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The Impact of Corporate Sustainability on Organizational Processes and Performance
Eccles, Robert G. - 2012
We investigate the effect of corporate sustainability on organizational processes and performance. Using a matched sample of 180 US companies, we find that corporations that voluntarily adopted sustainability policies by 1993 - termed as High Sustainability companies - exhibit by 2009 distinct...
Persistent link: https://www.econbiz.de/10012460709
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Corporate Social Responsibility Through an Economic Lens
Reinhardt, Forest L. - 2008
social responsibility" (CSR), particularly in the realm of environmental protection. Beyond complete compliance with …
Persistent link: https://www.econbiz.de/10012464657
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A Theory of Firm Decline
Clementi, Gian Luca - 2009
We study the problem of an investor who buys an equity stake in an entrepreneurial venture, under the assumption that the former cannot monitor the latter's operations. The dynamics implied by the optimal incentive scheme is rich and quite different from that induced by other models of repeated...
Persistent link: https://www.econbiz.de/10012463457
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The Other Side of the Tradeoff : The Impact of Risk on Executive Compensation
Aggarwal, Rajesh - 1998
The principal-agent model of executive compensation is of central importance to the modern theory of the firm and corporate governance, yet the existing empirical evidence supporting it is quite weak. The key predication of the model is that the executive's pay-performance sensitivity is...
Persistent link: https://www.econbiz.de/10012472176
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Asset Sales, Firm Performance, and the Agency Costs of Managerial Discretion
Lang, Larry - 1994
We argue that management sells assets when doing so provides the cheapest funds to pursue its objectives rather than for operating efficiency reasons alone. This hypothesis suggests that (1) firms selling assets have high leverage and/or poor performance, (2) a successful asset sale is good news...
Persistent link: https://www.econbiz.de/10012474282
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Empire-Builders and Shirkers : Investment, Firm Performance, and Managerial Incentives
Aggarwal, Rajesh K. - 1999
Do firms systematically over- or underinvest as a result of agency problems? We develop a contracting model between shareholders and managers in which managers have private benefits or private costs of investment. Managers overinvest when they have private benefits and underinvest when they have...
Persistent link: https://www.econbiz.de/10012471449
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A Retrospective Look at Rescuing and Restructuring General Motors and Chrysler
Goolsbee, Austan D. - 2015
This paper takes a retrospective look at the U.S. government's effort to rescue and restructure General Motors and Chrysler in the midst of the 2009 economic and financial crisis. The paper describes how two of the largest industrial companies in the world came to seek a bailout from the U.S....
Persistent link: https://www.econbiz.de/10012457667
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The Euro and Firm Restructuring
Bugamelli, Matteo - 2008
We test whether and how the adoption of the euro, narrowly defined as the end of competitive devaluations, has affected member states' productive structures, distinguishing between within and across sector reallocation. We find evidence that the euro has been accompanied by a reallocation of...
Persistent link: https://www.econbiz.de/10012464193
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When Corporate Social Responsibility Backfires : Theory and Evidence from a Natural Field Experiment
List, John A. - 2017
Corporate Social Responsibility (CSR) has become a cornerstone of modern business practice, developing from a "why" in … the 1960s to a "must" today. Early empirical evidence on both the demand and supply sides has largely confirmed CSR …'s efficacy. This paper combines theory with a large-scale natural field experiment to connect CSR to an important but often …
Persistent link: https://www.econbiz.de/10012453544
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Intentions for Doing Good Matter for Doing Well : The (Negative) Signaling Value of Prosocial Incentives
Cassar, Lea - 2017
Prosocial incentives and Corporate Social Responsibility (CSR) initiatives are seen by many firms as an effective way …
Persistent link: https://www.econbiz.de/10012453604