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Yes / This study aims to contribute to the relevant accounting, corporate gover-nance, and corporate social responsibility (CSR) literature by examining thevalue relevance of mandatory CSR disclosures in China. Using a difference-in-differences (DID) research design and a sample based on propensity scorematching (PSM) over the period from 2003 to 2020, our findings suggest thatmandatory CSR disclosures are negatively associated with firm' values. We alsofind that firms with a high level of institutional ownership and leverage experi-ence a relatively lower drop in firms' values as a result of the mandatory CSRdisclosures. These findings remain robust to alternative sampling design, use of market to book value as an alternative measure of firms' market-based performance, and a parallel test to validate our DID analysis. Our findings have useful implications for managers, regulators, policy makers and other stakeholders.

This paper investigates the impact of diversification and the financial crisis on firm performance in India.The dataset of this paper is focused on Indian publicly listed firms between 2006 and 2012. By analyzingaccounting-based and market-based measures of firm performance, this study tries to explain the factorsthat influences the costs and benefits of diversified firms compared to non-diversified firms. This studyfound that diversified firms have on average a higher firm performance than non-diversified firms.During the global financial crisis, the performance of both diversified and non-diversified firms in Indiadeteriorated caused by a meltdown of global economic activities. This study does not find evidence thatdiversified firms perform relatively better than non-diversified firms during crisis times. Diversification isexpected to be more beneficial in the absence of well-developed and integrated capital markets due theeffects of “more money” and “smarter money”, arising from an increased efficiency of the internalcapital market. The analysis gives an impression that the total number of diversified firms increased afterthe crisis.

The purpose of this thesis is to analyse the effect of corporate governance on firm performance and information leakage in the Chinese securities market. As one of the major emerging markets in the world, the results of this thesis are valuable not only to the Chinese market, but also to other emerging markets. To achieve this purpose, data is collected from most of the non-financial listed companies in the two Chinese stock exchanges, which are the Shanghai Stock Exchange and the Shenzhen Stock exchange. The data sample covers the period from 2004 to 2008, since there was a series of new reforms in the Chinese stock market at that time. These reforms include new legislation and the reduction of non-tradable shares. Then this thesis employs the panel technique and the pooled OLS to estimate the effect of corporate governance on firm performance and information leakage in Chinese listed companies. Firstly the relationship between corporate governance and firm performance in Chinese companies is empirically evaluated. The empirical results of this thesis find that the ownership structure of Chinese companies will affect their firm performance. In this thesis, proxies of ownership structure include the proportion of institutional ownership, the proportion of the state ownership, the proportion of shareholdings of the largest shareholder, and the proportion of tradable shares in Chinese companies. A greater proportion of institutional ownership has positive effects on firm performance in Chinese companies. Board subcommittees also help Chinese companies to increase firm performance. The market reforms of 2006 also help Chinese companies to increase their firm performance. However, the board of directors and board of supervisors do not affect firm performance in Chinese companies. Secondly, information leakage in the Chinese Stock Market is empirically assessed. If investors receive corporate material information before the public disclosure, this phenomenon is known as information leakage. The thesis finds that information leakage in the Chinese market is widespread. Finally, the thesis empirically examines the effects of corporate governance on information leakage in Chinese companies. Board subcommittees have negative effects on information leakage in Chinese companies. Other variables of corporate governance do not affect information leakage in Chinese companies. Additionally, the thesis finds that market reform promotes more information leakage in Chinese market. On the basis of the empirical results, the thesis provides the following recommendations. First, the Chinese Stock Market needs to reform the relevant legislation. Second, Chinese companies need to reform their ownership structure. These suggestions may strengthen the internal governance of Chinese listed companies, thereby, increasing firm performance and decrease information leakage.

This study finds leader genuine emotion does influence firm performance in two ways. First it can result in positive effect on subordinate attitude which, in turn, increases firm performance. Second, it can result in negative direct effect on firm performance after controlling for the indirect effects just mentioned. These results are interpreted herein to provide support to the claims by many (Ashforth & Humphrey, 1993; Gardner et al., 2009a; Humphrey et al., 2008; Hunt et al., 2008) that properly managed genuine leader emotion should lead to positive outcomes and improperly managed genuine leader emotion should lead to negative outcomes. Here, proper management is contingent upon displaying emotions that “correspond” with display rules, situational requirements, and audience expectations. Thus, it is recommended herein that leaders closely monitor their behavior, predominately using genuine emotional displays when appropriate and deep acting when their genuine emotions do not align with the requirements of their role.

This study extends previous research on the effects of executive board diversity by examining the relationship between age-, gender- and nationality diversity on firm performance in the Netherlands. Based on a sample of 79 Dutch listed firms studied over the period 2010-2015, this study reports a positive link between board diversity and firm performance. Firm performance is, hereby, estimated using a forward-looking market performance measure (Tobin’s Q) and a backward-looking accounting measure (ROA).

Thesis (M. Com. (Accountancy))--University of the Witwatersrand, Faculty of Commerce, Law and Management, School of Accountancy, 2014 / Academic and commercial interest in the corporate governance practices of publicly listed companies has increased significantly in recent years (Rossouw, 2005). With high-profile corporate failures such as Enron and WorldCom heightening the interest in corporate governance practices (Rashid, 2011). It has become evident that the performance of well governed firms is superior to that of less well governed firms (Kyereboah-Coleman & Biekpe, 2005). Despite the fact that corporate governance is multi-dimensional (Kyereboah-Coleman & Biekpe, 2005), this study focused on the impact of board composition (defined by the percentage representation of independent non-executive directors on the board) and board size on the firm performance measures namely; Tobin’s Q (TOB), return on assets (ROA), and return on equity (ROE) of firms listed on the Johannesburg Securities Exchange (JSE). Annual data, from the period 2006 to 2012 was used while the analysis of data was done using the Multiple Regression Analysis Model. After having analysed the research results, it was found that no significant relationship exists between the proportion of independent non-executive directors on the board and board size, and firm performance measures. Thus, this research study suggests that performance of South African companies listed on the JSE Securities Exchange is not influenced by board composition and board size.

Research report (M.Com. (Information Systems))--University of the Witwatersrand, Faculty of Commerce, Law and Management, School of Economic and Business Sciences, 2013. / Using the resource based view of the firm theory, a research model is proposed that explains how IT governance capability results in improved firm performance by improving a firm’s IT Infrastructure capabilities and business processes. The research model is explored by means of case study where a survey is undertaken with the key stakeholders of a global Corporate and Investment Bank. Data was collected and analysed from 140 respondents using an online survey. The model hypotheses were not tested. The respondents’ characteristics (role, region, business area and length of experience) were explored providing greater insight and confirmation of the general relationship between the variables. The case study confirmed the general relationships of the model except the training capability - firm performance relationship. The IT governance process formality moderator provided results that were in contradiction to expectations. The IT intensity moderator confirmed the general relationship. The strength or weaknesses of the relationships when analysing the respondent characteristics are insightful and would not normally have been available if a multi-site survey had been performed.

Thesis advisor: Thomas Chemmanur / My dissertation is comprised of three chapters. The first chapter studies the impact of government spending on corporate innovation output. By exploiting the changes in Senate committee chairmanships as a source of exogenous variation in state-level federal government expenditures, I find that firms headquartered in states with increases in government spending significantly reduce their innovation output, as measured both by patent count and patent citations. These reductions are mostly concentrated in industries that need more labor input for innovative activities and firms headquartered in states with lower unemployment rates. I also analyze three possible channels through which an increase in government spending may affect innovation output: resource reallocation by corporations and individuals from innovative to non-innovative activities; partial movement of innovative activities from the corporate to the government sector; and a reduction in inventor productivity due to a labor-leisure trade-off. My evidence provides the strongest support for the resource reallocation channel. In the second chapter, co-authored with Thomas Chemmanur and Karthik Krishnan, we analyze the relationship between the human capital or “management quality” of firms and their long-run performance, using panel data from the BoardEx database on firms' top management characteristics and a management quality index constructed using common factor analysis on individual proxies for various aspects of management quality. We control for the potential endogenous matching between firm and management quality using a plausibly exogenous shock to the supply of new managers as an instrument. Using this instrument, we find a causal relationship between firms' management quality and future operating performance, market valuations, and stock returns. In the third chapter, co-authored with Thomas Chemmanur, Karthik Krishnan, and Qianqian Yu, using panel data on top management characteristics and a management quality factor constructed using common factor analysis on individual management quality proxies, we analyze the relation between the human capital or “quality” of firm management and its innovation inputs and outputs. We control for the endogenous matching between firm and management quality using a plausibly exogenous shock to the supply of new managers as an instrument, thereby finding a causal relationship between management quality and innovation activities. We show that higher management quality firms achieve greater innovation output by hiring more and higher quality inventors. / Thesis (PhD) — Boston College, 2016. / Submitted to: Boston College. Carroll School of Management. / Discipline: Finance.

Narcissism refers to persistent feelings of grandiosity, a need for admiration, and a lack of empathy (American Psychiatric Association 2013). The literature has found narcissism to be associated with individuals making decisions for a firm that fulfill their egos rather than maximize firm value. The literature in psychology, however, suggests that when firms face financial distress, narcissism could be a desirable trait in an individual, enabling the CEO to take the necessary risks and make the necessary decisions for the firm to recover. I study the context under which a firm may benefit from a narcissistic CEO. In this study, I use two measures from prior literature (CEO photo prominence in the annual report and a CEO’s use of first-person personal pronouns) to form a combination measure to investigate whether firms in financial distress are more likely to appoint a CEO with more narcissistic traits. I find some evidence to support this hypothesis. I also examine whether the association between narcissism and future firm performance is affected by the economic conditions of a firm and the visibility of the firm. I find results consistent with firm financial distress increasing a narcissistic CEO’s effect on firm performance in low-visibility firms.