Working Papers

This study shows that CEOs with higher pay ratios often increase dividend payments to mitigate negative investor reactions, a pattern observed consistently over time and across various conditions. However, CEO pay ratios do not significantly impact stock repurchases, which are influenced more by external factors and shareholder concerns.

We use computational linguistic models to create the first systematic measures of ‘corporate gender culture’ in Australian firms and find that workplace culture is gendered. Our findings indicate that firms exhibit systematic gender differentiation, with variations across industries, and the cultural dimension that most influences women’s representation in leadership and firm performance is the equality of training opportunities.

This study shows that the market reacts positively when sharehholders

We report that institutional investors hold more stock in firms with past-focused CEOs.

We investigate how firms select directors from other company boards. Our results indicate that firms select directors that fit into the current pool of directors.