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This paper investigates whether and how various characteristics of CEOs and corporate boards are related to the severity of corporate governance problems within firms. The latter is proxied by private benefits of control, which we measure for dual class stock firms using the voting premium...
Persistent link: https://www.econbiz.de/10010282260
Using comprehensive financial and accounting data on China's listed firms from 1998 to 2002, augmented by unique data … listing suspension mechanism, i.e., the ST designation, adopted by China's securities regulatory agency appears to be … literature on economic transition, our findings suggest that any fundamental improvement in China's corporate governance will …
Persistent link: https://www.econbiz.de/10010274393
This paper provides the first rigorous econometric estimates on the pay-performance relations for executives of Korean firms with and without Chaebol affiliation. To do so, we have assembled for the first time panel data (that provide information not only on executive compensation and firm...
Persistent link: https://www.econbiz.de/10010267324
This paper provides empirical evidence consistent with the facts that (1) social networks may strongly affect board composition and (2) social networks may be detrimental to corporate governance. Our empirical investigation relies on a unique dataset on executives and outside directors of...
Persistent link: https://www.econbiz.de/10010267612
between the past performance of firms measured by return on sales and return on assets, and the likelihood of managerial … ownership and supervisory board size, we do find significant entrenchments effects associated with ownership by managers …
Persistent link: https://www.econbiz.de/10010271280
On theoretical grounds, monitoring of top executives by the (supervisory) board is expected to be value relevant. The empirical evidence is ambiguous and we analyze three non-competing explanations for this ambiguity: (i) The positive effect on firm value of board monitoring is hidden in stock...
Persistent link: https://www.econbiz.de/10010276315
work for. We reject, however, the efficient pay hypothesis as CEO pay and the demand for managers increases in Germany in … difficult times when the typical firm size shrinks. We find further that domestic and global competition for managers has …
Persistent link: https://www.econbiz.de/10010282632
The role of government shareholding in corporate performance is central to an understanding of China?s newly privatized …
Persistent link: https://www.econbiz.de/10010262209
cash compensation (salary and bonus) for top executives with respect to shareholder value in China. In addition, sales … managers and thus possibly making China's listed firms less effective in solving the agency problem. As such, ownership …This paper provides evidence on how executive compensation relates to firm performance in listed firms in China. Using …
Persistent link: https://www.econbiz.de/10010267302
The role of government shareholding in corporate performance is central to an understanding of China’s newly privatized …
Persistent link: https://www.econbiz.de/10005822452