This study focuses on the impact of the California Non-Profit Integrity Act (2004) on executive compensation costs in affected nonprofit organizations. We find that, for affected organizations, executive compensation costs during post-regulation periods have gone up in comparison to control...

In this paper we test whether the stock-market in India is driven by macro-economic fundamentals. We employ a non-parametric approach to determine whether any variables are non-linearly related with stock returns and the variability of stock returns by taking monthly observations from 1998 to...

We examine the roles of dividends and leverage to mitigate agency problems within family firms in Indonesia. Using simultaneous equations, we find a significant negative association between family ownership and dividend payout and a two-way negative relation between dividend payout and leverage....

In this paper, we use the common structural break test suggested by Bai et al. (1998) to test for a common structural break in the stock prices of the US, the UK, and Japan. On the basis of the structural break, we divide each country‟s stock price series into sub-samples and investigate...

Using a simple textual measure of performance and innovation related keywords (PAI) in the 10-K reports, we document a significantly positive relation between PAI and credit ratings. Our results hold utilizing instrumental variable analysis, change analysis, firm fixed effects and propensity...

In this paper, we study whether firms belonging to business groups (BG) have superior operating performance relative to stand-alone firms during the ongoing COVID-19 (COVID) pandemic. Our research is motivated by mixed empirical evidence on the performance of BG-affiliated firms. Using return on...