SACM - United Kingdom
Permanent URI for this collectionhttps://drepo.sdl.edu.sa/handle/20.500.14154/9667
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Item Restricted Employee-Related Disclosures and Capital Market Reactions: Analysing Human Capital Disclosure, Wellbeing Washing, and CEO Pay Ratios(Saudi Digital Library, 2025) Almubarak, Alhanouf; Marques, Ana; Motoki, FabioThis dissertation includes three empirical studies on the topic of employee-related disclosures. The first study investigates the association between human capital disclosures and firms’ performance (i.e., profitability and value) and examines how a recent U.S. Securities and Exchange Commission (SEC) change in mandated human capital disclosure is associated with these outcomes. I examine the disclosures of Standard & Poor's (S&P) 500 firms from 2012 to 2021 and have three main results. First, human capital disclosure is positively associated with firms' performance. Second, the change in the SEC's required human capital disclosure is associated with an increase in firms' human capital disclosure. Third, from the year when the SEC initiated discussions about the amendment (2016) to 2019, there was a noticeable increase in the association between disclosure and firm profitability. However, this association disappears after the implementation of the mandated changes (2020 and 2021). The second study investigates wellbeing washing, where firms claim to prioritise the wellbeing of their employees but fail to implement measures to put this into practice. I focus on wellbeing disclosures in Environmental, Social, and Governance (ESG) reports, particularly those of S&P 100 firms from 2018 to 2022. I examine the association between firms' disclosures regarding employee wellbeing and the ratings of employees on the Glassdoor website. I find that, overall, wellbeing disclosures in ESG reports are negatively associated with contemporaneous Glassdoor ratings of current employees. Additionally, I find firms that disclose a high level of wellbeing information, regardless of their actual employee satisfaction, have a significantly higher market value. The third study investigates the association between CEO-to-median employee pay ratios and firm-level risk, using a sample from the S&P 100 from 2018 to 2022. I find a positive association between the CEO pay ratio and firm-level risk. However, this association does not exist in socially responsible firms, as I find no association between CEO pay ratios and firm-level risk.14 0Item Restricted An Empirical Investigation into the Impact of Environmental, Social, and Governance (ESG) Reporting on Firm Value: A Cross-Sector Analysis.(Saudi Digital Library, 2023-11-23) Alturayeif, Rawan; Harakeh, MostafaThis study investigates the correlation between Environmental, Social, and Governance (ESG) scores and firm value across major sectors in the United States, including energy, technology, healthcare, and consumer staples staples during the period from 2012 to 2022. The study employs Tobin's Q as proxy for firm value. Preliminary descriptive analysis provides valuable insights into sector-specific ESG adherence, while regression analyses substantiate a positive association between ESG scores and firm value. Interestingly, while environmental and governance components of ESG significantly influence firm value, social components yield an insignificant impact, possibly due to strict U.S. regulations. Sector-specific analysis reveals distinct dynamics, with the healthcare and energy sectors showcasing unique and noteworthy ESG-firm value relationships. By further disaggregating ESG effects and introducing an alternative dependent variable for robustness, this research underscores the strategic importance of ESG practices, suggesting the need for a tailored approach to enhance sustainable corporate value.77 0