This paper documents significant partisan divides in a various range of corporate cultural values. Using a panel data of 2,424 S&P 1500 firms from 2001 to 2018, we find that firms with top management team leaning toward the Democratic Party have higher cultural values of integrity, teamwork,...

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...

Seminal theories of the firm posit that firm ownership is allocated to minimize contractual inefficiencies. Yet, it remains unclear how much the optimal ownership choice affects firm performance in practice. This paper provides a first quantification of the gains from optimal ownership within...

Seminal theories of the firm posit that firm ownership is allocated to minimize contractual inefficiencies. Yet, it remains unclear how much the optimal ownership choice affects firm performance in practice. This paper provides a first quantification of the gains from optimal ownership within...