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Sustainability
Special Issues
Determinants, Components and Impacts of Sustainable Governance
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Determinants, Components and Impacts of Sustainable Governance

A special issue of Sustainability (ISSN 2071-1050).

Deadline for manuscript submissions: closed (28 February 2023) | Viewed by 7704

Special Issue Editors

Prof. Dr. Simone Terzani

E-Mail Website
Guest Editor
Department of Economics, University of Perugia, 06123 Perugia, Italy
Interests: sustainability; religiosity and cultural factors; non-financial disclosure, family business
Prof. Dr. Andrea Cardoni

E-Mail Website
Guest Editor
Department of Economics, University of Perugia, 06123 Perugia, Italy
Interests: sustainability and strategy; management control and accounting; strategic alliances; knowledge management
Prof. Dr. Giovanni Liberatore

E-Mail Website
Guest Editor
Department of Economics and Business Sciences, University of Florence, 50127 Firenze, Italy
Interests: corporate disclosure; intangible value drivers; urban tourism carrying capacity

Special Issue Information

Dear Colleagues,

The aim of this Special Issue is to shed light on the new and challenging issues related to sustainable governance.

The role of governance as a fundamental pillar of sustainability is now widely recognized. However, this topic is still under-researched. Consequently, in order to provide scholars and professionals with deeper insight into sustainable governance, it is necessary to further investigate and systematize the relationship between governance and sustainability. The aim of this Issue is to stimulate the debate around the most relevant determinants and components of sustainable governance while also analyzing its impacts on firm value and organizational performance.

By sustainable governance we refer to a governance founded on sustainability paradigms, presenting all the characteristics and components suitable for generating long-term sustainable value and representing itself a first element of evaluation. In this sense, this concept can be adopted both in the public and private sectors and in a broad range of organizational settings including SMEs, large companies, family businesses, and non-profit and public organizations. This is exemplified by the increasingly widespread use of the term “good governance” (Newell and Wilson, 2002; Smith, 2007), the development of “Sustainable governance indicators in OECD countries” (2010), and the recent publication of the consultation paper “Toward Common Metrics and Consistent Reporting of Sustainable Value Creation” by the World Economic Forum (WEF) in 2020. This publication, in particular, regards sustainable governance as the first factor to consider when measuring the sustainable value created by companies (WEF, 2020).

The sustainable governance literature includes studies on the corporate governance of listed companies and the impact of sustainable governance on the financial performance of companies (Dal Maso et al., 2018; La Rosa et al, 2018; Verrecchia, 1983); research into national regulatory frameworks; and papers on social, cultural and behavioral influences (Baldini et al., 2018), risk management, and anticorruption (Cardoni et al., 2020; Lombardi et al. 2019).

This Special Issue of Sustainability will comprise a collection of empirical and theoretical studies covering a wide range of themes related to sustainable governance. In particular, we encourage submissions that address issues related (but not limited) to the following main topics:

  • Corporate governance for sustainability;
  • ESG and corporate governance;
  • Determinants and antecedents of sustainable governance;
  • Measurement and indicators of sustainable governance;
  • Components and characteristics of sustainable governance;
  • Impacts of sustainable governance on capital markets and financial performance (ROA, ROE, cost of debt, etc.);
  • Sustainable governance and disclosure;
  • Sustainable governance and risk management, audit procedures, and anticorruption strategies;
  • Sustainable governance and gender studies;
  • Sustainable governance in specific industries (i.e., tourism, banks, mining) or in specific geographical areas;
  • Sustainable governance in specific settings such as family businesses, listed and unlisted companies, and SMEs;
  • Sustainable governance in the public sector and non-profit organizations.

Papers selected for this Special Issue will undergo a rigorous peer-review process, with the aim of rapid and wide dissemination of research results.

References

Baldini, M., Dal Maso, L., Liberatore, G., Mazzi, F., & Terzani, S. (2018). Role of country-and firm-level determinants in environmental, social, and governance disclosure, Journal of Business Ethics, Volume150, Issue1, Pages 79-98.

Cardoni A., Kiseleva E., Lombardi R. (2020), A sustainable governance model to prevent corporate corruption: Integrating anticorruption practices, corporate strategy and business processes, Business Strategy and Environment, Volume29, Issue3, Pages 1173-1185.

Dal Maso, L., Mazzi, F., Soscia, M., & Terzani, S. (2018). The moderating role of stakeholder management and societal characteristics in the relationship between corporate environmental and financial performance, Journal of environmental management, Volume218, Pages 322-332.

La Rosa, F., Liberatore, G., Mazzi, F., & Terzani, S. (2018). The impact of corporate social performance on the cost of debt and access to debt financing for listed European non-financial firms, European Management Journal, Volume36, Issue4, Pages 519-529.

Lombardi R., Trequattrini R., Cuozzo B., Cano-Rubio M. (2019), Corporate corruption prevention, sustainable governance and legislation: First exploratory evidence from the Italian scenario, Journal of Cleaner Production, Volume217, Pages 666-675.

Newell R., Wilson G. (2002), A premium for good governance, McKinsey Quarterly, number 2, 2002.

Smith B.C. (2007), Good Governance and Development, Palgrave McMillan, New York.

Sustainable Governance Indicators (2010), Policy Performance and Executives Capacity in the OECD, Verlag Bertelsmann Stiftung, Berlin.

Verrecchia, R. E. (1983). Discretionary disclosure, Journal of accounting and economics, Volume5, Pages 179-194.

WEF (2020), Toward Common Metrics and Consistent Reporting of Sustainable Value Creation, World Economic Forum Publishing.

Prof. Dr. Simone Terzani
Prof. Dr. Andrea Cardoni
Prof. Dr. Giovanni Liberatore
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Sustainability is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Published Papers (3 papers)

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Research

13 pages, 608 KiB  
Article
Index of the Openness and Transparency of Budgeting and Financial Management of the Defence and Security Sector: Case of Ukraine
by Silviu Nate, Andriy Stavytskyy and Ganna Kharlamova
Sustainability 2023, 15(7), 5617; https://0-doi-org.brum.beds.ac.uk/10.3390/su15075617 - 23 Mar 2023
Cited by 2 | Viewed by 2047
Abstract
Currently, the military actions on the territory of Ukraine require significant support from EU countries and partners in providing military and material assistance. The issue of openness and transparency of budgeting, particularly in the defence and security sector, becomes even more significant. The [...] Read more.
Currently, the military actions on the territory of Ukraine require significant support from EU countries and partners in providing military and material assistance. The issue of openness and transparency of budgeting, particularly in the defence and security sector, becomes even more significant. The peak of interest in the literature on the issues of openness and transparency of budgeting appeared in 2005–2006. However, in Ukraine, which has largely continued to follow Soviet trends, this is an alarming subject. It has been brought to the forefront by the events after the full-scale invasion of the Russian Federation. One of the ways to guarantee the openness and transparency of budgeting is the development of a suitable open data system, which includes the analysis of all financial costs based on the proper methodology. Such a methodology should be founded on the concept of assessing the openness and transparency of budgeting and financial management of the defence and security sector of Ukraine at the current stage in the conditions of war and, after it, be measured quantitatively and implemented using IT. This article aims to consider the methodology of an index of openness and transparency of budgeting and financial management of the defence and security sector and to implement it in the case of Ukraine. Based on the conducted literature review, a new method to calculate the index of openness and budgeting transparency of the defence and security sector of Ukraine is built. Nine separate indicators are defined, and each of them affects the final value of the index. Some indicators have a binary form, and some have a scale, which is used to estimate their specific weight of impact. This approach makes it possible not only to monitor the openness and transparency of the defence and security sector but also to show the dynamics of the development of the phenomenon and compare it, in the future, with other countries. Based on calculations for 2008–2021, the trend of this index is shown for Ukraine, and conclusions are made regarding its further application. Full article
(This article belongs to the Special Issue Determinants, Components and Impacts of Sustainable Governance)
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15 pages, 289 KiB  
Article
External Monitoring, ESG, and Information Content of Discretionary Accruals
by Kihoon Hong, Jinhee Kim and So Yean Kwack
Sustainability 2022, 14(13), 7599; https://0-doi-org.brum.beds.ac.uk/10.3390/su14137599 - 22 Jun 2022
Cited by 3 | Viewed by 1971
Abstract
Discretionary accruals reflect the management’s accounting choices made within the flexibility of accounting standards. Discretionary accruals can be used by the management to better reflect the economic value of the firm and to signal their private information about a firm’s future prospects to [...] Read more.
Discretionary accruals reflect the management’s accounting choices made within the flexibility of accounting standards. Discretionary accruals can be used by the management to better reflect the economic value of the firm and to signal their private information about a firm’s future prospects to the market, but they can also be used opportunistically by managers. However, the prior literature documents mixed evidence related to the information content in discretionary accruals. Thus, we examine the association between discretionary accruals and analysts’ forecast dispersion to provide further evidence on the information content in discretionary accruals. Moreover, as greater external monitoring and rigorous ESG management allow less room for manager’s manipulation of discretionary accruals, we investigate whether greater external monitoring by institutional owners and higher ESG scores moderate the relationship between discretionary accruals and analysts’ disagreements on long-term EPS growth forecasts. We find a positive association between discretionary accruals and analysts’ forecast dispersion, which suggests there is low information content in discretionary accruals. Furthermore, we find that a greater concentration in institutional ownership, greater blockholders’ institutional ownership, and a positive ESG score mitigate the positive relationship between discretionary accruals and analysts’ forecast dispersion. Thus, better external monitoring and higher quality ESG enhance the information credibility of a firm’s disclosure. Full article
(This article belongs to the Special Issue Determinants, Components and Impacts of Sustainable Governance)
22 pages, 897 KiB  
Article
Sustainable Governance and Green Innovation: A Perspective from Gender Diversity in China’s Listed Companies
by Zhong Ma, Guang Shu, Qi Wang and Longfeng Wang
Sustainability 2022, 14(11), 6403; https://0-doi-org.brum.beds.ac.uk/10.3390/su14116403 - 24 May 2022
Cited by 14 | Viewed by 2492
Abstract
Sustainable governance has become essential in corporate sustainable development. As female executives bring diversity to corporate governance, their impact on the corporate sustainability has attracted wide attention. Using the evidence from China’s listed companies in Shanghai and Shenzhen A-shares between 2010 and 2019, [...] Read more.
Sustainable governance has become essential in corporate sustainable development. As female executives bring diversity to corporate governance, their impact on the corporate sustainability has attracted wide attention. Using the evidence from China’s listed companies in Shanghai and Shenzhen A-shares between 2010 and 2019, this paper examines the impact of gender diversity of executives on corporate green innovation. We find that the proportion of female executives has a significant negative impact on corporate green innovation. The results show: (1) Considering the heterogeneity of corporate risks, the negative impact of female executives on green innovation exists when the company is exposed to high risks, that is, in the subsample of firms with high risk-taking level and financial constraints; (2) considering the heterogeneity of corporate characteristics, female executives have a negative impact on green innovation in small non-state-owned companies with high separation of ownership and control; (3) considering the heterogeneity of industries, the effect of female executives on green innovation is significant in non-heavy pollution industries; (4) the mechanism test shows that patriarchy culture weakens the influence of female executives. In an environment where men are in power, the impact of female executives on green innovation is not significant; (5) taking the 2018 environmental fee-to-tax policy as a quasi-experiment, we find that female executives will instead promote corporate green innovation in areas where the environmental tax burden has increased significantly. The results imply that since corporate green innovation is a high-risk investment, female executives will make green innovation decisions more prudently based on corporate operating characteristics. This research provides a new perspective for understanding the role of female executives in corporate governance and corporate sustainable development. Full article
(This article belongs to the Special Issue Determinants, Components and Impacts of Sustainable Governance)
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