Corporate Finance Commons^™

Linking Sustainability Performance To Stock Resilience During And After Covid-19 Crisis: Evidence From Southeast Asia, Khalilul Rahman, Retnosari Retnosari, Sanda Patrisia Komalasari, Muhammad Wafiq

Jurnal Akuntansi dan Keuangan Indonesia

Background: The COVID-19 pandemic severely disrupted markets. While sustainability performance measured by ESG scores theoretically buffers against shocks, its efficacy in emerging markets with nascent sustainability frameworks remains underexplored. Method: We analyze a balanced panel of 1,395 observations from 279 non-financial Southeast Asian firms (2020–2024). Using OLS, lagged, and fixed effects models, we compare the impact of sustainability performance on stock resilience during the 2020–2022 and post-pandemic (2023–2024) periods. Findings: Sustainability performance (ESG scores) significantly enhanced stock resilience during the pandemic. However, this protective effect dissipated post-pandemic. Results confirm a statistically significant improvement in overall resilience following the crisis, as …

Should Corporate Law Go Private?, Dorothy S. Lund, Eric L. Talley

Faculty Scholarship

Delaware’s dominance in corporate law is traditionally attributed to its flexibility, expert judiciary, extensive case law, specialized bar, responsive legislature, and insulation from interest-group lobbying — factors thought to produce a desirable product for firms. This Article challenges the continued viability of that formula, arguing that Delaware faces daunting challenges in maintaining an optimal corporate law regime. We nevertheless show that the state retains an underappreciated secret weapon — the ability of Delaware corporations to opt out of courts and adopt fully privatized law — that can bolster and even strengthen its competitiveness.

We make three contributions in this Article: …

Retaking The Pulse Of The Real Economy Using Financial Statements: Validation And Extension, Nathan Parrotte, Narayan Ramasubbu, Ahmed Elshahat

Annual DBA Scholars Conference

Financial statements provided by publicly traded firms inform shareholders about the present state of a firm. While it is natural to consider public financial statements at the firm level, what benefits could be gained from their aggregation? Present research on this is limited with the most relevant recent research being done by Konchitchki and Patatoukas (2014), with their results highly supporting the argument that public financial statement analysis can be used to understand “the pulse” of the real economy. This study not only replicates their study validating it, but it will also expand the timeline to the end of 2025.

Leadership Dynamics, Transparency, & Governance During Crisis In Religious Organizations: Discussing The Roman Catholic Church’S Centralized Authority, John D. Rudnick Jr, Raymond L. Enzweiler, Srecko Koralija

Interdisciplinary Journal of Leadership Studies

Abstract
This article considers two high-profile crises inside the Roman Catholic Church. The rejection of the Vatican audit in 2015 and the financial loss from a large investment in London real estate exemplify tension and balance between centralized, hierarchical leadership and institutional accountability. These cases examine leadership patterns relative to transparency, communication, and governance, evaluating the efficacy of centralized power under financial distress. The discussion is organized across pre-crisis, active crisis, and post-crisis phases by integrating insights from transactional, transformational, servant, and adaptive leadership style models. Performance improvement (PI) tools such as Before Action Reviews (BARs), After Action Reviews (AARs), …

Unraveling The Connectedness Between Non-Fungible Tokens, Decentralized Finance, And Green Assets During Turbulent Times, Rija Anwar, Syed Ali Raza

Business Review

Green assets during the Bitcoin plummet-2018, COVID-2019, worldwide decline in oil demand-2020, and the Russia-Ukraine Conflict. The quantile connectedness approach, combined with the extreme tail of distribution technique (Ando et al., 2021), has been employed. According to static quantile connectedness, NFTs and DeFi assets perform the role of spillover transmitters; in contrast, green assets receive spillovers across three distinctive market settings. Additionally, the dynamic time-varying net directional connectedness estimates reveal that during normal market condition, the connectedness degree between NFTs, DeFi assets, and green assets remains low relative to extreme events at different point in time. Moreover, it provides valuable …

People Orientation And Thing Orientation In Business Majors: Implications For Assessing The Impacts Of Cross-Functional Business Program Curricula, Todd J. Hostager, David A. Christopher, Kristy J. Lauver, Christopher Knowles

International Journal for Business Education

Background/Introduction/Purpose:  Prior research documented significant differences in people orientation and thing orientation (PTO) based on type of major and sex.  This study examines a set of measures for helping business programs to assess whether they are producing graduates equipped to consider both people and things when making decisions, regardless of their major or sex.

Methods/Design:  Students in a strategic management capstone course spent a single 75-minute session responding to a brief new venture pitch by identifying what types of additional information they would need to decide whether to invest in the business.  Three Likert-scaled options gauged the extent to participant …

The Non-Binding Bind: Reframing Precatory Stockholder Proposals Under Delaware Law, Kyle A. Pinder

Michigan Business & Entrepreneurial Law Review

Rule 14a-8 under the Securities Exchange Act of 1934 allows stockholders to submit proposals for inclusion in a company’s proxy materials. The rule assumes that Delaware law provides stockholders with the right to submit non-binding proposals for stockholder approval. But as many have observed, this assumption lacks a firm basis in state law, particularly in Delaware. If such a right exists, a stockholder conducting its own proxy solicitation could submit numerous precatory proposals, including those advancing narrow or special interests. This article concludes that, under Delaware law, stockholders do not have an inherent right to submit precatory proposals. Accordingly, a …

Analyst Visibility And Earnings Forecast Quality, Qiang Cheng, Tian Deng, Sterling Huang, An-Ping Lin

Research Collection School Of Accountancy

This study examines how a reduction in analysts’ visibility, resulting from brokerages’ switch to anonymous forecasts on Eikon, affects earnings forecast quality. Using a difference-in-differences design, we find that treatment analysts respond by issuing more accurate forecasts in the post-anonymization period. Treatment analysts who improve forecast quality the most can sustain visibility, as reflected in their coverage by the financial media, enhance their likelihood of being voted as star analysts, and induce greater client trading. These results are consistent with analysts’ incentives to offset the reduced visibility so as to advance their careers and increase trading commissions for their brokerages. …

Human Capital Disclosure And Labor Market Outcomes: Evidence From Regulation S-K, Jung Ho Choi, Dan Li, Daniele Macciocchi

Research Collection School Of Accountancy

We examine the labor market consequences of the 2020 Regulation S-K requiring human capital disclosure in 10K filings. Using large-sample job-level data and a Generative Large Language Model (GLLM), we observe that public firms subject to the regulation increase their disclosure of diversity, equity, and inclusion (DEI) information in job postings relative to a matched sample of large private firms. The increase in job-posting disclosure is more pronounced among firms facing greater external pressure to increase their workforce diversity. These findings suggest a shift in demand for diverse candidates by public firms following the regulation. Yet, consistent with short-term inelastic …

It Takes Two To Tango. Capital Constraints And Bank Lending In Poland, Marcin Czaplicki

Journal of Banking and Financial Economics

The implementation of post-crisis (Basel III) capital requirements in 2015, followed by the introduction of the banking tax in 2016, marked a turning point for the loan-to-GDP ratio in Poland. Since Q4 2015, this ratio has declined by almost one-third, while the ratio of banks’ assets to GDP has remained relatively stable. However, the composition of bank assets has shifted – from corporate lending toward an increased share of sovereign bonds and retail loans, particularly mortgages.

This article explores the key drivers behind this structural shift. Using a combination of qualitative insights and quantitative analysis – including dynamic panel data …

Entire Volume Journal Of Banking And Financial Economics 2026, 1(25)

Journal of Banking and Financial Economics

Entire Volume Journal of Banking and Financial Economics 2026, 1(25)

New Trends In Banking And Financial Markets. Opening Remarks, Sylwia Frydrych

Journal of Banking and Financial Economics

New Trends in Banking and Financial Markets. Opening Remarks

The Impact Of Ceo Sociopolitical Activism On Firms’ Financial And Stakeholder Outcomes: A Critically Appraised Topic, Philip R. Stuczynski

Engaged Management ReView

In recent years, CEO activism has emerged as a highly visible and controversial form of executive communication. This structured literature review examines 23 peer-reviewed, ABS-rated articles published between 2017 and 2025, with the goal of synthesizing what researchers have learned about the effects of sociopolitical speech by corporate leaders. Drawing on studies from strategy, management, accounting, and finance journals, this paper explores how CEO-initiated public commentary influences investor reactions, firm performance, and stakeholder sentiment. Using the PICOC framework, the review defines CEO activism as executive speech or public commentary on controversial social or political issues which may be unrelated to …

Validating Valuation: How Statistical Learning Can Cabin Expert Discretion In Valuation Disputes, Andrew C. Baker, Jonah B. Gelbach, Eric L. Talley

Faculty Scholarship

This article challenges conventional methods used in financial valuation across transactional and litigation domains. We show that conventional valuation methods allow for considerable discretion, making it possible for each side’s experts to submit dramatically varying valuations simply by choosing among facially reasonable values of parameters that must be selected to carry out conventional valuations. We use large-scale empirical simulations powered by real-world data to demonstrate the scope of such discretion. We next consider several alternatives based on data-driven machine learning approaches, and show that they offer both approximately unbiased estimates of valuation and substantially reduced variability in valuation results. Consequently, …

Socially-Minded Investors And Corporate Behavior, Merritt B. Fox, Menesh S. Patel

Faculty Scholarship

Many equity investors are concerned with the world’s worsening social and environmental problems and are losing faith in the capacity of political institutions to respond. Corporate behavior is often contributing to these problems. Some investors, at least if fully informed as to costs and benefits involved, would favor corrective changes to corporate behavior even where that would lessen their investment returns. Two important questions arise: (1) given existing law, are such willing-to-sacrifice equity investors currently affecting firm behavior; and (2) should there be legal reform that makes firms more sensitive to these willing-to-sacrifice investors’ preferences? This Article seeks to answer …

The Information Content Of The Implied Volatility Term Structure Slope For Forecasting Commodity Market Volatility, Lawrence E. Mckenzie

Doctoral Dissertations (DBA)

This study evaluates the implied volatility term structure (IVTS) slope (𝜅) for forecasting 21-day realized volatility against traditional time-series benchmarks and a 3-month continuous futures baseline. Using a matched sample of eight energy and agricultural commodities spanning 2007 to 2019, the study explicitly tests whether the option-implied slope contains unique predictive information beyond deferred price histories. The empirical findings yield three primary insights. First, redundancy testing indicates that the slope parameter delivers a statistically significant, independent risk signal even when controlling for deferred continuous futures paths. Second, an integrated joint encompassing framework that combines near-term historical volatility, generalized autoregressive conditional …

From Access To Accountability: Closing The Nonprofit Data Gap In Fintech Lending, Oluwatomisin Olubakinde

Journal of Nonprofit Innovation

Financial technology is often treated as a promising path toward financial inclusion. Mobile banking, alternative credit scoring, and AI-assisted underwriting have expanded access to financial products, but access alone does not guarantee fair outcomes. This piece frames fintech accountability as a nonprofit data accessibility issue. Nonprofits working in financial inclusion cannot fully evaluate fintech referrals or partnerships when the data behind approval decisions, pricing patterns, denial reasons, and appeal pathways remain inaccessible. Drawing on research in fintech lending and algorithmic fairness, the paper shows how data inputs, model design, and approval thresholds shape who benefits from fintech and who may …

Who Pays Dividend? Statistical Explanation And Machine Learning Prediction: Evidence From Pakistan, Zohaib Aziz, Javed Iqbal

The Indonesian Capital Market Review

This study explains and predicts the firm’s dividend payment decision using an unbalanced panel dataset of non-financial firms listed on the Pakistan Stock Exchange covering the period 2009-2020. Several traditional statistical models and modern machine learning algorithms are applied to examine the firm-specific and macroeconomic determinants of dividend decision. Logistic regression and dynamic panel probit models indicate that lagged dividend, firm efficiency and firm size positively influence the firm’s dividend decision whereas leverage and sales growth show negative effects. Lagged dividend is found to be the most influential variable in explaining and predicting the dividend decision while the role of …

Ceo Gender, Trade Credit, Covid-19 Pandemic, And Corporate Dividend Policies In Vietnam, Trang Ngoc Doan Tran Ms., Linh Ngoc Thi Nguyen Ms., Dung Phuong Ngoc Tran Ms., Khoa Dang Duong Dr.

The Indonesian Capital Market Review

This comprehensive study examines the dynamic interplay among CEO gender, trade credit, and dividend policies across 563 listed companies in Vietnam from 2006 to 2024. Employing the Generalized Method of Moments to address the endogeneity issue. The findings show that firms led by female CEOs distribute significantly lower dividends than those led by male CEOs. Moreover, a positive nexus exists between trade credit and the dividend payout ratio of listed firms in Vietnam. Furthermore, the study reveals that CEO gender moderates the relationship between trade credit and dividend payouts in Vietnam. Finally, our robustness tests confirm that the results remain …

The Specifics Of Green Mortgages: A Case Study Of Poland, Mateusz Tomal, Ewa Gorlecka-Łabiak

Journal of Banking and Financial Economics

The green mortgage market in Poland has received limited research attention. Therefore, this article aims to present the specifics of the green mortgage market in Poland. To thoroughly investigate the issue, in-depth interviews were conducted with 12 banking sector representatives, each with varying experience and professional roles. The study’s findings revealed that there is no formal definition of green mortgages, which hinders both banks and their customers. Currently, green mortgages are rarely granted due to their limited economic benefit to borrowers and the small number of residential properties that qualify. For banks, green mortgages present an opportunity to expand their …