Digital Commons Network^™

Trends In U.S. Health Care Bankruptcy: A 10-Year Retrospective, Amy Yarbrough Landry, Philip Cendoma, Kristine R. Hearld, J'Aime C. Jennings, Robert J. Landry Iii

Research, Publications & Creative Work

Background: In recent years, the United States (U.S.) healthcare system has faced financial challenges resulting from changing reimbursement models, fluctuations in sources of investment, and a global pandemic. These factors have resulted in an influx of bankruptcy filings among healthcare organizations. This study explores the number of healthcare organizations filing for bankruptcy as means to reorganize (Chapter 11) or liquidate assets (Chapter 7), and examines whether organizational size, defined by assets and liabilities, influences the success of reorganization. The research on bankruptcy among healthcare organizations has been limited to larger businesses including hospitals and nursing homes. This study investigates all …

Understanding The Challenges And Satisfaction Among The Medical Professional Preceptors, Cornelia Ko

West Chester University Doctoral Projects

This study evaluates the Penn Medicine Family Medicine Clerkship program through a mixed-methods approach, exploring the challenges and factors influencing the satisfaction of medical professional preceptors when precepting students. A quantitative survey with 54 preceptor participants reveals the top challenges preceptors face: workload, conflicts with patient care, and limited clinical space. Despite this, there is strong support for the program, with 89% of preceptors enjoying the role and 85% expressing willingness to continue to precept for the next three years. Finally, data analysis shows no statistical correlation between preceptor motivation with gender, ethnicity, age group, years of serving, or total …

A Question For The Ages: The Relationship Between Nurse Staffing And Quality In Appalachian Skilled Nursing Facilities, Eric Jason Pulice

Theses, Dissertations and Capstones

Nurse staffing levels have been shown to have a critical impact on nursing quality in skilled nursing facilities (SNFs). Sociodemographic disparities in Appalachian areas have the potential to impact SNF nurse staffing levels and quality. This study examined the relationship between nurse staffing levels and quality in Appalachian SNFs, as well as compliance with the Biden Administration’s minimum staffing mandates as set forth in CMS-3442-F enacted on June 24, 2024.

The study applied Resource Dependency Theory (RDT) through Donabedian’s Structure-Process-Outcome (SPO) conceptual framework to assess how external resource constraints and regulatory policies impact nurse staffing levels and quality in Appalachian …

A Geopolitical Economy Analysis Of China And India’S Approaches To Transnational Data Governance, Yujia He, Ka Zeng

Patterson School of Diplomacy and International Commerce Faculty Publications

Recent literature on the behavior of rising powers in digital trade and data governance highlights their discourses of data sovereignty and desire to preserve domestic policy autonomy. This article contributes to the literature by employing a political economy lens that shifts the focus from the nation-state/inter-state framework towards the dynamics of state–capital relations, allowing for a more historical and contextual understanding of the geopolitics of data governance in emerging economies. Using China and India—two of the largest emerging economies—as comparative cases, and drawing on secondary data from government documents and other sources, the article argues that the interplay between the …

How Tax Code Complexity Impacts Small Business Decisions In Alabama: A Mixed Method Study, George Nkosi

Dissertations

This study investigates how federal tax code complexity influences small business decision-making in Alabama using a mixed-methods approach. Tax complexity is defined by ambiguity in tax provisions, frequent regulatory changes, and recordkeeping burdens, all of which affect decision-making and investment behavior. Survey data from small business owners were analyzed using Principal Component Analysis (PCA) to identify the primary dimensions of tax complexity. Regression analysis then assessed the relationship between these dimensions and business decision-making. The findings indicate that ambiguity, frequency of change, and administrative requirements are negatively associated with long-term planning and capital investment decisions. Two complementary case studies involving …

Analysis Of Safety Investment : Economic Benefit In Arctic Shipping To Shipping Companies And The Arctic Coastal States, Junjie Wan

World Maritime University Ph.D. Dissertations

Global warming severely affects the Arctic region, including ice coverage and thickness. In contrast, it allows unprecedented navigation opportunities for more extended periods each year, attracting maritime stakeholders because of the potential distance reduction compared to shipping corridor routes. However, mitigating Arctic navigation hazards requires safety investments, especially from shipowners and Arctic coastal states. When allocating limited resources to safety, decision-makers should efficiently prioritize their investments. This research aims to determine how to optimize shipping companies and Arctic coastal states’ safety investments. It begins with a comprehensive analysis of safety investments and safety economic benefits in Arctic shipping. Then, an …

The Effects Of Brand Activism On Brand Performance, Lin Zhao

Graduate Theses, Dissertations, and Problem Reports (ETD)

Brand activism—the explicit demonstration of a brand’s sociopolitical beliefs—has become increasingly prevalent and consequential. Concurrently, consumers now hold higher expectations for firms to engage in sociopolitical conversations, driven by the rise of belief-drive purchase in consumers’ decision-making and the growing ideological polarization worldwide. The interaction of brand activism and consumer behavior presents unique potential for brands to gain competitive advantages while contributing to social welfare. This dissertation comprises three essays that examine the effects of brand activism through multiple understudied yet compelling perspectives.

Essay One investigates how brand activism influences consumer-brand relationships through both transactional and relational lenses. This research …

Risk Spillover Effect Of China-Asean Supply Chains: Insights Of Industrial Transfer, Zeyang Bian, Yuning Zhang, Keng Siau, Yaqian Zhang, Jianjia He

Research Collection School Of Computing and Information Systems

As labour costs in China increase, labour-intensive industries are migrating to ASEAN countries, attracted by lower labour costs and market potential. This shift not only affects the economies of China and ASEAN but also reshapes the global manufacturing landscape. This paper investigates the correlation and spillover of supply chain risks using production exposure indicators derived from inter-country input-output data and the R-Vine Copula model. We assess the risk spillover of each country within the global supply chain. Our findings indicate that industrial relocation can significantly alter supply chain structures, thereby affecting the concentration and direction of risks. While China's role …

Comparing Esg Reporting And Market Dynamics In The Technology And Consumer Industries: Analyzing Investor Reactions And Understanding The Future Of Corporate Reporting, Sophia Nguyen

CMC Senior Theses

The increasing emphasis on Environmental, Social, and Governance (ESG) reporting has sparked debate about its influence on market reactions and corporate transparency. This thesis investigates the impact of ESG disclosures on investor behavior and market dynamics within the technology industry specifically, focusing on the correlation between ESG performance and stock price volatility, as well as other financial ratios. This relationship will be compared to those of various companies within the consumer business industry, to determine whether investors have the same reactions towards consumer business companies compared to consumer-facing technology companies and other technology companies. Additionally, the study explores whether investors …

Taking Stock: Investigating The Relationship Between Stock-Based Compensation And Share Price Performance In Public Software Companies, Ethan Choi

CMC Senior Theses

There has been considerable debate around the practice of compensating employees and executives using stock-based compensation (“SBC”). Studies point to a myriad of both benefits and drawbacks of SBC; while in practice, firms with high SBC intensity have harmed shareholders through share count dilution. One industry in particular has drawn sharp investor criticism for its SBC intensity: software. Despite the software sector’s growing importance to the economy and influence in the public markets, no academic literature has analyzed the impacts of SBC on software companies specifically. Filling the gap, investor literature has sought to examine this topic in the context …

National And Regional Bank Deposits And Their Relationship To The Stock Market, Joseph Zhong

CMC Senior Theses

Institutional investors started using bank deposits as a Leading Economic Indicator to predict stock market returns. I find that bank deposits lead stock market returns by 2 weeks at the national level. Examining the mechanism through which bank deposits affect stock market returns, existing literature postulates the Bank Deposit Lending Channel: increased bank deposits increase financial liquidity, powering and leading stock market returns. I do not find evidence for the Bank Deposit Lending Channel. In my regional analysis, I find that bank deposit behavior differs drastically between US regions. In general, regional bank deposits still lead stock market returns. In …

Startup Equity To Stock Exchange: Key Drivers In Venture-Backed Ipo Journeys, Aryaman Shiv Khosla

CMC Senior Theses

This study investigates the components that shape the probability of a venture capital (VC) backed company’s ability to transition from private to public markets through an Initial Public Offering (IPO). The study employs logistic regression models to analyze firm-specific and funding-related determinants of IPO likelihood. Key predictors in this study include total VC funding, number of VC rounds, average deal size growth, size of first round, average days between rounds, company age, number of employees, and primary industry sector. The findings reveal that higher total funding increases IPO likelihood, highlighting the critical role of robust capital access in fueling growth …

Sustainability Gaps: The Role Of Esg Disparities In M&A Performance During The Covid-19 Era, Anastasia Nikolaeva

CMC Senior Theses

My thesis investigates the impact of environmental, social, and governance (ESG) score disparities between acquirer and target companies on cumulative abnormal returns (CAR) in mergers and acquisitions (M&A) from 2018 to 2022, particularly in light of the COVID-19 pandemic. Using Bloomberg and Refinitiv Eikon datasets, I explore whether the ESG delta between merging firms influences financial outcomes, hypothesizing that higher ESG alignment enhances CAR (cumulative abnormal return). My preliminary findings indicate that larger ESG disparities positively affect acquirer CAR but may reduce target CAR, suggesting that ESG alignment benefits vary by stakeholder and merger dynamics. These results highlight the evolving …

A Multiple Perspective Analysis On Urban Poverty In Developing Nations: A Case Study On Nigeria, Colonial Implications, And Modern-Day Outcomes, Julian Rivera-Williams

CMC Senior Theses

This paper will dissect urbanization and poverty in Nigeria as a case study of the challenges of underdevelopment and the lingering effects of colonialism in Africa. To draw a complete understanding of challenges faced by developing nations facing systemic underdevelopment, high poverty, and low productivity– nations like Nigeria, my research will uncover colonial impacts and post-colonial policies that initiated urban poverty and underdevelopment outcomes we see today. The purpose of my thesis is to encompass existing fragmented academia on the causes and consequences of underdevelopment and connect historical implications to current impacts of global development today including the influence of …

The Public Face Of Private Credit: Performance Dynamics In Business Development Companies, Russell Kuan

CMC Senior Theses

This study examines the performance dynamics of public Business Development Companies (BDCs) – a unique and growing component of the private credit market that bridges public and private financing. Publicly traded BDCs provide critical capital to underserved middle-market firms, while giving investors access to private credit opportunities. Using a hand-pulled dataset derived from 10-K filings and supplemental sources, this research identifies the key financial and operational factors driving BDC performance, with a focus on senior secured loan allocations, portfolio yield, and leverage strategies. The findings reveal that portfolio yield and senior secured loan allocations are significant predictors of total returns …

Altman Z-Score Relationship With Stock Price Performance After Layoff Announcements, Natalie Phillips

CMC Senior Theses

This paper examines the broader implications of such workforce reductions, historically prevalent in corporate environments since the advent of "new capitalism" in the late 20th century. Characterized by intense global competition, deregulation, and technological advancements, this era saw a surge in corporate downsizing as a means to enhance efficiency and competitiveness. Despite the strategic intentions, layoffs often signal underlying organizational challenges, prompting critical inquiry into their short- and long-term impacts on firm performance and investor sentiment. Central to this study is the exploration of whether a firm's Altman Z-Score, a metric predicting bankruptcy risk, influences stock price reactions following layoff …

Labor Versus Capital: Impacts Of Employment Lawsuits On Capital Expenditures, Victoria Williams

CMC Senior Theses

This thesis explores the relationship between employment-related litigation and capital expenditures (CapEx) within firms, particularly focusing on the trade-off between labor and capital as automation becomes increasingly viable. It investigates whether legal challenges in the form of labor lawsuits prompt companies to increase investments in automation to mitigate future labor risks and costs related to employing human workers. The research includes analysis of the impact of litigation on CapEx across different time periods and industries. Results suggest a significant, though not unequivocally robust, positive correlation between litigation and CapEx increases. Notably, the impact of litigation on CapEx was more pronounced …

Forecasting Equity Betas Using Option-Implied Moments, Ivan Kolesnikov

CMC Senior Theses

Traditional beta estimates are constructed from historical stock‑and‑market returns and therefore adjust only as fast as realized data accrue. This thesis investigates whether the forward‑looking information embedded in equity‑option prices can enhance beta forecasts. Using near‑end‑of‑day quotes for 236 S&P 500 firms between 2007 and 2024, I extract risk‑neutral variance and skewness, construct five alternative beta estimators (historical, option‑implied, and three hybrids), and evaluate them against realized betas over six‑, twelve‑, and twenty‑four‑month windows. Rolling‑OLS beta remains the most accurate benchmark at short horizons, yet option‑implied moments add economically and statistically significant value when systematic exposure is expected to change …

Accounting Metrics And Stock Sensitivity: A Comparative Analysis Between Small Cap And Large Cap Companies, Diana B. Carranza

CMC Senior Theses

This study examines whether the cumulative abnormal returns (CARs) of small-cap companies are more sensitive to accounting metrics such as return on assets (ROA), return on investment (ROI), return on equity (ROE), and the debt-to-equity (D/E) ratio compared to large-cap companies. Using a sample of firms from the S&P 500 and S&P 600, moderated linear regression models were applied to test the relationship between profitability, leverage, and stock price reactions. The models include interaction terms with firm size and control for time-fixed effects. The results show that while profitability metrics are positively and significantly associated with CARs for large-cap firms, …

The Effect Of The Tcja And Cares Act On Charitable Contributions And The Financial Health Of The Nonprofit Sector, Nathanio A. Bright

CMC Senior Theses

This thesis examines the impact of the Tax Cuts and Jobs Act of 2017 and the Coronavirus Aid, Relief, and Economic Security Act of 2020 on charitable contributions and nonprofit financial health. The standard deduction increase introduced by the TCJA disincentivized middle to low-income earners from making contributions. In March 2020, Congress temporarily increased the AGI limit on charitable deductions while simultaneously offering an above-the-line deduction for all U.S. taxpayers. While earlier studies have analyzed the effect of the TCJA in disincentivizing charitable contributions, no study has examined the moderating effect of the TCJA and CARES Act in affecting contributions …

Optimizing Bitcoin Allocation: Predictability Of Bitcoin Portfolio Weights Through Macroeconomic Variables, Kirby Baynes

CMC Senior Theses

This thesis examines whether Bitcoin is a beneficial asset in a diversified, mean-variance optimized portfolio and whether its portfolio weights can be reliably predicted using macroeconomic variables. Using data from December 2013 to February 2025, the analysis applies rolling-window portfolio optimization and OLS regressions with Newey-West standard errors to test the relationship between Bitcoin allocations and a set of macroeconomic indicators. Results show that Bitcoin receives non-zero weights across portfolios and that its optimal allocation is sensitive to variables such as changes in the Credit Spread and Yield Curve. These variables were statistically significant in several models and produced meaningful …

The Counter-Cyclicality Of Earnings Management: Evidence Through 2024, William J. Hall

CMC Senior Theses

This thesis examines the relationship between macroeconomic conditions and earnings management, extending the analysis of Hillegeist and Lin (2019) using updated data through 2024. Based on 16,635 firm-quarter observations, my study affirms the results found in prior literature and confirms that there is a negative association between the change in GDP and the direction of firms’ earnings management behavior, indicating that earnings management is counter-cyclical. My study also finds that firms manage earnings asymmetrically based on the current macroeconomic state, with firms managing earnings more in economic downturns and less in expansions. My findings suggest that despite major macroeconomic and …

Scaling Social Impact Bonds In The United States: Barriers, Incentives, And Policy Solutions, Angelique M. Rivanis

CMC Senior Theses

Social Impact Bonds (SIBs) are a form of outcomes-based financing that fund social programs by shifting financial risk from the government to private investors. While SIBs have gained international traction, their long-term viability in the United States depends on structural reforms. This thesis examines two completed U.S. SIB projects, Rikers Island in New York and the Just-in-Reach project in Los Angeles, through an analysis of their design, implementation, and outcomes. While both projects focus on criminal justice, they provide context about the scalability of SIBs across multiple social policy areas.The three primary constraints are high transaction costs, limited investor interest, …

How Can Tailored Entrepreneurship Training Effectively Support The Emancipation Of People With Disabilities In Ireland?, Ahsan Habib

Doctoral

This thesis investigates the impact of tailored entrepreneurship training on the perceived emancipation of aspiring entrepreneurs with disabilities in Ireland. This community is significantly underrepresented in the labour market, yet it is hindered in accessing self-employment opportunities due to a lack of specific training and limited access to necessary resources. Furthermore, there is a dearth of knowledge in academic literature addressing the influence of tailored entrepreneurship programmes targeted at people with disabilities. To address this knowledge gap, this study gathered data from in-depth interviews with 21 key informants (including nine participants from TU Dublin’s entrepreneurship training programme, five representatives from …

Book Of Abstracts Of The Wmu International Conference 2025 : Advancing The Blue Economy Through Gender Equality, World Maritime University, Momoko Kitada, Francis Neat, Renis Auma Ojwala

Conference Papers

The 2025 World Maritime Theme by the International Maritime Organization, “Our Ocean, Our Obligation and Our Responsibility,” underscores the global need for an inclusive and sustainable approach to ocean health and maritime economic activity. In alignment with this, the World Maritime University organized the 2025 International Conference on Achieving the Blue Economy Through Gender Equality, highlighting the critical role of gender equality in advancing a sustainable blue economy. A call for case studies yielded 102 abstracts from 206 authors across 46 countries, representing diverse maritime sectors such as shipping, fisheries, and ocean sciences. The abstracts were reviewed by both internal …

Creditors, Shareholders, And Losers In Between: A Failed Regulatory Experiment, Albert H. Choi, Jeffery Zhang

Articles

In the aftermath of the 2007–08 Global Financial Crisis, regulators encouraged many of the world’s largest banks to hold a new type of regulatory instrument with the goal of improving their safety and soundness. The regulatory instrument was known as a “CoCo,” short for contingent convertible bond. CoCos are neither debt nor equity. They are something in between, designed to give the bank a shot in the arm during times of stress. Many of the largest international banks have issued CoCos worth hundreds of billions of dollars. After more than ten years—a decade that includes the collapse of Credit Suisse …

Skip-Level Meetings: Perspectives Of Skipped First-Tier U.S. Tech Leaders, Samuel Blacher

Dissertations

Although significant research exists on numerous intersecting theories, such as adaptive leadership, leadership communication, and employee voice, and although they are discussed in business publications and widely yet inconsistently implemented in industry, skip-level meetings are little scholarly studied. Such meetings offer benefits for employees, direct (skipped) managers, and skip-level leaders, and through them, to organizations, yet they also hold risks and pitfalls, and are influenced by various contextual factors, such as stakeholders’ national culture and age. This exploratory qualitative study employed elements of interpretive phenomenology, followed by thematic analysis, to examine the experiences, perceptions, and emotions of a diverse set …

The Impact Of The Covid-19 Pandemic On Corporate Performance And Cash Dividend Distribution In China's Manufacturing Industry, Wang Danni, Lim Thien Sang, Lei Guangmei

The Indonesian Capital Market Review

As an unprecedented global public health emergency with rapid spread and challenging prevention and control measures, the COVID-19 pandemic has profoundly impacted corporate performance worldwide. Notably, the manufacturing industry in China has been severely impacted. To comprehensively understand the influence of significant public health incidents on enterprises and mitigate the epidemic's repercussions, the unbalanced panel data of China's A-share listed manufacturing enterprises from 2018 to 2023 was analyzed by regression analysis. The findings demonstrate that the COVID-19 outbreak has diminished these enterprises' financial and market performance. Moreover, companies with higher cash dividends and more excellent stability exhibit superior future performance …

The Interplay Of Morality, Emotional Labor, And Customer Injustice: How Salesperson Experiences Shape Job Satisfaction, Omar S. Itani, Colin B. Gabler, Ashish Kalra, Khashayar Afshar Bakeshloo (Kash), Raj Agnihotri

Marketing Faculty Publications

Despite the significant role emotions play in business-to-business (B2B) sales transactions, the impact of salesperson emotional labor on well-being, specifically job satisfaction, has garnered limited attention. To address this gap, the present study examines the relationships among salesperson moral identity, emotional labor strategies, customer injustice, and job satisfaction. An analysis of responses from B2B salespeople reveals that moral identity internalization is positively related to deep acting and negatively to surface acting, whereas moral identity symbolization is positively related to both deep and surface acting. Furthermore, surface acting has a stronger unfavorable effect on customer injustice compared to deep acting, which …

Vice Capital, Andrew K. Jennings, Kimberly D. Krawiec

Faculty Articles

Academic and market interest in environmental, social, and governance (ESG) investing has grown markedly in recent years. Although less prominent, a substantial literature also explores whether “sin pays” in the public capital markets. This literature’s underlying theory is that social norms discourage the funding of businesses that promote vice. According to this theory, some investors—particularly institutions sensitive to social norms, such as pension funds and foundations—will shun vice investments. A consequence of this aversion is a “vice premium” for those investors who will invest in such companies. Largely unexplored, however, is what industries or business models qualify as “vice,” how …