This paper examines the relationship between board diversity and firms’ decisions to voluntarily disclose information about their greenhouse gas (GHG) emissions. We focus on board ancestral diversity as a relatively new dimension of (deep-level) board structure and document that it has a positive and statistically significant effect on a firm’s scope and quality of voluntary GHG emission disclosure. The effect goes beyond the impact of more common (surface-level) dimensions of board diversity and remains robust after addressing endogeneity concerns. In line with the theoretical conjecture that diversity enhances a board’s advising and monitoring capacity, we find that the impact of diverse boards is stronger in more complex firms and in firms with low levels of institutional ownership. Overall, our findings provide evidence for board diversity being a relevant governance factor in corporate environmental decision making.
Johannes Barg ist seit April 2019 Doktorand und wissenschaftlicher Mitarbeiter am Lehrstuhl für Corporate Finance und Ship Finance. Zuvor absolvierte er von 2013 bis 2018 sein Bachelor- und Masterstudium der Wirtschaftsmathematik mit den Schwerpunkten Corporate Finance und Stochastik an der Universität Hamburg. In dieser Zeit verbrachte Herr Barg Auslandssemester an der University of Southampton (Vereinigtes Königreich) und an der Lund University (Schweden). Herr Barg arbeitete studienbegleitend als studentische Hilfskraft am Lehrstuhl für Corporate Finance und Ship Finance sowie als Praktikant in der Unternehmensberatung und im Investmentbanking.
The valuation of start-up firms is challenging, yet highly relevant for entrepreneurs and financiers alike. We reverse-engineer fair-value multiples by comparing the firm value at the time of financing with the firm value at the time of exit. Our framework produces reliable valuation multiples from observed venture capital transactions per industry and financing round. Despite their simplicity, sanity checks confirm that our multiples are highly performant in describing common valuation characteristics. Valuation multiples are higher when more experienced investors are involved, and when the exit occurs through an IPO rather than an M&A. In contrast, later stage financing rounds and larger investment consortia are associated with lower valuation multiples.