Please use this identifier to cite or link to this item:
http://hdl.handle.net/11375/30182
Full metadata record
DC Field | Value | Language |
---|---|---|
dc.contributor.advisor | Charupat, Narat | - |
dc.contributor.author | Ding, Zijun | - |
dc.date.accessioned | 2024-09-11T12:50:31Z | - |
dc.date.available | 2024-09-11T12:50:31Z | - |
dc.date.issued | 2024-11 | - |
dc.identifier.uri | http://hdl.handle.net/11375/30182 | - |
dc.description.abstract | This thesis includes three essays that examine the effects of firm policies on labor costs, corporate culture, and stock markets. The first essay studies the impact of major customers on supplier firms’ performance, and I find that supplier firms are willing to collaborate with their major customers while keeping low financial leverages. The cooperation with major customers results in higher productivity and strategic alliance, which could explain the reduction in the labor share of supplier firms. In my study, labor share is defined as the ratio of labor costs to total revenue. Compared to firms without major customers, supplier firms with at least one major customer would reduce labor shares on average by 33% in absolute terms. The findings contribute to the growing literature on the global trend of labor share reduction. The second essay examines the effect of market competition on corporate openness, which is a particular aspect of corporate culture. Corporate openness reflects how open firms are when facing new ideas and experiences, and measures firms’ willingness to innovate and cooperate. I conclude that market competition improves firms’ corporate openness through good corporate governance. Furthermore, corporate social responsibility activities are seen as a positive social outcome of corporate openness. As to economic consequences, less open firms would experience stock return reductions when the market competition is high. The third essay studies the firms listed on Chinese stock exchanges that established an internal whistleblowing mechanism. The results show that the employee whistleblowing system prevents firms from misconducting and leads to reduced stock price crash risk. Furthermore, a cooperative corporate culture helps the internal whistleblowing system decrease crash risk, while an unfair organizational climate exerts the opposite influence. Overall, this study contributes to the emerging literature on the governance role of whistleblowing. | en_US |
dc.language.iso | en | en_US |
dc.title | Essays on Corporate Finance and Corporate Governance | en_US |
dc.type | Thesis | en_US |
dc.contributor.department | Business | en_US |
dc.description.degreetype | Thesis | en_US |
dc.description.degree | Doctor of Philosophy (PhD) | en_US |
dc.description.layabstract | This thesis studies the effects of firm policies on labor costs, corporate culture, and stock markets. The first essay studies supplier firms with major customers, and I find that those supplier firms are willing to collaborate with their major customers, which lowers supplier firms’ ratio of labor costs to total revenue. The second essay examines firms with intense market competition, and I conclude that market competition improves firms’ corporate governance, which helps firms to improve corporate openness, which is a particular aspect of corporate culture. Corporate openness has positive implications on corporate social responsibility activities and stock returns. The third essay looks at firms that established an internal whistleblowing mechanism in China. The results show that the employee whistleblowing system prevents firms from misconducting and helps to reduce stock price crash risk. The effect is more pronounced in firms with a positive corporate culture. | en_US |
Appears in Collections: | Open Access Dissertations and Theses |
Files in This Item:
File | Description | Size | Format | |
---|---|---|---|---|
Ding_Zijun_202408_PhD.pdf | 2.13 MB | Adobe PDF | View/Open |
Items in MacSphere are protected by copyright, with all rights reserved, unless otherwise indicated.