The effect of company growth on sustainable performance: A moderating perspective of stock mispricing in Indonesia and Japan
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Received March 5, 2024;Accepted April 14, 2024;Published May 30, 2024
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DOIhttp://dx.doi.org/10.21511/imfi.21(2).2024.26
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Article InfoVolume 21 2024, Issue #2, pp. 323-335
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The adoption of environmental, social, and governance (ESG) measures to realize socially responsible companies continues to accelerate, becoming a trend amid global uncertainty due to climate change and the COVID-19 pandemic. This study aims to examine the effect of company growth on sustainable performance, moderated by company stock mispricing in Indonesia and Japan, representing a developing and a developed country, respectively. This study uses panel data regression, namely the Common Effect Model (CEM), Fixed Effect Model (FEM), and Random Effect Model (REM), to test hypotheses. With a total of 42 observations from companies listed on the Indonesia Stock Exchange (IDX) and 112 observations from companies listed on the Japan Stock Exchange (JPX) during 2019–2020, the results show that a company’s growth has a negative effect on sustainable performance in Indonesia, while in Japan it has no effect. Stock mispricing strengthens the negative effect of company growth on sustainable performance in Indonesia but has no effect in Japan. This study found that companies in Indonesia place more emphasis on internal growth than on ESG implementation compared to companies in Japan. The implication of this study is that the implementation of ESG shows different dynamics when comparing two countries. Indonesia needs to evaluate the regulations governing socially responsible businesses in order to encourage further improvement of ESG performance. Meanwhile, in Japan, ESG practices have been running voluntarily, so enforcement from regulators is relatively less necessary.
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JEL Classification (Paper profile tab)Q56, Q51, M14
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References33
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Tables9
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Figures0
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- Table 1. Sample of Indonesian and Japanese companies
- Table 2. Variable measurements
- Table 3. Descriptive statistics
- Table 4. Market-to-book prediction to estimate stock mispricing
- Table 5. Descriptive statistics of Indonesia and Japan
- Table 6. Regression test results – Statistical model 1 in Indonesia
- Table 7. Regression test results – Statistical model 1 in Japan
- Table 8. Regression results – Statistical model 2 in Indonesia
- Table 9. Regression statistical model 2 results in Japan
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Conceptualization
Leddy Teresa Kristianthy, Erni Ekawati
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Data curation
Leddy Teresa Kristianthy
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Formal Analysis
Leddy Teresa Kristianthy, Erni Ekawati
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Funding acquisition
Leddy Teresa Kristianthy, Erni Ekawati
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Investigation
Leddy Teresa Kristianthy, Erni Ekawati
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Methodology
Leddy Teresa Kristianthy, Erni Ekawati
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Project administration
Leddy Teresa Kristianthy, Erni Ekawati
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Resources
Leddy Teresa Kristianthy, Erni Ekawati
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Software
Leddy Teresa Kristianthy
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Supervision
Leddy Teresa Kristianthy, Erni Ekawati
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Validation
Leddy Teresa Kristianthy, Erni Ekawati
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Visualization
Leddy Teresa Kristianthy, Erni Ekawati
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Writing – original draft
Leddy Teresa Kristianthy
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Writing – review & editing
Leddy Teresa Kristianthy, Erni Ekawati
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Conceptualization
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Investigating the impact of workplace bullying on employees’ morale, performance and turnover intentions in five-star Egyptian hotel operations
Ashraf Tag-Eldeen , Mona Barakat , Hesham Dar doi: http://dx.doi.org/10.21511/tt.1(1).2017.01In today’s competitive business environment, human resources are one of the most critical assets particularly for service-focused organizations. Consequently, employees’ morale has become invaluable for maintaining outstanding organizational performance and retaining employees. One of the most important factors which may affect employees’ satisfaction is workplace bullying from employers and colleagues at large. It is considered a negative and unethical issue which may degrade, humiliate and create a risk to a healthy working environment. Therefore, the main objective of this research is to investigate the extent to which workplace bullying may affect the organizational outcomes of a sample of five-star hotels in Egypt. Two questionnaires were distributed among the subjects of the sample; bell desk staff, kitchen stewards and head departments. The results of this research confirmed that there is a correlation between workplace bullying, employees’ morale and turnover intentions but, showed no correlation between workplace bullying and employees’ work performance.
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Environmental Performance Index: relation between social and economic welfare of the countries
Tetyana Pimonenko , Oleksii Lyulyov , Olena Chygryn , Maksim Palienko doi: http://dx.doi.org/10.21511/ee.09(3).2018.01Environmental Economics Volume 9, 2018 Issue #3 pp. 1-11 Views: 3459 Downloads: 510 TO CITE АНОТАЦІЯThe paper deals with the analysis of methodology of Environmental Performance Index. The authors analyzed and systematized the main existing integrated indices, which were used for evaluation of environmental, social and economic situation in the countries. The authors allocated the environmental performance index as a basis for analyzing the environmental policy of the country. In this direction, the authors analysed the main features, structure and indicators of environmental performance index. The authors allocated the world-leader countries with huge level of CO2 emissions. According to the results, the authors aproved that these countries should improve their environmental policy. Accordingly, they occupied less position in environmental performance index. For the purpose to analyze the relation between ecological, social and economic welfare, the authors analyzed score of sustainable development goal index, social progress index and gross domestic product per capita. The comparison analysis of findings showed that countries with good position on environmental performance index have the strong position on sustainable development goal index and social progress index. The authors suggested that Ukraine should orient to the EU countries with purpose to improve the environmental policy.