Many commentators have suggested that companies pay top executives with deferred compensation, a type of incentive known as inside debt. Recent SEC disclosure reforms greatly increased the transparency of deferred compensation. We investigate stockholder and bondholder reactions to companies’...

There is significant debate about the usefulness of disclosing the relative pay of the CEO and the median employee (hereafter, pay ratio), as required under the yet-to-be implemented Section 953(b) of the Dodd-Frank Act in the United States. Using an experiment, we find that disclosing...

Exploring the relationship between institutional investors and corporate social responsibility (CSR) policy, we show evidence that the sustainable governance approach promoted in place of the shareholder value perspective can have different outcomes from those originally intended, as some...