Dsouza, Suzan; Momin, Muj aba; Habibniya, Houshang; T ipa hy, Nalinip a a
A icle
Op imizing pe o mance h ough sus ainabili y: he
media ing in luence o i m liquidi y on ESG e icacy in
A ican en e p ises
Cogen Business & Managemen
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Sugges ed Ci a ion: Dsouza, Suzan; Momin, Muj aba; Habibniya, Houshang; T ipa hy, Nalinip a a
(2024) : Op imizing pe o mance h ough sus ainabili y: he media ing in luence o i m liquidi y
on ESG e icacy in A ican en e p ises, Cogen Business & Managemen , ISSN 2331-1975, Taylo &
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Op imizing pe o mance h ough sus ainabili y:
he media ing influence o fi m liquidi y on ESG
efficacy in A ican en e p ises
Suzan Dsouza, Muj aba Momin, Houshang Habibniya & Nalinip a a T ipa hy
To ci e his a icle: Suzan Dsouza, Muj aba Momin, Houshang Habibniya & Nalinip a a
T ipa hy (2024) Op imizing pe o mance h ough sus ainabili y: he media ing influence o
fi m liquidi y on ESG efficacy in A ican en e p ises, Cogen Business & Managemen , 11:1,
2423273, DOI: 10.1080/23311975.2024.2423273
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Op imizing pe o mance h ough sus ainabili y: he media ing
in luence o i m liquidi y on ESG e icacy in A ican en e p ises
Suzan Dsouzaa , Muj aba Momina, Houshang Habibniyaa and Nalinip a a T ipa hyb
aCollege o Business adminis a ion, ame ican uni e si y o he Middle eas , egaila, Kuwai ; bindian ins i u e o Managemen ,
shillong, Meghalaya, india
ABSTRACT
This s udy employs a linea eg ession model o in es iga e he ela ionship be ween
ESG pe o mance, liquidi y, and i m pe o mance o A ican-lis ed i ms co e ing a
pe iod om 2013 o 2022. The esul s indica e ha liquidi y is a signi ican media ing
ac o in luencing he associa ion be ween ESG pe o mance on i m pe o mance.
Fu he mo e, he ou come sugges s ha augmen ing he ESG pe o mance o lis ed
companies enhances i m pe o mance. Robus ness es s also co obo a e he
pos ula ion ha i ms wi h highe liquidi y imp o e ESG pe o mance and enhance
o e all i m pe o mance. This s udy o e s impo an insigh s o co po a e go e no s,
lis ed i ms, and in es o s.
1. In oduc ion
The ecen pas has wi nessed equanimi y be ween he en i onmen and human sus ainabili y, and o ga-
niza ions a e no excep ion. This ec onic shi om e enue-o ien a ion philosophy o ‘mu ual sus ainabil-
i y’ has been an ou come o he ealiza ion ha no hing can exis in acuum. This in e wining be ween
i ms, inance socie y, and he en i onmen has led o he need o s anda dize measu es o en i onmen
sus ainabili y, social consciousness, and i m pe o mance. Fu he mo e, he e has been a su ge in s ake-
holde in e es s (K ame & P ize , 2022) as well as academics (Al Amosh e al., 2023; Gao e al., 2022;
Ga in e al., 2022; Gup a e al., 2022; K o & Bams, 2022; Pulino e al., 2022; Zhou e al., 2022); whe ein
pa allel sphe es o in es iga ion and in e ence a e being b ough o limeligh . These conclusions ha e
been an ou come o discussion in schola ly o ums, whe ein ESG and i s ela ionship wi h i m sus ain-
abili y ha e been a he co e (Ahmad e al., 2021; A agón-Co ea e al., 2016; Bansal & Song, 2017;
Ch is ophe & Lee, 2021; Jeong & Ha ison, 2017; Jones e al., 2018). Though his p imal associa ion has
been i e a i ely in es iga ed, wha emains enisle is he in eg a ing associa ion o i m liquidi y wi h he
an ecedence o ESG disclosu es and he ou come o i m pe o mance. Fi m liquidi y has been s udied
a leng h wi h CSR ini ia i es (Uya e al., 2023), and so ha e been wi h i m pe o mance (Kassamany
e al., 2023); bu he e a e negligible s udies ha a icula e he a iable wi h ESG o i m pe o mance.
P ac i ione s may go o he ex en o pe cei ing CSR as a p oxy o ESG; hough heo e ically, hey p in-
cipally di e . Thus, a icula ing i m liquidi y wi h ESG and i m pe o mance is a unique iangula ion
ha has o be empi ically subs an ia ed. The in luence o ESG on i m pe o mance can be de ia ed wi h
he liquidi y beha iou o i ms, hence liquidi y plays a pi o al ole in he success o i m pe o mance.
Liquidi y plays a c ucial ole in de e mining he success o ESG ini ia i es and, ul ima ely, i m
© 2024 he au ho (s). Published by in o ma uK Limi ed, ading as aylo & F ancis g oup
CONTACT suzan Dsouza [email p o ec ed] College o Business adminis a ion, ame ican uni e si y o he Middle eas ,
egaila 54200, Kuwai
h ps://doi.o g/10.1080/23311975.2024.2423273
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pe mi s un es ic ed use, dis ibu ion, and ep oduc ion in any medium, p o ided he o iginal wo k is p ope ly ci ed. he e ms on which his a icle has been
published allow he pos ing o he accep ed Manusc ip in a eposi o y by he au ho (s) o wi h hei consen .
ARTICLE HISTORY
Recei ed 15 Ap il 2024
Re ised 2 Sep embe
2024
Accep ed 25 Oc obe
2024
KEYWORDS
ESG; A ica; i m
pe o mance; liquidi y;
en i onmen al disclosu es;
social; go e nance
JEL
M14; N17; N87; M41
SUBJECTS
Business, Managemen
and Accoun ing, Finance;
A ican S udies
ACCOUNTING, CORPORATE GOVERNANCE & BUSINESS ETHICS
| RESEARCH ARTICLE
2 S. DSOUZA ETAL.
pe o mance. Fi ms wi h high liquidi y a e be e posi ioned o in es in ESG ac i i ies, manage isks, and
ake ad an age o g ow h oppo uni ies. This, in u n, can lead o imp o ed i m pe o mance, especially
in he long un. Con e sely, i ms wi h liquidi y cons ain s may s uggle o in es in ESG, po en ially
limi ing hei pe o mance and g ow h po en ial. The e o e, when e alua ing he in luence o ESG on i m
pe o mance, i is essen ial o conside he liquidi y beha io o i ms, as i can signi ican ly impac hei
abili y o implemen and sus ain ESG ini ia i es e ec i ely.
ESG has ecen ly become mains eam. Thus, he uni ed e o s o schola ly and p ac i ione communi ies
ha e pa ed he way o he swi e olu ion o his sphe e. A ica p esen s signi ican oppo uni ies o p i-
a e in es o s. The egion boas s a you h ul and expanding popula ion alongside plen i ul na u al esou ces.
U ban cen es a e expe iencing subs an ial de elopmen , wi h many na ions implemen ing ex ensi e indus-
ializa ion and digi aliza ion s a egies. The p ima y d i e s behind Fo eign Di ec In es men (FDI) in lows
in o A ica in ecen yea s seem o be he a ailabili y o na u al esou ces in hos coun ies, coupled wi h
he size o he domes ic ma ke playing a seconda y ole. The po en ial o FDI o con ibu e o economic
ad ancemen and global in eg a ion o A ican na ions is widely acknowledged. Howe e , ba ing a ew
(Che y e al., 2015; Deme iades & Au e , 2014; Ga cia e al., 2017; Okolie & Igaga, 2021), he e ha e been
ewe consolida ed e o s owa ds empi ical in es iga ions on he A ican con inen , which could be
a ibu ed o he less e ol ed inancial sys ems, spa se o une 500 i ms in he geog aphy, asynch onous
e minology, absence o longe ime ho izons, o easons ha need con empla ion and cognizance. ESG
and i m pe o mance a e posi i ely ela ed ac oss a ious coun ies (A an e al., 2018; Busch & F iede, 2018;
del Ma Mi as‐Rod íguez e al., 2015; Galla do-Vázquez e al., 2019; Han e al., 2016; Khou y e al., 2021;
Pulino e al., 2022). P ima ily conside ing he inc easing end o o eign di ec in es men (FDI) in he
A ican con inen and he ESG en o cemen by he Uni ed Na ions, he e is always a ques ion o whe he
ESG pe o mance is ele an o in es o s. Second, does ESG pe o mance a ec a i m’s pe o mance? Can
ESG pe o mance in luence ac o s o a ia ions? Howe e , limi ed esea ch has been conduc ed on he
co ela ions be ween ESG pe o mance, liquidi y, and inancial pe o mance. Ou s udy aims o ill his gap
wi h a h ee-p onged app oach: 1) We iangula e he ela ionship be ween he ESG pe o mance, i m
liquidi y, and inancial pe o mance o lis ed companies using a linea eg ession model wi h a sample o
1109 i m-yea obse a ions ( o a o al o 165 selec ed i ms), o signi y he ole ha non- angible esou ces
asse o angible inancial e u ns. Mo eo e , i has o be no ed ha i m liquidi y is a no el node ha
has been a ely s udied in heo e ical ci cles and hence signi ies impo ance o his discipline. 2) Second,
we b ing o li e a u e he media ing associa ion o inancial liquidi y o a i m o accen ua e (o de la e) his
p imal associa ion. This in es iga ion is seminal, o in oduce an in e media y cons uc ha has been a ely
done in he pas o lis ed A ican co po a es; whe ein we ha e cons uc ed a linea eg ession, alongside
he media ing e ec models. 3) Finally, he manusc ip b ings o ocal his associa ion unde he obus ness
es by conside ing a wide ange o a iables, ep esen ing i m pe o mance. This h ee-le el analysis
asce aining he di ec , media ion and mode a ed-media ion e ec o e s some o he obus esul s ha
make he esea ch subs an ial o ad ance heo y in his discipline.
Wi h he swi ly maneu e ing business landscape and he g owing acknowledgemen o ESG, i is sig-
ni ican o s udy his associa ion owing o i s ele ance and in eg a ion wi h global and egional in eg a-
ion, and wi h economic and human p og ession. Wi h ising acknowledgemen o s akeholde and
sus ainabili y aspec s o business, an in es iga ion o his na u e is in eg al o e eal how ine icien ESG
in es men s ha a ise om agency and s akeholde issues can inhibi i m pe o mance. S udies o his
na u e a e pi o al o su ace a pano ama o ac o s ha mode a e he adop ion o ESG in eme ging econ-
omies and o iden i y a hos o easons ha implica e he long- e m and sho - e m exis ence o hese
o ganiza ions, and hei sus ainabili y. Mo eo e , he e has been a s ing o such in es iga ions in peculia
zones like he No dic egion (Saha & Khan, 2024), India (Bodhanwala & Bodhanwala, 2023; Maji & Lohia,
2023), China (Lin e al., 2024), Uni ed S a es (A ayah e al., 2024) and in se en eme ging economies
(Al-Hiya i e al., 2023); which hin s on he need o concen a ion s udies di e en ia ed by ime, geog aphy
and heo e ical ounda ions. In pa icula , i is signi ican o s udy A ica, owing o i s ising jou ney in he
indus ial and inancial landscape. Wi h no many ecen s udies on A ica (Okolie & Igaga, 2021), an in es-
iga ion o his na u e maps he i id con ou s o his eme ging economy and he cons i uen s ha shape
he unde s anding o ESG and i s inancial implica ions in such economic zones. A s udy o his na u e
has he po en ial o ad ance heo y and also magni y speci ics o such economies ha can in luence he
COGENT BUSINESS & MANAGEMENT 3
p imal associa ion be ween ESG and i m pe o mance. Simply, his s udy aspi es o acknowledge and
b idge he pauci y o li e a u e on ESG and i m pe o mance, en ou e o inancial liquidi y wi h s a is ical
e idence; especially in zones ha a e eme ging as economies. Thus, his s udy aims o diligen ly p obe
in o he in e play ha ESG o e s o i m pe o mance; and he dis inc egional, business landscape ha
A ica cha ac e izes; and hus, con ibu e o he ad ancemen o heo y, in he sphe e o sus ainabili y and
accoun abili y. The indings o his s udy demons a e ha enhancing he ESG pe o mance o lis ed i ms
is bene icial o imp o ing i m pe o mance. Fu he mo e, liquidi y plays a signi ican ole as a media ing
ac o in he impac o ESG pe o mance on i m pe o mance. Robus ness es s con i m ha i i m pe -
o mance measu ed as ROA is eplaced by ROE, Tobin’s Q o NPM, liquidi y plays a signi ican ole as a
media ing ac o in he impac o ESG pe o mance on i m pe o mance. This s udy p o ides se e al
impo an insigh s o policymake s, egula o s and en e p ises. The subsequen sec ions o his manusc ip
a e s uc u ed as ollows. The second segmen comp ises a e iew o exis ing li e a u e and esea ch p op-
osi ions, me ging domes ic and in e na ional li e a u e on ESG pe o mance and liquidi y, ESG pe o -
mance and i m pe o mance, as well as liquidi y and i m pe o mance, culmina ing in he de elopmen
o esea ch p oposi ions. The hi d di ision delinea es he me hodology, co e ing da a o e iew, a iable
choice, and he cons uc ion o econome ic models. The ou h pa demons a es an examina ion o he
indings. Las ly, he i h sec ion w aps up he documen and o e s insigh s.
2. Li e a u e e iew and hypo heses de elopmen
Schola ly wo ks ha e consis en ly in es iga ed ESG and i s in luence on i m pe o mance (Busch &
Schnippe ing, 2022; Galla do-Vázquez e al., 2019; Hang e al., 2019; Ma golis e al., 2009; O li zky e al., 2003;
Vishwana han e al., 2020; Q. Wang e al., 2016); which indica es he signi icance o his in es iga ion in heo y
and p ac ice. Fu he mo e, he whole na u e o he s udy is a complex in e wining o objec i i y, inances,
and subjec i i y, wi h e hics, cul u e, and human consciousness mode a ing he in e play o a iables. The e o e,
i is impo an o concen a e on he objec i e a iables while con olling o hei subjec i e aspec , which
can be achie ed by discussing each o hese a iables dis inc ly. Fu he , i has been no iced ha he conclu-
sions o hese s udies ha e been con lic ing and con a y in i id se ings and scena ios (Ahmed e al., 1998;
Guluma, 2021; Gup a e al., 2022; Puni & Anlesinya, 2020); which c ea es a need o amalgama ed and dis inc
s udies. Thus, we discuss he a iables as en i onmen al, social, and go e nance mechanisms, and hen dis-
cuss hem oge he o hypo hesize a esea ch cons uc . Thus, his s udy p oposes o unea h hese hidden
in igues while comp ehensi ely in es iga ing he A ican con inen . Thus, om a b oad pe spec i e on he
associa ion be ween e hical conduc and inancial pe o mance, he e is a need o a bi u ca ed discussion o
s udies slo ed dis inc ly o he en i onmen , socie y, and go e nance.
Fo he sake o he cu en in es iga ion, we d aw cues om he Ins umen al s akeholde heo y (IST),
In eg a i e Social Con ac s Theo y (ISCT) and S akeholde Theo y, owing o hei ele ance o he esea ch
ques ions. IST s a es ha he e hical conduc o o ganiza ions eme ges wi h high le els o i m us and
coope a ion om he s akeholde s (Jones, 1995; Jones e al., 2018). S akeholde s hold such i ms in high
es eem and hence p oli e a e and encou age he exis ence o such i ms. Howe e , wi h e y li le empi ical
s udies a ound IST and he i id neglec ha is o e ed h ough con a ening s udies, he e is a di e need
o in es iga e he ele ance o such c ucibles. On he o he ex eme, he e is a dea h o s udies in which
he inc emen al bene i s o IST-based s akeholde ela ionships ha e o be os e ed. Analogous o he IST,
he In eg a i e Social Con ac s heo y speci ies condi ions ha socially esponsible i ms need o os e o
ma e ialize in angible aspec s, o angible inancial ou comes. Though i is s ill no el o apply ISCT o busi-
ness, i is o be unde s ood ha di e ences in communica ion con ex s, mo al easoning and ins i u ional
s uc u es in luence he in angible con ac s ha socie y adminis e s wi h he i ms, which lead o hei
inancial engagemen (wi h i ms). ISCT unde sco es he mo al o ce ha an in o med consume and soci-
e y shall p opel on a i m o conduc e hically. Finally, he in eg a ion o IST and ISCT in ela ion o
S akeholde Theo y accen ua es he no ion ha capi alism ope a es in connec ion wi h he whole ecosys-
em, whe ein i os e s in e connec ed ela ionships amongs he supplie s, employees, in es o s, commu-
ni ies and consume s a la ge. So cumula i ely, i could be a gued ha o a i m o ope a e, i needs o
in eg a e he unseen social con ac s ha i os e s wi h i s s akeholde s and sha eholde s, which la gely
should e lec in he way i ope a es and anspi es i o he communi ies.
4 S. DSOUZA ETAL.
2.1. ESG and i m pe o mance
2.1.1. En i onmen al disclosu es on i m pe o mance
The e is subs an ial he e ogenei y in en i onmen al disclosu es, he ex en o which hey a e in luenced
by global ac o s and ins i u ional p ac ices (Al Amosh e al., 2023; Han e al., 2016; Ma quis & To el,
2011). Al hough i id s udies ha e hin ed a he posi i e e ec o en i onmen ally conscious companies
on i m pe o mance (Ahmed e al., 1998; Jones e al., 2018); his could be an ou come o he ini ial
gene a ion o en i onmen al s a egy, which e oded o e ime. Fu he , he e is subs an ial suppo o
he a ying and dec easing e ec o co po a e en i onmen al pe o mance on co po a e inancial pe o -
mance (Hang e al., 2019; Huang, 2021); which is ye ano he aspec ha says ini ially hey ha e a pos-
i i e associa ion, hough e odes empo ally; his demands s udies dedica ed o examining he indica i e
imeline, cul u al dimensions (del Ma Mi as‐Rod íguez e al., 2015) and size o he o ganiza ion
(Galla do-Vázquez e al., 2019). Wi h he inc eased c i icali y o unde s anding en i onmen al disclosu es
o i m pe o mance, i becomes c i ical o imely and consis en in es iga ions o decide on his c i ical
associa ion. Thus, owing o he majo s ing o esea ch ha suppo s he posi i e associa ion be ween
ESG disclosu es and i m pe o mance, we hypo hesize he subsequen s a emen .
2.1.2.Social consciousness disclosu e on i m pe o mance
One o he consis en p oxy ha ha e been used o ESG is he Co po a e social esponsibili y (CSR)
(Becche i e al., 2023); which hough no dis inc i e, has mo e o do wi h socie al consciousness. The
e m is widely used as a echnical e minology, synonymous o ESG (Busch & F iede, 2018; Busch &
Schnippe ing, 2022; Che y e al., 2015; Ch is ophe & Lee, 2021; del Ma Mi as‐Rod íguez e al., 2015;
Deme iades & Au e , 2014; Galla do-Vázquez e al., 2019; Han e al., 2016; Mahmood e al., 2021; Ros &
Eh mann, 2017; Tang e al., 2011; Vishwana han e al., 2020; Q. Wang e al., 2016); hough his p ac ice
has been ques ioned in a Ko ean s udy (Han e al., 2016). This e osion o esponsibili y (go e nance) and
sus ainabili y hough schools has led o con used cons uc s, besides sh inking he a ea o esea ch
(Bansal & Song, 2017); which could ha e been open o dis inc i e in es iga ion. D awing om Ins umen al
s akeholde heo y (IST), al hough CSR is conside ed o enhance i m us (Jones e al., 2018), enhance
s akeholde ecip oca ion (D. T. Nguyen e al., 2022), s eng hen inno a ion, and mi iga e isk, hey a e
cumula i ely e iden in de ining only 20% o hei associa ion wi h co po a e inancial pe o mance
(Vishwana han e al., 2020), which o e s su icien p omp s o di e si y s udies concep ually and geo-
g aphically. In ano he s udy a ypical o A ica, his associa ion be ween he ocal a iables was ei he
nega ed (Che y e al., 2015) o inconsis en (Okolie & Igaga, 2021), which equi es u he examina ion.
Dis inc om he en i onmen al aspec is he socie al con ibu ion made by o ganiza ions ha ma k
inancial e u ns o o ganiza ions. While he li e a u e p ojec s a s ong en a i e associa ion be ween
co po a e socie al and inancial ou comes (Flamme , 2015; Ma golis e al., 2009; Ros & Eh mann, 2017);
he magni ude o hei in luence is ques ionable. S udies in dis inc cul u al hemisphe es ha e also
nega ed his ela ionship (A an e al., 2018; Han e al., 2016; Shaikh, 2022); hin ing a he mi iga ing
e ec o na ional and o ganiza ional cul u e and ime (Che y e al., 2015), o in luence his associa ion.
2.1.3. Go e nance mechanism and i m pe o mance
Go e nance mechanisms ha e been c i ical o i m pe o mance and la gely include a iables such as
boa d composi ion (size, in eg a ion o independen and execu i e di ec o s, boa d commi ees), CEO
leade ship, equency o boa d mee ings, sha eholde concen a ion, independence o he boa d o di ec-
o s, anspa ency, disclosu es, and o he s. The e o e, consis en s udies ha e hin ed a he posi i e asso-
cia ion be ween go e nance and i m pe o mance (Ahmed e al., 1998; Iqbal e al., 2022) which could
be an ob ious ou come o s a egic e iciency and s akeholde consciousness exhibi ed in he go e ning
council. The e o e, he e is a need o ca ego ical and consis en in es iga ions in his ega d. S udies
ha e shown he posi i e in luence o boa d independence, disclosu e, anspa ency (E ena e al., 2022),
and owne ep esen a ion (Guluma, 2021). Howe e , a ecen s udy om Ghana hin s a he need o a
di e se composi ion o di ec o s (independen and execu i e), la ge boa d size, equency o mee ings,
and sha eholde concen a ion. Al hough he p esence o commi ees on he boa d has a nega i e
COGENT BUSINESS & MANAGEMENT 5
impac , CEO duali y has no impac (Puni & Anlesinya, 2020). These indings a e in con as o all ea lie
in es iga ions, sugges ing he indi iduali y o he A ican con inen in gene al, and Ghana in pa icula .
The e o e, consis en s udies in dis inc e i o ial and cul u al zones a e equi ed. Fu he mo e, he e
ha e been ewe s udies in es iga ing go e nance mechanisms wi h o ganiza ional ou comes, and hose
ha exis a e geog aphically and empo ally di e se, wi hou much consis ency in hei indings, hus
hin ing a he need o ca ego ical s udies in di e en cul u es.
2.1.4. ESG on i m pe o mance
The li e a u e has been consis en wi h he p e e en ial ela ionship be ween ESG disclosu es and i m
pe o mance (Chen & Xie, 2022; Busch & F iede, 2018; Busch & Schnippe ing, 2022; Isachenko a, 2012;
Pulino e al., 2022; Vishwana han e al., 2020), e en con ex ual o he pandemic (Gao e al., 2022); how-
e e , his has no always been so. Some s udies ha e i idly sugges ed ha while ESG posi i ely in lu-
ences inancial pe o mance, he go e nance mechanism modula es he ROA o an o ganiza ion (Al
Amosh e al., 2023). Ye ano he in es iga ion e inces ha s a is ically, al hough he associa ion be ween
ESG and i m pe o mance is posi i ely signi ican , economically, i is meek (Huang, 2021). ESG, which is
an in eg a ion o en i onmen al consciousness, social in eg a ion, and go e nance pa ame e s, ep esen s
he non- inancial pe o mance o he o ganiza ion, which on a sho e - un a e in angible, bu a e consis-
en ly e inced o lead o inancial e u n on a longe un (Hang e al., 2019) (Qu eshi e al., 2021) which
aises a conce n when de ining imelines in ma icula e ms (Ch is ophe & Lee, 2021).
The in eg a ion o ESG wi h i m pe o mance has been ma kedly in luenced by epo ing sys ems
(Albi a e al., 2020; Pulino e al., 2022; Waddock, 2008); and aised conce ns because o he e y na u e
o hi d-pa y e alua ion, which could be ques ioned on he g ounds o pe cei ed g eenwashing
(Ba ymo e, 2021) and o he disclosu e pa ame e s (A agón-Co ea e al., 2016; Ga cia e al., 2017). Some
unique in es iga ions a emp ed o in eg a e he media ing ole o emale leade ship, whe ein women in
he uppe echelons o he o ganiza ion we e ound o in luence he impac o ESG on i m pe o mance
(Gup a e al., 2022; Jeong & Ha ison, 2017), in eg a ed HRM p ac ices in his associa ion (Gup a e al.,
2022), i m size (Chen e al., 2021), ope a ional capaci y (Zhou e al., 2022) and o he s. These unique
elemen s p o ide clues on he my iad dimensions o he ocal a iables and hei signi icance o in es-
iga ion ac oss i s dep h and di e si y. While he e ha e been i e a i e s udies ha hin a he ime
cons ain o inancial pe o mance, solu ions ha e been ende ed on he same, wi h he inclusion o
in e nal s akeholde s as phenomenal o achie e he p io (Busch & Schnippe ing, 2022; Khou y e al., 2021).
Based on he abo e li e a u e his s udy p oposes he below hypo hesis.
H1: Fi m ESG disclosu e (ESG) has a signi ican and posi i e impac on i m pe o mance.
2.2. ESG and i m liquidi y
In p e ious esea ch, mos schola ly wo ks ha e concen a ed on a single ace o ESG pe o mance.
Howe e , in es iga ions in o he in e ela ionship be ween hese h ee dimensions as a comp ehensi e
ep esen a ion o ESG pe o mance and i s impac on i m liquidi y a e limi ed. Consequen ly, pe inen
s udies ha e p edominan ly ocused on hese h ee dimensions.
2.2.1.En i onmen al disclosu es on i m liquidi y
D awing om he In eg a i e Social Con ac s Theo y (ISCT) and s akeholde heo y, i is in ui i e o
unde s and ha equisi e en i onmen al disclosu es ha o m a pa o mac o-social con ac s in i e
s akeholde con ic ion in he o ganiza ion (Blanco, 2022; Pan, 2020; Uya e al., 2023). I has also been
empi ically obse ed ha g een inno a ion has a obus in luence on i m-speci ic and mac oeconomic
a iables (Fa ooq e al., 2024). This ecen wo k magni ies he in luence o g een inno a ion, no only on
sus ainable p ac ices, bu also on enhancing inancial e iciency and educing he necessi y o cash hold-
ings (Fa ooq e al., 2024); This has been pa ially con adic ed in an empi ical in es iga ion o he ood
and be e age indus y (Michalski, 2016); which could be a ibu ed o he na u e o he indus y, shel -li e
ope a ions, and he e y equisi e o being en i onmen ally conscious o a ood ope a ion.
6 S. DSOUZA ETAL.
These mac osocial con ac s u he as la ge cash lows and liquidi y, which has been unde sco ed in
BRIC (Alexande e al., 2024; Fa ooq e al., 2024), OECD (AlHa es e al., 2023), de eloping na ions (Blanco,
2022); and a ious ope a ional sec o s (La Rocca e al., 2023; Michalski, 2016; Sha ma e al., 2023; Wu
e al., 2015). S udies ha e epo ed con adic ions, whe ein adhe ing o en i onmen al sus ainabili y p o-
cedu es has educed he alue o cash (La Rocca e al., 2023); Howe e , he majo i y o empi ical in es-
iga ions unde sco e he signi icance o en i onmen ally conscious disclosu es o enhance i m liquidi y.
2.2.2.Social consciousness disclosu e on i m liquidi y
S udies indica e ha a highe a e o social insu ance p emiums leads o less i m liquidi y h ough
inc eased cash holdings (AlHa es e al., 2023; Ca he ine e al., 2020; Deng e al., 2022; Sha ma e al., 2023;
Sinha & Vodwal, 2023). This is indica i e o he nega i e associa ion be ween ESG disclosu es and cash
holdings, which is u he encou aged o imp o e i m pe o mance and posi i e alue o liquidi y. This
associa ion is a i med in Asia (Deng e al., 2022), A ica (Pace e al., 2022) and de eloped coun ies
(AlHa es e al., 2023); which makes i gene alizable o a global con ex . The e ha e been ins ances ha
coun e his p inciple, whe ein i has been wi nessed ha in inancial o ganiza ions wi h a social mission,
he cash-holding beha io is coun e -cyclical (Fa idi e al., 2022; Niu e al., 2022; Rome o Ma ínez e al.,
2021; Tchakou e Tchuigoua e al., 2022). While his p inciple gene alizes ac oss sec o s; i is i al o ha e
pe o med du ing and a e he pandemic (Agu o e al., 2023; Kaneda e al., 2021; Vinod, 2022) and
du ing c isis (Sinha & Vodwal, 2023); which goes on o subs an ia e he gene alizabili y o he p inciple.
Howe e , cau ion mus be aken o op imize cash le els based on he me i s and ade-o s o holding
cash (Alno i, 2020), and judicious use o capi al s uc u e (Chaklade & Padmap iya, 2021; F anco &
Mahade an, 2021). Empi ical in es iga ions ha e also been indica i e o he c owd unding cash wak
model o enable de elopmen al p ojec s as an al e na i e o main ain cash liquidi y (Al-Daihani e al.,
2023), al hough hese could be excep ions o o ganiza ions engaged in human upli men , s a -ups
(G ajzl e al., 2023) and households (Dillon e al., 2021). Empi ical e idence hin s a he need o op imum
and di e si ied use o liquid cash o a i m’s needs depending on he na u e o ope a ions (Agu o e al.,
2023; Gelo, 2022), appe i e o isk (Chang e al., 2021; Qadan & Jacob, 2022), and close moni o ing and
managemen o i s capabili ies o gene a e e enue, while paying o i s deb s in a imely (Agu o e al.,
2023; Chih & Hsiao, 2023). One o he explici ly sugges ed, e icien al e na i es is he p inciple o awa -
uq, whe ein i ms can aise liquidi y h ough loan inancing by buying ins allmen s in a local commodi y
owned by he bank (Ba e, 2022). Thus, we posi ha socie al consciousness a ec s a i m’s liquidi y.
2.2.3.Go e nance mechanism and i m liquidi y
A comp ehensi e in es iga ion o a sample o 11,926 i ms indica es ha domes ic and c oss-bo de
acquisi ions due o adhe ence o co po a e go e nance and sc u iny mechanisms a e he s onges in lu-
ence s o cash holdings (Cha e jee e al., 2021; Maco is e al., 2023). This conjec u e was nega ed in a
ecen s udy in Japan, whe ein a c oss-na ional s udy indica ed a nega i e co ela ion be ween s ingen
go e nance mechanisms and cash holdings (P. Nguyen & Rahman, 2020); which includes eadable disclo-
su es (Hasan & Habib, 2020). Ye ano he s udy hin s a he signi icance o p i a e equi y in addi ion o
co po a e go e nance in de e mining i m liquidi y (Sha ma e al., 2023); besides he signi icance o
highe s ock equi y (Spi opoulos & Zhao, 2023). I should be no ed he e ha o ganiza ions wi h s ong
cus ome concen a ion exhibi ax e asion beha io (J. Wang & Mao, 2021), disciplina y ading (Liu
e al., 2023); sho -ho izon ins i u ional in es o s a e ye ano he challenge ha a ec s he cash holdings
o an agency (Dö ing e al., 2021; T an, 2020). Thus, i could be no ed ha imp o emen in co po a e
go e nance quali y can ha e a las ing e ec on he i m’s liquidi y and s eng h o he o ganiza ion
(Couzo e al., 2022); as con i med in samples om a ious coun ies (Akh a , 2022; Ba aza e al., 2022).
Technologies and sys ems such as EDGAR (Lai e al., 2024). Thus, we posi ha co po a e go e nance,
and i s disclosu es signi ican ly a ec a i m’s liquidi y.
2.2.4.ESG on i m liquidi y
The abo e discussion sub ly hin s a he signi icance o socie y, go e nance, and he en i onmen on he
i m’s liquidi y. Howe e , coun e in ui i ely, when i was s udied in some de eloped economies o he wo ld,
COGENT BUSINESS & MANAGEMENT 7
i was ound ha cumula i ely, ESG disclosu es ha e a signi ican nega i e associa ion wi h cash holdings
(AlHa es e al., 2023; Pan, 2020). I has been no ed ha holding cash and liquid asse s du ing he pandemic
helped i ms cushion COVID ex e nali ies (Ca dillo e al., 2022); which is ye ano he ins ance unde sco ing
he nega i e associa ion be ween ESG disclosu es and i m liquidi y. This coun e in ui i e associa ion could
be an ou come o he mi iga ing ac ion o s ock liquidi y and ading (Liu e al., 2023), CSR ini ia i es (Chan
e al., 2017; Uya e al., 2023), which ac as connec o s be ween he ocal a iables. So om he abo e
discussion, i could be posi ed ha ESG disclosu es ha e a signi ican in luence on he i m’s liquidi y.
Based on he a o emen ioned logical deduc ion and he i s hypo hesis, he subsequen hypo hesis
is posi ed.
H2: Fi m ESG disclosu e (ESG) has a signi ican impac on i m liquidi y.
2.3. Fi m liquidi y and i m pe o mance
S udies on i ms’ p o i abili y ha e indica ed a s ong nega i e associa ion be ween liquidi y and p o i -
abili y, unde sco ing ha ine icien use o liquid asse s can lead o diminishing p o i abili y (Ala ussi &
Gao, 2023). I is o be no ed ha a con ex ual s udy, indica ed ha i m’s p o i abili y, angibili y, size and
liquidi y a e majo de e minan s o he capi al s uc u e; hus, again a i ming he signi icance o liquidi y
as a mi iga ing agency o i m pe o mance (Hussein & Bak y, 2022); In es iga ions ha e been unanimous
o imply he signi icance o liquidi y o i m pe o mance (Elkabbani e al., 2020), and a i med in samples
om MENA egion (Al-Ahdal e al., 2022), India (Fa han e al., 2023), Malaysia (Sai -Alyous i e al., 2020),
E hiopia (Takele Bayiley & Bul i, 2022), Ghana (Ko ey e al., 2020; Kusi e al., 2019) and sub-Saha an A ica
(Tehulu, 2023). I is also no ed ha du ing M&As, liquidi y and ma ke alue a e signi ican in luence s o
decision-making (Abdelmoneim & Abdel ahman Fek y, 2021);, hus hin ing a he impo ance o i m
liquidi y as a p oxy o he inancial heal h o an o ganiza ion. Banks we e ound o be ela i ely esilien
wi h highe liquidi y (Adem, 2023); Thus, sugges ing ha liquidi y ac s as a media o in he ela ionship
be ween ESG and i m pe o mance. This leads o he ollowing hypo hesis:
H3: Fi m liquidi y has a media ing impac on he ela ionship be ween Fi m ESG disclosu e (ESG) and i m
pe o mance.
P e ious schola ly in es iga ions ha e made conside able p og ess in a ious domains and ha e
yielded nume ous aluable esul s, laying a c ucial g oundwo k o he cu en esea ch p ojec .
Ne e heless, he exis ing body o li e a u e is no wi hou i s limi a ions. P ima ily, mos s udies end o
ocus on speci ic aspec s o ESG pe o mance a he han adop ing a holis ic app oach. Fu he mo e,
while a ple ho a o esea ch has del ed in o he ela ionship be ween ESG pe o mance, liquidi y, and
i m pe o mance, he impac o ESG pe o mance on i m pe o mance, along wi h he po en ial medi-
a ing ole o liquidi y in his con ex , has been la gely o e looked. The e o e, his s udy aims o explo e
hese issues om di e se pe spec i es, including a heo e ical analysis, in es iga ing how he ESG pe o -
mance o publicly lis ed companies in luences i m liquidi y and, in u n, how i m liquidi y impac s pe -
o mance. Th ough he u iliza ion o an empi ical analysis employing a media ing e ec model, his s udy
seeks o examine he in luence o ESG pe o mance on i m pe o mance. The ul ima e goal is o de elop
an ESG pe o mance managemen app oach cen e ed on liquidi y, d awing insigh s om bo h heo e ical
and empi ical analyses, and o o e p ac ical ecommenda ions o go e nmen al bodies, businesses, and
in es o s.
3. Resea ch design & da a analysis
To conduc a comp ehensi e examina ion o he pe o mance o en i onmen al, social, and go e nance
ac o s (ESG), as well as he in e ela ionships be ween i m pe o mance and liquidi y, we op ed o u i-
lize pe inen da a om publicly aded companies. By ca e ully selec ing app op ia e indica o s and
employing an empi ical model, we aimed o de e mine whe he a co ela ion exis s among hese h ee
a iables. Addi ionally, we in end o asce ain whe he liquidi y’s in luence on i m pe o mance ac s as
an in e media y in he con ex o ESG pe o mance.
14 S. DSOUZA ETAL.
Table 5. Reg ession esul s o esg pe o mance, liquidi y, and he i m pe o mance (Roe).
Va iables
Model 1 Model 2 Model 3 Model 2a Model 3a
Roe + 1 CR Roe + 1 CRoe + 1
esg 0.00227** −0.0613*** 0.00221** 0.000420** 0.00223**
(0.00) (0.02) (0.00) (0.00) (0.00)
CR – – −0.000786 – –
– – (0.00) – –
C – – – – 0.113
– – – – (0.15)
size 0.0235* −0.187 0.0233* 0.00635** 0.0225*
(0.01) (0.21) (0.01) (0.00) (0.01)
MB 0.0277*** −0.0643 0.0277*** 0.00495*** 0.0270***
(0.01) (0.09) (0.01) (0.00) (0.01)
Le −0.145 −4.380*** −0.149 0.0252 −0.149
(0.10) (1.58) (0.10) (0.02) (0.10)
a −0.0192 −1.120** −0.0202 0.00114 −0.0194
(0.03) (0.49) (0.03) (0.01) (0.03)
ag −0.00779 0.222 −0.00759 −0.00107 −0.0076
(0.01) (0.14) (0.01) (0.00) (0.01)
sDg −0.00545 −0.0754 −0.00793 0.00325 −0.00841
(0.07) (1.05) (0.07) (0.01) (0.07)
Loss −0.246*** −0.682 −0.247*** −0.0386*** −0.243***
(0.04) (0.69) (0.04) (0.01) (0.04)
gDP 0.0108 0.375** 0.0112 0.00291 0.0108
(0.01) (0.17) (0.01) (0.00) (0.01)
iF 0.0145* −0.529*** 0.0140* 0.00669*** 0.0137*
(0.01) (0.13) (0.01) (0.00) (0.01)
Cons an −0.496* 11.81** −0.485 −0.181*** −0.47
(0.30) (4.67) (0.30) (0.06) (0.30)
obse a ions 943 1109 943 1109 943
R-squa ed 0.166 0.175 0.166 0.343 0.166
Du bin-Wa son s a 1.090 1.020 1.089 0.645 1.088
B eusch-god ey LM es (P ob > chi2) 0.000 0.000 0.000 0.000 0.000
B eusch-Pagan-god ey (P ob > chi2) 0.000 0.000 0.000 0.000 0.000
s anda d e o s in pa en heses.
***p < 0.01, **p < 0.05, *p < 0.1.
Table 6. Reg ession esul s o esg pe o mance, liquidi y, and he i m pe o mance ( obin’s Q).
Va iables
Model 1 Model 2 Model 3 Model 2a Model 3a
obinq + 1 CR obinq + 1 C obinq + 1
esg 0.00390*** −0.0613*** 0.00383*** 0.000420** 0.00359**
(0.00) (0.02) (0.00) (0.00) (0.00)
CR – – −0.000975 – –
– – (0.00) – –
C – – – – 0.854***
– – – – (0.23)
size −0.0411** −0.187 −0.0413** 0.00635** −0.0488**
(0.02) (0.21) (0.02) (0.00) (0.02)
MB 0.221*** −0.0643 0.221*** 0.00495*** 0.216***
(0.01) (0.09) (0.01) (0.00) (0.01)
Le −0.685*** −4.380*** −0.690*** 0.0252 −0.715***
(0.15) (1.58) (0.15) (0.02) (0.15)
a −0.0366 −1.120** −0.0378 0.00114 −0.0385
(0.05) (0.49) (0.05) (0.01) (0.05)
ag 0.00584 0.222 0.00609 −0.00107 0.00728
(0.01) (0.14) (0.01) (0.00) (0.01)
sDg −0.378*** −0.0754 −0.381*** 0.00325 −0.400***
(0.10) (1.05) (0.10) (0.01) (0.10)
Loss −0.0691 −0.682 −0.0699 −0.0386*** −0.0425
(0.06) (0.69) (0.06) (0.01) (0.06)
gDP 0.0274* 0.375** 0.0279* 0.00291 0.0269
(0.02) (0.17) (0.02) (0.00) (0.02)
iF −0.00424 −0.529*** −0.00484 0.00669*** −0.0104
(0.01) (0.13) (0.01) (0.00) (0.01)
Cons an 2.005*** 11.81** 2.019*** −0.181*** 2.207***
(0.45) (4.67) (0.45) (0.06) (0.45)
obse a ions 943 1109 943 1109 943
R-squa ed 0.577 0.175 0.577 0.343 0.584
Du bin-Wa son s a 0.684 1.020 0.684 0.645 0.682
B eusch-god ey LM es (P ob > chi2) 0.000 0.000 0.000 0.000 0.000
B eusch-Pagan-god ey (P ob > chi2) 0.000 0.000 0.000 0.000 0.000
s anda d e o s in pa en heses.
***p < 0.01, **p < 0.05, *p < 0.1.
COGENT BUSINESS & MANAGEMENT 15
e alua ions, hey can choose supe io companies and s eng hen hei capaci y o manage isks and
a ain consis en e u ns. This s udy p o ides a s ong a gumen o he de elopmen o ESG amewo ks
and egula ions ailo ed o A ican ma ke s. Go e nmen s and egula o y bodies should c ea e incen i es
o companies o imp o e hei ESG pe o mance, such as ax bene i s, subsidies, o a o able inancing
condi ions o i ms wi h s ong ESG a ings. This can os e a business en i onmen ha p io i izes sus-
ainabili y and long- e m g ow h. A ican i ms can g ea ly bene i om p io i izing ESG pe o mance, no
only in e ms o imp o ing inancial ou comes bu also in enhancing hei ma ke posi ion, a ac ing
in es men s, and managing long- e m isks. The s udy se es as a guide o companies, policymake s,
and in es o s o wo k oge he in building a sus ainable and esilien co po a e en i onmen in A ica.
Las ly, as he s udy is limi ed o A ican en e p ises, he esul s may a y when applied o o he pa s o
he wo ld, e en sepa a e indus ial esul s would a y, based on he na u e o he indus y and unding
op ions.
Au ho con ibu ions
Concep ualiza ion, D . Suzan Dsouza & D . Muj aba Momin; Da a cu a ion, D . Suzan Dsouza; Fo mal analysis, D .
Muj aba Momin and D . Houshang Habibniya; Me hodology, D . Suzan Dsouza & D . Nalinip a a T ipa hy; So wa e,
D . Suzan Dsouza; Supe ision, D . Nalinip a a T ipa hy; Valida ion, D . Suzan Dsouza; Roles/W i ing - o iginal d a ,
D . Suzan Dsouza, D . Muj aba Momin, D . Nalinip a a T ipa hy, & D . Houshang Habibniya. W i ing - e iew & edi ing:
D . Nalinip a a T ipa hy, D . Houshang Habibniya, D . Suzan Dsouza, and D . Muj aba Momin.
Disclosu e s a emen
No po en ial con lic o in e es was epo ed by he au ho (s).
Table 7. Reg ession esul s o esg pe o mance, liquidi y, and he i m pe o mance (nPM).
Va iables
Model 1 Model 2 Model 3 Model 2a Model 3a
nPM + 1 CR nPM + 1 CnPM + 1
esg −0.00254* −0.0613*** −0.00209 0.000420** −0.00245*
(0.00) (0.02) (0.00) (0.00) (0.00)
CR – – 0.00644*** – –
– – (0.00) – –
C – – – – −0.257
– – – – (0.20)
size 0.0127 −0.187 0.0145 0.00635** 0.015
(0.02) (0.21) (0.02) (0.00) (0.02)
MB 0.0178** −0.0643 0.0184** 0.00495*** 0.0196**
(0.01) (0.09) (0.01) (0.00) (0.01)
Le −0.420*** −4.380*** −0.388*** 0.0252 −0.411***
(0.13) (1.58) (0.13) (0.02) (0.13)
a −0.0675* −1.120** −0.059 0.00114 −0.0669
(0.04) (0.49) (0.04) (0.01) (0.04)
ag −0.00371 0.222 −0.00539 −0.00107 −0.00415
(0.01) (0.14) (0.01) (0.00) (0.01)
sDg 0.0783 −0.0754 0.0987 0.00325 0.0851
(0.09) (1.05) (0.09) (0.01) (0.09)
Loss −0.0406 −0.682 −0.0348 −0.0386*** −0.0486
(0.06) (0.69) (0.06) (0.01) (0.06)
gDP −0.0175 0.375** −0.0207 0.00291 −0.0173
(0.01) (0.17) (0.01) (0.00) (0.01)
iF 0.00174 −0.529*** 0.00566 0.00669*** 0.00358
(0.01) (0.13) (0.01) (0.00) (0.01)
Cons an 0.135 11.81** 0.0403 −0.181*** 0.0738
(0.40) (4.67) (0.40) (0.06) (0.40)
obse a ions 943 1109 943 1109 943
R-squa ed 0.108 0.175 0.115 0.343 0.109
Du bin-Wa son s a 1.834 1.020 1.850 0.645 1.837
B eusch-god ey LM es
(P ob > chi2)
0.246 0.000 0.355 0.000 0.277
B eusch-Pagan-god ey
(P ob > chi2)
0.000 0.000 0.000 0.000 0.000
s anda d e o s in pa en heses.
***p < 0.01, **p < 0.05, *p < 0.1.
16 S. DSOUZA ETAL.
Abou he au ho s
D . Suzan Dsouza is an Associa e P o esso o Accoun ing a he Ame ican Uni e si y o he Middle Eas , Kuwai and
eaches accoun ing cou ses in he BS Accoun ing and MBA p og am. She has ecei ed he PhD in Accoun ing and
Finance, M com and PGDFM om India. She is a ce i ied CMA om Aus alia and an Accoun ing Technician om
Ins i u e o Cha e ed Accoun an s India. Wi h 7 yea s o co po a e and 16 yea s o academic wo k expe ience ac oss
h ee coun ies, she has au ho ed 35 esea ch pape s, 3 book chap e s,1 edi ed book and p esen ed a a ious con-
e ences h oughou Asia and Eu ope. One o he ecen s udies ela ed o he impac o COVID-19, was selec ed by
W.H.O. o be a pa o hei da abase. She is an ac i e e iewe wi h a ious in e na ional jou nals, as well as an
edi o ial boa d membe wi h 4 in e na ional jou nals. She has se ed as a esea ch ad iso wi h he Ins i u e o
Managemen Accoun an s USA.
D . Muj aba Momin is an Associa e P o esso o Human Resou ce Managemen (HRM) a he Ame ican Uni e si y o
he Middle Eas (AUM), Kuwai , a ilia ed wi h Pu due Uni e si y, Indiana, USA. P e iously, he held academic oles a
P ince Salman Bin Abdulaziz Uni e si y, in he Kingdom o Saudi A abia. D . Momin’s esea ch ocuses on e hics and
sus ainabili y, as well as echnology in HRM, including he impac o AI and HR analy ics on mode n HR p ac ices. He
also explo es o ganiza ional beha io (OB), wi h an emphasis on employee well-being and leade ship, and wo ks on
employabili y skills enhancemen , de eloping s a egies o be e p epa e s uden s o he job ma ke . His expe ise
ex ends o en ep eneu ship, whe e he p omo es inno a ion and business c ea ion, and co po a e social esponsibili y
(CSR), highligh ing he impo ance o e hical business p ac ices. D . Momin is passiona e abou building s ong
indus y-academia pa ne ships and imp o ing in e pe sonal communica ion skills wi hin p o essional en i onmen s.
Wi h o e wo decades o indus y expe ience in Canada and Kuwai , Houshang Habibniya’s expe ise includes co -
po a e go e nance, co po a e inance, weal h managemen , and business consul ing, including expe ience in an
in es men bank. Teaching expe ience since 2011 a unde g adua e and MBA le els, along wi h con ibu ions o
cu iculum de elopmen .He has ex-chai ed he Accoun ing Depa men . His esea ch spans a ious opics in inance
and managemen , wi h mul iple publica ions in pee - e iewed jou nals. Se ed as a e iewe o leading in e na-
ional jou nals.
P o . Nalinip a a T ipa hy is cu en ly P o esso in he a ea o Finance & Accoun ing a IIM Shillong. P io joining o
IIM Shillong, she was an Associa e P o esso o Finance a Indian Ins i u e o Managemen (IIM) Indo e. She holds M.
Com, M. Phil, PhD and D. Li . Deg ee in Managemen . She is a ecipien o Resea ch Awa d in Managemen & UGC
Fellowships. She is a Fulb igh Schola o Visi USA. He a ea o in e es s a e Co po a e Finance, Business Valua ion
In es men Banking, Financial Se ices, Financial Enginee ing, Financial ma ke and Co po a e S a egy. She is an
ac i e esea che . He wo k published in Aus alian Business Deans Council (ABDC), Scopus and Web o science jou -
nals. She is he au ho o o e 90 schola ly esea ch pape s. She is also he au ho o eigh books. He cu en
esea ch in e es includes a ea o Co po a e Financial issues in Eme ging Ma ke , Business Valua ion, S ock and
De i a i e Ma ke s, Risk Managemen .
ORCID
Suzan Dsouza h p://o cid.o g/0000-0002-6274-6110
Da a a ailabili y s a emen
The da a suppo ing he indings o his s udy a e a ailable om he co esponding au ho , D . Suzan Dsouza, upon
easonable eques .
Re e ences
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COGENT BUSINESS & MANAGEMENT 17
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