发布求助
文献互助 智能选刊 最新文献

Journal of Corporate Finance最新文献

筛选
英文 中文
Explaining the involvement and investment of women in business angel groups: The impact of organizational context and investment experience 解释女性在商业天使团体中的参与和投资：组织背景和投资经验的影响
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-12-16 DOI: 10.1016/j.jcorpfin.2024.102729
Laurence Cohen , Cristiano Bellavitis , Peter Wirtz
{"title":"Explaining the involvement and investment of women in business angel groups: The impact of organizational context and investment experience","authors":"Laurence Cohen ,&nbsp;Cristiano Bellavitis ,&nbsp;Peter Wirtz","doi":"10.1016/j.jcorpfin.2024.102729","DOIUrl":"10.1016/j.jcorpfin.2024.102729","url":null,"abstract":"<div><div>This research contributes to the scarce but growing literature on women angel investors. More specifically, leveraging stereotype threat theory, we investigate the role played by the social environment in shaping investing behavior across genders. This study offers a comparison between female angels from a stereotype-threat–free environment and (a) male angels, and (b) female angel investors investing in a strongly male-dominated environment. Using proprietary survey data of 96 business angels, our findings confirm that the social context plays an important role in explaining female investment behavior and involvement in BA-group activities. We find that women in a female-only group do not feature investment behavior that differs significantly from men. Whereas women who invest as a minority in a male-dominated environment tend to behave differently. Investment experience, however, moderates the influence of male-dominated environments on female investment behavior. The study confirms earlier exploratory findings related to the role of stereotype threat in female business angel activity at the individual level. Contributing to stereotype threat theory and gender studies in the business angel literature, our findings suggest that the historically marginal contribution of women is a result of the social construction of their role in the finance industry, in which stereotype threats may be particularly prevalent, rather than of supposedly innate features of gender.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"91 ","pages":"Article 102729"},"PeriodicalIF":7.2,"publicationDate":"2024-12-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143148549","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Beta estimation precision and corporate investment efficiency 贝塔估计精度与企业投资效率
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-12-15 DOI: 10.1016/j.jcorpfin.2024.102728
Lee Biggerstaff, Brad Goldie, Haimanot Kassa
{"title":"Beta estimation precision and corporate investment efficiency","authors":"Lee Biggerstaff,&nbsp;Brad Goldie,&nbsp;Haimanot Kassa","doi":"10.1016/j.jcorpfin.2024.102728","DOIUrl":"10.1016/j.jcorpfin.2024.102728","url":null,"abstract":"<div><div>Survey evidence suggests most firms use the CAPM to estimate their cost of equity. Previous research has documented these estimates can be extremely imprecise. We study the impact of the precision of beta estimates on firm investment decisions, and find that firms with precise beta estimates invest closer to their expected levels. We employ quantile regressions to further examine the relationship between <em>Beta Precision</em> and investment levels and find that firms with more precise betas tend to avoid extremes in investment levels. Finally, we show that precision in the estimation of cost of equity is associated with higher risk-adjusted stock returns.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"91 ","pages":"Article 102728"},"PeriodicalIF":7.2,"publicationDate":"2024-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143148552","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Personal financial incentives, corporate governance, and firms’ campaign contributions 个人财务激励、公司治理和公司竞选捐款
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-12-14 DOI: 10.1016/j.jcorpfin.2024.102724
Viktar Fedaseyeu , Lev Lvovskiy
{"title":"Personal financial incentives, corporate governance, and firms’ campaign contributions","authors":"Viktar Fedaseyeu ,&nbsp;Lev Lvovskiy","doi":"10.1016/j.jcorpfin.2024.102724","DOIUrl":"10.1016/j.jcorpfin.2024.102724","url":null,"abstract":"<div><div>We find that corporate governance and executives’ personal financial incentives are important determinants of firms’ ability to extract benefits from political participation. Firms with more independent boards are more likely to establish corporate political action committees (PACs), and executives in such firms exhibit a stronger sensitivity of campaign contributions to their personal equity stakes. We also show that disperse ownership limits PACs’ ability to raise funds because even large firm-level benefits from political participation may become insignificant for individuals with small equity stakes. This may help explain why aggregate PAC contributions remain relatively small compared to the large firm-value benefits such contributions can provide. However, the negative effect of disperse ownership on political donations is mitigated by corporate governance, as well-governed firms are able to better align their managers’ incentives with the benefits from corporate political participation.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"91 ","pages":"Article 102724"},"PeriodicalIF":7.2,"publicationDate":"2024-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143148553","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Economics of Ethereum 以太坊经济学
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-12-13 DOI: 10.1016/j.jcorpfin.2024.102718
Kose John , Barnabé Monnot , Peter Mueller , Fahad Saleh , Caspar Schwarz-Schilling
{"title":"Economics of Ethereum","authors":"Kose John ,&nbsp;Barnabé Monnot ,&nbsp;Peter Mueller ,&nbsp;Fahad Saleh ,&nbsp;Caspar Schwarz-Schilling","doi":"10.1016/j.jcorpfin.2024.102718","DOIUrl":"10.1016/j.jcorpfin.2024.102718","url":null,"abstract":"<div><div>We provide comprehensive background regarding the Ethereum blockchain protocol, focusing especially on the economic incentives of participants. We begin by clarifying the transaction life-cycle from the user perspective, explaining how user transactions are submitted and settled on the blockchain. Thereafter, we explain how the Ethereum protocol selects proposers to propose blocks of transactions for inclusion on the blockchain and also attesters to vote for or against those blocks. We discuss both how the Proof-of-Stake protocol is used to select proposers and attesters, and also how the Gasper protocol is used to aggregate attester votes which thereby determine the finalized blockchain. Finally, we discuss how builders, searchers and relays have arisen to support and enhance the Ethereum block production process. Through our discussion, we clarify the economic trade-offs faced by each participant and the associated real-world decision variables for each participant.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"91 ","pages":"Article 102718"},"PeriodicalIF":7.2,"publicationDate":"2024-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143147512","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Discontinuing analyst coverage due to resource reallocation: Euphemism for unfavorable firm outlook? 由于资源重新分配而停止分析师报道：对公司前景不利的委婉说法？
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-12-12 DOI: 10.1016/j.jcorpfin.2024.102725
Andreas Charitou , Irene Karamanou , Anastasia Kopita
{"title":"Discontinuing analyst coverage due to resource reallocation: Euphemism for unfavorable firm outlook?","authors":"Andreas Charitou ,&nbsp;Irene Karamanou ,&nbsp;Anastasia Kopita","doi":"10.1016/j.jcorpfin.2024.102725","DOIUrl":"10.1016/j.jcorpfin.2024.102725","url":null,"abstract":"<div><div>Following the SRO rulings' requirement that analysts announce coverage terminations including either their final rating or the reason for the termination, we find 86.7 % of the voluntary terminations being attributed to ‘resources’ reallocation’ and only 13.3 % to firm poor outlook. Developing a classification algorithm to split the reallocation terminations into performance-based terminations (those driven by the dropped firm's poor outlook) and resource-constrained terminations (those unrelated to firm performance), we show that although the market's reaction to the termination announcement does not differ between the two sub-samples, future returns and financial performance of the performance-based sample significantly underperform those of the resource-constrained sample. We perform a number of additional analyses, including the use of terminations explicitly attributed to firm bleak output, to ex ante differentiate between the two types of reallocation terminations. We conclude that analysts withhold unfavorable news through the provision of news-neutral reasonings, in contrast to the regulators' intentions.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"91 ","pages":"Article 102725"},"PeriodicalIF":7.2,"publicationDate":"2024-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143148550","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Executive compensation and secured debt: Evidence from REITs 高管薪酬与担保债务：来自REITs的证据
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-12-11 DOI: 10.1016/j.jcorpfin.2024.102727
Ying Li , Lingxiao Li , Bing Zhu
{"title":"Executive compensation and secured debt: Evidence from REITs","authors":"Ying Li ,&nbsp;Lingxiao Li ,&nbsp;Bing Zhu","doi":"10.1016/j.jcorpfin.2024.102727","DOIUrl":"10.1016/j.jcorpfin.2024.102727","url":null,"abstract":"<div><div>This paper explores the impact of executive compensation structure on firm debt choices. To analyze the relationship between executive compensation and firm debt structure via the managerial effort channel, we extend the theoretical model developed by <span><span>Boot et al. (1991)</span></span> by incorporating an agent-principal model. We employ data from US Equity Real Estate Investment Trusts (REITs) to empirically assess the model's implications. The evidence presented in this study reveals that when executive compensation exhibits a higher sensitivity to the firm's stock price (represented by a higher <em>Delta</em>), the firm tends to use a greater proportion of secured debt within its overall debt structure. This phenomenon can be attributed to the managerial effort channel: firms with higher <em>Delta</em> values tend to engage in investments that are more effort-sensitive, and these investment choices are positively associated with increased utilization of secured debt, where the collateral plays the role of incentivizing the manager to put more effort into projects – an “effort-lifting” behavior. These findings hold for an expanded sample consisting of firms from all industries. Our analysis offers a fresh perspective on the use of collateral and executive compensation as a tool to mitigate principal-agent problems.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"91 ","pages":"Article 102727"},"PeriodicalIF":7.2,"publicationDate":"2024-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143147514","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Fading virtue, flourishing profits: Corporate social responsibility in the presence of competitor constraints 道德衰落，利润繁荣：竞争约束下的企业社会责任
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-12-11 DOI: 10.1016/j.jcorpfin.2024.102706
Xiaoqiong Wang , Xiaoyang Zhu
{"title":"Fading virtue, flourishing profits: Corporate social responsibility in the presence of competitor constraints","authors":"Xiaoqiong Wang ,&nbsp;Xiaoyang Zhu","doi":"10.1016/j.jcorpfin.2024.102706","DOIUrl":"10.1016/j.jcorpfin.2024.102706","url":null,"abstract":"<div><div>This paper examines the relationship between focal firms’ corporate social responsibility (CSR) and the financial constraints of their industry peers. We find that focal firms reduce their CSR investments in response to an increase in competitor financial constraints. Our findings are robust to two exogenous shocks: the 2008 financial crisis and the American Jobs Creation Act of 2004. We further show that product market competition drives our results by motivating firms to reallocate resources and prioritize investing in core business activities rather than CSR when peers face difficulty accessing funds. Intriguingly, the fading of such virtues does not necessarily lead to a decline in firm performance. We find that the reduction in CSR induced by peer financial constraints improves the profitability, operating efficiency, and market power of focal firms while attracting more institutional investors.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"91 ","pages":"Article 102706"},"PeriodicalIF":7.2,"publicationDate":"2024-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143147509","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Does managerial compensation impact the likelihood of product market failures? Evidence from inside debt holdings 管理层薪酬是否影响产品市场失灵的可能性？来自内部债务持有的证据
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-12-10 DOI: 10.1016/j.jcorpfin.2024.102726
Vincent J. Intintoli , Shweta Srinivasan
{"title":"Does managerial compensation impact the likelihood of product market failures? Evidence from inside debt holdings","authors":"Vincent J. Intintoli ,&nbsp;Shweta Srinivasan","doi":"10.1016/j.jcorpfin.2024.102726","DOIUrl":"10.1016/j.jcorpfin.2024.102726","url":null,"abstract":"<div><div>We study the impact of inside debt holdings on the likelihood of product market recalls. Consistent with inside debt better aligning incentives, we find it is negatively associated with subsequent recalls. This relation is pronounced for industries where managers have greater control over the supply chain and when examining severe recalls. Our results hold irrespective of the firm's financial constraints or cash flow risk. Inside debt has the greatest influence on older and longer tenured executives, indicating that managerial risk aversion plays an important role. Overall, our results indicate that compensation policies can have a positive effect by decreasing the likelihood of costly recalls.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"91 ","pages":"Article 102726"},"PeriodicalIF":7.2,"publicationDate":"2024-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143147510","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
U.S. multinationals' alternatives to paying taxes 美国跨国公司纳税的替代方案
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-12-05 DOI: 10.1016/j.jcorpfin.2024.102722
Jeremiah Harris , William O'Brien
{"title":"U.S. multinationals' alternatives to paying taxes","authors":"Jeremiah Harris ,&nbsp;William O'Brien","doi":"10.1016/j.jcorpfin.2024.102722","DOIUrl":"10.1016/j.jcorpfin.2024.102722","url":null,"abstract":"<div><div>We examine the impact of potential repatriation taxes on U.S. multinationals' pre-2018 tax planning actions and capital structure policies. We construct a proxy for exogenous changes to repatriation tax rates and find that repatriation-tax-sensitive multinationals are more likely to pursue tax-free repatriation techniques, with examples provided. We also find a positive relationship between repatriation tax increases and both bond issuance and debt ratios, but only for repatriation-tax-sensitive multinationals. These results are concentrated in firms with lower costs of debt capital, while no increased likelihood of inversions is found. Our findings have important implications for current and proposed U.S. tax policies.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"91 ","pages":"Article 102722"},"PeriodicalIF":7.2,"publicationDate":"2024-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143147511","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Iron curtain echoes: The enduring impact of communism and crowdfunding 铁幕回响：共产主义和众筹的持久影响
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2024-12-05 DOI: 10.1016/j.jcorpfin.2024.102723
Thien Le-Hoang Nguyen, Hui-Ching Hsieh
{"title":"Iron curtain echoes: The enduring impact of communism and crowdfunding","authors":"Thien Le-Hoang Nguyen,&nbsp;Hui-Ching Hsieh","doi":"10.1016/j.jcorpfin.2024.102723","DOIUrl":"10.1016/j.jcorpfin.2024.102723","url":null,"abstract":"<div><div>Do enduring effects of communism on human behaviors persist in the entrepreneurial financial market, particularly in the equity crowdfunding (ECF) market? Our study, utilizing the natural experimental setting provided by the German crowdfunding platform – Companisto – reveals the lingering shadow of communism in the investment strategies of individuals from East Germany. We posit that risk and time preferences shaped during prolonged exposure to communism deter investors from East Germany from making sound contributions to ECF campaigns. Further analyses of the moderating effects of investors' confidence and entrepreneurs' trustworthiness provide insights into their roles in the success of ECF campaigns.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"91 ","pages":"Article 102723"},"PeriodicalIF":7.2,"publicationDate":"2024-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143147507","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：481959085
Book学术官方微信