Firms facing financial distress must decide how to reduce costs, which often involves choosing between laying off some employees or reducing hours for a larger number. We investigate two questions related to this choice. First, how does the precision of a firm's performance measurement system...

We examine one special focus of Special Purpose Acquisition Companies (SPACs), namely environmental, social and governance (ESG) related investments. By collecting data from several sources on 1,737 SPAC IPOs formed between 2003 and 2022, we classify SPAC’s focus on ESG based on declared focus...

We study the relative efficiency of centralized vs. decentralized organizational forms given optimized managerial performance evaluation within an incomplete contracting framework with risk-averse agents under moral hazard. Decentralization and performance evaluation are complementary control...

We investigate the influence of peer quality on subjective performance evaluation using 75,413 ratings of 130 employees from 6,908 raters in a business school setting. We find that subjective performance ratings are lower for employees with higher quality peer groups in both randomized and...

Firm performance is a crucial factor in how CEOs are evaluated. However, a CEO can be repeatedly lucky or unlucky, adding noise to performance outcomes as a measure of managerial ability. In this study, I examine how much of the observed cross-sectional dispersion in outcomes can be attributed...

Company performance is the ability of a company to manage existing resources so that it can provide value to the company. By knowing the performance of a company can measure the level of efficiency and productivity of the company. Besides that, company performance appraisal is also useful to...

Regulators have pointed to Scope 3 carbon intensity metrics as a comprehensive measure of a firm’s climate risk profile. However, it has long been recognized that the calculation of Scope 3 emissions is difficult and costly. In this paper, we propose a simple and intuitive approach to...

This paper examines the long-term value implications of supply chain ESG performance. We find that firms with fewer supply chain ESG incidents exhibit higher future stock returns and accounting performance. We also find that robust supply chain ESG creates value by (i) enhancing supply chain...