Despite a well-documented profitability, health and safety (H&S) programs remain an uncommon investment among large U.S. companies. This article is the first to demonstrate a negative link between the financial leverage of firms and the implementation of H&S programs. This effect is robust to...

Return on Equity (RoE) is a central measure of performance in the banking industry, which is used to allocate capital inside and across divisions. The reliance on this metric emerged from the risk management approach to banking which underlies bank capital regulation. Using the financial crisis,...

Using a multidimensional index of board members’ diversity, we document a positive impact of board diversity on firm performance, for a panel of Vietnamese listed firms. Results are robust to the introduction of firm fixed effects, the use of an instrumental variable and changes in the board...

This paper studies how bank capital changes following the implementation and removal of a tax incentive on equity. We examine the impact of the introduction of a tax allowance in Italy granted to banks (and other firms) that increase their equity from a base year. Using a...

In this paper, we investigate how labor regulation interacts with financial leverage to explain the level of compensation firms pay to their employees. Firm leverage increases the risk of displacement of employees and the bargaining power of shareholders, implying opposite effects on the level...

This paper analyzes family-owned banks in Thailand. Using the data before the financial crisis, we find that wealthy families extensively use pyramids to control a business empire which includes financial and non-financial firms. We analyze the entire family group structure and find that...