Governmental and scientific news and insights on investor oriented environmental, social, and governance (ESG) data.

Which CSR Activities Are More Consequential? Evidence from the Great Recession

We exploit the Great Recession of 2008 to study how firms view corporate social responsibility (CSR). When confronted with an adverse exogenous shock, firms are forced to prioritize. Our results show that, during the Great Recession, firms do not lessen their overall CSR investments, suggesting that they recognize the importance of CSR. However, further analysis [...]

By |2018-03-30T13:42:31+00:00March 30th, 2018|CSR, ESG, Governance, Indicators, Investors|0 Comments

Female directors and real activities manipulation: Evidence from China

Unlike previous studies that focus on accrual-based earnings management, this study analyzes real activities manipulation and investigates whether female directors on boards of directors (BoDs) affect managers’ real activities manipulation. Using a large sample of 11,831 firm-year observations from Chinese listed companies from the 2000 to 2011 period, we find that higher female participation on [...]

By |2018-03-30T13:38:20+00:00March 30th, 2018|ESG, Gender inequality, Governance, Indicators, Risk|0 Comments

Insights from the Reporting Exchange: ESG reporting provisions trends

The research conducted as part of the Reporting Exchange project supports the existing argument that the variety and overlap of corporate reporting provisions make this field complicated and confusing 1,2. The research has allowed us to draw the conclusions outlined in this paper: • There are currently over 1000 reporting requirements for sustainability information, representing [...]

By |2018-03-02T11:30:24+00:00March 2nd, 2018|CSR, ESG, Governments, Law|0 Comments

The Governance of Foundation-Owned Firms

The burgeoning literature on corporate governance, both in economics and in law, has focused heavily on the agency costs of delegated management. It is therefore striking to encounter a large number of well-established and highly successful companies that have long been under the complete control of a self-appointing board of directors whose compensation is divorced [...]

By |2018-03-02T11:28:24+00:00March 2nd, 2018|ESG, Governance|0 Comments

CEO Tenure and Stock Returns Performance

This study shows that CEO tenure has positive and robust predictive power on cross-sectional stock returns. We show that a hedge portfolio constructed based on CEO tenure yields an annualised alpha of 1.32% and attribute this to seasoned CEOs having greater firm-specific knowledge and experience.  Consistent with this explanation, we find that CEO tenure has [...]

By |2018-03-02T11:24:36+00:00March 2nd, 2018|ESG, Firm Value, Governance, Indicators|0 Comments