PurposeUsing agency theory and impression management theory, this study examines the impact of financial performance (FP) and corporate governance (CG) mechanisms on the extent of intellectual capital disclosures (ICDs) and the three components within the CEO statement – human capital (HC), structural capital (SC) and relational capital (RC).Design/methodology/approachThis study employs a sample of non-financial SPF-120 French listed firms to capture the relevant variables; it collects data for 2010–2017, using a panel data technique to run the random effects regressions.FindingsThe study finds that FP, measured using both market (Tobin's q) and accounting (return on equity and return on assets) indicators, plays a vital role in the extent of ICDs and the three components in the CEO statement published by SPF-120 companies. This confirms its impact on the decision-making needs of stakeholders. Among the CG mechanisms, this study finds that cultural diversity and gender diversity affect some ICD components. Moreover, CEO characteristics such as age, education and role duality affect ICD, while institutional ownership drives the extent of such disclosures.Practical implicationsOur findings have comprehensive implications for managers of French listed firms, the Autorité des Marchés Financiers, and stakeholders in general.Originality/valueThis study provides significant insights by investigating the impact of FP, CG and company characteristics on the extent of the ICDs published in CEO statements.

Purpose Drawing on multiple theoretical approaches, this study aims to investigate whether the presence of foreign directors on the board is associated with a company’s carbon emissions performance (CP) and carbon disclosure (CD). Design/methodology/approach The sample comprises 67 non-financial listed firms from the Société des Bourses Françaises 120 index for the period 2010–2018 and the analysis relies on carbon reports from the carbon disclosure project, using a panel data analysis based on random-effects regression. Findings The paper finds that having foreign directors has a positive significant impact on both aspects of carbon emissions (CE), namely, CP and CD. Foreign directors’ incentives to reveal extensive sustainability information depend on the volume of CE. The findings also indicate that foreign directors are more engaged in enhancing environmental transparency and lowering information asymmetry to maintain/ improve corporate legitimacy. Practical implications The findings show that foreign directors play a vital role as one of the main pillars of a carbon model for sustainable carbon activities and disclosure. The evidence has important insights for the managers of French listed firms, shareholders and regulators. Social implications The evidence underlines the value of foreign directors as a critical resource that enhances CE strategic decisions. Thus, the findings are valuable to managers, as they may consider balancing between foreign and local directors to benefit from a rich heterogeneous resource encompassing the diverse merits of both types of directors, with particular emphasis on foreign directors’ international exposure and experience. Originality/value This study offers significant insights, as it examines the relationship between foreign directors and both the CP and CD in the French context, which is characterized by a non-English civil law system and the issuing of many environmental, climate and emission control laws.

Purpose This study aims to investigate the effect of media coverage, negative media tone and the interaction between negative media tone and independent non-executive directors (INEDs) on strategic information disclosure (SD). Design/methodology/approach The authors rely on media agenda-setting theory, agency theory and a panel data set of 52 UAE non-financial listed firms from 2009 to 2016. Multivariate regressions examine the effect of media coverage and negative media tone on SD and examine the moderation of INEDs on the effect of negative media tone on SD while controlling for firm size, board size, board meeting frequency, firm profitability and leverage. Findings The results show that negative media tone has a negative effect on SD, and there is no association between media coverage and SD. The results show that INEDs are negatively associated with SD and have a negative moderating effect on the negative media tone–SD relationship. INEDs follow a conservative approach, encouraging less SD when their firms face negative media tone. Research limitations/implications The authors measured media coverage and negative media tone by the number of news articles. In the robustness test, they use media tone score. They measured SD using an index that captures firm strategy dimensions. Though these measures are inherently subjective, they were used to measure variation in media coverage, media tone and SD across listed UAE non-financial firms. Mitigation of subjectivity was achieved through rigorous cross-checking measurements. Practical implications Findings assist UAE policymakers and the international business community with insights related to articulation of media to SD and INEDs’ role in moderating the effect of media on SD. Originality/value To the authors’ knowledge, this is the first study that combines media agenda-setting theory with agency theory and SD in an emerging market economy (the UAE). The study is also among the few studies that illustrate the possible role of INEDs under different media tones in emerging markets.

Purpose This study aims to examine the association between carbon disclosure and board diversity by drawing on a multiple theoretica frameworks that embody five dimensions, namely, board nationality, gender, independence, tenure and age, within firms with varying decarbonization performance and industry carbon impact. Design/methodology/approach This study uses the generalized method of moments approach. The sample includes Société des Bourses Françaises 120 (SBF 120) nonfinancial French listed firms for a period of 10 years (2010–2019). Findings Being sensitive to increased stakeholders’ information demands, diverse boards tend to disclose a higher volume of carbon information to improve environmental transparency and protect firm legitimacy. Findings show that board independence and nationality play a key role in enhancing carbon disclosure. Research limitations/implications The authors’ evidence underscores the crucial role of board diversity in shaping sustainability strategies and disclosure in an economy targeting carbon neutrality. The study encourages management and policymakers to increase board diversity that goes beyond gender diversity. Originality/value To the best of authors’ knowledge, this study is the first to investigate the role of board diversity as a multidimensional concept in enhancing the carbon disclosure of SBF 120 large firms, which are subject to communicating their contributions to reducing their carbon footprint.

Purpose The purpose of this study is to investigate the effect of politically connected directors (PCDs), media coverage and their interaction on firm performance in an emerging market economy (UAE). Design/methodology/approach This study relies on the agency theory and the resource dependency theory and uses a panel data set of a sample of non-financial firms listed in the UAE stock market from 2009 to 2016. Data were analyzed using fixed-effects regression. Instrumental variable regression was used to address potential endogeneity. Findings PCDs and media are positively associated with firm performance (ROE and Tobin’s q). Media moderates the PCDs–performance relationship, as the interaction between PCDs and media coverage is negatively associated with firm performance. Under growing media attention, reputational concerns prevent PCDs from using their connections to gain particular advantages to their firms to avoid damaging their image. Practical implications Regulators need to acknowledge and define the roles of PCDs and media in business governance. Originality/value To the best of authors’ knowledge, this study is the first empirical examination testing the effect of the interplay between PCDs and media on firm performance in an emerging market economy such as UAE.