International Sample Research Articles

The influence of shareholder ESG performance on corporate sustainability: Exploring the role of ownership structure

The increasing emphasis on Environmental, Social, and Governance (ESG) criteria has raised important questions about the role of shareholders in influencing corporate sustainability. Using an international sample of 5,182 companies, we find a positive association between corporate ESG performance and shareholder ESG performance, and this is robust to endogeneity issues. This effect is stronger when the first shareholder is excluded, ownership is more dispersed and firms ensure more rights to their shareholders, suggesting that these characteristics play a key role in strengthening this link.

Internal information asymmetry and power distance

Using the difference in insider trading profitability between top and lower-level managers to proxy for firms’ internal information asymmetry, we show that power distance increases internal information asymmetry in an international sample of 10,103 firms across 22 economies from 2003 to 2018. Furthermore, we find that this positive impact is lessened for firms with less complexity, more female directors on board, or an internal CEO promoted from within the firm. Moreover, we show that a country’s high-quality formal institutions lessen the role that a country’s culture of power distance plays in escalating internal information asymmetry. Our main conclusions remain valid after taking into account robustness and endogeneity issues.

Systems-Informed PERMA + 4: Measuring Well-being and Performance at the Employee, Team, and Supervisor Levels

Past research has relied on employees to self-report their levels of well-being and performance in the workplace. Systems-informed positive psychology has been proposed to understand the dynamic interrelationships of the employee in their social and environmental context. PERMA + 4 is a comprehensive framework designed to measure the building blocks of well-being at work. Using an international sample of employees (N=2000), this study developed a systems-informed (i.e., at the individual (I), team (T), and supervisor (S) levels) PERMA + 4 measure and examined the associations with well-being and work performance. Full-time employees who worked on a team of two or more individuals, and had a direct supervisor were recruited to take an online survey assessing their work-related well-being and performance. Findings supported convergent, discriminant, and incremental validity of individual, team, and supervisor PERMA + 4 with well-being and work performance outcomes. Scholars and practitioners may consider using a systems-informed PERMA + 4 approach to measure and evaluate workplace programs and interventions that target the well-being of individuals, teams, and leaders. Such a systems-level approach may contribute to improved work performance.

The role of positive emotion in harmful health behavior: Implications for theory and public health campaigns

Meta-analyses have concluded that positive emotions do not reduce appetitive risk behaviors (risky behaviors that fulfill appetitive or craving states, such as smoking and excessive alcohol use). We propose that this conclusion is premature. Drawing on the Appraisal Tendency Framework and related theories of emotion and decision-making, we hypothesized that gratitude (a positive emotion) can decrease cigarette smoking, a leading cause of premature death globally. A series of multimethod studies provided evidence supporting our hypothesis (collective N = 34,222). Using nationally representative US samples and an international sample drawn from 87 countries, Studies 1 and 2 revealed that gratitude was inversely associated with likelihood of smoking, even after accounting for numerous covariates. Other positive emotions (e.g., compassion) lacked such consistent associations, as expected. Study 3, and its replication, provided further support for emotion specificity: Experimental induction of gratitude, unlike compassion or sadness, reduced cigarette craving compared to a neutral state. Study 4, and its replication, showed that inducing gratitude causally increased smoking cessation behavior, as evidenced by enrollment in a web-based cessation intervention. Self-reported gratitude mediated the effects in both experimental studies. Finally, Study 5 found that current antismoking messaging campaigns by the US Centers for Disease Control and Prevention primarily evoked sadness and compassion, but seldom gratitude. Together, our studies advance understanding of positive emotion effects on appetitive risk behaviors; they also offer practical implications for the design of public health campaigns.

Business strategy, earnings properties, and earnings quality

This study explores the relationship between business strategy and earnings properties, which are frequently considered as proxies of earnings quality. Specifically, we examine the implications of different strategic positionings for earnings properties that are related to earnings management, conditional conservatism, earnings persistence, and earnings smoothness. Using an international sample, our empirical results indicate that business strategy is inherently linked to these earnings properties. Firms that focus on a business strategy of continuous innovation have larger discretionary accruals, more persistent earnings, and lower earnings smoothness relative to firms that focus on a business strategy of operation efficiency. We also find some evidence for differences in conditional conservatism, although the associations are weaker and sensitive to sample composition. Our main inference is that business strategy inherently affects earnings properties.

Climate change exposure and stock liquidity commonality: International evidence

Using a large international sample from 40 countries spanning the period of 2002 to 2022, this paper provides evidence of a significant and positive relationship between firm-level climate change exposure and stock liquidity commonality. We identify two channels through which this impact occurs: the financial constraints channel and the operational risk channel. Additionally, this paper reveals that the positive effect of climate change exposure on stock liquidity commonality is stronger for firms with higher levels of information asymmetry or weaker corporate governance. Furthermore, this study finds that country-level climate risk also contributes to higher stock liquidity commonality and that country-level climate risk and firm-level climate change exposure risk act as substitutes in increasing stock liquidity commonality. After addressing endogeneity concerns and conducting various robustness checks, our main findings remain unchanged.

A measure of pedagogical self-efficacy that predicts course evaluations for an international sample of management education faculty

PurposeThis study examined the relationship between pedagogical self-efficacy and student course evaluations among an international sample of management education faculty. We also investigated gender’s moderating role in this relationship and its impact on the development of pedagogical self-efficacy.Design/methodology/approachWe conducted semi-structured interviews with 20 professors at an international business school, identifying three subdomains of pedagogical self-efficacy: course design, classroom management, and feedback provision. We designed a 25-question faculty survey to measure pedagogical self-efficacy, administered it to 84 faculty members, and analyzed the data alongside 20,000 student course evaluations.FindingsAll three pedagogical self-efficacy domains significantly predicted student course evaluations. The self-efficacy of female faculty had a positive relationship with course evaluations across all subdomains. In contrast, the self-efficacy of male faculty had a negative relationship with course evaluations on the course design subdomain. Student evaluations of courses taught by women were 10% lower than those taught by males and male faculty had significantly higher self-efficacy ratings than their female counterparts.Practical implicationsThe results suggest that interventions designed to boost pedagogical self-efficacy can enhance student learning, irrespective of faculty gender. However, given biases in how students perceive female faculty, it is likely that female and male faculty members develop self-efficacy differently.Originality/valueThis study is the first to examine how pedagogical self-efficacy affects course evaluations, focusing on gender as a potential moderator. We also added an international higher education perspective to self-efficacy theories.

Association between the hearing aid and mental health outcomes in people with hearing impairment: A case-control study among 28 European countries

BackgroundHearing loss affects over 1.5 billion individuals globally, with significant implications for mental health. This study investigates the association between hearing aid use and mental health outcomes, by particularly focusing on depression and unmet mental health needs (UMHN), across a diverse international sample. MethodsUtilizing data from the third wave of the European Health Interview Survey (EHIS), this study involved 17,660 participants with hearing impairment from 28 countries. The study examined the association between hearing aid use and mental health outcomes, including the likelihood of moderate and severe depression and UMHN due to lack of contact with general practitioners (GPs) and mental health specialists. Logistic regression models, adjusted for socio-demographic characteristics, health risk behaviours, and other relevant variables, were employed. Inverse probability weights were used to mitigate potential selection bias. ResultsHearing aid usage was associated with significantly lower likelihoods of moderate depression (Odds Ratio [OR] = 0.58, 95%CI = [0.54, 0.63]) and severe depression (OR = 0.61, 95%CI = [0.55, 0.69]), compared to non-usage. Hearing aid usage was also associated with reduced UMHN due to lack of GP contact for moderate (OR = 0.82, 95%CI = [0.75, 0.89]) and severe depression (OR = 0.75, 95%CI = [0.59, 0.95]). The depression risk reductions were greater among females and higher-educated subgroups but lower in individuals aged ≥65 years. Income level and rurality also impacted UMHN due to the lack of GP contact. No associations were found between hearing aids and UMHN due to the lack of mental health specialist contact. ConclusionsHearing aid adoption showed protective associations against mood disorders and lowered unmet primary mental healthcare needs. Tailoring intervention strategies to vulnerable sociodemographic profiles could optimize mental health benefits among those with hearing loss. Integrating hearing health services within mental healthcare delivery frameworks is vital amidst the rising global burden.

Profiling and assessing the risks of image- and performance-enhancing drugs use during the COVID-19 lockdown.

Image and Performance-Enhancing Drugs (IPEDs) can enhance mental and physical capabilities and impact one's overall health. Initially confined in sport environments, IPEDs use has become increasingly widespread in a high-performing society. The present study was aimed at profiling IPEDs use during the COVID-19 lockdown among an international sample of young adults. A cross-sectional observational study was carried out in eight countries (United Kingdom, Italy, Lithuania, Hungary, Portugal, Spain, Brazil, and Japan) between April and May 2020. The survey questionnaire included validated measurements such as Exercise Addiction Inventory (EAI), Appearance Anxiety Inventory (AAI), and Self-Compassion Scale (SCS) as well as questions about the type of IPEDs, purchasing methods and socio-demographic information. A total of 736 IPEDs users were included in the survey. Their mean age was 33.05 years (±SD = 10.06), and 64.2% were female participants. Overall, 6.8% were found at risk of exercise addiction (EAI >24), 27.6% presented high levels of appearance anxiety, and 24.9% revealed low levels of emotional regulation's self-compassion. Most participants (55.6%) purchased IPEDs through pharmacies/specialized shops, while 41.3% purchased IPEDs on the Internet. Online IPEDs buyers were mainly men who had higher scores on the Exercise Addiction Inventory. One or more IPEDs classifiable as "potentially risky" were used by 66.3% of the sample. Users of "potentially risky IPEDs" were younger and primarily men. They showed higher scores both on the Exercise Addiction Inventory and Appearance Anxiety Inventory. This study profiled users of IPEDs when the most restrictive COVID-19 lockdown policies were implemented in all the participating countries. More targeted post-COVID 19 prevention strategies should be implemented according to the emerged socio-demographic and psychopathological traits and cross-cultural differences emerged. Longitudinal studies will also be needed to determine the long-term effect of the COVID-19 lockdown on IPEDs consumption.

Does Corporate Social Responsibility Create Value in Acquisitions? Evidence from the German Market

This paper examines the impact of a firm’s Corporate Social Responsibility (CSR) level on abnormal stock returns around merger and acquisitions (M&A) announcements. Using a sample of transactions announced by German DAX-listed acquirers from 2017 and 2022, the analysis assesses whether CSR creates value for acquiring firms’ shareholders and offers a comprehensive discussion of potential factors supporting or opposing this notion. Our study seeks to fill a notable gap in the German literature on the relationship between CSR performance and abnormal stock returns surrounding M&A announcements. Building upon prior research findings in the US and in an international sample, our investigation focuses on the German market. Employing event study methodology, our results indicate that M&A transactions of German-listed acquirers did not yield significant negative or positive cumulative abnormal returns for event windows of 3 and 11 days. Furthermore, based on multiple linear regression, no evidence was found that CSR positively or negatively influenced abnormal stock returns following M&A announcements, suggesting that positive and negative effects potentially offset each other. The outcomes of our research have important implications for investors, as CSR initiatives do not serve as a positive trading signal, guaranteeing excess returns, which contrasts findings from previous studies in other developed countries. For managers, it is essential to concentrate on factors beyond CSR performance, such as synergies and fit. Finally, both managers and investors should not view CSR as a shareholder value-enhancing short-term investment but as an integral component of fostering sustainable business development.

Romantic relationships buffer minority stress in transgender and non-binary adults: Effects on depressive symptoms and suicidality

BackgroundTransgender and non-binary (TNB) individuals are at greater risk of mental health concerns relative to their cisgender peers due to experiences of minority stress. Thus, it is critically important to identify factors that may be protective and buffer the effects of minority stress. This study examined whether romantic relationship involvement and quality buffered effects of TNB minority stress on depressive symptoms and suicidal ideation. MethodsA large international sample (n = 1156) of TNB adults (n = 654 partnered; n = 502 single) reported on minority stress experiences, relationship status and quality, and mental health outcomes (i.e., depressive symptoms and suicidal ideation). ResultsThe effects of victimization and rejection on depressive symptoms and suicidal ideation were attenuated among partnered individuals. However, once relationship quality was considered, the buffering effects of relationship involvement applied only to those in more satisfying relationships; the stress-buffering effects were not observed among those in distressed relationships. Of particular importance, general interpersonal satisfaction did not act as a minority stress buffer, suggesting there may be unique stress-buffering effects of being in a satisfying romantic relationship on depressive symptoms and suicidal ideation. LimitationsThe cross-sectional nature of the current study precludes definitive conclusions regarding causation. ConclusionsThese findings suggest that romantic involvement may serve a stress-buffering role for TNB adults, but only when these relationships are satisfying. Our results have important theoretical and clinical implications, and further research is needed to investigate the utility of relationship interventions to buffer the effects of TNB minority stress on depressive symptoms and suicidality.

Do Short Sellers Target Firms with High Climate Risks? International Evidence

ABSTRACT Using an international sample of firms from 36 countries over the period 2002 to 2018, we investigate whether short sellers take firms’ climate risk into consideration when making investment decisions. Our empirical results show that short sellers increase their short-selling interest in firms with high carbon emission intensity but shun good carbon performers. Furthermore, the effect of climate risk on short-selling interest is more pronounced for firms operating in countries or regions that have adopted an emission trading scheme (ETS) as well as in countries characterized by higher regulatory quality and greater media pressure. We also document that short sellers in countries with stringent carbon regulations, higher environmental awareness, and superior environmental performance are more sensitive to climate risk. Our channel analyses highlight that stock overvaluation and an opaque information environment are two potential motives for short-selling interest in carbon-risky firms.

Developmental Impacts of PANS/PANDAS and Inadequate Support for Children and Families.

This article examines the degree to which major domains of child development are affected by Pediatric Acute-Onset Neuropsychiatric Syndrome (PANS)/Pediatric Autoimmune Neuropsychiatric Disorders Associated with Streptococcal Infections (PANDAS). Using cross-sectional survey data collected with an international sample of parents who identify as having children with PANS/PANDAS (N = 402), this study analyzed parent-reported developmental impacts and access to treatment and adequate supports. Parents reported that PANS/PANDAS negatively impacted their children's development across all domains: Emotional Development (92% of children), Social Development (90%), Cognitive Development (86%), Academic Growth (86%), Identity Development (83%), Talent Development (73%) and Language Development (50%). In addition, developmental impacts were likely to be more severe for children whose parents reported a greater number of inadequate supports with parenting, school, extracurricular activities, and crisis situations. These results indicate that children and families affected by PANS/PANDAS need better support to maximize children's opportunities, at home, in school, and in their communities, to continue developing despite challenging neuropsychiatric symptoms.

Assessing Functional Capacity in Myalgic Encephalopathy/Chronic Fatigue Syndrome: A Patient-Informed Questionnaire.

Background: Myalgic encephalomyelitis/chronic fatigue syndrome (ME/CFS) is an acquired disease with significant morbidity that affects both children and adults. Post-exertional malaise is a cardinal symptom of ME/CFS and impacts a patient's functional capacity (FC). The absence of effective tools to assess FC has significant consequences for timely diagnosis, clinical follow-up, assessments for patient disability benefits, and research studies. In interventional studies, the inability to assess FC can result in an incomplete assessment of the potential benefit of the intervention, leading to beneficial treatment outcomes being missed. Methods: Using extensive, repeated patient feedback, we have developed a new questionnaire, FUNCAP, to accurately assess FC in ME/CFS patients. The questionnaire consists of eight domains divided by activity types: A. personal hygiene/basic functions, B. walking/movement, C. being upright, D. activities in the home, E. communication, F. activities outside the home, G. reactions to light and sound, and H. concentration. Results: Through five rounds of anonymous web-based surveys and a further test-retest validation round, two versions of the questionnaire were developed: a longer version comprising 55 questions (FUNCAP55), developed for improved diagnostic and disability benefit/insurance FC assessments; and a shorter version (FUNCAP27) for clinical patient follow-up and potential use in research. Good reliability and validity and negligible floor and ceiling effects were found, with comparable findings in all aspects in both a large Norwegian (n = 1263) and a separate English-language international sample (n = 1387) demonstrating the validity and reliability of FUNCAP. Conclusions: Our findings support the utility of FUNCAP as an effective, reliable and valid tool for assessing FC in ME/CFS patients.

“Be Dog Have Fun”: Narratives of Discovery, Meaning, and Motivation among Members of the Pup Subculture

AbstractThe twenty-first century has seen the proliferation of new sexual identity subcultures rooted in creative role-play dynamics, expanding our cultural and scientific understanding of diversity in sexuality and intimacy. In an international sample of 568 people who identified with the kink subculture of pup play, we analyzed responses to open-ended questions about the discovery of pup play and communities, definitions of pup play, and motivations for engagement. Four themes were identified: (1) social technologies as central to discovery of the subculture; (2) constructionist accounts of pup identity development emerging from relationships and exposure to other kink communities; (3) individual psychological benefits of subculture participation, including stress relief, relaxation, and pleasure; and (4) social psychological benefits in identity and community building. We situate these findings in relation to the expansion of diversity in sexual identity and intimacy in the twenty-first century, facilitated by the heightened visibility and opportunities for social and intimate creativity which have accompanied the growth of social media and exposure to new sexual stories.

Establishing test-retest reliability and the smallest detectable change of FACE-Q Aesthetic Module scales

BACKGROUNDThe test re-test (TRT) reliability of FACE-Q Aesthetic scales has yet to be assessed. The aim of this study was to establish the TRT reliability of 17 FACE-Q Aesthetic scales, and to determine the smallest detectable change (SDC) that can be identified by these scales. METHODSData were collected from an online international sample (i.e., Prolific). Participants ≥20 years old, who had been to a dermatologist or plastic surgeon for a facial aesthetic treatment within the past 12 months were asked to provide demographic and clinical information and complete an online REDcap survey consisting of 17 FACE-Q Aesthetic scales. Participants were asked if they would be willing to complete the survey again in 7 days. Only participants who reported no important change in the scale construct and completed the re-test within 14 days were included. RESULTSA total of n=342 unique participants completed the TRT survey. The mean age of the sample was 36.6 (±11.5) years and 82.4% were female. With outlier data removed, all FACE-Q scales demonstrated an ICC>0.70 indicating ‘good’ TRT reliability. The standard error of measurement for included scales ranged from 3.37 – 11.87, corresponding to a range of SDCgroup from 0.95 to 3.23 and SDCind from 9.34 to 32.91. CONCLUSIONAll included FACE-Q scales demonstrated sufficient TRT reliability and stability overall after outlier data were removed. The authors provide values for the smallest detectable change for these scales.

The impact of climate risk on corporate innovation: An international comparison

Employing an international sample of 10,012 firms across 62 economies spanning 2005–2017, we show that climate risk is negatively associated with corporate innovation activities. This finding is consistent with increased managerial risk aversion when managers perceive higher climate risk, leading to lower innovativeness. Through risk-buffering mechanisms, the negative association is weaker when firms are not subject to financial constraints, when corporate governance is stronger, and when the economy is more developed. Through risk-sharing mechanisms, better equity market development, greater trade openness, and greater insurance coverage can help mitigate the negative impact of climate risk on corporate innovation. Further analyses suggest that firms respond to climate change by inventing more green patents. Our study has implications for how to motivate corporate innovation in high-climate-risk economies.

Green bond issuance and credit risk: International evidence

We present the first empirical study of the impact of corporate green bond issuance announcements on issuer credit risk, as measured by their CDS spreads. We use a broad international sample of 1,048 green bonds issued between 2013 and 2022 by 200 entities from 26 countries. Our analysis reveals a significant, though not uniform, reaction in the CDSs. The sector of activity emerges as a critical determinant, particularly with respect to environmental exposure. While sectors highly exposed to environmental risk exhibit a reduction in issuer credit risk, all others, especially financial entities, react in the opposite direction. Our study highlights that the impact on credit risk is influenced by several other factors, including the issuer’s overall ESG score, its E score, and various country-level metrics such as development level, environmental performance and political rights. We also identify other factors that affect credit risk, such as green bond ratings and operating cash flow.

Tripping into the unknown: Exploring the experiences of first-time LSD users through global drug survey insights.

The recreational use of LSD, a synthetic psychedelic drug, has surged in recent years, coinciding with a renewed research focus on its potential psychotherapeutic properties. This study aims to describe the experiences and perceptions of individuals engaging in LSD use for the first time, derived from a large international sample. This study utilised 2018 Global Drug Survey data collected from 6 November 2017 to 10 January 2018. Participants who initiated LSD use in the preceding 12 months answered questions on their experiences, social settings, harm-reduction behaviours, and demographics. Descriptive statistics were employed, and characteristics of those seeking emergency medical treatment (EMT) and those not planning further LSD use were compared with other respondents. Among 3340 respondents who used LSD in the past year, their first-time experiences generally exceeded expectations, with 97.7% expressing excitement. Adverse and unwanted side effects were rarely reported, and only 17 individuals needed EMT. Feelings of fear were reported by most (64.1%), but only very mildly and not enough to put them off from wanting to use LSD again. Although the occurrence of unwanted side effects seems low and the LSD experience is generally pleasurable, vigilance amid the rising illicit use of LSD through harm-reduction education is still important in preventing possible risks.

Attitudes of autistic adults toward genetic testing for autism.

Genetic testing for autism has been a controversial topic within the autistic community. Opinions regarding the benefits, risks, and limitations of genetic testing often differ between autistic people, researchers, and healthcare providers. The present study sought to understand the beliefs, attitudes, and intentions to pursue genetic testing of autistic adults and compare perspectives of autistic people who have had genetic testing with those who have not. An international sample of 173 autistic adults (19 [11%] who had previously undergone autism-related genetic testing) completed an online survey with questions assessing beliefs, attitudes, and intentions to pursue genetic testing. Beliefs and attitudes about genetic testing varied widely across the sample. Autistic individuals who had received prior genetic testing had much more positive beliefs about autism-related genetic testing (d = 0.87, 95% CI [0.37, 1.36]) and attitudes toward genetic testing (d = 1.14, 95% CI [0.66, 1.61]) compared to those who had not received such testing, although there were no meaningful differences between those same groups regarding beliefs about genetic testing unrelated to autism (d = 0.02, 95% CI [-0.45, 0.49], p = 0.93). Intention to genetically test oneself or one's (hypothetical) children was also significantly predicted by autism-specific beliefs, attitudes, and prior genetic testing status. A large majority of the sample (78.6%) also agreed that autistic individuals would benefit from contact with a genetic counselor in certain situations. These findings suggest that the autistic community does not have a singular view of genetic testing, and for those Autistic individuals who are interested in pursuing genetic testing for themselves or a family member, genetic counselors have the potential to play a key role in clinical care.