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CEO Compensation and Cash-Flow Shocks : Evidence from Changes in Environmental Regulations

Choi, Seungho; Levine, Ross; Park, Raphael Jonghyeon; … - National Bureau of Economic Research - 2024

This paper investigates how shocks to expected cash flows influence CEO incentive compensation. Exploiting changes in compliance with environmental regulations as shocks to expected future cash flows, we find that adverse shocks typically prompt corporate boards to recalibrate CEO compensation...

Persistent link: https://www.econbiz.de/10014486193

The Micro Origins of International Business Cycle Comovement

Giovanni, Julian di - 2016

This paper investigates the role of individual firms in international business cycle comovement using data covering the universe of French firm-level value added, bilateral imports and exports, and cross-border ownership over the period 1993-2007. At the micro level, controlling for firm and...

Persistent link: https://www.econbiz.de/10012456787

How Much of Chinese Exports is Really Made In China? Assessing Domestic Value-Added When Processing Trade is Pervasive

Koopman, Robert - 2008

The rise of China in world trade has brought both benefits and anxiety to other economies. For many policy questions, it is crucial to know the extent of domestic value added (DVA) in exports, but the computation is more complicated when processing trade is pervasive. We propose a method for...

Persistent link: https://www.econbiz.de/10012464536

Tracing Value Added in the Presence of Foreign Direct Investment

Wang, Zhi; Wei, Shang-jin; Yu, Xinding; Zhu, Kunfu - National Bureau of Economic Research - 2021

We develop a unified framework to trace value added along global supply chains in the presence of foreign direct investment by decomposing either GDP based on forward linkages or final production based on backward linkages. The new framework accounts for the presence of foreign invested...

Persistent link: https://www.econbiz.de/10012660013

Surviving the Global Financial Crisis : Foreign Ownership and Establishment Performance

Alfaro, Laura - 2011

. Finally, in contrast to the crisis period, the effect of foreign ownership and linkages on establishment performance was …

Persistent link: https://www.econbiz.de/10012461517

CEO Pay and Firm Performance : Dynamics, Asymmetries, and Alternative Performance Measures

Joskow, Paul L. - 1994

This study explores the dynamic structure of the pay-for- performance relationship in CEO compensation and quantifies … the effect of introducing a more complex model of firm financial performance on the estimated performance sensitivity of … executive pay. The results suggest that current compensation responds to past performance outcomes, but that the effect decays …

Persistent link: https://www.econbiz.de/10012473923

Intangible Investment and Firm Performance

Chappell, Nathan - 2018

investment and firm performance. We find that firm size and moderate competition is associated with higher intangible investment …, while firm age is associated with lower intangible investment. Examining firm performance, we find that higher investment is … and 'soft' performance objectives, but not with productivity or profitability …

Persistent link: https://www.econbiz.de/10012453351

What Gets Measured Gets Managed : Investment and the Cost of Capital

He, Zhiguo; Liao, Guanmin; Wang, Baolian - National Bureau of Economic Research - 2022

-owned enterprise (SOE) performance evaluation policy. To improve capital allocative efficiency, in 2010, regulators switched from using … return on equity (ROE) to economic value added (EVA) when evaluating SOE performance. This EVA policy adopts a one …-specific costs of capital. We show that SOEs did respond to the performance evaluation reform by altering their investment decisions …

Persistent link: https://www.econbiz.de/10012938744

The Impact of Corporate Sustainability on Organizational Processes and Performance

Eccles, Robert G. - 2012

We investigate the effect of corporate sustainability on organizational processes and performance. Using a matched …-term, both in terms of stock market and accounting performance …

Persistent link: https://www.econbiz.de/10012460709

Cross-Border Mergers and Acquisitions

Erel, Isil; Jang, Yeejin; Weisbach, Michael S. - National Bureau of Economic Research - 2022

One of the most consequential events in any firm's lifetime is a major acquisition. Because of their importance, mergers and acquisitions (M&As) have been an enormous area of research. However, the vast majority of this research and survey papers summarizing this research have focused on...

Persistent link: https://www.econbiz.de/10013435159