The study investigates the evolution of CEO pay after the implementation of new disclosure rules in France. It opposes a managerial labor market view in which firms compete for CEO talent, and a governance institutions view that embraces managerial power, outrage constraint, and agency issues....

The objective of this paper is to analyze the voting premium and its interaction with the specific corporate governance structures in France. Besides determining the level of voting premium in France through a stock-market and a public transaction based analysis, the paper also analyzes the...

In this paper, we design a multi-dimensional index to measure the quality of Corporate Governance systems adopted by firms and use it to investigate the correlation between Corporate Governance quality and firm value.Unlike most studies that examine the relationship between only one dimension of...

This paper deals with the problem of asymmetrical information's concerning the moral hazard linked with the behavior of corporate managers (leaders). The stockholders (shareholders) can not control ex ante the corporate managers because the action is unobservable and the stockholders can not...

We investigate the role of multiple large shareholders (MLS) in corporate risk-taking. Using a sample of publicly listed French family firms over the period 2003-2012, we show that the presence, number, and voting power of MLS are associated with higher risk-taking. Our results suggest that MLS...

The purpose of this study is to provide an empirical analysis of the relationship between ownership structure of French firms and their value. Using data for 510 French publicly traded firms, the current study provides evidence in support of the entrenchment hypothesis. The results show that...

We examine how ownership concentration and the separation of ownership and control affect secondary-market liquidity in France. We find that firms with a large insider blockholder exhibit significantly lower liquidity. However, different methods of enhancing control affect liquidity in different...