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Executive Compensation, Firm Performance, and Chaebols in Korea: Evidence from New Panel Data

Kato, Takao; Kim, Woochan; Lee, Ju Ho - Institute for the Study of Labor (IZA) - 2005

This paper provides the first rigorous econometric estimates on the pay-performance relations for executives of Korean firms with and without Chaebol affiliation. To do so, we have assembled for the first time panel data (that provide information not only on executive compensation and firm...

Persistent link: https://www.econbiz.de/10005822774

CEO Turnover, Firm Performance and Enterprise Reform in China: Evidence from New Micro Data

Kato, Takao; Long, Cheryl - Institute for the Study of Labor (IZA) - 2006

Using comprehensive financial and accounting data on China’s listed firms from 1998 to 2002, augmented by unique data on CEO turnover, ownership structure and board characteristics, we estimate Logit models of CEO turnover. We find consistently for all performance measures including both stock...

Persistent link: https://www.econbiz.de/10005566546

Executive Compensation, Firm Performance, and Corporate Governance in China: Evidence from Firms Listed in the Shanghai and Shenzhen Stock Exchanges

Kato, Takao; Long, Cheryl - Institute for the Study of Labor (IZA) - 2005

This paper provides evidence on how executive compensation relates to firm performance in listed firms in China. Using comprehensive financial and accounting data on China’s listed firms from 1998 to 2002, augmented by unique data on executive compensation and ownership structure, we find for...

Persistent link: https://www.econbiz.de/10005566733

Not So Lucky Any More: CEO Compensation in Financially Distressed Firms

Kang, Qiang; Mitnik, Oscar A. - Institute for the Study of Labor (IZA) - 2008

There is a debate on whether executive pay reflects rent extraction due to "managerial power" or is the result of arms-length bargaining in a principal-agent framework. In this paper we offer a test of the managerial power hypothesis by empirically examining the CEO compensation of U.S. public...

Persistent link: https://www.econbiz.de/10005761844

Distributive Justice and CEO Compensation

Jasso, Guillermina; Milgrom, Eva M. Meyersson - Institute for the Study of Labor (IZA) - 2007

This paper develops a framework for studying individuals’ ideas about what constitutes just compensation for chief executive officers (CEOs) and reports estimates of just CEO pay and the principles guiding ideas of justice. The sample consists of students pursuing a Master of Business...

Persistent link: https://www.econbiz.de/10005762318

The KfW/ZEW Start-up Panel: Design and Research Potential

Fryges, Helmut; Gottschalk, Sandra; Kohn, Karsten - Institute for the Study of Labor (IZA) - 2009

So far, there has been no data set which observes firm formations in Germany not only on a cross-sectional basis using one-time surveys, but continuously over a number of years. Therefore, the Centre for European Economic Research (ZEW), KfW Bankengruppe and Creditreform set up a panel study of...

Persistent link: https://www.econbiz.de/10008565185

Investor Protection and the Value of Shares: Evidence from Statutory Rules Governing Variations of Shareholders' Class Rights in Russia

Muravyev, Alexander - Institute for the Study of Labor (IZA) - 2009

This paper uses a quasi-experimental framework provided by recent changes in Russian corporate law to study the effect of investor protection on the value of shares. The legal change analyzed involves the empowerment of preferred (non-voting) shareholders to veto unfavorable changes in their...

Persistent link: https://www.econbiz.de/10008497016

The Value of Business Networks in Emerging Economies: An Analysis of Firms' External Financing Opportunities

Owolabi, Oluwarotimi; Pal, Sarmistha - Institute for the Study of Labor (IZA) - 2011

The paper argues that networked firms are likely to have an advantage in securing external finance in countries with weak legal and judicial institutions since it helps financial institutions to minimize the underlying agency costs of lending. An analysis of recent BEEPS data from fifteen...

Persistent link: https://www.econbiz.de/10009024602

The Impact of the Crisis on Employment and the Role of Labour Market Institutions

Eichhorst, Werner; Escudero, Veronica; Marx, Paul; … - Institute for the Study of Labor (IZA) - 2010

economic crisis that began in 2008. It starts from the observation that the decline in employment and rise in unemployment in … arrangements in place before the crisis and discretionary reforms implemented during the crisis. Emphasis is placed on the role of … internal flexibility. At the same time, however, it appears that the crisis has – at least in some cases – contributed to a …

Persistent link: https://www.econbiz.de/10008727778

Did Latvia's Public Works Program Mitigate the Impact of the 2008-2010 Crisis?

Azam, Mehtabul; Ferré, Céline; Ajwad, Mohamed Ihsan - Institute for the Study of Labor (IZA) - 2012

To mitigate the impact of the 2008-2010 global financial crisis on vulnerable households, the Government of Latvia … the unemployed mitigate the impact of the crisis. However, relative to the depth of the crisis in Latvia, the Workplaces …

Persistent link: https://www.econbiz.de/10010814467