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Poursoleyman, E., Mansourfar, G., Hassan, M. K. & Homayoun, S. (2024). Did Corporate Social Responsibility Vaccinate Corporations Against COVID-19?. Journal of Business Ethics, 189, 525-551
Open this publication in new window or tab >>Did Corporate Social Responsibility Vaccinate Corporations Against COVID-19?
2024 (English)In: Journal of Business Ethics, ISSN 0167-4544, E-ISSN 1573-0697, Vol. 189, p. 525-551Article in journal (Refereed) Published
Abstract [en]

Using an international setting consisting of 5410 corporations domiciled in 24 countries, we test the insurance-like effect of corporate social responsibility (CSR) performance in the era of the pandemic and confirm that CSR performance increases socially responsible companies’ resilience against the adverse effects of the crisis. Comparing stakeholders' responses to CSR activities during the pandemic and normal periods, we observe that the link between CSR performance and firm value is stronger during the crisis period. We also realize that the social aspect of CSR performance is the main driver for the mentioned effects. Finally, comparing the resilience of highly committed socially responsible companies with those with moderate and very low CSR ratings, we observe that best-in-class companies enjoy the greatest buffering effects, implying that the insurance-like effect of CSR performance is non-linear against systematic crises. Findings are robust to ceremonial CSR activities, extreme values of market-based instruments, endogeneity concern, etc. 

Place, publisher, year, edition, pages
Springer, 2024
Keywords
COVID-19; CSR performance; Firm performance
National Category
Economics and Business
Research subject
Sustainable Urban Development
Identifiers
urn:nbn:se:hig:diva-41015 (URN)10.1007/s10551-023-05331-1 (DOI)000920004300001 ()36743218 (PubMedID)2-s2.0-85147097798 (Scopus ID)
Available from: 2023-02-03 Created: 2023-02-03 Last updated: 2024-01-22Bibliographically approved
Rezaee, Z., Homayoun, S., Rezaee, N. J. & Poursoleyman, E. (2023). Business sustainability reporting and assurance and sustainable development goals. Managerial Auditing Journal, 38(7), 973-996
Open this publication in new window or tab >>Business sustainability reporting and assurance and sustainable development goals
2023 (English)In: Managerial Auditing Journal, ISSN 0268-6902, E-ISSN 1758-7735, Vol. 38, no 7, p. 973-996Article in journal (Refereed) Published
Abstract [en]

Purpose

This paper aims to examine the association between sustainable development goals (SDGs) at the micro level and firms’ inclination to sustainability reporting and assurance (SRA).

Design/methodology/approach

The authors use global data from 44 countries in the 2016–2021 period and perform the probit and logistic models in testing the hypotheses.

Findings

The results show that socially responsible firms adopting SDGs are more likely to issue sustainability reports and obtain assurance statements. The authors find that the link between firms’ compliance with SDGs and SRA is stronger for firms domiciled in stakeholder-oriented countries.

Originality/value

SRA issues are gaining the attention of regulators, investors, businesses and academics worldwide. Results pertaining to the relationship between SDGs and SRA are robust to alternative measures and several sensitivity tests and, thus, provide policy, practice and research implications.

Place, publisher, year, edition, pages
Emerald, 2023
Keywords
Sustainaibillity reporting, sustainable development goals, sustainability asssurance, stakeholder orientation, M12, M14, M15
National Category
Economics and Business
Identifiers
urn:nbn:se:hig:diva-42808 (URN)10.1108/maj-10-2022-3722 (DOI)001042171200001 ()2-s2.0-85166767433 (Scopus ID)
Available from: 2023-08-08 Created: 2023-08-08 Last updated: 2023-11-21Bibliographically approved
Rezaee, Z., Homayoun, S., Poursoleyman, E. & Rezaee, N. J. (2023). Comparative analysis of environmental, social, and governance disclosures. Global Finance Journal, 55, Article ID 100804.
Open this publication in new window or tab >>Comparative analysis of environmental, social, and governance disclosures
2023 (English)In: Global Finance Journal, ISSN 1044-0283, E-ISSN 1873-5665, Vol. 55, article id 100804Article in journal (Refereed) Published
Abstract [en]

We examine the level of environmental, social, and governance (ESG) sustainability disclosure by firms between two regimes where disclosure is mandatory versus voluntary. We use the regulatory environment between the United States (US) and European Union (EU) to compare ESG disclosures. Firms in the US are currently under a voluntary disclosure regime. In contrast, EU members are under a mandatory disclosure regulatory regime that began in 2017. We find that EU firms outperform US firms under voluntary disclosure requirements (2007–2016), and the ESG disclosure of EU firms further improves relative to US firms after the implementation of the mandatory disclosure in Europe in 2017. Our results suggest that the 2017 adoption of disclosure guidelines in the EU is associated with improvements in EU firms' ESG disclosure. Our results regarding the value-relevance of ESG disclosure support a move toward mandatory ESG disclosures. Results support current initiatives that have been taken by global regulators and stock exchanges in recommending and requiring globally listed companies to disclose their ESG sustainability information to portray accurate and comprehensive corporate reporting. The results further our understanding of how firms from different institutional environment settings may have disclosed their ESG practices, thus providing opportunities for future research.

Place, publisher, year, edition, pages
Elsevier, 2023
Keywords
ESG disclosure, Listed firms, Disclosure guidance
National Category
Business Administration
Identifiers
urn:nbn:se:hig:diva-40723 (URN)10.1016/j.gfj.2022.100804 (DOI)000923699100001 ()2-s2.0-85147123455 (Scopus ID)
Available from: 2023-01-11 Created: 2023-01-11 Last updated: 2023-02-23Bibliographically approved
Poursoleyman, E., Mansourfar, G., Nazari, J. & Homayoun, S. (2023). Corporate social responsibility and COVID ‐19: Prior reporting experience and assurance. Business Ethics, the Environment & Responsibility, 32(S3), 212-242
Open this publication in new window or tab >>Corporate social responsibility and COVID ‐19: Prior reporting experience and assurance
2023 (English)In: Business Ethics, the Environment & Responsibility, ISSN 2694-6416, Vol. 32, no S3, p. 212-242Article in journal (Refereed) Published
Abstract [en]

The novel COVID-19 has created an exogenous shock to capital markets and, hence, an ideal opportunity for researchers to assess whether CSR-related activities provide an insurance-like mechanism to protect firms against the shock. Using a large sample of 4361 firms domiciled in 40 countries, we investigate the roles of CSR reporting and assurance in the negative consequences of COVID-19 on firm value. The results confirm that prior CSR reporting experience buffers firms against the adverse effects of the health crisis. The results also support that not only does the assurance on CSR reports create a buffering effect against the health crisis, but it also intensifies the buffering effects of prior CSR reporting experience against the pandemic. Moreover, using difference-in-difference method for testing the link between CSR reporting and firm value, we show that the positive association of reporting and assurance with firm value is more pronounced during the pandemic as compared with the years preceding it. The results of this study are robust to various analyses. Replicating the analyses to the context of the global financial crisis, we find that prior CSR reporting experience and assurance provide similar buffering effects when a market is exposed to various exogenous shocks. The results also hold for the mandatory disclosure regimes. By distinguishing first and subsequent reports and assurance, we show that, unlike subsequent CSR reports and assurance, the initial ones cannot mitigate the negative effects of the crisis on firm value, indicating that stakeholders take into account longer-term CSR reporting experiences. Aside from reporting and assurance aspects of CSR, we analyze the role of CSR report's quality and accuracy and show that the adoption of Global Reporting Initiatives (GRI) frameworks can enhance socially responsible firms' resilience against systematic shocks.

Place, publisher, year, edition, pages
Wiley, 2023
Keywords
COVID-19, CSR assurance, CSR reports, GRI adoption, the red queen effect
National Category
Economics and Business
Identifiers
urn:nbn:se:hig:diva-39613 (URN)10.1111/beer.12461 (DOI)000823281500001 ()2-s2.0-85133788376 (Scopus ID)
Available from: 2022-07-21 Created: 2022-07-21 Last updated: 2023-10-02Bibliographically approved
Alsayegh, M. F., Abdul Rahman, R. & Homayoun, S. (2023). Corporate Sustainability Performance and Firm Value through Investment Efficiency. Sustainability, 15(1), Article ID 305.
Open this publication in new window or tab >>Corporate Sustainability Performance and Firm Value through Investment Efficiency
2023 (English)In: Sustainability, E-ISSN 2071-1050, Corporate Sustainability Performance and Firm Value through Investment Efficiency, Vol. 15, no 1, article id 305Article in journal (Refereed) Published
Abstract [en]

This study investigates the influence of corporate sustainability performance (CSP) on firm value through investment efficiency. By applying a panel regression analysis using a large sample of 26,838 firm-year observations that represent 9218 Asian listed companies over the period of 2012–2019, we illustrate that high corporate sustainability performance (CSP) increases investment efficiency. This result coincides with both stakeholder theory and information asymmetry theory where economic, environmental, social, and governance involvements play a fundamental role in improving firm value. Our results further show that the social dimension significantly improves investment decisions, unlike dimensions associated with environment and governance, which show no significant effect on investment efficiency. These insights about the impact of CSP on investment decisions will be useful to stakeholders, decision-makers, policymakers, as well as academics to improve their awareness of the importance of corporate sustainability practices. Particularly, the positive relationship between the social dimension of CSP and investment efficiency should motivate managers to improve their corporate social responsibility policy formation and implementation, and the management of investment portfolios in enhancing firm value.

Place, publisher, year, edition, pages
MDPI, 2023
Keywords
corporate social sustainability performance; investment efficiency; firm value; Asian firms
National Category
Business Administration
Research subject
Sustainable Urban Development
Identifiers
urn:nbn:se:hig:diva-40724 (URN)10.3390/su15010305 (DOI)000909278300001 ()2-s2.0-85146023980 (Scopus ID)
Available from: 2023-01-11 Created: 2023-01-11 Last updated: 2023-11-23Bibliographically approved
Rezaee, Z., Homayoun, S. & Rezaee, R. Y. (2023). Emergence of Sustainability Reporting and Assurance: A Global Perspective. Indian Accounting Review, 27(1), 1-21
Open this publication in new window or tab >>Emergence of Sustainability Reporting and Assurance: A Global Perspective
2023 (English)In: Indian Accounting Review, ISSN 0972-1754, Vol. 27, no 1, p. 1-21Article in journal (Refereed) Published
Abstract [en]

 This paper examines the factors and consequences of sustainability reporting and assurance (SRA) worldwide using the Global Reporting Initiative database from 2005- 2016. Sustainability factors are both the quality and quantity of SRA. We construct several variables pertaining to the consequences of SRA, such as environmental, social, and governance (ESG) sustainability performance disclosures, indices, ratings, and the use of the United Nations Sustainable Development Goals (SDGs). We find (1) a significant worldwide increase in both the quantity and quality of SRA in the past decade; (2) a positive association between the quality and quantity of SRA and sustainability disclosure and many of the SDGs and (3) a significant association between the quantity, quality of SRA and the legal, social, ethical, and environmental attributes. Our findings are relevant to current debates among global policymakers, regulators, standard setters, the business community, and the accounting profession in improving the quantity and quality of SRA and the move toward mandatory and standardized integrated sustainability reporting.

Place, publisher, year, edition, pages
Indian Accounting Association Research Foundation, 2023
Keywords
Business Sustainability, Sustainability Reporting, Sustainability Assurance, Sustainability Disclosure, Corporate Social Responsibility
National Category
Business Administration
Research subject
Sustainable Urban Development
Identifiers
urn:nbn:se:hig:diva-42811 (URN)
Available from: 2023-08-08 Created: 2023-08-08 Last updated: 2023-08-14Bibliographically approved
Homayoun, S., Mashayekhi, B., Jahangard, A., Samavat, M. & Rezaee, Z. (2023). The Controversial Link between CSR and Financial Performance: The Mediating Role of Green Innovation. Sustainability, 15(13), Article ID 10650.
Open this publication in new window or tab >>The Controversial Link between CSR and Financial Performance: The Mediating Role of Green Innovation
Show others...
2023 (English)In: Sustainability, E-ISSN 2071-1050, Vol. 15, no 13, article id 10650Article in journal (Refereed) Published
Abstract [en]

The contentious relationship between corporate social responsibility (CSR) and corporate financial performance (CFP) has been extensively and yet inconclusively debated in the sustainability literature. We further investigate the link between CSR and CFP by examining the mediating role of green innovation performance (GIP). We perform pooled ordinary least squares (OLS) analysis on a panel data of UK firms from 2006 to 2017 provided by the ASSET4 database. We find that CSR is positively and significantly associated with CFP and that GIP plays a significant and positive mediating role in this relationship. Our findings contribute to the extant sustainability literature by using a comprehensive measure of CFP and addressing the mediating effects of GIP on the link between CSR and CFP. The results provide policy, practice, and research implications as investors demand more robust CSR information, regulators establish environmental and climate change rules, and companies focus on the efficiency and effectiveness of their green innovation practices and performance.

Place, publisher, year, edition, pages
MDPI, 2023
Keywords
CSR; ESG; green innovation; corporate financial performance (CFP)
National Category
Economics and Business
Identifiers
urn:nbn:se:hig:diva-42796 (URN)10.3390/su151310650 (DOI)001028289600001 ()2-s2.0-85165035459 (Scopus ID)
Available from: 2023-08-01 Created: 2023-08-01 Last updated: 2023-08-10Bibliographically approved
Homayoun, S., Velashani, M. A., Abbas Alkhafaji, B. K. & Jabbar Mezher, S. (2023). The Effect of COVID-19 on the Performance of SMEs in Emerging Markets in Iran, Iraq and Jordan. Sustainability, 15(10), Article ID 7847.
Open this publication in new window or tab >>The Effect of COVID-19 on the Performance of SMEs in Emerging Markets in Iran, Iraq and Jordan
2023 (English)In: Sustainability, E-ISSN 2071-1050, Vol. 15, no 10, article id 7847Article in journal (Refereed) Published
Abstract [en]

his research aims to investigate the effect of COVID-19 on the performance of small and medium enterprises (SMEs) in emerging markets in Iran, Iraq and Jordan. In order to collect the required data, a standard questionnaire provided in the literature was used. The research period is the second quarter of 2022, and its population includes managers, accountants and auditors engaged in listed and non-listed companies. The research findings indicate that the outbreak of COVID-19 has affected SMEs’ performance in investigated emerging markets. For the first time, this research has examined the impact of COVID-19 on the performance of SMEs in emerging markets. The research was conducted in the three countries of Iran, Iraq and Jordan, which have different environmental conditions indicating the impact of contextual factors on the effects of the spread of COVID-19. The results can be useful for different parties, such as SMEs’ owners and regulatory bodies in similar markets.

Place, publisher, year, edition, pages
MDPI, 2023
Keywords
communication performance; COVID-19; financial performance; innovation; internal processes
National Category
Economics and Business
Identifiers
urn:nbn:se:hig:diva-42077 (URN)10.3390/su15107847 (DOI)000997737800001 ()2-s2.0-85160957183 (Scopus ID)
Available from: 2023-06-12 Created: 2023-06-12 Last updated: 2023-06-16Bibliographically approved
Salehi, M., Ali Mohammed Al-Msafir, H., Homayoun, S. & Zimon, G. (2023). The effect of social and intellectual capital on fraud and money laundering in Iraq. Journal of Money Laundering Control, 26(2), 227-252
Open this publication in new window or tab >>The effect of social and intellectual capital on fraud and money laundering in Iraq
2023 (English)In: Journal of Money Laundering Control, ISSN 1368-5201, E-ISSN 1758-7808, Vol. 26, no 2, p. 227-252Article in journal (Refereed) Published
Abstract [en]

Purpose: This study aims to assess the relationship between intellectual and social capital and financial statement fraud and money laundering of Iraqi firms before and after the emergence of the Islamic State of Iraq and Syria (ISIS). In other words, this paper seeks to answer the question of “whether the intellectual and social capital can contribute favourably to fraud in financial statements and money laundering or not.”

Design/methodology/approach: For the study, the multivariate regression model is used for hypothesis testing. Research hypotheses have also been examined using a sample of 35 listed firms on the Iraqi Stock Exchange during 2012–2018, using the panel data technique-based multivariate regression pattern and fixed-effect model.

Findings: The results show a negative and significant relationship between social capital and intellectual capital, fraud in financial statements and money laundering. Besides, the results indicate a positive and significant effect of the interactive variable of ISIS on the relationship between social and intellectual capital and fraud in financial statements and money laundering.

Originality/value: Since this paper is the first study on such a topic in the emergent markets, it provides helpful information for the users, analysts and legal institutions about intellectual capital and social capital that contributes significantly to fraud and money laundering of business units. Moreover, the study results help the development of science and knowledge in this field and fill the existing gap in the literature.

Place, publisher, year, edition, pages
Emerald, 2023
Keywords
Fraud in financial statements; Intellectual capital; Money laundering; Social capital
National Category
Economics and Business
Identifiers
urn:nbn:se:hig:diva-38049 (URN)10.1108/jmlc-12-2021-0142 (DOI)000759485700001 ()2-s2.0-85125106594 (Scopus ID)
Available from: 2022-03-07 Created: 2022-03-07 Last updated: 2023-03-07Bibliographically approved
Poursoleyman, E., Joudi, S., Mansourfar, G. & Homayoun, S. (2023). The impact of corporate governance performance on the association between information asymmetry and opportunities' optimal levels: evidence from developed markets. Journal of Economic and Administrative Sciences, 39(4), 1241-1259
Open this publication in new window or tab >>The impact of corporate governance performance on the association between information asymmetry and opportunities' optimal levels: evidence from developed markets
2023 (English)In: Journal of Economic and Administrative Sciences, ISSN 1026-4116, Vol. 39, no 4, p. 1241-1259Article in journal (Refereed) Published
Abstract [en]

Purpose

Previous literature posits that corporate governance and information asymmetry are the main factors in making efficient investments. Meanwhile, a growing body of studies is of the opinion that corporate governance can also mitigate the problem of information asymmetry and consequently exerts significant impacts on the association between information asymmetry and investment efficiency. This study aims to analyze the impact of corporate governance and information asymmetry on investment efficiency. It also tests the moderating role of corporate governance in the relationship between information asymmetry and investment efficiency.

Design/methodology/approach

The sample consists of 4,082 firms domiciled in 20 developed countries over the years from 2003 to 2019, including 33,812 firm-year observations. The bid–ask spread is used as a proxy for information asymmetry. To measure corporate governance performance, a proxy provided by ASSET4 is employed, and to determine the optimal levels of investments, we relied on the growth opportunity. To estimate the models, ordinary least squares and generalized method of moment are used.

Findings

The results reveal that information asymmetry is inversely related to investment efficiency, and, corporate governance mitigates this negative association.

Originality/value

This paper sheds light on the role of corporate governance in firms as a lever for mitigating information asymmetry and tries out information asymmetry and agency theories in relation to the impact of information asymmetry on investment efficiency. It also confirms the theory stating that corporate governance can be considered as a determinant of investment efficiency.

Place, publisher, year, edition, pages
Emerald, 2023
Keywords
Corporate governance performance, Information asymmetry, Investment efficiency, D82, G31, G34
National Category
Economics and Business
Identifiers
urn:nbn:se:hig:diva-37470 (URN)10.1108/JEAS-02-2021-0036 (DOI)000721977900001 ()
Available from: 2021-12-02 Created: 2021-12-02 Last updated: 2023-11-22Bibliographically approved
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Identifiers
ORCID iD: ORCID iD iconorcid.org/0000-0002-2536-0446

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