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This study aims to investigate whether compensation committees provide the chief executive officers (CEOs) with incentives to undertake “income-decreasing” but potentially “value-enhancing” innovation expenditures. The authors specifically analyze pay–performance relationships for innovative firms relative to all other firms. This study is critical because innovation is expensive and has uncertain outcomes.

Using alternative accounting performance measures and market performance measures, the authors estimate an econometric model of CEO compensation in innovative firms that incorporates the interaction of endogenous innovation and firm performance.

The authors document an incremental positive association between changes in accounting performance measures and CEO compensation changes in innovative firms relative to other firms. This sensitivity of executive pay to firm performance is higher for firms that innovate. These results support the hypothesis that compensation committees provide incentives to carry out risky innovation by tying executive compensation more closely to firm performance. This finding survives a battery of sensitivity tests.

The implications of this study are significant. Capital needs to support risky research and development investments (Tidd and Besant, 2018; Baldwin and Johnson, 1995) form the basis of innovative firms' operations. Considering these expenses, if CEOs, who play a critical role in the scanning, adapting and implementing innovative needs in a firm, are not protected and compensated for making risky choices, the entire investment itself will be threatened. Hence, the findings reiterate and support earlier findings that speak to the importance of compensating CEOs to make high-risk investments that will lead to long-term economic and financial gains for the firm when the innovative behaviors result in competitive market shares and profits.

The original work is related to the investigation of pay–performance sensitivity in the presence of innovation, which has not been fully investigated in prior literature.

Outstanding unexercised stock options can motivate managers to engage in actions that increase the value of their company’s stock, including buying back their firm’s stock. The objective of granting stock options to managers is to align their interests with stockholders by tying a portion of their compensation to the company’s stock performance. However, unexercised stock options may have unintended consequences by providing managers with a vested interest in artificially boosting stock prices via stock buybacks. The primary objective of this research is to study the main factors that influence firms' buyback decisions amongst hospitality firms at a time when these firms were clamoring for taxpayer bailouts. Results from logistic regression seem to suggest that outstanding executive stock options are a major contributory factor in a firm’s buyback decision. Estimates also indicate that larger, more profitable firms will likely engage in stock buybacks. These findings survive a battery of tests.

The authors use logistic regression to predict the probability of a firm’s buyback decision based on a given set of exogenous explanatory variables.

The paper supports the hypothesis that buyback decisions are guided by the motive to prop support stock prices in the presence of outstanding restricted stock options/warrants granted to firms' executives.

The paper focuses on the buyback decision of U.S. hospitality firms. The results, therefore, might not be generalizable to firms in other industries or countries.

U.S. share repurchase corporate policy and government regulation needs to be revisited given the economic imperative for firms to invest in activities to restore employment and put them in a position for economic recovery.

Public criticism of the size, structure and form (i.e. loan vs grant) of COVID-19 bailouts warrants an examination of whether the factors that drive hospitality and tourism firms to repurchase shares support economic recovery.

Consistent with agency theory, the authors find a significant positive association between outstanding restricted stocks and a firm’s decision to support the stock prices by buying back shares.

While a global supply network can provide stability to address localized interruptions, however, the recent global pandemic materialized many concerns and risks associated with the global supply network. Considering the short-term and long-term effects of changes in the global supply chain, this research explores how the location characteristics of the firms across the supply chain affect their performance.

Using the mined data from five tiers of the backward supply chain of medical equipment, the authors constructed a large supply chain network consisting of close to 160,000 dyadic connections. The authors used various network centrality and clustering algorithms to measure the influence of each firm across the supply chain structure. Furthermore, the authors ran a scenario to simulate the elimination of Chinese firms from the global supply chain and recalculated all centralities. Regression analysis was used to measure the effect of supply chain network centralities on firms' performance across the supply chain with and without Chinese firms.

The complexity of global purchasing across global tiers of supply networks had been recognized as a source of uncertainty before the COVID-19 pandemic. This pandemic was the black swan that the medical supply chain professionals had noted its threat in recent years. While a global supply network can provide stability to address localized interruptions, however, the recent global pandemic materialized many concerns and risks associated with the global supply network. Considering the short-term and long-term effects of changes in the global supply chain, this research explores how the location characteristics of the firms across the supply chain affect their performance.

This research has three main implications. First, it provides a benchmark for manufacturing firms and distributors around the world operating in the post-COVID-19 business environment to better understand the relationship of their supply chain strategy and firms' financial performance. Second, investors and asset managers can evaluate their portfolios in light of the changing relationship as a result of possible protectionism initiatives. Finally, policymakers can apply the research methodology of this work in various industries while reevaluating post-COVID-19 international relations and trades policies at the firm, industry and country levels.

Policymakers working on global connection can utilize the outcome of this research to explore the consequences of local and global policies on trade patterns, organizational performance as well as individuals' movements. Another implication of this study for policymakers is that it provides a powerful simulation and analytical tool to launch or combat the global ruptures, including trade wars and natural disasters stemming from natural events (e.g. climate change) and human-made events (e.g. wars, supply-chain interruptions, sanctions).

To the best of our knowledge, this is the first large-scale empirical study that measures the effect of supply chain structure across multiple (five) tiers of the global supply chain on firms' performance. The present study uses the original supply chain network data mined by the authors from financial publications.

Prior research suggests that hospitality firms behave differently than other firms in terms of financing and investment issues. Such behavior may be attributable in part to agency problems and corporate governance structures in hospitality firms. This paper contains a report of an investigation into whether corporate governance mechanisms differ in hospitality firms relative to other industries. Our findings suggest that hospitality firms are more likely to experience agency problems than are nonhospitality firms. Hospitality firms have lower governance control mechanisms, better financial performance and higher-quality earnings than nonhospitality firms. An understanding of corporate governance control mechanisms helps to reduce agency problems and improves the hospitality firm's performance in the hospitality corporation.

Outlines previous research on the relationship between CEO compensation and firm performance, arguing that in regulated industries the executive skills sought and performance measures used might differ from those in un‐regulated firms. Uses 1992‐1995 data on the US electricity industry to investigate the interaction between four compensation components (salary, bonus, long‐term compensation and stock options) and five performance measures (market returns, return on assets, earnings per share, operating cash flow per share and sales growth). Presents the results, which suggest that changes in bonuses and stock options are closely related to changes in market return and sales growth respectively. Considers the reasons for this, the limitations of the study and some avenues for further research.

The purpose of this paper is to examine the contention that a strengthening of corporate governance mechanisms would result in the improved relevance and reliability of financial statements.

Using pooled ordinary least squares regression, the paper analyse the quality of reported earnings for a sample of firms over the 1998‐2002 time period.

The findings show negative and statistically significant associations between reported earnings quality and the proportion of CEO incentive pay and firm's growth opportunities. It is also found that earnings quality is positively and significantly related to the existence of an orderly CEO transition process. However, board independence does not seem to be associated with earnings quality.

Since the sample of firms is from the 1998 to 2002 period, consistent with the paper's motivation, the results may not generalize to the more recent time period.

The results provide support for the argument that the current structure of executive pay does adversely impact the quality of reported earnings and hence provides a rationale for closer scrutiny of executive pay by regulatory bodies. Additionally, the findings suggest that the emphasis on board independence as an effective monitoring device may be misplaced.

Unlike prior studies, the paper's hypotheses are derived from an explicit agency theoretic optimization model of managerial decision making. The paper uses the Ball and Shivakumar model for estimating abnormal accruals unlike previous analyses that relied more heavily on the Jones model. The paper also adds to past studies of the relationship between corporate governance and earnings quality and the role of executive compensation.

Since the spread of mass education around the world in the mid- to late-twentieth century, teacher quality has been heralded as the key factor to improve education quality nationwide. National education systems worldwide are also engaged in ongoing and often high stakes cross-national comparisons. As a result, policy-makers and educators in most national education systems are looking at and implementing new ways to improve education overall by raising teacher quality levels, and India is no exception. In India, teacher quality is publicly blamed for both perceived low education quality and demonstrated low average student performance, especially following Indian students’ performance on the 2009 Programme for International Student Assessment. Indian education policy-makers are, therefore, looking at teacher quality as a key factor to improve student performance. Little is known about the impact or implementation of Indian policy frameworks on teacher quality and associated student outcomes in India. This introductory chapter identifies and analyzes various measures of teacher quality and how teacher quality varies in India both in response to and in spite of national policies related to teacher quality. It begins by providing evidence regarding the global importance of teacher quality on student outcomes and then addresses the ambiguity of the term “teacher quality.” This chapter then briefly discussed national education policy in India and the role teacher quality has played in these national policies, especially in the early twenty-first century, including NCF 2005, NCFTE 2009, Draft NPE 2016, Draft NPE 2019, and NPE 2020.

This chapter outlines current developments in Indian libraries, information services and cultural sector collectively highlighting recent trends and developments as India increasingly takes centre stage in the area of libraries and information literacy development. The chapter also provides a critical analysis of library and information science education in India and highlights the need for government strategies and policies related to public libraries. Some 17 federal states and union territories in the Republic of India have no public library legislation and therefore low literacy rates. India needs public awareness campaigns, civic engagement and community developments including the grass-roots empowerment of public libraries. Financial reforms, modernization and federal funding strategies for public libraries are also required to energize cultural organizations and national libraries. A recent major development is the establishment of a National Commission on Libraries following recommendations by the National Knowledge Commission. However, Indian public libraries do not cater sufficiently for the growing youth population or other strata's of Indian society. The growing Indian higher education sector also necessitates information policies for open access, digital preservation and repositories development.