International Business Research, Issue: Vol.19, No.3

Human Capital Disclosure and Corporate Value in Japanese Firms: A Text Mining

Fri, 17 Apr 2026 01:56:22 +0000

The visualization of non-financial information has become a global trend in recent years. In Japan, listed companies have been required to disclose human capital information in securities reports since the fiscal year ending March 31, 2023. Despite this institutional advancement, how employee well-being can be translated into the enhancement of corporate value over the medium to long term remains an unresolved issue. Prior studies on human capital disclosure have not sufficiently clarified the relationship between well-being-related disclosure content and corporate value.

To address this gap, this study examines the association between corporate value and narratives regarding employee well-being by conducting text mining analysis of annual securities reports. We collected descriptive data related to “human capital” from the securities reports of well-being-oriented firms for the fiscal year ending March 2024 and analyzed the textual characteristics using firm value (high versus low) as an external variable.

The results reveal that firms with high corporate value emphasize employee engagement, organizational climate, and support for “each individual” as key elements linking employee well-being to corporate value, thereby fostering a sense of unity within the organization. In contrast, firms with low corporate value tend to employ discourses that shift responsibility for well-being to individuals, indicating a lack of substantive investment in human capital.

These findings suggest that clarifying the mechanisms through which employee well-being contributes to sustainable corporate value is essential. This study contributes to the literature by integrating qualitative disclosure content with financial indicators to identify well-being initiatives associated with higher corporate value.

Impact of Capital Market Reforms on Investor Behavior in Gulf Cooperation Council Stock Markets (2015–2024)

Fri, 17 Apr 2026 02:00:24 +0000

This study investigates how economic reforms in capital markets in the Gulf Cooperation Council (GCC) between 2015 and 2024 reshape return dynamics and investor risk profiles. We employed a mixed-methods design that integrated a constructed regional capitalization-weighted index (RGCC) and dynamic econometric modeling (ARDL) with a thematic analysis of specialized documentary sources. The quantitative results demonstrate that structural reforms do not produce statistically significant abnormal returns, and oil prices remain the primary valuation driver. However, we find a substantial change in risk: the reforms spur a structural decrease in idiosyncratic volatility (p = 0.056), suggesting a market maturation process. Qualitative evidence corroborates this trend, revealing a transition from initial reactive and panic-driven responses to greater institutional stability and rationality in the post-reform period. These findings suggest that regulatory improvements in resource-dependent economies can mitigate ambiguity aversion and strengthen financial stability, even in oil-dominated contexts without inducing asset inflation.

Value Creation and Destruction: Balancing Failure in Serious Games Applied to Online Corporate Training

Fri, 17 Apr 2026 02:23:21 +0000

The research investigates how digital Serious Games (SGs) for organizational training create value while simultaneously causing value to be lost during their implementation process. Organizations face challenges when implementing SGs because these games offer experiential learning, higher engagement, and better knowledge transfer. The main reasons for adoption failure include difficulties tailoring solutions, distributing resources, and preparing organizations for change, with findings indicating both positive and negative value creation. The research analyzes Brazilian organizational interview data to identify four value-based dimensions that demonstrate dangerous organizational methods, along with their learning potential. The research findings enable organizations to identify the primary barriers that prevent SGs from entering mainstream business-to-business adoption, while providing operational methods to develop training systems that merge contemporary methods with current business systems.

A Review of Implicit Followership Theories: Measurement, Mechanisms, and Future Directions

Fri, 17 Apr 2026 02:27:16 +0000

Implicit Followership Theories (IFTs), as an important cognitive framework for understanding leader–follower interactions, have received increasing attention in the fields of organizational behavior and leadership research in recent years. However, existing empirical studies remain fragmented in terms of research focus and methodological design, lacking systematic integration. Accordingly, this study adopts a systematic literature review to comprehensively examine empirical IFTs research published between 2010 and 2025, synthesizing findings across measurement instruments, research topics, and methodological characteristics. The results indicate that questionnaire surveys remain the dominant research approach in this field, although their cross-context applicability requires further validation. Regarding research topics, prior studies primarily focus on outcome variables of IFTs, emphasizing the effects of leaders’ and followers’ IFTs and their congruence on psychological, relational, and behavioral outcomes, while comparatively neglecting negative IFTs and their moderating mechanisms. Methodologically, most studies rely on cross-sectional single-source data or multi-wave matched data, with limited application of experimental designs, multilevel data, and samples drawn from special contexts. Based on these findings, this study recommends that future research develop context-sensitive measurement tools, incorporate experimental or quasi-experimental designs, and expand multilevel and special-context sampling to enhance causal inference and external validity. This study systematically integrates empirical evidence in the IFTs domain, clarifies methodological trends and research directions, and provides important guidance for future theoretical advancement and practical application.

Visionary Leadership and Digital Transformation: Lessons for Small-Scale Organizational Success

Sat, 18 Apr 2026 03:24:24 +0000

Researchers conducted a qualitative study to explore how small rural church leaders in the southeast United States harnessed visionary leadership to guide their congregations through digital change, increase revenues, and meet budgetary goals. Grounded in Rogers' diffusion of innovations theory, the research involved semistructured interviews with eight church leaders who had effectively implemented digital strategies, complemented by analysis of church websites and public documents. Thematic analysis revealed that casting a clear and compelling vision, aligning stakeholders through participatory decision-making, and maintaining momentum with regular communication and celebration of milestones were central to overcoming resistance and unifying action. Leaders who adapted their vision in response to feedback demonstrated resilience and ensured ongoing relevance. The results offer actionable insights for business and nonprofit leaders, showing that visionary leadership that unites stakeholders around shared goals, fosters adaptability, and sustains engagement proves essential for navigating the complexities of digital transformation. The research contributes to the leadership and digital strategy literature by illustrating how vision casting can bridge the gap between tradition and innovation, resulting in lasting organizational change and growth.

Endogenous Financing and the Attractiveness of FDI: Levers for Sustainable Governance of Local Development Projects in Africa

Thu, 28 May 2026 00:09:25 +0000

In an African context marked by the intensification of foreign direct investment (FDI) and a persistent dependence on exogenous financing, this study analyzes the joint role of endogenous financing and the attractiveness of FDI in the sustainable governance of local development projects. As part of an integrated approach to the territorial economy and public governance, the article postulates that territorial performance depends less on the volume of capital mobilized than on the institutional quality of its use. The research is based on a conceptual model of hybrid governance articulating endogenous financing, FDI, sustainable governance, institutional maturity, and territorial performance. A sequential mixed-methods approach is used, combining a quantitative survey of 325 territorial actors in Central Africa, analysed using structural equation modelling (PLS-SEM), with 32 in-depth qualitative interviews. The results show that endogenous financing has a positive and significant effect on sustainable governance (β = 0.41; p < 0.001), by strengthening local legitimacy, transparency and accountability. The attractiveness of FDI has a limited direct effect on territorial performance (β = 0.18; p < 0.05), but its impact becomes substantial when it is mediated by sustainable governance (β = 0.29; p < 0.01). The interaction between endogenous financing and FDI generates institutional synergy that improves governance quality (β = 0.33; p < 0.01). In addition, local institutional maturity positively moderates the relationship between sustainable governance and territorial performance (β = 0.22; p < 0.05). This study contributes to the literature on African territorial development by proposing an explanatory model that integrates local financial autonomy, international openness, and inclusive governance. It offers operational implications for public decision-makers and investors, favouring local development projects based on resource complementarity and institutional sustainability.

Reviewer Acknowledgements for International Business Research, Vol. 19, No. 3

Wed, 27 May 2026 10:18:34 +0000

Reviewer Acknowledgements for International Business Research, Vol. 19, No. 3, 2026