Empirical research in banking and corporate finance / edited by Stephen P. Ferris, Kose John and Anil K. Makhija.

Format:

Book

Contributor:

Ferris, Stephen P., editor.

John, Kose, editor.

Makhija, Anil K., editor.

Series:

Advances in financial economics ; Volume 21.

Advances in financial economics ; Volume 21

Language:

English

Subjects (All):

Banks and banking.

Corporations--Finance.

Corporations.

International business enterprises--Finance.

International business enterprises.

Physical Description:

1 online resource (241 pages)

Place of Publication:

Bingley, England : Emerald Publishing, [2022]

Summary:

Empirical Research in Banking and Corporate Financeis the 21st volume of Advances in Financial Economicsand deals with International Corporate Governance. Explored in detail are the role of corporate cultures, social responsibility, stock liquidity, securitization, leveraged buyouts and the cost of private debt.

Contents:

Cover

EMPIRICAL RESEARCH IN BANKING AND CORPORATE FINANCE

ADVANCES IN FINANCIAL ECONOMICS

Copyright

CONTENTS

LIST OF TABLES

LIST OF FIGURES

The Value of Corporate Culture: Relationships Among Values, Industry, and Performance

Abstract

1 Introduction

2 Literature Review

2.1 Organizational Culture as Values

2.2 Industry and Organizational Culture

2.3 Organizational Culture, Industry, and Performance Relationships

3 Data

4 Findings

4.1 Relationship Between Values and Industries

4.2 The Relationship Between Values and Performance Measures

4.3 The Relationship Between Performance Measures and Industries

4.4 Models to Distinguish Industry and Values Effects on Performance

4.5 What Impacts Corporate Performance?

4.5.1 Corporate Governance

4.5.2 Community

4.5.3 Diversity

4.5.4 Employees Relations

4.5.5 Environment

4.5.6 Human Rights

4.5.7 Product's Social Performance

4.5.8 Market-to-Book Asset Ratio (MBR)

5 Summary and Conclusions

References

Management Capability and Innovation

2 Data

2.1 Construction of Innovation Measures

2.2 DEA-Based Managerial Ability Measure

2.2.1 What Does DEA-Based Ability Measure?

2.2.2 Investigating the Variation in DEA-Based Ability Measure

3 Empirical Findings

3.1 Patent Quantity, Quality, and Innovative Efficiency

3.2 Exploratory and Exploitative Innovation

3.3 Originality and Generality of Patents

3.4 Innovation, Managerial Characteristics, and Compensation

3.5 Robustness

3.5.1 Propensity Score Matching

3.6 Difference-in-Differences (DiD Estimation Using Exogenous CEO Turnover Events)

3.7 Career Concerns as a Mechanism

4 Conclusion

Notes

References.

State Tax Rate Changes and Leveraged Buyouts: US Evidence

1. Introduction

2. Literature Review

2.1 Institutional Background

2.2 Related Literature

3. Data and Methods

3.1 Sample Construction

3.2 Research Method

3.3 Summary Statistics

4. Empirical Analysis

4.1 Regression Analysis

4.2 Robustness Checks and Additional Tests

4.2.1 Robustness Checks

4.2.2 Utilize Different Control Groups

4.2.3 The Effect of Tax Changes in Neighboring States

4.2.4 State-Level Analysis

4.2.5 Heterogeneous Treatment Effects

4.2.6 LBO Announcement Returns

4.3 Estimate the Value of Tax Benefits

5. Conclusion

Does Effort Pay Off? Evidence From Internal Audit in Israel

2. Background and Literature Review

3. Data and Methodology

4. Results

5. Concluding Remarks

Acknowledgments

Stock Liquidity and Cost of Private Debt

2 Related Literature

2.1 Positive View on Stock Liquidity and Loan Costs

2.2 Negative View on Stock Liquidity and Loan Costs

3 Sample Construction and Variable Definition

3.1 Data Sources and Sample Selection

3.2 Bank Loan Variables

3.3 Stock Liquidity Variables

3.4 Other Variables

3.5 Descriptive Statistics

4 Empirical Results

4.1 Borrower Stock Liquidity and Bank Loan Spread

4.2 Robustness Checks

5 Addressing Endogeneity Concern

5.1 Firm-Fixed Effects

5.2 Instrumental Variables Approach

5.3 Difference-in-Differences Approach

6 Mechanisms on Borrower Stock Liquidity and Bank Loan Spread

6.1 Reduction in Financial Constraints

6.2 Improvement in Corporate Governance

6.3 Takeover Exposures

7 Impact of Borrower Stock Liquidity on Nonprice Loan Terms

8 Conclusion

Variable Definitions.

The Status of Environmental, Social, and Governance Voluntary Disclosure in the GCC Banking Industry: Does It Pay to Be Soc ...

2 Demographics of the Banking Sector in the GCC

3 Model and Hypotheses Tested

3.1 CSR Disclosure in Conventional and Islamic Banks

3.2 The Positive Effect of CSR on Banks' Financial Performance

3.3 Negative Effect of CSR on Performance

3.4 No Significant Relationship

4 Research Sample and Methodology

4.1 Variables Definitions

4.1.1 Financial Performance Measures

4.1.2 ESG Disclosure Score

4.1.3 Control Variables

4.1.4 Dummy Variables

4.2 Econometric Methodology

4.2.1 Justification and Diagnostic Tests

5 Empirical Results

5.1 Descriptive Statistics

5.2 Research Findings

5.2.1 The Impact of ESG on Bank Performance

5.2.2 The Impact of Bank Performance on Voluntary ESG Disclosure

5.2.3 Robustness Tests

6 Summary and Conclusions

Securitization and Bank Efficiency

2 Data and Variables

2.1 Data

2.2 Variables

2.2.1 Bank Efficiency

2.2.2 Independent Variables

2.3 Descriptive Statistics

3 Empirical Strategy

4.1 The Impact of Securitization on Bank Efficiency

4.2 Bank Heterogeneity

4.3 The Impact of Mortgage and Nonmortgage Loan Securitization on Bank Efficiency

4.4 The Impact of Loan Sale Activities on Efficiency Scores

5 Conclusion

INDEX.

Notes:

Description based on print version record.

Includes bibliographical references and index.

Other Format:

Print version: Ferris, Stephen P. Empirical Research in Banking and Corporate Finance

ISBN:

1-78973-397-9