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Full-Text Articles in Business
Private Equity Firms' Reputational Concerns And The Costs Of Debt Financing, Rongbing Huang, Jay R. Ritter, Donghang Zhang
Private Equity Firms' Reputational Concerns And The Costs Of Debt Financing, Rongbing Huang, Jay R. Ritter, Donghang Zhang
Faculty and Research Publications
A popular view is that private equity (PE) firms tend to expropriate other stakeholders of their portfolio companies. Bonds offered during 1992-2011 by companies after their initial public offerings (IPOs) do not reflect this view. We find that yield spreads on bonds offered by PE-backed companies are on average 70 basis points lower, holding other things constant. We also find that PE-backed companies have more conservative investment and dividend policies after bond offerings compared to non-PE-backed companies. These results suggest that PE firms’ reputational concerns dominate their wealth expropriation incentives and help their portfolio companies reduce the costs of debt.
Is The Red Dragon Green? An Examination Of The Antecedents And Consequences Of Environmental Proactivity In China, Kent Walker Dr., Na Ni Dr., Weidong Huo
Is The Red Dragon Green? An Examination Of The Antecedents And Consequences Of Environmental Proactivity In China, Kent Walker Dr., Na Ni Dr., Weidong Huo
Odette School of Business Publications
China is the world’s second largest economy and the largest emitter of carbon dioxide, yet we know little about environmental proactivity in the most populated country in the world. We address this gap through a survey of 161 Chinese companies with two respondents per firm (N = 322) where we seek to identify the antecedents and consequences of environmental proactivity. We identify two categorizations of environmental proactivity: Environmental operational improvements and environmental reporting. We find that ecological motivations and regulatory stakeholder pressure are positively related to both types of environmental proactivity, and external stakeholder pressure is negatively related to environmental …
Outerwall And Beyond, Joe Lawless
Outerwall And Beyond, Joe Lawless
MICCSR Case Studies
In 2013, Outerwall (parent company of Coinstar and RedBox) acquired ecoATM, an automated e-waste recycling station. As a disruptive technology in the e-recycling business, ecoATM has demonstrated significant potential for triple-bottom-line success. Outerwall has struggled with negative press related to law-enforcement belief that these kiosks are “a motivator for the criminal element.” This CSR mini-case provides students an opportunity to work creatively to solve a public relations and perception problem in order to fully realize a company’s full potential for positive social, environmental and economic impact.