This paper analyzes the performance consequences of employee stock options for a broad sample of firms during the period 1996-1999. Our tests are performed separately for the top 5 executives and all other employees. We estimate the expected level of option incentives based on each firm's...

Does the need for sustainable development hinder businesses' ability to create value? Is firms' competitiveness negatively affected by considering that need? Evidence that many of today's economic development practices are causing negative environmental and social side-effects continues to pile...

We empirically examine how governance structure affects the design of executive compensation contracts and, in particular, the implicit weights of firm performance measures in CEO compensation. We find that compensation contracts in firms with higher takeover protection and where the CEO has...

This study compares the ratings for three dimensions of organizational citizenship behaviour (OCB) provided by managers (self-ratings), their subordinates, and their colleagues (superiors and peers) in the Spanish branch of a multinational food company. Using hierarchical confirmatory factor...

This paper gives an answer to the continuing emergent-deliberate debate. Thinking and acting are two outstanding features of this controversy. What is needed in the field is a framework that can explain under what circumstances each of these two features takes place along the strategy-making...

This study provides an empirical investigation of the incidence and antecedents of contractual renegotiations in strategic alliances. We bring together initial conditions based on transaction cost theory and ex post contingencies highlighted by recent conceptual and qualitative research on the...

Este estudio de carácter exploratorio sobre la internacionalización a través de alianzas estratégicas, pretende conocer los factores determinantes que facilitaron a las empresas familiares españolas su entrada en mercados emergentes. Los resultados muestran, en primer lugar, que hay tres...

Even though most academics,business people and consultants recognize that the purpose of strategy formulation can no longer be to generate strategic plans,critics of formal strategic planning offer little guidance on how to overcome its limitations and rarely address CEOs 'concerns about turning...

In this paper we develop the concept of relational quality as a proxy for relational trust. Exploration of data from 67 alliances confirms that relational quality is composed of three elements: initial conditions, partner interactions, and external events. We offer propositions on the relative...

Spanish convertible bonds are different from American convertible bonds. First, the conversion price is not fixed in pesetas, but is defined as a percentage discount off the average share price over a number of days before conversion. Second, the conversion option can be exercised at only a few...