The relationship between firm financial performance and sustainability reporting (SR) has been extensively researched previously, but with inconsistent results. By incorporating the coercive isomorphism of the institutional theory, this study examines if the relationship is moderated by the ownership of institutional investors. Using data from a sample of 270 Malaysian public listed firms, the study tested two ordinary least square (OLS) regression models. The results show that firm performance and institutional ownership have a positive link to SR. (...) Further examination however discloses a negative moderation of institutional ownership on the relationship between firm performance and SR, thus fail to support the indication that institutional investors coerce the investee firms to utilise their firm performance for sustainability activities. This study adds to SR-related literature by providing reliable and objective findings and directions for future studies in this context. (shrink)

Existing theory has not documented the potential benefits of facing the challenges of underdog entrepreneurs, who may succeed unexpectedly. This research explains why, and under what circumstances, the underdog status of entrepreneurs can promote entrepreneurial success rather than just hinder it. We predict that the underdog effect has the potential to boost entrepreneurial resource efficiency when entrepreneurs hold an incremental theory, enter a low-barrier industry, and are in a favorable business environment. Study 1 provides support for the positive relationship between (...) underdog status and resource efficiency through an ordinary least squares regression analysis, which is accompanied by a moderating effect of the implicit theory, industry context, and business environment. The data was obtained from two nationwide surveys. By extending a qualitative comparative analysis of multiple case studies, Study 2 reveals support for a synergistic effect of the above factors. Our research results examine the assumption that perceiving underdog status is detrimental and offer meaningful insights into why and when underdog entrepreneurs have good performance in entrepreneurial resource efficiency. We provide a psychological and behavioral explanation for the underdog effect, extending the underdog effect theory to the field of entrepreneurship for the first time from the perspective of the actors. Finally, theoretical contributions and practical implications are discussed by indicating the limitations of the research. (shrink)

Considerations regarding predication in ordinary language as well as the ontology of relations suggest a refinement of the Ontological Square, a conceptual scheme used in many foundational ontologies and which consists of particular substrates as well as their types on the one hand and particular attributes as well as their types on the other hand. First, the distinction between particulars and universals turns out to be one of degree, since particulars are merely the least elements in the (...) subsumption hierarchy. Second, relations may be analysed in terms of roles as ways of participating in events. In consequence, the Logic of the Ontological Square proposed in (Schneider 2009) has to be revised accordingly. (shrink)

Significant research has been devoted to detecting people in images and videos. In this paper we describe a human de- tection method that augments widely used edge-based fea- tures with texture and color information, providing us with a much richer descriptor set. This augmentation results in an extremely high-dimensional feature space (more than 170,000 dimensions). In such high-dimensional spaces, classical machine learning algorithms such as SVMs are nearly intractable with respect to training. Furthermore, the number of training samples is much (...) smaller than the dimensionality of the feature space, by at least an order of magnitude. Finally, the extraction of features from a densely sampled grid structure leads to a high degree of multicollinearity. To circumvent these data characteristics, we employ Partial Least Squares (PLS) analysis, an effi- cient dimensionality reduction technique, one which pre- serves significant discriminative information, to project the data onto a much lower dimensional subspace (20 dimen- sions, reduced from the original 170,000). Our human de- tection system, employing PLS analysis over the enriched descriptor set, is shown to outperform state-of-the-art tech- niques on three varied datasets including the popular INRIA pedestrian dataset, the low-resolution gray-scale Daim- lerChrysler pedestrian dataset, and the ETHZ pedestrian dataset consisting of full-length videos of crowded scenes. (shrink)

The self-organizing model and expectation-maximization method are two traditional identification methods for switching models. They interactively update the parameters and model identities based on offline algorithms. In this paper, we propose a flexible recursive least squares algorithm which constructs the cost function based on two kinds of errors: the neighboring two-parameter estimation errors and the output estimation errors. Such an algorithm has several advantages over the two traditional identification algorithms: it can estimate the parameters of all the sub-models without (...) prior knowledge of the model identities; has less computational efforts; and can update the parameters with newly arrived data. The convergence properties and simulation examples are provided to illustrate the efficiency of the algorithm. (shrink)

Gauss’ 1809 discussion of least squares, which can be viewed as the beginning of mathematical statistics, is reviewed. The general consensus seems to be that Gauss’ arguments are at fault, but we show that his reasoning is in fact correct, given his self-imposed restrictions, and persuasive without these restrictions.

Drawing on risk mitigation theory, this article examines whether the improvement of firms’ social performance reduces debt financing costs (CDFs) in China, the world’s largest emerging market. Employing both the ordinary least square (OLS) and the two-stage instrumental variable regression methods, we find that improved corporate social responsibility (CSR) reduces the CDF when firms’ CSR investment is lower than an optimal level; however, this relationship is reversed after the CSR investment exceeds the optimal level. Firms with extremely (...) low or extremely high CSR are subject to a higher CDF. The results also suggest that the optimal CSR level for small firms is higher than that for large firms. This study is the first to document a U-shaped relationship between CSR and CDF and also the first to investigate this relationship within an emerging market context. (shrink)

The current study investigates whether tournament incentives motivate chief executive officer to be socially responsible. Furthermore, it explores the role of sub-national institutional contingencies [i.e., state-owned enterprises vs. non-SOEs, foreign-owned entities vs. non-FOEs, cross-listed vs. non-cross-listed, developed region] in CEO tournament incentives and the corporate social responsibility performance relationship. Data were collected from all A-shared companies listed in the stock exchanges of China from 2014 to 2019. The study uses the baseline methodology of ordinary least squares and cluster (...) OLS regression. Moreover, firm-fixed effects regression, two-stage least squares regression, and propensity score matching deal with the endogeneity problem and check the robustness of the results. The results provide reliable evidence that tournament incentives motivate CEOs to be more socially responsible. On the other hand, sub-national institutional contingencies positively affect the association between CEO tournament incentives and CSRP. The findings have important implications for companies and regulators who wish to enhance CSP by providing incentives to top managers. (shrink)

This article illustrates instrumental variable (IV) estimation by examining an unexpected finding of the research on career adaptability and job satisfaction. Theoretical and empirical arguments suggest that in the general population, people’s abilities to adapt their careers are beneficial to their job satisfaction. However, a recent meta-analysis unexpectedly found no effect when personality traits are controlled for. We argue that a reverse effect of job satisfaction on career adaptability, originating from affective tendencies tied to personality, might explain this null effect. (...) Our argument implies that the estimates obtained with traditional ordinary least squares (OLS) regressions are biased by endogeneity, a correlation between an explanatory variable and the error term in a regression model. When experimental manipulations are impossible, IV estimations, such as two-stage least squares (2SLS) regressions, are one possible solution to the endogeneity problem. Analyzing three waves of data from a sample of 836 adults, the concurrent and time-lagged effect of job satisfaction on career adaptability was revealed to be more consistent than the reverse. Our results provide an explanation, rooted in affective dispositions, as to why recent meta-analytical estimates unexpectedly found that career adaptability does not predict job satisfaction at the interindividual level. We also discuss IV estimation in terms of its limits, weight the interpretation of its estimates against the temporality criterion for causal inference, and consider its possible extension to analyses of change. (shrink)

Identifying the determinants of human behavior is useful to adjust interventions and lead the civil society toward a stronger commitment to climate change mitigation and adaptation objectives, achieving greater support for successfully implementing environmental policies. Existing research has largely focused on case studies of pro-environmental behaviors in developed economies but there is very little evidence for developing countries. This study provides estimations of the effect of internal factors, such as sociodemographic variables, and four psychological dimensions on PEBs. Data were obtained (...) through a survey applied with future decision makers – university students – from Colombia and Nicaragua. Indices were generated for PEBs and the psychological dimensions using z-scores and Principal Component Analysis. Partial correlations were evaluated through the Ordinary Least Squares method. Our results suggest that, in order to reach the planned emission reduction targets, policy approaches should more strongly focus on educating and motivating citizens and prepare them for contributing to the environmental cause, as well as provide individual solutions to combat CC, rather than providing only information on its causes and consequences. (shrink)

The COVID-19 pandemic cropping up at the end of 2019 started to pose a threat to millions of people’s health and life after a few weeks. Nevertheless, the COVID-19 pandemic gave rise to social and economic problems that have changed the progress steps of individuals and the whole nation. In this study, the work conditions for employees from Taiwan, Malaysia, and the Chinese mainland are explored and compared, and the relationship between support mechanisms and innovation behaviors is evaluated with a (...) view of the social cognitive career theory. This study adopts the cross-sectional survey and purposive sampling to collect questionnaires. A total of 623 copies of a questionnaire from Taiwanese, 440 copies from Malaysians, and 513 copies from mainlanders were collected in this study to compare the three groups in developing employees’ IBs. Smart-partial least squares for partial least squares structural equation modeling was applied in the structural model to conduct a verification of the hypotheses and comparative analysis in this study. According to the findings, compared with employees from the Chinese mainland, the Taiwanese and Malaysian samples show more significant paths regarding employee employability, IB, prior knowledge, perceived organizational support, self-efficacy, and job performance. Our results will offer more insights and advice concerning theories of human resource. (shrink)

Hyperscanning studies using functional Near-Infrared Spectroscopy have been performed to understand the neural mechanisms underlying human-human interactions. In this study, we propose a novel methodological approach that is developed for fNIRS multi-brain analysis. Our method uses support vector regression to predict one brain activity time series using another as the predictor. We applied the proposed methodology to explore the teacher-student interaction, which plays a critical role in the formal learning process. In an illustrative application, we collected fNIRS data of the (...) teacher and preschoolers’ dyads performing an interaction task. The teacher explained to the child how to add two numbers in the context of a game. The Prefrontal cortex and temporal-parietal junction of both teacher and student were recorded. A multivariate regression model was built for each channel in each dyad, with the student’s signal as the response variable and the teacher’s ones as the predictors. We compared the predictions of SVR with the conventional ordinary least square predictor. The results predicted by the SVR model were statistically significantly correlated with the actual test data at least one channel-pair for all dyads. Overall, 29/90 channel-pairs across the five dyads presented significant signal predictions withthe SVR approach. The conventional OLS resulted in only 4 out of 90 valid predictions. These results demonstrated that the SVR could be used to perform channel-wise predictions across individuals, and the teachers’ cortical activity can be used to predict the student brain hemodynamic response. (shrink)

A result from a standard linear model course is that the variance of the ordinary least squares (OLS) coefficient of a variable will never decrease when including additional covariates into the regression. The variance inflation factor (VIF) measures the increase of the variance. Another result from a standard linear model or experimental design course is that including additional covariates in a linear model of the outcome on the treatment indicator will never increase the variance of the OLS coefficient (...) of the treatment at least asymptotically. This technique is called the analysis of covariance (ANCOVA), which is often used to improve the efficiency of treatment effect estimation. So we have two paradoxical results: adding covariates never decreases the variance in the first result but never increases the variance in the second result. In fact, these two results are derived under different assumptions. More precisely, the VIF result conditions on the treatment indicators but the ANCOVA result averages over them. Comparing the estimators with and without adjusting for additional covariates in a completely randomized experiment, I show that the former has smaller variance averaging over the treatment indicators, and the latter has smaller variance at the cost of a larger bias conditioning on the treatment indicators. Therefore, there is no real paradox. (shrink)

This study aims to examine how the relationship between intellectual capital and bank profitability changed during COVID-19. Based on the data of 34 Chinese banks and 39 Pakistani banks, this study uses ordinary least squares to examine this relationship during the COVID-19 era. Profitability is measured by return on assets and return on equity, and IC is measured by the value added intellectual coefficient model. The findings show that, even during the COVID-19 pandemic, IC has managed to sustain (...) its positive influence on bank profitability in China and Pakistan. Among IC components, our study reports that human capital is the only IC resource that continues to enhance ROA and ROE of Chinese and Pakistani banks during the pandemic period. Our study suggests that policymakers should pay more attention to IC resources, which has the potential to improve banks’ profitability even during crisis times. (shrink)

This study examines the impact of board of director gender diversity on corporate tax aggressiveness. Based on a sample of 418 U.S. firms covering the 2006–2009 period, our ordinary least squares regression results show a negative and statistically significant association between female representation on the board and tax aggressiveness after controlling for endogeneity. Our results are consistent across several measures of tax aggressiveness and additional robustness checks.

The study investigates the effect of board characteristics and firm performance on disclosure tones by considering DICTION five master variables namely activity, optimism, certainty, realism and commonality tones using a sample of 779 annual reports of GCC listed firms (2012 to 2018). Disclosure tones of the sampled GCC firms were measured through corporate narrative disclosures by DICTION 7.0 software. Then, the ordinary least square regression analysis was conducted. The main findings of the study show that firm performance (...) has a significant effect on disclosure tones in terms of activity, optimism, certainty, and realism tones except for commonality reported tone. Board characteristics have different effects on the five disclosure tones. The study offers a unique contribution to accounting literature as it is one of the first studies in the Gulf region that seeks to examine the relationship between disclosure tones and firm performance as well as board governance. (shrink)

PurposeDrawing upon the stimulus-organism-response model, this paper aims to investigate the effects of stores’ environmental components on Chinese consumers’ emotions and intentions to purchase luxury brands.Design/Methodology/ApproachData were collected from Chinese consumers who have purchased luxury brands from retail stores. Partial least squares-structural equation modeling and fuzzy-set qualitative comparative analysis were employed for data analysis.FindingsThe results of PLS-SEM indicated that three dimensions of the store environment directly and significantly influenced Chinese consumers’ emotions. However, fsQCA revealed greater heterogeneity among respondents by (...) highlighting stores’ environmental components and Chinese consumers’ emotions.Originality/ValueThis study makes significant contributions to the marketing literature by examining the S-O-R model alongside fsQCA approach to conditionally predict outcomes in a luxury brand context. The present study may be one of the first to examine the effects of stores’ environmental components on Chinese consumers’ emotions and purchase intentions, applying both symmetrical test and asymmetrical test approaches to determine significant components of the store environment as well as component combinations that predict Chinese consumers’ emotions and purchase intentions. (shrink)

A new continuous version of the inverse flexible Weibull model is proposed and studied. Some of its properties such as quantile function, moments and generating functions, incomplete moments, mean deviation, Lorenz and Bonferroni curves, the mean residual life function, the mean inactivity time, and the strong mean inactivity time are derived. The failure rate of the new model can be “increasing-constant,” “bathtub-constant,” “bathtub,” “constant,” “J-HRF,” “upside down bathtub,” “increasing,” “upside down-increasing-constant,” and “upside down.” Different copulas are used for deriving many (...) bivariate and multivariate type extensions. Different non-Bayesian well-known estimation methods under uncensored scheme are considered and discussed such as the maximum likelihood estimation, Anderson Darling estimation, ordinary least square estimation, Cramér-von-Mises estimation, weighted least square estimation, and right tail Anderson Darling estimation methods. Simulation studies are performed for comparing these estimation methods. Finally, two real datasets are analyzed to illustrate the importance of the new model. (shrink)

This study explores the rationality behind firms’ decision to admit or deny their involvement in bribery when responding to confidential surveys conducted by international agencies. Specifically, we posit that firms’ reluctance to provide accurate information about their engagement in bribery is at least to some extent contingent on certain situational factors. In other words, we claim that this behavior is context dependent. The paper uses the notions provided by the theory of planned behavior to understand the way in which (...) the corruption of the legal environment, the intensity of market competition, and identification risk influence firms’ decision to lie about their involvement in bribery. To test these notions, we use databases from the fifth wave of the EBRD-World Bank Business Environment and Enterprise Performance Survey, country-level data from the Kauffman Foundation and macroeconomic information from the World Bank database. We run ordinary least squares with geographic region-clustered standard errors on data from 30 countries and 6122 individual firms during the period 2012–2013. Consistent with our expectations, the results indicate that firms operating within more corrupt legal environments, facing more competition, and bearing a higher risk of being identified are less likely to deny their involvement in bribery. We conclude that not all firms have the same incentives to lie about their participation in bribery, and therefore, identifying the drivers of this heterogeneity may help policymakers better assess the reliability of bribery information collected through confidential surveys. (shrink)

During the pandemic lockdown period, residents had to stay at home and increased stress and other mental health problems have been associated with the lockdown period. Since most public parks were closed, community parks within gated residential areas became the most important green space in Chinese cities, and the use of such space might help to reduce the residents’ stress levels. This study aimed to investigate to what extent urban residents in China used community parks, engaged in outdoor activity during (...) the lockdown period and if the use of such spaces helped to reduce their stress levels. An online questionnaire survey was carried out from 23 March to 23 April 2020. Ordinary Least Squares regression was used to analyse the association between community park use, outdoor activity, willingness to engage in outdoor activity, and stress level. All results have been further analysed by two-sampled t-test to explore the difference between young and old age groups. We found that the overall self-reported stress level of the respondents was relatively moderate during the lockdown period. Respondents had generally reduced their use of community parks and engagement in outdoor activity. There was no significant association between stress level and the use of community parks or the engagement in outdoor activities. However, we found that older people showed much lower stress levels, used community parks more frequently, and engaged in more outdoor activities than younger adults. The findings suggest that outdoor activities and spatial characteristics in urban China differ from Western studies and advance the need to integrate the stress management role of community parks with urban green space policy to optimise the use of community parks blended in with everyday life, particularly during the lockdown period. (shrink)

For centuries pilgrimages are present in Christianity. For Catholics, the importance of devotions and visits to the Marian sanctuaries is indisputable. The number of visitors and pilgrims to these temples make the local economy an important destination of religious tourism. In order to understand the economic determinants of religious tourism, two sanctuaries were studied, namely, Aparecida and Fatima. Given the large collection of statistical information of the Portuguese Sanctuary, it was verified through the Vector Autoregressive model that Gross Domestic Product (...) and Unemployment have a causal unidirectional relation with the pilgrimages. The Autoregressive Distributed Lag model revealed that an increase in Gross Domestic Product and international arrivals in the short term positively impacts the number of pilgrims. Through the Ordinary Least Squares regression, significant statistical relationships between climatic factors and visitors in the Sanctuary of Fatima were found. The Seasonal Autoregressive Integrated Moving Average forecast method was applied to the number of monthly visitors to the Sanctuary of Aparecida and to the number of pilgrims in the Sanctuary of Fatima, the results show a strong seasonality and that the first and last months of the year are periods of low demand. The results of this study allow a new look at religious tourism in the Marian context, the empirical results allow those responsible for establishing public policies, tourism agents and the administration of the Sanctuaries to direct their actions. Measures planned and executed jointly between the various agents can benefit residents, visitors, pilgrims, the tourism sector, the local economy and the Sanctuaries themselves. (shrink)

We study the effects of homeschool background and time use on academic performance among students at Patrick Henry College, a private religious institution with a 63-credit core classical liberal arts curriculum. Using ordinary least squares regression analysis, we examine four research questions: Does time use influence academic performance? Do homeschooled students perform differently than traditionally schooled students? Does parental education moderate the impact of homeschooling on academic performance? Does homeschooling moderate the impact of ACT scores on academic performance?

Prior research suggests that Corporate Environmental Performance enables businesses to build strong corporate image and reputation, thus leading to improved firm financial performance. However, studies relating to the relationship between CEP and firm risk are scarce. This research intends to bridge the gap in the literature by examining whether CEP helps firms to reduce their financial risk. Results of the Ordinary Least Squares regression with fixed effects provide strong evidence that environmental performance is negatively associated with firm volatility (...) and firm downside risk. The results are robust after controlling for moderating effects such as financial, institutional and environmental management. (shrink)

This paper unravels an unprecedented interplay between board gender diversity (BGD) and corporate environmental, social, and governance (ESG) disputes among Chinese A-share-listed nonfinancial companies from 2017 to 2021. Framed within a knowledge-based and sensemaking perspective of institutional frameworks, the research not only illuminates the profound impact of internal (corporate governance ratings) and external (regional institutional development) institutional factors on this intricate relationship but also brings to light a paradigm-shifting revelation. The study employed a diverse set of empirical tests, ranging from (...) ordinary least squares regression to advanced methods such as the generalized method of moments, two-stage least squares, and propensity score matching, providing a nuanced and comprehensive analysis. The findings highlight the pivotal role of female directors in significantly mitigating ESG disputes. A mechanism analysis further uncovers that internal and external institutional quality are potent positive moderators in shaping the BGD–ESG dispute dynamic. This research has profound implications, providing valuable insights for stakeholders, policymakers, and scholars, offering a comprehensive understanding of how gender diversity fosters sustainability while unravelling the intricate tapestry of internal and external institutional dynamics that shape ESG outcomes. (shrink)

The current study sought to assess the mediating role of green market orientation dimensions in the relationship between social risk and new product performance among European Multinational Enterprises (EMNEs). We also assessed the moderating role of entrepreneurial orientation in the relationship between green market orientation and new product performance. The study was based on primary data gathered from 317 EMNEs in Ghana. After various validity and reliability checks, ordinary least squares (OLS) analysis was performed to estimate the various (...) relationships hypothesized in the study. The study finds that social risk has a negative effect on the success of EMNEs' new products. This negative effect is however nullified by the positive mediating effects of strategic green market orientation, tactical green market orientation and internal green market orientation. Entrepreneurial orientation also played a significant moderating effect in the relationship between green market orientation dimensions and EMNEs' new product performance. Based on this, theoretical and managerial contributions were made. (shrink)

BackgroundThe US Food and Drug Administration (FDA) regulates goods accounting for 20% of US consumers’ total expenditure. The agency’s potential susceptibility to corporate lobbying and political influence may adversely affect the its abilities to fulfill its duties as a vital federal agency. This study assesses whether the FDA’s product recall classifications in recall scenarios are influenced by firms’ lobbying activities.MethodsThe universe of all FDA recalls between 2012 and 2019 is obtained from the FDA’s website. Firm names are matched to federal-level (...) lobbying data obtained from the Center for Responsive Politics – a non-profit and nonpartisan organization that tracks lobbying expenditures and campaign contributions. Analyses are conducted using ordinary-least-squares regressions, in which the dependent variable is recall classification and independent variables are three different measures of firms’ lobbying activities in the one year prior to the recall.ResultsFirms that engage in lobbying appear more likely to receive favourable classifications from the FDA. When examining the above results by product type, we find that classification of food recalls seems to be subject to lobbying influence, but the same does not appear to be true for drug and device recalls. Evidence is consistent with the conjecture that the distinction between medical and food firms may be a result of medical firms targeting lobbying efforts at FDA approvals, rather than recalls.ConclusionsBetween 2012 and 2019, the FDA’s product recall classifications seem to be significantly influenced by firms’ lobbying activities. Lobbying firms appear to have received more favorable (i.e., less severe) recall classifications compared to non-lobbying firms. (shrink)

Despite its association with individual health, few studies have focused on the relationship between adolescent self-control and individual physical and mental health in adulthood. We aimed, therefore, to explore the impact of adolescent self-control on individual physical and mental health in adulthood. We employed the dataset of China Labor-Force Dynamics Surveys [CLDS]. 13,389 respondents with an average age of 45.621 years are consisted in this study. The respondents were asked to report their adolescent self-control through recall. The ordered probit and (...) the ordinary least squares models were employed to estimate the effects of adolescent self-control on physical and mental health in adulthood, respectively. We adopted the propensity score matching method to address the self-selection bias of samples. The results indicated that adolescent self-control significantly affected individual physical health and mental health in adulthood. The mechanism analysis suggested that adolescent self-control partially promoted physical and mental health in adulthood by education and income instead of self-control in adulthood. In conclusion, paying attention to the cultivation of self-control before adulthood may be an effective way to improve individual physical and mental health in adulthood. (shrink)

As the aging population problem intensifies, many emerging economies are caught in labor shortage and rising labor costs, thus improving the corporate labor investment efficiency is crucial for these countries. In this context, we take China as an example to explore the influence of the current booming digital finance on corporate LIE. This paper, which enriches the existing literature, is one of the few studies that explores the link between macroeconomic policies and firms’ LIE. Our research adopts the baseline methodology (...) of ordinary least squares regression, and the data comprise 23,503 observations for Chinese A-share listed businesses from 2011 to 2020. In addition, we use fixed effects regression, instrumental variables method and substitution of independent variables to deal with endogeneity and test the robustness. The outcomes suggest that DF may significantly increase corporate LIE. Further results from the path mechanism study suggest that DF could alleviate financing constraints and optimize human capital structure, both of which have a favorable effect on the LIE. Last but not least, the heterogeneity results imply that DF can more effectively encourage LIE of firms in economically underdeveloped regions and of private nature. The study recommends that emerging economies should pay attention to strengthening regulation to avoid financial risks while vigorously promoting DF. In addition, enhancing the level of human capital and optimizing human capital allocation are also essential. (shrink)

Since December 2019, the COVID-19 has continued to rage, and epidemic prevention policies have limited contact between individuals, which may has a great influence on the income of individuals, exacerbate anxiety and depression, and cause serious mental health problems. The current study aims to examine the association between income and mental health during the COVID-19 pandemic by using the data of 9,296 observations from the 2020 China Family Panel Studies. Employing ordinary least squares regression and two-stage least (...) squares regression, we find the significant positive effect of income on Chinese mental health during this pandemic. In addition, the number of cigarettes smoked per day has significant negative effects on mental health. Education levelˎmarriage and exercise frequency have significant positive correlation with mental health. Furthermore, the impact of income on individuals of different groups is heterogeneous during this pandemic. The impact of income for well-educated individuals is less strong than their less-educated counterparts. People who exercise regularly respond less strongly to changes in income than those who do not exercise. Finally, individuals’ salary satisfaction and interpersonal relationship are shown to be the potential mechanism for the effect of income on Chinese mental health. (shrink)

This study examines the impact of board gender diversity on financial performance of listed Indian firms in a dynamic modelling framework. Using a firm-year unit of analysis, a sample of 148 publicly listed firms across multiple industries have been studied over a period of five financial years namely FY 2008–2009 to FY 2012–2013. Employing panel data analysis, percentage of women directors is taken as the independent variable and firm performance measured by return on assets and Tobin’s Q as the dependent (...) variables. The primary results of the study using ordinary least squares and fixed effects estimation models point towards a positive and significant relationship between percentage of independent women directors and firm performance. However, results are reversed when the theoretically superior Arellano Bond estimation is used. Findings of the study indicate that the number of companies with no IWDs is reducing across the 5 years of study. This may be due to external pressure created by stakeholders. Also, the number of companies with one IWD is increasing over the period of the study, while the number of companies with two or three or more directors is more or less the same. The number of two or three IWD companies remaining the same could arguably be due to lack of availability of independent directors who are women. (shrink)

This study seeks to shed light on the effect of star CEOs on the environmental, social, and governance (ESG) performance of Chinese firms. Relying on the theoretical perspective of role identity and role constraints, we analyze data from 1222 Chinese firms listed on the Shanghai and Shenzhen Stock Exchanges from 2006 to 2019. The results analyzed using the ordinary least squares estimate method reveal a positive effect of star CEOs' extreme confidence and legitimacy pressure mechanisms on ESG performance. (...) We also find that this positive relationship is negatively moderated by higher organizational slack but strengthened by a lower level of regional marketization, as the degree of firms' dependence on external stakeholders' resources differs significantly. Additionally, this study finds that ESG activities are less likely to be associated with firm performance if star CEOs pursue them to satisfy their need for star status. These findings supplement the early tests of the influence mechanism of star CEOs on organization-level results and expand the context discussion of role identity and role constraints theory in the Chinese institutional environment. (shrink)

The outbreak of COVID-19 at the end of 2019 has become the most devastating public health event of the 21st century. The different performances of governments and people in different countries and regions show that national values may play an important role in the prevention and control of COVID-19. Based on data from the seventh wave of World Values Survey and the Human Freedom Index report in 2020, three national value factors are extracted in this manuscript, including religious belief, government (...) satisfaction and individual freedom. Then ordinary least squares regression regression model is constructed to explore the influence of these three value factors on the prevention and control of COVID-19 and some heterogeneity analysis is implemented. The results show that religious belief and individual freedom significantly increased the COVID-19 infection rate, while government satisfaction significantly reduced the COVID-19 infection rate. The study findings have the ability to hold up after a range of robustness. For countries and regions with different COVID-19 testing policies, the influence of national values is different. Only in countries and regions with high testing rate policies and complete systems of the prevention and control of COVID-19, the influence of national values is significant. Based on these findings, a series of targeted policy recommendations for building national values in the post-epidemic era are proposed. (shrink)

To examine how different ownership structures, varying from diverse ownership bases to narrow ownership bases, influence the extent of corporate social responsibility (CSR) reporting by companies in emerging market. The motivation for this study is the reported inconsistent results for this association in developing countries and the lack of research in emerging markets. Eight hundred observations of 80 nonfinancial sector listed companies in the Amman Stock Exchange for the period 2006 to 2015 were used for a content analysis to assess (...) the extent of CSR reporting. Ordinary least square multiple regression analysis was undertaken to examine the association between five different ownership structures and their extent of CSR reporting. The results reveal three separate associations between the types of ownership and the extent of CSR reporting. First, the two types of ownership (foreign and government) have a significant and positive influence on the extent of CSR reporting. Second, another two types of ownership (Family and managerial) have a significantly negative association. Finally, institutional ownership has an insignificant and negligible influence on the extent of CSR reporting. These findings provide insights into how ownership structure influences the CSR reporting extent by emerging market companies such as Jordan. These findings suggest that policy makers, regulatory bodies, companies, and investors should increase their awareness about how different concentration of company ownership influences the extent companies voluntarily disclose CSR reporting. The evidence adds to the limited body of knowledge about different ownership groups' influence on the extent of CSR reporting in a developing country because few empirical studies have undertaken such a comprehensive analysis of this association. (shrink)

With the development of the economy, family wealth continues to accumulate, and more and more consumers participate in financial management affairs. As an important way to improve financial knowledge, informal financial education is vital to consumer financial capability. Utilizing data from the 2012, 2015, and 2018 US National Financial Capability Study and the approaches of ordinary least squares and ordered probit regression are employed to produce more accurate estimates. Meanwhile, the study also explores the mediating effects of financial (...) knowledge between informal financial education and consumer financial capability. The results show that informal financial education has a positive effect on the improvement of consumer financial capability. Besides, financial knowledge partially mediates the nexus between informal financial education and consumer financial capability. Therefore, policymakers are encouraged to formulate measures to promote financial education programs not only in schools and universities but also in workplaces or communities. Companies also should offer more opportunities for their employees to receive financial education and further enhance their financial capability. Consumers should be aware of the importance of financial education and actively learn financial knowledge to improve financial capability and further enhance financial satisfaction. (shrink)

We study experimentally in the laboratory the situation when individuals have to report their private information about a variable to a public authority that then makes inference about the true values given a known variable using a regression technique. It is assumed that individuals prefer this predicted value to be as close as possible to their true value. Consistent with the theoretical literature, we show that subjects misrepresent their private information more when an ordinary least squares regression is (...) implemented than when the so-called resistant line estimator is employed. The latter extends the median voter theorem to the two-dimensional setting and belongs to the family of robust estimation techniques. In fact, we find that OLS involves serious biases but the RL estimation is empirically unbiased. Furthermore, subjects never earn less when the RL is applied. (shrink)

A SEM-based approach using likelihood-based confidence interval has been proposed to form confidence intervals for unstandardized and standardized indirect effect in mediation models. However, when used with the maximum likelihood estimation, this approach requires that the variables are multivariate normally distributed. This can affect the LBCIs of unstandardized and standardized effect differently. In the present study, the robustness of this approach when the predictor is not normally distributed but the error terms are conditionally normal, which does not violate the distributional (...) assumption of ordinary least squares estimation, is compared to four other approaches: nonparametric bootstrapping, two variants of LBCI, LBCI assuming the predictor is fixed and LBCI based on ADF estimation, and Monte Carlo. A simulation study was conducted using a simple mediation model and a serial mediation model, manipulating the distribution of the predictor. The Monte Carlo method performed worst among the methods. LBCI and LBCI-Fixed-X had suboptimal performance when the distributions had high kurtosis and the population indirect effects were medium to large. In some conditions, the problem was severe even when the sample size was large. LBCI-ADF and nonparametric bootstrapping had coverage probabilities close to the nominal value in nearly all conditions, although the coverage probabilities were still suboptimal for the serial mediation model when the sample size was small with respect to the model. Implications of these findings in the context of this special case of nonnormal data were discussed. (shrink)

Stock markets accurately reflect countries’ economic health, and stock returns are tightly related to economic indices. One popular area of financial research is the factors that influence stock returns. Several investigations have frequently cited macroeconomic factors, among numerous elements. Therefore, this study focuses on the empirical analysis of the relationship between macroeconomic factors and stock market returns. When a stock market becomes increasingly volatile, it becomes susceptible to economic uncertainty news, and information on social media platforms. Thus, we incorporated a (...) new dimension of economic uncertainty news sentiment for stock return predictions. We employed the daily data ofgold index, crude oil price, interest rate, exchange rate, and stock returns for a set of countries from January 2010 to December 2020. Subsequently, to compute coefficients, we conducted a regression analysis using one of the more sophisticated approaches: single-layer neural networks and ordinary least square regression. In addition, we only computed EUNS for the period of the fiscal budget announcement for the US, Turkey, and Hong Kong. The results indicate that the gold index, interest rate, and exchange rate are highly significant and negative macroeconomic factors for all analyzed countries. These findings also indicate that EUNS is important and detrimental for projecting stock returns. (shrink)

Psychopathy continues to be a challenge in forensic contexts, and evidence of its association with destructive behaviors, such as aggressive antisocial behaviors, is extensive. However, the potential role of intelligence as moderator of the well-established association between psychopathy and aggressive antisocial behaviors has largely been neglected, despite intelligence having been independently related to both concepts. Increased knowledge of whether intelligence is relevant to this association is needed because of its possible implications on the assessment and treatment of individuals with psychopathic (...) traits and aggressive antisocial behaviors. This study aimed to investigate the association between psychopathic traits, aggressive antisocial behaviors, and intelligence in young violent offenders and to test whether intelligence moderates the relationship between psychopathic traits and aggressive antisocial behaviors. Participants were 269 male violent offenders aged 18 to 25 years, assessed on the Psychopathy Checklist-Revised (PCL-R), the Life History of Aggression (LHA), and the General Ability Index from the Wechsler Adult Intelligence Scale, 3rd edition. Associations were tested with Spearman’s rho and moderation analysis was performed through ordinary least squares regressions. The PCL-R four-facet structure was used for the analyses. We found a positive association between psychopathic traits and aggressive antisocial behaviors, and a small, negative association between the Affective PCL-R facet and intelligence. In the moderation analyses, a small yet statistically significant moderation effect of intelligence on the association between the Interpersonal facet and LHA total scores was demonstrated. However, the amount of variance in the LHA total score explained by the model was very small; 2.9%. We suggest that intelligence, however important for rehabilitation strategies and everyday functioning, is not necessarily pertinent to understanding aggressive antisocial behaviors in young offenders with psychopathic traits. (shrink)

Using microdata from the Wage Structure Survey, we analyse the gender wage gap in the private and public sectors, considering the whole wage distribution. The main contribution is to assume that the decision to work in a sector is a prior process determined endogenously in the model. Thus, the usual Ordinary Least Square estimation is inconsistent, and it is necessary to use alternative techniques. We use quantile regression techniques to calculate how much of the gap is due (...) to differences in returns between men and women and sectors, taking into account the sample selection bias. We find that the size of the gap attributed to different returns varies substantially across the wage distribution. Public sector employees are paid higher wages, on average, than their counterparts in the private sector, and the gap is wider for women. Moreover, the proportion of the gender wage gap explained tends to be greater for workers who are at the bottom of the wage distribution in both sectors. A look at the whole wage distribution reveals that discrimination in the gender wage gap is typically higher at its top than at its bottom, suggesting that glass ceilings are more prevalent than sticky floors for both men and women. (shrink)

Microfinance is a preferred development tool in many developing countries around the world; however, the industry has been facing many challenges in recent years, including the attainment of financial sustainability. Therefore, this study is aimed at investigating the effect of employee turnover on the financial performance of microfinance institutions (MFIs). The study utilized unbalanced panel data of 1561 unique MFIs from 2010 to 2018. The data were then analyzed by conventional econometric techniques such as the pooled ordinary least (...) squares, random effects model, fixed effects model, Hausman–Taylor, and the two-step system generalized method of moments. Considering the linear relationship, it was discovered that employee turnover has a negative effect on the financial performance of MFIs. However, this relationship is dependent on the proxies of financial performance, legal status, location, profit orientation of the MFIs (for subsample analysis), and the technique(s)/model(s) employed in the analysis. Furthermore, the study did not find empirical evidence to support the quadratic relationship between employee turnover and the financial performance of MFIs. The outcome of this study advances important policy implications for concerned stakeholders. (shrink)

PurposePrevious studies on cyberloafing focus on individual and organization factors, ignoring the situation of employes as the event observers. Drawing on affective events theory, the present study proposed a theoretical model for the relationships among peer abusive supervision, negative affectivity, cyberloafing, and hostile attribute bias, which aims to bridge the above research gap.MethodologyMultiwave data of 355 employes from 8 service-oriented companies in Southwest China supported our model. Time-lag method and critical incident techniques were introduced during the data collection stage. (...) class='Hi'>Ordinary least squares regression and bootstrapping method were employed for hypothesis test.FindingsThe empirical results indicated that peer abusive supervision was positively related to third party’s cyberloafing, and the third party’s negative affectivity plays a mediating role among the above relationships. In addition, the third party’s hostile attribution bias moderated the mediating role of third party’s negative affectivity. Specifically, the effect of peer abusive supervision on third party’s negative affectivity and the mediating effect of this negative affectivity were stronger when the third party’s hostile attribution bias was higher.OriginalityDrawing on AET, the current study constructed a process model of third party’s cyberloafing reactions to peer abusive supervision, which helps explain the affective mechanism and the boundary conditions of the above “events-affectivity-behavior” path. Our model is a positive response to previous scholars’ calls for research of abusive supervision from multiple perspectives. Meanwhile, the current study explored the antecedent variable of cyberloafing from the perspective of event observers, which provides a theoretical basis for follow-up-related research. Thirdly, this study further expanded the theoretical boundaries of AET. (shrink)

The objective of this paper is to investigate climate change awareness and mitigation effort and their associated motivating and limiting factors to pro-environmental behavior and firm demographics in small and medium-sized enterprises (SMEs) in Switzerland. For this purpose, a questionnaire was developed, conducted, and analyzed on motivating and limiting factors along with firm demographics, using descriptive statistics and ordinary least squares (OLS) and ordered probit regression models. The results show that Swiss SMEs are in general aware of climate (...) change and their resulting consequences. SMEs have taken steps to help mitigate greenhouse gas emissions through recycling, reduction of energy and water consumption, and use of recycled packaging. SMEs could however improve their environmental impact through low-carbon means of transport and use of public transport, sustainable raw material inputs, sustainable energy sources, and setting environmental goals and audits. There was a positive association between climate change awareness and mitigation. Motivating factors to pro-environmental behavior included financial advantage and responsibility towards the environment, while firm size and human resources were limiting factors. Lastly, different mitigation measures might be influenced by different motivating and limiting factors including financial advantage and pressure from interest groups, as well as firm size. (shrink)

In fantasy sports, the goal is to gain as many points as possible. To get there, users have to choose players with the optimal price-to-performance ratio. However, finding these optimal players requires a great amount of time and effort, in which the users might not be willing to invest. Instead, they can use heuristic strategies. This paper investigates one such strategy for choosing squads based on the assumption that athletes starting for the favourite team of the match would bring users (...) more points—in line with the representativeness heuristic. The data come from the Czech fantasy league according to the Premier League in the season 2015–16. The econometric model examines the percentage of squads a player was chosen into. The Ordinary Least Squares method used here uses control variables indicating performance, price, Czech nationality, and the game position of the athletes. The results show that users choose their squads primarily based on players’ past performances, but also take the favourite team into account. By applying the latter heuristic users aim to simplify the process decision-making but they overestimate the impact of belonging to a favourite team. (shrink)

SummaryIn Ethiopia, despite some recent improvements, the health and nutritional status of children is very poor. A better understanding of the main socioeconomic determinants of child health and nutrition is essential to address the problem and make appropriate interventions. In the present study, an attempt is made to explore the effect of maternal characteristics on the health and nutritional status of under-five children using the 2005 Ethiopian Demographic and Health Survey. The health and nutritional status of children are measured using (...) the two widely used anthropometric indicators height-for-age and weight-for-height. In the ordinary least squares estimation, it is observed that maternal characteristics have a significant impact on child health and nutritional status. The magnitudes of the coefficients, however, are found to slightly increase when maternal education is instrumented in the 2SLS estimation. Moreover, in the quantile regression estimation, the impacts of maternal characteristics are observed to vary between long-term and current child health and nutritional status. (shrink)

Relevance deprivation syndrome refers to feelings of incompetence among retired people caused by them leaving their high status or influential jobs. The question then arises: do people in positions of power, like Danwei leaders in China, have a lower life satisfaction post-retirement compared to other groups? This study investigated the influence of serving as a Danwei leader before retirement on retirees’ life satisfaction, as well as differences in this influence and the channels through which they are affected. Based on the (...) data of 5,873 respondents of the 2018 China Longitudinal Aging Social Survey, ordinary least-squares, ordered logistic regression, and propensity score matching models were used to investigate the influence, differences, and influential mechanisms of serving as a Danwei leader before retirement on retirees’ life satisfaction. We found that Danwei leaders experience a significantly positive impact on their life satisfaction post-retirement. Second, the positive impact of having served in this role on peoples’ post-retirement life satisfaction is related to the resulting higher income, social status, and better living habits. In contrast to the perspective of relevance deprivation syndrome, in China, having been a Danwei leader before retirement has a significantly positive impact on peoples’ life satisfaction post-retirement, with there being a significant difference observed among different types of retired Danwei leaders. (shrink)

This paper investigates the correlation between the quality of corporate social responsibility disclosure and financial performance. It also investigates the moderating role of chief executive officer power in the relationship between the quality of CSR disclosure and firm value in Chinese listed companies. The evidential research used the up-to-date sample of unbalanced findings for the period of 2014–2020, from the registered Chinese firms in the Shenzhen and Shanghai Stock Exchanges as samples for the study. As a starting point technique, the (...) STATA 15 has been used to test pooled ordinary least squares regression on a sample of Chinese listed companies. We use 1-year lagged regression and two SLS regressions to monitor the potential endogeneity problem. The imbalanced data set was received from the China Stock Market and Accounting Research web page, which is the most significant source of information for Chinese publicly listed firms. Data on CSR information items and media reporting are compiled manually. The findings of the study revealed that there are positive FP consequences for the companies engaged in the quality of CSR disclosure. We also report that higher CEO power negatively enhances the quality of CSR disclosure effect on the FP of FV. The research investigates the impact of CSR disclosure and FP by presenting evidence of the moderating role of CEO power. Therefore, it is suggested that a higher law for CSR engagement and disclosure be implemented in China, and robust measures for the implementation of CEO power, although there are financial advantages to be gained. A key relevance to the empirical quality of CSR disclosure research can be recognized as the moderating role of CEO power in the quality of CSR disclosure, FP, and FV in the context of Chinese study. The findings are robust with the use of an instrumental variable method. (shrink)

This study explores the impact of CEO ability on corporate environmental sustainability information disclosure. We take samples from Chinese A-share listed companies from 2010 to 2019 and use the ordinary least squares as a baseline regression model to check the relationship between CEO ability and corporate environmental sustainability information disclosure. Our findings are robust to different corporate environmental sustainability information disclosure measures and CEO ability. We found a positive association between CEO ability and corporate environmental sustainability information disclosure; (...) thus, firms with a more able CEO are more likely to disclose more corporate environmental sustainability information. Our results also found a significant negative interaction coefficient between CEO ability and CEO career concerns. As the CEO grows older, his/her ability decreases; therefore, corporate environmental sustainability information disclosure reduces. Furthermore, we document that a female CEO strengthens the relationship between CEO ability and corporate environmental sustainability information disclosure. The study results are important for understanding corporate environmental responsibility development and implementation, particularly in China. (shrink)