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Papers by Philip McILkenny

Research paper thumbnail of The Timing of Directors' Sharedealings and Company Valuation

Accounting and Finance, 2004

Research paper thumbnail of Gendering merit: How the discourse of merit in diversity disclosures supports the gendered status quo on Canadian corporate boards

Critical Perspectives on Accounting, 2021

Abstract The diversity disclosures by Canadian corporations are examined to show how references t... more Abstract The diversity disclosures by Canadian corporations are examined to show how references to ‘merit’ and ‘diversity’ are used strategically by many corporations to support the gendered status quo and to resist pressures to increase the representation of women on boards. References to ‘merit’ and ‘diversity’ in the first mandatory corporate governance diversity disclosures of a sample of corporations from the Toronto Stock Exchange are analyzed using critical discourse analysis to assess the extent to which these disclosures are used to legitimize current board recruitment practices and to maintain the gendered status quo. We find that corporations referring to merit in their disclosures tend to have fewer women directors than corporations that do not mention merit. In addition, we assess the readability of the disclosures. We find that those referring to merit tend to be less readable, suggesting efforts to obfuscate. This research highlights the patriarchal power structures underlying corporate board appointments and shows how these power relationships are revealed in the language corporations choose to use in their diversity disclosures. ‘Gender’, ‘diversity’ and ‘merit’ are socially constructed concepts. Until the gendered roots of the language of merit-based policies are acknowledged, corporations have little incentive to challenge the status quo and engage substantively with diversity. Overcoming corporate resistance to change may require a range of innovative practices by corporations and regulators, up to, and possibly including, mandating levels of women’s representation on corporate boards.

Research paper thumbnail of Directors' Share Dealings and Company Financial Performance

Journal of Management & Governance, 2002

This paper examines the response of securityprices to the share dealings by directors ofsmall cap... more This paper examines the response of securityprices to the share dealings by directors ofsmall capitalised firms in the United Kingdomand tests as to whether the share dealingscontain information with regard to the firm'sfuture financial performance. The results ofthe study indicate that investors respondpositively to the information signals ofdirectors' equity purchases. We find littleevidence to suggest that directors' equitysales possess significant information content.The results suggest that there is a positiveassociation between financial performance andthe type of trade directors engage in.

Research paper thumbnail of Board Effectiveness and the Voluntary Disclosure of Climate Change Information

Business Strategy and the Environment, 2014

ABSTRACT This paper examines the relationship between board of directors' effectiveness a... more ABSTRACT This paper examines the relationship between board of directors' effectiveness and voluntary climate change disclosures. Since risk management and reporting fall under the board's responsibility, we relate board effectiveness to the firm's decision to voluntarily respond to the Carbon Disclosure Project (CDP) annual questionnaire as well as the quality of disclosures about climate-change-related risks and strategies to mitigate them. Our results show a positive association between board effectiveness and the firm's decision to answer the CDP questionnaire as well as its carbon disclosure quality. The paper contributes to the ongoing debate on the determinants of voluntary climate change disclosures. Our findings highlight the importance of the board of directors' role in enhancing the transparency and relevance of voluntary disclosures of climate change business impacts. Copyright © 2014 John Wiley & Sons, Ltd and ERP Environment

Research paper thumbnail of Board effectiveness and firm performance of Canadian listed firms

The British Accounting Review, 2015

Research paper thumbnail of Valuation implications of pharmaceutical companies' R&D regulatory approval notifications

The British Accounting Review, 2013

This paper examines shareholder wealth effects surrounding applications to, and approvals by, the... more This paper examines shareholder wealth effects surrounding applications to, and approvals by, the United States Food and Drug Administration (FDA) for firms listed on the New York (NYSE) and London (LSE) stock exchanges. Applications to the FDA for drug approvals significantly increase shareholder wealth for NYSE firms only. The increase is driven by applications for enhancements to existing drugs, with the market anticipating the application, thus suggesting information leakage. FDA approvals also significantly increase shareholder wealth in both markets. However, there is no evidence of information leakage and the significant post-event abnormal returns support the attention-grabbing hypothesis. Enhanced drug approvals are value-relevant for both markets, which highlights the contribution of realoptions to firm value.

Research paper thumbnail of Board Gender Diversity and Corporate Response to Sustainability Initiatives: Evidence from the Carbon Disclosure Project

Journal of Business Ethics, 2015

Research paper thumbnail of Board Gender Diversity and Corporate Response to Sustainability Initiatives: Evidence from the Carbon Disclosure Project

This paper investigates the effect of female representation on the board of directors on corporat... more This paper investigates the effect of female representation on the board of directors on corporate response to stakeholders' demands for increased public reporting about climate change-related risks. We rely on the Carbon Disclosure Project as a sustainability initiative supported by institutional investors. Greenhouse gas emissions measurement and its disclosure to investors can be thought of as a first step toward addressing climate change issues and reducing the firm's carbon footprint. Based on a sample of publicly listed Canadian firms over the period 2008-2014, we find that the likelihood of voluntary climate change disclosure increases with women percentage on boards. We also find evidence that supports critical mass theory with regard to board gender diversity. These findings reinforce initiatives being undertaken around the world to promote gender diversity in corporate governance while demonstrating board effectiveness in stakeholder management.

Research paper thumbnail of The Timing of Directors' Sharedealings and Company Valuation

Accounting and Finance, 2004

Research paper thumbnail of Gendering merit: How the discourse of merit in diversity disclosures supports the gendered status quo on Canadian corporate boards

Critical Perspectives on Accounting, 2021

Abstract The diversity disclosures by Canadian corporations are examined to show how references t... more Abstract The diversity disclosures by Canadian corporations are examined to show how references to ‘merit’ and ‘diversity’ are used strategically by many corporations to support the gendered status quo and to resist pressures to increase the representation of women on boards. References to ‘merit’ and ‘diversity’ in the first mandatory corporate governance diversity disclosures of a sample of corporations from the Toronto Stock Exchange are analyzed using critical discourse analysis to assess the extent to which these disclosures are used to legitimize current board recruitment practices and to maintain the gendered status quo. We find that corporations referring to merit in their disclosures tend to have fewer women directors than corporations that do not mention merit. In addition, we assess the readability of the disclosures. We find that those referring to merit tend to be less readable, suggesting efforts to obfuscate. This research highlights the patriarchal power structures underlying corporate board appointments and shows how these power relationships are revealed in the language corporations choose to use in their diversity disclosures. ‘Gender’, ‘diversity’ and ‘merit’ are socially constructed concepts. Until the gendered roots of the language of merit-based policies are acknowledged, corporations have little incentive to challenge the status quo and engage substantively with diversity. Overcoming corporate resistance to change may require a range of innovative practices by corporations and regulators, up to, and possibly including, mandating levels of women’s representation on corporate boards.

Research paper thumbnail of Directors' Share Dealings and Company Financial Performance

Journal of Management & Governance, 2002

This paper examines the response of securityprices to the share dealings by directors ofsmall cap... more This paper examines the response of securityprices to the share dealings by directors ofsmall capitalised firms in the United Kingdomand tests as to whether the share dealingscontain information with regard to the firm'sfuture financial performance. The results ofthe study indicate that investors respondpositively to the information signals ofdirectors' equity purchases. We find littleevidence to suggest that directors' equitysales possess significant information content.The results suggest that there is a positiveassociation between financial performance andthe type of trade directors engage in.

Research paper thumbnail of Board Effectiveness and the Voluntary Disclosure of Climate Change Information

Business Strategy and the Environment, 2014

ABSTRACT This paper examines the relationship between board of directors' effectiveness a... more ABSTRACT This paper examines the relationship between board of directors' effectiveness and voluntary climate change disclosures. Since risk management and reporting fall under the board's responsibility, we relate board effectiveness to the firm's decision to voluntarily respond to the Carbon Disclosure Project (CDP) annual questionnaire as well as the quality of disclosures about climate-change-related risks and strategies to mitigate them. Our results show a positive association between board effectiveness and the firm's decision to answer the CDP questionnaire as well as its carbon disclosure quality. The paper contributes to the ongoing debate on the determinants of voluntary climate change disclosures. Our findings highlight the importance of the board of directors' role in enhancing the transparency and relevance of voluntary disclosures of climate change business impacts. Copyright © 2014 John Wiley & Sons, Ltd and ERP Environment

Research paper thumbnail of Board effectiveness and firm performance of Canadian listed firms

The British Accounting Review, 2015

Research paper thumbnail of Valuation implications of pharmaceutical companies' R&D regulatory approval notifications

The British Accounting Review, 2013

This paper examines shareholder wealth effects surrounding applications to, and approvals by, the... more This paper examines shareholder wealth effects surrounding applications to, and approvals by, the United States Food and Drug Administration (FDA) for firms listed on the New York (NYSE) and London (LSE) stock exchanges. Applications to the FDA for drug approvals significantly increase shareholder wealth for NYSE firms only. The increase is driven by applications for enhancements to existing drugs, with the market anticipating the application, thus suggesting information leakage. FDA approvals also significantly increase shareholder wealth in both markets. However, there is no evidence of information leakage and the significant post-event abnormal returns support the attention-grabbing hypothesis. Enhanced drug approvals are value-relevant for both markets, which highlights the contribution of realoptions to firm value.

Research paper thumbnail of Board Gender Diversity and Corporate Response to Sustainability Initiatives: Evidence from the Carbon Disclosure Project

Journal of Business Ethics, 2015

Research paper thumbnail of Board Gender Diversity and Corporate Response to Sustainability Initiatives: Evidence from the Carbon Disclosure Project

This paper investigates the effect of female representation on the board of directors on corporat... more This paper investigates the effect of female representation on the board of directors on corporate response to stakeholders' demands for increased public reporting about climate change-related risks. We rely on the Carbon Disclosure Project as a sustainability initiative supported by institutional investors. Greenhouse gas emissions measurement and its disclosure to investors can be thought of as a first step toward addressing climate change issues and reducing the firm's carbon footprint. Based on a sample of publicly listed Canadian firms over the period 2008-2014, we find that the likelihood of voluntary climate change disclosure increases with women percentage on boards. We also find evidence that supports critical mass theory with regard to board gender diversity. These findings reinforce initiatives being undertaken around the world to promote gender diversity in corporate governance while demonstrating board effectiveness in stakeholder management.