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Learning from the past: trends in executive compensation over the twentieth century
Frydman, Carola - 2008
with the evolution in executive pay and the market for managers during earlier time periods. A case study of General …
Persistent link: https://www.econbiz.de/10010264485
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CEO compensation
Frydman, Carola; Jenter, Dirk - 2010
result of powerful managers setting their own pay. Others interpret high pay as the result of optimal contracting in a …
Persistent link: https://www.econbiz.de/10010285538
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Market Competition or Family Ties: Which Prevails on Italian CEOs Pay?
Graziano, Clara; Rondi, Laura - 2015
The paper analyzes the interplay of product market competition and governance on CEO compensation in Italian listed … definitions of competition: the intensity of import penetration, which accounts for price competition, and the intensity of R …&D and advertising expenditures, which captures the oligopolistic nature of competition when products are vertically …
Persistent link: https://www.econbiz.de/10011307062
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What explains the rise in CEO pay in Germany? A panel data analysis for 1977-2009
Fabbri, Francesca; Marin, Dalia - 2012
difficult times when the typical firm size shrinks. We find further that domestic and global competition for managers has … work for. We reject, however, the efficient pay hypothesis as CEO pay and the demand for managers increases in Germany in …
Persistent link: https://www.econbiz.de/10010281035
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Managerial hedging and portfolio monitoring
Bisin, Alberto; Gottardi, Piero; Rampini, Adriano A. - 2004
Incentive compensation induces correlation between the portfolio of managers and the cash flow of the firms they manage …. This correlation exposes managers to risk and hence gives them an incentive to hedge against the poor performance of their …
Persistent link: https://www.econbiz.de/10010261074
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Optimal delegation when the large shareholder has multiple tasks
Graziano, Clara; Luporini, Annalisa - 2010
We analyze the optimal ownership, delegation and compensation structures when a manager is hired to run a firm and to gather information on investment projects. The initial owner has two tasks: monitoring the manager and supervising project choice. Optimality would require a large ownership...
Persistent link: https://www.econbiz.de/10010270637
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Corporate governance reforms, interlocking directorship networks and company value in Italy (1998-2007)
Drago, Carlo; Millo, Francesco; Ricciuti, Roberto; … - 2011
In this paper we contribute to the literature on the structure of interlocking directorship networks and to the literature on the relationship between corporate governance and performance. We use a unique dataset made of corporate governance variables related to the board size and interlocking...
Persistent link: https://www.econbiz.de/10010274726
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Voting in corporate boards with heterogeneous preferences
Balduzzi, Paolo; Graziano, Clara; Luporini, Annalisa - 2011
We analyze the voting behavior of a board of directors that has to approve (or reject) an investment proposal with uncertain return. We consider three types of directors: insiders, who are biased toward acceptance of the project, independent outsiders who want to maximize the firm's profit and...
Persistent link: https://www.econbiz.de/10010274882
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Rhineland exit?
Bovenberg, Lans; Teulings, Coen N. - 2008
We argue in favor 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 about the ultimate goal of the company....
Persistent link: https://www.econbiz.de/10010276828
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The positive economics of labor market rigidities and investor protection
Fehn, Rainer; Meier, Carsten-Patrick - 2001
-country relationship between labor market rigidities and of competition on capital markets receives considerable empicical support. …
Persistent link: https://www.econbiz.de/10010316080