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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 … relationship with performance. Board turnover instead is unrelated to performance but is related to the firm's ownership structure …
Persistent link: https://www.econbiz.de/10005566811
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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
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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
on CEO turnover, ownership structure and board characteristics, we estimate Logit models of CEO turnover. We find …
Persistent link: https://www.econbiz.de/10005566546
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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
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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
more employees. Using the supervisory board structure, together with balance sheet and income statement data for 2000 …-2010, we show that a higher share of politically connected supervisory board members leads to lower productivity. …
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 …
Persistent link: https://www.econbiz.de/10011279348
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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 … directors. Networks of former high ranking civil servants are the most active in shaping board composition. Our identification … strategy takes into account (1) differences in unobserved directors' "abilities" and (2) the unobserved propensity of firms to …
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