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Considering the shareholder perspective: value-based management systems and stock market performance
Rapp, Marc Steffen; Schellong, Daniel A.; Schmidt, … - 2010
We empirically study the use of value-based management systems in listed German firms and examine implications for … that value-based management systems become increasingly common. Specifically, in 2008 42% of our sample firms have … implemented such a system. In the empirical analysis, we find that firms that implement value-based management systems earn …
Persistent link: https://www.econbiz.de/10010305697
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The impact of the Sarbanes-Oxley act on the cost of going public
Kaserer, Christoph; Mettler, Alfred; Obernberger, Stefan - 2008
This paper examines the impact of SOX on the total cost and the component cost of going public. First, we document a statistically significant increase in non-underwriting expenses of 0.8 percentage points after the introduction of SOX, which is mostly due to an increase in accounting and legal...
Persistent link: https://www.econbiz.de/10010305702
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Determinants of director compensation in two-tier systems: evidence from German panel data
Andreas, Jörn Michael; Rapp, Marc Steffen; Wolff, Michael - 2010
Building on a unique panel data set of German Prime Standard companies for the period 2005-2008, this paper investigates the influencing factors of both director compensation levels and structure, i.e. the probability of performance-based compensation. Drawing on agency theory arguments and...
Persistent link: https://www.econbiz.de/10010305725
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Aktienbasierte Langfristanreize im Rahmen der Vorstandsverguetung: Evidenz auf Basis Deutscher Prime Standard Unternehmen
Rapp, Marc Steffen; Schaller, Philipp; Wolff, Michael - 2009
-based long-term incentives account for less that 23% of the overall compensation to members of the management board. Our …
Persistent link: https://www.econbiz.de/10010305700
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Risk-Taking Incentives, Governance, and Losses in theFinancial Crisis
Chesney, Marc; Stromberg, Jacob; Wagner, Alexander F. - Swiss National Centre of Competence in Research North … - 2010
This paper studies the extent to which risk-taking incentives of CEOs and other governancefeatures in a range of years prior to the recent financial crisis were related to the write-downsof U.S. financial institutions during the crisis. We document that institutions whose CEOs hadparticularly...
Persistent link: https://www.econbiz.de/10009305115
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Managerial Ownership and Firm ValueEvidence from Small Firms listed in Germany
Kast, Manuel - Institut für Schweizerisches Bankwesen <Zürich>; … - 2004
flow ownership of top management but decreases with control, in particular with managment voting rights in excess of 25 … %. Outside blockholders do not appear to play a role in disciplining management. Codetermination does not affect the value of …
Persistent link: https://www.econbiz.de/10005857792
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Managerial Incentives and Firm Valuation - Evidence from Switzerland
Schmid, Markus M.; Zimmermann, Heinz - Wirtschaftswissenschaftliches Zentrum <Basel> - 2007
This paper presents an integrated analysis of the relationships between managerial share ownership (or alternatively the percentage of equity-based compensation), four additional corporate governance mechanisms, and firm value by explicitly incorporating the simultaneity of the process...
Persistent link: https://www.econbiz.de/10005862888
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A Comparison between Sustainability Frameworks: an Integrated Reading through ESG Criteria for Business Strategies and Enterprise Risk Management
Casciotti, Paola - 2023
integration of sustainability criteria in all enterprises' decision-making and risk management and control processes, becomes more …
Persistent link: https://www.econbiz.de/10014451713
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Interest Rate Transmission to Commercial Credit Rates in Austria
Burgstaller, Johann - 2003
The transmission process from policy-controlled interest rates to bank lending rates deserves reconsideration owing to the implementation of the European Monetary Union (EMU) in 1999. Additional attention to the subject in Austria is due to several large banks which, in 2002, have been charged...
Persistent link: https://www.econbiz.de/10010294604
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Influence of internal factors on the use of equity- and mezzanine-based financing in family firms
Achleitner, Ann-Kristin; Lutz, Eva; Schraml, Stephanie - 2009
involvement of external managers in the management board. Our findings contribute to a better understanding of financing decisions …
Persistent link: https://www.econbiz.de/10010305699