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Legal Corruption, Politically Connected Corporate Governance and Firm Performance

Domadenik, Polona; Prašnikar, Janez; Svejnar, Jan - Institute for the Study of Labor (IZA) - 2014

In this paper we present and test a theory of how political corruption, found in many transition and emerging market economies, affects corporate governance and productive efficiency of firms. Our model predicts that underdeveloped democratic institutions that do not punish political corruption...

Persistent link: https://www.econbiz.de/10010884312

Say Pays! Shareholder Voice and Firm Performance

Cuñat, Vicente; Giné, Mireia; Guadalupe, Maria - Institute for the Study of Labor (IZA) - 2014

This paper estimates the effects of Say-on-Pay (SoP); a policy that increases shareholder "voice" by providing shareholders with a regular vote on executive pay. We apply a regression discontinuity design to the votes on shareholder-sponsored SoP proposals. Adopting SoP leads to large increases...

Persistent link: https://www.econbiz.de/10010959767

What Explains the Rise in CEO Pay in Germany? A Panel Data Analysis for 1977-2009

Fabbri, Francesca; Marin, Dalia - Institute for the Study of Labor (IZA) - 2012

takeover of Mannesmann in 2000 and it is again in the spotlight since the outbreak of the financial crisis of 2009. Based on … work for. We reject, however, the efficient pay hypothesis as CEO pay and the demand for managers increases in Germany in … difficult times when the typical firm size shrinks. We find further that domestic and global competition for managers has …

Persistent link: https://www.econbiz.de/10011279348

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

Social Networks in the Boardroom

Kramarz, Francis; Thesmar, David - Institute for the Study of Labor (IZA) - 2006

This paper provides empirical evidence consistent with the facts that (1) social networks may strongly affect board composition and (2) social networks may be detrimental to corporate governance. Our empirical investigation relies on a unique dataset on executives and outside directors of...

Persistent link: https://www.econbiz.de/10005703530

Rhineland Exit?

Bovenberg, Lans; Teulings, Coen - Institute for the Study of Labor (IZA) - 2008

We argue in favour of the shareholder model of the firm for three main reasons. First, serving multiple stakeholders leads to ill-defined property rights. What sounds like a fair compromise between stakeholders can easily evolve in a permanent struggle between the stakeholders about the ultimate...

Persistent link: https://www.econbiz.de/10005822066

Retained State Shareholding in Chinese PLCs: Does Government Ownership Reduce Corporate Value?

Tian, Lihui; Estrin, Saul - Institute for the Study of Labor (IZA) - 2005

The role of government shareholding in corporate performance is central to an understanding of China’s newly privatized large firms. In this paper, we analyze shareholders as agents that can both harm and benefit companies. We examine the ownership structure of 826 listed corporations and find...

Persistent link: https://www.econbiz.de/10005822452

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

Firm Performance and Managerial Turnover: The Case of Ukraine

Muravyev, Alexander; Talavera, Oleksandr; Bilyk, Olga; … - Institute for the Study of Labor (IZA) - 2009

ownership and supervisory board size, we do find significant entrenchments effects associated with ownership by managers …

Persistent link: https://www.econbiz.de/10005103255

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