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Results in Journal Corporate Governance and Sustainability Review: 84

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Jameel Aljaloudi
Corporate Governance and Sustainability Review, Volume 5, pp 34-41; https://doi.org/10.22495/cgsrv5i3p3

Abstract:
This study aims to estimate the negative effects of COVID-19 on the Jordanian economy. These effects are expected to coincide with the results of studies carried out by international institutions. For example, the International Labor Organization (ILO) estimated indicate an increase in the number of unemployed to 5.3 million (the “low” scenario) and 24.7 million (the “high” scenario), from a baseline of 188 million in 2019 (ILO, 2020a). Experts from the World Bank and the International Monetary Fund (IMF) confirmed that the global economic downturn (caused by the coronavirus pandemic) is the largest in the past eight decades, which will lead to an increase in poverty and inequality and harm economic growth in the long term. (News 18, 2020). To measure the impact of COVID-19 on the Jordanian economy, the following indicators were adopted: an economic growth, an unemployment rate, a foreign trade (imports and exports), public revenues, public spending, a public debt, and a budget deficit. The study relied on data contained in reports issued by international institutions and official institutions in Jordan. The results indicate a slowdown in the rate of economic growth, an increase in the unemployment rate, a decrease in exports and imports, an increase in the public debt and the budget deficit
Sweta Srivastava Malla, Sharad Chandra Sharma
Corporate Governance and Sustainability Review, Volume 5, pp 18-33; https://doi.org/10.22495/cgsrv5i3p2

Abstract:
The focus of this research was to investigate consumer attitudes about CSR (corporate social responsibility) strategies used by organizations, using a non-western perspective. Today every organization intent to go global, raising every organization’s concern with acquiring legitimacy by incorporating their stakeholders’ expectations into their overall business plan. Globalization running parallel with the lack of corporate self-regulation has challenged global businesses to justify their actions in the name of CSR. Understanding consumer perceptions of various CSR initiatives will aid in aligning business behavior with stakeholder expectations, which is vital to ensure the corporation’s long-term survival. The findings of the study indicated that consumers are influenced by CSR platforms, initiatives, and specific marketing strategies. Analysis of the data collected through an online survey provided insight into how businesses may use numerous CSR factors to improve customers’ satisfaction, loyalty and assess consumers’ inclination towards delivering socially desirable answers. The study is grounded within the framework suggested by Carroll (1991) and subsequent modifications provided by Visser (2005, 2008). The outcomes of the study will assist the practitioners, particularly those belonging to emerging economies, in properly strategizing and planning for their business’s future development. A cross-cultural perspective has been provided in the study.
Emmanuel Selase Asamoah, Albert Puni
Corporate Governance and Sustainability Review, Volume 5, pp 8-17; https://doi.org/10.22495/cgsrv5i3p1

Abstract:
Corporate financial performance (CFP) is a key benefit that comes with the adoption and implementation of a good corporate governance structure in organizations. The objective of this paper is to analyze the effect of the six (6) broad corporate governance structures (board composition, board committees, separation of CEO/chairman, size of board, number of board meetings held, and shareholder concentration) on CFP measured by ROA, ROE, EPS, and Tobin’s Q among Ghanaian companies. The target population for the study was the companies that were listed on the Ghana Stock Exchange (GSE) for the period 2015–2020 and purposive sampling methods were deployed in the sample selection. The study found that using ROA as a performance indicator, corporate governance variables affected CFP by 18.95% whilst it influenced ROE by 29.71%. Additionally, corporate governance mechanisms impacted EPS by 52.53% when it was used as a performance indicator and 18.01% when Tobin’s Q was the performance index. The paper concludes that companies that implement the corporate governance guidelines on best practices stand a better chance of enhancing CFP especially with performance targets that integrate shareholder value maximization.
Corporate Governance and Sustainability Review, Volume 5, pp 102-105; https://doi.org/10.22495/cgsrv5i2p9

Abstract:
This review covers the book titled “Board of directors: A review of practices and empirical research”, edited by Stefano Dell’Atti, Montserrat Manzaneque, and Shab Hundal (Virtus Interpress, 2020; ISBN: 978-617-7309-16-0). The focus of this review is particularly on board diversity and sustainability issues that, in the reviewer’s opinion, are two challenges that will keep boards of directors busy in the years to come. It also highlights the contribution of this book to the ongoing discussion on key issues relating to board of directors
Soumaya Ben Khelifa
Corporate Governance and Sustainability Review, Volume 5, pp 89-101; https://doi.org/10.22495/cgsrv5i2p8

Abstract:
While the performance of hedge funds has grabbed much attention from researchers, a few studies have been conducted on the drivers of hedge fund liquidity and performance (Shaub & Schmid, 2013). This study proposes new approaches to investigate the effect of share restrictions on European hedge fund performance and liquidity. We run different regressions of 1) returns, 2) flows, and 3) exposure to market liquidity risk on share restrictions, managerial incentives, and a set of control variables as independent variables. Using a sample of 1423 European hedge funds, our results suggest that restrictions imposed by European hedge funds add economic value to investors. Furthermore, we find that European hedge funds with strong share restrictions take on lower liquidity risk. There is a weak difference in liquidity risk exposure across directional European hedge funds with and without share restrictions. In addition, European hedge funds’ experience, large outflows during a crisis, and all share restrictions do not seem to be significantly related to funding flows in the crisis period, as well as in times of non-crisis. Finally, only the groups of young funds are associated with significant funds exposure to market liquidity risk
Shirley Mo Ching Yeung
Corporate Governance and Sustainability Review, Volume 5, pp 82-88; https://doi.org/10.22495/cgsrv5i2p7

Abstract:
The aim of this paper is to explore the key elements of emotion sustainability (ES) and sustainable partnership (SP) under post-COVID-19. Qualitative primary data is a major part of data analysis to support the findings from qualitative secondary data analysis on ES. The key findings for wellness influence are 1) self-awareness, 2) spiritual support, and 3) trust with flexibility for productivity with ES and SP with the SERVQUAL model. The learning outcomes on literature and 10 interviews with interviewees from Southeast Asia countries related to ES demonstrate that the principles of SERVQUAL are embedded in measuring wellness. For self-awareness related to new wellness skills, factors such as raisin diet, grapes nutrition awareness, antioxidant, happiness emotion, and adaptiveness are explored. Management with influence via ES and SP under post COVID-19 in 2020 has seldom been studied. With these findings, organizations shall have an idea of designing activities to enhance emotional sustainability for staff members. The paper details the learning outcomes generated from the literature in the past as well as the use of SERVQUAL. This is important for organizational development with wellness training and individual/organizational development
Ahmed M. Abdel-Meguid, Khaled M. Dahawy, Nermeen F. Shehata
Corporate Governance and Sustainability Review, Volume 5, pp 73-81; https://doi.org/10.22495/cgsrv5i2p6

Abstract:
This paper provides an exploratory analysis of the extent of Sustainable Development Goals disclosure (SDGD) by the top 30 Egyptian companies. We use the 33 core indicators of the United Nations Conference on Trade and Development (UNCTAD), which span economic, institutional, social, and environmental areas. Overall, the results suggest that SDGD in Egypt is still gaining traction, as indicated by a relatively low average disclosure score of only 25%, which translates to approximately eight indicators. We also document a variation in SDGD among the four areas, where disclosure addressing economic and institutional indicators is higher than that of social and environmental areas. This variation could be attributed to the differential regulatory and legal intensity. Disclosure is most noticeable for taxes, employment, women empowerment, financial transparency, corporate governance, and energy. We argue that Egypt has the legislative infrastructure and clear political will from the state to support sustainable development. However, there is a need for coordinated awareness efforts to establish a culture of sustainable development among various stakeholders, including businesses. Finally, there should be a stronger conviction regarding the importance of information sharing as well as comprehensive reporting standards and enhanced regulatory enforcement. To the best of our knowledge, this is the first paper to address the status of SDGD in Egypt. Accordingly, there is a need for future research that analyzes both the determinants of SDGD and its consequences
Tien-Chin Wang, Bi-Chao Lee
Corporate Governance and Sustainability Review, Volume 5, pp 57-72; https://doi.org/10.22495/cgsrv5i2p5

Abstract:
Forecasting is becoming increasingly important in corporate sustainability governance, as is government governance, and the prediction of police crime hotspots is related to human rights, so transparency is needed. There are many ways to predict hotspots of criminal activity in urban areas. Experts assume that if many crimes occur somewhere, even more, are likely to happen at subsequent times. Such predictions may rely on a state dependency model such as the Poisson distribution algorithm to formulate re-occurrence, its results can provide a visualized hotspot map with Q-GIS maps. Forecasting sets the threshold for re-occurrence and affects the distribution of the forecast. This paper studies the occurrence of criminal activity in urban areas, refers to the metrics set by the NIJ’s crime prediction contest and focuses on the presentation of the results by accumulating different historical data. It was determined that when the amount of cumulative data is greater, its prediction measures by the prediction accuracy index (PAI) insures that accuracy is improved, but the prediction efficiency index (PEI) that efficiency level is worse. Because threshold setting directly affects the performance of the forecast, it can be used differently. Here sets four different indicators, hit rate, useful rate, waste rate, and missing rate. It was determined that the hit rate, missing rate, the PAI value, and the PEI value are directly proportional to the threshold value, while the trend of useful rate and waste rate are inversely related. Concerned policymakers can set different thresholds dependent up the number and budgetary constraints of police forces, and they can work towards achieving crime prevention in urban hotspots. Importantly, Poisson’s approach can be simply implemented with Excel, be conducive to drive by the office practitioner, and elevate the transparency of crime prediction.
Kasun Tharaka Dissanayake, D. B. P. H. Dissabandara
Corporate Governance and Sustainability Review, Volume 5, pp 44-56; https://doi.org/10.22495/cgsrv5i2p4

Abstract:
The “dividend puzzle” has been an unresolved problem since the 1950s. The purpose of this paper is to investigate the nature and a level of the relationship between board characteristics dividend policy. The study used a positivistic approach and Spearman correlation metric, descriptive statistics, and binary regression models have been deployed as analytical tools. It is found that food and beverages sector had the highest percentage for dividend payout from 2015 to 2019. The highest percentage for women on boards was 13% in the land and property sector. The average board size for the selected companies was 8. The likelihood to pay dividends, women on boards, the board size, and CEO duality indicated a significant positive relationship. Panel regression results indicate that there is no significant relationship between board characteristics and the level of dividend payment for the selected sample. But in a sectorial analysis audit committee size has a significant negative relationship with the level of dividend payment in the manufacturing sector whereas board gender diversity has a significant positive relationship with the same in the food and beverage sector. In summary, dividend decision has been affected by several board characteristics, but such factors had no significant impact on the level of dividends declared in the market. The sectorial analysis revealed that several characteristics affected the level of dividends in two sectors
Hamza El Kaddouri, Modar Ajeeb
Corporate Governance and Sustainability Review, Volume 5, pp 35-43; https://doi.org/10.22495/cgsrv5i2p3

Abstract:
The adoption of the Law relative to the Liberties and Responsibilities of Universities (LRU) in 2007 has sought to “modernize” the governance system of French universities. Article 18 of this Law stipulated “the accounts of the university are subject to an annual audit by a legal auditor” (Law no. 2007–1199 of 10 August 2007). This paper explores management teams’ perceptions of the role of legal audit in the governance system of French universities and its impact on the managerial latitude of university managers. Based on twenty-five interviews carried out with members of the management teams in three universities, the results of this study are threefold. Firstly, legal audit plays a disciplinary role by reducing the information asymmetry and cognitive conflicts between university managers and the stakeholders involved in governance particularly the financial supervisory authorities and the accounting agency. Secondly, the audit report is used by university managers to reinforce the legitimacy and the objectivity of their decisions, in the face of internal and external political pressure coming mainly from the university council, faculties, and the supervisory authorities. Thirdly, legal audit plays a complementary role to the governance system in place, including the controls of the accounting agency, the Council, and the Rectorate. Therefore, the results of this research are part of an integrated governance approach (Wirtz, 2006) which is characterized by the complementarity between the disciplinary and cognitive dimensions (Williamson, 1991; Charreaux, 1997)
Vincent Gagné, Sylvie Berthelot
Corporate Governance and Sustainability Review, Volume 5, pp 22-34; https://doi.org/10.22495/cgsrv5i2p2

Abstract:
This paper examines the evolution of the extent to which firms with a high greenhouse gases (GHG) emission impact complied with Chartered Professional Accountants (CPA) Canada guidelines on climate change disclosures, as well as the factors that influenced these disclosures. The sample is comprised of Canadian firms in the mining, energy, and chemical sectors. The study measures the influence of the firms’ political exposure and media visibility, their audit firm, the presence of an environment committee, their ownership structure, and their financial performance on their GHG emissions disclosures. Our findings show that these disclosures considerably evolved over the 10 year period from 2007 to 2017 and that this evolution was in the form of a leap rather than a slow and steady learning curve. We also confirmed the significant influence of the environment committee, political exposure, and media visibility on this evolution. Our empirical results corroborate the work of DiMaggio and Powell (1983), outlining the important role normative pressures play in voluntary GHG emissions disclosure firms make in order to secure the legitimacy conferred by society (Suchman, 1995)
, , Noomen Chaabane
Corporate Governance and Sustainability Review, Volume 5, pp 8-21; https://doi.org/10.22495/cgsrv5i2p1

Abstract:
The purpose of this paper is to investigate the effect of selected governance characteristics on the level of environmental disclosure in Islamic banks within the MENA zone. This study used a sample of 40 Islamic banks as part of a new data set, namely the data collected from the annual reports. Environmental disclosure is developed to measure the level of environmental information. We measure the environmental disclosure by both the energy disclosure items and the natural environment disclosure item provided by the annual reports. Multiple linear regression analyzes were used to verify the effect of a bank’s governance characteristics on the level of environmental disclosure. This study may contribute to the existing literature by providing insights from countries with an emerging economy and providing updated documentary and empirical evidence concerning the association between the characteristics of governance and the level of environmental disclosure of Islamic banks within the MENA zone
Michael Lester, , Julie Crews
Corporate Governance and Sustainability Review, Volume 5, pp 143-153; https://doi.org/10.22495/cgsrv5i1sip5

Abstract:
During 2020, Australia managed the global and systemic COVID-19 crisis successfully as measured by health and economic indicators. It marshalled the government’s delivery capacity to control the health crisis and put in place measures to offset the induced economic and social costs. At the same time, the crisis revealed long-standing structural weaknesses in a small, democratic, wealthy, and economically successful country that raised questions about post COVID resilience and sustainability. This paper examines that experience by applying a “co-production” governance model that sees success in “crisis management” as the striking of a balance between government capacity and its legitimacy in the eyes of its people. Lessons are drawn in terms of Australia’s ability to tackle the ongoing transition out of COVID and future crises, by building systemic resilience and sustainability
, Julie Crews
Corporate Governance and Sustainability Review, Volume 5, pp 90-92; https://doi.org/10.22495/cgsrv5i1sieditorial

Abstract:
The five papers in this special issue reflect the initial impact of the COVID-19 pandemic, in its first year, on corporate governance and sustainability. What is common throughout these papers is how the pandemic has created disequilibria for many organisations. The question continues to be posed as to the new forms of organising and managing as the world reorientates or pivots in a pandemic and post-pandemic world
, Eusebio Chiahsin Leou
Corporate Governance and Sustainability Review, Volume 5, pp 131-142; https://doi.org/10.22495/cgsrv5i1sip4

Abstract:
From February to December 2020, the Government of Macau Special Administrative Region (MSAR) of the People’s Republic of China (PRC) implemented strict health measures to control the pandemic caused by the coronavirus (COVID-19). Among several other developments, universities in the territory turned to online teaching, which lasted for the entire 2020 spring semester. This paper aims to identify the empirical lessons learned from that period, from both pedagogic and governance points of view, keeping in mind the impact of technological, human-related, and governance challenges. The sustainability of online teaching for a limited period of time was directly related to the effectiveness (and speed) of external coordination (involving the relevant governmental departments) and internal commitment within the university. Despite the relative academic success and the technological transformation, one of the key lessons learned is that online teaching cannot effectively contribute to the processes of secondary and anticipatory socialization in the same way as in-person learning. Therefore, online teaching is not sustainable as a stand-alone tool in higher education. It fails to deliver secondary and anticipatory socialization particularly with regard to the sense of connection and togetherness. Clearly, the current model of academic governance has not been designed to face this type of challenge
, Roopinder Oberoi, Jamie P. Halsall
Corporate Governance and Sustainability Review, Volume 5, pp 120-130; https://doi.org/10.22495/cgsrv5i1sip3

Abstract:
COVID-19 has overwhelmed and stretched existing healthcare infrastructure in both developed and developing economies and pushed governmental response mechanisms to the brink. Globally, governments elicited the call for corporate support, asking social entrepreneurs and social business ventures to organise efforts to build voluntary support for the large-scale response needed during the sudden lockdown disruptions. By April 2020, 26.5 million jobs were lost in the US alone (Lambert, 2020), global stocks plummeted at least 25% and gross domestic product (GDP) contracted significantly for all countries. With reduced domestic demand for non-food goods, reduced foreign demand for US goods exports, supply-chain disruptions, and plant closures, the manufacturing sector saw a huge decline (Reinicke, 2020). Governments all over the world announced massive stimulus packages. The US has approved $2 trillion financial support to combat the economic downturn so far (Emma & Scholtes, 2020) and EU finance ministers have recently approved €500 billion in stimulus measures (Riley, 2020). It is estimated that the global economy will grow at -3 percent in 2020. This article sheds light on the role of social enterprises in addressing the societal problems caused by COVID-19. The authors highlight the efforts of virtual and collaborative associations who seek to swiftly recognise issues and develop solutions, which create social value and alleviate the plights of suffering communities. This article sheds light on the role of social enterprises in addressing the societal problems caused by COVID-19. The authors highlight the efforts of virtual and collaborative associations who seek to swiftly recognise issues and develop solutions, which create social value and alleviate the plights of suffering communities. The authors place emphasis upon the role of the social entrepreneur in developing a way forward in these challenging times and present a contemporary conceptualisation of the social entrepreneur in the form of an “avatar” and the impact that this may have on social enterprise.
, Hermann J. Stern
Corporate Governance and Sustainability Review, Volume 5, pp 107-119; https://doi.org/10.22495/cgsrv5i1sip2

Abstract:
The purpose of this paper is to answer the research question of how to design a fair and resilient compensation scheme according to stakeholder theory and the sustainability concept. The first finding of this paper is the framework for the sustainable, fair, resilient, scientific, simple, and practical compensation schemes — pay for sustainability (P4S). P4S has been developed after reviewing the literature and obtaining insights from the compensation consultants in Switzerland. It is also a useful tool in COVID-19 and will be for future crises. As a second finding, this theory-adaptation-based conceptual and commentary paper criticizes the conventional executive compensation structure and introduces the business lessons learned from the COVID-19 crisis. As a contribution to both the literature and practice, this research advances the novel knowledge in the field by conceptualizing a reliable and scientific framework and explaining the advantages and disadvantages of the four methods of the P4S framework. During COVID-19, environmental, social, and governance (ESG) based performances and compensation schemes have gained more importance. Finally, these proposed methods contribute to the adaptation of ESG-based compensation schemes while considering the local and individual differences of organizations
Hugh Grove, Maclyn Clouse, Tracy Xu
Corporate Governance and Sustainability Review, Volume 5, pp 94-106; https://doi.org/10.22495/cgsrv5i1sip1

Abstract:
The COVID-19 global pandemic has created unique and far-reaching impacts on corporations. Given the essential oversight role of boards of directors, it becomes critical for them to develop strategies as their companies respond to the challenges and risks under these unprecedented circumstances. This paper applies corporate governance principles and action plans for boards to help their companies survive this crisis and build sound business prospects both in the short run and long run. For immediate company survival, this paper encourages boards of directors to focus on short-term liquidity and employ five principles for COVID cash management as proposed in Gifford (2020), including detailed forecasting, setting spending priorities, initiating early communication, shortening reporting cycles, and planning for low cashpoints. Since liquidity does not equate to solvency for company survival, boards of directors also need to focus on long-term solvency by monitoring the new normal of business strategies, including the high likelihood of insolvency among small businesses and mixed solvency situations among large corporation. In addition, this paper identifies the key opportunities for the boards of directors to exploit and strengthen corporate governance during this pandemic period, including advocating a COVID disaster recovery plan with best practices, developing an emergency response checklist, establishing efficient disaster responses, and bolstering monitoring mechanisms for employees, operations, finances, customers, and supply chains (Butcher, 2020). The major sections of this paper are current COVID reflections, a case study of the Hertz Corporation, future COVID reflections, business strategies for the new normal, COVID cash management principles, COVID threats to corporate governance, COVID opportunities for corporate governance, and conclusions
Corporate Governance and Sustainability Review, Volume 5, pp 4-6; https://doi.org/10.22495/cgsrv5i1editorial

Abstract:
The eight papers included in this issue offer the opportunity to capture the latest trends in on-topic researches. The thread of this issue concerns the centrality of the emerging marketing and economies in developing new knowledge and understanding in corporate governance studies.
Areej Aftab Siddiqui, Parul Singh
Corporate Governance and Sustainability Review, Volume 5, pp 75-84; https://doi.org/10.22495/cgsrv5i1p8

Abstract:
With the onset of the US-China trade war in July 2018, the trade patterns between China, the US, and India have undergone a tremendous change. The number of products in which China had a competitive advantage in terms of exports to the US has declined in the last 9 months. A number of developing countries may be benefitted from the ongoing tariff war between the US and China, like Vietnam, Brazil, India, and Korea. In the present study, an attempt has been made to analyse the impact of the US-China trade war on exports of India to the US. The sector which has been selected is the chemical sector comprising of organic and inorganic chemicals as chemicals are one of the top-exported products from India to the US. To analyse the impact, the difference-in-differences technique of regression has been applied. The results indicate that after July 2018, i.e., the commencement of the US-China trade war, the impact on firms exporting chemicals from India to the US has been significant and firms in India may be a potential source for chemicals for the US provided the right policy measures are exercised in India. The results indicate that the trade war between the US and China has had a positive impact on the chemical exports from India to the US. The chemical exports from India to the US have increased post-July 2018, though not at a steep rate. This indicates that India has the potential to export chemicals to the US
Arash Mashhady
Corporate Governance and Sustainability Review, Volume 5, pp 65-74; https://doi.org/10.22495/cgsrv5i1p7

Abstract:
With the growing interest in sustainability, its incorporation in business management, and its inevitable intersection with the management of human resources, some scholars and practitioners have highlighted the potential benefits of successful implementation of sustainable human resource management as a source of competitive advantage. While this may denote a corporation’s capacity to respond to a wider range of needs and requirements beyond economic targets, researchers draw on different theories to point out the possible adverse consequences of adopting such multiple bottom-line approaches for employees. This study builds on ideas from previous research, particularly the works of Bush (2018), Bowen and Ostroff (2004) to 1) examine if the perceived degree of emphasis on a triple-bottom-line (TBL) approach is related to role ambiguity and role conflict; 2) investigate if the elements of human resource management system strength are related to role conflict and role ambiguity and, if these elements can moderate the relationship between the perceived degree of emphasis on TBL approach, role ambiguity, and role conflict. While the findings support the link between taking a TBL approach and role ambiguity and role conflict, it offers evidence that a strong human resource management system may reduce the role ambiguity and role conflict resulting from taking such approaches. Managerial implications and future research directions conclude this research
Victor Onuorah Dike, Joseph Kwadwo Tuffour
Corporate Governance and Sustainability Review, Volume 5, pp 54-64; https://doi.org/10.22495/cgsrv5i1p6

Abstract:
The lingering poor financial performance by banks and bank failure in the past three decades, despite various regulatory actions, has led to a debate on the efficacy of the various regulatory actions and the effectiveness of the practices of corporate governance in Nigerian banks (CBN, 2014; Berger, Imbierowicz, & Rauch, 2016). The study seeks to understand how corporate governance practices influence banks’ performance. The qualitative approach purposively selected three banks and three board interview respondents. Using thematic analysis, the results show that, large board size is not sufficient to improve performance but the broader expertise and other resources the directors bring are the critical elements. The study finds consensus that, outsider directors were desirable, as they provide additional expertise, and assist in making strategic input to improve management decisions. Enhanced monitoring and oversight responsibilities and access to information of board committees improve board effectiveness with favourable effects on bank performance. While the moderating effect of female representation with other governance characteristics on bank performance is subject to the female complementary expertise and their proportion of the board, that of foreign directors appear to be negligible. Bank boards are recommended to be of the right caliber and quantity with adequate resources to offer enhanced monitoring and oversight responsibilities
, Ranjita Singh, Matthew Malinsky
Corporate Governance and Sustainability Review, Volume 5, pp 39-53; https://doi.org/10.22495/cgsrv5i1p5

Abstract:
Corporate sustainability reporting is a contributor to strategic legitimacy (Chelli, Durocher, & Fortin, 2018) and certain traditional corporate characteristics (size, industry vulnerability) can influence the level of sustainability reporting (Drempetic, Klein, & Zwergel, 2020). However, limited literature exists in regards to sustainability reporting by Canadian companies operating in emerging countries. Content analysis of sustainability reports examined the current use of the Global Reporting Initiative (GRI) framework. Principal component analysis (PCA) provided a sustainability reporting index (SRI) measure for each firm using factor scores. Correlations and independent-samples t-testing tested the association of the level of reporting to a firm’s size, industry, level of internationalization, and level of activity in emerging economies. A review of 234 large Canadian-based, publicly-traded companies found a total of 86 companies employed the GRI framework, and data from these companies was used in this study. Asset size and vulnerable industries had no significant association with the level of sustainability reporting contrary to prior studies. Operating in emerging economies resulted in greater levels of sustainability reporting when compared to firms that do not. This finding is consistent with the external legitimacy strategy and contributes to the limited literature in this area
PoojaA Gokarna,
Corporate Governance and Sustainability Review, Volume 5, pp 31-38; https://doi.org/10.22495/cgsrv5i1p4

Abstract:
The current understanding of corporate social responsibility (CSR) and its associated dimensions have majorly been developed by western researchers (Xu & Yang, 2010). An exhaustive study of CSR as a concept based in the specific socio-cultural settings of India is imminent (Mohan, 2001). Hence, this research is predominantly intended to identify the endemic CSR dimensions as well as the actions that constitute these dimensions for organisations based in India. The official company website is the common communication medium for publishing information about CSR. Therefore, inductive research was conducted for twenty-seven corporate websites of companies in India using qualitative content analysis. Nine dimensions of CSR along with the actions that constitute these dimensions were identified. The dimensions are economic dimension, environment protection, ethical consideration, employee, consumerism, community development, legal, stakeholder expectation and philanthropy. Thus, this study helps develop knowledge and understanding about CSR within a specific context, i.e., India. This research will lend a holistic perspective for creating a CSR strategy for an organisation
Hugh Grove, Maclyn Clouse, Tracy Xu
Corporate Governance and Sustainability Review, Volume 5, pp 22-30; https://doi.org/10.22495/cgsrv5i1p3

Abstract:
The major research question of this paper is how boards of directors’ practices and performance can facilitate the new finance focus on sustainable, long-term value creation. This new finance focus presents opportunities to strengthen corporate performance which enhances the gatekeeper role of boards of directors in helping both shareholders and stakeholders. The following topics are discussed and analyzed in this paper: potential examples, strategic analysis, sustainability analysis, and the circular economy. We discovered several guiding principles based on previous literature, regulatory proposals, and industry practices. Effective boards of directors need to be engaged in sustainable strategy formation and make sure long-term sustainable value creation continues to develop and does not erode. They need to have relevant industry knowledge, diverse expertise, and a proclivity for thinking independently in both good times and bad times, such as the coronavirus pandemic. They also need to develop a clear understanding of sustainable business strategies and how long-term value is created and driven through innovation and the deployment of resources. In addition, we find that boards can assess and monitor ways to measure and manage long-term value creators and drivers and encourage their companies to become involved in the circular economy with its $4.5 trillion investment opportunities. Future research could use case studies and board interviews to investigate boards of directors’ practices and performance, concerning how boards have helped develop strategies and procedures to facilitate this new finance focus on long-term sustainable value creation.
Mythili Kolluru
Corporate Governance and Sustainability Review, Volume 5, pp 15-21; https://doi.org/10.22495/cgsrv5i1p2

Abstract:
The current paper aims to explore the association between rewards and employee performance in the Oman banking sector. This study evaluates data of 500 bank employees across 18 listed banks in the Sultanate of Oman. A theoretical framework is discussed to assess the effects of rewards on employee performance. According to this literature review, it is proven that rewards influence employee performance. Güngör’s (2011) study shows that organizations develop reward strategies to motivate and increase employee performance. Salah (2016) proves that rewards have a strong influence on employee performance, and he further states that incentives encourage employees to work with purpose and increase organizational performance. The outcomes are examined using factor analysis, structural equation modeling, and multivariate analysis of variance. The results of this study provide critical insights into how companies can adopt effective reward management to sustain and compete in the dynamic business landscape and modulate performance management in Omani banks. Overall, a statistically significant association between the rewards system and employee performance in Oman’s listed banks is established in this study. The study further underscores the need to design and evolve employee-centric policies to get optimum performance. It also offers guideposts for managers and policy planners working in the Middle East countries’ banking sector to develop holistic policies to succeed in stiff, cut-throat competition and ensure participatory management for best performance. Herein, extrinsic and intrinsic rewards are studied concerning their impact on the performance matrix. A proper insightful reward management system may lead to optimum performance, better outcomes, and a robust financial plan
Anurag Agnihotri, Shagun Arora
Corporate Governance and Sustainability Review, Volume 5, pp 8-14; https://doi.org/10.22495/cgsrv5i1p1

Abstract:
Governance in a government hospital setup is complicated due to its economic and financial dimensions but also incorporates societal responsibility. The current study focuses on the processes and procedures as the key factor of corporate governance. This paper presents evidence of a comprehensive range of procedures related to governing healthcare quality undertaken at the corporate governance level. The study explores the viewpoint of the stakeholders including patients, doctors, and the management. The aim of the study is to identify indicators of effective governance in an emerging country like India where the state regulates the health system. For this purpose, three major hospitals of Delhi – AIIMS, Safdarjung, and Ram Manohar Lohia hospitals – were studied. The response of 582 respondents was analyzed using logit regression. The study documents the comfort level of patients with the doctor, the ability of the doctors to address the concern of patience, registration time in the hospital, and easy availability of the medicine improves the corporate governance of the hospital. The main contribution of the research is analyzing the health care system in an emerging market like India which is characterized by the complexity of interaction between the environment and policies related to health care.
Corporate Governance and Sustainability Review, Volume 4, pp 4-6; https://doi.org/10.22495/cgsrv4i2editorial

Abstract:
The issue today is no longer to further investigate the “rules and mechanisms” of corporate governance, that have already been largely examined. It is more on reading through the lenses of corporate governance the new important issues that are challenging our world. The ten papers included in this issue discuss many different and interesting topics related to corporate governance and sustainability. We can see some common elements that certainly represent three emerging and relevant trends that characterize our contemporary world.The first one is obviously fundamental for our journal and is represented by the evolution of sustainability trends. The second common element that can be recognised in some papers of this issue is related to a global perspective approach and globalization. A third element that connects various papers of this issue and which constitutes an absolutely crucial and strategic trend for our world is represented by digital innovation and ICT.
Dhruba Lal Pandey, Nischal Risal
Corporate Governance and Sustainability Review, Volume 4, pp 93-101; https://doi.org/10.22495/cgsrv4i2p9

Abstract:
Good governance is the essence of success for every public and private organization. The traditional governance system is delayed and costly. With the robust development of information technology, an adaptation of e-governance is common across the country to reduce the drawbacks of the traditional governance system. But the complaints from the public related to the discharge of public service have not been reduced. The claims of the general public lie on poor economic governance in the implementation of e-governance. Thus, the study aims to examine the role of economic governance on e-governance practices. Descriptive and correlational research designs were deployed while undertaking the study to explain the position of variables in the national context and examine the relationship between economic governance and e-governance. The bureaucrats, academicians and business professionals are the respondents of the study. Purposive sampling methods were deployed. The study findings show the government should develop a strategic framework for the effective implementation of e-governance. Government tends to focus on infrastructure, and qualified manpower development and increase computer literacy on the public to effective implementation of e-governance in Nepal.
Sunita Rao,
Corporate Governance and Sustainability Review, Volume 4, pp 77-92; https://doi.org/10.22495/cgsrv4i2p8

Abstract:
This study provides a better understanding of the possible influence of firms’ financial performance on the disclosure of sustainability initiatives and assurance of sustainability reports (Perego & Kolk, 2012). The study analyzes the use of Big4 accounting, engineering, and boutique/consultancy firms for assurance of sustainability reports. A total of 2084 sustainability reports from 42 different countries were retrieved from the Global Reporting Initiative and the corresponding financial variables were obtained from the S&P Capital IQ database. Multilevel logistic regression analysis was undertaken to investigate the issue. We hypothesize that companies with higher financial performance will be more likely to choose an assurance provider from the Big4 (Carey, Simnett, & Tanewski, 2000). While we find that higher financial performers are no different from other performers (as proxied by EVA, TEV, or ROS) when it comes to Big4, we do find that engineering firms are approximately seven times more likely to be chosen as an assurance provider, after controlling for other variables (when EVA and TEV (not ROS) is used as a proxy for financial performance). Importantly, the number of employees and being in the manufacturing industry are significantly related to choosing an engineering firm as an assurance provider when EVA or TEV is used as a proxy for financial performance, and significantly related to choosing a boutique/consultancy firm when ROS is used as a proxy for financial performance.
Christos Kallandranis, Petros Kalantonis, Abdulkader Aljandali
Corporate Governance and Sustainability Review, Volume 4, pp 68-76; https://doi.org/10.22495/cgsrv4i2p7

Abstract:
Utilizing a unique panel dataset of 273 listed firms in the Athens Stock Exchange (ASE) we explore the issue of capital market imperfections with respect to access to investment financing. In particular, we investigate the extent to which investment is sensitive to the availability of internal finance. By employing a fixed-effect model, our empirical results indicate a positive association of cash flow and investment, leading to the conclusion of imperfect substitutability between internal and external finance and thus the importance of the former for investment decisions. According to our knowledge, this is the first study covering the specific tremble period of ASE for Greek manufacturing firms.
Emna Klibi, Salma Damak-Ayadi, Sinda Dridi, Bouchra M’Zali
Corporate Governance and Sustainability Review, Volume 4, pp 56-67; https://doi.org/10.22495/cgsrv4i2p6

Abstract:
The aim of this work is to analyse the determinants of the level of sustainability assurance for the CAC 40 French firms from the time period preceding and following the implementation of the Grenelle 2 law that made sustainability assurance compulsory. The objective of the paper is twofold: 1) provide a better understanding of the factors influencing the professional judgement provided by assurance providers, 2) verify whether the content of the disclosed sustainability reports has evolved as a result of the introduction of the Grenelle 2 law or not. A sample of 257 firm-year observations is collected for the period 2008-2017 and an ordinal regression model is used in this study. The findings highlight a change in the content of assurance reports after the promulgation of the Grenelle 2 law. The sector’s sensitivity, the type of assurance provider, and the leverage level have an impact on the level of assurance for the period 2013-2017 which was not the case for the period 2008-2012. Based on the institutional theory, these correlations may be explained by the promulgation of the Grenelle 2 law in 2012.
Venugopal Pingali
Corporate Governance and Sustainability Review, Volume 4, pp 50-55; https://doi.org/10.22495/cgsrv4i2p5

Abstract:
Corporates and consumers are aware of the environmental consequences of consumption. However, forty per cent of environmental degradation is known to have been caused by human consumption behaviour while marketing has been blamed for promoting materialism (irresponsible consumption). Literature suggests that adopting responsible marketing strategies would not only promote responsible consumption (Abutaleb & El-Bassiouny, 2020) but also build long-term competitive advantage (Agrawal, Kumar, & Rahman, 2017) and help companies financially (Eccles, Ioannou, & Serafeim, 2011). Building responsible marketing strategies would, however, require changes at both, the organisational and the marketing level (Rudwaska, 2019). This paper, using a theory-building methodology, proposes a framework that identifies the organisational values (necessary condition) and the responsible marketer’s role (sufficient condition) for responsible marketing that ensures responsible consumer behaviour for all the different stages of the marketing planning process. Themes from papers presented in an International Conference on Responsible Marketing were analysed to suggest how corporates could develop responsible marketing strategies and promote responsible consumption. Applicability, limitations, and areas for future research are identified.
S. Sandhya, Neha Parashar
Corporate Governance and Sustainability Review, Volume 4, pp 40-49; https://doi.org/10.22495/cgsrv4i2p4

Abstract:
There are many factors that affect corporate governance (CG). It is highly difficult to comprehend corporate governance and define it. Yet, research is imperative to understand the changing specific needs of good corporate governance practices and the impact of such practices. As banks have special governance needs, in this study the corporate governance of banks in India has been studied with the help of corporate governance index (GCI) especially designed for banks. Following the method used by Ararat, Black, and Yurtoglu (2017) to investigate the effectiveness of corporate governance, the index was divided into six sub-indices and to test the index it was used to find the correlation of CG practices with the banks profitability measured in terms of return on assets (RAO) and net interest margin (NIM) as dependent variables. The fixed regression model was run to know the relationship between the sub-indices and the dependent variables. Apart from the CG index, capital adequacy ratio (CAR) and Net NPA ratio were taken as independent variables. A weak correlation was found between CG and ROA and NIM that contributes to the findings of Fallatah and Dickins (2012).
Sankar Prudhvi, Mousumi Bhattacharya
Corporate Governance and Sustainability Review, Volume 4, pp 30-39; https://doi.org/10.22495/cgsrv4i2p3

Abstract:
The NBFCs have been the proxies of shadow banking in India. The shadow banking channel is in its evolutionary phase in India. Hence the debate about the shadow banking channels is still on as far as India is concerned. The FSB (Financial Stability Board) in its report points out the various emerging trends and growth of the shadow banking channels in various countries including India. It is imperative to study the trends of shadow banking channels in India to understand the possible financial contagion effect of it on the formal banking systems. This paper studies the deposits accepted by and the loans advanced by the NBFCs from/to the households sector, the credit flow to the commercial sector from the non-banking channels to understand the broad trends. It further studies the difference in the net flow of resources to and from a particular type of NBFCs, to gain insights into the sources of funds with an objective to understand the interconnectedness of NBFCs and the formal banking channels. The paper makes an attempt to study the relationship between CRAR and GNPA to understand the financial performance with a specific reference to NBFC-MFIs (selected on a sample basis).
Patrick Balian, ,
Corporate Governance and Sustainability Review, Volume 4, pp 20-29; https://doi.org/10.22495/cgsrv4i2p2

Abstract:
This paper aims to discuss how developing human capital can have a direct positive effect on operational performance. The case study method is used to address the sustainability issues a Lebanon-based retail e-commerce company is facing. We utilize the socio-economic qualimetrics methodology to discuss the corporate change from within the enterprise at all levels and with the contribution of all the participants in the firm. The focus of the case study is on qualitative, quantitative, and financial aspects through competitiveness enhancement and operational effectiveness metrics. The findings of this intervention research contribute to the literature insofar as enhancing the social capital of a retail e-commerce organization positively impacts its performance.
John MacCarthy, Richard Amoasi-Andoh
Corporate Governance and Sustainability Review, Volume 4, pp 8-19; https://doi.org/10.22495/cgsrv4i2p1

Abstract:
The purpose of this paper is to assess the effectiveness of the Altman Z-score model to discriminate between financially distressed and non financially distressed manufacturing firms listed on the Ghana Stock Exchange. Eleven firms consisting of two financially distressed and nine non-financially distressed manufacturing firms were analysed. Independent descriptive statistics, independent sample t-test, and multivariate discriminant analysis were the analytical tools used to analyse the hypotheses of this study. The study revealed that working capital/total assets and sales/total assets were the major discriminators of financially distressed firms on the Ghana Stock Exchange. Multivariate discriminant analysis revealed an accuracy rate of 79.9% to detect financially distressed firms in Ghana.
Corporate Governance and Sustainability Review, Volume 4, pp 4-6; https://doi.org/10.22495/cgsrv4i1editorial

Abstract:
This issue includes the papers devoted to very topical issues ranging from the influence of corporate governance on social and environmental responsibility to the impact of audit committee characteristics on earning management; from the relationship between quality of governance and quality of assets to the linkage between regulatory governance and financial stability of nations. These are issues debated in the theoretical and empirical studies of recent years that the authors of the articles in this issue examine with reference to contexts not yet explored and/or giving rise to a number of interesting and original conclusions.
Tarika Singh Sikarwar, Saurav Sharma
Corporate Governance and Sustainability Review, Volume 4, pp 74-81; https://doi.org/10.22495/cgsrv4i1p7

Abstract:
The reviews have shown that regulatory governance increases the economic growth of the country that further improves the financial stability. Weak governance promotes a weak financial sector. It is established that there are several crises took place in ancient times because of failed policy (Greco, Ishizaka, Tasiou, & Torrisi, 2019; Kuc Czarnecka, Lo Piano, & Saltelli, 2020). The purpose of the research is to find out more about how weak governance can damage the economy of nations, and that is how it leads to financial instability. Besides, how good governance leads to economic stability can also be understood. The research problem presented in terms of the objective of the research is to find out the association between financial stability and regulatory governance for the selected nations under study. This is done by taking a sample of fifteen nations of the world. By taking selective indicators for regulatory governance and financial stability and applying the causality test, the association is checked. The results indicate a less significant association between regulatory governance and financial stability for nations under study. The results are relevant in continuously expanding global financial markets wherein emphasis is strong regulations.
Corporate Governance and Sustainability Review, Volume 4, pp 65-73; https://doi.org/10.22495/cgsrv4i1p6

Abstract:
The paper identifies and analyzes the causes that affect non performing assets (NPAs), hinder its effective observance, and recommends appropriate measures to ensure their effective monitoring and control. The banks selected for this research work are having higher NPAs and are top banks in their sector. As per the Global Financial Stability Report of International Monetary Fund (IMF, 2009), identifying and dealing with distressed assets, and recapitalizing weak but viable institutions and resolving failed institutions are stated as the two of the three important priorities which directly relate to NPAs. This research work finds the reasons for non-performing loans by considering a set of 50 variables and provides the necessary measures. Statistical tool SPSS was used to run the factor analysis test. Sectoral disparities in the NPA ratio to advances in public and private sector banks were the main source of motivation to analyze and compare factors affecting non-performing assets (NPAs) of public and private sector banks in India. Some of the reasons for NPA are lack of frequent interaction or follow-up with borrowers, manipulation of income or financial statement by borrowers, industrial problem and death of earning member of the family.
Chirag Malik, Sonali Yadav
Corporate Governance and Sustainability Review, Volume 4, pp 56-64; https://doi.org/10.22495/cgsrv4i1p5

Abstract:
Sustainability is the new approach of corporations of the world over which is catching a lot of attention due to its divergence from the short-term approach to the long-term horizon. Sustainability indexes, that represent a set of companies for being socially responsible in terms of its corporate approach, need to be assessed in terms of forecasting the return as well as volatility of these returns. Autoregressive nature of three sustainability indexes, viz, Greenex, Carbonex and ESG index has been captured using autoregressive integrated moving averages method. The residuals of the model are subjected to generalized autoregressive conditional heteroscedasticity modeling to address volatility clustering. ARIMA results of three indices specify AR (1) for forecasting Carbonex is AR (1), MA (3) for forecasting ESG and AR (3) MA (3) for forecasting Greenex. Variances are changing as well as are a function of its past behavior, as shown by GARCH (1,1) process in the case of Carbonex and Greenex. Whereas in the case of ESG GARCH (1,1) does not explain such variance in residuals which could possibly be due to the presence of other exogenous factors in the time series. These results find place in the area of asset pricing and risk management of sustainability indexes in India. The research is based on the works of Joshi, Pandey, and Ross (2017), and it contributes to findings of Makridakis, Wheelwright, and Hyndman (1998).
Wasiu Ajani Musa, Ramat Titilayo Salman, Ibrahim Olayiwola Amoo, Muhammed Lawal Subair
Corporate Governance and Sustainability Review, Volume 4, pp 47-55; https://doi.org/10.22495/cgsrv4i1p4

Abstract:
Greater pricing presume on audit service has been put by the regulations of the auditing and accounting practices for the disclosure of audit fees, since audit fee is directly related to audit quality. However, the audit fees perceived by the client is often different from the amount charged by the auditors. Hence, this study investigated the impact of firm-specific characteristics on audit fees of quoted consumer goods firms in Nigeria using a purposive sampling technique. Secondary data were obtained from annual reports of the companies for the period from 2009-2016. The empirical result from Breusch-Pagan Lagrange Multiplier Test (BP-LM) produced a chi-square value of 13.94 with p-value of 0.0001 indicating that pooled ordinary least squares (OLS) will not be appropriate for the study. The Hausman test showed a chi-square of 23.55 with a p-value of 0.001 indicating that the null hypothesis is strongly rejected. Thus, the only estimate from the fixed effect model was interpreted to explain the relationship between firm-specific characteristics and audit fees of quoted consumer goods firms in Nigeria. The result revealed that auditee size, auditee risk, auditee profitability and IFRS adoption are the firm specific characteristics that impact on audit fees with only auditee size and IFRS adoption being positively related to audit fees while the other factors are negatively related to audit fees. Based on this finding, this study concluded that the firm’s specific factors are the major drivers of audit fees in Nigeria consumer goods firms. This study recommends among others that companies should implement corporate governance principles that address issues relating to board independence and committee sizes to guide activities in the consumer goods sector since profitability behave negatively with audit fees.
Amer Al Fadli
Corporate Governance and Sustainability Review, Volume 4, pp 21-32; https://doi.org/10.22495/cgsrv4i1p2

Abstract:
This study investigates the influence of board size, the presence of an audit committee on the board, and CEO duality on Corporate Social Responsibility (CSR) reporting in Jordan. The longitudinal data (panel data) analysis estimation techniques were used for the period of 2006 to 2015. Content analysis was employed to assess the level of CSR reporting of a different area of disclosure in the annual reports. Multiple regression analysis was used to investigate the association between governance factors and the level of CSR reporting (Habbash, 2016; Ahmad, Rashid, & Gow, 2017b). The findings reveal that board size and the presence of an audit committee on the board are significantly positive on the level of CSR reporting. These factors play a significant role in enhancing compliance with corporate governance best practices. The role of CEO duality on the board has an insignificant relationship with the level of CSR reporting. These results suggest significant implications for companies and regulators to continue to improve corporate governance best practices in the companies and develop greater awareness of companies CSR reporting. The study contributes to the governance and CSR reporting literature in the Middle East and developing countries using the legitimacy theory approach.
Kali Charan Sabat,
Corporate Governance and Sustainability Review, Volume 4, pp 8-20; https://doi.org/10.22495/cgsrv4i1p1

Abstract:
This paper examines whether companies’ sustainable supply chain efforts are related to the companies’ corporate governance and economic performance. Data from Bloomberg’s Environmental, Social, and Governance (ESG) and Financial Analysis (FA) databases were used to empirically test the relationships. The paper is an effort to contribute to the body of sustainable supply chain management (SSCM) literature by being amongst the first in India to use the secondary data source for investigating financial and corporate governance (CG) benefits’ association with social and green supply chain management practices. After collecting data of Indian manufacturing companies listed in the Bloomberg’s ESG terminal, we first tested the relationship of the three ESG factors: environmental, social and governance with the companies economic returns (ER). In the next level, we extended the study to find whether firms’ CG initiatives mediate the relationship of green supply chain management (GSCM) and socially responsible supply chain management (SRSCM) practices with the firms’ ER. In the study, it was observed that CG activities mediate the relationship between SRSCM and ER whereas it has a negligible mediation effect on the association between GSCM and ER.
Corporate Governance and Sustainability Review, Volume 3, pp 4-6; https://doi.org/10.22495/cgsrv3i2_editorial

Abstract:
The papers published in this issue of the journal present an heterogeneous variety of topics in international research, in line with the aims and scope of the journal, devoted to: corporate governance, firm performance and executive compensation; social performance rating in co-operatives; sustainable development goals, CSR, consumer data protection policy; stock option plans; online customers’ rating and firms’ performance in the hotel industry; reputational threats and their financial consequences for decision-makers; climate change governance mechanisms and sustainable food productions
Eric Pichet
Corporate Governance and Sustainability Review, Volume 3, pp 76-79; https://doi.org/10.22495/cgsrv3i2p8

Abstract:
This review covers the book titled “CHALLENGES AND OPPORTUNITIES IN ITALIAN CORPORATE GOVERNANCE”, which was written by Salvatore Esposito De Falco, Federico Alvino, Nicola Cucari, Luigi Lepore (Virtus Interpress, 2019; ISBN: 978-617-7309-07-8). The review shortly outlines the structure of the book, pays attention to its strong sides and issues that will be, by the reviewer’s point of view, most interesting for the reader.
Corporate Governance and Sustainability Review, Volume 3, pp 64-75; https://doi.org/10.22495/cgsrv3i2p7

Abstract:
This article addresses three research questions: How does climate change impact food production? What are the governance challenges associated with managing such impacts? What are the conditions for future success in managing the impacts of climate change on food production? To answer these questions, the researcher undertook a document review and analysis to address these various aspects with a major focus on East Africa. The study finds that climate change affects food production largely through its physical impacts on precipitation and increased the frequency of extreme weather events. Within a context of weak governance; climate change further challenges governance institutional structures and mechanisms. The study concludes that specific aspects of the prevailing climate change governance regime require major reforms (particularly the role of the state, corporations and civil society) while other climate governance mechanisms need to be completely overhauled (for example through establishment of a new World Environment Organization).
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