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Do Entrenched Managers Pay Their Workers More?

Svaleryd, helena - Institutet för Näringslivsforskning (IFN) - 2005

with an agency model in which entrenched managers pay high wages because they come with private benefits, such as lower … find that entrenched managers pay their workers more. For example, our estimates show that CEOs with more control rights … (votes) than all other blockholders together, pay their workers about 6%, or $2,200 per year, higher wages. Since cash flow …

Persistent link: https://www.econbiz.de/10005645442

Globalization of Corporate Covernance: The American Influence on Dismissal Performance Sensitivity of European CEOs

Jungeilges, Jochen A.; Oxelheim, Lars; Randoy, Trond - Institutet för Näringslivsforskning (IFN) - 2010

This study examines how globalization of corporate governance practices influence the risk of European CEOs being dismissed. We argue that the harsh monitoring of the American corporate governance system spills over to the rest of the world as a result of this globalization. We focus on direct...

Persistent link: https://www.econbiz.de/10008562416

The Swedish Model of Corporate Ownership and Control in Transition

Henrekson, Magnus; Jakobsson, Ulf - Institutet för Näringslivsforskning (IFN) - 2003

We analyze the development of the Swedish ownership model after World War II. The controlling ownership in Swedish firms is typically concentrated to one or two owners. Often, but not always, the controlling owners are Swedish families. Thus, the model resembles the typical corporate control...

Persistent link: https://www.econbiz.de/10005645325

The Effects of Internationalization on CEO Compensation

Oxelheim, Lars; Randoy, Trond - Institutet för Näringslivsforskning (IFN) - 2004

This study examines the relation between the internationalization of firms and CEO compensation. Starting from a sample of Norwegian and Swedish listed firms we analyze the effects of internationalization as manifest in the capital market (international cross-listing), the market for corporate...

Persistent link: https://www.econbiz.de/10005645393

The Impact of Foreign Board Membership on Firm Value

Oxelheim, Lars; Randøy, Trond - Institutet för Näringslivsforskning (IFN) - 2001

This study examines the effect of foreign (Anglo-American) board membership on corporate performance measured in terms of firm value (Tobin’s Q). On a basis of firms with headquarters in Norway or Sweden the study indicates a significantly higher value for firms that have outsider...

Persistent link: https://www.econbiz.de/10005645423

International Mergers with Financially Constrained Owners

Berg, Aron; Norbäck, Pehr-Johan; Persson, Lars - Institutet för Näringslivsforskning (IFN) - 2012

This paper proposes a cross-border M&A model with financially constrained owners in which the identity of the buyer and seller can be determined. We show that policies blocking foreign acquisitions to protect the domestic industry can be counterproductive. Foreign acquisition can increase the...

Persistent link: https://www.econbiz.de/10010575175

On the Internationalization of Corporate Boards

Oxelheim, Lars; Gregori, Aleksandra; Randøy, Trond; … - Institutet för Näringslivsforskning (IFN) - 2013

Despite the global reach of their commercial activities, many multinational firms have proved slow in internationalizing their boards of directors. Based on a panel study of the internationalization of the boards of 347 non-financial firms from the Nordic countries, we find a higher fraction of...

Persistent link: https://www.econbiz.de/10010818485

The Swedish Corporate Control Model: Convergence, Persistence or Decline?

Henrekson, Magnus; Jakobsson, Ulf - Institutet för Näringslivsforskning (IFN) - 2011

This paper explores the effects of deregulation and globalization on the dominant mode of corporate governance in Swedish public firms. The effects are multidimensional—the direction of change in corporate governance cannot be determined by simply examining whether a convergence towards the...

Persistent link: https://www.econbiz.de/10008784428

How to Avoid Compensating CEO for Luck: The Case of Microeconomic Fluctuations

Oxelheim, Lars; Wihlborg, Clas; Zhang, Jianhua - Institutet för Näringslivsforskning (IFN) - 2010

Incentive effects of performance-based compensation schemes for management may be weakened or biased by macroeconomic influences on remuneration. These influences can be seen as reflecting luck from the CEO’s perspective. In this chapter we present a model for how to avoid compensating CEO for...

Persistent link: https://www.econbiz.de/10008553045

Executive Compensation and Macroeconomic Fluctuations

Oxelheim, Lars; Wihlborg, Clas; Zhang, Jianhoa - Institutet för Näringslivsforskning (IFN) - 2008

Macroeconomic fluctuations affect corporations’ performance through demand and cost conditions. Incentive effects of performance-based compensation schemes for management may be weakened or biased by macroeconomic influences if management is unable to forecast macroeconomic fluctuations or...

Persistent link: https://www.econbiz.de/10005645433