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incentivizes managers to perform better and thus saves on the cost of providing pay for performance. However, when managerial … talent is scarce, firms compete to attract better managers. This reduces an individual firm's incentives to invest in … by other firms' governance. In equilibrium, better managers end up at firms with weaker governance, and conversely …
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affected by, the choice of governance by other firms. Firms with weaker governance offer managers more generous incentive …
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Exploiting the 2009 amendments to Regulation S-K, we provide unique evidence on the first-time disclosure of the reasons firms state for combining (separating) the roles of CEO and chairman. The stated reasons support both agency theory and organization theory. They are more numerous and...
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This paper studies CEO re-appointment and succession events in listed family firms with an incumbent family CEO in France, Germany and the UK over 2001-2016. The paper explores whether family firms with a founder CEO are more likely to engage in earnings management pre-event than other family...
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Exploiting the 2009 amendments to Regulation S-K, we provide unique evidence on the first-time disclosure of the reasons firms state for combining (separating) the roles of CEO and chairman. The stated reasons support both agency theory and organization theory. They are more numerous and...
Persistent link: https://www.econbiz.de/10013271931