Publications Database

Welcome to the new Schulich Peer-Reviewed Publication Database!

The database is currently in beta-testing and will be updated with more features as time goes on. In the meantime, stakeholders are free to explore our faculty’s numerous works. The left-hand panel affords the ability to search by the following:

  • Faculty Member’s Name;
  • Area of Expertise;
  • Whether the Publication is Open-Access (free for public download);
  • Journal Name; and
  • Date Range.

At present, the database covers publications from 2012 to 2020, but will extend further back in the future. In addition to listing publications, the database includes two types of impact metrics: Altmetrics and Plum. The database will be updated annually with most recent publications from our faculty.

If you have any questions or input, please don’t hesitate to get in touch.

 

Search Results

Narat Charupat and Mark J. Kamstra (2024). "Behavior of Canadian Life Annuity Prices", Journal of Pension Economics and Finance, 23(2), 202-223.

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Keywords
Abstract We examine the behavior of Canadian life annuity prices by measuring how quickly and fully they respond to changes in market interest rates. The price responses, though not immediate, start relatively quickly and become more complete over time. Over the whole sample period, the responses appear to be asymmetric – annuity providers generally raise prices faster when interest rates decline than reduce prices when the opposite occurs, which is disadvantageous to annuity customers. In addition, we find unusual annuity price behavior during the period of the 2008 financial crisis.

Vasundhara Saravade, Olaf Weber (2024). "Catalyzing the Growth of Green Bonds: A Closer Look at the Drivers and Barriers of the Canadian Green Bond Market", Sustainability Accounting, Management and Policy Journal, 15(3), 605–627.

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Keywords
Abstract

Purpose

This paper aims to examine the Canadian financial sector’s reaction to opportunities and risks created by the green bond market in a low-carbon and climate-resilient (LCR) economy.

Design/methodology/approach

The authors used a concurrent mixed methodological approach that undertakes an online survey and semistructured interviews with critical green bond market stakeholders.

Findings

The most significant market driver in Canada is the reputational benefit for stakeholders, i.e. its ability to meet the high demand for sustainable finance and the marketing potential of its green credentials. The major market barriers are transactional costs, i.e. additional tracking required for reporting purposes, lack of market liquidity and identification of environmental impact or additionality. Canadian green bonds are also more likely to be evaluated on their green impact than their global market peers.

Research limitations/implications

Limitations of this study include its focus on Canada, which may exclude or not apply to drivers and barriers in other green bond markets.

Practical implications

The paper helps create an accounting-based conceptual framework for key motivations and barriers that affect financial decision-making regarding green bonds.

Social implications

The authors identify economic and policy-related barriers and drivers for green bonds, addressing the financing gap for the LCR economy.

Originality/value

To the best of the authors’ knowledge, this study is the first to identify and compare Canadian green bond market drivers and barriers and to examine relevant stakeholder- and policy-related approaches that can be targeted to scale this market effectively.

Ordonez-Ponce, E., Dordi, T., Talbot, D., & Weber, O. (2022). "Canadian Banks and their Responses to COVID-19 – Stakeholder-Oriented Crisis Management", Journal of Sustainable Finance and Investment.

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Keywords
Abstract The financial sector is essential to the stability of markets in times of crisis and during the pandemic, banks are called to contribute to society by easing access to credit or keeping rates low. This article explores Canadian banks’ responses to the pandemic assessing their products, services and stakeholders. Using crisis management and stakeholder theories, 3161 news articles about the five biggest Canadian banks and the pandemic were assessed as a proxy for banks’ responses to the pandemic using sentiment analysis, text mining, and statistical methodologies. Results show that banks were negatively impacted by the pandemic and that their stakeholders were approached differently highlighting the community over clients and employees. This study contributes to the need to adapt crisis management strategies and theories to unexpected crises, as others may come, and it sheds some light on stakeholder management measurement processes, which speak to how effective stakeholder management is.

Sengupta, Ushnish and Henry M. Kim (2021). "Meeting Changing Customer Requirements in Food and Agriculture Through the Application of Blockchain Technology", Frontiers in Blockchain.

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Keywords
Abstract This research summarizes the implementation of blockchain technology in the food and agriculture industry in Canada. Our research indicates that blockchain solutions are an existing and proven set of technologies. We also describe how blockchain based supply chain traceability information has many more benefits than its current use for food safety and product recalls. We recommend that costs for development of blockchain based solutions should also be distributed across stakeholders, and apportioned by the relevant industry associations. Our research indicates that adoption of blockchain technology in agriculture will achieve critical mass earlier when the industry applies a consortium approach, in a regulatory environment that is supported by government. This report also makes recommendations relevant to the integration of blockchain for end consumers of food.

Liu, Y., Chen, S., Bell, C. and Tan, J. (2020). "How Do Power and Status Differ in Predicting Unethical Decisions? A Cross-national Comparison of China and Canada", Journal of Business Ethics, 167(4), 745-760.

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Keywords
Abstract This study examines the varying roles of power, status, and national culture in unethical decision-making. Most research on unethical behavior in organizations is grounded in Western societies; empirical comparative studies of the antecedents of unethical behavior across nations are rare. The authors conduct this comparative study using scenario studies with four conditions (high power vs. low power × high status vs. low status) in both China and Canada. The results demonstrate that power is positively related to unethical decision-making in both countries. Status has a positive effect on unethical decision-making and facilitates the unethical decisions of Canadian participants who have high power but not Chinese participants who have high power. To explicate participants’ unethical decision-making rationales, the authors ask participants to justify their unethical decisions; the results reveal that Chinese participants are more likely to cite position differences, whereas Canadian participants are more likely to cite work effort and personal abilities. These findings expand theoretical research on the relationship between social hierarchy and unethical decision-making and provide practical insights on unethical behavior in organizations.

Cho, C.H. and Kurpierz, J. (2020). "Stretching the Public Purse: Budgetary Responses to COVID-19 in Canada", Journal of Public Budgeting, Accounting and Financial Management, 32(5), 771-783.

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Keywords
Abstract Purpose This paper summarizes the emergency measures taken by Canada in response to the COVID-19 pandemic, and discusses the key political, economic, and social factors that influenced the design of these measures. Design/methodology/approach This paper collects the announcement of emergency measures in the Canadian provincial and federal governments between March 18 and May 30, 2020 in response to the COVID-19 pandemic and categorizes them by type of emergency response. Findings Canada has a diversified response of emergency measures mediated by its various provinces. This suggests that Canada may be more robust to biological and economic threats than nations that have less policy diversity. Originality/value Canada's diversity of emergency measures allows for several different avenues for future research, including countercyclical spending by subnational polities, organizational diversity's effect on resilience, the effect of tax breaks versus direct or indirect payments, effectiveness of public-private partnerships, and the effect of transparency on citizen satisfaction.

Cho, C.H., Bohr, K., Choi, T.J., Partridge, K. Shah, J.M. and Swierszcz, A. (2020). "Advancing Sustainability Reporting in Canada: 2019 Report on Progress.", Accounting Perspectives, 19(3), 181-204.

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Keywords
Abstract This study examines the progress Canada's largest companies are making in their environmental, social, and governance (ESG) disclosures. Given the introduction of the Global Reporting Initiative (GRI) Standards and the United Nations Sustainable Development Goals (UN SDGs) as well as the issuance of the Task Force on Climate‐Related Financial Disclosures (TCFD) recommendations, our research reflects the uptake of these guidance documents by both mature and new reporters. Our analysis suggests that challenges persist—processes and progress often fail to reach investors as they are “lost in translation” when issued through third‐party ESG information providers, and reporters are also pressured to respond to a myriad of requests for information from rating and reporting agencies. Nevertheless, we note that Canada has new reporting sectors that must mature to survive the scrutiny of the markets and also hope that stock markets will respond to the recent announcement by the 181 CEOs of the U.S. Business Roundtable, who committed to lead their companies for the benefit of all stakeholders—customers, employees, suppliers, communities, and shareholders. Overall, we believe that our research will provide food for thought for companies interested in continuous improvement.

Hunt, C., & Weber, O. (2019). "Fossil Fuel Divestment Strategies: Financial and Carbon Related Consequences", Organization & Environment, 32(1), 41–61.

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Keywords
Abstract Fossil fuel divestment is discussed controversially with regard to its financial consequences and its effect on decarbonizing the economy. Theory and empirical studies suggest arguments for both financial underperformance and outperformance of divestment. Therefore, our first research objective is to understand the financial effect of divestment. The second objective is to analyze the influence of divestment strategies on the carbon intensity of portfolios. Empirically, our analysis is based on the Canadian stock index TSX 260 for the time between 2011 and 2015. The results of the study suggest higher risk-adjusted returns and lower carbon intensity of the divestment strategies compared with the benchmark. We conclude that divestment is not only an ethical investment approach but also that it is able to address financial risks caused by climate change and, at the same time, is able to reduce the carbon exposure of investment portfolios.

Graham, C. and Grisard, C. (2019). "Rich Man, Poor Man, Beggar Man, Thief: Accounting and the Stigma of Poverty", Critical Perspectives on Accounting, 59, 32-51.

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Keywords
Abstract In this paper, we examine the roles of accounting in two institutions dealing with poverty in Toronto during the 1920s. We draw on Georg Simmel’s influential insights on poverty to explore how accounting for poverty alleviation programs helps structure the relationship between rich and poor in society. We argue that accounting serves to bridge the social distance between rich and poor while insulating the rich from the stigma of the poor. This enables the rich to benefit from their efforts to assist the poor, ensuring the legitimation of wealth and the continued existence of poverty. Our analysis of these two historical institutions helps us comprehend some of the roles of accounting in poverty alleviation today.

Rahman, F.., Rowlands, I., Weber, O. (2017). "Do Green Buildings Capture Higher Market Valuations and Lower Vacancy Rates? A Canadian Case Study of LEED and BOMA-BEST Properties", Smart and Sustainable Built Environment, 6(4), 102-115.

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Keywords
Abstract

Purpose

It is becoming increasingly clear that as the pressures of climate change increase around the world, all nations must strive to lower their carbon footprint through conservation. If the growth trend of green building and infrastructure construction is to be continued and improved upon, then evidence must be collected as to the benefits they bring about, and the level of support they enjoy in the market. The purpose of this paper is to shed light on the economic performance of green buildings by evaluating whether LEED for Homes and BOMA-BEST properties capture higher market valuations and lower vacancy rates. These types of research questions have not been investigated to a great deal in the Canadian context. The primary analysis concerning municipal market valuation of green buildings was conducted using robust ordinary least squares and logistic regression models. Commercial vacancy rates were compared through the use of χ2 tests. Our analysis did not lead to conclusive evidence that there exists a “green” premium in the real estate market with respect to municipal market valuations. The authors argue that this may largely be due to municipal appraisal methods that currently do not incorporate sustainability factors. As such, they may not adequately reflect market tastes and trends. Furthermore, while the vacancy rates of green commercial buildings were, on the whole, lower than their non-green counterparts, the differences were not statistically significant. Given these results, the authors propose a set of research activities that the academic community should pursue.

Design/methodology/approach

Statistical techniques are utilized test whether green certification (LEED/BOMA-BEST) leads to higher municipal valuation for both commercial and residential green properties, using regression analysis. Furthermore, χ2 tests are conducted to evaluate whether certification leads to lower vacancy rates for commercial properties.

Findings

In terms of valuation, certification does not exert (on average) a positive role in terms of higher valuations for both commercial and residential properties. However, with respect to vacancy rates, there is a tendency towards lower vacancy rates for green properties, but the relationship is not statistically significant.

Research limitations/implications

The next set of research needs to gather greater amount of data with respect to how municipal evaluations are performed since the results are counter-intuitive. Greater tracking of the financial performance of green buildings should be conducted and made available for both public and private bodies. Particularly, rental and sale prices of green buildings need to be tracked in an organized manner.

Practical implications

The valuation techniques utilized by the municipal authorities need revision as green properties are being assessed without appropriate guidance from educational institutions. Furthermore, the limited amount of “green” valuation techniques in existence may not be applied.

Originality/value

This is the first Canadian-based research looking into the valuation of green certification using rigorous quantitative statistical techniques and original and publicly available data. Furthermore, it holds important lessons for municipal authorities with respect to green building valuation beyond Canada as the limitations of current practice go mostly likely beyond the North American context.