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Are Forced Turnovers Good or Bad News?
Kind, Axel; Schläpfer, Yves - 2011
To gain insights about the quality of board's firing decisions, we investigate abnormal stock returns and operating performance around CEO-turnover announcements in a new hand- collected sample of 208 “clean” turnover events between January 1998 and June 2009. Unlike the majority of previous...
Persistent link: https://www.econbiz.de/10011390666
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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
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CEO and board characteristics as determinants of private benefits of control: Evidence from the Russian stock exchange
Berezinets, Irina; Ilina, Yulia; Muravyev, Alexander - 2011
This paper investigates whether and how various characteristics of CEOs and corporate boards are related to the severity of corporate governance problems within firms. The latter is proxied by private benefits of control, which we measure for dual class stock firms using the voting premium...
Persistent link: https://www.econbiz.de/10010282260
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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
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Monitoring to reduce agency costs: Examining the behavior of independent and non-independent boards
Anand, Anita; Milne, Frank; Purda, Lynnette - 2010
Berle and Means's analysis of the corporation - in particular, their view that those in control are not the owners of the corporation - raises questions about actions that corporations take to counter concerns regarding management's influence. What mechanisms, if any, do corporations implement...
Persistent link: https://www.econbiz.de/10010290449
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CEO turnover, firm performance and enterprise reform in China: evidence from new micro data
Kato, Takao; Long, Cheryl - 2006
Using comprehensive financial and accounting data on China's listed firms from 1998 to 2002, augmented by unique data on CEO turnover, ownership structure and board characteristics, we estimate Logit models of CEO turnover. We find consistently for all performance measures including both stock...
Persistent link: https://www.econbiz.de/10010274393
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Does corporate governance reform necessarily boost firm performance? Recent evidence from Russia
Kuznecovs, Mihails; Pal, Sarmistha - 2012
This paper examines whether the introduction of corporate governance (CG) reforms in general and that of transparency and disclosure (T&D) rules in particular can necessarily boost firm performance. Existing literature suggests that CG reforms can boost performance because it can resolve the...
Persistent link: https://www.econbiz.de/10010282468
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Managerial ownership and firm performance in German small and medium-sized enterprises
Mueller, Elisabeth; Spitz, Alexandra - 2001
which managers could become entrenched, they already bear a large proportion of the costs and have therefore an incentive to …
Persistent link: https://www.econbiz.de/10010297809
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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
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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