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Market Competition or Family Ties : Which Prevails on Italian CEOs Pay?

Graziano, Clara - 2015

The paper analyzes the interplay of product market competition and governance on CEO compensation in Italian listed firms from 2000 to 2011 and tests the impact of the 2007-08 financial crisis on pay-performance sensitivity. We argue that important differences both in the level of compensation...

Persistent link: https://www.econbiz.de/10013020525

How Weak is the Weakest-Link Principle?On the Measurement of Firm Owners’Control Rights

Edwards, Jeremy; Weichenrieder, Alfons - CESifo - 2004

The paper argues that the weakest link principle, which has been widely used as a measure of ultimate owners’ control rights, has a number of serious problems. A theoretically more satisfactory method of measuring control rights, based on voting power indices, is proposed, and the different...

Persistent link: https://www.econbiz.de/10005196258

Politics-Business Interaction Paths

Belloc, Marianna; Pagano, Ugo - CESifo - 2009

Most pre-crisis explanations of the various corporate governance systems have considered the separation between ownership and control to be an advantage of the Anglo-American economies. They have also attributed the failure of other countries to achieve these efficient arrangements to their...

Persistent link: https://www.econbiz.de/10008572479

Taxation, Industry Integration and Production Efficiency

Moriconi, Simone - 2016

economies. Theories of optimal taxation conclude that these taxes are detrimental to production efficiency, when firms operate … production units. The present paper investigates the effects of taxation on production efficiency, accounting for the … effect of this "tax induced organizational change" on production efficiency ultimately depends on the characteristics of the …

Persistent link: https://www.econbiz.de/10012984733

Corporate Governance Reforms, Interlocking Directorship Networks and Company Value in Italy (1998-2007)

Drago, Carlo; Millo, Francesco; Ricciuti, Roberto; … - 2021

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/10013316103

Executive Compensation : A Survey of Theory and Evidence

Edmans, Alex - 2017

This paper reviews the theoretical and empirical literature on executive compensation. We start by presenting data on the level of CEO and other top executive pay over time and across firms, the changing composition of pay; and the strength of executive incentives. We compare pay in U.S. public...

Persistent link: https://www.econbiz.de/10012949331

The Effect of Corporate Taxation and Ownership on Raising Shareholder Capital

Krämer, Robert - 2013

We analyze how interactions between corporate taxation and corporate governance affect shareholder capital. Using a model with strategic interaction between managers and outside shareholders, we hypothesize that, while an increase in the corporate tax rate decreases shareholder capital, an...

Persistent link: https://www.econbiz.de/10013073608

Stock Market Returns, Corporate Governance and Capital Market Equilibrium

Parigi, Bruno Maria; Pelizzon, Loriana; von Thadden, … - 2021

This paper proposes a theoretical model that incorporates corporate governance into the basic CAPM, where corporate governance affects the disutility of managerial effort and the possibility of managers to divert company resources. It shows that corporate governance affects firms’ stock...

Persistent link: https://www.econbiz.de/10013315674

Taxes and the Efficiency Costs of Capital Distortions

Weichenrieder, Alfons J.; Klautke, Tina - 2021

political debate. At the same time, the literature is surprisingly silent about the magnitude of possible efficiency costs of a … back-of-the-envelope calculations of the possible efficiency cost of a tax distortion of the debtequity decision …

Persistent link: https://www.econbiz.de/10013316464

What is the Relation (if any) Between a Firm's Corporate Governance Arrangements and its Financial Performance?

Wessels, Roberto E.; Wansbeek, Tom J.; Dam, Lammertjan - CESifo - 2014

We present a model to test the null hypothesis that firms organize their corporate governancearrangements optimally given the constraints they face. Following the literature, the modelrejects the null if the conditional correlation between governance and performance issignificantly different...

Persistent link: https://www.econbiz.de/10011249564

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