gather information on investment projects. The initial owner has two tasks: monitoring the manager and supervising project … choice. Optimality would require a large ownership stake for monitoring but a small stake for not interfering with managerial …. The large shareholder retains full ownership of the firm but monitoring, and the resulting firing policy, are distorted …

monitoring. We consider the case in which the large shareholder sits on (and controls) the supervisory board but not the …

charge of project selection and the supervisory board is in charge of monitoring. We consider the case in which the large …

proportion of shares (at least 23%) to actively perform monitoring duties. …

We examine whether worker representation on corporate boards results in improved monitoring or payroll maximization … information should permit improved monitoring. To investigate this conflict, we use mandatory worker representation on corporate … incentives dominate their monitoring duties. Specifically, worker representatives reduce real earnings management when it results …

When a firm has external debt and monitoring by shareholders is essential, managerial bonuses are shown to be an … shareholders, but also between creditors and monitoring shareholders. A negative relation between corporate bond yields and …