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This paper analyses the turnover of board of directors members on a sample of companies listed on the Milan Stock Exchange in the period 1988-1996. Our aim is to investigate if board members change more frequently when company performance is poor, as the literature suggests, if this relationship...
Persistent link: https://www.econbiz.de/10011608494
This paper studies the turnover of board of directors members in a sample of 72 companies listed on the Milan Stock Exchange during the period 1988-1996. We investigate whether board members change more frequently when company performance is poor, as the literature suggests, and whether and how...
Persistent link: https://www.econbiz.de/10010276137
ownership structure is concentrated. It also offers support to some recent corporate governance reforms, like the so …
Persistent link: https://www.econbiz.de/10010312344
concentrated. It also offers support to some recent corporate governance reforms (like the socalled Vietti reform in Italy) that …
Persistent link: https://www.econbiz.de/10010261334
The legal environment is one important determinant of corporate governance. However, within legal families, also … cultural differences can explain the level of corporate governance to some extent. We analyze this relationship for the case of … federal law is equal in both regions which allows us to investigate the effect of cultural differences on corporate governance …
Persistent link: https://www.econbiz.de/10011390668
Contemporary bank governance is criticized for manager-dominated (insider) boards of directors, but from the beginning …
Persistent link: https://www.econbiz.de/10011396829
composition and (2) social networks may be detrimental to corporate governance. Our empirical investigation relies on a unique … hire directors from particular networks, irrespective of the CEO's identity. We then show that the governance of firms run …
Persistent link: https://www.econbiz.de/10010267612
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 …
Persistent link: https://www.econbiz.de/10010320346
We analyze the optimal ownership, delegation and compensation structures when a manager is hired to run a firm and to gather information on investment projects. The initial owner has two tasks: monitoring the manager and supervising project choice. Optimality would require a large ownership...
Persistent link: https://www.econbiz.de/10010270637
We analyze the voting behavior of a board of directors that has to approve (or reject) an investment proposal with uncertain return. We consider three types of directors: insiders, who are biased toward acceptance of the project, independent outsiders who want to maximize the firm's profit and...
Persistent link: https://www.econbiz.de/10010274882