Governance Reform Research Articles

The impact of financial distress on capital structure following Egypt's currency flotation: the moderating role of board characteristics and ownership structure

PurposeThis study examines how financial distress affects the capital structure of Egyptian firms following the 2016 currency flotation, examining the moderating roles of board characteristics and ownership structure.Design/methodology/approachUtilizing data from non-financial companies listed on the Egyptian Stock Exchange from 2017 to 2022, we apply two-stage least squares (2SLS) and propensity score matching (PSM) to address endogeneity and selection bias.FindingsOur findings indicate that financially distressed firms tend to increase their debt burden, but robust governance mechanisms, such as higher board independence, larger boards and strong blockholder and institutional ownership, significantly mitigate this effect. Managerial ownership shows a stabilizing influence during distress, while chief executive officer duality does not significantly impact leverage decisions. These findings underscore how robust corporate governance promotes more conservative capital structure decisions during economic volatility.Research limitations/implicationsOur study focus, country and period could limit the generalizability of our findings to other regions or sectors.Practical implicationsInvestors and policymakers are advised to focus on firms with effective governance structures to mitigate distress-induced leverage increases. Governance reforms that enhance board effectiveness and ownership structure, e.g. increasing board independence requirements and promoting greater institutional investor participation, can further stabilize capital structure during downturns. Managers, in turn, should diversify financing and adopt prudent debt strategies to reduce overreliance on leverage.Originality/valueIn contrast to most studies, this research reverses the lens by exploring how financial distress shapes capital structure decisions in an emerging market context, specifically post-Egypt’s 2016 currency flotation. Employing both 2SLS and PSM to address endogeneity and selection bias, the study highlights the mitigating role of governance mechanisms, which can buffer firms against heightened debt reliance under economic volatility.

The Rise of the Cotton Monopoly of Himeji Domain and its Historical Significance: A Comprehensive Study

Many researchers have explored the cotton monopoly system of the Himeji Domain. Traditional research on this and other monopoly systems typically takes an economic history perspective. An important historical point is how the monopoly system came to be, and this is yet to be clarified. A team of researchers led by Associate Professor Yoshihiro Yamasaki at the School of Motivation and Behavioural Science at Tokyo Future University in Japan is investigating in detail how the cotton monopoly system was established, with a focus on the officials who led the cotton monopoly system into reality in local communities. The expectation is that this research will enrich studies on monopoly systems in other domains, filling gaps in knowledge and understanding. In the Edo period, under monopoly systems, feudal domains monopolised the production and sale of specific products to overcome financial difficulties. The domains purchased and sold all the products produced within their territories, and the profits were used as income for the domains. This was also the case with the Himeji domain’s monopoly system. Monopoly systems were largely implemented as part of the reforms of domain government in the mid-to-late Edo period. Yamasaki believes the monopoly system was an economic policy and that understanding the historical significance requires consideration from a political standpoint. Yamasaki elected to analyse the cotton monopoly system, developed by the Himeji domain as the policy body, from a multifaceted perspective, focusing on the standpoint of not only economic history but also political history as well as regional history.

Revitalizing accountability: exploring the impact of performance audits in Indonesia’s public sector

PurposeThis study examines the perceptions of auditees from ministries/agencies and local governments in Indonesia of the quality and impact of performance audits. Additionally, it investigates the extent of improvements and changes implemented by auditees in response to audit findings and recommendations.Design/methodology/approachThe research employed an online survey to collect data from auditees in ministries/agencies and local governments (at provincial, city and district levels) that underwent performance audits between 2018 and 2022. A total of 180 valid responses were analyzed using descriptive statistical techniques, including mean score ranking and frequency distribution.FindingsThe findings reveal that the auditees perceive that performance audits have a high level of quality and provide significant benefits. The respondents noted that such audits play a critical role in enhancing performance, serving as effective accountability tools and improving operational efficiency. Five key areas of significant impact were identified: (1) strategic shifts in planning and management by objectives, (2) enhancements in standard operating procedures, (3) improvements in internal control and risk management systems, (4) updates to laws and regulations and (5) institutionalization of improved governance practices. However, increased documentation and reporting pressures emerged as notable challenges.Research limitations/implicationsThe study is limited by its reliance on descriptive and correlation analysis. This restricts the depth of insights into the causal relationships between variables and limits the robustness of the findings. Future research should consider incorporating experimental designs or hypothesis testing with regression analysis to provide a deeper understanding of the causal impact of performance audits. This approach could enhance the generalizability and applicability of the findings, particularly in the framing of performance audits as a policy recommendation for mandatory implementation.Practical implicationsThe study contributes to the literature by addressing the underexplored area of performance audit impacts in developing countries, particularly Indonesia. It highlights the role of such audits as drivers of governance reform and operational efficiency, filling a critical gap in public sector auditing research. Unlike previous studies that have focused on audit processes or developed country contexts, this paper underscores the unique challenges and opportunities in a developing country setting. It is recommended that performance audits be made mandatory to enhance their effectiveness in fostering governance improvements.Originality/valueThe novelty of the work lies in its context-specific insights and focus on the broader implications of performance audits for public sector accountability and operational improvement in a developing country, with practical recommendations for policymakers and audit practitioners made.

Debt Capital and Dividend Policy as Complementary Indicators of Firm Valuation

This study investigates the interdependencies between debt capital and dividend policy as complementary factors influencing firm value among corporations listed on the Korea Composite Stock Price Index (KOSPI). Using Tobin’s Q as a firm value metric and employing robust econometric techniques (OLS, 2-SLS, and GMM), the analysis reveals that while debt and dividend policies independently reduce firm value, their interaction produces a synergistic effect that increases value. The findings further indicate the dual role of Chaebol ownership structures, which, despite their association with lower firm value, mitigate the negative effects of financial policies. Additionally, firm size is found to negatively impact value, whereas free cash flow has a significant positive effect. By disentangling the complex dynamics of capital structure, dividend strategies, and ownership configurations, this study offers actionable insights for managers, investors, and policymakers. It emphasizes the importance of balanced financial practices and governance reforms tailored to concentrated ownership environments.

Barriers to uptake of harm reduction techniques for GBMSM who use drugs in night-clubs and sex-on-premises venues in London and the Southeast: a mixed-methods, qualitative study

BackgroundDrug-related harm is a significant public health concern in the UK, particularly among underserved groups such as gay, bisexual, and other men who have sex with men (GBMSM). This study explores the role of night-time venues (for example night clubs or sex-on-premises venues) in promoting harm reduction strategies for GBMSM who use drugs, highlighting unique challenges within these spaces.MethodsThe study used a mixed-methods approach, including an online survey (n = 53) and semi-structured interviews (n = 8). Participants included GBMSM with lived experience of substance use in night-time venues, as well as those providing support to this population. Data was collected through a Likert-scale survey and thematic analysis of qualitative responses.ResultsFindings reveal dissatisfaction among survey respondents about the level of support for harm reduction provided by night-time venues, which are perceived as inconsistent in their approach towards substance use. The study also identifies economic and legal barriers faced by venues that prevent the endorsement of harm reduction techniques.ConclusionsAddressing these barriers could transform night-time venues into effective sites for harm reduction, particularly by targeting “afters” culture (the phenomenon where club-goers will return to a residential setting and continue substance use for prolonged periods ‘after’ the night-time venue closes or the event ends) and promoting safer practices. This research suggests that coordinated efforts with local government and policy reform are crucial to fostering safer environments for GBMSM.

Fiscal Rules, Independent Fiscal Institutions and Sovereign Risk: Evidence From the European Union

ABSTRACTThis paper examines the effects of fiscal rules (FRs) and independent fiscal institutions (IFIs) on sovereign risk. To address potential endogeneity issues, we employ the System Generalised Method of Moments (GMM) estimator in an analysis comprising 24 European Union member states throughout the 2007–2019 period. Our results indicate that FRs are effective in mitigating sovereign default risk, as measured by credit default swap (CDS) spreads on sovereign bonds. In addition, we document that Member States with better numerical compliance rates with European Union fiscal rules have lower sovereign CDS spreads and thus lower risk. By overseeing and fostering compliance with numerical fiscal targets and enhancing the transparency of the budgetary process, IFIs exert a beneficial impact on the probability of sovereign default, particularly those subject to institutional reforms. Furthermore, more developed financial markets supported by both FRs and IFIs contribute to a reduction in sovereign CDS premiums. Our findings have critical policy implications against the backdrop of European economic and fiscal governance reform.

Punishment or mercy? Tripartite game between the State, offenders, and victims in China’s environmental crime governance

China is attempting restorative justice reforms in environmental crime governance. However, a discrepancy remains between the ideal and the reality of environmental restorative justice (ERJ), particularly in balancing mercy or punishment. This study explores the strategies of the State, offenders, and victims in China’s environmental crime governance and develops a three-party evolutionary game model to analyze these interactions. Analysis of evolutionary stability identifies four potential scenarios that align with legal theory and practice during the ERJ reform process: Compromise justice, Retributive justice, Reparative justice, and Restorative justice. The simulation results based on environmental crime governance data from 2019 to 2023 indicate that current reforms are primarily oriented towards achieving reparative justice, where environmental restoration outcomes rely on punitive pressure from the State on offenders. To foster a more effective transition towards ERJ, we suggest the State maintain punishment in a moderate level through an environmental punitive compensation system. At the same time, social forces should be encouraged to participate in environmental crime governance.

Land Governance in French-Speaking Africa: Comparative Analysis of Legal and Institutional Reforms for Sustainable Management of Community Lands

In July 2009, African leaders adopted the Declaration on Land Issues in Africa, reaffirming the commitment of African Union member states to effective land management. The declaration emphasizes the protection of land rights for all, with particular attention to women and marginalized groups. Land governance in Africa, which spans various aspects of society, remains a critical issue and is often a source of conflict and instability across the continent. This study examines the legal and institutional reforms of land governance in Francophone Africa (Benin, Burkina Faso, Ivory Coast, Mali, and Senegal), analyzing their objectives, outcomes, and the challenges associated with their implementation. In addition, this study highlights examples of both effective and ineffective reform implementations based on case studies from countries with notable successes (Ethiopia, Rwanda, Mauritius, Ghana, and Madagascar) and failures (South Africa and Zimbabwe). Finally, this study offers recommendations for improving sustainable land management while considering social, economic, political, and environmental dimensions. The methodology employed is based exclusively on a systematic review guided by the Preferred Reporting Items for Systematic Review and Meta-Analysis Protocols (PRISMA-P) approach, applied to the ROSES (Reporting Standards for Systematic Evidence Syntheses) protocol. This approach facilitated the selection of 57 relevant documents retrieved from databases such as Scopus, Web of Science, PubMed, and Google Scholar. Land governance in Francophone Africa varies significantly from country to country and cannot be comprehensively addressed in a study of this scope. Nevertheless, this research study identifies common challenges, opportunities, and measures that could inspire reflection in other countries. In several cases, administrative and customary authorities play central roles in land management. However, their overlapping responsibilities, often marked by corruption, extend procedures and exacerbate local conflicts.

Social engagements of recently migrated adults and elderly living in urban areas: an analysis of longitudinal aging study (LASI) in India

Purpose This paper aims to examine the social engagement of individuals who have recently migrated to cities in India. The objective is to assess the capacity of these migrants to foster social connections in their newfound urban settings, aiming to advocate for urban governance reforms that facilitate inclusive planning for the holistic well-being of all residents, including migrants. Design/methodology/approach Using quantitative data from the first phase of the longitudinal aging study in India (LASI-2020), this study introduces the term “social engagement” to characterize the interactions of migrants. Incorporating 18 relevant variables, the research uses the Chi-square test to explore correlations between these factors and the social engagement of recent migrants in cities. In addition, multivariate logistic regression is used to identify traits that empower migrants to achieve significant levels of social engagement. Findings This study reveals that a substantial proportion of recent migrants (over 70%) experience social isolation in their new urban environments. Factors such as increasing age, female gender and lower educational attainment significantly contribute to this isolation. Moreover, wealth, religious affiliations and previous urban experiences play pivotal roles in shaping social engagement among urban migrants. Interestingly, age itself does not directly impact migrants’ social engagement; instead, the intersection of factors such as education, wealth and prior urban experiences assumes a critical role. Practical implications Recognizing that social engagement is an integral part of everyday life in contemporary urban societies, it is imperative for urban governance in India to establish structures and systems that facilitate social engagement for the elderly, including migrants. Urban administrators and planners must integrate these dimensions into planning and administrative processes to foster inclusivity for all elderly populations, including migrants, within urban areas. Originality/value Addressing a noticeable gap in existing literature, this paper initiates a discourse on the social engagement of recent migrants residing in Indian cities, with specific focus on the intricate interplay of aging, gender, migration status, wealth and education.

What Kind of Relationship Between Government and Business Can Stimulate Regional Green Innovation Development?—Analysis Based on Mixed Methods

China’s economic development has had adverse effects on the environment. Nevertheless, the Chinese government is optimistic about its ability to achieve a harmonious balance between economic growth and environmental sustainability. To this end, the government promotes, guides, and supports green innovation through the provision of policies and the creation of a conducive environment. Enterprises play a vital role in implementing and advancing green innovation, making them essential to realizing green development through their innovative capabilities. The relationship between government and business acts as a bridge between these two entities, fostering a synergistic effect that is crucial for achieving this objective. This paper conducts a comprehensive analysis of the existing literature on government–business relationships and green innovation, both domestically and internationally. Utilizing data envelopment analysis, it accurately measures the green innovation efficiency of 292 prefectural-level cities in China. The paper then employs a combination of a qualitative comparative analysis and a requisite condition analysis to establish the causal link between government–business relationships and green innovation development. Our detailed analysis of the data has identified three modes of driving green innovation: ‘government service-oriented’, ‘policy support-oriented’, and ‘pro- and clean-oriented’. These modes correspond to the developmental trajectories of China’s first, second, and third–fourth–fifth-tier cities, respectively. This paper offers policy recommendations for the systematic reform and optimization of government–business relationships in China. These recommendations are grounded in the three dimensions of the government–business relationship and consider the current conditions of cities at various stages of economic development. The findings and recommendations presented in this paper can serve as valuable insights for policymakers and businesses alike, providing guidance for future initiatives aimed at fostering a more sustainable economy.

Adoption of ISSB standards in emerging markets – insights from Moroccan companies’ organizational readiness

Purpose This study aims to investigate the organizational factors determining Moroccan companies’ readiness to adopt the newly introduced International Sustainability Standards Board (ISSB) standards (International Financial Reporting Standards S1 and S2), focusing on absorptive capacity, organizational structure and size and culture and finally kakistocracy. Design/methodology/approach The research uses a quantitative approach to analyze the impact of specific organizational factors on the readiness to adopt ISSB standards by Moroccan companies. A partial least squares structural equation modeling based on a sample size of 150 Moroccan accounting professional was performed to assess the factors affecting readiness. Findings The results of the study highlight that absorptive capacity is the most significant predictor of readiness for ISSB standards adoption, with a strong positive effect and high statistical significance. Organizational structure, size and culture also positively influence readiness, though to a lesser extent. Kakistocracy has a minimal impact, suggesting its influence is limited in this context. Overall, the findings emphasize the critical role of organizational learning and structure in driving readiness, while governance issues appear to play a marginal role. Research limitations/implications The study’s limitations include the potential interaction with unmeasured variables and the reliance on self-reported data, which may introduce biases. Future research should explore additional variables and incorporate qualitative methods for deeper insights. Practical implications Policymakers should prioritize enhancing firms’ absorptive capacities through organizational improvements and targeted support while recognizing governance reforms as a secondary priority. Efforts should address barriers to ISSB adoption, such as resource limitations, regulatory alignment and stakeholder engagement, to facilitate effective integration of sustainability standards in emerging economies. Originality/value This research enriches academic discourse by providing insights into how emerging markets adapt to global sustainability frameworks. It serves as a benchmark for similar economies, guiding policymakers and corporate leaders on best practices and promoting transparency and trust among stakeholders.

The engaged parent: schooling and motherhood in the contemporary economy

ABSTRACT This paper explores parental experiences of school engagement, set against the backdrop of policy aspirations for parental involvement in schools. We suggest that the policy desire for parent engagement imagines a certain kind of ‘engaged parent’ that does not account for foundational shifts that have taken place in the economy and associated social repercussions for families, especially concerning the gendered labour of parenting. While school engagement has become a moralised element of parenting, global economic transformations have seen increased participation of mothers in the workforce, directly impacting how parental engagement is experienced and understood. Our research, based on a survey of 883 Australian parents (predominantly mothers) suggests that school engagement is understood as a moralised extension of their own parenting. Forms of engagement, however, are also highly constrained by the broader social relations of employment, as well as seemingly tokenistic and exclusionary strategies for parental representation in school processes. Reflecting on the emphasis on parental engagement in recent school governance reforms, our research highlights how such reforms presume parental capacity and time in ways that do not account for the lived realities of mothers.

Partnerships for Sustainable Development: a Quintuple Helix Framework for Research, Innovation, and Extension in Philippine State Universities

Objectives: This study investigates the potential use of the Quintuple Helix Model in strengthening Research, Innovation and Extension (RIE) functions among State Universities and Colleges (SUCs) in the Philippines. It assesses the dynamics between SUCs, the government, industry, and civil society, as well as the natural environment. Method: This study conducts a systematic review of literature and government reports: data from peer-reviewed journals, policy documents, and publications of various key agencies such as the Commission on Higher Education (CHED), Department of Science and Technology (DOST), and National Economic and Development Authority (NEDA) are analyzed. Patterns, gaps and opportunities based on Quintuple Helix were coded using thematic and content analysis. Results and Discussion: SUCs are identified as central to knowledge generation and transformation of society, but their potential is dependent on three interlinked factors; inadequate infrastructures, limited funding and fragmented policies. Theoretical collaborations, from technology transfer processes to community engagement efforts, shed light on the potential of partnerships across different sectors manifested as experimental projects, though persistent challenges present as intellectual property troubles or misaligned interests often hinder successful cooperation. Research Implications: The research highlights the need for coordinated investments in infrastructure, skills and governance reforms. Public-private Partnerships and inter-disciplinary research are then recommended to maximize SUCs contribution to sustainable development. Originality/Value: This study presents a corroborated discourse on the application of the Quintuple Helix Model in the Philippine context of SUCs, its results can yield practical insights, and scalable strategies to enhance the functions of RIE, thus serving as a valuable reference for policymakers, educators, and researchers.

Integrating Indian Knowledge System in Education: A Study of Government Reforms

The Indian Knowledge System (IKS), initiated in the ancient philosophy, science and culture of the country, is also recognized in today’s discourse. With the launch of the National Education Policy (NEP) 2020, the Indian government is working to integrate IKS in mainstream education to promote development opportunities for students. This article explores the impact of government education reform on student development, focusing on the integration of IKS in the curriculum and co-curricular activities. Analyzing policy documents, school survey reports and student feedback, the study assesses the potential of IKS to support intellectual, emotional and cultural development. The article also discusses the challenges faced in implementing effective reforms, such as the need for new teaching methods, teacher training and infrastructural support. This study evaluates the role of IKS in the development of thinking, creativity and meaningful learning, highlighting its importance in making future students have their roots as international citizens. Indian Knowledge Systems (IKS) is dedicated to encouraging and supporting research to solve the problems of today’s society. Based on the rich tradition of Vedic literature including Vedas and Upanishads, IKS is ready to be integrated into educational platforms. Teacher training and mentoring development model is being taken up to improve the quality of classroom teaching in IKS classrooms. Special training centers will be set up for teachers and specific topics in Indian knowledge will be focused on.

Corruption perception, institutional quality and performance of Egyptian-Listed companies: evidence from econometric models

Purpose This study aims to examine the impact of corruption perception and institutional quality on the performance of publicly listed companies in Egypt. Design/methodology/approach Data from 42 publicly traded Egyptian firms during 2013–2022 were analyzed. Corruption was measured using the Transparency International Corruption Perceptions Index, while institutional quality was assessed through a composite measure derived from World Bank Governance Indicators using principal component analysis. The study used a generalized method of moments dynamic panel model for the analysis. Findings The results reveal a negative relationship between corruption and firm performance, both in market value (Tobin’s Q) and accounting outcomes (ROA). Institutional quality also inversely affects performance, indicating that corruption and weak governance undermine corporate success in Egypt. Research limitations/implications The findings are specific to the 2013–2022 period and exclude newly listed firms due to data limitations. Future studies could expand the sample and timeframe to provide broader insights. Practical implications The study underscores the need for stronger governance and institutional reforms. Policymakers and regulators must address corruption and improve institutional frameworks to enhance firm performance and market confidence. Originality/value This study challenges the positivist view of corruption, presenting evidence of its detrimental effects in the Egyptian context. It contributes to the limited research on how corruption perception and institutional quality affect firm performance in Egypt.

Impact of Corruption on Public Investment Outcomes in Nigeria

Corruption remains a significant barrier to public investment in Nigeria, particularly for large-scale projects. This study aims to examine the impact of corruption on public investment outcomes across varying levels of investment with time series data covering 1986 to 2023. Using simultaneous quantile regression, the analysis captures both the direct effect of corruption and its interactions with macroeconomic variables, including GDP per capita, inflation, government effectiveness, political instability, and foreign direct investment (FDI). The results demonstrate that corruption consistently reduces public investment, with the negative impact intensifying at higher quantiles. Interaction terms reveal that government effectiveness mitigates the harmful effects of corruption, while political instability exacerbates them for smaller projects but plays a more complex role in larger ones. Inflation and FDI further amplify corruption's negative effects, particularly in medium and large-scale projects. The study concludes that larger public investments are especially vulnerable to corruption, which emphasises the need for stronger institutional frameworks and governance reforms to enhance transparency and accountability in public sector investment. Lastly, macroeconomic stability and improved political conditions are crucial to enhancing public investment outcomes, particularly in large-scale projects.

Governmental reforms and earnings management: examining their influence during a crisis

PurposeThis paper examines the ability of those governmental reforms adopted in response to the COVID-19 outbreak to affect earnings management (EM).Design/methodology/approachThe paper focuses on the Italian decision to suspend the recapitalization obligation to guarantee the respect of the going concern’s assumption. By analysing a sample of unlisted entities, this analysis uses different techniques to detect EM before and after the suspension of that obligation.FindingsThe results suggest that EM decreased after the decision to suspend recapitalization obligations.Research limitations/implicationsAccounting quality depends on not only accounting standards but also management practices in response to those government measures instituted during the COVID-19 outbreak.Originality/valueThe results are a novelty in the literature. In terms of the institutional theory, they provide evidence of EM decrease, thereby validating the assumption that regulation can enable and empower social actors – particularly their actions – despite the visions of repression and constraint conjured by that concept. Isomorphism theory supports the thesis and results that indicate that EM decreases not only in emerging markets, where corporate governance mechanisms are less able to obstruct EM, but also in the developed countries. Thus, insightful and novel conceptualizations can still be achieved by using institutional theory. Yet the findings also extend agency theory assumptions and demonstrate that also the issuance of less severe regulation can reduce agency costs and, in turn, also EM.

THE ECONOMIC EFFECT OF SUPERPOWERS RIVALRY ON THE ECONOMY OF SUDAN

This study explores the economic effects of superpowers rivalry on Sudan, with a focus on the country's efforts to diversify its economy and achieve long-term sustainability. Through qualitative research, this paper examines how the geopolitical competition among global powers—namely China, the United States, and Russia—has shaped Sudan's economic policies, investment patterns, and development strategies. The rivalry has had a dual impact: on one hand, it has provided Sudan with opportunities for infrastructural development and foreign investment, particularly in the oil and mining sectors; on the other hand, it has reinforced the country's dependency on these resource-based industries, limiting its ability to diversify into other sectors like agriculture and manufacturing. The study also discusses how these foreign investments, especially from China’s Belt and Road Initiative and Russia’s mining sector involvement, have affected Sudan's long-term sustainability. Environmental concerns, fiscal stability, and the implications of foreign debt are also examined as key factors influencing the sustainability of Sudan’s economic growth. The research findings suggest that while superpowers' investments contribute to short-term economic growth, they also hinder sustainable diversification and leave Sudan vulnerable to external economic shocks. The study recommends strategic policy adjustments to leverage superpower rivalry for long-term economic stability, with a stronger emphasis on governance reforms, sectoral diversification, and environmental sustainability

CEO Initial Contract Duration and Corporate Acquisitions

We examine the organizational impact of CEO initial contract duration on corporate acquisitions. We argue that CEOs with shorter initial contract durations are more likely to experience time pressure. Consequently, they are more likely to manage time by engaging in corporate mergers and acquisitions (M&As) to achieve quick growth. In addition, these CEOs are more likely to engage in straightforward deals, acquiring targets that are private, divested, related, small, and using cash payment, because these types of transactions are quicker to complete, carry less risk, and generally come with good performance prospects. Using a sample of firms that underwent new CEO appointments between 1990 and 2017 and detailed employment contract data collected from SEC filings, we find strong support for our hypotheses. In addition, we apply UK corporate governance reform to CEO contract duration as an exogenous shock to show causal evidence of such relations. This study contributes to the literature on CEO contracts, corporate acquisitions, time management and strategic leadership. Supplemental Material: The online appendix is available at https://doi.org/10.1287/orsc.2022.16493 .

"Transport Axes and Corridors in Romania - Policy Issues and Opportunity for Territorial Development "

Without strong cities and efficient transport infrastructure, countries cannot benefit from developed regions and robust economies. The slow development of the road transport infrastructure (46 km/year) hampers the development of Romanian cities, especially those connecting peripheral areas, which are affected by population decline and stagnant growth. The purpose of this study was to determine the impact that transport axes/corridors policy and other relevant planning policies could have on the national territory in terms of stimulating regional growth and reducing spatial disparities. To achieve this, the research consisted in analysing a set of economic and social indicators for all 41 county capital cities in Romania and the capital city Bucharest, as well as traffic data for the national road network. Results showed that economic indicators such as entrepreneurial density and firm turnover have higher values in main urban centres, where infrastructure supports the location of businesses and attract investors that generate economic growth, whereas cities with low accessibility to high quality transport infrastructure have fewer opportunities to grow, evidence that the transport axes/corridors policy could be a relevant territorial planning instrument. Moreover, the findings of this research revealed the incipient stage of integration of development axes policy in Romania due to the fragmented administrative and planning capacity of governmental stakeholders. It is recommended to prioritize multi-level governance reforms to strengthen strategic planning and administrative capacity with a focus not only to connect major cities but also the secondary nodes and peripheral regions, thus promoting inclusive and sustainable development.