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Do Foreign Owners Favor Short-Term Profit? Evidence from Germany

Dill, Verena; Jirjahn, Uwe; Smith, Stephen C. - Institute for the Study of Labor (IZA) - 2014

Comparing domestic- and foreign-owned firms in Germany, this paper finds that foreign-owned firms are more likely to focus on short-term profit. This influence is particularly strong if the local managers of the German subsidiary are not sent from the foreign parent company. Moreover, the...

Persistent link: https://www.econbiz.de/10010884296

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

Performance Effects of Appointing Other Firms' Executive Directors to Corporate Boards: An Analysis of UK Firms

Muravyev, Alexander; Talavera, Oleksandr; Weir, Charlie - Institute for the Study of Labor (IZA) - 2014

This paper studies the effect on company performance of appointing non-executive directors that are also executive directors in other firms. The analysis is based on a new panel dataset of UK companies over 2002-2008. Our findings suggest a positive relationship between the presence of these...

Persistent link: https://www.econbiz.de/10010959813

Employment and Wage Effects of Privatization: Evidence from Hungary, Romania, Russia, and Ukraine

Brown, J. David; Earle, John S.; Telegdy, Álmos - Institute for the Study of Labor (IZA) - 2008

We use longitudinal methods and universal panel data on 30,000 initially state-owned manufacturing firms in four transition economies to estimate the impacts of privatization on employment and wages. The results in all four countries consistently reject job losses and they never imply large wage...

Persistent link: https://www.econbiz.de/10005233777

Mergers of Equals and Unequals

Smeets, Valerie; Ierulli, Kathryn; Gibbs, Michael - Institute for the Study of Labor (IZA) - 2006

We examine the dynamics of post-merger organizational integration. Our basic question is whether there is evidence of conflict between employees from the two merging firms. Such conflict can arise for several reasons, including firm-specific human capital, corporate culture, power, or...

Persistent link: https://www.econbiz.de/10005233916

Why Are So Few Females Promoted into CEO and Vice-President Positions? Danish Empirical Evidence 1997-2007

Smith, Nina; Smith, Valdemar; Verner, Mette - Institute for the Study of Labor (IZA) - 2011

In most OECD countries, only very few women succeed in reaching top executive positions. In this paper, the probability of promotion into VP and CEO positions is estimated based on employer-employee data on all Danish companies observed during the period 1997-2007. After controlling for a large...

Persistent link: https://www.econbiz.de/10009294842

CEO and Board Characteristics as Determinants of Private Benefits of Control: Evidence from the Russian Stock Exchange

Berezinets, Irina; Ilina, Yulia; Muravyev, Alexander - Institute for the Study of Labor (IZA) - 2011

practices across firms and over time, and presence of a large and exogenously created (during the process of privatization …

Persistent link: https://www.econbiz.de/10009416954

Should Employment Authorities Worry About Mergers and Acquisitions?

Margolis, David N. - Institute for the Study of Labor (IZA) - 2006

. Second, it examines which individuals from which firms remain with the newly created entity after the takeover. Using a … active in the post-takeover period, with employees of the acquired firm being less likely to remain with the new entity in … the short term after takeover than those of the acquiring firm and with the differences between the two types of firms …

Persistent link: https://www.econbiz.de/10005761983

Risk, Delegation, and Project Scope

Roider, Andreas - Institute for the Study of Labor (IZA) - 2007

This paper studies a partial-contracting model where an agent may provide effort to increase a project’s scope before some later decisions have to be taken. Consistent with existing empirical evidence, we find a positive relationship between exogenous risk and delegation. That is, we show that...

Persistent link: https://www.econbiz.de/10005703275