Business Commons^™

The Disparate Effects Of Non-Reliance Restatements On Retail And Institutional Investor Trading, Jason T. Bangert

Doctoral Dissertations

The SEC seeks to mandate disclosures that effectively inform retail investor decision making. To evaluate these efforts, I investigate how retail investors, relative to institutional investors, process non-reliance restatements. I find that both retail and institutional investors revise expectations about firm value and modify investment decisions following these disclosures. However, in contrast to regulator efforts, the results suggest that the costs to process non-reliance restatements are disproportionately high for retail investors. Specifically, individuals tend to disagree regarding the implications of these disclosures for firm value, whereas institutions tend to draw similar inferences. Moreover, individuals take significantly longer than institutions to …

Firm Transparency Of Risk Oversight: An Examination Of Cybersecurity Governance Disclosures, Laurie E. Ereddia

Doctoral Dissertations

In this study, I examine factors associated with firm transparency of board oversight using the setting of cybersecurity risk. The SEC requires that, to the extent cybersecurity risks are material, firms must disclose the nature of the board’s role in overseeing the management of that risk, allowing investors to assess how the board is fulfilling its risk oversight duties. Using textual analysis, I identify 2,921 firms that report material cybersecurity risk factors in their annual reports. From these firms’ 2021 proxy statement filings, I hand collect data relating to 12 different elements of cybersecurity board oversight and create an overall …

Broker Conflict Of Interest Mitigation Efforts And Mutual Funds: Evidence From The 2016 Department Of Labor Fiduciary Rule, Connor Kasten

Doctoral Dissertations

This dissertation utilizes the 2016 Department of Labor (DOL) Fiduciary Rule to analyze the impact of efforts to mitigate broker conflicts of interest on mutual funds. The first chapter examines the effect of the Fiduciary Rule on mutual fund investment. Specifically, I look at changes in the composition of funds available for investment and fund flows during and after the implementation of the Fiduciary Rule. I find that investment companies shifted away from offering investments with broker compensation by eliminating commissioned loads on existing funds, removing funds with broker compensation, and adding funds without broker compensation. This change in investment …

Improving Customer Experience Throughout The Customer Journey In The Big Data Era, Mohammad Saljoughian

Doctoral Dissertations

My PhD dissertation focuses on how firms should adapt their strategies to improve customer engagement throughout customer journey. My first paper examines firm-customer conversations on social media. Many firms struggle with how to craft their messages in conversations with customers on social media, and the lack of guidance for interacting with customers is among the top social media challenges reported by firms. The problem is compounded by the fact that these conversations take place in different, simultaneous threads, each of which potentially requiring a different approach. This paper studies how firms can adapt their responses in individual social media conversations …

Local Ipos And Retail Investor Trading, Guanhuan Wang

Doctoral Dissertations

This paper examines how salient events affect retail investors’ trading behavior. Using data on households’ trading records from a large discount broker between 1991 and 1996, I find that Initial Public Offerings (IPOs) significantly increase the trading activities of local retail investors of stocks in the same industry over the subsequent year. The effect is stronger for less sophisticated investors and investors who live closer to the IPO firm’s headquarters, consistent with salience as the channel. I also find that retail investors are net buyers of stocks right after the local IPOs and become net sellers after a year and …

Hospital-Physician Integration And Physician Collaboration: Implications For Care Efficiency And Outcomes, Hui Jia

Doctoral Dissertations

This thesis focuses on healthcare operations management and consists of two essays that investigate empirically how the relationship between physicians and hospitals and the relationship between peer physicians, respectively, affect clinical care outcomes and care efficiency.

In the first essay, I study hospital-physician integration as a type of organization-service provider relationship. Many prior studies have provided insights into the benefits of a tight collaboration between hospitals and physicians. However, neutral and even negative effects of this relationship on healthcare performance have been observed and discussed in the literature. This mixed evidence points to a need for further study to elucidate …

Kitchen Invasion: Restaurants’ Business Model Innovations During The Covid-19 Crisis, Jaewoo Jung

Doctoral Dissertations

My dissertation explores how and why firms facing the same exogenous threats react differently, leading to different business model innovation (BMI) processes. I examine BMI in a context that has been hard-hit by COVID-19 pandemic restrictions—the restaurant industry. Employing a mixed-method research design, I conducted a longitudinal, inductive comparative case study of 17 restaurateurs in the same geographic region to explore how they have responded to the pandemic and how their BMI unfolded over time. To generalize my understanding of these processes, I then analyzed large-scale media data about the restaurant industry using topic modeling. In this quantitative analysis, I …

Playing The Game: Video Games And Video Game Streaming Platforms As Marketing Communication Channels, Roman Welden

Doctoral Dissertations

While video games are generally viewed as a form of entertainment for a small subset of people, in reality they provide a channel for nearly 3.2 billion people to interact with others and offer multiple pathways for marketers to interact with consumers. Pair this alongside 140 million unique consumers who consumer nearly 24 billion hours of content on video game streaming platforms (VGSPs), such as Twitch, and there is a deep need for marketers to understand how to engage consumers in these environments. This dissertation provides a conceptualization of the video game ecosystem as well as the types of influencers …

The Unexplored Impacts Of Communication Elements In Marketing, Can Trinh

Doctoral Dissertations

This dissertation includes two essays that examine how the use of different marketing communication approaches influences consumers. In the first essay, I propose that the use of human silhouettes, when compared to images of attractive human models, enhances marketing communication effectiveness by reducing the extent to which consumers experience self-threat when viewing an ad. In addition, I predict this effect holds for appearance-related products only and strengthens as consumers’ level of appearance-related self-esteem decreases. Five studies reported in this essay provide converging evidence in support of these expectations.

In the second essay, I investigate into how the use of puns …

Sparse Model Selection Using Information Complexity, Yaojin Sun

Doctoral Dissertations

This dissertation studies and uses the application of information complexity to statistical model selection through three different projects. Specifically, we design statistical models that incorporate sparsity features to make the models more explanatory and computationally efficient.

In the first project, we propose a Sparse Bridge Regression model for variable selection when the number of variables is much greater than the number of observations if model misspecification occurs. The model is demonstrated to have excellent explanatory power in high-dimensional data analysis through numerical simulations and real-world data analysis.

The second project proposes a novel hybrid modeling method that utilizes a mixture …

“It's Like You're Trying To Get A Meeting With The Pope”: A Narrative Inquiry On Experiences Of Social Work Field Staff Establishing Field Placements In Sport, Lauren Beasley

Doctoral Dissertations

Social work in sport is a growing subspecialty of social work practice. However, there is limited research on the training of social work students to work in a sport setting. As field education is considered the signature pedagogy of social work education, more insights are needed on social work field internships in sport organizations. To fill this gap in the literature, the purpose of this narrative inquiry was to understand social work field staff's narratives of their experiences establishing sport-specific field placements through their lived stories. The study was guided by three research questions: (1) What narratives do social work …

Shareholder Beware? Examining Nol Poison Pill Adoptions, Danielle Stanley

Doctoral Dissertations

This study examines whether or not a specific and unilateral action taken by the board of directors, the adoption of a net operating loss (NOL) poison pill, promotes shareholder interests, by examining the factors that are influential in the adoption decision. NOL poison pill adoptions are unique in that the board of directors cites the need to protect a firm’s ability to use its NOL carryforwards in the future, rather than to protect the firm from a specific takeover threat. To address my research question, I examine the firm characteristics associated with NOL poison pill adoptions and find that the …

Do Big 4 Auditors Provide Higher Audit Service Quality Than Second-Tier Auditors In Small And Mid-Sized Initial Public Offerings?, Stefan K. Slavov

Doctoral Dissertations

Big 4 auditors perform most audits of companies that issue initial public offerings (IPOs). Regulators have expressed interest in increasing IPO audit market competition and a growing body of evidence suggests that Second-Tier auditors could provide IPO audit service quality comparable to that of Big 4 auditors. However, there exists limited empirical evidence on whether IPO audit service quality varies with auditor type. I investigate whether IPO audit service quality differs between Big 4 and Second-Tier auditors for a sample of small and mid-sized IPOs from 2005 through 2019. I find that Big 4 clients are associated with lower pre-IPO …

Effects Of Economic Development Status And Eco-Product On Consumption Values: From The Perspective Of Us Consumers, Mostafa Zaman

Doctoral Dissertations

Consumers select a product based on numerous product characteristics. Numerous studies conducted earlier revealed that consumers in developing countries preferred products made in western or developed countries because their product quality is better than the quality of local products (Lee & Nguyen, 2017; Dao & Heidt, 2018; Rodrigo et al., 2019). Moreover, consumers are increasingly concerned about manufacturers’ environmental issues. Although ethical consumers believe that eco-products could save the environment, some consumers are not concerned about the eco-products and thus select products based on other product attributes (Joshi & Rahman, 2015). Hence, it becomes very challenging for retailers to select …

Fintech Lending In Consumer Credit Market During Risky Times: Evidence From The Marketplace Lending Platforms, Miaoyin Zhang

Doctoral Dissertations

This dissertation uses evidence from Marketplace Lending (MPL) platforms to examine how newly emerged Fintech lending performs during risky times. In the first chapter, I use the COVID-19 pandemic as a setting to examine the role of marketplace lending (MPL) as an alternative credit provider during a long-term and market-wide economic crisis. Using data from LendingClub, I find that marketplace lenders extend more credit to counties with larger COVID-19 exposure, as measured by its local economic impact and an area’s infection rate. This relation is more prominent in areas with fewer banks, suggesting that marketplace lenders fill borrowing needs in …

Sunny Days Ahead: Messages During A Pandemic: Creative Strategies And Themes In Health And Wellness Public Service Ads By The Ad Council, Meenakshi Trichur Venkitasubramanian

Doctoral Dissertations

Public Service Advertising is an essential field of study because of its ability to impact and shape public behavior and community changes. Historically, the advertising industry has come together during the times of world war to form an association, the Ad Council, to help create awareness to the public. Over the past 75 years, the Ad Council has contributed to the various causes by communicating and advertising to encourage better habits and behavior. The Ad Council has collaborated with CDC and COVID Collaborative to communicate the right messages about coronavirus response and COVID-19 vaccine during this pandemic. The purpose of …

Essays On Size Asymmetry In Supply Chain Disruptions, Yu Chu

Doctoral Dissertations

While size asymmetry (e.g., large buyer and small supplier) has been discussed in a no-disruption operation context (Lee & Johnson, 2012), little is known whether, how and why a large buyer reacts differently when different-sized suppliers cause different types of disruptions. Extant research suggests in a supplier-induced disruption supplier’s recovery actions yield various effects in a dependence-unbalancing setting, indicating a need for a deeper understanding of what buyers prefer in order to resolve disruptions caused by facing different sized suppliers and the rationales behind the decisions. Accordingly, this dissertation examines whether and how the supplier size and supplier-induced disruption type …

The Auditor’S Application Of Professional Judgment: Evidence From M&A-Related Critical Audit Matters, Xi Ai

Doctoral Dissertations

In this study, I examine the extent to which auditor attributes affect the auditor’s decision to communicate a Critical Audit Matter (CAM) in the expanded auditor’s report. I expect the CAM communication decision to be adversely affected by threats to independence and by auditor overconfidence. I focus on a sample of companies that completed material mergers and acquisitions because these are likely to be considered as potential CAMs by meeting the minimal requirements of a CAM (i.e., material accounts or disclosures that involve especially challenging, subjective, or complex auditor judgment). Contrary to expectations, I find that the auditor’s CAM communication …

Culture And Enforcement Effects On Insider Trading, Market Reactions, And Firm Value: Evidence From The Market Abuse Regulation, Amanda M. Olsen

Doctoral Dissertations

This dissertation examines the changes to the European Union (EU) law on market abuse, market manipulation, and insider trading regulation made when the Market Abuse Regulation (MAR) was enacted. I detail the changes in comparison to the previous legislation under the Market Abuse Directive (MAD) and changes several Member States made to their domestic legislation to achieve compliance with MAR. I highlight the sanctions imposed in several Member States to argue the severity of punishment under MAR. This analysis provides evidence that MAR brought about a plausibly exogenous shock to the cost of insider trading. Next, I examine the effects …

The Impact Of Ceo Compensation Incentives On Financial Reporting Choices: Evidence From Potential Ghost Revenues Created In Mergers And Acquisitions, Jason A. Ashby

Doctoral Dissertations

When an acquirer purchases a target and assumes the target’s deferred revenue liability, accounting standards codification 805 requires that the acquirer recognize the target’s deferred revenue at its estimated fair value as of the acquisition date. If the target’s deferred revenue book value exceeds its fair value, the portion of deferred revenue written down will never be recognized as revenue for the acquirer under generally accepted accounting principles (GAAP). In this study, I investigate the impact of chief executive officers’ (CEOs’) compensation incentives on the fair value measurement of deferred revenue liabilities in acquisitions. If a larger proportion of CEO …

Slow Tourism: A Means-End Approach To The Motivations Of Slow Travelers, Eunkyeong Jung

Doctoral Dissertations

The primary objective of this dissertation was to examine the phenomenon of slow tourism by exploring tourists’ motivations and end-state values of slow tourism. Two research questions were developed: What are the important attributes, consequences/ benefits, and end-state values of slow tourism that travelers perceive? What are the structural relationships among attributes, consequences, and values of slow tourism? To address the questions, this dissertation applied a mixed method design by which both qualitative and quantitative investigations were performed.

First, building upon means-end chain theory (Reynolds & Gutman, 1988), in-depth interviews with slow travelers were conducted and were analyzed by laddering …

Determinants And Consequences Of Management Forecasts Of Key Performance Indicators: Evidence From The Airline Industry, Andrew Joseph Doucet

Doctoral Dissertations

In this study, I examine the determinants and consequences of quarterly management guidance of key performance indicators (KPIs). I use a novel dataset of 457 firm-quarter observations in the airline industry and hand-collect information on the existence and properties of quarterly KPI guidance. Specifically, I collect data on quarterly KPI guidance for three KPIs used in airline the industry: available seat miles, revenue per available seat mile, and cost per available seat mile. Consistent with managers using quarterly KPI guidance to reduce analyst uncertainty, I find that managers are more likely to provide quarterly KPI guidance when initial analyst earnings …

Essays On Investor Attention And Information Acquisition, Charles A. Lambert

Doctoral Dissertations

This dissertation examines the relation between capital market participants’ attention to fundamental information and capital market outcomes. The first essay examines whether investors’ attention to fundamental information helps predict mercer and acquisition activity. The second essay examines the impact of passive ownership on the acquisition of fundamental information.

Three Essays In Public Finance, Md Sabbirul Haque

Doctoral Dissertations

The first chapter examines the long-run and short-run elasticity of income with respect to changes in tax rates. The Elasticity of Taxable Income (ETI) is a largely-debated parameter in both research and policy. Despite the growing importance of ETI, the literature has not fully considered the intertemporal impacts of taxation. I expand the literature by estimating short-run and long-run impacts of tax rate changes relying on the most recent estimation method and using appropriate lagged values of income when constructing the predicted net-of-tax rate instruments. The short-run ETI in the baseline specification is 0.69 whereas estimates for the Elasticity of …

Three Essays Of Negative Social Evaluations And Impression Management In The Social Media Era, Xinran Wang

Doctoral Dissertations

Strategic management researchers are increasingly interested in the influence of social media communication on negative social evaluations and firms’ impression management to reduce negative evaluations. Drawing on communication, psychology, and sociology literature, this dissertation develops three essays to theoretically and empirically investigates negative social evaluations on firms, their antecedents, and firm strategies to manage them in the social media era. In Essay 1, I theorize how social media characteristics—greater access, velocity, emotionality, and communality—lead to a greater likelihood that social disapproval will generate, as well as spread faster, be more intense, and connect more constituents. Further, Essay 1 develops a …

The Role Of Family Endorsement In Venture Creation And Sustainability, Thomas Daniel White

Doctoral Dissertations

Entrepreneurship research has shown that family social support is an important factor in an entrepreneur’s venture creation and sustainability efforts, yet little is known about the nature and impact of family processes that occur prior to venture start, or how early endorsement of a venture impacts the entrepreneur. These processes are important to consider, because they may facilitate or inhibit ongoing family social support and influence the entrepreneur’s venture creation and sustainability decisions. Utilizing a family systems theoretical framework, I draw on theories of self-perception, social support and conservation of resources to address three issues. First, I introduce the construct …

Supply Chain-Driven Innovation: The Influence Of Supply Chain Resource Orchestration On Organizational Performance, Ulrich Schmelzle

Doctoral Dissertations

As continuous innovation became a strategic necessity in many markets, organizations are increasingly adding external resources to complement their in-house R&D activities. However, little is known about the concrete practices of employing and integrating those external resources. Hence, this research introduces a new conceptual framework of supply chain resource orchestration (SCRO) on the basis of a systematic literature review and a theory elaboration of resource management theories. Qualitative interviews with supply chain managers in a multi-case study are enriching and substantiating the SCRO conceptualization. Finally, a crosssectional survey (n= 247) is applied to empirically validate the new framework. The positive …

The Association Between Audit Committee Overboarding, Audit Committee Responses To Increased Workloads, And Financial Reporting Quality After Sox, John Kyle Castonguay

Doctoral Dissertations

The Sarbanes-Oxley Act (SOX) added a multitude of financial oversight responsibilities to the audit committee of public companies. These responsibilities increased the amount of time each audit committee member needed to devote to each committee served, leading to concerns amongst regulators and the investing community that audit committees that were overboarded and serving on multiple other board seats would be unable to effectively monitor the companies they represented. I find that these concerns are undue. More overboarded audit committees have adequately adjusted to their increased workloads in the decade since SOX to such a degree that they have lower misstatement …

Modeling The Consumer Acceptance Of Retail Service Robots, So Young Song

Doctoral Dissertations

This study uses the Computers Are Social Actors (CASA) and domestication theories as the underlying framework of an acceptance model of retail service robots (RSRs). The model illustrates the relationships among facilitators, attitudes toward Human-Robot Interaction (HRI), anxiety toward robots, anticipated service quality, and the acceptance of RSRs. Specifically, the researcher investigates the extent to which the facilitators of usefulness, social capability, the appearance of RSRs, and the attitudes toward HRI affect acceptance and increase the anticipation of service quality. The researcher also tests the inhibiting role of pre-existing anxiety toward robots on the relationship between these facilitators and attitudes …

Implicit Taxes In Imperfect Markets, Hannah Elizabeth Smith

Doctoral Dissertations

Implicit taxes are defined as the pre-tax rate of return disadvantage earned on an investment that is taxed preferentially. Implicit tax theory predicts that implicit taxes will fully offset any benefit from preferential tax treatment leading to no benefit from lower explicit taxes; however, implicit tax theory assumes perfect market competition. This paper relaxes the assumption of perfect market competition and finds that firms in industries with lower competition bear lower implicit taxes, and firms in industries with higher competition bear higher implicit taxes. These findings are consistent with firms in industries with less competition having price setting power. Further, …