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Executive compensation : a survey of theory and evidence
Edmans, Alex; Gabaix, Xavier; Jenter, Dirk - 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/10011700396
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Ownership concentration and share valuation : evidence from Germany
Edwards, Jeremy S. S.; Weichenrieder, Alfons J. - 1999
on minority shareholders of increased ownership (greater monitoring of management, and reduced incentives to exploit … minority shareholders due to greater cash-flow rights) outweigh the harmful effect (greater private benefits of control due to …
Persistent link: https://www.econbiz.de/10009781688
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Punish one, teach a hundred : the sobering effect of punishment on the unpunished
D'Acunto, Francesco; Weber, Michael; Xie, Jin - 2019
Direct experience of a peer's punishment might make non-punished peers reassess the probability and consequences of facing punishment and hence induce a change in their behavior. We test this mechanism in a setting, China, in which we observe the reactions to the same peer's punishment by listed...
Persistent link: https://www.econbiz.de/10011973941
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The effect of corporate taxation and ownership on raising shareholder capital
Krämer, Robert; Lipatov, Vilen - 2013
model with strategic interaction between managers and outside shareholders, we hypothesize that, while an increase in the …
Persistent link: https://www.econbiz.de/10010199748
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Mavericks, universal, and common owners : the largest shareholders of U.S. public firms
Amel-Zadeh, Amir; Kasperk, Fiona; Schmalz, Martin C. - 2022
We construct a novel data set to show that, between 2003-2020, up to one-fifth of America's largest firms had a non-financial blockholder or insider as their largest shareholder. Blockholders and insiders tend to be less diversified than institutional investors. Measures of "universal" and...
Persistent link: https://www.econbiz.de/10013365123
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Stakeholder governance, competition and firm value
Allen, Franklin; Carletti, Elena; Marquez, Robert - 2014
In many countries, the legal system or social norms ensure that firms are stakeholder oriented. We analyze the … advantages and disadvantages of stakeholder-oriented firms that are concerned with employees and suppliers compared to … shareholder-oriented firms in a model of imperfect competition. Stakeholder firms are more (less) valuable than shareholder firms …
Persistent link: https://www.econbiz.de/10010249637
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The equity trap, the cost of capital and the firm's growth path
Lindhe, Tobias (contributor); Södersten, Jan (contributor) - 2006
Persistent link: https://www.econbiz.de/10003377163
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Shareholder liability and bank failure
Aldunate, Felipe; Jenter, Dirk; Korteweg, Arthur; … - 2021
results suggest that exposing shareholders to more downside risk can successfully reduce bank failure. …
Persistent link: https://www.econbiz.de/10012584232
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How weak is the weakest-link principle? : on the measurement of firm owners' control rights
Weichenrieder, Alfons J.; Edwards, Jeremy S. S. - 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/10011450369
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The unfinished business of state-owned enterprise reform in the People's Republic of China
Holz, Carsten A. - 2019
This paper examines the progress of state-owned enterprise (SOE) reform in the People's Republic of China. After defining SOEs and considering their scope of operation within the PRC economy, the focus of the paper is on the major reform waves that followed the deterioration of SOE profitability...
Persistent link: https://www.econbiz.de/10012026451