New issue of the Corporate Governance and Sustainability Review journal
The editorial team of Virtus Interpress is happy to announce that the third issue of the journal “Corporate Governance and Sustainability Review” in 2025 has been published. The articles in this issue provide several insights for discussion and directions for future research.
The published studies focus on various corporate governance issues, such as sustainability, sustainable leadership, sustainability education, management style, leadership style, FDI, competitiveness, development, ESG, sustainable growth rate, audit quality, earnings management, tax avoidance, blockchain strategy, supply chain transparency, Sustainable Development Goals, corporate financial performance, corporate social performance, Industry 4.0, Industry 5.0, corporate governance reporting, stakeholders, climate change, climate justice, global governance, green bonds, etc.
The first research study in this issue by Cynthia P. Cudiaa and Joy Lynn Robosa Legaspi investigates the leaders’ essential qualities and perceived effectiveness in promoting sustainability within higher education institutions (HEIs), focusing on the Philippine context. This research contributes to the discourse on sustainable leadership by identifying key enablers and obstacles within HEIs and encourages future studies to adopt mixed-methods approaches. The article is relevant to education policymakers, university administrators, and sustainability advocates aiming to strengthen leadership capacity for sustainable transformation.
The next study by Stavros G. Efthimiou addresses the multifaceted contribution of foreign direct investments (FDI) to the tourism sector, delineating its potential role in transforming infrastructure development, enhancement in the quality of services, and integrating newer innovative practices within the sector. The findings show the importance of integrated policy approaches in aligning FDI inflows with sustainable tourism development goals and ensuring a balanced and inclusive growth path, and put forward recommendations for how stakeholders can optimize the benefits of FDI while addressing its adverse impacts and develop strategies that enhance the resilience and sustainability of tourism in a highly competitive global environment.
Tanggor Sihombing and Hana Kartika Nurhaliza examine the impact of audit committee characteristics and audit quality on environmental, social, and governance (ESG) performance, with the sustainable growth rate (SGR) serving as a moderating variable. This study found that audit committee size, independence, and frequency improve ESG performance. However, committee financial knowledge and audit quality do not improve ESG performance. This study also reveals that the sustainable growth rate can strengthen the favorable association between audit committee meeting size and frequency, audit quality, and ESG performance.
Thi Lam Anh Nguyen, Thi Ngoc Anh Phan, Vu Hien Thuong Nguyen, and Hoang Minh Nguyen investigate the impact of earnings management, focusing on discretionary accruals, on corporate tax avoidance among manufacturing firms listed on the Ho Chi Minh Stock Exchange (HOSE) during the period 2018–2022. The findings offer insights for policymakers and regulators aiming to strengthen tax enforcement and improve transparency in corporate financial reporting in developing markets, such as Vietnam.
The next article by Shinnawatra Junchairussamee, Tanpat Kraiwanit, Chanin Amornbuth, and Qiqi Luo investigates the strategic potential of blockchain technology as a policy innovation instrument for enhancing institutional transparency, operational efficiency, and sustainability within Thailand’s public agricultural sector. This study reconceptualizes blockchain as a strategic enabler of institutional reform and offers actionable insights for embedding emerging technologies into SDG-aligned governance ecosystems.
The study by Akua Peprah-Yeboah, Ellis Kofi Akwaa-Sekyi, and Abukari Salifu Atchulo examines the relationship between corporate financial performance (CFP) and corporate social performance (CSP), exploring any inherent non-linearities. Further, it investigates whether a formal ethics function on the board moderates this relationship. The study underscores the vital role of sustainability committees in maintaining CSP as a strategic priority.
Heather Thompson-Bahm, Josélia Elvira Teixeira, and Rodrigo Cortopassi Goron Lobo explore the shift from Industry 4.0 to Industry 5.0, emphasizing artificial intelligence (AI), blockchain, and the Internet of Things’ (IoT) role in enhancing sustainability and human well-being. The findings reveal how businesses adopting Industry 5.0 principles, centered on human-centric innovation and resilience, can lead the charge toward adaptable and sustainable industrial ecosystems. This research underscores the importance of aligning production methods with environmental and societal goals, offering a strategic roadmap for creating a more inclusive, sustainable, and human-focused industrial future.
Björn Baltzer and Patrick Ulrich explore the application and presentation of VAS within the corporate governance reports of nine large, publicly listed German companies. The findings suggest that if standardized, VAS could play an important role in bridging financial reporting with broader accountability objectives, especially as corporate governance increasingly emphasizes stakeholder-inclusive disclosures. This study highlights the need for clear guidelines to support VAS integration, which could foster greater trust and transparency within corporate governance frameworks.
The next study by Julia Margarete Puaschunder addresses climate justice based on climate gains and losses redistribution to introduce the potential of the Green New Deal to steer positive change and action beyond the precautionary approach. As a recommendation based on the inequality inherent in global warming, the ethical climatorial imperative demands an equalization of the gains of climate change around the globe to offset losses incurred due to climate change. Recommendations are aimed at ensuring to share the burden but also benefits of climate change within society in an economically efficient, legally equitable, and practically feasible way now and also between generations.
The article by Christos Konstantinidis, Paschalia Plioska, Stylianos Kafestidis, and Ioanna Antoniadou aims to estimate the competitiveness of the four dominant aluminum manufacturing exporting Greek firms, filling the existing gap in the literature for the specific sector for the 2018–2023 period. The main results show that these firms present satisfying results in terms of liquidity, profitability, and activity ratios, and should also strengthen their competitive status with the use of proper strategies such as vertical integration, a result which differentiates the current paper from other relevant works.
Fang Zhao examines how gender diversity among subordinate executives, excluding the chief financial officer (CFO), relates to real earnings management. The results show that firms with female non-CFO subordinate executives engage in less real earnings management, after controlling for other factors associated with real earnings management. This study contributes to the literature on the relationship between gender diversity and financial reporting, as well as real earnings management. The study is relevant for both practice and policy regarding corporate governance and financial reporting.
Peter Chi Wan Yip, Elvy Pang, and Tommy Tat Keung Yu examine the relationship between environmental, social, and governance (ESG) practices and financial performance among Hong Kong’s Hang Seng Index (HSI) firms, addressing sector-specific and regional ESG gaps in Asian markets. Findings highlight the need for sector-specific ESG standardisation and regulatory compliance to improve governance. This study provides actionable insights for policymakers refining disclosure frameworks and corporations aligning sustainability strategies with profitability in emerging markets.
The next article by Oltiana Muharremi, Migena Petanaj, and Meleq Hoxha examines the impact of foreign direct investment (FDI) on economic growth over the period 2000–2022, focusing on Albania as a case of a transition economy integrating into the global market. This research contributes to existing literature by offering updated empirical evidence over a two-decade period marked by economic liberalization and European integration efforts, an area previously underexplored in transition economies.
The final study in this issue by Made Devi Wedayanti, Selvia Sutriana, Erlina, Boby Indra Pulungan, Mohamad Hafis Bin Amat Simin, Uchita Angguni, and Miftahul Jannah aims to analyze the corporate social responsibility (CSR) management strategies of palm oil in Indonesia to address these issues. The analysis results show that the company’s commitment to having a good working relationship with the local community is the most significant strategy.
The full issue of the journal is available at the following link.
We wish you a pleasant and informative reading!
