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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

The Value Relevance of Top Executive Departures: Evidence from the Netherlands

Praag, Mirjam van; Cools, Kees - Institute for the Study of Labor (IZA) - 2007

On theoretical grounds, monitoring of top executives by the (supervisory) board is expected to be value relevant. The empirical evidence is ambiguous and we analyze three noncompeting explanations for this ambiguity: (i) The positive effect on firm value of board monitoring is hidden in stock...

Persistent link: https://www.econbiz.de/10005762239

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 … information not only on executive compensation and firm performance but also on Chaebol affiliation) for 246 firms that were … cash compensation of Korean executives is statistically significantly related to stock market performance and that the …

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

consistently for all performance measures including both stock return and various accounting measures that: (i) overall, CEO … turnover is significantly and inversely related to firm performance though the magnitude of the relationship is modest; (ii …) CEO turnover-performance link is stronger when the percentage of company shares owned by the largest shareholder is larger …

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 … positive. Perhaps more importantly, we find that ownership structure of China’s listed firms has important effects on pay-performance … link in these firms. Specifically state ownership of China’s listed firms is weakening pay-performance link for top …

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

Does Corporate Governance Reform Necessarily Boost Firm Performance? Recent Evidence from Russia

Kuznecovs, Mihails; Pal, Sarmistha - Institute for the Study of Labor (IZA) - 2012

and disclosure (T&D) rules in particular can necessarily boost firm performance. Existing literature suggests that CG … reforms can boost performance because it can resolve the conflict of interest between the controlling and the minority owners … limited success to improve indices of firm performance in our sample. We argue that this arises from the predatory behavior of …

Persistent link: https://www.econbiz.de/10010546984

Financial Constraints and Innovation: Why Poor Countries Don't Catch Up

Gorodnichenko, Yuriy; Schnitzer, Monika - Institute for the Study of Labor (IZA) - 2010

This paper examines micro-level channels of how financial development can affect macroeconomic outcomes like the level of income and export intensity. We investigate theoretically and empirically how financial constraints affect a firm's innovation and export activities, using unique firm survey...

Persistent link: https://www.econbiz.de/10008592859

Diagnosing Discrimination: Stock Returns and CEO Gender

Wolfers, Justin - Institute for the Study of Labor (IZA) - 2006

A vast labor literature has found evidence of a "glass ceiling", whereby women are underrepresented among senior management. A key question remains the extent to which this reflects unobserved differences in productivity, preferences, prejudice, or systematically biased beliefs about the ability...

Persistent link: https://www.econbiz.de/10005762168

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