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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 … 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/10013020525
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Investor Protection and Foreign Stakeholders
Giofré, Maela - 2014
rights - limiting excessive risk taking - positively affects foreign shareholders, whereas strong protection of shareholder …
Persistent link: https://www.econbiz.de/10013069664
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The Effect of Corporate Taxation and Ownership on Raising Shareholder Capital
Krämer, Robert - 2013
model with strategic interaction between managers and outside shareholders, we hypothesize that, while an increase in the …
Persistent link: https://www.econbiz.de/10013073608
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Ownership and Control in a Competitive Industry
Karle, Heiko; Klein, Tobias J.; Stahl, Konrad O. - 2021
We study a differentiated product market in which an investor initially owns a controlling stake in one of two competing firms and may acquire a non-controlling or a controlling stake in a competitor, either directly using her own assets, or indirectly via the controlled firm. While industry...
Persistent link: https://www.econbiz.de/10013316050
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Learning from the Past : Trends in Executive Compensation over the Twentieth Century
Frydman, Carola - 2021
In recent years, a large academic debate has tried to explain the rapid rise in CEO pay experienced over the past three decades. In this article, I review the main proposed theories, which span views of compensation as the result of a competitive labor market for executives to theories based on...
Persistent link: https://www.econbiz.de/10013316448
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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
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Voting in Corporate Boards with Heterogeneous Preferences
Balduzzi, Paolo - 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/10013130415
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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
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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
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Reconciling the Original Schumpeterian Model with the Observed Inverted-U Relationship between Competition and Innovation
Bonfatti, Roberto - 2018
Empirical studies have uncovered an inverted-U relationship between product-market competition and innovation. This is … inconsistent with the original Schumpeterian Model, where greater competition reduces the profitability of innovation. We show that … the model can predict the inverted-U if the innovators' talent is heterogenous, and privately observable. With competition …
Persistent link: https://www.econbiz.de/10012919059