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Corporate universities (CUs) have evolved significantly over the past century, yet empirical studies examining their impact on corporate performance are notably sparse. This study addresses this gap by applying two alternative quasi-experimental designs - Propensity Score Matching (PSM) and Synthetic Control Group (SCG), to assess CU's strategic value. By examining 18 listed European telecom companies and 80 Spanish corporations across various industries during the 2004 to 2018 time span, this paper presents a comparative analysis of CU implementation effects within different corporate environments. Our findings indicate that CU establishment is a strategic choice for better corporate performance, identity, and strategy rather than an isolated educational investment. The results offer a better understanding of CU's strategic role, especially in sectors characterized by rapid technological change and the need for strategic human capital development. This study contributes to both empirical knowledge and methodology, proposing innovative ways to explore the effects of strategic decisions like CUs on corporate performance, and enhancing the dialogue between strategic human resource management and corporate investors in the scholarly and managerial domains.

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Cooperation between employees in a company is an important input to firm performance. This study examines how a manager's cooperative behavior and the visibility of this behavior affect the cooperation amongst employees, and subsequently firm performance. To do so, we conducted a field experiment with managers and their employees from 320 Vietnamese small and micro firms to determine the impact of a manager's leading by example (LBE) on employees' behavior, corporate culture, and firm performance. Both managers and employees participated in a Public Good experiment which aimed to elicit an individual cooperative behavior. Noteworthy is that the decision made by a manager in the experiment was given as an example to employees before they made decision in that same experiment. We considered that the example of cooperation by managers in the Public Good experiment communicated a powerful signal to the employees regarding the importance of fostering cooperation in the workplace. Such a signal by the manager, who is at the top in the organizational hierarchy, would impact their employees' behavior in the workplace and firm's outcomes beyond the experiment. Interestingly, we found that concealing a manager's identity from their employees enhances the impacts of LBE.

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Based on panel data from 2011 to 2019 for heavily polluting listed firms in the manufacturing industry, this paper examines the impact of environmental taxes on technological innovation and firm performance using the propensity score matching (PSM) and differences-in-differences (DID) methods. The empirical results show the following: (i) Firm performance and innovation quantity are positively affected by environmental taxes. The average effects of environmental taxes on firm performance and innovation quantity are 1.28 and 0.219, respectively. However, environmental taxes have no significant impact on innovation quality. (ii) A mechanism analysis reveals that innovation quantity plays a significant partial mediating role in the positive effect of environmental taxes on firm performance. (iii) Heterogeneity analysis shows that different environmental tax rates lead to a variation in innovation quantity and firm performance across regions. The positive effect of environmental taxes on innovation quantity is only confirmed in high-tax and low-tax areas. Meanwhile, high environmental taxes are related to better firm performance. Based on the research, policy recommendations are put forward to optimise environmental taxes, such as improving the environmental tax system and coordinating environmental tax and innovation policies.

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Companies with excess capital can opt to: pay dividends to shareholders, buy back treasury shares for short-term shareholder benefits, or pursue M&A investments for long-term shareholder returns. Using difference in differences approach of event research methods combined with unique manually collected data sets, this paper investigates the market bias for three events: M&A, share repurchase, and dividend payment. The results show that information was leaked to the outside 1 day before it was officially announced at all events. When observing the company's performance 3 years after the event announcement, we also find that the market reaction is biased in M&A and stock dividend payment events, but accurate in the cash dividend payment and share repurchases. In addition, the market has the strongest and longest reaction to the news of the company buying back shares; has the weakest reaction to the stock dividend payment; has the shortest reaction to cash dividend payment; has a negative reaction to the acquisition company's stock, and has a positive reaction to the target company's stock. Our research has provided empirical evidence on the market response to published information, and supports CEOs make the most accurate choices when the company has an excess cash flow.

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Artificial intelligence (AI) and other advanced technologies are increasingly recognized as essential catalysts for enhancing productivity due to their capability to transform nearly all operations within and outside firms. However, the empirical research on how AI assimilation may promote firm-level outcomes such as absorptive capacity (AC), customer agility (CA), and firm performance (FP) is still in its infancy. Drawing from the dynamic capability view and using 417 valid responses collected through cross-sectional methods from small and medium-sized enterprises (SMEs) in Lebanon, this study examines the effect of AI assimilation on firm performance. The mediating roles of AC and CA were investigated. The moderating role of organizational agility (OA) was also explored. The findings support the hypothesized assumptions that continual advancement of technology evolves the industrial organizations' performance with CA and AC as parallel mediators, partially mediating the link between AI assimilation and FP and OA as a moderator, moderating the positive relationship between AI and CA and between AI and FP. The findings provide crucial insights for practitioners and advance the dynamic capability view framework. They provide compelling evidence that enriches the understanding of AI assimilation, demonstrating its positive impact on critical organizational outcomes and yielding performance benefits for SMEs.

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Organisations undertake profound changes to fit in a rapidly evolving digital setting. However, although the IT capabilities of the organisational members play a critical role in this, the mechanism driving IT capabilities towards enhanced firm performance is not fully understood. A theoretical model to analyse the role of digital orientation and digital transformation in this relationship is introduced and tested on a set of 246 firms through the Partial Least Squares-Structural Equation Modeling method (PLS-SEM). This research contributes to the literature by introducing the social aspect to the study of technology management, delving also into the antecedents of digital transformation. Results confirm a positive effect of IT capabilities on firm performance through the development of a digital orientation and the digital transformation of the organisation.

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The COVID-19 crisis has notably impacted global supply chains as it has disrupted manufacturing operations. To recover from the aforementioned disruptions, supply chain digitalization [SCD] is increasingly being acknowledged to help the recovery process. Based on this, scholars have called for additional research on how SCD can enhance supply chain visibility [SCV] and boost supply chain performance [SCP] in turbulent environments. Based on 399 valid responses collected through cross-sectional method from Turkish manufacturing firms and using a non-probabilistic sampling method [i.e., purposive sampling], this research explores the effect of SCD on SCP. The mediating role of SCV and the moderating role of supply chain survivability [SCS] on the SCD-SCP relationship were also explored. The findings showed that SCD has a positive effect on SCP. SCD has a positive effect on SCV. SCV has a positive effect on SCP. The link between SCD and SCP is mediated by SCP. The results also revealed that SCS moderated the SCD-SCV link such that SCD has a stronger, positive relationship with SCV when SCS is high than when it's low. SCS moderates the SCD-SCP link, such that at low levels of SCS, the positive effect of SCD on SCP is weakened. The indirect positive effect of SCD on SCP via SCV is strongest when supply chain survivability is high. The findings suggest that SCD can improve cost-effectiveness, promote communication and information efficiency, and enhance supply chain resilience to improve performance after disruptions. This study provides insightful new implications for both supply chain literature and practitioners.

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In the evolving business landscape, utility firms are undergoing transformative digital changes. The purpose of this study is to examine the unexplored link between utility firms' digital transformation and performance, by utilizing unique data from Chinese listed utilities. Empirical findings show a positive correlation between digital transformation and enhanced performance, with financial constraints and environmental performance as identified mechanisms. The research enriches understanding of digital transformation's economic consequences, providing practical insights for implementation, especially for environmentally conscious firms. Considering textual analysis and sample size limitations, future studies could assess utility firms' digital transformation across diverse economies with a more thorough evaluation of a firm's level of digital transformation.

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Small- and medium-sized enterprises (SMEs) have consistently contributed significantly to the economy's gross domestic product (GDP). Organizations are motivated to achieve sustainable performance by mitigating the adverse impacts of company operations by improving productivity and optimizing resource utilization. In order to achieve this objective, the businesses are making all their efforts and developing the systems to ensure sustainable performance. Based on the prevailing research gaps, the current study examines the role of a portfolio of responsible digital technologies (DT), which provides a competitive advantage and helps achieve sustainable firm performance (SFP). Using a simple random sampling technique, data from 294 textile manufacturing SMEs is collected and analyzed using the structural equation model (SEM) in AMOS v.24. The results indicated that digital technologies, tax avoidance, green employee behavior, and corporate social responsibility facilitated improving the SFP of SMEs. Furthermore, it is worth noting that the link connecting TA and SFP is unaffected by CSR activities aimed at the environment. This finding, however, should not lessen the importance of TA, which deserves significant attention and thought from management.

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The study aims to evaluate the impacts of high-performance human resource management practices on firm performance through the mediating variable of innovation. The research model was developed and integrated from high-performance human resource management theory, innovation, and firm performance. The analysis results from 312 enterprises in industrial and service sectors indicated that high-performance human resource management practices had an indirect impact on firm performance and a direct effect on innovation. Furthermore, innovation plays a mediating role in the relationship between high-performance human resource management practices and firm performance. In addition, organizational size is also a characteristic variable that impacts firm performance. Finally, the study provides some theoretical and practical implications for managers to improve enterprises' human resource management systems.

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Background: business leaders' social status significantly impacts companies' strategic direction and performance. Digital transformation, an important tool for companies to enhance competitiveness and resilience, plays an important role in the relationship between executive background and firm performance. Objective: To investigate the impact of celebrity chief executive officers (CEO) on firm performance through digital transformation. Method: Using data from companies listed on the main boards of the Shanghai and Shenzhen Stock Exchanges between 2017 and 2021, this study explored the relationship between celebrity CEOs, digital transformation, and firm performance. Result: Celebrity CEOs significantly enhanced a firm's digital transformation. However, this effect weakened when controlling shareholders and institutional investors held more shares. Additionally, the study showed that celebrity CEOs can improve firm performance through digital transformation. These findings were robust across a range of sensitivity analyses. Conclusion: This study contributes to understanding celebrity CEOs' decision-making motivations and economic impacts from a psychological perspective while also providing valuable insights for driving digital transformation within companies.

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This research study aims to reveal the role of supply chain parameters approved by blockchain technology toward firm performance through trust. This study has also examined the moderating role of government support between trust and firm performance. The underlying theories reinforce the usefulness and flexibility of a supply chain in regulating daily fluctuations and uncertainties in supply and demand. Blockchain technology adoption with supply chain tactics provides a more suitable environment for better firm performance. Governments address legal and security concerns related to blockchain technology and provide clear guidelines and standards for its use in supply chains, which build trust among firms and stakeholders. A conceptual model has been developed with the assistance of past empirical research studies and associated theories. This research study has examined the following relationships from a sample of 465 employees from textile industrial firms listed on the Pakistan Stock Exchange. The current research study assesses these parameters using the partial least squares structural equation modeling (PLS-SEM) method. The analysis showed that supply chain parameters (alignment, agility, adaptability) approved by blockchain technology positively correlate with firm performance. Trust positively mediated the relationship between supply chain parameters approved by blockchain technology and firm performance. Furthermore, government support positively moderated the relationship between trust and firm performance. The study would provide directions for further research. These findings will give the global supply chain industry valuable insights into blockchain technology for firm performance. In theory, this research study would contribute to the scientific literature by answering how trust and government support affect the overall firm performance.

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We analyze to what extent more generous tax loss offset regulations are associated with a weaker decline and stronger recovery of firm stock prices during economic crises. We argue that an unrestricted loss carryforward and, particularly, an unrestricted loss carryback provides firms with additional liquidity, which should lower the risk of bankruptcy and can be used for investment purposes. Our empirical findings document that (1) an unrestricted loss carryforward and an unrestricted loss carryback result in a weaker decline and more timely recovery of stock prices during the considered crises, (2) this effect is stronger in high-tax countries, and (3) this effect is also dependent upon pre-crisis profitability.

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Servitization and digitalisation are current trends in high-quality sustainable development in manufacturing firms. To clarify how manufacturing companies can improve their environmental, social, and governance (ESG) performance through servitization and digitalisation, this study develops a moderated mediating effects model for analysis and further investigates corporate heterogeneity. This study uses the CSMAR and WIND databases and official website of the National Bureau of Statistics of China to obtain relevant data from 2013 to 2020. Python software was used to crawl corporate annual report data from the CNINFO Website for collation and analysis, obtaining a total of 1261 companies with 9379 sample values. The findings are as follows: (i) Servitization of manufacturing enterprises can significantly enhance their performance. (ii) The service-oriented transformation of manufacturing enterprises can significantly enhance their performance through digitalisation. In contrast to the capabilities of the practical application of digital technology, digital transformation primarily manifests itself as the capability of digital underpinning technology and the practical application of digital technology. (iii) The ESG performance of companies can positively regulate the promotion of service-oriented manufacturing enterprises towards digital transformation, as well as directly foster the development of digital transformation in the manufacturing industry. When examining the individual components of ESG performance, environmental and social performance have a positive effect on regulating the promotion of service-oriented manufacturing towards digital transformation and directly driving the digital transformation of manufacturing companies. However, the governance performance does not have a significant effect. Additionally, environmental performance can restrain the positive effect of digital transformation on performance in manufacturing companies. (iv) Manufacturing companies in the eastern part of the country are improving their performance mainly by promoting digitisation, whereas those in the central and western regions are improving their profitability mainly through servitization. This study reveals the mechanism of ESG performance and the role of servitization and digitalisation of manufacturing companies on performance and suggests new paths for the development of corporate sustainability strategies.

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Internal auditing has been an elementary and powerful component of corporate governance in business strategies. It is highly acknowledged as an important business control system in the realm of quality management. Business performance does not come by itself; it needs plenty of aids and capabilities. Existing studies have investigated the business performance with fewer outcomes in corporate sustainability, firm, and environmental performance. We present analysis and validated improvised hypothesis through structural equation modeling (SEM), using analysis of a moment structures (AMOS), on empirical evidence gathered from 304 Chief Executive Officer (CEOs) in Top Multinational Companies of Pakistan (TMCP). In this paper, we examine the role of internal audit functionality as an influencing factor via corporate governance in corporate sustainability, firm performance, and environmental performance. Moreover, business quality and performance are maintained using functions such as interests of shareholders, personnel and finance. Results suggest that internal audit functionality and corporate governance significantly influence corporate sustainability, firm performance, and environmental performance. Additionally, CEOs and top managers of TMCP are advised to concentrate on internal audit functionality with a mediating role of corporate governance that in turn encourages corporate sustainability, firm performance, and environmental performance.

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Prior research suggests that R&D intensive firms are especially vulnerable during crises due to their narrow specialization, high adjustment costs, increased distress risks, and higher sensitivity to financial distress. This paper exploits the difference in the research and development intensity as a quasi-natural experiment to examine the impact of the coronavirus pandemic on firm performance. Our study finds that the adverse consequences of COVID-19 on firms' profitability have been less pronounced for R&D intensive firms. R&D intensive firms are also able to record more positive changes in cash holdings as a response to the COVID-19 pandemic. As a result, R&D intensive firms are less likely to rely on external financing and record a lower level of increase in financing. Our results further highlight the potential function of R&D investment as a panacea for firm's growth during economic downturns.

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Businesses operate in an increasingly dynamic environment requiring that they strike a delicate, healthy, and equitable balance among the interests of their numerous stakeholders. This study examined how employee orientation and shareholder orientation influence supply chain orientation and how employee orientation, shareholder orientation, and supply chain orientation influence firm performance. The study used a sample of 265 respondents and applied both linear and triangular data analysis techniques in Partial-Least Squares Structural Equation Modelling (PLS-SEM) and Necessary Condition Analysis (NCA) to examine how employee orientation, shareholder orientation, and supply chain orientation influence the performance of oil marketing companies (OMCs) in Ghana. The PLS-SEM results revealed that employee orientation and shareholder orientation are significant predictors of supply chain orientation. The NCA results revealed that employee orientation is the most important for supply chain orientation. Also, from the PLS-SEM results, employee orientation and supply chain orientation predict firm performance, but shareholder orientation does not. However, the NCA results suggest that all three orientations are necessary for firm performance and highlight supply chain orientation as the most important for firm performance. This study is the first to examine how employee orientation and shareholder orientation influence supply chain orientation, besides how the three orientations influence firm performance from both sufficiency and necessity theory perspectives. The study also uncovers supply chain orientation as an underlying process through which employee and shareholder orientation enhances firm performance.

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Based on upper echelons and self-categorization theories, this study empirically examines the relationship between CEO-top management team (TMT) overseas experience differences and firm performance and the moderating effects of hometown connectedness, ownership nature, and environmental dynamics. We use data on Chinese manufacturing listed companies from 2012 to 2021. The results show that CEO-TMT overseas experience differences significantly and negatively affect firm performance. Hometown connectedness positively moderates this relationship; as CEO-TMT hometown connectedness increases, the negative impact of CEO-TMT overseas experience differences on firm performance decreases. Finally, state ownership and higher environmental dynamics mitigate the negative relationship between CEO-TMT's overseas experiences and firm performance.

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The role that owner-managers' managerial capabilities play in agricultural firms' strategic change and performance is still unclear. A firm's market opportunities seizing capability (OSC) is a source of competitiveness and superior performance. The objective of this study is to establish how owner-manager's dynamic managerial capabilities (DMCs) including managerial human capital, managerial social capital and managerial cognition affect firm performance through the mediating effect of OSC, as well as the moderating effect of market dynamism in the relationship OSC and firm performance. 306 cross-sectional data collected at fish farming firms (FFF) level in southern Benin were used and partial least squares structural equation model was applied to test research hypotheses. The results of SmartPLS4 reveal that owner-managers' DMCs including business ties (BTs), political ties (PTs), and managerial cognition (MC) demonstrate a significant effect at improving FFF market OSC and performance. Finding also underline the significant contribution of market dynamism to FFF performance as well the mediating role of market OSC in the relationship between BTs, PTs, MC, and FFF performance. Findings suggest that FFF owner-managers can achieve superior performance by strengthening their DMCs while improving market OSC. The study provides useful insights to FFF owner-managers, agriculture policymakers and practitioners who are engaged in agriculture firms' strategic management and sustainable performance.

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This paper investigates the relationship between measures of intellectual capital efficiency and the performance of the listed banks in Bangladesh. We have collected data from the listed bank's published annual reports for seven years (2015-2021). We have primarily used standard panel data analysis techniques to assess the static relationships. In addition, to the static models, we have also checked the dynamic models for robustness in the context of Bangladesh. Following the RBV (Resource Based theory), we have found that the MVAIC (Modified Value-Added Intellectual Coefficient) significantly and positively determines firm performance in both static and dynamic methods. However, various components of MVAIC show differing relationships, which indicates that the two-step system GMM (Generalized Method of Moments) is superior to static models. The moderating role of MEETING (Company Meetings) is significant with respect to MVAIC. In addition, the moderating role of corporate governance variables at the component level remained the same in both methods. Our further analysis of the association with respect to the before and during pandemic periods suggests that the relationship remains the same irrespective of the period under study. Future research can use this paper to understand the significance of dynamic modeling while studying IC (Intellectual Capital) in an emerging economy context. This is among a few studies that have applied both static and dynamic models to assess the relationship between IC and firm performance in the context of emerging economies. Policymakers and bank managers in Bangladesh could use the findings of this study to realize that IC is much more valuable than other available tangible assets in creating a sustainable competitive advantage.