Proxy Measure for SMEs Financial Performance in Opaque Markets

Nasrallah, Nohade; Khoury, Rim El

doi:10.1007/978-3-030-69221-6_108

Cited by 5 publications

(3 citation statements)

References 44 publications

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“…Controlling shareholders can tunnel capital out of a company through related-party transactions or opportunistic transfer-pricing arrangements (Jiang et al, 2008). Moreover, this problem is exacerbated when the controlling shareholder exercises control through opaque structures (Nasrallah and El Khoury, 2020), such as cross-shareholdings and stock pyramids (Bebchuk et al, 2000). To conclude, private enrichment and capital misallocation by controlling shareholders can rob a business of capital needed for long-run sustainability.…”

Section: Literature Reviewmentioning

confidence: 99%

ESG and performance in public health-care companies: the role of disclosure and director liability

Khoury

Nasrallah

Toumi³

2022

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Purpose The seepage of companies' capital accommodated by weak country-level institutions is inconducive to building sustainable businesses. Companies' performance on environmental, social and governance (ESG) issues is still a challenging question. This study aims to test the predictability of ESG on the performance of the health-care industry from a global perspective, while accounting for the country disclosure and director liability indices and performing robustness tests. Design/methodology/approach This study relies on panel data of 912 companies operating in 38 different countries for 2012–2020. This study controls for firm-level variables (leverage, size and loss), macroeconomic variables (COVID, gross domestic product and inflation) and institutional variables. Findings Findings indicate that countries with different levels of disclosure exhibit different patterns. Distinctly, the environmental pillar has a concave impact on return on assets, and the role of the disclosure index greatly manifests with the environmental pillar. Practical implications This study ponders the impact of country disclosure on sustainability practices from a global health-care perspective. Originality/value This paper is original, as it addresses the relationship between ESG performance and financial performance while accounting for the impact of institutional factors such as the business disclosure and director liability indices.

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Section: Literature Reviewmentioning

confidence: 99%

ESG and performance in public health-care companies: the role of disclosure and director liability

Khoury

Nasrallah

Toumi³

2022

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“…Although many studies have explored the impact of ESG on firms’ financial performance (Buallay et al , 2021; El Khoury et al , 2021a; Nasrallah and El Khoury, 2021a, 2021b), a new strand of studies has investigated the drivers of ESG. According to Hossain and Reaz (2007), researchers need to identify and understand the factors that affect disclosure decisions.…”

Section: Literature Review and Hypothesis Developmentmentioning

confidence: 99%

The determinants of ESG in the banking sector of MENA region: a trend or necessity?

Khoury

Nasrallah²,

Alareeni³

2021

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Purpose As reporting environmental, social and governance (ESG) information is not yet mandatory in all countries, it is intriguing to understand ESG’s underlying driving mechanisms. This study aims to investigate ESG determinants in the banking sector of the Middle East and North Africa countries. Design/methodology/approach The authors gather data for 38 listed banks for the period 2011–2019. The data used is threefold as follows: data related to ESG; firm-level; and country-level data. While ESG and firm’s level data are taken from Refinitiv, country-level data are extracted from the World Bank. Using panel regression, the authors test the effect of firm- and country-specific variables on the overall ESG score and its pillars. Findings Results indicate that banks’ ESG scores are negatively affected by performance and positively affected by size. The level of economic development exerts a negative impact on the environmental pillar while the social development exerts a positive impact on ESG and governance pillar. Corruption is the only country-level that gathers a homogenous effect on ESG scores. Finally, the three pillars follow heterogeneous patterns. Originality/value This study extends the scope of previous studies by introducing new country-level independent variables to contribute to the understanding of ESG antecedents.

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“…The accounting processes seem too hazy to present a precise and comprehensive view of the overall functioning. While time goes on, governments, legislators, and standard-setters consider the impending usefulness of combining financial reporting with non-financial data to indicate enterprises' ESG actions [ 80 ]. The reliability of ESG ratings [ 81 ], financial results adequacy, and business internal vulnerabilities are the three primary issues that are up for debate [ 82 ].…”

Section: Literature Review and Hypotheses Developmentmentioning

confidence: 99%

Crisis and environmental governance decisions amidst the COVID-19 pandemic: Lessons from European countries

Ismail,

Khatib,

Abbas

et al. 2024

Heliyon

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Proxy Measure for SMEs Financial Performance in Opaque Markets

Cited by 5 publications

References 44 publications

ESG and performance in public health-care companies: the role of disclosure and director liability

ESG and performance in public health-care companies: the role of disclosure and director liability

The determinants of ESG in the banking sector of MENA region: a trend or necessity?

Crisis and environmental governance decisions amidst the COVID-19 pandemic: Lessons from European countries

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