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We study if a CEO's equity-based compensation affects the expected value generation in takeovers. When the objectives of management and shareholders are more aligned, as proxied by the use of equity-based compensation, more value-maximizing acquisitions are expected. Whereas in widely-held firms...
Persistent link: https://www.econbiz.de/10012947336
We study if a CEO's equity-based compensation affects the expected value generation in takeovers. When the objectives of management and shareholders are more aligned, as proxied by the use of equity-based compensation, more value-maximizing acquisitions are expected. Whereas in widely-held firms...
Persistent link: https://www.econbiz.de/10012951091
Persistent link: https://www.econbiz.de/10009298099
shareholder and managers, between majority and minority shareholders, and between shareholders and bondholders. The analysis of …
Persistent link: https://www.econbiz.de/10013147498
from what agency theory predicts. We test this state-stewardship view on China and find that Chinese managers are … not just professional managers but are also de facto government officials who are directly state-appointed – even in …-steward managers stimulates not the maximization of shareholder value but the preservation of the state's interests …
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