adjust it according to inflation. Regional offices and banks should provide information about the scheme to help farmers engage in services and avoid micro corruption. Previous studies have used primary data to investigate the effect of PM-KISAN on farmers’ income, but no studies have examined how it affects agricultural production and tax revenues.
In the pursuit of constructing a highly ethical taxpayer profile to achieve a more sustainable tax system, universal values, as per Schwartz’s bipolar model, and taxpayers’ personal tax culture have been studied independently, rather than in relation to each other. This research addresses this gap by exploring the relationship between self-transcendence, openness to change values, and taxpayers’ personal tax culture. Slovenian employed taxpayers (N=202) were examined during the second half of 2018, using exploratory factor analysis and correlation analysis. The results reveal a positive relationship between self-transcendence values (universalism, benevolence) and taxpayers’ personal tax culture, while no relationship was found between openness to change values (stimulation, self-direction, hedonism) and taxpayers’ personal tax culture. The findings can be beneficial to tax authorities, as they highlight the importance of strengthening self-transcendence values among taxpayers to positively influence their personal tax culture. Where the relationship has not been confirmed (openness to change values), tax authorities should implement communication strategies and tools to build trust with taxpayers, while ensuring their individual freedom, in order to achieve a sustainable tax system.
This paper is dedicated to examining the impact of the COVID-19 pandemic on the creative and cultural industries (CCI) in two tourist counties in Croatia – the Istria County and Šibenik-Knin County. This research focuses on the impact, resilience and adaptation of the CCI sector to the effects of measures introduced to combat the spread of the COVID-19 pandemic. The analysis is conducted using an online survey of business entities operating in the CCI sector, with the fulfilled surveys covering 12.1 percent of the total number of firms. The analysis showed that the COVID-19 pandemic has had a short-term negative effect on most of the surveyed entities in two analysed counties, with a greater negative effect in Istria County. Still, the pandemic has not had a significant negative impact on employment. Moreover, the respondents were optimistic about the long-term implications of the pandemic on their business, with respondents from Istria County expressing greater optimism than those from Šibenik-Knin County. The pandemic has encouraged respondents to adapt to new circumstances and seek novel solutions to achieve new revenue streams.
To explore the influence of information asymmetry on the link between internal finance and investment efficiency with a specific focus on innovation implications, this study analyses data from 507 non-financial listed firms in Vietnam from 2006 to 2019. The results indicate a proclivity among Vietnamese firms to engage in overinvestment as opposed to underinvestment. Notably, free cash flow significantly influences investment in both positive and negative cash flow scenarios. Furthermore, this investigation identifies that internal financing, represented explicitly by free cash flow, plays a pivotal role in both under- and overinvestment scenarios. Asymmetric information factors such as financial constraints and agency costs intricately shape the relationship between internal finance and investment efficiency. Firms experiencing high financial constraints tend to underinvest when facing an internal finance deficit. Conversely, firms with elevated agency costs show increased investment fuelled by their free cash flows, leading to overinvestment. The insights gained from this research can provide strategic measures for Vietnamese firms to foster innovation and optimise internal finance utilisation.
Previous cross-sectional investigations into urban scaling concerning regional GDP show that the scaling exponents closely align with the superlinear scaling value of 1.15. Analyzing the OECD 2016 data, this research reveals a comparable outcome, except for Korea, where a value below 1.0 is identified. Through the utilization of panel data from Korea, our empirical findings show sublinear scaling values. It appears evident that the Korean scenario contradicts the superlinear scaling principle in urban systems. Various explanations are discussed.
This study explores research trends in environmental, social and governance (ESG) performance and identifies the effect of ESG performance on firm sustainability. A search of Web of Science using the keywords ‘ESG performance’ and ‘firm sustainability’ identified 879 documents for bibliometric analysis. The analysis revealed a growing interest in researching the effect of integrating ESG into corporate strategies on firm sustainability. Popular key phrases identified include ESG, ESG performance, ESG disclosure, sustainability development, sustainability performance, firm performance and sustainability reporting. Key clusters of related keywords include social, governance, climate change, risk management and green innovation. A survey of 393 manufacturing firm employees in Ho Chi Minh City with knowledge of the role of ESG performance was conducted to test the research model. Among the factors of ESG, social performance had the most substantial effect on sustainability performance (β = 0.367), followed by environmental performance (β = 0.326) and corporate governance performance (β = 0.235). This study provides scholars with a foundation to widen future studies and has practical implications for the application of ESG in business strategies to achieve firm sustainability.
Assessing potential spillovers from monetary policy measures implemented by the European Central Bank has become an important concern in a globalized world. The interest in studying the impact of monetary policies adopted by the ECB on the non-Euro area countries has grown over time, and this crisis caused by the COVID-19 pandemic is a suitable moment to continue the analysis of other authors. The research focuses on the four CEE countries that are European Union members, but not EMU participants - Czech Republic, Hungary, Poland and Romania. The paper sheds light on the impact of the monetary policy implemented by the ECB on the emerging economies from the non-Euro area. The empirical analysis has been carried out on monthly data between 2010 and 2021. The econometric model includes five endogenous variables such as industrial production, inflation rate, real effective exchange rate, unemployment rate and 3-month interest rate, and three exogenous variables including 3-month EURIBOR rate, total assets of the European Central Bank and VSTOXX index. The paper applies a Bayesian VAR model to estimate the spillover effects from the ECB’s monetary policy and to demonstrate the efficiency of the contractionary monetary policy implemented by the national central banks in each country, using a consistent set of endogenous and exogenous variables. To confirm the obtained results in the estimation of the impact of the monetary policy adopted by each national central bank, a Panel VAR model was estimated. Extant results showed that the responses to an exogenous shock from the monetary policy adopted by the ECB are weak and statistically insignificant. This outcome led the analysis to a further estimation of the impact of the monetary policy implemented by the national central banks from each country, in order to make a comparison between the monetary policy of the Eurozone and the monetary policy adopted by the four emerging countries.
This study addresses the critical issue of identifying sectoral drivers of inflation in the South African economy, an area with limited empirical research. By examining net lending shocks from the financial, household, and government sectors over an extensive period from Q1 1960 to Q3 2022, the research aims to clarify the mechanisms underlying inflationary dynamics. Utilizing a Vector Error Correction (VEC) model, the findings indicate that net lending shocks from financial corporations have a mitigating effect on inflation, suggesting that increased lending in this sector can support price stability. In contrast, shocks from household and government sectors significantly contribute to inflationary pressures. This disparity highlights the complex interactions between different economic sectors and their distinct impacts on inflation. The results emphasize the need for a coordinated strategy that integrates both fiscal and monetary policies to effectively manage inflation in South Africa. By providing critical insights into how various sectors influence inflation, this study offers valuable insight for policymakers in designing targeted interventions. Overall, this research significantly enhances the understanding of sector-specific influences on inflation, contributing to more effective economic policy formulation in the context of South Africa’s dynamic economic environment.
The advent of the digital age in every walk of professional life, cushioned by privatization and globalization, has led to a significant change in working patterns in the service sector. Employees in the life insurance sector are facing an upswing in stress due to stringent norms set by the Insurance Regulatory and Development Authority of India. The strict deadline and targets, alongside technological challenges, are affecting their productivity, mental health, and well-being. Web-based mindfulness interventions are a platform to improve self-care, awareness, compassion, and well-being, and mitigate the chances of distress and burnout. This review aims to identify, critically evaluate, and encapsulate the literature on web-based mindfulness interventions on job stress in the life insurance sector employees. This study narratively reviews the potential effect of online mindfulness on improving the mental health and well-being of employees in the life insurance sector and assesses the extent to which such interventions can help mitigate stress. Future research needs to focus on specific characteristics of web-based mindfulness interventions, which can be specifically designed for life insurance employees based on levels of guidance, the types of interventions, and different treatment latitudes.
This research aims to empirically prove the influence of coercive power, legitimate power, and religiosity on tax compliance. Also, we investigate the influence of tax morale and the impact of tax morale on tax compliance in a sample context that experiences changes in tax regulations. The research sample was 199 taxpayers in Indonesia who were determined using purposive sampling. We show that tax power based on legitimacy effectively increases tax compliance and morale. However, on the contrary, the tax coercive approach reduces tax compliance. The research results also show that high religiosity is a high belief in God, dedication, and religious fervor.Thus, in the Indonesian context, religiosity encourages its followers to increase tax morale and compliance as proof that they comply with government regulations (as ulul amri). We also find that tax morale increases tax compliance. This research implies that Indonesia’s tax authority or government should take policies that can improve their legitimacy power and reduce coercive power approaches to increase tax morale and compliance.
The main goal of the research is to analyze the efficiency of non-life insurance in Croatia using the DEA method. The paper focuses on analyzing efficiency by types of non-life insurance to determine efficiencies by insurance types, identify areas for improvement, and optimize the Croatian insurance market. Past research has analyzed the overall efficiency of non-life insurance and the efficiency of individual insurance companies in the Republic of Croatia. This paper focuses on evaluating efficiency by specific types of insurance within the non-life insurance category. The methodological framework is based on the application of the input-oriented CCR and BCC models, which enable the assessment of relative efficiency. A dynamic analysis was conducted using acquisition costs, administrative costs, and settled claims as input variables, and earned premium as the output variable. The analysis reveals significant variations in efficiency by types of non-life insurance. The BCC model, considering variable returns, consistently provides higher efficiency values compared to the CCR model, highlighting the importance of scale effects in non-life insurance. The comprehensive analysis provides insight into the dynamics of efficiency in the Croatian non-life insurance market. The analysis results show that efficiency levels vary significantly among different types of insurance, with economies of scale significantly impacting efficiency. These research results offer new scientific evidence for optimizing market efficiency and strengthening competitiveness in the Croatian insurance industry. The results contribute to the theoretical understanding of the dynamics of the non-life insurance market and offer new implications for the development of the insurance market.
