References of "Lopatta, Kerstin"
     in
Bookmark and Share    
Full Text
Peer Reviewed
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 ▲]

Detailed reference viewed: 130 (13 UL)
Full Text
Peer Reviewed
See detailThe moderating role of CEO sustainability reporting style in the relationship between sustainability performance, sustainability reporting, and cost of equity
Lopatta, Kerstin; Kaspereit, Thomas UL; Tideman, Sebastian et al

in Journal of Business Economics (2022), 92

This paper explores the role of individual managers in the relationship between sustainability performance, sustainability reporting, and cost of equity. Based on prior research showing that both ... [more ▼]

This paper explores the role of individual managers in the relationship between sustainability performance, sustainability reporting, and cost of equity. Based on prior research showing that both sustainability performance and reporting reduce the risk premium, this paper contributes to the literature by acknowledging that the true motives behind a manager’s corporate sustainability engagement are not apparent to investors. Thus, investors need to rely on further information to assess the relationship between sustainability performance and risk. We argue that CEOs’ values and preferences drive their decisions regarding sustainability activities. Thus, their fixed effect on sustainability reporting conveys a signal to investors about the motives behind corporate sustainability engagement and the extent of reporting. In the first step of our empirical analysis, we document that a CEO’s specific reporting style indeed has significant statistical power in explaining a company’s level of sustainability reporting. In the second step, we find that improved sustainability performance is associated with increased cost of equity when the CEO exerts a strong personal influence on sustainability reporting. However, cost of equity declines if the CEO’s influence on the reporting of improved sustainability performance is low. Our results are consistent with the argument that investors interpret CEO’s fixed-effect on sustainability reporting as a signal. That is, for a high CEO fixed-effect, increases in sustainability engagement are conflated with the CEO's self-interested values. In further tests, we show that the signal seems to be particularly important for normative sustainability activities (vs. legal sustainability activities). [less ▲]

Detailed reference viewed: 23 (1 UL)
Full Text
Peer Reviewed
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

Detailed reference viewed: 99 (3 UL)
Full Text
Peer Reviewed
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 ▲]

Detailed reference viewed: 179 (8 UL)
Full Text
Peer Reviewed
See detailTitle: Board members in squeeze-out transactions: an event study analysis
Lopatta, Kerstin; Kaspereit, Thomas UL; Trenkle, Johann

in International Journal of Economics and Accounting (2017), 8(1), 43-60

In this study, we investigate the role of board members in German squeeze-out transactions by applying the event study methodology. We find that a dismissal of a management board member is associated with ... [more ▼]

In this study, we investigate the role of board members in German squeeze-out transactions by applying the event study methodology. We find that a dismissal of a management board member is associated with lower cumulative abnormal returns in the period of three months preceding the squeeze-out announcement. This indicates that minority shareholders receive a lower compensation if management board members are dismissed prior to the squeeze-out announcement. Though we are cautious to draw inferences from this finding, we follow other scholars (e.g., Daske et al., 2010) and suggest that majority shareholders exploit their superior status and use its power opportunistically. We furthermore explore the effects of directors' dealings in a squeeze-out transaction. We find that if stock purchases take place in a period of one year preceding the announcement, abnormal returns tend to be lower in the run-up period and higher on the announcement date. [less ▲]

Detailed reference viewed: 23 (2 UL)