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Stock Option Awards : Effects on Firm Performance and Risk-Taking after Japan’s Corporate Governance Reforms
Kim, Hyonok - 2012
We empirically investigate the adoption of stock option plans in Japan after the corporate governance reforms of the early 2000s. We examine the determinants of stock option grants, especially focusing on the effects of herding behavior among Japanese firms and the change of accounting treatment...
Persistent link: https://www.econbiz.de/10013101448
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A Theory of Income Smoothing When Insiders Know More than Outsiders
Acharya, Viral V. - 2012
We consider a setting in which insiders have information about income that outside shareholders do not, but property rights ensure that outside shareholders can enforce a fair payout. To avoid intervention, insiders report income consistent with outsiders' expectations based on publicly...
Persistent link: https://www.econbiz.de/10013109095
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A Theory of Income Smoothing When Insiders Know More than Outsiders
Acharya, Viral V. - 2014
We develop a theory of income and payout smoothing by firms when insiders know more about income than outside shareholders, but property rights ensure that outsiders can enforce a fair payout. Insiders set payout to meet outsiders' expectations and underproduce to manage downward future...
Persistent link: https://www.econbiz.de/10013066995
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A Theory of Income Smoothing When Insiders Know More than Outsiders
Acharya, Viral V. - 2015
We develop a theory of income and payout smoothing by firms when insiders know more about income than outside shareholders, but property rights ensure that outsiders can enforce a fair payout. Insiders set payout to meet outsiders' expectations and underproduce to manage future expectations...
Persistent link: https://www.econbiz.de/10013037491
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A Survey of Managerial Perspective on Corporate Dividend Policy : Evidence from Turkish Listed Firms
Kuzucu, Narman - 2016
Exchange (Borsa Istanbul). Survey method is conducted to investigate managerial views on corporate dividend policy. The study … by today's listed firms in an emerging market. The financial managers from 38 firms out of 216 non-financial companies … responded the survey. The results show that there is a significant positive relationship between cash dividends and earnings …
Persistent link: https://www.econbiz.de/10012997951
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Hot-Stove Effects : The Impact of CEO Past Professional Experiences on Dividend Policy
Faulkner, Matthew - 2020
The personal traits of chief executive officers (CEOs) have been found to influence corporate policy decisions. We examine the impact of past professional distress experiences on payout policy. We hypothesize that CEOs experiencing a distress event in their past career, before becoming CEO,...
Persistent link: https://www.econbiz.de/10012842584
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Between Scylla and Charybdis : CEO political ideology, dividends and downsizing during the pandemic
Bayat, Ali; Goergen, Marc; Koutroumpis, Panagiotis; … - 2022
We study whether CEO political ideology affected how S&P 500 firms reacted to the Covid-19 pandemic, an exogenous shock to demand and supply. We hypothesize that conservative CEOs are more likely to adopt shareholder-friendly than employee-friendly reactions to the pandemic. Hence, they should...
Persistent link: https://www.econbiz.de/10012815080
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CEO preferences and acquisitions
Jenter, Dirk; Lewellen, Katharina - 2011 - This draft: December 2011
This paper explores the impact of target CEOs' retirement preferences on takeovers. Using retirement age as proxy for CEOs' private merger costs, we find strong evidence that target CEOs' preferences affect merger activity. The likelihood of receiving a successful takeover bid is sharply higher...
Persistent link: https://www.econbiz.de/10009504779
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Executive Compensation, Share Repurchases and Investment Expenditures : Econometric Evidence from U.S. Firms
Bhargava, Alok - 2011
This paper modeled the dynamic inter-relationships between average salary, bonus, and stock options granted to top executives of 700 U.S. firms using a merged ExecuComp and Compustat database. The effects of stock options granted and exercised on firms' share repurchases and research and...
Persistent link: https://www.econbiz.de/10013134041
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Agency Costs in the Era of Economic Crisis – The Enhanced Connection between CEO Compensation and Corporate Cash Holdings
Ganor, Mira - 2012
This Article reports results of an empirical study that suggests that the current economic crisis has changed managerial behavior in the US in a way that may impede economic recovery. The study finds a strong, statistically significant and economically meaningful, positive correlation between...
Persistent link: https://www.econbiz.de/10013114205