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human capital is very valuable in the financial industry, and weak internal governance hurts firm performance by limiting …
Persistent link: https://www.econbiz.de/10013088923
This paper provides new evidence that correlated abnormal compensation of CEOs and directors is symptomatic of agency problems associated with cronyism. We find that director abnormal compensation has a negative impact on the likelihood of CEO turnover and reduces the sensitivity of CEO turnover...
Persistent link: https://www.econbiz.de/10012871437
The attention for the governance of financial sector supervisors is of a recent date. The debate has risen to the fore … governance debate. We first discuss the main premise of the paper, that regulatory governance plays a pivotal role in instilling … financial sector governance, which in turn is a key source of corporate governance in the nonfinancial sector (the governance …
Persistent link: https://www.econbiz.de/10011704596
Purpose - The need for robust governance standards in financial institutions requires no overemphasis. However …, instances of governance failures have been a recurring global phenomenon. This paper examines the key elements of governance in … financial institutions, evaluates reasons for failures and suggests ways to strengthen governance and prevent such failures …
Persistent link: https://www.econbiz.de/10014449757
Persistent link: https://www.econbiz.de/10003639129
blockholder governance through both voice (direct intervention) and exit (selling one's shares). We survey the empirical evidence … corporate governance. We start with the underlying property rights of public corporations; we discuss how blockholders are … active in firm governance. We then examine what distinguishes a blockholder from an ordinary shareholder and advocate …
Persistent link: https://www.econbiz.de/10014023374
Persistent link: https://www.econbiz.de/10003832433
Private equity buyouts have become a common element in the industrial development process. I survey the literature on the real economic effect of buyouts: employment, wages, productivity, and long-run investments. Employment tend to marginally fall after a buyout in most countries studied, with...
Persistent link: https://www.econbiz.de/10008654164
The theory of the firm suggests that firms can respond to poor contract enforcement by vertically integrating their production process. The purpose of this paper is to examine whether firms' integration opportunities affect the way institutions determine international trade patterns. We find...
Persistent link: https://www.econbiz.de/10009382375