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Gartenberg, Claudine; Serafeim, George - 2019

equity owned firms. Among public companies, purpose is lower for firms with high hedge fund ownership and higher for firms …

Persistent link: https://www.econbiz.de/10012109293

Bank ownership, board characteristics and performance : evidence from commercial banks in India

Sarkar, Jayati; Sarkar, Subrata - In: International Journal of Financial Studies : open … 6 (2018) 1, pp. 1-30

reforms in India, the results of our empirical analysis provide evidence of strong ownership effects with board independence …

Persistent link: https://www.econbiz.de/10011852430

Default Probability and CEO Turnover for Non-Distressed Firms

Kim, Andy - 2011

Using 2,956 CEO turnovers from 1993 to 2009, I find that default probability is useful in understanding and predicting forced CEO turnovers for non-distressed firms, controlling for conventional performance measures, such as stock performance. The high predictive power is not explained by...

Persistent link: https://www.econbiz.de/10013121262

Abandon ship : inside debt and risk-taking incentives in bad times

Cambrea, Domenico Rocco; Colonnello, Stefano; Curatola, … - 2016 - This draft: December 13, 2016

We develop a model that endogenizes the manager's choice of firm risk and of inside debt investment strategy. Our model delivers two predictions. First, managers have an incentive to reduce the correlation between inside debt and company stock in bad times. Second, managers that reduce such a...

Persistent link: https://www.econbiz.de/10011572771

Equity incentives, disclosure quality, and stock liquidity risk

Wruck, Karen H.; Wu, Yi Lin - 2017

We provide evidence that CEO equity incentives, especially stock options, influence stock liquidity risk via … future systematic stock liquidity risk. Controlling for endogeneity, we show that information disclosure quality is an … important channel through which CEO options influence stock liquidity risk. Results are robust to various controls for …

Persistent link: https://www.econbiz.de/10011963233

To Pay or Not Pay : Directors' Remuneration and Insolvency Risk in Credit Unions

Unda, Luisa - 2017

This study examines the effect of directors' pay on insolvency risk in member-owned organisations, such as credit unions. This research uses a unique setting of Australian credit unions, where a significant shift is observed from a traditional volunteer board nature to one that compensates...

Persistent link: https://www.econbiz.de/10012967245

CEO's financial vulnerability to bankruptcy, leverage, and the success of unsuccessful takeovers

Nguyen, Lan Phuong - 2023

Previous studies argue that takeover targets’ CEOs can use high leverage as a signal for commitment to undertaking value-enhancing projects, thus deterring the takeover attempts since the bankruptcy risk associated with high leverage can serve as an effective governance mechanism. This paper...

Persistent link: https://www.econbiz.de/10014253969

CEO narcissism, corporate governance, financial distress, and company size on corporate tax avoidance

Kalbuana, Nawang; Taqi, Muhamad; Uzliawati, Lia; … - In: Cogent business & management 10 (2023) 1, pp. 1-22

This research aims to confirm the reliability of agency theory as an approach to explaining the impact of CEO narcissism, corporate governance as represented by boards of size and female directors, financial distress, and company size on corporate tax avoidance. In this quantitative study,...

Persistent link: https://www.econbiz.de/10014460828

The Time Horizon of Managerial Incentives and Firms' Information Environment Quality

Chi, J. Daniel - 2011

Managers whose equity-based incentives vest over a shorter time horizon appear to adopt strategies that reduce information environment quality and exacerbate information heterogeneity across investors. Firms with shorter-horizon managerial incentives are more likely to inflate reported earnings...

Persistent link: https://www.econbiz.de/10013133800

Distracted Directors : Does Board Busyness Hurt Shareholder Value?

Falato, Antonio - 2013

This paper examines the impact of independent director busyness on firm value in a setting that addresses a key challenge that the board of directors is an endogenously determined institution. We use the deaths of directors and CEOs as a natural experiment to generate exogenous variation in the...

Persistent link: https://www.econbiz.de/10013081264

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