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This study investigates the effects of internal and external corporate governance and monitoring mechanisms on the choice
of corporate social responsibility (CSR) engagement and the value of firms engaging in CSR activities. The study finds the
CSR choice is positively associated with the internal and external corporate governance and monitoring mechanisms, including
board leadership, board independence, institutional ownership, analyst following, and anti- takeover provisions, after controlling
for various firm characteristics. After correcting for endogeneity and simultaneity issues, the results show that CSR engagement
positively influences firm value measured by industry-adjusted Tobin’s q. We find that the impact of analyst following for
firms that engage in CSR on firm value is strongly positive, while the board leadership, board independence, blockholders’
ownership, and institutional ownership play a relatively weaker role in enhancing firm value. Furthermore, we find that CSR
activities that address internal social enhancement within the firm, such as employees diversity, firm relationship with its
employees, and product quality, enhance the value of firm more than other CSR subcategories for broader external social enhancement
such as community relation and environmental concerns. 相似文献
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Putu Agus Ardiana 《Australian Accounting Review》2019,29(4):726-747
The objective of this research is to examine whether stakeholder engagement in sustainability reporting constitutes the process of managing reputational risk. This research utilises Shrives and Brennan's (2017) framework of rhetorical strategies of non‐compliance to obtain empirical evidence of reputation risk management (RRM) in the context of stakeholder engagement in sustainability reporting. Quantitative and qualitative content analysis was undertaken on 154 sustainability disclosures in both the annual and sustainability reports of large Australian companies. This research finds that large Australian companies engage with their stakeholders to manage reputational risk: to increase market share and pre‐empt social issues. It is evident that large Australian companies use several forms of rhetorical statements in their sustainability disclosures with respect to RRM. However, there is no evidence that they shirk their responsibilities. 相似文献
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Maretno Agus Harjoto 《Journal of Education for Business》2017,92(3):129-137
The author compared students' perceptions of prelecture videos replacing face-to-face (F2F) classes in blended and F2F graduate corporate finance classes. Using 176 anonymous survey responses from eight F2F and two blended classes during the 2014–2016 year, the author found that students in the blended classes had a greater belief that prelecture videos could replace F2F classes than did students in the F2F classes. Students in the blended classes showed a greater understanding of the flipped lecture format and performed better than students in the F2F classes. Students in the blended classes also tended to rate the instructor's teaching effectiveness lower than students in the F2F classes. 相似文献
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We hypothesize that CSR serves as a control mechanism to reduce deviations from optimal risk taking, and therefore, CSR curbs excessive risk taking and reduces excessive risk avoidance. Based on the stakeholder theory, firms with CSR focus must balance the interests of multiple stakeholders, and therefore, managers must allocate resources to satisfy both investing and non-investing stakeholders’ interests. Using five measures of corporate risk taking and a sample of 1718 US firms during 1998 to 2011, we find that stronger CSR performance is associated with smaller deviations from optimal risk taking levels. We examine the mechanism through which CSR has an impact on firm value and find a positive indirect impact of CSR on firm value through the impact of CSR on risk taking. CSR performance is positively associated with firm value because CSR reduces excessive risk taking and risk avoidance. 相似文献
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Maria Pietronilla Penna Mirian Agus Maribel Peró-Cebollero Joan Guàrdia-Olmos Eliano Pessa 《Quality and Quantity》2014,48(1):173-187
Many students have difficulty in grasping several concepts that are related to the solution of statistical problems. The bibliography reports how the ability of students to solve problems can be affected by the mode of the statistical problem presentation: verbal–numerical and pictorial–graphical. The dual-coding theory predicts that the graphical representation mode should enhance students’ statistical reasoning. Solving these problems requires the building, by the subjects, of a mental model, which in turn relies on visuo-spatial processing. To test this hypothesis we analysed how the ability to solve problems of 473 undergraduate students is affected by the mode of the statistical problem presentation. The study used a quasi-experimental mixed design to explore how the student’s performance is related to visuo-spatial and numerical abilities, statistical expertise, time pressure and problem representation mode (verbal/pictorial). Data analysis, based on the Hierarchical Loglinear Model and then the Logit Model, highlighted that the effect of facilitation, induced by the graphical presentation mode, would seem more likely to occur in inexperienced subjects with high visuo-spatial competence. 相似文献
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This paper studies the relationship between personal stock donation by top executives and board of directors (insiders) of publicly traded corporations and their personal tax, shareholders' returns, and social responsibility. The study finds evidence that the timing of stock donations is driven by personal tax gain. The study further shows, comparing stock gift corporations relative to their non‐stock gift cohorts, that personal stock gifts are associated with lower short‐term and long‐term stock returns to shareholders. This implies that stock donation driven by insiders' personal gain adversely affects shareholder wealth. However, the likelihood and intensity of insiders to make personal stock donation is reduced when firms have strong corporate social responsibility (CSR). Agency theory explains insiders' opportunistic behavior, stakeholder theory is also supported by evidence that stock donation is negatively related to CSR, and stewardship theory offers a different view to explain the rationale behind insiders' stock donation and shareholders' reactions to stock gifts. 相似文献
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Maretno A. Harjoto Ha-Chin Yi Tosporn Chotigeat 《Journal of Economics and Finance》2012,36(3):587-612
This study focuses on the reasons for and the implications of banks?? decisions to acquire non-bank financial service firms (non-banks). The choice to acquire non-banks is driven by both external forces such as deregulation and regulatory capital and by internal forces such as a diversification strategy and efforts to enhance revenue and return to equity holders. We find that whereas the impact of acquiring non-banks increases their non-interest income, it also increases their non-interest expense. The net effect of choosing non-bank acquisitions lowers their subsequent return on assets, market value, and stock returns, as well as increasing their risk. However, the non-bank acquisitions do significantly increase the acquiring banks top executives?? subsequent compensation. We conclude that non-bank acquisitions are driven by both regulatory and strategic forces within the banking industry. However, such acquisitions manifest into agency problems. 相似文献
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This study investigates the influence of generational diversity management and the quality of leader–member exchanges on innovative work behaviors, mediated by employee engagement. A group of 1839 employees at Indonesia’s largest telecommunications company, which represents three generations – Baby Boomers, Gen X, and Gen Y – participated in the study. The results suggesting that employee engagement strengthens the influence of quality in leader–member exchanges, and diversity management leads to positive innovative work behaviors. Generational diversity, leader–member exchange, and innovative work behaviors are lowest among Gen Y, but are highest among Gen X. Employee engagement peaks in Baby Boomers. 相似文献