Despite growing research on intellectual capital, FinTech, and economic shocks, existing studies have largely examined these factors separately, providing limited evidence on their combined effects on firm productivity and financing costs. Grounded in the Financial Crisis Theory, this study investigates the effects of intellectual capital (IC), financial technology (FinTech), the U.S.–China trade war, and the Euro Crisis on firm productivity and financing costs among U.S. listed firms. Using a panel dataset of 1145 firm-year observations covering the period 2010–2021, the study examines three dimensions of firm performance: Total Factor Productivity (TFP), Cost of Equity (COE), and Cost of Debt (COD). The analysis employs fixed-effects regression models, supported by Hausman tests and Generalized Least Squares (GLS) estimations to ensure the robustness of the results. The findings indicate that intellectual capital significantly enhances TFP and reduces the cost of debt, highlighting the importance of knowledge-based resources in improving operational efficiency and financing conditions. FinTech adoption is associated with lower productivity and lower cost of equity, suggesting that digital financial technologies influence both operational and financial outcomes. The results further reveal that the U.S.–China trade war negatively affects TFP while increasing the cost of debt, indicating that trade-related uncertainty and supply chain disruptions adversely influence firm performance. In contrast, the Euro Crisis is positively associated with TFP and the cost of equity but negatively related to the cost of debt, suggesting that firms adapted to crisis conditions while facing changing financing environments. Additional analyses confirm the robustness of the estimated relationships. The study contributes to the literature by integrating firm-specific strategic resources and external economic shocks within a unified theoretical framework. The findings provide important implications for managers, investors, and policymakers seeking to enhance productivity and financing efficiency in periods of technological transformation and economic uncertainty.

Purpose This study examines the impact of global shocks, neurodiversity, and digital financial transformation on firms' working capital efficiency. It further investigates the moderating role of Digitalization and Green Supply Chain Finance (DIGSCF) in enhancing firms' financial resilience under conditions of economic uncertainty.Design/methodology/approach The analysis is based on a panel dataset of firms from 51 countries over the period 2018-2024. The study employs fixed-effects regression models alongside interaction terms to assess both the direct and moderating effects of neurodiversity and DIGSCF on key working capital components. To strengthen causal inference, additional econometric techniques are used to address endogeneity and selection bias.Findings The results indicate that global shocks significantly increase financial pressure by disrupting liquidity and prolonging working capital cycles. However, firms that adopt digital and green supply chain finance mechanisms are better able to mitigate these adverse effects through improved liquidity management and payment flexibility. The findings also suggest that neurodiversity contributes positively to firms' adaptive capacity, supporting more effective financial decision-making under uncertainty.Practical implications The study highlights the strategic importance of digital supply chain finance as a tool for strengthening liquidity management rather than merely improving operational efficiency. It also underscores the value of integrating neurodiversity into organizational strategies to enhance internal financing capacity and resilience during periods of instability.Originality/value This research provides a unified framework that links neurodiversity, global shocks, and digital financial transformation within the context of working capital management. By combining behavioural finance and pecking order theory, the study offers new insights into how cognitive diversity and digital infrastructure jointly shape firms' financial resilience across countries and crisis periods.

Empowering females and enhancing their representation in leadership roles are critical components of sustainable development. This study uniquely explores how female directors with Non-Governmental Organization (NGO) backgrounds influence the relationship between Environmental, Social, and Governance (ESG) practices and firm performance in Malaysia, through the lens of feminist theory. Utilizing comprehensive data from 398 firm-year observations across various sectors from 2018 to 2021, the study employs advanced econometric techniques, including the Durbin-Watson test for autocorrelation, Propensity Score Matching (PSM) to mitigate selection bias, and Generalized Least Squares (GLS) to ensure robust estimation. The findings highlight that female directors with NGO experience significantly strengthen ESG integration within firms, particularly by enhancing the social dimension through improved stakeholder engagement, transparency, and ethical governance. This distinctive influence notably translates into enhanced corporate performance, closely aligning corporate strategies with broader sustainability goals. By linking feminist empowerment principles to corporate governance, female NGO directors effectively bridge civic engagement with strategic business decision-making processes. This study offers valuable insights for organizations and policymakers aiming to integrate gender diversity and NGO expertise into corporate governance frameworks, promoting sustainable, inclusive, and equitable business practices.

This study attempted to introduce a novel integrative framework that examined how familial gender exposure (CEO daughters), institutional gender capital (qualified female executives in finance, law, accounting, and economics), and female board directors collectively influence corporate performance in Malaysia. Grounded in upper echelons theory, agency theory, stakeholder theoryand the female socialisation hypothesis, the study reconceptualised gender diversity as a strategic governance mechanism rather than a numeric target. The study used 397 firm-year observations from Malaysia's top 100 revenue-generating firms (2018–2021). This study also employed generalised least squares (GLS), propensity score matching (PSM) and Durbin-Watson tests to ensure robust causal inference and address potential endogeneity concerns. Firm performance was measured using Tobin’s Q and return on equity (ROE). The results revealed that CEOs with daughters improve firm performance. Gender capital boosts governance and female directors enhance profits. Its impact declined slightly during COVID-19. The study focuses on Malaysia’s corporate elite over four years, limiting generalisability. Future research could explore other contexts, timeframes or psychological links between family and leadership. The findings suggest gender-inclusive, qualified leadership improves oversight, investor trust and firm value—supporting merit-based gender appointments over symbolic quotas. This study contributes by framing gender diversity through familial ties and institutional expertise. It is among the first to explore how CEOs with daughters and gender capital influence governance and financial outcomes in Malaysia.

The present paper explores the impact of carbon awareness on the cost of equity (COE) with a keen focus on the influence of country governance and innovation factors. Drawing on Bloomberg data spanning from 2011 to 2022, our analysis encompasses 263 firms within the Oil and Gas sector across 50 countries, culminating in 2122 annual observations. Through the employment of a comprehensive suite of regression analyses—including median regression, M-estimator regression, and MM-estimator regression, alongside Firm-Fixed Effect and Reverse Causality Models—we uncover a consistently negative association between carbon awareness and COE. Our investigation further assesses the effect of country-level governance on COE, revealing a universally negative correlation. Among governance indicators, regulatory quality emerges as a particularly significant factor. Similarly, we observe a consistent negative relationship between country-level innovation and COE, reinforcing the significance of national innovation capabilities in financial performance metrics. These findings remain robust across a range of tests, underscoring their reliability and relevance. The study is important for policymakers, investors, managers, and strategic environmentalists.

This paper examines how sovereign green bonds, artificial intelligence (AI) adoption, and child-labor policies relate to corporate environmental, social, and governance (ESG) performance. The analysis uses a panel of 2239 firm-year observations from 51 countries during 2019-2023 to explore these relationships. Sovereign green bonds are positively associated with governance and show a small positive link to social performance, while the environmental association is weaker, reflecting the slower pace of project execution and verification. During the COVID-19 period, the interaction between sovereign programs and the pandemic is positive for environmental and governance pillars, indicating a buffering effect. AI adoption is positively related to all three pillars. Child-labor policies are associated with higher scores, especially in the social and governance dimensions, with an additional environmental gain. These results highlight pillar-specific pathways through which public green finance, digital capabilities, and labor standards shape firm-level sustainability.

This study investigates the influence of board gender diversity on firm performance, focusing on age diversity, doctoral-level qualifications, economic academic backgrounds, and the presence of three or more female directors. Drawing on agency theory, the knowledge-based view, and critical mass theory, the research examines whether these characteristics improve market-based (Tobin's Q ) and accounting-based (ROA) measures of firm performance. Using panel data of Malaysian listed firms from 2018 to 2021, regression models and robustness checks were employed to test the proposed hypotheses. The findings reveal that age diversity negatively affects both market and financial performance, indicating potential generational conflicts on boards. Conversely, female directors with PhDs positively influence profitability, consistent with the knowledge-based view. Directors with an economic background enhance market valuation but show limited effects on profitability, while the presence of at least three female directors significantly improves performance, supporting critical mass theory. These results highlight that the benefits of diversity depend not only on representation but also on expertise and meaningful participation. The study contributes to the literature by integrating multiple theoretical perspectives and offering empirical evidence from Malaysia, a developing economy with evolving governance practices. Furthermore, the study aligns with the United Nations Sustainable Development Goals (SDGs), particularly SDG 5 (Gender Equality), SDG 8 (Decent Work and Economic Growth), SDG 10 (Reduced Inequalities), and SDG 16 (Peace, Justice, and Strong Institutions), by emphasizing the role of gender-diverse boards in promoting inclusive, equitable, and sustainable governance. Future research should expand to cross-country analyses and explore the moderating effects of institutional and cultural contexts. Policy implications suggest that corporate governance reforms should prioritize the inclusion of highly qualified women with relevant expertise to maximize board effectiveness.

Purpose This study aims to examine the relationship between corporate governance and firm performance in the context of highly-educated female directors with PhDs, those actively engaging in sustainability committees and individuals demonstrating industry-specific government experience. Design/methodology/approach The study examines sustainability-driven financial disclosures based on the task force on climate-related financial disclosures with data derived from the top 100 Bursa Malaysia Large Capital Companies across 13 sectors between 2018 and 2021. Both human capital and social role theories are applied to denote the influence of higher education on firm performance. Findings Female directors with PhDs are key to bolstering corporate governance and sustainability efforts, which increase firm performance compared to counterparts without such qualifications. Research limitations/implications The current work is confined to the emerging Malaysian economy, where sustainability and gender diversity are crucial for corporate governance. Practical implications The significance of including highly-educated female directors in corporate boards highlights their role in increasing firm value and sustainability outcomes within Malaysia and other developing markets. Social implications Corporate accountability and equitable representation can be fostered through gender diversity and highly-qualified women leaders, which mitigate environmental risks following sustainable development goals. Originality/value The study’s novelty lies in its demonstration of the significance of female PhD directors on corporate performance, thus bridging a critical knowledge gap.

This study aimed to examine the impact of Scope 3 carbon emissions on market performance and the moderating effect of financial technology (fintech) on this particular relationship. Empirical data on Scope 3 carbon emissions from 2010 to 2022, which covered both fintech and traditional (non-fintech) financial firms, were collected from Bloomberg. All data were subjected to ordinary least squares (OLS) regression. Generalised method of moments (GMM) was performed to deal with potential endogeneity issues. The significant negative relationship between Scope 3 carbon emissions and market performance in this study implied investors’ concerns about the environmental impacts. With the noticeably lower carbon emissions, indicating the adoption of an eco-friendly orientation, fintech financial firms demonstrated positive relationship between their market performance and Scope 3 carbon emissions. Meanwhile, the results revealed otherwise for non-fintech financial firms. It is recommended for future research to consider the qualitative approach, such as structured or semi-structured interviews, to further validate the quantitative results of the current study. This study demonstrated the significant role of fintech financial firms in environmental stewardship, specifically with their markedly lower Scope 3 carbon emissions. Their approaches and practices can benefit ESG implementors in designing and implementing more effective and responsible operational models. Despite the current global challenges, particularly after the COVID-19 pandemic and the growing environmental awareness and concerns, this study commended the sustainable approaches of fintech financial firms, which served as a benchmark for ESG initiatives. This can potentially boost their ESG ratings and market standing. To date, the relationship between Scope 3 carbon emissions and market performance and the moderating role of fintech on this relationship have remained underexplored, which were addressed in the current study.

Purpose This study aims to examine the association between women on board and business performance. It also aims to investigate the impact of corporate social responsibility (CSR) and female directors on stock prices, including the function of female directors in moderating the CSR–market performance link that ultimately provides valuable insights into the impact of gender diversity on corporate boards. Design/methodology/approach Data from US publicly listed firms between 2000 and 2018 were collected and analysed using OLS regression, median regression, M-estimator regression and MM-estimator regression at 70% and 95% efficiency. In this study, firm market value was measured through Tobin’s Q, board diversity with ISS database and CSR strength and concern with the KLD database. Findings The results indicated that CSR positively impacts market performance by 3.1%, female board representation positively influences market performance by 4.8% and female board members strengthen the CSR–market performance relationship by 1.0% while playing a moderating role. Overall, these studies demonstrated the significance of female boards of directors for enhancing market performance. Research limitations/implications This study used the data of US-listed firms from 2000 to 2018. The results have contributed to the ongoing discussion about the importance of gender diversity in boards and its influence on firm success. Further research works are suggested to expand the analysis by including other countries or considering additional factors that may influence the association between CSR, board representation of women and market share. Practical implications This study is essential for investors, legislators and CSR institutions in developed countries. The favourable impact of female board presence on market performance and the enhancement of the CSR–market performance relationship highlight the necessity of encouraging gender diversity on boards of directors and CSR activities. Social implications This study emphasises the significance of gender balance on corporate boards in solving important social challenges including climate change, resource scarcity and gender equality. Companies can actively assist in addressing global issues and improving the well-being of stakeholders by promoting gender-diverse boards and encouraging CSR efforts. Originality/value To the best of the authors’ knowledge, this study is the first study demonstrating that gender diversity on corporate boards moderates the significant association between CSR performance and profitability in the USA. It has contributed to the expanding body of information regarding the moderating influence of female directors on firm value and stronger evidence for female directors in the governance of businesses.

Purpose The purpose of this paper is to provide empirical evidence on the suitability of a Bloomberg Environmental (E), Social (S) and Governance (G) (ESG) disclosure index designed for companies from the USA and to investigate the sustainability quality and stock performance of FinTech companies. Design/methodology/approach Data from all FinTech and non-FinTech firms in the USA was acquired from Bloomberg to undertake the study and evaluate the suggested hypotheses efficiently. The final sample consists of 1,672 company-year observations from 2010 to 2019. The methodology used ordinary least squares regressions of performance metrics on the Bloomberg ESG disclosure index and its components. Findings The findings indicated that the Bloomberg ESG disclosure index is a valid proxy for sustainability and has a direct relationship with stock performance. Furthermore, this study suggests that non-FinTech firms outperform FinTech firms in sustainability and stock performance. The findings support stakeholder theory, which suggests that increased disclosure of ESG information will mitigate the agency problem and protect shareholders’ interests. Research limitations/implications This study’s findings were significant because the findings emphasised ESG disclosure in FinTech and non-FinTech firms, providing information to academics, legislators, regulators, financial report users, investors, environmental unions, workers, customers and society. Originality/value This research is unique as it evaluates ESG practices in both FinTech and non-FinTech firms.

This paper explores the association between Corporate Social Responsibility (CSR) and firm performance, emphasizing the moderating role of a female sustainability committee. The increasing importance of CSR in enhancing firm value and investor trust is well-recognized; however, the influence of female-led committees on these dynamics remains less explored. Drawing on a comprehensive review of 123 papers, our study extends previous research by examining how board gender diversity can enhance firm performance through more effective CSR implementation. The findings reveal that while CSR acts as a form of “insurance-like” protection that enhances firm reputation, it also presents challenges such as increased operational disclosures that may negatively impact performance. Significantly, the presence of a female sustainability committee correlates positively with firm performance, suggesting that their unique leadership qualities and decision-making approaches can amplify the benefits of CSR initiatives. This research contributes to the literature by highlighting the crucial role of female sustainability committees in strengthening the CSR-performance linkage and filling the gap in understanding how these committees can better make CSR decisions, advocating for more inclusive corporate governance structures.

This study explores the impact of FinTech firms adhering to manufacturing efficiency practices compared with their counterparts during the fourth industrial revolution. The purpose is to provide empirical evidence of FinTech firms' operating efficiency and see corporate efficiency impacts market performance. The data has been collected from Bloomberg of all FinTech and non-FinTech companies in the United States for 1,712 company-year observations from 2010 until 2019. The results reveal manufacturing Efficiency of FinTech firms directly relates to their market performance. Besides, our regression analyses indicate that non-FinTech companies display inferior efficiency practices, leading to lower market performance than FinTech firms. The study's outcomes are important as they highlighted the efficiency of the FinTech and non-FinTech companies, offering insights to a wide range of stakeholders, including researchers, policymakers, regulators, financial report users, investors, environmental unions, employees, clients, and society.

Purpose One of the significant components of a firm's overall sustainability is establishing and nurturing governance. This study attempts to understand how politically connected firms maintain sustainability measures in terms of risk-taking strategies. This paper has two purposes. The first purpose is to provide empirical evidence on the politically connected (PC) firms' corporate risk-taking and performance. The second purpose is to investigate the moderating impact of PC firms' risk on corporate performance. Design/methodology/approach To conduct the analysis to test our hypothesis efficiently, data has been collected from Bloomberg and annual reports of all Malaysian PC and non-PC companies. The final sample comprises 561 firms over the investigation period 2010–2019. The methodology entails Ordinary Least Squares (OLS) regressions of the impact of the PC firms on corporate risk-taking and performance. The authors also conduct t -tests of the equality of means of corporate risk-taking and performance between PC and non-PC companies. Findings The authors’ results show that politically connected firms undertake significant less corporate risk and relish higher financial performance than their counterparts. It implicatively insinuates that the presence of a politician on the board enables the management to mitigate the risk-taking, which makes the firms more profitable. The authors’ results corroborate network theory, suggesting that political ties alleviate the agency issue and safeguard the shareholders' interest. Research limitations/implications The study's results were important as they highlighted the sustainable development of PC and non-PC companies, offering insights to researchers, policymakers, regulators, financial report users, investors, environmental unions, employees, clients and society. Originality/value This paper is novel since it is unique in evaluating sustainable practice in PC and non-PC firms.

We argue that the corporate board of an exchange‐listed firm cannot make an independent business decision if it has an affiliation with a conglomerate group. This is because the corporate board of a conglomerate‐affiliated firm (CAF) has high moral hazard exposure due to its accountability to the superior parent board at the apex of the conglomerate structure. Based on a sample of 304 listed firms from 18 countries, we find a CAF board is less independent than a standalone board with no superior reporting body. A firm's affiliation with the conglomerate per se affects its board independence, regardless of the parent shareholding level. The additional analysis finds that the lack of board independence significantly impacts a CAF's financial performance, although the market impact is insignificant.

Sustainable business practices are essential globally, emphasizing the need to study factors influencing ESG performance in corporate governance. This research examines the relationship between board characteristics and ESG outcomes within Malaysia's mandatory sustainability reporting context for listed companies. Analyzing 357 firm-year observations from 51 Malaysian companies from 2014 to 2020, the study found that increased board meetings and more independent directors correlate with better ESG performance. However, no significant relationship was found between the proportion of female directors and ESG outcomes. These findings, consistent across robustness checks, suggest areas for governance framework improvements, particularly in board oversight of ESG practices. The results support the Malaysian Code on Corporate Governance's principles for enhanced board monitoring of ESG reporting processes.

This study aims to investigate the reasons behind the world stock markets fastest fall on 13th March 2020 (Black Friday) by using the global data. We argue that the event of Black Friday takes place due to investors' fear of the COVID-19 pandemic and China stock market. We gather the daily time series data of the stock market indices covering the one-year period from 14th March 2019 to 13th March 2020. A graphical representation is used to show the trend of global indices. Also, the pool OLS regression model is applied to estimate the impact of COVID-19 and China stock market on the world financial markets. The empirical results show that the lagged value of China stock market and COVID-19 are significantly affecting the foreign indices. The findings depict a unidirectional relationship between China and global stock markets, meaning that the volatility of global stock markets at the time (t) is explained by China stock market closing value of yesterday (t - 1). The single most important contribution of this study is to reveal the fact about the steepest one-day fall of stock markets on 13th March 2020, which takes place since October 1987 (Black Monday1).

This study investigates the moderating role of environmental disclosures on the market performance of 48 Fintech and 140 non-Fintech firms during the pandemic using data from 2011 to 2022. Ordinary least squares and correlations were used for data analysis. The study's first finding revealed that Fintech firms had a better environmental performance (78.4%) than non-Fintech firms during the pandemic. The study's second finding indicated that environmental disclosures are crucial for shareholders and contributed almost 10.2% to the Fintech firms' market performance during the pandemic. This study's contribution is significant in enhancing the understanding of the shareholders' sensitivity towards sustainability disclosures during financial crisis. The findings of this study are essential for policymakers, start-up entrepreneurs, and shareholders.

• The social risk prevails the most amorphous and self-inflicting risk due to the insulating power of companies' cultural bubble. This study empirically examines the relationship between social risk and market performance. • We first perform the Ordinary Least Square (OLS), then apply the quantile regression to test if SRI impact is greater for higher market performance. • Findings depict an inverse relationship between SRI and market performance, and the negative impact is more pronounced in more profitable firms. Firms in the upper quantiles of market performance are more sensitive as their performances are directly affected by the absence of social norms. • In the context of L&T industry, this study concludes that engaging in social norms is beneficial for better performance, less social risk, and higher translated citizenship. • The research contributes to the literature by providing insights for investors, managers, and employees about the influence of SRI on L&T performance.

This study attempts to understand the impact of electronic Word of Mouth (eWOM) on corporate financial performance during the COVID-19 pandemic. A supervised machine learning is used to determine the investors’ sentiment of a news story (eWOM) towards a given company from a long position (buying) investors perspective. Ordinary Least Square (OLS) and dynamic quantile regression are used to test the role of eWOM on financial performance. Results reveal no significant relationship between eWOM and the firm’s financial performance. Similarly, we do not find any evidence of an association between eWOM and corporate performance at different quantiles of financial performance. The findings contribute to the existing literature on eWOM and its impact on the financial performance during specific circumstances or financial crises. This study offers insights to researchers, policymakers, regulators, financial report users, investors, employees, clients, and society.