Suchergebnisse

Introduction: Financial Implications of Regulations in the Energy Industry -- Environmental Regulatory Arbitrage by Business Groups in the Context of the European Union's Emission Trading System (EU-ETS) -- Measuring the Effects of Energy Efficiency Policies: Evidence from Turkish Manufacturing Industry. The Convergence of Electricity Prices for European Untion Countries -- Blockchain as a Technology Backbone for an Open Energy Market -- Geopolitics and Gas-Transit Security through Pipelines -- Tapping the Potential: Turkey and Renewable Energy Sources -- The Financing Decision of Oil and Gas Companies: The Role of Country Level Shareholder Protection -- Attitudes of SMEs towards the Elements of Eco-Efficiency: The Turkish Case -- Volatility Spillovers between Oil and Stock Market Returns in G7 Countries: A VAR-DCC-GARCH Model -- Corporate Cash Holding in the Oil and Gas Industry: The Role of Energy Directives -- The Determinants of Systematic Risk of Renewable Energy Firms -- Optimizing Resource Usage in an Unobstrusive Way Through Smart Aggregation: The Case of Electric Vehicle Charging in Amsterdam. .

This paper examines whether CEO risk aversion – proxied by their political affiliation – explains the method used to manage earnings. We argue that, even though real earnings management can have severe long-term consequences for firm performance, Republican managers are likely to prefer real over accruals-based earnings management because the former incurs significantly lower litigation risk costs than the latter and is relatively more difficult to detect. Based on a sample of more than 20,000 firm-year observations, we find that firms led by Republican (i.e. more risk averse) CEOs tend to manage their earnings through real activities manipulation, while those led by Democratic (i.e. more risk taking) CEOs tend to favor accruals-based earnings management. We also show that the positive (negative) relation between Republican-leaning managers and real (accruals-based) is more positive (less negative) for CEOs whose compensation is more oriented towards risk-taking.

This paper examines whether CEO risk aversion – proxied by their political affiliation – explains the method used to manage earnings. We argue that, even though real earnings management can have severe long-term consequences for firm performance, Republican managers are likely to prefer real over accruals-based earnings management because the former incurs significantly lower litigation risk costs than the latter and is relatively more difficult to detect. Based on a sample of more than 20,000 firm-year observations, we find that firms led by Republican (i.e. more risk averse) CEOs tend to manage their earnings through real activities manipulation, while those led by Democratic (i.e. more risk taking) CEOs tend to favor accruals-based earnings management. We also show that the positive (negative) relation between Republican-leaning managers and real (accruals-based) is more positive (less negative) for CEOs whose compensation is more oriented towards risk-taking.

This book analyses how socially responsible investments as well as the rising importance of Islamic finance are linked to the shift towards renewable energy. Academics and practitioners in the field take a global perspective and present case studies from several countries. The book is divided into three parts: The first part sheds new light on the energy shift towards renewable energy. The second shows the increasing interest of investors in sustainability, and the authors argue that investors not only look at expected returns and risks, but also at social returns. Finally, the third part explains the need for social returns in Islamic finance, which cannot be explained by traditional finance theory. This is the fifth volume in a series on energy organized by the Centre for Energy and Value Issues (CEVI).