Real earnings management and ESG disclosure in emerging markets: The moderating effect of managerial ownership from a social norm perspective.

Drawing on social norm theory, this study delves into the nexus between real earnings manipulation (REM) and Environmental, Social, and Governance (ESG) disclosure within Egypt's emerging capital market. By analyzing data from the S&P/EGX ESG index (2013-2018) through a two-stage regression analysis, we unearth a noteworthy pattern: heightened REM practices correspond with reduced tendencies for ESG sustainability disclosure. Notably, this association is moderated by managerial ownership, which diminishes the negative linkage between REM and ESG transparency. A unique cultural insight emerges, revealing that religiously-aligned firms leverage REM as a risk-mitigation mechanism, leading to curtailed ESG disclosures. Our findings cast a spotlight on a possible managerial tilt towards short-term gains, often overshadowing long-term sustainability imperatives, especially in religiously influenced contexts. As we advance understanding of REM-ESG dynamics in religious emerging markets, our study highlights the pressing need for enhanced sustainability consciousness and accountability in these regions.

Economic policy uncertainty, renewable energy and environmental degradation: Evidence from Egypt.

This study contributes to the growing but still limited body of literature on the impact of economic policy uncertainty, renewable energy usage, and economic growth on environmental degradation in Egypt. Using the autoregressive distributed lag (ARDL) bound test, we examine the existence of cointegration relationships in Egypt over the period 1990-2018. Our results indicate that economic policy uncertainty is positively associated with environmental degradation in both the short and long run. Additionally, we find that economic growth exacerbates environmental degradation in both the short and long term. Finally, renewable energy consumption has a significant negative effect on environmental degradation in the long run. Therefore, ensuring economic policy stability is crucial for maintaining environmental quality. To this end, Egyptian policymakers should prioritize low-carbon research and development techniques, as well as the adoption of renewable energy sources to mitigate environmental degradation.

Correction to: The role of cryptocurrencies in predicting oil prices pre and during COVID-19 pandemic using machine learning.

[This corrects the article DOI: 10.1007/s10479-022-05024-4.].

The role of cryptocurrencies in predicting oil prices pre and during COVID-19 pandemic using machine learning.

This study aims to explore the role of cryptocurrencies and the US dollar in predicting oil prices pre and during COVID-19 pandemic. The study uses three neural network models (i.e., Support vector machines, Multilayer Perceptron Neural Networks and Generalized regression neural networks (GRNN)) over the period from January 1, 2018, to July 5, 2021. Our results are threefold. First, our results indicate Bitcoin is the most influential in predicting oil prices during the bear and bull oil market before COVID-19 and during the downtrend during COVID-19. Second, COVID-19 variables became the most influential during the uptrend, especially the number of death cases. Third, our results also suggest that the most accurate model to predict the price of oil under the conditions of uncertainty that prevailed in the world during the bear and bull prices in the wake of COVID-19 is GRNN. Though the best prediction model under normal conditions before COVID-19 during an uptrend is SVM and during a downtrend is GRNN. Our results provide crucial evidence for investors, academics and policymakers, especially during global uncertainties.

Corporate Accountability Towards Species Extinction Protection: Insights from Ecologically Forward-Thinking Companies.

This paper contributes to biodiversity and species extinction literature by examining the relationship between corporate accountability in terms of species protection and factors affecting such accountability from forward-thinking companies. We use triangulation of theories, namely deep ecology, legitimacy, and we introduce a new perspective to the stakeholder theory that considers species as a 'stakeholder'. Using Poisson pseudo-maximum likelihood (PPML) regression, we examine a sample of 200 Fortune Global companies over 3 years. Our results indicate significant positive relations between ecologically conscious companies that are accountable for the protection of biodiversity and species extinction and external assurance, environmental performance, partnerships with socially responsible organizations and awards for sustainable activities. Our empirical results appear to be robust in controlling for possible endogeneities. Our findings contribute to the discussion on the concern of species loss and habitat destruction in the context of corporate accountability, especially in responding to the sixth mass extinction event and COVID-19 crisis. Our results can also guide the policymakers and stakeholders of the financial market in better decision making.

Sustainability assurance practices: a systematic review and future research agenda.

Although firms increasingly publish sustainability reports, assuring such reports is relatively new. This study reviews the literature of sustainability assurance to evaluate the intellectual development of the field and provide recommendations for future studies. It also demonstrates the role of assurance to enhance the credibility of sustainability reports and corporate reputation. This paper systematically reviews 94 papers obtained from the Scopus database between 1993 and August 2021. Our study shows that there is an increase in the number of studies published in recent years. We also found that some countries have received limited attention, such as the USA. The scant literature examining sustainability assurance in private institutions and non-profit organisations should be reinforced. Likewise, the sustainability research also provides limited evidence on the governance debate. The vast majority of research is not based on theoretical grounds. The need for assurance of sustainability reports not only enhances the reputation but also adds more value to the organisation's planning, monitoring, and accountability. We highlight several new research suggestions that may enhance the understanding of sustainability assurance practices.

The future of non-financial businesses reporting: Learning from the Covid-19 pandemic.

In this paper we conceptually identify the gap in the literature about lack of business's awareness in non -financial activities, especially biodiversity, which can be responsible for crisis like Covid-19 which can adversely affect the global economy. We recommend approaches to existing business about how to enhance the quality of reporting by considering non-human element in reporting and making it more comprehensive for the stakeholders. We adopt Actor Network Theory (ANT) and the Natural Inventory Model to support our argument that nature consists of both human and non-human. From our observation about the Covid-19 crisis and by consulting the existing relevant literature on CSR, Covid-19, non-financial reporting and integrated reports (IR), we propose the implication of non-financial reporting by companies based on a theoretical framework. We recommend that companies should implement/adopt Circular Economy concept for sustainable business model and report on biodiversity and extinction accounting in more structured and mandatory way via producing IR to create value on short, medium and long terms. This is the first paper to tackle the Covid-19 crisis and offer solution for future reporting. The findings will add value in the academia and society.