environment in which firms operate. Corporate managers, however, rank risk management as one of their most important objectives … suggests that managers act in the best interest of shareholders. They hedge to reduce real costs like taxes, costs of financial … managers maximise their personal utility rather than the market value of equity. Their hedging strategy, therefore, is …

Principle-agent theory suggests managers might under-invest into R&D for reasons of risk tied to project failure, such … as reduced remuneration and job loss. However, managers might over-invest into innovation for reasons of growth implying … higher remuneration, power and prestige. Using a sample of 1,406 Belgian firms, we find, first, that managers holding no …

In this paper, we analyse whether bank owners or bank managers were the driving force behind the risks incurred in the …

changes mainly focus on the remuneration of managers and on further professionalizing the supervisory board. Problematic is …-taking and not managers. This contrast with public view that the bank managers are pushed by aggressive remunerations schemes to …

innovation, i.e. weakly controlled managers show a higher innovation propensity. However, the higher the leverage the more … disciplined the managers are. …