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  1. Environmental, Social, and Governance (ESG) Outcomes and Municipal Credit Risk.Christopher C. Bruno & Witold J. Henisz - forthcoming - Business and Society.
    We investigate the association between a wide range of community-level environmental, social, and governance (ESG) outcomes and the credit risk of U.S. municipal finance fixed-income securities. We develop a novel dataset of multiple ESG outcomes for U.S. counties and connect it to a 2001-2020 panel of municipal bonds issued within those counties. Overall, we find supportive evidence that collective increases in community-level ESG factors (i.e., ESG outcomes) are associated with reductions in credit risk for U.S. municipal finance instruments over time. (...)
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  • Social Capital and Individual Ethics: Evidence from Financial Adviser Misconduct.John Bai, Chenguang Shang, Chi Wan & Yijia Eddie Zhao - 2021 - Journal of Business Ethics 181 (2):495-518.
    AbstractWe show that social capital has a strong mitigating effect on financial adviser misconduct in the United States. Moreover, advisers who have committed misconduct are also more likely to relocate to counties with a relatively lower level of social capital than that of his previously residing county. These findings provide support for both the deterrence and displacement effects of social capital on financial adviser misconduct, and are robust to tests that address potential endogeneity concerns. Our results shed new light on (...)
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  • Investor-Paid Ratings and Conflicts of Interest.Leo Tang, Marietta Peytcheva & Pei Li - 2020 - Journal of Business Ethics 163 (2):365-378.
    The Securities and Exchange Commission (SEC) sanctioned investor-paid rating agency Egan-Jones for falsely stating that it did not know its clients’ investment positions. The SEC’s action against Egan-Jones raises the broad question whether knowledge of clients’ investment positions creates a conflict of interest for investor-paid ratings. In an experimental setting, we find that investor-paid rating agencies are likely to assign credit ratings that are biased in favor of their clients’ positions, and that this effect is attenuated when the rated company (...)
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  • Do National Differences in Social Capital and Corporate Ethical Behaviour Perceptions Influence the Use of Collateral? Cross-Country Evidence.Panagiota Papadimitri, Fotios Pasiouras & Menelaos Tasiou - 2020 - Journal of Business Ethics 172 (4):765-784.
    We study the impact of social capital and perceptions about corporate ethical behaviour on the use of collateral in corporate borrowing. Using a dataset of more than 17,500 firms operating in over 100 transition and developing countries, we find evidence that country-level social capital and better perceptions about corporate ethical behaviour are negatively associated with the likelihood to pledge collateral. In addition, these country-level characteristics influence the value of collateral relative to the loan value.
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  • Do National Differences in Social Capital and Corporate Ethical Behaviour Perceptions Influence the Use of Collateral? Cross-Country Evidence.Panagiota Papadimitri, Fotios Pasiouras & Menelaos Tasiou - 2020 - Journal of Business Ethics 172 (4):765-784.
    We study the impact of social capital and perceptions about corporate ethical behaviour on the use of collateral in corporate borrowing. Using a dataset of more than 17,500 firms operating in over 100 transition and developing countries, we find evidence that country-level social capital and better perceptions about corporate ethical behaviour are negatively associated with the likelihood to pledge collateral. In addition, these country-level characteristics influence the value of collateral relative to the loan value.
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