The relationship between executive pay and corporate financial performance con-tinues to attract wide academic, media and policy attention. The very high salariesenjoyed by senior executives in corporations primarily in the North American coun-tries are often contrasted with the relatively low...

The past decades witnessed a broad trend towards flatter organizations with lesshierarchical layers. A reduction of the number of management levels in a corporationcan have both positive and negative effects on firm performance with the neteffect being theoretically unclear ex ante. The present...

Recent research has led to the empirical regularity that rm growth rate distributionsare heavy tailed. This nding implies that a few rms experience spectaculargrowth rates and decline, but that most rms have marginal growth rates. The literatureon high growth rms shows that high growth rms are...

This paper addresses the key determinants of merger failure, in particularthe role of innovation (post-merger performance) and technology (ex-anteselection) when firms decide to separate. After a brief review of the existingliterature we introduce a model of process innovation where merged...

Im Rahmen dieser Studie die vom VDMA Bayern unterstützt wird, wurde derFragestellung der Kooperationen kleiner und mittlerer Unternehmen (KMU) inNetzwerken, Verbänden, Interessensgemeinschaften oder virtueller Unternehmenhinsichtlich der Umsetzung strategischer Geschäftsideen, wie z.B. der...

Im Rahmen der Controllingstudie, die vom VDMA Bayern unterstützt wird, wurde derFragestellung der Kooperationen kleiner und mittlerer Unternehmen (KMU) inNetzwerken, Verbänden, Interessensgemeinschaften oder virtueller Unternehmenhinsichtlich der Umsetzung strategischer Geschäftsideen, wie...

We investigate the suggested substitutive relation between executive compensation and the disciplinary threat of takeover imposed by the market for corporate control. We complement other empirical studies on managerial compensation and corporate control mechanisms in three distinct ways. First,...

This paper contributes to recent research on work organization as a key success factor.

Recent events involving major insurance companies and insurance brokerage firms highlight substantial incentive problems in commercial and reinsurance markets where intermediation takes place. We show that in markets with informed as well as uninformed consumers and heterogeneous risk profiles...

There is a debate on whether executive pay reflects rent extraction due to “managerialpower” or is the result of arms-length bargaining in a principal-agent framework. In this paperwe offer a test of the managerial power hypothesis by empirically examining the CEOcompensation of U.S. public...