The practical impossibility of employing hard law at an international level has meant that softer codes of conduct have stepped in to fill the void. The Global Compact is the most ambitious of these codes, created with a desire to engage business in the project of international development and...

After the crash of financial institutions and the negative effects of the financial crisis, financial service cooperatives (FSCs) emerged as good performer compared to commercial banks. But this condition will not be enough to face the challenges that the new financial panorama will bring on the...

When stakeholder protection is left to the voluntary initiative of managers, relations with social activists may become an effective entrenchment strategy for inefficient CEOs. We thus argue that managerial turnover and firm value are increased by the institutionalization of stakeholder...

We study the relationship between employee satisfaction and abnormal stock returns around the world, using lists of the “Best Companies to Work For” in 14 countries. We show that employee satisfaction is associated with positive abnormal returns in countries with high labor market...

Researchers debate whether environmental investments reduce firm value or can actually improve financial performance. We provide some first evidence on shareholder wealth effects of voluntary corporate environmental initiatives. Companies announcing membership in Climate Leaders and Ceres - two...

This study examines the role of political connections for firms' financing strategies and their long-run financial performance. We view political connections as an example for domestic arrangements which can reduce the benefits of global financing. Consistent with this argument, we find that...

This study examines the role of political connections in firms' financing strategies and their long-run performance. We view political connections as an example for domestic arrangements which can reduce the benefits of global financing. Using data from Indonesia, we find that firms with strong...

We center this review article around six important books that represent recent thinking by political economists on global finance and discuss their substance, their implications, as well as some of their shortcomings, for our understanding of the subject. We organize our review around three...

This paper predates the Sarbanes-Oxley Act of 2002 (Section 704: Study of Enforcement Actions) by six years. We used seven red flags which are composed of four financial red flags and three non-financial turnover red flags in order to predict the targets of the SEC's investigation of fraudulent...