Purpose This study aims to examine whether corporate social responsibility disclosure (CSRD) is associated with stock liquidity in Vietnam’s prescribed reporting setting. Design/methodology/approach Using 2,476 firm-year observations for 499 non-financial firms during 2015–2019, the study estimates firm and year fixed-effects models with firm-clustered standard errors. CSRD is measured by score and percentage; liquidity is measured by effective and quoted spreads. First-difference and one-year-lagged specifications assess robustness. Findings Neither CSRD measure is significantly associated with either spread after firm-specific heterogeneity and common annual conditions are controlled for. The findings indicate that greater disclosure intensity alone does not necessarily reduce spread-based trading costs when reporting does not ensure comparable, credible and decision-useful information. Research limitations/implications The study is confined to Vietnamese non-financial firms within a specific timeframe. Future research could examine multiple countries, alternative liquidity measures and the credibility and investor use of disclosed information. Practical implications Firms should not assume that increasing disclosure quantity will reduce spread-based trading costs. The findings emphasize reporting comparability, consistency, assurance and enforcement. Originality/value Evidence on CSRD and stock-market liquidity remains mixed. Unlike positive findings based on externally assessed transparency, report events, global reporting initiative (GRI) adoption or mandatory reforms, this study finds no robust association for observed GRI-based disclosure intensity in Vietnam, consistent with evidence from Jordan. Disclosure volume may therefore convey a weaker market signal than standardized or salient disclosure changes.
Purpose Data has emerged as a strategic production factor that reshapes corporate resource allocation and the industrial landscape through large-scale accumulation and assetization. This study aims to examine whether and how data assetization influences corporate financialization, with particular attention to the capital transmission mechanism. Design/methodology/approach Using an unbalanced panel of China’s A-share listed firms from 2008 to 2023, this study examines the impact of data assetization on corporate financialization. Baseline regressions, mechanism tests and heterogeneity analyses are used to identify the overall effect and its underlying channels in an emerging market context. Findings The findings reveal that data assetization significantly curbs corporate financialization. Further mechanism analysis identifies three channels: data assetization improves firms’ access to trade credit, expanding short-term operating capital and reducing reliance on financial assets for liquidity; it increases capital expenditures, redirecting capital toward long-term physical investment and crowding out financial asset holdings; and it mitigates cash flow volatility, stabilizing internal funds and weakening precautionary demand for financial assets. Heterogeneity analysis further shows that this restraining effect is stronger among non-state-owned enterprises, firms in regions with more developed digital infrastructure and those located in eastern China. Originality/value This study contributes to the accounting and finance literature by demonstrating how data assetization affects corporate financialization. By identifying the channels through which data assetization redirects capital toward the real economy, the findings extend research on data economics and corporate financialization and offer insights into the marketization of data elements.
Purpose This study aims to examine the relationship between management involvement (MI) and multidimensional performance metrics (MPM) on the performance of public sector organizations (PPO), with the effectiveness of performance management systems (EPMS) as a mediating mechanism linking internal resources to organizational outcomes. Design/methodology/approach This study uses a survey approach involving 227 heads of regional work units in provincial and district/city governments in East Java, Indonesia. This study uses the embedded two-stage approach model, which is analyzed using the partial least squares–structural equation modeling (PLS-SEM) method. The robustness check of the measurement model with CTA-PLS and the structural model is carried out with nonlinearity, endogeneity and heterogeneity tests to ensure the robustness of the model. Findings The results show that MI and MPM do not significantly affect PPO. However, both variables affect PPO through the mediation of EPMS. The mediating effect of EPMS on the MI–PPO and MPM–PPO relationships is full mediation. Originality/value Unlike prior studies that examine MI or MPM separately from performance management system (PMS) effectiveness, this study integrates both antecedents into a single second-order model, showing that their influence on public sector performance operates exclusively through PMS effectiveness via full mediation. This extends the limited literature on PMS effectiveness in developing-country public sectors, particularly Indonesian regional government.
Purpose This study aims to explore the relationship between the Risk Management Committee (RMC) and Climate Risk Disclosure (CRD). Specifically, it investigates how the presence of a RMC influences the disclosure of climate-related risks among companies listed on the Indonesia Stock Exchange (IDX) during the period from 2017 to 2021. Design/methodology/approach The final sample for this research includes 432 observations from the IDX, excluding those classified under SIC code 6. The study employs multiple linear regression analysis, along with robustness checks and additional analyses using STATA 16.0, to examine the relationship between the RMC and CRD. Findings The results indicate that the RMC has a significant positive impact on climate risk disclosure, especially in firms that issue stand-alone sustainability reports, small firms and environmentally sensitive industries. The relationship became more pronounced after the implementation of Indonesia’s sustainable finance mandate (POJK No. 51 / 2017). Furthermore, this relationship is stronger in firms led by RMC chairs with an economic or political background. Notably, RMC presence is particularly associated with greater disclosure in the Risk Management and Metrics & Targets pillars of the Task Force on Climate-related Financial Disclosures framework. Originality/value This research contributes to existing literature by providing empirical evidence regarding the role of RMC in enhancing climate risk disclosure. It offers valuable insights for companies looking to improve governance practices and support adaptation and mitigation strategies through relevant policies.
Purpose This study aims to examine how Fijian firms navigate the intersection of global environment, social and governance (ESG) mandates and local institutional constraints. It investigates technology adoption as a symbolic resource rather than a neutral enabler of transparency in small island developing states (SIDS). Design/methodology/approach Adopting an interpretive research paradigm and a managerial sensemaking lens, this research utilises a qualitative multi-case study design. Data was gathered through semi-structured, in-depth interviews with senior executives from firms listed on the South Pacific Stock Exchange (SPX) and a critical review of corporate disclosures. Findings The results reveal a front-stage and back-stage dichotomy where firms utilise digital infrastructures as a technological veil. In Fiji’s low-enforcement environment, imported coercive pressures from global bodies like the International Sustainability Standards Board (ISSB) drive a legitimacy-first pathway. This leads to digital decoupling, where impressive digital outputs mask manual and resource-constrained operational realities. Furthermore, the study distinguishes between deceptive greenwashing and pragmatic scaling, a sensemaking strategy used to bridge the gap between global expectations and local expertise gaps. Originality/value This research extends institutional theory to examine the digital-substantive gap in emerging economies. By introducing digital decoupling, it offers a framework for understanding how technology facilitates symbolic compliance in SIDS, providing insights for regulators at the Reserve Bank of Fiji (RBF) and SPX to move beyond digital facades towards substantive accountability.
