Browsing by Author "Vural-Yavaş, Çiğdem"
Now showing items 1-3 of 3
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Asymmetric Cost Behavior and Acquirer Returns: Evidence from U.S. Mergers
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Publisher and Date:(Ege Univ, 2019)This paper investigates the asymmetric behavior of the selling, general and administrative (SG&A) costs of acquirers, and reveals its effects on mergers & acquisitions (M&A) performance in a one-year event window. It is based on a sample of 6888 M&As completed in the U.S. during the 2003-2015 period and employs panel data regressions. The results show that 73% of the acquirers display asymmetric cost behavior. A significant negative relation is found between cost stickiness and acquirers' abnormal ...
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Corporate risk-taking in developed countries: The influence of economic policy uncertainty and macroeconomic conditions
Authors:
Publisher and Date:(Elsevier, 2020)Using 74,974 firm-year observations covering 15 developed European countries over the time period 1999-2017, this paper explores the effect of economic policy uncertainty on corporate risk-taking. The findings indicate that firms become more risk averse with an economic policy uncertainty shock. The relationship is valid under idiosyncratic and earnings volatility risk measures, regardless of whether the macroeconomic condition is favorable or not. Moreover, the competition level in the industry ...
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Economic policy uncertainty, stakeholder engagement, and environmental, social, and governance practices: The moderating effect of competition
Authors:
Publisher and Date:(Wiley, 2020)his paper investigates the effect of the economic policy uncertainty (EPU) on corporate environmental, social, and governance practices (ESG), using 6,562 firm-year observations from 15 developed European countries covering the period from 2004 to 2017. The results show that during periods of high uncertainty, firms increase their overall ESG performance, corporate environmental performance, and performance in governance. The relationship is valid for emission, resource use, workforce, management, ...
