This Special Issue includes several articles on a variety of issues related to sustainable development, ESG investing and the role of Artificial Intelligence in helping creditors, investors and business managers in making optimal decisions to ensure long-term financial sustainability. In this context, it can be argued that it is necessary to consider the challenges and opportunities presented by AI in providing solutions to sustainability issues. In addition to outlining the articles in this Issue, this Editorial provides new insights from the literature on the importance of AI applications and models, for sustainable investments and understanding the value of AI beyond a problem-solving tool.

Security breaches are very costly in the USA, followed very closely by the Middle East. Shareholders and investors demand that their firms mitigate all kinds of risks, and it is the responsibility of the BOD to gain and maintain their confidence. In view of this scenario, MENA companies need to protect their data, while the BODs need to embed a culture of cybersecurity in the firm. The aim of this paper is to examine the relationship between information technology governance (ITG) and the level of cybersecurity by MENA listed firms. The study used a checklist to collect data from a sample of 94 firms listed in the financial stock markets of the MENA countries for the year ended 2018. The study found that there is a significant and direct relationship between ITG and the level of a firm's cybersecurity. This indicates the importance of appointing board members with IT knowledge and experience. This leads to better decisions taken by the BODs when faced with cyber-threats and challenges. In addition, IT expertise on the BODs can be important to understand what the Heads of IT are doing on the inside and, thus being knowledgeable enough to challenge their actions.

Purpose: This study aims to examine the relationship between corporate social responsibility (CSR) and the financial performance (profitability and market value) of firms listed in the Gulf Cooperation Council (GCC) countries’ stock markets.Design/methodology/approach: The sample of the study consisted of all the listed companies in the GCC bourses for the period of 2010-2017. CSR was calculated by using the total amount of donations and charity disclosed in the financial reports. The three performance proxies used as the dependent variables included return on assets (ROA; profitability), return on equity (ROE; profitability) and Tobin’s Q (market value).Findings: This study found that the UAE had the highest level of CSR compared to the other GCC countries. Additionally, the findings showed a negative and significant relationship between CSR and ROA, and a positive and significant relationship between CSR and Tobin’s Q.Practical implications: In addition to other reforms, this paper recommends the GCC governments to impose a CSR framework and SMART platforms in line with the UAE’s initiatives.Originality/value: This paper offers new contributions to the GCC literature and recommendations to their firms and governments.

Purpose: This study aims to investigate the relationship between board structure and performance from an Islamic point of view.Design/methodology/approach: Consequently, the researcher developed a multiple linear regression model to investigate the nature of this relationship, whereby return on assets (ROA) was used to measure the performance of listed Islamic Banks in Gulf Cooperation Council, covering the period between 2013 and 2016.Findings: The results indicated a negative relationship between board structure and the performance of Islamic banks.Research limitations/implications: Because the current study only used accounting-based performance indicator (ROA), the researcher suggests expanding the framework of this study through the addition of market-based performance indicators such as Tobin’s Q.Practical implications: Therefore, the researcher recommends that regulators of Islamic banks in the GCC need to develop a set of strict restrictions for the selection of independent members of the board and to minimize the meetings of the board to reduce the cost of preparing information and the information asymmetry, thus improving performance.Originality/value: This study provides guidelines regarding the appropriate number of independent directors and board meetings that will result in reduced monitoring costs and improved profits.

Purpose: This paper aims to investigate the relationship between the composition of Sharīʿah supervisory boards (independence and frequency of meetings) and the performance of Islamic banks in the Gulf Cooperation Council (GCC) countries.Design/methodology/approach: The study developed a multiple linear regression model, and data were collected from the annual reports of 48 standalone Islamic banks listed in the GCC countries covering the period between 2013 and 2017.Findings: The results showed a statistically significant and negative relationship between the composition of the Sharīʿah supervisory boards and the performance of Islamic banks.Research limitations/implications: As the current study used only one indicator, that is Return on Assets to measure performance, it is recommended to expand the framework of this study, through the addition of market-based performance indicators such as Tobin’s Q.Practical implications: This study recommends the GCC countries to follow a more proactive Sharīʿah governance model to strengthen their frameworks from both regulatory and non-regulatory aspects.Originality/value: The study contributes to the Sharīʿah governance and Islamic banking literature relating to the GCC countries as previous studies gave no attention to the composition of Sharīʿah supervisory boards.