We study whether and how new CEOs reshape their organizations by increasing the firm’s “organizational capital.” We develop and externally validate a novel measure of organizational capital using a word-embedding model. We decompose organizational capital into four dimensions (i.e.,...

We develop and validate new text-based measures of firms’ financial and non-financial value drivers. Using the Wayback Machine to access public US firms’ archived websites from 1995-2020, we scrape text from corporate homepages. We use Kaplan and Norton’s (1992) balanced scorecard, as well...

Many organizations rely on formal management control systems that align employee values with organizational values (i.e., culture-fit) to shape organizational culture. Using proprietary data from a highly-decentralized organization, I examine the employee performance consequences of adopting a...

Blockchain, pivotal in shaping the metaverse and Web3, often draws criticism for high energy consumption and carbon emission. The rise of sustainability-focused blockchains, especially when intersecting with innovative wireless technologies, revises this predicament. To understand blockchain's...

The importance of culture as an informal management control system is increasingly acknowledged in academia. While prior research mainly focuses on the value of culture on internal stakeholders (e.g., employees), we examine whether culture serves as a credible signal in building trust with...

This study examines the impact of investors’ site visits on the pricing of bond issues using data from the Shenzhen Stock Exchange-listed companies’ bonds issued from 2014 to 2020. Our investigation reveals a significant correlation between investors’ site visits and a lower bond spread,...

Theory suggests cultural proximity between the CEO and the board of directors can play a crucial role in shaping CEO-board dynamics. Using novel data, we measure the cultural proximity between CEOs and directors of US S&P 1500 firms based on their first and last names. We document that CEO-board...

Amid growing pressures to comply with ESG standards, firms increasingly disclose their ESG targets. However, given the difficulty in verifiability, it is unclear whether this public commitment to ESG goals signals firms’ sincere intention to improve ESG practice or is only cheap talk. In this...

We examine whether firms take remedial actions in response to major violations of (i) environmental law; (ii) labor laws associated with wage theft, workplace safety, and discrimination; and (iii) consumer safety rules. To empirically address this question, we construct a novel, hand-collected...