Business Commons^™

Pay-Performance Sensitivity: How Firm Performance Impacts Ceo Compensation, Yuefeng Ma

CMC Senior Theses

This study investigates the relationship between firm performance and CEO compensation, revisiting and extending the foundational framework established by Jensen and Murphy (1990). The sample comprises compensation data for the Chief Executive Officer (CEO) of all publicly traded companies on the Wharton Research Data Services (WRDS) Compustat – ExecuComp dataset from 1994 to 2023. Using Ordinary Least Squares (OLS) regression models, the analysis evaluates the sensitivity of CEO pay to changes in shareholder wealth and other performance metrics, while accounting for structural and temporal shifts driven by corporate governance, macroeconomic environment, and legislation. The findings reveal that changes in shareholder …

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 …

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 …

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, …

Don’T Do More With Less: Sustainable Work As A Management Value, Amanda Koziura

Library Faculty Research

Discusses a series of decisions a middle manager made to keep the work of her department sustainable and how she incorporated her values into her process.

The Contributors, Marites Tiongco

DLSU Business & Economics Review

No abstract provided.

Determinants Of Corporate Capital Structure And The Emerging Role Of Intangibles And Innovation: The Case Of Japanese Corporations, Michael Angelo A. Cortez

DLSU Business & Economics Review

This study aims to modernize capital structure determinants in line with changing economic environments by incorporating the function of intangible assets, particularly innovations, into capital structure decisions. Traditional independent variables such as tangibility, firm size, profitability, growth opportunities, and profitability have been thoroughly researched, but the growing importance of intangible assets and innovations in the contemporary economy with advanced technology calls for a reassessment of their impact on capital structures. I examine 95 enterprises listed in the Nikkei over 11 years (2014–2024) using cross-section generalized least squares regression and dynamic panel data estimation. Results show that corporate leverage decisions (debt-to-equity …

Impact Of International Trade Competitiveness On Unemployment And Poverty Reduction In Ecowas Region, Ikubor Ofili Jude, Yahaya U. Isah, Ojih U. Abraham, Mazeli O. Mark, Abdul Y. Mary

DLSU Business & Economics Review

This study investigates the impact of trade competitiveness on unemployment and poverty in the ECOWAS region. The study relied on POLS, FE, and RE techniques to analyze the impact of export value and trade openness on unemployment and poverty in the ECOWAS region from 2001 to 2020. Annual time series data were sourced from World Bank and World Integrated Trade Solution databases. Major findings from this study show that unemployment responds strongly and favorably to export value and trade openness, whereas poverty responds favorably to trade openness. Further investigation revealed that trade regulatory environment is a determinant of unemployment and …

Assessing The Impact Of Shifting To Non- Combusted Alternatives To Reduce The Economic Cost Of Tobacco-Related Illnesses: A Cost Of Illness Approach In The Philippine Case, Christopher James Cabuay

DLSU Business & Economics Review

Smoking continues to be one of the leading causes of death and disability around the world. Recent health studies, however, have reported that these diseases are more likely to be due to the smoke from burning rather than the actual nicotine content. This study uses a cost-of-illness approach in estimating the cost of smoking-related illness in the Philippines and calculating the potential reduction in costs if a significant portion of the adult smoking population switches to the exclusive use of non-combusted alternatives (NCAs), which drastically reduces the risk of contracting smoking-related diseases. This study finds that cost reductions in the …

Vocational Education And Training (Tvet) And Its Impact On The Employment Prospects Of The Als Graduates, Martha Joy J. Abing, Mitzie Irene P. Conchada

DLSU Business & Economics Review

The pressure for technical-vocational education and training to deliver skilled and competent laborers has become a major concern in the labor market. As such, the strong desire to explore the effectiveness of TVET’s skills training programs remains. There is limited literature on the employability of the alternative learning system graduates in comparison to those graduates of the ALS program who did not pursue TVET. Using the dataset of the World Bank STEP Skills Measurement Household Survey for the Philippines, 2015-2016, this study seeks to determine whether completing TVET has significantly increased the employability of ALS graduates. Utilizing the method of …

A Review Of Climate Change And Its Financial Impact On The Transportation Sector, Ray Anthony L. Almonares

DLSU Business & Economics Review

In this paper, I review the existing literature on climate risks—both transition and physical—and their relationship with firm performance, with a specific focus on transportation finance. I find that the broad literature on carbon emissions and firm performance overlooks two critical characteristics of the global transportation sector: its heavy reliance on fossil fuels and the international scope of its operations. As a result, the conclusions drawn from this body of work may not be directly applicable to global transportation companies. Furthermore, I examine existing studies on extreme sea levels and the global maritime transportation sector, noting that these studies have …

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 …

A Comparative Analysis Of Hedging And Safe-Haven Properties Of Cryptocurrencies And Commodities, Tari M. Karimo, Ochoche Abraham

CBN Journal of Applied Statistics (JAS)

No abstract provided.

A Mixed Method Case Study Of Leadership For Change: Authentic Transformational Leadership In A Local Baptist Church, Hui Sun

Theses and Dissertations

This convergent parallel mixed methods case study explores how a local Baptist church navigated organizational change during and after the COVID-19 pandemic through the lens of authentic and transformational leadership. Grounded in organizational leadership and open systems framework of organizational change, the study examined two primary hypotheses: (1) RBC demonstrated an authentic transformational leadership paradigm in its change processes since 2020, and (2) this paradigm significantly and positively influenced perceived leadership effectiveness.

Qualitative data were collected through semi-structured interviews with six leaders (three pastors, one minister, one staff leader, and one deacon) and 11 raters (five lay leaders, five congregants, …

It's Not The Fault Of The Parrot, But Of The One Who Teaches Him To Talk: Understanding Identities And Relationships Of An Educational Ngo In Guatemala, Brittany Rebecca Blomquist

Graduate Research Theses & Dissertations

Guatemala is an economically poor country, with a rich culture that makes it a destination for foreign assistance through non-governmental agencies (NGOs) and tourism. The history of conflict and foreign economic development within the country has created a dichotomy of identities, divided across economic wealth, ethnicity, and urban/rural landscapes. NGOs, their presence as transnational actors, and their organizational identities augment the identities present within the spaces in which NGOs work. Additionally, these identities are fluid and relational. I argue that the identities and relationships that form within the NGO space are reflective of NGO work and development structures. The identities …

2025 January, Morehead State University. Office Of Communications & Marketing.

Morehead State Press Release Archive, 1961 to the Present

Press releases for January of 2025.

Engaging The Plus-Size Community Through Social Media And Public Relations, Esperanza Chavez

University of the Pacific Theses and Dissertations

This thesis explores which platform, TikTok or Instagram, best supports engagement andcommunity building for the plus-size audience. Grounded in theories by Goffman, Berger & Luckmann, and David Meerman Scott’s 85-10-5 Rule, the study combines strategic PR methods with digital media tools to elevate plus-size voices. The campaign included 30 Instagram posts, 35 TikToks, street interviews, and a podcast series, all designed and executed for this project. Engagement was measured through likes, comments, shares, saves, follower growth, and qualitative audience feedback.

Assessing Local Public Officials' Roles, Challenges, And Opportunities Encountered When Integrating Newcomers: A Case Study To Evaluate The Cities Of Rochester And Worthington., John Dassou

School of Business Student Theses and Dissertations

Immigrants’ integration plays an important part in policy concerns and goals in many local governments since it is a major issue for local officials to integrate immigrants and incorporate them into the host community successfully. Concurrently, it is important to know the roles of local public officials, host communities, and immigrants in the process. The purpose of this study is to assess the challenges that local officials face, and how they handle these encounters effectively and efficiently. Greater collaboration between all stakeholders, social cohesion, and collective efforts implies the idea that immigrants’ integration depends on many players and factors. It …

Leadership Perceptions Of Employee Identity: How Leaders Facilitate An Inclusive Environment, Arian Sullivan

Dissertations and Theses @ UNI

Workers spend one-third of their lives at work. Therefore, they deserve to work for organizations that focus on equity and inclusion. Despite laws that aim to protect employees, workers still experience discrimination. This thesis explores how leaders perceive their role in fostering an inclusive culture that encourages employees to bring forward workplace concerns. Through qualitative interviews with locally recognized leaders, this study examines how inclusion is understood and enacted in leadership practices. While participants largely demonstrated inclusive leadership values such as shared perspectives, worker empowerment, and collaboration, I found that participants spoke of their employees in terms of personality traits …

Effect Of Trade Openness On Food Security In Economic Community Of West African States Region, Yahaya Umar Isah, Ikubor, Ofili Jude, Bernard, O. A., Zakari Saheed S., Ayodeji, S.

DLSU Business & Economics Review

This study investigates the impact of trade openness on food security in the ECOWAS trade zone. The study relied on the system GMM approach to analyze the impact of trade openness on overall and disaggregated components of food security in the ECOWAS trade zone during the period 2014 and 2021. Annual time series data were sourced from the Food and Agriculture Organization, World Bank Metadata base, and World Integrated Trade Solution. Major findings from the study reveal that trade openness has a significant positive impact on overall food security indicators. However, trade openness has not significantly impacted food availability and …

The Global Value Chain Effects Of Rcep: Estimating The Impact On The Philippines, Caesar B. Cororaton

DLSU Business & Economics Review

This paper extends the global CGE model results of Cororaton (2022) by disaggregating further the RCEP trade creation effects on the Philippines into global value chain (GVC) impacts. The GVC analysis indicates that the trade agreement in RCEP results in higher Philippine exports of US$ 2.8 billion in 2031, of which the increase in Philippine domestic value added is US$ 2.4 billion, significantly higher than the foreign value added of US$ 403 million. Electronic products contribute 67% of the value added generated within the Philippines. The increase in the import contents of Philippine exports is only US$ 413 million. Furthermore, …

Sounds Of Silence: Using The Stereotype Content Model To Understand Perceptions Of Introverts And Extraverts At Work, Mallory A. Mccord

Psychology Faculty Publications

This paper drew on the stereotype content model (SCM) to clarify cultural stereotypes about introverted and extraverted people at work to increase our understanding of the stereotype-driven process that may lead to negative responses to introversion and subsequent detriment to employee health and well-being. The hypothesis that introverted workers would be rated as lower in warmth and competence than extraverted workers was examined across three studies. Study 1 used qualitative content analyses to assess open responses that freely described introverted and extraverted colleagues. Study 2 tested the hypothesis quantitatively using established measures of warmth and competence. Finally, Study 3 tested …

Are Csr Incidents Truly Bad News?, Chen Chen, John A. Doukas, Rongyao Gloria Zhang

Finance Faculty Publications

We revisit whether disclosures of negative Corporate Social Responsibility (CSR) incidents adversely affect firms' stock prices. While univariate tests reveal significant negative abnormal returns around incident announcements, the effect disappears once firm characteristics, industry, and time‐fixed effects are controlled for. We find no robust evidence that CSR incidents or firms' Environmental, Social, and Governance (ESG) commitments influence stock price reactions on the event day or across broader windows. These results suggest that previously documented negative market responses may be attributable to endogeneity. Our baseline results are consistent with informed trading behavior: short‐sellers do not increase activity in incident‐related stocks relative …

The Impact Of Short-Term Rental Activity On House Prices: Evidence From Coastal Virginia, Navid Safari, Lei Zhang, Timothy M. Komarek

Finance Faculty Publications

Short-term rentals such as Airbnb have grown substantially in recent years. In this study, we investigated the effect of Airbnb rentals on neighboring house prices in Hampton Roads, Virginia. We focus on three different measures of Airbnb activity to obtain more robust results. Our measures include active Airbnb listings, active listings with at least one reservation, and the sum of reservations over three different periods. Consistent with previous literature, our main results show that prior Airbnb rental activity has a positive impact on the surrounding housing sales prices. Furthermore, the localized impact diminishes over geographic space (i.e., distances greater than …

Labor Heterogeneity, Labor Adjustment Costs, And Externally Financed Firm Growth, Enxi An, Kenneth Yung

Finance Faculty Publications

Highlights

• Because skilled workers entail higher hiring and firing expenses, firms tend to retain skilled workers in the face of the high labor adjustment costs (LACs).

• The retention of skilled workers imposes inflexibility on business operations and exposes firms to cash flow shocks.

• Firms with high LACs hoard precautionary cash in the face of higher cash flow risk.

• We find a positive relationship between LACs and externally financed firm growth.

• Equity is the major source of external funds for firm growth in the face of high LACs.

• The retention of skilled workers elevates conflicts …

Transformative Impact Of Ai And Digital Technologies On The Fintech Industry: A Comprehensive Review, Soudeh Pazouki, Behdad Jamshidi, Armia Jalali, Arya Tafreshi

Finance Faculty Publications

This paper examines the impact of artificial intelligence (AI) and digital technologies on the financial technology (FinTech) industry and demonstrates how AI- enabled strategies are increasing the ability of businesses not only to grow, but also to better serve their customers through operational efficiencies. But as immersive as the technological advancements may be, they present challenges in connection with increasingly complicated licensing regulations and a constantly evolving technological landscape. We examine the way AI and algorithms are streamlining workflows, enhancing productivity and expanding access to financial resources for traditionally under – served populations. The paper also discusses the macroeconomic implications …

Does The Acquirer's Complexity Affect The Market Reaction To M&A Decisions?, Rajib Chowdhury, John A. Doukas

Finance Faculty Publications

We examine whether and how acquiring firms' complexity affects investor perception at the announcement of M&A decisions. Using well-established data of firm complexity developed through combining machine learning and a lexicon of words, we find a significant positive relationship between acquiring firm complexity and cumulative abnormal returns (CAR), indicating that more intricate firms are viewed as more valuable or competent in mergers and acquisitions. This association is stronger for acquirers with high operating risk, organizational capital, R&D intensity, large and independent boards, and larger targets. We also present evidence that high-complexity bidders offer higher takeover premiums. Our study contributes to …

Social And Commercial Crowdfunding Through The Lens Of The Theory Of Planned Behaviour And Financial Well-Being, Joanna Adamska, Urszula Mrzygłód

Journal of Banking and Financial Economics

A unique feature of crowdfunding is that it relies on numerous individuals contributing financially to the project, which sets it apart from traditional financing channels. Unlike banks, where funding decisions are subject to strict prudential criteria and the creditworthiness of the borrowing entity, crowdfunding projects appeal to various worldviews and values held by potential backers. Therefore, the financial decision to support the crowdfunding project becomes a unique problem in personal finance. This study aims to analyse the psychological and financial factors influencing crowdfunding participation, comparing social and commercial projects using the Theory of Planned Behaviour (hereinafter: TPB) and subjective financial …

Toward Charity Engagement Of Generation Z: Do Gender And Economic Standing Of Household Matter?, Sylwia Badowska, Liwia Delińska

Journal of Marketing and Consumer Behaviour in Emerging Markets

In Poland, non-profit organizations face challenges in attracting and engaging donors, especially of younger ages, in charity. The study explores factors such as gender and household economic standing of Generation Z’s representatives in order to determine charity engagement in the wake of the frequency, value, and channels of financial donations among Generation Z. A survey (CAWI method) was conducted among young people under 25 in Poland. Descriptive statistics and statistical tests were performed to analyse the primary data.

Outcomes show that young donors mostly provide financial aid donations once a year and both online platforms and traditional collection methods were …

What Role Do Finance Ministers Play In Political Business Cycles? Evidence-Based On A New African Dataset, Christine Olivia Strong

Economics Faculty Publications

This study investigates how the personal characteristics of finance ministers influence political budget cycles in Africa. Using a new dataset covering 300 finance ministers across 23 countries from 1980 to 2020, we find that political budget cycles primarily take the form of increased government consumption during election years. Ministers with prior central banking experience are less likely to amplify spending in election years, effectively curbing political budget cycles. These results remain consistent after accounting for institutional quality, ministerial tenure, and other confounding factors. The findings contribute to the literature by showing that the appointment of finance ministers in African countries …