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Belloc, Marianna; Pagano, Ugo - CESifo - 2009

Most pre-crisis explanations of the various corporate governance systems have considered the separation between ownership and control to be an advantage of the Anglo-American economies. They have also attributed the failure of other countries to achieve these efficient arrangements to their...

Persistent link: https://www.econbiz.de/10008572479

Corporate Taxation and Corporate Governance

Köthenbürger, Marko; Stimmelmayr, Michael - CESifo - 2009

behavior is however crucially influenced by diverging interests between shareholders and managers. We set up an agency model …

Persistent link: https://www.econbiz.de/10008572510

CEO Compensation

Frydman, Carola; Jenter, Dirk - CESifo - 2010

This paper surveys the recent literature on CEO compensation. The rapid rise in CEO pay over the past 30 years has sparked an intense debate about the nature of the pay-setting process. Many view the high level of CEO compensation as the result of powerful managers setting their own pay. Others...

Persistent link: https://www.econbiz.de/10008799732

Voting in Corporate Boards with Heterogeneous Preferences

Balduzzi, Paolo; Graziano, Clara; Luporini, Annalisa - CESifo - 2011

We analyze the voting behavior of a board of directors that has to approve (or reject) an investment proposal with uncertain return. We consider three types of directors: insiders, who are biased toward acceptance of the project, independent outsiders who want to maximize the firm’s profit and...

Persistent link: https://www.econbiz.de/10008833882

Corporate Governance Reforms, Interlocking Directorship Networks and Company Value in Italy (1998-2007)

Drago, Carlos; Millo, Francesco; Ricciuti, Roberto; … - CESifo - 2011

In this paper we contribute to the literature on the structure of interlocking directorship networks and to the literature on the relationship between corporate governance and performance. We use a unique dataset made of corporate governance variables related to the board size and interlocking...

Persistent link: https://www.econbiz.de/10008833897

Taking the Lord's Name in Vain: The Impact of Connected Directors on 19th Century British Banks

Grossman, Richard S.; Imai, Masami - CESifo - 2014

investigate whether the appointment of well-connected directors enhanced equity value for bank shareholders. Our analysis of panel … bank shareholders in pre-war Britain. …

Persistent link: https://www.econbiz.de/10011099763

Corporate governance : the case the limitation of the voting rights in a listed company

Moschetto, Bruno-Laurent; Teulon, Frederic - Institut de Préparation à l'Administration et à la … - 2014

capital of which is mainly detained by atomistic shareholders and the power of which is in the hands of a small group of … united minority shareholders, the hard core that wants to block any hostile takeover. The hard core constructs a device based …’s negative impact on the market due to an overprotection of the hard core to the detriment of the dispersed shareholders. Third …

Persistent link: https://www.econbiz.de/10011106611

A Theory of Tax Avoidance - Managerial Incentives for Tax Planning in a Multi-Task Principal-Agent Model

Ewert, Ralf; Niemann, Rainer - CESifo - 2014

We derive determinants of tax avoidance by means of a multi-task principal-agent model. We extend prevailing models by integrating both corporate and individual income taxation as well as by including tax planning effort in the agent’s action portfolio. Our model shows novel and apparently...

Persistent link: https://www.econbiz.de/10010786744

The Effect of Corporate Taxation and Ownership on Raising Shareholder Capital

Krämer, Robert; Lipatov, Vilen - CESifo - 2013

model with strategic interaction between managers and outside shareholders, we hypothesize that, while an increase in the …

Persistent link: https://www.econbiz.de/10010701082

CREATION de VALEUR dans une

MARCEAU, Guillaume; SAHUT, Jean-Michel - Institut de Préparation à l'Administration et à la … - 2014

In this article, we propose a value creation model based on the principle of the chain of value in corporate management. We particularly endeavour to show the incidence of a relevant allowance of a company's resources on its profitability, by distinguishing on one hand the activities that are...

Persistent link: https://www.econbiz.de/10010764020