managers, their contribution may be dependent on other corporate governance mechanisms, e.g. board composition, as significant …

Ideally, firms should discontinue projects that become unprofitable. Managers, however, continue to operate such … unprofitable projects; thereby, enabling them to force managers to discontinue such projects before large value erosion occurs … increases the likelihood of timely closures of unprofitable projects. Moreover, managers, by announcing late discontinuations of …

insulate managers from the discipline of the takeover market. Entrenched managers are well-protected by the staggered board and …

expectations - that buybacks impose option-induced agency costs on outside shareholders, and that managers benefit from weak …

conflicts among managers, directors, and shareholders, as well as in reducing agency conflicts between shareholders and …-period contracts among managers, directors, shareholders, and creditors …