Corporate Finance Commons^™

Linking Sustainability Performance To Stock Resilience During And After Covid-19 Crisis: Evidence From Southeast Asia, Khalilul Rahman, Retnosari Retnosari, Sanda Patrisia Komalasari, Muhammad Wafiq

Jurnal Akuntansi dan Keuangan Indonesia

Background: The COVID-19 pandemic severely disrupted markets. While sustainability performance measured by ESG scores theoretically buffers against shocks, its efficacy in emerging markets with nascent sustainability frameworks remains underexplored. Method: We analyze a balanced panel of 1,395 observations from 279 non-financial Southeast Asian firms (2020–2024). Using OLS, lagged, and fixed effects models, we compare the impact of sustainability performance on stock resilience during the 2020–2022 and post-pandemic (2023–2024) periods. Findings: Sustainability performance (ESG scores) significantly enhanced stock resilience during the pandemic. However, this protective effect dissipated post-pandemic. Results confirm a statistically significant improvement in overall resilience following the crisis, as …

The Non-Binding Bind: Reframing Precatory Stockholder Proposals Under Delaware Law, Kyle A. Pinder

Michigan Business & Entrepreneurial Law Review

Rule 14a-8 under the Securities Exchange Act of 1934 allows stockholders to submit proposals for inclusion in a company’s proxy materials. The rule assumes that Delaware law provides stockholders with the right to submit non-binding proposals for stockholder approval. But as many have observed, this assumption lacks a firm basis in state law, particularly in Delaware. If such a right exists, a stockholder conducting its own proxy solicitation could submit numerous precatory proposals, including those advancing narrow or special interests. This article concludes that, under Delaware law, stockholders do not have an inherent right to submit precatory proposals. Accordingly, a …

Human Capital Disclosure And Labor Market Outcomes: Evidence From Regulation S-K, Jung Ho Choi, Dan Li, Daniele Macciocchi

Research Collection School Of Accountancy

We examine the labor market consequences of the 2020 Regulation S-K requiring human capital disclosure in 10K filings. Using large-sample job-level data and a Generative Large Language Model (GLLM), we observe that public firms subject to the regulation increase their disclosure of diversity, equity, and inclusion (DEI) information in job postings relative to a matched sample of large private firms. The increase in job-posting disclosure is more pronounced among firms facing greater external pressure to increase their workforce diversity. These findings suggest a shift in demand for diverse candidates by public firms following the regulation. Yet, consistent with short-term inelastic …

The Impact Of Ceo Sociopolitical Activism On Firms’ Financial And Stakeholder Outcomes: A Critically Appraised Topic, Philip R. Stuczynski

Engaged Management ReView

In recent years, CEO activism has emerged as a highly visible and controversial form of executive communication. This structured literature review examines 23 peer-reviewed, ABS-rated articles published between 2017 and 2025, with the goal of synthesizing what researchers have learned about the effects of sociopolitical speech by corporate leaders. Drawing on studies from strategy, management, accounting, and finance journals, this paper explores how CEO-initiated public commentary influences investor reactions, firm performance, and stakeholder sentiment. Using the PICOC framework, the review defines CEO activism as executive speech or public commentary on controversial social or political issues which may be unrelated to …

From Access To Accountability: Closing The Nonprofit Data Gap In Fintech Lending, Oluwatomisin Olubakinde

Journal of Nonprofit Innovation

Financial technology is often treated as a promising path toward financial inclusion. Mobile banking, alternative credit scoring, and AI-assisted underwriting have expanded access to financial products, but access alone does not guarantee fair outcomes. This piece frames fintech accountability as a nonprofit data accessibility issue. Nonprofits working in financial inclusion cannot fully evaluate fintech referrals or partnerships when the data behind approval decisions, pricing patterns, denial reasons, and appeal pathways remain inaccessible. Drawing on research in fintech lending and algorithmic fairness, the paper shows how data inputs, model design, and approval thresholds shape who benefits from fintech and who may …

Who Pays Dividend? Statistical Explanation And Machine Learning Prediction: Evidence From Pakistan, Zohaib Aziz, Javed Iqbal

The Indonesian Capital Market Review

This study explains and predicts the firm’s dividend payment decision using an unbalanced panel dataset of non-financial firms listed on the Pakistan Stock Exchange covering the period 2009-2020. Several traditional statistical models and modern machine learning algorithms are applied to examine the firm-specific and macroeconomic determinants of dividend decision. Logistic regression and dynamic panel probit models indicate that lagged dividend, firm efficiency and firm size positively influence the firm’s dividend decision whereas leverage and sales growth show negative effects. Lagged dividend is found to be the most influential variable in explaining and predicting the dividend decision while the role of …

Ceo Gender, Trade Credit, Covid-19 Pandemic, And Corporate Dividend Policies In Vietnam, Trang Ngoc Doan Tran Ms., Linh Ngoc Thi Nguyen Ms., Dung Phuong Ngoc Tran Ms., Khoa Dang Duong Dr.

The Indonesian Capital Market Review

This comprehensive study examines the dynamic interplay among CEO gender, trade credit, and dividend policies across 563 listed companies in Vietnam from 2006 to 2024. Employing the Generalized Method of Moments to address the endogeneity issue. The findings show that firms led by female CEOs distribute significantly lower dividends than those led by male CEOs. Moreover, a positive nexus exists between trade credit and the dividend payout ratio of listed firms in Vietnam. Furthermore, the study reveals that CEO gender moderates the relationship between trade credit and dividend payouts in Vietnam. Finally, our robustness tests confirm that the results remain …

The Specifics Of Green Mortgages: A Case Study Of Poland, Mateusz Tomal, Ewa Gorlecka-Łabiak

Journal of Banking and Financial Economics

The green mortgage market in Poland has received limited research attention. Therefore, this article aims to present the specifics of the green mortgage market in Poland. To thoroughly investigate the issue, in-depth interviews were conducted with 12 banking sector representatives, each with varying experience and professional roles. The study’s findings revealed that there is no formal definition of green mortgages, which hinders both banks and their customers. Currently, green mortgages are rarely granted due to their limited economic benefit to borrowers and the small number of residential properties that qualify. For banks, green mortgages present an opportunity to expand their …

Analysis Of Venture Capital Investment For Financing The Development Of The Palm Oil Industry In Indonesia For Private Companies, Salvatore Yitro, Mustika Sari, Gunawan Saroji

CSID Journal of Infrastructure Development

Indonesia is the world's largest crude palm oil (CPO) producer, accounting for 58.04% of global output from 2018 to 2022 and generating between USD 18.2 billion and USD 28.95 billion in annual foreign exchange earnings from 2016 to 2021. The downstream sector, however, remains largely controlled by foreign markets, and private companies face restricted access to conventional bank financing due to negative campaigns against Indonesian palm oil in European markets. No prior study has examined the financial feasibility of venture capital as a financing mechanism for integrated downstream palm oil development by private companies in Indonesia. This study analysed that …

The Anatomy Of Earnings Conference Calls: An Integrative Framework For Management Research, Matthew P. Mount, Gokhan Ertug, Wei Shi, Tengjian Zou

Research Collection Lee Kong Chian School Of Business

Over the last decade, there has been an explosion in the use of diverse data sources by management scholars to observe and capture managerial and organizational constructs that have historically been difficult to access. This surge has been driven by the growing availability of rich, multi-modal data—textual, image, and audio (Luo, Jia, Ouyang, & Fang, 2024)—together with advances in analytical techniques to process and analyze data, such as computer-aided text analysis (Harrison, Thurgood, Boivie, & Pfarrer, 2019), machine learning (Choudhury, Wang, Carlson, & Khanna, 2019; Harrison, Josefy, Kalm, & Krause, 2023), and deep learning (Gouvard, Goldberg, & Srivastava, 2023). These …

The Due Diligence That Investors In Family Businesses Must Not Skip, Yuanto Kusnadi, Kenneth T. Goh

Research Collection School Of Accountancy

In a commentary, SMU Associate Professor of Accounting (Education) Yuanto Kusnadi and Kenneth Goh, Director of Private Wealth Management at UOB Kay Hian, opined that minority shareholders should understand the specific risks highlighted in company filings. They noted that the greatest risk of investing in a family-controlled company lies not only in its business performance, but also in how controlling families exercise their influence. While Singapore's regulatory framework provides safeguards for minority shareholders, these protections are not foolproof. However, they require significant transactions to be disclosed and give minority shareholders a voice, provided they review the circulars and exercise their …

Beyond Earnings Quality: Evaluating The Quality Of Corporate Disclosure Practices, Patricia M. Dechow, Weili Ge, Wei Ting Loh

Research Collection School Of Accountancy

We propose a framework to assess the decision-usefulness of heterogeneous disclosure practices that managers use to convey information to market participants. We illustrate an application of our framework to non-GAAP earnings, management earnings guidance, and earnings conference calls. We first identify key quality attributes for each disclosure practice and then develop a list of quality metrics that we apply to a small pilot sample. We focus on metrics that are easily measured in real time and discuss the practical challenges of conducting assessments of disclosure quality at the firm-quarter-disclosure level. Our descriptive analysis provides preliminary insights into whether and how …

Pengaruh Environmental Score Terhadap Kinerja Keuangan Bank Di Enam Negara Asean Pada Tahun 2020-2023, Nadira Meuthia Jefri, Mona Ridho Sidjabat

Jurnal Manajemen dan Usahawan Indonesia

This study aims to examine the effect the financial performance of banks in six ASEAN countries (Indonesia, Malaysia, Singapore, Thailand, the Philippines, and Vietnam) during the period 2020–2023. The Environmental Score measures a company's environmental performance through three main sub-pillars: Emissions, Resource Use, and Innovation. Panel data from 31 banks were analysed using panel regression with robust standard errors, and endogeneity was tested using Two-Stage Least Squares (2SLS). The results show that the Environmental Score has a positive and significant effect on ROA, ROE, Tobin’s Q, and Market Capitalization, but no significant effect on NIM. The Resource Use Score sub-pillar …

Does Green Pay Less? Global Corporate Bond Evidence On Primary And Secondary Yields, Youssef El Kenawy

Theses and Dissertations

The greenium, or green premium, refers to the lower yield that arises from a bond’s green label, conditional on otherwise identical contractual features and credit risk. In our study, we estimate the greenium by combining causal matching techniques with a neural network–based propensity score approach to construct a closely comparable set of green and conventional bonds. Our empirical framework incorporates issuer fixed effects and currency × issuance-year fixed effects, ensuring that our estimates reflect the impact of the green label itself rather than differences in macro-financial conditions or issuer composition.

Our findings indicate that, once currency-specific issuance-year conditions are absorbed, …

The Political Economy Of Mandatory Disclosure: A Literature Review, Hao Liang, Hanyu Zhang

Research Collection Lee Kong Chian School Of Business

Reviewing the literature on mandatory corporate disclosure from a political economy perspective, we synthesize the classic justifications for disclosure regulations while emphasizing why voluntary disclosure often fails to achieve socially efficient transparency. We also highlight how legal institutions, enforcement capacity, and political forces shape the design, credibility, and effectiveness of disclosure mandates. Drawing on evidence from international and China-focused studies, we review empirical findings on how mandatory disclosure affects investor protection, information environments, and firm behavior, showing that similar reporting rules yield different outcomes across institutional settings. We further extend the discussion to ESG and climate-related disclosure to examine emerging …

Attention To Detail: How Do Information Users Process Exhibits In Form 10-K?, Stephanie F. Cheng, Yimeng Li, Pengkai Lin

Research Collection School Of Accountancy

Form 10-K offers a setting for studying how users process complex, multi-layered disclosures: managerial narratives in the main file alongside separate exhibits, such as contracts and certifications, that provide unfiltered detail. Drawing on rational inattention theory, we investigate how users allocate limited attention across these components. Users typically begin with the main file and selectively access exhibits when the main file appears shorter, less readable, or less confident, indicating higher perceived information loss. This pattern strengthens for exhibits that offer more detail on topics discussed in the main file and among institutional investors and time-constrained users. Exhibit access persists beyond …

Conference Calls And Information Spillover: The Role Of Analyst Participation, Amanda Awyong, Young Jun Cho, Holly I. Yang

Research Collection School Of Accountancy

We examine the role of conference calls in creating information spillover within firms. We find that analyst participation in conference calls is positively associated with subsequent revisions in management forecasts, consistent with analysts' questions prompting managers to collect additional information. We find that this effect strengthens when analysts pose more questions on new topics and when they ask questions with abnormally positive or negative tones. We also find that analyst participation has greater effects when analysts have more experience and higher forecasting ability. Further analyses demonstrate that analyst participation is associated with higher accuracy in subsequently revised forecasts. Overall, our …

The Impact Of Sustainable Responsible Investment On The Environmental And Financial Performance Of Listed Companies (In The Context Of European Regulatory Framework), Leila Kamara

Engaged Management ReView

Although socially responsible investment (SRI) first emerged in the United States in the 1970s, its influence is now global and booming. The most striking illustration is the increase of signatories to the United Nations Principles for Responsible Investment (PRI): The number of signatories surged from around 100 in 2006 to more than 5,000 in 2025 (Peillex & Comyns, 2020), confirming that SRI is now central to investment strategies. The landscape of environmental, social, and governance (ESG) investment has seen the emergence of new stakeholders, including data providers. However, persistent limitations regarding data transparency, accessibility, and comparability have prevented investors from …

Credit Card Indebtedness During The Covid-19 Pandemic, Alan D. Smith

Atlantic Marketing Association Proceedings

No abstract provided.

Final Practicum Thesis And Portfolio From Accy 421: Professional Development Reviewing The Economic Effects Of Maha Initiatives On Conagra Brands Financial Statements And Studies On Business Professionals, Everett B. Heuer

Honors Theses

The purpose of this paper is to investigate the potential legislative changes brought about by Robert F Kennedy Jr. and the “Make America Healthy Again” campaign to uncover possible financial effects to Conagra Brands’ next fiscal year. This was achieved through research on RFK’s opinions on American food culture from sources such as interviews and Senate confirmation hearings. Findings included disapproval of seed oils and artificial food dyes that could affect Conagra Brands’ subsidiaries. After reviewing Conagra Brands’ 10k for the previous fiscal year as well as mission statements and core values, the team developed multiple plans for Conagra Brands …