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 …

Around the world (with the U.S. and U.K. as exceptions) concentrated ownership structures and controlling shareholders … are predominant even among listed firms. We provide novel empirical evidence how such controlling shareholders, in … total payouts. This result is driven by family ownership rather than family management. Conflicts between the founding …

-based long-term incentives account for less that 23% of the overall compensation to members of the management board. Our … is a former executive of the firm. In sum, our evidence is consistent with the view that shareholders use stock …

premium and target shareholders' abnormal returns around the announcement of the deal in a sample of bank mergers during the … period 1990-2004. We find evidence that the target shareholders' returns are negatively related to the postmerger position of … their CEO. However, these lower returns are not matched by higher returns to the acquirer's shareholders, suggesting little …

firms because of potential problems due to a separation of ownership and management. However, it was shown that non …