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How do family ties, boards and regulation affect pay at the top? Evidence for Indian CEOs

Fagernäs, Sonja - ESRC Centre for Business Research - 2006

performance and both CEO and firm specific fixed effects. The hypothesis is that corporate governance, ownership structures and … component and the performance-related component of pay. In contrast, the presence of outside representatives on the board - non … lowers the level of pay and that of non-executives ties pay more to firm performance. A further timely finding is that the …

Persistent link: https://www.econbiz.de/10005162824

Determinants of the use of financial incentives in investment banking

Nash, David - ESRC Centre for Business Research - 2003

This paper examines the use of incentive pay schemes within the financial services sector in London. Various theories of wage determination are reviewed with particular attention placed on the principal-agent literature as a framework for analysing the use of incentive pay. This is combined with...

Persistent link: https://www.econbiz.de/10005688017

The Impact of Foreign Corporate Ownership on Downsizing and Labour Cost

Chai, D.H. - ESRC Centre for Business Research - 2010

related to labour cost but this positive effect is significantly weaker for firms with weak financial performance than those … with strong financial performance. These results provide support to the view that foreign investors take both monitoring …

Persistent link: https://www.econbiz.de/10010614658

The Impact of Mergers and Acquisitions on Executive Pay in the United Kingdom

Guest, Paul - ESRC Centre for Business Research - 2007

We examine the impact of acquisitions on executive pay in UK acquirers over 1984-2001. For the overall sample, which includes foreign, domestic, public and private targets, there is a significant transitory pay increase. Pay changes are not affected by target nationality or organizational form,...

Persistent link: https://www.econbiz.de/10005813000

Law and Financial Development: What we are learning from time-series evidence

Armour, J.; Deakin, S.; Mollica, V.; Siems, M.M. - ESRC Centre for Business Research - 2010

The legal origins hypothesis is one of the most important and influential ideas to emerge in the social sciences in the past decade. However, the empirical base of the legal origins claim has always been contestable, as it largely consists of cross-sectional datasets which provide evidence on...

Persistent link: https://www.econbiz.de/10010614655

An End to Consensus? The Selective Impact of Corporate Law Reform on Financial Development

Deakin, S.; Sarkar, P.; Singh, A. - ESRC Centre for Business Research - 2011

Legal origins theory suggests that law reform, strengthening shareholder and creditor rights, should enhance financial development. We use recently created datasets measuring legal change over time in a sample of 25 developing, developed and transition countries to test this claim. We find that...

Persistent link: https://www.econbiz.de/10010548032

Rethinking Receivership

Armour, John; Frisby, Sandra - ESRC Centre for Business Research - 2000

A popular perception is that administrative receivers and their appointors hold 'too much' power in relation to troubled companies. Consideration of this issue is timely, because insolvency law is currently under review. We argue although the law's formal structure is imbalanced, this can...

Persistent link: https://www.econbiz.de/10005687971

Shareholder Primacy and the Trajectory of UK Corporate Governance

Armour, John; Deakin, Simon; Konzelmann, Suzanne J. - ESRC Centre for Business Research - 2003

Core institutions of UK corporate governance, in particular those relating to takeovers, board structure and directors’ duties, are strongly orientated towards a norm of shareholder primacy. Beyond the core, in particular at the intersection of insolvency and employment law, stakeholder...

Persistent link: https://www.econbiz.de/10005687992

Globalisation and Its Impact on Competitiveness: the Case of the British and German Pharmaceutical Industry

Lane, Christel; Probert, Jocelyn - ESRC Centre for Business Research - 2003

This paper assesses the degree of financial and economic globalisation of British and German pharmaceutical companies during 1990 and 2001 and explores the changing balance between globalisation and national embeddedness. It tries to explain both the much lower degree of globalisation of German...

Persistent link: https://www.econbiz.de/10005549425

CEO Pay, Shareholder Returns and Accounting Profitability

Guy, Fred - ESRC Centre for Business Research - 2000

We assess the impact on ceo pay (including salary, cash bonus, and benefits in kind) of changes in both accounting and shareholder returns in 99 british companies in the years 1972-89. After correcting for heterogeneity biases inherent in the standard specifications of the problem, we find a...

Persistent link: https://www.econbiz.de/10005162831