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Two Essays on Corporate Finance.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Two Essays on Corporate Finance./
Author:	Wang, Bo.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2021,
Description:	79 p.
Notes:	Source: Dissertations Abstracts International, Volume: 83-04, Section: A.
Contained By:	Dissertations Abstracts International83-04A.
Subject:	Finance. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=28646163
ISBN:	9798544206477

Two Essays on Corporate Finance.
Wang, Bo.

Two Essays on Corporate Finance. - Ann Arbor : ProQuest Dissertations & Theses, 2021 - 79 p.

Source: Dissertations Abstracts International, Volume: 83-04, Section: A.

Thesis (Ph.D.)--Illinois Institute of Technology, 2021.

This item must not be sold to any third party vendors.

This dissertation is comprised of two essays on finance. In the first chapter, I investigate whether and to what extent unionization would influence the compensation to the non-executive employees. In the second chapter, I explore how social capital would impact regional innovation performance by private firms.In the first chapter, I examine the effects of unionization on stock options granted to non-executive employees. Adopting a regression discontinuity design, I find that employees receive more stock options after the union election wins. The positive association is more pronounced when unions have more bargaining power and when free-riding problems are less severe. Further, I provide evidence that employees receive more stock options when CEOs are entrenched. Finally, I show that stock options provide risk-taking incentives to non-executive employees. This work provides a potential explanation to the union wage premium puzzle that unions utilize stock options to increase non-executive employees' total compensation.In the second chapter, I investigate whether and to what extent social capital may affect regional innovation by private firms in the U.S. I document that regional social capital is positively associated with the quantity, quality, and novelty of county-level innovation by private firms. This effect is more prominent in regions with a lower supply of financial capital. My findings further suggest that social capital is complementary to investment in research and development. Using a Spatial Durbin Model, I report that regional social capital has significant spillover effects in boosting the innovation of neighboring counties.

ISBN: 9798544206477Subjects--Topical Terms:

542899
Finance.
Subjects--Index Terms:

Corporate Governance

Two Essays on Corporate Finance.
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300 $a 79 p.
500 $a Source: Dissertations Abstracts International, Volume: 83-04, Section: A.
500 $a Advisor: Wang, Haizhi.
502 $a Thesis (Ph.D.)--Illinois Institute of Technology, 2021.
506 $a This item must not be sold to any third party vendors.
520 $a This dissertation is comprised of two essays on finance. In the first chapter, I investigate whether and to what extent unionization would influence the compensation to the non-executive employees. In the second chapter, I explore how social capital would impact regional innovation performance by private firms.In the first chapter, I examine the effects of unionization on stock options granted to non-executive employees. Adopting a regression discontinuity design, I find that employees receive more stock options after the union election wins. The positive association is more pronounced when unions have more bargaining power and when free-riding problems are less severe. Further, I provide evidence that employees receive more stock options when CEOs are entrenched. Finally, I show that stock options provide risk-taking incentives to non-executive employees. This work provides a potential explanation to the union wage premium puzzle that unions utilize stock options to increase non-executive employees' total compensation.In the second chapter, I investigate whether and to what extent social capital may affect regional innovation by private firms in the U.S. I document that regional social capital is positively associated with the quantity, quality, and novelty of county-level innovation by private firms. This effect is more prominent in regions with a lower supply of financial capital. My findings further suggest that social capital is complementary to investment in research and development. Using a Spatial Durbin Model, I report that regional social capital has significant spillover effects in boosting the innovation of neighboring counties.
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650 4 $a Preferences. $3 3560350
650 4 $a Inequality. $3 3560119
650 4 $a Elections. $3 723102
653 $a Corporate Governance
653 $a Employee Compensation
653 $a Innovation
653 $a Private Firms
653 $a Social Capital
653 $a Unionization
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710 2 $a Illinois Institute of Technology. $b Stuart School of Business. $3 3182822
773 0 $t Dissertations Abstracts International $g 83-04A.
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