A poor ethical culture has been considered one of the reasons for the emergence of many corporate governance scandals. In this paper, I investigate the link between two corporate governance mechanisms – the composition of the board of directors and ownership structure – and ethical culture...

For most of the twentieth century the conventional wisdom held — probably correctly — that shareholders in America's large corporations were passive and powerless and that real power in a public corporation was wielded by its managers. Beginning in the 1980s, however, shareholders in the...

I show corporate culture is an important channel through which governance affects firm value. By quantifying culture and using a regression discontinuity design for identification, I demonstrate stronger governance significantly changes culture: it increases results-orientation but decreases...

For those concerned with nature and role of the business firm in economy and society, these are challenging times. Past and ongoing financial crises and scandals have focused attention on the system of regulation, governance and disclosure in a way many may never have imagined and few welcomed....

The purpose of this paper is to study the relevance of ownership and CEOs' characteristics in the implementation of corporate social responsibility (CSR) activities. Specifically, it is proposed that ownership structure characterised by the presence of large shareholders is related to CSR...

We provide evidence that Environmental, Social and Governance (ESG) performances of financial companies are informative and that these performances have real and significant economic impact. First, investor holdings increase with ESG performance of financial companies. The investor decision is...

Corporate social responsibility is growing steadfast in emerging countries. Studies analyzing the factors that typically determine CSR practices of firms have often led to conflicting results. In this study, we examine corporate governance determinants that are specifically relevant to CSR in...

Binary economics simultaneously offers a paradigm for understanding economic efficiency, growth, and justice that is foundationally distinct from classical, neoclassical, Keynesian, and socialist economics. First proposed by Louis Kelso, binary economics also offers a prescription for...

This article provides a novel methodology to investigate the influence of share ownership on corporate decision making. Quantifying the characteristics of firms' owners based on their measurable investment habits enables us to assess their predominant preferences. We demonstrate that a...