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.

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 carbon disclosure project, an evolution in international environmental corporate governance : motivations and determinants of market response to voluntary disclosures

This paper examines the factors associated with Canadian firms voluntarily disclosing climate change information through the Carbon Disclosure Project. Five hypotheses are presented to explain the factors influencing management's decision to disclose this information. These hypotheses include a response to shareholder activism, domestic institutional investor shareholder activism, signalling, litigation risk, and low cost publicity. Both binary logistic regressions as well as a cross-sectional analysis of the equity market's response to the environmental disclosures being made were used to test these hypotheses. Support was found for shareholder activism, low cost publicity, and litigation risk. However, the equity market's response was not found to be statistically significant.

Unaccompanied minors in Canada: How social and legal services affect their lives in Ontario

This qualitative research examines how service provisions affect lives of unaccompanied minors in Canada. In this study I utilized a semi-structured individual interview method. Among thirteen participants in my study, five came to Canada as unaccompanied minors and eight are professionals involved with service providing organizations in the Niagara region. The unaccompanied children that I interviewed had mixed experiences. Social and legal supports were made available to some of them while one was deported. This paper employs Bhabha’s postcolonial perspective and Foucault’s governmentality to illustrate unaccompanied minors’ post-arrival situation in Canada. This paper also attempts to look at children’s rights from Hanson and Nieuwenhuys’s (2013) perspective of living rights, social justice and translations. This paper explores how the change in recent immigration law affects the lives of unaccompanied minors. Findings of this study suggest that it is important to have a consensus on the definition of an unaccompanied minor; improved data collection and record-keeping on the number of unaccompanied minors; and, having a government-approved follow up mechanism. The study recommends policy makers, service providers and scholars pay increased attention to the experiences of unaccompanied minors to ensure that adequate social and legal services are offered to an unaccompanied minor in Canada.