Business Commons^™

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 …

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 …

How Did The Implementation Of Asc 842 Affect Credit Markets And Stock Performance Among Publicly Traded Firms With Extensive Lease Obligations?, Eduardo Hernandez

CMC Senior Theses

I investigate whether the mandatory lease capitalization under ASC 842 led to measurable shifts in market-based assessments of firm risk, from both a creditor and investor perspective. Sampled firms and financial quarters are segmented based on lease intensity (a proxy for a firm’s reliance on leases) and firm size (based on market capitalization). Contrary to initial expectations, the results suggest that firms with higher lease intensity experienced a significant increase in stock returns and a decline in bond yields following the implementation of ASC 842, which indicates that the added transparency may have reassured equity and credit investors. This study …

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, …

Optimal Capital Allocation Decisions And Investments In The Nba, Anderson Cynkar

CMC Senior Theses

This thesis investigates the relationship between salary concentration and winning in the NBA, primarily focusing on how the concentration of payroll among top-earning players influences success. Several concentration metrics were constructed and employed including the use of a Herfindahl-Hirschman Index (HHI) to measure the share of payroll each player receives across a team. I used fixed effects regressions and clustered standard errors at a team level to control for unobserved factors that remain the same over time. The results revealed a consistent inverted U-shape curve, signaling that an optimal concentration of capital exists for the highest paid player, two highest …

The Pricing Of Forecast-Based Earnings Uncertainty In Equity Markets, Brenda G. Galvan

CMC Senior Theses

This paper constructs a firm-level measure of earnings forecast uncertainty by adapting the macroeconomic methodology of Jurado et al. (2015) to micro-level financial statement data from Compustat and CRSP. Using a two-stage estimation procedure, I first forecast the scaled year-over-year changes in earnings, defined as the change in income before extraordinary items normalized by firm sales,based on lagged firm fundamentals. I then model the squared forecast errors to extract the unpredictable component of earnings variation, generating a forward-looking, firm-specific measure of ex-ante uncertainty. Empirically, I examine whether this forecast uncertainty measure is priced in equity markets by regressing future stock …

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 …

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, …

Assessing Indonesia’S Potential Comparative Advantage In Downstream Petrochemical Industry Development: A Cost And Profitability Analysis, Daniel P. Yim Mr

CMC Senior Theses

As the Indonesian economy and population grow, domestic consumption of petrochemicals for the manufacture of downstream products, such as the plastics found in everyday life, has been increasing. However, despite robust demand for downstream chemicals such as polyethylene terephthalate (PET), polypropylene (PP), and polyethylene (PE), Indonesia consistently operates as a net importer of many upstream and downstream chemicals. It remains dependent on the Middle East, as well as on China, South Korea, Japan, Thailand, Singapore, and other countries. Although Indonesia utilizes more modern and recently built plants compared to its trading partners, the facilities are smaller in scale. Even for …

Upward Distortion And Organizational Culture, Benjamin Gellerman

Dissertations and Theses

The “MUM effect," a social phenomenon in which people prefer to avoid sharing bad news, can cause “upward distortion,” as employees give incomplete information to their supervisors to avoid reprisal. Organizations require upward communication to transmit critical information, and disruptions to this process have implications for both workplace efficiency and job satisfaction. Strauss (2011) developed the Upward Communication Distortion Index (UCDI) to measure the propensity of individuals to distort upward organizational communication. The UCDI was compared with the subscales for LMX (leader-member exchange) and Locus of Control. This project analyzed upward distortion in American businesses, specifically how four different organizational …

The Dynamic Integration Of National Culture In Organizational Structure For Entrepreneurial Success, Qianyu Lim

Senior Honors Theses

The impact of culture on management decisions has been heavily researched and discussed in the academic setting. However, the tools and frameworks currently applied in cultural studies present a static version of culture at a certain point in time. As entrepreneurship and its counterpart, intrapreneurship, arise to help create competitive advantage in a quickly shifting economic market, these points raise the question of the opportunity surrounding the consideration of culture as a living model in an equally dynamic business environment. To do so, a reiterative version of Bain’s Structure-Conduct-Performance paradigm will be used to illustrate the impact of culture in …

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 Impact Of Technological Innovations On Consumer Behavior In E-Commerce: A Systematic Review, Yue Wang, Jianzheng Shi, Terence T. Ow, Jia Yun, Yuanyu Yang

Management Faculty Research and Publications

This study systematically reviews the literature on the impact of technological innovations in e-commerce on consumer behavior, using the SPAR-4-SLR methodology and TCCM framework. It consolidates research across various technologies, including websites, social media, live streaming, AR/VR, and AI. The analysis reveals a growing interest in this field post-2017, with a focus on websites and social media, but highlights a research gap in emerging technologies. Key theoretical frameworks are identified, emphasizing the need for integration to comprehensively understand consumer behavior. The review maps out antecedents, mediators, moderators, and outcomes, stressing the importance of longitudinal studies and advanced analytics. This approach …

The Effects Of Email Advertising On Consumer Response In Australian Online Fashion., Trent Curtis

Theses

Email advertising continues to grow as an essential card in the playbook of current day digital marketers, especially within the hyper competitive world of online fashion. This thesis examines the multifaceted effects of email advertising on consumer response within Australia, drawing new insights from the recent influence of personalised email advertising content.

Employing a mixed methods approach, qualitative analysis first utilises thematic coding to uncover key insights drawn from interviews with current day fashion marketing professionals. These interviews explore the perceptions of email advertising effectiveness, preferences in personalised content, and the behavioural trends of online fashion shoppers.

The quantitative analysis …

Consumer Buying Behaviour Towards Organic Food In Sri Lanka: Imports From Australia, Nalaka Kaushayla Mohotti

Theses

The Australian organic agriculture industry is thriving, with 9.9% of its agricultural land certified organic and production concentrated in fruit, vegetables, meat, and dairy, collectively valued at over AUD 2 billion. At the same time, South Asia, including Sri Lanka, is experiencing significant growth in organic agriculture markets. In 1994, Chronic Kidney Disease of unknown etiology (CKDu) was discovered among Sri Lankan paddy farmers. Research in 2012 linked it to hard water, pesticides, and heavy metals, triggering a pesticide ban and the ‘A Pesticides Free Nation’ program. This study analyses consumer buying behaviour for organic food in Sri Lanka, focusing …

It Takes Two To Tango: The Overlooked Process Of Co-Creation In Services Marketing, Natalie A. Marquart

Graduate Theses, Dissertations, and Problem Reports (ETD)

This dissertation investigates the mechanisms of effective co-creation in patient-provider interactions within the U.S. healthcare system, a critical area given pervasive systemic frustrations and the dyadic nature of care. Grounded in Social Cognitive Theory and Service-Dominant Logic, the research proposes a conceptual model where patient self-efficacy fosters cooperation, mediated by the dimensions of symmetry, alignment, and agreement, ultimately influencing patient outcomes. Perceived response efficacy is hypothesized to moderate this relationship. A mixed-methods approach was employed, consisting of two complementary studies. Study 1 utilized qualitative, semi-structured interviews with 20 patients and 5 healthcare providers to deeply explore how self-efficacy, perceived response …

Rethinking Compliance: How Goal Congruence Can Lead To Noncompliance And Positive B2b Performance, Paige Harrison Fender

Graduate Theses, Dissertations, and Problem Reports (ETD)

Traditional marketing theories (e.g., agency theory) suggest that aligning goals with a partner firm will enhance compliance and lead to better overall performance for both firms. The research on positive deviance, in contrast, suggests that a firm may deviate from contractual terms in order to accomplish shared goals and enhance performance. Merging these perspectives and pulling from more nuanced discussions of compliance, this dissertation explores the potential deleterious effects of goal congruence on compliance. Specifically, we examine the conditions in which goal congruence leads to both compliance and noncompliance and how these conditions impact performance. Additionally, this dissertation examines how …

Persistent Reading Deficiencies In Early Education, William Steven Reed

Electronic Theses and Dissertations

This qualitative case study investigated early reading teachers’ perceptions of the instructional practices they use to identify early elementary student reading proficiency, including unique challenges they face when addressing the development of early reading skills. The researcher investigated eight first and second grade teacher classrooms during the 2023–2024 school year through collective interviews, observations, and related school data. The researcher performed a qualitative analysis of the collected data to reveal varying themes that support recommendations to reduce persistent reading problems among early elementary students. Using purposeful sampling to select licensed, experienced participants, the insights of eight early elementary reading teachers …

Echoes Of The Past: The Long-Lasting Effects Of Entrepreneurs' Generational Imprints On Value-Creation Models, Ileana Maldonado-Bautista, Paul Sanchez-Ruiz, Annaleena Parhankangas, Karen Watkins

Management Faculty Publications

We draw from theories of generations and imprinting to introduce an alternative conceptualization of the effects of age on entrepreneurship—namely, entrepreneurs' generational imprints. We theorize how imprinted characteristics of entrepreneurs from a conservative generation (vs. a progressive generation) are positively (negatively) associated with higher levels of financial returns and negatively (positively) associated with higher engagement in corporate social responsibility. In two studies in the Mexican context, we find that entrepreneurs from a conservative generation create more financial value than social value, while entrepreneurs from a progressive generation create more social value than financial value. We also explore the intervening …

Consumer Willingness To Buy And Willingness To Pay A Premium For Climate Smart Food Products, Jacob David Brewer

Graduate Theses/Dissertations

This study investigated consumer willingness to buy (WTB) and willingness to pay a premium (WTPP) for Climate Smart (CS) food products. Focusing on soil health improvement practices such as biochar utilization, data from two surveys were analyzed. One survey was implemented and sought responses from consumer households in six midwestern states, and the other survey was distributed to institutional (universities, K-12 schools, corporations, etc.) and intermediary (restaurants, grocery stores, distribution centers, etc.) buyers. Consumer WTB and WTPP was examined through two independent ordered probit models, and the buyer survey data was utilized in descriptive analysis. Findings suggested that younger consumers, …

Corporate Soft Power Strategy In Shaping Global Influence: A Case Study Of Microsoft, Qiang Qiang

Theses and Dissertations

Soft power, defined as the ability to attract and persuade through appeal and influence rather than coercion, has emerged as a critical component in the arsenal of global corporations navigating the complexities of the interconnected world. This study, using Microsoft as a case, delves into the realm of soft power in global corporations. Drawing upon qualitative methodology, this study aims to uncover the nuanced factors contributing to global corporation soft power prowess. Key areas of investigation include organizational culture and communication, corporate branding, corporate social responsibility, emerging technological applications, global branding strategies, and leadership approaches. Through an analysis of these …

Remove The Invisibility Cloak - Let's Get Women Promoted!, Nina Echeverría Brown

Theses and Dissertations

This two-study research project uses a mixed-methods exploratory sequential research design to investigate the career journey of women in Corporate America and assess how they navigate the tensions that may impede Career Growth. Study 1 employs qualitative interviews to gather insights from 20 diverse women at varying managerial levels. Thematic analysis reveals five primary Pathways to Career Growth—Foundational Development, Social Augmentation, Adaptive Knowledge Expansion, Forward Focus, and Visibility—each associated with specific strategies that women employ to navigate tensions related to Cultural, Organizational, and Domestic spheres. Study 2 builds upon these findings and utilizes quantitative cross-sectional survey data from 385 corporate …

Innovative Approaches To A More Sustainable Global Supply Chain: A Phenomenological Study In The Footwear Industry, Nichole Dwyer

Theses and Dissertations

The global footwear industry faces significant challenges as it navigates the complexities of sustainability, technological advancements, and supply chain resilience. This study examines how innovations in developing technologies, such as artificial intelligence (AI), blockchain, and the Internet of Things (IoT), can enhance efficiency, reduce carbon footprints, and promote sustainability within global footwear supply chains. Leveraging a phenomenological approach, the research explores the lived experiences of supply chain professionals to identify practical strategies for integrating technology, enhancing resilience, and mitigating environmental impacts. The study highlights the industry's evolution, driven by factors such as consumer demand for sustainability, disruptions caused by geopolitical …

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 …