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作者：D'Lima, Rohan; Rava, Ariel; Subasi, Musa
作者单位：NEOMA Business School; Yeshiva University; University System of Maryland; University of Maryland College Park
摘要：We examine whether foreign national directors (FNDs) on US corporate boards help their firms mitigate the adverse effects of economic policy uncertainty (EPU) shocks originating from the directors' home countries. Using a comprehensive data set of US manufacturing firms' international supply chain relationships from 2003 to 2019, we find that EPU spikes in supplier countries lead to significant declines in aggregate US imports as well as in buyer firms' inventory purchases, sales, and market v...
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作者：Jin, Qinglu; Wu, Sirui
作者单位：Shanghai University of Finance & Economics; Xi'an Jiaotong University
摘要：Granting decision rights to minority shareholders protects them from expropriation by controlling shareholders, but it simultaneously fosters a mismatch between decision rights and decision-relevant information. Using the setting of China's classified voting system (CVS), which requires minority shareholder approval for managerial proposals, this study investigates the effect of such a regulation on investment responsiveness to profitability and equity value attributable to growth options. Fol...
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作者：Ahn, Sang; Hyun, Jeong-Hoon; Koga, Kentaro; Shin, Jae Yong
作者单位：University of San Francisco; Chung Ang University; Nagoya University of Commerce & Business; Seoul National University (SNU)
摘要：This study examines the association between firm performance and promotion incentives (i.e., the product of vertical pay disparity and promotion probability) in multilayer corporate tournaments using a unique data set of Korean public firms. We dissect the corporate tournament into layers and separately examine their association with firm performance while also accounting for the role of promotion probability. We find that (1) upper-layer, rather than lower-layer, tournaments are the main driv...
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作者：Ma, Zhiming; Stice, Derrald; Stice, Han; Zhang, Yue
作者单位：Peking University; University of Hong Kong; George Mason University; Central University of Finance & Economics
摘要：We examine changes in bank loan contracts after borrowers experience a nearby local newspaper closure. Compared to a sample of control firms, we find that the closure of a local newspaper leads to higher interest spreads for borrowers. This effect is more pronounced when there are fewer related lenders in the syndicate, when lenders have less prior lending experience in the local area, when the closed local newspapers are associated with increases in misconduct cases, and for institutional len...
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作者：Samet, Jordan; Schuhmacher, Karl; Towry, Kristy L.; Zureich, Jacob
作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; Emory University; Lehigh University
摘要：Reciprocity plays a critical role in the way employees respond to managerial control decisions. The current consensus is that employees punish managers for implementing unkind controls (negative reciprocity) more than they reward managers for implementing kind controls (positive reciprocity). We challenge this consensus. Prior research focuses on settings that emphasize employees' immediate reciprocal responses. However, in the workplace, employees often respond over long periods of time to st...
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作者：Charnock, Robert J.
摘要：As early as 2015, financial regulators were developing disclosure frameworks aimed at enabling capital markets to price climate risks. Yet the literature on sustainability disclosure offers little insight into how regulatory agendas change, instead focusing on how nongovernmental organizations drive voluntary disclosure. To address this deficiency, this paper charts how financial regulators came to embrace climate risk, analyzing how an array of non-state initiatives became coordinated in high...
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作者：Jia, Ning; Qian, Jiaqi; Tian, Xuan; Yu, Jinxin
作者单位：Tsinghua University; Tsinghua University; Central University of Finance & Economics
摘要：We examine the effect of product market competitors' listing delays on incumbent firms' defensive strategies, including efforts in customer retention and acquisition as well as merger and acquisition (M&A) activities. To establish causality, we use four regulation-induced IPO suspensions in China that expose firms already approved for an IPO to indeterminate listing delays. Using a difference-in-differences design, we find that incumbent firms reduce efforts in customer retention and acquisiti...
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作者：Beck, Amanda W.; Garven, Sarah A.; Yetman, Michelle Higgins
作者单位：University System of Georgia; Georgia State University; Middle Tennessee State University; University of California System; University of California Davis
摘要：Evaluating organizational effectiveness is a significant challenge for nonprofit donors making donation allocation decisions. Donations may be misallocated if organizational effectiveness is inadequately assessed, and donors, who are often organizational outsiders, rely on nonprofit disclosures on IRS Form 990 to make such assessments. We examine whether donors value volunteer commitment, as measured by the number of volunteers that nonprofits disclose on Form 990, alongside financial and gove...
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作者：Zhang, Xinyu
摘要：Using two experiments, I examine the effects of relative performance information (RPI) on social bonding and subsequent cooperation. In Experiment 1, participants in groups of four first complete a more or less difficult individual math task and then participate in a public goods game. I find that RPI significantly increases contributions in the public goods game when group members exhibit similar performance levels in the individual task and when the task is more difficult. Conceptually, RPI ...
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作者：Dyreng, Scott D.; Hills, Robert W.; Lewellen, Christina M.; Lindsey, Bradley P.
作者单位：Duke University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; North Carolina State University; Utah System of Higher Education; Utah State University
摘要：Academic research investigating the economic consequences of tax avoidance is almost always interested in the consequences of intentional, deliberate actions undertaken to reduce taxes relative to income. Therefore, it is crucial that such research distinguishes between intentional and incidental tax avoidance, since failure to do so can create endogeneity concerns and lead to incomplete and incorrect economic inferences. In this paper, we first develop a framework that conceptually defines an...
