We examine CEO compensation, CEO retention policies, and M&A decisions in firms where founders serve as a director with a non-founder CEO (founder-director firms). We find that founder-director firms offer a different mix of incentives to their CEOs than other firms. Pay for performance...

Previous research on firm performance does not adequately account for the interrelatedness of a firm's professional connections, political ties, and family business-group affiliation. Many widely-cited findings may therefore be subject to confounding bias. To address this problem, we adopt a...

We contribute to the literature on cross shareholdings and board interlocks in Italy which finds possible evidence of enlarged collusion, that is, collusion established through board interlocks among companies that do not necessarily operate in the same business sector. We focus on the Italian...

We examine CEO compensation, CEO retention policies, and M&A decisions in firms where founders serve as a director with a non-founder CEO (founder-director firms). We find that founder-director firms offer a different mix of incentives to their CEOs than other firms. Pay for performance...

In this paper, we investigate the effectiveness of two main corporate governance mechanisms, namely the board of directors and auditing, in mitigating the equity discounts arising from the potential entrenchment problem between inside and outside shareholders. Overall, the empirical results...

We examine the effect of lending banks' board representation (affiliated banker on board, or AFB) on conservative accounting. We argue that private information obtained through board representation enhances the monitoring and the influence of lenders and therefore reduces their demand for...

We examine the potential confounding effects that awarding outside directors stock options may have on the quality of financial disclosure. By aligning their interests with those of shareholders, directors should be more inclined to monitor and disclose relevant information to investors....

The board of directors, as the internal mechanism of governance has a major function on the reducing the discretion of managers and then to manage the agency relationship between shareholders and leaders and stakeholders of the company. Its composition must therefore allow effective management...

What are the costs and benefits of retaining the former CEO on the board? Corporate boards frequently debate this question as part of the CEO succession process. Like many governance issues, empirical evidence indicates that a number of factors are involved in and may drive this on-going...

Internationalisation is one of the biggest challenges for family businesses. Although prosperous locally, many of these firms often face several difficulties in entering foreign markets. To date, there are contrasting results with respect to the internationalisation behaviour of family...