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The aim of this study is to investigate the moderating role of cultural dimensions in the relationship between corporate governance mechanisms and financial performance, examining a sample of 9,316 companies from 47 countries. A mixed dataset with variables extracted at the company and country levels is statistically analysed, while multilevel robust regressions with random intercept modelling are used for econometric estimations. Based on information for the period 2020-2022, the moderating effects of three of the six cultural dimensions developed by Hofstede are examined at specific times of multiple constraints that could act as a stress factor in management decisions. The results show that the corporate governance-performance nexus is stronger in countries orientated toward masculinity, short-term benefits, and indulgence. Combining national cultural values, the national business system framework, agency, stakeholder, and legitimacy theories, the research provides nuanced empirical evidence of cultural tingent for academics and practitioners. The investigation shapes an original perspective, highlighting the need for culturally orientated corporate governance mechanisms. This approach complements the body of literature on corporate governance, financial performance, and national culture by demonstrating that the interaction between the governance score and cultural dimensions may play a pivotal role in shaping financial performance. Muchmore, the findings have valuable entrepreneurial implications for investors in resource allocation, while managers could broaden their scenarios for decision-making purposes, especially when companies face stakeholders from diverse cultural backgrounds.

This study investigates the relationship between corporate governance and firm performance in the Bangladeshi insurance sector, focusing on variables like board independence, female directors, audit committee size, leverage, and firm age. Using a sample of 42 insurance firms from 2017 to 2021, regression analysis is employed to assess these relationships. The findings show that board independence positively impacts performance, while audit committee size, leverage, and firm age have negative effects. Female directors exhibit a marginal but weak positive influence. This research contributes to the literature by providing empirical evidence from a developing economy, where limited studies exist. It also offers insights into governance practices in emerging markets. The implications suggest that policymakers and corporate leaders in Bangladesh should prioritize enhancing board independence, managing leverage, and promoting gender diversity to improve performance. Future research could explore causal relationships and extend the analysis to other sectors or emerging markets, considering cultural and regulatory factors.

The spate of failures and scandals in the basic materials sector in South Africa and globally bring into question not only the ethics of business leaders but primarily corporate governance and the role of boards in safeguarding the shareholders' wealth. The aim of the study was to ascertain the relationship between corporate governance and firm profitability of firms in the basic materials sector listed on the Johannesburg Stock Exchange. Five corporate governance characteristics are observed on two profitability measures, return on assets and return on equity and Tobin’s Q as the market indicator using a cross-sectional time-series panel data method of 54 firms in the basic materials sector listed on the JSE from 2017 to 2021. A regression analysis model is used to ascertain whether and to what degree a relationship exists between corporate governance and firm profitability within JSE-listed basic materials sector firms. The results show that corporate governance characteristics have a mixed impact on firm profitability, with some indicating a negative or no significant relationship, highlighting the complexity of this association. This study proves that if a firm chooses suitable corporate governance characteristics, the profitability of a firm can be enhanced. The outcome of this study should have implications for academic thoughts for further research on this subject and calls for a more concerted effort for boards to implement more prudent corporate governance mechanisms to future-proof the business of the basic materials sector.

This study investigates the relationship between banks' corporate governance practice and its impact on financial sustainability. In this study, twenty-four private commercial banks' data have been analyzed from 2014 to 2023. Our investigations included a variety of econometric models, including cross-sectional GLS, fixed effect, random effect, and pooled OLS. In our study, we found that including women on the Board of directors plays a positive role in ensuring the financial sustainability of banking sectors in Bangladesh. Apart from that, increasing the participation of independent directors on the board of directors, expenditures in research and development in the best banking practices, and inflation positively increase banks' profitability, which translates into financial sustainability. This finding is consistent with the findings of the random effect model. On the other hand, whenever we used ROE as an explained variable, we found that both in pooled OLS  and random effect methods, board diversity, CEO tenure, firms audited by the big four firms, and inflation have a positive association with ROE. In the fixed effect method, we observed that audit committee size and ownership concentration play a vital role in explaining the financial sustainability of private commercial banks in Bangladesh. In the FGLS method, We found that CEO tenure, age of the firm, firms audited by the big four firms, presence of the independent director on the board, and inflations significantly impact the financial sustainability of commercial banks of Bangladesh.

The purpose of this paper is to systematically examine studies on the relationship between corporate governance, organizational culture and firm performance, with the aim of knowing the potential for future research. The literature search consisted of two steps: a random literature review and a systematic literature review. The methodology adopted in this article is a systematic literature review. The Organizational Culture variable is an opportunity for research which is thought to be able to strengthen the relationship between corporate governance and firm performance, ownership structure and Board Characteristics which can be used as a proxy for corporate governance using resource based theory (RBV), resource dependence theory and agency theory, where research related to governance is an issue that is still very relevant to research at this time. Practical Implications, the development of a conceptual framework using resource-based theory (RBV) and resource dependence theory has implications for researchers to study by including organizational culture which is thought to influence company performance. Future research can add or replace it with other more relevant variables, so that it can be empirically tested how the relationship between corporate governance and firm performance and the organizational culture variable as a moderating variable. Future research is expected to give contribution for policy makers, company managers and investors in understanding important factors in order to create a good corporate governance.

Capital structure defined by the proportion of debt and equity financing has always been an important component in managerial finance due to its relative importance in measuring a company's risk. Arguably, it is among the most controversial topics in corporate finance and has gain recent recognition of its importance when considering the emergence of different sources of financing across industry. The purpose of this study was to explore the relationship between capital structure and a firm's profitability in other to determine whether a significant connection exists between how a firm finances its operations and its financial performance. A comprehensive Lilliefors’s, Kolmogorov Smirnov and Chi square tests analysis were utilised for a sample of 23 peer reviewed journal articles across various industries. The findings revealed that capital structure cannot be used to explain variations in profitability and profitability is independent of capital structure. This paper contributes to the ongoing debate on optimal capital structure by strengthening methodological rigor and some of the existing theories on how capital structure can be used to maximise profitability. It may be very helpful for further studies to first establish the direction of impact and the size effect of the independent variables.

This study analyses the impact of transaction exposure, firm size, and liquidity on firm value with leverage as a mediating variable in on Consumer Non-Cylicals Sector Companies Listed on the Indonesia Stock Exchange from 2018 to 2023. Using Signalling Theory and Trade-off Theory as theoretical frameworks, the research employs path analysis to evaluate the relationships between variables. The findings reveal that transaction exposure, firm size, and liquidity have a positive significant effect on firm value. Conversely, leverage shows a negative significant impact on firm value, suggesting that excessive debt increases financial risk, thereby reducing firm value. Moreover, the study indicates that leverage does not mediate the effects of transaction exposure, firm size, or liquidity on firm value. These results highlight the importance for companies to prioritize managing liquidity and capital structure effectively to optimize firm value. Excessive use of debt should be minimized to avoid diminishing profitability and reducing market value, especially for firms with high exposure to international transactions.

The Kenyan government has implemented numerous reforms, including the inclusion of the manufacturing sector as one of the government's four major agendas for revitalizing the sector. Despite these reforms, statistics show that over the last ten years, manufacturing industries in Kenya listed on the Nairobi Securities Exchange have experienced stagnation and declining profits, slowing growth, and declining market share, necessitating the establishment and execution of effective corporate governance. Therefore, the current study investigated the effects of corporate governance on performance of manufacturing and allied firms listed at Nairobi Security Exchange, Kenya. The study specifically investigated the effects of board composition, board size, board independence and board diversity on performance of manufacturing and allied firms. Agency theory, RBV and stakeholder’s theory anchor the study. Descriptive research design was used. Stratified random sampling technique was used as a sampling technique. A self-administered semi-structured questionnaire was used to collect primary data from a population of four hundred and thirty-nine manufacturing and allied firms. Two hundred and nine corporate managers from these manufacturing companies were sampled. A pilot test of twenty-nine respondents was conducted. Collected data was coded, cleaned, and analyzed. Data analysis included the creation and interpretation of descriptive means, percentages, and standard deviations, which was presented in the form of tables, charts, and graphs. The results of regression analysis established that board composition, board size, board independence and board diversity significant influenced firm performance of manufacturing and Allied Firms listed at the Nairobi Securities Exchange, Kenya.

The study examined the influence of board nationality diversity on shareholder value creation of non- financial companies listed on the JSE for a 10- year period from 2013 to 2022.The study used quantitative quasi-experimental research design. The study measured board nationality diversity using proportion of foreign directors on board, Blau index for board nationality diversity, dummy variables for one, two and three or foreign directors. The proxies of shareholder value creation included standard market value added, market- to book ratio and Tobin’s Q and fixed effects model based on linear and curvilinear models were used to test the hypotheses. Main findings of the study demonstrate that proportion of foreign directors on board has an insignificant negative impact on standardised market value added and Tobin’s Q, while significant negative impact on market to book ratio.  Blau index for board nationality diversity has insignificant negative impact on standardised market value added and market to book ratio, yet insignificant positive impact on Tobin’s Q. One foreign director on board has significant positive impact on standard market value added and market to book ratio, while insignificant positive impact on Tobin’s Q. Two and three foreign directors on board have insignificant positive impact on all shareholder value creation measures. In relation to curvilinear models, proportion of foreign directors on board and Blau in index for board nationality diversity have both positive and negative impact on all shareholder value creation measures highlighting an inverted U- shaped effects.

This study was conducted to see whether there is a difference between mergers and acquisitions on financial performance and firm value or not. A total of 31 companies conducting mergers and acquisitions in 2016-2018 listed on the Indonesia Stock Exchange were sampled in this study. The occurrence of decline in profitability, liquidity, activity ratios and firm value as well as an increase in solvency ratios after mergers and acquisitions became the impetus for conducting research. The measuring tool of profitability is Net Profit Margin (NPM). The measuring tool of liquidity is the Current Ratio (CR). The measuring tool of Solvency is the Debt-to-Equity Ratio (DER). The measuring tool for the activity ratio is Total Asset Turnover Ratio (TATO). And the instrument for measuring the value of the company is the stock price. This study used the Wilcoxon-Signed Rank Test to test the hypothesis. The results showed that there was a difference in the Current Ratio (CR) after the merger and acquisition. However, mergers and acquisitions make no difference in Net Profit Margin (NPM), Total Asset Ratio (TATO), Debt-to-Equity Ratio (DER), and Firm value.

The article examined corporate governance's effects on the performance of cement-producing companies in Zambia. Assessing the performance of one of the manufacturing segments of the manufacturing industry because of the effects of corporate governance was detrimental to findings on why there is limited growth in the industry. The study specifically assessed the effects of board size, board independence, CEO duality, multiple directorships, and board tenure on the company's performance. A deductive approach strategy was used, which focused on four leading cement-producing companies in Zambia: Lafarge, Dangote, Sinoma, and Zambezi Portland. A sample population of 150 participants was targeted. Questionnaires collected primary and secondary data from the company’s audited reports. This study used the principal components analysis, correlation, and regression analysis using SPSS version 27. The study found and concluded a positive correlation and effect between multiple directorships and board independence on the company's performance. CEO duality positively impacted the company's performance, but it was not statistically significant. On the other hand, it was concluded and found that board tenure and board size had a negative effect on the company's performance. This implied that they had a reducing impact on the performance of the companies in the cement manufacturing industry. Cement companies should tailor the size of their boards to meet their unique requirements, even though board size and tenure have a negative and statistically significant effect on performance.

This study aims to examine the effect of ownership structure on the level of agency conflict and examine the effect of corporate debt levels on the relationship between ownership structure and agency in manufacturing companies which is listed on the Indonesia Stock Exchange (IDX). In this study, researchers use two ownership structures, namely family ownership and insider ownership. The ownership structure is measured by the percentage of share ownership by family and insiders. The population of this study is all manufacturing companies listed on the IDX (Indonesian Stock Exchange) from 2017 to 2019. This study uses the purposive sampling technique. This study also has 19 companies with family ownership structures and 21 companies with insider ownership structures as samples. The data analysis technique uses descriptive statistical analysis by SPSS. The results of this study indicate that family ownership and insider ownership have a negative effect on the level of agency conflict in the company. In addition, this study also proves that the level of debt in the company strengthens the relationship between ownership structure and the level of agency conflict.

This study aims to determine the effect of debt policy and profitability on firm value moderated by corporate governance. This study uses secondary data on manufacturing companies listed on the Indonesia Stock Exchange for a five-year period from 2016 to 2020. The sample selection used the purposive sampling method in order to obtain a total of 195 samples that met the specified criteria. This research was tested using Moderated Regression Analysis. The results of this study provide evidence that debt and profitability policies have a positive effect on firm value.  Corporate is unable to influence the policy of debt to the value of the company, meaning that corporate governance cannot parse the information asymmetry caused by the policy of debt to corporate value and corporate governance strengthen the influence of profitability on firm value, which means that with the increasing corporate governance can strengthen the effect of profitability on firm value.

This study aims to systematically review the key characteristics and issues of corporate governance and ownership (CGO) research and to offer directional suggestions concerning the future of CGO research. The Systematic Assessment Quantitative Technique (SQAT) was used to identify and analyze 65 peer-reviewed CGO articles from six high-quality academic databases. The study covered 2009 to 2019 and there is evidence of a growing number of CGO articles over the number of years covered. Most of the studies have taken place in Asia and Europe, while South America has the lowest number of studies.  98% of CGO research has been empirical in nature, which calls for more conceptual studies to give more understanding of the research area because knowledge is dynamic. The primary focus of the articles has been on firm performance and closely followed by regulatory policies. All the CGO articles adopted the quantitative research method, using mainly critical analysis. However, combining both quantitative and qualitative methods will make future studies more robust and give additional insight into various issues of CGO. Finally, the use of only six databases which although contains high quality, peer-reviewed articles, but not all peer-reviewed CGO articles were in the databases. Future systematic reviews can widen the scope of databases to gain further insight.

This study examined the long-run effect of financial leverage on firm value with evidence from a sample of 62 firms quoted on the Nigerian Stock Exchange, over the five-year period between 2014-2018. The level of financial leverage as measured by the Debt-Equity ratio while firm value was represented by Tobin’s Q Market-Book Value Ratio. The study contributes to the literature by appraising the dynamic dimensions of the causal relationship between firm value and financial leverage, an investigation that has remained elusive in indigenous studies. The study determined the degree of long-term causality by employing an auto-regressive model estimated by the Generalized Method of Moments (GMM) technique. The regression results show that financial leverage has a significant positive effect on the firm value both in the short and long run, while the result of the correlation analysis carried out reveals that there is a significantly positive and strong linear relationship between the time series of firm value and its lagged version implying that firm value does not demonstrate traits of Mean reversion. The Management of these companies was advised to optimize firm value by undertaking quality projects and relying more on debts for funding.

Small and Medium Scale Enterprises (SMEs) continue to be major players in the economic growth of Uganda as well as many of the emerging economies. The Uganda Investment Authority had projected 5.5% economic growth by 2030 in anticipation of stable market conditions necessary for the sustained financial performance of SMEs. However, the business failure rate of SMEs in Uganda had persistently revolved around 70% in 2018 from 50% in 2004. This problem had been linked to the turbulent market conditions characterized by intensive competition as well as volatile consumption behavior of the customers. Empirical literature indicates that competitive intensity, as well as volatile customer demand, presents a negative impact on financial performance. Hence, the study sought to determine the moderating effect of market conditions on the capital structure-financial performance relationship of SMEs in Uganda. From a population of 218,561 SMEs, a sample of 453 respondents was selected out of which, 423 responded to the questionnaire. Primary data were analyzed using descriptive statistics and multiple regression techniques. The hypothesis was tested at a 0.05 level of significance. Findings indicated that Market conditions had a positive and significant moderating effect on the capital structure-financial performance relationship (?= 0.175 and p = -0.027). We conclude that market conditions can strengthen/ weaken the effect of capital structure on the financial performance of SMEs. We recommend that SMEs should evaluate the market conditions during the process of deciding the financing mix for their operations to optimize the impact of capital structure on financial performance

The study aimed at examining the effect of shareholder loyalty on firm value-creating outcomes in Kenya.  The study used a sample of 117 institutional shareholders in listed firms in Kenya. Data was collected through questionnaires and analyzed using descriptive statistics such as mean, mode, and median and inferential statistics including factor analysis, regression, and analysis of variance (ANOVA). The study concluded that shareholder loyalty has no significant effect on firm value-creating outcomes. The study contributes to the literature on shareholder engagement, particulary on shareholder loyalty from a Kenyan angle. Shareholders are advised to consider their initial cost of investment, costs, and penalties on exit and impact on their business interests with the firm as they decide on their voice or exit actions.

Critical to the success of financial institutions' performance is there Capital Structure. The study aimed to, investigate the effect of two capital structure determinants, leverage, and firm size on financial performance as measured by Return on Assets of Deposit Taking Savings and Credit Cooperative Societies in Kenya. The study was grounded on Tradeoff, Pecking order, and Mogdiliani and Miller capital structure theories. A positivist approach was adopted utilizing a mixed-method research design. The population of the research study was 174 Deposit Taking Savings and Credit Cooperative Societies from whom primary and secondary data was collected. A stratified and purposive sampling technique was employed. Descriptive statistics and a regression model were used to analyze the data. The results revealed that firm size had a significant and positive effect on financial performance, whereas Leverage, had a significant but negative effect on financial performance. The study recommends having in place an Assets and Liabilities committee in each Deposit Taking Savings and Credit Cooperative Society that would help manage the assets and liabilities of the institution, ensuring sound liquidity and cash flow management. Critical factors that contribute to a firm size such as increased membership, deposits mobilization amongst others need to be addressed.

The key purpose of this research paper is to explore the moderating effect of Corporate Governance on the relationship between accounting base financial performance i.e. ROA, and ROE and Capital Structure of 173 Manufacturing firms listed in KSE of Pakistan for the period of 2009 to 2014. In this study multiple regression method is used under fixed effect regression model approach on panel data. The empirical results show that the inclusion of Corporate Governance Index (CGI) as moderating variable has influenced the interaction between Capital Structure and Financial Performance which was positively significant. The result is generally found that the most of Pakistani manufacturing listed firms pursue good corporate governance mechanism and use good and optimal level of Capital Mix to get the better and high financial performance. Furthermore, the corporate governance sub-indices i.e. board structure (BOD-I) and transparency & disclosure (DISC-III) both also have positive and statistically significant association with both firms performance variables: ROA and ROE. Moreover, the ownership structure sub-index (OWS-II) has not significant influence on financial performance. In last, the capital structure also has positive relationship with financial performance, interestingly about 70 per cent of Capital is financed by Equity capital and the Debt capital signifies 30 per cent only. The core significance of this paper is to investigate the impact of Corporate Governance practices on financial decisions from the Pakistani perspective.

Determining the optimal capital structure is one of the most fundamental policy decisions faced by financial managers. Since optimal debt ratio influences firm’s value, different firms determine capital structures at different levels to maximize the value of their firms. Thus, this study examines the relationship between leverage and firm specific (profitability, tangibility, growth, risk, size and liquidity) determinants of capital structure decision, and the theories of capital structure that can explain the capital structure of banks in Ethiopia. In order to investigate these issues a mixed method research approach is utilized, by combining documentary analysis and in-depth interviews. More specifically, the study uses twelve years (2000 - 2011) data for eight banks in Ethiopia.   The findings show that profitability, size, tangibility and liquidity of the banks are important determinants of capital structure of banks in Ethiopia. However, growth and risk of banks are found to have no statistically significant impact on the capital structure of banks in Ethiopia. In addition, the results of the analysis indicate that pecking order theory is pertinent theory in Ethiopian banking industry, whereas there are little evidence to support static trade-off theory and the agency cost theory. Therefore, banks should give consideration to profitability, size, liquidity and tangibility when they determine their optimum capital structure.