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ESG, Corporate Governance & Future of the Firm

The system of formal and informal rules by which a company is governed. Corporate governance shapes more than just a given’s company value – it dictates who controls the capital in the economy and so how this capital is being put the use. Corporate governance therefore affects and is affected by the degree of cronyism and rent-seeking in society.

ESG, Corporate Governance & Future of the Firm

Do Companies Invest In Corporate Social Responsibility At the Expense of Their Employees?

Guglielmo Briscese
The past decade has seen companies increasing investments in initiatives of corporate social responsibility (CSR), such as donating a share of profits to charity....
ESG, Corporate Governance & Future of the Firm

Millennials and Gen Z Are Willing to Accept Lower Wages to Work in More Sustainable Firms

Daniel Metzger
Firms in more environmentally friendly sectors are better able to attract and retain talent and at lower wages. Millennials and Gen Z, who are...
ESG, Corporate Governance & Future of the Firm

How Corporate Purpose Affects Firms

Claudine Gartenberg
A company’s purpose is a core aspect of the organization: it influences the financial performance of company, and relates to its ownership characteristics, compensation...
Antitrust and Competition

Is There Really a Conflict Between Better Corporate Governance and More Competitive Product Markets?

Miguel Antón
A new study shows that the supposed tradeoff between better corporate governance and more competitive product markets may not exist. More commonly-owned firms have...
ESG, Corporate Governance & Future of the Firm

How Companies Spin Off Environmental Liabilities to Avoid Legal Obligations

David F. Larcker
Environmental externalities are vexing for corporate decision makers, but some companies have figured out a way to deal with them: a spinoff. A recent...
ESG, Corporate Governance & Future of the Firm

Corporate Responsibility and The Two Minds of Milton Friedman

Ernesto Dal Bó
Milton Friedman had two inconsistent minds: That of an economist and an ideologue. The view that maximizing profits without constraint is a manager’s only...
ESG, Corporate Governance & Future of the Firm

Wirecard Scandal: When All Lines of Defense Against Corporate Fraud Fail

Jan Pieter Krahnen
Scandals such as Wirecard can destroy investor trust in capital markets working fairly and with integrity. A new policy brief commissioned by the European...
ESG, Corporate Governance & Future of the Firm

We Need More Research on Corporate Corruption

Armando Castro
The last decade has seen a continuous drumbeat of revelations of corporate corruption and the current economic crisis is sure to reveal many more....
ESG, Corporate Governance & Future of the Firm

The Social Voice of CEOs

Swarnodeep Homroy
A new working paper examines the phenomenon of CEO activism and finds that while statements by activist CEOs are more likely to have a...
ESG, Corporate Governance & Future of the Firm

Does a CEO Have a Duty to Lobby?

Luigi Zingales
We need not only more disclosure, but also more work in alerting people in general (and students in particular) about the distortive effects of...
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