Corporate Finance: Governance最新文献_第2页

Does CEO Overconfidence Affect Workplace Safety? CEO过度自信会影响工作场所安全吗?

Corporate Finance: Governance Pub Date : 2021-09-22 DOI: 10.2139/ssrn.3928280

Yangyang Chen, E. Ofosu, M. Veeraraghavan, L. Zolotoy

引用次数: 2

Sustainability in the Web 3.0: How to Assess ESG Characteristics on Smart-Contract Blockchain Ecosystems Web 3.0的可持续性:如何评估智能合约区块链生态系统的ESG特征

Corporate Finance: Governance Pub Date : 2021-09-22 DOI: 10.2139/ssrn.3929939

D. Liebau

引用次数: 0

Determinants and Consequences of Sustainability Narrative and Graphical Disclosures 可持续性叙事和图形披露的决定因素和后果

Corporate Finance: Governance Pub Date : 2021-09-20 DOI: 10.2139/ssrn.3927388

Jie Hao, Z. Rezaee

引用次数: 0

Institutional Disruptions and the Philanthropy of Multinational Firms 制度混乱与跨国公司的慈善

Corporate Finance: Governance Pub Date : 2021-09-19 DOI: 10.2139/ssrn.3849374

Luis Ballesteros, C. Magelssen

{"title":"Institutional Disruptions and the Philanthropy of Multinational Firms","authors":"Luis Ballesteros, C. Magelssen","doi":"10.2139/ssrn.3849374","DOIUrl":"https://doi.org/10.2139/ssrn.3849374","url":null,"abstract":"This paper studies philanthropy by multinational enterprises (MNEs) during institutional disruptions—the sudden and unexpected, temporary, and systemic breakdowns in market-oriented institutions. The central argument is that, under institutional disruptions, MNEs aim to restore factors that are essential for the market to function, such as infrastructure and labor markets, and the strength of the market restoration motive is positively associated with the economic importance of the affected country to the MNE. Analyses of donations from 2,000 MNEs headquartered in 63 countries in the aftermath of 265 major epidemics, natural disasters, and terrorist attacks affecting 129 countries suggest that the economic importance of the country to the firm strongly explains donations. Country market concentration, public aid, and the country’s regulatory quality moderate this effect. These associations are robust to a matching method; a vector of firm-, country-, and event-specific time-varying and -constant variables; and alternative motives, such as reputation, altruism, media salience, market standing, and poverty-gap avoidance. They offer evidence that company philanthropy in the aftermath of institutional disruptions may deviate from predicted behavior under stable conditions. Particularly, the findings contest the expectation that philanthropy rises in market competition. Monopolistic firms are comparatively large donors and may act as an economic stop-loss mechanism during large disruptions.","PeriodicalId":224709,"journal":{"name":"Corporate Finance: Governance","volume":"2014 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121762627","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 6

Board composition and corporate social responsibility: Uncovering the effects of co-opted directors 董事会构成与企业社会责任:增选董事效应的揭示

Corporate Finance: Governance Pub Date : 2021-09-18 DOI: 10.2139/ssrn.3925901

Ali I. El Saleh, Doureige J. Jurdi

{"title":"Board composition and corporate social responsibility: Uncovering the effects of co-opted directors","authors":"Ali I. El Saleh, Doureige J. Jurdi","doi":"10.2139/ssrn.3925901","DOIUrl":"https://doi.org/10.2139/ssrn.3925901","url":null,"abstract":"PurposePrior research shows that co-opted directors adversely impact many corporate outcomes, yet little is known about these directors' impact on CSR performance. The authors investigate whether and how co-opted boards affect the firm's CSR score and component CSR scores.Design/methodology/approachThe authors use panel regression models to investigate this study's research questions and address endogeneity concerns using the system generalized method of moments (system GMM) and a quasi-natural experiment.FindingsThe authors report new evidence showing that co-opted boards negatively impact CSR performance based on the CSR score. Results identify board characteristics that accentuate or moderate the effect of co-option on the CSR score and show that board independence, the presence of women on the board, and CEO duality positively and significantly impact the CSR score. These findings are robust across alternative measures of co-option and in the results of models addressing endogeneity concerns. An extended analysis utilizing CSR component scores reveals a significant negative impact of co-option on the environment component score using various measures of co-option and on employee relations, product quality, and human rights component scores using selected measures of co-option.Practical implicationsFindings have implications for board structuring and composition for firms aiming at improving their CSR score.Originality/valueThe study provides new evidence on the impact of co-opted boards on CSR performance. The results help inform stakeholders such as policymakers, executives and directors, shareholders, and capital market participants on how board composition affects socially responsible activities and performance and identify CSR component areas that require attention.","PeriodicalId":224709,"journal":{"name":"Corporate Finance: Governance","volume":"62 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130579049","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Facial Attractiveness and CEO Compensation: Evidence from the Banking Industry 面部吸引力与CEO薪酬:来自银行业的证据

Corporate Finance: Governance Pub Date : 2021-09-14 DOI: 10.2139/ssrn.3744808

Shaker Ahmed, Mikko Ranta, Emilia Vähämaa, Sami Vähämaa

引用次数: 4

Climate Transition Risk Metrics: Understanding Convergence and Divergence across Firms and Providers. 气候转型风险指标:理解企业和供应商之间的趋同与分歧。

Corporate Finance: Governance Pub Date : 2021-09-14 DOI: 10.2139/ssrn.3923330

J. Bingler, Chiara Colesanti Senni, P. Monnin

{"title":"Climate Transition Risk Metrics: Understanding Convergence and Divergence across Firms and Providers.","authors":"J. Bingler, Chiara Colesanti Senni, P. Monnin","doi":"10.2139/ssrn.3923330","DOIUrl":"https://doi.org/10.2139/ssrn.3923330","url":null,"abstract":"Climate risks are now fully recognized as financial risks by asset managers, investors, central banks, and financial supervisors. Against this background, a rapidly growing number of market participants and financial authorities are exploring which metrics to use to capture climate risks, as well as to what extent the use of different metrics delivers heterogeneous results. To shed a light on these questions, we analyse a sample of 69 transition risk metrics delivered by 9 different climate transition risk providers and covering the 1,500 firms of the MSCI World index. Our findings show that convergence between metrics is significantly higher for the firms most exposed to transition risk. We also show that metrics with similar scenarios (i.e. horizon, temperature target and transition paths) tend to deliver more coherent risk assessments. Turning to the variables that might drive the outcome of the risk assessment, we find evidence that variables on metric’s assumptions and scenario’s characteristics are associated with changes in the estimated firms’ transition risk. Our findings bear important implications for policy making and research. First, climate transition risk metrics, if applied by the majority of financial market participants in their risk assessment, might translate into relatively coherent market pricing signals for least and most exposed firms. Second, it would help the correct interpretation of metrics in financial markets if supervisory authorities defined a joint baseline approach to ensure basic comparability of disclosed metrics, and asked for detailed assumption documentations alongside the metrics. Third, researchers should start to justify the use of the specific climate risk metrics and interpret their findings in the light of the metric assumptions.","PeriodicalId":224709,"journal":{"name":"Corporate Finance: Governance","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114302166","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 7

The COVID-19 Pandemic Highlighted the Need for Mandated ESG Disclosures: Now What? 2019冠状病毒病大流行凸显了强制性ESG披露的必要性:现在怎么办?

Corporate Finance: Governance Pub Date : 2021-09-10 DOI: 10.2139/ssrn.3921878

N. Mack

引用次数: 0

The Belt and Road Initiative and Chinese Cross-border Mergers & Acquisitions “一带一路”倡议与中国跨国并购

Corporate Finance: Governance Pub Date : 2021-09-09 DOI: 10.2139/ssrn.3640890

Chi Zhang, Ivan T. Kandilov, Mark D. Walker

引用次数: 0

Paid Family Leave and Corporate Innovation 带薪家庭假与企业创新

Corporate Finance: Governance Pub Date : 2021-09-08 DOI: 10.2139/ssrn.3919309

Hyuksoon Lim

引用次数: 0