Previous academic and popular literature has raised important debates concerning the contradictory incentives for international firms to reduce their environmental impacts and offer transparent environmental information about their operations. As an exhaustive review of this literature revealed mixed and partial evidence, we compared the individual corporate environmental performance and disclo...

intellectual capital (ic) is organizational intangible asset which is frequently associated with performance. ic is commonly categorized into three core components: human capital, structural capital and relational capital. this study takes a step further in the evolution of the ic model for the hotel industry and divides relationship capital into two categories: end customer- relationship capit...

Financial misrepresentation has serious, detrimental economic and social impacts. We present hypotheses regarding the factors that incline a firm to misrepresent its finances. Using a matched sample design, we find that three factors increase a firm’s probability of misrepresenting its financial position: performance below its industry’s average performance, performance significantly above its ...

This paper analyses the efficiency of venture capital and its impact on primary equity markets in France and Germany. It shows that venture capital operates according to the signalling model in France and according to the learning model in Germany. Only the learning model can serve as a rationale for government subsidies. In the signalling model, many young venture capital firms succeed without...

This paper conducts an event study analysis of the market value impact of operational loss events on non-announcing firms in the U.S. banking and insurance industries. We seek evidence of negative or positive information spillovers, i.e., that operational risk events have negative effects on stock prices of non-announcing firms or lead to wealth transfers from announcing to nonannouncing firms....

This paper investigates the role of non-financial performance measures in executive compensation. Using a sample of Internet firms we document that web traffic, an important nonfinancial measure for firms in the Internet industry, is positively associated with CEO total compensation and total change in CEO wealth. This association is robust to controlling for traditional financial performance m...

This paper investigates the role of non-financial performance measures in executive compensation. Using a sample of Internet firms we document that web traffic, an important nonfinancial measure for firms in the Internet industry, is positively associated with CEO total compensation and total change in CEO wealth. This association is robust to controlling for traditional financial performance m...

Taiwan and Korea are in fierce competition in the TFT-LCD panel industry and together dominate over 70% of the international market share. Business strategies in Taiwan primarily rely on Original Equipment Manufacturers (OEMs) whereas Korea focuses principally on vertical integration, including development of its own international brand architecture. Additionally the financial structures of the...