— Explore the insightful research papeRs of Michael Angelo A. Cortez
Academic Research Papers & Research Notes
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Governance and Value: Why ESG is not created equal
Reflections on our PIDS Discussion Paper with John Paolo R. Rivera In our latest discussion paper published by the Philippine Institute for Development Studies, my co-author John Paolo R. Rivera and I revisited a question that has long been treated too conveniently in both academic research and investment practice: does ESG really create value? The
4 min read
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Understanding Capital Structure in the Philippine Stock Market: Strategic Insights from Leading Corporations
Capital structure decisions remain central to corporate finance strategy. In the Philippine stock market, where access to long-term capital is limited and borrowing costs remain elevated, understanding how leading corporations manage their capital structure is essential for sustaining financial performance and competitive advantage. This article presents insights drawn from a rigorous empirical study examining the
4 min read
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Determinants of Corporate Capital Structure and the Emerging Role of Intangibles and Innovation
The Case of Japanese Corporations. This study aims to modernize capital structure determinants in line with changing economic environments by incorporating the function of intangible assets, particularly innovations, into capital structure decisions. Traditional independent variables such as tangibility, firm size, profitability, growth opportunities, and profitability have been thoroughly researched, but the growing importance of intangible
4 min read
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The Impact of ESG on Corporate Financial Performance
The Case of Global Energy Companies The Paris Agreement and Sustainable Development Goals have sparked interest in environmental, social, and governance (ESG) investing in the energy sector, but there is uncertainty about its ability to yield maximum profits. This study aims to mitigate risks associated with ESG investing and promote sustainable business practices by examining
4 min read
