This study extends the analysis of agency relations to include all stakeholders by investigating the corporate governance structure of socially responsible (SR) firms. Using a sample of 394 SR firms and comparing these to a matched sample of firms, I find that that the SR firms have...

The decision to announce a seasoned equity offering typically comes with a decline in firm value, as investors interpret this decision as a signal of poor financial health. This quot;bad newsquot; signal is extenuated when investors are aware that managers' personal wealth is tied to that of the...

Foreign market participation creates opportunities for firms to increase sales but comes at a cost of increased risk-taking on the part of risk-averse managers. Managerial compensation structures that emphasize incentive alignment between managers and shareholders can create efficient...