In August 2023, the Ministry of Finance initially proposed guidelines for the identification and accounting treatment of data assets. From the perspective of stock market reactions, this study analyzes the theoretical significance of the data assets recognition in firm financial reports and evaluates its policy effects. Text analysis is used to determine whether a firm has data assets based on data from Chinese A-share listed firms. The event study method is then used to determine that, following the announcement of the Interim Provisions, firms with data assets will experience a more positive market reaction than those without data assets, and the conclusion passes the robustness test. It demonstrates investors are optimistic about the entry of firm data assets into the Financial Statements. Investors think it will benefit shareholders by raising the firm value and more accurately reflecting its current state. Further analysis reveals that firms with lower audit quality, lower institutional investor shareholdings, and fewer analysts to follow, will experience a more positive market reaction. The conclusions of this study provide a relevant basis and reference for further promoting the reform of data assets entry into the Financial Statements.

This study is motivated by the fluctuation of firm value in the Property and Real Estate sector, indicating the need to examine its determining factors. The objective of this research is to analyze the effect of profitability, tax avoidance, and capital intensity on firm value with intellectual capital as a mediating variable. This study employs a quantitative approach using secondary data from annual reports of companies listed on the Indonesia Stock Exchange during the 2019–2024 period. The sample was selected through purposive sampling, resulting in 412 observations. Data were analyzed using multiple linear regression and Sobel mediation testing. The results show that profitability has a negative and significant effect on firm value, tax avoidance has no significant effect, while capital intensity has a positive and significant effect on firm value. Profitability and capital intensity influence intellectual capital; however, intellectual capital does not mediate the relationship between the independent variables and firm value. These findings indicate that firm value in the property sector is more influenced by tangible assets than intangible assets. This study implies that effective management of productive assets is essential to enhance firm value.

ABSTRACT The problem of ESG hushing alienation, which is brought on by a mismatch between a company's internal operational resources and external demands, still lacks rigorous theoretical and empirical testing. Both the resource orchestration theory and the dynamic capabilities theory are used in this work. We empirically examine the predictions using data from Chinese listed firms between 2010 and 2023 with nonlinear mediation and moderation analysis. We demonstrate a U‐shaped relationship between ESG and the firm value. Evidence based on the use of big data enhances this pattern and shows that innovation capability functions as a mediator with declining marginal effects. Heterogeneity analysis further shows that the primary factors affecting the variations in the efficacy of ESG transformation are the dynamic changes in the resource pool. Our findings provide empirical micro level evidence for entrepreneurs to achieve sustainable value creation through ESG practices.

ABSTRACT This study presents Fake Customer Value (FCV), a theory meant to characterize situations where customers have a first impression of value that falls apart upon a deeper evaluation. Although value co‐creation has gained prominence in marketing theory, particularly through Service‐Dominant (S‐D) logic, there remains a lack of theory on how mismatched or exaggerated value propositions lead to phenomenological dissonance and systemic consequences. The study employs a conceptual framework grounded in S‐D logic, expectancy‐disconfirmation theory, and symbolic consumption. It constructs a conceptual model that connects antecedents, moderators, and outcomes. It defines FCV by synthesizing literature spanning marketing, consumer psychology, and service ecosystems and distinguishes it from comparable ideas (e.g., deceptive marketing). FCV is a transient positive appraisal induced by a firm's value proposition that reverses post‐use when the customer's phenomenological evaluation, be it functional, experiential, or ethical, reveals a misalignment between promised benefits and the resources realistically available to realize them; deception is not necessary. The suggested model illustrates how inflated expectations, algorithmic influence, and unclear value constellations contribute to FCV. It describes the behavioral, emotional, and cognitive effects on consumers, as well as the relational and reputational expenses for service ecosystems. Additionally, several propositions are created to direct future empirical validation. The model is a theoretical contribution that requires empirical testing and operationalization through scale development and longitudinal research. Managers are encouraged to evaluate the integrity of the value proposition, invest in open communication, and track early symptoms of FCV using post‐experience feedback and ecosystem signals.

Purpose Australia’s innovation performance lags other advanced economies, highlighting the need to understand how boards can better support innovation. This study aims to examine the evolving representation of directors with science, technology, engineering and mathematics (STEM) expertise on Australian corporate boards and the extent to which this representation impacts innovation investment and firm value. Design/methodology/approach Hand-collected data on director backgrounds from the top 500 Australian Stock Exchange (ASX)-listed firms are used to assess changes in board STEM representation between 2007 and 2022. Regression analysis is then employed to examine the relationship between STEM director representation, innovation investment and firm value. Findings Despite a modest increase between 2007 and 2022, the representation of STEM directors on Australian corporate boards remains low. However, firms with greater STEM board expertise are associated with higher levels of innovation investment and firm value. These effects are strongest in firms without STEM CEOs and in industries with lower STEM representation. Practical implications As firms face increasing technological complexity and opportunities, appointing directors with STEM backgrounds may offer a competitive advantage. Policies and initiatives aimed at expanding the supply of STEM directors are therefore recommended. Originality/value While director expertise is known to influence firm outcomes, limited evidence exists on how STEM expertise at the board level shapes innovation and firm value, particularly in the Australian context. This study provides new evidence on how board STEM expertise contributes to both outcomes.

This study aims to analyze the effect of Capital Structure and Profitability on Firm Value, with Dividend Policy as an intervening variable in Basic Materials sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. The sampling technique used was purposive sampling, resulting in a sample of 23 companies from a population of 109 firms over five years of observation. The data analysis methods employed were panel data regression and path analysis, using EViews 13 software.The results indicate that Capital Structure has an effect on Dividend Policy, while Profitability does not affect Dividend Policy. Furthermore, Capital Structure affects Firm Value, whereas Profitability does not affect Firm Value, and Dividend Policy does not affect Firm Value. In addition, the path analysis results show that Capital Structure does not affect Firm Value through Dividend Policy as an intervening variable, and P Brofitability also does not affect Firm Value through Dividend Policy as an intervening variable.

Purpose The purpose of this study is to investigate whether achieving comprehensive ESG disclosure enhances firm value in emerging markets and whether the valuation relevance of ESG disclosure depends on credibility mechanisms, including Global Reporting Initiative (GRI) compliance, disclosure maturity, regulatory strength, materiality, disclosure intensity and third-party assurance. Design/methodology/approach This study constructs a GRI-based ESG disclosure measure and applies a staggered difference-in-differences design centered on each firm’s first attainment of a comprehensive ESG disclosure threshold from 2011 to 2021 in BRICS economies. This study also analyzes the role of GRI alignment and maturity, regulatory strength, disclosure intensity, materiality processes and third-party assurance. Findings The findings of this study suggest that firms reaching a comprehensive ESG disclosure threshold exhibit higher firm value in the post-adoption period. The valuation relevance of ESG disclosure is not uniform and becomes stronger when disclosure is more credible and comparable, particularly when aligned with GRI standards (and more mature GRI iterations) and when supported by stricter sustainability regulations, explicit materiality processes and external assurance. Practical implications Managers should focus on credible, decision-useful ESG reporting with aligned disclosure, clear materiality and assurance, rather than expanding the narrative alone. Investors should distinguish between the extent of disclosure and its credibility, and regulators can enhance market usefulness by integrating disclosure requirements with a credibility infrastructure. Social implications This study highlights the importance of robust regulatory frameworks and comprehensive ESG disclosure, which fosters corporate transparency and accountability. These efforts can yield broader societal benefits, including improved environmental sustainability and enhanced social well-being. Originality/value This study contributes by replacing third-party ESG ratings with a transparent, GRI-based comprehensive disclosure index and combining it with a staggered difference-in-difference threshold-attainment design to connect disclosure improvements to firm value. This study also demonstrates that valuation gains rely on credibility mechanisms (GRI maturity, materiality, assurance and regulatory strength) in emerging markets.

Corporate governance serves as the institutional foundation that aligns managerial decisions with stakeholder interests and sustainable growth. It provides the accountability mechanisms necessary for translating environmental and social initiatives into measurable firm value. This paper examines how Environmental, Social, and Governance (ESG) pillars individually influence firm performance in Gulf Cooperation Council countries (GCCs). The paper analyses a balance panel dataset comprising 84 listed firms observed over a five-year period from 2019 to 2023 with 392 observations. The paper employs two-way fixed effects with Driscoll–Kraay robust standard errors to ensure consistent inference by correcting for heteroskedasticity, autocorrelation, and cross-sectional dependence. Firm performance is assessed by Tobin’s Q, return on assets (ROAs), and sustainable growth rate (SGR), reflecting market valuation, accounting profitability, and long-term sustainable growth, respectively. Tobin’s Q results show that GCC firms’ performance is enhanced by higher environmental pillar scores, whereas it responds negatively to increases in social and governance scores. Findings remain qualitatively similar for ROA but of a smaller magnitude. These findings challenge the conventional assumption that ESG dimensions uniformly enhance firm value, revealing instead that governance and social investments may impose agency costs or compliance burdens in emerging markets where institutional frameworks and stakeholder expectations differ fundamentally from developed economies. The environmental pillar exhibits a positive and significant association with firms’ long-term sustainable growth, whereas the social pillar exerts an adverse effect. Conversely, assessing firm performance with SGR reveals that the influence of the governance pillar is statistically insignificant. Theoretically, this paper contributes by demonstrating that ESG pillars operate through differentiated value-creation mechanisms in institutional contexts characterised by weak stakeholder activism and nascent ESG disclosure norms. Findings suggest GCC firms should prioritise environmental initiatives while carefully evaluating costs and benefits of governance and social programmes.

How do data assets enhance firm value in the digital economy: Evidence from listed tech firms

Characterization of novel plant-based gel structures fabricated from hazelnut using combination of anionic and neutral gums.

Firm value reflects management’s success in creating shareholder wealth and represents market perceptions of a company’s long-term prospects. As attention to Environmental, Social, and Governance (ESG) practices continues to grow, ESG has increasingly been viewed as a factor that may influence firm value. However, prior empirical evidence on this relationship remains mixed. This study examines the effect of ESG on firm value by employing financial performance as a mediating variable and firm size as a moderating variable. The sample was selected using purposive sampling and consists of 45 manufacturing companies listed on the Indonesia Stock Exchange over a three-year observation period (135 firm-year). Data were analyzed using path analysis, the Sobel mediation test, and moderated regression analysis. The results indicate that ESG has a positive effect on firm value, while ESG does not significantly affect financial performance. Financial performance is found to positively influence firm value but does not mediate the relationship between ESG and firm value. In addition, firm size does not moderate the effect of ESG on firm value. These findings suggest that ESG influences firm value primarily through a direct relationship and remains consistent across different firm sizes.

Based on the stakeholder theory, firms with CSR focus must balance the interests of multiple stakeholders, and therefore, managers must allocate resources to satisfy both investing and non-investing stakeholders’ interests. Using measures of performance risk taking and a sample of 40 UK firms during 2012 to 2022, we found out that stronger CSR performance is associated with companies' determination to contribute to society at all levels. We examine the mechanism through which CSR has an impact on firm value and find a positive indirect impact of CSR on firm value. CSR performance is positively associated with firm value because CSR makes the shareholders feel involved. The findings of this study hold potential implications for businesses, policymakers, and academics alike, offering insights into how CSR practices can be tailored and optimized to foster positive outcomes in diverse industrial contexts. To address these inquiries, we conducted a comprehensive analysis that encompasses various industries and employed the quantitative methodology. The study delves into the multifaceted aspects of CSR, examining its effects on financial performance, reputation, stakeholder relations, and overall business efficiency. These findings reveal a significant and positive connection between CSR practices and company performance. Companies that actively engage in CSR initiatives tend to exhibit improved financial performance, enhanced reputation, and stronger stakeholder engagement. Moreover, our research demonstrates that CSR contributes positively to business efficiency, fostering sustainable and responsible business practices. The implications of this study extend to businesses, policymakers, and academics, highlighting the strategic importance of CSR as a driver of success and efficiency in contemporary business environments. Our research underscores the need for businesses to integrate CSR into their core strategies and operations, not only for ethical reasons but also to enhance their overall performance and efficiency.

This study aims to provide empirical evidence on the effects of profitability, dividend policy, and corporate social responsibility (CSR) disclosure on firm value. A purposive sampling method was used to select the sample, resulting in 45 data points collected from 2020 to 2022. The analysis was conducted using multiple linear regression with SPSS version 26. The findings indicate that dividend policy and profitability have a positive impact on firm value, while CSR disclosure has no significant effect. These results align with signaling theory, which suggests that dividend policy and profitability positively influence firm value.

This paper presents a critical re-evaluation of the connection between the green accounting practices (GAP) and the financial performance of corporates regarding the theoretical disintegration and lack of methodological consistency that has produced conflicting evidence in previous studies. The study, based on a theoretically coherent system of combining the Stakeholder Theory and the Natural Resource-Based View (NRBV), is that there are two functions of environmental accounting in shaping the financial performance, one being legitimate management and the other one strategic capability creation. The analysis is conducted using a longitudinal panel data structure that applies a quality-weighted index of disclosure to measure GAP to a sample of firms in industry sectors with a high sensitivity to the environment. The unobserved heterogeneity, endogeneity, and temporal aspects of effects are controlled by using the dynamic panel estimation methods such as system GMM. The findings provide strong empirical support that green accounting practices have a positive and statistically significant effect on the profitability of the firm and market value. More importantly, the analysis shows that the economic gains of GAP are not short-term but rather long-term and lagged effects are statistically and economically significant. This interpretation brings out the conceptualization of environmental accounting as a long-term strategic investment and not a short-term cost burden. The research holds substantive implications to the literature of sustainability accounting. Theoretically speaking, it promotes a combined stakeholder-NRBV model, and it shows the paramount importance of dynamic, longitudinal analysis. In practice, it gives strong incentives to managers to make green accounting an integrated strategic management system and policymakers to work out standardized reporting and assurance systems that give greater incentives to substantive accountability towards the environment. This study confirms that advanced environmental accounting is instrumental in streamlining the alignment between financial resilience in companies and environmental sustainability by explaining how and when the GAP-performance relationship would be active.

This paper examines the factors that influence the target capital structure of electricity firms and proposes a protocol for estimating and applying target leverage in the sector. The target capital structure is crucial to the weighted average cost of capital (WACC), which impacts firm valuation, capital budgeting, and regulatory policies, thereby balancing investor returns with consumer tariffs. While prior energy finance literature has focused on the cost of equity, capital structure has often been overlooked. I aim to address this gap by introducing a protocol for estimating target leverage, relevant for calculating regulatory WACC and firm-level valuations. Although my focus is on the Brazilian electricity market, the methodology can be applied internationally. I find that electricity firms tend to align their leverage with a target level, and I discuss the implications of my protocol for regulatory WACC and corporate valuation. JEL Classification : G31, Capital Budgeting; Fixed Investment and Inventory Studies; Capacity; G32, Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill; G38, Corporate Finance and Governance: Government Policy and Regulation

Purpose This study analyzes the impact of environmental performance (measured by the PROPER score) and ESG performance (measured by the ESG score) on firm value among companies included in the ESGSKEHATI index. It also examines the value relevance of these relationships following the implementation of Indonesia's carbon market. Design/methodology/approach Panel data analysis is employed using a sample of 56 companies that were listed in ESGSKEHATI index between 2019 and 2023. The secondary data used in this study are obtained from Refinitiv, as well as from companies' annual and sustainability report. Findings Environmental performance alone has an insignificant impact on firm value, whereas ESG performance enhances firm value. When ESG performance is taken into account, the carbon market adds value relevance to environmental performance but not to ESG performance. Research limitations/implications This research examines only one year following the implementation of the carbon market in Indonesia, and not all companies are assessed under the PROPER program by the Ministry of Environment and Forestry of Indonesia. Social implications Companies should prioritize ESG performance in supporting sustainability, as ESG scores significantly influence shareholder perceptions and investment decisions, as well as monitoring environmental initiatives, especially after the carbon market, where environmental performance becomes important. Originality/value This study contributes by comparing shareholder reactions to sustainability efforts, exploring the impact of carbon market announcements and highlighting the importance of Environmental and ESG metrics in developing countries. The research also aligns with United Nations Sustainability Development Goals (SDGs), particularly Goals 9 and 12.

ABSTRACT This study examines the asymmetric effects of environmental, social, and governance (ESG) performance and ESG controversies on firm performance and investigates the moderating role of executive gender diversity. Using a panel of 561 non‐financial firms from 14 European countries over the period 2014–2023, we employ a two‐stage least squares (2SLS) approach to address endogeneity concerns. Firm performance is measured using both market‐based (Tobin's Q) and accounting‐based (ROA) indicators. The results show that ESG performance is positively associated with firm value, whereas ESG controversies exert significant negative effects, reflecting the reputational and financial costs of ESG failures. Importantly, executive gender diversity strengthens the positive performance implications of ESG engagement and mitigates the adverse effects of ESG controversies, although gender diversity in isolation does not uniformly enhance performance. Board‐level governance characteristics operate as contextual mechanisms, exhibiting divergent effects across market‐ and accounting‐based performance measures. By distinguishing between ESG performance and ESG controversies and by conceptualizing executive gender diversity as a contingent executive‐level attribute, this study contributes to Corporate Social Responsibility, Institutional, and Upper Echelons theories. The findings highlight the importance of executive‐level diversity and governance alignment in translating ESG engagement into sustainable firm value.

This study aims to examine the effect of Islamic Social Reporting (ISR) and profitability on firm value in Islamic banks in Indonesia during 2019–2024. This research employs an explanatory quantitative approach using panel data obtained from annual reports of Islamic banks. Profitability is measured using a composite index of Return on Assets (ROA) and Return on Equity (ROE) reduced through Principal Component Analysis (PCA). Firm value is proxied by a modified Tobin’s Q adjusted for non-listed banking characteristics. The analysis applies a panel data regression using the Fixed Effect Model (FEM). The findings indicate that ISR has a positive and significant effect on firm value. Profitability also positively affects firm value. This study contributes to the ISR literature by integrating a composite profitability measure and provides managerial implications for strengthening Islamic bank reputation and performance.

Finance is a highly crucial factor in the sustainability and development of a company, as a sound financial condition determines the company’s ability to carry out its operations, expand its business, and face market competition. Therefore, managers bear significant responsibility in achieving corporate prosperity by maximizing firm value. Maximizing firm value is one of the company’s long-term objectives, as a high firm value reflects strong performance and enhances the confidence of investors and other stakeholders. In an effort to increase firm value, management must continuously implement improvements and innovations to create efficiency and generate optimal profits. One of the primary functions that must be effectively managed is the financial function, since appropriate financial decisions directly affect the company’s capital structure, profitability, and stability. This study aims to determine the effect of intellectual capital, debt level, and firm size on firm value in consumer non-cyclicals companies listed on the Indonesia Stock Exchange in 2019-2024. The population in this study used companies in the consumer non-cyclicals sector as many as 130 companies. The sampling method in this study used a purposive sampling method, in order to obtain a sample of 33 companies in the consumer non-cyclicals sector. Sources of data used in this study is secondary data. Data analysis was performed using Eviews 13. Simultaneous research results of intellectual capital, debt level, and firm size have an effect on firm value. Partially, intellectual capital and debt level have a significant effect on firm value, and firm size have no significant effect on firm value.

With the aim of analyzing the effects of tax aggressiveness and tax avoidance on earnings persistence, this study examined 286 nonfinancial listed Brazilian companies over the period from 2017 to 2021. totaling 1.217 firm year observations. Data were collected from the Refinitiv Eikon® database and from the notes to the financial statements, and were analyzed using linear regressions estimated by the Ordinary Least Squares (OLS) method. Tax avoidance was measured using Abnormal Book Tax Differences (ABTD). Two proxies were employed for tax aggressiveness: (i) the interaction between ABTD and tax risk, measured by the standard deviation of the current effective tax rate over the previous five years; and (ii) the annual change in the sum of tax provisions and contingent tax liabilities, scaled by total assets. The results indicate that tax aggressiveness reduces earnings persistence, an effect not observed for tax avoidance. This study contributes to the literature by examining tax aggressiveness, a construct that has been scarcely used in prior research, and by supporting the view that it is distinct from tax avoidance. The study also offers practical implications by demonstrating that tax strategies that reduce tax expense without increasing tax risk are preferable for managers and investors, as they allow for improvements in firm valuation models through the identification of companies that, due to lower levels of tax aggressiveness, tend to exhibit more persistent earnings.