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Information Conduit or Agency Cost : Top Management and Director Interlock between Acquirers and Targets
Wu, Qingqing - 2017
This paper investigates the role of top management and board interlocks between acquirers and targets. I hypothesize that an interlock may exacerbate agency problems due to conflicting interests and lead to value-decreasing acquisition. An interlock may also serve as a conduit of information and...
Persistent link: https://www.econbiz.de/10012975768
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The Effects of Corporate Acquisitions on CEO Compensation and CEO Turnover of Family Firms
De Cesari, Amedeo - 2016
This paper investigates the impact of corporate acquisitions on CEO compensation and CEO turnover of family firms in Continental Europe. We find that CEOs in family firms do not experience an increase in their compensation during the post-acquisition period, while there is a positive and...
Persistent link: https://www.econbiz.de/10013005674
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CEO Duality and Corporate Stewardship : Evidence from Takeovers
Ghazal, Victor - 2015
in the interest of their shareholders by bargaining 16.1% more aggressively in takeover negotiations than do single role … CEOs. The paper's main finding is consistent with the view that top managers, when given higher levels of responsibility …
Persistent link: https://www.econbiz.de/10013021327
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Contractual Revisions in Compensation : Evidence from Merger Bonuses to Target CEOs
Fich, Eliezer M. - 2015
when merger bonuses are present in deals where targets exhibit high pre-takeover abnormal accruals or are subject to SEC …
Persistent link: https://www.econbiz.de/10013036554
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Antitakeover Provisions, Managerial Entrenchment and Firm Innovation
Chakraborty, Atreya - 2014
number of citations to patents. Thus managers who are protected from takeover market perform worse on innovation. However …
Persistent link: https://www.econbiz.de/10013060331
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Corporate governance
Lehmann, Erik - 2018 - Version , November 19th 2018
markets and contracts, adverse selection and moral hazard problems occur, where delegated (selected) managers could act in … managers. …
Persistent link: https://www.econbiz.de/10011928257
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Does protectionist anti-takeover legislation lead to managerial entrenchment?
Frattaroli, Marc - 2018
I study a protectionist anti-takeover law introduced in 2014 that covers a subset of all firms in the economy. The law … takeover market by increasing the pay-for-performance sensitivity …
Persistent link: https://www.econbiz.de/10011875653
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Governance Quality and Privately Negotiated Stock Repurchases : Evidence of Agency Conflict
Harris, Oneil - 2012
paid for shares is inversely related to the strength of shareholder rights, and this suggests that managers pay higher … premiums when shareholder rights are more restricted. These findings imply that managers use shareholders' funds to eliminate …
Persistent link: https://www.econbiz.de/10013108328
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The Interactive Influence of External and Internal Governance on Risk Taking and Outcomes : The Importance of CEO Career Concerns
Garfinkel, Jon A. - 2013
boards (the Wallace decision), reduced takeover-related career concerns. CEO age influences the response of Delaware firms to …
Persistent link: https://www.econbiz.de/10013089769
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Shareholder Rights, Managerial Incentives, and Firm Value
Zhang, Feng - 2014
This paper investigates interactions between two central corporate governance mechanisms: shareholder rights and managerial ownership. I find that the effect of managerial ownership on firm value crucially depends on shareholder rights. Managerial ownership enhances firm value when shareholder...
Persistent link: https://www.econbiz.de/10013068483