Staff publications (SoM)

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https://dspace.lib.cranfield.ac.uk/handle/1826/28

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Browsing Staff publications (SoM) by Subject "3502 Banking, finance and investment"

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    Boundary objects at play in the world's greenest football club
    (Wiley, 2025-01) Samuel, Anthony; White, Gareth R. T.; Thomas, Robert; McGouran, Cathy; Bull, Michel
    In the face of increasing environmental and societal pressures, organizations are gradually moving away from merely reducing their detrimental effects toward making positive impacts. One sizeable sector of economic activity, that is frequently overlooked, is that of sport, of which football is the largest in terms of economic value, fan base and global cultural influence. It is only relatively recently that outliers in the football industry have transitioned from being purely profit‐motivated to being both socially and environmentally aware. This transition is challenging since it is being undertaken within the often aggressively masculine environment, as well as the deep‐seated socio‐historical origins and contexts of the individual clubs and the sport as a whole. One such outlying football club is Forest Green Rovers which appears to have navigated this journey successfully. However, research has yet to understand “how” this has been achieved. This study addresses this gap through a 4‐year examination of the social and environmental initiatives of Forest Green Rovers. This lower‐league “club on the hill” is globally recognized for its novel approaches and solutions. Through examining the various Boundary Objects that aid in uniting disparate social groups in order to effect considerable changes to the “match day experience” and to stakeholders' consumption behaviors, it explains how their pragmatic, syntactic, and semantic functions combine to create an accepted suite of socially and environmentally beneficial initiatives.
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    Can we increase the granularity in understanding global value chains? an integration of academic and practice perspectives to enhance future developments
    (Inderscience , 2024) Prataviera, Lorenzo Bruno; Bosio, Davide; Koliousis, Ioannis
    Value chains are increasingly fragmented globally, and companies and governments struggle with understanding where value is added. Both scholars and practitioners developed models, but recent challenges are calling for original approaches to develop instruments to map and evaluate global value chains (GVCs) footprint. We carried out a structured literature review (SLR) to summarise the existing academic knowledge about GVCs mapping and also examined the related practitioners’ materials. We then investigated what data sources are currently available to collect data about global trade flows, and involved practitioners in the discussion to collect insights that could improve the current understanding. We aim at offering guidance in this process, highlighting what future directions should be pursued to increase the models’ descriptive and explanatory power. For example, customs data is largely available. Original models could be developed, and GVCs could be studied leveraging rich and granular customs data rather than traditional macro-economic data.
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    Corruption and default risk: global evidence
    (Wiley, 2025-12-31) Nadarajah, Sivathaasan; Atif, Muhammad; Tawiah, Vincent; Liu, Jia; Wood, Geoffrey
    The extant literature explores the consequences of corruption on firms’ growth and survival. However, its impact on default risk remains unexplored. On the basis of a sample of 189,109 firm‐years from 2004 to 2021 across 47 countries, our study reveals that a one standard deviation increase in corruption is associated with an 11.3% increase in default risk. Our channel analysis identifies information asymmetry and managerial risk‐taking as key mechanisms through which corruption influences default risk. This adverse effect is particularly pronounced in countries with opaque information environments, weak governance frameworks and inadequate external monitoring of firms. We further highlight the detrimental impact of corruption on firms’ borrowing costs and banks’ loan performance. Our study emphasizes the importance of enhancing information transparency and implementing stringent control mechanisms as a basis of mitigating corruption's detrimental effects across a range of different socio‐political contexts.
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    Digital transformation as a catalyst for resilience in stock price crisis: evidence from a ‘New Quality Productivity’ perspective
    (Springer, 2025-12-31) Chen, Shunru; Alexiou, Constantinos
    This study explores the impact of digital transformation on stock price crash risk using Chinese A-share listed enterprises from 2011 to 2022. Leveraging the TF-IDF algorithm and deep learning models, it contextualizes digital transformation within China's “new quality productivity” framework, which prioritizes technological innovation over traditional productivity drivers. The findings reveal that digital transformation significantly reduces stock price crash risk, particularly in labor and capital-intensive sectors, by enhancing market transparency and decreasing information asymmetry. Furthermore, the integration of digital transformation with the “new quality productivity” framework amplifies this protective effect, with pronounced benefits for large firms and those covered by analysts or research reports. Conversely, smaller firms or those without such coverage experience a smaller impact. By demonstrating how advanced digital technologies bolster operational agility and investor confidence, this study highlights the critical role of digital transformation in fostering resilience and stabilizing stock prices during crises.
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    ‘E’ of ESG and firm performance: evidence from China
    (Elsevier, 2024-11) Qian, Binsheng; Poshakwale, Sunil; Tan, Yusen
    Following the ESG rating divergence reported in the previous research studies, we develop a novel firm-level Green Commitment (GC) index by incorporating new dimensions of environmental management and governance. We construct GC scores for all A-share listed companies in China from 2015 to 2021 and analyze whether firms with greater environmental commitment exhibit improvements in their future performance. Our results show that firms with high GC scores achieve higher stock returns without incurring extra risk. Additionally, a strong environmental commitment can enhance operating performance by mitigating financial constraints. The evidence supports the view that environmental investing contributes to the creation of positive shareholder value. Our GC index can be applied more widely to resolve the mixed evidence on the value implications of corporate environmental commitments.