Purpose: This study aims to examine the impact of economic policy uncertainty (EPU) on firm investment in corporate social responsibility (CSR)’s environmental, social and governance (ESG) dimensions. Additionally, the study examines whether firm size moderates the EPU–CSR relationship.Design/methodology/approach: The sample includes 2,017 US. firms from 2002 to 2018. Data on ESG scores are drawn from the Asset-4 database in Thomson Reuters to measure CSR investment. ordinary least square regression, including fixed effects at the year and industry level, is used as the main econometric specification. Moreover, the study employed the two-step system Generalized Method of Moments to address the endogeneity concerns.Findings: The findings reveal that firms increase their CSR investment in response to high EPU. The results are consistent in all the three ESG/CSR dimensions: ESG. Moreover, the positive association between EPU and CSR is driven by firm size, indicating that large-sized firms have the resources and incentives to invest more in CSR. Our main findings remain consistent after addressing the endogeneity concerns and controlling for the effect of omitted variable biasness.Originality/value: Using a unique sample of US firms, this study empirically contributes to the current literature on the association between EPU and CSR investment. Moreover, firm size plays a vital role in moderating this relationship.

Purpose: Relying on the stakeholder view, this study investigates the role of CSR committee in moderating the association between CSR and firm performance (FP). Further, the authors examine whether country-specific governance and institutional factors drive the effect of CSR committee on the CSR-FP association.Design/methodology/approach: The study's sample includes 4405 firms from 39 countries over the period 2002–2020. For analysis, ordinary least squares (OLS) regression with year and firm fixed effects is employed as the primary econometric model. Two-step generalized method of movement (GMM) is employed to address the endogeneity issues.Findings: This study provides international evidence that the existence of a CSR committee enhances CSR's contribution to FP. Moreover, the benefits of CSR committees in terms of enhancing the positive impact of CSR on FP are significantly greater in strong governance countries and in environmentally less sensitive industries. The findings are further checked through endogeneity and robustness tests and remain unchanged.Practical implications: CSR committee is a key governance mechanism that assists firms in generating value from their CSR activities. It strengthens a firm's relations with the stakeholders via an effective CSR channel, which translates into improved FP and long-term value.Originality/value: The study is the first attempt to investigate the role of CSR committee, as a corporate governance mechanism, in explaining the relationship between CSR and FP in the international context. Further, the study also found that the role of CSR committee in enhancing CSR's outcomes largely depends on country-specific governance factors and the nature of industries.

Due to increasing concerns and pressure from stakeholders, firms are eager to initiate green initiatives to produce ecofriendly products and services, which are less harmful for the environment. Consumers are willing to pay high prices for ecofriendly products and services. Thus, firms need a motivated workforce to achieve their green objectives. This is only possible if firms adopt their green policies in their green shared vision and start socially responsible activities to gain society’s and stakeholders’ attention, which is possible if firms start CSR activities at regular intervals. The purpose of this study was to examine the mediating role of “Green Human Resource Management” (GHRM) on the relation between corporate social responsibility (CSR), green shared vision (GSV), and voluntary green work behavior (VGWB). Employees of manufacturing companies were the participants of the present study and a non-probability convenience sampling technique was employed to determine the sample size. Data were gathered from manufacturing companies using a cross-sectional survey method. The total number of firms included was 100, and information on the firms included in the study included cement (10), sugar (26), leather (22), steel (8), food (21), beverages (2), furniture (3), construction (2), pharmaceutical (2), plastic (2), and dairy (2). The total number of questionnaires distributed among employees of the above-mentioned manufacturing firms was 700, and 500 completed questionnaires were used in the analysis, thus yielding a response rate of 71.42%. Using the smart PLS partial least square software (Version 4), the structural equation modeling (PLS-SEM) technique was applied for the statistical analysis. It was evident from the results that the measurement model had established convergent and discriminant validities. A structural model for testing hypotheses was established in the second step. Findings of the study revealed that CSR, GSV, and GHRM practices and VGWB were significantly related with each other. CSR, GSV, and GHRM have significant effects on VGWB. Additionally, it can be inferred from the results that GHRM significantly mediated the relationship between corporate social responsibility and green shared vision and VGWB. From Pakistan’s perspective, the research study has applied and validated the natural resource-based view (NRBV) theory, and practitioners and researchers may benefit from its findings. This study has opened doors and paved a path for future studies to use this model and come up with interesting findings by adding more mediating variables. For any organization, it is imperative to have a motivated team which is capable enough to help firms to achieve their green targets. Hiring talented and hardworking employees and initiating socially responsible activities help firms to obtain a competitive advantage and enhance the VGWB of their employees.

Purpose: This study examines the effects of foreign and domestic institutional investors on the value of excess cash holdings in the context of Pakistan where the institutional setting is broadly considered as non-friendly to outside shareholders due to family control.Design/methodology/approach: A panel sample of 220 listed firms on the Pakistan Stock Exchange (PSX) was employed over the period 2007–2018. Data on institutional ownership are collected from the Standard & Poor’s (S&P) Capital IQ Public Ownership database, while the financial data are collected from Compustat Global. The study uses ordinary least squares (OLS) regression with year and firm fixed effects as the main econometric specification. Moreover, the application of models with alternative measures, high-dimensional fixed effects and two-stage least squares (2SLS) regression are also conducted for robustness.Findings: Robust evidence was found that unlike domestic institutional investors, which do not influence the value of excess cash holdings, foreign institutional investors positively affect the contribution of excess cash holdings to firm value. The positive effect on excess cash holdings' value is mainly driven by foreign institutions domiciled in countries with strong governance and high investor protection. Moreover, this effect is stronger in firms that are less likely to have financial constraints.Originality/value: This study provides novel evidence on the effect of institutional investors on the value of excess cash holdings in an emerging market like Pakistan. It also adds to the literature by revealing that the effect of different groups of institutional investors on the value of excess cash holdings is not homogenous.

Purpose: Using a comprehensive sample from developed and emerging economies, this study aims to examine whether foreign institutional investors (FIIs) enhance the value of excess cash by constraining the potential self-appropriating managerial propensity related to its inefficient utilization. Design/methodology/approach: This study uses a large panel data set of firms from 32 non-US countries from 2007 to 2018. Using data from COMPUSTAT Global and S&P Capital IQ, this study uses ordinary least squares regression with year- and firm-fixed effects for the baseline analysis. In addition, two-stage least squares with instrumental variable regression and propensity score matching approaches were used to address the potential endogeneity. Findings: This study shows that FIIs significantly increase the value of excess cash holdings. The authors also found that the positive impact of FIIs is more significant when investors come from common-law countries with better governance and investor protection. Furthermore, in countries and firms with weaker governance controls, the relationship between FIIs and the value of excess cash is stronger, consistent with the institutional monitoring hypothesis. Collectively, the findings imply that FIIs are advantageous to investees because they effectively promote the efficient deployment of corporate resources. Practical implications: Collectively, the findings of this study imply that FIIs are advantageous to investees because they effectively promote the efficient deployment of corporate resources. Originality/value: This study offers new evidence on how FIIs impact the value of excess cash in an international setting. In addition, it highlights the significance of the legal origin of institutional investors’ home country and the governance quality of host countries and investee firms in influencing the effect of foreign institutional monitoring on the value of excess cash.