Due to their covert and often dubious nature, corporate political activities may encourage or facilitate opportunistic behaviors. Yet, they also subject firms to heightened visibility, which brings greater public and regulatory scrutiny. Using a hand-collected data set of politically connected...

This study identifies and empirically assesses the relationship between ESG reputational risk and corporate payouts. We provide robust evidence that ESG reputational risk stimulates higher payouts and that the presence of strong (weak) monitoring mechanisms amplifies (attenuates) this...

Suboptimal investment either in terms of overinvestment or underinvestment is a value-destroying activity. This study examines the role of foreign institutional ownership, on Investment decisions and speed of adjustment to target investment. Based on a US sample of 11,690 firm - year...

This study examines whether information about a firm’s engagement in environmental, social and governance (ESG) practices is material to market participants. Evidence from a sample of 1,856 IPOs by US companies for the 2007-2018 period robustly documents that firms for which there is available...