Business Commons^™

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 …

The Role Of Intangible Assets In Shaping Firm Value, Feng Dong, John Doukas

Finance Faculty Publications

This study introduces a new metric to evaluate a firm's intangible asset intensity, focusing on its ability to generate revenue from nonphysical assets. It finds a strong positive correlation between firm performance and both internally generated and externally acquired intangible assets. Firms with high intangible intensity outperform peers by 3% annually. The oversight of intangible assets is identified as a factor in value stocks' underperformance. Rigorous tests, including endogeneity checks, confirm these firms exhibit superior accounting quality, labour investment efficiency and acquisition returns. A framework highlights how managerial attributes enhance firm value through decision-making.

Artificial Intelligence And Digital Technologies In Finance: A Comprehensive Review, Soudeh Pazouki, Mohamad Jamshidi, Mirarmia Jalali, Arya Tafreshi

Finance Faculty Publications

This study explores the transformative impact of artificial intelligence (AI) and digital technologies on the financial technology (FinTech) industry, highlighting their role in fostering business growth, operational efficiency, and enhanced customer engagement. AI-driven strategies have unlocked new avenues for streamlining workflows, boosting productivity, and expanding financial inclusion by reaching underrepresented populations. However, these advancements also pose challenges, including navigating complex regulatory frameworks and adapting to the rapidly evolving technological landscape. This paper delves into the macroeconomic effects of AI, examining its influence on labor markets, consumer behavior, and organizational success. Furthermore, the paper discusses blockchain applications and their potential to …

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 …

Certain Knowledge Of Administrative Decisions Issued By Artificial Intelligence Systems In The Public Sector: A Comparative Analysis, Nayel Musa Alomran, Odai Mohammad Alheilat

All Works

This paper aims to elucidate the matter of certain knowledge pertaining to administrative decisions, those issued by artificial intelligence. It also clarifies the position of the administrative judiciary with regard to the adoption of this presumption and through a comparative analysis of administrative judicial applications in Jor-dan, Egypt, and Morocco. The text addresses the most significant evidence for achieving certain knowledge of an administrative decision – and thereby initiating the appeal period against the appellant. The question at hand is whether the administrative judiciary applies the traditional theory of certain knowledge to its counterpart issued by artificial intelligence systems, especially …

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 …

Storytelling As A Method Of Increasing The Engagement Of Market Research Participants, Michał Ścibor-Rylski

Journal of Marketing and Consumer Behaviour in Emerging Markets

The presented study is a partial replication of the effect discovered in the author’s previous studies on the influence of storytelling techniques on quantitative market research participant engagement. The study was conducted using the CAWI method on a nationwide sample of N=517. In the experimental group, all questions were asked in a narrative form and were part of a coherent story. The traditional approach was used with the control group. An additional independent variable was the moment of giving instructions containing storytelling elements: before or after the presentation of the advertisement The results replicate the main effect showing that using …

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 …

Market Reactions To Disruptions In The Aerospace Industry: An Event Study Analysis Of Abnormal Returns And Corporate Resilience, Rose L. Lauture

Doctoral Dissertations (DBA)

This study examines the effects of component failures, regulatory actions, and safety violations on stock returns and market volatility in the U.S. aerospace sector. Using FAA incident reports, WRDS market data, and corporate disclosures, the analysis combines event study methodology with ARCH/GARCH volatility models and a multiple regression approach. The results reveal that while incident frequency does not significantly affect stock prices measured by abnormal returns, firm-specific financial indicators—such as cash holdings and book-to-market ratio—play a substantial role. The study highlights the limited explanatory power of traditional regression models and calls for the inclusion of market risk and investor sentiment …

Improving Public Sector Procurement Methods In International Practices: A Comparative Study, Karem Sayed Aboelazm, Fady Tawakol, Emad Ibrahim, Hanadi Sharif

All Works

Objective: This paper presents the methods of public sector procurement in some public procurement laws such as UNITRAL law, Egyptian Law, Indian Law, Kenyan Law, and UAE law. Theoretical Framework: Some of the modern methods used by many countries, the research also sought to develop a clear definition of public sector procurement and relied in this research on the comparative approach as a significant approach to study for comparing the laws of countries. Method: This paper used descriptive-analytical methodology to analysis the legal frameworks of public sector procurement methods in Egypt, UAE, and other laws in comparison, the research reached …

Females On Board, Stakeholder Orientation, And Esg Disclosure: An Evidence From The Tourism And Transportation Industries, Akrum Helfaya, Phuong Bui, Ahmed Aboud

All Works

In the tourism and transportation (T&T) industries, female directors' contributions are undervalued despite the strong emphasis on board gender diversity in management research. We investigate whether the impact of multiple board gender diversity measures on environmental, social, and governance (ESG) practices varies between shareholder- and stakeholder-oriented countries and between T&T industries, drawing on insights from both managerial and psychological perspectives. Using an international sample of 790 firm-year observations representing 79 listed firms from 16 countries, we find that gender diversity is positively associated with ESG disclosure practices, and this relationship is more pronounced in shareholder-oriented countries and the transportation sector. …

A Systemic Analysis Of Helicopter Instructional Accidents In The United States From 2010 To 2022, Gustavo Sanchez Cortes, Dimitrios Ziakkas, Mary E. Johnson

Journal of Aviation/Aerospace Education & Research

A high number of accidents during helicopter training in the United States (U.S.) highlights the need for research to investigate their causal and contributing factors. In this retrospective study, researchers analyzed helicopter instructional accidents reported in the National Transportation Safety Board (NTSB) Case Analysis and Reporting Online (CAROL) database. The Systems Theoretic Accident Model and Processes (STAMP) and Systems-Theoretic Process Analysis (STPA) methodologies were used to identify hazards and unsafe control actions in helicopter training, using autorotation maneuvers as a case study. Helicopter instructional flights in the U.S. accounted for 299 accidents between 2010 and 2022, with an average accident …

Integrated Qfd-Triz Optimization Method For Satellite Solar Array Design In Cost-Sensitive Environment, Hongyi Zhang, Liang Su

International Journal of Aviation, Aeronautics, and Aerospace

With the rapid evolution of commercial space markets in the new space era, satellite design philosophy is transitioning from "performance supremacy" toward "cost-effectiveness priority." This research concentrates on solar arrays, a critical component representing 15%-20% of satellite costs, addressing limitations in traditional design methodologies that inadequately coordinate user requirements and lack systematic frameworks for cost-performance collaborative optimization. We propose a solar array optimization methodology predicated on the integration of Quality Function Deployment (QFD) and the Theory of Inventive Problem Solving (TRIZ). This methodology incorporates cost dimensions through an extended QFD matrix, employs TRIZ to resolve technical contradictions, and develops a …

Suas Agricultural Aerial Application Operational Field Test, David Thirtyacre, Joseph Cerreta, Scott S. Burgess

International Journal of Aviation, Aeronautics, and Aerospace

One of the most promising uses of aerial applications by a sUAS is on small farms where traditional crewed aerial applicators were not practical due to the limited size of the operations. This controlled field test aimed to assess the feasibility and cost-effectiveness of using a sUAS spreading system compared to the traditional manual application of weed killer and fertilizer on cranberry bogs in Western Washington that were less than 10 acres. The aerial application took place over two separate days as scheduled by the farmer for maximum product efficiency. A total of sixty-three flights were necessary to apply the …

Bibliometric Analysis With R Biblioshiny On Safety Behavior In Aviation, Büşra Yıldırım, İnan Eryılmaz, Ahmet Karacan, Nusret Erceylan

International Journal of Aviation, Aeronautics, and Aerospace

Safety behaviors in aviation are not limited to technical knowledge and skills in ensuring the safety of flight operations, but also include the attitudes, decision-making processes and collaborations of individuals and teams. In this context, in this study, a bibliometric analysis of publication and citation trends, key concepts and interactions of studies in the field was conducted to identify current and potential trends in aviation and safety behavior-based research, and to explore the intersections between safety behavior and aviation studies and the areas waiting to be explored. The bibliometric analysis using the RStudio-based Biblioshiny program was conducted on 1065 articles …

Llms Enhance Emotional Expression While Maintaining Analytical Depth In News Writing, Samuel Mazzone, Jonah Harlan, Larry Zhiming Xu, Terence T. Ow

Management Faculty Research and Publications

As the impact of generative artificial intelligence (GenAI) becomes increasingly evident in automated journalism, leveraging its potential while mitigating the risks becomes a priority in research. To address this need, our study evaluated the performance of large language models (LLMs) in news writing. We tested 11 LLMs by having them rewrite headlines and content from articles published by Milwaukee Neighborhood News Service (NNS) between 2011 and 2023. The analysis and comparison of 3,623 human-written and 39,853 AI-adapted news pieces showed that different LLMs consistently enhanced emotional expression in headlines (Cohen’s d = .33) and in news content (Cohen’s d = …

Bringing Self-Determination Theory To The Forefront: Examining How Human Resource Practices Motivate Employees Of All Ages To Succeed, Rick A. Laguerre, Janet L. Barnes-Farrell

Management Faculty Research and Publications

Self-determination theory (SDT) is widely used in human resource (HR) practice studies to explain how HR practices impact work outcomes. However, there is little empirical evidence establishing the complete SDT mediational process in the HR domain, which entails basic psychological needs and motivation acting as mediators of relations between HR practices and work outcomes. The present study addresses this issue with a mixed methods approach. Using an item classification task with subject matter experts (N = 48), HR practices were classified as autonomy-, competence-, and relatedness-supportive. Based on this scheme, we tested an SDT-based conceptual model in a three-wave …

A Qualitative Analysis Of Open Banking In Poland: The Perspective Of Market Experts, Sylwia Ciechanowska

Studia i Materiały Wydział Zarządzania Uniwersytet Warszawski

Purpose: The purpose of this article is to present an in-depth analysis of the development of open banking in Poland based on interviews conducted with market experts representing financial institutions and regulatory authorities. The article identifies both the benefits and implementation barriers of open banking, with particular emphasis on the quality of APIs (application programming interfaces), system interoperability, and the impact of regulatory frameworks on service innovation and security.

Methodology: This qualitative study was conducted using structured interviews with market experts representing banks, fintech companies, regulatory authorities, and independent industry consultants. The selection of experts was purposive, with …

Academic Clustering For Athletes, Reginald Overton, Bob Case, Michael Ross

Human Movement Studies & Special Education Faculty Publications

A trend is developing in academia as it relates to Student-Athletes and advisement practices. With the NIL deals and transfer portals on the continually evolving forefront of collegiate athletics it is difficult to keep the athletes not only eligible to compete but also on track to obtain a degree. A student athlete may be advised to take the track of an Integrated Studies degree and then a transfer to or from a Sport Management Degree. This occurs throughout both the undergraduate and graduate levels of higher education. In addition, certificate programs in athletic administration, sport marketing, sport management, and sport …

Global Horizons: International Considerations Within Sport Management, Michael Ross, Reginald Overton, Bob Case

Human Movement Studies & Special Education Faculty Publications

As experiential learning becomes increasingly prioritized within sport management curriculums found across the nation, an emerging need for a more in-depth understanding of the globalization of sport has become evident. Professional, collegiate, and even high school sports are displaying a global footprint though international competition and experiencing increased numbers of international players within their rosters.

While those of us in the academic realm continue to bridge the gap between academia and industry, it is essential to enhance the global perspective of our students by incorporating more international opportunities, such as study abroad programs, that blend academic components with real-world sports …

The Influence Of Financial Data Subscriptions On Analyst Research, Braiden Coleman, Travis Dyer, Mark Lang

Faculty Publications

We use disclosed “source” data from analyst reports to infer brokerage financial data subscriptions (FDS) and investigate their effects on analyst research. When brokerages add FDS, their analysts’ forecast accuracy increases. Effect sizes are at least as large as those for analyst experience, busyness, and brokerage size. Benefits are largest for less experienced and busier analysts with less private access to management forecasting over longer horizons. Although adding new FDS benefits individual analysts, there is substantial overlap in FDS across brokerages, leading to homogenized market views. Specifically, when brokerages have overlapping FDS, their analysts’ forecasts, timing, boldness, recommendations, report content, …

The Impact Of Due Diligence Legislation On International Trade And Business: Analysis Of Potential Trade-Offs, Peter Draper, Andreas Freytag, Naoise Mcdonagh, Matthias Menter

Research outputs 2022 to 2026

As countries increasingly adopt due diligence legislation to promote human rights, labor standards, and environmental sustainability in global value chains, a complex dilemma arises. While these laws commendably aim to address moral and political issues in international trade, they may also impose significant costs on companies, potentially disincentivizing investment and trade. This study examines the impact of due diligence laws on international trade and business, analyzing some 60 cases. We explore their unintended consequences, including the potential withdrawal of investors from partner countries, reduced trade, including strategic commodities, and increased costs of compliance leading to competitiveness concerns. Our research categorizes …

Disclosure Benchmarking By Lawyers: Evidence Fromthe Ipo Setting, Michael S. Drake, Jeff Mcmullin, Kenneth Merkley, Chase Potter, John Treu

Faculty Publications

Lawyers play an important advisory role in drafting financial reports, yet empirical evidence documenting the influence of external legal counsel on this process remains sparse. This study focuses on a specific aspect of lawyers’ drafting process: the practice of reviewing disclosures previously filed by other issuers—a practice termed “disclosure benchmarking.” Using initial public offering (IPO) disclosures as the setting, we find that disclosure benchmarking is associated with amore efficient Securities and Exchange Commission (SEC) review process. We further find that it is associated with several measures of disclosure quality, including disclosures that are less likely to be revised in subsequent …

Foreign Tax Holiday Participation And U.S. Job And Investment Loss, Zackery D. Fox, Linda Krull, Scott G. Rane

Faculty Publications

We investigate whether foreign tax holiday participation among U.S. multinational companies is associated with offshoring U.S. jobs and other domestic investment activities. We find that foreign tax holiday participation is associated with (1) an increase in offshoring U.S. jobs and (2) a decrease in domestic investment, as proxied by changes in the number of employees, capital expenditures, and R&D activity. Furthermore, we find evidence suggesting that the association between targeted, temporary tax incentives provided by foreign tax holidays and firms’ domestic activities is stronger among firms with a smaller foreign presence and is distinct from the impact of foreign statutory …

Redesigning Executive Incentives: The Rising Role Of Subjective Performance Measures, Zackery D. Fox

Faculty Publications

Despite the growing use of subjective performance incentives used in executive bonuses, empirical evidence on their effectiveness remains inconclusive. This study explores three aspects of subjective metrics in bonus plan design: their prevalence, the goals they target, and their impact on managerial behavior and firm outcomes. First, I document 53.8 percent of CEO bonus plans include at least one subjective performance measure, and among these plans, an average of 38.9 percent of total bonus weight is allocated to these measures. Using machine learning, I show subjective metrics target incentives related to employees, firm culture, and executive performance. Second, using the …

Mcdonald’S Corporation Case Analysis Fall 2025, Madalynn Janousek

Honors Program: Senior Projects (Public)

McDonald’s Corporation has experienced rapid growth and expansion across the United States and globally, entering diverse markets despite evolving regulations, dietary trends, and consumer preferences. The company’s marketing strategies and ability to adapt have been strongly influenced by the leadership of its CEOs over time. Most recently, CEO Chris Kempczinski has been tasked with guiding the company through a post–COVID-19 market marked by staffing shortages, economic pressures, declining customer service, and rising consumer expectations. While McDonald’s continues to hold a significant share of the market, it must invest in improved customer service, innovative marketing, and healthier menu options to remain …