1,720,993 research outputs found
Corporate political activities and firms' carbon emissions
No full textThis study investigates the relationship between corporate political activities (CPA) and a firm's carbon emissions level. We test two competing hypotheses suggesting that political connections either incentivize firms toward stricter environmental standards through reputational pressures or enable higher emissions via regulatory leniency and compromised governance. Utilizing a large sample of U.S. firms, we find robust evidence that politically connected firms have significantly higher carbon emissions. Specifically, adding one politically connected independent director increases absolute emissions by approximately 20% and emission intensity by 16%. These results remain consistent after extensive robustness checks and addressing endogeneity through a stacked difference-in-differences design around director turnover events. We further identify regulatory leniency and weakened environmental governance as mechanisms driving these higher emissions. Cross-sectional analyses reveal that the CPA-emissions relationship is stronger in politically conservative states, financially constrained firms, competitive industries, and complex organizations, whereas institutional investors help mitigate this effect. Our findings highlight how corporate political strategies exacerbate environmental externalities, contributing to the understanding of the broader ecological and societal consequences of firms' nonmarket behaviors.
Impact of financial and multinational operations on manager perceptions of dividends
No full textWe survey managers of firms listed on the Toronto Stock Exchange about their views on
dividends. We find the perceptions of factors that influence dividend policy differ between
managers of financial and non-financial firms. Industry classification also affects how managers
view statements about the dividend pattern, dividend setting process, dividend policy and firm
value, residual dividend theory, and explanations for paying dividends. However, we find weak,
if any, multinational operations effect on manager perception of dividends. We conclude that
researchers investigating dividends should partition the data by industry type and perhaps other
firm characteristics to better understand the dividend puzzle
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Management Views on Real Options in Capital Budgeting
No full textJournal of Applied Finance, Forthcomin
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Get PDFWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Corporate Social Responsibility, Absorptive Capacity, and Collaborative Innovation: International Evidence
No full textCollaborative innovation has become increasingly relevant for maintaining competitive advantage. Recent researchers posit that trust, which is core for collaborative innovation can be built through corporate social responsibility (CSR). Yet relatively little is known about the impact of CSR and its dimensions on collaborative innovation. Based on a panel data analysis covering the period 2009 to 2018, this thesis examines the relationship between Collaborative innovation and CSR on publicly listed manufacturing firms around the world and extends the literature by proposing that a firm's absorptive capacity exerts a moderating effect on this relationship. The study finds empirical evidence that supports the assertion that CSR promotes collaborative innovation. Importantly, the effect only manifests through the environmental dimension of CSR. The results also show that firms with higher absorptive capacities are more inclined to collaborate for innovation. However, the effect of CSR, especially the social and corporate governance dimensions on collaborative innovation dwindles in the presence of high absorptive capacity. These results have theoretical implications and provide valuable managerial recommendations for socially responsible firms that seek to form strategic alliances for innovation
The Nexus Between the Economy, M&A Transactions and Investors' Behaviour: International Evidence
No full textThis research contributes to the much-debated literature existing on the relationship between the economy, merger and acquisitions (M&A), and investors’ behaviour by empirically examining the relationship between aggregate M&A transactions, Real GDP and the stock market in the top nine countries with respect to M&A activity globally from the period 1999-2018. Interestingly, according to the cross-sectional dependence and slope heterogeneity tests conducted, the research finds that when a specific country's stock market, Real GDP or M&A activity is affected or influenced in some way, this may also have an affect or influence on the other countries considered in this research as well. Each of the nine countries have some common economic characteristics. Additionally, each country has its system with reference to how the stock market index(s), economic activity and M&A activities influence each other and operate individually. This indicates that an economic relationship between the variables in one country may not be replicated by the others. Furthermore, in a country-by-country causality analysis using the Toda and Yamamoto (1995) approach, the research finds considerable evidence in support of the behavioural school of thought where investors’ behaviour and M&A activity seem to influence each other. Out of the nine countries investigated, six countries support the behavioural school of thought, i.e., show strong to moderate causality between M&A activity (number or value) and stock market price index. On the other hand, with reference to the neoclassical theory, surprisingly, there seems to exist a relationship between M&A activity and economic activity where M&A activity (number or value) leads economic activity in two out of the nine countries investigated. Finally, the research also suggests that economic activity seems to have an impact on how investors behave in six out of the nine countries investigated
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