We study whether firm managers’ physical appearance affects their decisions on corporate philanthropy. Examining a large sample of corporate donations matched with managers’ attractiveness data, we find that male managers’ motivations for philanthropic giving are driven by their physical...

We examine Korean business groups' transitions from circular-shareholding to (relatively simple) pyramidal-shareholding structures during 2011-2018. The transition did not impact chaebol families' degrees of control or incentive conflicts in firms belonging to circular-shareholdings ("loops"),...

Prior research finds that online social media usage may lower self-control and encourage indulgent behavior in laboratory subjects. We find that corporate CEOs show similar tendencies: CEOs with online social media presence are more likely to succumb to lower self-control and abuse their...

After decades of de-prioritizing shareholders' economic interests and low corporate profitability, Japan introduced the JPX-Nikkei400 in 2014. The index highlighted the country's “best-run" companies by annually selecting the 400 most profitable of its large and liquid firms. We find that...

This paper examines the hypothesis that religious firms are more socially responsible. By utilizing a novel measure of religiosity that reflects firm-level adherence to Christian values, we find that religiousness is positively associated with the CSR engagement of large U.S. firms after...

We find that similarity of political views between the CEO and independent directors (“political homophily”) encourages the CEO to share adverse information with the board. Firms with higher political homophily have lower stock price crash risk, and are more likely to divest previously...

Perhaps the most important corporate law debate over the last several years concerns whether directors and executives should manage the corporation to maximize value for investors, or also take into account the interests of other stakeholders, or society. But, do investors themselves wish to...

According to different types of studies conducted in recent years, not natural but social factors will constitute a major barrier in the process of achieving sustainable development. The barrier will be quickly noticed in the countries and regions of low social capital. The purpose of this...

The article discusses the problems of commercial banks related to the deterioration of their image as employers, especially in eyes of the millennial generation, which soon will become the most attractive category for employment in modern business. The main criteria that guide the millennial...

Using friendship data from Facebook, we study the effects of three aspects of social capital on household financial behavior. We find that the most important measure of social capital in explaining stock market and saving participation is Economic Connectedness, defined as the fraction of one's...