This study investigates whether airline firm characteristics moderate the negative impact of rising COVID-19 confirmed cases on airlines’ stock. 87 listed airlines in 44 countries during 2020 are examined with a panel regression. The findings indicate that airline firm size and the number of...

We examine the effects of military connections on firm risk, firm performance, and corporate financial decisions. The evidence concludes that military connected firms, defined as firms with military officials on their boards, have greater risk, lower accounting performance, but higher market...

We examine the impact of geopolitical risk (GPR) on firm value, focusing on non-financial firms from 17 emerging market countries. The evidence presents that heightening GPR is associated with a reduction in firm value. The reason is that firms tend to reduce internal risk by holding more cash,...

This study investigates the impact of firm-level political risk on corporate tax avoidance and finds strong evidence that firms reduce tax avoidance activity in the presence of heightening firm-level political risk. This relation is robust to measures used to address endogeneity concerns and...