We investigate how sell-side analysts adjust their earnings forecasts following ESG incidents. We find that following negative ESG news, analysts significantly downgrade their earnings forecasts at all horizons, including long-term. Forecast revisions account for all the negative impact of ESG...

This study, conducted between 2016-2021 on Southeast Asian mining companies, introduces the Modified Enterprise Risk Management (ERM) Index (MERMi) to measure the implementation of ERM based on the COSO 2017 principles. The study found that ERM implementation is influenced by industry...

We use a survey approach to investigate how managers in a frontier market apply financing and dividend decision techniques in practice. 15 firm characteristics were grouped into paired subgroups for a two-sample t-test analysis that generated statistical differences, economic significance levels...

This study aims to test the effect of working capital management on firms' profitability and the effect of this relationship on sustainable growth. Our sample firms are 136 manufacturing firms listed in the Indonesian Stock Exchange from 2010 to 2017. We use data panel regression with fixed...

We study how managers respond to hurricane events when their firms are located in the neighborhood of the disaster area. We find that the sudden shock to the perceived liquidity risk leads managers to increase corporate cash holdings and to express more concerns about hurricane risk in...

Corporate financial performance measured in terms of accounting-based ratios has been viewed as inadequate as firms began focusing on shareholder value as the primary long-term objective of the organization. Corporate managers have been facing a period where a new economic framework that better...

Trade credit and trade debt choices are strictly interconnected and some of the drivers of one of these features are common. Literature looks prevalently at the main reason behind each choice considering separately the credit and debt features. Only few articles consider the two features jointly...

Big data on job vacancy postings reveal multiple facets of the impact of Covid-19 on the U.S. job market. Firms have disproportionately cut on hiring for high-skill jobs (downskilling), with small firms nearly halting their hiring altogether. New-hiring cuts and downskilling are most pronounced...

We adapt the evolutionary stock market model from Evstigneev, Hens, Schenk-Hoppeacute; (2006) to a continuous time framework, where uncertainty in dividends is produced by a single Wiener process. The setup is therefore significantly different from Yang and Ewald (2008), who also study continuous...

We empirically examine the crucial relevance of financing variables in driving the long-lived capital spending by Tunisian firms. The theoretical underpinnings of external finance models encompass credit frictions and show that liquidity constraints highly drive the firm dynamics. We group the...