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The intensity of carbon emissions has led to the serious problem of global warming, and the consequences in terms of climatic disasters are gaining increasing attention worldwide. As the energy sector is responsible for most global emissions, developing clean energy is crucial to combat climate change. This study aims to examine the relationship between corporate governance and renewable energy (RE) consumption and explore the interaction between RE production and RE use.

The study adopts an econometric framework of a panel model, followed by the robustness check using alternative methods, including logit regressions. The bivariate probit model is used to analyze the interaction between the decision to use and the decision to produce RE. The analysis is based on a sample of 3,896 firms covering 45 countries worldwide.

The results reveal that appropriate governance mechanisms positively impact RE consumption. These include the existence of a sustainability committee; environmental, social and governance-based compensation policy; financial performance-based compensation; sustainability external audit; transparency; board gender diversity; and board independence. Firms with appropriate governance mechanisms are more likely to produce and use RE than others. Finally, while RE use positively impacts firm value and environmental performance, the authors find no significant effect on current profitability.

This study goes beyond previous research by exploring the impact of multiple governance mechanisms. To the best of the authors’ knowledge, this is also the first study examining the relationship between RE use and firm value. Overall, the findings suggest that RE transition requires, first of all, establishing appropriate governance mechanisms within companies.

This paper aims to investigate the long-run financial and environmental performance of corporate green bond issuers, worldwide.

The data includes 259 corporate green bond issuers from 2013 to 2020. The authors adopt the matching approach, using the nearest neighbor method to select the control firms. The event-time approach is used to examine corporate green bond issuers’ long-run stock market performance, and robustness tests are conducted using the calendar-time method. The authors examine green bond issuers’ long-run environmental performance and carbon dioxide (CO₂₎ emissions using difference-in-differences estimations.

In contrast with the earlier long-run event studies, our results reveal that multiple-time issuers, and issuers operating in industries where the natural environment is financially material, perform financially in the long term relative to the control firms. The authors also document that corporate green bond issuers reduce their CO₂ emissions, and improve their resource use efficiency and environmental performance, in the long run.

To the authors’ knowledge, this is the first study that looks at the long-run effect of corporate green bond issuance on firms’ stock market performance. It has the particularity to document that corporate green bond issuance is beneficial for investors and positively affects the environment. Our findings help us understand that firms do not issue green bonds for greenwashing.

This paper aims to examine whether corporate social responsibility influences the cost of equity capital of firms operating in controversial industry sectors.

This paper computes the ex-ante cost of equity capital implied in analyst earnings forecasts and stock prices for a sample of 2,006 US firm-year observations belonging to controversial industry sectors (alcohol, tobacco, gambling, military, firearms, nuclear power, oil and gas, cement and biotechnology) during the period 1991-2012. The baseline regression model links CSR score to the implied cost of equity capital (ICC) and controls for firm-specific characteristics, industry factors and economic or market-wide factors. This model enables to capture the differential effect of CSR on ICC when the firm belongs to a specific sector of the controversial industries by adding an interaction term between CSR and the dummy variable representing this belonging.

The findings show two main results. First, CSR engagement significantly reduces the implied cost of equity capital (ICC) in all controversial industry sectors, taken as a group, as well as in each one of these sectors individually. Second, this effect is more pronounced when the firm belongs to the alcohol and tobacco industry sectors.

The findings have two important practical implications. First, they should increase managers’ confidence and incentives, in controversial industry sectors, to pursue CSR activities. Second, policymakers can encourage managers to undertake CSR initiatives in controversial industry sectors through tax incentives (e.g. reduce taxes for CSR related investment projects).

This paper extends prior studies that investigate the perceptions of capital market participants of firm’s CSR commitment (Sharfman and Fernando, 2008; Goss and Roberts, 2011; El Ghoul et al., 2011; Jo and Na, 2012; Bouslah et al., 2013) by examining the effect of CSR on ICC in the controversial industry sectors. It contributes to the debate around the relevance of CSR in controversial sectors by providing evidence of the reduction effect of CSR activities on ICC in controversial industries and by showing that this reduction impact is more pronounced when the firm belongs to alcohol, tobacco industry sectors.

The purpose of this paper is to present an algorithm for detecting communities in social networks.

The majority of existing methods of community detection in social networks are based on structural information, and they neglect the content information. In this paper, the authors propose a novel approach that combines the content and structure information to discover more meaningful communities in social networks. To integrate the content information in the process of community detection, the authors propose to exploit the texts involved in social networks to identify the users’ topics of interest. These topics are detected based on the statistical and semantic measures, which allow us to divide the users into different groups so that each group represents a distinct topic. Then, the authors perform links analysis in each group to discover the users who are highly interconnected (communities).

To validate the performance of the approach, the authors carried out a set of experiments on four real life data sets, and they compared their method with classical methods that ignore the content information.

The experimental results demonstrate that the quality of community structure is improved when we take into account the content and structure information during the procedure of community detection.

This chapter examines the competitiveness of the tourism cluster in the United Arab Emirates (UAE) by applying Porter's competitiveness of nation diamond model, with its four dimensions: factor conditions, demand conditions, the related and supporting industries, and, lastly, the firm's strategy and rivalry. Specifically, we provide a thorough analysis of the UAE's strategic plans, initiatives, and tactics to cultivate competitiveness in tourism across the nation. This includes the draft of a vision for the nation, decisions to build and reinforce their infrastructure, determination to develop and nurture skilled workforce, ability to respond innovatively to their customers' evolving demands, selection of the appropriate base for competition, and, finally, continuous melioration of related industries. Examining secondary data and by reviewing governmental reports, we find that UAE did not cultivate a national advantage by owning random natural resources, but rather by having a strategic intent to converge all their efforts and to deliberately build a coherent cluster in the tourism sector. The chapter also provides some limitations and recommendations for future research.

This article explores the protective measures and the occupational health and safety (OHS) prevention strategies in place in the formal electronic equipment recycling (e-recycling) industry, more specifically in the Greater Montreal area (Quebec, Canada) and their consequences: health inequalities and level of compliance with environmental standards.

Semi-structured interviews were conducted using two respondent-specific questionnaires, one for workers and one for supervisors. Data collection and analytic procedures drew from qualitative content analysis. It was tempted to identify differences in OHS practices in relation to the workers' employment status and to link the companies' OHS concerns to their level of compliance with environmental standards.

The article highlights specific OHS issues in the formal e-recycling industry. Enforcing compliance with environmental standards as a lever for promoting OHS appears to be a promising strategy. Another main finding was the workforce diversity and related OHS vulnerabilities in this industry and the challenges they pose to employers' ability to adequately and equally reach and protect all workers involved.

To date, too little attention appears to have been paid to working conditions and worker protection in this rapidly growing sector. Specific prevention programmes could be implemented and adapted to the industry's diverse workforce and its multiple OHS vulnerabilities. This issue calls for the international community to take responsibility, as many electronic waste (e-waste) generated worldwide is shipped to developing countries, where lack of regulation and control is much more striking in a sector that remains very largely informal.

This chapter explores how state–business relations (SBR) in the Arab world influence public policy on industrial clusters and the resulting economic benefits from these clusters on innovation and productivity. The main SBR actors are identified as the state, big capitalists (or tycoons), and small and medium business managers and owners (entrepreneurs). The framework used here focuses on interactors' power relations. Such power relations are reflected in the ability/inability of the state to enforce its will with less consultation with and/or favorite treatment to nonstate actors. It is also reflected in the ability/inability of nonstate actors to act individually or organize in order to defend their interests and influence government policy formulation and implementation. Such power relations are reflected in the ability of nonstate actors to organize – especially entrepreneurs – and the level of favoritism provided by state officials to tycoons. The power dynamics in SBR lead to different SBR modes and different economic outcomes, one of which is the development of industrial clusters and how efficient they are in fostering innovation and productivity in Arab countries. This chapter suggests that the development of industrial clusters in the Arab world necessitates institutional reform, addressing the power relations governing SBR in the region. A more open political system allowing the independence and growth of broad-based business associations and curbing favoritism is necessary for realizing the benefits from implementing recommended policies, leading to cluster development and reaping the economic benefits from such development. Using statistical and regression analysis, empirical evidence supporting these arguments is provided.

This chapter applies the five drivers of productivity framework to regional microdata for Egypt and extends it by introducing an index of industrial clusters as an explanatory factor of the productivity performance of local private sector firms. Applying structural equation models, the geographic concentration of sectoral economic activity is found to have a positive and statistically significant effect on labor productivity. The transmission mechanism is conjectured to be the positive spillovers that are created, which local firms can tap into. In contrast, a higher concentration of skilled workers in an industrial sector in a region is associated with lower levels of labor productivity – a finding that suggests there may be structural deficiencies in the allocation of skilled workers. Regional policy should focus on net investments in gross capital formation throughout the country, for which the national and regional governments should improve how public investments are managed and the institutional framework – including the rule of law, bureaucracy and red tape, conflict of interest, transparency, and governance – so that private investment (both local and foreign) may substantially increase.

The aim of this paper is to present an online framework for building a domain taxonomy, called TaxoLine, from Web documents automatically.

TaxoLine proposes an innovative methodology that combines frequency and conditional mutual information to improve the quality of the domain taxonomy. The system also includes a set of mechanisms that improve the execution time needed to build the ontology.

The performance of the TaxoLine framework was applied to nine different financial corpora. The generated taxonomies are evaluated against a gold-standard ontology and are compared to state-of-the-art ontology learning methods.

The experimental results show that TaxoLine produces high precision and recall for both concept and relation extraction than well-known ontology learning algorithms. Furthermore, it also shows promising results in terms of execution time needed to build the domain taxonomy.

The purpose of this chapter is to illustrate the role of higher education establishments in Middle Eastern countries specifically Saudi Arabia. The contributions of higher education establishments are particularly significant in relation to regional and national innovation system, which have been earmarked as engine for growth of the local economy across the region. Our study has chartered the dynamic nature of higher education in the region and their networking capabilities in order to be recognized as key stakeholders of the emerging economy. The study is informed by theoretical dimensions of “open innovation” and how the framework can accommodate the dynamic nature of higher education establishments in order to provide further impetus to ambitious projects such as Vision 2030 in Saudi Arabia. Our study is limited by further empirical evidence but has implication for the region in offering new insights around the evolving conceptualization of entrepreneurial universities and national innovation system.