CEO Compensation, Compensation Risk, and Corporate Governance: Evidence from Technology Firms

Literature suggests that CEOs of technology firms earn higher pay than CEOs of non-technology firms. I investigate whether compensation risk explains the difference in compensation between technology firms and non-technology firms. Controlling for firm size and performance, I find that CEOs in technology firms have higher pay, but also have much higher compensation risk compared to non-technology firms. Compensation risk explains the major part of the difference in CEO pay. My study is consistent with the labor market economics view that CEOs earn competitive risk-adjusted total compensation.

The Informational Value of Corporate Credit Ratings

This thesis examines the quality of credit ratings issued by the three major credit rating agencies - Moody’s, Standard and Poor’s and Fitch. If credit ratings are informative, then prices of underlying credit instruments such as fixed-income securities and credit default insurance should change to reflect the new credit risk information. Using data on 246 different major fixed income securities issuers and spanning January 2000 to December 2011, we find that credit default swaps (CDS) spreads do not react to changes in credit ratings. Hence credit ratings for all three agencies are not price informative. CDS prices are mostly determined by historical CDS prices while ratings are mostly determined by historical ratings. We find that credit ratings are marginally more sensitive to CDS than CDS are sensitive to ratings.

Do you believe in the Loch Ness Monster? Children's influence on mothers' beliefs, values, and social/cultural practices.

Obtaining mothers' perspectives and descriptions of incidents in which their child(ren) said or did something that influenced the mothers' values, beliefs, and/or social or cultural practices, that is, the content of socialization, was the primary aim of this research. Bakhtin's (2004) metatheoretical account of dialogism was used to frame this study. From a dialogic perspective utterances (for example, the utterances of children in the present study) are events or acts and are presented as one way to view the process of socialization. In part this purpose, and the decision to utilize a qualitative research orientation, was to address a call (Lollis & Kuczynski, 1997) for qualitative or microanalytic analyses to help elucidate the processes of socialization. Mothers (N=10) in this study were able to provide descriptions of incidents in which their child(ren) said or did something that influenced the mother and hence we have some description of the concept of bidirectionality, a well accepted, but undertheorized concept in developmental psychology. While the concepts of multiple sources of influence and contexts are salient areas of research in parent-child socialization, and were mentioned in the informants reporting these areas did not appear to be as salient in the mothers' accounts. Emotions and the meaning mothers 'derived' from the interactions did, however, take much more prominence in the described incidents.

The Impact of a Corporate Name Change on Stock Price and Trading Volume of Canadian Companies

This thesis examines the impact of a corporate name change on stock price and trading volume of Canadian companies around the announcement date, the approval date, and the adoption date over the time period from 1997 to 2011. Name changes are classified into six categories: major and minor, structural and pure, diversified and focused, accompanied with a change in ticker symbol and without a change in ticker symbol, “Gold” name addition and deletion, and different reasons for name changes (e.g., merger and acquisition, change of structure, change of strategy, and better image). The thesis uses the standard event study methodology to perform abnormal return and trading volume analyses. In addition, regression analysis is employed to examine which type of a name change has the largest impact on cumulative abnormal returns. Sample stocks exhibit a significant positive abnormal return one-day prior to the approval day and one day after the adoption date. Around the approval date we observe significant abnormal returns for stocks with a structural name change. On the day after the adoption date we document abnormal returns for stocks with major, minor, structural, pure, focused, and ticker symbol name changes. If a merger or acquisition is the reason for a name change, companies tend to experience a significant positive abnormal return one-day before the approval date and on the adoption date. If a change of structure is the reason for a name change, companies exhibit a significant positive abnormal return on the approval date and a significant negative abnormal return on the adoption date. In case of a change of strategy as the reason for a name change, companies show a significant negative abnormal return around the approval date and a significant positive abnormal return around the adoption date.

The Relationship between Dementia Family Caregivers' Traditional Values and Beliefs about Caregiving and Well-being

Introduction: Canada’s aging population is diverse and this diversity will continue to grow for the next two decades (Government of Canada, 2002; Katz, 2005; Statistics Canada, 2010). Objective: to examine the relationship between dementia family caregivers’ traditionally-based beliefs about caregiving, their caregiving experience, and their well-being. Method: exploratory secondary data analysis of cross-sectional survey data from 76 community caregivers of persons with dementia in Ontario. Results: traditional values for caregiving was independently associated with coping resources and health status but not depression symptoms. Caregiver self-efficacy and social support both partially mediated the relationship between beliefs about caregiving and caregiver health status. Discussion: Findings from this exploratory study are consistent with stress process models of culture and caregiving. The finding that self-efficacy was associated with traditional values and that it mediated the relationship between traditional values and caregiver well-being is new to the literature.

Corporate Social Responsibility, Corporate Governance, And Managerial Risk-Taking

This dissertation investigates the association between corporate social responsibility (CSR) and managerial risk-taking, as well as the differences in governance structure that affect this association. Using a sample of US public firms from 1995 to 2009, we find that firms with strong CSR records engage in higher risk-taking. Furthermore, we find that this relationship is robust when accounting for differences in governance structure and correcting for endogeneity via simultaneous equations modeling. Additional testing indicates that performance in the employee relations dimension of CSR in particular increases with risk-taking, while high firm visibility dampens the association between CSR and the accounting-based measures of risk-taking. Prior literature establishes that high managerial risk-tolerance is necessary for the undertaking of risky yet value-enhancing investment decisions. Thus, the main findings suggest that CSR, rather than being a waste of scarce corporate resources, is instead an important aspect of shareholder value creation. They contribute to the debate on CSR by documenting that corporate risk-taking is one mechanism among others through which CSR maps into higher firm value.

The Values of Community Curling: A Case Study

This qualitative case study research shows that within the realm of curling, the professionalization of the sport, at the national level, has limited to no effect on the core values of respect, belonging, and giving back that the grassroots level of curling identify as important. Through an interview process with twelve community level curlers, from four separate clubs within the Niagara region, data were collected and analyzed using traditional coding techniques. Utilizing institutional theory, the research shows a growing gap between the national level of curling and the grassroots level. Data also shows that value alterations, at the community level, are based on the changing Canadian environment in regards to legislation (smoking and drinking laws) and social behaviours (the busier Canadian lifestyle) rather than changes at the national level. These findings have a profound effect on how sports are administered in the Canadian sport system

"Everyone Loves Marineland!" (?): Entertainment Animal Advocacy, Praxis, and Resisting Corporate Repression

Following allegations and graphic evidence of animal cruelty and neglect documented by ex-employee whistleblowers of Marineland Canada to the Toronto Star newspaper in late 2012, the ethics surrounding animal captivity have been increasingly contested in regional public discourse. Animal advocates in the Niagara region and beyond have been compelled to demand change at the infamous local captive animal park— whether it be welfare-oriented reform, or radical animal liberation. With this as a backdrop, this research explores the ideologies, experiences, and strategic tactics of anti-Marineland animal advocates; the sociopolitical issues surrounding the largely unexamined but serious issue of imprisoned animals as entertainers; and the ensuing governmental and corporatist attempts to squash dissent of anti-Marineland critics. Situated within a Critical Animal Studies theoretical paradigm as well as a flourishing global anti-captivity critique inspired by the film Blackfish, this project employs semi-structured interviews and participant observation methodologies to analyze advocates' views on captivity under capitalism and the effectiveness of their praxes. Finally, this research illuminates the nuances of the conventionally-upheld dualistic theoretical debate of animal welfare versus animal rights within zoo and aquaria entertainment contexts through an exploratory examination of advocates' complex ideological views.

Examining the Influence of the Patient Declaration of Values on Hospital Policies and Practices

The purpose of this study was to explore how a leading Ontario hospital operationalizes their Patient Declaration of Values (PDoV) in policy and in practice. This was a single case study, which took place in a leading patient-centred Ontario hospital. The study included 18 individual interviews with employees and patient experience advisors, as well as, document analysis of strategic planning reports (n=10). Five themes emerged: (1) setting the stage, (2) inspiring change, (3) organizational structures, (4) organizational and environmental barriers, and (5) reflection and improvement. This study has highlighted the role of the PDoV within a leading Ontario hospital. It lends itself to providing a process with core strategies for creating change in an acute health care organization; to embed a culture of patient and family centred care.

Sport Values of Bantam, Midget and Intermediate Female Hockey Players and Their Minor Hockey Associations

The sport values of female hockey players and their minor hockey associations were explored to better inform a values-based approach for adult-managed minor hockey. Data were collected from 294 participatory HL and competitive Rep players (12-22 years of age) using the Youth Sport Values Questionnaire-2 and from 30 hockey association board members using a modified YSVQ-2. Results indicated player importance (VI) ratings for Moral (M = 4.08) and Competence (M = 4.15) values were not significantly different but were significantly higher than Status (M = 2.11) value. Significant weak relationships between age and competition level versus VI ratings were found. There were medium/ high Moral, medium/ low Competence and high/ high Status value congruence between Rep and HL Player-Board Members, respectively. Based upon the findings, girls’ minor hockey associations need to recognize the values female youth players prioritize, and ensure each is considered within a values-based decision-making approach to governance.