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Financial structure, managerial compensation and monitoring
Cerasi, Vittoria; Daltung, Sonja - 2007
When a firm has external debt and monitoring by shareholders is essential, managerial bonuses are shown to be an optimal solution. A small managerial bonus linked to firm's performance not only reduces moral hazard between managers and shareholders, but also between creditors and monitoring...
Persistent link: https://www.econbiz.de/10010320757
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Aktienbasierte Langfristanreize im Rahmen der Vorstandsverguetung: Evidenz auf Basis Deutscher Prime Standard Unternehmen
Rapp, Marc Steffen; Schaller, Philipp; Wolff, Michael - 2009
-based long-term incentives account for less that 23% of the overall compensation to members of the management board. Our …
Persistent link: https://www.econbiz.de/10010305700
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Managerial control inside the firm
Hirota, Shinichi; Kawamura, Kohei - 2005
This paper proposes an implicit control mechanism of managers inside the firm. We argue that the need to motivate workers may make it beneficial for a self-interested, short-sighted manager to pursue long-run viability of the firm. When the firm is in a stable environment, this implicit control...
Persistent link: https://www.econbiz.de/10010332257
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Verringern Management-Entlohnungskosten die Agency-Kosten? Empirische Evidenz von netzwerkorientierten und marktorientierten Unternehmenskontrollsystemen
Crespi-Cladera, Rafel; Gispert, Carles; Renneboog, Luc - In: Vierteljahrshefte zur Wirtschaftsforschung 70 (2001) 2, pp. 234-246
management. It should be noted that share prices trigger increases in CEO remuneration only if the share price returns are higher …, the lack of blockholders gives management more …
Persistent link: https://www.econbiz.de/10010377541
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Bedingungen der Anreizkompatibilität, Fundierung von Unternehmenszielen und Anreize für deren Umsetzung
Laux, Helmut - 2001
Vor dem Hintergrund allgemeiner Bedingungen der Anreizkompatibilität wird für verschiedenen Kapitalmarktmodelle untersucht, ob zwischen den Anteilseignern eines Unternehmens Einmütigkeit besteht und, wenn ja, mit welchem Unternehmensziel der finanzielle Nutzen der Anteilseigner maximiert...
Persistent link: https://www.econbiz.de/10010316282
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The effect of the Sarbanes-Oxley Act on CEO pay for luck
Paligorova, Teodora - 2008
According to the rent-extraction hypothesis, weak corporate governance allows entrenched CEOs to capture the pay-setting process and benefit from events outside of their controlget paid for luck. In this paper, I find that the independence requirement imposed on boards of directors by the...
Persistent link: https://www.econbiz.de/10010280049
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When target CEOs contract with acquirers: Evidence from bank mergers and acquisitions
Brewer, Elijah; Jackson, William E.; Wall, Larry D. - 2006
firm does not boost the overall value of the merger transaction. …
Persistent link: https://www.econbiz.de/10010292238
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Institutional investors, corporate governance, and earnings management around merger: Evidence from French absorbing firms
Njah, Mouna; Jarboui, Anis - In: Journal of Economics, Finance and Administrative Science 18 (2013) 35, pp. 89-96
This paper examines the association between institutional ownership and the earnings management behavior of some French … preceding the merger-offer in the presence of institutional cross-holding. However, the presence of active institutions turns … restrict the opportunities of earnings management around mergers and acquisitions. Further analyses suggest that the average …
Persistent link: https://www.econbiz.de/10011859349
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Mergers and acquisitions in Germany: Social-setting and regulatory framework
Schmid, Frank A.; Wahrenburg, Mark - 2003
The paper describes the legal and economic environment of mergers and acquisitions in Germany and explores barriers to obtaining and executing corporate control. Various cases are used to demonstrate that resistance by different stakeholders including minority shareholders, organized labour and...
Persistent link: https://www.econbiz.de/10010298244
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Effekte von Fusionen in Kontinentaleuropa und Deutschland
Gugler, Klaus; Mueller, Dennis C.; Yurtoglu, B. Burcin; … - In: Vierteljahrshefte zur Wirtschaftsforschung 70 (2001) 2, pp. 204-213
This paper takes a look at the effects of mergers in continental Europe over the past 15 years. We use a large panel of data on mergers to test several hypotheses. The effects of the mergers are examined by comparing the performance of the merging firms with control groups of non-merging and/or...
Persistent link: https://www.econbiz.de/10010377528