Using lenders becoming members of the Task Force on Climate-Related Financial Disclosures (TCFD) as a plausible exogeneous shock, we examine whether and how lenders’ commitment to transparent climate-related disclosures affects borrower firms’ environmental performance. We find that client...

This study shows that skilled-labor-intensive firms have lower dividend payouts. A one-standard-deviation increase in skilled labor intensity on average results in a 0.74 percentage point decline in the propensity to pay dividends and a 0.72 percentage point decrease in dividend payout ratio....

We conjecture that a firm’s organization capital (OC) has a substitution effect on its executive pay-for-performance sensitivity (PPS) and empirically document a robust and significant substitution effect of OC on executive PPS. We use state-level unemployment insurance benefits as an...

We develop an agency model in which managerial information manipulation creates pooling and entails ex-post costs internal and/or external to the firm. We examine the implications of the strategic interactions between shareholders (who set internal governance and the manager's incentive...

Using a borrower firm’s relationship bank becoming a member of the Task Force on Climate-Related Financial Disclosures (TCFD) and thus committing to more transparent climate-related disclosures as a plausible exogeneous shock, we examine whether and how lenders’ commitment to climate-related...

Using lenders becoming members of the Task Force on Climate-Related Financial Disclosures (TCFD) as a plausible exogeneous shock, we examine whether and how lenders' commitment to transparent climate-related disclosures affects borrower firms' environmental performance. We find that client firms...