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This paper examines bondholder wealth effects in global business collaborations with the form of cross-border joint ventures (JV) and strategic alliances (SA). Based on a sample of 1,898 event-firms from 2009 to 2015, we find significant and positive abnormal returns for bondholders. On average,...
Persistent link: https://www.econbiz.de/10012934741
Using a comprehensive set of firms from 57 countries over the 2000–2016 period, we examine the relation between institutional investor horizons and firm-level credit ratings. Controlling for firm- and country-specific factors, as well as for firm fixed effects, we find that larger long-term...
Persistent link: https://www.econbiz.de/10012831177
I present the first study that systematically examines the implications of ESG adoption for the credit ratings business. I find that, with a recent move by Standard & Poor’s and Moody’s towards incorporating ESG issues into their analysis, credit ratings positively reflect firms with lower...
Persistent link: https://www.econbiz.de/10013218934
) criteria into executive compensation is associated with greater innovation output in countries around the world. We also find … compensate for institutional voids and high stakeholder demand for CSR, and thereby foster firm innovation. The results of the … channel analyses suggest that a greater level of employee innovation productivity, enhanced managerial risk-taking, and …
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