References of "Lopatta, Kerstin"
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See detailThe effect of institutional dual holdings on CSR performance
Lopatta, Kerstin; Bassen, Alexander; Kaspereit, Thomas UL et al

in Journal of Sustainable Finance and Investment (in press)

ABSTRACT This study sheds light on agency conflicts between creditors and shareholders and their effect on a firm's corporate social responsibility (CSR) performance. We find that the presence of ... [more ▼]

ABSTRACT This study sheds light on agency conflicts between creditors and shareholders and their effect on a firm's corporate social responsibility (CSR) performance. We find that the presence of institutional investors which simultaneously hold debt and equity claims in the same firm, so-called dual holders, leads to an increase in CSR performance by the firm that is dual-held (the dual holding firm). Using institutional mergers between separate lenders and equity holders as a natural experiment involving the shareholder-creditor conflict, we find that firms which exhibit dual ownership for the first time increase their CSR activities to a greater extent than a matched control group. In line with the previous literature, we interpret our findings as evidence that dual holders internalise agency conflicts. Thus, we find that a reduction in agency conflicts between creditors and shareholders, partly achieved by dual holders, positively affects the CSR activities of dual holdings. [less ▲]

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See detailManagerial style in cost asymmetry and shareholder value
Lopatta, Kerstin; Kaspereit, Thomas UL; Gastone, Laura

in Managerial and Decision Economics (2020), 41(5), 800-826

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See detailImproving predictions of upward cost adjustment and cost asymmetry at the firm-year level
Kaspereit, Thomas UL; Lopatta, Kerstin

in Journal of Management Accounting Research (2019), 31(3), 99-127

This study introduces a new method for predicting cost elasticity with respect to changes in sales that incorporates cost asymmetry at the firm-year level. The new method is based on widely available ... [more ▼]

This study introduces a new method for predicting cost elasticity with respect to changes in sales that incorporates cost asymmetry at the firm-year level. The new method is based on widely available factors that, according to the “economic theory of sticky costs” (Banker et al., 2013) and the “integrated theory of cost behavior” (Banker and Byzalov, 2014), are expected to influence cost behavior. The new method is subject to fewer data restrictions than the method proposed by Weiss (2010). By extending the cost variability and cost stickiness (CVCS) model of Banker and Chen (2006), we find that incorporating firm-year specific proxy measures for upward cost adjustment and cost asymmetry significantly enhances earnings forecasts. However, this improvement in forecast accuracy is not reflected in contemporaneous stock returns, pointing towards a partial understanding of cost behavior by capital markets. We further find that predicted cost stickiness is associated with lower analysts’ forecast accuracy and a weaker effect of earnings surprises on market reactions, confirming the results reported in Weiss(2010) for his measure of cost asymmetry. [less ▲]

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