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We examine whether boards are sufficiently well-informed to make efficient decisions on CEO compensation. In order to mitigate the endogeneity of board decision on CEO compensation, we use mutual fund flow-driven trading pressure as an exogenous shock to stock price informativeness. Consistent...
Persistent link: https://www.econbiz.de/10012970983
We examine how boards decide on CEO compensation depending on how informative stock prices are. In order to mitigate the endogeneity of board decisions, we use extreme mutual fund flow-driven trading pressure as an exogenous shock to stock price informativeness. Consistent with informed boards...
Persistent link: https://www.econbiz.de/10012905487
To protect fund investors against conflicting interests with fund management companies, U.S. funds have mandatory independent directors. That is not the case for funds in Europe, set-up in accordance with the UCITS Directive. Nevertheless, many UCITS funds have voluntarily appointed independent...
Persistent link: https://www.econbiz.de/10013080797
We investigate the governance sensitivity of foreign institutional investors' (FII) ownership in a large emerging market setting of India, characterized by highly concentrated insider ownership. More specifically, we focus on the moderating role of firm size and price to book value (PB) in...
Persistent link: https://www.econbiz.de/10012219254
Over the past two decades, hedge fund activism has emerged as a new mechanism of corporate governance that brings about operational, financial and governance reforms to a corporation. Many prominent business executives and legal scholars are convinced that the entire American economy will suffer...
Persistent link: https://www.econbiz.de/10012999130
Persistent link: https://www.econbiz.de/10013006690
We study how the heterogeneity between the CEO and independent board directors as a group stemming from cultural diversity affects debt pricing in bad times. Using a novel approach to identify directors’ cultural backgrounds based on their ancestral origins, we find that greater...
Persistent link: https://www.econbiz.de/10014236711
In this article, we investigate the level of diversity of the largest 100 pension funds in the Netherlands. Our results indicate that pension fund boards mainly consist of males close to retirement. We compare pension fund board diversity in the Netherlands with diversity in (inter)national...
Persistent link: https://www.econbiz.de/10013008151
We identify a sample of firms with directors employed by institutional investors and examine the effect of a direct channel of institutional monitoring. Using difference-in-differences tests, we find weak evidence that institutional directors have a positive effect on informational efficiency....
Persistent link: https://www.econbiz.de/10013245045
In this article, in addition to understanding what are the elements and stages that have guided the formation of a corporate culture in the ESG area, we focus on two specificities: the distinctive traits of the board of directors, on the one hand, and the relationship between ESG performance and...
Persistent link: https://www.econbiz.de/10012864241