Financial performance of small and medium-sized enterprises (SMEs) is investigated in this study as a dependent variable, with green entrepreneurial orientation (GEO) as the independent variable, green innovation capabilities (GIC) as the mediating variable and regulatory framework as the boundary condition. The study draws on the resource-based view, dynamic capability theory and institutional theory to fill this gap and provide a more integrated explanation of how SMEs translate their environmental orientation into measurable outcomes in the business (Coelho et al., 2024; Anin et al., 2024). The theoretical framework used was the tool of data collection, which was carried out by a structured questionnaire and analyzed with SPSS 26.0 and SmartPLS 4.0 for SME owners and managers in Zhengzhou, China, with a total of 384 subjects. The results show that GEO has positive effects on enterprise performance and that this effect is partially mediated by GIC. Further results indicate that the GEO-performance relationship is enhanced by supportive regulatory conditions. The study adds to the literature by connecting the concepts of green strategic orientation, innovation capability and institutional support in one empirical model. It provides practical directions for SME managers who are looking for performance improvements as a result of eco-innovation, and for policymakers responsible for creating the policy environment for sustainable entrepreneurship.
This study examines the determinants of managerial awareness of fair value (FV) application in public asset valuation within public non-business units (PNBUs) in Vietnam, an emerging economy undergoing public sector accounting reform. Drawing on institutional theory (North, 2012), agency theory (Jensen & Meckling, 1976), and the International Accounting Standards Board (IASB) conceptual framework, the study develops a model incorporating regulatory, organizational, and informational factors, including legal regulations, autonomy, usefulness and reliability of accounting information, cost-benefit considerations, and accounting staff competence. Using survey data from 150 managers and chief accountants, the study employs Cronbach’s alpha, exploratory factor analysis (EFA), and multiple regression. The results indicate that all factors positively and significantly influence managerial awareness, with information reliability, cost-benefit considerations, and staff competence exerting the strongest effects. The model explains 53.2% of the variation in awareness. The study contributes to the limited empirical literature on FV awareness in the public sector of emerging economies by highlighting the role of regulatory frameworks alongside organizational and informational conditions. The findings suggest that strengthening regulatory clarity, enhancing professional capacity, and improving information systems are essential for promoting effective FV adoption and improving transparency and accountability in public asset valuation.
This study analyzes research trends and substantive developments in scholarship on policies concerning indigenous peoples using a scientometric approach, with particular attention to debates on the recurring failure of indigenous public policies (Figueroa Huencho, 2022), Data were collected from the Web of Science database with the keyword “indigenous policies fail”, yielding 137 articles published between 1997 and 2023 in categories representing social, political, economic, environmental, and sustainability dimensions. Bibliometric analysis is employed to map publication dynamics, author collaboration networks, and key research themes, which is then complemented by qualitative content analysis of the abstracts to interpret patterns of policy failure and the recommendations proposed. The main findings indicate that the failure of indigenous policy is driven less by resource constraints than by weaknesses in policy design that tend to be ahistorical and technocratic, unequal power relations in implementation, and the limited recognition of indigenous agency and knowledge systems. The reviewed literature also underscores the urgency of adopting place-based approaches, knowledge co-production, stronger indigenous leadership, and institutional reform to ensure state accountability and a more equitable distribution of access to resources.
The outcomes of the audit carried out by the auditor offer crucial information for investor decision-making (Purwanti et al., 2025), making audit quality (AQ) a critical aspect that requires attention. The effectiveness of the board of commissioners (BC) and the audit committee (AC), as a good corporate governance (GCG) mechanism, is a key determinant of AQ. The aim of this research is to combine the elements of the BC and the AC into a single comprehensive analysis to evaluate the impact of both on AQ. The study analyses a sample of 150 Indonesian publicly listed firms using logistic regression. The findings indicate that the performance of the BC does not significantly impact AQ. The effectiveness of the AC influences higher AQ. Some control variables, such as auditor tenure, public accounting firm size, company size, and institutional ownership, did not show an influence on AQ. Still, it is not the case for leverage. This research offers practical implications for policymakers to reassess the regulations concerning the BC and AC that companies must have, in order to enhance the efficiency of these bodies.
In the era of global digitalization, digital transformation of student management is crucial for any university worldwide. Digital transformation in student management involves building infrastructure and adopting new technologies to improve the quality of student services. It has been proven that digital applications can improve transparency, accountability, and efficiency in administrative work (Alshawabkeh & Al Jasmi, 2025). In Vietnam, a significant research gap persists in the digitalization of university student management. Therefore, the objective of this research is to analyze the factors that affect the digital transformation of student management in Vietnamese universities. Using an extensive scale survey and structural equation modeling (SEM), we collected and analyzed 286 responses from lecturers/staff and students at the universities. It is found that digital transformation leadership, information technology (IT) staff competencies, application of new technology, technology infrastructure, financial capacity, university culture and skills positively affect the digital transformation of student management. financial capacity is found to be the strongest factor in digital transformation of student management. Hence, we propose suggestions to enhance financial resources for digitalization, leadership in digital transformation, technology infrastructure, staff training, and fostering a digital culture within universities in Vietnam.
The papers published in this issue of the Journal of Governance and Regulation reflect several important and interrelated trends in contemporary research. A prominent theme is the increasing integration of governance with broader socio-economic outcomes, particularly in areas such as financial literacy, social welfare, and entrepreneurship.
This study examines how hybrid digital governance ecosystems among micro, small, and medium-sized enterprises (MSMEs) are shaped by the interaction between social and technical governance mechanisms. Drawing upon the stimulus-organism-response (S-O-R) framework (Ibrahim et al., 2024) and digital trust literature (Alnoor et al., 2022), social media marketing activities are conceptualised as social governance mechanisms, while perceived security represents a technical governance mechanism. Using survey data from 400 Indonesian MSMEs and partial least squares-structural equation modelling (PLS-SEM), the findings reveal that social governance mechanisms significantly enhance informal relational governance (trust), while technical governance mechanisms strengthen both trust and evaluative governance reinforcement (e-commerce satisfaction). Satisfaction emerges as the strongest predictor of purchase intention. The results demonstrate regulatory complementarity, whereby informal relational mechanisms and technical safeguards jointly stabilise transactional behaviour in hybrid digital markets. This study contributes to governance and regulation literature by empirically integrating social engagement and security assurance within a unified digital governance framework in an emerging economy context.
This study investigates the relationship between regional regulatory quality, corporate governance of regional-owned enterprises (badan usaha milik daerah, BUMD), fiscal capacity, and regional economic growth in Indonesia. Prior studies emphasize the central role of institutional and regulatory quality in shaping economic performance and governance outcomes (Karagiannis & Paleologou, 2025; Onafowora & Owoye, 2024). Using a panel dataset across provinces and applying moderated mediation analysis, the study finds that regulatory quality has a significant positive effect on economic growth, both directly and indirectly through corporate governance. The mediation is partial, with corporate governance accounting for 36.34 percent of the total effect. Fiscal capacity plays a dual role, acting as a direct driver of growth and as a moderator that strengthens the positive influence of regulatory quality on governance, and governance on economic growth, consistent with recent evidence on fiscal space and governance interactions (Katuka et al., 2024). Conditional indirect effect analysis reveals that the impact of regulatory quality through governance increases significantly in regions with higher fiscal capacity. A fiscal capacity threshold effect is also identified, indicating that governance reforms are more effective when fiscal space exceeds a certain level. These findings suggest that enhancing regulatory frameworks must be accompanied by fiscal strengthening and governance improvements to effectively drive regional development.
In a regionalization process, social and solidarity economy (SSE) enterprises can be affirmed as actors of territorial governance (defense of general interests, participation, democratization, and so on so forth) and as participants in territorial regulation (resistance to change, social coalitions, solidarity, and so on so forth) (Demoustier & Richez-Battesti, 2010). Our study, therefore, seeks to explore the impact of territorial governance on the SSE in the era of advanced regionalization in Morocco. To illustrate this complexity, a series of semi-structured interviews was conducted with the head of economic development and employment promotion in the Fez-Meknes region, as well as with the presidents of six cooperatives. The latter were selected on the basis of their active presence in the field and their access to regional support mechanisms. The results reveal that the Moroccan SSE is undergoing profound change. However, it faces structural obstacles, particularly in terms of marketing, governance, financing, and training. These obstacles are nevertheless partly offset by the opportunities offered by territorial governance practices within the framework of advanced regionalization. The introduction of advanced regionalization as a new model of territorial governance thus offers promising prospects for cooperatives, particularly in terms of financial, logistical, and institutional support, and by facilitating the marketing of their products. However, these opportunities remain sporadic and often depend on the initiative of territorial councils and decentralized services.
As data-driven technologies become central to national development, understanding the factors shaping their adoption in developing digital economies is increasingly important. This study explored the institutional, governance, and inclusion-oriented conditions influencing data science adoption in Thailand’s emerging digital landscape. Using a qualitative design, semi-structured interviews were conducted with stakeholders from government, private organizations, educational institutions, and civil society, followed by content analysis to identify key patterns. The findings revealed four central dynamics: significant institutional capability gaps, fragmented governance structures that impede coherent implementation, limited and short-term inclusion efforts, and the need for coordinated, system-wide strategies to expand equitable participation. Participants described misaligned policies, inconsistent data standards, and infrastructural constraints that limit the effective integration of data-driven practices, particularly among smaller organizations and underserved communities. These insights showed that inclusive adoption requires more than technological deployment; it depends on strengthened governance frameworks, investment in human capital, and improved digital infrastructure to address persistent inequalities. As emphasized in prior work, governance coherence and clear institutional mandates are essential for accelerating national digital transformation (Gierten & Lesher, 2022). The study contributes a context-specific understanding of how developing economies can reinforce the foundations necessary for meaningful, equitable, and sustainable data science adoption.
This study examines how Icelandic companies disclose sustainability-related governance practices and evaluates the impact of the new Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS) (European Commission, 2025) on future disclosure practices. Building on Claessen’s (2023) approach and using qualitative methodology, the research combines document analysis of sustainability reports from ten leading Icelandic firms with semi-structured interviews with company representatives. The study finds that current governance disclosures cover only 20–30 percent of ESRS minimum requirements. Key challenges include limited knowledge of ESRS among board members and consultants, weak communication structures, insufficient metrics and verification procedures, and resource constraints. The recent changes introduced by the 2025 Omnibus Act (European Council, 2025) further complicate compliance, intensifying the urgency for firms to adapt. The findings underscore the need for Icelandic companies to invest in training, enhance internal governance systems, and build robust reporting frameworks to meet regulatory demands. Without such efforts, companies risk legal and reputational repercussions. This research provides timely, country-specific insights into governance disclosure gaps and offers practical recommendations for aligning with the European Union’s (EU’s) evolving sustainability reporting landscape.
In Vietnam, foreign direct investment (FDI) has become a pillar of economic growth, accounting for over 70 percent of export turnover and generating millions of jobs (Ministry of Planning and Investment, 2023). This study analyzes the impact of infrastructure quality on green FDI intention from the perspective of enterprises operating in Vietnam’s industrial zones. Survey data from 115 firms were processed using quantitative techniques, including Cronbach’s alpha reliability testing, exploratory factor analysis (EFA), and multiple linear regression. Five groups of infrastructure factors were examined, namely transportation, energy, information and digital technology, waste treatment and environmental protection, and logistics. The results indicate that the measurement scales achieved reliability and validity; all infrastructure factors exert positive and statistically significant effects on green FDI intention. The regression model explains 74.4 percent of the variance in the dependent variable. Among them, logistics and transportation show the strongest influence, followed by information and digital technology, waste treatment and environmental protection, and finally energy. These findings reinforce the ownership, location, and internalization (OLI) paradigm with respect to location advantages and provide important policy implications for the development of green infrastructure, thereby enhancing competitiveness in attracting sustainable investment to Vietnam.
The Vietnamese Government is restructuring the state apparatus in a streamlined and efficient manner, in line with the model of many countries in the world today. The establishment of a two-tier local government as it is today in Vietnam is a strong breakthrough that not only changes the state apparatus but also requires state civil servants to change to adapt to the current context. Study applies a qualitative, comparative methodology based on secondary data drawn from official policy documents, government reports, academic literature, and publicly available statistics. In addition an analysis of the implementation of public-sector human resource development (HRD) policies in Singapore, the United Kingdom, and Japan, as well as an evaluation of the implementation of these policies in Vietnam, The research examines key dimensions of public-sector HRD in the context of human resource mechanisms, thus, several solutions such as perfecting the policy on staff downsizing and utilizing the public workforce after downsizing; training and professional development policies; talent attraction and retention policies; as well as effective support policies for career transitions of officials and civil servants following mergers, in the context of the current streamlining of the state apparatus in Vietnam.
This study examines the interplay between financial efficiency, China-Africa economic ties, and foreign direct investment (FDI) in Africa from 2010 to 2023, with attention to the marginal and threshold effects of national security. The system generalised method of moments (GMM) serves as the primary estimator, with fully modified ordinary least squares (FMOLS) and dynamic ordinary least squares (DOLS) for robustness, addressing endogeneity, cross-sectional dependence (CD), and heterogeneity across 48 African countries. Financial efficiency is proxied by net interest margin (NIM), lending-deposit spread (LDS), and non-interest income (NII) to total revenue. NIM is positively and significantly associated with FDI; LDS and NII produce mixed results driven by macroeconomic conditions and financial system structure. China’s loans to Africa (CLA) stimulate FDI, though debt sustainability and governance deficits limit this effect in several country contexts. National security, measured by domestic military expenditure (DME) and the Global Terrorism Index (GTI), exhibits dual threshold effects: moderate DME is associated with investor confidence in stable environments, while excessive spending deters capital in conflict-prone regions. Extending Logan et al. (2025), the study integrates marginal and threshold analyses within a 48-country African panel and concludes with policy recommendations for financial sector reform, security expenditure calibration, and China-Africa partnership management.
Public procurement represents a substantial share of national economies and is increasingly shaped by the deployment of artificial intelligence (AI). The research problem addressed in this study concerns how AI can be integrated into public procurement systems without undermining core principles of transparency, accountability, and legality. The purpose of the paper is to examine the transformative potential of AI in public procurement while identifying the legal, institutional, and ethical challenges it generates. Methodologically, the study adopts a comparative analytical approach based on procurement laws, government reports, and peer-reviewed scholarship, focusing on the United Arab Emirates (UAE), Estonia, and South Korea. The findings indicate that AI can significantly enhance efficiency, transparency, and sustainability in procurement processes, particularly through automation and real-time data disclosure (Organisation for Economic Co-operation and Development [OECD], 2025). At the same time, persistent challenges emerge, including insufficient AI-specific legal frameworks, limited algorithmic explainability, and risks of bias and exclusion (Sharifmousavi et al., 2024). The paper concludes that effective AI adoption in public procurement depends primarily on institutional readiness and hybrid governance models that combine algorithmic tools with meaningful human oversight. The study is relevant for policymakers and regulators seeking to balance innovation with legitimacy, particularly in the Arab context, where coordinated legal reform and open data standards remain essential.
This study investigates the determinants of civil servants’ support toward subnational government leadership within Malaysia’s politically asymmetric federal system. Grounded in institutional trust theory (Levi & Stoker, 2000) and organizational commitment frameworks (Meyer & Allen, 1997), and informed by multi-level governance scholarship (Wang, 2025), it examines whether administrative alignment is shaped by institutional affiliation or performance-based governance quality. Using a stratified random sample of 1,278 public servants in Terengganu, the study employs multiple linear regression using ordinary least squares (OLS) to test six governance dimensions while controlling for institutional affiliation. The model demonstrates strong explanatory power, public servant welfare and equality and justice emerge as the strongest predictors of support, whereas institutional affiliation is statistically non-significant. These findings support performance-contingent interpretations of institutional trust (Levi & Stoker, 2000; Van de Walle & Bouckaert, 2003) and challenge deterministic assumptions of bureaucratic alignment in opposition-led states. The study advances a subnational administrative alignment model, demonstrating that governance quality, fairness, and leadership credibility can bridge.
Governance theory emphasizes the importance of inclusive, participatory, and multi-actor decision-making processes in achieving equitable and sustainable policy outcomes, particularly in diverse and marginalized contexts (Radtke, 2025). This study aims to evaluate the participation of indigenous communities in large-scale agricultural policies (Food Estate) in Merauke Regency, analyze the impact of regulatory reforms on social justice and food sovereignty, and formulate inclusive and sustainable policy recommendations. Using a qualitative approach with a case study design, this study was conducted in three districts of Semangga, Kurik, and Tanah Miring, which have high involvement in the Food Estate program. Data collection techniques include in-depth interviews, focus group discussions (FGDs), participant observation, and documentation studies. The study shows that indigenous participation remains largely symbolic due to the dominance of state and corporate actors in decision-making, and this mismatch between national regulations and local socio-cultural realities has resulted in social marginalization and the erosion of indigenous food sovereignty. This study highlights the need to integrate customary law into national governance while strengthening local community roles in food policy, providing empirical support for a hybrid governance model that accommodates multicultural and agrarian complexities to guide socially inclusive policies in customary and border regions.
Shareholders’ proposals are viewed as a corporate governance mechanism; however, voting behaviour factors remained unknown, and further empirical research is required (Li et al., 2019; Song et al., 2020; Shah & Li, 2025a, 2025b). We have studied the impact of board recommendations on annual general meetings (AGMs) resolutions of Australian listed companies. Boards have provided three types of recommendations for resolutions: vote in favour, against, or no recommendation. The study has empirically analysed 3,382 AGM resolutions for the 2014 to 2018 AGM seasons. The results show that all resolutions with the board’s recommendations to vote in favour or with no recommendations were passed. Moreover, 47 resolutions requisitioned by individuals, shareholders, and boards, where boards recommended to vote against, failed to gain sufficient support from shareholders. The results support the notion that shareholders cannot change the company’s corporate governance with their votes and requisitioned resolutions without board support. This raises serious questions about the role of shareholders and AGMs in corporate governance. Forthcoming studies need to reconsider the future of shareholders’ resolutions and the role of large shareholders at AGMs. Policymakers need to consider how shareholders’ participation at AGMs can be enhanced and how disclosure of information about AGMs for shareholders can be improved.
This article examines perceptions of government support and key barriers to the development of small and medium-sized enterprises (SMEs) in the Akmola Region of Kazakhstan. The study is based on qualitative data from focus groups with 20 representatives from services, trade, manufacturing, and agriculture. Despite the small sample, the research reveals hidden challenges that are difficult to capture through quantitative methods. Drawing on theoretical frameworks on the role of the institutional environment (Bokayev et al., 2023) and regional specificities (Syzdykova & Azretbergenova, 2025), the study identifies major obstacles: bureaucratic barriers, lack of information, limited access to loans, guarantees, and grants, as well as territorial and infrastructural disparities. The findings show that financial support mechanisms are more accessible to medium-sized enterprises, while micro and small businesses face significant constraints. Based on these results, the article proposes policy recommendations, including establishing regional entrepreneurship support centers, simplifying application procedures, revising guarantee schemes, improving transparency of grants and subsidies, and strengthening advisory support. The study highlights the need to align government support measures with the real needs of businesses in a transitional economy.
This study explores how internal auditing adapts to the challenges of digital transformation in public governance. Drawing on agency theory and agile governance theory, it examines the evolving roles, skills, and strategic positioning of internal auditors within public organizations. The research adopts a quantitative methodology based on a structured questionnaire administered to 200 respondents from Moroccan public institutions, including auditors, governance officers, and information technology (IT) managers. The data were analyzed using Statistical Package for the Social Sciences (SPSS) software to assess the relationships between digital maturity, auditors’ digital skills, and their strategic involvement in governance processes. The results indicate that while digital tools are increasingly integrated into audit practices, their perceived impact remains uneven, largely depending on institutional digital maturity and managerial support. The findings reveal a dual-speed digitalization process within the Moroccan public sector, highlighting the need for greater capacity building, continuous training, and strategic integration of internal audit into digital governance frameworks. The study contributes to the literature on public sector modernization and digital governance, offering empirical evidence from an emerging economy and policy-oriented recommendations for strengthening internal audit functions in the digital era.
