Market Authority Research Articles

Keramat Market as a Catalyst for Community Empowerment: Integrating Cultural Preservation, Skill Development, and Sustainability in Warugunung Village, Indonesia

This study investigates the role of Keramat Market in community empowerment and economic development in Warugunung Village, Indonesia. Focusing on the integration of cultural preservation, skill development, and sustainability, the research highlights initiatives such as the Bamboo School and intergenerational engagement in arts and crafts. A qualitative case study approach was employed, utilizing semi-structured interviews with six participants, including key informants from the market authority, local government, and traders. The findings underscore the transformative impact of culturally embedded and sustainability-driven initiatives. Two primary themes emerged: Empowerment Through Training and Skills Development and Inspiration and Cultural Preservation. The Bamboo School, supported by partnerships with organizations such as YBLL and PT. Multi Bintang Indonesia, equips residents, especially women, with marketable skills in bamboo weaving and sustainable cooking practices, fostering economic independence and cultural resilience. Concurrently, Keramat Market serves as a dynamic cultural hub, blending tradition with modern commerce to preserve arts, crafts, and culinary heritage while engaging younger generations. These initiatives position Warugunung Village as a model for culturally conscious community development. However, challenges such as dependency on stakeholder involvement and resource availability may limit scalability. The qualitative scope also restricts generalizability, necessitating further comparative and longitudinal studies. This research highlights the potential of leveraging local resources and cultural heritage to foster sustainable growth, offering valuable insights for policymakers and development practitioners aiming to replicate similar models in other communities.

The majority of 30-days survivors return to work one-year after in-hospital cardiac arrest

Abstract Background Surviving in-hospital cardiac arrest poses a significant risk of anoxic brain damage, which can impede survivors’ ability to return to work. Purpose This study aimed to examine return to work among in-hospital cardiac arrest survivors. Methods In this cohort study we included all 30-day survivors of working age (18-64 years), who experienced an in-hospital cardiac arrest between January 1st, 2013, and December 31st, 2018. Data was obtained from the national Danish in-hospital cardiac arrest registry (DANARREST) and employment status was retrieved from a registry from the Danish National Labor Market Authorities. We used a previously validated definition of "working" as any individual who was not on any social benefits, except state education fund grants, maternity leave pays, or leave-of-absence. Only patients working four weeks prior to the event were included in the study. Kaplan-Meier survival analysis was applied to estimate the probability of returning to work. Results Among 7,254 in-hospital cardiac arrest patients in Denmark from 2013-2018, 1,781 were of working-age, with 734 surviving at least 30 days. A total of 348 patients, who were working four weeks before their event, formed the final study population (Figure 1). Median age was 54 (Interquartile range (IQR) 46-59) and 70.4% were male. The cumulative incidence for return to work was 67.0% (95% CI: 62.0%-71.9%) with 4.6% (95% CI: 2.4%-6.8%) dying by one-year post-arrest as a competing risk (Figure 2). Age and sex distribution were comparable between survivors returning to work, those who did return to work, and those who died. A higher proportion of survivors returning to work had a Carlson’s Comorbidity Index score of 1 (70.8%) compared to survivors without work (58.1%) and those who died (33.3%). Additionally, an initial shockable rhythm was more frequent among survivors returning to work (49.8%) compared to survivors who did not return to work (45.2%), and those who died (9.1%). Conclusion We found that 67% of 30-day survivors of in-hospital cardiac arrest returned to work one year after their event. While survivors retuning to work shared comparable age and sex distributions with survivors who did not return to work and non-survivors, factors such as a lower Carlson’s Comorbidity Index score and a higher proportion with an initial shockable rhythm were distinguishing characteristics for those who returned to work.FlowchartCumulative incidence curves

Assessing the solvency of virtual asset service providers: are current standards sufficient?

ABSTRACT Centralized cryptocurrency exchanges, which manage annual trading volumes on the scale of trillions of US dollars worldwide, are classified as virtual asset service providers (VASPs). They facilitate the exchange, custody, and transfer of cryptoassets organized in wallets across distributed ledger technologies (DLTs). As any corporation, VASPs can become insolvent. Despite the public availability of DLT transactions, their cryptoasset holdings are not yet subject to systematic auditing procedures. In this paper, we propose an approach to assess the solvency of a VASP by cross-referencing data from three distinct sources: cryptoasset wallets, balance sheets, and supervisory entity data. We investigate 24 VASPs registered with the Financial Market Authority in Austria. Regulatory data insights show that their yearly incoming and outgoing transaction volume amounts to 2 billion EUR for 1.8 million customers; the financial services they provide position them closer to brokers, money exchanges, and funds, rather than banks. Next, we empirically measure DLT transaction flows of four VASPs and compare their cryptoasset holdings to balance sheet entries. Data are only partially consistent; this enables us to identify gaps in the data collection and propose strategies to address them, towards achieving a more systematic, reliable, and automated assessment of VASPs solvency.

COVID-19 and Uncertainty Effects on Tunisian Stock Market Volatility: Insights from GJR-GARCH, Wavelet Coherence, and ARDL

This study rigorously investigates the impact of COVID-19 on Tunisian stock market volatility. The investigation spans from January 2020 to December 2022, employing a GJR-GARCH model, bias-corrected wavelet analysis, and an ARDL approach. Specific variables related to health measures and government interventions are incorporated. The findings highlight that confirmed and death cases contribute significantly to the escalation in TUNINDEX volatility when using both the conditional variance and the realized volatility. Interestingly, aggregate indices related to government interventions exhibit substantial impacts on the realized volatility, indicating a relative resilience of the Tunisian stock market amidst the challenges posed by COVID-19. However, the application of the bias-corrected wavelet analysis yields more subtle outcomes in terms of the correlations of both measures of volatility to the same metrics. Our econometric implications bear on the application of such a technique, as well as on the use of the realized volatility as an accurate measure of the “true” value of volatility. Nevertheless, the measures and actions undertaken by the authorities do not exclude fear and insecurity from investors due to another virus or any other crisis. The positive and long-term impact on the volatility of US equity market uncertainty, VIX, economic policy uncertainty (EPU), and the infectious disease EMV tracker (IDEMV) is obvious through the autoregressive distributed lag model (ARDL). A potential vulnerability of the Tunisian stock market to future shocks is not excluded. Government and stock market authorities should grapple with economic and financial fallout and always instill investor confidence. Importantly, our results put mechanisms such as overreaction to public news and (in)efficient use of information under test. Questioning the accuracy of announcements is then recommended.

Relationship Between Financial Deepening Indicators and Stock Market Performance in Kenya

The purpose of this study was to find out the relationship between financial deepening indicators and the stock market performance in Kenya. The selected financial deepening indicators were; financial savings, private sector credit, broad money supply and intermediation ratio on the stock market performance. Johansen cointegration test was done indicating that the variables co-move towards a long-run equilibrium, a multivariate vector error correction model was run and the estimates obtained. The error correction term was also computed. Empirical results showed that all variables are adequately explained by their own lags and the lags of the other variables, the coefficients are also significant. The error correction model indicated that an increase in private sector credit by one unit in the previous quarter causes the stock market performance to increase by 48% in the current quarter. Variance decomposition tests and impulse response functions indicated how other variables respond to shocks in the other variables and the forecast errors for each of the predicted quarters. The implication of this study is that the policy makers who are; the Government, the Central bank of Kenya and the Capital Markets Authority ought to make policy decisions while considering the effect of the full market. This study concluded that private sector credit is the financial indicator variable that affects the stock market performance the most with a bidirectional relationship.

Rethinking the legal test for excessive pricing: insights from the landmark UK CMA v Pfizer/Flynn Case and its legal implications

Abstract The legal treatment of excessive pricing in the pharmaceutical sector has been a topic of intense debate. This article examines the UK Competition and Market Authority (CMA) approach in the Pfizer/Flynn case and the subsequent appeal. It explores the implications of the Courts’ findings on the CMA’s latest investigations. The article criticizes the UK Courts for imposing unnecessarily high burden on the CMA, which will likely impose additional burdens on future investigators. The analysis also suggests that the cost-plus test conducted by the CMA is a very advanced methodology that can provide different benchmarks not only for assessing the excessiveness but also for assessing the unfairness under the 2-fold United Brands test.

The Monetisation of Personal Data in EU Strategies: The Hoda/Google Case

In July 2022, the Competition and Market Authority opened, on Hoda s.r.l.’s recommendation, an investigation (Competition and Market Authority, 2022) against Google for its alleged abuse of its dominant position and for having hindered interoperability in sharing the data of its users with other operators. Hoda itself is a start-up, active in the intermediation of personal data through the Weople app; natural persons who register with the app delegate Hoda for the collection of their data held by other companies, which are then archived in a digital wallet. The aforementioned proceeding concluded with an undertaking, with communication dated 28th February 2023, by the Alphabet company, to develop new, automatic tools that allow network users to download and export their data from Google to a third-party app. The case leads one to reflect on the consequences and challenges that Europe is called upon to face in managing the phenomenon of the governance and the monetisation of personal data. The institution of data portability, to the extent that it facilitates the circulation of data and the mobility of users, offers alternative operators the possibility of exerting competitive pressure on tech giants such as Google, which assert their dominance on the creation of ecosystems based on the management of potentially unlimited quantities of data, functional to one’s business model. The topic arouses particular interest because if, on the one hand, it paves the way for the monetisation of personal data, on the other, it leads one to reflect, as highlighted in the past by the President of the Guarantor Authority for the protection of personal data, on the consequences in terms of a re-feudalisation of social relationships that the remuneration of consent to the treatment of one’s data would risk determining.

Legal obligation of ESG reporting and the quality of environmental disclosure practices: the case of Moroccan listed industrial companies

Purpose This paper aims to examine the impact of the legal obligation for environmental, social, and governance (ESG) reporting, introduced in 2019 by the Moroccan Capital Market Authority (AMMC), on the environmental disclosure practices of industrial companies listed on the Casablanca Stock Exchange (CSE). Design/methodology/approach An analysis of the content of the ESG reports of the industrial listed companies on the CSE is carried out over the two years that frame the year of implementation of the AMMC circular, i.e. 2018 and 2020, to analyze the difference in the quality of their environmental disclosures using a conformity criterion based on the Environmental section (N°300) of the “Global Reporting Initiative (GRI)” standards. Findings The results confirm the presence of a positive effect of the legal obligation for ESG reporting on the quality of environmental reporting of Moroccan industrial listed companies. However, the degree of compliance with the GRI framework remains incomplete. Originality/value This study helps to highlight the effectiveness of regulatory measures in improving the disclosure of relevant corporate environmental reporting of listed companies. The study also provides an overview of the progress made in implementing quality environmental reporting standards, specifically the GRI framework, in a developing country, namely, Morocco.

An Assessment of the Effectiveness of the Enterprise Growth Market (EGM) as an Alternative Capital Market in Tanzania, A Case of Selected Companies

The two main obstacles to Tanzanian growth, according to the 2010 Micro, Small, and Medium Enterprises (MSME) Survey Report, are a lack of operating capital and restricted access to financial markets. The Capital Markets and Securities Authority (CMSA) conducted a study to address the financing issues faced by Tanzanian SMEs. The report proposed the creation of an EGM market sector at the Dar es Salaam Stock Exchange (DSE) to meet the capital-raising needs of SMEs. It is therefore the purpose of this study was to establish the effectiveness of the Enterprise Growth Market Segment as an alternative capital market in Tanzania. The study used quantitative study techniques. The population of the study included medium enterprises that have the potential to enlist in the EGM. The sample size is 150 respondents and only 142 responded. The researcher used both primary and secondary data. The study has revealed that the EGM is relevant for the growth of the country’s economy through the empowerment of the SME industry in Tanzania as it provides an alternative source of capital. However, the findings have revealed that the intended enterprises are still reluctant to use the window as they lack information, knowledge and difficult terms and conditions. The listed companies on the EGMs have performed fairly well in their IPO. It is therefore suggested that the DSE should do more sensitization concerning the window.

Financial Performance of Kerala State Co-operative Coir Marketing Federation Ltd. No.679

Aim: Established in the year 1979 as the Apex Federation of primary coir co-operatives functioning in the State, COIRFED plays a pivotal role in the coir sector of the country. It enjoys the unique status of dealing only in biodegradable and nature friendly products. With its headquarters located in the coir capital of the country, Alappuzha, COIRFED is one of the premier organizations in the coir Industry. COIRFED runs 11 factories for producing various coir related products. COIRFED runs around 50 signature shops throughout the country. Due to lack of operational efficiency, underutilization of production capacity, and lack of timely access to labour and raw materials, COIRFED and coir cooperatives are currently in a declining stage (Annual Report of COIRFED, 2019-20). COIRFED's overall performance and operation were based on the marketing of COIRFED products. Improvement is made possible by identifying the causes of loss or ineffective performance. Considering this, the study aimed to analyse the financial performance of COIRFED. Methodology: For the secondary data, past 10 years data from 2010-2011 to 2019-2020 was collected from the annual reports, websites and publications of COIRFED. Statistical tools like the Ratio analysis were used for the analysis. The study was conducted during the period August to September 2023. Results: COIRFED has been incurring losses for the past decade, reflecting poor financial performance. Solvency ratios indicate an unstable financial position, posing long-term stability risks. While liquidity and inventory turnover ratios are favorable, the net profit ratio remains consistently negative. Despite sales, COIRFED operates at a loss due to high production costs and debt burdens. As a cooperative, it prioritizes member welfare over profits. The Kerala State Cooperative Coir Marketing Federation struggles with financial challenges despite being the apex coir marketing authority. Conclusion: COIRFED's financial analysis reveals a decade-long streak of operating losses, signaling poor financial health. Solvency ratios highlight an unstable position with negative implications for its future stability. Though liquidity and inventory turnover ratios are positive, the net profit ratio remains persistently negative. Despite sales revenue, COIRFED struggles with overall losses, prioritizing member welfare over profits due to its cooperative ethos. Heavy debts and high production costs compound its financial woes. The Kerala State Cooperative Coir Marketing Federation, the leading authority in coir product marketing, grapples with financial challenges despite its prominent position.

Developing a global B2B strategy for products and services management: practical guidance from the field

PurposeThis study aims to examine the challenges of developing a global business-to-business (B2B) offering from an emerging economy (Chile) during an internationalization endeavor. This study analyzes the development and management of an offering evolving from local to global.Design/methodology/approachThe data were collected via an in-depth interview (105 min).FindingsThe interviewee presented a mixed of interesting marketing and/or marketing-related decisions (e.g. marketing–sales interface and marketing capabilities development) that support the internationalization of a firm and consequently its offering.Research limitations/implicationsThe data represent a practical, ongoing rationalization of the events perceived by a manager. New theory can emerge from further exploring identified research opportunities.Practical implicationsThe findings suggest that an emerging economy firm can gradually transition toward a multinational condition by coordinating a series of marketing and/or marketing related decisions, where the CMO (i.e. maximum marketing authority in the organization) plays an essential role.Originality/valueThis study brings the voice of practitioners to an academic environment and serves as an innovative effort to analyze B2B practitioners’ reality from a scholarly perspective. To the best of the authors’ knowledge, this study is the first one of the new series “Practitioners Insights” in the Journal of Business and Industrial Marketing.

Precarious Youth and Everyday Improvisation in Kinshasa

In Kinshasa, chronic crises and lack of access to employment, quality education, and other resources contribute to the social exclusion of a growing number of disadvantaged young people. They are deprived of the possibilities of leading a decent life and alienated from both the market and legitimate authorities. Despite their social, political, and economic marginalization, many of these precarious Congolese youth have proved adept at improvising livelihoods in the informal economy and seek out ways to be agents of social change.

Regulation of Treasury Shares in Kuwaiti Law: A Comparative Study

Treasury shares have a significant role in companies and capital markets’ regulations. As a result, it gained the attention of legislators and legal scholars. This paper examines the regulatory rules regarding treasury shares in Kuwaiti law, its philosophy, and practicality. The paper adopts a comparative, analytical approach addressing the historical evolution of treasury shares and comparing related regulations and legal provisions in many jurisdictions. With comparative law at hand, this paper aims to thoroughly examine the concept of treasure shares and their legal nature, their characteristics, buy-back procedures, treasury shares’ relation with the company’s capital structure, and ultimately, the uses of treasury shares. By analyzing Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and Law No. 1 of 2016 Regarding Companies Law and by incorporating comparative law such as Swiss, German, Swedish, Danish and other laws, this study demonstrates different matters related to treasury shares that are not yet regulated in Kuwait. The research assesses the legal provisions governing treasury shares, addressing matters such as shareholder rights, voting power, and market manipulation concerns. It argues for regulatory reform to further enhance the provisions governing treasury shares. As a result of the analysis given, recommendations are provided to enhance the regulatory framework in Kuwait.

Impact of Saudi corporate governance code and governance structures on industrial firms' performance in Saudi Arabia

This research focuses on examining how the recent Saudi Corporate Governance Code (SCGC) and internal governance structures within companies affect the performance of industrial firms listed on the Saudi Stock Exchange. The authors studied 62 industrial firms from 2012 to 2020. They analyzed data using two models to test their hypotheses, looking at firm performance through two financial indicators: return on assets (ROA) for the first model and return on equity (ROE) for the second. Both models considered the same factors: SCGC, the size and independence of the board, the size and independence of the audit committee, how often the audit committee meets, and how concentrated the ownership is. The results indicated that applying the SCGC leads to better company performance based on ROA. However, there was no noticeable impact on performance from the board or audit committee size. Likewise, having more audit committee meetings did not improve performance. On the other hand, the independence of the board and audit committee, along with ownership concentration, did have a positive effect on performance. This study adds to the discussion on the economic impacts of the SCGC in the Saudi market, offering valuable insights for companies, investors, and policymakers like the Capital Market Authority (CMA) and the Saudi Organization for Chartered and Professional Accountants (SOCPA). These insights could guide adjustments to the SCGC that better suit the unique aspects of the Saudi market.

Immigration from Yugoslavia to Sweden 1966–1971: An Analysis of the Impacts of Firms and State

Abstract In the period 1947–1972, large numbers of migrants arrived in Sweden to perform work, particularly in the manufacturing industry. The largest number of migrants came from Finland. Prior to the 1960s, Yugoslavia had not been a significant origin country for immigrants in Sweden, but immigration from Yugoslavia to Sweden increased in that decade. The question posed in the article is: how did Sweden become interlinked with Yugoslavia as an emigration country? The article focuses on the part played by firms and their interaction with state authorities. Swedish employers developed preferences for Yugoslav workers in the 1960s, because they were viewed as skilled within the engineering industry. They were also viewed as a stable workforce, particularly in relation to Finnish workers. Furthermore, the article analyses how the labour market authority shaped immigration from Yugoslavia; it could guide firms towards the recruitment of workers in Yugoslavia.

Economic uncertainty and stock market asymmetric volatility: analysis based on the asymmetric GARCH-MIDAS model

PurposeWe aim to clarify the effect of economic uncertainty on Chinese stock market fluctuations. We extend the understanding of the asymmetric connectedness between economic uncertainty and stock market risk and provide different characteristics of spillovers from economic uncertainty to both upside and downside risk. Furthermore, we aim to provide the different impact patterns of stock market volatility following several exogenous shocks.Design/methodology/approachWe construct a Chinese economic uncertainty index using a Factor-Augmented Variable Auto-Regressive Stochastic Volatility (FAVAR-SV) model for high-dimensional data. We then examine the asymmetric impact of realized volatility and economic uncertainty on the long-term volatility components of the stock market through the asymmetric Generalized Autoregressive Conditional Heteroskedasticity-Mixed Data Sampling (GARCH-MIDAS) model.FindingsNegative news, including negative return-related volatility and higher economic uncertainty, has a greater impact on the long-term volatility components than positive news. During the financial crisis of 2008, economic uncertainty and realized volatility had a significant impact on long-term volatility components but did not constitute long-term volatility components during the 2015 A-share stock market crash and the 2020 COVID-19 pandemic. The two-factor asymmetric GARCH-MIDAS model outperformed the other two models in terms of explanatory power, fitting ability and out-of-sample forecasting ability for the long-term volatility component.Research limitations/implicationsMany GARCH series models can also combine the GARCH series model with the MIDAS method, including but not limited to Exponential GARCH (EGARCH) and Threshold GARCH (TGARCH). These diverse models may exhibit distinct reactions to economic uncertainty. Consequently, further research should be undertaken to juxtapose alternative models for assessing the stock market response.Practical implicationsOur conclusions have important implications for stakeholders, including policymakers, market regulators and investors, to promote market stability. Understanding the asymmetric shock arising from economic uncertainty on volatility enables market participants to assess the potential repercussions of negative news, engage in timely and effective volatility prediction, implement risk management strategies and offer a reference for financial regulators to preemptively address and mitigate systemic financial risks.Social implicationsFirst, in the face of domestic and international uncertainties and challenges, policymakers must increase communication with the market and improve policy transparency to effectively guide market expectations. Second, stock market authorities should improve the basic regulatory system of the capital market and optimize investor structure. Third, investors should gradually shift to long-term value investment concepts and jointly promote market stability.Originality/valueThis study offers a novel perspective on incorporating a Chinese economic uncertainty index constructed by a high-dimensional FAVAR-SV model into the asymmetric GARCH-MIDAS model.

An Analysis of the Derivatives Market Performance in Kenya: A Case of Nairobi Securities Exchange Derivatives Market

The growth of the financial derivatives market has been identified as a significant channel to drive the overall growth of the capital market, and the development of capital market efficiency has been widely regarded as crucial. The performance of derivatives in Kenya has been fluctuating causing uncertainty in the market. The study analyzed the performance of the Nairobi Securities Exchange Derivatives Market in Kenya since its establishment in July 2019. The study draws on secondary data from the Capital Markets Authority and Nairobi Securities Exchange from July 2019 to December 2023. Descriptive statistics was adopted for data analysis with the help of SPSS software. Findings indicated that Safaricom Plc has been active and the best-performing company in trading single futures derivatives contracts at NEXT with the highest total turnover in Kenya shillings. The other companies that followed Safaricom closely were Equity Group Holdings and Kenya Commercial Bank. The overall performance of other companies in terms of derivatives contracts traded over the years has been fluctuating. Overall, the NEXT has made many strides in terms of derivatives trading in Kenya. The securities market regulators need to encourage all listed companies to participate in the Nairobi Securities Exchange Derivatives market to increase options available at the market and improve the Country’s economy.

On the Macroeconomic Determinants of Foreign Investor Participation in the Nairobi Securities Exchange in Kenya

The participation of foreign investors in a country's securities market plays a crucial role in the growth of any country. Kenya has continued to experience volatility of foreign investor flows leading to instability in the financial market. The study aimed to identify the macroeconomic determinants, which have a significant effect on foreign investor participation in Kenya. Secondary monthly data for the period January 2020 to December 2023 was extracted from the Central Bank of Kenya, Capital Markets Authority, and Kenya National Bureau of Statistics. The multiple regression model with the assistance of SPSS software was employed to analyze data. Findings revealed that the inflation rate, exchange rate, and GDP growth rate had a negative and statistically significant effect on the participation of foreign investors as illustrated by P-values of 0.001, 0.032, and 0.05 respectively, which are less than 0.05. The results inferred that the inflation rate, exchange rate, and GDP growth rate affect the participation of foreign investors at the Nairobi Securities Exchange. Interest rate as measured by the 365-day Treasury bill rate had a positive and statistically insignificant effect on the participation of foreign investors as presented by a P-value of 0.107. The results implied that changes in Treasury bill rates do not affect the participation of foreign investors at the Nairobi Securities Exchange. The notable fluctuations in currency rates and their volatility, along with the impact of inflation on foreign portfolio inflows, underscore the crucial role played by monetary policy. This should be accomplished by stabilizing the value of the Kenyan shilling. Maintaining the stability of the value of the shilling is crucial to boosting the participation of foreign investors.

Does Corporate Sustainability Reporting Influence Financial Performance? Evidence from Kenyan Listed Companies

Corporate sustainability reporting is currently a prominent issue in the global business world, with companies worldwide actively publishing sustainability reports to meet the demands of different stakeholders regarding social, environmental, economic, and governance concerns. The existing literature has proved that companies that participate aggressively in corporate sustainability reporting tend to have higher firm value, experience tremendous growth rates in terms of size and profitability, have a high capital and asset base, are lowly geared, and gain a competitive edge in the industry in which they operate. The study examines the link between corporate sustainability reporting and the financial performance of firms listed at the Nairobi Securities Exchange. Corporate governance, social, environmental, and economic pillars were used as indicators of corporate sustainability reporting. The Global Reporting Initiative framework will be employed to establish the corporate sustainability reporting scores and construct the sustainability reporting index. Financial performance was measured by return on assets. The study is anchored on the stakeholder theory supported by legitimacy and the tripled bottom-line theories. The target population comprises sixty-seven companies listed in Kenya. Secondary data was collected from the company integrated reports, published accounts, and the accounts filed with the Nairobi Securities Exchange for the period 2011 to 2020. The study adopted a cross-sectional correlational research design. Descriptive statistical tests carried out include mean, standard deviation, kurtosis and skewness. Correlation analysis was done to test and establish the direction of the relationship between the study variables. Regression analysis was employed to test the hypotheses of the study. Generally, the study findings are that corporate sustainability reporting had a significant positive effect on financial performance. The empirical results of this study showed that corporate sustainability reporting led to improved financial performance among listed companies, although sustainability reporting in Kenya was purely voluntary. Therefore, Kenya’s Capital Markets Authority should consider making corporate sustainability reporting compulsory for all listed companies. Further research can be extended to include non-listed companies and the application of other sustainability reporting frameworks. Keywords: Corporate Sustainability Reporting, Financial Performance, Global Reporting Initiative, Nairobi Securities Exchange.

Relational models and entrepreneurship ecosystems

PurposeUsing social relations theory, we argue that entrepreneurship ecosystems must also include relationships such as market pricing, equality matching, authority ranking and communal sharing to be successful and thrive.Design/methodology/approachWe theorize using Fiske’s typology that a successful entrepreneurial system must have certain characteristics to be successful.FindingsIn doing so, we suggest an alternative perspective of the role of exchange relationships in ecosystems which considers both the geographic context and social relationships as equally important ecosystem components. Our contributions include (1) exposing social processes as the explanatory mechanism for exchanges instead of solely market forces, (2) illustrating the role of regional cultural differences in exchanges and (3) emphasizing how entrepreneurs can better realize ecosystem benefits through understanding the methods of exchange in these ecosystems.Originality/valueSocial relationships include a wide variety of different types of resources and exchange mechanisms, so by their inclusion into the entrepreneurship ecosystem literature, a more complete view of ecosystems is possible.