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Ownership or Performance: What Determines Board of Directors' Turnover in Italy?
Brunello, Giorgio; Graziano, Clara; Parigi, Bruno - Institute for the Study of Labor (IZA) - 2000
This paper studies the turnover of board of directors members in a sample of 72 companies listed on the Milan Stock Exchange during the period 1988-1996. We investigate whether board members change more frequently when company performance is poor, as the literature suggests, and whether and how...
Persistent link: https://www.econbiz.de/10005566811
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Breaking the Glass Ceiling? The Effect of Board Quotas on Female Labor Market Outcomes in Norway
Bertrand, Marianne; Black, Sandra E.; Jensen, Sissel; … - Institute for the Study of Labor (IZA) - 2014
In late 2003, Norway passed a law mandating 40 percent representation of each gender on the board of publicly limited … corporate sector and decrease gender disparity in earnings within that sector. We document that the newly (post …-reform) appointed female board members were observably more qualified than their female predecessors, and that the gender gap in …
Persistent link: https://www.econbiz.de/10010786985
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Why So Few Women on Boards of Directors? Empirical Evidence from Danish Companies 1997-2007
Parrotta, Pierpaolo; Smith, Nina - Institute for the Study of Labor (IZA) - 2013
This paper analyzes the determinants of women on the boards of directors based on a panel sample of all Danish companies in the private sector with more than 50 employees. The share of women on the boards of directors was 12 percent in 2007 and has only slowly increased during the period...
Persistent link: https://www.econbiz.de/10010737585
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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
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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
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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
The compensation of executive board members in Germany has become a highly controversial topic since Vodafone’s hostile takeover of Mannesmann in 2000 and it is again in the spotlight since the outbreak of the financial crisis of 2009. Based on unique panel data evidence of the 500 largest...
Persistent link: https://www.econbiz.de/10011279348
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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
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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
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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
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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