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Corporate governance and incentive contracts: historical evidence from a legal reform
Bayer, Christian; Burhop, Carsten - 2008
This paper proposes to exploit a reform in legal rules of corporate governance to identify contractual incentives from … institutional environment, the reform of the German joint-stock companies act in 1884. We analyze a sample of executive pay for 46 … firms for the years 1870 to 1911. In 1884, a law reform substantially enhanced corporate control, strengthened the …
Persistent link: https://www.econbiz.de/10010264840
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Cartels, managerial incentives, and productive efficiency in German coal mining, 1881-1913
Burhop, Carsten; Lübbers, Thorsten - 2008
In this paper, we evaluate the impact of cartelisation and managerial incentives on the productive efficiency of German coal mining corporations. We focus on coal mining in the Ruhr district, Germany's main mining area. We use stochastic frontier analysis and an unbalanced dynamic panel data set...
Persistent link: https://www.econbiz.de/10010264842
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Monitoring to reduce agency costs: Examining the behavior of independent and non-independent boards
Anand, Anita; Milne, Frank; Purda, Lynnette - 2010
Berle and Means's analysis of the corporation - in particular, their view that those in control are not the owners of the corporation - raises questions about actions that corporations take to counter concerns regarding management's influence. What mechanisms, if any, do corporations implement...
Persistent link: https://www.econbiz.de/10010290449
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Does corporate governance reform necessarily boost firm performance? Recent evidence from Russia
Kuznecovs, Mihails; Pal, Sarmistha - 2012
, especially in societies with highly skewed distribution of ownership. We however argue that the success of CG reform would, in …
Persistent link: https://www.econbiz.de/10010282468
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Are Forced Turnovers Good or Bad News?
Kind, Axel; Schläpfer, Yves - 2011
To gain insights about the quality of board's firing decisions, we investigate abnormal stock returns and operating performance around CEO-turnover announcements in a new hand- collected sample of 208 “clean” turnover events between January 1998 and June 2009. Unlike the majority of previous...
Persistent link: https://www.econbiz.de/10011390666
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Executive compensation, firm performance, and chaebols in Korea: evidence from new panel data
Kato, Takao; Kim, Woochan; Lee, Ju Ho - 2005
the nature of Chaebols in Korea and the current corporate governance reform efforts in Korea that are aimed mostly at …
Persistent link: https://www.econbiz.de/10010267324
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Learning from the past: trends in executive compensation over the twentieth century
Frydman, Carola - 2008
with the evolution in executive pay and the market for managers during earlier time periods. A case study of General …
Persistent link: https://www.econbiz.de/10010264485
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The effect of the Sarbanes-Oxley Act on CEO pay for luck
Paligorova, Teodora - 2008
According to the rent-extraction hypothesis, weak corporate governance allows entrenched CEOs to capture the pay-setting process and benefit from events outside of their controlget paid for luck. In this paper, I find that the independence requirement imposed on boards of directors by the...
Persistent link: https://www.econbiz.de/10010280049
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Power, rent extraction, and executive compensation
Bebchuk, Lucian; Fried, Jesse - In: CESifo Forum 03 (2002) 3, pp. 23-28
Persistent link: https://www.econbiz.de/10011695703
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CEO turnover, firm performance and enterprise reform in China: evidence from new micro data
Kato, Takao; Long, Cheryl - 2006
Using comprehensive financial and accounting data on China's listed firms from 1998 to 2002, augmented by unique data on CEO turnover, ownership structure and board characteristics, we estimate Logit models of CEO turnover. We find consistently for all performance measures including both stock...
Persistent link: https://www.econbiz.de/10010274393