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Firm-Level Determinants of Board System Choice: Evidence from Russia
Iwasaki, Ichiro - Russian Research Center, Institute of Economic Research - 2013
In this paper, using a unique dataset of joint-stock companies, we empirically examine the determinants of the choice and size of the collective executive board, a core element of the multi-tier board system of Russian firms. Our empirical evidence strongly suggests that the need of company...
Persistent link: https://www.econbiz.de/10009371109
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Corporate Governance gemäß BilMoG und SOX
Kubisch, Sabine - Fachbereich Wirtschaft, Fachhochschule Stralsund - 2009
Durch vermehrt aufgetretene Finanzskandale und Zusammenbrüche namhafter Unternehmen wurde in den letzten Jahren das Vertrauen der Anleger nachhaltig gestört. Um die Glaubwürdigkeit in die veröffentlichten Finanzinformationen und in die Sicherheit der unternehmerischen Überwachungsprozesse...
Persistent link: https://www.econbiz.de/10010984579
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Firms' Decisions on Where to Incorporate
Bebchuk, Lucian Arye; Cohen, Alma - C.E.P.R. Discussion Papers - 2002
This Paper empirically investigates the decisions of US publicly traded firms on where to incorporate. We study the features of states that make them attractive to incorporating firms and the characteristics of firms that determine whether they incorporate in or out of their state of location....
Persistent link: https://www.econbiz.de/10005123946
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Managerial Power and Rent Extraction in the Design of Executive Compensation
Bebchuk, Lucian Arye; Fried, Jesse; Walker, David I - C.E.P.R. Discussion Papers - 2002
constraints that act on these processes, leave managers with considerable power to shape their own pay arrangements. Examining the …
Persistent link: https://www.econbiz.de/10005114260
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Executive Compensation as an Agency Problem
Bebchuk, Lucian Arye; Fried, Jesse - C.E.P.R. Discussion Papers - 2003
instrument for addressing the agency problem between managers and shareholders but also as part of the agency problem itself … managers. As a result, managers wield substantial influence over their own pay arrangements, and they have an interest in … reducing the saliency of the amount of their pay and the extent to which that pay is de-coupled from managers’ performance. We …
Persistent link: https://www.econbiz.de/10005662270
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Corporate Financial Distress and Bankruptcy: A Survey
Senbet, Lemma W.; Wang, Tracy Yue - In: Foundations and Trends(R) in Finance 5 (2012) 4, pp. 243-335
This survey provides a synthetic and evaluative survey of issues in corporate financial distress and bankruptcy. This area has moved into a public domain as a result of the recent global financial crisis that witnessed failures of many venerable institutions that got rescued by the government....
Persistent link: https://www.econbiz.de/10010883376
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Flexible or not? The Comply-or-Explain Principle in UK and German Corporate Governance
Sanderson, P.; Seidl, D.; Roberts, J.; Krieger, B. - ESRC Centre for Business Research - 2010
The current financial crisis has given rise to calls to toughen considerably the codes of corporate governance put in place in many countries to regulate corporate behaviour (e.g. the UK Combined Code). These codes vary slightly in form but tend to contain a mix of non-discretionary regulations...
Persistent link: https://www.econbiz.de/10010858394
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Why Do Italian Joint Stock Companies Adopt One or Two-Tier Board?
PELLEGRINI, Carlo BELLAVITE; PELLEGRINI, Laura; SIRONI, … - In: Rivista Internazionale di Scienze Sociali 118 (2010) 1, pp. 3-25
The possibility to choose between two alternative corporate governance systems (i. e. one-tier and two-tier board) was introduced in Italy by the Corporate Law Reform at the beginning of 2004. This reform, which provides for the adoption of a one- or a two-tier board for both listed and unlisted...
Persistent link: https://www.econbiz.de/10010878159
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Regulatory Response to Market Volatility and Manipulation: A Case Study of Mumbai and Karachi Stock Exchanges
Uppal, Jamshed Y.; Mangla, Inayat U. - In: Lahore Journal of Economics 11 (2006) 2, pp. 79-105
This study examines the regulatory intervention in India and Pakistan in response to episodes of excessive market volatility and manipulation and its effectiveness in achieving declared objectives. Our empirical analysis indicates that while the Indian regulatory agencies seem to have achieved...
Persistent link: https://www.econbiz.de/10010905763
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Do independent directors cause improvements in firm transparency?
Armstrong, Christopher S.; Core, John E.; Guay, Wayne R. - In: Journal of Financial Economics 113 (2014) 3, pp. 383-403
Although recent research documents a positive relation between corporate transparency and the proportion of independent directors, the direction of causality is unclear. We examine a regulatory shock that substantially increased board independence for some firms, and find that information...
Persistent link: https://www.econbiz.de/10010906191