Digital Commons Network^™

Shore Leave : Rare, Brief And In Danger Of Extinction, Maria Carrera-Arce, Raphael Baumler, Bikram Singh Bhatia, Lei Du

Reports

Shore leave for seafarers is generally accepted as a custom, if not a right, essential for well- being and pressure relief from the responsibilities of life on board. However, it is clear that the ability of seafarers to take shore leave has been seriously eroded and may even be facing extinction.

The combination of workload on board and limited time in port make it virtually impossible for seafarers to make time for shore leave. Commercial pressures have increased, and there is a serious risk that facilities available for seafarers will decline due to a lack of demand.

The culprits are …

A Moderated Mediation Model Of Perceived Control, Fairness, And Leader–Member Exchange In The United States And South Korea, Nari Kim

Publications and Research

Drawing on the two-factor model of organizational justice and social exchange theory, this study investigates the mediating roles of procedural and distributive justice in the relationship between work locus of control (WLOC) and leader–member exchange (LMX). Using data collected from two cultural contexts – the United States and South Korea – this research further examines whether culture moderates the indirect relationship between WLOC and LMX through perceived justice. The findings indicate that subordinates with an internal WLOC tend to report higher-quality LMX relationships, and that both procedural and distributive justice partially mediate this relationship. Moderated mediation analyses reveal that the …

From Backlash To Brand Loyalty: How Self-Congruity And Generation Shape Consumer Intentions After A Failed Influencer Campaign, Dexter L. Purnell, Kimberly V. Legocki, Steven R. Barnes, Jessica Chapman

Atlantic Marketing Journal

This study examines consumer responses to corporate social advocacy (CSA) surrounding Bud Light’s partnership with transgender influencer Dylan Mulvaney. We fielded a cross-sectional survey of U.S. beer drinkers (N = 386) measuring actual and ideal self-congruity, generational cohort, and purchase intention. Using PROCESS Model 4 with bootstrap confidence intervals, we tested whether self-congruity mediates the relationship between generation and purchase intention. Self-congruity strongly predicted purchase intention, and indirect effects of generation via both actual and ideal self-congruity were statistically significant. Conditional (contrast-specific) indirect effects were observed only for Gen X, indicating cohort-specific pathways from CSA to purchase intention through identity …

Performance Auditing Trends At A Supreme Audit Institution: Uk National Audit Office, 1999 To 2021, Amir Michael, Laurence Ferry, Bruce Mcdonald, Henry Midgley

School of Public Service Faculty Publications

Performance audits have become increasingly important across the world. Scholars know that a variety of practices are incorporated within performance audits and have mapped this diversity. However, few quantitative studies examine performance auditing as a practice. This study fills that gap. By analyzing the published performance audit documentation of the UK National Audit Office (NAO), the study explores the influences of governmental change and crises behind changes in a supreme audit institution's performance audit. It also examines whether performance audits are diverse by examining the language used by the auditors. The study provides evidence that neither crises nor changes of …

The Jingle Jangle Fallacy Of Organizational Identification: An Exploration Of Its Meaning And Measurement Through Cluster And Meta-Analytic Methods, Leah Aiken Rossett

Human Resource Development Theses and Dissertations

This dissertation investigates the conceptual and operational definitions of organizational identification (OID) across primary studies included in meta-analyses, with a focus on identifying the prevalence and impact of jingle and jangle fallacies. Using a systematic literature review, definitions were analyzed and coded. Cluster analysis revealed significant inconsistencies between how OID is defined and measured, exposing widespread jingle fallacies—where distinct constructs are labeled the same—and jangle fallacies—where similar constructs are labeled differently. Meta-analytic techniques further demonstrated that conceptual and operational clusters labeled as “OID” vary in their relationships with three key outcomes of interest: specifically, job satisfaction, organizational commitment, and turnover …

Indirect Earnings Management, Scott B. Jackson, Jason T. Rasso, Aaron F. Zimbleman

Faculty Publications

We hypothesize that managers use their hierarchical role as reviewers of accounting judgments and estimates to manage earnings, which we call indirect earnings management (IEM). Across a series of experiments using highly experienced financial executives as participants, we provide evidence that IEM (1) is likely used by managers to achieve current and future earnings targets, (2) reduces both cognitive dissonance associated with managing earnings and the extent to which managers think that their behaviors constitute earnings management, and (3) is more likely to be used when corporate governance is strong than when corporate governance is weak. The results of this …

The Moderating Role Of Hospital Staffing Levels On The Effectiveness Of Clinical Decision Support Systems In Mitigating Patient Readmission Rates, Youyou Tao, Arindam Brahma, Kevin Baldwin, Rui Sundrup, Dezhi Wu

Information Systems and Business Analytics Faculty Works

Healthcare staffing shortages and high 30-day readmission rates are pressing challenges in today's healthcare systems. While extensive studies have explored the positive impact of Health Information Technology (HIT) on health outcomes, the effect of hospital staffing on HIT effectiveness, particularly Clinical Decision Support Systems (CDSS), is underexplored. Therefore, we examine whether physician and resident staffing levels moderate the impact of CDSS on 30-day readmission rates. After analyzing data from 1,605 hospitals in the United States from 2017 and 2018, we found that the effect of CDSS implementation in reducing 30-day readmission rates is more pronounced in hospitals with lower bed-to-physician …

Does Social Capital Mitigate Managerial Self-Dealing? Evidence From Insider Trading, Sung Gon Chung, Jimmy Lee, Sang Hyun Park

Research Collection School Of Accountancy

In this study, we examine whether the social capital surrounding the firm’s corporate headquarters mitigates managerial self-dealing in the form of opportunistic insider trading. We find strong evidence that the level of social capital in the region surrounding the firm’s headquarters is negatively and significantly associated with insider trading profitability. We also find that the negative association between social capital and insider trading profitability is more pronounced when governance is weaker and corporate opacity is higher, instances where insiders have greater opportunities to trade on their private information. Further analyses on the potential mechanisms suggest that the negative association is …

Breaking The Language Barriers? Machine Translation Technology And Analysts’ Forecasts For Firms With Foreign Operations, Bingxu Fang, Pengkai Lin

Research Collection School Of Accountancy

We study the impact of machine translation technology on analysts’ forecasts for firms with foreign operations. Exploiting the staggered rollout of Google Translate’s support for translating foreign languages into English, we find that U.S. analysts improve their forecast accuracy for firms with substantial business exposure to the corresponding foreign countries. We obtain similar evidence using an international sample of analysts covering firms outside their home countries. The improvement in forecast accuracy is greater for analysts with limited language skills or brokerage resources to process foreign information. Further analysis suggests that analysts raise more questions about firms’ foreign exposure during conference …

Enhancing Phygital Customer Experience Through Generative Ai: A Social Listening Method For Strategic Retail Decision-Making, Zahra Dahish, Shah J. Miah, Ameet Pandit, Sanjit K. Roy

Research outputs 2022 to 2026

The use of Generative Artificial Intelligence (GAI) to transform vast amounts of textual content for strategic insights have been a rapidly growing trend for business researchers. Although various studies have identified applications of GAI in business operations, aspects related to strategic support are yet to be fully developed in the relevant literature. This paper introduces a new GAI-enabled social listening solution that integrates advanced text analytics techniques: (a) Long Short-Term Memory (LSTM)–a specialized form of Recurrent Neural Network (RNN) adept at capturing long-term dependencies through its memory function over time, and (b) Google BERT (Bidirectional Encoder Representations from Transformers). Our …

From Mindset To Practice: How Employees’ Attitudes Impact Tourism Businesses’ Sustainability Practices, S. Mostafa Rasoolimanesh, Shi Y. Chee, Neethiahnanthan A. Ragavan

Research outputs 2022 to 2026

Recognizing that attitudes can drive positive behavioral intentions, the study examines the effects of tourism business employees’ attitudes toward sustainable tourism on their involvement in economic, socio-cultural, environmental, political, and technological sustainability practices. The results of the 389 questionnaires completed by the employees revealed that employees’ attitudes toward sustainable tourism significantly affect the involvement of tourism businesses in sustainable practices. Importantly, these insights suggest that tourism businesses should prioritize cultivating a pro-sustainable mind-set among employees, enhancing training that links sustainability and business viability, and continuously aligning their sustainability strategies with changing societal standards. This study contributes to the literature on …

Live Streaming In Hospitality And Tourism: A Hybrid Systematic Review And Way Forward, Yuhong Shao, Songshan (Sam) Huang

Research outputs 2022 to 2026

Purpose: This study aims to provide a timely review of hospitality and tourism live streaming (HTLS) research, aiming to understand the intellectual foundation in the past and identify opportunities for future research. Design/methodology/approach: This study collected 56 papers from journals in the Social Science Citation Index database or the Australian Business Deans Council journal quality list and adopted a hybrid systematic literature review combining bibliometric analysis and the theory-context-characteristics-method framework-based approach. Additionally, a cross-tabulation analysis was conducted to compare the research on two specific forms of HTLS – tourism e-commerce live streaming (TEcLS) and travel live streaming. Findings: The study …

Positive Reinforcement In Leadership, Jen Lee Williams

M.S. in Leadership

This project examined whether leaders’ use of positive reinforcement
improves team retention, satisfaction, and performance across Generation
X, Millennials, and Generation Z. Jen Williams selected this topic due to the
rising turnover challenges and lack of consistent reinforcement training in
leadership practice. Using mixed-methods design, the study combined a
quantitative survey of 13 working professionals with a qualitative interview
from a Generation X leader participant. Results showed that over 92% of
the participants felt motivated by recognition, and 72% linked
reinforcement to increased satisfaction and desire to stay with their
organization. Generational differences appeared in frequency, authenticity,
and emotional sensitivity …

Book Of Abstracts Of The Wmu International Conference 2025 : Advancing The Blue Economy Through Gender Equality, World Maritime University, Momoko Kitada, Francis Neat, Renis Auma Ojwala

Conference Papers

The 2025 World Maritime Theme by the International Maritime Organization, “Our Ocean, Our Obligation and Our Responsibility,” underscores the global need for an inclusive and sustainable approach to ocean health and maritime economic activity. In alignment with this, the World Maritime University organized the 2025 International Conference on Achieving the Blue Economy Through Gender Equality, highlighting the critical role of gender equality in advancing a sustainable blue economy. A call for case studies yielded 102 abstracts from 206 authors across 46 countries, representing diverse maritime sectors such as shipping, fisheries, and ocean sciences. The abstracts were reviewed by both internal …

Skip-Level Meetings: Perspectives Of Skipped First-Tier U.S. Tech Leaders, Samuel Blacher

Dissertations

Although significant research exists on numerous intersecting theories, such as adaptive leadership, leadership communication, and employee voice, and although they are discussed in business publications and widely yet inconsistently implemented in industry, skip-level meetings are little scholarly studied. Such meetings offer benefits for employees, direct (skipped) managers, and skip-level leaders, and through them, to organizations, yet they also hold risks and pitfalls, and are influenced by various contextual factors, such as stakeholders’ national culture and age. This exploratory qualitative study employed elements of interpretive phenomenology, followed by thematic analysis, to examine the experiences, perceptions, and emotions of a diverse set …

Impact Of Firms’ Innovation And Environmental, Social, And Governance (Esg) Score On Financial Performance: A Study Of Telecommunications And Information Technology Companies Listed On Apec Member Countries’ Stock Exchanges In The Period Of 2018-2022, Navira Putri Apriliani, Rahmat Aryo Baskoro

The Indonesian Capital Market Review

The telecommunications and information technology sectors significantly drive economic growth through continuous innovation. This study investigates how Innovation and Environmental, Social, and Governance (ESG) metrics affect the financial performance of 80 telecommunications firms listed on stock exchanges in APEC member nations from 2018 to 2022. Innovation is evaluated based on research and development expenditures, whereas financial performance is determined by examining revenue and Tobin’s Q. Employing Ordinary Least Squares (OLS) and Two-Stage Least Squares (2SLS) regression methods, the findings reveal that innovation positively influences ESG scores, notably improving governance aspects. ESG scores positively impact revenue but negatively affect Tobin’s Q. …

Moral Panic Or Public Health Crisis? Lessons From Drugs And Gambling For “Addictive” Design, Matthew B. Lawrence, Haomin (Kevin) Yan

Faculty Articles

In her important book, Unwired: Gaining Control Over Addictive Technologies, Gaia Bernstein illustrates the value of a comparative approach, drawing lessons from fights around the regulation of tobacco and ultra-processed food for the regulation of social media. Building on Bernstein’s work, this symposium contribution aims to draw additional insight from experience with drug and gambling regulation for the regulation of social media, video games, AI, and other potentially-addictive technologies.

Specifically, after introducing Bernstein’s book and the foundation it lays, we draw six lessons from the study of psychoactive drugs and gambling. As we elaborate below: Lesson one is that …

The Information Spillover Effects Of Earnings Announcements: Evidence From Thailand, Panatakorn Piyawannasuth

Chulalongkorn University Theses and Dissertations (Chula ETD)

AbstractThis research investigates spillover effects during announcement days in the Thai stock market, covering the period from 2015 to 2024, covering all publicly traded companies on the Stock Exchange of Thailand. The paper aims to determine whether limited spillover effects in developed markets persist in emerging markets whose institutional features are quite different.The empirical evidence strongly confirms that Thai earnings announcements are made up predominantly of firm-specific information, as compared with industry-level information, consistent with developed-market profiles. The conditional spillover study, however, reveals characteristic Thai capital market characteristics. Firms reporting significant earnings surprises demonstrate no systematic evidence in precipitating larger …

Governance Rating Disagreement And Earnings Management In Asean Listed Firms, Pawat Dumrongkiate

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study investigates the relationship between corporate governance ratings and earnings management among publicly listed firms across six ASEAN countries—Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam—during the period 2015–2023. It examines whether the coverage, level, and disagreement of governance ratings influence the degree of discretionary accruals, which are used as a proxy for earnings management. The Modified Jones Model and Kothari’s performance-matched approach were employed to estimate discretionary accruals, with firm, country, industry, and year fixed effects applied to control for unobserved heterogeneity. The results reveal that governance rating coverage and overall rating levels do not significantly affect earnings …

Flight From Liquidity And Bond Yields: Evidence From Thai Market, Sasipim Sinithanon

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study investigates how liquidity risk influences mutual fund selling behavior and bond pricing in the Thai bond market during periods of distress. Using quarterly mutual fund holdings from Morningstar and transaction-level data from the Thai Bond Market Association (ThaiBMA) between 2015 and 2024, the analysis examines whether mutual funds exhibit “Flight from Liquidity” behavior—selling their most liquid assets under stress—and how such behavior affects bond yield spreads.Three hypotheses are tested. First, whether mutual funds are more likely to sell government bonds than corporate bonds during distress periods. Second, whether funds exhibit flight-from-liquidity behavior within each bond segment by selling …

The Moderating Role Of Investor Sentiment Regimes On The Impact Of Flow Types On Capital Structure Decisions (Evidence From Thailand), Shiva Sachaphimukh

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study analyzes how foreign and domestic capital flows influence the leverage of SET100 Thai non-financial firms, considering investor sentiment regimes and firm cyclicality (2013–2023). It contrasts fundamental foreign portfolio flows with speculative domestic trading turnover. Sentiment regimes powerfully amplify flow effects. Bullish domestic sentiment and high domestic turnover significantly increase leverage (sentiment-exploitation). Conversely, deteriorating sentiment and foreign outflows intensify debt reliance (stress-compensation). Domestic flows have stronger, more immediate leverage effects than foreign flows, revealing a behavioral asymmetry. Cyclical firms respond aggressively to domestic factors and sentiment, while non-cyclical firms prioritize foreign capital stability.The findings highlight the critical role of …

High-Yield Or Nothing? Investor Preferences For Riskier Bonds In Thailand, Thamon Chongkwanyuen

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study investigates the determinants of investor demand for high-yield corporate bonds in Thailand's primary market between 2014 and 2024, focusing on whether investors exhibit reach-for-yield behavior and how they respond to past issuance patterns. Utilizing panel regression, with the Take-Up Ratio serving as the key measure of investor participation, the findings reveal that investor behavior is highly conditional. In normal or tightening monetary periods, high nominal yields and credit spreads are generally associated with lower subscription rates, suggesting investors interpret elevated returns as a signal of greater credit risk. However, this risk aversion is reversed during accommodative monetary conditions …

Salience, Trading Volume And 52-Week High Effects On Stock Returns: Evidence From Thai Stock Market, Tonnsaai Anantrechai

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study examines the interaction between salience effects and the 52-week high phenomenon in the Thai stock market, with particular attention to the mediating role of trading volume. Using data from SET100 constituents spanning May 2005 to December 2024, we employ the salience measure developed by Bordalo et al. (2012) and Cosemans and Frehen (2021) to investigate whether stocks with salient payoffs exhibit different return patterns when approaching their 52-week highs. Following Lin (2024), we test whether abnormal trading volume amplifies these behavioral effects. Our findings reveal a notable discrepancy: while historical portfolio sorts show extreme return differentials between salience …

Inclusive-Classroom Simulation Using Immersive Vr Technology : A Training Tool For Classroom Management With Asd Students, Jakkarin Thepvong

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study developed and evaluated the Inclusive Classroom Simulation (ICS), an immersive virtual reality (IVR) tool designed to improve pre-service teachers’ self-efficacy and attitudes toward managing inclusive classrooms with students on the autism spectrum. Using mixed-methods approach, including expert interviews, prototype development, usability testing, and a pre-post VR intervention, the study engaged pre-service teachers in realistic classroom scenarios that replicated ASD-related disruptive behaviors. Findings indicate that high sense of agency enchances classroom-management, self-efficacy and attitudes toward inclusive practices. Qualitative results further support the tool’s authenticity, usability, and potential for skill transfer to real-world teaching. The research expands VR-based teacher training …

Factors Affecting Sustainable Supply Chain Practices And Sustainability Performance, Kittinun Makprang

Chulalongkorn University Theses and Dissertations (Chula ETD)

Sustainable supply chain practices are increasingly emphasized as organizations seek to balance economic, social, and environmental responsibilities. Yet, empirical findings remain inconsistent, particularly in emerging economies where organizational readiness varies. This study examines (1) the influence of market orientation, dynamic capabilities, and managerial commitment on sustainable supply chain practices, and (2) whether these practices contribute to economic, social, and environmental performance. Data were collected from 159 managers across multiple industries in Thailand. Partial Least Squares Structural Equation Modeling (PLS-SEM), supported by multi-group and interaction-effect analyses, was used to evaluate structural relationships and sectoral differences. The results show that market orientation …

An Empirical Study Of Immersive Technology Using Desktop Augmented Reality Software For Primary School In Thailand, Orakarn Laoharutanun

Chulalongkorn University Theses and Dissertations (Chula ETD)

This research investigates learner engagement and reuse intention in immersive learning environments through the development and evaluation of a Desktop Augmented Reality (Desktop AR) application designed for primary school students in Thailand. Grounded in the 5E instructional model and the immersive engagement framework, the study identifies four key experiential factors—presence, embodiment, enjoyment, and novelty—that influence engagement and reuse intention in immersive learning. A multi-phase mixed-method design was employed. Phase I developed and tested a theoretical model using structural equation modelling with primary students aged 11 (Pratom6). Phase II involved designing a Desktop AR learning application, followed by expert validation of …

ความเต็มใจที่จะจ่ายของผู้บริโภคต่อการเลือกบริการเสริมของสายการบินราคาประหยัดในเส้นทางบินระหว่างประเทศ, ยุพาวินี ฤทธิ์ไธสง

Chulalongkorn University Theses and Dissertations (Chula ETD)

เนื่องจากอุตสาหกรรมการบินมีการเติบโตอย่างต่อเนื่อง โดยเฉพาะสายการบินราคาประหยัดหรือสายการบินต้นทุนต่ำ (Low-cost carrier: LCC) ที่เข้ามามีบทบาทสำคัญในการให้บริการขนส่งทางอากาศทั้งเส้นทางบินในประเทศและระหว่างประเทศ การวิจัยนี้มีวัตถุประสงค์เพื่อวิเคราะห์ความเต็มใจที่จะจ่ายของผู้บริโภคที่มีต่อบริการเสริมของสายการบินราคาประหยัด ประกอบด้วย บริการระบบสาระบันเทิงบนเครื่องบิน บริการห้องรับรองและบริการสิ่งอำนวยความสะดวกบนเครื่องบิน โดยรวบรวมข้อมูลจากการแจกแบบสอบถามโดยตรงและแบบออนไลน์ผ่านกลุ่มต่าง ๆ ให้กับผู้โดยสารที่เคยหรือมีประสบการณ์ในการใช้บริการจำนวน 100 ราย วิเคราะห์ข้อมูลด้วยการวิเคราะห์องค์ประกอบร่วมหรือวิธีแบบจำลองทางเลือก (Conjoint Analysis: CA) การศึกษาครั้งนี้ใช้การออกแบบชุดทางเลือกเพื่อสร้างการทดลองทางเลือกด้วยวิธี Orthogonal ทางเลือกของรูปแบบการให้บริการจะนำเสนอด้วยชุดคุณลักษณะการบริการรวมถึงอัตราค่าโดยสาร ซึ่งแต่ละสถานการณ์ทางเลือกสมมติขึ้นเพื่อใช้เป็นตัวเลือกระหว่างแนวทางการให้บริการพื้นฐานและแนวทางเลือกที่มีการเพิ่มระดับการให้บริการ โดยผู้ตอบแบบสอบถามแต่ละรายจะได้รับชุดสถานการณ์ทางเลือกทั้งหมด 7 ชุดสถานการณ์ เพื่อให้ผู้ตอบแบบสอบถามเลือกแนวทางที่พึงพอใจที่สุดจากสถานการณ์นั้น ๆ ผลการวิเคราะห์พบว่า ผู้โดยสารมีความเต็มใจที่จะจ่ายค่าใช้จ่ายเพิ่มเติมต่อบริการของระบบสาระบันเทิงบนเครื่องบินเป็นมูลค่า 597 บาทต่อเที่ยวและเต็มใจที่จะจ่ายเป็นมูลค่า 735 บาทต่อเที่ยว สำหรับบริการสิ่งอำนวยความสะดวกบนเครื่องบิน ในขณะที่การศึกษาไม่พบนัยสำคัญทางสถิติในความเต็มใจจ่ายในบริการห้องรับรอง ผลการศึกษานี้สามารถนำไปใช้เป็นแนวทางในการกำหนดราคา เพื่อเพิ่มรายได้จากบริการเสริม

The Determinants Of Short-Term And Long-Term Performance Of Initial Public Offering: Evidence From The Stock Exchange Of Thailand (Set) And Market For Alternative Investment (Mai), Chittakrij Peungsugk

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study examines the determinants of short and long-term IPO performance in the SET and mai market. Using samples of SET and mai IPOs from 2014-2021, the research investigates how underwriter reputation, institutional investor ownership, and big-4 auditor influence cumulative abnormal returns across time horizons. From information asymmetry, certification, and signaling theories, the study uses multiple linear regression with OLS to analyze IPO performance. Results are different between the two markets. In SET, underwriter reputation shows no certification effect across all time horizons for all reputation measures. Institutional investor ownership demonstrates no short-term impact but exhibits negative impacts with long-term …

Disaggregating Foreign Investor Influence: Direct Holdings, Nvdrs, And Stock Price Crash Risk In The Thai Equity Market, Ploypailin Rattanaphongchirakun

Chulalongkorn University Theses and Dissertations (Chula ETD)

This thesis investigates the relationship between foreign ownership and stock price crash risk in the Stock Exchange of Thailand during the period 2005 to 2024. It focuses on differentiating between direct foreign investors who hold voting shares and Non-Voting Depository Receipts (NVDRs), which provide economic benefits similar to regular shares but do not confer voting rights at shareholder meetings. Additionally, this study examines whether information asymmetry and stock liquidity moderate the relationship between foreign ownership and stock price crash risk. The analysis utilizes panel data from the top 100 companies by market capitalization listed on the Stock Exchange of Thailand. …

The Effect Of Economic And Climate Policy Uncertainties On Momentum Strategies Across Different Esg Levels, Siwaphat Prommana

Chulalongkorn University Theses and Dissertations (Chula ETD)

This thesis investigates the impact of Economic Policy Uncertainty (EPU) and Climate Policy Uncertainty (CPU) on ESG momentum strategies in U.S. equity markets from 2011 to 2023. Momentum portfolios are constructed within high- and low-rated ESG pillar groups to assess how policy uncertainty influences their performance across different firm characteristics, including sectoral classification and geographic operations. Empirical analysis reveals that policy uncertainty, particularly through Forecast and News channels, significantly affects momentum returns, with the strongest effects concentrated among low ESG-rated and domestically focused firms. Cyclical sectors display heightened sensitivity to both EPU and CPU, while international firms show weaker or …