Early empirical studies find a negative association between firm performance and shareholder activism, whereas more recent studies document a positive association. We argue and theoretically show that this change in behavior results from mandating executive compensation disclosure. We develop a...

The macroeconomic environment is an important determinant of firm performance. Nevertheless, many firms are simplistic in the approach they use to identify, analyze and create strategies for managing the vital relationship between intrinsic competitiveness and macroeconomic fluctuations. Few...

Corporate governance literature advances the idea that certain aspects of board of directors' structure improve monitoring of managerial decisions. Among these is the managers' decision to manage earnings. Prior studies have shown that earnings management, in widely-held public companies, is...

We examine the informational role of governments in the private sector in emerging economies. Using a large sample of private firms, we show that governments’ ability and willingness to collect and disseminate economic information (government transparency) is positively associated with...

We examine the effects of mandatory ESG reporting on firms’ corporate performance. Using variation from Sweden’s size-based ESG reporting regulation, which requires medium private firms to start reporting ESG information from 2017 onward, we document that mandatory ESG reporting improves...

Item 503(c) of the United States Securities and Exchange Commission’s (SEC’s) Regulation S-K requires firms to disclose the ‘most significant’ factors that affect them in their Item 1A risk factor disclosures made in their 10-K (annual) or 10-Q (quarterly) SEC filings. Prior to COVID-19,...

This paper analyses the performance consequences of board structure changes in Ghana for the study period 2000 to 2009. We predict that board structure changes prompted by the introduction of the Ghanaian Code in 2003 should lead to better firm performance. The results show that duality...

In response to the Sarbanes-Oxley Act and stock exchange regulation, firms are forced to increase their board independence level if they did not satisfy the requirements. This article empirically examines the impact of increased board independence requirements on the governance inputs, board...

In 2002, President George W. Bush signed the "Sarbanes-Oxley Act” into federal law, which increased the oversight role for independent directors. The induced consequence was that firms which did not satisfy the requirements of the regulation must improve their board independence level. This...

Using quasi-natural experiments, we study how directors’ relative power or influence modulates the effects of board gender diversity. At low levels of influence, female directors have no significant impact on firm risk-taking and financial performance. However, as their influence increases...