Purpose: This thesis aims to explain the relationship between board gender diversity, measured as the proportion of women on boards and different board categories, and firm financial performance.  Methodology: This study was conducted through a quantitative method with a deductive and cross-sectional approach. It aims to explain the relationship between the independent variable board gender diversity and the dependent variable firm financial performance through the measures of return on equity, return on assets, and Tobin’s Q. Data were collected from annual reports of all firms, excluding banks, listed on the Swedish Stock Exchange on small, mid, and large-cap for 2014 and 2020. The data were analysed through t-tests, Spearman’s rho, and ordinary least squares regressions with the control variables board size, firm size, industry, and financial year.  Theoretical perspective: Several different theories were used for hypothesis formulation and for interpreting the findings, which were: critical mass, upper echelons theory, human/social capital theory, and agency theory. Findings: The findings of this study indicate that there exists a positive relationship between board gender diversity and return on assets and return on equity. The largest difference in performance seems to be between the groups that have reached at least a threshold of 30% of the underrepresented gender and those that have not. Further, boards with no women had the worst return on assets. The results are not consistent between different tests or performance measures; however, the conclusion could be drawn that board gender diversity does not affect firm financial performance negatively.

This paper investigates  the factors  which influence  top management  turnover  in the Chinese real estate industry. The three main announced  reasons for top management turnover  are occupation  mobility 、 expiration  of the term and quit. In the empirical analysis, I find that three statistically  significant reasons for turnover are firm size 、 turnover  of first shareholder  and proportion  of independent  director.  Furthermore,  I study  how  firm performance  affect  top  management  turnover.  This  paper  uses  two different  firm  performance  indexes.  One  is financial  index-ROA  (Return  on  asset). The other is stock index-EPS  (Earnings per share). Significant  negative relations are found between total chairman turnover and earnings per share and lagged earnings per share.

Manufacturing industries have adopted globalization as a strategy to improve the reach of their products/services, bringing them closer to the customer and utilizing the cost advantage in emerging economies, better availability of resources such as raw materials, and cheaper workforce. However, with globalization came a fair share of obstacles in effectively managing the operations of a complex supply chain network spread across the globe. Failure of manufacturing firms in controlling their operations has led to a generation of wastes such as underutilization of resources, inefficient by-product disposal systems, and increased emissions from poorly managed logistics networks. Research on understanding the environmental impact of ineffectively managed supply chain networks shows that industrial operations contribute up to 20% of global carbon dioxide emissions creating a serious impact on the environment.  Realizing these adverse effects, many countries across the globe have taken steps to regulate and monitor the operations and by-products produced by manufacturing firms. Multiple countries and local governments have come together to become environmentally more responsible through encouraging sustainability initiatives. They have laid more stringent regulations to pressure the manufacturing firms to transform into more sustainable and reduce their carbon footprint. Moreover, the manufacturing firms are also experiencing pressure from local governments and private NGOs. With increasing awareness of sustainability, customers have also slowly started transforming towards sustainable products and boycotting products from firms that do not comply with sustainability standards. Consequently, manufacturing firms have realized the need to become more sustainable in order to adapt to the changing regulations and customer needs. To achieve the level of sustainability in their supply chain operations, manufacturing firms have adopted innovative strategies and made changes in their policies making sustainability one of their prime goals. To achieve the desired level of sustainability, firms need to transform their current ways by incorporating a sustainability perspective into their operations. However, integrating sustainability at the operations level is not as easy as said due to existing governance gaps which are a result of ineffective control and management in global supply chain networks.  This thesis aims at identifying, understanding, and analyzing the gaps in integrating sustainability into supply chains and providing suggestions on how to fulfill these gaps. Through this research three innovative sustainability strategies which can be applied at operational, organizational, and system levels are analyzed, and conclusions are drawn on how successful implementation of these strategies would help in fulfilling the governance gaps. Further, the research also analyses the plausible effects of implementing the strategies by understanding and comparing the firm performance before and after implementation. The firm performance is measured in three categories: environmental performance, operational performance, and financial performance.

This paper investigates how family ownership affects firm performance among Swedish publicly listed firms during the Covid-19 pandemic. The period of interest is the second quarter of 2020 which is argued to be the period of the largest impact on the economy from the Covid-19 pandemic. During this period, we hypothesize that firm performance is influenced by family ownership due to agency conflicts. Our findings suggest that family firms with a present founding family member in the management outperform other firms in general. However, firm performance is not affected by family ownership during the Covid-19 period. We also consider different aspects of family ownership such as the level of stake controlled by the family, and whether the family firm uses a dual-class share system. Inconsistent with our hypotheses, our results show that a moderate stake controlled by the family is not associated with higher performance, and family firms that use the dual-class share system do not suffer in performance. Overall, our findings indicate that the Covid-19 pandemic did not impact firm performance contrary to our expectations. Lastly, this paper highlights an issue of sensitivity in the results depending on the family firm definition and the chosen measure for firm performance.

Purpose: The purpose of this paper is to introduce and test a portfolio view of a firm’s corporate social responsibility (CSR) activities. Drawing from stakeholder theory and the dynamic capabilities literature, the authors introduce CSR portfolio diversity and dynamism as key portfolio characteristics that have differential impacts across short- and long-term performance contexts. Design/methodology/approach: The study draws from the Kinder, Lydenberg and Domini database to examine CSR portfolio diversity and dynamism across seven dimensions of CSR activities. The authors test the direct and indirect relationships between CSR portfolio characteristics and both short- and long-term performance outcomes to assess the opportunities and challenges associated with managing a diverse and dynamic CSR portfolio. Findings: The findings suggest that a diverse portfolio of CSR activities positively impacts long-term performance; however, CSR portfolio diversity yields negative performance outcomes in the short-term. The authors also find that CSR portfolio dynamism moderates the relationship between CSR level and firm performance, such that a dynamic portfolio of CSR positively moderates the relationship between a firm’s CSR level and long-term performance; however, it negatively moderates the relationship between CSR level and short-term performance. Originality/value: This study integrates insights from the literature that examine the independent effects of individual CSR activities and the broader perspective that assesses the aggregated summation of CSR activities in relation to firm performance. By taking a portfolio perspective, the present study provides a unique integration of these two research streams to examine the performance implications of engaging in a diverse and dynamic range of CSR activities.

Purpose: The study primarily aims to examine the effect of internal innovation in determining the firm performance for the textile industry of Pakistan by testing the research framework of innovation diffusion theory. Additionally, the study also explores the moderating role of collaborative innovation in explaining the relationship between internal innovation and a firm’s performance in the target population. Methodology: The study used a self-administrative questionnaire-based survey technique to collect data from the participants. Due to the prevailing Covid-19 pandemic situation globally, the data was collected online using the Convenience sampling approach. The outcome variable of the study was firm performance, while the explanatory variable is internal innovation, which is measured by product and process innovation. Additionally, collaborative innovation was used as the moderating variable of the study. The population of the study was the textile sector of Pakistan. The unit of analysis was managerial employees (at all levels) working in the textile industry of Pakistan. The online questionnaire was shared with approximately, 100 target people successfully and completely provided their unbiased responses using online means. The researchers analyzed the collected data using SPSS software. The analysis techniques include descriptive statistics, correlation, reliability analysis (using Cronbach alpha), convergent reliability & validity (using outer loadings, composite reliability, and average variance extracted), VIF, and regression for testing the hypotheses. Findings: The study found that product innovation and process innovation both serve as critical drivers for the firm performance in the textile industry of Pakistan. Moreover, collaborative innovation plays a complementary role as the significant moderator between the internal innovation process and the firm’s performance in the target population. The results concluded the acceptance and support of the required hypothesis of the study, including the acceptance of innovation diffusion theory for the textile industry of Pakistan, and finally the consistency of results with existing literature. Implications:  Contribution of Study: Existing literature lacks to provide the mechanism and understanding that how internal innovation (product innovation and process innovation) collaborative innovation shapes the effective and efficient performance of the firms in the textile industry of Pakistan. Therefore, the lack of research work and clarity in the existing literature makes this study meaningful. Moreover, the contributions of the study are multifaceted as the first time this study is being conducted in an emerging economy Pakistan. Novelty: The findings of the study add the literature for the domain of innovation and performance, especially, in the case of the textile sector of Pakistan with the partially moderating impact of collaborative innovation. The study also contributes towards the acceptance of innovation diffusion theory in the textile industry of Pakistan. Limitations & Recommendations: The findings of the study apply to the Textile sector only due to the specific nature of their operations. The prospective researchers in this domain can consider further dimensions of innovations to examine their impact on a firm’s performance. Additionally, innovation performance can also be considered for future studies. Furthermore, cross-sector analysis can be performed for understanding how innovation works in different sectors.

京都大学 / 0048 / 新制・課程博士 / 博士(経済学) / 甲第21522号 / 経博第590号 / 新制||経||288(附属図書館) / 京都大学大学院経済学研究科経済学専攻 / (主査)教授 矢野 剛, 教授 塩地 洋, 教授 田中 彰, 教授 三重野 文晴 / 学位規則第4条第1項該当 / Doctor of Economics / Kyoto University / DGAM

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