Business Law, Public Responsibility, and Ethics Commons^™

Can Corporate Sustainability Performance (Csp) Overcome Indonesia's Corporate Debt Problems?, Johnson Ferry Febrian, Nora Sri Hendriyeni

Jurnal Akuntansi dan Keuangan Indonesia

Based on IMF publications (2022), Indonesian companies have a risky debt level that may cause bankruptcy, so companies are required to make leverage adjustments to return the debt to its optimal level. In recent years, corporate sustainability performance (CSP) practices have been proven to improve performance and overcome financial problems such as debt by integrating sustainability aspects into business processes. Based on stakeholder theory and trade-off theory, this study aims to examine the effect of CSP on leverage adjustment and the role of competitive advantage, equity mispricing, profitability, and firm size in moderating this relationship. This study used a sample …

Environmental, Social, And Governance (Esg) And Artificial Intelligence In Finance: State-Of-The-Art And Research Takeaways, Trstan Lim

Research Collection School Of Computing and Information Systems

The rapidly growing research landscape in finance, encompassing environmental, social, and governance (ESG) topics and associated Artificial Intelligence (AI) applications, presents challenges for both new researchers and seasoned practitioners. This study aims to systematically map the research area, identify knowledge gaps, and examine potential research areas for researchers and practitioners. The investigation focuses on three primary research questions: the main research themes concerning ESG and AI in finance, the evolution of research intensity and interest in these areas, and the application and evolution of AI techniques specifically in research studies within the ESG and AI in finance domain. Eight archetypical …

Investing In Climate: A Role For 'Sovereign Climate Funds', Marianna Kozintseva, Thierry Wizman

Sim Kee Boon Institute for Financial Economics

Efforts to address climate change have generally been focused on deploying mitigation technologies. However, it is adaptation technologies (and climate risk transfer) that will have to gain an increasing share of an investment pool dedicated to climate if human systems are to stay resilient to climate forces. Just like mitigation projects, adaptation projects have a strong public goods aspect, wherein public returns exceed private returns, and thus call for the state’s involvement. We argue that sovereign climate funds (SCFs) - new types of sovereign wealth funds with a climate investment mandate - can be critical purpose-built conduits especially for undertaking …

Analyzing Global Utilization And Missed Opportunities In Debt-For-Nature Swaps With Generative Ai, Nataliya Tkachenko, Simon Frieder, Ryan-Rhys Griffiths, Christoph Nedopil

Sim Kee Boon Institute for Financial Economics

We deploy a prompt-augmented GPT-4 model to distill comprehensive datasets on the global application of debt-for-nature swaps (DNS), a pivotal financial tool for environmental conservation. Our analysis includes 195 nations and identifies 21 countries that have not yet used DNS before as prime candidates for DNS. A significant proportion demonstrates consistent commitments to conservation finance (0.86 accuracy as compared to historical swaps records). Conversely, 35 countries previously active in DNS before 2010 have since been identified as unsuitable. Notably, Argentina, grappling with soaring inflation and a substantial sovereign debt crisis, and Poland, which has achieved economic stability and gained access …

Revolutionizing Lithium Extraction: Analysis Of Factors Affecting Commercialization Timelines With Insights From The Shale Gas Boom, Bilge Tayyar

CMC Senior Theses

This study draws parallels between Direct Lithium Extraction (DLE) and hydraulic fracturing to highlight the transformative potential of DLE technology in the lithium industry. The comparative analysis supports the hypothesis that DLE might expedite commercialization timelines, similar to the effect hydraulic fracturing has had on traditional shale gas extraction. The study includes a regression analysis to determine the factors affecting the commercialization of conventional lithium brine extraction methods, thereby better understanding the potential changes DLE will create. The regression model, based on data from 11 projects, examines the impact of variables such as temperature range, tax rates, royalty rates, regulatory …

Towards Algorithmic Justice: Human Centered Approaches To Artificial Intelligence Design To Support Fairness And Mitigate Bias In The Financial Services Sector, Jihyun Kim

CMC Senior Theses

Artificial Intelligence (AI) has positively transformed the Financial services sector but also introduced AI biases against protected groups, amplifying existing prejudices against marginalized communities. The financial decisions made by biased algorithms could cause life-changing ramifications in applications such as lending and credit scoring. Human Centered AI (HCAI) is an emerging concept where AI systems seek to augment, not replace human abilities while preserving human control to ensure transparency, equity and privacy. The evolving field of HCAI shares a common ground with and can be enhanced by the Human Centered Design principles in that they both put humans, the user, at …

Market Reaction Test On Banks & Brokers Based On Bitcoin Price History. A Look At National Commercial Banks And Security Broker, Exchanges, And Service Stocks Following The Most Volatile Swings In Bitcoin’S Price., Payton Earl

CMC Senior Theses

This paper examines if there is an inverse correlation between Bitcoin’s most volatile price swings and national commercial banks and security brokers, exchanges and service companies performance. Company performance in the dataset is measured by Cumulative Abnormal Returns during 2021 within a two-day period where Bitcoin has had the most significant uptick and downtick events. Using a market-adjusted model for my regression, it is concluded that Bitcoin’s largest uptick event did indeed have an inversely negative effect on traditional banks and trading securities companies, as the Cumulative Abnormal Returns were negative for my 107 observations and the event was statistically …

Climate Change Concerns And Mortgage Lending, Tinghua Duan, Frank Weikai Li

Research Collection Lee Kong Chian School Of Business

We examine whether beliefs about climate change affect loan officers’ mortgage lending decisions. We show that abnormally high local temperature leads to elevated attention to and belief in climate change in a region. Loan officers approve fewer mortgage applications and originate lower amounts of loans in abnormally warm weather. This effect is stronger among counties heavily exposed to the risk of sea-level rise, during periods of heightened public attention to climate change, and for loans originated by small lenders. Additional tests suggest that the negative relation between temperature and approval rate is not fully explained by changes in local economic …

Reducing Food Scarcity: The Benefits Of Urban Farming, S.A. Claudell, Emilio Mejia

Journal of Nonprofit Innovation

Urban farming can enhance the lives of communities and help reduce food scarcity. This paper presents a conceptual prototype of an efficient urban farming community that can be scaled for a single apartment building or an entire community across all global geoeconomics regions, including densely populated cities and rural, developing towns and communities. When deployed in coordination with smart crop choices, local farm support, and efficient transportation then the result isn’t just sustainability, but also increasing fresh produce accessibility, optimizing nutritional value, eliminating the use of ‘forever chemicals’, reducing transportation costs, and fostering global environmental benefits.

Imagine Doris, who is …

Leviathan Inc. And Corporate Environmental Engagement, Po-Hsuan Hsu, Hao Liang, Pedro Matos

Research Collection Lee Kong Chian School Of Business

In a 2010 special report, The Economist magazine termed the resurgence of state-owned, publicly listed enterprises “Leviathan Inc.” and criticized the poor governance and low efficiency of these firms. We compile a new comprehensive data set of state ownership of publicly listed firms in 44 countries over the period of 2004–2017 and show that state-owned enterprises are more responsive to environmental issues. The effect is more pronounced in economies lacking energy security and strong environmental regulation, and among firms with more local operations and higher domestic government ownership. We find a similar effect on corporate social engagement but not on …

Billion Dollar Whale, David Mcclough

The Journal of Economics and Politics

No abstract provided.

Mitigating Industry Contagion Effects From Financial Reporting Fraud: A Competitive Dynamics Perspective Of Non-Errant Rival Firms Exploiting Product-Market Opportunities, Eugene Kang, Nongnapat Thosuwanchot, David Gomulya

Research Collection Lee Kong Chian School Of Business

Existing studies show that financial reporting frauds by errant firms cause declines in stock market valuations for non-errant rival firms (i.e. industry contagion effects). We posit that contagion effects may be mitigated by investors’ expectations of non-errant rivals exploiting product-market opportunities at the expense of errant firms. We apply the competitive dynamics literature to argue that non-errant rivals experience lower contagion effects when they have more available slack to engage in competitive actions. This effect is expected to strengthen when rival firms have previously deployed more resources for research and development and advertising investments or have higher prior market share …

Air Pollution, Regulations On Emission And Firms' Social Responsibility, Jun Myung Song

Sim Kee Boon Institute for Financial Economics

This paper examines whether firms adjust their strategy in emission when air pollution is severe. Considering high PM 2.5 as severe air pollution across 65 countries, I show that firms from countries with severe air pollution have low emission score, suggesting that they put less effort in reducing emission. This is because if they improve emission strategy, firm performance deteriorates. However, such relationship disappears when the government’s environmental stringency is strong, suggesting that government’s intervention is crucial for sustainable environment. This paper concludes with analysis on the factors which can mediate the negative impact of air pollution on firms’ emission …

But Is It Material? A Case Study Evaluating Climate Risk’S Place In Financial Disclosures, Matilda Lindberg

Student Theses and Dissertations

The year of 2022 highlighted the importance of understanding how Environment, Social, and Governance (hereafter, ESG) factors impact investors. By the end of 2021, 37.8 trillion USD had been invested in ESG funds, a number expected to grow to $53 trillion by the end of 2025. Despite this bullish projection, controversy has grown about the “materiality” of ESG factors, especially climate risks, as defined by the Securities and Exchange Commission (hereafter, SEC). On March 21, 2022, the SEC proposed rules to enhance the standardization of climate- related disclosures (hereafter The Proposal) to promote consistent, comparable, and reliable information for investors …

Cost Of Capitol: Analyzing Congressional Insider Trading Regulation, Hannah Levy

Finance Undergraduate Honors Theses

The United States Congress has involved itself with the financial regulation of big business for decades. The legislative body has passed a multitude of laws over time which foster greater transparency and trust between individual investors and big business. Until recently, legislators have avoided passing laws which regulate their own financial activity. Recent investigations revealing that dozens of federal lawmakers have violated financial disclosure laws and made stock trades on insider information has successfully angered the public and forced Congress to consider tighter restrictions. But can Americans trust their legislators to effectively regulate themselves? If no legislative action is taken, …

Turmoil On The Mississippi River: Harnessing Green Infrastructure To Accommodate Drastically Changing Environmental Patterns, Edouard Ballett

Supply Chain Management Undergraduate Honors Theses

The Mississippi River is one of the most important commercial waterways in the world. It connects the United States’ agricultural and manufacturing centers with the rest of the country and the global supply chain while also being the economic engine for developments up and down the river. Over the past four years, the Mississippi River has experienced its worst drought and flood on record. Climate change is increasing the commonality of extreme weather events, and we must alter outdated concrete or “gray” infrastructure. Traditional river engineering of levees, locks, and dams increases the severity of river flow or lack thereof, …

Ethics And Nil, Jackson Krause

Honors Projects

Research diving into the ethics surrounds NIL, and how it is affecting the current collegiate athletic atmosphere.

Fraud And The Audit Expectation Gap, Samuel Pelumi Olatunde

Honors College Theses

This study seeks to explore the expectation gap Georgia Southern University business and non-business majors have toward the work of an auditor. This study aims to assess the understanding of Auditors' responsibility for preventing and detecting fraud. This study will help assess the roles of an auditor, a forensic accountant, and management in fraud detection and prevention. The study will also highlight the importance of equipping students with accounting knowledge relevant to the business environment. The research for the study is conducted through a survey questionnaire and interpreted with Excel software. The hypothesis is that students that are majoring in …

Bearer Negotiable Instruments: Addressing A Financial Intelligence Gap And Identifying Criminogenic Weaknesses, Hollis B. Kegg

Dissertations, Theses, and Capstone Projects

Bearer Negotiable Instruments (BNI) are a long-standing category of financial instruments used to transfer large amounts of money in ways that may not be subject to regulation, reporting, tracking, review, or oversight. There is limited information available on BNIs, and no evidence that any studies have been undertaken on BNIs alone, much less reported. Increasingly, BNIs are being used for illegal purposes including money laundering. This study gathers information about their characteristics, nature, purpose, legal status, and numbers. It also focuses on the crime risks associated with BNIs, the crime opportunities they facilitate, and the criminal weaknesses in the financial …

Audit Report Timeliness In Local Governments: An Observation Of North Carolina Governmental Units’ Response To State-Imposed Deadlines And Consequences, Amber N. Daniels

Doctor of Business Administration Dissertations

To provide citizens with transparent financial information regarding the health of their respective districts, local government unit leaders must furnish governmental audit reports in a timely manner. Further, for management to effectively implement auditor suggestions for improvements, leaders must have accessibility to timely audited information. Many governmental units in the state of North Carolina have demonstrated significant lags in reporting timeliness and often miss state-mandated deadlines. Therefore, this research utilized ordinary least-squares regression to estimate the effects the variables representing report message and managerial competency, accountability, and audit environment groups had on the time required for each unit to file …

When Does Csr Payoff?, John A. Doukas, Rongyao Zhang

Finance Faculty Publications

We investigate whether firms engaging in corporate social responsibility (CSR) can preserve firm value during normal and unprecedented exogenous adverse events. Our evidence shows, in regular times, a negative relation between CSR engagement and firm value, but under adverse economic conditions, CSR protects firm value by decreasing firm risks. We also find that firms with high managerial attributes engage in greater CSR activities that benefit shareholders in both normal and aberrant financial times. Despite the controversy surrounding CSR, our evidence points out that CSR can be viewed as a set of intangible assets that can improve firm value across good …

Unintended Consequences: Impact Of Covid Relief Payments On Families And The Housing Industry, Tami J. Moore, Jared Burgoon

Mountain Plains Business Conference

Proposed as a Panel event exploring the unintended consequences of the Covid Relief Payments made during the pandemic on families, housing, and supply chain.

Deshkan Ziibi Conservation Impact Bond Replication, Si Zhe Yuan

Undergraduate Student Research Internships Conference

Description of the work that I did the summer and its respective outcomes.

Are All Risks Created Equal? Rethinking The Distinction Between Legal And Business Risk In Corporate Law, Adi Libson, Gideon Parchomovsky

All Faculty Scholarship

Should corporate legal risk be treated similarly to corporate business risks? Currently, the law draws a clear-cut distinction between the two sources of risk, permitting the latter type of risk and banning the former. As a result, fiduciaries are shielded from personal liability in the case of business risk and are entirely exposed to civil and criminal liability that arises from legal risk-taking. As corporate law theorists have underscored, the differential treatment of business and legal risk is highly problematic from the perspective of firms and shareholders. To begin with, legal risk cannot be completely averted or eliminated. More importantly, …

The Influence Of Corporate Social Responsibility Disclosures On Investment Efficiency In The Asian Emerging Markets, Nguyen Vinh Khuong, Fibi Rizki Herdianti, Le Huu Tuan Anh

The Indonesian Capital Market Review

The aim of the research was to determine the efficiency of investing in companies that report on their corporate social responsibility (CSR) in developing markets. Companies that won the Asia Sustainability Reporting Awards 2020 were chosen for the study. We evaluate the correlation utilizing data from 36 firms from year observations of 2018 to 2020, using modified OLS estimation and regression analysis with modified panel data for heteroskedasticity and/or autocorrelation. In the emerging market, the sample period under examination is quite recent. Research findings show that CSR reporting has a significant negative effect on the company’s investment efficiency (IE) and …

“Fiscal Trap”, The Case Of Greece, Titos Ritsatos

Southern University College of Business E-Journal

Present research aims at the introduction of the term “Fiscal Trap” in economic literature, as a comprehensive definition of the economic situation in which any available combination of fiscal-only policy measures (tax increases and austerity measures), would fail to fulfill fiscal targets during periods of recession. Using recent experience from the case of Greece, an ex-post evaluation of adopted policy effectiveness is pursued. Fiscal austerity and increased taxation enforced in Greece during the years 2009-2012, resulted in decreased tax revenues, lower GDP and increased debt-to-GDP ratio. In order to slip away from the vicious cycle generated by austerity and tax …

The Terrorist Laffer Curve:Rationality And Insurgency In Iraq, 2004-2008, Dennis S. Edwards

Southern University College of Business E-Journal

While the original framework by Arthur Laffer focused on tax rates and the resulting revenue from such taxation, the Laffer curve has been applied to other studies in behavior as well. This paper details evidence of a Laffer curve in Iraq with respect to terrorist violence and Iraqi public support of that violence against the U.S.-led coalition forces. As insurgents began killing more Iraqi citizens in their attacks on U.S.-led forces, the increased lethality caused initial support of such violence to erode. As a result, the high-level terrorist hierarchy has suggested that its operatives reduce lethality and indiscriminate bombings.

Building An Equitable Food System In Georgia With Future Farmers: A Business Case Study, Yukta Sinha

Dartmouth College Master’s Theses

My thesis aims to investigate how a mobile application called Future Farmers ©, that connects farmers with retailers bypassing middlemen, can increase farmers’ bargaining power thereby creating an equitable food system. More specifically, my thesis seeks to analyse the application’s viability in the country of Georgia. Drawing upon primary data collected through interviews with farmers and retailers as well as a review of relevant literature, this research will utilize a mixed-methods approach to explore the impact of this technology on the agricultural industry in Georgia. The company’s revenue projections and market access are just some aspects evaluated while qualitative information …

Impairment Recognition And Revaluation– China Publicly Listed Companies, Ying Wang

Southern University College of Business E-Journal

The advent of SFAS 142 and IAS 36 regarding handling of asset impairment has spawned research into how these standards influence whether an impairment loss is recorded. Deferred tax items in China have three major components: temporary tax and financial reporting differences in depreciation; impairment losses; and previous losses, which can be carried forward for five years for tax purposes. While the temporary differences in depreciation typically defer taxes and create deferred tax liabilities, impairment losses and previous losses create deferred tax assets because they are not deductible in the current period for tax purposes. A deferred tax asset is …

Analysis Of The Comovement Of Unemployment In Midwestern States, Tammy Rapp Parker

Southern University College of Business E-Journal

The current paper investigates the interrelatedness of twelve Midwestern states through the comovement of unemployment rates. Due to their geographic location, we would anticipate similarities and comovement among macroeconomic variables. The results show that although most of the bivariate pairings do show a relationship. Five of the sixty-five pairings show no indication of cointegration among their unemployment rates. Each of these five pairings includes North Dakota. The paper investigates geographic and socioeconomic similarities between these states to try to explain these results.