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Trending articles


 * HOW SOCIAL INITIATIVES AFFECT THE VALUE OF MANUFACTURING COMPANIES IN NIGERIA
   
   William Inyang , Charles Effiong , Abosede Usoro , Eme Efiong , Peter Bessong
   , Essien Oden , Ije Ubi doi: http://dx.doi.org/10.21511/imfi.21(4).2024.11
   Investment Management and Financial Innovations Volume 21, 2024         Issue
   #4         pp. 128-139 Views: 3 Downloads: 1 TO CITE АНОТАЦІЯ
   
   Eighty percent of listed manufacturing firms in Nigeria (4 out of 5 firms)
   had negative and fluctuating returns on equity eighty-three percent of the
   time (5 out of 6 years), while inexplicable fluctuations in philanthropic
   expenditures, labor costs, and creditor days correspondingly occurred during
   the 6-year period under review (2018–2023). This study looks at how social
   initiatives affect the value of listed manufacturing firms in Nigeria. Its
   specific goal was to determine whether a firm’s value (measured as return on
   equity) is influenced by the cost of corporate giving, the cost of employee
   well-being, and the time taken to settle creditors. Data were obtained from
   the financial reports of 5 companies. the sample of which was judgmentally
   drawn from 16 listed companies using a quantitative method of research.
   EViews statistical package was used to analyze data. It was found that
   investments in social initiatives as supported by corporate giving {B1 =
   0.010162, P = .2691 or P > .05}, employee well-being {B2 = .012285, P = .3836
   or P > .05}, and obligations to creditors {B3 = .012018, P = .8327 or P >
   .05} are not value-enhancing in Nigeria’s manufacturing sector. In light of
   the above, it was concluded that listed companies in the manufacturing sector
   in Nigeria are not legitimately and strategically investing their resources
   in social initiatives, and corporate value is consequently not enhanced and
   maximized.


 * ENVIRONMENTAL, SOCIAL, AND GOVERNANCE PERFORMANCE: THE ROLE OF CHINESE
   EMPLOYEE STOCK OWNERSHIP PLANS
   
   Yasi Liu , Shaun McDowell , Chunxiao Xue , Jianing Zhang doi:
   http://dx.doi.org/10.21511/ee.15(2).2024.10
   Environmental Economics Volume 15, 2024         Issue #2         pp. 132-148
   Views: 20 Downloads: 4 TO CITE АНОТАЦІЯ
   
   The challenges of global warming, resource depletion, and environmental
   protection require immediate action from corporations, governments, and
   communities globally. Implementing environmental, social, and governance
   (ESG) measures represents a key strategy for corporations in addressing
   sustainability concerns. This study investigates how the ESG performance of
   publicly listed companies in China is influenced by employee stock ownership
   plans (ESOPs). Utilizing a dataset covering 4,464 publicly listed Chinese
   corporations from 2009 to 2022, this analysis employs fixed-effects
   regressions to reveal the beneficial impact of ESOPs on corporate ESG
   ratings. A firm’s transition from non-ESOP to ESOP status raises ESG ratings
   by 1.213, representing 22% of the ESG score’s standard deviation. The
   findings indicate that greater involvement of the top management team in an
   ESOP weakens the positive impact of the ESOP on corporate ESG performance.
   The positive impact of ESOPs on ESG performance is insignificant in the
   agriculture sector but more pronounced in the manufacturing and service
   sectors, where the transition to ESOP status results in ESG score increases
   of 1.122 and 1.500, respectively. The issue of endogeneity is addressed by
   utilizing a lagged ESOP independent variable and applying two-stage least
   squares regression with the average ESOP serving as the instrumental
   variable. The findings confirm that causality runs from ESOP to ESG rather
   than ESG influencing ESOP.
   
   Acknowledgment
   This study was supported by the Department of Education of Zhejiang Province
   – General Program (Y202249981, Y202353438), the Wenzhou Association for
   Science and Technology – Service and Technology Innovation Program
   (jczc0254), the Wenzhou-Kean University Student Partnering with Faculty
   Research Program (WKUSPF202404, WKUSPF202411), the Wenzhou-Kean University
   International Collaborative Research Program (ICRP2023002, ICRP2023004), and
   the Wenzhou-Kean University Internal Research Support Program (IRSPG202205,
   IRSPG202206).


 * THE IMPACT OF AUDITOR ATTRIBUTES AND FIRM SIZE ON FINANCIAL REPORTING
   TIMELINESS OF LISTED FIRMS
   
   Edwin Onatuyeh , Sunday Aniefor , Catherine Orife , Lucky Ogbolu , Elizabeth
   Osevwe-Okoroyibo doi: http://dx.doi.org/10.21511/imfi.21(4).2024.10
   Investment Management and Financial Innovations Volume 21, 2024         Issue
   #4         pp. 116-127 Views: 23 Downloads: 5 TO CITE АНОТАЦІЯ
   
   This empirical study examines the impact of auditor attributes and firm size
   on financial reporting timeliness among listed firms in Nigeria. The study
   employs an ex-post facto type of research, with a quantitative design
   covering a ten-year period (2013–2022). The sample size comprises sixty-six
   (66) non-financial firms listed on the Nigerian Exchange Group (NGX). Based
   on data extracted from the audited annual reports of the sampled sixty-six
   firms, the robust regression model results reveal that joint audits
   contributed considerably to shorter financial reporting lags, underscoring
   the value of collaborative audit efforts in streamlining the audit process.
   Audit fees maintained a positive significant effect on the reporting lag of
   listed Nigerian firms. However, audit switch, client firm size, audit
   opinion, and audit firm size all maintained insignificant effects on the
   financial reporting timeliness of the Nigerian listed firms investigated.
   Therefore, the study recommends that listed firms should rather opt for
   affordable joint audits due to their efficiency in streamlining the audit
   process. Equally, the study recommends that listed firms should maintain
   long-term relationships with auditors to leverage increased familiarity, yet
   remain cautious of likely complacency and breach of auditing ethical
   guidelines that can arise from prolonged engagements.


 * THE INFLUENCE OF RENEWABLE ENERGY AND FINANCIAL DEVELOPMENT ON TESTING THE
   ENVIRONMENTAL KUZNETS CURVE IN LEBANON: ARDL APPROACH
   
   Hanadi Taher doi: http://dx.doi.org/10.21511/ee.15(2).2024.09
   Environmental Economics Volume 15, 2024         Issue #2         pp. 118-131
   Views: 24 Downloads: 1 TO CITE АНОТАЦІЯ
   
   This study considers the impacts of financial development and the consumption
   of renewable energy in Lebanon for the period 1990–2021, employing the
   Environmental Kuznets Curve. The financial sector in Lebanon is considered a
   major engine in the economic development. Green energy sources and
   environmental protection are taking higher importance nowadays with the
   increase of implications for climate change and global warming worldwide.
   This paper examines the Environmental Kuznets Curve’s presence and
   implications for Lebanon’s financial development and renewable energy
   consumption. The econometric model used annual data from the World
   Development Indicators. Utilizing the autoregressive distributed lag (ARDL)
   technique, both near- and long-term relationships were estimated. The
   findings support the Environmental Kuznets Curve hypothesis and show that
   energy consumption and real income have a statistically significant
   beneficial effect on carbon emissions and that their square has a
   statistically significant negative impact on carbon emissions over the long
   and short term. The results show variations in signs for financial
   development between the short and long term and stable results for renewable
   energy with negative signs in both terms. These results show the importance
   of further research on the influence of financial development and green
   energy consumption on EKC. Therefore, policymakers need to pay more attention
   to these variables for a sustainable economy that is facing the effects of
   climate change.

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