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- Title
- ESSAYS ON FINANCIAL MARKETS AND CORPORATE POLICIES.
- Creator
- Akter, Maimuna, Cumming, Douglas, Florida Atlantic University, Department of Finance, College of Business
- Abstract/Description
-
The recent increase in common ownership makes it imperative to study the impact of common ownership on corporate policies. In this two-essay study, I examine how common owners interact with firms to make decisions and how they moderate the impact of market manipulation on corporate culture. In the first essay, I examine whether firms in the same industry make similar investment and financial policies when their large institutional owners overlap. This relationship is important given the...
Show moreThe recent increase in common ownership makes it imperative to study the impact of common ownership on corporate policies. In this two-essay study, I examine how common owners interact with firms to make decisions and how they moderate the impact of market manipulation on corporate culture. In the first essay, I examine whether firms in the same industry make similar investment and financial policies when their large institutional owners overlap. This relationship is important given the tremendous rise of common institutional owners and their significance on their portfolio firms’ policies. I hypothesize that common institutional owners cause their portfolio firms in the same industry to make similar policies by creating anti-competitive incentives, reducing information asymmetry, and influencing governance.
Show less - Date Issued
- 2023
- PURL
- http://purl.flvc.org/fau/fd/FA00014168
- Subject Headings
- Finance, Corporations—Finance, Corporate culture
- Format
- Document (PDF)
- Title
- DO FIRMS’ BANKRUPTCY ANNOUNCEMENTS ALTER PEERS’ RISK FACTOR DISCLOSURES?.
- Creator
- Nam, Jiwon, Kohlbeck, Mark, Florida Atlantic University, School of Accounting, College of Business
- Abstract/Description
-
Since 2005 corporate managers must discuss their firm’s significant risk factors that may materially and unfavorably affect corporate outcomes in the Item 1A Risk Factor Disclosure (RFD) section of their 10-K filings. However, there is limited research on whether firms change the sentiment of their mandatory disclosures after a significant economic event. I use bankruptcy announcements as a unique setting in this study to assess non-announcing firms’ responses to these events as a bankruptcy...
Show moreSince 2005 corporate managers must discuss their firm’s significant risk factors that may materially and unfavorably affect corporate outcomes in the Item 1A Risk Factor Disclosure (RFD) section of their 10-K filings. However, there is limited research on whether firms change the sentiment of their mandatory disclosures after a significant economic event. I use bankruptcy announcements as a unique setting in this study to assess non-announcing firms’ responses to these events as a bankruptcy announcement generates significant concern to non-announcing industry peer firms. I explore whether industry peers change four measures of sentiment (i.e., length, negative tone, specificity, forward-looking statements) of Item 1A RFDs after a rival firm’s bankruptcy filing. Using textual analysis methodology, I find that industry peer firms have shorter, less negative, and less forward-looking RFDs after another firm’s bankruptcy announcement. These results imply that industry peers are likely to adjust their tone of mandatory filings (i.e., Item 1A RFDs) in response to a rival firm’s bankruptcy announcement. I further provide evidence that firms do not use separate subsections to disclose their firm- and industry-specific risks within their Item 1A RFDs. Lastly, the lengths of financial, litigation, other-idiosyncratic, and other-systematic topic disclosures significantly decrease for non-announcing industry peers while the length of tax relevant risk topic does not significantly change after a bankruptcy filing. This study adds to mandatory research by identifying the spillover effect of a bankruptcy announcement on Item 1A RFDs. This research also contributes to accounting literature by providing evidence that non-announcing industry peers significantly adjust the sentiment of their risk factor information. Market participants including investors, shareholders, and financial analysts can improve investment decision accuracy by analyzing the industry peers’ risk factor information.
Show less - Date Issued
- 2023
- PURL
- http://purl.flvc.org/fau/fd/FA00014189
- Subject Headings
- Bankruptcy, Risk, Accounting, Disclosure in accounting
- Format
- Document (PDF)
- Title
- IGNITING COUNTERPRODUCTIVE WORK BEHAVIOR (CWB): THE ROLE OF PERSONALITY.
- Creator
- Allen, Kevin, Harari, Michael, Florida Atlantic University, Department of Management Programs, College of Business
- Abstract/Description
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Evidence in literature suggests that factors of personality are theoretically and empirically linked to counterproductive work behavior (CWB). This paper advances that personality is related to CWB through the prediction of a relationship between personality trait neuroticism factors volatility and withdrawal and CWB factors deviance and withdrawal. Further, workplace stressors are tested as moderators for personality and CWB dimensions. Useful data were provided by 542 working participants....
Show moreEvidence in literature suggests that factors of personality are theoretically and empirically linked to counterproductive work behavior (CWB). This paper advances that personality is related to CWB through the prediction of a relationship between personality trait neuroticism factors volatility and withdrawal and CWB factors deviance and withdrawal. Further, workplace stressors are tested as moderators for personality and CWB dimensions. Useful data were provided by 542 working participants. The study affirms a personality-behavior connection between subscales of Neurotic personality, volatility, and withdrawal, with the two behavioral manifestations of counterproductive work behavior, deviance, and withdrawal. Moderating results are modest, with results indicating a moderating effect limited to only organizational constraints on the volatility-deviance relationship.
Show less - Date Issued
- 2023
- PURL
- http://purl.flvc.org/fau/fd/FA00014123
- Subject Headings
- Organizational behavior, Personality
- Format
- Document (PDF)
- Title
- THE INFLUENCE OF IDEOLOGY ON CORPORATE SOCIOPOLITICAL ACTIVISM: A STAKEHOLDER PERSPECTIVE.
- Creator
- Rowley, John R., Neubaum, Donald, Florida Atlantic University, Department of Management Programs, College of Business
- Abstract/Description
-
Despite the historical norm that businesses should refrain from making public political statements for fear of losing customers, recent history has shown an increase in firms wading into controversial sociopolitical topics. As politics become increasingly pervasive in everyday life, consumers, investors, employees, and the general public expect firms to engage in political topics and make their positions clear. However, the considerations and processes firms undertake in deciding whether to...
Show moreDespite the historical norm that businesses should refrain from making public political statements for fear of losing customers, recent history has shown an increase in firms wading into controversial sociopolitical topics. As politics become increasingly pervasive in everyday life, consumers, investors, employees, and the general public expect firms to engage in political topics and make their positions clear. However, the considerations and processes firms undertake in deciding whether to take political stands are largely unstudied. This study examines the role of firm executives’ ideologies on their propensity to engage in corporate sociopolitical activism (CSA). Further, I examine how the ideologies of organizational, social, and capital market stakeholders also influence the decision to engage in CSA as executives weigh the desires and expectations of key stakeholders. Using stakeholder theory, I argue that CEOs and top management teams (TMTs) are responsive to the ideological leanings of multiple stakeholder groups, while also considering their own political opinions. Studying a random sample of 139 public firms, I find that CEO and TMT ideologies, on their own, are not reliable predictors of firm CSA. Firms are more likely to engage in CSA when the CEO’s ideology is aligned with that of employees or the region surrounding the firm headquarters. I also find that the volatility of the firm’s stock price reduces the propensity toward CSA, suggesting that the potential for adverse impacts on firm value can blunt firms’ CSA efforts. Further, I find that firm factors, such as B2B vs B2C markets, firm size, and firm reputation also predict the likelihood of CSA. The results have theoretical implications by adding to the nascent body of CSA literature, as well as managerial implications for perceptions of the business environment and political influences.
Show less - Date Issued
- 2023
- PURL
- http://purl.flvc.org/fau/fd/FA00014156
- Subject Headings
- Business and politics, Corporations--Political activity, Political Activism, Ideology
- Format
- Document (PDF)
- Title
- THE INTERPLAY BETWEEN CEO AND CFO GENDER DIVERSITY, AUDIT COMMITTEE GENDER DIVERSITY, AND MANAGERIAL OVERCONFIDENCE FOR AUDIT QUALITY.
- Creator
- Blocker, Tonya, Seavey, Scott E., Thevenot, Maya, Florida Atlantic University, School of Accounting, College of Business
- Abstract/Description
-
Prior studies examine either CEO, CFO, or audit committee member gender as a determinant of audit quality. In contrast, this study makes the unique contribution of examining the interactive effects between a gender diverse CEO-CFO dyad and a gender diverse audit committee on audit quality. Further, prior studies examine the attribute of gender as a determinant of audit quality in isolation. I examine the effect of gender on audit quality in tandem with the potentially moderating effect of...
Show morePrior studies examine either CEO, CFO, or audit committee member gender as a determinant of audit quality. In contrast, this study makes the unique contribution of examining the interactive effects between a gender diverse CEO-CFO dyad and a gender diverse audit committee on audit quality. Further, prior studies examine the attribute of gender as a determinant of audit quality in isolation. I examine the effect of gender on audit quality in tandem with the potentially moderating effect of managerial overconfidence. In doing so, this study makes the unique contribution of examining whether the socialized construct of gender, or the cognitive bias of overconfidence, will weigh more heavily on decisions that relate to audit quality. Results supplement social role and role congruity theories which suggest female leaders are socialized to adopt a management style resulting in more transparent financial reporting and higher audit quality. Specifically, I find incrementally higher audit quality associated with a gender diverse CEO-CFO dyad and audit committee. Further, I find firms with overconfident female CFOs are associated with higher audit quality than firms with overconfident male CFOs. This implies the pressure to maintain the socialized gender role appears to constrain the female manager’s overconfident tendencies. Finally, in a subsample of overconfident CFOs, I find gender diverse audit committees temper female more than male overconfidence for effects on audit quality.
Show less - Date Issued
- 2023
- PURL
- http://purl.flvc.org/fau/fd/FA00014171
- Subject Headings
- Auditing, Gender
- Format
- Document (PDF)
- Title
- EVALUATION OF CHARGING STATION LOCATIONS: INFRASTRUCTURE FOR FULLY ELECTRIC SEMI-TRUCKS IN THE U.S.
- Creator
- Ahmed, Nihat, Menachof, David, Florida Atlantic University, Department of Information Technology and Operations Management, College of Business
- Abstract/Description
-
The world is ever-changing with technological advancement. National economies and private organizations are shifting their infrastructure to adapt to innovation and technology. We are seeing a major shift in our transportation ecosystem as well. Automotive manufacturers are launching fully electric semi-truck (EST) on the road for freight transportation. Electric trucks will have a long-term effect on many industries and the national economy in the United States. Compared to conventional...
Show moreThe world is ever-changing with technological advancement. National economies and private organizations are shifting their infrastructure to adapt to innovation and technology. We are seeing a major shift in our transportation ecosystem as well. Automotive manufacturers are launching fully electric semi-truck (EST) on the road for freight transportation. Electric trucks will have a long-term effect on many industries and the national economy in the United States. Compared to conventional automobiles, the limited range of electric vehicles is a major obstacle. To adapt electric vehicles (EVs) to our transportation system, the U.S. needs a proper charging infrastructure in our grid. Though we have been adapting the passenger EVs, the EST needs larger charging infrastructure capabilities to charge the large batteries of these trucks to complete the journey. The most important aspect is the geographical locations of these mega charging stations along U.S. highways. To analyze the optimal locations of these charging infrastructures, we use the framework from Csiszár et al. (2020), an origin-destination (O-D) data model. OD is classified as the original location of the freight to the end destination. We also use the flow-refueling location model (FRLM) from He et al. (2019). This framework showcases the optimal locations in each route in order to complete the OD pairs. We use data from the U.S. department of energy for the locations of charging stations. Furthermore, we use U.S. department of transportation highway & transportation data to procure the major O-Ds of freight transportation.
Show less - Date Issued
- 2023
- PURL
- http://purl.flvc.org/fau/fd/FA00014120
- Subject Headings
- Electric trucks, Infrastructure, Battery charging stations (Electric vehicles)
- Format
- Document (PDF)
- Title
- THE ROBOT WILL SEE YOU NOW: ARTIFICIAL INTELLIGENCE AND THE MICROFOUNDATIONS OF INSTITUTIONAL CHANGE WITHIN MEDICINE.
- Creator
- Bagdasarian, Jennifer Ling, Goodrick, Elizabeth, Florida Atlantic University, Department of Management Programs, College of Business
- Abstract/Description
-
The presence of artificial intelligence (AI) has incrementally increased in our lives since its introduction in the 1950s and has exponentially increased in the last decade. In medicine, AI holds the promise of providing complete panoramic views of a patient’s medical history, improving medical decision making, avoiding errors such as misdiagnosis and unnecessary procedures, interpretating tests and making treatment recommendations. In this study, I examine the influence of AI on decision...
Show moreThe presence of artificial intelligence (AI) has incrementally increased in our lives since its introduction in the 1950s and has exponentially increased in the last decade. In medicine, AI holds the promise of providing complete panoramic views of a patient’s medical history, improving medical decision making, avoiding errors such as misdiagnosis and unnecessary procedures, interpretating tests and making treatment recommendations. In this study, I examine the influence of AI on decision-making behaviors and the changes to the professional institution of medicine. This paper links theories of institutional change and professions to further our understanding of the processes of change in response to emergent technology. Recognizing that the autonomy of decision making is central to the model of professional work, this study (1) shows how changes in decision-making processes are a driver of change in the institution of professions and (2) highlights how this impacts the professional role identity of health care providers which has implications for how medicine is taught and how diagnoses are made.
Show less - Date Issued
- 2023
- PURL
- http://purl.flvc.org/fau/fd/FA00014125
- Subject Headings
- Artificial intelligence, Medicine
- Format
- Document (PDF)
- Title
- THE ROLE OF EXECUTIVE COGNITIVE DIVERSITY ON FINANCIAL REPORTING QUALITY.
- Creator
- Li, Tianpei, Thevenot, Maya, Florida Atlantic University, School of Accounting, College of Business
- Abstract/Description
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There has been a strong push for workplace diversity in the United States (U.S.) in recent years. Work teams consisting of employees with diverse backgrounds can augment firms’ competitive advantage. This view is consistent with the cognitive diversity hypothesis, which depicts multiple perspectives generated by cognitive differences among organizational members resulting in creative problem-solving. In this study, I investigate the role of cognitive diversity, measured by differences in a...
Show moreThere has been a strong push for workplace diversity in the United States (U.S.) in recent years. Work teams consisting of employees with diverse backgrounds can augment firms’ competitive advantage. This view is consistent with the cognitive diversity hypothesis, which depicts multiple perspectives generated by cognitive differences among organizational members resulting in creative problem-solving. In this study, I investigate the role of cognitive diversity, measured by differences in a set of seven cultural traits between the Chief Executive Officer (CEO) and the Chief Financial Officer (CFO), in shaping firm financial reporting quality. Relying on the upper-echelon theory that executive characteristics affect firm outcomes and the cognitive diversity hypothesis that diversity reduces groupthink, sparks innovation, increases employee retention rate, and builds a positive firm culture, I expect to find a positive relationship between cognitive diversity and financial reporting quality. In determining firm performance and outcomes, differences in executive demographic characteristics such as age, tenure, gender, and race may have an impact on how executive cognitive perceptions, values, and information sets, shape their decisions and outcomes. Therefore, I then examine the effect of executive demographic diversity on the link between executive cognitive diversity and financial reporting quality. Diversity has received a lot of attention over the last decades, but it is unclear ex ante how different types of diversity interact with each other in shaping firm outcomes. Therefore, I examine but do not hypothesize the direction of the effect of executive demographic diversity on the link between executive cognitive diversity and financial reporting quality.
Show less - Date Issued
- 2023
- PURL
- http://purl.flvc.org/fau/fd/FA00014140
- Subject Headings
- Financial statements, Executives, Accounting
- Format
- Document (PDF)
- Title
- THERE IS NO “I” IN TEAM: IMPACTS OF SURGICAL TEAM DYNAMICS ON OPERATIONAL PERFORMANCE AND CLINICAL OUTCOMES.
- Creator
- Hasse, Christopher H., Behara, Ravi S., Florida Atlantic University, Department of Information Technology and Operations Management, College of Business
- Abstract/Description
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While the complexities and challenges facing healthcare continue to grow, the focus on improving surgical practices remains constant. Possessing a strong influence over patient referral patterns, public reputation/prominence, and financial performance, surgical practices command heightened attention on operational performance and clinical outcomes. Executive leadership cannot support (nor improve) a surgical practice without comprehending the importance of team dynamics in the operating room ...
Show moreWhile the complexities and challenges facing healthcare continue to grow, the focus on improving surgical practices remains constant. Possessing a strong influence over patient referral patterns, public reputation/prominence, and financial performance, surgical practices command heightened attention on operational performance and clinical outcomes. Executive leadership cannot support (nor improve) a surgical practice without comprehending the importance of team dynamics in the operating room (OR) environment. Previous literature offers mixed and incomplete results on themes of team familiarity and OR efficiency, frequently citing handoffs, late starts, and task disruptions as catalysts for negative performance. Studies routinely use historical interaction counts to measure team familiarity, which often neglect the degree of participation (engagement) across prior experiences. Similarly, counts of handoffs or individuals entering an OR do not offer an accurate assessment of team performance. Guided by historical studies, four hypotheses are presented and argue that enhancing surgical team dynamics yield favorable improvements for operational performance and clinical outcomes. Utilizing data from 9,049 neurologic surgery cases performed at two separate campuses (belonging to the same organization) over a three-year timeframe (March 2019 to November 2021), this study measures surgical team dynamics in a highly complex setting through the lens of case continuity and surgeon familiarity to assess key outputs: case scheduling errors (proxy for operational performance) and post-operative complications within 30-days of surgery (proxy for clinical outcomes).
Show less - Date Issued
- 2023
- PURL
- http://purl.flvc.org/fau/fd/FA00014137
- Subject Headings
- Surgery, Operating room personnel, Healthcare management
- Format
- Document (PDF)
- Title
- Optimizing Investments in Apparel Supply Chains: A Decision Model for Country Selection.
- Creator
- Kra, Jason E., Menachof, David, Florida Atlantic University, Department of Information Technology and Operations Management, College of Business
- Abstract/Description
-
Supply chain challenges have been significantly affected by both demand and supply on a global level. The selection of manufacturing countries has become critical to firms and their boards, even more so coming out of the COVID-19 global pandemic. The present study focuses on how firms select countries and regions to de-risk future global apparel sourcing, as countries that have been dependable in the past may not be in the future based on frequent environmental jolts, legacy supply chain...
Show moreSupply chain challenges have been significantly affected by both demand and supply on a global level. The selection of manufacturing countries has become critical to firms and their boards, even more so coming out of the COVID-19 global pandemic. The present study focuses on how firms select countries and regions to de-risk future global apparel sourcing, as countries that have been dependable in the past may not be in the future based on frequent environmental jolts, legacy supply chain failures, shifting government policy, and extreme volatility. The result of this study is a decision model for manufacturing country selection. This research was focused on the apparel industry; however, further research may indicate that it is applicable to other industries. A group of criteria was selected, the relative significance of these criterion was determined using the Analytical Hierarchy Process (AHP). The AHP methodology was applied in a case study as a decision-making tool to enable decision-makers to assess the most suitable countries for manufacturing country selection. The result of this study is a decision model for manufacturing country selection based on multiple criteria weighted by industry experts using Analytical Hierarchy Process (AHP). In developing the model we utilize data from 61 countries representing over 95% of all the global apparel exports, with criteria utilized originating from 10 indices.
Show less - Date Issued
- 2023
- PURL
- http://purl.flvc.org/fau/fd/FA00014226
- Subject Headings
- Supply chain management, Business logistics, Decision making, Contracting out
- Format
- Document (PDF)
- Title
- PAYOUT POLICY AND STOCK PRICE VOLATILITY: INVESTIGATING THE EQUITY DURATION HYPOTHESIS AND THE REPURCHASES SUBSTITUTION HYPOTHESIS.
- Creator
- Haberstumpf, Craig, Pennathur, Anita, Florida Atlantic University, Department of Finance, College of Business
- Abstract/Description
-
In Essay 1, I investigate the Equity Duration Hypothesis, which adapts Macaulay’s fixed income analysis to equity securities, finding evidence that dividend payers are less volatile than nonpayers and that dividend yield is negatively associated with volatility for the all-firms sample. Within the payer sample, however, I find unexpected evidence of a positive association when yield includes all dividends but a conflicting negative association when yield includes only quarterly dividends....
Show moreIn Essay 1, I investigate the Equity Duration Hypothesis, which adapts Macaulay’s fixed income analysis to equity securities, finding evidence that dividend payers are less volatile than nonpayers and that dividend yield is negatively associated with volatility for the all-firms sample. Within the payer sample, however, I find unexpected evidence of a positive association when yield includes all dividends but a conflicting negative association when yield includes only quarterly dividends. This ambiguous evidence is corroborated by a one-year portfolio approach, as a previously strengthening negative relationship has transitioned to a strengthening positive one, with results demonstrably trending against the EDH in recent decades. I further find that high-yield stocks that have experienced negative price shocks are highly volatile and strong support for the EDH using firm-level earnings and cash flows as a proxy for dividends, allowing extension of the analysis to nonpaying firms. Unfortunately, I find abundant evidence supporting the assertions of many researchers who suggest that ED is not a unique asset pricing factor, but rather represents a composite of a firm’s characteristics and is redundant with other factors known to be associated with volatility.
Show less - Date Issued
- 2023
- PURL
- http://purl.flvc.org/fau/fd/FA00014292
- Subject Headings
- Dividends, Stocks--Prices, Bonds
- Format
- Document (PDF)
- Title
- DOES EMERGING GROWTH COMPANY INVESTOR SKEPTICISM DISSIPATE BEFORE THE FIRST REPORTED INDEPENDENT INTERNAL CONTROL AUDIT RESULTS? AN EMPIRICAL INVESTIGATION.
- Creator
- Burke, Lawrence S., Kohlbeck, Mark, Florida Atlantic University, School of Accounting, College of Business
- Abstract/Description
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This study examines whether emerging growth company (EGC) investors respond to the annual required internal control disclosures over financial reporting (ICFR). I develop three hypotheses to test across the EGC lifecycle. Specifically, I investigate whether the first year ICFR disclosure, the remediation of a previously reported material weakness ICFR disclosure and the EGC exit are associated with the firm’s cumulative abnormal return over a three-day event window. Prior literature has...
Show moreThis study examines whether emerging growth company (EGC) investors respond to the annual required internal control disclosures over financial reporting (ICFR). I develop three hypotheses to test across the EGC lifecycle. Specifically, I investigate whether the first year ICFR disclosure, the remediation of a previously reported material weakness ICFR disclosure and the EGC exit are associated with the firm’s cumulative abnormal return over a three-day event window. Prior literature has observed that ICFR disclosures by management and the ICFR audit opinion can be shown to be informative to investors. However, I am not aware of any study investigating whether the EGC investors respond to this type of information. I find that the reported ICFR disclosures are not associated with cumulative abnormal returns during their initial ICFR report disclosure or upon exit as informative but do respond to the reporting of material weakness remediation.
Show less - Date Issued
- 2023
- PURL
- http://purl.flvc.org/fau/fd/FA00014246
- Subject Headings
- Financial statements, Accounting
- Format
- Document (PDF)
- Title
- Is Corporate Scientific Research Still Important? A Study of Corporate Scientific Research, Future Profitability, and Cost of Capital.
- Creator
- HuangFu, JiangBo, Kohlbeck, Mark, Florida Atlantic University, School of Accounting, College of Business
- Abstract/Description
-
I examine the importance of corporate scientific research. It is crucial to understand the role of corporate scientific research because such a knowledge could form an appropriate response to the current decline of corporate scientific research amidst the evolving innovation ecosystem featured with growing university research and tech companies’ research. R&D is often treated as a single construct in accounting and finance research for firm innovation. However, corporate scientific research (...
Show moreI examine the importance of corporate scientific research. It is crucial to understand the role of corporate scientific research because such a knowledge could form an appropriate response to the current decline of corporate scientific research amidst the evolving innovation ecosystem featured with growing university research and tech companies’ research. R&D is often treated as a single construct in accounting and finance research for firm innovation. However, corporate scientific research (“R”) has different implications for firm innovations, “R” creates new knowledge, and reduced investment in "R" may lead to a loss of internal research capability, disrupting the speed and quality of innovation. As such, it is necessary and meaningful to examine "R" separately from "R&D." Historically, corporate scientific research has played an important role in driving breakthrough innovations. Beginning in the 1980s, there has been a decline in corporate scientific research in favor of university research and tech companies’ research. Consequently, this raises a question: if corporate scientific research was important, is it still important? This is a fundamental question because if corporate scientific research is still important, declining or even stagnant corporate scientific research would present an issue of concern for firms and the economy.
Show less - Date Issued
- 2023
- PURL
- http://purl.flvc.org/fau/fd/FA00014235
- Subject Headings
- Scientific research, Corporations--Research, Stocks, Research and development
- Format
- Document (PDF)
- Title
- An Empirical Analysis of The Impact of Mandatory Membership Fee on Residential Real Estate Price.
- Creator
- Gifford, Trishanna, Caudill, Steven, Florida Atlantic University, Department of Economics, College of Business
- Abstract/Description
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This empirical study examines the impact of a homeowners association (HOA) mandatory membership fee on residential real estate prices, a topic that has not been empirically addressed in the real estate literature. A mandatory membership fee is defined as an initiation fee charged by HOAs that grants homeowners country club access. Many studies have examined the impact of the presence of homeowners associations on price but only a few studies have examined the impact of homeowners associations...
Show moreThis empirical study examines the impact of a homeowners association (HOA) mandatory membership fee on residential real estate prices, a topic that has not been empirically addressed in the real estate literature. A mandatory membership fee is defined as an initiation fee charged by HOAs that grants homeowners country club access. Many studies have examined the impact of the presence of homeowners associations on price but only a few studies have examined the impact of homeowners associations on price by estimating the impact of homeowners association fees. This research expands the HOA literature by examining the specific HOA fee characteristics of a mandatory membership fee. In this analysis, hedonic price models (HPM) are used to estimate the impact of mandatory membership fee on price by analyzing 31,704 observations of single family home sales between 2018 and 2019 in Palm Beach County, Florida using data from a local multiple listing service. Specifically, Ordinary Least Squares (OLS) models using two dependent variables, sold price and natural log of sold price, with mandatory membership fee as the independent variable of interest are used to estimate the relationship between mandatory membership fee and sales price. By controlling for property, neighborhood, and market characteristics, the hypothesis I investigate states that the impact of the presence of a mandatory membership fee on sales price is negative.
Show less - Date Issued
- 2023
- PURL
- http://purl.flvc.org/fau/fd/FA00014345
- Subject Headings
- Housing--Prices, Residential real estate, Homeowners' associations, Hedonic pricing
- Format
- Document (PDF)
- Title
- EXTENDING THE EFFECT OF PRIOR ENTREPRENEURIAL EXPOSURE ON ENTREPRENEURIAL PERSISTENCE: AN INTENTION BASED MODEL.
- Creator
- Washington, Rozita B., Neubaum, Donald O., Florida Atlantic University, Department of Management Programs, College of Business
- Abstract/Description
-
This research investigates the impact of prior entrepreneurial exposure on an entrepreneur’s intention to persist. The objective of this study was to employ the Theory of Planned Behavior based logic to investigate its mediating effect of prior entrepreneurial exposure on entrepreneurial persistence intention among entrepreneurs, and whether their perception of the quality of that exposure or experience influences entrepreneurs’ intention to persist. Specifically, this study explores five...
Show moreThis research investigates the impact of prior entrepreneurial exposure on an entrepreneur’s intention to persist. The objective of this study was to employ the Theory of Planned Behavior based logic to investigate its mediating effect of prior entrepreneurial exposure on entrepreneurial persistence intention among entrepreneurs, and whether their perception of the quality of that exposure or experience influences entrepreneurs’ intention to persist. Specifically, this study explores five exogenous influences on persistence intention. This study examines a final sample of 231 entrepreneurs from three data sources. The findings of this study indicate that subjective norms play a mediating role in the relationship between prior founding experience and persistence intention. The relationship between the perceived quality of prior entrepreneurial exposure and persistence intention behavior is also explained by subjective norms. Overall, it is not the exposure that leads to persistence intention, but the quality of the exposure that influences entrepreneur’s intention to remain in business. This study extends entrepreneurship literature on how exogenous variables impact entrepreneurial persistence intention through attitudinal factors.
Show less - Date Issued
- 2023
- PURL
- http://purl.flvc.org/fau/fd/FA00014337
- Subject Headings
- Entrepreneurship, Entrepreneurship--Research, Business
- Format
- Document (PDF)
- Title
- LIMITED PARTNER ESG STRATEGIES AND ESG APPROACHES BY PRIVATE EQUITY FUNDS.
- Creator
- Buehler, Robert G., Cumming, Douglas, Florida Atlantic University, Department of Finance, College of Business
- Abstract/Description
-
This study utilized environmental, social, and governance (ESG) data to analyze how institutional investors' strategies relate to the approaches of the private equity (PE) funds they invest in. Using limited partner (LP) investor and general partner (GP) PE fund data from Preqin, I created ESG scores for both LP and PE funds. Ordinary least-squares regression showed a significant, positive relationship between LP/GP ESG strategies. However, the relationship became negative and significant...
Show moreThis study utilized environmental, social, and governance (ESG) data to analyze how institutional investors' strategies relate to the approaches of the private equity (PE) funds they invest in. Using limited partner (LP) investor and general partner (GP) PE fund data from Preqin, I created ESG scores for both LP and PE funds. Ordinary least-squares regression showed a significant, positive relationship between LP/GP ESG strategies. However, the relationship became negative and significant when firm-, fund-, and country-level controls were added. This misalignment between statements and action, often called greenwashing, suggests that firms are driven to ESG reporting due to external factors and do not feel accountable for investment decisions that follow strategic disclosures. Investor environmental (E), social (S), and governance (G) strategies had different relationships with GP ESG approaches. Public institutional investors, fund size, and the presence of a civil law system were positive contributing factors to the LP/GP ESG relationship. Fund performance was negatively associated with the relationship. There was also a significant difference in the LP/GP ESG approach between European PE funds versus those in North America. These findings show that E, S, and G factors may be more accurately analyzed separately than as one combined cluster. The findings also show that local conditions influence ESG strategic alignment between LPs and GPs. They suggest policymakers consider unique country-level attributes and differences in fund-level characteristics when attempting to influence ESG disclosure. ESG rating services could consider including factors that measure alignment between investors’ strategic statements and their investment decisions. The results provide valuable information on corporate social responsibility (CSR) in private markets, which has yet to be broadly studied compared to the extensive CSR literature available on public companies.
Show less - Date Issued
- 2023
- PURL
- http://purl.flvc.org/fau/fd/FA00014300
- Subject Headings
- Private equity funds, Limited partnership, Social responsibility of business
- Format
- Document (PDF)
- Title
- The Effects of Individual-level Knowledge on Firm Performance: An Evolutionary Perspective.
- Creator
- Collard, Lotta, Boudreaux, Christopher, Florida Atlantic University, Department of Economics, College of Business
- Abstract/Description
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Human knowledge is acknowledged as critically important to economic growth and prosperity. Economists focus on the past few decades’ emergence of a knowledge-based economy greatly dependent on individual-level knowledge. Knowledge is a key resource of many organizations, and the need for an educated workforce is believed to facilitate the creation, share, and use of firm-level knowledge going forward. An economy where knowledge is the main asset is very different from traditional production...
Show moreHuman knowledge is acknowledged as critically important to economic growth and prosperity. Economists focus on the past few decades’ emergence of a knowledge-based economy greatly dependent on individual-level knowledge. Knowledge is a key resource of many organizations, and the need for an educated workforce is believed to facilitate the creation, share, and use of firm-level knowledge going forward. An economy where knowledge is the main asset is very different from traditional production systems that depend on tangible assets. These tangible assets often rely upon scarce resources such as minerals, thereby forcing price fluctuations and potential disruptions in inventory and sales. Logistics and supply chain issues can dwindle as we have experienced during the recent pandemic. However, when knowledge is the firm’s main asset, the firm’s intangible asset will not decrease as sales increase. Knowledge also does not spoil or dwindle over time. Instead, knowledge will grow and evolve, and as the philosopher Aristotle once stated, “the whole is greater than the sum of its parts”. The fact that knowledge as the main asset does not decrease as a result of production makes the knowledge economy an interesting phenomenon to study and to understand.
Show less - Date Issued
- 2022
- PURL
- http://purl.flvc.org/fau/fd/FA00013984
- Subject Headings
- Knowledge economy, Knowledge, Evolutionary economics
- Format
- Document (PDF)
- Title
- ESSAYS ON IMP ACT OF BUYBACKS ON BONDHOLDERS AND LONG-TERM SHAREHOLDERS.
- Creator
- De Almeida, Pedro Monteiro, Garcia-Feijoo, Luis, Florida Atlantic University, Department of Finance, College of Business
- Abstract/Description
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This dissertation investigates the consequences of stock repurchase programs on long-term shareholders and bondholders. In the first essay, I present evidence that stock buybacks reduce investment inefficiencies associated with short-term ownership. For a sample of U.S. firms from 1988 to 2018, I first document that stock buybacks are associated with lower and short-term investors with higher corporate investment and net hiring. However, contrary to the conventional view, I find that buybacks...
Show moreThis dissertation investigates the consequences of stock repurchase programs on long-term shareholders and bondholders. In the first essay, I present evidence that stock buybacks reduce investment inefficiencies associated with short-term ownership. For a sample of U.S. firms from 1988 to 2018, I first document that stock buybacks are associated with lower and short-term investors with higher corporate investment and net hiring. However, contrary to the conventional view, I find that buybacks reduce overinvestment related to short-term owners rather than increasing underinvestment. I conclude that firms have been using buybacks as an efficient mechanism to align the interest of short-term and long-term investors. Results are robust to alternative measures of stock repurchase and ownership investment horizon and to endogeneity concern In the second essay, I test the signaling and wealth transfer hypotheses for share repurchase announcements using daily bond and stock returns. I distinguish between governance mechanisms protecting shareholders or bondholders and between internal and external shareholder governance strength. I find that stock and bond returns react positively to buyback announcements only at companies with strong internal shareholder governance mechanisms. Moreover, I reveal the positive impact of internal governance on the relation between stock and bond return is more pronounced in the firms where managerial compensation is more tied to stock performance and where the wealth transfer is expected. I found no evidence that high short-term oriented ownership increases the wealth transfer in repurchase announcements. Finally, I show that bonds with distribution covenants are negatively impacted by repurchase announcements, which supports the view that the market punishes these bonds when firms are likely to use repurchase stocks to bypass their covenants.
Show less - Date Issued
- 2022
- PURL
- http://purl.flvc.org/fau/fd/FA00013976
- Subject Headings
- Stock repurchasing, Bondholders, Stockholders
- Format
- Document (PDF)
- Title
- Are There Disparate Outcomes by Race in the Market for Reverse Mortgages?.
- Creator
- Tayar, George, Cole, Rebel, Florida Atlantic University, Department of Finance, College of Business
- Abstract/Description
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Reverse mortgages are designed to allow house-rich but cash-poor homeowners the ability to tap the equity in their homes. This unique mortgage product has several features that distinguish it from a traditional mortgage, including that no principal or interest payments are made to the lender. Using 2018 - 2020 HMDA data, I test for disparate treatment in outcomes by race, ethnicity and gender. I test for redlining disparate outcomes using the census track minority population percentage as a...
Show moreReverse mortgages are designed to allow house-rich but cash-poor homeowners the ability to tap the equity in their homes. This unique mortgage product has several features that distinguish it from a traditional mortgage, including that no principal or interest payments are made to the lender. Using 2018 - 2020 HMDA data, I test for disparate treatment in outcomes by race, ethnicity and gender. I test for redlining disparate outcomes using the census track minority population percentage as a proxy for neighborhood and test for loan pricing disparate outcomes using the interest rate charged. I test for origination disparate outcomes by comparing approval denial rates. My findings indicate (i) that lenders are more likely to reject applications from borrowers in census tracks with higher percentages of minorities, (ii) that lenders are more likely to reject applications from minority borrowers and (iii) that lenders charge higher interest rates to minority borrowers. I do not find that lenders charge higher interest rates in census tracks with higher percentages of minorities.
Show less - Date Issued
- 2022
- PURL
- http://purl.flvc.org/fau/fd/FA00014038
- Subject Headings
- Mortgage loans, Reverse, Discrimination, Minorities
- Format
- Document (PDF)
- Title
- TWO ESSAYS ON PEER EFFECTS AND DIVERSITY WITHIN THE BOARDROOM.
- Creator
- Damm, Jason, Javakhadze, David, Florida Atlantic University, Department of Finance, College of Business
- Abstract/Description
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In this manuscript, I present two essays which examine the role of diversity within the corporate boardroom. The first essay determines that board compensation practices at competing firms influence the remuneration arrangements of directors. Consistent with the observational learning perspective, directors mimic the behavior of peer firms in setting their own compensation, but that diversity, in the form of gender, race/ethnicity, education, and experience moderates this relationship....
Show moreIn this manuscript, I present two essays which examine the role of diversity within the corporate boardroom. The first essay determines that board compensation practices at competing firms influence the remuneration arrangements of directors. Consistent with the observational learning perspective, directors mimic the behavior of peer firms in setting their own compensation, but that diversity, in the form of gender, race/ethnicity, education, and experience moderates this relationship. Diversity also leads to better board performance measured through its impact on excess CEO compensation and CEO turnover sensitivity. In the second essay, I document the presence of peer influence in diversity hires. As firms within an industry hire more women and minority directors, others will do the same. This type of herding behavior has both positive and negative outcomes. Firm stock and operating performance is worse in the years after a peer-driven diversity hire, yet board performance is better. I conclude that peer-driven decisions may be suboptimal, but that diversity can promote better governance in the boardroom.
Show less - Date Issued
- 2022
- PURL
- http://purl.flvc.org/fau/fd/FA00013907
- Subject Headings
- Boards of directors, Executives--Salaries, etc, Diversity
- Format
- Document (PDF)