This thesis examines three important topics in corporate finance: the relation between the dividend-paying status of a firm and its investment and operating performance following a seasoned equity offering (SEO), the market's view on one-dollar CEO salary announcements, and the value of corporate social responsibility (CSR) in the event of a data breach. First, I provide an in-depth analysis of the connection between dividend payouts and corporate investment of SEO firms. Empirical studies have documented the decline in post-issue operating performance of SEO firms, and the potential overinvestment of SEO proceeds seems to be a critical factor. Studies on dividend payouts argue that the agency cost of overinvestment could be lowered when dividends are paid to reduce free cash flows held by managers. To examine the connection, I utilize two post-issue dividend policies, paying consecutive dividends or nothing, to separate my sample of SEO firms and compare the two groups' post-issue investment and operating performance. I find that non-dividend-paying SEO firms overinvest more, leading to the deterioration of asset turnover and worse post-issue operating performance compared with dividend-paying ones. The results suggest a beneficial effect of consistent dividend payouts on post-SEO business operations. Second, I examine the market reaction to the public announcement of a $1 CEO salary decision using explicit reasons for the decision and mechanisms for dealing with the base salary to disentangle possible explanations for the reaction. It shows that the market does not favour the so-called personal sacrifice when CEOs eliminate their salary to counter a downturn or crisis. When a firm is in a predicament or has poor performance, the market sees its CEO’s decision to give up the salary as a signal that the outlook for the firm is bleak and the CEO is attempting to save their position. However, when newly hired CEOs start with a $1 salary, the market reacts positively. The results ascertain that a $1 salary is not seen purely as a vehicle for interest alignment. Third, I investigate whether public firms' CSR activities pay off when they suffer a data breach that potentially harms their reputation and hurts firm value. I use a sample of US data breaches and two sources of environmental, social, and corporate governance (ESG) ratings to investigate whether CSR engagement by public firms mitigates the negative stock market reactions to their data breach announcements. I utilize pre-breach ESG scores to separate my sample of breached firms into high and low CSR groups. Using event study methodology, I find that the market reacts significantly negatively to only the low CSR group's announcements. Consistent with previous studies on how firms benefit from CSR activities when they face adversity and lose public trust, the results suggest that social performance protects firms against information leakage incidents. However, the extent to which the market assesses the ratings from different providers is still divergent, which is a concern for practitioners. / Thesis / Doctor of Philosophy (PhD)

Les impacts des changements climatiques sur la population sont nombreux et ont été relativement bien documentés, ce qui n’est pas le cas de ces impacts sur la santé et la sécurité des travailleurs. L’objectif de cette thèse est de documenter les effets négatifs des changements climatiques sur la santé et la sécurité des travailleurs dans une région d’un pays industrialisé à climat tempéré, comme le Québec. Pour y arriver, deux approches ont été utilisées : a) les dangers et les effets sanitaires ont été identifiés par une revue de la littérature validée par des experts nationaux et internationaux, et des priorités de recherche ont été établies à l’aide d’une méthode de consultation itérative, b) des modèles statistiques, utiles à l’estimation des impacts sanitaires des changements climatiques, ont été développés pour apprécier les associations entre la survenue de lésions professionnelles et l’exposition des travailleurs aux chaleurs estivales et à l’ozone troposphérique, deux problématiques préoccupantes pour le Québec. Le bilan des connaissances a mis en évidence cinq catégories de dangers pouvant affecter directement ou indirectement la santé et la sécurité des travailleurs au Québec (vagues de chaleur, polluants de l’air, rayonnements ultraviolets, événements météorologiques extrêmes, maladies vectorielles transmissibles et zoonoses) et cinq conditions pouvant entraîner des modifications dans l’environnement de travail et pouvant ultimement affecter négativement la santé et la sécurité des travailleurs (changements dans les méthodes agricoles et d’élevage, altérations dans l’industrie de la pêche, perturbations de l’écosystème forestier, dégradation de l’environnement bâti et émergence de nouvelles industries vertes). Quant aux modélisations, elles suggèrent que les indemnisations quotidiennes pour des maladies liées à la chaleur et pour des accidents de travail augmentent avec les températures estivales, et que ces associations varient selon l’âge des travailleurs, le secteur industriel et la catégorie professionnelle (manuelle vs autre). Des associations positives statistiquement non significatives entre les indemnisations pour des atteintes respiratoires aiguës et les concentrations d’ozone troposphérique ont aussi été observées. Dans l’ensemble, cette thèse a permis de dégager douze pistes de recherche prioritaires pour le Québec se rapportant à l’acquisition de connaissances, à la surveillance épidémiologique et au développement de méthodes d’adaptation. Selon les résultats de cette recherche, les intervenants en santé au travail et les décideurs devraient déployer des efforts pour protéger la santé et la sécurité des travailleurs et mettre en place des actions préventives en vue des changements climatiques. / The impacts of climate change on human health are multiple and have been extensively studied in the general population, whereas these impacts on the working population have received little attention. In this perspective, the objective of this research is to document the negative effects of climate change on Occupational health and safety (OHS) in northern industrialized countries with a temperate climate, such as in Quebec. To achieve this goal, two approaches were used: a) exposure/hazards and potential effects of climate change on OHS were identified using a narrative review of the scientific literature validated by a working group of international and national experts and Quebec’s stakeholders, and research priorities applicable to the Quebec context were established by a consensus approach, b) statistical models, useful for quantifying the health impacts of climate change, were developed to estimate the associations between occupational illnesses, injuries and exposure to summer outdoor temperatures or tropospheric ozone, as these climate conditions are among the most preoccupying issues related to climate change in Quebec. The literature highlighted five categories of hazards that are likely to impact OHS in Quebec (heat waves/increased temperatures, air pollutants, UV radiation, extreme weather events, vector-borne/zoonotic diseases) and five conditions that could potentially affect the working environment and negatively impact the OHS (changes in agriculture/breeding methods, alterations in the fishing industry, disruptions of the forest ecosystem, deterioration of the built environment and emerging green industries). The modeled associations suggest that daily compensations for heat-related illnesses and work-related injury increase with ambient temperature, and that these relations vary according to workers age, industries and physical demand of the occupation (i.e. manual vs other type). Positive non-statistically significant associations were observed between acute respiratory problems compensations and levels of ozone. Overall, this work produced a list of twelve research topics for the Quebec context, all related to the knowledge acquisition, the surveillance of diseases or the development of adaptation strategies. According to this thesis, stakeholders and decision-makers should make effort to increase the protection of workers health and safety in the context of climate change.