dividend policy may be influenced by managers “catering” to the demands of investors and also the effects of aggregate earnings …

managers of firms with low market-to-book ratios and less cash engage in greater dividend smoothing. Further, firms with highly …-concentrated ownership structure and strong corporate governance smooth dividends less. In addition, managers of firms in industries facing …

researchers pay a particular attention to banking governance. Specifically, shareholders-managers’ convergence of interests and … negative effect on performance. The results also reveal that managers lack control while the board of directors seems to exert …

instrument for addressing the agency problem between managers and shareholders but also as part of the agency problem itself … managers. As a result, managers wield substantial influence over their own pay arrangements, and they have an interest in … reducing the saliency of the amount of their pay and the extent to which that pay is de-coupled from managers’ performance. We …

constraints that act on these processes, leave managers with considerable power to shape their own pay arrangements. Examining the …

mitigating agency problems between managers and shareholders.We find that both the CEO's industry-adjusted monetary compensation …