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View article: The Impact of ESG (Environmental, Social, and Governance) Considerations on Corporate Mergers and Acquisitions: Strategies for Value Creation
The Impact of ESG (Environmental, Social, and Governance) Considerations on Corporate Mergers and Acquisitions: Strategies for Value Creation Open
The integration of Environmental, Social, and Governance (ESG) considerations in corporate mergers and acquisitions (M&A) has gained significant traction as companies recognize the strategic value of sustainability in dealmaking. This pape…
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The Value of Everything: Making and Taking in the Global Economy Open
"Who really creates wealth in our world? And how do we decide the value of what they do? At the heart of today's financial and economic crisis is a problem hiding in plain sight. In modern capitalism, value-extraction is rewarded more high…
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Good, better, engaged? The effect of company-initiated customer engagement behavior on shareholder value Open
In today’s connected world, customer engagement behaviors are very important. Many companies launch initiatives to stimulate customer engagement. However, despite evidence that customer engagement behavior also matters to share-holders, ac…
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The Value Relevance of Environmental, Social, and Governance Performance: The Brazilian Case Open
There is extensive literature on the value relevance of social responsibility for companies that operate in developed countries. However, little is known about the influence of these practices on the price of assets listed on emerging econ…
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ESG Importance for Long-Term Shareholder Value Creation: Literature vs. Practice Open
This article aims to detect how ESG adds value to the long-term shareholder value creation and to discover whether businesses are aware of positive ESG effects and, therefore, whether they will become more ESG-conscious. By conducting a qu…
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Gender diversity in the board, women’s leadership and business performance Open
Purpose This paper aims to investigate how gender diversity in top management – i.e. boardroom and top management positions – affects business performance among Colombian public businesses. Design/methodology/approach Building on the upper…
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Environmental, social, and governance ratings and financial performance: Evidence from the European food industry Open
Long‐term value creation is expected not only to be concerned with maximizing shareholder value but also includes the impact on other stakeholders and the environment. Environmental, social, and governance (ESG) issues are therefore gainin…
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ESG Performance and Shareholder Value Creation in the Banking Industry: International Differences Open
The aim of this paper is to study the role of socially responsible activities on shareholder value creation in a sample of 166 banks from 31 countries over the 2010–2015 period. Prior research about this relationship is scarce and limited …
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Why Activist Hedge Funds Target Socially Responsible Firms: The Reaction Costs of Signaling Corporate Social Responsibility Open
We develop and test a theory of how unintended audiences create reaction costs for firms that use corporate social responsibility (CSR) as a signal. We introduce and define reaction costs as costs that signal senders incur when unintended …
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THE IMPACT OF ESG FACTORS ON MARKET VALUE OF COMPANIES FROM TRAVEL AND TOURISM INDUSTRY Open
The aim of this paper is to investigate the relationship between environmental, social, and governance (ESG) factors and firm market value for the companies from travel and tourism industry and, in the same time, to investigates the questi…
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Disentangling the effects of hedge fund activism on firm financial and social performance Open
Research Summary We investigate how hedge fund activism affects firms' financial and social performance. So far, research has examined either the impact of hedge fund activism on firms' short‐term financial performance, or how other types …
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THE EFFECT OF DIVIDEND POLICY, LIQUIDITY, PROFITABILITY AND FIRM SIZE ON FIRM VALUE IN FINANCIAL SERVICE SECTOR INDUSTRIES LISTED IN INDONESIA STOCK EXCHANGE 2015-2018 PERIOD Open
Firms that go public have a target to increase the value of their firm, because the value of the firm is an attractive factor for investors to call their capital. Firm value is a financial indicator because high corporate value can prove p…
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Determinants of corporate financial performance relating to board characteristics of corporate governance in Indian manufacturing industry Open
Purpose The purpose of this paper is to examine if certain board characteristics have an impact on the financial performance of manufacturing firms in India. Design/methodology/approach The study draws on data from 275 firms listed in NSE …
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ES Risks and Shareholder Voice Open
We examine whether shareholder votes in environmental and social (ES) proposals are informative about firms’ ES risks. ES proposals are unique in that they nearly always fail. We examine whether mutual funds’ support for these failed propo…
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CEO compensation: Evidence from the field Open
We survey directors and investors on the objectives, constraints, and determinants of CEO pay. We find that directors face constraints beyond participation and incentives, and that pay matters not to finance consumption but to address CEOs…
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Global Logistics : New Directions in Supply Chain Management Open
The world of logistics is constantly evolving and in the same way, the sixth edition of this established book has evolved to represent the current trends, best practice and latest thinking in global logistics. It serves as a forum allowing…
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Women Don’t Mean Business? Gender Penalty in Board Composition Open
We examine investor responses to board diversity and highlight a previously unexplored mechanism to explain negative market reactions to senior female appointments. Drawing on signaling theory, we propose that an increase in board diversit…
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When Blockchain Creates Shareholder Value: Empirical Evidence from International Firm Announcements Open
Blockchain is a prominently discussed technology in operations and supply chain management and firms increasingly engage in blockchain initiatives. Yet, an understanding of the technology's financial value remains elusive. Based on 175 fir…
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Corporate donations and shareholder value Open
Do corporate donations enhance shareholder wealth or reflect agency problems? We address this question for a global sample of firms whereby we distinguish between charitable and political donations, as well as between donations in cash and…
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Corporate Culture and Innovation: A Tale from an Emerging Market Open
We examine the influence of corporate culture on innovation using a unique set of data from Chinese listed companies over the period 2008–2017. Using the competing value framework, we quantify corporate culture using textual analysis of fi…
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Carbon Emission Disclosure, Good Corporate Governance, Financial Performance, and Firm Value Open
This research aims to examine (1) the effect of carbon emission disclosure on firm value, (2) the effect of good corporate governance on firm value, (3) the mediating role of financial performance between carbon emission disclosure and fir…
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Value Creation, Appropriation, and Distribution: How Firms Contribute to Societal Economic Inequality Open
Firms are central to wealth creation and distribution, but their role in economic inequality in a society remains poorly studied. In this essay, we define and distinguish value distribution from value creation and value appropriation. We i…
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Is managerial entrenchment always bad and corporate social responsibility always good? A cross‐national examination of their combined influence on shareholder value Open
Research summary Building on the comparative capitalism's notion of institutional complementarities, we examine whether firms’ simultaneous adoption of managerial entrenchment provisions (MEPs) and corporate social responsibility (CSR) rei…
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Airline Value Chain Capabilities and CSR Performance: The Connection Between CSR Leadership and CSR Culture with CSR Performance, Customer Satisfaction and Financial Performance Open
This research examines Corporate Social Responsibility in Leadership (CSRL) and Culture (CSRC) as valuable resources of the value chain capabilities, and its influence on CSR Performance (CSRP), as well as its resulting effect on Customer …
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The Impact of Supplier Sustainability Risk on Shareholder Value Open
Business scandals like sweatshop labor have received growing attention in the field of supply management. Yet little is known about how detrimental such scandals are to buying firms. This study aims to fill this gap by examining the magnit…
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Help or Hurt? The Impact of ESG on Firm Performance in S&P 500 Non-Financial Firms Open
The paper aims to investigate the impact of ESG practice on firms’ financial performance in the context of U.S. market from 2018 to 2020. The paper examines a sample of 57 U.S. non-financial firms belonging to the S&P 500. The Two-Stage Le…
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Corporate Social Responsibility, Ownership Structure, and Firm Value: Evidence from Korea Open
This study examines the relationship between corporate social responsibility (CSR) and firm value in the context of ownership structure. Specifically, our study explores whether large shareholder and foreign shareholder ownership play an i…
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The Value of Employee Satisfaction in Disastrous Times: Evidence from COVID-19 Open
Employee treatment is an important but challenging element of corporate environmental, social, and governance policies. Satisfying employee needs can increase corporate productivity, but is also costly to shareholders. Using unique data of…
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Shareholder Wealth Effects of Modern Slavery Regulation Open
We examine the shareholder wealth effects of the adoption of the UK Modern Slavery Act 2015 (MSA). The MSA’s Transparency in Supply Chains clause introduced new reporting requirements mandating certain firms to provide an annual statement …
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Stakeholder Value Creation: Comparing ESG and Value Added in European Companies Open
In recent years, a renewed interest in value creation for stakeholders has been witnessed in different contexts. Different tools have been proposed to try to grasp and measure such value(s) but, in many cases, the main perspective remains …