Corporate Finance: Governance最新文献_第9页

M&A Rumors about Unlisted Firms: Online Appendix 关于非上市公司的并购传闻:在线附录

Corporate Finance: Governance Pub Date : 2021-04-11 DOI: 10.2139/ssrn.3823312

Yan Alperovych, Douglas J. Cumming, Veronika Czellar, Alexander Groh

引用次数: 0

Do the Right Firms Survive Bankruptcy? 合适的公司能挺过破产吗?

Corporate Finance: Governance Pub Date : 2021-04-08 DOI: 10.2139/ssrn.3383227

Samuel Antill

引用次数: 22

ESG 2.0: Measuring & Managing Investor Risks Beyond the Enterprise-level ESG 2.0:衡量和管理企业层面以外的投资者风险

Corporate Finance: Governance Pub Date : 2021-04-06 DOI: 10.2139/ssrn.3820316

Delilah Rothenberg, Raphaele Chappe, A. Feldman

{"title":"ESG 2.0: Measuring & Managing Investor Risks Beyond the Enterprise-level","authors":"Delilah Rothenberg, Raphaele Chappe, A. Feldman","doi":"10.2139/ssrn.3820316","DOIUrl":"https://doi.org/10.2139/ssrn.3820316","url":null,"abstract":"Do environmental, social, and governance (ESG) and impact investing practices in their current forms provide investors with sufficient tools to play a meaningful role in “Building Back Better” following the COVID-19 crisis? Many of our existing ESG and impact investing frameworks focus on issues at the portfolio company level, but they do not take into account potential negative impacts from capital structures and investors’ influence in shaping them. In this paper, the Predistribution Initiative (PDI) explores how the growth of institutional investors (asset owners and allocators) and certain asset allocation strategies can be in conflict with ESG objectives. The conflict materializes in various interconnected ways, particularly from institutional investors’ role in increasing global debt levels and fund manager and corporate consolidation, which in turn can create barriers for diverse fund managers and entrepreneurs, jeopardize quality jobs, erode the quality and affordability of goods and services, increase asset class correlations, reduce diversification opportunities, and ultimately fuel economic inequality and market instability. For long-term, diversified institutional investors, or “Universal Owners” of the market, these dynamics eventually translate into lower financial returns. For workers and communities, these dynamics translate into greater precarity and inequality. \u0000 \u0000This paper encourages such investors to consider how their activities may contribute to these issues and how they can improve their own practices to better manage systemic and systematic risks. We review the issues and then propose several preliminary paths toward solutions that we intend to workshop and fine-tune with investors and other stakeholders. Potential solutions focus on diversifying asset allocation to more regenerative investment structures and asset classes, building an enabling environment through adjustments to team incentive structures, performance reviews, benchmarking and valuation methodologies, and field-building.","PeriodicalId":224709,"journal":{"name":"Corporate Finance: Governance","volume":"56 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114109696","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: 0

Non-GAAP Disclosure and Classification Shifting 非公认会计准则披露和分类转移

Corporate Finance: Governance Pub Date : 2021-04-04 DOI: 10.2139/ssrn.3821240

Kelly Ha

引用次数: 0

Advantageous Symmetric Cross-Ownership 有利对称交叉所有权

Corporate Finance: Governance Pub Date : 2021-04-01 DOI: 10.2139/ssrn.3813415

K. Papadopoulos

引用次数: 1

The Skin-in-the-Game Bond: A Novel Sustainable Capital Instrument 博弈债券:一种新型的可持续资本工具

Corporate Finance: Governance Pub Date : 2021-04-01 DOI: 10.2139/ssrn.3827001

Katrien Antonio, Jan De Spiegeleer, W. Schoutens, E. Verschueren

引用次数: 0

Relation between Auditors’ Risk-Preparedness and Audit Adjustments: Evidence from Professional Risk Fund and Professional Indemnity Insurance 审计人员风险准备与审计调整的关系:来自职业风险基金和职业赔偿保险的证据

Corporate Finance: Governance Pub Date : 2021-03-30 DOI: 10.2139/ssrn.3802828

Yingwen Deng, Gerald J. Lobo, Cyndia Wang, Jie Xue, Min Zhang

引用次数: 1

Employee-Friendly Corporate Culture and Firm Performance: Evidence from a Machine Learning Approach 员工友好型企业文化与企业绩效:来自机器学习方法的证据

Corporate Finance: Governance Pub Date : 2021-03-26 DOI: 10.2139/ssrn.3813075

M. Ylinen, Mikko Ranta

{"title":"Employee-Friendly Corporate Culture and Firm Performance: Evidence from a Machine Learning Approach","authors":"M. Ylinen, Mikko Ranta","doi":"10.2139/ssrn.3813075","DOIUrl":"https://doi.org/10.2139/ssrn.3813075","url":null,"abstract":"This study investigates which values of an employee-friendly (EF) corporate culture are the most important predictors of firm value and operating performance using a novel social media dataset of approximately 250,000 crowdsourced employee reviews of 18 different characteristics of a firm’s corporate culture. The extreme gradient-boosting model with SHAP (Shapley additive explanations) and SAGE (Shapley additive global importance) values is used to examine the predictive value and relative importance of employee-friendly cultural values and the potential nonlinearities of these relationships. We find that several employee-friendly corporate culture features contain value-relevant information for predicting firms’ value (Tobin’s Q) and operating performance (ROA). Our findings (SAGE values) reveal three features indicating that predictive importance is clearly superior to other EF culture variables in our machine learning model: employee reviews about the overall company culture, pride in the company, and job security. Based on the SHAP values, these effects are positive, significant, and closely linear. The effects are negative for low values of an EF corporate culture and strongly positive for high values. Specifically, we find that satisfaction with the overall company culture and organizational pride are the most important characteristics for predicting Tobin’s Q, whereas job security and the overall company culture are the most crucial predictors of ROA. Other significant predictors of Tobin’s Q are the attitude towards older colleagues, work–life balance, office/work environment, inclusive/diverse, and gender equality, while environmental friendliness, gender equality, workplace safety, and inclusive/diverse are important predictors of ROA.","PeriodicalId":224709,"journal":{"name":"Corporate Finance: Governance","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128315138","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 Effect of Uncertainty about Future Accounting Standards on Financial Reporting Quality 未来会计准则的不确定性对财务报告质量的影响

Corporate Finance: Governance Pub Date : 2021-03-25 DOI: 10.2139/ssrn.3761444

Ben W. Van Landuyt, Brian J. White

{"title":"The Effect of Uncertainty about Future Accounting Standards on Financial Reporting Quality","authors":"Ben W. Van Landuyt, Brian J. White","doi":"10.2139/ssrn.3761444","DOIUrl":"https://doi.org/10.2139/ssrn.3761444","url":null,"abstract":"Financial statement preparers often make accounting judgments with considerable uncertainty about what future accounting standards will require. We conduct an experiment in the experimental economics tradition to investigate how such uncertainty about future accounting standards affects preparers’ current period accounting estimates. Compared to preparers who know with certainty that future standards will allow them to benefit from future reporting outcomes related to their current period estimates, we find that preparers who face uncertainty about future standards arrive at less biased estimates. We also find evidence of the psychological process underlying these less biased estimates. Consistent with preparers engaging in “inverse elastic justification,” we find that uncertainty about future accounting standards causes preparers to focus more on the diagnostic inputs to accounting estimates and less on non-diagnostic considerations such as their desire to benefit from future reporting outcomes. Although uncertainty associated with the standard setting process is often criticized, our theory and results suggest a potential unanticipated benefit of uncertainty about future accounting standards.","PeriodicalId":224709,"journal":{"name":"Corporate Finance: Governance","volume":"74 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127144960","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: 0

Promoter Shareholder Activism, Company Performance and Corporate Governance 股东行动主义、公司绩效与公司治理

Corporate Finance: Governance Pub Date : 2021-03-22 DOI: 10.2139/ssrn.3809650

Darshan Ramasubramanian

引用次数: 0