Abstract In this article, we estimate the role of Political Stability and Absence of Violence and Terrorism-PS in the context of Environmental, Social and Governance-ESG data at world level. We analyse data from 193 countries in the period 2011-2020. We apply Panel Data with Fixed Effects, Panel Data with Random Effects and Pooled Ordinary Least Square-OLS. We found that PS is positively associated, among others, to Population Density and Government Effectiveness, and negatively associated, among others, to Research and Development Expenditure and Maximum 5-day Rainfall. Furthermore, we apply the k-Means algorithm optimized with the application of the Elbow Method and we find the presence of four clusters. Finally, we propose a confrontation among eight different machine-learning algorithms for the prediction of PS and we find that the Polynomial Regression shows the higher performance. The Polynomial Regression predicts an increase in the level of PS of 0.25% on average for the analysed countries. JEL Codes: D7, D70, D72, D73, D78. 

The Role of Political Stability in the Context of ESG Models at World Level


Purpose
This paper aims to examine the effect of family control on corporate anticorruption disclosures of UK publicly listed firms and whether female board directors moderate the latter relationship.


Design/methodology/approach
This paper uses Poisson regression analysis for a sample of 1,546 FTSE 350 firm-year observations. Weighted least squares and propensity score matching are then used to assess the robustness of the findings.


Findings
The results show that family ownership and involvement are negatively associated with anticorruption disclosures. The tests of moderation indicate that female directors decrease the negative effect of family control on anticorruption disclosures.


Originality/value
To the best of the researcher’s knowledge, this paper is the first to investigate the impact of family control on anticorruption disclosures while taking into consideration the moderating effect of female directors.


Family control and corporate anti corruption disclosures: the moderating effect of female directors

Loyal customers are committed to repeat patronage, making business referrals, and providing publicity for the business. However, rising customer expectations and price consciousness, advancement of technology, lack of product differentiation, and consumer choices have posted more challenges for customer retention. This paper examines the determinants of customer satisfaction in a business-to-business (B2B) packaged food retail setting, with a particular focus on the moderating role of switching cost towards customer loyalty. Using a survey-based approach, data was collected from 382 respondents who were customers of B2B packaged food retailers in Pakistan. The results of the study indicate that product quality, service quality, and price are significant determinants of customer satisfaction. Furthermore, the study finds that switching cost moderates the relationship between customer satisfaction and customer loyalty. In addition, the results show that switching cost has a significant positive effect on customer loyalty, indicating that customers are more likely to remain loyal to a retailer if the switching cost is higher. The study implies that retailers should focus on providing high-quality products and services at fair prices to enhance customer satisfaction and which leads to customer loyalty. Moreover, retailers should consider implementing switching costs strategies to enhance customer loyalty in the B2B packaged food retail setting. The findings of this study have important implications for the development of effective customer satisfaction and loyalty strategies in the B2B packaged food retail industry.

Determinants of Customer Satisfaction: The Moderating Role of Switching Cost towards Customer Loyalty in B2B Packaged Food Retail Setting

The purpose of this study is to enhance sustainability and investigate the effectiveness of internal governance mechanisms in enhancing financial inclusion (FI) disclosure quality in Egyptian banks. Pooled ordinary least squares (OLS) regression analysis is employed, using data from Egyptian banks listed over an eight-year period, from 2014 to 2021. Two indices are constructed: a FI disclosure quality index and an internal governance quality index. The findings of the study indicate that compliance with corporate governance best practices strengthens the monitoring quality of internal governance mechanisms in Egyptian banks. This, in turn, has a significant positive impact on the levels of FI disclosure. Results further show that ownership structure influences this relationship. Overall, the study findings support the notions of agency, stakeholders, and moral legitimacy theories. The study's originality lies in its focus on emerging FI practices in less-developed economies, and its relevance to regulators, policymakers, and professional bodies seeking to enhance FI practices and disclosures. The research also highlights the importance of the banking sector in achieving the national sustainable development goals (SDGs) by 2030 and facilitating informed decision-making by various stakeholder groups. The study's findings are supported by the robustness of the empirical analysis.

Financial inclusion disclosure, internal governance quality, and bank ownership structure: An exploratory study in Egyptian banks

Modern portfolio theory assists stakeholders in financial markets to optimize their portfolios to attain expected return at a specified level of risk and uncertainty. However, the conventional capital asset pricing model (CAPM), proposed by Sharpe (1964) and Lintner (1965), fails to accurately estimate the expected rate of return of stock equities due to the presence of external uncertainties, and rapid changes in macroeconomic dynamics. Therefore, this study has adopted a modified CAPM that incorporates additional factors besides beta to more accurately estimate the expected return of stock equities. It highlights these exposures by using time-varying beta CAPM, applied to the cement industry of Pakistan for the period from January 2016 to March 2022. The results show that the expected rate of return is very much close to risk free rate of return in the cement industry of Pakistan. Furthermore, the findings of the study confirm that the prediction of expected rate of return depends on variations in estimation techniques and data availability. Additionally, by introducing the concept of a reference portfolio and a market portfolio, the modified CAPM represents an improvement over conventional method. Moreover, by breaking down the beta deviations into long-term and short-term components, this new method allows for precise computation and simplifies the prediction of expected returns in both equity and portfolio investments. The findings of this study will be beneficial for investors, financial analyst, and portfolio-managers in the decision-making about portfolio investments.

pdf/stock-returns-and-risks-an-empirical-assessment-using-2w7j1vrm3i.pdf

Stock Returns and Risks: An Empirical Assessment Using Modified CAPM Approach

The increasing dependence of South Asian countries on international remittances (IRM) and international tourism development (ITR) in the presence of political uncertainties has attracted scholars' attention. Although the largest receiver of IRM, South Asia fails to channel these funds to the tourism industry, which continues to operate below its potential. This study estimates the impact of IRM, political stability (PS), and their interaction with foreign direct investment (FDI) and relative price (RP) on ITR in South Asia. We used a balanced panel dataset of six South Asian countries from 1996 to 2020. We applied the pooled ordinary least squares (POLS), fixed effects (FE), feasible generalized least squares (FGLS), and Prais-Winsten regression with panel-corrected standard errors (PCSE), to estimate the results. The study discovered quite interesting and surprising results between IRM and ITR. The results suggest a statistically significant negative impact of IRM on ITR in South Asia, implying that the recipients of IRM tend to spend most of it on their basic level consumption needs and do not have incentives to save and invest. Further, the results suggest that PS positively moderates the relationship between IRM and ITR, suggesting that IRM will be channelized to the tourism sector if domestic investors expect low political risks in the region. In addition, the results indicate that PS and FDI have a statistically significant positive effect on ITR in South Asia. Moreover, RP has a negative and significant impact on ITR, implying that international tourists prefer cheaper destinations. This study provides crucial implications for South Asian economies. First, effective public policies are specifically designed for channelling IRM and FDI, focusing on enhancing the tourism industry's infrastructure. Second, PS is necessary for ITR and domestic investors to invest IRM in the tourism sector. Thus, policymakers must consider political factors while designing tourism policies and strategies. Third, the findings highlight the significance of price competitiveness for developing the tourism industry. Hence, we argue that policymakers should implement effective economic policies to stabilize regional prices to attract international tourists.

International Remittances and International Tourism Development in South Asia: The Moderating Role of Political Stability

Financial crises and macroeconomic imbalances have recently posed serious challenges to firms operating in developing countries. Thus, firms require efficient working capital management (WCM) to remain profitable. The purpose of this study is to examine the impact of WCM on firm performance (FPR) of ‘Food & Personal Care Industry’ of Pakistan using balanced panel data of 22 listed firms for the period of 2006 to 2022. Further, the study estimates the moderating effects of investment policy (IP) on WCM- FPR relationship. The study has used return on assets to measure FPR, while WCM is measured by a comprehensive measure of cash conversion cycle (CCC) comprising accounts receivable period (ARP), accounts payable period (APP), and inventory period (ITP). The findings reveal that CCC and ITP have a significant negative association with FPR, suggesting shorter CCC and ITP increase FPR. However, ARP and APP are positively associated with FPR, suggesting efficient utilization of ACR and delay in payment bills may increase FPR. Moreover, the results show that IP negatively moderates the impact of all components (except APP) of WCM on FPR. These results imply that a conservative IP mitigates the adverse impact of liberal WCM practice on FPR. The study also discussed the useful implications for managers and policymakers along with limitations of the study in the conclusion section.

Re-Examining Working Capital Management and Firm Performance Nexus: Does Investment Policy Matter?

Abstract The study investigates whether effective audit committees, gender-diverse boards, and corruption controls affect the level of voluntary disclosures of Asian banks. Further, we analyze whether directors’ experience moderates the impact of audit committee independence, audit committee meetings, board gender diversity, and corruption controls on voluntary disclosures. We use data for commercial banks operating in six Asian countries, i.e., China, India, Pakistan, Malaysia, Hong Kong, and Singapore. For empirical analysis, we apply several robust statistical techniques. We find that commercial banks with effective audit committees, gender-diverse boards, and corruption controls tend to disclose less information voluntarily as they perceive limited benefits from optional disclosures. Further, we find unique evidence that directors’ experience significantly moderates the impact of audit committee independence, audit committee meetings, board gender diversity, and corruption controls on voluntary disclosures of Asian banks. Our unique findings are consistent with the proprietary cost theory. Further, our results indicate that commercial banks operating in countries that maintain rule of law, regulatory quality, and government effectiveness tend to disclose less information voluntarily.

https://www.tandfonline.com/doi/pdf/10.1080/23311975.2022.2135205?needAccess=true

Do effective audit committees, gender-diverse boards, and corruption controls influence the voluntary disclosures of Asian banks? The moderating role of directors’ experience

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Papers

International Remittances and International Tourism Development in South Asia: The Moderating Role of Political Stability

Determinants of Customer Satisfaction: The Moderating Role of Switching Cost towards Customer Loyalty in B2B Packaged Food Retail Setting

Re-Examining Working Capital Management and Firm Performance Nexus: Does Investment Policy Matter?

Do effective audit committees, gender-diverse boards, and corruption controls influence the voluntary disclosures of Asian banks? The moderating role of directors’ experience