Business Law, Public Responsibility, and Ethics Commons^™

Zeroing In On Net-Zero: From Soft Law To Hard Law In Corporate Climate Change Pledges, Daniel C. Esty, Nathan De Arriba-Sellier

University of Colorado Law Review

One hundred and ninety-seven nations endorsed a target of net-zero greenhouse gas (GHG) emissions by midcentury in the 2021 Glasgow Climate Pact. As countries around the world have begun to develop their plans for deep decarbonization, it has become evident that the private sector will need to deliver much of what is required for the transition to an environmentally sustainable economy. The commitment to net-zero emissions by the year 2050 has therefore cascaded to the corporate world, leading hundreds of major companies to make their own net-zero GHG pledges. What constitutes a meaningful net-zero corporate pledge, however, remains unclear—and what …

Public Opinion Of The Sec’S Proposal For Mandatory Climate Disclosures, Isaac Blanchette

Honors Theses and Capstones

In 2022, the Security and Exchange Commission created a proposal that would make climate risk disclosures mandatory for publicly traded companies. This paper aims to understand how Congress is likely to vote on the proposal as well as how students at the University of New Hampshire perceive the proposal. Using publicly available comment letters made by members of Congress in response to the proposal and extrapolating the responses of the other representatives, it is unlikely that the proposal will have enough support to be ratified. However, a survey conducted with students at the University of New Hampshire showed that the …

Is "Public Company" Still A Viable Regulatory Category?, George S. Georgiev

Faculty Articles

This Article suggests that the ubiquitous “public company” regulatory category, as currently constructed, has outlived its effectiveness in fulfilling core goals of the modern administrative state. An ever-expanding array of federal economic regulation hinges on public company status, but “public company” differs from most other regulatory categories in that it requires an affirmative opt-in by the subject entity. In practice, firms today become subject to public company regulation only if they need access to the public capital markets, which is much less of a business imperative than it once was due to the proliferation of private financing options. Paradoxically, then, …

The Public’S Companies, Andrew K. Jennings

Faculty Articles

This Essay uses a series of survey studies to consider how public understandings of public and private companies map into urgent debates over the role of the corporation in American society. Does a social-media company, for example, owe it to its users to follow the free-speech principles embodied in the First Amendment? May corporate managers pursue environmental, social, and governance (“ESG”) policies that could reduce short-term or long-term profits? How should companies respond to political pushback against their approaches to free expression or ESG?

The studies’ results are consistent with understandings that both public and private companies have greater public …

Disclosure Procedure, Andrew K. Jennings

Faculty Articles

Securities disclosure is a human process. Each year, public companies collectively spend over fifteen million hours producing disclosures that undergird an equities market with tens of trillions in market capitalization. The procedures they follow in doing so affect whether their disclosures contain misstatements or omissions—errors that can cause trading losses for investors, and litigation for issuers. Yet despite the importance of the disclosures that firms produce, the literature says little about how they do it, including whether they are spending too much, too little, or just enough on their disclosure procedures. To fill that gap, this Article uses original surveys …

The Battle With Big Tech: Analyzing Antitrust Enforcement And Proposed Reforms, Youngjae Lee, Morgan Hagenbuch

Fordham Journal of Corporate & Financial Law

No abstract provided.

Blacking Out Congressional Insider Trading: Overlaying A Corporate Mechanism Upon Members Of Congress And Their Staff To Curtail Illegal Profiting, Nicholas Gervasi

Fordham Journal of Corporate & Financial Law

Congressional insider trading involves members of Congress or their staff trading on material, nonpublic information attained while executing their official responsibilities. This type of private profit-making, while in a government role, casts doubt on the efficacy and impartiality of lawmakers to regulate companies they hold shares of. Egregious acts of illegal profiting from insider trading based on information entrusted to the government escape prosecution and liability due to fundamental gaps in the common law and the Congress specific statutes lack enforcement. Recent calls on Congress by the public and multiple bipartisan proposed bills in both chambers have begun to address …

The Solution To Shadow Trading Is Not Found In Current Insider Trading Law: A Proposed Amendment To Rule 10b5-2, Jamel Gross-Cassel

Fordham Journal of Corporate & Financial Law

Shadow trading is a lucrative way to exploit a loophole in insider trading law. Insiders abuse this loophole to make six-figure profits and escape liability when done at the right companies. Those who shadow trade use material, nonpublic information to trade not in the securities of their own company, which would be illegal, but in the securities of a closely related company where the information is just as impactful. Efforts to close this loophole rely on the individual insider trading policies of the involved companies. These policies vary in language, making liability for shadow trading dependent on specific language or …

Ownership Of Esg Characteristics, Mark E. Bateman, Lisa R. Goldberg

School of Public Service Faculty Publications

A portfolio can be viewed as the collection of the businesses, policies and practices of constituent companies. We measure investors' Ownership of this collection. Ownership metrics aggregate an assortment of company specific Environmental, Social and Governance (ESG) characteristics to the portfolio level, and they can inform investment and engagement decisions. Relative to a benchmark, investor Ownership is active and satisfies a zero-sum property, which underscores the distinction between Ownership and impact. Ownership of ESG characteristics may be interpreted as ascribing ethical responsibility, but that conclusion and any decisions that result from it belong to the investor.

Learning From Mistakes: A Guide To Expanding The Oversight Board, Kevin Frazier

Catholic University Journal of Law and Technology

More than 4.4 billion people use social media. A few platforms attract a significant number of those users—for example, 2.9 billion people use Facebook, 2.3 billion use YouTube, and 1.2 billion use WeChat. How these major platforms govern themselves with respect to content moderation has an impact on billions of users and may lead to policy changes across other platforms that affect billions more. That is why it is so important to analyze Meta’s Oversight Board—an independent body created for the purpose of “promot[ing] free expression by making principled, independent decisions regarding content on Facebook and Instagram by issuing recommendations …

New Frontiers In Technology: Can Traditional Intellectual Property Rights Laws Be Adapted And Applied To Nfts?, Mariyah S. Wakhariya

Catholic University Journal of Law and Technology

A decade ago, ‘NFTs’ were rarely heard of or known to anyone, unless they worked in or kept up with the tech world. However, they are not new - they have been around for almost two decades. Their popularity has grown over the past few years. ‘NFT’ stands for ‘non-fungible token’. An NFT is a digital file with a unique identity that is verified on a blockchain and is therefore not interchangeable - i.e., a kind of crypto asset, like an authentication certificate for digital artifacts. In theory, NFTs can represent almost any real or intangible property. These days, it …

The Growth Drivers And Inhibitors Of The B Corp Movement, Jason Plant

Honors Theses and Capstones

No abstract provided.

Review Of Conscious Leadership: Elevating Humanity Through Business By John Mackey, Steve Mcintosh, & Carter Phipps, Dorcas Adega

Journal of Applied Christian Leadership

No abstract provided.

Can Honesty Reminders Reduce Dishonesty In Budgetary Slack?, Wilfred W. H. Cheng, Chee Yeow Lim, Chi Kwan Yuen

Research Collection School Of Accountancy

This study investigates the effect of honesty reminders on budgetary slack. Based on self-concept maintenance theory, the authors posit that honesty reminders can reduce budgetary slack by making people more aware of their own standards of honesty, resulting in more honest behavior. Using an experimental research design, the authors find evidence that honesty reminders reduce budgetary slack. The authors also find that although penalties can similarly reduce budgetary slack, they tend to cause distrust and resentment from subordinates. Therefore, honesty reminders may be a less costly method than penalties for reducing budgetary slack.

Audit Report Timeliness In Local Governments: An Observation Of North Carolina Governmental Units’ Response To State-Imposed Deadlines And Consequences, Amber N. Daniels

Doctor of Business Administration Dissertations

To provide citizens with transparent financial information regarding the health of their respective districts, local government unit leaders must furnish governmental audit reports in a timely manner. Further, for management to effectively implement auditor suggestions for improvements, leaders must have accessibility to timely audited information. Many governmental units in the state of North Carolina have demonstrated significant lags in reporting timeliness and often miss state-mandated deadlines. Therefore, this research utilized ordinary least-squares regression to estimate the effects the variables representing report message and managerial competency, accountability, and audit environment groups had on the time required for each unit to file …

Constructing The ‘Public Interest’: (De)Legitimizing The Acquisition Of Aer Lingus By Iag, Joseph K. Fitzgerald

Articles

This article assesses how the ‘Public Interest’ was used to (de)legitimize the acquisition of a national airline. It does this by adopting a case study approach that analyses the acquisition of Aer Lingus by International Consolidated Airlines Group (IAG). This acquisition is part of a broader trend of international consolidation that the aviation industry has experienced in recent years. The article also critiques whether the ‘Public Interest’ was constructed on valid grounds. Its analysis found that the public interest was constructed as the continuance of routes between Irish airports and London Heathrow as a means for Ireland to maintain international …

Explicating The Influence Of Religion In Forming Corporate Governance: Insights From The Philippines, Leveric T. Ng, John Paolo Rivera

Graduate School of Business Publications

Religion plays a role in shaping personal values and directing an organization’s moral filter. It is an avenue to impose social morality that may impact corporate governance. We examined the influence of religion in the formation and development of good corporate governance through ethical leadership in the Philippines – a country that has strong religious culture. Invalidating scholarly literature on religion and enterprise; we looked into the conception and interpretation of religion and corporate governance through a key informant interview of 30 executive directors from private corporations in the country.We found that corporate governance may arise from religious convictions; where …

How Likely Are Viewers To Watch Television Commercials: A Connectedness Perspective, Velitchka D. Kaltcheva, Anthony Patino, Dennis Pitta

Marketing & Business Law Faculty Works

With the recent return to more advertising-generated content by entertainment providers, it again becomes important to understand what will drive consumers to view commercials. We utilize the construct of television connectedness developed by Russell, Norman, and Heckler (2004) to predict viewers’ propensity to watch television commercials. Based on data derived from a survey completed by 816 residents of the United States, we estimate a logistic regression model and find that older (35+) viewers high on connectedness are more likely to view television commercials. We further employ correspondence analysis of free-response data to uncover differences in motivations to view commercials among …

The Negative Impacts Of Border Patrol On The Mental Health Of Migrants, Breyana M. Newton

Pell Scholars and Senior Theses

The research in this paper is a deep dive into the actions of Border Patrol on migrants and refugees and their effects on the individual. This includes impacts on mental health, child development, resettlement prevention, and racism and discrimination within border patrol itself. To understand all of this and how wide reaching all of this goes there needs to be a reflection on the history and policies of Border Patrol and the Government behind it.
The problem with patrolling our borders is that there are consequences on the U.S. as a nation and unintended consequences on those individuals migrating into …

Female Lawyers Don’T Need Pity; They Need A Paycheck, Meagan S. Bilodeau

Pell Scholars and Senior Theses

Whether it's pity or patronization female lawyers have often been criticized. They're visualized on the lower level of the patriarchal hierarchy system in the Hollywood courtroom. However, women that hold emotional intelligence don't need pity. Emotional intelligence encompasses how to set boundaries, stay motivated, hold healthy relationships inside and outside the courtroom, as well as maintain self-regulation. Through analysis of the biographical films Erin Brockovich, On the Basis of Sex, and The Mauritanian this study explores how extensively psychological resilience subfactors are depicted, proving whether or not female lawyers are emotionally prepared to succeed in their noteworthy cases.

A Precedent For Peace: The Role Of All Children Together In The Integration Of Northern Irish Schools, Sarah J. Kraus

Pell Scholars and Senior Theses

Established in County Down, Northern Ireland in the early 1970s, All Children Together was an organization comprised of both Protestant and Catholic parents who wished to see children from both denominations interact and be educated alongside one another. In 1981, the organization successfully established Lagan College, Northern Ireland’s very first school with a shared curriculum designed to accommodate children from both denominations. This work situates the organization within the greater context of the Troubles and examines the extent to which school integration played a role in Northern Irish community relations during a period of political and social upheaval.

Exposing Endo: Labor Abuse And Exploitation On Contractual Workers In The Philippines, Olivia M. Fisher

Pell Scholars and Senior Theses

Article 281 states that workers must be put on a probationary period for 6 months of employment before receiving benefits. ENDO-contracting is the situation where corporations hire workers on 5 to 6-month contracts to avoid paying their workers benefits. This research will be conducted using qualitative data from past research publications, court cases, and interviewing anti-ENDO advocates. The historical summary will explain the origins of this law and how it has progressed into common labor practice. ENDO- contracting disproportionately affects the low-wage workforce and deprives them of regular employee benefits. The lack of these benefits has created poor working conditions …

Reframing The Dei Case, Veronica Root Martinez

Faculty Scholarship

Corporate firms have long expressed their support for the idea that their organizations should become more demographically diverse while creating a culture that is inclusive of all members of the firm. These firms have traditionally, however, not been successful at improving demographic diversity and true inclusion within the upper echelons of their organizations. The status quo seemed unlikely to move, but expectations for corporate firms were upended after the #MeToo Movement of 2017 and 2018, which was followed by corporate support of the #BlackLivesMatter Movement in 2020. These two social movements, while distinct in many ways, forced firms to rethink …

The Paycheck Protection Program's Effect On Real Estate Prices, Someswar Amujala

CMC Senior Theses

This paper investigates the relationship between the Paycheck Protec- tion Program (PPP) and real estate price increases. The Paycheck Protection Program was established by the Small Business Association in 2020 to pro- vide forgivable loans to businesses to aid with potential losses from COVID- 19 impacts. I leverage zip code level data across the United States and a fixed effects panel data model to quantitatively measure the PPP’s influence on housing and rental prices. I find a positive and significant relationship between the number of PPP loans disbursed and housing and rental rates. Specifically, a 1% change in the number …

Regulating The Corporate Governance Of State-Owned Enterprises In Investment Arbitration, Mark Mclaughlin

Research Collection Yong Pung How School Of Law

The renaissance of sovereign investment is one of the defining economic trends of the 21st century. While many states have benefitted, and continue to benefit, from an influx of state-backed foreign investment, this embrace is not without its hesitancies. Host states are particularly concerned that state-owned enterprises (SOE s) pursue non-commercial policy objectives, maintain lower levels of transparency than their private counterparts, and operate with inferior standards of responsible business conduct. In response, domestic regulators have enacted a series of countermeasures for SOE investment, including requirements that such enterprises must invest on a “commercial basis.” However, the regulation of foreign …

When Does Csr Payoff?, John A. Doukas, Rongyao Zhang

Finance Faculty Publications

We investigate whether firms engaging in corporate social responsibility (CSR) can preserve firm value during normal and unprecedented exogenous adverse events. Our evidence shows, in regular times, a negative relation between CSR engagement and firm value, but under adverse economic conditions, CSR protects firm value by decreasing firm risks. We also find that firms with high managerial attributes engage in greater CSR activities that benefit shareholders in both normal and aberrant financial times. Despite the controversy surrounding CSR, our evidence points out that CSR can be viewed as a set of intangible assets that can improve firm value across good …

Blockchain Technology As An Enabler For Sustainable Business Ecosystems: A Comprehensive Roadmap For Socioenvironmental And Economic Sustainability, Morteza Ghobakhloo, Mohammad Iranmanesh, Muhammad S. Mubarik, Muhammad F. Mubarak, Azlan Amran, Ahmad A. A. Khanfar

Research outputs 2022 to 2026

Blockchain technology is a core technology expected to play a highly instrumental role in competing with socioenvironmental challenges. The literature hypothesizes various blockchain functions for building a sustainable business ecosystem. This study unifies these diverse perspectives into an interpretive strategy roadmap that provides a holistic overview of how blockchain should be leveraged to deliver sustainability functions optimally. The study first identified the sustainability functions of blockchain through a content-centric literature review. The study applied interpretive structural modeling (ISM) and drew on experts' opinions to model how and in which order blockchain delivers these sustainability functions. The study further drew on …

Trust And Contracting: Evidence From Church Sex Scandals, Gilles Hilary, Sterling Huang

Research Collection School Of Accountancy

Firms located in communities in which people are, on average, more trusting enjoy some benefits in terms of the power of CEO contracts. We present two pieces of empirical evidence to support this claim: (1) higher average trust in a county is associated with “flatter” executive contracts and (2) when an exogenous shock occurs (such as a scandal involving an important social institution), both trust and contracting move in similar directions. We obtain the first result in a panel specification and the second in a “difference-in-difference” specification that uses the revelation of sex scandals involving the Catholic Church across different …

Public Reporting Of Monitorship Outcomes, Veronica Root Martinez

Faculty Scholarship

When a corporation engages in misconduct that is widespread or pervasive, courts, regulators, or prosecutors often insist that the firm obtain assistance from an independent third party — a monitor — to oversee the firm’s remediation effort. The largest firms in the world — from Deutsche Bank, to Volkswagen, to Carnival Cruise Lines — have found themselves having to retain a monitor for corporate misconduct, despite attempts to avoid a monitorship entirely. Traditionally, monitors, or their special master forebearers, were utilized by courts to assist in overseeing compliance with court orders, and their work was both accessible and transparent. As …

Toxic Chemical Releases And Idiosyncratic Return Volatility: A Prospect Theory Perspective, Stephen Bahadar, Muhammad Nadeem, Rashid Zaman

Research outputs 2022 to 2026

We investigated whether and how firms’ toxic chemical releases (TCRs) affect idiosyncratic return volatility (IRV) using a prospect theory lens. Utilising a large sample of US public listed firms over the period 2001–2018, we find a significant and positive association between TCRs and IRV, suggesting that firms releasing more toxic chemicals have higher IRV. Additional analyses show that a positive association between TCR and IRV is more evident among firms with (i) high revenue, (ii) lower financial constraints and (iii) fewer environmental violations. A further test also suggests that a positive association between TCRs and IRV is contingent on political …