Media Merger Madness: An Event Study Analyzing Acquiror Returns In Media & Entertainment,
2022
Claremont Colleges
Media Merger Madness: An Event Study Analyzing Acquiror Returns In Media & Entertainment, Samuel Johnson
CMC Senior Theses
Utilizing an event study methodology, this paper studies the effect that mergers and acquisitions (M&A) announcements have on media acquirors’ stock returns. This study also examines the effect that various characteristics of the target and acquiror have on acquirors’ returns. These characteristics include: location of the acquired company, year of the acquisition, industry of the acquired company, price of the acquired company, size of the acquiror, and serial acquiror status of the acquiror. My findings are consistent with previous literature that find that, in a short-term event window surrounding the announcement of a merger or acquisition, acquirors experience returns that …
The Threat Of Activist Intervention: A Determinant Of 8-K Disclosure For Industrial Companies,
2022
Claremont Colleges
The Threat Of Activist Intervention: A Determinant Of 8-K Disclosure For Industrial Companies, Audrey Guilloteau
CMC Senior Theses
In the face of an activist threat, management may be inclined to provide additional disclosure to discourage potential intervention. This paper constructs an empirical model to measure the threat of activism and voluntary disclosure using a data set of 92 industrials focused activist events from 2008 to 2019. Propensity score matching is used to identify close peer firms that experience a threat of activism at the time a campaign is announced. Results from a difference in differences analysis indicate that firms targeted by hedge fund activists provide additional disclosure in the two-year period following the campaign announcement, as seen through …
Enabling Esg Accountability: Focusing On The Corporate Enterprise,
2022
Duke Law School
Enabling Esg Accountability: Focusing On The Corporate Enterprise, Rachel Brewster
Faculty Scholarship
Environmental, social, and governance accountability for companies has become an important topic in popular and academic debate in modern society. The idea that corporations should have ESG goals has been embraced by major investment companies, employees, and many corporations themselves. Yet, less attention has been focused on how corporate enterprise law—which governs how corporations structure their relationships between parent corporations and their subsidiaries—creates or contributes to the ESG concerns that the public has with corporations in the first place. Modern enterprise law allows corporations, particularly those operating across national borders, to use their subsidiaries to avoid responsibility for their public …
Establishing A Management Performance Measurement System; Defining And Selecting Kpis,
2022
Embry-Riddle Aeronautical University
Establishing A Management Performance Measurement System; Defining And Selecting Kpis, Dimitrios V. Siskos
Publications
Managers and constituents of industries are increasingly concerned about measuring and managing organizational performance. However, launching a new measurement system goes beyond defining new metrics or developing new displays of existing data. However, as Bourne and Neely (2003) point out, there is some evidence that many of these implementations are not successful. This paper initially examines the most difficult elements in establishing and launching a management performance measurement system. The next step after the establishing of a performance measurement system, is to specify the essential elements in defining and selecting KPIs. Unfortunately, different people have very clear and different definitions …
Outsourcing Climate Change,
2022
University of Pennsylvania
Outsourcing Climate Change, Rui Dai, Rui Duan, Hao Liang, Lilian Ng
Research Collection Lee Kong Chian School Of Business
This paper examines whether and how firms combat climate change. Our study provides robust evidence that firms outsource part of their carbon emissions to foreign suppliers and shows how internal and external stakeholders significantly shape firms' environmental policies. Furthermore, firms tend to seek a foreign supplier and decrease their emission abatement efforts as pressure to reduce domestic emissions intensifies. These firms are also less incentivized to develop green technologies. Finally, we find that outsourcing emissions has real and economic consequences, with investors demanding a higher carbon premium for their exposures to carbon risks associated with increased outsourced emissions.
Conditional Relationship Between Distress Risk And Stock Returns,
2022
Singapore Management University
Conditional Relationship Between Distress Risk And Stock Returns, Su Hee Yun, Jung Min Kim
Research Collection Lee Kong Chian School Of Business
Purpose: Previous research on the relationship between a firm’s distress risk and future stock returns produces inconsistent results. This study attempts to explain the conflicting results of earlier studies by showing that systematic distress risk leads to positive rewards, while unsystematic distress risk leads to low stock returns. In addition, this study intends to elucidate the factors of systematic distress risk and unsystematic distress risk, respectively. In this way, this study informs the rational investor what kind of distress risk they should take. Design/methodology/approach: This study considers two distress-predictor sets to show a possibility between distress risk and stock returns …
California Senate Bill 826: Implications On Female Executive Compensation And Representation,
2022
University of New Hampshire - Main Campus
California Senate Bill 826: Implications On Female Executive Compensation And Representation, Elizabeth Ann Dion
Honors Theses and Capstones
In 2018, the State of California passed Senate Bill 826, requiring that all public companies headquartered within the state have at least one female on the board of directors. Prior literature has identified a significant connection between female board representation and the impact on female executives and their pay. The prominence of female leaders has been shown to enable fellow females to pursue leadership positions. In addition, prior studies have found that female board members have encouraged an increase in female executives, and an increase in female executive pay has been identified due to the role of the board in …
Internal Corporate Governance And Bank Risk Taking Behavior: Evidence From Developed And Emerging Economies,
2022
Iqra University
Internal Corporate Governance And Bank Risk Taking Behavior: Evidence From Developed And Emerging Economies, Ghulam Subhani, Shumaila Zeb
Business Review
The study aims to evaluate the impact of board structure and ownership structure on bank risk taking behavior in developed and emerging countries. To fulfill this objective, the study used annual data of 100 large commercial banks for the period 2006-2017 from twelve countries. Zscore is used as the main proxy of bank risk taking behavior. Internal corporate governance is measured by board size, board independence, CEO power, gender diversity, state ownership and foreign ownership. The study controls the issues of endogeneity by applying a two-step generalized method of moments (GMM) econometric approach. The main findings of the study indicate …
Are Ceos To Blame For Corporate Failure? Evidence From Chapter 11 Filings,
2022
Old Dominion University
Are Ceos To Blame For Corporate Failure? Evidence From Chapter 11 Filings, Rajib Chowdhury, John A. Doukas
Finance Faculty Publications
This study examines whether chief executive officers (CEOs) are to blame for corporate failures. Using alternative CEO managerial ability measures, we document that high-ability (low-ability) CEOs are less (more) likely to be associated with bankruptcy. We also find that reorganized firms run by high-ability incumbent CEOs experience improved financial performance after filing for Chapter 11. Firms that hire high-ability CEOs with bankruptcy experience also realize improved financial performance. Our evidence indicates that the likelihood of corporate bankruptcy is unrelated to the presence of high-ability managers and that bankruptcy does not adversely affect the post-bankruptcy careers of high-ability CEOs.
The Way Digitalization Is Impacting International Financial Markets: Stock Price Synchronicity,
2022
Old Dominion University
The Way Digitalization Is Impacting International Financial Markets: Stock Price Synchronicity, Chen Chen, M. Mahdi Moeini Gharagozloo, Layla Darougar, Lei Shi
Finance Faculty Publications
This paper investigates whether and how the development level of a country's digital economy affects stock price synchronicity. The results indicate that countries with high levels of digital economy development exhibit low stock price synchronicity. Additionally, by decomposing stock price synchronicity into systematic and firm‐specific stock return variations, we find that systematic (firm‐specific) variations of stock returns decrease (increase) with the level of a country's digitalization. These findings shed light on the future trend of stock price synchronicity in financial markets around the world and support the information‐based interpretation of stock price synchronicity.
Role Of Organizational Capital At Different Phases Of Business’S Life Cycle: A Study Of Psx Companies,
2022
Department of Commerce, University of Gujrat
Role Of Organizational Capital At Different Phases Of Business’S Life Cycle: A Study Of Psx Companies, Zahid Bashir, Ghulam Ali Bhatti, Sobia Arshad
Business Review
The goal of this study was to examine the association between Business Life Cycle phases and organizational capital using PSX index companies. Mainly, the study investigates the relationship of organizational capital phases during different phases of the life cycle and comparison with high and low organizational capital. To fulfill this objective data has been collected of 56 companies of PSX index companies with yearly observations ranging from 2011-2020. For estimation, a multinomial logistic model was used due to categories of the dependent variable. The results indicate that organizational capital is positively significant at the maturity phase but negatively significant at …
Impact Of Ceo Overconfidence On Corporate Financing Decision With Mediating Role Of Risk Perception,
2022
International Islamic University Islamabad, Pakistan
Impact Of Ceo Overconfidence On Corporate Financing Decision With Mediating Role Of Risk Perception, Amina Batool, Tahira Awan, Sumayya Chughtai
Business Review
The purpose of this paper is to investigate the impact of managerial (Chief Executive Officer) overconfidence on corporate financing decision with the mediating role of risk perception. This study indicates that psychological factors and biases affect the decision making of human beings including top management. The research design of this research work is causal and primary data has been used to test the results of this study. Among all the companies listed on Pakistan Stock Exchange, researchers have selected top executives of 200 companies as a sample. E-Questionnaire has been used to collect the required data through LinkedIn and other …
The New Accounting For Operating Leases: Unintended Consequences In The Airline Industry,
2022
Azul Airlines
The New Accounting For Operating Leases: Unintended Consequences In The Airline Industry, Renata Bandeira, Bridget M. Lyons, Carolyn Trabuco
WCBT Faculty Publications
By 2020, new accounting rules for operating leases were applicable to publicly traded companies reporting under either the US Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS). The accounting authorities under both standards noted that the new rules were developed to increase the transparency of lease transactions to provide more relevant and comparable information. We compare two Brazilian airlines reporting under IFRS, Azul and Gol, with an operationally similar US airline reporting under US GAAP, JetBlue, to determine whether the new standards improve the ability to understand, evaluate, and compare performance, managerial decision making and credit metrics. …
Valuation Challenges Arising From The New Leasing Standard Asc 842: A Teaching Note,
2022
Sacred Heart University
Valuation Challenges Arising From The New Leasing Standard Asc 842: A Teaching Note, Bridget M. Lyons
WCBT Faculty Publications
Accounting Standards Codification (ASC) Topic 842, the new accounting standard on leasing, aims to improve transparency related to leasing and to enable users of financial statements to more readily compare firms that lease with firms that borrow to buy assets. The standard is effective for 2020 and has had a significant impact on the balance sheets of many firms. This note provides an overview of the accounting changes and highlights key issues related to financial analysis and valuation with guidance on how to avoid common errors and accurately calculate and compare enterprise value, EBIT, EBITDA, valuation multiples and key valuation …
Is Mandatory Sustainability Report Still Beneficial?,
2021
Trisakti School of Management
Is Mandatory Sustainability Report Still Beneficial?, Astrid Rudyanto
Jurnal Akuntansi dan Keuangan Indonesia
The latest regulations in Indonesia (SEOJK No 16/SEOJK.04/2021) have required public companies to make a sustainability report every year in order to increase sustainable investment. Prior to this regulation, several public companies had made sustainability reports and received benefits of sustainability report. This makes issuers ask whether after being obligated, public companies still get the benefits that have been obtained from voluntary sustainability reports and under what conditions the mandatory sustainability reports are beneficial for public companies. This study answers the public companies' doubts by conducting a systematic literature review on research on mandatory and voluntary sustainability reports in Q1 …
Value Relevance Of Sustainability Report: Evidence From Indonesia,
2021
Universitas Mahasaraswati Denpasar
Value Relevance Of Sustainability Report: Evidence From Indonesia, I Dewa Made Endiana, Ni Nyoman Ayu Suryandari
Jurnal Akuntansi dan Keuangan Indonesia
This present study aimed at providing empirical evidence of whether sustainability report has value relevance for investors in buying or selling shares and affects firm value. This study used two research models. The first research model was used to examine the effect of book value and earnings on firm value. The second research model was used to examine the effect of sustainability report on firm value and define the value relevance of sustainability report. The samples of this study were 306 companies listed on the Indonesia Stock Exchange in 2017-2020. As a result, this study found that sustainability report is …
The Effect Of Ceo Characteristics On Pre-Earnings Management Profitability,
2021
Universitas Riau
The Effect Of Ceo Characteristics On Pre-Earnings Management Profitability, Adhitya Agri Putra
Jurnal Akuntansi dan Keuangan Indonesia
This research aims to examine the effect of CEO characteristics on pre-earnings management profitability. CEO characteristics include gender, tenure, age, education level, founding-family status, and nationality. Pre-earnings management profitability is measured by return on assets minus discretionary accruals. Data analysis uses firm and year fixed-effect regression analysis. The result shows that female CEO, longer tenure CEO, CEO with higher education levels, and foreign CEO increase firms' profitability without engaging in earnings management. On the other hand, there is no effect of CEO age and founding-family status on pre-earnings management profitability. This research contributes to filling the gap of inconsistent previous …
The Effect Of Personal And Situational Factors On The Intention Of Whistleblowing With Moderated Legal Protection,
2021
University of Trunojoyo, Madura
The Effect Of Personal And Situational Factors On The Intention Of Whistleblowing With Moderated Legal Protection, Daisar Rahman, Nur Hayati
Jurnal Akuntansi dan Keuangan Indonesia
This research is to determine the effectiveness of legal protection in strengthening the relationship between attitude toward behavior, subjective norm, perceived behavioral control, the seriousness of wrongdoing, status of the wrongdoer, and reward with whistleblowing intentions. The population in this research was civil servants who were Regional Inspectors in all regencies in Madura. The sampling technique in this study was purposive sampling consisting of 104 civil servants who had functional positions as auditors, staffing auditors, or supervisors of regional government (P2UPD). Data was collected by distributing questionnaires directly to the respondents. The data analysis technique used in this study was …
Factors Influencing The Decision Of Granting Credit At Commercial Banks In Jenin Governorate,
2021
Al-Quds Open University - Palestine
Factors Influencing The Decision Of Granting Credit At Commercial Banks In Jenin Governorate, Zakaria Al-Jamal
Journal of the Arab American University مجلة الجامعة العربية الامريكية للبحوث
Banks perform many activities and functions and the most important function is the credit granted to current or prospective clients. This function will be profitable if it is managed by the credit department properly in terms of several factors .The decision of granting credit in banks is usually complicated and difficult, perhaps because the results of the credit decision only appear after a relatively long period of time. Therefore, understanding the determinants of credit risk plays a crucial role in the financial stability of the banks and decision of granting credit. The study aimed to identify the factors influencing …
Spactivism,
2021
Tel Aviv University
Spactivism, Sharon Hannes, Adi Libson, Gideon Parchomovsky
Faculty Scholarship at Penn Carey Law
In this Essay, we propose a modified version of the SPAC designed to allow the public to participate in the world of corporate activism. Unlike existing SPACs, our version is designed for investments in public companies in order to change their course of action, not in private companies in order to make them go public, and overcomes many of the problems that pertain conventional SPACs. At present, direct investment in activism is reserved to affluent individuals and other professional investors of activist hedge funds. The public at large is barred from directly entering the activist arena. The current model comes …
