This paper examines the heterogeneous links between board gender diversity and corporate social performance in different industries across China. OLS regression models are approximated using the data of Chinese industries from 2009 to 2015. Robustness test and two-stage least square (2SLS) methods are incorporated to cater for robustness and endogeneity. Board gender diversity (BGD) stimulates corporate social performance (CSP) of firms with environmental and social risk exposure regardless of critical mass and directors’ independence. It does so for firms with governance risk exposure while incorporating the critical mass effect and the director’s independence. Overall, the positive effect of BGD is prevalent in different industries at an aggregate level while considering firms with an overall ESG risk exposure. The findings imply that BGD can mitigate the ESG risk exposure in terms of enhancing the CSP and the advantage can be transpired with the inclusion of even one female director (independent or executive) to the board. The study also highlights that BGD enhances CSP in industries with more environmental and social risk exposure while doing so in industries with governance risk exposure after complementation by critical mass and independent director effects.

Uninterrupted availability of energy and power resources is essential for the productivity and smooth functioning of an enterprise. However, constrained by financial resources, smaller firms in developing economies face a plethora of challenges concerning the access to electricity. However, less attention has been paid in the extant literature to explore this phenomenon. The present study investigates the impact of access to electricity on labor productivity in Bangladesh in the presence of electricity constraints, electricity obstacles, and SME firm size. It employs the OLS regression and propensity score matching (PSM) technique for treatment effect to deal with the selection bias and endogeneity issue using the World Bank Enterprise Survey’s cross-sectional firm-level data for 3196 sample firms over the period of 2007–2013. The results provide evidence in support of SMEs’ labor productivity in response to electricity access. Lack of electricity access was partially found to affect SMEs’ labor productivity significantly negatively. Further, the results show a positive impact of firm size on firm performance. However, results from this model appear that constrained SMEs’ access to electricity has a negative relationship with firm performance. The article then suggests several policy implications on changing government regulations regarding the efficient use of renewable energy resources to enhance electricity generation for optimized SME performance and sustainable economic development in Bangladesh.

The aim of this study is to empirically analyze the impact of corporate governance on stock liquidity and the moderating role of financial transparency, through the lens of information asymmetry and agency theory. The sample consists of non-financial firms listed on the Pakistan stock exchange during the 2009–2019 period. The study used an instrumental variable approach and new corporate governance index, developed with principal component analysis, to demonstrate a relationship between corporate governance and stock liquidity. The results show a significant, positive relationship between the corporate governance index and stock liquidity, suggesting that well governed firms have high liquidity. To the best of our knowledge, this is the first finance study to investigate the moderating impact of financial transparency on the relation between corporate governance and stock liquidity. The results show that financial transparency, as measured by multiple proxies, has a negative moderating impact on the relationship between corporate governance and stock liquidity, suggesting that corporate governance in Pakistan is weak. Together, the results suggest that Pakistani firms use financial transparency as a substitute for corporate governance to improve stock liquidity. The results are robust to a series of endogeneity checks using alternative proxies of stock liquidity.

Purpose: Since 1990s, the discussion on whether mutual funds can perform better and persistently as compare to market has become an ongoing issue. Current research investigates the performance persistence of equity mutual funds’, particularly in the financial market of Bangladesh. Theoretical Framework: Different researchers have strived to examine the performance of mutual funds by using numerous performance indicators and risk adjustment techniques. Design/Methodology/Approach: The equity mutual funds data for this study are obtained from DSE (Dhaka Stock Exchange) database. The sample set includes all open-end mutual funds from 2010 to 2015. There is no mutual fund that has ceased trade or merged with other mutual funds during the study period. Originality/Value: Broad literature have been directed on the performance and persistence of mutual funds in the American markets, while some of the studies also centered on Australia, China, Hong Kong and U.K. financial markets. However, in the context of Bangladesh’s financial market, no identical research has been carried on the performance persistence of mutual funds.Findings: The results reveal that the managers of equity mutual funds have selective ability to obtain higher returns in Bangladesh. Moreover, the past performance of mutual funds has an impact on their future performance. The size of mutual funds doesn’t have any impact on their performance. The parametric and non-parametric models demonstrate that as compare to long run, equity mutual funds in Bangladesh could perform persistently in the short-run.

Manuscript type: Research paper Research aims: This paper empirically examines the effects of ownership and board structure on dividend smoothing in Pakistani listed banks between 2006 and 2014. Design/Methodology/Approach: This study employs random Tobit regression to analyse the effects of ownership and board structure on dividend smoothing. It also applies principal component analysis (PCA) to develop a corporate governance index. Research findings: The findings indicate that Pakistani banks with concentrated and foreign ownership, small size audit committee and less independent boards, exhibit higher levels of dividend smoothing. Interestingly, the study finds Pakistani banks having a joint position of CEO and chairperson, demonstrate lesser dividend smoothing. The study concludes that increasing dividends is an alternative monitoring mechanism for shareholders who are enclosed within a weak corporate governance environment such as Pakistan. Theoretical contribution/Originality: This study contributes to previous literature on corporate governance and dividend smoothing by investigating the role of the boards and the ownership structure. It also fills the research gap by investigating the impact of corporate governance on dividend smoothing by using the CG-Index. Practitioner/Policy implications: The findings of this study offer practical implications for payout and corporate governance policies. Higher information asymmetry and regulatory requirements, low shareholders’ rights and weak corporate governance environment make dividend smoothing another tool for safeguarding the interest of minority shareholders in Pakistani listed banks. Currently, regulators in Pakistan are only focusing on corporate governance mechanism as a means of protecting shareholders. This study recommends that smooth dividends can serve as an additional instrument to help safeguard the minority shareholders’ interest from expropriation. Research limitation: The findings of this study may not be generalised due to the small sample size. Keywords: Dividend Smoothing, Corporate Governance, Tobit Regression, Principal Component Analysis, PakistanJEL Classification: G350, G300, C24, C19