Saudi Cultural Missions Theses & Dissertations
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Item Restricted Powerful CEOs and Firm Risk Dynamics During Crises: Insights from Environmental Practices - An International Study(University of Southampton, 2024-07) Aldawsari, Hamad; Choudhry, Taufiq; Baloch, SaadThe first paper investigates the relationship between CEO power and firm risk at the onset of the global financial crisis 2007 and the COVID-19 pandemic health crisis 2020. An international sample of publicly listed firms in the G7 nations between 2006 and 2021 shows that CEOs with greater power are exposed to higher risk than firms led by CEOs with lesser power. The result is primarily driven by the impact of CEO power on idiosyncratic risk rather than systematic risk. Further, we found that powerful CEOs tend to be more cautious and conservative during crises, as seen in the pandemic, where the positive power–risk relationship is less pronounced. Nevertheless, the power–risk relationship remains unchanged during the more familiar financial crisis. This study has important implications for firms, investors, regulators, and policymakers. The second paper examines how CEO power affects firm tail risks globally and whether such an effect varies during crisis periods by examining a sample of 12,761 firm-year observations from G7 nations from 2006 to 2021. Based on the difference-in-difference (DiD) model, it is shown that CEOs with greater power and control over the company maintain the exercise of their power similarly during regular and difficult operating periods. Furthermore, the findings are mainly driven by non-financial firms and firms with low R&D expenditure, indicating their risk-taking capacity. Thus, we find that companies with more powerful CEOs are exposed to higher tail risks than those with less powerful CEOs. This holds for both idiosyncratic and systematic tail risk. During crises such as the financial crisis of 2007 and the recent COVID pandemic, the impact of CEO power on tail risk remains relatively unchanged. Our research provides valuable insights for policymakers, investors, regulators, and firms, including CEOs, to better manage risks in the future. The third paper investigates the influence of CEO power on corporate stock price crash risk in an international setting, alongside the moderating impacts of corporate environmental practices on such a relationship. Two environmental practices are examined: greenhouse gas (GHG) emissions and Sustainable Development Goal 13 (SDG-13 supporting climate action). Analysing data from publicly listed firms in the G7 nations from 2006 to 2021, we discover that firms led by more powerful CEOs are generally exposed to lower crash risks. Additionally, we found that companies implementing more robust environmentally friendly practices, particularly supporting climate actions SDG-13, see a further reduced crash risk. This pattern is especially evident in non-crisis periods, non-financial firms and firms with high environmental and social (ES) scores, i.e., CSR performance. The findings are assured by various robustness tests using alternative estimation models, alternative measures, and additional tests.26 0Item Restricted Gender-based depression factors of older adults in England during the COVID-19 pandemic(University of Sheffield, 2023-08-29) Alkunaydiri, Shaden; Path, PeterAbstract Background The proportion of older adults in the United Kingdom is increasing. In addition, 487,100 older adults experience a major depressive disorder and 191,740 experience chronic depressive disorder. Depression was one of the significant mental health issues that attracted increasing attention soon after the spread of the Covid-19 pandemic. Several studies conducted among older adults investigated the change in depressive symptoms and have yielded inconsistent findings. However, studies on gender-based depression factors for older adults in the UK during the pandemic are limited. This study aims to examine differences in depression depending on gender and other participant characteristics and identify factors related to depression by gender among older adults in the UK. Methods This study conducted a cross-sectional analysis using data from the English Longitudinal Study of Ageing (ELSA) Covid-19 sub-study (wave 1). Depressive symptoms were assessed by the 8-item Center for Epidemiological Studies Depression (CES-D) scale. Differences in depression during the pandemic periods and factors related to depression by gender were assessed by chi-square tests and binary logistic regression using the Statistical Package for the Social Sciences software (SPSS). Results Seven thousand and forty participants were included; 56.5% of the sample were women, 43.5% were men, and the most frequently occurring age group was people aged 60–69. The depression scores among women were significantly higher than those of men. Gender was statistically associated with depression. Self-reported health, quality of sleep and social isolation were the most significant predictors of depression for both older men and women. However, current employment status due to COVID-19 and low educational level were specifically related to depression in older women. For older men, alcohol drinking and lower communication with family were significant factors of depression. Conclusions Our results suggest women experienced higher scores of depressions than men in response to the pandemic. However, the differences in factors related to depression among men and women were almost similar. These findings underscore the necessity to assess and intervene with the factors affecting depression to preserve the psychological well-being of older adults. Nevertheless, future policies should also 1 consider developing ways that support the influence groups to limit the adverse impact on mental health and maintain optimal mental health status during the pandemic crisis.32 0