This paper seeks to examine the extent to which environmental, social, and governance (ESG) disclosure affects capital structure and cost of capital for non-financial Fortune 500 firms. With a sample period from 2007 to 2022 and a system (Generalized Method of Moments) GMM estimation method, we investigate the linkage between ESG disclosure scores and both leverage and the weighted average cost of capital (WACC). Thus, we find that firms with stronger ESG performance have higher ESG disclosure and lower leverage ratios and WACC, highlighting that firms with good ESG outcomes have better equity financing facilities and are perceived to be less risky. We also find the moderation effect where the effects of ESG disclosure depend on the level of ESG disclosure. The empirical results thus show that the environmental and social factors have significant influences on leverage and WACC than the governance factors. Furthermore, we show that firm size affects these relationships in that larger firms are more affected by the variables. These findings extend the literature on ESG, and provide relevant information for corporate financial managers, investors, and policymakers about the financial effects of ESG disclosure. This paper therefore provides evidence of the relevance of ESG factors in decisions on capital structure and cost of capital especially for large firms.

The study investigates the moderating effect of board gender diversity on the relationship between environmental performance indicators (emissions, innovations, and resources) and financial performance. The study adopts a robust research design, drawing on a diverse sample of 6,104 companies operating in various countries. It employs a sophisticated panel data analysis with a fixed-effect model. The findings indicate a significant effect of environmental performance on financial performance. The results also reveal that higher gender diversity on a board is linked to lower returns on assets (ROA). Moreover, there is a positive interaction between management teams, board gender diversity, and financial performance. This study explores the relationship between corporate governance, environmental performance, and financial outcomes, offering practical insights for businesses, policymakers, and stakeholders. It also provides actionable insights for companies to align sustainability practices with financial success, enhancing their environmental stewardship and potentially improving financial performance. Policymakers can use this knowledge to design regulations and guidelines, while stakeholders, including investors and environmental advocacy groups, can use it to make informed decisions. The study's originality lies in its exploration of the moderating impact of board diversity on the relationship between firms' environmental performance and financial performance, using a large sample from different countries. As there is still a lack of consensus on the effect of environmental performance on financial performance, this study contributes to the understanding of corporate governance, environmental responsibility, and financial performance.

This study is conducted to investigate the relationship between corporate social responsibility (CSR) and information asymmetry (IA), as well as the role of corporate governance (CG) as a moderating factor. This paper employs panel data regression analysis. The CSR disclosure scores are collected from the HX database by way of Hexun.com, while financial data are collected from the CSMAR database. The association between CSR and information asymmetry is examined using generalised least squares (GLS). The current evidence shows that CSR disclosure reduces information asymmetry. In addition, the findings illustrate that particular aspects of CG moderate the relationship between CSR and information asymmetry. More specifically, board size, CEO duality, and board independence positively affect the bid–ask spread. Moderation by the independence board positively affects the relationship between CSR disclosure and information asymmetry. Since the sample is derived from large Chinese companies, the results should be supported by samples obtained from the COVID-19 pandemic in 2020 and, subsequently, comparisons with the entire stock market. In future studies, we recommend conducting research using other variables as proxies regarding information asymmetry. The current study extends existing research on CSR and IA by adding both board characteristics and ownership concentration variables as moderating variables.

The paper explores the impact of digital payment systems, blockchain technology, and AI/machine learning on innovation and sustainability in financial organizations. As part of the analysis, the study has adopted an explanatory research design and has used SmartPLS in order to analyze the data collected from 230 professionals of different fields through a structured questionnaire. The results show positive effects of digital payment systems and blockchain technology on organizations’ innovations with the impact of digital payments being the most pronounced. Empirical results suggest that these technologies are important to improve sustainability performance, depending on measures of internal consistency and discriminant validity among the proposed constructs. Al, also machine learning, has the highest relevance with environmental sustainability, thereby underlining the importance and work of such measures. Based on the Resource-Based View (RBV) theory, the study also explains the need for the organization to assimilate these innovations to enhance the organizational operations, customer satisfaction, and compliance with the laws. The study highlights fintech’s potential to address environmental issues and enhance societal goals, but geographical limitations may obstruct its transportability.

The current paper aims to investigate the moderating role of liquidity in the relationship between accounting and advertising expenditures and the financial performance of small and medium enterprises (SMEs) in Jordan. Furthermore, the present paper highlights the importance of managing expenditures and improving financial performance. Since the performance of Jordanian SMEs is extremely critical, furthermore, the present paper explores the possibility of empowering these businesses in order to achieve profitability. This paper is based on descriptive statistics, regression, and correlation analysis in order to analyze the data, collecting secondary data from 200 SMEs. The results demonstrate that accounting expenditures are key factors for financial performance, especially in SMEs. Moreover, SMEs are more sensitive to liquidity challenges, which significantly impact their short-term expenditure and consequently influence their financial performance. It is evident that accounting expenditures moderated by liquidity have a positive effect on the financial performance of SMEs. However, our findings indicate a negative effect regarding the relationship between advertising expenditures and financial performance. According to the results of this study, regulators may offer new regulations and legislation in the future to the Ministry of Finance and the Amman Stock Exchange.

The purpose of this study was to determine whether corporate governance is an important and effective technique for enhancing investors’ confidence in existing and prospective companies and for creating opportunities for safe investment in Yemen. A survey was conducted among certified public accountants to assess the importance of corporate governance. We employed regression analysis to test our hypothesis. According to the results of the study, corporate governance is an essential component of success for companies, and those firms that apply corporate governance best practices are highly regarded. Additionally, the findings suggest that regulators, policymakers, and standard-setters should raise awareness of the importance of protecting shareholders’ rights by providing seminars and courses for Yemeni media, unions, and professional associations. Moreover, in an environment of uncertainty there is a reluctance to invest and a prevalent tendency to invest in real estate. Furthermore, the results indicate that corporate governance is not practiced by all companies but only to a limited extent by some joint-stock companies. Most of the Yemeni companies that have adopted CG are joint-stock companies, so investors prefer to invest in these companies. The findings of this study provide valuable insights for regulators, practitioners, and academicians. We recommend that this survey be extended to a larger sample, including supervisory managers of companies. This study provides an insightful contribution, because it clarifies the importance of corporate governance for Yemeni investors and investee companies.