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Although often criticized for their inefficiency, director networks are observed in many economies of the world. This raises two questions: What is the empirical effect of director networks on firm performance and what are the determinants of director networks? We empirically examine both issues...
Persistent link: https://www.econbiz.de/10013137171
account for endogeneity concerns. Overall, our findings support the view that shareholders consider the adoption of a value …
Persistent link: https://www.econbiz.de/10013116109
Since 2010 the German law allows for non-binding votes on management compensation by shareholders during the annual …
Persistent link: https://www.econbiz.de/10013135226
Tax codes regularly create conflicts of interests between small and large shareholders with respect to the payout … shareholders. Based on an extensive data set covering 3,944 European firms over the 1999-2008 period, we find that payout behavior … preferences of minority shareholders are more likely to be partially reflected in the payout decision. Our results are stable …
Persistent link: https://www.econbiz.de/10013066380
) shareholders consider executive compensation a part of the agency problem of listed firms, and where (small) shareholders consider … alignment between executive management boards and shareholders. …
Persistent link: https://www.econbiz.de/10010530578
Persistent link: https://www.econbiz.de/10011825168
In the last years, non-executive directors are facing increasing duties and (legal) responsibilities. From that perspective, it is quite surprising that the remuneration of non-executive directors has received rather little attention so far. In this study we examine the German experience. We...
Persistent link: https://www.econbiz.de/10013035533
We study recent developments on the ownership of listed German firms. Based on a large panel with 9,501 firm-year observations spanning the period 2006-2021, we document four key results: (i) holdings of institutional investors gain in importance in German listed equity, (ii) foreign investors,...
Persistent link: https://www.econbiz.de/10014346375
Persistent link: https://www.econbiz.de/10008661327
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