Corporate Level Research Articles

Does Corporate Governance Moderate the Relationship Between Earnings Management and Financial Performance?

Motivation: This study aims to fill the gap in the corporate governance literature by examining the moderating role of corporate governance on earnings management and financial performance. Idea: The research is conducted in the light of agency and legitimacy theories, looking through how corporate governance practices moderate the relationship between earnings management and financial performance. Data: The database consists of an international sample of non-financial companies, for the time frame between 2020 and 2023. The data are collected from Thomson Reuters Eikon, and the analysed period responds to a thorough approach of the topic under problematic circumstances. In line with prior literature, this analysis includes several corporate governance mechanisms such as number of board meetings, board gender diversity, board size, CEO duality, independent board members, and audit committee independence. Among the control variables could be mentioned firm size, financial leverage, and profit or loss. Corporate governance is examined as a key driver in achieving financial performance, maximising the value created by companies and strengthening their connections with stakeholders. Tools: To test the research hypotheses, investigation is performed through frequency and descriptive statistics, parametric correlations, complemented with panel regression analysis with random effects performed in STATA 18 software. Findings: According to the results, there is strong evidence that financial performance is impacted by earnings management, at the corporate level. Notably, the main findings suggest that board meetings, board size, and board independence may be underlying factors in reducing the adverse effects of earnings management reflected in financial performance. Likewise, corporate governance may contribute to an effective monitoring of earnings management. Muchmore, the findings are in line with the agency theory, which asserts that corporate governance practices lessen managerial resource exploitation necessary for sustainable development and financial performance. Contribution: Relevance of the study resides in grounding a comprehensive overview in the earnings management and sustainability literature, examining corporate governance patterns. This research contributes to the debate of influence exerted by earnings management practices on financial performance extended towards a better understanding of corporate governance outcomes.

Роль банків у процесах тінізації економіки України

Introduction. The relevance of the article is due to the growing role of banking institutions in the process of shadowing the Ukrainian economy, which negatively affects the financial stability of the state. Problem Statement. The shadow economy has been identified as one of the main threats to the economic stability and security of the state. The study of the role of banking institutions in illegal transactions by entities whose purpose is money laundering, using various schemes and methods of financial fraud, is considered from the standpoint of substantiating directions and effective tools for countering shadowing of the economy. The implementation of such measures at the national and corporate level in accordance with international norms will make it possible to strengthen control over banking transactions, increase stability of the banking and financial systems and, ultimately, improve the level of economic security of the country. Purpose. Analysis of the role of banking institutions in the shadow economy, justification of directions and tools for counteracting the participation of banks in the shadow economy. Methods. The methodological basis of the study is the fundamental provisions of economic theory, theories of management and state regulation of the economy, economic and mathematical modeling, the theory of money, finance and credit, scientific achievements on the shadow economy and measures to counteract its manifestations. Results. The study identifies the role of banking institutions and proposes a typology of forms of their participation in the shadow economy, including: legalization of proceeds of crime; use of correspondent accounts; use of fictitious companies and front persons; offshore accounts; lending and deposit operations of banks; securities manipulation; and other financial fraud. The impact of these mechanisms on the economic stability of the state and the banking system is analyzed. A comparative analysis of international experience in combating money laundering is carried out, and effective tools for preventing shadow operations are identified. The trends and factors of shadowing the Ukrainian economy are analyzed. To assess the impact of banking institutions on the spread of the shadow economy, it is proposed to use the Simpson distribution for shadow cash flows and discount rates with the participation of banking institutions. The instruments of counteracting the participation of banks in the processes of shadowing the Ukrainian economy are substantiated. Conclusions. Further research is planned to focus on the impact of modern digital technologies, such as blockchain and cryptocurrencies, on money laundering through banking institutions. A promising area is the development of innovative methods of financial monitoring and identification of suspicious transactions, in particular with the use of artificial intelligence and machine learning. It is also important to study the effectiveness of international cooperation and develop recommendations for improving the legislative framework for combating money laundering through banking institutions.

Deconstructing 'Greenwashing' and 'Anti-Greenwashing' in Corporate ESG Investments: Based on Behavioral Identification, Motivation Analysis and Effect Evaluation

Abstract: With the increasing corporate attention to Environmental, Social, and Governance (ESG), some companies that do not have ESG investment strengths have also joined the ESG practice. As firms intensively integrate ESG into their operational ethos, discrepancies between proclaimed and actual ESG commitments have given rise to "greenwashing" behaviors. At present, China's research on corporate "greenwashing" is still in its infancy, and it is difficult to accurately identify corporate "greenwashing" behaviors and clarify their motives and impacts, so as to achieve the "anti-greenwashing" effect of precise governance. This paper examines the manifestations, motivations, and effects of "greenwashing" through actual case studies as well as theoretical and comparative literature research in order to propose a comprehensive framework for analyzing the nature of "greenwashing." To counteract "greenwashing," the paper combines the reality of problems to extract the insights and shortcomings of the existing research and propose multi-tiered strategies tailored to policy, corporate, and societal levels to look forward to the direction of future research on "anti-greenwashing." The aim of this paper is to promote the development of "greenwash" research and strengthen the society's awareness of "greenwash" behavior and the understanding of corporate ESG behavior, underscores the theoretical and practical significance of addressing "greenwashing." It calls for sustained research to optimize the ESG investment landscape.

Systematisation of Conceptual Approaches to Formation of Business Ethics in the Context of Legal Regulation of Entrepreneurial Activity

Introduction. In the frame of entrepreneurship development, promotion of business ethics becomes particularly important as a mechanism for business harmonization, ensuring legal equality, healthy competition and fair attitudes to consumers. However, the controversial approaches to defining the concept of “business ethics” and the multiple interpretations thereof prevent from boosting the global spread of business culture in the legal regulation framework. In this regard, the aim of the study is to systematise the conceptual approaches to substantiation and formation of business ethics in the context of legal regulation of entrepreneurial activity.Materials and Methods. The methodological basis of the research includes the general and specific scientific methods. The methods of analysis, comparison and systematisation enable the study of the integral parts of business ethics to get deep understanding of this concept. By comparing different interpretations, the common grounds in the interdisciplinary approaches to substantiation of this concept are revealed. Systematisation fosters organisation of the legal and moral values into a single hierarchical structure that forms the essence of business ethics. The philosophical-juridical method reveals the interrelation of the philosophical approach contained in the entrepreneurial value reference points and the legislative norms of society.Results. The research has revealed a pattern of business ethics development in the context of global and national wellbeing. The hierarchical structure of business ethics has a top-down nature: the international level, the macro level and the micro level. Despite the influence of cultural specifics on the development of the moral value system, the formation of business culture should go in correlation with the norms of law and the needs of society, along with establishment of the corporate boundaries and general entrepreneurial principles. At the corporate level, the integration of business ethics into the enterprise strategy is beneficial for its image and reputation, and the efficiency lies in promotion of the socio-economic, legal and other aspects fostering creation of fair, sustainable and conscious business.Discussion and Conclusion. The concept of “business ethics” is studied in the various scientific contexts. Despite all differences in interpretation, the mechanism of forming the business ethics in the framework of entrepreneurial activity is uniform, it includes creation of the code of ethics, training in ethical principles, development of a system of incentives, elaboration of the methods of prevention and punishment. In various contexts, this mechanism is aimed at eliminating unlawful forms of competition, ensuring economic, social and legal security, increasing the level of responsibility and creating an efficient system of business values.

Designing Political Brand Identity Through Architecture: A Case of Malatya City Hall

Corporate level awareness and understanding of political systems are widely spreading in politics through the application of marketing concepts by parties. This study explores how party ideology, hierarchical structures, and symbolism are embedded into the design of government buildings to enhance corporate communication with stakeholders. A design strategy that links architecture with politics views specific architectural features as semiotic resources for party identity and envisions them as design patterns in the future. This paper presents the Malatya City Hall as an example, which was designed using a similar architectural style to that of the Nationalist Movement Party Headquarters in Türkiye. Employing critical discourse analysis (CDA), we unveil the political structure underlying the Headquarters, which is subsequently transposed into the design of City Hall. The Ottoman-Seljuk architectural style, in its modern interpretation, serves as a reflection of political ideology in these buildings. The corporate organizational structure is emphasized through the president’s prominent position and the restricted accessibility to his spaces, evident in the layout design. Additionally, symbolism is incorporated by aligning the building’s architectural plan with the party’s logo, creating a direct visual representation of political brand identity.

Разноуровневые стратегии развития: арктический нефтегазовый вектор

The balanced development of the hydrocarbon potential in the Arctic is currently a strategic priority for Russia. Given the present conditions of the global energy sector, alongside new geopolitical challenges and trends towards low-carbon and ecologically balanced development, there is a need for a system of coordinated strategies across the industry, regional, and corporate levels. To effectively develop Arctic oil and gas resources, it is necessary to ensure technological sovereignty, which involves equipping oil and gas companies with domestically produced equipment and software. Strategies should also focus on the development of industries that produce high value-added products, particularly in the petrochemical sector. Public administrators and corporate managers responsible for key decisions must have a clear, long-term vision for the development of the Arctic oil and gas sector and employ established methodological approaches in strategy design. The goal of this study is to substantiate the specific characteristics of multilevel strategies and assess the feasibility of using a matrix approach when designing strategic alternatives relevant to the current economic environment. The research methodology is based on the approaches, methods, and tools of strategic management and planning, with a particular focus on methods for designing strategic alternatives. The novelty of the research lies in the development of a system of criteria for comparing strategies and their target priorities at the industry, regional, and corporate levels. The study identifies current trends and challenges arising from the energy transition, stringent sanctions policies, and growing technological capabilities. It proposes an approach to designing alternative strategies of related and unrelated diversification for oil and gas companies. Developing a holistic concept of coordinated industry and corporate strategies is identified as a promising area for further research.

К вопросу об определении сущности понятия «кадровая безопасность» на региональном уровне

The article provides a theoretical analysis of the approaches identified by the authors to the definition of the concept of “regional personnel security”: as the state of human capital, as the state of the labor market, an element of the economic security system at various levels, as a process of preventing various negative impacts on economic security at the national, regional and corporate levels. The importance of human potential as an object of attention in ensuring personnel security at the regional level is noted. The role of investments in human potential from the point of view of various spheres of public life as a factor in the economic growth of territories is outlined. Based on an analysis of modern research in the area under study, two positions have been identified to determine the place of personnel security in economic and national security systems. The author’s concept of personnel security is proposed. The place of personnel security in the region’s economic security system has been determined.

Pivoting to Manage the Integration of Two Initially Separate Business Models: The Case of the Digital Transformation of Established Retailers

Due to increasing digitalization, most companies have added online retail as a new business model (BM) separate from their initial physical BM, requiring them to manage a portfolio of BMs. The literature points out that companies choose between a separation or integration strategy to manage their multiple BMs. However, business cases show that companies adopting a separation strategy may then plan for a possible integration strategy. Despite the growing knowledge in the BM portfolio literature, scholars and practitioners still lack a comprehensive understanding of the integration process of two BMs that were initially managed separately. This qualitative research draws on a cumulative multiple case study of five retailers to analyze how incumbent firms with different BMs manage their integration. We show that these firms pivoted the management of their BM portfolio. The notion of pivoting has been studied from the perspective of a single BM. In this research, we demonstrate that the process of pivoting also applies to the management of several BMs. Our results provide a generic model of the BM integration process that underlines barriers and enabling pivoting factors. Finally, by considering pivoting at this corporate level, our research adds to the ongoing discussion in strategic management regarding the way companies manage the dynamics of their BM portfolio.

Best Practices for Developing Secure Front-End Web Applications

In the course of the work, a review of trends and best practices in creating user interfaces was conducted. To achieve this goal, attention was focused on the use of advanced technologies and design methods by interface developers, which have been permanently evolving in recent years. The methodology used to create intuitive and convenient interfaces is revealed. The main trends and innovations in the design of user interfaces were mentioned. The impact of user experience (UX) on the development process is indicated. Practical examples and cases of implementation of the latest approaches in real projects are given. It is also proposed to apply the selected best practices for creating a user interface in accordance with the characteristics of each of them, which will make the development of user interfaces easier and more efficient, based on which practical recommendations were provided for optimizing the development process. These guidelines can be used both at the departmental level of large corporations and by individual developers and freelancers, making them universal in terms of accessibility and comprehensibility. The received recommendations are the basis for the newest paradigm of development and optimization of interactive user interfaces, which can change the approach to the development of user interfaces in general. The very question of changing the paradigm of creating interactive user interfaces based on information about the interaction of applications with the user, not only in the framework of web development, but also in desktop development, is determined to be relevant for further research, which will be considered in future scientific works

Climate-conscious pharmacy practice: An exploratory study of community pharmacists in Ontario.

Climate change remains a significant challenge to global health. The health care system is a major contributor of greenhouse gas (GHG) emissions. While pharmacists are aware of climate change as an important societal issue, there is little known about the level of implementation of climate-conscious practices in community pharmacies throughout Ontario. An interview-based system was developed to gather insights from pharmacists regarding their perspectives on climate change and identify strategies to involve them in sustainable practices. Convenience and snowball sampling techniques were used to recruit pharmacists. Interviews were conducted by phone or Zoom, and transcripts were developed and analyzed for common themes using a qualitative method. Twenty-four community pharmacists were interviewed. Three overarching themes emerged: 1) there is a knowledge and awareness gap in the pharmacy profession; 2) before pharmacists can prioritize sustainable practices, they must first address more immediate concerns in the pharmacy; 3) sustainable practice integration requires employment and regulatory changes as relying solely or extensively on the good intentions of frontline pharmacists is insufficient. While pharmacists show concern about the environmental impacts of their work, sustainable practice integration is very limited in community pharmacies across Ontario. There are many challenges and barriers to address. This includes closing the knowledge and awareness gap by incorporating climate-related topics into pharmacy curricula and providing educational seminars and resources for practicing pharmacists. In addition, improving workflow, changing standard operating procedures at a corporate level and providing incentives for implementing eco-friendly practices are crucial steps to address time and financial limitations. To manage patient safety concerns, providing resources that consider climate considerations as a secondary objective, when clinically appropriate for the patient, is the right approach to engage pharmacists. Lastly, advocating for employment and regulatory changes will be necessary for large-scale, durable changes to pharmacy practice.

Relationship of Rurality and Confidence in Video Skills With Persistent Nonuse of Video Appointments for Health Care.

Limited research has examined how technology and digital literacy may affect patients' use of video visits. This study explored the relationship of demographic factors and patient-reported confidence in digital literacy skills to access to video visits among patients who never used them during the COVID-19 pandemic. Using existing survey data, the current study examined data from respondents who did not engage in video appointments but instead attended face-to-face appointments between April and December 2020 for nonemergent health concerns. A multivariable logistic regression model was used to investigate whether demographic and social determinants of health factors, context of care (primary care or psychiatry/psychology), and digital literacy confidence were associated with video visit engagement. Collinearity was assessed using the variance inflation factor. This study found that living in rural areas and having a self-reported lack of confidence in logging video appointments using the Mayo Clinic patient portal were associated with persistent nonuse of video appointments in a cohort of patients who did not use video visits at this institution during the early part of the COVID-19 pandemic. The research findings reported herein reveal that individuals living in rural areas and those who lack confidence in logging into patient portals to access video visits tend to persistently avoid using video appointments. More investment is needed at the federal and corporate levels to improve digital connectivity. Digital navigators and community involvement can promote digital adoption. To encourage digital competency in rural communities, it is important to implement support strategies through community stakeholders and other resources.

Developing Commercial Talent: Is it Time to Rethink the Commercial Arm of the Hospitality Curriculum?

ABSTRACT The hotel industry is transitioning from a siloed approach to driving topline revenue to a formalized commercial function to pursue commercial excellence. This survey-based research provides empirical support for a shift toward the formalization of the commercial function at the corporate level and the key functions housed under the commercial umbrella: marketing, sales and revenue management. Hotel professionals’ perceptions of commercial – the commercial team and commercial strategy – are presented. Additionally, their perceptions of the competencies that hospitality students need to succeed within the commercial space are discussed. The implications of the study’s findings for students, as well as for faculty teaching the hospitality commercial curriculum, are outlined, along with practical recommendations for faculty to support commercial curriculum evaluation and development efforts.

Does green credit promote the performance of new energy companies and how? The role of R&D investment and financial development

Green credit, as the first green financial tool implemented in China, is playing an increasingly important role in new energy technological development. However, does green credit promote the performance of new energy companies (PNEC) and how? What roles do research and experimental development (R&D) investment and financial development play? These issues need to be revealed. Existing studies on China's green credit are mainly based on national/provincial data or a policy dummy variable, and those on firm performance are mainly based on a single indicator. Accordingly, this paper studies the impact of green credit with the data at the corporate level, and constructs a comprehensive index based on multiple indicators to present PNEC. The results of a moderated mediator model suggest the direct and indirect positive (R&D intensity as a mediator) effects of green credit on PNEC, and the negative and positive moderating roles of financial development in the first and second half paths of the mediating mechanism respectively. Moreover, there are regional disparities in the effects of green credit and the roles of R&D investment and financial development. Finally, this study puts forward some policy implications on how to effectively exert the stimulating effect of green credit.

From rebound to reinforcement effects—The role of analyzing underlying mechanisms for accounting

Rebound effects can reduce planned environmental savings considerably if they are not known, accounted for and managed. Environmental activities only contribute effectively to reducing environmental impacts if rebound effects that diminish the intended improvements remain small. Research has so far focused on macroeconomic analyses and shows that rebound effects can be highly relevant on the level of industries and economies. While widespread agreement exists that rebound effects are an important phenomenon that needs to be better understood when managing environmental protection activities, little is however known about mechanisms that explicate the emergence of rebounds in companies and what consequences can be drawn for accounting and management to prevent or reduce them at the corporate level. To address this gap, this paper problematizes the underlying assumption of an automatic and almost inevitable formation of rebounds by investigating how rebound effects emerge from mechanisms, including decisions and actions within companies. Our conceptual analysis contributes to accounting research and practice by asking how rebound effects could be considered, prevented, or even transformed into outcomes that increase the intended environmental improvement, i.e. reinforcement effects. The study shows that rebound and reinforcement effects are not inevitable but that their emergence is subject to accounting and management decisions.

The Economic Impact Of The 1997 And 2008 Financial Crisis On Asia

This study investigates the factors that made Asian economies more resilient during the 2008 Global Financial Crisis (GFC) compared to the 1997 Asian Financial Crisis (AFC). The research addresses the question: What made Asian economies more resilient during the Global Financial Crisis than the Asian Financial Crisis? Through a comparative analysis, the research highlights the proactive reforms implemented after the AFC, such as the adoption of adaptable exchange rate regimes, enhanced banking supervision, and the development of deeper capital markets, which collectively fortified the region's financial systems. In this respect, it is observed that such reforms provided an enabling environment that, together with strong current account balances and large foreign exchange reserves, helped the Asian economies weather the GFC. The research has also attempted to explain how strategic international cooperation and financial policies updated were helpful in sustaining financial stability. Despite these successes, the research underscores ongoing vulnerabilities, such as high levels of corporate and household debt, that require attention to safeguard against future crises. The findings offer valuable insights into the importance of readiness, flexibility, and regional cooperation in ensuring economic stability and growth.

Integration of organizational, economic and customer-related attributes to prioritize marketing strategies

PurposeA well-designed marketing strategy is critical for the survival of any company in today’s competitive market. To be formulated and implemented effectively, a marketing strategy must be phased and aligned to levels in the organization. This study aims to advance a three-tier hierarchical framework of marketing strategies, including corporate, business and functional levels. The authors use the proposed framework to select the most appropriate marketing strategy based on the factors relevant to a factory that produces sporting goods.Design/methodology/approachThe authors conduct a literature review to identify marketing strategies at corporate, business and functional levels. To appraise strategies at the corporate and business levels, the authors use market share as a key criterion. When evaluating functional strategies, the authors use criteria categorized into organizational, economic and customer dimensions. Additionally, the authors conduct interviews to assess strategies at the first level and use the best worst method to appraise strategies at the other two levels.FindingsThe authors use the suggested structure for a company producing sports goods in Iran. According to the results, an offensive approach and customer orientation are the most appropriate strategies at corporate and business levels. Additionally, offensive advertising and managerial capabilities are identified as the best portfolio of strategies and the most important criterion at functional level, respectively.Originality/valueSo far, a specific category of marketing strategies has not been implemented at corporate, business and functional levels. Accordingly, there is not a framework of criteria to evaluate the strategies at each level. The approach is implemented in the case of a sportswear manufacturer in a developing country, where quantitative analysis has been lacking until now.

Heuristics and biases in human–algorithm interaction and hotel revenue management override decision-making

Purpose This study aims to provide insights into human–algorithm interaction in revenue management (RM) decision-making and to uncover the underlying heuristics and biases of overriding systems’ recommendations. Design/methodology/approach Following constructivist traditions, 20 in-depth interviews were conducted with revenue optimisers, analysts, managers and directors with vast experience in over 25 markets and working with different RM systems (RMSs) at the property and corporate levels. The hermeneutics approach was used to interpret and make meaning of the participants’ lived experiences and interactions with RMSs. Findings The findings explain the nature of the interaction between RM professionals and RMSs, the cognitive mechanism by which the system users judgementally adjust or override its recommendations and the heuristics and biases behind override decisions. Additionally, the findings reveal the individual decision-maker characteristics and organisational factors influencing human–algorithm interactions. Research limitations/implications Although the study focused on human–system interaction in hotel RM, it has larger implications for integrating human judgement into computerised systems for optimal decision-making. Practical implications The study findings expose human biases in working with RMSs and highlight the influencing factors that can be addressed to achieve effective human–algorithm interactions. Originality/value The study offers a holistic framework underpinned by the organisational role and expectation confirmation theories to explain the cognitive mechanisms of human–system interaction in managerial decision-making.

Financial and ESG Analysis of the Beer Sector Pre- and Post-COVID-19 in Italy and Spain

This study compares the analysis of the financial statements of the brewing sector in Italy and Spain due to its growth in both Mediterranean countries and its relationship with other sectors of activity of great importance in these countries. The web transparency of the sustainability indicators of the brewing sector in both countries is also analyzed, following the new regulatory framework, EU Directive 2022/2426, on sustainability information, in order to analyze, in an integrated way, the financial and sustainability information which they report for a sustainable development of the sector, in line with the Sustainable Development Goals and the European Green Deal. The methodology used involved compositional data, which are reliable at an accounting and statistical level; such data allow us to value the financial health of the sector and its relationship with the web exploration of the communication of its environmental, social, and corporate governance indicators. The results indicate a solvency of the sector in the short term, with poor margins, especially in the pandemic, which recovered in 2021 due to the sector’s resilience. On the other hand, there is a clear need to study the costs and margins of the sector in depth to improve the quality of the beers and to project the sector. The web analysis reveals acceptable transparency at the environmental level and poor transparency at the social and corporate governance level, with differences between the two countries and the population under study.

Analysis of Key Indicators for Reach, Act, Convert, and Engage (RACE) in Social Media Platforms for B2B Companies in Indonesia Using the AHP Method

B2B marketing involves the sale of products or services between companies, utilizing strategies at the corporate level. In this context, information plays a critical role and has evolved to adapt to modern times. Digital Marketing Communication leverages the latest technology to deliver integrated, efficient, and measurable communication, aiming to build strong relationships with customers. This study aims to analyze and provide recommendations for social media marketing strategies within a B2B company, focusing on selecting the most suitable social media platform for digital marketing activities. The approach centers on the use of the Analytical Hierarchy Process (AHP) method, which is applied to determine the most influential criteria in social media marketing. Key criteria such as reach, act, convert, engage are identified through surveys and interviews with digital marketing experts. The AHP analysis provides a structured approach to evaluating different social media platforms and strategies, helping companies make informed decisions about which platforms will be most effective. The results indicate that the AHP method can yield effective and efficient strategic recommendations for managing social media marketing activities, ultimately reducing the company’s marketing costs. These recommendations are expected to guide B2B companies in optimizing their social media marketing campaigns in the future.

Unveiling the controversies of brand identity management: A holistic framework for global B2B companies through a hybrid systematic literature review and interpretive structural modelling

Corporations that present a distinctive and different brand identity are preferable for customers and the market, create value, and lead in pricing. It helps customers feel the corporation is trustworthy and reliable. Despite the remarkable advantages, the definition of brand identity for global B2B companies needs to be clearer and more complex than the definition of other close concepts. It deals with some problems and causes some challenges for managers. The present study aims to identify the main controversies and challenges in brand identity management for global B2B companies. Accordingly, a hybrid systematic literature review (SLR) and thematic analysis (TA) have been employed to extract the initial drawbacks. Afterwards, the relationships among the extracted themes are identified using an Interpretive Structural Modelling (ISM) to recognise the network of the problems surrounding the brand identity of global B2B companies. Ultimately, the identified themes are also categorised via the MICMAC method (Cross-Impact Matrix Multiplication Applied to Classification). After reviewing 142 articles, 12, 11, and 9 challenges were extracted as the main themes for corporate, brand, and stakeholder levels. These themes were analysed and categorised into drivers, linkages, dependents, and autonomous challenges. Moreover, three subsystems were presented, covering the causal relationship among the challenges.