The moderating role of CEO power on the relationship between environmental, social and governance disclosure and financial performance in emerging market.

The study proposes to examine how environmental, social and governance disclosure (ESG) affect the financial performance (FP) of Indian firms. Furthermore, it aims to evaluate the moderation impact of CEO power (CEOP) on the association between ESG on the FP. The study's target population is all firms indexed in NIFTY 100, representing the top one hundred firms by market capitalisation from 2017 to 2021. Data relating to ESG were collected and built based on the available data on Refinitiv Eikon Database. Results reveal that EDI positively and significantly impacts the ROE and TQ of Indian firms. Furthermore, SDI and GDI negatively and significantly affect the ROE and TQ of Indian firms. Moreover, ESG and CEOP have a significant impact on ROE. Nevertheless, ESG has a negative but highly significant impact on ROE, whilst it has a negative and low considerable impact on the TQ of Indian firms. Nonetheless, CEOP does not moderate the association between ESG and FP measured by ROE and TQ. This research contributes to the existing literature by introducing a moderator variable that has not been used in the Indian context; CEO power, which provides stakeholders and regulators with useful findings that would encourage firms to create an ESG committee to enhance ESG disclosure to compete on the world market and reach the United Nations (UN) Sustainable goal 2030. Furthermore, this paper provides insightful recommendations for creating an ESG legal framework for decision-makers.

The moderating effect of liquidity on the relationship between sustainability and firms' specifics: Empirical evidence from indian manufacturing sector.

The current study attempts to examine the moderating effect of liquidity on the relationship between firms' specific and sustainability expenses. The study is based on secondary data over a period from 2015 to 2021. The results are estimated using panel data with fixed-effect models. The results indicate that liquidity enhances and strengthens the ability of a company to spend more on environmental, social, and employee compensation sustainability expenses. In the same context, the results reveal that there is an insignificant moderation effect of liquidity with the financial performance of a company, indicating that the liquidity of companies with higher financial performance does not enhance and strength their ability to spend more on sustainability expenses. Further, the extent of liquidity in larger companies affects positively and significantly the level of employee compensation but not environmental and social spending. Finally, the findings show that greater leverage with less liquidity negatively affects the levels of sustainability spending. This study provides a unique contribution to the existing literature by introducing the moderating effect of liquidity on the relationship between firms' specific and sustainability expenditures. It highlights the direct effect of firms' specific determinants and the moderating effect of liquidity on three categories of sustainability expenses which are environmental expenses, social expenses, and employee compensations. Therefore, this research has valuable implications for company managers, financial analysts, policymakers, and other stakeholders.

The moderating role of information technology governance in the relationship between board characteristics and continuity management during the Covid-19 pandemic in an emerging economy.

The main aim of the current study is to investigate the relationship between governance characteristics, information technology governance, and continuity management during Covid-19 in an emerging economy. The study also examines the moderating role of information technology governance in the relationship between governance characteristics and business continuity management. The quantitative approach is used by utilising a survey questionnaire. A sample of 232 questionnaire surveys has been collected from the board of directors, top and middle management executives, external auditors, information technology experts, and some other respondents. The results were estimated using structural equation modelling. The results indicate that information technology governance has a statistically significant effect on business continuity. Board size, board independence, audit committee independence, audit committee diligence, and external audit have a statistically significant positive effect on information technology governance. Further, the results indicate that information technology governance significantly moderates the effect of board size, board independence, board diligence, audit committee independence, audit committee diligence, and external audit on business continuity. However, information technology governance does not moderate the relationship between board committees and business continuity, which indicates less board involvement in information technology governance. The current research provides insight into the role of information technology governance in business continuity management during crises. The present study provides a unique contribution as it investigates the relationship between corporate governance characteristics, information technology governance, and business continuity management during Covid-19, providing empirical evidence from an emerging country.

The moderation role of board independence change in the relationship between board characteristics, related party transactions, and financial performance.

The present study examines the moderation effect of board independence change on the relationship between board characteristics, related party transactions and financial performance of Indian listed banks over 10 years from 2010 to 2019. While board size, independence, diligence, and remuneration were taken to represent board characteristics, all key personnel and subsidiaries' transactions were considered measures for related party transactions. On the other hand, the financial performance of banks was measured by two accounting-based measures (return on assets and profit after tax) and two market-based measures (earning per share and Tobin Q). The results revealed that board independence change has a significant negative effect on financial performance. Further, the results indicated that board independence change moderates positively and significantly the relationship between related party transactions and financial performance. The findings also showed that board independence change had a moderating effect that significantly and negatively weakens board size and effectiveness, negatively influencing banks' profitability. Unlike other studies, this study uniquely uses board independence change as a moderator between board characteristics, related party transactions, and several measures of banks' financial performance. The limited research highlighting this issue, where Indian banks have encountered several challenges in the last few years, has motivated the present study to bridge the existing gaps in the strand literature. Therefore, this research opens useful insights and has beneficial implications for policymakers, bankers, financial analysts, and academicians.

High-Resolution Infrared and Millimeter-Wave Study of D(3)SiF: The Ground and v(3)=1 States of the (29)Si and (30)Si Species, and the v(3)=v(6)=1 and v(3)=2 States of D(3) (28)SiF.

The nu(3) band of D(3)SiF near 890 cm(-1) recorded with a resolution of 2.4x10(-3) cm(-1) has been explored for the (29)Si and (30)Si isotopic species. Moreover, the nu(3)+nu(6)-nu(6) and 2nu(3)-nu(3) bands for the main (28)Si isotopomer have been assigned. For this purpose the nu(3)+nu(6) and 2nu(3) bands at 1435.697 and 1769.531 cm(-1) have been studied. Ground state parameters of the (29)Si and (30)Si species have been determined by merging newly measured MMW frequencies and ground state combination differences. In addition, v(3)=1 excited state parameters for these species have been obtained. While for the (28)Si species the v(3)=v(6)=1 state is locally perturbed by levels of the v(2)+v(5)=2 polyad, the v(3)=2 state appears to be unperturbed, its parameters being predictable from those of the v(3)=1 state. Anharmonicity constants x(33)=-4.1334 cm(-1) and x(36)=-3.6547 cm(-1) have been determined. Copyright 2001 Academic Press.

High-Resolution FTIR and Millimeter-Wave Study of D(3)SiF: The Ground, v(3) = 1, and v(6) = 1 and 2 States.

The nu(6) (555.453 cm(-1)), the nu(3) (888.899 cm(-1)), and the very weak 2nu(6) infrared bands (2nu(-/+2)(6) 1101.734 cm(-1), 2nu(0)(6) 1100.102 cm(-1)) for the (28)Si species of D(3)SiF have been recorded with a resolution of 3.3, 2.4, and 5.0 x 10(-3) cm(-1), respectively. Millimeter-wave spectra up to 640 GHz of D(3)SiF in the ground, v(3) = 1, and v(6) = 1 and 2 states were measured. Ground state constants complete up to H constants including the K-dependent parameters A(0), D(0)(K), and H(0)(K) as obtained by the nu(+/-1)(6)/2nu(+/-2)(6)-nu(+/-1)(6)/2nu(-/+2)(6) loop method were determined by a merge of 2388 ground state combination differences with 59 rotational data. The v(3) = 1 and v(6) = 1 and 2 levels appear to be unperturbed intervibrationally for the J and K values that could be accessed. However, Deltal = Deltak = +/-2 and Deltal = +/-2, Deltak = -/+4 interactions affect the v(6) = 1 level while the v(6) = 2 levels undergo three interactions of Deltal = Deltak = +/-2, Deltal = +/-2, Deltak = -/+1 and Deltal = +/-4, Deltak = -/+2 type. Typically, for the different bands, 2000-4000 pieces of infrared data augmented by 36-120 rotational data were fitted together. Owing to the weakness of the 2nu(6) band, the body of v(6) = 2 data was enlarged by energies that are deduced from the 2nu(6)-nu(6) and nu(6) bands and which span in particular high K values. Comparison with available ab initio data derived from the harmonic and anharmonic force fields is made. Copyright 1999 Academic Press.

High-Resolution FTIR Study of the (nu3 + nu4, nu1 + nu4) Interacting System of Rovibrational Bands of PF3 Between 1100 and 1300 cm-1

With a resolution of 4.4 x 10(-3) cm-1, we were able to identify in this range the very weak nu2 + 2nu04 (A1) component near 1180 cm-1, the nu3 + nu4 band around 1205 cm-1 with its (A1 + A2) and E very intermixed components, and the nu1 + nu4 (E) band centered at 1238 cm-1. Three thousand six hundred transitions belonging to the (nu3 + nu4, nu1 + nu4) interacting system were fitted together with a model taking into account l(2, 2) interactions inside nu1 + nu4 and between (A1 + A2) and E components of nu3 + nu4, the l-vibrational resonance inside nu3 + nu4(A1 + A2), and the Coriolis interactions between nu1 + nu4 and nu3 + nu4(A1 + A2) on one hand and between nu1 + nu4 and nu3 + nu4 (E) on the other. Four available MW transitions were also included in the fit. A rms of 0.76 x 10(-3) cm-1 was obtained with 34 free parameters among 38. Normally the Fermi resonance, which links nu3 to nu2 + nu4 with a coupling term W234 = 2.86 cm-1, must connect each component of nu3 + nu4 with each component of nu2 + 2nu4. But since we have only little experimental information about the weak nu2 + 2nu04 component (120 assigned lines) and none about the dark nu2 + 2nu+/-24 component, it was not possible to introduce this resonance in the fit. However, the bandcenters' shifts were calculated since the basic coupling term W234 and the anharmonic constant x24 are well known. Therefore, according to this approximation, the very sensitive anharmonic constants x34 and g34 could be deduced. Of course the x14 Fermi-independent constant, derived directly from the (nu1 + nu4)0 bandcenter given by the fit, was certainly more accurate. Copyright 1998 Academic Press.

Yolk and serum cholesterol and production traits, as affected by incorporating a supraoptimal amount of copper in the diet of the leghorn hen.

1. An experiment was conducted to investigate the possibility of lowering the yolk cholesterol of the egg by supplementing the diet with supraoptimal amounts of copper (50, 150 or 250 mg/kg) as sulphate or acetate. 2. A significant reduction in egg production and a negative effect on food conversion was found when 250 mg/kg of copper was added compared to the control (no added copper). Acetate seemed significantly less harmful in both cases. 3. A significant linear reduction was found in plasma and yolk cholesterol (20% and 14%) and in plasma and yolk triglycerides (24% and 30%) as the dietary copper content was increased from 0 to 250 mg/kg. 4. Regardless of type or quantity of copper, cholesterol and lipids were decreased linearly as birds remained longer on the treatments. A significant interaction between quantity and period showed a greater reduction at a later time. 5. If slightly lower egg production can be accepted, the addition of 250 mg/kg copper might be beneficial in reducing the cholesterol content of the yolk.