Yonsei Business Research Institute

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Research Center

YSB Center for Global ESG and Business Ethics

The Center plans to run, among others, the following activities:

  • A multidisciplinary research seminar series on business ethics and ESG
  • Organizing an International Annual symposium
  • Hosting round table discussions and events with socially remarkable corporate leaders
  • Collaborating with other international organizations and business ethics centers
Paper Presentation at the American Accounting Association Annual Meeting 2018
Date: 2018-09-20  |  Read: 804

 A research paper co-authored by Professor Andres Guiral was presented at  the American Accounting Association Annual Meeting 2018.

The title of his paper is "CEOs’ Debt-Based Compensation and CSR. Its effect on Risk and Performance"

Abstract : We bridge the debt based compensation discourse with stakeholder agency literature to explore the consequences of debt relative to equity based pay for multiple stakeholders, including employees, community, customer, debtholders and shareholders. We argue contractual mechanisms that create long-term debt obligations to the CEO result in better outcomes for multiple stakeholders. Also, such outcome favors the reduction of risks and the improvements in long-term performance, particularly in situations of financial distress. This suggests that inside debt deserves more attention from governance scholars and boards who are attempting to incentivize a longer-term multi-stakeholder orientation


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