Die Vorstände großer Unternehmen in Deutschland befinden sich nach wie vor fest in Männerhand: Ende 2014 lag der Frauenanteil in den Vorständen der Top-200-Unternehmen in Deutschland bei gut fünf Prozent. Das entspricht einem Plus von einem Prozentpunkt gegenüber dem Vorjahr und damit...

This paper examines the impact of workforce diversity and inclusion (D&I) on a firm's operating flexibility, using a novel employee rating of D&I introduced in 2020. I extrapolate the D&I rating back to 2008 for thousands of companies, using a model that surpasses humans. I find that diverse and...

This paper examines whether corporate environmental responsibility is influenced by regional differences in climate change denial. While there is an overwhelming consensus among scientists that climate change is happening, recent surveys still indicate widespread climate change denial across...

Superstitions are typically seen as beliefs without scientific grounding. However, it can also be associated with people’s perception of risk and subsequent behavior. In this study, we provide evidence that CEO superstitious beliefs of bad luck – triggered by the CEO’s “zodiac year,”...

As the world faces the threat of climate change, investors and financial institutions are increasingly looking at investment portfolios’ carbon characteristics. We have identified three key elements that should be considered in order to avoid greenwashing in investment portfolios. First, we...

This paper represents the first study to examine the relationship between ESG initiatives and firm value for almost all Japanese listed firms. By constructing our unique AI-based ESG (Environmental Social Governance) scores that have higher coverage than existing ESG scores, we score and analyze...

Das Ziel, mehr Frauen in Spitzengremien der Wirtschaft zu berücksichtigen, findet sowohl in der Öffentlichkeit als auch in der Politik immer stärkere Beachtung. Die Forderungen nach einer Frauenquote und die öffentlichkeitswirksame Bestellung von vier Frauen in die Vorstände der...

Trotz der Selbstverpflichtung der Wirtschaft zu mehr Frauen in Führungspositionen waren 2012 nur vier Prozent aller Vorstandsund fast 13 Prozent aller Aufsichtsratssitze in den Top-200-Unternehmen in Deutschland von Frauen besetzt. Dies entspricht einem Anstieg von jeweils einem Prozentpunkt...

I examine corporate green bonds, whose proceeds finance climate-friendly projects. These bonds have become more prevalent over time, especially in industries where the environment is financially material to firm operations. I document that investors respond positively to the issuance...

This paper investigates the role of stakeholder preference on corporate social responsibility (CSR). We find that Indian firms increase CSR expenses when trade restrictions (Antidumping) are initiated against competing Chinese exports from countries with a high stakeholder preference for CSR....