Index
Empirical Research in Banking and Corporate Finance
ISBN: 978-1-78973-398-3, eISBN: 978-1-78973-397-6
ISSN: 1569-3732
Publication date: 12 September 2022
Citation
(2022), "Index", Ferris, S.P., John, K. and Makhija, A.K. (Ed.) Empirical Research in Banking and Corporate Finance (Advances in Financial Economics, Vol. 21), Emerald Publishing Limited, Leeds, pp. 223-227. https://doi.org/10.1108/S1569-373220220000021009
Publisher
:Emerald Publishing Limited
Copyright © 2022 by Emerald Publishing Limited
INDEX
Adhocracy organizational culture, 5
All-in-drawn spreads (AISDs), 121, 125
Altman Z-score, 131–133
American Stock Exchange (AMEX), 125
Apple, 31
Aspirational culture, 3–4
Audit committee, 102–103
expertise, 102–103
independence, 102–103
Bank efficiency, 192, 195
mortgage loan securitization, 209
nonmortgage loan securitization, 209
impact of securitization on, 201–207
Bank heterogeneity, 207–208
Bank inputs and outputs, 217
Bank loans, 120
mechanisms, 143–146
spread, 127–131
variables, 125
Bank size, 195–196
Banking sector, 158
Bankruptcy of Lehman Brothers, 193, 200
Blockholders, 123–124
Board of directors, 107
Borrower stock liquidity, 127–131
impact on nonprice loan terms, 146–147
mechanisms, 143–146
Breusch-Pagan/Cook-Weisberg test (BP test), 169
Career concerns as mechanism, 66–69
Center for Research in Security Prices (CRSP), 124
Clan organizational culture, 5
Community, 21–23
Composite measures, 1–2
Conventional banks (CBs), 157, 159–160
CSR disclosure in, 160
Corporate culture, 1–2, 4
data, 6–8
findings, 8–25
literature review, 3–5
Corporate external financing, 120
Corporate governance, 21, 101–102
improvement in, 143–145
mechanism, 121–122
Corporate performance, 21–25
community, 21–23
corporate governance, 21
diversity, 23
employees relations, 23
environment, 23–24
human rights, 24
literature on, 30
market-to-book asset ratio, 25
product’s social performance, 24
Corporate Social Responsibility (CSR), 2, 156
activities, 5
descriptive statistics, 170–171
disclosure in conventional and Islamic banks, 160
empirical results, 170–181
negative effect of CSR on performance, 162–163
performance measures, 2–3, 6, 8
positive effect of CSR on banks’ financial performance, 161–162
practices, 157
reporting, 5
research findings, 171–181
washing, 2–3
Corporate values, 2
Correlation matrix, 218
Correspondence analysis model (CA model), 8, 10
Cost of bank loans, 120–122
Credit rating, 126
Credit risk (CR), 168
Cumulative abnormal returns (CARs), 93–94
Cumulative distribution function (CDF), 93–94
Current ratio, 126
Data Envelopment Analysis (DEA), 31–32, 45, 192, 195
DEA-based ability measure, 32–33, 42–44, 46
investigating variation in, 45–46
Decimalization, 121
Decisions, 35
Delaware
, 122
Diagnostic tests, 169
Dickey-Fuller test, 45–46
Difference-in-differences methodology (DiD methodology), 33, 62–65, 121, 138, 142, 193, 199
Disclosure, 157
Diversification, 193–194
ratio, 195–196
Diversity, 23
Durbin Chi-square test statistic, 134–135
Durbin Wu Hausman test (DWH test), 169
Dynamic patterns analysis, 206–207
EBITDA, 126
Econometric techniques, 133, 168–169
Efficiency Scores, 198
Employees relations, 23
Environment, 23–24
Environmental, social, and governance (ESG), 6–8
impact of bank performance on voluntary ESG disclosure, 176
disclosure score, 165–166
impact of ESG on bank performance, 171–176
Execucomp database, 31–32, 36
Exogenous shocks, 76–77, 121
Exploitative innovation, 50–53
Exploratory innovation, 50–53
External equity financing, 123
Falsification test, 77
Financial constraints, reduction in, 143
Financial crisis, 194
Financial performance measures, 164–165
Firm performance, 30
Firm-fixed effects, 134
Fixed effects probit model, 59
GCC
banks, 157–158
demographics of banking sector in, 159–160
financial institutions, 157
model and hypotheses, 160–164
research sample and methodology, 164–169
stock exchanges, 158
Gender diversity, 102
General Ability Index (GAI), 43–44
Generality of patents, 53–58
GMM methodology, 158–159, 168
Golden parachutes, 35–36
Good corporate governance, 101–102
Heckman self-selection model, 192–193, 198, 201
Herfindahl-Hirschman Index, 195–196
Heteroskedasticity issues, 88
Hierarchical organizational culture, 5
High-ability managers, 31–32
Higher delta WPS, 35
Higher stock liquidity, 123
Human rights, 24
Industry
models to distinguish industry and values effects on performance, 15–21
and organizational culture, 4
relationship between performance measures and industries, 13–15
Innovation, 29–30
managerial characteristics, and compensation, 58–59
Innovative efficiency, 29–30
Institutional ownership, 126
Instrumental variables approach, 134–135
Internal audit, 102
data and methodology, 105–109
effort, 104
literature review, 104–105
results, 109–113
Investment in internal audit, 106
Islamic banks (IBs), 157, 159–160
CSR disclosure in, 160
Israel Securities Authority (ISA), 105
Israeli market, 103
Justification, 169
KPSS Patent Data, 33, 36
Leverage, 126
Leveraged buyout (LBO), 76
announcement returns, 93–95
control groups, 88–90
data and methods, 81–86
empirical analysis, 86–97
estimate value of tax benefits, 95–97
heterogeneous treatment effects, 91–93
institutional background, 78–79
literature review, 78–81
related literature, 79–81
research method, 84
robustness checks, 88
sample construction, 81–84
state-level analysis, 91
summary statistics, 84–86
tax benefits in, 76
effect of tax changes in neighboring states, 90–91
effect of tax changes on firms’ decisions, 77
transactions, 76
Liquidity
index, 192–193, 198
ratio, 195–196
Loan Pricing Corporation (LPC), 124
Loan sale activities on efficiency scores, 209–212
Local-market power, 195–196
Logistic regression, 77, 84
London Interbank Offered Rate (LIBOR), 121
Lower-ability managers, 31–32
Mahalanobis matching, 59–62
Managerial ability, 30–33
construction of innovation measures, 40–42
data, 36–46
DEA-based managerial ability measure, 42–46
empirical findings, 46–69
Marginal tax rates (MTR), 77–78
Market organizational culture, 5
Market-to-book ratio (MBR), 25, 126, 165
MaxDebt, 96
Maya (online reporting system), 105
Means, 196
Medians, 196
Modified Altman Z-score, 131, 133
Mortgage loan securitization, 209
Nasdaq, 125
NBER patent database, 33, 36
Net interest income (NII), 165
New York Stock Exchange (NYSE), 125
Non-interest income, 165
Noninterest expense ratio, 195–196
Nonmortgage loan securitization, 209
Nonmortgage securitization ratio, 193
Nonperforming loans, 195–196
Ordinary least squares (OLS), 127, 168, 198
Organizational culture
industry, and performance relationships, 4–5
industry and, 4
as values, 3–4
Originality of patents, 53–58
Patent quantity, quality, and innovative efficiency, 46–50
Patented innovations, 34
Patents of firms, 34
Peer liquidity index, 192–193, 198
Performance, 157
Performance variables, 28
Poisson regression, 91
Pre-SOX empirical studies, 104–105
Product’s social performance, 24
Propensity score matching process, 59, 62, 139
Property, plant, and equipment (PPE), 126
R&D expenditures, 29–30, 36, 40, 49
Regression analysis, 15, 77, 86, 88
Relative effective spread (RES), 125
RepayDebt, 96–97
Restatements, 102
Retained interest ratio, 195
Return on assets (ROA), 77–78, 86, 126, 164–165
Return on Equity (ROE), 164–165
Return volatility, 126
Robustness, 59–62
checks, 88, 131, 133
propensity score matching, 59–62
Sarbanes-Oxley Act of 2002, 103
Scaled WPS, 35
“Scaled-wealth-performance sensitivity” measure, 144–145
Securities and Exchange Commission (SEC), 105
Securities Data Company (SDC), 81–82
Securitization, 191–192
data and variables, 194–198
descriptive statistics, 196–198
empirical strategy, 198–201
impact, 192–193
impact on bank efficiency, 201–207
ratio, 195
Securitizers, 196–198
Self-citations, 53
Signaling theory, 195
Slack resource theory, 162
Social responsibility, 157
Split sample analysis, 219–220
Stakeholder’s theory, 161
Standard deviations (SDs), 196
State-level corporate tax, 192–193, 198–199
Stock liquidity, 119–120
bank loan variables, 125
data sources and sample selection, 124–125
descriptive statistics, 127
empirical results, 127–133
endogeneity concern, 133–142
mechanisms, 121–122
negative view on stock liquidity and loan costs, 124
positive view on stock liquidity and loan costs, 123–124
related literature, 123–124
robustness checks, 131–133
sample construction and variable definition, 124–127
variables, 125–126
Super-Analyst, 105
System GMM estimator, 168–169
Takeover exposures, 146
Tax benefits, 78, 80–81
estimate value of, 95–97
hypothesis, 76, 80
Tax changes, 77
Tel Aviv Stock Exchange (TASE), 103, 105
Temporal matching method, 77
Tobin Q (TQ), 164–165
Total Capital (TC), 166–168
Total Loans to total deposits (L/D), 166–168
Total securitization ratio, 201
Trade and Quote database (TAQ database), 124–125
Trade-off theory, 163
Two-by-two typologies, 1–2
Two-stage least squares approach (2SLS approach), 134
United Arab Emirates (UAE), 159
Values, 1–4
category definitions and composition, 7–8
relationship between values and industries, 8–11
relationship between values and performance measures, 11
statements, 6
Variable definition, 216
Vega WPS, 35
Voluntary disclosure (VD), 156
high level, 156–157
Wealth performance sensitivity (WPS), 35, 58
Wealth transfer hypothesis, 80–81
Career concerns as mechanism, 66–69
Center for Research in Security Prices (CRSP), 124
Clan organizational culture, 5
Community, 21–23
Composite measures, 1–2
Conventional banks (CBs), 157, 159–160
CSR disclosure in, 160
Corporate culture, 1–2, 4
data, 6–8
findings, 8–25
literature review, 3–5
Corporate external financing, 120
Corporate governance, 21, 101–102
improvement in, 143–145
mechanism, 121–122
Corporate performance, 21–25
community, 21–23
corporate governance, 21
diversity, 23
employees relations, 23
environment, 23–24
human rights, 24
literature on, 30
market-to-book asset ratio, 25
product’s social performance, 24
Corporate Social Responsibility (CSR), 2, 156
activities, 5
descriptive statistics, 170–171
disclosure in conventional and Islamic banks, 160
empirical results, 170–181
negative effect of CSR on performance, 162–163
performance measures, 2–3, 6, 8
positive effect of CSR on banks’ financial performance, 161–162
practices, 157
reporting, 5
research findings, 171–181
washing, 2–3
Corporate values, 2
Correlation matrix, 218
Correspondence analysis model (CA model), 8, 10
Cost of bank loans, 120–122
Credit rating, 126
Credit risk (CR), 168
Cumulative abnormal returns (CARs), 93–94
Cumulative distribution function (CDF), 93–94
Current ratio, 126
Data Envelopment Analysis (DEA), 31–32, 45, 192, 195
DEA-based ability measure, 32–33, 42–44, 46
investigating variation in, 45–46
Decimalization, 121
Decisions, 35
Delaware
, 122
Diagnostic tests, 169
Dickey-Fuller test, 45–46
Difference-in-differences methodology (DiD methodology), 33, 62–65, 121, 138, 142, 193, 199
Disclosure, 157
Diversification, 193–194
ratio, 195–196
Diversity, 23
Durbin Chi-square test statistic, 134–135
Durbin Wu Hausman test (DWH test), 169
Dynamic patterns analysis, 206–207
EBITDA, 126
Econometric techniques, 133, 168–169
Efficiency Scores, 198
Employees relations, 23
Environment, 23–24
Environmental, social, and governance (ESG), 6–8
impact of bank performance on voluntary ESG disclosure, 176
disclosure score, 165–166
impact of ESG on bank performance, 171–176
Execucomp database, 31–32, 36
Exogenous shocks, 76–77, 121
Exploitative innovation, 50–53
Exploratory innovation, 50–53
External equity financing, 123
Falsification test, 77
Financial constraints, reduction in, 143
Financial crisis, 194
Financial performance measures, 164–165
Firm performance, 30
Firm-fixed effects, 134
Fixed effects probit model, 59
GCC
banks, 157–158
demographics of banking sector in, 159–160
financial institutions, 157
model and hypotheses, 160–164
research sample and methodology, 164–169
stock exchanges, 158
Gender diversity, 102
General Ability Index (GAI), 43–44
Generality of patents, 53–58
GMM methodology, 158–159, 168
Golden parachutes, 35–36
Good corporate governance, 101–102
Heckman self-selection model, 192–193, 198, 201
Herfindahl-Hirschman Index, 195–196
Heteroskedasticity issues, 88
Hierarchical organizational culture, 5
High-ability managers, 31–32
Higher delta WPS, 35
Higher stock liquidity, 123
Human rights, 24
Industry
models to distinguish industry and values effects on performance, 15–21
and organizational culture, 4
relationship between performance measures and industries, 13–15
Innovation, 29–30
managerial characteristics, and compensation, 58–59
Innovative efficiency, 29–30
Institutional ownership, 126
Instrumental variables approach, 134–135
Internal audit, 102
data and methodology, 105–109
effort, 104
literature review, 104–105
results, 109–113
Investment in internal audit, 106
Islamic banks (IBs), 157, 159–160
CSR disclosure in, 160
Israel Securities Authority (ISA), 105
Israeli market, 103
Justification, 169
KPSS Patent Data, 33, 36
Leverage, 126
Leveraged buyout (LBO), 76
announcement returns, 93–95
control groups, 88–90
data and methods, 81–86
empirical analysis, 86–97
estimate value of tax benefits, 95–97
heterogeneous treatment effects, 91–93
institutional background, 78–79
literature review, 78–81
related literature, 79–81
research method, 84
robustness checks, 88
sample construction, 81–84
state-level analysis, 91
summary statistics, 84–86
tax benefits in, 76
effect of tax changes in neighboring states, 90–91
effect of tax changes on firms’ decisions, 77
transactions, 76
Liquidity
index, 192–193, 198
ratio, 195–196
Loan Pricing Corporation (LPC), 124
Loan sale activities on efficiency scores, 209–212
Local-market power, 195–196
Logistic regression, 77, 84
London Interbank Offered Rate (LIBOR), 121
Lower-ability managers, 31–32
Mahalanobis matching, 59–62
Managerial ability, 30–33
construction of innovation measures, 40–42
data, 36–46
DEA-based managerial ability measure, 42–46
empirical findings, 46–69
Marginal tax rates (MTR), 77–78
Market organizational culture, 5
Market-to-book ratio (MBR), 25, 126, 165
MaxDebt, 96
Maya (online reporting system), 105
Means, 196
Medians, 196
Modified Altman Z-score, 131, 133
Mortgage loan securitization, 209
Nasdaq, 125
NBER patent database, 33, 36
Net interest income (NII), 165
New York Stock Exchange (NYSE), 125
Non-interest income, 165
Noninterest expense ratio, 195–196
Nonmortgage loan securitization, 209
Nonmortgage securitization ratio, 193
Nonperforming loans, 195–196
Ordinary least squares (OLS), 127, 168, 198
Organizational culture
industry, and performance relationships, 4–5
industry and, 4
as values, 3–4
Originality of patents, 53–58
Patent quantity, quality, and innovative efficiency, 46–50
Patented innovations, 34
Patents of firms, 34
Peer liquidity index, 192–193, 198
Performance, 157
Performance variables, 28
Poisson regression, 91
Pre-SOX empirical studies, 104–105
Product’s social performance, 24
Propensity score matching process, 59, 62, 139
Property, plant, and equipment (PPE), 126
R&D expenditures, 29–30, 36, 40, 49
Regression analysis, 15, 77, 86, 88
Relative effective spread (RES), 125
RepayDebt, 96–97
Restatements, 102
Retained interest ratio, 195
Return on assets (ROA), 77–78, 86, 126, 164–165
Return on Equity (ROE), 164–165
Return volatility, 126
Robustness, 59–62
checks, 88, 131, 133
propensity score matching, 59–62
Sarbanes-Oxley Act of 2002, 103
Scaled WPS, 35
“Scaled-wealth-performance sensitivity” measure, 144–145
Securities and Exchange Commission (SEC), 105
Securities Data Company (SDC), 81–82
Securitization, 191–192
data and variables, 194–198
descriptive statistics, 196–198
empirical strategy, 198–201
impact, 192–193
impact on bank efficiency, 201–207
ratio, 195
Securitizers, 196–198
Self-citations, 53
Signaling theory, 195
Slack resource theory, 162
Social responsibility, 157
Split sample analysis, 219–220
Stakeholder’s theory, 161
Standard deviations (SDs), 196
State-level corporate tax, 192–193, 198–199
Stock liquidity, 119–120
bank loan variables, 125
data sources and sample selection, 124–125
descriptive statistics, 127
empirical results, 127–133
endogeneity concern, 133–142
mechanisms, 121–122
negative view on stock liquidity and loan costs, 124
positive view on stock liquidity and loan costs, 123–124
related literature, 123–124
robustness checks, 131–133
sample construction and variable definition, 124–127
variables, 125–126
Super-Analyst, 105
System GMM estimator, 168–169
Takeover exposures, 146
Tax benefits, 78, 80–81
estimate value of, 95–97
hypothesis, 76, 80
Tax changes, 77
Tel Aviv Stock Exchange (TASE), 103, 105
Temporal matching method, 77
Tobin Q (TQ), 164–165
Total Capital (TC), 166–168
Total Loans to total deposits (L/D), 166–168
Total securitization ratio, 201
Trade and Quote database (TAQ database), 124–125
Trade-off theory, 163
Two-by-two typologies, 1–2
Two-stage least squares approach (2SLS approach), 134
United Arab Emirates (UAE), 159
Values, 1–4
category definitions and composition, 7–8
relationship between values and industries, 8–11
relationship between values and performance measures, 11
statements, 6
Variable definition, 216
Vega WPS, 35
Voluntary disclosure (VD), 156
high level, 156–157
Wealth performance sensitivity (WPS), 35, 58
Wealth transfer hypothesis, 80–81
EBITDA, 126
Econometric techniques, 133, 168–169
Efficiency Scores, 198
Employees relations, 23
Environment, 23–24
Environmental, social, and governance (ESG), 6–8
impact of bank performance on voluntary ESG disclosure, 176
disclosure score, 165–166
impact of ESG on bank performance, 171–176
Execucomp database, 31–32, 36
Exogenous shocks, 76–77, 121
Exploitative innovation, 50–53
Exploratory innovation, 50–53
External equity financing, 123
Falsification test, 77
Financial constraints, reduction in, 143
Financial crisis, 194
Financial performance measures, 164–165
Firm performance, 30
Firm-fixed effects, 134
Fixed effects probit model, 59
GCC
banks, 157–158
demographics of banking sector in, 159–160
financial institutions, 157
model and hypotheses, 160–164
research sample and methodology, 164–169
stock exchanges, 158
Gender diversity, 102
General Ability Index (GAI), 43–44
Generality of patents, 53–58
GMM methodology, 158–159, 168
Golden parachutes, 35–36
Good corporate governance, 101–102
Heckman self-selection model, 192–193, 198, 201
Herfindahl-Hirschman Index, 195–196
Heteroskedasticity issues, 88
Hierarchical organizational culture, 5
High-ability managers, 31–32
Higher delta WPS, 35
Higher stock liquidity, 123
Human rights, 24
Industry
models to distinguish industry and values effects on performance, 15–21
and organizational culture, 4
relationship between performance measures and industries, 13–15
Innovation, 29–30
managerial characteristics, and compensation, 58–59
Innovative efficiency, 29–30
Institutional ownership, 126
Instrumental variables approach, 134–135
Internal audit, 102
data and methodology, 105–109
effort, 104
literature review, 104–105
results, 109–113
Investment in internal audit, 106
Islamic banks (IBs), 157, 159–160
CSR disclosure in, 160
Israel Securities Authority (ISA), 105
Israeli market, 103
Justification, 169
KPSS Patent Data, 33, 36
Leverage, 126
Leveraged buyout (LBO), 76
announcement returns, 93–95
control groups, 88–90
data and methods, 81–86
empirical analysis, 86–97
estimate value of tax benefits, 95–97
heterogeneous treatment effects, 91–93
institutional background, 78–79
literature review, 78–81
related literature, 79–81
research method, 84
robustness checks, 88
sample construction, 81–84
state-level analysis, 91
summary statistics, 84–86
tax benefits in, 76
effect of tax changes in neighboring states, 90–91
effect of tax changes on firms’ decisions, 77
transactions, 76
Liquidity
index, 192–193, 198
ratio, 195–196
Loan Pricing Corporation (LPC), 124
Loan sale activities on efficiency scores, 209–212
Local-market power, 195–196
Logistic regression, 77, 84
London Interbank Offered Rate (LIBOR), 121
Lower-ability managers, 31–32
Mahalanobis matching, 59–62
Managerial ability, 30–33
construction of innovation measures, 40–42
data, 36–46
DEA-based managerial ability measure, 42–46
empirical findings, 46–69
Marginal tax rates (MTR), 77–78
Market organizational culture, 5
Market-to-book ratio (MBR), 25, 126, 165
MaxDebt, 96
Maya (online reporting system), 105
Means, 196
Medians, 196
Modified Altman Z-score, 131, 133
Mortgage loan securitization, 209
Nasdaq, 125
NBER patent database, 33, 36
Net interest income (NII), 165
New York Stock Exchange (NYSE), 125
Non-interest income, 165
Noninterest expense ratio, 195–196
Nonmortgage loan securitization, 209
Nonmortgage securitization ratio, 193
Nonperforming loans, 195–196
Ordinary least squares (OLS), 127, 168, 198
Organizational culture
industry, and performance relationships, 4–5
industry and, 4
as values, 3–4
Originality of patents, 53–58
Patent quantity, quality, and innovative efficiency, 46–50
Patented innovations, 34
Patents of firms, 34
Peer liquidity index, 192–193, 198
Performance, 157
Performance variables, 28
Poisson regression, 91
Pre-SOX empirical studies, 104–105
Product’s social performance, 24
Propensity score matching process, 59, 62, 139
Property, plant, and equipment (PPE), 126
R&D expenditures, 29–30, 36, 40, 49
Regression analysis, 15, 77, 86, 88
Relative effective spread (RES), 125
RepayDebt, 96–97
Restatements, 102
Retained interest ratio, 195
Return on assets (ROA), 77–78, 86, 126, 164–165
Return on Equity (ROE), 164–165
Return volatility, 126
Robustness, 59–62
checks, 88, 131, 133
propensity score matching, 59–62
Sarbanes-Oxley Act of 2002, 103
Scaled WPS, 35
“Scaled-wealth-performance sensitivity” measure, 144–145
Securities and Exchange Commission (SEC), 105
Securities Data Company (SDC), 81–82
Securitization, 191–192
data and variables, 194–198
descriptive statistics, 196–198
empirical strategy, 198–201
impact, 192–193
impact on bank efficiency, 201–207
ratio, 195
Securitizers, 196–198
Self-citations, 53
Signaling theory, 195
Slack resource theory, 162
Social responsibility, 157
Split sample analysis, 219–220
Stakeholder’s theory, 161
Standard deviations (SDs), 196
State-level corporate tax, 192–193, 198–199
Stock liquidity, 119–120
bank loan variables, 125
data sources and sample selection, 124–125
descriptive statistics, 127
empirical results, 127–133
endogeneity concern, 133–142
mechanisms, 121–122
negative view on stock liquidity and loan costs, 124
positive view on stock liquidity and loan costs, 123–124
related literature, 123–124
robustness checks, 131–133
sample construction and variable definition, 124–127
variables, 125–126
Super-Analyst, 105
System GMM estimator, 168–169
Takeover exposures, 146
Tax benefits, 78, 80–81
estimate value of, 95–97
hypothesis, 76, 80
Tax changes, 77
Tel Aviv Stock Exchange (TASE), 103, 105
Temporal matching method, 77
Tobin Q (TQ), 164–165
Total Capital (TC), 166–168
Total Loans to total deposits (L/D), 166–168
Total securitization ratio, 201
Trade and Quote database (TAQ database), 124–125
Trade-off theory, 163
Two-by-two typologies, 1–2
Two-stage least squares approach (2SLS approach), 134
United Arab Emirates (UAE), 159
Values, 1–4
category definitions and composition, 7–8
relationship between values and industries, 8–11
relationship between values and performance measures, 11
statements, 6
Variable definition, 216
Vega WPS, 35
Voluntary disclosure (VD), 156
high level, 156–157
Wealth performance sensitivity (WPS), 35, 58
Wealth transfer hypothesis, 80–81
GCC
banks, 157–158
demographics of banking sector in, 159–160
financial institutions, 157
model and hypotheses, 160–164
research sample and methodology, 164–169
stock exchanges, 158
Gender diversity, 102
General Ability Index (GAI), 43–44
Generality of patents, 53–58
GMM methodology, 158–159, 168
Golden parachutes, 35–36
Good corporate governance, 101–102
Heckman self-selection model, 192–193, 198, 201
Herfindahl-Hirschman Index, 195–196
Heteroskedasticity issues, 88
Hierarchical organizational culture, 5
High-ability managers, 31–32
Higher delta WPS, 35
Higher stock liquidity, 123
Human rights, 24
Industry
models to distinguish industry and values effects on performance, 15–21
and organizational culture, 4
relationship between performance measures and industries, 13–15
Innovation, 29–30
managerial characteristics, and compensation, 58–59
Innovative efficiency, 29–30
Institutional ownership, 126
Instrumental variables approach, 134–135
Internal audit, 102
data and methodology, 105–109
effort, 104
literature review, 104–105
results, 109–113
Investment in internal audit, 106
Islamic banks (IBs), 157, 159–160
CSR disclosure in, 160
Israel Securities Authority (ISA), 105
Israeli market, 103
Justification, 169
KPSS Patent Data, 33, 36
Leverage, 126
Leveraged buyout (LBO), 76
announcement returns, 93–95
control groups, 88–90
data and methods, 81–86
empirical analysis, 86–97
estimate value of tax benefits, 95–97
heterogeneous treatment effects, 91–93
institutional background, 78–79
literature review, 78–81
related literature, 79–81
research method, 84
robustness checks, 88
sample construction, 81–84
state-level analysis, 91
summary statistics, 84–86
tax benefits in, 76
effect of tax changes in neighboring states, 90–91
effect of tax changes on firms’ decisions, 77
transactions, 76
Liquidity
index, 192–193, 198
ratio, 195–196
Loan Pricing Corporation (LPC), 124
Loan sale activities on efficiency scores, 209–212
Local-market power, 195–196
Logistic regression, 77, 84
London Interbank Offered Rate (LIBOR), 121
Lower-ability managers, 31–32
Mahalanobis matching, 59–62
Managerial ability, 30–33
construction of innovation measures, 40–42
data, 36–46
DEA-based managerial ability measure, 42–46
empirical findings, 46–69
Marginal tax rates (MTR), 77–78
Market organizational culture, 5
Market-to-book ratio (MBR), 25, 126, 165
MaxDebt, 96
Maya (online reporting system), 105
Means, 196
Medians, 196
Modified Altman Z-score, 131, 133
Mortgage loan securitization, 209
Nasdaq, 125
NBER patent database, 33, 36
Net interest income (NII), 165
New York Stock Exchange (NYSE), 125
Non-interest income, 165
Noninterest expense ratio, 195–196
Nonmortgage loan securitization, 209
Nonmortgage securitization ratio, 193
Nonperforming loans, 195–196
Ordinary least squares (OLS), 127, 168, 198
Organizational culture
industry, and performance relationships, 4–5
industry and, 4
as values, 3–4
Originality of patents, 53–58
Patent quantity, quality, and innovative efficiency, 46–50
Patented innovations, 34
Patents of firms, 34
Peer liquidity index, 192–193, 198
Performance, 157
Performance variables, 28
Poisson regression, 91
Pre-SOX empirical studies, 104–105
Product’s social performance, 24
Propensity score matching process, 59, 62, 139
Property, plant, and equipment (PPE), 126
R&D expenditures, 29–30, 36, 40, 49
Regression analysis, 15, 77, 86, 88
Relative effective spread (RES), 125
RepayDebt, 96–97
Restatements, 102
Retained interest ratio, 195
Return on assets (ROA), 77–78, 86, 126, 164–165
Return on Equity (ROE), 164–165
Return volatility, 126
Robustness, 59–62
checks, 88, 131, 133
propensity score matching, 59–62
Sarbanes-Oxley Act of 2002, 103
Scaled WPS, 35
“Scaled-wealth-performance sensitivity” measure, 144–145
Securities and Exchange Commission (SEC), 105
Securities Data Company (SDC), 81–82
Securitization, 191–192
data and variables, 194–198
descriptive statistics, 196–198
empirical strategy, 198–201
impact, 192–193
impact on bank efficiency, 201–207
ratio, 195
Securitizers, 196–198
Self-citations, 53
Signaling theory, 195
Slack resource theory, 162
Social responsibility, 157
Split sample analysis, 219–220
Stakeholder’s theory, 161
Standard deviations (SDs), 196
State-level corporate tax, 192–193, 198–199
Stock liquidity, 119–120
bank loan variables, 125
data sources and sample selection, 124–125
descriptive statistics, 127
empirical results, 127–133
endogeneity concern, 133–142
mechanisms, 121–122
negative view on stock liquidity and loan costs, 124
positive view on stock liquidity and loan costs, 123–124
related literature, 123–124
robustness checks, 131–133
sample construction and variable definition, 124–127
variables, 125–126
Super-Analyst, 105
System GMM estimator, 168–169
Takeover exposures, 146
Tax benefits, 78, 80–81
estimate value of, 95–97
hypothesis, 76, 80
Tax changes, 77
Tel Aviv Stock Exchange (TASE), 103, 105
Temporal matching method, 77
Tobin Q (TQ), 164–165
Total Capital (TC), 166–168
Total Loans to total deposits (L/D), 166–168
Total securitization ratio, 201
Trade and Quote database (TAQ database), 124–125
Trade-off theory, 163
Two-by-two typologies, 1–2
Two-stage least squares approach (2SLS approach), 134
United Arab Emirates (UAE), 159
Values, 1–4
category definitions and composition, 7–8
relationship between values and industries, 8–11
relationship between values and performance measures, 11
statements, 6
Variable definition, 216
Vega WPS, 35
Voluntary disclosure (VD), 156
high level, 156–157
Wealth performance sensitivity (WPS), 35, 58
Wealth transfer hypothesis, 80–81
Industry
models to distinguish industry and values effects on performance, 15–21
and organizational culture, 4
relationship between performance measures and industries, 13–15
Innovation, 29–30
managerial characteristics, and compensation, 58–59
Innovative efficiency, 29–30
Institutional ownership, 126
Instrumental variables approach, 134–135
Internal audit, 102
data and methodology, 105–109
effort, 104
literature review, 104–105
results, 109–113
Investment in internal audit, 106
Islamic banks (IBs), 157, 159–160
CSR disclosure in, 160
Israel Securities Authority (ISA), 105
Israeli market, 103
Justification, 169
KPSS Patent Data, 33, 36
Leverage, 126
Leveraged buyout (LBO), 76
announcement returns, 93–95
control groups, 88–90
data and methods, 81–86
empirical analysis, 86–97
estimate value of tax benefits, 95–97
heterogeneous treatment effects, 91–93
institutional background, 78–79
literature review, 78–81
related literature, 79–81
research method, 84
robustness checks, 88
sample construction, 81–84
state-level analysis, 91
summary statistics, 84–86
tax benefits in, 76
effect of tax changes in neighboring states, 90–91
effect of tax changes on firms’ decisions, 77
transactions, 76
Liquidity
index, 192–193, 198
ratio, 195–196
Loan Pricing Corporation (LPC), 124
Loan sale activities on efficiency scores, 209–212
Local-market power, 195–196
Logistic regression, 77, 84
London Interbank Offered Rate (LIBOR), 121
Lower-ability managers, 31–32
Mahalanobis matching, 59–62
Managerial ability, 30–33
construction of innovation measures, 40–42
data, 36–46
DEA-based managerial ability measure, 42–46
empirical findings, 46–69
Marginal tax rates (MTR), 77–78
Market organizational culture, 5
Market-to-book ratio (MBR), 25, 126, 165
MaxDebt, 96
Maya (online reporting system), 105
Means, 196
Medians, 196
Modified Altman Z-score, 131, 133
Mortgage loan securitization, 209
Nasdaq, 125
NBER patent database, 33, 36
Net interest income (NII), 165
New York Stock Exchange (NYSE), 125
Non-interest income, 165
Noninterest expense ratio, 195–196
Nonmortgage loan securitization, 209
Nonmortgage securitization ratio, 193
Nonperforming loans, 195–196
Ordinary least squares (OLS), 127, 168, 198
Organizational culture
industry, and performance relationships, 4–5
industry and, 4
as values, 3–4
Originality of patents, 53–58
Patent quantity, quality, and innovative efficiency, 46–50
Patented innovations, 34
Patents of firms, 34
Peer liquidity index, 192–193, 198
Performance, 157
Performance variables, 28
Poisson regression, 91
Pre-SOX empirical studies, 104–105
Product’s social performance, 24
Propensity score matching process, 59, 62, 139
Property, plant, and equipment (PPE), 126
R&D expenditures, 29–30, 36, 40, 49
Regression analysis, 15, 77, 86, 88
Relative effective spread (RES), 125
RepayDebt, 96–97
Restatements, 102
Retained interest ratio, 195
Return on assets (ROA), 77–78, 86, 126, 164–165
Return on Equity (ROE), 164–165
Return volatility, 126
Robustness, 59–62
checks, 88, 131, 133
propensity score matching, 59–62
Sarbanes-Oxley Act of 2002, 103
Scaled WPS, 35
“Scaled-wealth-performance sensitivity” measure, 144–145
Securities and Exchange Commission (SEC), 105
Securities Data Company (SDC), 81–82
Securitization, 191–192
data and variables, 194–198
descriptive statistics, 196–198
empirical strategy, 198–201
impact, 192–193
impact on bank efficiency, 201–207
ratio, 195
Securitizers, 196–198
Self-citations, 53
Signaling theory, 195
Slack resource theory, 162
Social responsibility, 157
Split sample analysis, 219–220
Stakeholder’s theory, 161
Standard deviations (SDs), 196
State-level corporate tax, 192–193, 198–199
Stock liquidity, 119–120
bank loan variables, 125
data sources and sample selection, 124–125
descriptive statistics, 127
empirical results, 127–133
endogeneity concern, 133–142
mechanisms, 121–122
negative view on stock liquidity and loan costs, 124
positive view on stock liquidity and loan costs, 123–124
related literature, 123–124
robustness checks, 131–133
sample construction and variable definition, 124–127
variables, 125–126
Super-Analyst, 105
System GMM estimator, 168–169
Takeover exposures, 146
Tax benefits, 78, 80–81
estimate value of, 95–97
hypothesis, 76, 80
Tax changes, 77
Tel Aviv Stock Exchange (TASE), 103, 105
Temporal matching method, 77
Tobin Q (TQ), 164–165
Total Capital (TC), 166–168
Total Loans to total deposits (L/D), 166–168
Total securitization ratio, 201
Trade and Quote database (TAQ database), 124–125
Trade-off theory, 163
Two-by-two typologies, 1–2
Two-stage least squares approach (2SLS approach), 134
United Arab Emirates (UAE), 159
Values, 1–4
category definitions and composition, 7–8
relationship between values and industries, 8–11
relationship between values and performance measures, 11
statements, 6
Variable definition, 216
Vega WPS, 35
Voluntary disclosure (VD), 156
high level, 156–157
Wealth performance sensitivity (WPS), 35, 58
Wealth transfer hypothesis, 80–81
KPSS Patent Data, 33, 36
Leverage, 126
Leveraged buyout (LBO), 76
announcement returns, 93–95
control groups, 88–90
data and methods, 81–86
empirical analysis, 86–97
estimate value of tax benefits, 95–97
heterogeneous treatment effects, 91–93
institutional background, 78–79
literature review, 78–81
related literature, 79–81
research method, 84
robustness checks, 88
sample construction, 81–84
state-level analysis, 91
summary statistics, 84–86
tax benefits in, 76
effect of tax changes in neighboring states, 90–91
effect of tax changes on firms’ decisions, 77
transactions, 76
Liquidity
index, 192–193, 198
ratio, 195–196
Loan Pricing Corporation (LPC), 124
Loan sale activities on efficiency scores, 209–212
Local-market power, 195–196
Logistic regression, 77, 84
London Interbank Offered Rate (LIBOR), 121
Lower-ability managers, 31–32
Mahalanobis matching, 59–62
Managerial ability, 30–33
construction of innovation measures, 40–42
data, 36–46
DEA-based managerial ability measure, 42–46
empirical findings, 46–69
Marginal tax rates (MTR), 77–78
Market organizational culture, 5
Market-to-book ratio (MBR), 25, 126, 165
MaxDebt, 96
Maya (online reporting system), 105
Means, 196
Medians, 196
Modified Altman Z-score, 131, 133
Mortgage loan securitization, 209
Nasdaq, 125
NBER patent database, 33, 36
Net interest income (NII), 165
New York Stock Exchange (NYSE), 125
Non-interest income, 165
Noninterest expense ratio, 195–196
Nonmortgage loan securitization, 209
Nonmortgage securitization ratio, 193
Nonperforming loans, 195–196
Ordinary least squares (OLS), 127, 168, 198
Organizational culture
industry, and performance relationships, 4–5
industry and, 4
as values, 3–4
Originality of patents, 53–58
Patent quantity, quality, and innovative efficiency, 46–50
Patented innovations, 34
Patents of firms, 34
Peer liquidity index, 192–193, 198
Performance, 157
Performance variables, 28
Poisson regression, 91
Pre-SOX empirical studies, 104–105
Product’s social performance, 24
Propensity score matching process, 59, 62, 139
Property, plant, and equipment (PPE), 126
R&D expenditures, 29–30, 36, 40, 49
Regression analysis, 15, 77, 86, 88
Relative effective spread (RES), 125
RepayDebt, 96–97
Restatements, 102
Retained interest ratio, 195
Return on assets (ROA), 77–78, 86, 126, 164–165
Return on Equity (ROE), 164–165
Return volatility, 126
Robustness, 59–62
checks, 88, 131, 133
propensity score matching, 59–62
Sarbanes-Oxley Act of 2002, 103
Scaled WPS, 35
“Scaled-wealth-performance sensitivity” measure, 144–145
Securities and Exchange Commission (SEC), 105
Securities Data Company (SDC), 81–82
Securitization, 191–192
data and variables, 194–198
descriptive statistics, 196–198
empirical strategy, 198–201
impact, 192–193
impact on bank efficiency, 201–207
ratio, 195
Securitizers, 196–198
Self-citations, 53
Signaling theory, 195
Slack resource theory, 162
Social responsibility, 157
Split sample analysis, 219–220
Stakeholder’s theory, 161
Standard deviations (SDs), 196
State-level corporate tax, 192–193, 198–199
Stock liquidity, 119–120
bank loan variables, 125
data sources and sample selection, 124–125
descriptive statistics, 127
empirical results, 127–133
endogeneity concern, 133–142
mechanisms, 121–122
negative view on stock liquidity and loan costs, 124
positive view on stock liquidity and loan costs, 123–124
related literature, 123–124
robustness checks, 131–133
sample construction and variable definition, 124–127
variables, 125–126
Super-Analyst, 105
System GMM estimator, 168–169
Takeover exposures, 146
Tax benefits, 78, 80–81
estimate value of, 95–97
hypothesis, 76, 80
Tax changes, 77
Tel Aviv Stock Exchange (TASE), 103, 105
Temporal matching method, 77
Tobin Q (TQ), 164–165
Total Capital (TC), 166–168
Total Loans to total deposits (L/D), 166–168
Total securitization ratio, 201
Trade and Quote database (TAQ database), 124–125
Trade-off theory, 163
Two-by-two typologies, 1–2
Two-stage least squares approach (2SLS approach), 134
United Arab Emirates (UAE), 159
Values, 1–4
category definitions and composition, 7–8
relationship between values and industries, 8–11
relationship between values and performance measures, 11
statements, 6
Variable definition, 216
Vega WPS, 35
Voluntary disclosure (VD), 156
high level, 156–157
Wealth performance sensitivity (WPS), 35, 58
Wealth transfer hypothesis, 80–81
Mahalanobis matching, 59–62
Managerial ability, 30–33
construction of innovation measures, 40–42
data, 36–46
DEA-based managerial ability measure, 42–46
empirical findings, 46–69
Marginal tax rates (MTR), 77–78
Market organizational culture, 5
Market-to-book ratio (MBR), 25, 126, 165
MaxDebt, 96
Maya (online reporting system), 105
Means, 196
Medians, 196
Modified Altman Z-score, 131, 133
Mortgage loan securitization, 209
Nasdaq, 125
NBER patent database, 33, 36
Net interest income (NII), 165
New York Stock Exchange (NYSE), 125
Non-interest income, 165
Noninterest expense ratio, 195–196
Nonmortgage loan securitization, 209
Nonmortgage securitization ratio, 193
Nonperforming loans, 195–196
Ordinary least squares (OLS), 127, 168, 198
Organizational culture
industry, and performance relationships, 4–5
industry and, 4
as values, 3–4
Originality of patents, 53–58
Patent quantity, quality, and innovative efficiency, 46–50
Patented innovations, 34
Patents of firms, 34
Peer liquidity index, 192–193, 198
Performance, 157
Performance variables, 28
Poisson regression, 91
Pre-SOX empirical studies, 104–105
Product’s social performance, 24
Propensity score matching process, 59, 62, 139
Property, plant, and equipment (PPE), 126
R&D expenditures, 29–30, 36, 40, 49
Regression analysis, 15, 77, 86, 88
Relative effective spread (RES), 125
RepayDebt, 96–97
Restatements, 102
Retained interest ratio, 195
Return on assets (ROA), 77–78, 86, 126, 164–165
Return on Equity (ROE), 164–165
Return volatility, 126
Robustness, 59–62
checks, 88, 131, 133
propensity score matching, 59–62
Sarbanes-Oxley Act of 2002, 103
Scaled WPS, 35
“Scaled-wealth-performance sensitivity” measure, 144–145
Securities and Exchange Commission (SEC), 105
Securities Data Company (SDC), 81–82
Securitization, 191–192
data and variables, 194–198
descriptive statistics, 196–198
empirical strategy, 198–201
impact, 192–193
impact on bank efficiency, 201–207
ratio, 195
Securitizers, 196–198
Self-citations, 53
Signaling theory, 195
Slack resource theory, 162
Social responsibility, 157
Split sample analysis, 219–220
Stakeholder’s theory, 161
Standard deviations (SDs), 196
State-level corporate tax, 192–193, 198–199
Stock liquidity, 119–120
bank loan variables, 125
data sources and sample selection, 124–125
descriptive statistics, 127
empirical results, 127–133
endogeneity concern, 133–142
mechanisms, 121–122
negative view on stock liquidity and loan costs, 124
positive view on stock liquidity and loan costs, 123–124
related literature, 123–124
robustness checks, 131–133
sample construction and variable definition, 124–127
variables, 125–126
Super-Analyst, 105
System GMM estimator, 168–169
Takeover exposures, 146
Tax benefits, 78, 80–81
estimate value of, 95–97
hypothesis, 76, 80
Tax changes, 77
Tel Aviv Stock Exchange (TASE), 103, 105
Temporal matching method, 77
Tobin Q (TQ), 164–165
Total Capital (TC), 166–168
Total Loans to total deposits (L/D), 166–168
Total securitization ratio, 201
Trade and Quote database (TAQ database), 124–125
Trade-off theory, 163
Two-by-two typologies, 1–2
Two-stage least squares approach (2SLS approach), 134
United Arab Emirates (UAE), 159
Values, 1–4
category definitions and composition, 7–8
relationship between values and industries, 8–11
relationship between values and performance measures, 11
statements, 6
Variable definition, 216
Vega WPS, 35
Voluntary disclosure (VD), 156
high level, 156–157
Wealth performance sensitivity (WPS), 35, 58
Wealth transfer hypothesis, 80–81
Ordinary least squares (OLS), 127, 168, 198
Organizational culture
industry, and performance relationships, 4–5
industry and, 4
as values, 3–4
Originality of patents, 53–58
Patent quantity, quality, and innovative efficiency, 46–50
Patented innovations, 34
Patents of firms, 34
Peer liquidity index, 192–193, 198
Performance, 157
Performance variables, 28
Poisson regression, 91
Pre-SOX empirical studies, 104–105
Product’s social performance, 24
Propensity score matching process, 59, 62, 139
Property, plant, and equipment (PPE), 126
R&D expenditures, 29–30, 36, 40, 49
Regression analysis, 15, 77, 86, 88
Relative effective spread (RES), 125
RepayDebt, 96–97
Restatements, 102
Retained interest ratio, 195
Return on assets (ROA), 77–78, 86, 126, 164–165
Return on Equity (ROE), 164–165
Return volatility, 126
Robustness, 59–62
checks, 88, 131, 133
propensity score matching, 59–62
Sarbanes-Oxley Act of 2002, 103
Scaled WPS, 35
“Scaled-wealth-performance sensitivity” measure, 144–145
Securities and Exchange Commission (SEC), 105
Securities Data Company (SDC), 81–82
Securitization, 191–192
data and variables, 194–198
descriptive statistics, 196–198
empirical strategy, 198–201
impact, 192–193
impact on bank efficiency, 201–207
ratio, 195
Securitizers, 196–198
Self-citations, 53
Signaling theory, 195
Slack resource theory, 162
Social responsibility, 157
Split sample analysis, 219–220
Stakeholder’s theory, 161
Standard deviations (SDs), 196
State-level corporate tax, 192–193, 198–199
Stock liquidity, 119–120
bank loan variables, 125
data sources and sample selection, 124–125
descriptive statistics, 127
empirical results, 127–133
endogeneity concern, 133–142
mechanisms, 121–122
negative view on stock liquidity and loan costs, 124
positive view on stock liquidity and loan costs, 123–124
related literature, 123–124
robustness checks, 131–133
sample construction and variable definition, 124–127
variables, 125–126
Super-Analyst, 105
System GMM estimator, 168–169
Takeover exposures, 146
Tax benefits, 78, 80–81
estimate value of, 95–97
hypothesis, 76, 80
Tax changes, 77
Tel Aviv Stock Exchange (TASE), 103, 105
Temporal matching method, 77
Tobin Q (TQ), 164–165
Total Capital (TC), 166–168
Total Loans to total deposits (L/D), 166–168
Total securitization ratio, 201
Trade and Quote database (TAQ database), 124–125
Trade-off theory, 163
Two-by-two typologies, 1–2
Two-stage least squares approach (2SLS approach), 134
United Arab Emirates (UAE), 159
Values, 1–4
category definitions and composition, 7–8
relationship between values and industries, 8–11
relationship between values and performance measures, 11
statements, 6
Variable definition, 216
Vega WPS, 35
Voluntary disclosure (VD), 156
high level, 156–157
Wealth performance sensitivity (WPS), 35, 58
Wealth transfer hypothesis, 80–81
R&D expenditures, 29–30, 36, 40, 49
Regression analysis, 15, 77, 86, 88
Relative effective spread (RES), 125
RepayDebt, 96–97
Restatements, 102
Retained interest ratio, 195
Return on assets (ROA), 77–78, 86, 126, 164–165
Return on Equity (ROE), 164–165
Return volatility, 126
Robustness, 59–62
checks, 88, 131, 133
propensity score matching, 59–62
Sarbanes-Oxley Act of 2002, 103
Scaled WPS, 35
“Scaled-wealth-performance sensitivity” measure, 144–145
Securities and Exchange Commission (SEC), 105
Securities Data Company (SDC), 81–82
Securitization, 191–192
data and variables, 194–198
descriptive statistics, 196–198
empirical strategy, 198–201
impact, 192–193
impact on bank efficiency, 201–207
ratio, 195
Securitizers, 196–198
Self-citations, 53
Signaling theory, 195
Slack resource theory, 162
Social responsibility, 157
Split sample analysis, 219–220
Stakeholder’s theory, 161
Standard deviations (SDs), 196
State-level corporate tax, 192–193, 198–199
Stock liquidity, 119–120
bank loan variables, 125
data sources and sample selection, 124–125
descriptive statistics, 127
empirical results, 127–133
endogeneity concern, 133–142
mechanisms, 121–122
negative view on stock liquidity and loan costs, 124
positive view on stock liquidity and loan costs, 123–124
related literature, 123–124
robustness checks, 131–133
sample construction and variable definition, 124–127
variables, 125–126
Super-Analyst, 105
System GMM estimator, 168–169
Takeover exposures, 146
Tax benefits, 78, 80–81
estimate value of, 95–97
hypothesis, 76, 80
Tax changes, 77
Tel Aviv Stock Exchange (TASE), 103, 105
Temporal matching method, 77
Tobin Q (TQ), 164–165
Total Capital (TC), 166–168
Total Loans to total deposits (L/D), 166–168
Total securitization ratio, 201
Trade and Quote database (TAQ database), 124–125
Trade-off theory, 163
Two-by-two typologies, 1–2
Two-stage least squares approach (2SLS approach), 134
United Arab Emirates (UAE), 159
Values, 1–4
category definitions and composition, 7–8
relationship between values and industries, 8–11
relationship between values and performance measures, 11
statements, 6
Variable definition, 216
Vega WPS, 35
Voluntary disclosure (VD), 156
high level, 156–157
Wealth performance sensitivity (WPS), 35, 58
Wealth transfer hypothesis, 80–81
Takeover exposures, 146
Tax benefits, 78, 80–81
estimate value of, 95–97
hypothesis, 76, 80
Tax changes, 77
Tel Aviv Stock Exchange (TASE), 103, 105
Temporal matching method, 77
Tobin Q (TQ), 164–165
Total Capital (TC), 166–168
Total Loans to total deposits (L/D), 166–168
Total securitization ratio, 201
Trade and Quote database (TAQ database), 124–125
Trade-off theory, 163
Two-by-two typologies, 1–2
Two-stage least squares approach (2SLS approach), 134
United Arab Emirates (UAE), 159
Values, 1–4
category definitions and composition, 7–8
relationship between values and industries, 8–11
relationship between values and performance measures, 11
statements, 6
Variable definition, 216
Vega WPS, 35
Voluntary disclosure (VD), 156
high level, 156–157
Wealth performance sensitivity (WPS), 35, 58
Wealth transfer hypothesis, 80–81
Values, 1–4
category definitions and composition, 7–8
relationship between values and industries, 8–11
relationship between values and performance measures, 11
statements, 6
Variable definition, 216
Vega WPS, 35
Voluntary disclosure (VD), 156
high level, 156–157
Wealth performance sensitivity (WPS), 35, 58
Wealth transfer hypothesis, 80–81
- Prelims
- The Value of Corporate Culture: Relationships Among Values, Industry, and Performance
- Management Capability and Innovation
- State Tax Rate Changes and Leveraged Buyouts: US Evidence
- Does Effort Pay Off? Evidence From Internal Audit in Israel
- Stock Liquidity and Cost of Private Debt
- The Status of Environmental, Social, and Governance Voluntary Disclosure in the GCC Banking Industry: Does It Pay to Be Socially Responsible?
- Securitization and Bank Efficiency
- Index