Over a decade and a half into the 21st century and a growing number of stakeholder groups now share a reasonable expectation: that their organisations should be capable of delivering long-term stakeholder value. From a stakeholder perspective, the promise of sustainable value delivery should be...

Protecting the organization requires integrating multiple disciplines into a single defense framework. The delivery of sustainable stakeholder value in the 21st century requires internal auditors to focus on both value creation (offense) and value preservation (defense). While internal audit's...

The conventional wisdom in corporate law posits that private ordering has an important virtue: it allows firms to efficiently tailor governance terms to their particular needs. This virtue is routinely advanced to justify the largely “enabling” structure of U.S. corporate law, and to oppose...

The question regarding the establishment of viable strategic alliances still remains very much unanswered. Usually, strategic alliances pass through different stages that eventually give rise to bilateral or multilateral relationships. In particular, strategic alliances need some commonality to...

Risk is a vital concept to grasp when investing in a firm or project. It is also a key ingredient required to evaluate the cost of capital and perform a valuation. An organization’s capital structure, specifically the amount of leverage and debt financing employed, must be accounted for to...

We examine the link between age diversity on boards of directors and corporate misconduct. We find firms with age-diverse boards to be associated with significantly less corporate misconduct – both in terms of the number of violations and the fines paid. This finding is robust to various...

We provide in this appendix a relatively parsimonious description of the results for the fields incompletely treated or not addressed in the body of Coles and Li (2022, CL): Observed firm characteristics do best in explaining market leverage, cash holdings, CEO pay level, and accounting...

“Common Ownership” is a phenomenon where shareholders hold substantial stakes in firms that impose externalities on each other. The “Common Ownership” hypothesis suggests that these shareholders may internalize some of these externalities amongst their portfolio firms. While most of the...

We examine whether managerial social capital, defined as aggregate benefits of social obligations and informal contacts accrued through social connections, influences gender pay gaps. Consistent with homophily, the tendency to bond and interact with others of similar type, we find a positive...

Corporate governance experts pay considerable attention to the composition of the full board of directors. And yet, much of the substantive work of the board is carried out by committee.While the nominating and governance committee, in consultation with the chairman or lead independent director,...