This paper examines the financial cointegration and spillover effect of the global financial crisis to emerging Asian financial markets (India, China, Pakistan, Malaysia, Russia and Korea). The analysis used daily stock returns, divided into three time periods: pre-, during and post-crisis from 1 July 2005 to 30 June 2015. We applied the Johansen and Juselius cointegration test, the vector error correction model (V.E.C.M.) and the G.A.R.C.H.-B.E.K.K. model for an examination of integration and conditional volatility. We find long-term cointegration between the U.S. market and emerging stock markets, and the level of cointegration increased after the crisis period. The V.E.C.M. and impulse response function reveal that a shock in the U.S. financial market has a short-term impact on the returns of emerging financial markets. Past shocks and volatility have more effect on the selected stock markets during all time periods. The Korea Composite Stock Price Index and the Bombay stock exchange (B.S.E.) are the only stock markets that have cross-market news and volatility spillover effects during the crisis period. After the crisis period, news effects are positive on the B.S.E. and the Russian Trading System and have a negative effecton the Kuala Lumpur Stock Exchange and the Shanghai Stock Exchange. ARTICLE HISTORY

The value relevance of corporate sustainability performance (CSP) has been studied from different theoretical perspectives, yielding inconclusive evidence. Therefore, it is imperative to revisit corporate sustainability performance relevance for investors. This study explores the value relevance of corporate sustainability performance by studying the impact that the quality of sustainability reporting has on it. It employed the panel data of 247 firms from 2012 to 2016 for the best 30 green capital markets ranked by the Global Green Economy Index. The results indicated that investors value corporate sustainability performance (achieved through social, economic, and corporate governance dimensions only) and the quality of sustainability reporting. However, the environmental dimension of CSP lacks financial materiality for investors. Furthermore, the quality of sustainability reporting plays an instrumental role in the value relevance of the corporate governance dimension because it is perceived as an alternative corporate governance mechanism by investors. The findings are useful for practitioners, regulators, and other stakeholders interested in understanding the value relevance of corporate sustainability performance and quality of sustainability reporting.

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Resource allocation decisions by investors are made on the basis of information provided by firm management. The reports providing information are prepared with the help of international financial reporting standards (IFRS) which provide a great deal of discretion to the management. Management, on the basis of this discretion, manipulates the financial information particularly earnings of firm termed as earnings management which has important implications for firm future. This earnings management can be accruals based and real activities based. This earnings management if beneficial for the firm is efficient and if detrimental is opportunistic. The current study investigates the behavior of earnings management for Pakistani non-financial listed firms for the period of 15 years for 2003-2017 and finds a positive relation between aspects of real and accrual earnings management and firm value variables. However, it appeared to be opportunistic for financially distressed firms and efficient for nondistressed firms when the sample was divided into four categories. Impact of accrual earnings management was more pronounced for Pakistani firms as compared to real earnings manipulation.

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