Cybersecurity disclosure and firm performance: The hidden power of boards in European Union firms

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F70883521%3A28120%2F25%3A63593438" target="_blank" >RIV/70883521:28120/25:63593438 - isvavai.cz</a>

Výsledek na webu

<a href="http://dx.doi.org/10.7441/dokbat.2025.13" target="_blank" >http://dx.doi.org/10.7441/dokbat.2025.13</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.7441/dokbat.2025.13" target="_blank" >10.7441/dokbat.2025.13</a>

Jazyk výsledku

angličtina

Název v původním jazyce

Cybersecurity disclosure and firm performance: The hidden power of boards in European Union firms

Popis výsledku v původním jazyce

As the European Union (EU) is accelerating digital transformation and facing increasingly complex cybersecurity risks, cybersecurity disclosure (CSD) has become an essential requirement in modern corporate governance. However, the decision to disclose CSD is not only influenced by legal requirements but also depends on the leadership characteristics and board structure of the enterprise. Despite the increasing attention to this topic, previous studies have largely lacked an integrated approach. This study aims to analyze the impact of CEO tenure and board characteristics (gender diversity, independence) on the level of CSD disclosure and test the mediating role of CSD in the relationship with corporate financial performance (ROA). Data were collected from 40 EU-listed companies over the period 2016-2022. The empirical analysis was conducted using three regression methods, including OLS, GLS, and GMM, to control for endogeneity and bidirectional causality. The results show that long CEO tenure and a high proportion of independent directors have negative effects on the level of CSD disclosure, while the gender variable does not show a statistically significant impact. Moreover, CSD has a positive and significant impact on ROA, thereby confirming the important mediating role in connecting governance structure with performance. The study contributes to corporate governance theory by integrating agency theory and superordinate theory into a model explaining CSD disclosure behavior, and provides useful empirical evidence for policymakers in designing board structures and developing regulations to promote cybersecurity transparency in Europe.

Název v anglickém jazyce

Cybersecurity disclosure and firm performance: The hidden power of boards in European Union firms

Popis výsledku anglicky

As the European Union (EU) is accelerating digital transformation and facing increasingly complex cybersecurity risks, cybersecurity disclosure (CSD) has become an essential requirement in modern corporate governance. However, the decision to disclose CSD is not only influenced by legal requirements but also depends on the leadership characteristics and board structure of the enterprise. Despite the increasing attention to this topic, previous studies have largely lacked an integrated approach. This study aims to analyze the impact of CEO tenure and board characteristics (gender diversity, independence) on the level of CSD disclosure and test the mediating role of CSD in the relationship with corporate financial performance (ROA). Data were collected from 40 EU-listed companies over the period 2016-2022. The empirical analysis was conducted using three regression methods, including OLS, GLS, and GMM, to control for endogeneity and bidirectional causality. The results show that long CEO tenure and a high proportion of independent directors have negative effects on the level of CSD disclosure, while the gender variable does not show a statistically significant impact. Moreover, CSD has a positive and significant impact on ROA, thereby confirming the important mediating role in connecting governance structure with performance. The study contributes to corporate governance theory by integrating agency theory and superordinate theory into a model explaining CSD disclosure behavior, and provides useful empirical evidence for policymakers in designing board structures and developing regulations to promote cybersecurity transparency in Europe.

Druh

D - Stať ve sborníku

CEP obor

—

OECD FORD obor

50201 - Economic Theory

Projekt

—

Návaznosti

S - Specificky vyzkum na vysokych skolach

Rok uplatnění

2025

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název statě ve sborníku

Conference Proceedings DOKBAT 2025 21st International Bata Conference for Ph.D. Students and Young Researchers

ISBN

978-80-7678-372-0

ISSN

—

e-ISSN

—

Počet stran výsledku

16

Strana od-do

199-214

Název nakladatele

Academia Centrum UTB ve Zlíně

Místo vydání

Zlín

Místo konání akce

Zlín

Datum konání akce

9. 9. 2025

Typ akce podle státní příslušnosti

EUR - Evropská akce

Kód UT WoS článku

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