Corporate Finance Commons^™

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, …

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 …

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 …

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 …

Ai-Augmented Financial Advisors: Comparing Ai And Human Analyst Investment Recommendations In Agreement, Performance, And Firm Size Effects, Crystal Chen

Honors College Theses

This study examines the level of agreement and performance between artificial intelligence (AI) generated investment recommendations and human analyst recommendations across U.S. publicly traded firms. Using a sample of twelve companies categorized by firm size (large, mid, and small), the study collects buy, hold, or sell recommendations from generative AI systems and human analysts. Agreement between AI-to-AI and AI-to-human recommendations is measured using Cohen’s Kappa agreement. Portfolio performance is evaluated by constructing equal-weighted portfolios for each recommendation source and size category. Risk-adjusted returns are measured using the Sharpe ratio over 1-, 2-, and 3-month periods. Furthermore, the study tests whether …

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 …

A Meta-Analysis Of Corporate Innovation Intention And Its Driving Mechanisms, Yaping Hu, Xuerong Shen, Yi Zheng

Journal of Scientific Information Research

[Purpose/significance] Stimulating corporate innovation intention is a pivotal issue for promoting innovation. However, the academic discourse on its key drivers presents significantly divergent and even contradictory conclusions, leading to theoretical ambiguity and practical guidance challenges. This study aims to systematically and quantitatively integrate empirical research in this field to clarify the true effects of core driving factors and their operational boundaries. [Method/process] Adopting a meta-analysis approach, this study systematically retrieves and screens literature, ultimately analyzes 29 empirical studies and examine four potential moderating variables which include location, data type, industry, and culture. [Result/conclusion] The study finds that government support, internal …

Investigating The Impact Of Artificial Intelligence On Financial Decision-Making And Professional Practice, Elijah Jones

Finance Undergraduate Honors Theses

The following study is an investigation into the impact of artificial intelligence (AI) as it relates to financial decision-making and professional processes. The focus of the study is to address the gap between theoretical applications analyzed by researchers and real-world use. The existing literature extensively analyzes the exponential growth of AI in finance over the years and its uses in relationship management, predictive analysis, trading, risk management, and more. While the studies show the potential transformative capability that AI has regarding workflows, there is limited data that shows how these newfound technologies are actually being adopted by professionals. To address …

Discounted Cash Flow Valuation Of Ethiopian Airlines Group: Country Risk, Currency Volatility, And Soe Dynamics In An Emerging Market Context, Rediet Wale Yirga

2026 Spring Honors Capstones Projects

This study presents a discounted cash flow valuation of Ethiopian Airlines Group, a state-owned enterprise in sub-Saharan Africa's largest aviation market. No published academic study has applied rigorous quantitative valuation to the airline within an emerging market framework. This research addresses that gap by constructing a multi scenario DCF model using audited financial data from FY2019/20 through FY2023/24, with projections through FY2029/30. The model incorporates a country risk premium using Damodaran's methodology and accounts for ETB/USD depreciation following Ethiopia's 2024 exchange rate liberalization. Sensitivity analysis identifies exchange rate volatility, fuel costs, and discount rate as primary drivers of enterprise value …

Exploring Determinants Of Value For Money And Bundling Effects On Public–Private Partnership Projects: A Data-Driven Empirical Study, Gaurav Khadka

Department of Construction Engineering and Management: Dissertations, Theses, and Student Research

Public–private partnerships (P3s) are widely used to deliver public infrastructure, yet current understanding of what drives variation in Value for Money (VfM) and the effectiveness of project delivery strategies such as bundling remains largely conceptual and grounded in perception-based evidence. Consequently, governments lack empirically validated guidance on which project, financial, and macroeconomic conditions meaningfully influence VfM outcomes and whether bundling improves project performance within the P3 context. This study addresses these gaps through an integrated analysis of 180 Canadian P3 infrastructure projects (1992–2020), one of the most comprehensive datasets of realized VfM internationally, incorporating project characteristics, financial arrangements, and macroeconomic …

The Seller Valuation Of Family Firm Exits: Socioemotional Wealth And Ceo Equity Ownership, Masahiro Nishii

Dissertations and Theses Collection (Open Access)

This study examines seller valuation in family-firm exit using the initial asking price from private M&A sales. In the sale of a family firm, it is known that seller valuation may go beyond financial value alone because owners often hold strong emotional attachments to the firm. However, it remains unclear whose judgment brings that non financial value into seller valuation and why this varies across types of family CEOs.

Drawing on socioemotional wealth theory, the study develops the mechanism at the CEO level. I argue that the anticipated SEW loss translates into seller valuation through the CEO’s judgment. When the …

Biodiversity Risk And Firm Valuation: Regional Heterogeneity And Value-Chain Exposure In Global Capital Markets, Madelein Wentzel

Doctoral Dissertations (DBA)

This study examines whether biodiversity-related risks are priced in global equity markets and whether that pricing varies across regions, using a cross-sectional sample of more than 10,000 globally listed firms with biodiversity and financial data drawn from the fourth quarter of 2025. Consistent with a regional heterogeneity hypothesis, the results show that biodiversity risk is significantly negatively associated with firm valuation in developed markets such as the United States and OECD countries, while the relationship is weaker, insignificant, or even positive in certain emerging regions including Latin America and the Middle East and Africa. The analysis further distinguishes between value-chain …

Cash Holding As A Mediating Variable In Economic Uncertainty And Corporate Leverage, Vina Christina Nugroho

International Conference on Business and Management Research (ICBMR)

This study explores how economic policy uncertainty (EPU) affects corporate leverage, with a focus on the role of cash holdings as a mediating variable. Using panel data from 3,947 non-financial firms in China between 2014 and 2023, the analysis applies fixed-effect regressions to examine this relationship. The results show that higher EPU significantly reduces corporate leverage, and firms with greater cash reserves tend to hold less debt. Further analysis reveals that this effect varies by investment intensity. High-investment firms reduce both cash and leverage under uncertainty, while low-investment firms increase cash reserves before lowering debt.This research offers insights into how …

When Social Fundraising Is Active But Hard To Measure: Nonprofit Lessons From Social Media Roi Research, Dr. Blair W. Loveland

Journal of Nonprofit Innovation

This article examines a nonprofit measurement problem that appears when social media is used to support fundraising but the organization cannot clearly connect that activity to a measurable financial result. The article draws on a non-experimental quantitative survey of 106 participants in roles tied to marketing, sales, or revenue reporting. The findings showed that social media use was common, but visibility into spending, formal ROI tracking, and end-to-end attribution was often weak. Seventy percent of respondents who answered the spend question did not know their organization's annual social media spend, 59 percent of respondents who answered the ROI question said …

Esg Greenwashing And Ownership Structure Under Information Asymmetry, Luu Thu Quang, Nguyen Dang Hai Yen, Vo Thien Trang, Tran Hoang Vu

European Management Studies

Purpose: This is the first paper to investigate how ownership structure influences ESG greenwashing, with a focus on the moderating role of information asymmetry. The study is set in Vietnam’s stock market, where state ownership remains significant and disclosure standards are still developing.

Design/Methodology/Approach: We construct a unique hand-collected dataset of annual reports from listed firms between 2020 and 2024. Greenwashing is measured using both disclosure–performance gaps and narrative-based textual analysis. Ordinary least squares and two-stage least squares regressions are employed, with robustness checks using alternative proxies for information asymmetry.

Findings: Results show that in transparent environments, …

Navigating Uncertainty: A Deep Insight Into Tariffs’ Effects On The Automotive Industry, Gavin J. Gautier

Honors Theses

The purpose of this thesis is to address the financial, strategic, and external effects caused by tariffs within the automotive industry, with a specific focus on the effects caused by the Section 232 tariffs imposed on aluminum and steel. More Specifically this thesis will examine a comparative analysis of General Motors between 2017 and 2018 during the Section 232 enactment. While traditional studies tend to observe the input-cost effect, my hope is to examine the broader effects at the firm-level, such as inventory shifts, cost management, and risk hedging procedure. Through an evaluation of GM’s 10-K filings, key financial ratios, …

The Driving Forces Of Relative Ceo To Employee Pay, Yixi Ning, Xavier Garza-Gomez, Hongxia Wang

Finance and Economics

In this paper, we examine the driving forces of CEO to median employee pay ratios from a macro-perspective using a sample of large corporations included in the DJIA index from 1949 to 2022. We find that CEO-employee pay ratios increase with the Industry Production Index and inflation rate, but decrease with GDP per capita growth rate, unemployment rate, stock market, and industry trends. Our results also show that CEO pay structure changes from salary and bonus-dominated to option and stock-dominated pay enable CEOs to enjoy a much better pay package compared to lower-level employees, while executive pay-related regulations in the …