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Loss of control vs. risk reduction: decision factors for hiring non-family CFOs in family firms

Lutz, Eva; Schraml, Stephanie; Achleitner, Ann-Kristin - 2010

explore the perceptions of family firm owners towards external managers by analyzing how their family-specific and company … providers. Prior work: Prior research has acknowledged that the attitude to external managers is a major concern for family … independence and control is high. Furthermore, they do not seem to trust external managers to act in accordance to their goal of …

Persistent link: https://www.econbiz.de/10010305711

Family firms

Burkart, Mike; Panunzi, Fausto; Schleifer, Andrei - 2002

We present a model of succession in a firm owned and managed by its founder. The founder decides between hiring a professional manager or leaving management to his heir, as well as on how much, if any, of the shares to float on the stock exchange. We assume that a professional is a better...

Persistent link: https://www.econbiz.de/10011335741

Power, rent extraction, and executive compensation

Bebchuk, Lucian; Fried, Jesse - In: CESifo Forum 03 (2002) 3, pp. 23-28

Persistent link: https://www.econbiz.de/10011695703

Innovationsverhalten in Familienunternehmen

Hülsbeck, Marcel; Lehmann, Erik E.; Weiß, Dominik; … - 2011

Familienunternehmen gelten in der öffentlichen Wahrnehmung als besonders innovativ und als Hidden Champions der … unterschiedlichen Ergebnissen. Einerseits wird Familienunternehmen ein besonderer Unternehmergeist bescheinigt, der sie besonders …

Persistent link: https://www.econbiz.de/10010308799

Capital structure decisions in family firms: empirical evidence from a bank-based economy

Ampenberger, Markus; Schmid, Thomas; Achleitner, Ann-Kristin - 2009

This study examines how family firm characteristics affect capital structure decisions. In our analysis we disentangle the influence of three distinct components of a family firm: ownership, supervisory and management board activities by the founding family. Thereby, we use a unique panel...

Persistent link: https://www.econbiz.de/10010305690

Controlling shareholders and payout policy: do founding families have a special 'taste for dividends'?

Schmid, Thomas; Ampenberger, Markus; Kaserer, Christoph; … - 2010

strong family capitalism. We find that family firms exhibit a higher propensity and level for both dividend payments and …

Persistent link: https://www.econbiz.de/10010305703

Dividend policy, corporate control and the tax status of the controlling shareholder

Andres, Christian; Betzer, André; Goergen, Marc - 2012

This paper studies the impact of the concentration of control, the type of controlling shareholder and the dividend tax preference of the controlling shareholder on dividend policy for a panel of 220 German firms over 1984-2005. While the concentration of control does not have an effect on the...

Persistent link: https://www.econbiz.de/10010291127

Globalization of Corporate Covernance: The American Influence on Dismissal Performance Sensitivity of European CEOs

Jungeilges, Jochen A.; Oxelheim, Lars; Randoy, Trond - 2010

This study examines how globalization of corporate governance practices influence the risk of European CEOs being dismissed. We argue that the harsh monitoring of the American corporate governance system spills over to the rest of the world as a result of this globalization. We focus on direct...

Persistent link: https://www.econbiz.de/10010320346

Learning from the past: trends in executive compensation over the twentieth century

Frydman, Carola - 2008

with the evolution in executive pay and the market for managers during earlier time periods. A case study of General …

Persistent link: https://www.econbiz.de/10010264485

Executive compensation, firm performance, and chaebols in Korea: evidence from new panel data

Kato, Takao; Kim, Woochan; Lee, Ju Ho - 2005

This paper provides the first rigorous econometric estimates on the pay-performance relations for executives of Korean firms with and without Chaebol affiliation. To do so, we have assembled for the first time panel data (that provide information not only on executive compensation and firm...

Persistent link: https://www.econbiz.de/10010267324