Investigating the potential domino effect of a dazzling fiscal-period on CSR performance: a luxury brand scenario

In view of scholars-established link between firm size and share price and the suggested dual causality nexus between firm size and financial performance, the study examined the moderating effect of firm size on the relationship between financial metrics and share prices of listed agriculture and consumer goods firms in Nigeria. It controlled for the pervasive macroeconomic variables of inflation, interest rate and exchange rate. Using purposive sampling technique, a sample of 20 out of the 26 firms of study was obtained. Secondary data were sourced from annual published financial statements of the firms, while the macroeconomic data were obtained from the National Bureau of Statistics and the Central Bank of Nigeria. Generalized least squares regression analysis was performed with the aid of STATA 17. The outcome indicated that return on equity, earnings per share, and firm size, each has a significant positive effect on share prices of listed agriculture and consumer goods firms in Nigeria while current ratio, debt-equity ratio, and total assets turnover each has a non-significant effect on the share prices. Furthermore, firm size has a significant moderating effect on the relationship between financial metrics (proxied by current ratio, and earnings per share) and share prices of listed agriculture and consumer goods firms in Nigeria. In the same vein, firm size has a non-significant moderating effect on the relationship between financial metrics (proxied by current ratio, debt-equity ratio, and total assets turnover) and share prices of listed agriculture and consumer goods firms in Nigeria. Therefore, it was recommended that Security and Exchange Commission should prioritize the appropriate disclosure of the identified key metrics in the financial statements. Furthermore, investors should consider the moderating effect of firm size on the financial metrics to better understand how different metrics impact share prices for firms of varying sizes and adjust their investment strategy accordingly.

Purpose The main thrust behind strategic human resources (HR) includes strengthening the impact of HR on the organization. In other words, strategic HR attempts to place the HR department on equal footing with other functional areas of business. HR professionals who understand both operational indicators and their decisions on various financial metrics have greater focus and clarity when making decisions. HR professionals with such knowledge are also more likely to be viewed favorably by their counterparts in other departments and have a greater voice in the executive suite and boardroom. Design/methodology/approach Interviews with board of director(s). Findings There has been a significant shift in the role of HR over the past several decades. The HR department has evolved from a role focused primarily on dealing with administrative issues, litigation and unions, to a department that drives strategy and adds value throughout the company. To continue this transition, HR professionals should have a solid knowledge of critical financial information, including financial and operational metrics and ratios. By combining this information with a strategic mindset, HR professionals are better prepared to add value to the firm, and they participate more fully with other members of management in determining the strategic direction of a firm. Originality/value A competent, strategically minded HR professional who understands not only people-related issues but also financial issues can “elevate strategic discussions” in the executive suite and boardroom. Just as financial statements serve to direct attention to operational issues and to spur responsive management decisions among line managers, so too can financial statements direct the attention of HR professionals to line items specifically impacted by HR policies and processes. When HR professionals consider the impact of their decisions on the financial statements and financial metrics, they become key players in helping the firm achieve organizational goals.

Researchers have focused on the explanation that consumers buy luxury brands ‘to impress others’ (Tsai, 2005; O’Cass & Frost, 2002; Wiedmann, Hennigs, & Siebels, 2009). Marketers have designed branding strategies that reflect the idea that consumer purchasing is affected by an internal drive to create a favorable social image (Tsai, 2005). However, researchers exploring customer perceptions of and motives for purchasing luxury brands have suggested that socially-oriented motives are insufficient explanations for luxury brand consumption (Wiedmann et al., 2009). These researchers stress that personally-oriented motives have been overlooked in the marketing management of luxury brands. Additionally, empirical research focusing on personal motives is comparatively scarce (Tsai, 2005; Wiedmann et al., 2009). Our study attempted to address this research void by identifying personal luxury values U.S. consumers’ associated with their fashion brand consumption. Specific research questions examined were:...

The purpose of this paper is to evaluate contrasting approaches for handling excess demand through the lens of a retailer (newsvendor) whose risk attitude (risk-neutral versus risk-averse) is modeled explicitly. We employ representative newsvendor models and provide comparison between two well-established stockout policies when demand exceeds supply. The “while supplies last” policy avoids the need for a secondary production order to satisfy the excess demand but faces potential opportunity cost through lost sales. Conversely, the “accepting backorders” policy relies on recourse production availability which is potentially costly but meets all levels of realized demand. Across distinct parameter classes, we incorporate comparison between the two policies in terms of financial metrics including expected profit and conditional value-at-risk criteria as well as metrics that relate to inventory availability and, hence, customer service, e.g., stockout probabilities and expected excess inventory. Powerful analytical results encompass both financial and inventory metrics and reveal that the outperforming policy is simply determined through relative underage cost values. That is, our insights indicate general advantages of accepting backorders when profit margins are sufficiently large and advantages of ignoring excess demand when profit margins are smaller. Although these extensive analytical takeaways hold in general, our numerical study reveals mean order quantity deviations (decision bias) in addition to which modeling approaches and counterpart optimal solutions maintain outperformance (resiliency) or lead to underperformance (sensitivity) when evaluated across all objective function criteria.

Corporate governance plays a vital role in influencing firm performance through transparency and disclosure, board structure and effectiveness, shareholder rights and protections, and audit and risk oversight. Effective governance remains a persistent challenge, particularly in environments with diverse stakeholders, managerial complexity, and agency conflicts. This study aimed to assess the association among corporate governance, CSR and performance of commercial banks in Kenya. Precisely, the study sought to establish the mediating role of corporate social responsibility in the association between corporate governance and performance of commercial banks in Kenya. This study was anchored in stewardship and stakeholder theories and the Balanced Scorecard. The study adopted a positivist philosophy with an explanatory research design and a deductive approach. A census survey was conducted targeting all 38 licensed commercial banks in Kenya, focusing on chief executive officers who are familiar with governance practices and performance metrics. Data was collected through structured questionnaires, being the primary data, while sources from audited financial reports of 2024 were secondary data. The findings provided robust empirical support for stewardship theory, stakeholder theory, and the balanced scorecard framework, affirming that both financial and non-financial metrics are shaped by governance quality and socially responsible conduct. The study concluded that the results are consistent with the balance score card framework, the third objective aligns with stewardship theory, while CSR affirmed the study and also reinforced the strategic utility of the balance score card framework. The study recommended that a proposal be developed to inform and guide regulatory bodies in strengthening the governance framework for commercial banks in Kenya, and to develop training and certification programs for board members, aligning with stewardship theory. The study contributed theoretically by extending corporate governance theories within a banking context; empirically by applying a full census SEM approach; methodologically by integrating both financial and non – financial metrics; and practically by offering actionable insights for corporate governance reform.

The integration of environmental, social, and governance (ESG) indicators into financial reporting represents one of the most significant transformations in corporate accountability and disclosure practices in the 21st century. The relevance of this research stems from the adoption of IFRS Sustainability Disclosure Standards (IFRS S1 and S2) by the International Sustainability Standards Board in 2023, which established a global baseline for sustainability-related financial disclosures. These developments require businesses worldwide to fundamentally reconsider how they measure, report, and communicate their sustainability performance alongside traditional financial metrics. The aim of this study is to analyze the mechanisms, challenges, and opportunities associated with integrating ESG metrics into financial statements prepared under International Financial Reporting Standards, focusing on the practical implementation of IFRS S1 and S2 requirements. The object of the study encompasses listed companies across multiple jurisdictions that have begun implementing sustainability disclosure standards, particularly focusing on the alignment between financial performance indicators and ESG-related risks and opportunities. The research methodology incorporates comparative analysis of existing ESG reporting frameworks including SASB Standards, TCFD recommendations, and GRI guidelines, systematic examination of IFRS S1 and S2 requirements, qualitative analysis of case studies from early adopters of integrated reporting, and quantitative assessment of disclosure quality using structured content analysis of 156 annual reports from companies in Europe, North America, and Asia during 2022-2024. The obtained results demonstrate that approximately 68% of analyzed companies face significant challenges in establishing materiality assessments for sustainability-related information, while 73% report difficulties in quantifying financial impacts of ESG risks. Analysis reveals that companies successfully integrating ESG metrics into financial statements demonstrate 23% higher investor confidence scores and 31% improved access to sustainable finance instruments compared to firms providing separate sustainability reports. The research identifies four critical success factors for effective integration: establishment of governance structures connecting financial and sustainability reporting teams, implementation of data management systems capable of capturing both financial and non-financial metrics with comparable reliability, development of materiality assessment processes that align with financial statement preparation principles, and adoption of assurance mechanisms for sustainability disclosures equivalent to financial audit standards. Furthermore, the study demonstrates that sector-specific disclosure requirements under IFRS S2 significantly enhance comparability, with 84% of investors surveyed indicating improved decision-making capacity when climate-related financial impacts are disclosed using standardized metrics. The practical value of this research lies in providing a comprehensive roadmap for organizations transitioning from voluntary ESG reporting to mandatory integrated disclosure under IFRS standards. The proposed framework includes specific methodologies for identifying sustainability-related risks and opportunities that could reasonably affect financial prospects, calculating financial implications of climate scenarios for asset valuation and impairment testing, and designing reporting structures that satisfy both IFRS S1 general requirements and IFRS S2 climate-specific disclosures. Implementation of these recommendations is expected to reduce reporting costs by approximately 28% through elimination of duplicate data collection processes, enhance stakeholder trust through improved transparency, and position organizations for compliance with emerging regulatory requirements across multiple jurisdictions. The findings contribute to advancing the convergence of financial and sustainability reporting, demonstrating that integrated disclosure enhances both the quality of financial information and the credibility of sustainability commitments. As regulatory frameworks worldwide increasingly mandate ESG disclosure, this research provides essential guidance for financial professionals, standard-setters, and policymakers seeking to ensure that sustainability information achieves the same level of rigor, reliability, and decision-usefulness as traditional financial reporting.

I explore the effect of taxation on the profitability banks in Iraqi Kurdistan the quantitative research study examines the relationship between Corporate Income Tax (CIT) and different financial performance metrics from 2009 to 2021.Data source is financial statements from Central Bank of Iraq, the Iraq Stock Exchange, Chan Bank for Investment and Finance it is network is of 12 branches.The study investigates the effects of CIT on loan activities, leverage ratios, liquidity, return on assets (ROA), and profitability before taxes (PBT) using descriptive statistics and correlational analysis in SPSS version 26.The findings reveal significant positive correlations between CIT and lending activities, leverage ratios, liquidity, return on assets, and profit before tax, suggesting a substantial impact of corporate income tax on banking operations and profitability.Necessitating further research to understand underlying mechanisms.Policy implications recommend steps to lessen the tax burden on banks to increase profitability, while managerial implications emphasize the significance of tax planning techniques to maximize financial performance.For banks in Kurdistan, operational approaches emphasizing revenue diversification and cost effectiveness are also advised.Future directions for research include cross-country comparisons to comprehend the effects of different regulatory frameworks, longitudinal studies to monitor changes in corporate income tax and financial measures, and analysis of lengthy time periods to spot patterns in banking operations and tax laws.Policymakers and industry stakeholders can use this data to optimize financial plans and effectively navigate regulatory frameworks.In conclusion Based on the comprehensive correlational analyses conducted in this study, several significant findings emerged regarding the relationships between Corporate Income Tax (CIT) and various financial metrics within the banking context.

The credit ratings play an important role in the allocation of capital among the enterprises, and thereby, in the growth of any economy. The different credit rating methodologies and criteria are used by different credit rating agencies, and the criteria may also differ from industry to industry. This research study tries to explore if it is possible to model credit ratings as the outcome of financial metrics. The study deploys the conjoint analysis approach to forecast the Ind-Ra ratings given to 50 firms, as a dependent variable and the key financial metrics as independent variables. First, the independent variables are computed based on financial statements. Then, the model is executed. It is found that the debt-equity ratio is negatively rated to credit rating, while the other three variables (profitability, asset turnover ratio and current ratio) are positively related to credit ratings. The study shows that financial metrics are not the only influencer of credit ratings but many subjective criteria such as future expected consumer trends, leadership overview, management aptitude and so on. Therefore, the model proposed in this study using financial statements has a 60% accuracy only because the subjective factors as mentioned above are difficult to be quantified and captured in the model as predictor variables.

The purpose of this research is to evaluate the feasibility of using ratios between common hospital utilization, or financial metrics, and facility operating expenses as a model for budget forecasting and benchmarking. The researchers reviewed each U.S. state's department of health website for the availability of hospital utilization reports, and financial statements, and assessed the strength of association between these metrics and hospital facility operating expenses. Although many states report some hospital utilization and financial metrics to the public, Washington was the only state to report these utilization metrics and financial statements along with detailed cost information for facility operations. Correlations were used to evaluate the strength of the relationship between various utilization and financial metrics with facility operating expenses at Washington hospitals; this research shows there is moderate to strong associations between facility operating expenses and several utilization metrics including available beds, admissions, and gross square feet (GSF). Additionally, this research shows there is a strong association between hospital facility operating expenses and plant, property, and equipment (PPE), a common balance sheet value. The researchers illustrate, via the development of a ratio model, how health care facility and finance professionals can benchmark or rationalize facility operating expenses to support overall hospital profit margin impact. Moreover, this ratio model can be used to predict or forecast future operating expenses for planned capital construction projects to better understand total facility lifecycle costs.

Purpose: This study investigates the impact of the merger between two Nepalese banks on their financial performance, with the objective of assessing whether significant improvements in key financial metrics occurred post-merger. The research aims to provide insights into the effectiveness of mergers in enhancing the financial health and operational efficiency of banks in Nepal.Methods: A causal comparative research design was adopted, analyzing secondary data from the banks’ financial statements and regulatory filings for the period 2016/17 to 2022/23. The study focused on key financial metrics, including Return on Assets (ROA), Net Profit Margin (NP Margin), Capital Adequacy Ratio (CAR), Debt to Equity Ratio (DE Ratio), and Debt to Assets Ratio (DA Ratio). Data analysis involved a comparison of the pre-merger and post-merger performance to assess improvements.Results: The findings indicate that, following the merger, both banks experienced significant improvements in their financial metrics. Notably, the merger led to enhanced operational efficiency, increased profitability, and a stronger capital base, highlighting the positive impact of mergers on bank performance.Conclusion: This research contributes to the limited frame of knowledge on mergers and acquisitions in Nepal, emphasizing the strategic importance of such activities in the banking sector. It also addresses gaps in understanding long-term effects.

The study examines financial performance and Corporate Social Responsibility (CSR) by examining four well-known Indian banks: ICICI, SBI, PNB, and HDFC. The study examines how CSR investments affect essential financial performance indicators. Quantitative methods were used to extract secondary data from financial databases, bank annuals, and CSR reports from 2013 to 2023. Financial metrics such as ROA, ROE, and NPM are examined in relation to CSR spending and the scope of CSR operations using multiple regression analysis. According to the study results, extensive CSR initiatives are directly associated with better financial success, with statistically significant correlations between CSR expenditure and key financial performance metrics, including ROE ( β = 0.25, p < .01) and NPM ( β = 0.20, p < .05). Additionally, the scope of CSR activities positively influences ROA ( β = 0.15, p < .05), ROE ( β = 0.30, p < .01), and NPM ( β = 0.22, p < .01). These findings underscore CSR’s strategic importance by demonstrating that CSR investments enhance profitability and equity returns and align with stakeholder expectations for sustainable and responsible business practices. For policymakers, this highlights the value of encouraging CSR through supportive regulations. For investors, it shows the potential for CSR to contribute to long-term financial stability. At the same time, for banking executives, it emphasizes the need to integrate CSR into core business strategies to drive sustainable financial growth.

This study investigates the influence of key financial metrics on the value of retail companies in the Indonesian service industry from 2019-2020. Using multiple linear regression analysis on data from 18 companies, the research finds that Total Asset Turnover, Net Profit Margin, and Equity Multiplier positively impact company value, while Return on Investment and Return on Equity do not. These findings suggest that improving asset utilization, profitability margins, and equity leverage can enhance company value, providing valuable insights for company management and investors. Highlights: 1. Total Asset Turnover, Net Profit Margin, and Equity Multiplier increase company value.2. Return on Investment and Return on Equity don't significantly affect value.3. Improve asset utilization, profitability margins, and equity leverage to enhance value. Keywords: Company value, financial metrics, retail industry, asset turnover, profitability

Aim/Purpose: In this study, the relationship between financial health and long-term performance was investigated across four key Thai industries, including Agribusiness, Automotive, Petrochemicals, and Tourism and Leisure. The research identified which sectors were financially strong or at risk and explored the impact of firm size and industry type on performance. This information is crucial for business leaders, investors, and policymakers when making decisions. Introduction/Background: Thailand’s economy has faced a recent slowdown; the COVID-19 pandemic made things even tougher, especially for industries like Tourism and Leisure. Service and manufacturing firms are vital to national economic development, but both have struggled with profitability amidst global disruption. While much existing research has relied on short-term financial ratios to assess firm performance, a notable gap remains in emerging economies such as Thailand regarding the use of comprehensive financial health indicators. This study utilized the Altman Z-score, a robust measure of long-term financial stability, to predict long-term performance among Thai firms. Furthermore, it addressed the underexplored roles of firm size and industry type, contributing new insights into long-term financial sustainability in emerging markets. Methodology: The quantitative study utilized the data from 57 companies listed on the Stock Exchange of Thailand (SET), which included 10 firms from the Agribusiness sector, 19 from Automotive, 14 from Petrochemicals, and 15 from Tourism and Leisure from the years 2021 to 2024. To measure financial health, Altman’s Z-score was used to predict bankruptcy and assess an industry’s solvency risk. Long-term performance was evaluated through key financial metrics, which included Earnings per Share (EPS), Net Profit Margin (NPM), Return on Assets (ROA), and Return on Equity (ROE). Relationships between financial health and performance were examined using Pearson’s correlation coefficient and fixed-effects regression analysis, while controlling variables such as firm size, year, and industry-specific effects. Findings: The findings revealed several important insights. Firstly, the Z-scores exhibited significant positive relationships with performance indicators such as EPS, NPM, ROA, and ROE. These results revealed that financially stable firms tended to perform better in the long run. Secondly, the firm size analysis showed that larger firms demonstrated stronger performance in EPS, ROA, and ROE, but firm size did not significantly affect NPM. This showed that profitability margins are more dependent on operational efficiency than scale alone. Thirdly, the industry analysis revealed that the Tourism and Leisure sector was hit hardest by the pandemic; it demonstrated a strong recovery with higher ROA and ROE once recovery began. However, almost all companies in this sector (96.67%) are still in financial trouble, which is a big concern. Agribusiness exhibited the lowest company risk, which demonstrated stable demand, efficient cost management, and effective performance in the industry. The Automotive and Petrochemical sectors showed moderate financial stability, with some firms facing liquidity challenges, but generally maintaining steady performance. In conclusion, the research findings highlighted the different degrees of financial resilience across industries, emphasizing the need for tailored risk management strategies. Contribution/Impact on Society: This study makes several important key contributions because it shows how firms with good financial health can remain strong for a long time. It also provides industry-specific information about financial risks and how businesses recover. Thus helping business leaders, investors, and policymakers make smart decisions. The size of a company matters in terms of its performance, but this can change depending on how it is measured. Finally, the research findings can assist investors in finding strong companies in new markets. Recommendations: Based on these findings, several recommendations are proposed for businesses, policymakers, and investors. For businesses, firms with high risk, such as those in Tourism and Leisure, should prioritize financial health by optimizing liquidity, reducing debt burdens, and improving operational efficiency. Policymakers should implement targeted support mechanisms such as liquidity assistance for Tourism & Leisure, and tax incentives for Agribusiness to encourage efficiency. Additionally, regulatory frameworks that promote financial transparency and robust risk management practices should be established, particularly in volatile industries. Investors should incorporate Z-scores and firm size as screening criteria when evaluating long-term investment opportunities in Thai investments. They should also diversify their portfolios to mitigate risk, for example, by balancing investments in sectors like Agribusiness and Automotive. Research Limitations: This study was limited to publicly listed companies in four industries and excluded private enterprises, which may have shown different financial behaviors. Additionally, the use of only accounting-based performance measures (EPS, NPM, ROA, ROE) may not capture market-based dimensions of performance. Lastly, the study covered a period that was heavily influenced by the COVID-19 pandemic, which may have skewed the findings. Future Research: Future research studies could include more industries, private firms, or firms from other ASEAN countries. Including additional control variables (such as leverage, innovation, investment, or corporate governance) may also enhance explanatory power and uncover deeper insights into the determinants of financial performance.

Corporate governance and, more broadly, the performance of corporate boards have traditionally been measured using financial metrics. These financial metrics such as Return on Investment (ROI), Return on Assets (ROA), Return on Equity (ROE), Earnings and Profitability Ratio (E and P) are ex post measure of organizations performance arising from corporate board activities. These financial metrics are largely one-dimensional measure of corporate performance and do not fully account for the other dimensions of organization responsibilities. The COVID-19 and the changing organizational dynamics have made the case for corporate board’s performance to be assessed beyond the usual financial metrics. In this study, we provide a framework that accounts for the various dimensions of organization activities: finance, social and environmental, the Triple-Bottom (TBL) approach. A TBL-compliance metric was constructed, which tracked the performance of selected manufacturing firms in Nigeria using a content analytical technique. The result showed that the majority of the firms performed remarkably well in areas of profitability and economic value creation but less satisfactorily in areas of social and environmental sustainability. On aggregate, the sampled firms committed less than 1% of their profit after tax on corporate social responsibility, while less than 5% of the sampled firms scored above average on the TBL-adoption matrix.

Corporate governance and more broadly, the performance of corporate boards have traditional been measured using financial metrics. These financial metrics like Return on Investment (ROI), Return on Assets (ROA), Return on Equity (ROE), Earnings and Profitability Ratio (E and P) are ex-post measure of organizations wellbeing or lack thereof arising from corporate board activities. These financial metrics are, for all intents and purposes, self-serving and one-dimensional measure of corporate performance. They do not fully account for the other dimensions of organization responsibilities especially, the social, health and environmental benefits expected from organization’s activities. The COVID-19 and the changing organizational dynamics have made the case for corporate board’s performance to be assessed beyond the usual financial metrics. In this study, we provide a framework that accounts for the various dimensions of organization activities: finance, social and environmental; the so-called Triple-Bottom (TBL) approaches. A TBL-compliance metric was used to track the performance of selected manufacturing firms in Nigeria using a content analytical technique. The result of the analysis showed that majority of the firms performed remarkably well in areas of profitability and economic value creation but performed less satisfactorily in areas of social and environmental sustainability. On aggregate, the sampled firms committed less than 1 percent of their profit after tax on corporate social responsibility while less than 5 percent of the sampled firms scored above average on the TBL-adoption matrix. From the findings of the study we can conclude that manufacturing firms in Nigeria are yet to be fully committed to social and environmental sustainability. The study recommended for a regulatory re-jig away from the usual mandatory declaration of commitment to concrete actions based on measurable indicators on social and environmental sustainability compliance.