• This study examines the impact of carbon emissions (CO₂) and renewable energy consumption (REC) on firms’ financial performance (ROA and ROE) and market value (Tobin’s Q and EPS). • The study analyzes 3,416 firm-year observations from the NSE CNX500 index (India) over 10 years (2011–2020), using data from Eikon Thomson Reuters and the World Bank. • Both CO₂ and REC show a consistent and significant influence on Tobin’s Q across all tests, indicating a strong link between environmental factors and firm valuation. • The study includes robustness checks by firm size and leverage, revealing that CO₂ and REC significantly affect ROE in low-leverage firms, though not in the full sample. • The findings provide critical insights for investors, fund managers, and policymakers aiming to integrate sustainability into financial decision-making. This study examines the impact of carbon emissions (CO₂) and renewable energy consumption (REC) on financial performance (ROA, ROE) and market value (Tobin’s Q, EPS) using 3,416 firm-year observations from NSE CNX500 firms (2011–2020), sourced from Eikon Thomson Reuters and the World Bank. Results show that CO₂ and REC consistently and significantly influence Tobin’s Q across all models, including by firm size and leverage. REC also significantly affects EPS in the full sample. These findings highlight the strong and persistent relevance of environmental factors for market valuation, offering important insights for investors, fund managers, and policymakers.

Sustainability and financial performance: How efficiency mediates the ESG-financial performance relationship in the Airline industry

As energy systems transition toward decentralization and decarbonization, residential prosumers are playing an increasingly vital role in grid stability and energy market participation. However, the economic viability of investing in battery energy storage systems (BESS) and joining virtual power plant (VPP) schemes remains uncertain, particularly under real-world operating conditions where battery dispatch is optimized for grid objectives rather than prosumer benefit. Although a growing body of research examines VPP optimization and grid-level services, relatively limited attention has been given to evaluating the economic feasibility of prosumer participation using empirical operational data.. This study addresses that gap by using empirical data from a residential VPP trial involving 750 Australian households to evaluate the economic performance and dispatch characteristics of residential battery systems under real VPP control. A clustering analysis is used to characterize battery operational patterns, and a techno-economic framework assesses investment viability across twelve scenarios that vary electricity tariff structures and battery degradation assumptions. Financial performance is evaluated using payback period, net present value, and internal rate of return. The results show that VPP participation combined with government incentives can reduce the payback period by up to five years and improve annual energy bill savings by approximately 20 percent. However, under low tariff conditions and without targeted incentives, residential battery adoption remains economically challenging. These findings highlight the importance of aligning VPP incentive structures with prosumer economic viability to enable sustained participation and realize broader system-level benefits.

Artificial intelligence (AI) is increasingly recognised as a key driver of business innovation, yet its adoption among small and medium-sized enterprises (SMEs) varies considerably. This study examines whether AI Capital, defined as AI-related knowledge, skills and capabilities, is associated with business innovation among SMEs in England. Using a two-wave longitudinal panel dataset comprising 504 observations from SMEs collected in 2024 and 2025, the study develops and validates a 45-item AI Capital of Business scale. Business innovation is measured across five dimensions: product and service innovation, process innovation, technology adoption, market and customer engagement, and organisational culture and strategy. Regression models, including pooled OLS, Random Effects, and Fixed Effects specifications, are employed. The findings reveal a robust positive association between AI Capital and business innovation across all model specifications. This association holds across all business innovation dimensions and remains consistent for SMEs with differing levels of financial performance, size, and operational maturity. Each component of AI Capital independently exhibits a positive association with business innovation outcomes. The results highlight the central role of AI Capital in enabling SMEs to translate AI adoption into tangible business innovation. From a policy perspective, the findings indicate the value of targeted interventions that prioritise AI upskilling, organisational capability development, and accessible support mechanisms to promote inclusive and sustainable AI-driven business innovation among SMEs. • Developed and validated a 45-item AI Capital for Business scale. • Longitudinal SME study links AI Capital to stronger innovation outcomes. • AI Capital boosts product, process, market, and strategic innovation. • Robust panel data confirms AI Capital as a driver of SME competitiveness. • Policy insights support targeted AI training and inclusive SME innovation.

Star CEOs and ESG performance: Perspective of financial performance and managerial myopia

Introduction/Main Objectives: Financial performance in Indonesia’s chemical subsector fluctuated during 2020–2024. Therefore, this study examines the effects of operational efficiency (BOPO) and leverage (DER) on financial performance (ROA), with firm size as a moderating variable. Novelty: This paper adds novelty by testing firm size as a moderating variable in the relationships among operational efficiency (BOPO), leverage (DER), and financial performance (ROA), specifically in IDX-listed chemical subsector firms (2020–2024), thereby addressing gaps and inconsistent results in prior studies. Research Methods: A quantitative causal method with secondary data from annual reports/financial statements of 10 IDX-listed chemical subsector companies (2020–2024), selected using purposive sampling. Analysis uses multiple regression and Moderated Regression Analysis (MRA) in SPSS. Finding/Results: BOPO does not have a significant direct effect on ROA. DER significantly affects ROA with a negative direction. Firm size significantly moderates the BOPO-ROA relationship. Firm size does not moderate the relationship between DER and ROA. Leverage decisions are more consistently related to profitability in the chemical subsector, while the impact of operating efficiency on profitability depends on company scale (larger vs. smaller asset bases), indicating heterogeneous cost–performance dynamics across firm sizes. Conclusion: The study concludes that leverage (DER) influences ROA, while BOPO does not show a consistent direct effect. Firm size moderates the BOPO–ROA relationship but does not moderate the DER–ROA relationship.

Subject. This article discusses the impact of changing conditions in the external and internal environment on the financial and economic performance of PAO Inter RAO in 2020–2024. Objectives. The study aims to analyze the features of the operation of Russia's largest energy company, PAO Inter RAO, in the context of economic transformation. Methods. For the study, we used the methods of horizontal and vertical analyses, comparative analysis, and ratio analysis of the company's indicators. Results. The article reveals that despite the introduction of extensive economic restrictions since 2022, PAO Inter RAO demonstrates a high degree of resilience. Conclusions. The combination of changes in revenue structure, investment and dividend policy, as well as liquidity management, forms a sustainable adaptive trajectory under conditions of external shocks and increasing geoeconomic pressure.

Purpose: This study aims to map and synthesize the research landscape of corporate sustainable performance in Indonesia by identifying dominant themes, theories, methods, and future research directions. Research Method: The study employs a systematic bibliometric approach to analyze prior studies on corporate sustainable performance in Indonesia. The analysis, using the TCCM framework, focuses on research themes, theoretical foundations, methodological choices, authorship patterns, institutional contributions, and research gaps. Results and Discussion: The findings reveal a strong dominance of quantitative methods, especially survey-based designs and SEM/PLS-SEM analysis. The literature relies heavily on stakeholder theory and the resource-based view. Key research themes include sustainability, corporate social responsibility, corporate governance, and financial performance, while emerging topics include environmental innovation, ESG, and organizational capabilities. The field shows a semi-concentrated authorship and institutional structure, indicating established scholarly leadership and growing participation. Implications: The study suggests the need for greater theoretical diversity, deeper contextual analysis, and more robust methodologies, including longitudinal and theory-driven approaches. The findings also provide insights for firms and policymakers to integrate sustainability into corporate strategy and governance. Originality: This study provides a structured overview of research on corporate sustainable performance in Indonesia and identifies key research gaps using the TCCM framework.

Correction to: Diagnostic methods in generalized estimating equations. An empirical study on Italian football financial performance

Purpose This study examines the valuation of European-listed real estate companies by assessing the value relevance of accounting-based performance metrics – earnings per share (EPS), return on equity (ROE) and dividend per share (DPS) – as complementary or alternative indicators to the traditionally dominant net asset value (NAV). Design/methodology/approach Using a panel dataset of 102 firms from 2005 to 2024, the study applies three regression models – share price, price change and share return – alongside a difference-in-differences (DiD) approach to capture structural shifts during the 2008–09 financial crisis and the 2021–23 COVID-19 and interest rate hike period. Findings The findings reveal that EPS and DPS are the most consistent and significant predictors of share prices, with DPS showing the highest explanatory power, particularly during the COVID-19 and interest rate hike period. ROE is the strongest predictor of share returns, especially in times of economic stress. Sectoral effects are generally weak, indicating that firm-level financial performance outweighs industry classification in explaining market valuation. Research limitations/implications The study is subject to potential biases in sample selection such as firm size, geographic and market classification, language. The sample is representative of large, liquid and internationally oriented firms, the findings may not generalize to smaller, less liquid or emerging market companies. Practical implications For analysts, integrating accounting metrics alongside NAV enhances valuation accuracy and comparability. For generalist investors, understanding which factors consistently influence prices can inform long-term valuation models, portfolio construction and risk assessment. For practitioners, it provides a robust, multi-metric valuation framework that enhances decision-making by integrating familiar financial indicators with traditional asset-based measure. Originality/value The DiD framework is employed to capture how investor responds to financial metrics shift across crisis and COVID-19 and interest rate hike periods (2008–2009 and 2021–2023). Use of three regression models – share price, share price change and share return – isolates the explanatory power of each financial metric under varying market conditions. Sector-level analysis offers insights into performance heterogeneity. For academic research, it fills a gap in European real estate literature by empirically testing the relevance of accounting metrics in stock valuation, an area previously dominated by NAV-based approaches.

How senior leaders’ commitment improves financial performance: a multiple mediation model

This study investigates how financial and non-financial compensation influence employee performance at PT Urchindize Madura, Indonesia, with job satisfaction as a mediating factor. Using a quantitative explanatory design, data were collected from all 46 employees and analyzed through partial least squares structural equation modeling (PLS-SEM). Results indicate that financial compensation significantly enhances job satisfaction, which in turn improves employee performance. Job satisfaction partially mediates the link between financial compensation and performance, while non-financial compensation shows no significant effect. These findings suggest that organizations should focus on competitive financial reward systems and re-evaluate non-financial benefits to better meet employee expectations. By strengthening compensation strategies grounded in employee satisfaction, companies can foster greater motivation, satisfaction, and productivity.

Abstract The plywood and wood panel industry in India is witnessing rapid growth driven by urbanisation, rising disposable incomes, and increasing demand for modular furniture and construction materials. This study examines the financial performance and customer perception towards Century Plyboards India Ltd, one of India’s leading manufacturers of plywood, laminates, and engineered wood products. A mixed-method research design was adopted, combining secondary financial data analysis with primary survey data collected from 135 respondents comprising contractors, builders, architects, and individual consumers. Financial performance was assessed using key indicators — Earnings Per Share (EPS), Price-to-Earnings Ratio (P/E), Return on Equity (ROE), Dividend Payout Ratio, and Market Price per Share (MPS) — over five years (2021–2025), benchmarked against four industry peers. Statistical analyses including Spearman’s Rank Correlation, Chi-square Test, and the Wilcoxon Signed Rank Test were employed for hypothesis testing. Findings reveal that while Century Ply’s stock valuation and market price have grown significantly, EPS and ROE have experienced recent declines. Customer perception towards product quality, durability, and brand trustworthiness is largely positive, though price-cost effectiveness emerged as the most influential purchase driver. The Wilcoxon test confirmed a statistically significant difference between product perception and customer satisfaction levels, indicating service and quality gaps that warrant management attention. Keywords: Financial Performance, Customer Perception, Century Plyboards, EPS, P/E Ratio, ROE, Plywood Industry, India

This study concentrated mainly on analyzing AIB’s financial performance for the period 2020-2024, with an insist on recognizing its strengths, challenges, and strategic opportunities for sustainable growth. AIB demonstrated significant improvements in profitability, liquidity, and solvency, reflecting effective management and conservative risk approaches in Afghanistan’s volatile market and uncertain socio-economic environment. Key findings revealed a consistent upward trend in profitability ratios such as ROA and ROE, indicating better asset utilization and management efficiency. However, despite these gains, the bank’s lending and deposit growth rates showed persistent decline, signaling reduced customer confidence and limited revenue from traditional interest-based activities. Conversely, the bank’s reliance on fee and commission-based income increased, helping to offset the shrinking interest income. Liquidity and solvency ratios improved, with AIB adopting a more conservative stance by lowering leverage and maintaining high liquidity buffers, which enhances resilience against economic uncertainties. Based on these insights, several strategic recommendations were proposed. These include developing targeted lending products to stimulate loan growth, launching aggressive deposit mobilization campaigns, optimizing operational processes to improve efficiency, and refocusing on interest income by cross-selling products. Additionally, continuous monitoring of key performance indicators and risk management strategies is vital to sustain growth and stability. In conclusion, while AIB has demonstrated resilience and positive financial trends, revitalizing its lending and deposit activities is critical for future profitability. Implementing the recommended strategic initiatives will enable AIB to enhance its growth rates, strengthen stakeholder confidence, and build a more resilient foundation for long-term success in Afghanistan’s challenging market environment.

The integration of Environmental, Social, and Governance (ESG) considerations into corporate finance has generated extensive yet fragmented research. Existing findings are heterogeneous, and causal claims are often undermined by measurement noise, selection bias, and pronounced ESG rating divergence. This lack of consensus obscures the mechanisms through which ESG affects firm value. To address this gap, this paper reviews recent developments by organizing evidence around five transmission channels: information, risk management, stakeholder relations, innovation, and capital allocation. Focusing on studies with credible identification, the review synthesizes findings on financial performance, cost of capital, climate risk, disclosure, governance, and engagement. The analysis reveals that ESG value creation is conditional, depending systematically on industry materiality, governance quality, and institutional context. The most robust evidence supports ESG's role in reducing financing costs and mitigating tail risks, while evidence of persistent alpha remains mixed. By clarifying boundary conditions and mechanisms, this review provides an integrated framework that reconciles prior inconsistencies. The paper concludes with implications for managers, investors, and policymakers and outlines promising frontiers in climate finance and machine-learning-based measurement. This synthesis thus offers a structured foundation for future theoretical and empirical inquiry.

In recent decades, corporate sustainability practices, consolidated under the Environmental, Social, and Governance (ESG) perspective, have assumed a central role in organizational strategy, influencing not only financial performance but also long-term value creation. In this context, the growing relevance of intangible assets as fundamental mechanisms for generating sustainable competitive advantage stands out. Given this scenario, this study aimed to systematically map and analyze the existing scientific evidence on the influence of sustainability practices, from an ESG perspective, on the creation of intangible value in organizations. A systematic literature review was conducted based on publications retrieved from the Web of Science database covering the period from 2010 to 2025, following the PRISMA 2020 protocol. The findings indicate that the integration between ESG practices and intangible assets constitutes a fundamental element for sustainable competitive advantage, since positive socio-environmental performance tends to strengthen dimensions such as human capital, relational capital, structural capital, reputation, innovation, and intellectual property. Evidence suggests that companies with better ESG performance demonstrate greater resilience during crises, improved corporate reputation, and enhanced innovation capacity, reinforcing the role of intangibles as a link between sustainability and long-term value creation.

The primary objective of a company is to enhance its value as a means of maximizing shareholder wealth. This can be achieved through strong financial performance, including improvements in sales growth, debt-to-equity ratio, firm size, and liquidity (current ratio), which collectively play a role in attracting investors and strengthening market confidence. This research is intended to analyze the influence of sales growth, debt-to-equity ratio (DER), firm size, and current ratio on firm value in companies operating within the infrastructure sector listed on the Indonesia Stock Exchange (IDX). An associative research design with a quantitative approach was adopted in this study. The population consisted of 64 companies, from which 32 firms were selected as samples using purposive sampling techniques. The data were processed and analyzed using Statistical Product and Service Solutions (SPSS) version 25. The findings reveal that sales growth, DER, and firm size do not exhibit a statistically significant impact on firm value. However, the current ratio demonstrates a positive and significant influence on firm value among infrastructure companies listed on the IDX. In summary, the study concludes that sales growth, debt-to-equity ratio, and firm size are not determinants of firm value, whereas the current ratio plays a significant positive role in influencing firm value in infrastructure sector companies listed on the Indonesia Stock Exchange

Studies on the financial performance of Islamic banks continue to develop, but discussions that specifically examine the effect of insolvency and liquidity on the financial performance of Islamic banks in Indonesia still need to be strengthened. This study aims to analyze the effect of insolvency and liquidity on the financial performance of Islamic banks registered with the Financial Services Authority for the 2019–2023 period. This study employed a quantitative approach with an associative design. The research population included 14 Islamic banks, while the sample was determined through the purposive sampling technique. The research data consisted of secondary data obtained from the annual financial reports of Islamic banks through the official website of the Financial Services Authority and the official websites of each bank. Data were collected through documentation techniques and then analyzed using descriptive statistics and panel data regression with the assistance of EViews. The results show that insolvency and liquidity have a significant effect on the financial performance of Islamic banks. These findings provide an empirical contribution to enriching the study of banking financial management, particularly regarding the role of internal financial soundness in supporting the performance of Islamic banks. The conclusion of the study emphasizes the importance of properly managing insolvency and liquidity. The practical implication is that bank management needs to strengthen risk and liquidity management strategies to maintain the stability and profitability of Islamic banks.

Board gender diversity has increased globally, driven by evidence that women bring unique perspectives and prudent decision-making that enhance firm performance and governance. Despite growing recognition of its importance, countries like Bangladesh still face challenges due to traditional gender roles limiting women’s participation in corporate leadership. The study examines the increasing presence of both genders on the boards of directors of commercial banks in Bangladesh. The independent variables are board size, board independence, gender diversity, and the audit committee’s independence. The dependent variable, Return on Assets (ROA), is a ratio that has been used to measure bank performance. This analysis uses the methods of descriptive statistics and correlation analysis, where applicable, multicollinearity tests, the Hausman test, and panel regression analysis to examine the link between a Bank’s Performance and the Gender Diversity of the Board of Directors. The method of moments (GMM) procedure is order to obtain a more strong regression result. The analysis demonstrates that board gender diversity is negatively associated with the financial performance of commercial banks, suggesting that increased female representation on boards corresponds with lower returns on assets. Board independence appears to exert minimal influence on bank performance, indicating a limited effect on overall institutional outcomes. Furthermore, the independence of the audit committee is found to negatively affect bank performance, highlighting its potential implications for the governance and financial effectiveness of commercial banks in Bangladesh. These results call for further investigation into the underlying factors, such as lack of industry-specific experience, the hostile work environment in the male-dominated banking sector, limited decision-making authority, etc.

ABSTRACT This study examined the current level of Computerized Accounting Information System (CAIS) adoption among media stations in Ghana and its impact on their financial performance and operational efficiency. Quantitative approach was used, involving a cross-sectional survey of 427 stations made up 318 radio and 109 televisions stations selected through convenience sampling. Data was gathered using online structured questionnaire. Descriptive analysis with the aid of SPSS (V.23) indicated moderate agreement on the current level of CAIS adoption among media stations. Structural Equation Modeling (SEM) in SPSS Amos (V.23) demonstrated that CAIS has significant positive impact on financial performance and operational efficiency. This study makes a significant contribution to the understanding of CAIS adoption in Ghanaian media SMEs, an area underexplored in existing literature. It provides empirical evidence linking CAIS adoption to enhanced financial performance and operational efficiency, addressing gaps in existing studies that often neglects media-specific contexts. Furthermore, the study offers practical managerial guidance, including roadmap for developing CAIS capabilities and recommendations, as means to achieve sustainable competitive advantage rather than merely a technical investment. The study employed a quantitative approach; however, incorporating qualitative or mixed-method approaches could yield deeper insights into the complexities of CAIS adoption within the media sector.