This paper provides new insights on governance – performance relationship using recent data (2007 to 2015) on anti-takeover provisions' incidence in sample firms. We present “nG (new Governance) Index”, an unequal weighted measure of corporate governance that captures the heterogeneity of...

This study provides evidence for the differential impacts of corporate social responsibility (CSR) initiatives targeting different stakeholder groups on stock price crash risk. In particular, it highlights CSR's role in mitigating risk and creating shareholder value. Our results reveal that...

Is stakeholder management crucial for financial distress? Unlike the prior literature that shows the mitigating influence of corporate social responsibility (CSR) on distress risk, we find that social stakeholder initiatives can increase the likelihood of future financial distress. Using a...

This paper presents the "nG (new Governance) Index", an unequal-weighted measure of corporate governance that dynamically captures the heterogeneity of its individual antitakeover components, as an alternative to the equal-weighted G-Index, E-Index, and Gov-Score proposed in the related...

Using a unique and extensive dataset of 121 socially responsible investing (SRI) equity exchange-traded funds (ETFs) from January 2010 to December 2020, this study examines how passive SRI ETFs perform compared with their non-SRI benchmarks composed of S&P500 ETFs. Over the full sample period,...

Using a unique and extensive dataset of 121 socially responsible investing (SRI) equity exchange-traded funds (ETFs) from January 2010 to December 2020, this study examines how passive SRI ETFs perform compared with their non-SRI benchmarks composed of S&P500 ETFs. Over the full sample period,...

This paper identifies a select few indicators from a large set of environmental, social and governance (ESG) factors; and introduces a corporate sustainability measure. Sustainable part of corporate social performance completely explains its well-documented relation with firm values even after...

Using a novel sample of foreign securities available for trade in 42 countries during the last four decades (1979-2018), we characterize the rise in importance of foreign stocks for investors in their host countries and its implications for diversification benefits across industries and...

We study the impact on firm valuation of a novel exogenous shock to environmental, social, and governance (ESG) data that affects how firms’ corporate social responsibility (CSR) performance is measured. Our analysis reveals that firms that get their CSR ratings artificially boosted by a...

We study the relative importance of investor, manager, and firm heterogeneities on firms' Environmental, Social, and Governance (ESG) policies. We find that investor fixed effects explain most of the variation in ESG choices. The improvement in the model fit from adding investor effects is...