Exploiting a distinctive measure of corporate culture based on advanced machine learning, we investigate the effect of board gender diversity on corporate culture. Our results demonstrate that greater board gender diversity considerably strengthens positive corporate culture. The findings...

In times of crisis, corporate governance, particularly the gender equality aspect, is critically important. Motivated by the phrase ‘gender equality today for a sustainable tomorrow’, we investigate how board gender diversity affects asset redeployability, which is a key element in the...

Purpose: Taking advantage of a novel measure of innovative culture generated by advanced machine learning, we investigate how a culture of innovation is influenced by a crucial aspect of the board of directors, i.e., board size. Our data on corporate culture of innovation are based on a textual...

We investigate the effect of board gender diversity on managerial risk-taking incentives. Our results demonstrate that companies with stronger board gender diversity provide more powerful executive risk-taking incentives. It appears that female directors’ risk aversion exacerbates managers’...

The literature offers no clear evidence on the effect of independent directors on firm value. We argue that, during stressful times, firms may need more and better expert advice to navigate a crisis. Outside independent directors can provide such advice. So, the role of independent directors may...

This study investigates the associations among bank risk-taking, ownership concentration, and the recently-proposed standard for capital stability (Basel III). Consistent with theory, the evidence shows that a rise in ownership concentration by one standard deviation increases the extent of...

We relax Modigliani and Miller’s (1961) assumption of perfect capital markets for dividends by introducing a market imperfection that has not been investigated before, i.e., the economic uncertainty caused by infectious diseases. We exploit a unique text-based measure of infectious diseases...

We examine the impact of CEO tenure on corporate labor investment efficiency. While some studies show that CEO entrenchment increases in tenure (e.g., Hermalin and Weibach, 1998), others argue that managerial expertise builds over time in the office (e.g., Graf-Vlachy et al., 2020). Using a...

Some firms choose not to use an investment bank advisor in mergers and acquisitions (M&A) transactions. We test whether this decision affects the merger announcement period returns. We compare the abnormal returns from a sample of 179 in-house acquisitions (in which either the acquirer or the...