The impact of board ethnic diversity on executive pay-to-performance sensitivity: Australian evidence

We examine how board ethnic diversity impacts executive pay-to-performance sensitivity. Using firm-year observations in Australia for the period 2007–2017, we document that board ethnic diversity leads to higher executive pay-to-performance sensitivity. The finding is robust in controlling for endogeneity using instrumental variable regression analysis, as well as using modified measures of board ethnic diversity. We also document that the impact of board ethnic diversity on executive pay-to-performance sensitivity is more pronounced for firms suffering from high agency costs and when the CEO's ethnicity is different from that of the majority of the board. This study helps to inform the debate on the issue of board ethnic diversity in Australia.     

Mood management through metaverse enhancing life satisfaction

This study aims to explore a social metaverse's positive effects as mood management on consumers' life satisfaction and usage intentions. A total of 304 survey responses from active users of a popular social metaverse platform, Zepeto, were collected with help from an online survey firm. Structural equation modeling analysis was conducted using AMOS 25.0. The direct paths from social metaverse consumption as positive mood enhancement and negative mood alleviation to consumers' life satisfaction were significant, which led to greater usage intentions. Positive mood enhancement influenced usage intentions both directly and indirectly through increased life satisfaction; however, the effect of negative mood alleviation on usage intentions was fully mediated by life satisfaction. Interestingly, for the players who spend money in the social metaverse, only the path from negative mood alleviation to usage intentions mediated by life satisfaction was significant.     

Temporary migrants and gender housework division among left-behind household members

We examine whether Vietnamese migrant workers induce a shift in gender roles in housework division among the household members left behind. Using two waves of the Vietnamese Household Living Standard Survey (2006–2008), we apply the first-difference method and estimate a simple household fixed effects model with instrumental variables for robustness checking. We find that temporary female migrants are associated with a higher probability of undertaking housework by male members left behind and there is a reduction in the gender gap in terms of time spent on chores. However, we find little evidence for a similar reduction in the gender gap when the household size is altered for other reasons.     

An empirical investigation of tourism-led growth hypothesis in the European countries: evidence from augmented mean group estimator

Portuguese Economic Journal - Due to urbanization and the need for people to go from one country to another either for commercial purpose or tourism, it is therefore important to determine the...     

Shareholder litigation and toxic releases

We examine the environmental impact of the staggered adoption of universal demand laws by 23 U.S. states between 1989 and 2005. Universal demand laws impede derivative lawsuits and thus undermine shareholder oversight of corporate environmental performance. We find that weakened litigation rights for shareholders are positively associated with the release of toxic chemicals by firms. The effect is stronger for firms with weak governance, and environmental mismanagement by firms after the passage of the laws lead to poorer financial performance. Overall, our findings imply that derivative lawsuits by shareholders are not frivolous, as is often asserted. Rather, they act as an effective mechanism of corporate governance.