This study investigates the level of compliance with, and disclosure of, good corporate governance (CG) practices among UK publicly listed firms, and consequently ascertains whether board characteristics and ownership structure variables can explain observable differences in the extent of voluntary CG compliance and disclosure practices. Design/Methodology/Approach: The study uses one of the largest datasets to-date on compliance and disclosure of CG practices from 2008 to 2013 containing 120 CG provisions drawn from the 2010 UK Combined Code relating to 100 UK listed firms to conduct multiple regression analyses of the determinants of voluntary CG disclosures. A number of additional estimations, including two stage least squares, fixed-effects and lagged structures, are conducted in order to test the robustness of the findings. Findings: The results suggest that there is a substantial variation in the levels of compliance with, and disclosure of, good CG practices among the sampled UK firms. We also find that firms with larger board size, more independent outside directors and greater director diversity tend to disclose more CG information voluntarily, whereas the level of voluntary CG compliance and disclosure is insignificantly related to the existence of a separate CG committee and institutional ownership. Additionally, the results indicate that block ownership and managerial ownership impact negatively on voluntary CG compliance and disclosure practices. The findings are fairly robust across a number of econometric models that sufficiently address various endogeneity problems and alternative CG indices. Overall, the findings are generally consistent with the predictions of neo-institutional theory. Originality/Value: This paper extends, as well as contributes to the extant CG literature by offering new evidence on compliance with, and disclosure of, good CG recommendations contained in the 2010 UK Combined Code following the 2007/08 global financial crisis. This paper also advances the existing literature by offering new insights from a neo-institutional theoretical perspective of the impact of board and ownership mechanisms on voluntary CG compliance and disclosure practices.

It is of great importance to explore and achieve a more effective approach toward the controllable synthesis of singleatom-based photocatalysts with high metal content and long-term durability. Herein, single-atom platinum (Pt) with high loading content anchored on the pore walls of two-dimensional βketoenamine-linked covalent organic frameworks (TpPa-1-COF) is presented. Aided by advanced characterization techniques of aberration-corrected high-angle annular dark-field scanning transmission electron microscopy (AC HAADF-STEM) and X-ray absorption fine structure (XAFS) spectroscopy, it has been demonstrated that atomically dispersed Pt is formed on the TpPa-1-COF support through a six-coordinated C 3 N−Pt−Cl 2 species. The optimized Pt 1 @TpPa-1 catalyst exhibits a high photocatalytic H 2 evolution rate of 719 μmol g −1 h −1 under visible-light irradiation, a high actual Pt loading content of 0.72 wt %, and a large turnover frequency (TOF) of 19.5 h −1 , with activity equivalent to 3.9 and 48 times higher than those of Pt nanoparticles/TpPa-1 and bare TpPa-1, respectively. The improved photocatalytic performance for H 2 evolution is ascribed to the effective photogenerated charge separation and migration and well-dispersed active sites of single-atom Pt. Moreover, density functional theory (DFT) calculations further reveal the role of Pt single atoms in the enhanced photocatalytic activity for H 2 evolution. Overall, this work provides some inspiration for designing single-atom-based photocatalysts with outstanding stability and efficiency using COFs as the support.

This paper first employs principal component analysis technique to develop and introduce an alternative UK corporate governance disclosure index to the US-centric ones. Second, we then investigate whether this new corporate governance disclosure index can determine the level of executive pay (including CEOs, CFOs, and all executive directors) in UK listed firms, and consequently ascertain whether the governance mechanisms can moderate the pay-for-performance sensitivity. Employing data on corporate governance, executive pay and performance from 2008 to 2013, we find that, on average, better-governed firms tend to pay their executives lower compared with their poorly-governed counterparts. Additionally, our findings suggest that the payfor-performance sensitivity is generally positive, but improves in firms with high corporate governance quality, implying that the pay-for-performance sensitivity is contingent on the quality of internal governance structures. We interpret our findings within the predictions of optimal contracting theory and managerial power hypothesis.

Purpose Drawing from social capital, social network theory of stakeholder influence and stakeholder management, the purpose of this paper is to examine the relationship between board network centrality and firms’ environmental, social and governance (ESG) performance. Design/methodology/approach Using social network analysis, the authors construct five board network centrality, namely, degree centrality (the number of connections), closeness centrality (distance among firms), eigenvector centrality (the quality of connections), betweenness centrality (how often a firm sits between two other firms) and the information centrality (the speed and reliability of information), as measures of board access for social capital and timely information. Findings Using a sample of non-financial firms listed in the UK FTSE 350 index from 2007 to 2018, the authors find that board networks, measured by degree, closeness, eigenvector, betweenness and information centrality, has positive influence on firms’ ESG performance. Furthermore, the findings show that there is a non-linear relationship between board networks and ESG performance, and this relationship is stronger in the sectors where firms that have high product market concentration and high percentage of women board members. Originality/value This study unveils that strong board network centrality brings higher social (reputational) capital and information advantages to the firm to effectively, timely and accurately deal with the pressures from stakeholders (stakeholder management), which leads to better ESG performance.

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Purpose This study aims to examine the level of corporate social responsibility (CSR) disclosure among the UK extractive and retail sectors and consequently ascertain whether corporate board characteristics and firm characteristics can explain observable differences in the extent of CSR disclosure. Design/methodology/approach Based on the KPMG survey 2017, the sample comprises all the firms in the extractive industries, such as mining and oil and gas and also retail industries, such as food and drug retailers and general retailers for the sample period of 2005 to 2018. Findings The findings show that the level of CSR disclosure from extractive sector is much higher than that of their counterparts in retail sector. In addition, the multiple regression results show that CSR disclosure is positively and significantly associated with board gender diversity, board independence, board size. Nevertheless, the results show that board meetings and Chief Executive Officer duality do not have a significant impact on CSR disclosure. Originality/value This study contributes to the existing literature on CSR in that it advances the understanding of the interaction between governance mechanisms and specific firm characteristics of two distinct sectors of the UK economy and how this in turn influences the CSR in the two sectors.

Drawing on institutional theory, we examine the impact of corporate governance (CG) on corruption. The interaction effects of national culture and CG on corruption are also examined. By employing a dataset of 149 countries, our baseline findings indicate that the quality of CG practices reduces the level of corruption. Findings also show that three cultural dimensions, namely, power distance, individualism and indulgence moderate the CG-corruption nexus. Our findings indicate that CG and national culture explain the level of corruption among societies, with national culture appearing to matter more than the quality of CG. Our findings remain unchanged after controlling for endogeneities, country-level factors, CG and corruption proxies.