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The government as a large shareholder : impact on firm value and corporate governance
Fernandes, Marcelo; Novaes, Walter - 2015
The subprime crisis led to a wave of government interventions in the private sector that has been particularly strong in Europe and Latin America, where several governments are large shareholders in a variety of public firms. In a sense, the subprime crisis induced these governments to behave as...
Persistent link: https://www.econbiz.de/10011405286
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Common ownership, competition, and top management incentives
Antón, Miguel; Ederer, Florian; Giné, Mireia; … - 2016
We show theoretically and empirically that executives are paid less for their own firm's performance and more for their rivals' performance if an industry's firms are more commonly owned by the same set of investors. Higher common ownership also leads to higher unconditional total pay. We...
Persistent link: https://www.econbiz.de/10011561142
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Setting a Fox to Keep the Geese: Does the comply-or-explain principle work?
Andres, Christian; Theissen, Erik - 2008
The German Corporate Governance Code works according to the comply-or-explain principle. One of its recommendations was to publish the remuneration of the members of the executive board on an individual basis. We examine the characteristics of the firms that comply with the code requirement. Our...
Persistent link: https://www.econbiz.de/10010302533
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CEO Compensation, Expropriation and Balance of Power Among Large Shareholders
Luo, Yongli - 2013
Purpose: This study explores the probability of expropriation of minority shareholders by controlling shareholders in the form of CEO compensation under an imperfect governance institution by using a novel Chinese dataset over 2001-2010.Design/methodology/approach: We use a direct method to...
Persistent link: https://www.econbiz.de/10013090224
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Corporate Tournament and Executive Compensation in a Transition Economy : Evidence from Publicly Listed Firms in China
Lin, Chen - 2009
This article tests several predictions of tournament theory on executive compensation in the context of a transition economy. Using an unbalanced panel which consists of a total of 34701 executives in 450 publicly listed firms in China during 1999 and 2006, we find that (1) pay increases as...
Persistent link: https://www.econbiz.de/10013160424
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Does Improved Disclosure Lead to Higher Executive Compensation? Evidence from the Convergence to IFRS and the Dual-Class Share System in China
Lu, Jun - 2018
better monitoring allowed by increased disclosure tends to affect managers adversely, managerial compensation rises as a …
Persistent link: https://www.econbiz.de/10012938341
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Institutional Ownership and CEO Equity Incentives
Bratten, Brian - 2017
This study provides new evidence on the relation between institutional ownership and the equity incentives provided to … incentives, higher institutional ownership is associated with a larger reduction in the incentives. Conversely, when firms' CEOs … have abnormally low equity incentives, higher institutional ownership is associated with a larger increase in these …
Persistent link: https://www.econbiz.de/10012968161
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Government Ownership, Top Management Team’s Pay Dispersion and Firm Performance
Jiang, Wei - 2020
We examine how government ownership affects the top management team's (TMT) pay dispersion and how such TMT pay dispersion affects subsequent firm performance. We test three competing views on the influences of government ownership, referred to as the agency view, the equity view, and the...
Persistent link: https://www.econbiz.de/10012851758
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Revisiting Executive Pay in Family-Controlled Firms
Cheong, Juyoung - 2014
According to the prior literature, family executives of family-controlled firms receive lower compensation than non-family executives. One of the key driving forces behind this is the existence of family members who are not involved in management, but own significant fraction of shares and...
Persistent link: https://www.econbiz.de/10013047067
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Corporate Governance and Managerial Compensation Horizon under Common Ownership
Tang, Tian - 2021
This paper studies the impact of corporate governance mechanisms on managerial compensation horizon under common ownership. We find that the predominant governance approach under common ownership is the threat of exit, which inadvertently exacerbates managerial myopia. Hence, common owners tend...
Persistent link: https://www.econbiz.de/10013216166