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The role of outside directors is one of the key features in the transatlantic corporate governance debate. As their importance rises, their liability is also attracting attention. Since there are only a few cases internationally in which outside directors of listed companies have been held...
Persistent link: https://www.econbiz.de/10013137966
Easterbrook and Fischel’s work suggests that society as a whole would achieve the best results if corporate leaders focused only on raising stock prices, leaving other institutions to tend to all other interests. But the idea that making societally important corporations govern to the whims of...
Persistent link: https://www.econbiz.de/10013306620
During the 2008-2009 financial crisis, firms with high social capital, measured as corporate social responsibility (CSR) intensity, had stock returns that were four to seven percentage points higher than firms with low social capital. High-CSR firms also experienced higher profitability, growth,...
Persistent link: https://www.econbiz.de/10013005370
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...
Persistent link: https://www.econbiz.de/10012850574
This study investigates whether corporate social responsibility (CSR) mitigates or contributes to stock price crash risk. Crash risk, defined as the conditional skewness of return distribution, captures asymmetry in risk and is important for investment decisions and risk management. If socially...
Persistent link: https://www.econbiz.de/10013058594
This paper investigates whether shareholders benefit from corporate social responsibility (CSR) by studying the effect of institutional investors on CSR. After all, arguing against CSR is hard when investors push for it. I find that longer investor horizons lead to significantly more CSR. This...
Persistent link: https://www.econbiz.de/10012918953
Can market discipline affect corporate environmental and social (E&S) policies? Using international data on corporate E&S news, we show that negative coverage of firms’ E&S policies affects negatively E&S-conscious investors’ demand for stocks. As a consequence, firms with more E&S-motivated...
Persistent link: https://www.econbiz.de/10013239501
During the Harvey Weinstein and #MeToo events, firms with a non-sexist corporate culture, proxied by having women among the five highest paid executives, earn excess returns of 1.6%. Returns for firms with female executives are substantially higher in industries with few women in executive...
Persistent link: https://www.econbiz.de/10013214277
Using data on Chinese non-fnancial listed frms covering 2009 to 2022, we explore the efect of supply chain transparency on stock price crash risk. Two proxies for sup‑ ply chain transparency are constructed using the number of supply chain partners' names and the proportion of their...
Persistent link: https://www.econbiz.de/10014547292
Some authors argue that the integration of stock options as well as restricted stocks into executive compensation may reduce the conflicts between shareholders and management but may at the same time give rise to other agency problems connected to debt. While this line of argument may hold some...
Persistent link: https://www.econbiz.de/10014176345