Motivated by agency theory, we explore how powerful CEOs view leverage. Due to the agency conflict, CEOs may adopt sub-optimal leverage levels that promote their own private benefits at the expense of shareholders. Using Bebchuk, Cremers, and Peyer's (2011) CEO pay slice (CPS) to gauge CEO...

This study analyzes how prevailing institutional arrangements i.e., property rights, contracting rights, political institutions, and corporate governance practices affect privatized firms' performance, capital markets development, and economic growth. Most of the studies surveyed show that...