If you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service information about how to choose which publication to write for and submission guidelines are available for all. Please visit www.emeraldinsight.com/authors for more information. About Emerald www.emeraldinsight.comEmerald is a global publisher linking research and practice to the benefit of society. The company manages a portfolio of more than 290 journals and over 2,350 books and book series volumes, as well as providing an extensive range of online products and additional customer resources and services. ABSTRACTMany organizations around the world currently are facing board diversity issues and challenges. Hence, this empirical paper investigates the relationship between board diversity and firm's financial performance. We use a sample of 35 companies from five countries in Southeast Europe (Macedonia, Croatia, Serbia, Bosnia and Herzegovina, and Greece) for the period between 2008 and 2012 to find that, on average, companies with well-educated board members are more profitable and overvalued on the market. When running the regression again to test the levels of heterogeneity, we also find that the companies with more women on board tend to be overvalued on the market, while those with more foreigners on board are subject of undervaluation. The paper mostly contributes to the literature on corporate governance and board diversity. First, we postulate the impact of each of the board diversity variables on the financial performance and then show the extent of this impact and its economic interpretation. Our findings have important practitioners' implications for corporate regulators and policy-makers since the demonstrated positive impact of the well-educated board members on firm's financial performance gives a new impetus in building a corporate strategy that will intend to engage more people holding PhD on board.

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We examine energy efficiency in the European Union (EU) using an integrated model that connects labor and capital as production factors with energy consumption to produce GDP with a limited amount of environmental emissions. The model is a linear output-oriented BCC data envelopment analysis (DEA) that employs variables with non-negative values to calculate efficiency scores for a sample of 28 EU member states in the period 2010–2018. We assume variable returns to scale (VRS) considering the natural inclination of countries to adopt technologies that allow them to produce higher outputs over extended periods of time, which we observed through the trends of increasing labor productivity and decreasing energy intensity over the analyzed period. The average EU inefficiency margin in the sample period is 16.0%, with old member states being significantly more efficient (4.2%) than new member states (29.5%). Energy efficiency management does not improve over time, especially in new member states that had substantially worse efficiency by 2018 than in 2010. New member states could increase energy efficiency through the liberalization of the energy market, the support of energy-saving and technologically advanced industries, and the introduction of measures aimed at increasing the productivity levels in the economy.

This paper deals with energy efficiency examined through an integrated model that links energy with environment, technology, and urbanisation as related areas. Our main goal is to discover how efficiently developed countries use primary energy and electricity (secondary energy). We additionally want to find out how the inclusion of environmental care and renewable energy capacity affects efficiency. For that purpose, we set up an output-oriented BCC data envelopment analysis that employs a set of input variables with non-negative values to calculate the efficiency scores on minimising energy use and losses as well as environmental emissions for a sample of 30 OECD member states during the period from 2001 to 2018. We develop a couple of baseline models in which we find that countries have mean inefficiency margins of 16.1% for primary energy and from 10.8 to 13.5% for electricity. The results from the extended models show that taking care about environment does not affect efficiency in general, while the reliance on energy produced from renewable sources does slightly reduce it.

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The goal of this study is to examine the impact of remittance inflow on inflation using the System Generalized Method of Moments (SGMM) and Dumitrescu-Hurlin Granger causality approach in countries from Central and Eastern Europe over the period 1994 to 2019. As the levels of economic and financial development vary considerably across these countries and some of them are member states of the European Union (EU), we split them into two more homogenous groups - EU member states and non-EU countries. The application of the SGMM approach reveals that remittances have a negative and significant impact on inflation in the non- EU countries, whereas they exert positive impact in the EU member states and in the whole region overall. The Granger causality test shows a unidirectional causal relationship between remittances and inflation in all country groups, whereas the existence of a positive causal relationship from remittances to inflation has been established in twelve countries.

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